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—
.
1
finandal
^J
INCLUDING
& Quotation
Bank
Railway
Section
Railway Earnings Section
VOL.
&
Railway Section
State and City Section
Industrial Section
Electric
Bankers' Convention Section
SATURDAY, SEPTEMBER
105
NO. 2726
22 1917
Week ending September
—
16.
Clearings at
Inc. or
PUBLISHED WEEKLY.
Terms
of Subscription
1917.
— Payable In Advance
1 60
14»)
11a,
£2
*1
&.anual Suhscription in London (Including postage)
3ix Months Subscription in London (including postage)
$11 60
Canadian Subscription (including postage)
Sribscription includes following Supplements—
"SANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL (3 times yearly)
ELECTRIC Railway (3 times yearly)
5AU-WAY Earvings (monthly)
3TATE AND CITY (semi-aunually) Bankers' Convekiion (yearly)
Per Inch Space
of Advertising
i'Tansient mutter per inch space (14 agate lines)
406.030.191
34,575,200
53,897,175
51,569,930
23,365.041
11.839.919
10,022.200
772,461.520
641.555.426
92.289.712
85.847.697
30.376.600
Seattle
25.769,163
16.968,577
7.000,000
4.401.295
14.000.000
5.156.706
3,806.996
2.360,661
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids..
Dayton
Evansville
$4 2®
22
29 0®
fflffi
50
87
Twelve Months (52 times)
'JSICAGO Office— 39 Sonth La SaUe Street, Telephone Majestic 7396.
uONDON OFFICE— Eclwards & Smith, 1 Drapers' Gardens,, fi
COITIPANY,, Publishers.,
\1^ILL,IAOT B.
FrcDEt Pine and Depeyster Sts.4 New Vorii-.
(.
W
©ffl
C
DANA
lU.
Springfield,
Wayne
Fort
,....
(Slimes)
C Two Months
Pirds ) Three Months (13 times)....
cards
(26 times)
^ Six Months
Wa.TKlin-' Rn^iTie-jcj
.itanrting Business
481,805.669
40.337.052
82.423.008
55.297.132
27,062,263
15,304.000
10,428.900
12,994,975
4,810.352
4.746.634
2.960.840
3.051.683
1.922.074
1.374.373
4.471.084
3.637.290
1.809.144
5.323.000
1.205.212
1.273.016
881.678
1.102.954
947.409
838.443
1,523,614
1,005,000
735.000
500.000
1.174.103
457.501
300,000
101.118
646.999
San Francisco..
Los Angeles
Stiropean Subscription (inclurting postage)
Soropean Subscription six months (including postagel....
Terms
Chicago
Youngstown
Canton
Rockf ord
Akron
Quincy
Bloomlngton
Lexington
South Bend
Mansfield
Decatur
Springfield,
O..
Jackson
morning by WILLIAM B. DANA COMPANY.
Jr.. President and Treas.: George S. Dana and Arnold G. Dana,
Vlce-Frealdents; Arnold G. Dana, Sec.
Addresses ot all. Office ot the C ompany
Published
every
Saturday
Jacob Selbert
Lima
tianvllle
Lansing
Jacksonville,
The following table, made up by telegraph, &c.. Indicates that the total bank
clearings of all the clearing houses of the United States tor the week ending to-day
have been $5,905,392,637. against S5.692.074, 804
the corresponding week last year.
Clearings
last
week and $5,366,828,961
—Returns by Telegraph.
Week ending
Per
1917.
1916.
Pittsburgh
Detroit
Baltimore
New Orleans..
$2,784,432 .545
417.076 ,462
293,457 ,880
206,248 ,202
140,293 531
120,496 726
83.649 ,685
65.858 157
47,816 327
38,686 ,1.38
36.762 034
$2,768 ,553,154
354 350,792
222 414,214
151 966,833
93 026,538
97 949,809
64 305,263
57 638,.546
43 506,397
30 059,980
25 068,198
Eleven cities. 5 daysOther cities, 5 days
$4,234,777,687
704,216,471
$3,908,8.39,724
Sept. 22.
New York
Chicago
Philadelphia ..
Boston
Kansas City
St. Louis
San Francisco.
Total
all cities,
cities, 1 day
All
Total
all cities
5 days.
for
Cent.
570,007,691
$4,938,994,158
966,398,479
$4,478,847,415
887,981,546
$5,905,392,637
week..
$5,366,828,961
+0.6
+ 17.2
+ 31.9
+ 35.7
+ 50.8
+ 23.0
+ 30.1
+ 14.3
+ 9.9
+ 28.7
+ 46.6
+ 8.3
+ 23.5
+ 10.3
+ 8.8
+ 10
The
full details for the week covered by the above will be given next Saturday.
cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturtlay, 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. 15 follow:
We
Week ending September
1
Philadelphia
Pittsburgh
291,385,384
69.327,599
42,544,671
18,565,869
4,648,113
10.282,241
6.806,249
2,487,726
4, .304, 780
2,800,148
3,120,537
Baltimore
Buffalo
Albany.
Washington
Rochester
Scranton
Syracuse
Reading
Wilmington
Wllkes-Barre ...
Wheeling, W.Va.
Trenton
.
Erie
Greensburg
Blnghamton
Dec.
$
$
3,245,291,242 3,234.537,322,
New York
York
1916.
15.
1,823. .5.30
3.948.827
2.603.419
1.1.59.228
1.963.294
892.857
887.300
1,314,433
625,000
2,172,256
246.427.311
62.561.899!
38.748.6611
15,841.370
4,888,390
8.544.117
%
+0.3
+18.2
+10.8
+9.8
+17.2
—4.9
6.2.36.916
+20.3
+9.1
3.289.097;
—24.4
3.087.954 +39.4
2.307.5791 +21.4
2.628.6181 +18.7
1.702.883
+7.1
2.805,131 +40.7
3.241,144 —19.7
982,743 +12.9
600,000
+32.2
+48.8
888,900;
—0.2
1,485,692'
1915.
;
1914.
$
$
1.958.889.471 1,112.512,149
161.603.770
135,785,657
50.081.995
29,008.183
11.314.426
4.517.127
7.404,.301
4,902,524
2,762,848
2,853,091
1,826,865
1,896,701
1,601.968
1.844,074
1,919.7.32
846.166
1.070.477
546.250
725.200
49,800,985
38.006,936
12,015.991
5.685.134
6,788,798
4,514.626
—-For CanadlaD
clearings see
26.4,32,000
Portland
Spokane
Tacoma
Salt Lake City.
Oakland
Sacramento
San Diego
Minneapolis
Omaha
Paul
Denver
Joseph
Duluth
Des Moines
1,608.355
888.766
1.022,261
828.298
649,000
737,169
607,992
1,582,123
7.744.470,
3.965.017|
2.827.460
2.374.847
2.557.968
2.158.067
1.084.989
754.695
587.501
2.215.198
1.739.211
1.500.624
601.112
1.366,945
Fargo
Colorado Springs
Pueblo
Fremont
Waterloo
Helena
Aberdeen
Hastings
Billings
Tot. oth. West
328,816.164
Memphis
138 725,994
33, 838.264
17 859.535
15, 200.000;
5 600,000
12 231,575
32 473,345
12 106.752
33 196.520
8 ,855.528
Nashville
9 ,834.036
Norfolk
5 ,648,639
3 ,987.597
3 ,053.110
2 .295.712
4 517.805
2 .211.421
St. Louis
"Commercial and Miscellaneous News."
Orleans
Houston
Galveston
Savannah
Richmond
Fort Worth
Atlanta
Augusta
Birmingham
Knoxville
Chattanooga
Charleston
340,861
Mobile
1
Jacksonville
4 119.628
4 .044.511
7 702.495
2 .159.274
3 .100.000
Rock
Oklahoma
Little
Macon
Austin
Vlcksburg
Jackson
Tulsa
2,50.722
.570,189
,575.401
.763.141
Muskogee
.865.681
Dallas
Total Southern
Total
all
Outside N.
15.169.571
5.276.014
2. .568.244
106,194,159
30.845,698
8.200.000
7.138.960
Louisville
1,9.55,916
18.204.4.36
186,013,116
7.3.36.422
Sioux City
Wichita
Lincoln
3.060.221
1,756.609
1.669.794
1.580.700
404.338
147.399,072
44.387.886
35.277.014
15.007.011
18.409.573
14.182.122
Total Pacific.
Kansas City
New
7.34,838
739.413
1.199.655
1,001.702
700.000
509.131
.123.859
1.
345.690
245.000
75.716
206,371.843
Reno
Long Beach
St.
3.500,000
4.783.083
3.438,865
2.367.967
1.621,274
1.730.466
3.259.661
2.799.013
1,132,389
4,370.000
954.758
1.011.523
642.706
938.243
11.158.494
5.423.688
2.629.769
2.301.602
1.613.327
1.498.075
1.082.010
1.051.499
580.933
558.074
672.083
1,958,5.32
San Jose
Pasadena
North Yakima.
St.
10.626.480,
1.901.769
997.659
1,089.204
946.994
565.000
727.575
Fresno
Stockton
3,.375.013
Chester
1,303,492
+0.8
989.135
Altoona
583,025
+7.2
513. .522
Lancaster
1,761,647 +23.3
1.554.735
Montclalr
420.423 +14.0
479,489
407.816
408.147
Total Middle.. 3.719.434.192 3,644,874,314
+ 2.0 2.249.080.377 1,386,840,717
Boston
186,4.33,957 + 28.9
240.342,095
144.404.908
118,484.620
Providence
—7.5
9,464,200
10,2.36.600
7.163.700
7.033.900
Hartford
6,873,317
8,736,775 —21.3
6.603.373
4.526.334
New Haven
4.991.078
4,461,688 + 11.9
3.563,315
3.225,579
Portland
_
2,500.000
2,300,198
+ 8.7
2.131,281
1.948.786
Springfield
3.477,814
3.883.465 —10.5
3,388,999
2.633,620
Worcester
3,629,618
4.027.160 —12.4
2.952,398
2. ,523. 938
Fall River
1.476,787
—8.0
1,605.486
1,199,701
1,012,593
New Bedford
—1.1
1,598.992
1.617.299
1.193.498
971,422
Lowell . .
—1.4
1.110.424
1.126.329
749 643
865.966
Holyoke..
706.680
954.932 —26.0
744.795
775,216
Bangor
792.338
637.911 +24.3
429.070
423.391
Tot.NewEng. 276.863.349 226.021.800 + 22.5 174.641.004 144,309.042
Note.
Owensboro
Tot. Mid. West
Topeka
Davenport
Cedar Rapids...
Inc. or
1917.
Ill-
Ann Arbor
Adrian
CLEARING HOUSE RETURNS.
388.127.736,
27.5.39,011
13,178,449
14,673.022
9.872.668
7.887.023
6.329.446
4.553,575
5,651,338
3,2.36,971
1,895,143
2,132,948
1,817,104
1.813.806
1.0.55.608
660.228
537.566
1.829.482
1.607.9141
983.306
422.725
863.769
246.181.019
107.155.654
25.119.144
16.586.193
14.292.782
6.214.234
9.871.303
18.557.222
9.470.583
21.582.254
8. .334. 897
7.662,627
3.970.817
3.611.981
2.675.308
2.207.126
2.407.925
1.832.712
1.125.473
2.500.000
3.305.341
4.969.124
7,284.401
2.800.000
+ 18.7
+ 16.7
+ 52.9
+ 7.2
+ 15.8
+ 29.3
+ 4.0
+22.3
+ 37.4
—0.8
—13.9
+ 24.7
+ 18.6
—20.6
+ 37.2
+ 30.0
+ 59.8
+ 21.4
+ 26.3
+ 25.8
+ 37.2
+ 17.5
+ 29.0
+ 13.4
+ 27.0
+ 1.3
+ 5.0
—1.8
+ 4.5
+ 32.4
+ 22.4
+ 33.6
+ 59.9
+ 20.4
+ 7.5
—13.0
+ 41.6
+ 11.9
+ 32.7
+ 71.4
+ 25.5
—4.9
+ 48.6
+ 2.5
+ 21.4
+ 26.9
—7.9
+ 3.6
+ 63.0
+ 1.2
+ 8.2
+ 10.9
+ 38.8
+ 43.9
+ 28.1
+ 13.9
+ 25.5
+ 43.7
—7.0
+ 29.6
+ 56.8
+ 37.0
+ 22.5
+ 49.2
+ 11.3
+ 40.8
+ 19.0
+ 2.8.
+ 14.3
+ 9.3
+ 21.1
+ 8.2
+ 52.6
+ 42.2
+ 58.2
+ 33.6
+ 29.5
+ 34.7
+ 7.7
+ 6.4
—9.9
+ 23.9
+ 75.0
+ 27.8
+ 53.8
+ 6.2
+ 28.3
+ 42.3
+ 10.4
+ 14.1
+ 4.0
+ 46.1
+ 20.7
+ 19,0
+ 64.8
+ 22.4
+ 55.0
—70.4
+ 10.7
283.1.39
—11.4
461.385
+23.6
3.478.021
1.402.798
12.458.716
301.621.160
5.692.074.804 5.245. 666.835
Y. 2
Dec.
1915.
%
$
$10 00
6 00
13 00
"M One Year
rm Six Months
1916.
446. 783 ..561 2.011.129.513
+ 88.8
+ 25.7
+ 19.3
1914.
325.815.261
27.056.850
34.228.038
33,682.035
16.107.730
9.134.378
7.047.400
7.768.140
3.113.093
3,483.614
1,999.144
1,854.641
1.163.497
1.280.600
1.698,562
1.910,718
834,293
2,308,000
825,865
700,782
610,610
815,430
574.508
557.800
1.052.484
664.576
547.210
514.253
783.999
293.719
201.876
56.878
295.775
$
287,436.703
22.817.800
25.562.748
27.878.614
16.298.026
7.599.561
6.649.200
7.239.643
2.609.873
3.378.072
1.968.932
1,192.674
1,177.204
1.238.378
1.563.254
1,581.844
984.278
1.880.000
855.569
652.629
747.541
708.785
597.935
462.679
788.048
536.090
459,971
495,191
547,024
281.389
182.489
44.684
328.266
488.981,7591
427,102,094
60,646 579
22.385 827
13.474 .880
52.963.991
22.566.745
13.865.724
11.950,982
4,265.744
2,427,890
6,281,574
3,793.013
2.419.685
2.083.275
1.451.660
1.178.121
850.821
750.992
465.700
303.650
560.396
12.191 .694
4.060 .000
2.145 012
7.300 000
4.196 .898
2.469 216
2.181 735
1.419 916
1.238 578
781 816
798 435
488 226
397 363
578 571
136.754.746
75.556.782
28,598,269
20.503,260
11,780.510
9.825.454
7.404.222
8.510,.302
5.671.317
3.514.769
4.036,139
2,471,660
1.461,296
1.450.266'
1,717.674
1.396.151
777.472
355.713
420,991
1.618.568,
1.208,680
770.047
213.116'
128.179.963
71.577.105
32.188.750
18.872.239
10.489.076
9.782.379
5.500.433
9.312.124
4.954.330
3.181.168
3.874.528
2.221.715
1.708.121
1.474.419
1,600.000
1.318.456
720.333
685.776
367.263
1.367.416
1.386.552
704.026
361.264
450 000
440 615
189.712.658,
184,090.588
79. 111.7111
70.771.158
14.965.997
11.322.630
7.931.899
3.441.317
3.403.128
7.985.100
19.250.959
15.323.349
10,092.554
4.874.403
6.148.597
9.816,846
7,181.5671
13,675.6171
4.399.1.52
7.233.034
3.3.36.005
1.667.367
2.284.434
1.842.527
2.277.787
1.680.698
1.200,824
2,464.570
1.938. .549
2.097.300
3. 333. .503
1.815.204
224.820
337.476
1.532.266
889.444
6.5.33,984
11.313.385
4.929,237
6.087.291
3.743.879
1.366.882
2.350.831
1.864.813
2.173.132
1.356.478
1.050.000
2.687,296
1,934.300
2.398.863
3.079.198
1.789.271
190.717
328.679
1.609.101
876,895
+28.7 206.048.463^ 177.485.479
+8.5 3.445.219.007 2.448.007.383
+21.6 1.486.329.536 1.335.495,234
THE CHRONICLE
1130
[Vol. 105.
Government does not take the whole of the differTHE FINANCIAL SITUATION.
ence between the 8 or 10% upon his .$5,000 of cash
The War Income tax and the War Profits tax con- invested, and the $50,000 or $100,000 that he has
tained in the War Revenue Bill continue the fore- been making out of his business for many years
most feature in affairs. The conferees on the part past. It is farcical (though having a tragic aspect
of the two Houses of Congress have been grappling for the tax payer) to call such results war profits;
and obviously, the calculation would yield precisely
all week with the problems involved in the propositions and have been seeking how to reconcile the the same "excess" profit if applied to the correspondYet both the House bill
differences between the two Houses on this and other ing income before the war.
Their discussions and conclusions have and the Senate bill are framed on this theory. In
questions.
been shrouded in mystery, though many different
reports have had it that the disposition seemed to be
to revert, in the matter of the War Profits section,
This would mean,
to the features of the House bill.
if true, that in estimating pre-war income the cash
and
capital
form
assets
employed
in
cannot see
how such
two drafts
the only difference between the
of the bill is that the
House
bill
proposes
8%
upon the cash investment, and to take
16% upon the excess above that figure, while the
Senate bill proposes to allow 10% upon the capital
the business would employed and then take up to 60% of the excess on
to allow
an ascending scale
the basis of the computation.
We
the final analysis,
a method of computing
the so-called "war profits" can appeal to any fair-
of
granted that the business
8 or
—to any man desirous of rendering
When
taxation.
man
is
once
it
is
entitled to only
10% upon his actual cash investment, a jump
16% to 60% in the rate of the tax to be levied
from
justice in the premises.
There is on the excess above the allowance is easy, and
no justification for a war profits tax levied at exceed^ indeed becomes inevitable.
Let us not, however, delude ourselves as to the
ingly high rates (in addition to the regular income
tax exacted from all alike) unless, as a consequence meaning and significance of the process. Under the
of the war, profits are greater now than they were guise of conscripting war profits for the prosecution
before the war.
The object of any method for of the great conflict in which we are engaged, we are
arriving at the "war profit," in order to assess this imposing Socialist theories upon our legislative
We are not appropriating real war profits
extra heavy tax, must be to gauge accurately the program.
which everyone admits should contribute liberally
amount of the income of the corporation, or the
partnership, or the individual citizen, before the war to the payment of the expenses of the war, but we
and the amount of the income at the present time, ai"e confiscating ordinary profits and oppressing a
single class of the population, depriving them of their
and where the latter is heavier, take the amount of
justly earned income at a time when the need for
the difference and apply to it the rate of the tax.
the continuance of the ordinary income is peculiarly
minded legislator
equal and exact
Neither the method provided in the House bill, nor
that contained in the Senate bill, is calculated to
supply the data required for the purpose. Both are
alike erroneous and unjust in that they use as a
basis for indicating the pre-war income, not the
income actually received, but an arbitrary rate of
return upon the limited
amount of cash invested in
In this we are speaking, not of the
the business.
huge
where perhaps the
application of the rule would not work unfairly, but
of the host of small private corporations where
profits are not at all dependent upon the amount
of capital employed in the business'
where often
the capital invested is a mere nominal figure but
where skill, energy and enterprise have built up a
profitable business", the main factor in which is what
industrial
corporations
—
is
known
To
—
low rate of return on a nominal
cash investment,
is
capital, or
to introduce revolutionary doc-
subversive of the economic theories upon
which the country's industrial welfare rests. It is to
trines,
say that if a man starts in business with a capital of
say $5,000 and succeeds in the course of time in
building up a business yielding him profits of $50,000,
or a $100,000 a year, all that he can fairly claim as
legitimate profits, at least in war times, is 8 or
10% on the $5,000 capital employed, or $400 or
$500 a year that everything above this trifling
and insignificant sum constitutes legitimate prey
—
for Government exactions and that no matter how
much the Government may take, the business man
who is made to feel the weight of these oppressive
taxes
must consider himself fortunate
by reason
of the steady rise in the cost of
In the form in which the bill was submitted
by the Senate Finance Committee, the proposition
was not open to objection. The Committee bill provided that the average profits for the years 1911, 1912
and 1913 should be compared with current profits,
and any excess in the amount of the latter made the
subject of the war profits tax.
But in the course of
the discussions in the Senate a proviso was added
which says that the pre-war income "shall not be an
amount less than 6% or more than 10% of the
This,
actual invested capital for the taxable year."
as will be seen, nullifies the effort to arrive at a
reliable estimate of the difference between present
profits and former profits, which alone can be properly
designated "war profits." We gave an illustration
living.
week to show how injuriously the provisions of
the Senate bill would work in the case of a small
business (whether owned and conducted by an individual, a co-partnership or a corporation) where
profits now and before the war had been running at,
say, $60,000 a year, and where the cash investment
was only $40,000. On this cash investment the 10%
allowed as a maximum makes the pre-war income
only $4,000.
We found that, including the normal
tax of 6%, which all corporations, joint stock associations and partnerships will have to pay, and also the
3% tax imposed upon the income of mercantile and
last
as good- will.
ignore the good-will factor and to substitute
for it a
urgent,
so long as the
manufacturing corporations by the 1917 Legislature
of this State, this little concern would have to turn
over in taxes no less than $39,586 out of an assumed
income of $60,000. The illustration is worth reproducing as showing the confiscatory nature of the
taxes levied under the Senate bill, and we accordingly
give
it
herewith:
*
THE CHRONICLE
Sept. 22 1917.]
1131
YEAKLY TAX WHICH A BUSINESS CONCERN WITH A NET tween the pre-war income and the present income,
INCOME OF $60,000 AND A CASH INVESTMENT OP $40,000
on which alone there is justification for levying a high
WOULD HAVE TO PAY UNDER THE PROVISIONS
OP THE SENATE BILL.
extra tax.
Whole $60,000, normal tax
First
4,000,
600,
400,
1,000,
1,000,
1,000,
2,000,
2.000,
2,000,
2,000,
44,000,
Next
of
6%
10% on capital
12% tax
16% tax
20%
25%
30%
35%
40%
45%
50%
60%
$3,600
exempt
invested
72
64
--
200
250
300
700
800
900
tax
tax
tax
tax
tax
tax
tax
tax
1,000
26,400
$34,286
State tax of 3
%
on entire income
1
,800
$36,086
Penalty of 10% if corporation reserves the amount of the coming
3,500
tax out of 1917 earnings
is
the method which the law must
war
Of course,
where the capital invested since the war has increased, that is a factor that must be separately
determined, but it is a factor that it will be easy
to determine since the transactions being so recent
prescribe for determining the
full
records will be available.
new
capital investment the
profit.
In the case of this
10%
might perhaps not be unfair, but to extend it beyond that
point would lead to injustice, hardship and oppression in the
way already
rule
indicated.
$39,586
20,414
Total of tax
Amount remaining
This, then,
The provisions in the War Revenue Bill which
aim at abolishing collection of the income tax at the
pro- source of the income as is done at present, and sub-
for the shareholders
$60,000
We
thus see how unjustlj^ how harshly, this
It cannot be
vision of the Senate bill will work.
that Congress intends that an important body of
business men shall be thus oppressed. ,The Senate
bill could be easily changed so as to avoid the opAll that would be
pressive results referred to.
necessary would be to eliminate the proviso which
says that the pre-war income, after being figured
out on a correct basis, must be whittled down so
as not to exceed 10% of the cash capital invested.
All the mischief lies in that proviso and the further
fact that in defining "the actual invested capital"
it is distiuctty provided "that the good-will, including trade-marks and trade brands, or the franchise
of a corporation or partnership, is not to be in-
mind that
most
also to be borne in
be absolutely impossible to determine "the
actual invested capital" upon which the allowance
We venture to say
of 8 or 10% is to be figured.
that the great majority of business concerns, be
they large or small, will be unable to state what
the real cash investment in the business is. Cash
in bank is easily enough determined, but how about
It
is
in
cases
will
machinery and equipment? As a general
thing there will be no reliable records available of
the original outlay. But even where records exist
the plant may have depreciated, or again it may
have, by reason of the inflated war prices now preplant,
vailing for everything, a value greatly in excess of
the
original
should also be eliminated. And the
reasons are the same as in the other case: First, because in the case of interest from corporate bonds
where the bonds contain the tax-free covenant, binding the corporation itself to pay the tax, it would be
downright wrong for the Government, after having
given its sanction to this method, to now adopt a
new and wholly different method, putting the burden
of the tax upon the bondholder, and depriving him
of the advantage which he counted upon getting
when he purchased the bond. Another objection
is that requiring information at the source would
involve such huge extra trouble to everyone concerned^ the Government as well as the whole body
of citizens
that that alone should be sufficient to
condemn it. The tax-free covenant in corporate
bonds is usually expressed in language as follows:
"Both the principal and interest of this bond are
payable without deduction for any tax or taxes,
which the railway company may be required to pay,
or to retain therefrom, by any present or future law
of the United States, or of any State or territory
thereof, the railway company hereby agreeing to pay
such tax or taxes." Here was a contract deliberately
entered into between the corporation and the bondholder, which must be taken to mean just what it
says, and Congress should not interfere with its
being carried out. The Government is only concerned in getting its tax, and by collecting at the
source the Government gets its money with greater
certainty than it could count upon getting it where
collection has to be from the holder, especially when
the latter is a small holder. The bill does not contemplate making any change in the present method
where the bonds are held abroad and no good reason
can be adduced why a change should be made where
the
source,
—
cluded."
it
stituting therefor the furnishing of information at
cost,
notwithstanding the
tion that has since occurred.
Who
is
deteriora-
to determine
and how is it to be determined?
The method will have to be applied to our railroads
This would mean
as well as to industrial concerns.
that the Internal Revenue Department would have to
have the physical valuation of the railroads of the
United States. Yet the Interstate Commerce Com-
all this,
mission has for years been engaged in this very task,
and the work is not one-hundredth pari completed.
The job in the case of a great industrial concern would
be not one whit less difficult. It is needless to say
that the Government will be unable to defer the collection of these v/ar profits taxes until the valuation
It needs the money too badly, and will
is completed.
expect to collect it within the next few months.
Obviously, therefore, any method that requires figuring the cash capital invested is so faulty as to be
absolutely unfeasible.
On the other hand, the Government already has full records of the a pre-war
income in the case of every business concern in the
land, and, therefore, there will be no difficulty in
arranging for a true and accurate comparison be-
—
the bonds are owned by residents of the United
Sub-division (b) of Section 9 of the law of
States.
last September, is changed so as to provide that all
persons "having the control, receipt, custody, disposal or payment of interest, rent, salaries, wages,
premiums, annuities, compensation, remuneration,
emoluments or other fixed or determinable annual or
periodical gains, profits, and income of any nonresident alien individual
.
.
are hereby authorized
and required to deduct and withhold from such
annual or periodical gains, profits and income, such
sum as will be sufficient to pay the normal tax imposed thereon," &c. Accordingly, the corporation
would be obliged to assume the tax in the case of
Under
foreign holders, but not domestic holders.
THE CHRONICLE
1133
there will be not only this unjustifiable distinction, but while providing for the continued col-
the
bill
income at the source as far as foreign
holders are concerned, it undertakes to forbid altogether the making of future covenants agreeing
New sections
to assume the payment of such tax.
One of these
are added to the law of last September.
lection of
is
Section 31, reading as follows:
"Sec. 31. That
contracts entered into after the
person,
corporation, partnership, association, or insurance
company agrees to pay any portion of the tax imposed by this title upon any other person, corporation, association, or insurance company, or to reimburse such person, corporation, association, or
insurance company for any portion of such tax, shall
be void, and any person, corporation, partnership,
association, or insurance company entering into such
a contract shall be subject to a fine of not more than
S1,000."
enactment
all
of this
amendment by which any
Aside from the moral considerations involved in
the question, requiring information at the source
means making trouble for great hosts of people of a
kind and extent which they ought not be called upon
to bear.
A new section (Section 28), is added to the
This provides that all
existing law for this purpose.
persons making payments to others "of interest, rent,
salaries, wages, premiums, annuities, compensation,
remuneration, emoluments or other fixed or determinable gains, profits and income of $800 or more, in
any taxable year,
are hereby authorized and
required to render a true and accurate return to the
.
.
.
Revenue
setting forth
the amount
and the name and address of the
recipient of such payment."
Consider the trouble
and inconvenience involved in being obliged to report
all payments of this nature, aggregating $800 or more
Commissioner
.
of Internal
.
.
.
,
.
a year!
noted that under another new
section (Section 27) it is made possible to worm out
of brokerage and commission houses all the details
This is of
of the transactions of their customers.
course with a view to determining whether there has
been any profit from these transactions which the
customers have failed to include in their income tax
It deserves to be
returns.
The
full text of this
section
is
as
follows:
"Sec. 27. That every person, corporation, partnership, or association, doing business as a broker on
any Exchange or Board of Trade or other similar
place of business shall, when required by the Commissioner of Internal Revenue, render a correct
return duly verified under oath, under such rules and
regulations as the Commissioner of Internal Revenue,
with the approval of the Secretary of the Treasury,
may prescribe, showing the names of customers for
whom such person, corporation, partnership, or
association has transacted any business, with such
details as to the profits, losses, or other information
which the Commissioner may require, as to each of
such customers, as will enable the Commissioner of
Internal Revenue to determine whether all income
tax due on profits or gains of such customers has been
paid.
Our compilation
of building operations for
which
permits were issued and contracts arranged at 143
cities of the United States in August 1917 reflects
even more clearly than did the results for July and
earlier recent months the contraction in construction work due in varying measure in different localities to the shortage of labor and transportation
facilities as well^as^to the high prices ruling for prac-
[Vol. 105.
every kind of material of which use is made.
The labor situation, it is to be inferred, will be
considerably relieved when the work in progress
for the Government in housing the National Army
has been completed, but any marked relief in the
matter of cost of materials is something about which
nothing definite is known or can be said at this
It is true, of course, that there has been a
time.
slight drop in prices in a few lines recently, including brick, but the fact that this last named material is now in demand for shipment abroad (350,000
Hudson river common brick having been shipped
to France toward the close of August) does not
argue well for lowering of cost here.
tically
The building
Borough
situation in
New York (Manhattan
has been cause for
much anxiety and for the purpose of ferreting out
the reason for the slump in construction work and
applying a corrective, if possible, a conference
was held on Thursday at the City Hall under the
auspices of the Building Materials Exchange of
New York at which all those in interest were repreWhile nothing of a very definite nature
sented.
accomplished at the meeting it afforded opporwas
tunity for an interchange of views by the various
interests concerned and in that way is believed to
have been helpful. The outcome of the meeting
was the unanimous passage of a resolution empowering Borough President Marks of Manhattan to appoint a conference committee of representatives
of those most vitally interested in building construction to examine the whole situation and endeavor to find a remedy for existing conditions without hampering the Government in the prosecution
of the war.
It was suggested by Allen E. Beals of
the Dow Service that the committee ascertain how
many buildings there are on which work has been
held up because of present conditions and report
their findings to Washington in order that the subject might become a national issue
Indicating how general has been the contraction
in building operations recently, we note that in the
latest month 107 of the 143 cities included in our
compilation show decreases from 1916, and in many
Among the leading
cases of large percentage.
cities in this category are
New York. Chicago,
Philadelphia, Boston,
Pittsburgh, Kansas City,
Detroit, San Francisco, Minneapolis, St. Paul,
Richmond, Buffalo, Rochester, Salt Lake City,
Bridgeport, Hartford, Springfield, Mass., Albany,
Toledo, Akron and Dallas. On the other hand,
important gains are conspicuous by their absence,
the only ones worthy of mention being at Cleveland,
Milwaukee, Denver, Atlanta, New Haven, New
Bedford and Wilmington. In all, the 143 cities from
which we have returns furnish for August 1917 an
aggregate of only $51,859,270, against $79,529,110
in 1916 and compared with 1915 and 1914 rather
heavy losses are also recorded. For Greater New
York the result falls very much below that for the
month for quite a period of years, this year's total
of $6,324,736 contrasting with $11,400,097 a year
ago and $15,620,021 in 1915. Exclusive of this
citj'' the
contemplated outlay under the contracts
let aggregate but $45,534,534, against $68,129,013
a year ago, with the exhibit the least unfavorable
in the Southern group.
in particular)
of late
For the eight months this year's operations in
Greater New York have also been much below any
recent year, $78,345,674 comparing with $179,-
Sept. 22 1917.]
THE CHRONICLE
1133
and $125,177,087 in 1915, the
Manhattan being responsible for the
Borough of
greatest measure of loss, as it was for the large gain
former occasions, to influence Congress through the
organization you know of, which can perhaps prevent war. I am beginning in the meantime to act
a year ago. Outside of this city the decrease from
a year ago is 67 million dollars ($451,339,095 contrasting with $518,346,383) and for the country as
a whole (143 municipalities) the total of the projected expenditures involved at $529,684,769 is the
smallest in several years, comparing with $697,973,358 in 1916— the eight months' high record,
and showing a small loss from the quite low total
Of the various groups into which our
of 1915.
returns are segregated the Pacific Slope alone makes
a better exhibit than in 1916, this being due to
somewhat of a boom in building earlier in the year.
accordingly."
026,975
in
1916
At this juncture it is to be noted that Congress is
about to adopt a provision for the strict censorship
of all mail and cablegrams going abroad, amendments
to that effect to the Trading with the Enemy Bill
having already been offered. Evidence has been
presented to the Conference Committee of the Senate
and House which has that bill under consideration
that German firms in the United States are transmitting military information to Berlin
war, including of course large quantities of foodstuffs, continues to show phenomenal expansion,
and to establish new high records. This was the
case in the first eight months of the current calendar
year, the results for which are now available. While
gains are to be noted in about all lines, they are
significantly heavy in manufactures, of which explosives is the main item, and conspicuously large in
agricultural products, with wheat naturally the predominant element. It is, moreover, well to state
that expansion in the outflow to the United States is
still an important feature of the returns, with printing
paper, copper, wood pulp and lumber prominent. In
all, the domestic commodity exports for the eight
months reached $961,768,604 against $677,252,161
in 1916
the previous high-water mark for the
period.
Imports, too, showed a very material augmentation, the inflow from the United States of
articles for the army apparently being largely responsible therefor. Briefly, the imports of merchandise for the eight months totaled $717,721,288, this
contrasting with $486,058,014 a year ago.
Finally,
the export balance for the latest eight months is
$244,047,376 against $191,194,142 in the preceding
year, a comparatively nominal amount in 1915 and
considerable net imports in 1914. In the latest
month August the increase in the outflow of
agricultural products as compared with 1916 was
approximately 25 million dollars, of manufactures 27
milhons and of animals and their products 8 milhons.
—
—
—
of Spain.
in the form of a report from a
Government Bureau showing among other things
The evidence was
messages sent from New
York to Barcelona informed the German War Office
of the date and strength of the first United States
Expeditionary, force. There is evidence, according
to the report, that our army and navy are honeycombed with German agents and that the means for
transmission of information to Berlin are ridiculously
easy. The bill as amended provides that any attempt
to evade the censorship on incoming or outgoing mail
or in cablegrams is to be punished by a fine of $10,000
The report
or imprisonment of ten years, or both.
to the committee indicates that code messages containing military information have gone to South
America, then to Spain and then by wireless to Germany. Other messages went to Barcelona by mail
and were transmitted to Germany by way of submarines, the mail being thrown on Spanish fishing
boats which transferred it to submarines at sea. The
new law will have a special interest in business circles
as it will mean the official opening of foreign mail
leaving this country on the same scale as that coming
that
Canada's foreign export trade, stimulated, as is
that of the United States, by the enormous and
practically insatiable demand from the Entente
Powers for material and supplies for carrying on the
by way
this
simple
business
way.
This week's report by the British Admiralty of
the destruction of Biitish tonnage by mines and submarines is the most favorable since the ruthless
underwater warfare began. Only 8 large steamships
(over 1600 tons) were sunk last week against 12 the
week preceding (which itself was a new low record)
and 20 for the week ending'Sept. 2. On the other
hand, 20 small vessels were destroyed during the
week, 6 the week previous and 3 in the seven day
period
of
showed 2
tons and 2
The French official report
French merchantmen of more than 1600
Sept.
2d.
of less than that tonnage sunk during the
week. The Italian losses for the week amounted to
Still another interesting and important document
1 steamer which was under 1500 tons and one small
was made public by the State Department yesterday sailing vessel. The decrease in large vessels is a
tending to show how utterly unscrupulous was the source of confidence that practical progress is being
German diplomatic service in this country before made to meet the submarine problem. A dispatch
our entrance into the war and imphcating di- cabled from London states that the Press Association
rectly the former German Ambassador,
Count is on high naval authority able to say that the new
von Bcrnstorff. On Jan. 22 of this year, while defensive measures against submarine warfare are
our relations were still friendly with Germany, meeting with success, justifying the hope of a further
the Ambassador sent a formal request to the Ber- reduction in the losses. The Association states on
Hn Foreign Office for $50,000 to influence Con- what it claims as good authority that the results of
gress "as on former occasions," and suggesting "in the method adopted in the last month gives cause for
the above circumstances a public official German growing confidence. According to an Admiralty
declaration in favor of Ireland is highly desirable in statement, dozens of ships have been saved by the
order to gain support of Irish influence here." Secre- smoke box system which the Admiralty during the
tary Lansing's disclosure in this respect will not last few months has supplied to a majority of British
unnaturally prove unpalatable to some of our legis- merchantmen.
lators who have been so actively opposing the war.
In part von Bernstorff's message said "I request
Field Marshal Haig has started a new offensive,
authority to pay out up to $50,000 in order, as on and according to latest advices the British are mak-
THE CHRONICLE
1134
The scene of this new offening successful progress.
sive is declared by press dispatches to include one
of the
man
most important and strongest parts
line,
that has been
bitter fighting
of the
most
on the Belgian front to the east
The wooded
Ypres.
marked by some
of the Ger-
elevation in this locality
of
[Vol. 105.
land fighting the semi-official "Times" of Tokio
declared that as Japan is not directly menaced by
Germany no
sufficient reason exists to send troops,
and that the Alhes should be
naval and other assistance.
satisfied
with Japan's
among
which are such dominating positions as Glencourse
Wood and Inverness copse were the vital points,
Very
little
of a definite character in connection
with the sensational peace reports has developed.
and the Germans there had made their defense as Statements are intermittently reiterated and denearly impregnable as possible. These strongholds nied that the German reply has reached Rome.
with Nun's Wood and Shrewsbury forest which re- In a dispatch by way of Paris from Rome it seems
cently had withstood numerous fierce assaults, have to be confirmed that the Pope will send another
been entirely overrun by the British, who reached note containing peace proposals to the belligerent
It is to be noted, however, powers toward the end of September, this note
points well beyond them.
that the Canadians have not yet been successful in being more specific and entering more into details
capturing Lens, notwithstanding that for nearly a than the recent one.
"The Tageblatt" on Thursmonth the fall of that French coal centre has been day, discussing the supposed reply of the Central
More recent dispatches state Powers to the peace proposals of Pope Benedict,
predicted confidently.
that pressure upon the defenses of the coal city is says that the German Government irrespective
unrelenting and the Germans are being squeezed of the exchange notes soon will have an opportunity
out of the town. The important fact, however, is of making known its standpoint regarding peace.
that the city has not yet capitulated. The indica- Meanwhile the recent disclosures of German diplotions suggest that Field Marshal Haig has started an matic duplicity are not without their direct influence
offensive that will prove protracted.
The corre- both in Sweden and the Argentine. They have
spondent of the Associated Press at the front declares become a direct issue in the Swedish elections that
that if the British maintain the positions to which are now in progress and are reported to have dethey have advanced "they will have accomplished one flected a very substantial measure of support from
of the most important and remarkable achievements the Government.
The Argentine Government has
refused to accept the verbal apology offered by
of recent months."
The Russian military situation is no worse even Germany for the actions of Count von Luxburg,
if it is not much better.
The Russian troops are the German Charge d' Affaires to Argentina. Since
resisting successfully further attacks of the Teutonic being handed his passports Count von Luxburg, it
Allies on the Riga front.
After a strong infantry is stated, has been circulating the statement that
attack of the Germans in the region east of Lem- the idea of sinking Argentine shipe "without leaving
berg a daring counter attack was organized which a trace" was suggested to him by the foreign miniswith the energetic co-operation of artillery drove ter of Argentina as a means of preventing complithe enemy back with heavy losses. In the Ocma cations. This statement is characterized by Foreign
region on the Rumanian front the Germans by a Minister Pueyrredon as the "greatest, most shamecounter attack have forced the Russian troops to ful, bare-faced lie" in his official experience.
abandon positions they had previously taken from
The change in Ministry has brought no percepthe Teutons. In the Caucasus battles continue,
although the temperature is below freezing with snow tible change in the war aims of the French Govfour feet deep in places.
The Italians have been ernment. The new Premier, M. Painleve, was
more active on the Trentino front, harrassing the very frank in an address in the Chamber of Depuenemy with raids and. strong artillery fire. In the ties on Tuesday in saying that France demands the
forward movement near Carzano, in the Sugana return of Alsace and Lorraine "irrespective of
Valley
east
of
Trent,
the
Italians
captured 200
In the
Champagne and Verdun regions the GerPrince has made several ineffectual at-
man Crown
tacks against French lines, but the operation was
not of a major character. Northwest of Rheims
the French repulsed a strong German attack in the
region of Loivre.
Northeast of Verdun on the
right bank of the Meuse the French fire drove back
the Germans who assayed an attack north of the
Caurieres wood.
Announcement has been made
in Chinese Govthat the Chinese Cabinet, provided
that the Entente Powers approved, was willing to
send 300,000 troops to France in compliance with
the French request; an appeal has been made to
the United States to aid China in the same way as
the Entente Allied Powers were helped in a financial way to equip her troops.
Advices from Tokio
state that the Chinese Government has sounded
Japan on the proposed dispatch of Chinese troops
and the indications are that Japan will offer no
opposition to such action. Commenting on the
ernment
whether the fate
He
prisoners.
circles
advocacy abroad
of
Japan's participation in the
of battle reclaims those territories."
Government
assemble
all material and moral forces of the nation for the
supreme phase of the struggle. Referring to recent
scandals involving M. Almereyda, the former
Minister of the Interior and M. Malvy, and more
recent rumors as to various Deputies being involved
in certain irregularities, the Premier declared that
the Government "would relentlessly prosecute all
offenders regardless of personahty."
The chief
scandal appears to be that involving M. Turmel, a
Deputy who as such enjoys immunity from legal
prosecution while Parliament is in session, except
in the case of flagrant dereHction of duty.
The
incident arose from the discovery on July 9 in the
Deputies' cloak room at the Chamber of an envelope
containing 27 Swiss 100,000 franc bank notes.
The
finder, an usher of the Chamber, handed the envelope to the quaestors. Nothing was said of the
incident for weeks, and it was only about the first
of September that it became an affair of common
gossip.
The name of the Deputy owning the notes,
M. Turmel, only recently appeared. The discovery of the bank notes was recalled, however, as
declared
that
the
will
1
THE CHRONICLE
Sept. 22 1917.]
Dr. Michaelis, Hhe German Chancellor,
made the statement that he was fully informed by
eye and ear witnesses of everything that was said
soon
as
Chamber.
at the secret sitting of the
nied
all
bonds
1135
be issued at par and redeemable in five
years at 102J/^ or in ten years at 105, bearing interest
in the meanwhile at 5%.
It also is believed that a
will
Turmel de- scheme
for their conversion into any future loan, at
the option of the holder, will form a feature of the
guilt.
announcement is expected early
Russia on Saturday last was proclaimed a Re- next week. The London correspondent of the
public, the Provisional Government on that day "Evening Post" cables that views on the question of
issuing a proclamation which follows, dated Sept. financing the war by taxes alone are divided. In the
issue.
Official
year they were over £500,000,000, of
which £377,000,000 was in the form of direct taxation
which represents a quarter of the national expenditure
14:
last financial
General Korniloff's rebellion has been quelled.
But great is the confusion caused thereby, and again
great is the danger threatening the fate of the
Fatherland, and its freedom.
nI Holding it necessary to put an end to the external
for the year.
indefiniteness of the State's organization,
remem- Cabinet
bering the unanimous and rapturous approval of the
republican idea expressed at the Moscow State Conference, the Provisional Government declares that
the constitutional organization according to which
the Russian State is ruled is a republican organization, and it hereby proclaims the Russian Republic.
(Signed)
Minister and President, Kerensky.
Minister of Justice, Yaeoudni.
Advices from Petrograd state that the title "Minister and President" affixed to Premier Kerensky 's
signature, probably refers to his position as President of the Ministry rather than of the Republic.
Government announced that all
affairs of State had been intrusted to five members
Following is the official communiof the Cabinet.
The
Provisional
cation:
"Pending the definite constitution of a Cabinet
and in view of the present extraordinary circumstances all affairs of State have been intrusted to
M. Kerensky,
Premier;
M.
Terestchenko, Minis-
ter of Foreign Affairs; General Verkhovsky, MinMinister of
ister of War; Admiral Verdervski,
Marine, and M. Nikitin, Minister of Posts and
Telegraphs."
A
from Petrograd, under Wednesday's date, declares that the growing supremacy
press dispatch
the Bolsheviki element in the Councils of the
and Workmen's Delegates there and at
Moscow, their radical programs, eliminating all
of
Soldiers'
property-owning classes from a voice in the Government, are develop'hients which cause great concern.
The resignation of the executive committee
of the Council
Tchezee, Skobeleff, Tseretelli, Tchernoff, and others
came as a direct result of the
adoption on Sept. 13 by a large majority of a resolution committing the Soldiers' and Workmen's
Delegates to an ultra-Socialistic line of conduct.
—
—
Kaleidoscopic changes in the Russian situation
have been reflected on the London Stock Exchange
this
week by an
market.
time on
All
irregular
and somewhat nervous
the clocks were put back to regular
Monday morning,
The proportion for the current year,
the correspondent said, will most probably be increased.
Fears again are being entertained of a new
thus ending for this season
the daylight saving schedule which began on April 16.
Some depression was noted in English gilt-edged
securities owing to the intimations of a new Government borrowing plan to include an Exchequer issue.
Russian securities not unnaturally were subjected to
wide fluctuations. Chinese bonds were firm in
response to the rise in silver, which touched 55d.,
comparing with 5 Id. a year ago and 49d. a fortnight
ago.
There is nothing definite as yet as to the terms
on which the Exchequer bonds will be offered, but
the rate must exceed 5%, the present figure, as the
demand is light at the latter. It is reported that the
crisis, as Lloyd George is coming in for criticism, his Ministry being charged by former news-
paper supporters with inactivity. Argentine rails
were affected unfavorably by the continuation of
poor traffic returns, by labor troubles and by a
belief that the Argentine Government is not favorably disposed toward its railroads
The lines recently
proposed a 20% increase in rates as an offset to the
Government pension law, which it is estimated will
cost the railroads of Argentina about £4,300,000
annually. The Government vetoed the proposed
increases and lower dividends seem inevitable.
Lloyds bank in London and the National Provincial
Bank have arranged a joint proprietorship of Lloyde*
Bank (France), which was formed in 1911 as a separate company to represent Lloyds Bank in Paris.
The new arrangement provides for an increase by
the French bank of its capital to £1,200,000 from
£600,000 and the change of name to "Lloyds Bank
(France) & National Provincial Bank (France),
Ltd.," with its head office in London.
The British national expenditure again was
comparatively moderate last week, amounting to
but £43,944,000, against £44,091,000 the preceding
week. Repayments of £35,543,000 in Treasury
bills and of £9,300,000 in temporary advances and
other minor items brought the total outgoings to
£88,906,000, against £125,508,000 a week ago.
Against this all receipts were £86,124,000, against
£128,085,000 last week, the Treasury balances
thus falling to £21,757,000 from £24,538,000.
Revenue collections brought in £6,553,000, against
£10,948,000. The issue of Treasury bills was
.
£65,502,000, sales of Exchequer bonds increased to £2,934,000 from £2,Other debts incurred under the war
276,000.
loan acts yielded £19,793,000 and £9,000,000 was
borrowed temporarily from the Bank of England,
against £22,859,000.
There are now £882,314,000
in Treasury bills outstanding.
Besides these the
amount of temporary advances outstanding for
ways and means reach a ^otal of £242,890,000,
bringing the floating debt up to £1,125,204,000.
£47,015,000,
against
The current statement contains under the head of
revenue an item of £750,000 war savings certificates
issued.
Irregularity
continues
the feature of the Paris
improvement was displayed to-
Bourse. Some
wards the close of the week in Russian bank and
industrial shares. Shipping stocks also were in demand
while other firm features were the copper stocks.
Nitrate shares were firm on reports of increased
shipments from the Chilean mines to the United
A bill appropriating $2,430,000,000 for the
States.
THE CHRONICLE
1136
quarter of 1917 was introduced in the French
Chamber of Deputies on Tuesday by the new
Minister of Finance, M. Klotz. This is $240,000,000 greater than for the third quarter of 1917
and one-half of the increase is for the War Department. The total of appropriations from the befinal
ginning of the war until the end of 1917
is
$20,-
400,000,000.
Germany's seventh war loan is now being offered.
Books opened on Wednesday and close on Oct. 18.
Conspicuous advertisements
the public that it
"can, must and shall succeed, else we encourage
England to go on fighting."
The banks and insurance companies offer facilities
to small investors of, say, 100 marks, who will be
required to pay 10% cash and the rest by easy installments covering a period of from ten to twenty
Landowners and farmers are expected to
years.
subscribe largely, as they are reputed to have plenty
The Krupps have subscribed for
of cash available.
50 million marks.
There has been no change in official rates at leading
tell
European centres from 5% in London, Paris, Berhn,
Vienna and Copenhagen; 5^/2% in Italy, Portugal
and Norway; 6% in Petrograd and 43^^% in SwitzerIn London the private
land, Holland and Spain.
bank rate is now quoted at 4^% for sixty days
(unchanged) and 4%% for ninety days, against
4 13-16%. No reports have been received by cable
of open market rates at other European centres, as
far as we have been able to discover.
Money on
call in London has been advanced to 4%, against
'4/0-
of
of recent weeks,
week
England, in contrast with the losses
announced a substantial gain in gold
of £488,958, while the total reserve
was
increased £357,000, there having been an expansion
of £132,000 in notes in circulation.
The proportion
of reserve to liabilities, however, largely as a result
of a large increase in the loan item, registered a decline
The Bank
France this week reported a further
stock of gold, namely, 1,841,000
francs, thus bringing the sum total of the Bank's
increase
in
of
its
gold holdings (including, at last accounts, 2,037,108,500 francs held abroad) to 5,317,556,125, as
against 4,826,723,276 francs last year (including
674,553,075 held abroad) and 4,500,073,850 francs
(all in vault) in 1915.
Silver holdings increased
619,000
Note
francs.
substantial
gain
of
circulation
118,886,000
registered
francs.
to
19.23%, against 19.61%
23.57% a year ago.
last
week and
the
General
expanded 93,822,000 francs. Bills discounted were increased 23,756,000 francs, and Treasury deposits 17,504,000 francs, although the Bank's
advances were reduced 7,052,000 francs. Note
circulation is now 20,956,051,000, comparing with
16,653,451,175 francs in 1916 and 13,309,595,795
francs the previous year.
In the week ending
July 30 1914 the amount on hand was 6,683,184,785
francs, that being the last statement issued by the
French Bank after the commencement of hostilities until Dec. 24 1914.
Comparisons of the various
items with the statement of last week and the
corresponding dates in 1916 and 1915 follow:
deposits
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Gold Holdingsla France
Abroad
.
Francs.
20 1917.
Francs.
(?)
(?)
(?)
_
Total
Sept.
(?)
—Status as o/~
Sept. 21 1916.
Sept. 23 1915.
Francs.
Francs.
4,152,170.201 4,500,073,850
674,553.075
-Inc.
1,841.000 5,317,556.125 4,826,723,276 4,500.073,850
Silver
.Inc.
619.000
260,135.000
338,010.344
366.155,920
Bills discounted.. .Inc. 23,756.000
570,729,000
371,288,140
249.574.117
Advances-.Dec. 7.052 000 1.112,290.000 1.175.044,218
587,366.669
Note circulation.. .Inc. 118,886.000 20,956,051,000 16,653,451,175 13,309.595.795
Treasury deposits- -Inc. 17,504.000
32,373,000
123,190.690
118,127.778
General deposits. .Inc. 93,822,000 2,723,200,000 2.180,615,417 2.587,618,617
This week's statement of the Imperial
The Bank
for the
[Vol. 105.
Germany, issued
Bank
of
as of Sept. 15, shows the following
changes from the last report: Total coin and bullion
increased 4,154,000 marks; gold increased 124,000
marks; Treasury notes were increased 7,355,000
marks; notes of other banks expanded 3,203,000
marks; bills discounted decreased 2,722,000 marks;
advances increased 641,000 marks; investments were
reduced 2,451,000 marks; other securities showed a
gain of 80,197,000 marks; notes in circulation increased 41,975,000 marks.
Deposits decUned 10,122,000 marks, while other liabilities showed an expansion of 58,434,000 mark*. The Bank's stock
of gold now totals 2,403,700,000 marks.
A year ago
the amount held was 2,470,200,000 marks, and in
1915 2,414,200,000 marks. Discounts and advances
aggregate 10,897,713,000 marks, as against 7,566,120,000 marks in 1916 and 5,166,240,000 marks the
preceding year.
Circulation
aggregates
9,474,709,000 marks, comparing with 6,878,820,000 marks
and 5,570,680,000 marks one and two years ago,
Public deposits declined £1,825,000, although other deposits were increased
£6,890,000, and Government securities £378,000.
Loans (other securities) showed an expansion of
£4,312,000. The Bank's holdings of gold aggregate
£54,723,762, as against £54,579,370 last year and
£62,900,176 in 1915. Reserves total £32,508,000,
which compares with £37,056,500 in 1916 and £49,727,541 the year preceding. Loans now stand at
£96,461,240. A year ago they totaled £96,102,911
and £135,576,805 in 1915. Threadneedle Street
reports, as of Sept. 15, the amount of currency notes
outstanding as £160,560,172, against £159,499,969 a respectively.
week ago. The amount of gold held for the redempBy the loaning out of about $30,000,000 on all
tion of such notes is still £28,500,000.
Our special
industrial collateral following an important confercorrespondent is no longer able to give details by
cable of the gold movement into and out of the Bank ence on Tuesday of large financial interests, what
for the Bank week, inasmuch as the Bank has dis- threatened for a time to be a severe money crisis
continued such reports. We append a tabular in the financial district was averted. Wall Street
houses for some time had been experiencing diffistatement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
culty in arranging for time accommodation and were
1913.
1914.
1917.
1916.
1915.
Sept. 24.
Sept. 23.
Sept. 19.
Sept. 20.
Sept. 22.
thus compelled almost exclusively to depend upon
£
£
£
£
£
Circulation
40.665.000 35.972.870 31.622.635 34.202.760 28.659.210
the call money market for their loans a condition
Public deposits
40.764.000 52,992,848 108,738,385 28.672.6l0 10,238,555
Other deposits
128,236.000 104,185,085 89.645,537 125.287.316 41,967,787
that not unnaturally resulted in a definite policy of
Govern't securities. 58,145.000 42,187,627 31.313.057 25.682.087 12.453.405
Otlier securities
96.461.000 96.102,911 135,576,b05 110,732,658 27,614,699
cutting down commitments.
By actively enlarging
Res've notes & coin 32.508.000 37,056,500 49,727.541 35,920,299 30.472.664
Coin and bullion... 54,723,762 54,579,370 62,900,176 51,473,059 40,681,914
margin requirements liquidation by clients was enProportion ot res've
to liabilities
58.34%
23.33%
19.23%
23.57%
26.00%
Bank rate
5%
5%
4M% couraged. This liquidation explains in a measure
5%
6%
the recent spectacular weakness in the general stock
—
5,
THE CHRONICLE
Sept. 22 1917.]
market. While not refusing acpommodation on
time to their old customers, banks and other lenders
took the ground that they could not loan on all industrials but must have mixed collateral to include
besides a certain proportion of well-selected industrial shares a good sprinkling of high-grade railroad
There has been such a gradual change in
stocks.
character of trading on the New York Stock Exthe
change during the last few years that is to say, the
drift has been so steadily from railroad stocks and
bonds to those of industrial properties that, unexpectedly even to themselves, brokers found themselves without the necessary railroad securities to
make their collateral acceptable. The renewal of
time loans on industrial collateral followed, as already intimated, an important meeting of bank presidents and others, comprising the special sub-committee of the Liberty Loan Committee of the New
—
—
District.
The result of the gathering was announced by Benjamin Strong, Governor of the Federal Reserve Bank of New York, who explained that
the original committee had been enlarged by the addition of James S. Alexander, President of the National Bank of Commerce, and Albert H. Wiggin,
Chairman of the board of directors of the Chase
National Bank. The other members of the committee aside from these bankers and Mr. Strong, were
George F. Baker, Walter E. Frew, Gates W. McGarrah, Charles H. Sabin, Frank A. Vanderlip and
James N. Wallace. Mr. Strong's statement de^
clared that as the result of this meeting and a preceding one, but without any formal action being
taken, certain of the larger New York banks and trust
companies had put out a considerable amount of
time money, the loans "being made by each institution for its own individual account on such terms and
York
1137
figure applying to such parts of incomes as
excess of $1,000,000 per year.
are in
Necessarily, there
be comparatively few who are sufficiently fortunate to be subject to the highest rate. Nevertheless
the surtaxes on incomes, not quite so extensive, are
sufficiently high to encourage investments in those
Government bonds whose returns are not subject
to the surtaxes.
In June last it will be recalled the
largest class of subscribers to the Liberty Loan
received but moderate allotments.
These subscribers are not improbably among the recent buyers of
the first Liberty bond at the present time in the open
market. As the supply is now definitely limited,
it would not be surprising if on account of this
special demand the Sj^s were to sell at a small
premium. In fact such a premium was paid yesterday. Small holders and non-professional operators
will be inclined to exercise the privilege of conversion
into the new 4s instead of selling in the open market
and reinvesting the proceeds. In this way the supply available for large interests is not likely to prove
will
excessive.
Dealing specifically with rates for money, call
loans this week dropped to 23^2%) with the range
for the week 23/^@6%.
Monday 6% was the high
and 5% the low and ruling quotation. On Tuesday
the high did not get above 5%, while the minimum
was 3% and renewals were negotiated at 4%.
Wednesday 4% was the highest, while the low receded
On
to 23/^%, which was also the renewal basis.
Thursday 4% was the maximum, 3% low and S}/2,%
the ruling figure. Friday's range was 33^@4% with
renewals at 4%.
In time money, opening quotations continued
at the high levels prevailing on Friday of last week,
and as high as 6% was asked for the longer periods,
collateral as it may determine for itself."
Addi- following the publication of last Saturday's poor bank
tional meetings of the committee are to be held as statement.
Later, however, as explained above,
occasion requires. There is excellent basis for the arrangements were made for a freeer supply of
statement, however, that a part of the funds lib- money at rates not to exceed 6%. This caused a
erated were for sixty days and four months at 6% relaxation of the strain and a slight recession from
on all industrials, and the remainder was for thirty the high figure mentioned took place. Sixty days
days at not far from 53^%. The immediate effect declined to 53^%, the closing rate, against 53^%;
of this offering was to curtail to the extent named the ninety days finished at 53^%, against 53^%; four
demand for call loans, resulting in a distinct easing months at 5}/2%, against 5}/2%, while five and six
of the rate from the 6% basis that previously was months was quoted at 53^@5^%, against
a
being so arbitrarily maintained.
week ago. Trading was extremely restricted and
The action of the sub-committee was of course a these quotations practically nominal. Last year
direct part of the campaign for creating a favoring sixty daj^s was quoted at 3@334%, ninety days at
atmosphere for the distribution of the Government's 334@33^%, four months at 33^@3M% and five
new war loan, which it is understood will be for and six months Z%%.
either $3,000,000,000 or $4,000,000,000 4% bonds,
For commercial paper also higher rates were reinto which the 33^ per cents sold last June will be quired early in the week, but closing quotations
convertible and which in turn will themselves be showed recessions to last week's figures, sixty and
convertible into any higher rate bonds that the ninety days' endorsed bills receivable and six months'
Treasury may find it necessary to issue during the names of choice character closing at 5@/53^%, with
war period. The 33^2 per cents have been in demand names less well known at 53^(5)53/2%
Banks'
virtually at par all week.
This of course is but and bankers' acceptances were moderately active.
natural in view of the fact that they are to be trans- Quotations were without essential change, with
ferable without charge at their face value into the detailed rates as follows:
new 4 per cents. It is understood, however, that the
DeUverti
Spot Delivery
Thirty
Sixty
within
Ninety
demand has in the main emanated from the wealthier
Days.
Days.
Days.
30 Days.
classes, who are absorbing these securities in view of Eligible bills of member banks
3Ji bid
...SJiiQS^i 3%!@3% 3H@3>i
Eligible bills ol non-member banks
3% ®3'At 3% @3%i 3H®3H 4 bid
their complete exemption from income taxation as
5I2 bid
Ineligible bills6@4
4%@4
4H@3Ji
well as from all other national, State or municipal
imposts except inheritance taxes, &c. While if presNo changes in rates were announced this week by
ent plans are carried out the new bonds are to be free any of the Federal Reserve banks, as far as our
of all taxes as above, they are nevertheless to be knowledge
Prevailing rates for various
goes.
subject to the surtaxes on incomes which under the classes of paper at the different Reserve banks are
proposed war revenue law run as high as 50%, this shown in the following:
5^%
•
THE CHRONICLE
1138
UIHCOUNT
liA
IKH OK
FEDERAL RESERVb; BANKH.
[Vol. 105.
rebellion with the resultant betterment in PtUssia'B
was more or less temporary in character and produced a sentimental rather than
Rubles showed increased strength.
tangible effect.
At the opening of the week, speculative selling
induced some weakness, but this' was speedily offset
by an advance in the London rate and caVjle advices from Petrograd indicating a more hopeful
outlook, both from a military and economic standinternal affairs
CLASSES
OF
DISCOUNTS AND
WANS
c
e
1
UtmOer Rankt.
Coll.
1
1
t
O
1
a.
i
!
e
3
1
1
K
ej
Loam:
3H
3H
to 1 5 (lay 8' mttturtty
Di$cnuntti
I to 15 (lays' maturity
I
3M 3Vi 3 3H
3H 3H 3H 3H 3H
•3
31i 3
3
8 Mi
iato30
•
•
4
4
4
81 to 80
"•
4
4
4
"
4
4
4
6lto90
••
••
4
4
4
4H
4
4
C
6
4
4
4
4
4
4
4H 4H
4
3
8^ 3H
3
3H 8H
4M 4 4
4H 4 4
4H 4H 4H 4^
4
4
4
4
Aoricultural and
UneHtock Paper —
Bl flayH to fi nioiitha maturity
'J'rade Acctptances
1 to 30 days' maturity...-.
"
"
81 to (10
••
•
61 to 90
—
Commoaitu Paper
1 to
00
Note.
•
(lays'
of
4
14
maturity
—Rate
Rate
—
4
4
4H 6 4H 6 6 6
3H 3H 3H 3H 3H 3H 3K 3H
3H 3H 3H 3M, 3H 3H 3H 3H
3M 3H 4 3H 3H 3H 3H 4
...13^14
lor t>aDKcrB' aocseptaoces,
2%
to
4%
fi
2H%
1
3«I3HI ..I3HI4
4%.
6
6
6H
4
4
4
3k
3H
lems.
'4
i
3H 3h
3H 3H
8H 3K
to
on member bauks' l-day collateral notes In oonneotlon wltr
tbe loan operations of tbe
solution of Russian prob-
point, for a satisfactory
GovemmeDt.
Under the stimulus of an improved demand, rubles moved up to 17.50 the highest
Lire again
point touched in quite some time.
ruled weak and irregular, chiefly, however, on a
—
of
buying power. Francs were
maintained and showed no important
change. Trading throughout was inactive and devoid of noteworthy feature. No dealings in German and Austrian exchange are being put through
and quotations are not available. The sterling
check rate on Paris continues to give evidence of
arbitrary control, and remains as heretofore at
continued
fairly
Sterling exchange remains in an entirely nominal
Quoted rates have not been altered in any
position.
Extreme care is being
particular during the week.
exercised in granting of licenses for exports of gold
not only to prevent the exported metal from
reaching the enemy but presumably to conserve the
local money situation pending the distribution of the
new bond issue. The rate for the weekly sale of
in order
lack
well
27.18, the previous close.
In
New York
sight bills
on the French centre, closed at 5 793^, against
78^; cables at 5 783^2, against 5 77^; commeradvanced to 53/2%
cial sight at 5 8O34, against 5 793^^, and commercial
from 53^%, the original figure. Loans have been
announced this week from Washington of $50,000,000 sixty days at 5 84J^, against 5 83^ a week ago.
Reichsmarks, no quotations. Kronen, no quotato Great Britain and $20,000,000 to France, bringing
tions.
Lire finished at 7 75 for bankers' sight bills
the total thus far advanced to the AlHes up to
and 7 74 for cables. This compares with 7 72 and
$2,391,40 ,rOO. The week's exports of gold have
on Friday of last week. Rubles after touchaggregated $850,000, including $100,000 to South 7 71
ing 17.00, reacted and closed at 17.50, as against
America and $750,000 whose destination is with16.00 the week previous.
Greek exchange has not
held.
been changed from 5 123^^ for sight bills.
Exportations of gold to South America recently
5
British Treasury bills has been
have included three amounts of $1,000,000 each of
As to the neutral exchanges, some irregularity
This is a change in the usual character
gold bars.
was evident, though in the main the trend was toof such shipments since United States coin is cuswards still higher levels, a natural result of our emtomarily taken. The explanation that is widely
accepted is that the metal is intended for coinage
purposes.
Referring to the day-to-day rates, sterling exchange
on Sat urday, comparing with Friday of last week,
showed no change and demand
remained at
cable transfers at 4 76 7-16 and sixty days
4 753/^,
at 4 71>8@4 72.
bills
bargo curtailing the supply of exchange. Scandinavian exchange recorded further advances in rates.
Pesetas were strong and higher and guilders very
firm.
On the other hand, Swiss francs were an exception and ruled somewhat easier. Bankers' sight on
Amsterdam
closed at 42, against 423/85 cables at 423^,
42 5-16; commercial sight at 41 15-16,
the volume of transactions was light and quotations continued at 4 753^
for demand, 4 76 7-16 for cable transfers and 4 71J^
against
72 for sixty days. The sterling market was
quiet but steady on Tuesday, with rates unchanged
from the levels of the preceding day. Wednesday's
market was a dull affair, although the tone was firm
and demand remained as heretofore at 4 753^, cable
transfers at 4 76 7-16 and sixty days at 4 71^®
4 72. Dealings on Thursday presented no new
feature and quotations were still pegged at 4 753^
for demand, 4 76 7-16 for cable transfers and 4 71j^
@4 72 for sixty days. On Friday the market ruled
Closing
quiet but steady and still unchanged.
and 4 64 for cables.
This compares with 4 56 and 4 54 a week ago.
Copenhagen checks closed at 30.60, against 30.60.
Checks on Sweden finished at 33.85, against 33.70,
and checks on Norway closed at 30.70, against 30.60
last week.
Spanish pesetas finished at 22.90, as
compared with 22.35 on Friday of a week ago.
On Monday
@4
quotations were 4 7lK@4 72 for sixty days, 4 7545
4 753^ for demand and 4 76 7-16 for cable transfers.
Commercial sight finished at 4 753^ ©4 75 5-16, sixty
71@4
liy^, ninety days at 4 693/g@4 693^,
documents for payment (sixty days) at 4 7l3/^@
4 713<^ and seven-day grain bills at 4 743^. Cotton
75 5-16.
and grain for payment closed at 4 7534
days at 4
@4
against 42 1-16. and commercial sixty days at 41%,
against 41j^ the preceding week. Swiss exchange
finished at 4 67 for bankers' sight
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $2,324,000 net in cash as a result of the currency movements for the week ending Sept. 21.
Their receipts from the interior have aggregated
$8,191,000, while the shipments have reached $5,867,000.
Adding the Sub-Treasury and Federal Reserve
operations and the gold exports,
which together occasioned a loss of $70,100,000, 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 $67,776,000, as follows:
WeeJi ending Sept. 21.
A
firmer and more confident tone pervaded this
week's operations in the Continental exchanges,
although in some cases the improvement which followed confirmation of the coUapse of the Korniloff
Into
Banks.
Banks' interior movement
Sub-Tre.is. and Fed. Reserve operations
Total
and gold exports
88,191,000
Net Change in
Bank Holdings.
Out of
Banks.
$5,867,000 Gain
$2,324,000
I
26,739.000
96,839.000 Loss
70,100 000
$34,930,000 S102 706 000 T.nss 167 77R onn
—
_
.
-
THE CHRONICLE
Sept. 22 1917.]
The
following table indicates the
amount
of bullion
European banks:
in the principal
Sevt.
20 1917.
Sept. 21 1916.
Bants tf
Total.
Gold.
£
Silver.
Goia.
£
£
EnglandFrance a .
Germany
Russia
*
_ -
Aus-Hun.c
Spain
Italy
Netherl 'ds
Nat.Bei.h
Switz'land
Sweden
_ -
Denmark.
Norway . _
54 ,723,762
131 ,217.905 10.3S4, 760
7.250, 3.50
120 ,185.300
129 ,741,000 12.375, 000
51 ,578.000 12.140 000
73 ,554,000 29,656 000
3H ,440,000
2.587, 000
613, 300
56 ,393.000
15 ,3«0.000
600 ,000
13 ,715.000
11 ,366,000
157,000
10 ,794.000
7 ,144,000
54 723.762i 54 579,370
141 ,602,665166 .086,808
127 ,435.6,50 123 510,0,50
142 116.000 155 164,000
63
103
41
57
15
13
718,000
210,000;
027,000,
006,.300l
980.000,
715.000
366.000
10 951,000
7 144,000
11
Silver.
Total.
£
54 579,370
13.521, 600 179 .608,408
1,110, 050 124 .620.100
8.809, 000 163 .973.000
12.140 000 63 ,718.000
578,000
356.000 30,164 000 76 20.000
114,000
3,702, 000 41 ,816,000
,657,000
596, 700 49 2.53,700
380.000
600, 000 15 980,000
,195,800
.207,000
.950.000
,327,000
Tot. week.|714.231.967 75,763,410 789,095,377 735,105.028
Prev. week 706.673,1691 75,697,350 782,370,519 738.549,730
11 ,195.800
9 .207.000
234,000
9 184,000
6 .327.000
70.877,3,50 805,982..378
70,028,070 809.177.800
a Gold holdings of the Bank of France this year are exclusive of £81,484.340
held abroad.
* The gold holdings of the Bank of Russia for both years In the above statement
have been revised by eliminating the so-called gold balance held abroad. On the
atest reported date, the amount so held, £230,800,000.
c July 30 1914 in both years, h Aug. 6 1914 in both years.
GERMANY AND THE REST OF THE WORLD.
In view of the attitude of the rest of the world
(except Germany's three unhappy allies) toward the
German Government and its conduct in tliis war,
three events of the present week rise to the first
importance. The vote of Argentina's upper chamber
on the Luxburg disclosures was one. The public
censure of Germany by Sweden, for betraying her
diplomatic confidence, was another. The third, with
a similar bearing on the diplomatic practices of Berlin, was our State Department's pubHcation yesterday, of Count Bernstorff s message to Berlin, regarding use of the German Government's money to
influence opinion in Congress.
The Bernstorff message bore the date of January
little more than a week before Ger22, this year
many's announcement that her pledges to the United
States were to be revoked and unrestricted submarine
warfare resumed. This decision was undoubtedly
known to Ambassador Bernstorff when he sent the
message in question; so was the probability that the
—
German Government's
decision would force the
United States into the war. He is shown to have
thus addressed the Berlin Foreign Office:
"I request authority to pay out up to 50,000 (fifty
thousand) dollars in order, as on former occasions, to
influence Congress through the organization you
know of, which can perhaps prevent war. I am
beginning in the meantime to act accordingly. In
the above circumstances a public official German
declaration in favor of Ireland is highly desirable in
order to gain the support of Irish influence here."
The
1139
This was the more noteworthy in that Argentina
had a distinct grievance against Germany over the
submarine exploits. The sinking of the Argentine
steamship Toro, which was not the first of her vessels
torpedoed in the war zone, was made the basis of
vigorous representations last summer from the
Argentine Foreign Office. In these communications Germany's contentions were brusquely swept
aside.
"It is impossible to admit," so wrote the
Argentine Government, "that while Argentina is
guaranteeing the persons and property of Germans in
Argentina, Argentine interests on the seas can be
attacked and destroyed by the Imperial German
navy."
Further, it was clearly intimated that, failing an
absolute guarantee of safety to Argentine ships,
diplomatic relations with Germany would be broken
off.
After negotiations, continuing from July 4
nearly to the end of August, the German Foreign
Office agreed, "in order to maintain friendly relations with Argentina," "to modify her blockade of
enemy coasts, allowing freedom of the seas to vessels
under the Argentine flag carrying food." The
naval forces of the German Empire, the Berlin Foreign Office continued, had received "orders and
instructions in agreement with this viewpoint and
the Imperial German Government is convinced that
after these declarations no incident will occur to
disturb the friendly relations."
This note was delivered to the Argentine State
Department on Aug. 28 by Count Luxburg, German
Ambassador to Argentina. On Sept. 8 our Depart-
ment
of State
made
public the
now famous
inter-
cepted correspondence of the same diplomat with
his own Government, in which he proposed on July 9
while these negotiations were actually in progress
that "as regards Argentine steamers, I recommend
either compelling them to turn back, sinking them
without leaving any traces, or letting them through."
This infamous proposal of destroying the vessels
at sea, with all board, was forwarded in behalf of
Luxburg to Berlin by the Swedish Ambassador to
Argentina in connection with his official communi-
—
own Government.
Nothing more sensational than
cations to his
this
had occurred
since the publication of the intercepted
Zimmermann
note to Mexico. The Luxburg episode bore in a
sinister way on the good faith of the Swedish Gov-
That Government promptly made more
satisfactory apologies and excuses they did
ernment.
or less
—
can hardly fail to be
far-reaching in its bearing not only on sentiment in
this country, but on the view of neutral nations
regarding the methods of German diplomacy. The
publication of this letter closely followed the vote of
23 to 1 in the Senate of the Argentine Republic, on
Wednesday, in favor of breaking off relations with
Germany an action which itself was an impressive
further development in the attitude of the outside
world toward the Central Powers. When the United
States went to war, and most of the Central and
South American States followed us, to the extent
of expression of sympathy with our attitude, or rupture of relations with Germany, or outright declaration of war, Argentina held aloof.
Her maintenance
of neutrality, notwithstanding Brazil's action in
declaring war, was undoubtedly instrumental in
deciding Chili, Venezuela, Colombia and certain
not appear to be satisfactory to the Swedish people
themselves. But at least an incriminating responsibility for this performance of its envoy was fixed
by Sweden on the German Government itself; for
when the Swedish Foreign Office demanded from
Berlin whether Luxburg's offensive note had actually
been sent by him and received by the Berlin Foreign
Office, the reply was such as to occasion the Stockholm Government's stern rejoinder that "German
officials very seriously had abused the confidence
others of the South American States, to preserve
neutrality.
whose size is considerable, and whose influence,
owing to its commercial activities, is much greater.
effect of this disclosure
—
Sweden."
Sweden's culpability in transmitting messages of
unknown purport under her Governmental seal will
perhaps be passed upon in the approaching Swedish
of
But naturally the consideration of first
importance was the bearing of the Luxburg proposals
on the relations between Germany and Argentina.
The Argentine Republic has a German population
elections.
THE CHRONICLE
1140
Her people were
at one time believed for that reason
to lean toward pro-German sympathies.
such considerations were at once superseded
But all
by this
attempt on the part of a diplomatic guest to incite
actual murder on the high seas of people of the
country to which he was accredited. Rioting against
the Germans and their property broke out in Buenos
Aires in which, it may be supposed, the very large
Italian and French population had a hand, but which
under the circumstances may well have been shared
Luxburg himself was
in by the native population.
in hiding.
In the end, the Argentine
obliged to keep
Foreign Minister on Sept. 13 delivered to the German Ambassador a note declaring that, since he
had "ceased to be persona grata to the Argentine
Government," that Government had decided to
deliver him his passports; adding, with a scorn not
—
[Vol. 105.
thinking are apparently now in something like
official disgrace because of their importunities.
It
is this aspect of the situation which explains the
numerous recent utterances of German financiers
and industrial leaders to the effect that, for the
period immediately following this war, the German
people may as well make up their minds to learn
how to live from their home commercial activities,
foregoing the old ambitions in the foreign field.
The Argentine episode is only one more in the
series of melancholy incidents of German history
during the past three years, which go to show what
is reasonably sure to happen to the larger interests
country whose actions and policies with regard
to the outside world are dictated, not by the people
as a whole, or even by the business community, but
by military leaders brought up in the school of undisguised, that "the introducer of scrupulous ambitions and ruthless conduct which
diplomatically
Embassies has instructions to assist you in your have characterized the German army]s ideas, from
immediate departure from the territory of the the General Staff down. That propaganda was
based on the reiterated claim of Germany's superiorRepublic."
From the language of this note it may be pre- ity to the rest of the world, and on the prediction of
sumed that a similar tone was maintained in repre- the prestige and glory which the predominance of
sentations to the Government at Berlin. From the the military caste would bring to Germany.
Now
German Foreign Office, however, nothing has yet we have one of many illustrations of what the milibeen heard by way of vindicating its own position tary teaching and its practical application have
The actually occasioned. Who would have conceived,
in the matter, or even of presenting apologies.
new German Foreign Minister, Dr. Kuhlmann, cer- three years ago, that the German Government
tainly had abundant opportunity now for that would, in the then not distant future, be hectored
"study of the psychology of the neutral mind" which by the Argentine Republic and publicly censured by
he lately recommended; but so the matter has Sweden, and would take the treatment silently? To
drifted and with it has come Argentina's drift toward the German people, at any rate, the lesson may well
be not only bitter, but useful for the future in sugwar.
Actual participation of Argentina in the conflict gesting what might have been the results of governwould not of itself be a matter of high importance. ment by public opinion as contrasted with governThe real significance of the episode lies in the extent ment by professional soldiers.
to which it deepens the tragedy for such it must be
called
—
of a
—
of
Germany's
relations to the outside political
LABOR STRIKES, PRICE FIXING
AND WAR.
Opportunity is often represented as knocking once
and commercial world; not only now, but after the
war. South America, like China, had been a lucra- at every man's door. If he does not open the door
tive field for Germany's development of her expand- and bid it enter, it passes on, never to return again.
That commerce had been Is this war to become union labor's opportunity?
ing foreign commerce.
built up with great success through the patient fore- The question cannot be answered at this time, but
sight and industry of German colonists, bankers and there have been, and there are now, many sporadic
merchants, during many years. Interrupted by the strikes, because of demands by workmen for increase
blockade of Germany's foreign trade at the opening of wages, the country over. On the part of prominof this war, resumption of such outside enterprises ent labor leaders, there have been, and thereare now,
on return of peace, in these particular fields, would, vociferous protestations of loyalty and patriotism
one might have thought, have been the foremost to the Government, now at war.
consideration in the plans and policies of the German
The professions and facts, therefore, stand someGovernment.
what at variance. But conclusions must not be
How far any such policy has been pursued, the hastily drawn. In order to rightly interpret the
recent disclosures of Germany's diplomatic actions attitude of labor it will be necessary to show the
and entry of these very nations, under severest provo- proportion of these demand-strikes to the total unioncation, into the ranks of Germany's enemies is labor emplo3^ed, and the relation of that to the insufficient witness.
No one can say exactly what creased war-work on the part of the Government.
relations will exist between Germany and these Labor is a very much more inclusive term than that
countries after the war.
It is certain, however, that body of it organized into federations; and these in
those relations cannot possibly be such as might have turn, more comprehensive than the numbers combeen foreshadowed by a wise and far-sighted public prised in local unions which have engaged, or are
These recent episodes make it easy to now engaged, in strikes.
policy.
understand why the commercial classes of Germany,
Nevertheless, union-labor is making history for
headed by the verteran Ballin of the Hamburg- itself, and must inevitably render an account to the
American Line, have consistently opposed such people after the war is over. Though they may be
termed sporadic, these strikes have already appeared
policies as unrestricted submarine warfare on neutrals as well as belligerents, and have urged the re- in such numbers as to' attract attention, and to
establishment of peace on the best terms obtainable. arouse doubt as to the sincerity of union labor in its
They did not have their way; Von Tirpitz, Germany's attitude toward the war. If it is pointed out that
evil genius, intei-posed; and, judging from recent the formal resolutions of support which have been
intimations from Berhn, people of Ballin's way of passed by various organizations of labor represent the
THE CHRONICLE
Sept. 22 1917.]
voice and will of these bodies, and the sentiments of
their chief leaders, then these high officials, in whom
lodged the supreme power to call a strike,
by reason of their previous protestations, must seek
an investiture of the same autocratic power in themselves to annul a strike, or answer to the bar of public
opinion, not only as to their real loyalty, but as to
In short, if these
their fitness to lead, as well.
strikes continue, the American people will soon
so often
is
they do something more
than talk. And this is the opportunity which
leaders may let pass by to their own undoing.
As we see it, the men in the various local unions
affected by the low wage, or other grievance com-
demand
of labor leaders that
plained of, by vote, in a certain locality, and against
a certain employer or employers, order that a strike
be called, unless certain demands stated are granted.
These demands are presented, are refused, and a
It often appears that the power of
strike is ordered.
the leader ends there, and any deviations in the acceptance or yielding on the part of employers must
be submitted to the voters of the local unions engaged
Much parleying is
before a strike can be called off.
not seldom it continues after
done in advance, and
the fact of strike, but in a true sense the power of
And
arbitration is not vested in the labor leaders.
confronts the country in
this is the condition which
time of war w^hen vast projects in armament are being
rushed with all speed to a much desired conclusion.
Resolutions which aver a willingness to meet a condition of imperative need, even to the extent, if
necessary, of foregoing a right to strike, seem to avail
nothing.
The third party, and the chief party, at interest in
this proceeding, is the Government, as the represenWhen a strike occurs, it intertative of the people.
pleads, by means of a constituted committee or
board, and seeks to compose the difficulties; but
short of taking over a plant, under a war emergency
law, it has no direct power though it may indirectly, perhaps, operate a plant under certain
It
declared rights based on the pubUc interest.
follows therefore, that regardless of conditions, a
strike, in essence, remains a strike, until it is annulled by the local unions themselves by vote of
members. And it would appear that the nation's
preparation for immediate and vigorous conduct of
the war is subject to isolated demands and consequent
A confirmation of
strikes throughout the countrj'-.
this now obtains at San Francisco.
Into this state of industrial affairs, in the interest
of a proper prosecution of war, the Government
enters, with a system for arbitrarily fixing prices.
Itself a buyer of ships in the open market, it contracts
for large deliveries at stated figures and as a buyer
—
demands
fulfillment of its contracts.
The
dictatorial
board, or power, which fixes basic prices, does so by
a sweeping edict for the whole country, and without
reference to the size, equipment, or location, of
Now the war board which buys
industrial plants.
ships under contract is not the board empowered to
fix commodity prices, though it may exercise a discretionary power to fix contract prices for finished
products and there may be, and perhaps is, an
attempted harmony of action between the two.
Neither of these boards as we understand it, has
power to fix wages. That remains at issue between
employer and emploj^ees; and, as the strikes now in
progress on the Pacific Coast indicate, with skilled
labor exercising the power of unions to demand an
1141
increase, without regard to
their
It
any other
interest than
own.
is
stated that
Government
contracts,
amount-
ing to 1150,000,000 for navy and merchant ships,
are held up by strikes in two plants, the Union Iron
Works and Moore & Scott Iron Works, at Oakland,
It is alleged that the strikers number 25,000
and more than 100 factories, shipyards and machine
Cal.
shops are affected. Press dispatches announce that
the strike is considered "the biggest in the history of
the Pacific Coast." Whatever its size, or outcome,
it will call the attention of the country to the attitude
of labor organizations.
It will inaugurate popular
demand upon
labor leaders to
make good
and
ises for labor in the nation's crisis;
their
it will
prom-
forcibly
weakness of the policy upon
the Government in undertaking arbitrarily
illustrate the essential
the part of
commodity or contract prices, that depend not only on the wage scale, but upon so many
other constituent elements over which it has, and
to fix either
Relative to this confused concan have, no control.
dition, a very interesting statement is made by one
of the contractors.
We quote from a press dispatch:
"R. S. Moore of the Moore & Scott Iron works
said no attempt would be made to operate, and- that
he considered the only hope of a settlement rested
with the Government. He said:
" 'The wage increases asked by the men in our
plant could not have been granted without consent
The Government contracts
of the Government.
were made on the basis of the prevailing rate of wages
and it was provided that no increase should he granted
without the consent of the Government.
We have
brought the situation directly to the attention of
Washington through Captain Pillsbury, local representative of the Shipping Board.'
"
We have underscored one clause for emphasis.
We do not know the terms of these contracts. That
no increase in wages be granted without "consent of
the Government" would seem to imply a profit percentage on cost. If the Government has any law by
which it can fix wages, why not exercise the power all
along the line and then there would be nothing to
strike for. But let us try to analyze these conditions
A Government in imminent
as a matter of business.
If it be
need of war munitions contracts for ships.
a price and not a percentage contract it will pay as
stipulated on delivery, exacting perhaps a time forfieture, and it has no further interest or power in this
than an individual contractor. If it is a percentage
on cost contract it will do the same, though it must
ever seem, in this, to be at the mercy of conditions
and persons.
But while
it is
demanding the
fulfill-
ment of these contracts it undertakes to exercise an arbitrary price-fixing power, which jeopardizes the very
If it be a price contract
contract it has entered into.
its price fixing of materials (or of wages as the words
indicate) must be considered an interference, supposing it to have the power as well as the authority,
tending to vitiate and annul; and in equity, if not
in law, might be held a breach, for which the Other
party might well claim damages. It it be a profit
percentage contract their employers may pay labor
asks and the Government is bound to
submit to the cost bill presented on which settlement
And the same would be true as to cost
is to be made.
any
price
it
which may be any figure the producer is
compelled or chooses to pay, and if Government pre-
of materials,
vents the completion of its own contract by forbidding the payment of higher wages or by fixing a
price too high for materials, it would seem to lay itself
THE CHRONICLE
1143
liable.
Take
either horn of the
dilemma,
business as conducted by the Government.
If Mr. Moore is correctly quoted, he
this is big
may have
unwittingly let the cat out of the bag, for unless Government can fix wages and compel men to work, labor
seems to be the only interest that is safe. As a plain
business proposition, the Government is muddying
the waters upon which it must sail, when it injects
this confusion, uncertainty and cross-currents, into
conditions on which its own contracts are based.
Does labor know this and act accordingly ? Time will
tell, and these recurring strikes must show which way
the wind blows.
These are serious matters.
in patriotism to consider
We
them
conceive
as best
it
we may.
a duty
And
we must ask, as wc have asked before, conscious of its
urgent need, that of the issues which hang in the
balance, is it wise upon the part of the Government,
in time of war, to enter upon these huge experiments
in control of business and the fixing of prices? Will
they work, are they working? If admittedly difficult,
almost impossible, in peace, are they not more so in
time of war?
It must appear that unless this so-called co-ordination of all industrial factors can be made complete,
the very end sought is made more doubtful. No
one would contend that strikes would not occur under
the old system, or that contractors might not, or
would not,
But that system of
doing business in the United States had become static.
It it could not be depended upon to outfit the nation
fail in fulfillment.
for successful
war prosecution, can
this
new
process,
not yet a system, with its untried powers, and
confusing tendencies, be depended upon?
its
THE AMERICAN BANKERS' ASSOCIATION IN
TIME OF WAR.
The annual meeting
of
the American Bankers'
Association, to convene at Atlantic City Sept, 24, is
an occasion which comprises a great opportunity
and an imperative duty. It is needless, perhaps, to
body of financiers. Democratic in its organization, its membership includes,
on equal terms, the large bank and the small, without
distinction as to the political government under which
extol this independent
may
be formed. All but a small minority of the
banks of this country are enrolled. Necessarily, in
so large a body, its work is mainly done by committees, augmented by the separate consideration of
problems directly affecting the several classes of
our banking institutions, which appear as Sections of
the Association.
It, therefore, acts in a representait
and its declarations assume power and
dignity as the financial voice of a people and nation.
True to its high purpose of education, fellowship and
unity, throughout its long and honorable past, its
tive capacity,
annual sessions have been notably free from factional
dissensions and contentious debate.
So that, in the
United States, the American Bankers' Association,
when it speaks by resolution, compiands not only
the respect of the citizenry, but enjoys a measure of
confidence in the wisdom and unselfish independence
of its decisions not surpassed, if equalled, by any
other of our business organizations.
We feel it unnecessary to write this characterization save that it aids us in visualizing the coming
meeting of this Association in the midst of a worldwar in which the United States now participates.
No such opportunity for hftlpfulnes ever existed
[Vol. 105.
—
Ijcfore
and certainly we all hope, without dissent,
the lamentable conditions will never come again.
The responsibility, the duty, implied, is commensurate with the opportunity, and we douh)t not will
be met with that distinction and devotion to the
best interests of the people at large, which have
become traditional with the Association.
Nothing has been more insistently presented to
the American people than the idea that modern
warfare, for its success, depends upon the sustaining
power of wealth and business. The banker is
peculiarly and pre-eminently the exponent of this
wealth and business. He is not the owner of either
the wealth or the business.
And despite the fact
that a debtor and creditor relation exists between
bank and depositor, the banker holds a trusteeship
for both wealth and business.
His personal patriotic
impulses and feelings must, in consequence, be
tempered by the knowledge of his own position.
He must point out what is best, in the gravity of
present conditions, by the light of his superior
knowledge and exoerience. to sustain wealth and
business that they may adequately sustain the most
successful conduct of the war.
For all other matters
are in abeyance.
By reason of these facts, the banker stands on the
bridge of the Ship of State in the midst of the wild
wrack and tumult of the storm. And in his decisions,
to an unappreciated degree we believe must rest the
present welfare and future destiny of the American
people.
Trustee and custodian of representative
wealth, holding in his power the volume and direction of credit, he must guide the people and preserve
the State. Not only to-day, but tomorrow, must
be present in his mind. What this imposes we may
try to understand.
Production, taxation, credit,
are the vital issues.
In all these the banker stands
between the Government and the people. He cannot be loyal to one and not to the other, but in his
opinion and acts he must reveal the proper pathway.
And this, in the operation of a large independent
banking system, he does whether he wills to do so
or not.
At once mentor and guide, he must conserve the interests of the people and protect the
nation in its endeavor.
Consider production. Who can see it in its entirety, its unity, as he?
Who can have his practical
and comprehensive view of its sources, its interdependencies, its multiplied exchanges, its ultimate
rest in the sustenance and welfare of the people?
Who can equally measure its application to the task
of war, which is now incumbent ?
We speak broadly,
we think truly, when we say that Congress, through
its executive, has undertaken to mobilize business,
to foster, direct and control production.
It has
adopted a licensing system. It has created a means
of fixing prices.
It has erected a power to take over
industries, if it shall be so decided.
It has set over
the industrial activities of the people a dictatorial
reign and rule by Government never before equalled,
or even thought of, in the history of our legislation.
This may or may not be for the best. But who knows
better than the banker in whose business all other
businesses converge, as to the feasibility and outcome of this untried policy? Can the interlaced
fabric of business be made an armor for war when it is
rent asunder by interferences that affect a part and
thereby the whole? We ask these questions not for
argument's sake, but to indicate that the banker,
in this critical emergency, by virtue of hi« knowledge.
—
THE CHRONICLE
Sept. 22 1917.]
and power, cannot escape the duty
position
1143
of
Will he say to his depositors, themselves
guidance.
his equals in patriotism, that production, by this
new method as embodied in countless commissions for
control, will better subserve the nation in this crisis,
THE PRINCIPLE UNDERLYING NEWSPAPER
POSTAGE RATES.
Among
thrashing and kicking
about, football fashion, in course of enacting a revenue bill which shall have more and sharper teeth in
the subjects
still
and time-tried independent
Will his de- it than were ever felt before, is that of getting someinitiative, operation and ownership?
posits grow under this clamping process, or diminish? thing more out of the postal transmission of newsAnd if they diminish, will not credits diminish? It papers and other current publications. This is not
We speak not, now, of mini- new in the present session, for it was up last spring.
is a question of method.
mized profits and the entailment this brings to reinvest- A "zone" postage rate on second-class matter, with
ments in improvement and expansion. We consider or without a scale of progressive increases at various
than
under the old
,
solely the adoption of a revolutionary policy for the
business of the country, a business by which alone
the conduct of a war may be energized, to point out
the thought that the banker will not fail to have,
that upon a rightful decision of so all-embracing a
measure, his own vitality, functioning, and power for
good, much depends. If business does not sustain
If the banking
the war must perish. Do not emsystem
bargoes, within and without, tend toward the mora-
the bank,
it
cannot sustain business.
fails,
torium?
Is this,
if it
shall result, healthful to
com-
Can a merchant meet his obligasave through his own management? Can a
mercial credit?
tions
bankerextend credit better where an agent
trol?
Has not
is
in con-
control of business in foreign countries,
during the three years of this war, run in parallel
lines to restricted volume of business and expansion of
national credits in the form of depreciating curIf
commerce dries up can the bank
rencies?
flourish?
Can the war be won if the bank
future dates; a flat increased rate without the zone;
an increase of rate upon the advertising portions
only; a special tax on the net income of publications;
a special tax upon the advertising receipts alone
these are some of the propositions offered through
the present session, as we recall them, and they have
been tossed back and forth, changed and changed
back again, several changes to and fro having occurred within about one week's time. The latest
report from Washington, as these lines are written,
seems to indicate that the zone is most in favor, but
since experience has shown that the "favor" is liable
to shift about between the hour of writing comment
on pending measures and the hour of printing it,
there is small use in dwelling upon details.
The principles and the consideration of rational
public policy involved, however, are another matter
and meet for discussion. As for charging a higher
postage rate on the advertisements, this could be
done with magazine advertising which is made up
us?
in separate sections, but when "sandwiched" with
Consider taxation. Another phase of the major reading matter, as in case of all other publications
problems presents itself. Who better knows what and some periodicals also, to determine the weight
Is it not a of the advertising would be physically impossible,
business can bear than the banker?
part of his business to watch the profits of innumer- as we have already pointed out.
able enterprises that he may properly estimate his
There are reasons for using the zone as a basis of
own credit extensions thereby? A huge blanket rates upon the parcels post, but no sound reason for
tax is being fixed upon all business regardless of its applying it to second-class matter and not also to
Can the banker first-class and third-class. Letters are carried as a
general or special earning capacity.
Is it not means of diffusing intelligence, and printed matter
fulfill his trusteeship and remain silent?
due to the vast business interests of this country properly stands on the same ground. This work is
that from his high vantage ground he indicate the a part of the nation's life and must be done; it is
right policy?
Because he is a patriot and devoted accepted as aGovernment function, at a money loss,
to the nation, making its cause his own regardless because private capital would not do it without a
of private opinion, must he not point out the course profit and a profit is not in its nature.
that will save the nation?
The geographical spread and material growth of
The purpose of these considerations is to indicate this country have been conditioned upon transportasome of the latent problems which the banker's minds, tion and upon the easy inter-communication which
of all others in the nation, will be forced to think is one part of that.
An obstructed transit of mail
upon in the coming convention, which, because of matter would have kept this growth as impossible
conditions, becomes the most important financial as would the lack of anything better than the early
gathering ever held in the history of the world. This wagon trail. We are still sectional, and in a degree
is the first meeting of the American Bankers' Assowhich is not adequately realized, so that among the
ciation since our entrance into the war.
We feel problems we do not have to trouble over at present
that the people expect at its hands, as a body of is an uncertainty whether the cohesive force will
practical and expert business men, a safe conduct in suffice to resist the separative tendencies in so wide
financial affairs.
We venture to say, and with a a country through another quarter-century. What
proper measure of respect to Congress, that it is not we ought to recognize now is that, but for close intera body of financial experts. In the deliberations of communication there might be States, but there
the convention the application of taxation and would be no "United" States, and any interruption of
control to business will be made by and from every that will be a separative force.
section of the country.
An analysis, impossible to
Such a separative force will be the zone when
fails
any other body
of business
men, must ensue.
The
manifested in the declarations^which may
be of inestimable value^,^to^the people
and their representatives in Congress assembled.
We feel that a great light may, and will, be set upon
our way.
result, as
be
made
will
It will
applied to either written or printed matter.
restrict circulation of Eastern journals through the
Middle and Western parts of the country, and
vice versa.
will
will
become
become
The
press will
become
local also, the
local, the
thinking
views of public matters
"pork" eyil trill gain
selfishjviews, the
THE CHRONICLE
1144
[Vol. 105.
be more
THE MILITARY INSURANCE BILL.
deemed to be to grab tax funds for spending "at
With only a few changes from the draft reported
home," the conception of a "country" and a nation
Can any thinking man doubt from committee (and those few in the wrong direcwill tend to weaken.
In Russia we have a sadly instructive ex- tion), this bill was rushed through the House on last
this?
ample of a vast country where the people in the sec- week Thursday, without a vote recorded in the negations do not know one another and have few ideas in tive, although five evaded by answering "present" to
common; of course, other factors enter into this un- the call of their names, and Mr. Parker of New Jersey,
happy condition, but the lack of communication is who alone opposed the favorable report in committee,
one strong reason why the giant country is in such gave up and drifted along with the others. The subNo more in- ject is grave enough to justify further reference to it.
paralysis.
Is not the lesson clear?
strength, the part of a
sidious yet
more
certain
Congressman
method
will
The
of de-nationalizing
propriety and necessity of
some provision
to
and weakening our people could be devised by a far- this end is not open to discussion. The attempt to
seeing enemy than to slacken internal communication replace the ancient pensions by a form of compensaand the keeping in touch between Maine and tory insurance is above just criticism and deserves
high praise. All comment upon the bill, whether by
Oregon.
The question of individual justice is another point. the insurance companies or otherwise, should be taken
The newspaper publisher bears every tax which lies in full view of this.
Yet there is no warrant that a service pensions
upon other men, and in unrelieved weight; were no
other consideration involved a special burden upon scheme may not obtrude itself, later on, and may be
him is riolative of the equality the Constitution pushed as such schemes have been in the past; no
Enlarging upon this Congress can bar action of following Congresses, and
declares shall be in taxation.
could not make it clearer, and the mention of it nothing short of a constitutional amendment can
ought to suffice. No good reason can be offered absolutely make an end of the pension. Therefore
and we wish to lay emphasis on this, without
why he should be taxed out, but some good reasons
might be offered why he should be favored enlarging upon it the scheme now to be underinstead.
taken in lieu of the old ought to be made the most
The plainest reason is that the newspaper is a just, practical, and far-seeing possible, so that its
public instrumentality without which governmental nature and its working success may commend it to
work would be impossible and in this great struggle the country and thus act as some bar to a renewal of
the Government would be as a blinded and bound the old abuse.
giant; more strictly, as a blinded and bound dwarf,
We gave a careful digest of the bill three weeks
since the strength would disappear.
The Liberty ago. It provides for a compulsory allotment of a
Loan campaign again, is that already forgotten? part of the man's pay, for family support, suppleSome thousands of individuals in the country, most mented by a governmental allowance, and provides
of them rather wealthy and some even in the million- also for a scheme of compensation insurance; with
aire class, hare given property to the Government this it should stop, yet if there is still insistence that
for use in the war and have given their own personal not enough is done, the provisions in these three
service as well; we have not heard of any industrial articles can be made more liberal, keeping, however,
or trading interest that gives or would consider along the same lines.
giving supplies gratuitously, and there are "controls"
All just criticism is directed upon Article IV, which
set up to make sure that not too much is exacted. is a duplication and is also an excrescence on an
On the other hand, while individuals and corporations otherwise good measure. Mr. Ide of the Home Life
gave hearily of advertising to the bond campaign, says in a recent letter that the premiums on the conthe newspapers also gave enormously of space and vertible insurance offered "will run from $15 to $30
in printing the advertising placed considerable of per thousand as a minimum, according to age," and
it in positions that no private business could purchase
he looks forward to "the effect upon the soldier's
with money. A national, public, patriotic service mind when he has paid $8 per thousand under war
was this; does anybody attempt to deny it?
conditions" and finds, after the war, that he must
of "continue his insurance under peace conditions, or
If there were five potatoes and five bushels
wheat left in the world and no more, it would be a pay each year a premium increasing annually until
grave mistake, in any emergency, to devour the whole; it becomes an unbearable burden and he loses all."
similarly, it is bad policy to tax the seeds of future Here Mr. Ide seems to assume that when the war is
crops.
In a certain real sense, the press is one seed over the insurance will be conditioned upon an
of future tax-paying resources; to attack it, for the adequate mathematical premium rate, but the bill
sake of a trivial revenue and thereby apply a re- nowhere says so; Section 404 makes it "convertible,
tardant to the prosperity which alone can yield after war, without medical examination, into such
taxes, would be miserably shortsighted, would it form or forms of insurance, and with such provisions
not?'
for premium payments, as may be prescribed by
Another point which is not agreeable yet should regulations." Note these words carefully, and obnot be passed by is that, notwithstanding the Senate serve their utter vagueness. How soon "after war"
had strength to refuse the press censorship upon is not even suggested. The offer is to be carried out
which Mr. Wilson insisted so long, there seems to be at a date and on terms to be made known when and
a desire in Congress to deal some sort of thrust at as "prescribed." Prescribed by whom? By "reguthe press. This disposition, dating back to the law lations." Section 402 does say that "the director
—
(one of the "riders" of the times) requiring newspapers to publish a certain statement about themselves which is of no value whatever to anybody,
is ascribable to nothing except a desire to "get back"
on account of criticism.
—
(a special officer designated at the beginning to take
care of the subject) subject to the general direction
the Secretary of the Treasury, shall promptly
determine upon and publish the full and exact conditions of such contract of insurance," but this does
of
THE CHRONICLE
Sept. 22 1917.]
no more than cast a reflected light
upon the personality of "regulations."
of implication
A
promissory-
note paj^able when the maker chooses and finds it
convenient would be about as good a contract as
It is unworthy of a great country to
Section 404.
make an offer in such terms as these, and it would
be foolish for men of adult intelligence to reckon
upon it.
Yet this Section 404 is capable of leading to serious
and continuing trouble hereafter, and Article IV conFor
tains the seeds of possible mischiefs otherwise.
the exploiters of cheap insurance (really term but
deceptively offered and accepted as for the entire
term of life) may say that since the Government can
insure at the rate of S8, with the war risk included,
the rates of the companies are proven exorbitant.
The misunderstanding about
the function and neces-
sity of reserves in life insurance
and the constant disposition
may
be increased,
of legislatures to over-
tax that great interest may also be increased. These
are natural possibilities and should not be overlooked.
.
This last Article in the bill should be dropped.
Failing that, Section 404 should be dropped.
If not
can be obtained, then that Section (as the
even this
very least) should be made to apply only to persons
whose insurability has been destroyed by the service.
Thousands will come back, not only unimpaired but
actually benefited in every respect by their experience, thankful that they went and perhaps envied by
many who did not or could not go. This cannot be
doubted; then surely no good reason can be given
for offering these fortunate survivors an insurance
largesse at the expense of the country, whose war
burdens will be heavy.
The best course would be to defer the subject to
the regular session, only ten weeks distant. It is a
matter which can wait perfectly well, and there is
otherwise enough before a Congress worn by nearly
The only obsix months of feverish excitement.
stacle to deferring is suggested by these remarks
from the Washington correspondents:
1145
This was not deemed sufficient, and so Section 1206
was inserted in the pending revenue bill, imposing on
corporations, in addition to other taxes, a tax of 15%
on annual earnings remaining undistributed for
60 days after the calendar or fiscal year. Upon this
Mr. Henry Evans, head of the Continental Fire,
wrote an open letter to the President, pointing out
that it would be seriously against the public safety
by working against the accumulation of "conflagration" reserves and thereby tending to weaken the
companies against excessive demands. This was
according to the draft of July 3, but in that of Aug. 6
a change was made, and it so stands in the draft now
pending in conference.
Former Deputy Superintendent Hoey of this State
has now written to Chairman Simmons of the Senate
Finance Committee, pointing out to him directly
that the effect of the provision will be to compel
companies to distribute annually their surplus earnings to stockholders instead of accumulating them
to meet conflagration calls; that, but for such accumulations, the vast losses at San Francisco, Chicago,
and other places could not have been paid; and that
the public safety requires the safeguarding of insurance contracts by such a backing. He, therefore,
urges that a change of a single word, so as to make
the including phrase read "except insurance company" instead of "or insurance company" be
made at once, in order to fend off a public
disaster.
The change made
in the draft of July 3 cut the
proposed rate of this tax from
inserted a proviso
(still
15%
retained)
to
10%, and
exempting from
tax "that portion of such undistributed net income
which is actually invested and employed in the business or is retained for employment in the reasonable
requirements of the business." Here again, the
Secretary of the Treasury is made final judge of the
facts concerning such retention, and upon any funds
which he "ascertains and finds" not so employed
or not reasonably required the tax rate shall be 15%
"The House made an attempt to limit the amount
to $5,000
but met with public opposition on
as at first specified.
the part of the President, and was forced to place
the Hmit back to $10,000.
"Plans for an adjournment without Senate action
on the Soldiers' and Sailors' Insurance Bill were much
disarranged by an authoritative announcement that
President Wilson would insist that the measure become law before Congress quits. There is strong
sentiment in the Senate for closing up business and
letting the bill wait for the December session.
The
question will be taken up with the President when
he returns from his yachting trip."
the
.
.
.
INSURANCE RESERVES AND THE "UNDISTRIBUTED PROFITS" TAX.
With the evident purpose
Now
retention for accumulating surplus against
call of
conflagration certainly seems within "the
reasonable requirements of the business" of fire
underwriting, and therefore one might be led to suppose that Mr. Hoey is needlessly alarmed. But the
Secretary of the Treasury is made sole judge of the
His competence and freedom from bias are
facts.
not warranted; he may give the matter only very
casual attention; he may dismiss the hazards of conflagration very lightly; or he may say that only a
very slight provision for that contingency will suffice; and inasmuch as the penalty for making provision beyond what he "ascertains and finds" is 15%,
there is in, that fact a pressure against trying to make
making sure that no such a safety reservation.
personal income should hide from tax by remaining
Furthermore, on a close comparison of the draft of
"undistributed" profits, a paragraph was inserted July 3 with the later ones (and these interesting
as
in the tax law of Sept. 8 1916, providing that the measures are of portentous length, rather more than
additional tax shall include, in case of any individual, two large newspaper pages in solid type) we find
the share "to which he would be entitled" in the that three exemptions have been quietly dropped
profits, distributed or not, of all corporations.
If from this Section 1206, and one of the three relieved
profits are permitted "to accumulate beyond the from the tax "that portion of the undistributed
of
maintenance
The accumulating
of reserves required by law."
accumulation shall not, in any case, be so construed for conflagration needs goes in practice beyond the
unless the Secretary of the Treasury certifies that, in reserves required by law, and now the effect of the
his opinion, such accumulation "is unreasonable for section as it stands at present has to be considered
the purposes of the business."
with reference to the lack of the exemption clause
reasonable needs of the business," this fact shall be
prima facie evidence of intent to defraud; but
profits used for the establishment or
THE CHRONICLE
1146
was
just quoted, which
in the draft
upon which Mr.
In the barometers of bank clearings and railroad
earnings no sign of the munitions slump yet appears.
The gross earnings of the three principal railroads of
Evans wrote his letter of protest.
Viewed as a question of public policy, it is a
moderate amount of possible revenue against a the country
possible failure of insurance indemnity at a critical
one word asked now by Mr.
time.
Hoey would clearly exempt the companies from this
particular tax, and should be made without fail.
A further comment may be added, and but for that
we might not have thought it worth while to refer
The change
in
With little expert
again to this portion of the bill.
knowledge, and with little serious thought of the
probable natural effects of its work, Congress is
pushing through tax bills and regulative bills of a
scope and reach utterly unprecedented; these bills
are bulky, involved, and are repeatedly altered back
and forth. On the other hand, the businesses which
are to be regulated and taxed are giving too scant
attention to what is going on, and therefore may be
aghast when finding out what has been done without
The stress of attention bent upon the
their notice.
military phases of the struggle should not lead us to
Overlook, until too late, the mischiefs which ignorance
and heedlessness may do
in
Washington.
CANADA ADJUSTING ITSELF TO AFTER-WAR
CONDITIONS.
[Vol. 105.
in
the
first six
months
of the year
were
the largest ever reported for the period.
Taking the
average of the past five years as normal, the trade
of Canada between January and July was maintained
more than 36 per cent above normal.
Of rather less comforting character is the constantly
advancing volume of imports. The month of August
has been an exception, but this cannot be viewed as
more than a temporary incident. Having regard to
the months of January to June, the favorable trade
balance showed a marked decline, and one cannot
avoid the conclusion that the foreign purchase of
luxuries has not been curbed in the slightest degree.
According to the Minister of Customs, in a statement to-day, the month of August with exports of
$152,563,000 showed a most gratifying balance of
trade of $60,632,000 as compared with $24,501,000
in August last year.
The value of imports for the
five months since March 31st last was $474,031,859
and for the same period last year $322,198,881.
August imports were $91,931,000 as compared with
$72,331,014 last year. The country's exports for
the five months' period this year were valued at
$672,022,649.
Ottawa, Can., Sept. 21 1917.
Since the peak of the munitions manufacturing
industry in
Canada
is
definitely
duction of certain sizes of shells is rapidly discontinuing, the woeful apprehensions regarding the first
stages of transition are failing to
come
true.
industries.
Shipbuilding, which providentially was planted in
Canada
at a time
AND NET EARNINGS
when other war orders were expiring,
FOR
JULY.
As the months progress,
Of more evident that the
course, the full force of a canceled munitions industry
has by no means struck the Dominion. According
to the Minister of Finance, at least $25,000,000 a
month will be advanced by the Dominion Government as an Imperial credit until the end of the war,
and this, in the Minister's view, ought to maintain
a large volume of manufacture. Already many of
the 600 shell making industries and their auxiliary
plants have reduced staffs, dispensing with night
Not a
shifts, or have stopped operations entirely.
few have encountered bankruptcy. The surplus of
employees has been readily absorbed in other under-
manned
RAILROAD GROSS
passed and pro-
becoming more and
it is
operating expenses is
nullifying all the benefits and advantages that ought
to accrue to United States railroads as a result of the
tremendously increased business which they are all
now
doing:
It
rise in
was hoped that
in the second half of
the year the returns, as far as net results are concerned, would prove
much more
satisfactory than
the exhibits for the first half of the year had been,
but in the compilations we present to-day for the
month of July it is seen that the character of the
The gains in the
exhibits still remains the same.
but
owing to the great augmentation in expenses very
gross earnings are of tremendous magnitude,
little
of the increase in the gross
ward as a gain
When
is
being carried for-
in the net.
made
application to the InterCommission for an all-around ad-
the carriers
hope of a substantial industrial sub- State Commerce
stitute to take up some of the shock of peace-time vance in freight rates of about 15% the Commission
adjustment. The Imperial Munitions Board, acting denied the request on the ground that the advance
How far astray .the Commission
directly for the British authorities, has placed orders was not needed.
in excess of $50,000,000 for steel and wooden vessels. was in its conclusion and its reasoning is seen in the
Canada's very limited shipbuilding facilities are being returns as they are now coming in month by month.
increased as fast as possible, but the capacity for The plea for higher rates was based on the ground
steel construction is so restricted as to make wooden that wages and everything else entering into the
operating accounts of the railroads had risen so
hulls
admittedly an emergency type of cari'ier
bulk very materially in the tonnage being produced. enormously that without the aid of a very substantial
The aggregate value of bottoms under order in general advance in rates the carriers would find themThe truth of
British Columbia yards is now $27,500,000, a few selves in a very serious predicament.
They are of this statement is now being demonstrated and the
ships representing Norwegian account.
shrinkage in security values and the impairment of
all designs and sizes up to 8,800 tons dead weight in
steel ships, and are destined for a wide variety of railroad credit which has followed reflects realization
purposes, some going to India for transport work on on the part of the investing public of the troubles
shallow rivers. Although the present bulk of ship which the railroads are experiencing by reason of the
Instead of a
orders is insignificant when compared with the four action of the Commerce Commission.
hundred millions of munitions supplied since the out- general and^substantialjncrease in rates the Commisbreak of war, the measure of efficiency in handling sion granted^merety— and in very grudging fashion
the contracts now in hand will fix the degree of afniggardly ^advance in a limited number of special
articles, and commodities.
expansion.
offers the chief
—
)
THE CHRONICLE
Sept. 22 1917.]
Our compilation
for the
month
of July
is
in the
usual comprehensive form and
entire railroad mileage of the country, an aggregate
The showing thereof 245,699 miles being included.
outcome. As comfore is conclusive as to the actual
pared with the corresponding month last year, which
was a period of gratifying returns, there is a further
increase in the gross revenue in the very large sum
The gain in the net on the other
of $46,328,025.
covers practically the
hand
is
no more than $3,130,597, due to the fact
that increased operating expenses consumed the remaining $43,197,428 of the gain in gross. This huge
augmentation in expenses seems all the more noteworthy and all the more significant in view of the
circumstance that through the Railroads War Board
of the Council of National Defense, the railroads are
being operated as practically a single system, rendering possible economies now that previously were wholly
Much needless train service is
out of the question.
being eliminated. Cars are being loaded to nearer
many
other ways the railroad
service is being operated to better advantage.
Despite all this however the great rise in railroad
expenses still constitutes the most conspicuous feaIn tabular form the comture in railroad affairs.
It will be
parative totals for July are as follows.
observed that while the improvement in the gross
earnings was 15.09%, the expansion in operating
full
capacity, and in
expenses reached 21.75%.
—
July (458 roads
Miles of road_
Gross earnings
Operating expenses
Net
earnings
Inc.
1917.
(
+
)
or Dec.
Amount.
(
—
).
%
245,6'J9
1916.
244.921
8353,219.982
241,795,440
$306,891,957
198,598,012
+$46,328,025
+43,197,428
0.32
15.09
21.75
$108,293,945
+$3,130,597
2.89
$111,424,542
As already indicated, comparison
+ 778
is
with heavily
Our
increased totals in 1916, both gross and net.
compilation at that time showed no less than $44,096,142 gain in gross and $20,287,937 gain in net,
but this improvement, satisfactory though it was,
represented in large part merely a recovery of previous losses or an absence of previous growth. In
the meantime, too, there had been a considerable
addition to the outstanding capitalization of the railroads and even during the last twelve months there
has been a further increase, new capital outlays being
an absolute necessity from year to year. As it happened, comparison in 1916 was with totals of earnings in 1915 which had shown some slight improvement
over the poor results of the year immediately preceding.
In the gross the increase in July 1915 was
relatively small, having been only $2,324,115, or less
than 1%, but in the net earnings the gain then was
$9,851,240, owing to a heavy decrease in expenses
which reflected the policy then in vogue of cutting the
expense accounts in all directions so as to avoid a
further dwindling of the net at a time when railroad
credit had become greatly impaired.
In July 1914,
however, there was a falling off in both gross and net
results and in the case of the net at least this followed
a loss in 1913 too. Our compilations for July 1914
showed $9,571,763 loss in gross, or 3.67%, and
$998,911 loss in net, or 1.31%. In July 1913 there
was a moderate amount of gain in gross, namely
$12,036,238, or 5.38%, but it was attended by an
augmentation in expenses of $15,302,025, or 9.79%,
leaving, therefore, a loss in net of $3,265,787, or
4.83%. As a matter of fact, up to 1915 expenses
had for a long period shown a most pronounced
tendency to rise. In July 1912 there was substantial
improvement in both gross and net, but while the
addition to gross was $23,007,660, the gain in net
1147
was no more than $8,890,588. In July 1911 the
changes were relatively slight, there being a loss in
gross then of $1,555,652, or less than 1%, with a
In July 1910
trifling gain in net, namely $31,411.
the rising course of expenses was decidedly in evidence, the figures registering $12,812,422 increase in
gross but $4,485,758 decrease in net.
In July 1909
the statement was favorable, there having been
$24,719,084 gain in gross and $11,083,420 gain in
But the additions then were deprived of much
net.
of their significance by the fact that they succeeded
tremendous losses in July 1908, when, according to
the figures prepared by the Inter-State Commerce
Commission, there was a shrinkage of no less than
$33,426,116 in gross and of $8,485,484 in net. In
the following we furnish the July comparisons back
For 1910, 1909 and 1908 we use the Interto 1896.
State Commerce totals, but for preceding years we
give the results just as registered by our own tables
each year a portion of the railroad mileage of the
country being always unrepresented in the totals,
owing to the refusal of some of the roads in those
—
days to furnish monthly figures for publication.
Net Earnings.
Otoss Earnings.
Year.
Year
Given.
July.
896...
897...
898...
899...
900...
901...
902...
903...
904...
905...
906...
907...
908...
909...
910...
911...
912...
913...
914...
915...
916...
917...
Year
Preceding.
Increase
or Dec.
Year
(+)
(
—
).|
Given.
Year
Increase <+)
Preceding, or Dec. ( ).
$
S
$
50 890,523
+ 242 ,245 15,556,978 15,496,273
54 228,118 + 3,955 ,275 19,091,236 16,530,293
62 ,339,710
+ 833 ,264 19,971,051 20,694,375
61 434,246 + 10,770 068 24,377,447 19,672,510
77 671.358 + 5,672 ,524 26,687,209 25,989,927
86 ,920,806 + 12,413 ,732 34,925,716 27,680,869
97 ,691,960 + 6,268 ,289 33,634,610 33,824„597
115.f)91 ,747 97 ,856,175 + 17,835 572 38,296,851 31,846,698
106,955 ,490 113 678,564
6,723 074 34,398.740 37,353,409
118,404 ,5.52 107 ,325,222 + 1 1 ,079 ,3.30 43.594,553 40,256,131
129,386 ,440 114 ,5.56,367 + 14,830 ,073 42,808,250 36,718,416
137,212 ,522 118 666,092 + 18,546 ,430 41,891,837 39,448.771
195.246 ,134 228 672,250 —33,426 ,116 67,194.321 75,679,805
219,964 ,739 195 245,655 + 24,719 ,084 78,350,772 67,267,352
230,615 ,776 217 803,354 + 12,812 ,422 73,157,547 77,643,305
-1,555 ,652 72,423,469 72.392,0.58
224.751, ,083 226 306,735
245,595 532 22 587,872 + 23,007 ,660 79,427,565 70,536,977
235,849, 764 223 813,526 + 12,036 ,238 64,354,370 67,620,157
252,231, 24,S 261 803,011 —9,571 ,763 75,359,466 76,358,377
262,948, 115 260, 624,000 + 2,324 115 87,684,985 77,833,745
308,040, 791 263, 944,649 + 44,096 142 108709496 88.421, .559
353,219, 982 306, 891,957 + 46.328. 025 111424542 108293945
$
51,132 ,768
58,183 ,393
63,172 ,974
72,204 ,314
83,343 ,882
99,334 ,538
102,J60 ,249
I
—
—
$
+ 60,705
+ 2,560,943
—723,324
+4,704,937
+ 697,282
+ 7,244,847
—189,987
+ 6,450,153
—2,954,669
+ 3,338,422
+ 6,089,834
+2,443,066
—8,485.484
+ 11,083,420
—4,485,758
+ 31,411
+ 8.890,588
—3,265,787
—938,911
+ 9,851,240
+ 20,287,937
+ 3,130,597
—
Note.
In 1896 the number of roads included for the month of July was 130; in
897, 127; in 1898. 123; in 1899, 114; in 1900. 117; in 1901, 108; in 1<>02, 103; In
903, 106; in 1904, 98; in 1905, 94; in 1906, 90; in 1907, 82; in 1908 the returns were
based on 231.836 miles of road; in 1909, 234,500; in 1910. 238,169; in 1911, 230,076;
in 1912, 230,712; in 1913, 206,084; In 1914, 235,407; in 1915, 243,042; in 1916, 244,We no longer include the Mewican roads or the coal-mining
249; in 1917, 245,699.
operations of the anthracite coal roads in our totals.
not merely the general total that reflects the
presence of rising operating expenses. In the case of
many of the separate roads the increase in expenses
has been of such magnitude as to overtop the expansion in gross revenues, pronounced though this has
been. Eastern roads have fared particularly bad in
that respect and among the great trunk lines there
are few that have escaped losses in net earnings notwithstanding the tremendous expansion in the gross
revenues. Thus the New York Central records a
decrease in net of $356,512 in face of a gain of $2,230,203 in the gross. This is for the Central proper,
including the merger in it of the Lake Shore and a
number of minor roads. Including the various auxiliary and controlled roads, the whole going to form
the New York Central System, the result is a gain of
$3,983,809 in gross but a loss of $494,310 in net. On
the Pennsylvania Railroad Lines East and West of
Pittsburgh (comprising all lines owned and controlled
which make monthly return to the Interstate Commerce Commission), with $5,739,393 addition to
gross the gain in net amounts to no more than $410,Last year the combined lines of the Pennsyl379.
vania reported $5,980,030 gain in gross and $1,710,342 gain in net, while on the combined lines of the
New York Central the result then was $5,952,875
The Erie
gain in gross and $2,600,369 gain in net.
month $460,003 loss in net
this year reports for the
It is
THE CHRONICLE
1148
with $821,873 gain in gross; the Baltimore & Ohio
though having added $1,760,530 to gross falls $4,203
behind in the net, while the Philadelphia & Reading
Railway,, though having enlarged its gross by $980,In the
451, suffers a contraction in net of $134,001.
England group the Boston & Maine, with
New
$497,884 gain in gross, records a loss of $208,208 in
net, and the New York New Haven & Hartford with
$327 205 gain in gross falls behind in the net no less
than $772 181.
In the South and West the expansion in gross
revenues has been of such magnitude as to leave gains
in net notwithstanding the enormous additions to
expenses, but there are exceptions to the rule. Thus
the Milwaukee & St. Paul, in face of $95^,307
gain in gross, has $451,400 loss in net; the Great
Northern with $581,010 gain in gross has $473,208
loss in net, and the Rock Island with $059,408 increase
net.
All the other
in gross has $202,904 decrease
principal Western roads, however, have managed to
In
enlarge their net in greater or smaller degree.
the case of the Chicago & North' We^t. the gain in net
is only $34,715 on an increase of $1,388,500 in gross.
On the other hand the St. Louis-San Francisco reports $005,014 increase in gross and $718,048 increase in net, the Southern Pacific has $1,821,005
increase in gross and $932,220 in net; the Union Pacific $1,585,311 increase in gross and $535,747 in net;
the Northern Pacific $926; 142 increase in gross and
$188,209 in net; the Missouri Pacific $984,275 in
gross and $775,048 in net, while the Atchison has added $2,070,342 to gross and $880,215 to net.
Southern roads nearly all record improvement
in net as well as in gross, but the Chesapeake & Ohio,
while having added $409,398 to gross loses $315,122
in net; the Norfolk & Western with a gain of $970,769 in gross has only $30,027 gain in net. Similarly
the Atlantic Coast Line with $534,575 increase in
gross has only $6,555 increase in net In the case, however, of those two typical Southern systems, namely
the Southern Railway and the Louisville & Nashville, the addition to net reaches substantial proportions.
The former with $1,788,117 addition to gross
has carried forward $729,291 as a gain in net and the
Louisville & Nashville out of $1,473,869 gain in gross
has saved $375,150 for the net. In the following we
show all changes for the separate roads for amounts
in excess of $100,000 whether increases or decreases,
and in both gross and net.
m
PRINCIPAL CHANGES IN GROSS EARNINGS IN JULY.
Increases.
578 ,243
I
Increases.
$294 ,805
Pennsylvania
Chicago & Alton
a'.
New York Central
287,818
62,230.203 Pitts & Lake Erie
Atch Topeka & Santa Fe. 2,070,342 Buffalo Roch & Pittsb...
272.128
Chic Burl & Quincy
268.107
1,831,669 St Louis Southwest
Southern Pacific
256,755
1,821,065 Bessemer & Lake Erie
Southern Railway
251,673
1,788,117 Colorado & Southern
Baltimore & Ohio
251,054
1,766,530 Hocking Valley
Union Pacific.
246,871
1,585,311 Virginian
Illinois Central
239,773
1 ,492,469 Western Maryland
Louisville & Nashville... 1.473,869 Mobile & Ohio-225,191
Chicago & North West
223,370
1,388,500 Central of Georgia
Philadelphia & Reading..
206,957
986,451 Cine New Orl & Tex Pac.
Missouri Pacific
198,931
984,275 Toledo & Ohio Central...
Norfolk & Western......
198.697
976,769 Cumberland Valley
Chicago Milw& St Paul..
j...
189,711
959,367 Long Island
Northern Pacific
186,773
926,142 Chic St P Minn & Om...
Erie..
169,123
L
821,873 Spokane Portl & Seattle..
166,565
Chic Rock Isl & Pac Lines
>fY Chic & St Louis
659,468
Lehigh Valley
161,694
651.435 Wheeling & Lake Erie
Cleve Cine Chic & St L...
160,552
621,732 Toledo St Louis & West..
St Louis-San Fran
157,677
605,014 Alabama Great Southern.
Great Northern
140,233
N Y Chic & St Louis
581,010
Phila Bait & Washington.
127,845
547,723 Maine Central
Atlantic Coast Line
126,920
534,575 Lehigh & New England..
123.211
Chic & Eastern Illinois...
522,370 Chic Terre Haute & SE..
122,212
Boston & Maine
Ciro Clinch & O...
497,884
122,124
Chesapeake &Ohio
469 ,398 Kansas City Southern
Michigan Central
101,463
442,725 Chicago Great Western..
Central of New Jersey
434,536
Delaware Lack & Western
Representing 66 roads
431,354
Seaboard Air Line
in our compilation.. $43, 136,917
425.836
Yazoo & Mississippi Vail.
416.177
Decreases
Delaware & Hudson
413,194
Missouri Kansas & Texas.
365,085 New Orl Tex & Mex Lines $195,109
DuluthMissabe& Nor...
125.721
352,496 Wabash-Pitts Terminal..
Wabash
345.583
Elgin Joliet & Eastern...
Representing 2 roads In
332,689
New Haven & Hartf. 327,205
$320,830
our compilation
Note. All the figures in the above are on the basis of the returns filed
with the Inter-State_Commerce Commission. Where, however, these
NY
—
;
[Vol. 105.
returns do not show the total for any sy.stem, we have combined the
separate roads, so as to make the rc^sults conform as nearly as possible to
those given in the statements furnished by the companies thenuselves.
a This is the result for the Pennsylvania PH., togitlur with the Pennsylvania Companu, and the I'lttsburgh Cincinnati C'hicaf-'O & St. Louis, the
Pennsylvania RK. renortini; S3. 108. 985 increa.'-o. the Pennsylvania Civipany
.5328,049 gain and the P. C. C. & St. L. 81,141.209 gain.
Including all
linos owned and controlled which make monthly returns to the Inter-State
Commerce Commission, the result is a gain of S5. 739. 393.
figures cover merely the operations of the New York Central
ft These
itself.
Including the various auxiliary and contr<»lled road.s, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
York Central System, the result is a gain of S3, 983 .809.
PRINCIPAL CHANGES IN NET EARNINGS IN JULY.
Southern Pacific.
Atch Topeka & Santa Fe.
Missouri Pacific
Southern Railway
J 71 CTCdSBS
$9.J2.226
880.215
775.048
729,291
718.618
596.004
535,747
St Loui.s-San Francisco
Illinois
Central
Union Pacific.
Louisville
&
Decreases.
N Y New Haven & Hartf.
$772,181
473,268
460,003
451.400
373,485
6356,512
315,122
268.268
262.904
227,786
195,669
161,206
147,965
138,528
134,661
109,735
102,643
Great Northern
Erie
Chic
Milw&
St Paul
MinnStP&SSM
New York Central
& Maine
Chic Rock Isl & Pac Lines
Denver & Rio Grande
Pittsburgh & Lake Erie..
Duluth & Iron Range
Union (Pa)
New Orl Tex & Mexico...
Philadelphia & Heading..
Central New England
Chesapeake & Ohio.
375,1.50 Boston
Nashville...
Chicago Burl & Quincy...
Northern Pacific
Pennsylvania
335.404
188.209
al84,8.57
Virginian
155.973
Colorado & Southern
Chicago & Ea.st Illinois...
Lehigh Valley
Chicago & Alton.
Seaboard Air Line.
1.53,101
1.33,102
132,953
123,9.58
123.197 Chicago Great West
118,641
115.377
Cumberland Valley
Duluth Mis.sabe & Nor..
Hocking Valley
Yazoo & Mississippi Vail.
109,8.59
107,293
Representing 21 roads
in our compilation.. $7, 524, 147
Representing 17 roads
in our compilation
$4,951,336
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting $291,305 increase, the Pennsylvania Cmipany
Including all lines
.5513,332 loss and the P. C. C. & St. L. S406.884 gain.
owned and controlled which make monthly returns to the Inter-State Commission, the result is a gain of .S410.379.
6 These figures merely cover the operations of the New York Central
itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c.. the whole going to form the New
York Central System, the result is a loss of $494,310.
When
the roads are arranged in groups or geo-
graphical divisions according to their location, the
increase in expenses
is still
further emphasized.
For
while the whole seven divisions register larger or
smaller improvement in gross, three of the divisions
suffer losses in the net, these being the New
England
Section, the Eastern and Middle and the Middle
West. Our summary by groups is as follows:
SUMMARY BY GROXJPS.
-Gross EarningsSection or Group.
July
1917.
—
S
Group 1 (18 roads). New England
15,290,065
Group 2 (80 roads), East & Middle.. 99.344,283
Group 3 (61 roads), Middle West
43,601,738
Groups 4 & 5 (90 roads). Southern
43,409,001
Groups 6 & 7 (72 roads). Northwest.. 78,871,757
Groups 8 & 9 (93 roads). Southwest. 52,452,296
Group 10 (44 roads), Pacific Coast
20,250,842
Total
1916.
Group No. 1
7,825
Group No. 2
29,445
Group No. 3
23,082
Groups Nos. 4 & 5.. 42,037
7_- 68,427
9-- 57,948
16,935
NOTE.
1917.
1916.
7,809
29.504
22,993
41,844
68.141
57.927
16,703
1916.
S
1917.
$
3,788,985
29,293,008
13.398,306
12,750,768
26,616,542
17.125,947
8,450,986
Inc.(.
Group
I.
includes
all
of the
New
+
)
orDec.(
4,867,458
29,942,049
13.838,787
10.947.827
26.223.947
14,596,654
7.877,223
—
%
$
245,699 244,921 111.424,542 108,293.945
Total
7.86
14.43
13.58
24.16
15.73
13.71
10.88
-Net Earnings-
Mileage
&
&
—
%
353,219,982 306,891,957 +46,328,025 15.09
(458 roads)
Groups Nos. 6
Groups Nos. 8
Group No. 10
Inc.(.+) or Dec.(.
S
S
-(-1,114,550
14,175,515
86.820,912 -H2, 523,371
38,388,045
+ 5,213,693
4-8.446.207
34,962.794
68,151.403 + 10.720.354
46,129,258 + 6.323.038
18,264.030 + 1.986.812
—1,078.473 22.16
—649.041 2.17
—440.481 3.19
+ 1.802.941
+ 392.595
+ 2.529.293
+ 573,763
16.4T
+3,130,597
2.89
1.50
17.33
7.29
England States.
Group 11. Includes all of New York and Pennsylvania except that portion weat
and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
of Pittsburgh
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and IlUaois; all of South Dakota and North Dakota
and Mis.sourl north of St. Louis and Kansas City; also ail of Montana, Wyoming
and Nebraska, together with Colorado north of a Une parallel to the State lln«
passing through Denver.
Groups VIII. and IX. combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
N'iw Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
THE EXCESS PROFITS TAX— WHO CAN ANSWER
THIS?
GENERAL BAKING COMPANY
45 East Seventeenth Street
New York
Bept. 19 1917.
William B. Dana Co., New York City.
Dear Sirs. I have read with considerable interest your
article dealing with the proposed War Profits Tax contained
In your issue of Sept. 15.
—
THE CHRONICLE
Sept. 22 1917.]
The Tax,
your
in
as applied to the small company you mention
Furthermore
is certainly grossly unfair.
be in this country some concerns who, after
article,
must
deducting bonds
there
issued and other indebtedness from actual
cash value of property exclusive of good-will, etc., have no
capital invested at all.
Many businesses such as the one you illustrate, no doubt,
consider the item "good-will" the most valuable asset they
possess, and it is quite conceivable to realize that there are
concerns existing to-day with no invested capital as figured
according to the terms of the new War Profits Tax Bill.
I would therefore like to ask what deduction would be
allowable, or what is the per cent, of nothing, and would
such a company have to pay the maximum tax of 60% on
all of its profits after making a deduction of $5,000 which is
allowable under the bill?
Your reply will greatly oblige.
Yours very
GEO.
truly,
E.
FAWCETT,
Treasurer.
UNITED STATES ADVANCES ADDITIONAL CREDITS
TO GREAT BRITAIN AND FRANCE.
Further loans of $50,000,000 to Great Britain and $20,000,000 to France were made by the United States Government on Sept. 19. The total of all credits gr nted the
Allies by this Government now amounts to $2,391,400,000
of which Great Britain has received $1,155,000,000, and
France $650,000,000.
SALE OF FIFTH LOT OF BRITISH TREASURY BILLS
BY J. P. MORGAN & CO.
J. P. Morgan & Co., as fiscal agents of the British Government
in the United States, have this week disposed of
another $15,000,000 block of ninety-day British Treasury
This week's bills were sold on a discount basis of
notes.
which is }4 of 1% higher than the interest rate at
5M%.
which the four previous weekly offerings were disposed of.
The total amount of bills disposed of since the first offering
on Aug. 22 now amounts to about $75,000,000. While the
aggregate of notes outstanding at any one time will not
exceed $150,000,000, and the amount issuable is limited to
$15,000,000 weekly, it does not, as heretofore stated, necessarily follow that $15,000,000 will be put out each week, as
amount actually sold will depend upon the demand for
The rise in the discount basis from 5}4 to 5H%
carries out the policy indicated by the Morgan firm in its
announcement in connection with the initial offering, which
the
the
bills.
stated that the rate would be determined by the condition
of the money market, and that it would be increased or
lowered as circumstances warranted.
UNITED STATES TREASURY TAKES
CUBAN WAR LOAN.
$15,000,000
OF
Through its local news bureau, the Republic of Cuba announced on Sept. 18 that half of the $30,000,000 war bonds,
recently authorized by the Cuban Congress and to which
reference was made in these columns last week, had been
subscribed by the United States Treasury. The other half
($15,000,000) will be taken up by Cuban investors.
The decision of the United States financial authorities to
take half the loan followed, it is said, a conference in Washington between Secretary of the Treasury McAdoo and officials of the State Department of Cuba.
The proceeds of the
loan are to used in large part in carrying out President Menoeal's plans to make Cuba an active ally of this country in
the war.
PROVINCE OF SASKATCHEWAN LOAN TO PROVIDE
FUNDS FOR RURAL CREDITS.
A
known as the "Saskatchewan Greater ProLoan," has been announced by the Provincial
Government and wiU shortly be offered to the people of
Saskatchewan. Concerning the proposed new loan the
Montreal "Gazette" of Sept. 19 publishes the following:
loan, to be
duction
The object of this loan is to raise money within the province to provide
the necessary funds for the carrying out of the scheme of rural credits
under the Farm Loans Act, the purpose being to supply money at cost to
farmers requiring it for the development of their farms, and the bringing
about of increased agriculture and livestock production in Saskatchewan.
The Farm Loans Act came into operation a few months ago, but already applications for loans from farmers for productive purposes have
reached a total of over 82.500,000.
Ten-year Saskatchewan Greater Production loan bonds will be Issued
in denominations of $20, $100, S500 and $1,000, bearing interest at 5%
per annum, payable half-yearly. A unique feature of these bonds Is that
they will be redeemable at par at any time upon the giving of three months'
notice to the provincial treasurer.
'^
This is the first loan of its kind ever floated In Canada.
1149
LORD READING'S VISIT TO THE UNITED STATES.
With regard to the visit to the United States of Viscount
Reading, Lord Chief Justice of England, whose arrival in
Washington on a special mission was referred to in these columns last week, the British Embassy it was announced yesterday had handed this statement to the State Department:
Viscount Reading was a Cabinet Minister in the last Liberal Adminiswas appointed Lord Chief Justice of England, a position
which he still occupies. Since the war broke out he has given his services
to the British Government in the national cause and has been more particularly associated with the administration of British finance during the war.
Lord Reading is in close confidential relationship with the present War
Cabinet and has, therefore, been requested to come to this country as an
envoy from them for the purpose of conveying such information as may be
thought useful by the United States Administration. He is fully possessed
of the views of the British Government, and is authorized to confer on all
tration, before he
matters, and especially those relating to finance which
the two Governments out of the war."
may
arise
between
RUSSIA'S REGULATIONS TO PREVENT EXPORT OF
RUBLES.
Attention to the fact that further complications bearing
on the Russian exchange situation have arisen was called in
recent London advices, which reported the adoption of Russian regulations designed to prohibit the export of
rubles.
These advices dated at London on Aug. 17, were printed as
Commerce" of the 5th inst.:
Further complications are reported in connection with the Russian
exchange situation. In addition to the many difficulties presented to
business men here in consequence of the present position of the exchange
and the rapid fluctuations in the ruble, the complexity of the case seems
to have been increased latterly by the knowledge that during the last month
fresh laws were passed by the Russian Government with regard to exchange
follows in the "Journal of
transactions.
At present somewhat conflicting reports as to the precise
provisions of that law have reached the London money market, and that
fact has in itself occasioned a good deal of confusion to those in the habit
of dealing in the Russian exchange.
A cablegram from Petrograd sets
forth the main provisions of the new temporary regulations.
These are as
follows:
"1. It
is forbidden, without the special authorization of the Russian
Ministry of Finance, to pay any rubles or their equivalent in exchange into
the accounts of persons residing, or institutions located, abroad, or into
those of their representatives in Russia; or to enter into any engagements
whatsoever involving transfers or payments of the above nature.
"2. This prohibition does not apply to transfers or payments from one
foreign account to another.
"3. The Russian Ministry of Finance Is to set up a special Exchange
Committee with power to grant the authorizations referred to in Article 1.
This committee will also determine the maximum amount which may be
transferred to the credit of any one person residing abroad, if such transfer
or
payment
Is
not the counterpart of a conxmerclal transaction.
No
exchange operations of any kind are permitted except through
the agency of such banking institutions as are included in a list approved by
the Ministry of Finance.
Different degrees of penalties may be inflicted on any person or persona
infringing the above regulations."
From the foregoing it would seem that so far as Russian balances in
existence before the publication of the new exchange regulations are concerned, foreigners may still, without special authorization from the Ministry
of Finance, dispose of such balances.
From the time, however, of the passing of the law, authorization la
manifestly required in accordance with the details set out In the foregoing
cable, though it is equally evident that the regulations are designed not to
curtail legitimate business transactions, but rather, by the checking of all
speculative transactions and the preventing of the actual export of Russian
capital abroad, to render possible the payment for legitimate imports of
goods and services to Russia.
"4.
CANADIAN PARLIAMENT PROROGUED.
After being in session eight months the Canadian ParliaSept. 20 when the Governor-General gave
assent to legislation enacted, and declared Parliament prorogued.
During the session just closed many important matters
were decided. A bill was passed appropriating .$350,000,000
Conscripto meet the expense of Canadian war operations.
tion was enacted and will, it is said, be the means of providing
100,000 reinforcements for Canadian troops in the field.
A bill was also passed to be known as theWar-Time
Elections Act, reference to which was made in these columns
last week, providing that "every female person shall be
capable of voting and qualified to vote at a Dominion election in any Province or in the Yukon Territory who, being a
British subject and qualified as to age, race and residence as
required in the ease of a male person in such Province or in
the Yukon Territory, as the case may be, is the wife, widow,
mother, sister, or daughter of any person, male or female,
living or dead, who is serving or has served without Canada
in any of the military forces, or within or without Canada in
any of the naval forces of Canada or of Great Britain in the
present war."
Another provision of the bill disfranchises all naturalized
British subjects who were born in an enemy country and
naturalized subsequent to March 31 1902.
After thanking the members of Parliament for the liberal
provision made for need of public service and for the prose-
ment ended on
THE CHRONICLE
1150
oution of th© war, the Govornor-General had the following
to say:
Althoui^h the Btrcss of war becomes IncroaBlnptly serere, the people of
Canada, resolute In the supreme purpose of achieving through victory an
abiding peace, have not faltered, and I am confident that whatever further
efforts are nocoBsary will unhesitatingly bo put forth In the stem determination that the rast sacrifices already made shall not have been In vain.
JAPAN'S EMBARGO ON GOLD EXPORTS.
[Vol. 105.
where such exportation "is compatible with the public interests."
It was stated on the 19th that there had been withdrawn from the Sub-Treasury .SI, 000,000 in bars for consignment to South America, and an additional $250,000 in
coin, the destination of which was not revealed.
Altogether it is announced the Treasury Department has thus far
issued six licenses for the export of gold, the points of destination being .Japan, India, and South America. Under the
terms of the President's proclamation, regarding exports of
According to the daily papers of the 18th inst. an order
prohibiting the export from Japan of gold and bullion has
been issued by the Financial Minister at Tokio. The New
York "Tribune" stated on the 19th that these advices had
been confirmed by Akira Den, Financial Commissioner of
Japan, who has just arrived in New York from London.
gold and silver, such shipments are permitted only after the
exporting bank has made application to the Reserve Board,
through the local Federal Reserve Bank, for permission to
ship.
The system became effective on Sept. 10.
The "Tribune"
FIRST ISSUE OF LIBERTY BONDS
said:
In discussing this latent development tn Japanese finance, Mr. Den
declared that his government from now on will regulate all outward shipments of gold in the same way the United States is now regulating such
Banking interests desirous of exporting gold from Japan will as a
exports.
result be required to obtain licenses for such shipments from the Treasury
authorities in Tokio.
The action of the Japanese Government In restricting gold exports, it is
understood, is a direct result of the embargo laid on gold exports from the
United States last week. The Japanese Finance Department, it is asserted.
feared a large loss in the gold supply of the country if shipments were
continued, and the American embargo, as Is considered likely, should check
the movement from the United States to Japan. Since the embargo went
Into effect here, on Sept. 10, the Federal Reserve Board at Washington has
granted only one license to ship gold to Japan, and that involved a consignment of only $8.50.000. Applications for similar licenses now pending are
The delay in granting these licensfs has thus
Bald to Involve $5,000,000.
far acted as a check on the export movement from the United States to
lapan.
SEPT. 26.
LIBERTY LOAN, DELIVERY OF DEFINITIVE BONDS TO SUBSCRIBERS.
ITALY'S FINANCIAL STANDING AFTER THE WAR.
After years of business depression and dependence upon
the extension of long credits instead of capital, Italy will
emerge from the war with a financial standing as strong as
that of any other nation in Europe and with a newly developed capacity for industrial organization and manufacturing, according to a bulletin just received by the Philadelpliia
Bourse from the American Chamber of Commerce for Italy,
at Milan. A number of large New York and Philadelphia
manufac^turers and exporters are included in the membership
of the Italo-American trade body. The bulletin to the Philadelphia Bourse says that the secret of Germany's ante-bellum
domination of Italian markets was not quality or low prices
of goods, but the extension of long credits to Italian buyers.
Under the head of "Italian Credits," the bulletin says:
5n view of the great Inerease of business to be expected by American
firms from Italy after the war. we would like to give some idea of what
Italian credits are.
All the Americans
who have been living here know that the Italian
as worthy of long credit as is any business man on earth
and nobody knew this better than the Germans who cont,r<)lled the market
here more on long credits than on the quality or low price of their goods.
Italy Is not as rich a country as some others and therefore needed credit
to take the place of capital.
The war however has brought about a general wakening and Italy has
found not only that she has tremendous undeveloped natural resources but
undreamed of capacity for organization and manufac-turlng. Her financial
Btandiiig after the war will be as strong as that of any country in Kurope.
disBefore the war three months" terms were considered regular.
discount for payment on
count was given for payment in 30 days, and
Shipment. On figuring the three months or 30 days the montli in course
was ordinarily not counted; that is to say, the 3 months or 30 days
counted from the end of the month in course.
know of an American firm that started here in a business to sell
articles not considered articles of necessity; in fact, by most they were
considered luxuries, but by judicious advertising in which they u.sed the
American idea adapted to the Italian point of view they were able to build
up a splendid business: and although they sold to hundreds of small customers In all parts of Italy, most of whom had no capital at all and of whom
Tery few had a good education, they were able to cover all their losses from
bad debts or failures by one half of one per cent on the gross business done
(w hieh can only be beated in France where owing to the system of accept Ing
a three months' draft with the monthly statement the losses can be kept
untler one-fourth of one per cent), and all this was done during the crisis in
businiws from which Italy had been suffering for 10 years before the war.
Whether the American acts as a merchant or manufacturer, he will be
•ure to fiinl it one of the safest fields on the continent to-day.
During the war naturally all terms of sale were chang<fd and most of
the business done with America was done payment against documents In
Kew York and the opening of a letter of credit with the order, although
many firms who had been doing business here In the past continued to ship
and collect through a draft 30 days after shipment and some even after
the arrival of the goods at destination.
The sourctw of credit information In Italy have Improved very much
during the past years, there being several Italian comnu-rclal agencies to
give Information as to credit and morality of a business man In Italy, hut
there is no method like the information given iiy first-class ci>nimerclal
Bedsides these agencies, all the first-cla.ss commercial
agencies In America.
banks have a good information department, as have also the National City
Bank of New York In Milan and Genoa and the American Express Co.
business
READY
Secretary of the Treasury McAdoo made known on
Sept. 18 that the delivery to subscribers of the first issue
of Liberty Bonds Mall begin next week, Sept. 26.
The
twelve Federal Reserve banks will distribute the issue.
The Secretary reports that the number of coupon bonds
required to make deliveries on sub.scriptions to the issue
is estimated by the Reserve banks as in excess of 8,700,000
pieces, of which more than 7,000,000 are of theSoOand $100
denominations. It is urged that wherever possible the subscribers await the determination of pending legislation
and the rate of interest on the second issue of bonds before
exchanging the interim certificates for the definitives. The
Secretary's announcement is as follows:
man
is
2%
3%
We
TREASURY DEPARTMENT,
OFFICE OF THE
1917.
Department Circular No. 89.
SECRETARY,
Washington, Sept. 18. 191T
(Liberty
Loan Circular No.
5.)
t
Loans and currency.
The numbrr of coupon bonds required to make deliveries on Sfb-fcriptions to the first Liberty Loan is estimated by Fedrrai Reserve banks as
in excess of 8,700.000 pieces, of which more than 7.000.000 are of the $50
and $100 denominations. This great demand for coupon bonds of the two
small demonialions. far exceeding any preliminary estimates by the Federal Reserve batiks and by others closest in touch with the siiua'ion, is
very gratifying indeed as an indication of the success of
ttie first
Liberty
Loan as a popular loan and of the wide distribution of the
boiu's among
the people; but it has necessitated delay in the commencement of deliveries
of definitive bonds, for it was deemed unwise to begin deliveries until a
sufficient stock of bonds should be on hand and the printing should be so
far advanced that deliveries could continue without interruption.
However, it is apparent that if pending legislation should be enacted, and bonds
should be issued bearing interest at a higher rate than TiV^^ per annum
and exempt from the normal income tax. in view of ttie re^sulting privilege
of conversion, the demand for definitive 3}4% Liberty Bonds, particularly those of the small denominations, would be greatly reduced.
It is apparent also that much of the demand for bonds of small denominations comes tiirough employers and others who have subscribed for
bonds for their employees and customers under arrangements allowing
the latter to make pa.vnient In installments over an extended period, and
therefore the inimediale delivery of definitive bonds is not re(iuired.
In view of these circumstances, it is believed that the slock of engraved
bonds now on hand is such and the printing of additional bonds is so far
advanced, that, if the holders of full-paid interim certificates consult the
real interest of themselves and of the employees and customers who subscribed through them, all demands for dt^finitive bonds can be complied
with reasonable promptitude beginning Sept. 26.
Employers, banks, trust companies, and others are urged to aid in relieving the Ciovernment and the subscribers whom they repre-st-nt of the
trouble and expense incident to the delivery of great numbers of bonds In
small denominations at this time, particularly in ca.ses where sub.scribers
have not made payment in full for their bonds, by a<<cpling and procuring
the acceptance in the first instance of l)onds of the largest denominations
possible, and of registered bonds rather than coupon bonds In case of large
su inscriptions, and l)y retaining or procuring the retentior) of the full-paid
interim certificates until Congress shall have acted in the matter of pending
legislation, and the rate of interest to be borne by any new Ixjiuis and their
general character with respect to their exemption from taxation and other
matters shall have l)een determined.
Until June 1.5 1918. or such later date as may be fixed by prior public announcement by the Secretary of the Treasury, no charge will be made for
the issue of bonds of smaller denominations in exchange for bonds of larger
denominations, nor for llie issue of coupon bonds in exchange for registered
bonds, all such charges l)eing waived for the period indiialed. as an encouragement to the acceptance of bonds of larger denominations and of
registered bonds in the first Instance.
No charge will be made for the
transfer of registered lionds.
Accordingly, deliveries of definitive bonds to subscribers to the first i.s.sue
The.se deliveries
of the Lil>erty Loan will begin on Wednesday. Sept. 26.
will l)e made by Fedrrai Reserve banks as fiscal agents of the United .states
upon surrender to a Federal Reserve liank of full-paid inlerini certificates issued over the name of that particular p'ederai Reserve bank.
Distribution of definiti\e bonds will proceed a-s nearly as n>ay lie In tlie order
of the surrender of the interim certificates to the Federal Reserve banks
for
exchange.
necessarily take some weeks to complete the deliveries of these
But the distribution will proceed from the twelve centres as
rapidly as the facilities »>f the Treasury Department and tlie Federal Reserve banks will permit.
The denominations and form of bonds dtwired
and instructions for shipment should be specified in tlie form primed on
the back of the cerlifliates. or. in ca.ses where two or more ceriifieaies are
It will
bonds.
ISSUANCE OF LICENSES FOR GOLD EXPORTS UNDER
RECENT EMBARGO.
The Reserve Board on the 19th inst. reported the first
exports of gold from New York under the President's proclamation of Sept. 10, putting an embargo on gold exports and
placing with the Reserve Board authority to issue permits
held by one owner, on
tlie
form prepared
liy
the Trea-sur.v Detiiirtment
and whi<!h will be supplied, on application, by the P'ederal Re.serve banks.
Kach Federal Re.serve bank will announce from lime to time the number
of bonds which it Is prepared to deliver each day, and may limit the hours
THE CHRONICLE
Sept. 22 1917.]
of the day during which interim certificates will be received over the counexchange for bonds, and the hours of the day during which deliveries
as
of definitive bonds will be made, and may exclude Saturdays as well
holidays during the period of pressure. This authority is given to the
Federal Reserve banks in order that they may regulate the matter in an
orderly way according to the conditions existing in the several districts.
Wherever subscribers have availed themselves of the assistance of their
own banks or trust companies in making subscriptions for Liberty Bonds,
they may properly again avail themselves of this assistance in procuring
the exchange of interim certificates for definitive bonds; and subscribers
Bhould look to the banks or trust companies which handled their subcriptions to secure for them the definitive bonds in cases where interim
certificates have not been delivered to them by such banks or trust comIn all such cases the subscriber should inform his bank or trust
panies.
company as tothe denominations and form of the bonds desired,
Although the machinery for the delivery of the definitive 314% bonds
r
Is thus set in motion, it is repeated that subscribers may advantageously
await the determination of pending legislation and of the rate of interest
borne by any new bonds and their general character befoi'e exchanging
If the privilege
bonds.
full-paid interim certificates for definitive
of conversion arises, arrangements will be made to deliver, to those desiring to exercise the privilege, bonds of the new issue in the first instance,
thus avoiding the trouble and expense of an intermediate delivery and exter for
3H%
change of definitive
W. G. McADOO,
3M% bonds.
Secretary of the Treasury.
SECOND LIBERTY LOAN CAMPAIGN TO OPEN OCT.
Secretary of the Treasury
1.
McAdoo made known on Sept. 20
that the second Liberty Loan campaign would open on Oct. 1
and close Oct. 27. His announcement said:
^ The campaign for the second Liberty Loan will open Oct. 1 and close
Wednesday, Oct. 24. will be celebrated as Liberty Day throughOct. 27.
out the country. Arrangements will be made to hold patriotic meetings
on that day in every city, town and village. Full details of the next
Liberty Loan will be Issued as soon as possible after the passage by Congress
of the pending bond bill.
feature of the campaign will be .the intensive use of
A
Contracts have been let for 5,r)00,000. Preliminary contracts have also been aM'arded by the Treasury
Department for 10,000,000 "badges of honor." "Badges
of honor" is the term which Secretary McAdoo has given to
the button which will go to subscribers to the new issue.
The border of the button is in red and the centre in blue, with
the bust of the Statue of Liberty and the words "I Own a
Liberty Bond" in white. Secretary McAdoo announced
yesterday that the first part of his journey around the country for the secomd Liberty Bond campaign would include
stops at Cleveland, Toledo, Indianapolis, Madison, Sioux
Falls, Aberdeen, Butte, Spokane, Seattle, Tacoma and
Portland.
posters.
HOUSE AND SENATE ADOPT CONFERENCE REPORT
ON WAR BOND AND CERTIFICATE BILL.
The Administration war bond and certificate bill was passed
by the Senate on Sept. 16 without a roll-call or single dissenting vote. This bill differed in some particulars from
that passed by the House on Sept. 6 and the two were sent
The conferees reached an agreement on
conference.
Sept. 19. The Senate adopted the conference report on
Sept. 20 and the House took like action yesterday (Sept. 21).
The bill now goes to the President for his signature. The
conferees made several minor changes in the bill, and
for floating
adopted expense allowances of one-fifth of 1
the bonds and war savings certificates, and one-tenth of 1
The House
for the Treasury certificates of indebtedness.
for expense incurred in issuing
had allotted one-seventh of 1
the bonds and war savings certificates, while the Senate had
The comproincreased this allowance to one-fourth of 1%.
mise agreement reached by the conferees was, as stated
above, one-fifth of 1%. The allowance of one-tenth of 1%
for the certificates of indebtedness was originally proposed
to
%
%
%
by the House. The Senate allowance for floating these
The conferees also
certificates was one-twentieth of 1%.
eliminated Senator La Follette's amendment, fixing the rate
on the war saving certificates at 4%, and retained the House
provision giving the Secretary of the Treasury full authority to determine the rate, which is expected to be
The bill as sent to the Presislightly more than 4%.
dent for his signature authorizes the issuance of .S?, 538,bonds to retire the $3,000,000,945,460 convertible
000 non-taxable 3)^% issue already authorized to cover loans
to the Allies, and to provide for new Allied credits of $4,000,000,000. The remaining $538,94.') ,460 is to be used for
converting certain outstanding bonds, including the Danish
4%
Indies, Alaskan Railway, Panama Canal and naval
construction issues. The bill also provides for the issuance
of $2,000,000,000 each of one-year Treasury certificates of
indebtedness and five-year war savings certifi'-ates. The
Senate before passing the bill on the 16th inst. adopted sevTwo of thesH, accepted
eral amendments to the measure.
without a roll-call, were offered by Senator La F'ollette.
as the maximum rate of interest on the $2,000,One fixes
West
4%
1151
000,000 issue of war savings certificates and the other provides that the reduction of increase of allotment of bonds
shall be made under general rules to be prescribed by the
Secretary of the Treasury and shall apply to all subscribers.
Other amendments offered by Senator La Follette were
rejected.
One attempting to limit the bond issue to thirty
with privilege of redemption in seven years, was
years,
turned down by a vote of .39 to 15. Other proposals of the
Wisconsin Senator which were rejected sought to restrict the
denomination of bonds to $20 or multiples of that sum, and
aimed at fixing rates of interest or time limit of the bonds.
The bond and certifica,te issues authorized in the bill are
subject only to the income war super- taxes, imposed as war
measures, and the excess profits tax.
The bill was reported to the Senate with the unanimous
endorsement of its Finance Committee on Sept. 13. The
Committee had had the bill under consideration for two
days, and its most important change from the form in which it
was passed by the House, as stated above, consists in the
modification of the allowances to be used in floating the
new issues. Senate consideration of the bill began on Sept.
14.
Senator Stone, in the absence of Chairman Simmons of
the Senate Finance Committee, was in charge of the measure,
and he opened the debate with an explanation of the bill's
provisions.
The Senate on the 14th by a viva voce vote
defeated an amendment offered by Senator Brady of Idaho,
providing for a percentage assessment upon the face value
of the bonds to be devoted by the Government to paying
for newspaper advertising and amounting to approximately
An amendment by Senator Poindexter to re$5,000,000.
quire the foreign nations receiving loans through the bonds
to pay for the issuance of the bonds was rejected.
Senator
Poindexter declared that the adoption of his amendment
would have resulted in a saving of $12,000,000 to the Government.
PLANS IN NEW YORK FEDERAL RESERVE DISTRICT
FOR PUSHING SECOND LIBERTY LOAN ISSUES.
The planning which has been going on in the New York
Federal Reserve District, in preparation for the second
Liberty Loan can^paign, has resulted in the upbuilding
of an organization much larger and more extensive than
that which sold more than $2,CC0,GG0,C00of the first Liberty
Loan. This fact became plain on the 13th inst. when
Arthur M. Anderson, of the bond department of J. P. Morgan & Co., who is executive secretary of the distribution
committee, announced the selling plans for the coming
Government bond campaign in this District. So detailed
and extensive are these plans, it is said, that more than
300 committees, comprising thousands of workers, are in
proce.ss of formation for the task of selling the allotment of
Liberty Loan bonds that will be apportioned to this District by the Secretary of the Treasury.
In addition, the
promise of co-operation of thousands of organizations
throughout the District has already been obtained. A
statement issued by the Publicity Department of the Liberty
Loan Committee says further:
The committees and the division of work have been developed with the
aim of reaching practically every one of the :< .000,000 persons In the
district, with an appeal to them to buy Liberty Loan bonds, and they
have been worked out with the aim of the greatest possible efficiency and
The plans involve utilization of the most erfcctive selling
co-opiration.
and publicity forces ever a.ssembled for a single piece of work in this district.
More extensively and intensively developed, the campaign will
eni;st the services of bankers, laborers, clerks, nierchanls and representatives of every class and occupation.
The Liberty Loan organization in
this district seeks to reach every one of these people by newspaper and
magazine, by canvasser or salesman, by advertisement or otiier form of
I
publicity.
The division of work and the assignment of committees differ in many
details from the first campaign, the foundation, of course, remains the
same. Behind every activity is the authority that emanates from the Secretary of the Treasury, who. In behalf of the Coverninent, offc rs the bonds
Secretary McAdoo already has announced his intention
to the people.
of dividing the sales task among the Federal Keserve banks.
Therefore,
has developed upon Uenjamin Strong. Governor of the Kederil Reserve
of New York, to direct the campaign once more in this district.
To
co-operate with hitn Governor Strong has the Liberty Loan ( "oiumittee,
whose members are bankers of national and international repute.
The Liberty Loan Committee will have working undi r it three great
comtnitteea which will cover respectively the fields of the Slate Iwmks. the
natiiinal hanks and the trust companies.
The l>iRtril>uti(ni Coniniittee,
to whioh is entrusted th<' detaile<i work of the campaign, will have an execuTo the Distribution (Committee is given the double task
tive committee.
of organizing every possible kind of publicity for the bonds, and of selling
them. This Federal Keserve district, taking in New York Stale. and parts
of C'onnectii'Ut and New .Jersey, has been divided into eight parts, and a
sub-committee in each of these divisions will direct every phase of the
work in that district. The eight <iistrict committees will look after the
activities of other minor committees, of which there prol)al)ly will be one
in every community of five hundred or more.
Just how many of these
local committees there will be has not been determined a.s yet. altbougb
the ground has been prepared for thorn most thoroughly.
A separate pha.se of the Liberty Loan campaign relati« to the Women's
Liberty Loan Orguuization, beaded by Mrs. McAdoo, wife uf the Secrelarr
it
Bank
.
"^
THE CHRONICLE
1152
of the Treasury, who will koop In communication with this district by
The name of this associate,
of an associate, to be appointed by her.
who probably will have headquarters with the Liberty Loan Committee,
has not boon announced as yet.
means
Mr. Anderson gavo the following summary
Loan activities:
of Liberty
For the last three weeks the necessary work of organization in the Second
Federal Reserve District has been well under way. We did not need to
wait until the terms of the loan had been formally determined. When
Secretary
McAdoo
releases the final details this district will be fully pre-
pared to commence active work. We have organized In greater detail
than last time. On extremely short notice the Liberty Loan Committee
made a most successful campaign for the first loan. Those who are working with the Committee feel sure that they can count once more on the co-
who helped
the spring.
Havoperation
ing organized more extensively and intensively, and having started sooner
than we did before, we are putting on the firing line thousands more than
we did in the first campaign.
One feature of the work, developed most carefully, is that of the trade
committees We propose to canvass in the most thorough fashion the reIn this
tail trade of the city, both as regards employees and customers.
work we rely upon the labor organizations for hearty support. We cannot do without them in this branch.
We have picked out the trades which are to be represented by their own
committers. There are almost a hundred of these. We have selected
three-quarters of the total number of chairmen who will be requested to
form their own committees. We are working along these lines in the
second campaign because we wish to avoid duplication of canvassing among
the mercantile and industrial plants of this city.
Outside of New York we are equally hard at work. We hope that every
community with a population of five hundred or more will have its own
committee, which will operate under the supervision of the chairman of
one of the eight districts into which the Reserve district is divided. On
these sub-committees, also, we look for the earnest assistance of the labor
of all individuals in this district
in
[Vol. 105.
street; R. L. Morris, Kean, Taylor & Co., 5 Nassau street; A. B.
Westervelt, Harvey Fisk & Son, 62 Cedar street; A. B. Leach, A. B.
Leach & Co., 62 Cedar street; Elisha Walker, William Salomon & Co.,
25 Broad street. Counties comprising the district: Bergen, Essex, Passaic, Sussex, Hunterdon, Middlesex, Hudson, Union, Morris, Warren,
Somerset, Monmouth, all in northern New Jersey.
Chairman, F. Q. Brown, Redmond & Co; committee:
District No. 8.
Robert Hincks, HIncks Brothers & Co.; F' B. Adams, Potter, Choate
& Prentice; H. L. Dillon, Eastman, Dillon & Co.; A. W. Gregory, Dick,
Gregory & Co.; G. F. Dominick, Jr., Dominick Brothers & Co.; Robert
Struthors, Jr., Wood, Struthers & Co.
This district comprises the counties of Fairfield In Connecticut and Westchester and Rockland in New
49 Wall
—
York.
Gov. Strong announced on the 14th inst. that the followmain Liberty Loan Committee:
ing had been added to the
Martin Vogcl, Assistant United States Treasurer; Walter E. Frew, President of the (llom Exchange Bank, and James N. Wallace, President of the
Central Trust Co.
The Liberty Loan Committee at a meeting on Sept. 20
members of four other committees which wiU
have charge of distinct phases of the bond campaign. The
names of the committees, which indicate the special division
selected the
of their
work, and their chairman, are:
Bank Committee, George F. Baker, President of First National
Bank, Chairman;
State Banks Committee, Walter E. Frew, President of the Com Exchange Bank Company, Chairman;
Trust Companies Committee, Charles H. Sabln, President of Guaranty
Trust Company, Chairman;
Large Investors Committee, T. W. Lament, of J. P. Morgan & Co.,
Chairman.
National
The personnel
men.
Mr. Anderson explained
many
elements will be
asked to co-operate in these sub-committees. Wherever posible, the sub-committee will have representatives from the
banks, from the civic and commercial organizations, from
the local manufacturers' associations, from the retailers'
organizations, from the Grange, from the local newspapers,
from the local division of the Home Defense League, from
the high or grammar school principal. A publicity man
"In this campaign
will be appointed in each of these towns.
we will give particular attention to the speakers' bureau
which will be so organized so as to furnish men at the shortest notice and for the least accessible part of the district."
The list of distribution committees, as completed up to
that
the 13th, was announced as follows:
Allen B. Forbes, of Harris, Forbes & Co., chairman; Arthur M. Anderson, of J. P. Morgan & Co.; P. Q. Brown, of Redmond & Co.; Moreau
Delano, of Brown Brothers; Guy Emerson, Vice-Pre.sldent, National Bank
of Commerce: George W. Hodges, of Remick, Hodgts & Co.; J. W. Hornor,
Jr., of William A. Read & Co.; Ernest fselin. of A. Iselin & Co.; N. Dean
Jay, Vice-President, Guaranty Trust Co.; G. H. Kinnicutt, of Kissel.
Kinnlcutt & Co.; Charles E. Mitchell, President of National City Co.;
Ray Morris, of White, Weld & Co.; Acosta Nichols, of Spencer, Trask
& Co.; Lewis E. Pierson, chairman of the board, Irving National Bank;
E. N. Potter, of Potter, Choate & Prentice; C. S. Sargent, Jr.; of Kidder,
Peabody & Co.; James Sheldon, of Lee, Higginson & (;o.; Frederick Strauss,
of J. & W. Seligman; Everett B. Sweezey, of Harris, Forbes & Co.; A. B.
Westervelt. of Harvey Fisk & Sons.
Executive Committee of the Distribution Committee:
Everett B. Sweezey, chairman; Arthur M. Anderson, executive secretary; Charles E. Mitchell, N. Dean Jay and Guy Emerson, Craig Colgate.
of Colgate, Parker & Co., assistant executive secretary; John J. Schumann,
Jr., of Harris, Forbes & Co., assistant executive secretary, and G. B.
Bogart, ass'stant to executive secretary.
District No. 1.
Chairman, Ray Morris, White, Weld & Co.; committee, William H. Kemick, Remick, Hodges & Co.; Wm. L. McKee,
National City Co.; Michael Gavin, Montgomery, Clothier & Tyler; F. E.
Calkins, Redmond & Co. The district comprises the counties of: Erie,
Orleans, Niagara, Genesee, Wyoming, Chautauqua, Cattaraugus and
Allegany.
—
—
District No. 2.
Chairman, George W. Hodges, Remick, Hodges &
Co.; committee, William C. Bradley, Guaranty Trust Co.; H. C. Sylvester, Jr., National City Co.; C. B. Wyatt, E. H. Rollins & Sons; Morris
K. Parker, Equitable Trust Co. The district coniprisps the counties of
Monroe, Wayne, Livingston, Ontario, Seneca, Yates and Steuben.
Distript No. 3.
Chairman, James Sheldon, Lee, Higginson & Co.;
committee, (Charles E. Gardner, Harris, Forbes & Co.; William D, Lyon,
Glidden, Lyon & Co.; Harry G. Werner, Ladenburg. Thalmann & Co.;
William J. Minsch, Lee, Higginson & Co.; The district comprises the
counties of: Cortland, Madison, Cayuga, Onondaga, Oneida, Herkimer,
Lewis, Oswego, Jefferson and St. Lawrence.
District No. 4.
Chairman, E. N. Potter of Potter, Choate & Prentice,
5 Nassau street: committee, N. F. Glidden, Jr., Glidden, Lyon & Co.,
6 Nassau street; Jaiisen Noyes, Hemphill, White & Chamberlain, 37 Wall
street; George E. Barstow, Jr., Kean, Taylor & Co., 5 Nassau street; A
J. McAllister, Potter, Choate & Prentice, 5 Nassau street; R. H. Carleton, Blodget & Co., 34 Pine street; counties comprising the district: Broome,
Tioga, Chemung, Schuyler, Tompkins, Chenango, Otsego, Delaware and
Sullivan.
District No. 5.
Chairman, Charles S. Sargent, Jr., of Kidder, Peabody
& Co., 17 Wall street; committee, Harold S. Greene, E. H. Rollins &
Sons, Albany, N. Y.; Benj. E. Smyth, Vice President, Scandinavian
Trust Company, 56 Broadway; Duncan Holmes, Kuhn, Loeb & Co., 53
William street. Counties comprising the districts: Putnam, Dutchess,
Greene, Rensselaer, Schoharie, Montgomery, Saratoga. Warren, Essex,
Clinton, Orange, Ulster, Columbia, Albany, Schenectady, Fulton, Washington, Hamilton and Franklin.
District No. 6.
Chairman, Acosta Nichols of Spencer, Trask & Co.,
25 Broad street; committee, William L. Ladd, Tilney, Ladd & Co.,
43 Exchange place; Alonzo Potter, Wm. Salomon & Co., 25 Broad street;
S. S. Furman,
Kouiitze Brothers & Co., 141 Broadway; W. W. Price,
E. & C. Randolf, 111 Broadway. Counties comprising the district:
Richmond, Suffolk, Nassau and Queens (except Long Island City).
District No. 7.
Chairman. G. H. Kinnicutt. of Kissel, Kinnicutt &
Co., 14 Wall street; committee: Joseph Bradshaw, Clark, Dodge & Co.,
—
—
—
—
—
committees follows:
of the
National Bank Committee.
George F. Baker, Chairman of Board of Directors of the First Kational
Bank.
S. Alexander, President, National Bank of Commerce.
Lewis L. Clarke, President, American Exchange National Bank.
Louis G. Kaufman, President, Chatham & Phenix National Bank.
G. W. McGarrah, President, Mechanics & Metals National Bank.
Lewis E. Pierson, Chairman, Board of Directors of the Irving National
Bank.
Ernest Stauffen, Vice-President, Liberty National Bank.
Gilbert G. Thorne, Vice-President, National Park Bank.
Frank A. Vanderllp, President, National City Bank.
A. H. Wiggin, President, Chase National Bank.
William Woodward, President, Hanover National Bank.
James
-T)
M
Slate Banks.
Walter E. Frew, Chairman, President of Com Exchange Bank.
Stephen Baker, President, Manhattan Co., and President, Bank of the
Metropolis.
S. Frissell, Chairman, Board of Directors of the
Henry Ollesheimer, President, Metropolitan Bank.
W. H. Perkins, President, Bank of America.
Oscar L. Richard, President of the State Bank.
A.
Fifth
Avenue Bank.
Tnist Companies.
Charles H. Sabin, Chairman, President of the Guaranty Trust Co.
Cornelius R. Agnew, Vice-President, Farmers Loan & Trust Co.
Howard Bayne, Vice-President, Columbia Trust Co.
Mortimer N. Buckner, President, New York Trust Co.
A. W. Krech, President, Equitable Trust Co.
E. G. Merrill, President of the Union Trust Co.
J. W. Flatten, President, United States Mortgage & Trust Co.
James M. Wallace, President, Central Trust Co.
Large Investors.
of the firm of J. P. Morgan & Co.
James S. Alexander, President, National Bank of Commerce.
George F. Baker, Chairman of Board of Directors, First National Bank.
Allen B. Forbes, President, Harris, Forbes & Co.
G. W. McGarrah, President, Mechanics & Metals National Bank.
Charles H. Sabin, President, Guaranty Trust Co.
Mortimer L. Schiff, of the firm of Kuhn, Loeb & Co.
T.
W. Lament, Chairman,
GOV. STRONG
AND
A. VANDERLIP ON NEXT
ERTY LOAN.
F.
LIB-
At the first luncheon on the 14th inst. of the Bond Club
of New York City, an organization growing out of the activities of the local bond men in the initial Liberty Loan campaign, the task of getting under way the new campaign was
begun. Frank A. Vanderlip, President of the National City
Bank and a member of the General Liberty Loan Committee,
and Benjamin Strong, Governor of the Federal Reserve Bank
of New York and Chairman of the Committee addressed the
gathering. Mr. Vanderlip spoke of the wonderfully successful results in the previous campaign, and while stating
that the new engagement has in it every promise of difficulty,
he expressed the belief that it has too "every promise of successful achievement."
We quote below what he had to say:
We are coming to see what a tremendous war we are in I don't think
we fully appreciate it but when we are told that the appropriations for
this fiscal year already made and in prospect, aggregate at least $19,000,000,
000, we begin to have a measure of a financial character to tell what the
—
great struggle
—
is.
That has got
financial side, of course. Is of the primist importance.
to be succes.«fully prosecuted, and you are Important factors in doing it. You
are doing as important work when you go into this next loan as anybody
that Is wearing khaki, I believe, because the khaki has got to be supported
with the gold and we have got to have it in amounts such as we have never
The
before dreamed of.
Now
—
you had one successful engagement, wonderfully succawful really
successful than almost any of us anticipated.
You are facing another
engagement that has in it every promise of difficulty, but I believe every
promise of successful achievement.
more
4
THE CHRONICLE
Sept. 22 1917.]
a military organization a treraendous deal depends on morale,
in leadership, on a feeling of security that the campaign is
being properly directed and I wouid like to say a word right along that
Now,
in
on confidence
—
line.
the financial policy of the Government is being properly directed
I believe it has been propI believe it wholeheartedly and completely.
erly conducted since the outbreak of the war. and the proposals of the Administration (now- before Congress; likely to pass the Senate to-morrow and
become a law early next week), I believe are wise in every particular. I
think we are all working under sound leadership in the national financial
campaign, and it is a difficult task of leadership. It wasn't perfectly clear
to decide just what should be done. There is the question of the rate of
interest, the question of taxation, the question of how to pay something for
the tremendous amount of work and expenditure which is being contributed
by such organizations and such men as you and the houses you represent.
Ifyou have not yet read the testimony of Secretary McAdoo before the
House Committee, I want to commend it to you. The bill, as you know,
was prepared by the Administration, and is known as the Treasury bill.
Mr. McAdoo appeared before the House Committee through two days'
sessions, and I want to say that his testimony is to me perfectly convincing.
I think he handled the whole subject in a thoroughly capable manner. His
exposition of the tax phase left in my mind no doubt at all but what his decision to make tills next issue free of taxes, except as to super-tax, was the
proper middle course, and I recommend that to your reading it is well put
and it is convincing.
Now the matter of rate is very important and there you are in a dilemma you must go high enough to attract capital: you must not go so high
as to unduly depreciate and wreck our existing security In the banks. There
again I think he has kept for this issue the proper level. It may not be improbable that that rate will have to be raised in view of these vast demands
that are being made upon the financial resoiu"ces of the country; but if it is
raised, this new bond, as did the last one, will contain the provision for
conversion, and the rate, it seems to me, is correct.
Another point which the Secretary made is in regard to the expenses of
This last two billions was floated at a cost of just over
floating the loan.
two and a half millions, over a million of that being cost of engraving. The
Secretary estimates that there was contributed not in services, but in actual
expenses, of printing of circulars, of posttge, of all the expenses of people
who voluntarily engaged in this patriotic work of floating the last loan,
two and a half millions more; people were out of pocket two and a half
millions more because cf their patriotic activity in floating this loan.
I want to read just a little from that testimony because there is a compliment paid to the work we did here, which I think you desrve, but it is
certainly very gratifying to all of us to receive it.
The Secretary says:
—
I believe
—
—
—
—
"Let us take the big investment hou.«;es in New York they practically
turned over their entire bond selling agencies; they stayed at their offices
late in the evening, kept their clerks there working on these subscriptions
and getting out lilerature; they paid all the postage on thousands of circulars
they sent out and in many cases they printed their own circulars; when their
men were kept downtown and had to go out to supper, which of course
Involved an expenses, they had to compensate them for it. I must say I
do not think it fair for the Government to attempt to throw upon the people
of the country, in operations that are going to be of such magnitude as these,
a recurring burden of that character. We must devise some plan by which
we can reimburse them for the actual expenditures upon some uniform basis,
but not pay a commission in a compensatory way for services rendered."
Now there was a good deal of discussion before the committee in regard
to that, and the Secretary's view did not prevail in the House Committee;
but later before the Senate, it not only prevailed but they were almost ready
to give him twice the amount he asked for.
The result of the Senate
report was to give him a quarter of one per cent, to pay out for the expense
of floating this loan.
Now, as I understand it. he proposes to pay out
pocket expenses to those recognized houses who engage in floating the
loan, and there will be an ample amount through this one quarter of one
per cent.
I believe he has considered the subject of general advertising but from
his testimony I gather that it is not probable that a general advertising will
be undertaken.
You are going into this next campaign with quite as hard a job ahead of
you as the last, but you are going into it with the great advantage of a vastly
better organization, of a far clearer understanding of what there is to do with
the fullest enlistment throughout the country of all the help that can be
had for this task. It is largely a task of education, of realizing what a great
war we are in, what the financial necessities of the Government are, of
education as to what a bondis in itself— and was impressed by nothing so
forcibly in the last compaign as the utter blank ignorance of men of good
ordinary intelligence in regard to bond investments and right there we are
1
all going to reap eventually a harvest out of this great popular education on
investments.
You are going to have ten customers where you had one
before, and it is going to be a great thing for the nation and incidentally
a great thing for the bond business that this education is going on. It isn't
altogether a contribution that you are making it is a contribution, but
your bread will return rather well buttered. 1 think.
I am not a bit pessimistic about the result.
If you are going to float
three billion or whatever amount is named, that you are going to float them
successfully. We have got to work very hard to do it
but I
it is not easy
am clearly convinced in my mind that we are going to do it successfully, and
we will follow that by other loans successfully, if need be, and it is probable
that we will need other loans in addition to this.
But on my part I am not
entering this next campaign with any feeling of pessimism or with any
thought at all that we are not going to succeed. We are going to succeed
perhaps not in a measure of over-subscription as we had last time but
there are plenty of difficulties and I am not blind to them, but the character
of the security, the wealth of the country and the greatness of the cause
will give us success.
—
—
—
—
—
Gov. Strong in telling the organization that it was looked
upon as an adjunct of the Federal Reserve Bank of this City,
spoke of the particular function that the bank plays generally
in the Government's financial transactions in connection with
the war, of which, he said, there are three.
Continuing, he
said:
One
generally to supervise the selling of the Government's obligations.
For that work, of course, the Reserve Banks were not equipred and they
could not be equipped without the assistance of the bond men and of the
bankers it wouldn't have been possible for us to help your men we had
to rely upon the voluntary organizations which were created and which did
the work so effectively when the last issue was sold. You know the work in
detail
I won't enlarge upon that feature of it.
Our supervision, if it is indirect, is through committees, which at this
is
—
—
—
time,
think, are organized along lines that will cut out a great deal of lost
it easier for all of us.
The second function (and in some ways a more important one from our
stand point) is to conduct the financing of these payments that have to be
the installments become payable.
We are too apt to consider
the Government places a loan now amounting to thousands
of millions of dollars, that we are handling money.
Wo are not handling
money we are handling credit. These Government loans are simply the
instruments through which the Government finds it possible to buy goods
and services, and to that extent that the Government borrows money for
that purpose, the production of goods has to be increased over normal
production and consequently the mills have to work faster, the farms '
have to produce more wheat and cereals; everything has to move faster,
and one element in the problem is to make credit move faster.
You might say that the Reserve Banks in a sense are the bookkeepers
in this transaction; they must see that this great tide of credit flows from
its original owners, the subscribers to the bonds, through the subscribing
banks, into the Reserve Banks, to the credit of the Government, out again
into the depositary banks, and so is distributed by the Government ultimately back where it came from, to those very people who are producing
these very goods that the Government is buying out of this great credit
fund.
To do that successfully, to conduct this so-called bookkeeping
operation successfully, very extensive machinery has to be devised.
Our experience in the last loan has thrown a good deal of light upon
the problem. I think you will all agree that, considering the magnitude of
these transactions, the Reserve Banks now having borrowed for the Government a total of nearly three and one-half billion dollars since the war staf'ted,
that they have been conducted with reasonable success and without great
disturbance of money conditions, and if the Reserve Banks can continue
to do that, our functions as bookkeepers will be successfully performed.
The third function is that of the Government's fiscal agent in a direct
sense in managing the Government's funds.
It is now eighty years since
the Government had a true fiscal agent, and I think it is no exaggeration
to say that these transactions could not be conducted with our complicated
banking machinery, with 27 (?)banks to be dealt with in the United States,
without the employment of a machine of this character, and the country is
fortunate a thousand times in having had a reserve system to rely upon
for the purpose of managing these great Government transactions.
This
function of managing the Government deposits, which is conducted of
course under the direction of the Secretary of the Treasury, has been going
on for some time, but its magnitude and importance has only developed in
the last few months. I think the Reserve Banks have handled practically
all of the money that has been paid in from the proceeds of the certificates
of indebtedness and the issue of two thousand million Liberty Loan bonds
without any of it going directly into the Treasury of the United States as it
did in former years, had it been paid into the Treasury of the United States,
we would certainly have had money markey convulsions that would have
paralyzed business in this country. In that sense again the Reserve Banks
are simply bookkeepers.
You are going to be confronted in handling this next issue of bonds with
the statement by many bankers that they hesitate about putting in very
large subscriptions of bonds for fear that payment of these subscriptions to
the Reserve Banks will reduce their deposits too seriously to enable them
to do so.
I think the bankers who make that statement overlook one very
important thing; that payment which they make is credit. The first payment is simply a credit on their books, which is going to the Government;
then it is transferred temporarily to the reserve banks, and under the plan,
which has operated successfully, and will. I believe, in the future, it is disbursed almost simultaneously and the probleim which the country banker
fears particularly, the difficulty which he fears particularly, is that that
credit may not flow back to his particular locality promptly enough, to
enable him to meet his various engagements. But we must remember that
every part of the United States is producing these goods that directly or
indirectly are entering into war purposes.
Take the Pacific Coast they are starting to build immense quantities
of ships on the seaboard there; they are shipping timber to the east: they
are shipping vast amounts of oil; they are enlarging constantly the area of
distribution of their sugar; they are shipping grain, cattle, the products of
their mines, not necessarily directly to the Government, but indirectly they
are filling the vaccum that is created by the draft of the Government on
sections that are nearer the Atlantic seaboard, and as payment for their
product virtually progresses throughout the year, each season when they are
produced, that credit automatically flows back to those sections which have
subscribed to these bonds.
I anticipate no difficulty whatever so long sis
we have the Reserve Bank machinery as the bookkeeper to fall back on
between the interval that the subscriber pays for the bonds and the time
the Government disburses the money and it gets back to the section it came
made when
that when
—
—
from originally.
I have said more already than I intended to say, but I want to conclude
with one word suggested by something that Mr. Vanderlip said. He spoke
about the difficulty of compensation for the work that was being done by
this organization and many others in assisting the Government in financial
and other matters. I look at it in this way: It would certainly be presumptuous of me or of any officer of the Reserve Bank or possibly for
any officer of the Government to say "thank you" for that work. If
thanks are due, they are due from the American people. You are acting for them, for all of them, but as a reward
and I have seen evidence
of it, as all have seen who have been to Europe since the war started
there are millions of anxious, care-worn people there who have their
—
—
Our eneyes turned to this country; they are looking to us for help.
trance into the war is interpreted by those millions of peoples as the harbinger of some brighter day that is going to dawn,. and if you gentlemen,
want your reward, your real reward, you will find it by searching the hearts
of those care-worn people that need it.
—
The only other speaker was Lawrence Chamberlain a member of the Club, who had recently been in France and England, and who described some of the conditions abroad.
LIBERTY LOAN COMMITTEE STUDYING DATA
ASSEMBLED FROM DAILY REPORTS TO
RESERVE BANK.
In announcing that two meetings have been held by the
sub-committee of the Liberty Loan Committee of the New
York Federal Reserve Bank, the latter on the 18th inst.
stated that the meetings were principally directed to a study
of data assembled as a result of the daily reports being made
to the Reserve Bank by the banks of New York City and
Brooklyn. The following is the Reserve Bank's statement:
I
motion and make
1153
Sept. 18 1917.
Sub-Committee of the Liberty Loan Committee of this
district, mentioned in the circular letter sent by this bank to all the banks
and trust companies of New York City on Sept. 10, has held two meetings
The
special
THE CHRONICLE
1154
and has been enlarged by the addition of Messrs. James S. Alexander,
President of the National JJank of Commerce and Albert H. Wiggin,
Chairman of the Board of Directors of the Chase National Bank, so that
the Committee now consists of the following:
Messrs. George F. Baker. Walter E. Frew, Gates W. McGarrah, Charles
H. Sabin, Frank A. Vandorlip, James N. Wallace, Jamas >S. Alexander.
Albert K. Wiggln and Benjamin Strong.
The two meetings referred to were principally devoted to a study of data
assembled as the result of reports now being made every day to the Federal
Reserve Bank by almost all the banks of Now York City and Brooklyn.
As a result of the discussions at these meetings, but without any formal
action being taken certain of the larger New York banks and trust companies have put out a considerable amount of time money, the loans being
made by each institution for its own individual account on such terms and
,
collateral as
it
may
determine for
itself.
Fre<iuent meetings of the Committee will be held but no statement can
be made as to future proceedings or plans, which must necessarily depend
upon the information before the Committee and the conditions prevailing
at the time.
[Vol. 105.
can rediscount only paper which has not more than ninety days to run, it
follows that if investments of member banks are in six montlis paper, aa
average of only 50% of such paper is available at any one time for rediscount; but should the investments be in paper having four months o»
less to run, at least 75% would on an average have not more than ninety
days to run to maturity and would, therefore, l>o immediately available
for use at the Federal Ro-servc bank.
The Board is of the opinion that the suggostod change would greatly
improve the banking condition of the country, as the banks would make
a turn-over throe times a year instead of twice, and the credits which they
would provide would come up for consideration three timos instead of twice
The borrower in good credit would have no rea.sonable grounds
a year.
for complaint and the borrower in doubtful credit would be strengthened
by frank conversations with his bankers at more frequent intervals than
It is suggested that if the bankers of the country will underat present.
take this change in methods of borrowing and iiLslst upon four months
paper instead of six, the credit situation will be greatly improved within
a short time, responsible borrowers would have greater assurance of credits
and the banks themselves would be in position to moot contingencies with
at least 50% more confidence than under the existing borrowing conditions.
Very respectfully,
SUGGESTIONS BY E. C. McDOUGAL CONCERNING
W.P.G. HARDING,
LIBERTY LOAN OFFERING.
Governor.
Two suggestions bearing on the forthcoming issue of GOVERNMENT
RECOMMENDS TWO GRADES OF POTALiberty bonds were made by Elliott C. McDougal, President
TOES ASA BASIS FOR FEDERAL RESERVE NOTES.
of the Bank of Buffalo, at Buffalo, N. Y., at a joint meeting
Two standard grades for the marketing of potatoes have
of Groups I. and II. of the New York State Bankers' Association at
Mr. McDougal prodetails of the new issue be announced
the offering, if possible a month in
Manitou Beach on Sept.
8.
posed that the definite
in ample time before
advance, but in any event two weeks beforehand, and that
the postmasters be employed as an agency of the Government in the sale of the bonds. We quote below Mr. McDougal's suggestions:
Whatever rate of interest or other conditions may accompany the new
issue of Liberty Bonds, whatever may be our opinion as to the wisdom of
such conditions, I am sure that we bankers will do oiu- best to help our
Government to sell the bonds. It is unnecessary for me to make any
suggestions as to rates and conditions. The Secretary of the Treasury
knows that he can have, for the asking, the advice and assistance of the
very best bond houses and bankers in this country.
I shall make only two suggestions out of the many which occm- to note.
First: Whatever may be the terms, conditions and requirements, they
should be clearly outlined in advance; if possible, one month, and, in any
Many
event, at least two weeks before the opening of subscriptions.
think, with regard to the first issue of Liberty Bonds, that details could
As the first issue was
easily have been fixed and announced in advance.
an experiment, there is room for hone.st difference of opinioH on this point.
With the experience of that campaign to guide the Treasury Department,
with the best expert advice in this country at its service for the asking,
there should be no difficulty in naming, well in advance, exact terms,
conditions and regulations. When these are named, they should be
scrupulously adhered to. This would enable the bankers of this country
to give to the public authoritative information and to answer questions
intelligently.
In the first Liberty Loan campaign, this was impossible.
Not only were bankers without instructions on many points, but, when they
applied to the Federal Reserve Bank for authoritative rulings so that they
could answer the questions asked by the public, they could not get replies
that were either prompt or clear. Even admitting that this was excusable In the first attempt, it would be entirely inexcusable now.
Second: I suggest that every available agency be employed in the
endeavor to reach the public. The most ilnportant Government agency
Many who would not buy
for this purpose is its staff of postmasters.
bonds from a bank might buy tham from a postmaster. The average
postmaster is no busier than the average banker; in many cases he is not
nearly so busy.
In addition to his remarks at the group meeting, Mr.
also had the following to say relative to the
issuance of Liberty Bonds.
been recommended by the Department of Agriculture and
Food Administration. The recent ruling that Federal
Reserve banks may make loans against warehouse receipts
for potatoes (mention of which was made in these columns
on Aug. 4) is one of the factors which prompted the Government's recommendation for potato grading. The announcement of the Department of Agriculture issued this week,
making known the Government's proposal, says:
the
Two standard grades for potatoes have just been recommended by the
United States Food Administration and the United States Department of
Agriculture.
Results of field tests in grading and packing and of experiments in marketing graded and ungraded potatoes show that marketing
potatoes by grades is desirable, practical and economical.
Further, it has been ruled by the Federal Reserve Board that "potatoes,
properly graded and packed and stored in a weatherproof and responsible
warehouse, as evidenced by its receipt, would undoubtedly constitute a
readily marketable, non-perishable staple."
The present prospect of a very large crop of potatoes, the food supply
situation the overtaxed transportation facilities and the ruling that Federal
Reserve banks may make loans against potatoes properly stored in approved
warehouses emphasize, says the Department, the Importanca of adopting
uniform grades.
Grades Recommended.
,
The No.
1
grade shall consist of sound potatoes of similar varietal charac-
free from dirt or other foreign matter, frost
injury, sunburn, second growth, cuts, scab, blight, dry rot. and damage
caused by disease. Insects, or mechanical means. The minimum diameter
of potatoes of the round varieties shall be 1 Ji inches and of potatoes of the
long varieti&s
inches.
The No. 2 grade shall consist of potatoes of similar varietal characteristics, which are practically free from frost injury and decay, and which are
free from serious damage caused by dirt or other foreign matter, sunburn,
second growth, cuts, scab, blight, dry rot or other disease. Insects, or
mechanical means. The minimum diameter shall be 1
inches.
Reasonable tolerances are allowed for variations incident to commercial
grading and handling and explanations of the terms "practically free,"
"diameter" and "free from serious damage" are made in Markets Document No. 7. which may be obtained from the United States Department of
Agriculture or from the United States Food Administration, Washington, D. C.
teristics,
which are practically
1^
H
McDougal
While perhaps unavoidable, it is most unfortunate that the actual
Liberty Loan Bonds, which were sold to the public in June, are not yet
ready for delivery. Had those who have paid for tlieir bonds received
them, had the actual Liberty Bonds been seen and handled by the public,
they would have become a familiar thing and the placing of the new loan
would have been much easier. Besides, a great many of the public are
dissatisfied because they cannot get delivery of the bonds which tliey have
bought. It is sincerely to be hoped that the first issue of bonds will be
delivered to the public before the second issue is offered for subscription,
otherwise if a banker goes to his customers to offer Liberty Bonds, he may
be met with the question, "Where are the bonds which I bought last
—
June?"
It would be most desirable to delay the new offering until the Secretary
of the Treasury is able to say exactly when the new bonds will be ready for
delivery say at the time of the closing of the subscription or on some
It is to be hoped that the short-term certifidefinite date very soon after.
cates of indebtedness authorized will be sufficient to finance the Treasury
Department in the meantime.
—
According to Chicago ad\dces of Aug. 30 plans for purchasing and storing in Chicago 1,000,000 bushels of potatoes, for
use after Jan. 1 next, were started on Aug. 30 by the Middle
Western section of the National Food Administration. The
potatoes, it is said, are to be sold to consumers at cost,
the price to be fixed after all expenses, Including interest
on the capital required to finance the deal, have been determined.
The "New York Commercial"
said:
According to the plans, the working capital for starting the project will be
advanced in the form of a loan by the city of Chicago, the sum necessary to
make the first purchase and to pay freight being estimated at $200,000.
The Federal Reserve Board has already approved a plan by which warehouse receipts on potatoes stored under certain specified conditions may be
used as collateral for loans at Federal Reserve banks. After the fu-st lot
has been purchased and stored away, a loan may be made on the warehouse
receipts and more potatoes bought.
The process could then be repeated
until the entire one million bushels is in storage.
RESERVE BOARD FAVORS SHORT TIME COMMERCIAL
PAPER.
Announcement
the effect that the Federal Reserve
Board, in view of the anticipated heavy demands on the
Reserve banks, looks with approval upon the suggestion that
the practice be encom'aged of having short time commercial
paper run for not longer than fom* months instead of six
months, was made by Governor W. P. G. Harding on
Sept. 17. Governor Harding's announcement follows:
to
FEDERAL RESERVE BOARD.
— In
Wasfiington, September 17 1917.
view of the anticipated heavy demands upon Federal
Reserve banks, the Board looks with approval upon the suggestion that
the practice be encouraged of having short time commercial paper run for
not longer than four months instead of six .months as is frequently the case
to-day.
It seems desirable that the commercial banks of the country
should have in their portfolios a maximum amount of paper that can be
rediscounted with Federal Reserve banks. As the Federal Reserve banks
Dear
Sir.
With a potato crop at least 100,000,000 bushels larger than
the country needs for its table, Carl Vrooman, Assistant
Secretary of Agriculture, stated on Sept. 16 that the United
States would be guilty of an inexcusable military blunder if it
did not provide the warehouses necessary to make use of this
surplus in such a way as to release products of equal food
value to the army and the AlUes. The initiative, Mr.
Vrooman said, must come largely from local associations of
business men and farmers, and the Government is ready to
help with the advice of its experts and with plans for building new storage houses or adapting old ones.
—
Potatoes at $1 50 a bushel less than half of last February's retail price is said to be the prospect for next winter.
—
Measures were taken by the Food Administration on Sept. 18
THE CHRONICLE
Sept. 22 1917.]
designed to prevent dumping this year's enornaous crop on
the markets suddenly. At the same time the Administration is preparing to begin a campaign for the sale of potatoes
by weight instead of measure to insure full value to consumers.
STATE BANKS NOT SUBJECT TO INTERLOCKING
PROVISIONS OF CLAYTON ACT.
An opinion in which it is held that State banks operating
outside the District of Columbia are not subject to the
provision in the Clayton Anti-trust Act relating to interlocking directorates has been rendered by the Department
The decision was given in response to a request
of Justice.
from the Federal Reserve Board, transmitted through the
Secretary of the Treasury to the Attorney-General. The
opinion is written by the acting Attorney-General, John W.
Davis, and bears date of Sept. 10. In his findings he quotes
the provisions of Section 8 of the Act in question, and states
that "the prohibitions of this Section relate to banks which
are 'organized or operating under the laws of the United
States'," and adds that "obviously the Section does not
apply to State banks merely as State banks, but apphes to
them, if at all, only in consequence of membership in the
Federal Reserve system.
He
also says:
state banks which join the Federal Reserve system, do not, however,
operate under the laws of the United States as the laws of their existence,
nor In territory in which the United States exercises exclusive legislation.
Unlike National banks. State banks are not compelled, but in effect are
invited to join the Federal Reserve system.
In Section 9 as originally
enacted Congress specified the provisions of law to which State banks must
conform as conditions of membership, including in the specification certain
provisions of pre-existing law.
The conditions of membership for State
banks having thus been specified it could be argued not without reason
that if Congress had intended by Section 8 of the Clayton Act to prescribe
further conditions of membership it would have affirmatively expressed
that intention, which it has not done.
furthermore sets out that whatever may have been the
original intention of Congress in this respect, its present
intention is evidenced in the amendments passed by Congress
last June, in which it was specifically stated that "subject to
the provisions of this Act and to the regulations of the Board
made pursuant thereto any bank becoming a member of the
Federal Reserve system shall retain its full charter and
statutory rights as a State bank or trust company."
"Since," he concludes, "the rights existing under State laws
as to selection of directors seem clearly among the 'charter
and statutory rights' thus retained in fidl by State member
banks, they must be held free in that regard from the restrictions imposed by Section 8 of the Clayton Act."
The opinion in full foUows:
DEPARTMENT OF JUSTICE, WASHINGTON.
He
,
September 10 1917.
Secretary o the Treasm-y.
Sir.
I have the honor to acknowledge the receipt of your letter of
Aug. 3rd, enclosing a letter of the 2nd >inst. from the Governor of the
Federal Reserve Board to you and requesting my opinion upon the question
propounded by him, as to whether State banks joining the Federal Reserve
system become subject to the provisions of the Clayton Act (approved
Oct. 15 1914; 38 Stat. 730; amended by Act of May 15 1916) relating to
interlocking directorates.
The pertinent provisions of the Clayton Act are found in Section 8, as
foUows:
The Honorable The
—
no person shall at the same lime be a director or other officer or employee
mare then one bank, banking association or trust company, organized or
operating under the laws of the United States, either of which has deposits,
capital, surplus, and undivided profits aggregating more than $5,000,000;
and no private banker or person who is a director in any bank or trust company, organized and operating under the laws of a State, having deposits,
capital, surplus, and undivided profits, aggregating more than 85,000,000,
shall be eligible to bt a director in any bank or banking association organized
or operating under the laws of the United States.
No bank, banking
association or trust company, organized or operating under the laws of the
United Stales, in any city ... of more than two hundred thousand inhabitants
shall have as a director or other officer or employee any
private banker or any director or other officer or employee of any other bank,
banking association or trust company located in the same place.
.
.
.
1155
by specific enactment they are required to make reports to the
Comptroller of the Currency and are subject to be examined and taken
possession of by him as provided with respect to National banks.
(Act
of June 25, 1906, amending Sections 713 and 714, Code D. C; 34 Stat. 458.)
State banks which join the Federal Reserve system do not, however,
operate under the laws of the United States as the laws of their existence,
nor in territory over which the United States exercises exclusive legislation.
These banks have merely voluntarily accepted the terms and provisions of
the Federal Reserve Act (including regulations made pursuant thereto) in
becoming members of the Federal Reserve system, from which they are at
liberty to withdraw.
Yet, since upon being admitted they become subject
to the terms and provisions of the Federal Reserve Act they may also be
aptly described as "operating under the laws of the United States." Accordingly, Section 8 of the Clayton Act standing alone might reasonably be
construed to include State member banks within its prohibitions.
Section 8 of the Clayton Act must be considered, however, in the light
of the provisions of Section 9 of the Federal Reserve Act relating to membership of State banks.
Unlike National banks, State banks are not compelled, but in effect are
invited to join the Federal Reserve system.
In Section 9 as originally
enacted Congress specified the provisions of law to which State banks must
conform as conditions of membership, including in the specification certain
District, but
,
provisions of pre-existing law. The conditions of membership for State
banks having thus been specified it could be argued not without reason that
if Congress had intended by Section 8 of the Clayton Act to prescribe
further conditions of membership it would have affirmatively expressed
that intention, which it has not done.
But, whatever the original intention of Congi-ess may have been in this
respect, the present intention seems plainly to appear from the following
provisions of Section 9 of the Federal Reserve Act as amended and reenacted by the Act of June 21 1917, after the passage of the Clayton Act:
Banks becoming members of the Federal Reserve system under authority
of this Section shall be subject to the provisions of this Section, and to those
of this Act which relates specifically to member banks, but shall not be subject
to examination under the provisions of the first two paragraphs of Section
5240 of the Revised Statutes as amended by Section 21 of this Act. Subject
to the provisions of this Act and to the regulations of the board made pursuant
thereto, any bank becoming a member of the Federal Reserve system shall
retain its full charter and statutory rights as a State bank or trust company,
and may continue to exercise all corporate powers granted it by the State
in which it was created and shall be entitled to all privileges of member
banks.
As thus amended,
member banks are made "subject to the proand to those of this Act which relate specifically to
member banks." Accordingly, they would appear not to be subject to the
prohibitions of Section 8 of the Clayton Act imder the rule of construction
embodied in the maxim, "The express mention of one thing impliedly
State
visions of this Section
exclude all others."
The intention of Congress, however, is not left to appear by implication
alone.
Section 9 as amended goes further, and by positive provision
declares that State member banks shall retain their "full charter and
statutory rights" as State banks, "subject to the provisions of this Act and
to the regulations of the board made pursuant thereto." Since the rights
existing under State laws as to selection of directors seem clearly among
the "Charter and statutory rights" thus retained in full by State member
banks, they must be held free in that regard from the restrictions imposed
by Section 8 of the Clayton Act.
Respectfully,
iSigrted) JOHN W. DAVIS, Acting Atlom«9-O»neral.
GERMAN-AMERICAN BANK TO CLEAR THROUGH
FEDERAL RESERVE BANK.
The German-American Bank
of this city has arranged to
House through the
Federal Reserve Bank of New York, and, it is said, for this
purpose has made an initial deposit of $400,000 in gold with
the Reserve Bank.
settle its daily balances at the Clearing
NEW
SITE FOR SAN FRANCISCO FEDERAL RESERVE
BANK.
The San Franoisoo Federal Reserve Bank has purchsed
a site at the corner of Sacramento, Sansome and Commercial
Streets, on which it will erect a three-story bank building at
an estimated cost of $250,000.
of
.
.
.
.
.
.
The prohibitions of this Section relate to banks which are "organized or
Obviously, the Section
operating under the laws of the United States."
does not apply to State banks merely as State banks, but applies to them,
if at all, only in consequence of membership in the Federal Reserve system.
The Federal Reserve system embraces
(1)
National banks, whose member-
ship is compulsory, and (2) banks organized under the "laws of any State
or of the U nlted States
which are eligible for membership under conditions
prescribed in Section 9 of the Federal Reserve Act (approved Dec. 23 1913;
38 Stat. 251). Besides banks organized under Stale laws and doing business in the Stat&s (hereinafter called State banks) the latter class includes
(a) banks organized under State laws but having offices and receiving
deposits in the District of Columbia, as described in Section 713 of the
Code of the District of Columbia, and (b) banks and trust companies,
other than National banks, organized under the laws of the United States,
i.e., banks and trust companies organized under Sub-chapters 4 and 11 of
Chapter 18 of the Code of the District of Columbia (31 Stat. 1189).
National banks and hanks and trust companies organized under the Code
of the District of Columbia are clearly within the prohibition of Section 8
of the Clayton Act.
They are not only organized under the laws of the
United States but of necessity operate under those laws as the laws of their
existence.
Banks organized under State laws and carrying on business in the District
of Columbia also fall within the prohibitions of Section 8 as "banks operating under the laws of the United States"; for, in carrying on business in the
District, over which Congress exercises exclusive legislation, they are not
only subject generally to the laws of the United States in force within the
, '
'
,
COLLECTION DEPARTMENT OF RICHMOND FEDERAL
RESERVE BANKS.
The Federal Reserve Bank of Richmond in announcing
the establishment of a collection department for the handling
of all forms of collection items, makes known that it will
grant to each member and clearing bank exemption of
service charges on 250 checks per month.
In this the bank
avails of provision in the Federal Reserve Board's edict
calling for the establishment of eoUeetion departments by
the Reserve banks, in which it stated that "any Federal
Reserve bank may, at its discretion, extend to each member
and clearing bank an exemption from service charges upon a
maximum of 250 checks per month. The Richmond Federal
Reserve Bank's circular announcing its policy concerning
exemptions and the requirement as to member bank remittances for checks received from or for the account of Reserve
banks, reads as follows
:
FEDERAL RESERVE BANK OP RICHMOND.
Sept. 14 1917
Clearing Regulations.
To the Bank Addressed. In connection with our Circular No. 65, dated
Sept. 12, giving details of a plan for the collection of maturing notes, bills
and other collection items, we direct your attention to an article in the
September Bulletin of the Federal Reserve Board, page 660, "Development
of the Collection System," from which we quote in part as follows:
"(1) For the time being, any Federal Reserve bank may, at its discretion, extend to each member and clearing bank an exemption from
service charges upon a maximum of 250 checks per moQtta.
The Board
Amendments
—
to
THE CHRONICLE
1156
believes that this exemption will encourage direct dealings on the part of
the smaller banks with their Federal Ilesorve l)ank.
"(2) In cases whore checks are not sent to the Federal Reserve bank but
are sent direct from one member bank to another for credit of the sendini?
bank on the books of the Federal Reserve bank, these transactions should
be mutually agreeable to the banks concerned; for the Board cannot prevent
the receiving bank from making a reasonable charge (as between banks)
An opportunity is
for the transfer as provided in Section 13 as amended.
afforded all member banks to clear their checks at par by sending them to
If, for the purpose of saving time or for any
the Federal Reserve bank.
other reason, a bank desires to send its checks direct, it should make its
own arrangements."
In accordance with Article (1) of the foregoing, this bank, beginning
Oct. 1, will grant to each member and clearing bank, exemption of service
charges on 2.')0 checks per month.
In accordance with Article No. (2), which amends the ruling of the
Board, as set forth in Circular No. 1, Series of 1916, dated May 1 1916,
Article 4, which roads as follows:
"Member banks will be required by the Federal Reserve Board to provide
funds to cover at par, all checks received from or for the account of their
Federal Reserve bank,"
member banks after the receipt of this letter cannot be required by this
bank to remit without charge for checks sent to them by other member
banks for the credit of this bank.
Wherever it is desired to forward chocks direct to a member bank for the
credit of this bank, without the payment of an exchange charge, arrangements must be made between the banks.
The direct forwarding of checks in this manner between banks accomplishes in many cases, a great saving of time, and will, we believe,
ultimately develop into a valuable feature of the collection system, and
inasmuch as the relation may be reciprocal, it will be advantageous to
to develop such relations wherever practicable.
Respectfully.
J. SEAY, Governor.
GEORGE
The circular of the Richmond Reserve Bank announcing
the establishment of its collection department (referred to
in the above Circular No. 65) is practically the same as that
of the Minneapolis Federal Reserve Bank given in our issue
of Sept. 8.
NEW NATIONAL BANK EXAMINERS FOR RICHION D AND ATLANTA RESERVE DISTRICTS.
The Comptroller of the Currency announced on Sept. 15
that Chief National Bank Examiner James K. Dough ton of
the Sixth Federal Reserve District had been made Chief
Examiner for the Richmond Federal Reserve District. Elmore F. Higgins of Montgomery, Ala., formerly Assistant
Clearing House Examiner at New Orleans and for the past
two years Assistant Chief National Bank Examiner at Chicago, has been appointed Chief National Bank Examiner for
the Atlanta Reserve District. Mr. Higgins's field on appointment as National Bank Examiner, Feb. 18 1914, was
the State of Georgia. These changes will become effective
Oct. 15.
COMPTROLLER TO AGAIN RECOMMEND LAW REQUIRING BANK OFFICERS AND EMPLOYEES TO
FURNISH SURETY BONDS.
The intention of the Comptroller of the Cuxrency to again
recommend to Congress that an amendment be made to the
National Bank Act to require officers and employees of
National banks to furnish fidelity bonds is announced in a
statement issued by him on Sept. 14. A recommendation
to this effect was made by the Comptroller in his annual
report to Congress a year ago. He states that the records of
the Department of Justice for the past two years give strong
emphasis to the importance of this recommendation. The
proposal he adds will have the double effect of making it
more difficult to misappropriate the funds of a bank, and
will also provide further protection for the depositors and
shareholders in the event that any employee betrays his
The following is the Comptroller's statement.
trust.
my
annual report to Congress a year ago, I recommended that "all
a national bank having the custody of its funds, money, or
and all officers, tellers, or other employees of the bank engaged
in the handling of its money shall furnish surety bonds, preferably the
bonds of an established surety company."
The records of the Department of Justice for the past two years give
strong emphasis to the importance of these recommendations. They show
that In the years ending Oct. 31 1915 and 1916, 5 bank presidents, 23
cashiers, and 51 assistant cashiers, tellers, bookkeepers and other officers
and employees of National banks were convicted of violation of the Nationa.
Bank Act and generally sentenced to varying terms of imprisonment,
mostly from five to thirteen years.
This is. of course, but a very small percentage of the total number of men
who are employed in all capacities in the 7,665 National banks of this
country, for I am glad to say that the bankers of this country generally
enjoy a well-deserved reputation for honesty and fidelity.
There is no profession in which there have not been, and still may be,
some who have betrayed their trusts and have proved themselves unworthy.
Because of the lessons of the past, and because the bankers of the country
have charge and custody of the property and fortunes of many millions of
people, it is right that every possible safeguard and protection should be furIn
officers of
securities,
nished to these depositors.
For this reason, I shall again recommend to Congress, in the next report
of the Comptroller, that the National Bank Act be amended so as to require
officers and employees of National Banks to furnish fidelity bonds.
This
will have the double effect of making it more difficult to misappropriate
the funds of a bank, and will also provide further protection for the depositors and shareholders in the event_that any bank employee should
"
betray bis trusta
[Vol. 105.
CALIFORNIA'S LA W REGULA TING RESERVES OF COMMERCIAL AND SAVINGS BANKS AMENDED.
Section 7 of an Act approved by the 1917 Legislature of
the Slate of California amends Section 20 of the "Bank Act"
of 1909, as amended in 1915, regulating the amount of reserve
every commercial bank in the State shall maintain "against
Us aggregate deposits, exclusive of State, county and municipal deposits for the repayment of which bonds have been deThe only change made in this section
posited as security."
is in the paragraph defining the term "reserves on hand."
We are publishing herewith the full text of Section 20,
italicizing the portions added this year and putting in blackface type and black-face brackets the portions omitted.
Every commercial bank shall maintain total reserves against
Sec. 20.
its
aggregate deposits, exclusive of State, county and municipal deposits
repayment of which bonds have been deposited as security, as
for tie
follows:
1. Eighteen per centum of such deposits if such bank has its principal
place of business in a city having a population of 100,000.
2. Fifteen per centum of such deposits, if such bank L-^ located in a city
having a population of 50.000 or over and less than 100,000.
3. Twelve per centum of such deposits if such bank is located elsewhere
in the State
At least one-third of the total reserves shall be maintained as reserves on
hand and shall consist of gold coin, gold bullion. United States gold certificates or United States notes; in addition thereto, at least ono-.sixtb of the
total reserves shall be maintained as reserves on hand and shail consist of
gold coin, gold bullion. United States gold certificates. United States notes
or any form of currency authorized by the laws of the United States, and
the remainder of the total reserves required by the provisions of this section
shall be maintained as reserves on deposit or as reserves on hand; such reserves on hand to consist of gold coin, gold bullion. United States gold certificates. United Stales notes or any form of currency authorized by the
laws of the United States.
If any bank shall have become a member of a Federal Reserve bank, it
may maintain as reserves on deposit with such Federal Reserve bank such
portion of its total reserves as shall be required of members of such Federal
Reserve bank.
If any bank shall not maintain the total reserves required the Superintendent of Banks may impose a penalty upon it, based upon the length of
time such encroachment upon its total reserves amounting to 1
or more
of its aggregate deposits shall continue, at the following rates:
1. At the rate of 6% per annum upon any such encroachment not exceeding 2% of such deposits
2. At the rate of 8% per annum upon any additional encroachment In
excess of 2 and not exceeding 3% of such deposits.
3. At the rate of 10% per annum upon any additional encroacliment in
excess of 3 and not exceeding 4 % of such deposits
4. At the rate of 12% per annum upon any additional encroachment in
excess of 4% of such deposits.
The Superintendent of Banks shall, in his discretion, upon the nomination
of any bank, designate a depositary or depositaries for the re.serves on deExcept as otherwise provided
posit of such bank provided for by this Act.
in this section, such depositary shall be a bank or national banking assoEvery reserve depositary, which has its
ciation located in this State.
principal place of business in a judicial township or in a city located in this
State in which the population is less than 50,000, shall have at all times as
its total reserves an amount equal to the total reserves required by the provisions of this section for every bank which has its principal place of business
in a city having a population of 50.000 or over and less than 100.000.
But
no bank or national banking association shall hereafter be designated as a
depositary of any such reserves unless it shall have a combined capital £ind
surplus of not less than the following amounts:
1. $250,000, if located in a city which has a population of 300.000 or over;
2. $200,000. if located in a city which has a population of 100,000 or over
and less than 300,000;
3. $150,000, if located in a city which has a population of 50,000 or over
%
and
less
than 100,000;
4. $100,000.
if
located elsewhere in the State.
Such depositary may also be a banking corporation with a capital and
surplus of one million dollars or more, located in the cities of New York,
Chicago. Boston. St. Louis, or Philadelphia.
If the total reserves of any bank shall be less than the amount required
by this section such bank shall not increase its liabilities by making any
new loans or discounts, otherwise than by discounting bills of exchange on
sight, or by paying any dividends from profits until the full amount of its
total reserves has been re.stored.
The Superintendent of Banks may notify
any bank whose total reserves shall be below the amount herein required,
to restore such total reserves; and, if it shall fail for thirty days thereafter
to restore such total reserves, such bank shall be deemed insolvent and may
be proceeded against under the provisions of this Act; provided, that all
deposits of money herein permitted or required shall comply with the provisions of Section 43 of this Act.
The term, "reserves on hand," when used in this Act, means the reserves
against deposits kept, pursuant to the provisions of this Act, in the vault of
any bank [pursuant to the provisions of this ActJ or in any safety
deposit box in any other bank in this State, said box to be under the exclusive
control of the depositing bank.
The term, "reserves on deposit," when used in this Act, means the reserves against deposits maintained by any bank pursuant to this Agt in
reserve depositaries, or in a Federal Reserve bank of which such bank is a
member, and not in excess of the amount authorized by this Act.
The term, "total reserves," when used in this Act, means the aggregate
of reserves on hand and reserves on deposit maintained pursuant to the
provisions of this Act.
The term, "reserve depositary," when used in this Act, means a bank,
trust company or banking corporation designated by the Superintendent
of Banks on the nomination of the depositing bank as a depositary for reserves on deposit.
The section relating to savings banks which constitutes
Section 68 of the "Bank Act" of 1909 as amended in 1915
and again in 1917, reads as follows, the new portions being
italicized and those eliminated are placed in black-face
type and black-face brackets:
Every savings bank or savings department of a bank, shall at
times maintain total reserves equivalent to 5% of the aggregate amount
ofjts deposits exclusive of Slate, county and municipal deposits for the reSec. 68.
all
THE CHRONICLE
Sept. 22 1917.]
payment of uhich bonds have been deposited as security; at least 2'A% of
such deposits shall be maiiitahied as reserves on hand, one-half of which
shall consist of gold coin, gold bullion. United States gold certificates or
United States notes, and one-half of which shall consist of gold coin, gold
bullion. United States gold certificates. United States notes or any other
form of currency authorized by the laws of the United States and 2 3^ % of
such deposits may be maintained as reserves on hand and may consist of
bonds of the United States or of gold coin, gold bullion. United States gold
certificates. United States notes or any other form of currency authorized
by the laws of the United States or may be maintained as reserves on deposit
subject to call with any reserve depositary provided for in Section 20 of
this Act; provided, however, that no savings bank or savings department
shall be required to maintain reserves on hand in excess of $400,000, and
when such reserves on hand reach that amount, the balance of total reserves
necessary to make up the 5% may be kept as reserves on deposit subject to
call with any reserve depositary provided for in Section 20 of this Act. No
new loan shall be made during any deficiency in the total reserves. Deposits with any commercial bank, or commercial department of a bank, on
open account, as provided in this section, shall be permitted, and shall not
be construed as loans. Not more than 5% of the deposits of any savings
bank shall be deposited with any one bank, except with the consent of the
Superintendent of Banks. Not more than 15% of the deposits of any
savings bank shall be deposited with all commercial banks, except with the
consent of the Superintendent of Banks. No savings bank or savings department shall receive deposits of other banks other than savings deposits
and such deposits shall not be treated or considered as a part of the reserves
on deposit of such depositing bank; provided, the sum so deposited shall not
exceed [SIO.OOO] thirty per centum of the paid-in capital and surplus of the
depositing bank nor more than 15% of the paid-in capital and surplus of the
Mr. Fenton's
letter referred to
above reads:
INVESTMENT BANKERS ASSOCIATION OF AMERICA.
Mr. John A. Freeman,
Chicago. Aug. 9 1917.
Lumbermen's Trust Company, Portland,
Vice-Pres.,
Ore-
Dear Sir: I have received advice that the following States have passed
"Stay Laws" relating to soldiers and sailors in the service of the United
States during war:
Pennsylvania,
Michigan,
Iowa,
Maryland,
•
F. R.
The above
Wisconsin,
Massachusetts.
Yours very truly,
FENTON.
Secretary.
Of the States mentioned we have
already referred in these columns to the adoption of moratorium laws by the legislatures of Oregon, Maryland, Massachusetts and Pennsylvania. The text of the Oregon law
we published in our issue of July 28 (pages 334 and 335);
the Massachusetts law on Aug.' 4 (page 1441), and the Pennsylvania law on Aug. 11 (pages 552 and 553). The moratorium laws passed by the 1917 special session of the Maryland
Legislature and constituting Chapters 19, 22 and 23, have not
previously been published by us and are given herewith.
Chapter 19 provides "for extending during the continuance
is
correct.
of the present war, the time limited
by the laws of this State
by citizens who are
for the institution of legal proceedings,
depositary bank.
IDAHO'S
1157
BANK RESERVE LAW AMENDED.
The 1917 Legislature of Idaho passed an Act (Chapter 51,
Law's of 1917) amending, among other things. Section 39 of
Chapter 124 of the Laws of 1911 relative to the available
funds every bank or trust company doing business in the
State of Idaho shall have on hand at all times. Below we
publish Section 39 of the new Act, italicizing the portions
added, and putting those eliminated in black-face type and
black-face brackets:
Sec. 39. Every bank or trust company doing businass under this Act
shall have on hand at all times in available funds not less than fifteen (15)
per cent of its aggregate deposits, [six (6) per centj one-fifth (1-5) of
which must be actual cash in its vaults; the remaining [nine (9) per cent]
may consist of balances due [them] it from good, solven
Cash items shall not be considered as part of the reserve of any
bank or trust company.
four-fifths (4-5)
banks.
unable to institute the same, within the time so limited,
because of absence from the State in the military or naval
service of the United States, and in case of the death or insanity of such persons."
The fuU text of this chapter follows:
Sec. 1. Be it enacted by the General Assembly of Maryland, That if any
citizen of this State, entitled to Institute or bring any action, suit or proceeding in this State, is unable during the continuance of the present war.
to Institute or bring the same within the time limited therefor by the laws
of this State, because of absence from this State in the military or naval
service of the United States, such person shall not on that account be barred,
but shall be entitled to lnstltu.te or bring such action, suit or proceeding
within six months after the removal of such disability; otherwise the same
shall be barred.
Sec. 2. And be it further enacted. That in case of the death or insanity
of any such person while so absent from this State, such action, suit or
proceeding may be brought by his personal representatives, if maintainable
by them, within the time limited therefor by the laws of this State, except
that the right of such personal representatives to maintain such action,
suit or proceeding, shall in no event be barred before the expiration of one
year from such death or insanity.
NATIONAL BANK HOLDINGS OF
BONDS,
U.
S.
AND
FOREIGN
&c.
The Comptroller of the Currency made public the following statement on Sept. 12 showing the changes in the amounts
of United States bonds, domestic securities and foreign bonds
held by the banks on June 20 1917, as compared with their
holdings of similar securities June 30 1916.
The amount of United States bonds and certificates of indebtedness hold
June 20 1917 was 905 million dollars, an increase of 174 millions over
June 31 1916.
Foreign Government bonds held June 20 1917 amounted to 284 million
an increase of 167 million dollars during the year.
Other foreign bonds held June 20 1917 aggregated 68 millions, an increase
of 28 million dollars over June 30 1916.
Railroad bonds held by the national banks were practically stationary
during the year, at 467 million dollars.
The bonds of other public service corporations increased from 274 millions June 30 1916 to 295 millions June 20 1917.
State, county and other municipal bonds held June 20 1917 were 315
millions, an increase during the year of 37 million dollars.
The holdings of other bonds were 362 millions June 20 1917, an increase
during the year of 60 million dollars.
Claims, warrants, judgments. &c., held by national banks June 20 1917
were reported at 50 million dollars, an increase during the year of about
dollars,
1-3 million dollars.
The amount of stocks (taken for debts previously contracted, &c.) held
by all national banks aggregated 39 mlUion dollars, a slight reduction
during the year.
The total amount of bonds and stocks and other securities held June 20
1917 was reported at 2.787 million dollars, an increase of 489 million dollars,
or 21%, during the year.
The amount of bonds, securities, &c., held by national banks June 20
1917 was 17.26% of their total resources.
1
MORATORIUM OR STAY LAWS.
The following letter was received by us from F. A. Freeman, Vice-President of the Lumbermen's Trust Co. of Portland, Ore., with reference to the passage of moratorium or
so-called "stay laws" by the legislatures of the States of Ore-
gon, Pennsylvania, Maryland, Michigan, Iowa, Wisconsin,
and Massachusetts, exempting from execution the property
of soldiers
and
sailors.
The
letter follows:
Portland. Ore., Aug. 14 1917.
Editor Commercial and Financial Chronicle, New York, N, Y.:
Dear Sir: Referring to your article of July 28 in which statement was
made that Oregon is the only State having in existence "Stay Laws"
exempting from execution the property of soldiers and sailors.
The enclosed letter of Mr. F. R. Fenton, Secretary of the Investment
Bankers Association, dated Aug. 9, you will note states that Pennsylvania, Maryland, Michigan, Iowa. Wisconsin and Massachusetts have
"Stay Laws" similar to Oregon. Probably there are other States with
statutes of this character.
The Pennsylvania law is very much like the
Oregon law. Yours very truly,
P.
A.
FREEMAN.
Vice-President
Sec. 3. And be it further enacted. That this Act is hereby declared to be
an emergency law and necessary for the immediate preservation of the
public safety, and being passed upon a yea and nay vote supported by
three-fiftlis of all the members elected to each of the two Houses of the
General Assembly, the same shall take effect from tliQdate of its passage.
Approved June 27 1917.
Chapter 22 provides "for the suspension or stay during the
continuance of the present war, of civil proceedings, at law
or in equity, instituted by or against persons in the National
Guard or Naval Militia or in the National State Guard while
on active service, or in the military or naval service of the
United States, and prescribing the manner, duration, terms
and extent of application of such suspension or stay." This
chapter reads:
,
Section 1. Be it enacted by the General Assembly of Maryland, That all
causes or proceedings, whether at law or in equity, which may be
pending at the time this Act takes effect, or which may hereafter be instituted during the continuance of the present war, by or against any person
in the National Guard or Naval Militia or in the Maryland State Guard
while on active service, or in the military or naval service of the United
States, shall be suspended and stayed, upon the application of such person,
or his representative or attorney, provided:
a. The court to which such application is made shall find that such
person is unable to prosecute, answer or defend such cause or proceedings
or to be present at the hearing or trial thereof, by reason of his service as
aforesaid, and that the Interests of justice require such suspension or stay;
and provided, further, that:
b. Such person, or his representative or attorney, shall comply with such
conditions, as to the giving of bond or other security or undertaking, or as
to the making of any deposit, or as to any other matters or things, which
the said court may deem proper to impose as conditions of such suspension
or stay.
civil
And
That any suspension or stay granted
be for such period of time as the com-t
granting the same shall deem proper, but in no event for a period longer
than the duration of the present war and six months thereafter; and upon
the termination of any period so fixed by the court, such suspension or
stay, if not continued or renewed, shall cease, and thereafter the cause or
proceedings so suspended may proceed as if there had been no suspension
or stay therein, but subject, however, to any reasonable conditions which
the court may deem proper to impose in the Interests of justice.
Sec. 3. And be it further enacted. That the court in which any cause or
proceedings may be thus suspended or stayed, shall have the power, in its
discretion, to rescind such suspension or stay at any time that said court
deems that the interests of justice would bo thereby subserved, such
recission to be upon such conditions, to date from the expiration of such
time and to be predicated upon such notice, by service upon each person
Interested, or his attorney or representative, or by publication, as the
coiu't may deem proper; and thereafter such cause or proceeding may
proceed as if there had been no suspension or stay therein, but subject,
however, to any conditions which the court may impose as incident to such
Sec. 2.
be
it
further enacted.
under the terms of this Act
rescission.
Sec. 4. And be
it
may
further enacted.
That no cause or proceedings shall be
this Act, except as to any person
suspended or stayed under the terms of
or persons entitled as aforesaid to the benefits of this Act, unless the court
deems that the same is necessary for the proper protection of the interests
of any such person or persons so entitled to the benefits of this Act.
Sec. 5. And be it further enacted. That this Act shall not apply to proceedings pending or hereafter instituted for:
a. The recovery of rent.
1158
THE CHRONICLE
Tho rocovory of wages or salary.
Moneys Juo in any trust or fiduciary capacity.
Not shall this Act apply to any case in which tho court believes that any
person within the terms of this Act has become enRagod in any of the
ft.
c.
services mentioned in Section 1, because of the pendency or institution of
the cause or proceedings sought to bo suspended or stayed.
Sec. 6. And be it further enacted. That this Act is hereby declared to bo
an emergency law and necessary for tho immediate preservation of tho
public safety, nnd being passed upon a yea and nay vote supported by
three-fifths of all the members elected to each of tho two Houses of tho
General Assembly, tlio same shall take effect from tJie date of its passage.
Approved .Uino 27th, 1917.
Chapter 23 provides "for tho suspension or stay, during
the continuance of the present war, of any judgment, order
or decree, levy, right of entry or foreclosure, lien, power of
sale, forfeiture or default, on application by or on behalf
of persons against whom or against whoso property interests
the same may be executed or enforced, and who are unable,
by reason of military or naval sei'vice, to make payment or
satisfaction thereof; and prescribing the manner, duration,
terms and extent of application of such suspension or stay."
Below we give the fuU text of this chapter:
Sec. 1. Be it enacted by the General Assembly of Maryland, That the execution or enforcement of any judgment, order or decree of any kind, whether
in law or in oquity, and whether in personam or in rem, and of any levy,
right of entry or foreclosure, lien, power of sale, forfeiture or default which
may hereafter be entered or rendered or which may exist or arise during the
continuance of the present war, may be suspended or staid, upon application by or on behalf of any person against whom or against whose legal or
equitable interest in any property, real or personal, the same may be executed or enforced, provided the court to which said application is made
shall find that such person so liable or interested is unable, by reason of
military or naval service, to make whatever payment or satisfaction majbe necessary in order to satisfy, release or discharge such judgment, order
or decree, or other power of right as aforesaid.
Sec. 2. And be it further enacted. That any suspension or stay granted
under the terms of this Act may be for such period of time as the court
granting tho same shall deem proper, but in no event for a period longer
than duration of the present war, and six months thereafter; and shall be
upon such conditions, as to the giving of bond or other security or undertaking, or as to the making of any deposit, or as to any other matters or
things, which the said coiu:t may deem proper to Impose as conditions of
such suspension or stay.
Sec. 3. And be it further enacted. That the court in which any suspension
or stay may be thus granted, shall have the power, in its discretion, to
rescind such suspension or stay at any time that said court deems that the
interests of justice would be thereby subserved, such recission to be upon
such conditions, to date from the expiration of such time and to be predicated upon such notice, by service upon each person interested, or his
attorney or representative, or by publication, as the court may deem proper;
and thereafter such judgment, order or decree, or such power of right as
aforesaid, may be executed or enforced as if the same had not been suspended or staid, but'subject, however, to any conditions which the court
may impose as incident to such rescission.
Sec. 4. And 6c t(/!<r<her enacted. That upon the termination of the period
of any su.spension or stay granted hereunder, such suspension or stay, if not
continued or renewed, shall cease, and thereafter such judgment, order or
decree, or such other power or right as aforesaid, may be executed or enforced as if the same had not been suspended or staid, but subject, however, to any reasonable conditions which the court may deem proper to
Impose
the interests of justice.
Sec. 5. And be it further enacted. That no judgment, order or decree, and
no right or power as aforesaid, shall be suspended or staid under the terms
of this Act, except as to any person or persons entitled as aforesaid to the
benefits of this Act, unless the court deems that the same is necessary for
the proper protection of the interests of any such person or persons so entitled to the benefit»s of this Act.
Sec. 6. And be it further enacted. That this Act shall not apply to any
judgment, order or decree, or to any right or power as aforesaid, for;
a. The recovery of rent.
b. The recovery of wages or salary.
c. Moneys due in any trust or fiduciary capacity.
Sec. 7. And be it further enacted. That this Act is hereby declared to be
an emergency law and necessary for the immediate preservation of the public safety, and being passed upon a yea and nay vote supported by threefifths of all the members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its passage.
Approved June 27 1917.
m
The Iowa law is contained in an Act approved April 24,
1917 "to exempt soldiers and sailors and other persons in
the military and naval service of the United States from payment of bills of exchange and payments in pursuance of other
obUgations and granting to such soldiers and sailors exemption from certain taxes."
The fuU text of this Act follows:
Be
it enacted by the General Assembly of the State of Iowa:
Sec. 1. All soldiers and sailors and other persons in the militar or naval
service of the Government of the United States or who may hereafter
enter such service dm-ing the present war are hereby exempted while in
such service and for a period of six months after the termination of tho
war or of said sei-vice or death from payment of any bill of exchange or of
any negotialile instrument or of any other payment in pursuance of any
contract or from any writ of attachment or execution.
Sec. 2. That any such person in the military or naval service of the
United States who is now or maj- hereafter be party to any litigation; the
trial of said cause shall, upon his request, be continued until the termination of such service or death of said party.
Sec. 3. The homestead of all soldiers, sailors or other persons in the
mUltary or naval service of the United States shall be exempt from taxes
during their term of service in the present war; or other property to the
actual value of ten thousand (.?10,000) dollars in the event of no such
homestead.
Sec. 4. That the statute of limitations shall not run again.st any action
held against anyone affected by this Act during the time the same is stayed
by the terms of this Act.
Sec. 5. This Act being deemed of immediate importance shall take
effect upon and after its publicatirfn in the "Daily Capital" and the "Des
MoLnes Register," newspapers published in the City of Des Moines, Iowa.
Approved April 24 1917.
[Vol. 105.
The Act passed by the Wisconsin 1917 Legislature and
approved June 13 1917, creating Section 4232a of the Statutes "relating to tlie commencement and prosecution of
civil actions against persons in the miUtary service," reads
as follows:
A
new section is added to the Statutes to read: Section 4232a.
Sec. 1.
All persons, residents of this State, now in the military service of the
United States or of this State, and all those who may hereafter enlist, be
appointed, or drafted into the military service of this State or of the United
States, for the purpose of the present war, sliall, during such service, b
exempt from all civil process, and in all civil c.-lscs now ijending agairust an*'
person in such service, the procee<ling shall be continued and stayed unt^
the discharge of such person from such service, but such exemption or stay
shall in no case extend or be extended for more than three years from the
time of a mustering of such person into the service, as hereinbefore mentioned.
2. It shall be the duty of any court or judge thereof, and of any justice
of tho peace, whenever it shall appear that a suit has been commenced
against a person while in the military service, as mentioned in subsection
to dismiss such suit as against such person; and when it shall be made
1
to appear, in any case now pending, that the principal defendant is in the
military service of this State or of the United States, it shall be the duty
of the court or judge thereof, or of a justice of the peace to stay all proceedingt in such suit as against such defendant until he shall be discharged
from such service, but such exemption and stay shall not exceed the three
years mentioned in subsection 1. Whenever it shall be brought to the
attention of any court of record that an attempt is being made to deprive
any person mentioned in subsection 1 of any property rights in violation
of subsection 2, it shall bo the duty of such court or the judge thereof, to
issue whatever order may be necessary to prevent any soldier or sailor
from being thus deprived of property rights.
3. The fact that a person is in such service may be proved or established, first, by the affidavit of such person, or any other person who may
know the fact; or, second, by an affidavit of any person proving that such
party defendant has been mustered into such service; or, third, by a certificate of the Adjutant-General of this State to the effect that the musterroll in his custody shows that such person has been mustered into such
service; or where it is alleged that the defendant is in the regular service
of the United States, a certificate of the Secretary of War, or some other
officer competent to make such certificate, giving the date when such
person was mustered into tho service; provided, that the last mentioned
affidavit and certificate shall be taken and deemed to be prima facie evidence, only, that such person is still in such service.
Upon its being
alleged that such person is in such service, it shall be the duty of the court,
or justice of the peace, to suspend proceedings in the action, to enable
the party so alleging to obtain proof thereof. It shall not be necessary
to plead or answer such fact, but the relief may be obtained, with or without notice, as the judge or court may direct.
4. This section shall not extend or apply to persons who are prosecuted
as executors, administrators or trustees, or for debts created in fiduciary
capacity; nor to proceedings for forcible entry and unlawful detainer; nor
to persons who are made defendants only as subsequent encumbrances to
the principal defendant in actions to foreclose mortgages, or mechanics'
liens; nor to persons who are made defendants only as encumbrances to
the principal defendant, in actions l^rought for the partition of lands or
real estate owned by several persons; and in actions against persons jointly
liable upon a contract, the action shall be allowed to proceed against the
joint debtor or debtors not in the service, and the judgment may be entered, enforced and collected as provided in any other action where the
1.
,
proceedings against a codefendant are dismissed.
5. The time during which any person is exempt from the service of a civil
proce.ss under the provisions of this section, shall not be taken as any part of
the time limited by law for the commencement of any civil action in favor
of or against any such person.
Sec. 2. This Act shall take effect upon passage and publication.
Approved June 13 1917.
In the case of Michigan we learn from the Secretary of
State that "the only Act operative in Michigan relative to
exempting from execution the property of soldiers in the
service of the Government, is Section 53, Act 84 of 1909,
which has not been amended since
its
enactment."
This
reads as follows:
All officers and enlisted men who may be in the actual service of this
State or of the United States, in all cases, except for treason, felony or
breach of the peace, shall be privileged from arrest and imprisonment
during the time of such actual service, and for a period of six months after
such service shall cease, and their separate property shall during the same
period be exempt from all process by way of execution, levy, seizement or
attachment for debts contracted prior to or during such service: Provided, however. That the time during which any such person shall be in
such actual service shall not be computed in the limitation for the bringing
of any action or the proceeding provided by the general laws of this State.
The State of Maine also, we have just been informed,
has a moratorium law in effect which was passed by the 1917
Legislature and provides as follows:
Be
it enacted by the People of the State of Maine, as follmcs:
Sec. 1.
Any action of contract or review now pending, or which may be
commenced against any person, who is or shall be mustered into the service
of the United States, or of this State, diu-ing the present war, shall at the
request of the defendant be continued without cost to either party till his
term of service shall expire; provided that the provisions of this Act shall
not apply to suits and proceedings upon official bonds or actions where the
party mustered into the service of the United States, or of this State, is
liable jointl5' with a partner or person not in such service, nor to any action
where the com-t may be satisfied that great injustice would be done by such
,
continuance.
Sec. 2.
Personal property to the amount of .$1 ,000, other than that held
in partnership as above, and other than whereon attachment had been made
upon mesne process prior to the date of enlistment of the defendant, in addition to that already exempted by law, shall be exempt from attachment or
seiziu-e upon execution from and after the date of such enlistment in the
service aforesaid, and during his term of service, to be designated by the
defendant, or his agent or attorney.
Sec. 3.
In all cases in court, or which may be entered in court., during
such term of service whore a person mustered into the service of the United
States, or of tais State, is plaintiff, the court at his request may continue
such case, as long as the court may think justice would require, and without
costs to either party.
.
,
THE CHRONICLE
Sept. 22 1917.]
During his absence from the State, and while continuiuK in the
Sec. 4.
service of the United States, the operation of any statute of limitations shall
be suspended in all matters in which suits may arise in which a person
mustered into such service may be either plaintiff or defendant.
On page
775 of our issue of
Aug 25 we
published a
and instructive communication, which
appeared in the New York "Sun" of Aug. 23, discussing from
a legal standpoint the power of a State to deqlare a moratriimi, in certain contingencies, on real estate and farm loan
very
interesting
mortgages. Numerous authorities are cited to support the
conclusion that the States are without power to enact laws
of that kind, and even the authority of Congress to declare
a moratorium is called in question.
A committee was appointed by the Farm Mortgage
Bankers' Association in convention at Minneapolis on
Sept. 13, it is stated, to work out a uniform moratorium law
applying to mortgage foreelosm'es to be recommended to
the State Legislatures.
The House Judiciary Committee at Washington on Sept. 21
discussed plans for the inauguration of a moratorium for
,
those engaged in the service. The Committee, it is said,
considering the Administration's plan to provide protection for those who have gone to the front against losses by
judicial proceeding, monetary or otherwise.
is
C.
COMMISSION TO PASS ON
PRIORITY OF PUBLIC SECURITY OFFERINGS.
H. SARIN SUGGESTS
The suggestion that it might be well to consider the
propriety of forming a commission to pass on the priority of
public security offerings, in order that the Government may
have the right of way in financing the war, is made by
Charles H. Sabin, President of the Guaranty Trust Company of New York. Referring to the fact that the counti-y's
business to-day is war, Mr. Sabin takes occasion to state that
municipalities, corporations and individuals should all be guided by this major consideration and should subject every
proposition to the close analysis of war requirements.
It
may even be necessary, says Mr. Sabin, to suggest the formation of a Government board to pass on the priority of public
financial offerings, as is now being done in the field of transportation and production. These observations were made
by Mr. Sabin in the following statement issued on the 15th
inst.:
There is one phase of Government financing to meet the needs of war
which must not be ignored if it is to be attended with the largest possible
measure of success, and that is the desirable elimination of competition
for the Government issues as they are offered.
To meet the pressing
demands of war, the Government should have right of way in its demand
for labor, capital and materials; and everything possible which means
competition with these demands should be eliminated, or at least postijoned.
The country's business to-day is war, and every proposition should be
measured by the standard of its necessities. Only as its successful prosecution is furthered can any venture be justified.
Both public and private
needs which are not absolutely compelled by the exigencies of their situation should be held in abeyance, and no new financing encouraged which
does not meet an absolute and immediate need
Municipalities, corporations and individuals should all be guided by this
major consideration and should subject every proposition to the close analysis of w ar requirements.
It may even be necessary to suggest the formation of a government board
to pass on the priority of public financial offerings, as is now being done in
the fields of transportation and production.
In order to perform our successful part in this war, there must be continuous new financing in transportation and industrial fields to enable these important military aids to render
the service demanded of them
The investment market should be kept open
.
to their requirements as far as possible.
It is increasingly manifest also that new Government financing must be
met out of new savings, and not out of the liquidation of existing securities
or through withdrawal of bank deposits, which would of necessity cripple
the business and industrial world. There can be no such business as "business as usual" under war conditions, and we must adjust our minds to inevitable sacrifices and new savings in order to meet the changed conditions.
Unnecessary expenditure or waste in any form under such conditions is
both unpatriotic and tineconomic and must be eliminated if we are to exercise
our best efforts to shorten tlie war, and its terrible destruction of life and
,
property be thus brought to the speediest possible close.
light one and must be shared by all.
The burden
of
war cannot be a
POOLING AND CO-OPERATION, SO LONG DENIED
BUSINESS, NOW ESPOUSED BY GOVERNMENT,
SAYS F. H. SIS SON.
The declaration that "the United States has come out of
the trenches of neutrality and gone 'oyer the top' in business
and finance, as well as in active war," was made by Francis
H. Sisson, Vice-President of the Guaranty Trust Co., of New
York, in an address delivered at the annual convention of
the lUinois Bankers' Association at Quincy, 111., on Sept. 19.
National co-operation, on a scale such as we have never
before known, was the keynote of Mr. Sisson's speech, which
bore the title " 'Over the Top' in Finance and Business."
He pointed to the ideal of National unity exemplified by the
closer relation existing to-day between the Government and
business, and their great intt^rdependence as the most pro-
1159
gressive step in "our excursion over the top."
In part he
said:
Federal Authorities Seek Co-operation.
many
instances the war has shown us how far afield from sound
economics some of our Governmental policies have led us. For years we
have energetically tried by legislation to prevent co-operation in business.
Restrictive State and Federal laws in bewildering variety have sought to
compel an uneconomic condition which the necessities of war reveal in its
true light and every effort of our authorities is now being made to establish
with law or without it, a sound, economic state of co-operation for which
the leaders in business and finance have for years pleaded in vain.
Only yesterday the word "pooling" was anathema; to-day we are pooling
food and fuel and ore and oil and transportation, and gloi-ying in the
efficiencies and economies effected thereby.
Restrictive laws and regulations are ignored, and under the sanction of Government, private business
is not only permitted but m-ged to lend its efforts toward effective combinations in the public interest.
In
,
Railroad Efficiency.
railroads, under the paternal aegis of the Government, are demonstrating in marked degree the efficiency of combination in transportation.
With only a
increase in equipment, they have shown a 26% increase
in transportation service, simply through being permitted, by agreeing
among themselves, to operate their properties on a national instead of on
a sectional or local basis. Here is a vision of what we may hope for when
the railroads may be permanently freed from the thousands of petty cords
of local interest which have bound this modern Gulliver, and the instruments of interstate commerce be permitted to serve the needs of interstate
commerce under the direction of the federal body which represents us all.
For years our business men of vision have insisted upon the necessity of
developing our merchant marine through ship subsidies and fair regulation, in order that the industrial and commercial interests of this country
should find their proper place in the markets of the world. Only the
exigencies of war could open the eyes of our governing authorities to the
wisdom of this position, but now we find sliip subsidies freely granted and
every effort being made to give the American flag its place upon the high
seas and to open the ocean highways to our great foreign trade.
Our
3%
The United Slates "Corporation."
For the successful prosecution of the war it has been found absolutely
imperative to convert the United States into a gigantic corporation, whose
business is conducted by a board of directors comprising several committees
such as the Cabinet, the Federal Reserve Board, the Export Council, the
War Industries' Board, Food Administration, and Federal Trade Commission.
Greater changes are inevitable not alone in Governmental affairs but in
our business and finances. This is apparent when we realize that since the
outbreak of the European war the United States has gradually assumed
.such dominance in fiscal transactions that to-day it maintains the world's
financial equilibrium.
But we arc merely on the threshold of the great era of expansion lying
before us.
It is essential, therefore, for bankers throughout the country
to appreciate that America is to-day the greatest money market the world
has ever known; that we have liquidated our indebtedness to Europe and
its peoples are heavily in debt to us; that, by the balance of power thus
obtained, we are now controlling the exchanges of the world. But it is
still more necessary for them to perceive how we can perpetuate that
control, and how we can continue to dominate the production, transportation, and finances of the world.
To materialize that brilliant prospect and to be able to take full advantage of it, we must conserve our money to a greater extent than it has ever
must pool our capital, as it were, in the
before been conserved.
interest of the Government and of our own future.
We
F.
ALSO SUGGESTS GOVERNMENT BOARD
FOR PASSING ON PRIORITY OF SECURITY
H. SISSON
OFFERINGS.
In line with the suggestion of President Charles H. Sabin
of the Guaranty Trust Co., Vice-President Francis H.
the same company, in his address before the
Illinois Bankers' Association on Wednesday took occasion
to point out that "it may seem best to establish a commission
His remarks on
to pass on the priority of public offerings."
this point were as follows:
Only such public and private improvements as are absolutely necessary
should be encouraged, and financing should not be undertaken unless
Postponement to more propitious
forced by the exigencies of the situation.
days should bo the rule. It may even seem best to establish a commission
Sisson,
of
to pass on the priority of public financial offerings, just as has been necessary in production and transportation, in order that the Government may
be relieved of all possible competition for labor, materials and money.
"Will it help to end the war?" is the question by which every proposition
should be measured.
Our banking system must be made mobile enough to expand with
quickened commercial interests and bankers must take advantage of its
Our credit resources must be developed fully
facilities in rediscounting.
to meet the greater demands which will be made upon the United States
Our currency system offers possibilities which
for loans to our allies.
must be availed of without fear or prejudice.
It is of paramount importance to have the Government's financing of
the war accomplished with business sense and sound economic reasoning,
in order to prevent serious impairment of our industries.
The regulation of international financial operations will remain in the
hands of Governmental authorities, rather than be left wholly to independent action by bankers on both sides of the ocean. I'rovision for the
regulation and control of the movement of gold to and from the United
States has already been made in the President's proclamation of Aug. 27.
Not only will it be necessary to have international regulation of finances,
but also to some extent, of international merchandising. Otherwise, the
fiercest commercial competition the world has ever known will follow close
upon the greatest war in history. First of all, the world's supplies of foodstuffs, metals, building materials, and other major necessities will have to
be distributed equitably for the reconstruction that will follow the close
of the war.
Mr. Sisson further
When peace comes the
said:
reaction will be marked; a sudden peace might
precipitate a violent depression of war-inflated values of merchandise.
Manufacturers and merchants who have goods on their hands which were
produced under fictitious conditions as regards cost of labor and material,
and for which there may be little demand, even at a loss, majr suffer.
THE CHRONTCLE
IIGO
Trade Acceptances.
general use of trade acceptances will tend to safeguard the
business future by materially developing the credit resources of the country
on a sane and safe basis. They will help to check overbuying, eliminate
losses from l)ad and slow collections, simplify bookkeeping, and rate the
buyer as a preferred customer. All of these advantages, and many more
which trade acceptances pos.scss, obviously will benefit the consumer also.
So the general adojition of trade acceptances is a national economic
The more
necessity.
The industrial expansion required of us by the war must be encouraged,
for it is necessary to the success of our military operations.
Perhaps the greatest economic problem which the U. S. will have to
solve when the war ceases will be that of finding useful work for millions
of men, capital to keep them busy, and markets for their products.
.
The demands
existed in this
war have created more employment than ever before
country. Wages are higher and there is practically no
of
unemployment. In fact, we are facing a shortage of labor similar to that
with which Europe had to contend at the beginning of the war. Yet we
must face the day when millions of men will be released from martial
pursuits when the army is demobilized, and millions more will be out of
work when the factories engaged in the manufacture of munitions and
There must be an equitable
auxiliary products discharge their hordes.
but radical liquidation and redistribution of such labor.
But the world-wide reconstruction which will follow the war will be of
such a colossal scope as not only to preclude the
production but will tax our capacities.
possibility
of
over-
World Leadership,
mean world
leadership for the United States with its
resources of men, materials and money such as no nation from the beginning of time has experienced. It means a horizon for us as broad as the
It imposes upon us, too, the grave responsibility of disciiarging
earth.
must rise to the
our duties to mankind with thoroughness and honor.
great opportunity, created partly by circumstances but largely by our
Upon none of us will more of the burden fall
native ability and initiative.
than upon the business men and the financier.
Through the discipline and lessons of war, we should be able to take a
far step toward a momentous destiny.
This should
We
THE MANIA FOR LEGISLATION.
Ex-United States Senator George Sutherland, of Utah,
American Bar Association,
at the annual meeting of the Association at Saratoga on
Sept. 4, criticised the "passion for making laws" and the
"mania for regulating people." In part, he said:
in his address as President of the
Under our form of government the will of the people is supreme. We
seem to have become intoxicated with the plentitudeof our power, or fearful that it will disappear if we do not constantly use it, and, inasmuch as
our will can be exercised authoritatively only through some form of law,
whenever we become dissatisfied with anything, we enact a statute on the
subject.
If, therefore, I were asked to name the characteristic which more than
any other distinguishes our present day political institutions, I am not sure
that I should not answer, "The passion for making laws." There are 48
small or moderate sized legislative bodies in the United States engaged a
good deal of the time and one very large national Legislature working overtime at this amiable occupation, their combined output being not far from
15,000 statutes each year. The prevailing obession seems to be that statutes, like the crops, enrich the country in proportion to their volume.
Unfortunately for this notion, however, the average legislator does not
always know what he is sowing, and the harvest which frequently results
is made up of strange and unexpected plants whose appearance is as astonishing to the legislator as it is disconcerting to his constituents.
There is, to begin with, an increasing disposition to give authoritative
direction to the course of personal behaviour an effort to mould the conduct of individuals irrespective of their differing views, habits and tastes to
the pattern, which for the time being has received the approval of the
majority.
Under this process we are losing our sense of perspective.
are constantly bringing the petty shortcomings of our neighbors into the
foreground so that the evil becomes over-emphasized, while the noble pro-
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portions of the good are minimized by being relegated to the background.
We have developed a mania for regulating people. We forbid not only
evil practices, but we are beginning to lay the restraining hand of the law
upon practices that are at the most of only doubtful character. We not
infrequently fail to distinguish between crimes and vices, and we are beginning almost to put in the category along with vices and_offensive habits
any behaviour which happens to differ from our own.
The American people have heretofore enjoyed a greater freedom from
vexatious official intermeddling and arbitrary governmental compulsion
than perhaps any other people in the world. Despotism has found no place
among us, because we have been subject to no restraint save the impartial
restraint of the law, which has thus far stood superior to the will of any
official, high or low.
It is not enough, however, that we should continue free from the despotism
of a supreme autocrat.
We must keep ourselves free from the petty
despotism which may come from vesting final discretion to regulate individual conduct in the hands of lesser officials.
The regulation and control of merely self-regarding conduct, and multiplication of administrative boards and similar agencies, and the invasion of
the field of private business, which I have thus far particularized, illustrate
rather than enumerate the various tendencies of modern legislation and
government to depart from those sound and wholesome principles which
hitherto have been supposed to operate in the direction of preserving the
individual against undue restraint and oppression.
The presentation of a naemorial to United States and
State courts requesting a "conscious effort at the shortening
of opinions" was recommended to the Association on the oth
inst., by the committee on reports and digests, which reported
that the average length of judicial opinions has increased 30
in the last twenty years.
The report, 't is said, embodied a
suggestion that the judicial opinions should not "give the
impression of being discoveries by the judges of what they
never knew before, but that they should read as if the judge
knew the existing state of the decisions, and assumed that
every one else did and that it was his business to show the
necessary development from established,principles and their
%
[Vol. 105.
application to the particular case."
The committee asserted
that the increasing volume of reported cases is a burden for
which some
relief
must be found
CAPITALIZATION OF OUR NATIONALITY NECESSARY FOR OUR COMMERCIAL DEVELOPMENT.
"The Influence of the War on Trade, Domestic and
Foreign," was discussed by G. A. O'Reilly, Foreign Trade
Representative of the Irving National Bank, of New York,
at the convention of the National Petroleum Association,
held at Atlantic City on Sept. 13. "After the war," said
Mr. O'Reilly, "American trade, foreign and domestic, must
be prepared to defend itself against aggression not less
strenuously than before and this despite a number of rather
pleasing current theories concerning the probable effect of
the war upon human relationships and upon the attitude of
nations toward one another." Mr. O'Reilly argued that:
Wo should develop and define an aggre.ssivo commercial theory for the
nation as well as for the individual should capitalize our nationality, our
characteristics, our peculiarities even, and then send our people out into
the markets of the world armed with a trade theory and trade methods
which will be properly and unmistakably American, and not weak attempted
adaptations of the theories of other nations, and then, in a truly national
way, stand squarely behind each representative and theory and method in
a manner which will make "America First" mean at least as much as "Made
in Germany" or any other national trade mark known in the commercial
world.
—
He also said in part:
Examining in detail the business equipments upon which the leading
commercial foreign nations England, France, Japan, Germany depend
for the protection of their trade we find, highly developed, and constantly
utilized, an element which we, in the United States, unfortunately and
tmreasonably, have nearly entirely overlooked in our economic plan the
—
—
—
element of nationality.
Here in our own country, nationality as an institution which bears upon
business relations either between ourselves or with the people of other
In our legislative halls in businations, is almost a negligible quantity.
ness conventions in commercial bodies in the press we constantly talk
about co-operation, but the true spirit of the idea described in that word
is sadly lacking in our business practice.
Nor in our Government do we appear yet to have succeeded in working
out a practical scheme of relationship between the individual and the State
One
in which the fact of nationality is taken with proper seriousness.
administration after another has attacked the problem and the best of
intentions have been scattered over a period of many years and still the
American business man finds his relation to government a trying and, it
often seems to him, an unreasonable one.
It is just possible too that in our foreign commercial relations we are
In spite of what we refer
suffering from a slight case of national tinaidity.
to as our "aggressiveness," we approach oui" competitor with a quality of
He is sure of
uncertainty which confers upon him a distinct advantage.
himself and his situation. We are not in the least sure of ourselves or
ours.
He knows that over yonder in England or Germany or France, a
nation and a national commercial policy are back of him and his efforts.
We know that in the foreign field our interests must look after themselves,
certainly without aid and probably without even sjTnpathy from our
—
—
—
—
national situation.
We are as inconsistent in our attitude toward the foreigner as toward
ourselves.
If, as our critics say, we are to emulate the worthy example of
oiu" British or German competitor, we should consider not only his psychology toward others, but toward himself as well. If we do this we will
find that the strongest point in his equipment consists in an abiding faith
Armed principally with this
in himself and his institutions and methods.
he enters the foreign field. He concedes sufficiently to the particular local
point of view concerned, although not more than we, but his chief effort
apparently is directed toward inducing the other person to concede sufHe may or may not believe that his parficiently to his point of view.
ticular method or characteristic is the best thing of its Idnd in existence,
but he never fails to impress upon the other person the necessity of taking
that method or characteristic seriously.
The force of a trade campaign thus based is very great and in time is sure
to result in the development of Institutions which all people must respect
and many
will adopt.
of our manufacturers, the skill of oiu- salesmen, the power of
our national wealth, all will be more or less effectively neutralized by the
intelligently conceived and directed competition of nations which have
learned the great lesson of nationality so mucli better than we.
The motives of our war friends of to-day mast not be discounted, they
are as our own, but the principal reason for this will cease to exist the day
the war ends and the world process of national rehabilitation begins. Then
the old struggle between nations for peaceful mastery of the world will be
taken up anew and in it we shall meet no less determined and resoiu-ceful
opponents on land and sea than those against whom we now throw the
entire power of our nation.
This, then, is the theory I would submit concerning the war's bearing
upon the futm-e of om" trade: First of all, wo must be prepared to depend
upon ourselves exclusively. After the war, our best friends among the
nations, whatever their disposition toward us, will be kept quite busy
attending to troubles of their own.
Next we must nationalize our foreign commercial theories and in order
to do this effectively we must educate om- people at home to a full realization of the meaning and value of nationality as applied to commercial
methods. Then, we should capitalize our American characteristics,
just as we would capitalize any other available asset and, after that, drive
into the consciousness of the foreigner the fact that we and om* methods,
including om- perhaps amusing characteristics are to be taken seriously
and that if he is to proceed safely, ho must include in his business theories
a healthy respect for American spheres of influence; Ajiioi-ican tone, and
The genius
—
above
G
all,
American nationality.
WHAT BUSINESS CAN DO TO
HELP WIN THE WAR.
M. REYNOLDS ON
While the soldier who goes to the trenches and
life is
entitled to the glory because his hfe
George
M.
is
risks his
jeopardized,
Reynolds, President of the Continental & ComBank of Chicago, in making this statement,
mercial National
THE CHRONICLE
Sept. 22 1917.]
adds that "after all the war will be won quite as much from
behind the trenches, here at home, where the thoroughness
of business organization will insure a never-ending stream
Mr. Reynolds's remarks were
of munitions and supplies."
before this week's war convention of the United States
made
Chamber of Commerce at Atlantic City, under the title
"What Can Business Do to Help Win the War." "Bankers
and other business men," said Mr. Reynolds, "face prodigious problems that may multiply as the war proceeds.
That they will cope with these problems and solve them
with the Government's aid is not to be doubted by any who
know their patriotism, courage and resourcefulness. All
they ask," he says, "is co-operation of Federal and State
authorities that wiU allow such a degree of latitude as will
avoid crippling industry." Mr. Reynolds made a special
plea for the removal of the existing uncertainty as to the
policy of the Government toward business, which uncertainty, he averred, would lead to depression, if not removed.
He pointed to the way the railroads are pooling and coordinating their efforts as an illustration of what is being
accomplished by business in co-operating with the Government, and also to the work of the bankers and bond houses
Referring to the
in furthering the Liberty Loan project.
plans of Congress with regard to the income and excess
profit taxes, Mr. Reynolds said, "Admitting that there is
reasonable ground for a big tax which will absorb some of
the excess profits and prevent over-expansion, at the same
time we are experimenting, and if we overstep and take the
heart out of business we shall defeat the end in view. There
Let Congress proceed cautiously
is grave danger here.
with any additional plans of taxation during this trying
period and make haste to amend any measures that may
threaten stagnation."
quote in large part from his
address below:
A full measure of permanent co-operation between the Government and'
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business deserves an especial plea, for if there is lack of a sane working
basis, prejudice, suspicion and discriminating legislation and regulations
upon the part of the one will result in uneasiness and unsteadiness of purpose upon the part of the other. There was never any other time in our
history when the Government so urgently needed the help that it will
receive from an undiminished effort to reach maximum production in all
industries, for every pound of material that can be turned out by all the
mines, mills and factories can be used and then I fear there will not be
enough to fill all needs. Even now there are unmistakable signs of hesitancy.
Business men are afraid to place orders because they do not know
with sufficient certainty what the policy of the Government upon many
subjects vital to the safe conduct of business will be, or when those policies
will
he announced.
Stability and fairness in laws and regulations, and fewer legislative
changes, will enable business to get its bearings and put its entire strength
back of the President. The best element in Congress and the various
legislatures, the element that really stands for progress and the accomplishment of those things that are worth while, can perform no better service
than to prevent the enactment of laws and the enforcement of regulations
that are too harsh and restrictive.
Uncertainty, the mother of fear, breeds timidity, halts business, and if
not removed, results in depression. There is positively no occasion for
worry if the policies to be adopted and carried out are wise and definite
and made known without too much delay. There is abundant cause for
worry, however, if this should not prove true.
might as well face the
proposition squarely and Unflinchingly. The nation (and business is part
of the nation) that deceives itself, lulls itself into a false belief that it can
withstand the shock of dire threats of all manner of regulations and of
conscription of property and income, submit to delay as to when or where
such threats will stop and how many of them will be carried out: the nation,
I say, that misjudges the effect of that sort of talk and assumes that all
will be serene, is lost in any great undertaking.
Therefore, with all the
earnestness of loj'al citizens let us importune Congress and the Administration to settle these matters of doubt speedily, and with the facts clearly
in mind, and co-operate with business by giving it that encouragement
that will enable it to go ahead with determination and confidence.
Whenever prejudice is injected into the settlement of any question, then
trouble begins. In the past too much prejudice has been engendered
against big business.
For the sake of harmony and efficiency no more
attacks should be aimed at business merely on account of its size. Heretofore there has also been much restrictive legislation against business on
account of the magnitude of some of its units.
are more enlightened
upon this point now and there is more of a disposition to encourage the
great manufacturing and mercantile enterprises as a patriotic duty.
This is no time for partisan politics. Party differences should be confined to fundamental principles and should not be permitted to descend
to the petty quari-els of obstructionists.
I'resident Wilson is broadgauged, and is co-operating with business in such a way as to inspire the
greatest effort upon the part of business men.
This co-operation is rapidly
overcoming the baneful influence of past persecution. It is demonstrating
how very much better business might have prepared to do its part if it
had been less subject to attack in recent years.
are facing forward, and should now and forever wipe out all these
damaging notions about business needing a particularly strong brand of
legislation and regulation simply because it is big.
The size of the astablishment alone should not subject it to condenmation. What would we
do to-day without the tremendous aggregations of capital engaged in
transportation, mining, steel making and lumbering?
should be at
the mercy of the enemy, for, stripped of these concerns of great size, it
would be utterly impo.ssible to get deliveries of copper, iron, steel and
lumber in sufficient quantities.
must have big business and the bigger
the better in this war crisis.
In all
talks with business men I have found no intimation of a disposition to hold back, nor have I heard one word of criticism by any business man regarding the amount of money being spent by our Government
in this war.
The reverse is true. Unreservedly and patriotically they are
supporting President Wilson, upholding his hands, in his efforts to realize
his Ideals of the way the war should be conducted.
There is no line, so
We
We
We
Wo
We
my
1161
am
aware, in which the leaders have not unitedly canvassed the
what manner they miglit co-operate with the President, and
they have assured him of their eagerness to do so. They have given the
Government preference as to the output of their factories. Of course
there have been some selfish individuals who have gone on a spree of
profiteering, but the historian of this trying period will give prominence to
the almost universal desire to place the needs of the country above everything else.
Business men have worked unselfishly to forward the common
cause in previous wars, but not in the organized and systematic manner
that obtains now.
The way the railroads. are pooling and co-ordinating their efforts affords
a striking illustration of what is being accomplished.
The common carriers were not permitted to earn the money with which
to enlarge and keep pace with the progress of the country.
Their credit
became impaired and they could not borrow on favorable terms. To a
certain extent investors lost confidence in their securities. They appealed
for relief from this unbalanced situation but for years met determined
opposition.
Necessary measures were not adopted and to-day we are
handicapped and all kinds of supplies for which the call is urgent are unavailable.
They simply cannot be moved to destination promptly.
Notwithstanding the long period in wliich proper rate increases were
denied, we find the presidents of the various railroad companies doing their
utmost to utilize all their facilities to help win the war. They are actuated
by patriotism and an earnest desire to serve the nation.
Attention is drawn at length to the widespread harm done by this mistaken policy with a view to pointing as forcibly as may be to the imperative
need of earnest co-operation between all the different branches of business,
productive and distributive. Had there been a larger measure of cooperation between shippers and railroad officials and the rate-making
bodies during the past several years, our troubles woiild be less serious
to-day.
far as
I
field to see in
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*
*
*
In our entire history we have not had to deal with so vital a problem as
the one presented by this war, and decisive victory for the United States
and its Allies is the essential point upon which all our energies must be
concentrated. It is so vital as to overbalance the ambitions of individuals
and groups. It is, therefore, the solemn duty of every business man, no
matter in v/hat he may be engaged, to emulate the example of the hundreds
of thousands who have already subordinated their own business, their own
Interests, to the one groat task.
Our attitude, and our every act, in connection with this all important question should be so unselfish as to inspire
others and kindle within them that spirit of loyalty to the flag and that
love of country that will prompt them to use every pound, yes, every
ounce of their strength in vigorously supporting the Government.
STABILIZATION OF EXCHANGE DURING THE WAR.
At the War Convention of American Business at Atlantic
City on Sept. 20, Fred. I. Kent, one of the Vice-Presidents
Bankers Trust Co. of this city, delivered an address
on the above subject. He treated the matter in a broad and
comprehensive way, entirely free from the technicalities that
might seem natural in the case of such a specialist and
expert in foreign exchange, as is Mr. Kent. The causes of
the dislocation of the exchanges at the outbreak of the War,
we should be inclined to express in a somewhat different way
from that adopted by Mr. Kent, but the address is well
worth study as the expression of opinion by one who is in
daily touch with the situation and conversant with the inner
workings of the exchanges. The address follows:
The phenomena of deranged exchange is as old as barter, but its expresof the
In the early periods
sion in mathematical terms is comparatively recent.
of history, when tribes and small nations bartered with each other, their
ability to continue their trade depended upon their being able to obtain
or produce more of certain commodities than they needed, that were of a
kind that were required by those who had a surplus, or who were willing
This
to spare other commodities that were desired by the first tribe.
being true, and rapid production being unknown, trading was periodical
rather than constant, and consequently there were times when there were
no exchanges. As civilization advanced the constancy of trade became
greater and greater, and its interruptions were due almost entirely to wars.
During the rise of the Roman Empire, the wealth of the East was carried
to Italy during war periods, and the precious metals so received were traded
back to the East in exchange for its manufactures in times of peace. The
people in Rome were primarily an agricultural race, whereas the East preferred the precious metals in exchange for its goods, and therefore the
husbandry of the Romans did not furnish them with commodities which
could be bartered for the luxurious productions of the East, which later
became so desirable to the Romans. The capital of the Empire was
moved from Rome to Constantinople, largely because the wealth of the
world at that period centred there, and Italy did not produce enough at
In after
the time that was dfesired in the East to maintain the exchanges.
centuries the war expeditions of the Venetians looted Constantinople and
the East of its valuable products, and again in times of peace the Venetians
traded with the Eastern peoples while their trading wealth remained.
When nations have been nearly equal in war strength, trade has developed
and all nations have endeavored to find commodities that they could spare
that could be used to obtain things from other nations that they desired,
and while during the early periods of history many wars were the result of
deranged exchanges, yet in more recent periods disorganization of the exchanges has followed war instead of preceding it, although inequalities in
commercial power have almost invariably been at the bottom of war causes.
While it was possible for individuals to leave their native country and
settle in new found lands, great movements in the exchanges were brought
about through the uncovering of untapped reservoirs of wealth. For
instance, the gold of the Incas and Aztecs first gave Spain a great trading
power, and then when England was practically at war with Spain, Great
Britain through capture reaped a part of the benefit tiirough the diversion
to it of the wealth being carried over the Spanish Main.
The discovery of the route around the Cape of Good Hope, which later
resulted in the control of India by England, released after the battle of
Plassey the huge hoards of the Hindus, and made them available for the use
of humanity.
The creation of the bill of exchange, and of the circulating note based on
the precious metals, were the two great instruments that made possible
the stabilization of the world's exchanges and helped the people of all
nations to market their commodities. The bill of exchange was so developed in connection with English trade through the London discount market,
and in conjunction with the British merchant marine, that it became possible
to buy goods in any world's market with a prime Sterling bill of exchange.
THE CHRONICLE
iir/^
London, thoroforo, bwamo tho financial cIcarinK hous<^ for all tho nations.
This position wan nfaintalncd by keeping in London a fri'o market for
Kold, which was larpcly made possil)l<! through tho wise handllni; of tho
As a result the fluctuations of Sterling
important money markets were practically covered by tho
difference between the English export and import points.
While tho bank rates of the Hank of France and the Imperial Dank of
Gormnny have been operated along similar lines to tho.se of the Hank of
England, yet neither Paris nor Herlln have been the free gold markets that
has 1)eon true with London and as a result the French and (ierman exchanges
have had much wider fluctuations in time of crises, which has again tended
Dank
of Kiigland discount rate.
exchange
in all
,
demand
for the Sterling 1)111.
of p;nglish trade and the demand for the Sterling V)ill were
each helped by the other, and so Great Hritlan became the dominant comTliis was to the great benefit of all p(!oples,
mercial and financial nation.
liecause It enabled them to sell safely to each other against London payment
and l)uy with the proceeds of their .sales.
to increase the
Tho growth
It takes no extended economic mental development to see the value to
the seller of receiving payment in scmething of stable value, and this is
primarily the reason why the .stabilization of tho exchanges is of such vital
importance to trade. Wo need not go far for examples of the effect of
violent fluctuations of exchange upon trade.
At the opening of the present
war in August 1914, the commt rcial intercouse between the various nations
had developed to a point of sucii constancy and such close inter-rclation.ship
that the declaration of war between some of tho principal commj^rcial
countries of the world threw the whole financial machinery out of gear.
The
effect upon the Pound Sterling was most interesting, and showed conclusively the premier position it had taken in financial development.
The
foreign trade of many countries was iininediately curtailed, and in (Central
and South America, where government revenues are largely obtained from
export or import taxes, several countries were nearly forced into national
l)ankruptcy, and tho derangement of the exchanges was the inmiediate
cause of the stoppage of trade. The trade of this country was as seriously
affected as that of any of the other nations, but we were of course lietter
Even thougli the slightest analysis showed at once
al)lo to stand the loss.
that Great Britain must of necessity, as the war developed, hiiport from tho
United .States vast quantities of cotton, wheat, munitions of war and other
commodities, and that the ability of its people to continue to export to us
was going to be greatly curtailed, and that tlie exchanges therefore between
the United States and Great Britain must of necessity work against the
latter country, yet the Pound Sterling went up to five and six dollars, and
more, a Pound against a mint bar of $4.86 2-3. This was partly due to the
accumulation during the fall of 1914 of maturing obligations that represented money borrowed in England by American interests.
Rather than
default, tho people in this coimtry were glad to pay any rate necessary in
order to meet their paper.
It seems as though shipments of wheat and cotton would have been
hurried forward for the purpose of making Sterling exchange, but the panic
was so great to provide cover for approaching maturities that only gold
was tliought
of.
Financial houses in Great Britain had loaned German institutions vast
gums, and financial London knew that no German money to pay such
obligations would be forthcoming until after the war.
It was also known
that of such loans the great English acceptance houses had matiu-ing bills
for huge amounts for acceptances given for German accoimt.
Such acceptance houses wore the same institutions upon which American exporters drew
when shipping their goods. On the part of the Briti.sh, the condition of the
acceptance houses, whose tills were in every London Joint Stock Bank, -v^ere
such that they feared to extend America's matiu-ing obligations until they
could bo met with shipments of wheat and cotton and other commodities.
In America this condition of tho acceptance houses prevented American
banks doing a foreign excliange business from buying exporters' Sterling
bills of exchange, as the ability of the English houses to meet their obligations could not be determined.
Tho result of these two points of view, both of which were thoroughly
justified at tho time, forced Sterling exchange to a premium, because England temporarily feared to extend maturing American credits, and America
temporarily feared to buy Sterling bills of exchange, which stopped American exports to Great Britain and made necessary the gathering of gold in
Ottawa for American account as a protection to all concerned.
The integrity of the London financial market was one of the great reasons
why English trade and the English Sterling bill were leaders in the commercial world. British financiers realized this fully, and it was determined
that the integrity of the British bill of exchange must be upheld at all costs.
A series of moratoria laws was then passed by Parliament. These laws were
not aimed to postpone tho debts which the English owed to tho rest of tho
world, as was true with the moratoria laws of other countries, but instead
were aimed to enable all English houses to meet their debts by placing the
Bank of England and the British Govcnunent back of them. It took
several weeks, but actually a wonderfully short time, to work out tho proposition in such manner as to re-establish the integrity of the Sterling bill.
The first law extended the time of payment of maturing obligations. The
second enabled acceptors to borrow of the Bank of England in order to pay
maturing accoptanct^s, the detail being so handled as to release endorsers,
which meant that the British people through its Government assumed
all obligatons that then existed on the part of buyofs of Sterling bills of
exchange in all parts of tho world, even though such bills were created
partly in order to further tho trade of the foreign countries.
In the United
States it meant that banks in the foreign exchange business, which had
purchased 60 to 90 day sight bills, for instance, against shipments of cotton
to England, were entirely released from the liabilities that had acciunulated
through their endorsement of the bills previous to the war.
The last of the laws went one step fm-ther, and arranged for the payment
of all post moratorium bills, meaning that the British Government, through
the Bank of England, intended to see that any proper English bills of exchange purchased by foreign banks would meet with prompt payment. The
result was the immediate resumption of exports from America to Great Britain, the starting up again of trade throughout the world, and the return
of Sterling exchange to a normal figiu-e for the time.
Could any nation
have acted with a higher degree of integi-ity and intelligence during times
of war or peace ?
Partly as a result of this series of laws in connection with the financial
history of the British people, such confidence in British Government securities was established that when our exports to Groat Britain so far exceeded
om- imports from her, duo to war conditions, that the difference could not
bo wholly settled in gold, loans which seemed huge at the time were placed
in this country to enable her to carry forward payment until such time as
it was hoped that peace would obtain, and that British commerce would
again flourish.
Such loans helped to stabilize Sterling e.xchange, as it
meant payment for a portion of the imports of the British Govermnent in
dollars instead of Sterling.
Loans were also naade to other allied nations,
and some of the great institutions of France, whose standing is of the
highest, have borrowed on acceptance credits many millions of dollars
that have given such institutions dollars which could bo spent for exports
from this country without affecting the exchange until final maturity.
[Vol. 105.
As between this country and Great Britain, this left upon the exchange
m.arket Sterling represented by the imitortation of British interests, outside
of the British Government, and Sterling requirements on the part of our
importers from Great Britain.
Had these been the only operations in
Sterling in our market, and if they had exactly offset each other. Sterling
exchange could have remained near par of $4 86 2-3. World operations
having been carried on in Sterling exchange, however, dealings between
Great Britain and other nations and this country, and other combinations
of nations, resulted in Sterling exchange being sold in the New York
market which did nc)t represent exports from the United States to Great
Britain, nor otiier din^ct transactions between the two nations.
Because
of these conditions Sterling began to fall in Kew York, and went nearly
Such a rate enabled bankers in this country to purchase
to 84 r>0 a pound.
gold in London and import it at a profit.
This being true. Great Britain
was eitlier obliged to close its gold market or control it through the protecStabilization of the exchange was recognized as
tion of the exchange.
being the safer and better method, and the one which would facilitate
trade between the two countries instead of killing it.
Great Britain was loaning tho Allies huge sums, a large proportion
of which were being spent in this country.
Such loans at the moment
amount to about S<>, 000, 000, 000. France and Russia were two of the
principal countries for whom Great Britain was in effect establishing
The financial representatives of thc«c three nations, theredollar credits.
fore, felt it to tho interest of each to maintain Sterling exchange in the
United States, and a gold pool was formed, to which each contributed. This
gold, amounting to nearly $\ .000,000,000, was shipped to the United States
during the course of a year or so, in order to purchase Sterling exchange in
New York. Tho rate determined ujjon, .$4.76 7-10 for cables, was high
enough so that it was not profitable for Amtsrican banks to buy gold in
London, pay war insurance, freight and other costs, and import it to this
country. As a result, the delivery of gold to the United States was left
entirely in the hands of the British Government, so that it was enabled to
turn it into our market in such manner as to cause the least disturbance to
the London market, to our moncj" market and the Sterling exchange
market.
In order to reduce the necessity of such shipments to a minimum, the
British CJovernment took every precaution to prevent the import from the
United States and tho rest of the world of commodities not necessary to the
British people in the carrying on of the war.
This was done tlu-ough
embargoes and in the establishment of a so-called "black list," which latter,
while primarily for the purpose of prot( ctiug English financial institutions,
was nevertheless auned, in so far as possible, to prevent the misuse of British
credit and the accumulation of Sterling in New York and other markets
for German or Austrian account.
Some who have contended that the Sterling exchange rate should not be
maintained, on tho theory that if it dropped it would automatically stop
exports from this country to Great Britain, have not apparently been fully
aware of the extent to which the British embargo on imports is operative.
As a matter of fact, such embargo is aimed not alone to prevent the import
of things entirely unnecessary, but also to limit the quantity of other goods
imported to the amounts actually required.
The building up of the "black list has apparently never been understood
in this country, and as it had an important effect on the exchange question,
it should be briefly considered.
Under the British law, which corresponds
with our Trading with the Enemy Act. it is unlawful for any British individual, firm or corporation, to trade either directly or indirectly with belligerent aliens.
Germany has a similar law. The British Government foimd
that many institutions throughout tho world were consummating transactions for belligerent account, if we may so call it, through British financial
institutions.
This was partly due to lack of realization on the part of many
concerns in neutral countries of the fact that they were causing their British
correspondents to break the English law, and that in doing so they were
subjecting such correspondents to legal penalties that might mean dissolution of their business and prison sentences or worse
British banks which
were called upon to honor drafts against Commercial Letters of Credit
issued by New York banks, for Instance, whose beneficiaries in this country or South America, or elsewhere, were German, were breaking their law.
without regard to whether the American bank issuing the Letter of Credit
was knowingly or unwittingly causing them to do so. The British Government, unless it let the law become a fioad letter, was obliged to warn the
English public of the firms and individuals in n.-utral countries that were
using British institutions without consideration of British laws, or else it
would be obliged to force into liquidation its greatest banks and financial
institutions to the utter ruin of EnglLsh crccUt.
It naturally chose the former
method, quite properly, and with entire justice, for no one has a right to
cause a correspondent in a foreign country to undertake transactions that
are against the law of tliat country.
Tho British "black list" was, therefore, not built up. for Instance, in connection with institutions listed in the United States, to prevent Americans
from dealing direct with blacklisted firms cr individuals in any way that
they might choose, nor to prevent tho people in South America, or elsewhere
in the world outside of the British Empire, from dealing with blacklisted
Americans, but as a warning to British institutions that if they dealt with
such houses or individuals as were mentioned on the "black list," they
did so at their peril, because such houses or indi\-idual« had actually been
found to have consimimated transactions through English institutions for
account of belligerents to Great Britain. As many such transactions
actually meant tho use of English funds for belligerent accoimt, the difficulties of upholding Sterling exchange were increased by such total, without
regard to what other benefits might accrue to the beiligerent nations.
In stabilizing Sterling exchange we are helping uphold the exchanges on
France, Italy and other countries, because of tho relations between those
countries and Great Britain.
Should Sterling be allowed to break, therefore. Francs, Lire, etc., would naturally fall off proportionately from their
present rates.
Together with the operations necessary to stabilize the
exchanges, this country must devise means of preventing their misuse by
neutrals for accoimt of belligerents.
It is conceivable that if might be
advisable to go so far as to have an agreement between say Great Britain,
France, Italy, Russia and the United States not to deal during the war
with any neutral financial or other institutions or individuals which use
the facilities offered by the peoples of these nations to consitmmate transactions for belligerent account.
This w-ou!d not mean a curtailing, nor an
attempt to prevent direct operations between the neutrals and belligerent
coimtries, or between neutrals and other neutrals for belligerent account,
but would merely demand, with our Trading with the Enemy Act a law,
that all dealings between the neutrals and the countries mentioned must be
in accordance with the laws of the coiuitries in the agreement.
The attention of American bankers is particularly called to this phase of enemy commercial activity.
It is not conceivable that any really American banking
or other institution can during the war be prevailed upon, regardless of anjagreement, to operate or trade with any instituiton in a neutral country
which has been found, or is found, to be causing it or others in the United
States, or the countries of our allies, to break their laws for the benefitfof
the enemy.
Should business relations with such neutrals be continued, it
willlunauestionably result in American credits being used for belligerent
'
,
.
.
THE CHRONICLE
Sept. 22 1917.]
account, and in the difficulties whicli surround the stabilizing of the foreign
•xchanges being greater than would otherwise be true, with a resultant
increased friction to our foreign trade.
The operation of our export embargoes, and the question of possible
embargoes on imports in the future, will vitally affect the stability of the
exchanges. With the world free from war and the settlement of trade
carried out on clearing principles, the difference between our total exports
and imports each year need only bo considered as a whole in providing payment. "We might, for instance, import from Japan twice as much as Japan
imports from us, and, ignoring other items that make up trade balances
for the moment, not be obliged to ship gold to make up the difference, because we could pay Japan with the indebtedness to us of other nations.
Before the war such payment would probably have been made in Sterling
exchange, but with the world derangement of exchanges that has taken
place because of the vast differences in the exports and imports of various
countries, together with the breaking of international financial ties, we
might be obliged to operate as if only Japan and the United States existed.
We have recently been shipping a largo amount of gold to Japan which
has probably been desired by that country in order to pay for purchases
of cotton in India that were formerly settled in Sterling, which is not in
demand today either in India or Japan.
In looking over the foreign trade of this country with Japan, we find that
•ur imports of silk in 1916 were .$112,000,000 against $63,000,000 in 1915,
This was due largely to the increase in price of raw silk, but nevertheless
If the United
it greatly increased the balance of trade in favor of Japan.
States should put an embargo upon the import of silk, allowing only such
amounts to come into this country as were required for the manufacture
of articles of necessity other things being equal we might be able to prevent
But other things are not equal, and the
further gold shipments to Japan.
actual curtailing of such imports would not necessarily prevent Japan from
accumulating credits in this country that represent indebtedness to her from
other countries where payment was made in dollars or something that could
be turned into dollars.
If we wish to conaerve oiu' gold supply, therefore, in, addition to the
embargo on gold, which has wisely been established for the pm'pose of preventing our gold from being used for the benefit of Germany, two things
must be done the people of this nation must cut down the import of things
that are purely luxuries from those countries having credit trade balances
with the United States, and we must closely confine the accumulation of
dollar credits in the hands of foreign interests to those made from our imThese restrictions can only be made effective through governmental
ports.
Should these two regulations be positively carried out during the
control.
period of the war. it will greatly aid us in holding our gold, which we require
as a basis for the credit that vfe are extending to our tillies and to our own
industries through our Government and thi'ough our banks.
It is conceivable that it might be helpful to the general situation as
between our allies and ourselves to continue to import from them diu-ing the
period of the war many things that can be made use of by our people, but
that cannot be classed as necessaries, for by so doing it will help keep the
exchanges from the serious derangement that might have a terrifying effect
•n commerce and a resultant influence against our success in war. Great
Britain has recognized the value of this operation in allowing French wines
to be imported into England.
Qn the other side comos the question of export embargoes, which must be
so used that they will conserve the commodities that are required by oiu
allies and ourselves for the prosecution of the war, and still allow sufficient
freedom of trade to uphold the exchanges. It is, therefore, essential that
some power, with discriminating ability as to relative values of commodities for war and exchange purposes, be in position to say how far demand
If Sweden and Norshall be exercised and how far supply may be traded.
way can give us in exchange for om- wheat commodities that will be of as
great benefit to us as the wheat which we release, it is of value for us to
trade, but as it is the whole people who must be protected, because of the
restrictions on the world's markets, and not the trading individuals, as in
times of peace and commercial freedom, it is necessary for the period of the
war that government demand that from neutrals we obtain necessities for
war in exchange for war necessities which we can spare, and tiiat other
articles desired by foreign peoples bo allowed such movement as the exchanges require and shipping makes possible. At present, Norway,
Sweden and Spain only receive gold as a commodity, because their requirements of other things are greater than of gold. In Spain about 98,% of the
currency is gold covered, but the requirements of the people for other things
If this aountry would supply such things, the value of the
are very great.
peseta would immediately readjust itself, but with the lack of sufficient
Should
ships and the requirements of oiu- allies, this is quite impossible.
we be in position, however, to make such shipments, we would to a certain
extent be paying f or th« sugar which we purchase from Cuba with shipments
which are made to Spain, as Cuba is one of Spain's good customers and
would gladly buy pesotas from us for the purpose of settling her indebtedness from the proceeds of the sugar which sht sells us.
Great Britain found that certain things were demanded by Sweden and
Norway in exchange for British requirements, or they would not trade, and
strange as it may seem, even shell steel was shipped by Great Britain to
Sweden, because it had a greater need for the things received in exchange
than for the steel e.vported.
As between country and country, whether neutral or allied, all trade
is becoming of such vital national importance that government has been
•bliged to step in and take control.
There is no question, however, but
that this should be done to the least extent necessary, for the comforts of
living depend upon the international exchange of goods, and the goodwill
established by firms and individuals should not be wantonly destroyed.
The business man should exert his every power and influence to help
government in deciding how far it should go in these matters, and in cooperating with it in carrying on trade.
It can be done without serious
injury to profit provided the demagogue and traitor is not taken into
conference.
The business man's responsibility is not understood by
He is criticized
the locse talker who has never been a business man.
for endeavoring to make a profit by those who know nothing of the meaning of profit and by those who are trying to aid our enemies by hamstringing our industries. The busin&ss man must so carry on his business
that it will profit both stockholders and laborers. By so doing he becomes a most useful citizen, and in times of peace helps make possible to
the multitudes hours of ease, convenience of living, opportunity for the
development of the arts and sciences, and government for the people. Every
successful business man continually strives through Increased efficiency,
invention and discovery to enlarge his profits, and as he succeeds, do his
stockholders and employees benefit, and as their benefits are distributed,
others in different lines of trade prosper.
Unusually large profits, which
at times develop in certain industries, attract competition and bring into
the world for man's uso new commodities, greater supplies of needed old
ones, new inventions and methods, and carry the world forward in leaps and
bounds. Large profits are almost more necessary in war than in pt^ace, for
successful war requires the greatest industrialjenergy of which man is capable
with the largest pos.siblo taxable income for the use of government, and
patriotism and profit can work together hand in hand for the good of all
,
,
—
.
,
1163
more effectively than patriotism handicapped by discouragement and fear of
banlvruptcy
The development of international trade Is nothing more than the widening of the trade between individuals in the same locality and those in different localities in the same country to those in different countries and all
countries.
The man of little mind, hoping to steal the profit of successful men,
aims to stir up envy and jealousy among his fellows for his own advancement. He neutraliz&s the contentment snd happiness that should come
from better living conditions and greater prosperity with envy and hatred,
which no amount of prosperity can cm'e or lead to happiness while it exists.
Our enemies, realizing the existence of such minds and knowing the ease
with which the human passions can bo aroused, are buying the men in this
country who would steal the contentment of others for then' own uses in
an endeavor to break down and weaken our industrial organizations. They
are also playing upon the passions, hoping to separate us from our allies,
and so weaken our combined power.
In this country we have not yet learned that we have the right to demand
truth from those who claim the right to so-called freedom of speech, and
until we do, we are going to suffer from the dishonest and their ignorant
followers.
The duty of the business man in these trying times is clearly
defined, and carries with it the greatest responsibility.
Upon his success
in making profit will depend the ability of our Government to maintain itself
and our allies, to uphold the exchanges and furtlier our foreign trade.
Upon his ability to assert his rights before the public will depend his ability
to make profit.
He must co-operate with government for the good of all
the people.
He cannot confine his patriotic action to the mere giving
of time and money to his government. V)ut he nmst then give more time
and money to protecting the rights of his stockholders, to demanding truth
from those who attempt to guide the public and to living up to his part as
Such action
a constructive citizen of one of the great nations of the world.
on the part of our business men will so clean our industries and our politics
from waste that our internal development will reach out toward all the other
nations, and our trade will so flourish that we will hold a dominant position
in international exchange.
By this is not meant that we would be wealthy
and have the other nations poor, but that we would hope for the greatest
prosperity to each, even as we would strive for international leadership in
trade.
If we allow our institutions to be destroyed from within, what avails
it if we win a foreign war and succeed in obtaining for our people protection
in foreign countries, which they cannot find at home? Men of bu.?iness, live
up to your responsibilities and government will meet you half way.
There has been no attempt to argue in detail the methods necessary to
give the greatest stability to the exchange markets during the balance of
the war.
The proposition is one that is so vital to governments that it must
be handled through Departments of State and Departments of Treasury
Some cf the reasons for this have been hinted at, not with the purpose of
determining or suggesting a policy, but to call to the attention of those
interested how far reaching and vital can be the effects from ignoring the
value of the stability of exchange, and how impossible to regulate it without
concentration of all the forces concerned, which can only be done by government. To my certain knowledge, the Treasury Department of the United
States realizes fully this whole situation.
Its action has been based upon
intelligence and the broad lines of the country's greatest good now and after
the war.
The Secretary of the Treasury and his assistants are in position
to obtain advice from those in touch with our foreign trade, and they have
not neglected to do so whenever it has been felt that it would be helpful, and
they can be depended upon to do so in the future. It would not, therefore,
seem needful nor desirable that this question, which carries with it relations
between governments of the most delicate nature, should be discussed in
this Convention, except in so far as those who may be in attendance can
give positive information along lines not harmful to disclose that might be
advantageous to the Treasury Department in carrying on its policy. It
would seem as though even in such cases recommendations as to action
should not bo made, for if information of value is given, it can be taken for
granted that it will be acted upon by our Treasury Department as it doserves.
Our Government is exerting itself to the utmost to protect our
people and our institutions. There are plenty of those who would tear
down, but it is the business man's duty in cormection with government to
be as constructive as when carrying on his own business.
We are not at war with the German nation as such, nor with the Kaiser
and his junker advisors. Our fight is with the beast of jealousy and
hatred that has develojied in the heart of Germany from years of self idolatry. Such of its people as are under this hypnotic power neither comprehend
the rights of individuals nor of nations. They must be saved from themThe humiliation of disasselves, even as we must be saved from them.
trous defeat is seemingly their only salvation, for their minds cannot clear
until their souls have been cleansed from the passions that now control
them. Let us fight this abominable thing that has a great nation in its toils
with every power at our command, our manhood, our money and our
brains.
But let us not build hatred in our own souls and so destroy the
fruits of sacrifice.
Rather would we be leaders in those things that when
peace is once more on earth will bring happiness and prosperity to the people
of all nations, love of our fellow men and the love of God.
PROCLAMATION CALLING FOR
CENSING OF SUGAR INDUSTRY.
PRESIDENT'S
LI-
The plan to place the entire United States sugar industry
under a system of Government licensing "will be earried into
effect on Oct. 1, under a proclamation issued by President
Wilson on Sept. 15. The proposal was referred to in these
columns last week, page 1057. The proclamation applies
to the iro.portation, manufacture and refining of sugar, sugar
syrups and molasses. Application for licenses are to be
made to the Food Administrator at Washington. The
President's proclamation follows:
By the President of the United States of America.
A PROCLAMATION.
Whereas under and by virtue of an Act of Congress entitled "An act to
provide further for the national security and defense by encouraging the
production, conserving the supply, and controlling the distribution of food
products and fuel," approved by the President on the 10th day of Aug. 1917
provided among other things as follows:
"That, by reason of the existence of a state of war,
it is
it is essential to the
national security and defense, for the successful prosecution of the war, and
for the support and maintenance of the ,\rn)y and Navy, to assun* an
adequate supply and equitable distribtUion and to facilitate the movement
of foods, feed, fviel, including fuel oil and natural gas, fertilizer and fertilizer
ingredients, tools, utensils, imploments,machinery and equipment required
for the actual production of foods, feeds, and fuel, hereafter in this act
called neccs.saries; to prevent locally or generally, scarcity, monopolization,
hoarding, injurious speculation, manipulations and private controls affect-
thp:
11G4
chronicle
InK such supply, distribution, :ind movement; and to cstabliBh and mainFor such
tain Kov(!innicii(al <'onlio!K ot kucIi necessari(»! during the war.
purposes the instrumentalities, means, methods, powers, authorities, duties,
obligations, and prohiliitioiis hereinafter set forth are created, established,
The J'resident is authorized 1o make such
conferred, and jirescribed
rcKulations and to issue such orders as are essential effectively to carry out
the provisions of this act."
.
And whereas
it is
further provided in said act as follows:
"That from time to time, whenever the President shall
find'it essential to
the importation, manufacture, storage, mining, or distribution of
any neces.saries. in order to carry into effect any of the purposes of this act,
and shall publicly so announce, no person shall, after a date fixed in the
announccni(!nt, engage in or carry on any such business specified in the
aniiounienient of importation, manufacture, storage, mining, or distribution of any necessaries as set forth in such announcement, unless he shall
secure and hold a license issued pursuant to this section. The President is authorized to issue such licenses and to prescribe regulations for the
issuance of licenses and requirements for systems of accounts and auditing
of accounl-s to be kept by licensees, submission of reports by them, with or
without oath or affirmation and the entry and inspection by the President's
duly authorized agents of the places of business of licensees."
llcon.se
And whereas it is essential in order to carry into effect the provisions of
the said act, and in order to secure an adequate supply and equitable distribution, and to facilitate the movement of certain necessaries hereafter in
this proclamation specified, that the license powers conferred upon the
President by said act be at this time exercised, to the extent hereinafter set
forth.
Now, therefore, I. Woodrow Wilson, President of the United States of
America, by virtue of the powers conferred upon me by said act of Congress, hereby find and determine and by this proclamation do announce
that it is essential in order to carry into effect the purposes of said act, to
icense the importation, manufacture and refining of sugar, sugar syrups,
and molasses,
to the extent hereinafter specified.
All persons, firms, corporations and associations engaged in the business
either of importing .sugar, of manufacturing sugar from sugar cane or beets,
or of refining sugar or of manufacturing sugar syrups or molasses (except
those specifically exempted by said act of Congress), are hereby required
to secure on or before Oct. 1, 1917, a license, which license will be issued
under such rules and regulations governing the conduct of the business as
may be
prescribed.
Applications for licensas must be made to the United States Food Admmistrator, Washington, D. C, upon forms prepared by him for that
purpose.
Any person, firm, corporation or association, other than those hereinbefore excepted, who shall engage in or carry on the business either of
importing sugar, manufacturing sugar, or refining sugar, or of manufacturing sugar syrups or molasses after Oct 1 1917 without first securing such
icense, will be liable to the penalties prescribed by said act of Congress.
In witness whereof, I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done in the Di.strict of Columbia, this 7th day of Sept. in the year of our
Lord one thousand nine hundred and seventeen, and of the independence of
the United States of America, the one hundred and forty-second.
WOODROW
[Seal!
WILSON.
By
the President:
Robert Lansing, Secretary of Stale.
[Vol. 105.
Sugar Exchange, was to summon the principal beet sugar manufacturers
into conference, and to ask them to agree voluntarily to a very considerable
measure of regulation of their business. He also proposed a maximum price
for sugar of $7.2.'3 a hundredweight.
His proposals were made verbally,
and all the conferees verbally agreed to them.
Since, then, however, Mr. Hoover has submitted his proposals in writing
in the form of a carefully drawn-up agreement which he has asked the
manufacturers to sign, in confirmation of their verbal agreement, and a long
and very complete code of rules and regulations which, under this agreement,
thoy would be expected to obey. And the beet sugar manufacturers, examining these written proposals, have come to the conclusion that their understanding of Mr. Hoover's proposals was q uite different from Mr. Hoover's.
The first difficulty has arisen over the maximum price of .S7.25. The
beet sugar men now say that in agreeing to this price, they understood it to
be for their product, free on board their mills, but that Mr. Hoover interprets
it as meaning the price for cane sugar on the Atlantic seaboard, and that
he reserves the right to Apply a differential to beet sugar prices, because of
the low cost of manufacture, which, together with the freight charges, would
bring the price free on board their mills down considerably, possibly below
.$7 a hundredweight.
The price question would not form a serious obstacle, however, if it were
not for what the manufacturers consider a vital defect in the agreement
which they are asked to sign that Mr. Hoover asks them to promise everything, while he promises them nothing.
Practically every beet sugar manufacturer east of the Mississippi, it was
earned, has already refused to sign the agreement and filed a protest, and
a meeting of manufacturers in the Rocky Mountain and Far Western region
soon to be held, is expected to result in similar action.
—
On Sept. 20 the beet sugar producers, in conferences with
the food administration, reached a unanimous agreement
under which the stable retail price of sugar will be about
8 cents a pound. They will seU to wholesalers at Eastern
refining points at
cents a pound, cane basis, and the
7M
was
stated, would normally be not more than
three-quarters of a cent higher. At the same time, the Food
Administration announced that an international committee
of five had been named to arrange for the purchase and distribution of the sugar needed bj^ the United States and Allied
countries.
This committee, acting through the Food Administration under authority of President Wilson's proclamation placing the sugar industry in this country under license,
will control a large proportion of the world's sugar output.
The United States is represented on the committee by
George M. Rolph, head of the Food Administration's sugar
division; Earl D. Babst, President of the American Sugar
Refining Co., and William A. Jamison, of Arbuckle Brothers.
The Allied nations are represented by Sir Joseph White-Todd
retail price, it
As indicated in our issue of Sept. 1, the beet sugar producers recently entered into an agreement with the Food and James V. Drake Sr., British sugar men. The Food
Administration to limit the price of their sugar, the price Administration has appointed the following committee to
agreed on being $7.25 per 100 lbs. at seaport refining points. handle the details of the distribution of the beet sugar:
On Sept. 17 the beet sugar refiners and brokers began con- H. A. Douglas, Detroit; E. C. Howe, Denver; W. H.Hannam
ferences at Washington to work out details of a plan for a San Francisco; S. H. Love, Salt Lake City; W. S. Petriken,
central distributing agency planned to co-operate with the Denver; W. S. Sinsheimer, Huntington Beach, Cal., and
Food Administration and to agree on standard prices. About W. P. Turner, Detroit. An announcement by the Food
10% of the refiners were said to have protested against prices Administration on the 20th inst., making known the adjustproposed, saying they had made contracts with beet growers ment of the beet sugar differences, said:
at unusually high rates.
One hundred per cent of the beet sugar producers have signed the conThe Food Administration announced, however, that many of the growers affected by tract presented by the Government, and the result is not only gratifying
to the Administration but should be to the consuming public, as it assures
these contracts had agreed to accept a lower price as a a maximum price for beet sugar of S7 25 per 100 pounds, cane basis, at
seaboard refining points, as soon as the crop is available. This will be
patriotic duty.
about the
Western section of
Food Administrator Hoover, in an address to the sugar beet sugar middle of October. Thewill reap the benefit the country, where
is now being produced,
on Oct. 1, and the
men, emphasized that voluntary service of all industries Eastern section will feel the effect as soon as the beet crop is in full swing.
Within a few days the Food Administration will issue a statement
is the only democratic means of meeting the war emergency.
In a contest between methods of autocracy and democracy, covering the entire situation in regard to prices in the different sections of
the United States.
he said, economic problems in the democracy should be regulated from below by business men in co-operation with the
On Sept. 14, following a conference between President
Government rather than by arbitrary acts of the Govern- Menocal and a group of sugar producers at Havana, it was
ment.
announced that a committee of three had been named to
confer in Washington with Herbert C. Hoover, the United
Under date of Sept. 12, Associated Press dispatches from States Food Administrator, regarding the fixing of the
Salt Lake City announced that independent sugar producers price
of Cuban sugar.
The commission is composed of Dr.
throughout the intermountain country were not satisfied Carlos Manuel de Cespedes, the Cuban Minister to the
with the price of $7.25 a hundred tentatively fixed by the United States, and Jose Miguel Tarafa and Jose Ignacio
beet sugar producers and the Food Administration; repre- Lezama.
sentatives of several companies on that date left for Washington to attend the proposed conference at which the subAccording to press advices from Manila on Sept. 6 the
)
was to be discussed. The independent companies in
the intermountain States are credited with stating that the
action of the beet sugar producers in tentatively fixing the
prices was not representative of the beet sugar industry.
ment
With regard to the widespread opposition which Mr.
Hoover's plans for governing the sugar industry were meeting, the New York "Times" of the 13th inst. had the follow-
With regard to Porto Rico's sugar output, mail advices
received bj^ the Associated Press from San Juan under date
of Aug. 31, and made public Sept. 6, said:
ject
ing to say:
In spite of dispatches from Washington d&scribing the system of licenses
under which Pood Administrator Hoover expects to control all manufacturers, refiners, and even large dealers in sugar, it was learned in the financial district yesterday that widespread opposition to Mr. Hoover's program
has developed among American beet sugar manufacturers, and that he will
not carry it out without a fight.
Mr. Hoover's first move toward controlling the sugar industry, after
he had put a stop to dealing in sugar futures on the New York Coffee and
Philippine sugar interests appealed to the Insular Governto make representations to Washington that the fixing
of national sugar prices would be ruinous to them unless
minimum rates were established for Pacific freights.
Porto Rico produced 502,398 short tons of sugar in the season which ended
his month, according to the final figtu-es of J. Ruiz Soler, Secretary of the
Porto Rico Sugar Producers' Association. This is the first time that the
production of the island has reached the 500,000 ton mark. It is an increase
of 19,301 tons over the 1916 crop, which, in turn, was in excess of all previous years.
Little sugar remains in the island for export, approximately 450,000 tons
having been shipped to the refineries in the United States. There has been
a marked increase in the consumption of local white sugars owing to the
—
THE CHRONICLE
Sept. 22 1917.]
high prices of refined sugar, so that the consumption demands for the
Of the sugars still held it is believed
island are greater than ever before.
that only a few additional tons will be exported.
Crop conditions for the coming year are considered excellent, and it is
expected that the next harvest will result in as large a production as that
of this year.
The
closing
down was announced
refining plant in Brooklyn
period because of a lack of
of the
on the 20th
Arbuckle Sugar
inst. for
an
indefinite
raw sugar.
GOVERNMENT FIXES PRICE OF COPPER AT
TWENTY-THREE AND A HALF CENTS.
an agreement fixing a price
on board New York
was announced on Sept. 20. The agreement approved was
made by the War Industries Board with the copper producers; the price is subject to revision after four months.
Under the agreement the copper producers pledge themselves
not to reduce the wages now paid; it is further agreed by the
operators to sell the product to the Allies and the general
public at the same price as that to be paid by the Government, to exert every effort to maintain the production of
Approval by President Wilson
of 23}^ cents per
pound
—
1165
A
and the
Allies,
statement issued by the FoodAdministration said:
Mr. Hoover said that any statement piurporting to come from him that
the Government contemplated requisitioning wheat from farmers is untrue.
Except in certain very limited areas where anti-war and pro-German
propaganda is being carried on, there was no disposition to withhold the
wheat from the Government and the Allies.
The farmers are very busy planting very greatly increased acreage of
winter-wheat. The report of the millers' committee shows that all mills in
the Central and Southern States are running over the normal of last year,
and while the lateness of the harvest has shortened supplies to mills in
the Northeastern section, this is now remedied by arrivals of Canadian
wheat.
I am informed that the Washburn-Crosby mills at Minneapolis are
ruiming at 90% of capacity.
of
for copper, free
maximum of the past, so long as the war lasts,
and to take the necessary measures to prevent the copper from
The following is the
falling into the hands of speculators.
official announcement in the matter:
copper at the
After investigation by the Federal Trade Commission as to the cost of
producing copper, the President has approved an agreement made by the
War Industries Board with the copper producers fixing a price of 23 H cents
per pound, f. o. b. New York, subject to revision after four months.
Three important conditions were imposed by the Board: First, that the
producers would not reduce the wages now being paid; second, that the
operators would sell to the Allies and to the public copper at the same price
paid by the Government, and take the necessary measures, under the
direction of the War Industries Board, for the distribution of the copper
to prevent it from falling into the hands of speculators who would increa.se
the price to the public; and, third, that the operators pledge themselves
to exert every effort necessary to keep up the production of copper to the
maximum of the past, so long as the war lasts.
The War Industries Board felt that the maintenance
of the largest production should be assured and that a reduction in wages should be avoided.
The stipulation that present wages shall not be reduced compels the maintenance of the highest wages ever paid in the industry, which without
such stipulation would, with the reduction made in the price of copper,
be reduced under the sliding scale so long in effect in the copper mines.
Within this year copper has sold as high as 36 cents per pound, and the
market price would now be higher than it is, had it not been well known for
some weeks that the Government would fix the price.
The principal copper producere throughout the country have evinced
an admirable spirit, and for weeks have promptly supplied every request
of the Government for copper, without waiting decision as to price, and
agreeing to accept the price which the Board should ultimately fix. The
proper departments of the Government will be asked to take over the
mines and plants of any producers who fail to conform to the arrangement
and price, if any such there should be.
,
Last March, as has heretofore been noted in these columns,
offer to supply the army and navy with 45,510,000 pounds
of copper at a price of 16.6739 cents a pound was made to
the Government through the Council of National Defense
by the principal copper producers of the country. Copper
at the time was selling in the open market at about 37 cents
a pound. Higher prices for the metal were forecast in
April when it was pointed out by producers that inasmuch as
the wages of most of the miners were based on prices received
by the companies, a reduction in prices would result in a
lowering of wages, with the likelihood of labor troubles. On
June 27 orders for approximately 60,000,000 pounds of
copper for early delivery at the tentative price of 25 cents a
pound were announced as having been placed with copper
producers by the Government. The following month
July 13 it was stated that Secretary of the Navy Daniels
had agreed to pay 75% of 25 cents a pound for the 60,000,000
pounds, leaving 25% per pound for adjustment when the
cost of production had been determined by the Federal
Trade Commission. The "Wall Street Journal" of yesterday, in commenting upon the price fixed this week, had the
an
—
following to say:
The copper trade was mildly surprised at the announcement that the
Government's
price, as well as that to the public and the Allies, had been
fixed at 23.50 cents a pound.
For some time past they had been led to
believe that the price would be in the neighborhood of 22
cents a pound.
The new figure was made known to some of the big producers earlier in the
week, but they were pledged to secrecy, and consequently refrained from
discussing the matter in advance of an official announcement.
The
consenstis of opinion in the tracle is that the new figure is satisfactory.
H
HOOVER DENIES REPORT THAT GOVERNMENT INTENDS TO SEIZE WHEAT IN HANDS OF FARMERS.
Herbert C. Hoover, United States Food Administrator,
on Sept. 14 denied reports that the Administration intended
to requisition wheat in the hands of the farmers.
Except in
certain very limited areas where anti-war and pro-German
propaganda is being carried on, Mr. Hoover said, there is
no disposition to withhold the wheat from the Government
FOOD DECIDING FACTOR IN WAR—E.
C.
HOOVER.
Declaring that "food will win the war," Herbert C.
Hoover, U. S. Food Administrator, at the War Convention
of American Business Men held under the auspices of the
United States Chamber of Commerce, asserted that "Starvation or sufficiency will in the end mark the victor."
"The
necessity of maintenance of the Allies," he continued, "is
our first line of defense, and our duty to humanity in feeding
the neutrals demands of us that we reduce our every unnecessary consumption and every waste to the last degree, and
even then the world dependent on us must face privation."
Mr. Hoover pointed out that "the Food Administration,
through its own authority and the co-operation ofj other
Governmental agencies, can accomplish a great deal, but it
is limited absolutely to that area of commerce between the
producer and the retailer." The failure of business men to
co-operate with the Government, Mr. Hoover warned, would
bring as its penalty the "ascendancy of Socialism." Mr.
Hoover's remarks are quoted as follows:
If we receive support, we will have demonstrated the falsity of radical
If we fail, we will
claims as to the necessity of socializing our industries.
have given impulse to these demands and ground for their complaint.
One looming shadow of this war is its drift toward Socialism. For the
We
gigantic sacrifice of life the world is demanding a sacrifice of property.
will surely drift to that rocky coast unless we can prove the economic soundness and willingness for public service of our commercial institutions.
It is
worth while examining the developments in Russia from this point of view.
There no practical or
effective
form of commercial regulation or distribution
In consequence of speculation, profiteering and failure
in commerce to service public interest, the condition of the industrial
classes became so intolerable as to steam the hot bed of revolution.
Justifiable a.« this revolution may have been, and as great a cause of liberty as
it may result, no one can deny that the whole trend of this revolution has
been socialistic, and the latest phase is a development into practical Socialism.
This strain in the revolution, I am convinced from much experience
in Russia, was the reaction from failure of the Government and the commercial classes to meet their public duty.
The other end to be attained is of profound importance. The alternative
to failure of our commercial system to maintain its place and at the same
time serve public interest is rigid autocratic governmental organization
Such organization is autocracy itself
of industry of the German type.
it breeds bureaucracy and stifles initiative, and thus democracy, at its birth.
We must organize we must mobilize our every national energy, if we
are to win this war against the organization perfi*.cted by autocracy. Either
we must organize from the top down or from the bottom up. One is
autocracy itself the other democracy. If democracy cannot organize to
accomplish its economic as well as its military defense, it is a false faith and
need be abandoned.
The Food Administration has appealed to the commercial community
to march with it to an organization, democratic in its inspiration and vital
to our defense.
If we succeed we shall have assisted our commercial institutions to their own stability in after years, and beyond this they will have
proved that democracy is a faith worthy of defense.
Food will win the war. Starvation or sufficiency will in the end mark the
victor.
Our first duty lies to our allies, and if they are to sacrifice a share
of our food to neutrals, and if this is also the result of our own savings and
our ow n productive labor these neutrals should expect to furnish equivalent
service in other directions to the common pool against Germany.
Food has since the war began gradually assumed a larger place in the
economics, the statesmanship and the strategy of warfare. The Allies are
blockading the food from Germany and the surrounding neutrals are under
The Germans are trying
great pressure to export their supplies both ways.
to starve the Allies by sinking the food ships, and all Governments are
faced with reduction of consumption, stimulation of production, control of
The winning of the war is largely a
prices and readjustment of wages.
problem of who can organize this weapon.
There has come about not only a limitation of supplies, but an acctimuThe result of these cumulative forces is that
lation in inaccessible markets.
.was undertaken.
—
—
—
North America is called upon, by both Allies and neutrals, for quantities
of food far beyond its normal export ability.
If the extremely high prices thundering at every door were not a sufficient
demonstration, it is possible, by actual figures, to prove that we have been
exporting in many commodities actually beyond our capacity to produce.
During the last year we have exported every last ounce which the country
during this period was capable of producing, and our national stock of
cereals and animal products, proportionate to our population, was at the
beginning of this harvest the lowest in our history, and many of us have
been under the keenest anxiety lest we would face absolute shortage. This
anxious period
is
The demand
in
now happily passed.
many commodities during
the coming year is beyond our
capacity to furnish if we consume our normal amounts. The necessity of
maintenance of the Allies is our first line of defense, and our duty to humanity In fteding the neutrals demands of us that we reduce our every unnecessary consumption and every waste to the last degree, and even then the
world dependent on us must face privation. Owing to the limitation of
progress we must confine our exports to the most concentrated foodstuffs,
grain, beef, pork, dairy products and sugar.
The large question of the hour is price fixing, for the suspension of the
law of demand and supply as an equitable, economic law is forcing our hand
We will find as we go on with the war and its increasing
in every direction.
THE CHRONICLE
ii(;(>
first one commodity after another will nted to be
Wo will howciver, profit by experience if we lay down
taken into control.
no hard and f;ist rules, but if we deal with ovtry situation on its own merits.
So long as demand and supply have free play in a commodity, we had b<«t
economic disruption that
leave
it
alone.
between tho producer and the retaihu-. Wo are stopped in law within this
Wo can only u.se influence on both the retailer and producer, and
depend upon their patriotism. In this area wo can only regulate the flow
This is
of trade and hold it to moderate profits and excise speculation.
no economic stop short of price control, except where we can accomplish it
by indirect means I have quoted above. In tho Food Adminislratif)n we
intend to confine ourselves to tho ten or twelve fundamental staples, those
food commodities that malte up the basis of life.
It is true high prices reduce! consumption, but they reduce it through
the methods of famine. There is no national conservation in robbing our
working classes of the ability to buy food. Real conservation lies in the
equitable distribution of the Icsast necessary amount, and in this country wc
can only hope to obtain it as a voluntary service, voluntary self-dcjnial
and voluntary reiduction of waste by each and every man, woman anei child
If we are to have ascending prices wo must
according to his abilities.
have ascending wagi-s. But as the wage level rises with ineejuaiity it is the
door leading to strikes, disorder, riots and defeat of national efficiency.
area.
verdict of the world's experience
is
in favor of price control as the
lesser evil.
Tho total experience of Eiu-ope has demonstrated many methods of price
control such as maximums and minimums are a fallacy, but one formula has
remained and that is the fixed specified price for every stage of a given commodity based as nearlj' as may be on the cost of production and a reasonable
return for capital.
The constant dominant thought in price must be the stimulation of production. The result of price fixing in wheat and flour has reduceed speculation and distribution charges so that there is a $3 per barrel increase to
It appears to us that no
the farmers and .S3 decrease to the consumer.
right-minded man wants extra profit from tho war. If he does he should be
branded with the brand of Judas for selling the blood of our sons for profit.
,
WAGE SCALE
Vice-President, and Frank Morrison, Secretary, of
the American Federation of Labor, and Thomas F. Flaherty, Secretary of the National Federation of Postal Employees
Regarding tho attitude of the (Joverument toward the new
national union, a special dispatch to the New York "Tribune" on Sept. 17, said:
This movement marks a decided change in Government policy. Hitherto the unionizing of Government employees had been discouraged by the
Government on the ground that a man cannot serve both the Government
and the Federation of Labor when their objects conflict, and that the Govncll,
'^
.
Tho Food Administration powers to fix prices lie in export buying, the
power to buy and sell certain commoditii« and the further power to enter
voluntary agreements with producers. One illusion in tho mind of th( pubThe Food Administration, through its own
lic I am anxious to get clear.
authority and the co-operation of other Government agencies, can accomplish a gntat deal, but it is limited absolutely to that area of commerce
The
[Vol. 105.
ernment could not tolerate the inclusion of its employees in an organization
whose chief weapon is the strike. A strike against the Government, it was
held, would be intolerable.
The change in policy is due to the influence of .Samuel Gompers with
President Wilson. Organized labor has grown in power under the Wilson
administration, and particularly since the beginning of the war.
Mr.
Gompers has rendered signal service in marshalling the support of the
Government by organized labor in the war, and in helping to suppress the
I. W. W. and other seditious labor elements.
The delegates on Sept. 19 adopted resolutions pledging
unanimous support to the President and Congress in
their
the p esent
crisis;
indorsing
woman
the granting
suffrage;
pay to women doing the work of men; legislation
looking to a scientific and tquitable reclassification of all
of equal
Government employees; a satisfactory retirement measure,
and the extension of free public education into the higher
,
FOR
NAVY YARDS AND ARSENALS
REVISED.
schools.
LIST OF COMMODITIES BARRED FROM EXPORT IN
UNITED STATES.
A
commodities, the export of which is "practically
prohibited" under the embargo declarations of the Government, was given out by the Exports Administrative Board
on the 16th inst. Announcement of this was made in the
list of
"Official Bulletin" of Sept. 17 as follows:
The Exports Administrative Board has announced a
list
of commodities
Announcement of the completion of new wage scales by whose conservation is necessary on account of tlie limited supply and the
needs of the United States in its successful prosecution of the war. Accordthe Navy Yards and Arsenals Wage Committee, which is ingly the Board has practically prohibited the export of these articles, the
composed of representatives of the War, Navy and Labor list of which follows:
Departments, was made by the "Official Bulletin" of Sept. Acetone.
Arsenate of soda
Cotton linters.
Boiler tubes (iron and Cyanide of soditum.
16.
The revision which becomes effective as soon as new Alcohol.
Ferromanganeae.
Aluminum.
steel)
payrolls can be prepared is said to make an average increase'
Ammonia salts.
Butter.
Ferrosilicon.
in maximum rates of nearly 10% and much greater ad- Ammonia nitrate.
Carbolic acid (phenol)
Ferrovanadium
vances in the scale for the lowest grades of skilled labor.
The "Official Bulletin" said regarding the new wage scale:
The Conamittee, after careful examination of local rates, has been
guided to a great extent by the desirability in the present national crisis
of war of making the rates to be paid as nearly uniform in all sections of
the country as circumstances will allow.
In regard to the new Navy Yard scale, the most important change is
the reduction of the number of rates in any one trade to three. Heretofore most of the skilled trades have been graded into five rates, the men
Herein the lowest rates receiving often little more than unskilled labor.
after there will be but three rates, the lowest to be paid more than $1 04
per (Uem less than the first class men. For instance, if the top rate for
machinists if $4 64 a day, the third rate must be at least $3 60 instead of
as at present in some cases, as low as $3 04.
The increases given in the maximum rates will be found to average
nearly 10% in some cases, the recommendations of the local Navy Yard,
as in the case of some trades at Puget Sound, have been slightly reduced
in view of the abnormal situation in that locality, which is out of line with
the rest of the Nation; the scale given by the Committee shows, nevertheless, an actual larger percentage of increases and a higher maximum
of pay than in any other Navy Yard on either coast.
In other cases,
notably Mare Island and New York, the increases given are greater than
the recommendations of the local authorities.
The Committee has approved the recommendations of the commanding
At certain arsenals, in certain trades there
main appeals on which no decision has been reached.
officers at the arsenals.
re-
Anhydrous ammonia.
Castor
Arsenate of lead.
Chrome
& castor beans Flax.
Glycerine.
nickel steel.
oil
Iron and steel plates, including ship, boiler ."^tank and other iron and steel
plates
of an inch thick and heavier and wider than 6 inches, whether
plain or fabricated.
H
Mercury
Scrap
salts.
Steel slabs.
steel.
Searchlights and genera- Sugar.
Nitrate of soda.
tors (suited for army
or navy use)
Sodium sulphite.
Phosphoric acid.
Spiegeleisen.
Phosphorus.
Stearin & stearic acid.
Pig iron.
Potash and chlorate of Steel billets.
potash.
Steel blooms.
Steel ingots.
Potassium salts.
Steel sheet bars.
Saltpeter.
Scrap iron.
Nitric acid.
Nitric salts.
Sulphate of ammonia
Sulphur & sulphuric acid
Superphosphate
Tin plate.
Toluol.
Tungsten.
Wireless apparatus.
Wheat.
Wheat flour.
Wool rags.
Exceplions Permitted.
be granted, however, for the above articles when
destined for actual war purposes or when they will directly contribute
thereto; and in certain unusual cases when such exports will contribute
directly to the immediate production of important commodities required
by the United States; and also in certain other cases where the articles may
be exported in limited quantities without detriment to this country.
Further, licenses may also be granted for limited quantities of these conserved articles when required for piu-ely medicinal or pharmaceutical
Export licenses
may
purposes.
ORGANIZATION OF NATIONAL UNION OF GOVERNMENT CIVIL EMPLOYEES.
PreUminary steps looking toward the organization of
a national union of all Federal employees were taken at
a convention of delegates representing Federal employees'
unions throughout the country, which opened at Washington on Sept. 17. The convention, which was conducted
under the supervision of Samuel Gompers, is said to have
the sanction of President Wilson. The proposed national
union of Government employees will be known as the Federal Employees' Union, and will be affiliated with the Federation of Organized Labor.
There are, it is said, sixty
local unions of Government workers in the United States,
but the aim of the national union will be, it is stated, to
organize and affiliate with union labor all o' the 600,000
civil employees of the Government.
President Gompers
of the American Federation of Labor, addressed the convention at its opening session on the 17th, offering his
personal assistance and that of the Federation of Labor,
in the organization of the new body.
Other speakers were
Representative Jeannette Rankin, of Montana, who asked
the convention to advocate woman suffrage; James O'Con-
Shipments in Transit
to
Canada.
exports to Canada and Newfoundland, the Bureau of Export
Licenses has heretofore issued, through the customs service, a special
license whereby goods have been permitted to enter Canada and Newfoundland without individual licenses for each shipment, except in the case
of certain articles which the Exports Administrative Board has heretofore
found it necessary to conserve, namely:
(1) Iron and steel plates, including ship, boiler, tank and all other iron
and steel plates H of an inch thick and heavier, and wider than 6 inches,
whether plain or fabricated.
To facilitate
Iron and steel scrap,
for
Steel billets.
Pig iron.
which individual licenses have been required for shipments made on
of lading dated on or after Aug. 16 1917.
bills
(2)
Ferromanganese,
Ferrosilicon,
Spiegeleisen,
for
Steel sheet bars,
Steel blooms.
Steel ingots,
Steel slabs,
licenses have been required for shipments
lading dated on or after Aug. 29 1917.
which individual
bills of
(3)
j
|
Sugar,
Butter.
Wheat,
Wheat
made on
flour.
licenses have been required for shipments made on
bills of lading dated on or after Sept. 17 1917.
All the other articles above mentioned, which are now added to the "Conservation List" in accordance with this statement, will likewise require
individual licenses for each shipment of such additional conserved commodities as are covered by bills of lading dated on or after Sept. 20 1917.
This date has been fixed in order to avoid interference with goods in transit.
for
which individual
r
I
,
—
,
,
THE CHRONICLE
Sept. 22 1917.]
Application Forms.
export licenses for articles on the "Conservation List" shippers
must use Application Form A-3 for proposei shipments of
Iron and stoel plates, including ship,
Pig iron,
boiler, tank (and all other iron and
Ferromanganese
steel plates H of an inch thick and
Ferrosilicon,
heavier, and v.fider than 6 inches,
Spiegeleisen,
whether plain or fabricated)
Steel ingots, billets, blooms, slabs
Scrap iron,
and sheet bars,
Scrap steel,
To procure
to any country in the world.
For all other commodities controlled by the President's proclamation
of Aug. 27 1917, shippers must use Application Form A-1 for proposed
shipments to the following countries, or their colonies, possessions or pro-
when destined
tectorates:
Kingdom
.\lbania.
Denmark,
lands
of the Nether- Spain,
(in
Europe),
Sweden,
Switzerland.
Norwaj',
Shippers must use application form A-2 for pr oposed shipments to the
following countries, or their colonies, possessions or protectorates:
.^.byssinia.
Greece,
.Afghanistan,
Guatemala,
Argentina,
Belgium
Haiti,
portion Honduras,
(that
not occupied by Ger- Italy,
or her Al- Great Britain,
Japan,
lies)
many
,
The colonies,
possessions
and protectorates of
the Netherlands,
Nicaragua,
Oman,
Panama,
Paraguay,
Bolivia,
Brazil,
Liberia,
Persia,
Mexico,
China,
Monaco,
Peru,
Portugal,
Chile,
Montenegro,
Morocco,
Nepal
Colombia,
Costa Rica,
.
Rumania,
Russia,
Salvador,
1167
the view of the Committee that the Selective Draft Act is neither
American tradition nor of the Constitution, and, entertaining
this view, the Committee feels justified in saying that there is no necessity
for such legislation as that proposed either on the ground of expediency or
necessity.
The psychological effect of calling in question an act, the
principles of which, it seems to the Committee, have been sustained by the
courts of the country, is bad, and the tendency of it all is to impair the
military efficiency of the men who are already in the service and of those
who may yet be called to serve in this time of need.
It is
violative of
,
SENATE ADOPTS RESOLUTION PROVIDING
DRAFT OF FRIENDLY ALIENS.
FOR
The Senate by a viva voce vote on Sept. 12 adopted Senator Chamberlain's joint resolution pro^viding for the drafting
of all aliens in the United States, except Germans, those
exempt by treaty and those of countries aUied with Germany. Under the resolution, which was favorably reported
to the Senate by its Military Affairs Committee on July 27,
subjects of aU of the AUies or neutrals who decline to serve
after having been found qualified, shall be deported to their
own countries within ninety days. Senator Chamberlain on
Sept. 12 had printed in the "Congressional Record" the report of the Military Affairs Committee on the joint resolution.
The report showed that the total number registered
under the selective draft on June 5 was 9,649,938, of which
1,229,259 were classified as aliens. The latter figure, however, does not include those subjects of foreign countries
who have
declared their intention of becoming citizens of the
United States, but who have not completed their citizenship
Cuba,
Dominican Republic,
San Marino,
Ecuador,
Egypt,
France.
Siam,
here.
Uruguay,
of registrants not classified as aliens
Serbia,
Venezuela.
CO-ORDINATING COMMITTEE ON EXPORTATION.
To prevent congestion at American seaports and minimize the danger of export traffic being piled up in the railroad yards and along the tracks of the seaport Unes, a committee has just been formed to co-ordinate the activities
of the railroads, the War Department, the Shipping Board,
the Food Administration and the British and other foreign
Government War Commissions that come here to purchase
This Committee, which will be
supplies for the AUies.
known as "The Co-ordinating Committee on Exportation,"
has been created at the instigation of the Railroads' War
Board. A statement of the Railroads' War Board, issued
under date of Sept. 16, says:
Bearing in mind the danger of congestion this winter if effort should
be made to ship eyerything ordered in this country through the North
Atlantic ports, the members of the War Board decided that immediate
action should betaken for co-ordinating railroad with overseas transportation.
With the view
of laying the foundation for this, representatives of the
embarkation section of the General Staff, U. S. A., the Traffic Executive
of the Allied Governments, the United States Shipping Board, the United
States Food Administration, the Red Cross War Council and the Commission on Car Service, met with the War Board and formed the "Coordinating Committee on Exportation."
This Committee will consist of a representative of each of the organizations named, together with a representative of the Railroads' War Board.
Charles M. Sheaffer, Chairman of the Commission on Car Service, has
been made Chairman of the Co-ordinating Committee. The other members of this Committee appointed to date include E. Level, Chan-man,
Traffic Executive of the Allied Governments; J. G. Rodgers, General
Agent, American Railway Association, Military Headquarters; R. B.
Stevens, Commissioner or D. L. Ewing, Director'of Traffic U. S. Shipping
Board; Col. Chauncey B. Baker, Embarkation Section, General Staff,
U. S. A.; C. B. Buxton, U. S. Food Administration and D. W. Cooke,
Red Cross War Board.
It is hoped that a representative of the U. S. Navy and of the British
Admiralty wid also become members of the Conmiittee.
The Committee will hold regular meetings and will exchange the information necessary to prevent freight congestion and at the same time keep
the tremendous amount of traffic designed for overseas use moving to the
various ports and thence by ship to Europe.
BILL REQUIRING SOLDIERS' CONSENT FOR FOREIGN
SERVICE DISAPPROVED BY SENATE COMMITTEE.
In pursuance of the action of the members of the Senate
Military Affairs, who on Aug. 31 unanimously ordered an
adverse report on Senator Hardwick's bill to prohibit the
sending of drafted troops abroad without their consent.
Chairman Chamberlain, on behalf of the committee, filed
an adverse report in the Senate on Sept. 12. The report
condemned the proposition and declared the draft law to be
constitutional and that every man drafted into the National
army can be sent abroad without his consent. "The situation arising out of this spirit of opposition to the Selective
Draft Act is serious," says the report, "and taken in connection with the unrest among the civilian population growing
out of commercial and industrial conditions stimulated in
some cases doubtless by pro-German sympathizers and
propagandists, places our country in a situation of extreme
perU at a time when ah. should be united in a common
cause." The report continued:
They
are, therefore, says the report, a large
number
who, under treaty stipulations, if exercised, would be exempt from compulsory or
other military service. As passed by the Senate the biU,
according to the New York "Commercial," pro'vddes:
aliens here more than a year and who have not declared their
citizens are subject to draft.
2. That they shall be exempt if their treaties so stipulate, though their
diplomatic representatives here may waive this. In this case, they are
given ninety days to leave the country.
3. That the President can draft alien enemies for non-military purposes.
4. That those who have declared their intention to become citizens can
enlist for American service.
5. That Americans in foreign armies shall not lose their citizenship.
6. That States where the large population of aliens affected it, the dr-aft
quota shall in future be given credit for these aliens.
1
That
all
intention to
become
Several weeks ago, on Aug. 1, the Senate •without a rollpassed a resolution^offered by Senator McCumber,
authorizing the President to enter into negotiations with the
European nations engaged in the war against the Central
Powers with a view to empowering the United States to
apply the draft law to their subjects in this country. The
weeks have passed and from time to time, says a special
dispatch to the New York "Sun," Senators representing
States of large alien population have asked of the State Department what progress was being made, and the reply has
invariably been that the negotiations were progressing.
The resolution as passed by^the Senate on Sept. 12 also provides for the extension of the selective draft to all aUen residents, even including the aliens owing allegiance to the
Central Powers. Such aliens may be conscripted for service
in the non-combatant organizations of the army, while the
ahen residents of the friendly Powers may be conscripted for
actual service with the colors.
call
SUSPENSION OF APPLICATION OF
INSPECTION OF FOREIGN
ADMITTED
TO U.
S.
LAW REQUIRING
VESSELS
REGISTRY.
of the suspension for a period of two
Sept. 1 1917, of the application of the Act of
years, from
Aug. 18 1914 requiring the inspection by United States
officers of foreign built vessels admitted to American registry was made as follows in the "Official Bulletin" for Sept. 13:
The Department of Commerce has made public the following general
Announcement
orders to the Bureau of Navigation, the Steamboat Inspection Service,
collectors of customs, local inspectors, and others concerned.
Your attention is called to the following Executive order, by
will
which you
be governed:
ExeciUive
Order.
In pursuance of the authority conferred upon the President of the United
States by Section 2 of the Act approved Aug. 18 1914, entitled "An Act
to provide for the admLssion of foreign-built ships to American registry
for the foreign trade, and for other purposes," it is hereby ordered:
That the provisions of law requu-ing sm-vey, inspection, and measurement by officers of the United States of foreign-bailt ships admitted to
United States registry under said Act are hereby suspended so far and for
such length of time as is herein provided, namely: The said provisions shall
not apply to any such foreign-built ship during the period of two years
from Sept. 1 1917. provided the Secretary of Commerce is satisfied in the
case of any such ship that the ship is safe and seaworthy and that proper
effort is being made to comply with the said provision.
i
B
.-
WOODROW WILSON.
The White House, Sept. 7 1917.
Respectfully.
E. F. SWEET,
Acting Secretary.
furnished by the Steamboat
The following explanation of the above is
Inspection Service:
The Executive order of Sept. 1 1916, so far as the inspection of foreign-built vessels admitted to American registry is concerned, extended
THE CHRONICLE
1H>8
for one year from that date, the period within which such vcss(!l8 would
bo reqwired to comply with all of tlic provlBions of the Steamboat Inspection Service, with reference to inspection.
The Executive order of Sept. 7 1917, extends for two years from Sept.
1917, the period after which such vessels must comply in all respects
1
with the Steamboat Inspection Service laws, and during such period the
provisions of law recjuiring survey, inspection and measurement by officers of the United States of such ves.sels arc suspended, provided the Secretary of Commerce is satisfied in the case of any such ship that the ship
Is safe and seaworthy, and that proper effort is being made to comply
with the said provisions.
PROCLAMATION CALLING ON SCHOOL CHILDREN
TO JOIN JUNIOR RED CROSS.
A proclamation calling on the school children of the
United States to join the jun ior organization of the American
Red Cross, and thereby serve in the cause of freedom, was
We quote
issued by President Wilson on the 15th inst.
proclamation below.
the
To the School Children of the United States:
A PROCLAMATION.
The President of the United States is also president of the American
Red Cross. It is from these offices joined in one that I write you a word of
greeting at this time when so many of you are beginning the school year.
The American Red Cross has just prepared a junior membership with
school activities in which every pupil in the United States can find a chance
The school is the natural centre of your life. Through
to serve our country.
it you can best work in the great cause of freedom to which you have all
have pledged ourselves.
Our Junior Red Cross will bring to you opportunities of service to your
community and to other communities all over the world and guide your
It will teach you how to save in
service with high and religious ideals.
It
order that suffering children elsewhere may have the chance to live.
will teach you how to prepare some of the supplies which wounded soldiers
and homeless families lack. It will send to you, through the Red Cross
And, best of all, more
bulletins, the thrilling stories of relief and rescue.
perfectly than through any of your other school lessons, you will learn by
doing those kind things, under your teacher's direction, to be the future good
citizens of this great country which we all love.
And I commend to all school teachers in the country the simple plan
which the American Red Cross has worked out to provide for your cooperation, knowing as I do that school children will give their best service under
the direct guidance and instruction of their teachers. Is not this perhaps
the chance for which you have been looking to give your time and efforts
in some measure to meet oiu: national needs ?
WOODROW
September
WILSON.
President.
15. 1917.
BYRON R. NEWTON NOMINATED COLLECTOR OF PORT
OF
NEW
YORK.
President Wilson on Sept. 18 sent to the Senate for confirmation the nomination of Byron R. Newton as Collector
of Customs of the Port of New York to succeed Dudley
Field Malone, who, as stated in these columns last week,
resigned the CoUectorship because of the failure of the Wilson
Administration to pass the Federal Suffrage Amendment,
looking toward the enfranchisement of the women of the
country. Mr. Newton is now Assistant Secretary of the
Treasury in charge of public buildings. His appointment is
looked upon, in a certain sense, as a personal victory for
Secretary of the Treasury McAdoo. Before becoming
Assistant Secretary of the Treasury he was for a period
private secretary to Mr. McAdoo, and previous to that he
had been associated with Mr. McAdoo in the latter's business
connections with the McAdoo tunnels and in the first Wilson
Presidential campaign.
Mr. Newton was born in Wirt,
N. Y., in 1861, and for nine years was the Albany coiTespondent of the Buffalo "Evening News." He represented
the Associated Press in Cuba during the Spanish-American
war, and for eight years was on the staff of the New York
"Herald." He later became Secretary McAdoo's private
secretary and served in that position until October 1913,
when he was appointed Assistant Secretary of the Treasury,
succeeding John Skelton Williams, who became Comptroller
of the Currency.
The post of Collector of Customs, paying
a salary of $12,000 a year, is regarded as one of the most
lucrative Federal offices in the gift of the President, and its
incunabent, it is said, is generally regarded as the Administration spokesman in New York.
Mr. Newton is a New York
Democrat, but has never been active in New York politics,
and has not aligned himself with either faction in the Democratic party in New York.
It is stated that in appointing
Mr. Newton to the CoUectorship the President was largely
actuated by a desire to reward him for the good work he
has done as Assistant Secretary of the Treasury in charge
of public buildings.
President Wilson accepted Mr. Malone's resignation on
Sept. 17. Mr. Malone held an informal reception in the
rotunda of the local Custom House at noon on the 17th, and
spoke briefly to several hundred brokers and employees. He
informed the men who served under him that, although he
was leaving the Federal service, he was whoUy in accord with
[Vol. 105.
He said
the Administration in the prosecution of the war.
in part, according to the "Journal of Commerce" of this city:
We must all stand loyally behind the Government to bring the war to a
successful conclusion, in ordtr that America may make the world safe for
democracy. But it is also necessary, and part of the program, to make
America safe for the democracy which she wishes the world to enjay, and
we cannot have real democracy in this country while ono-half of its popuis denied the franchise; and, following in the footsteps of Russia,
England, and even of Canada, I hope our Government, by the pass;»ge of
lation
the l''edoral Suffrage Amendment, will enfranchise the women of this
country. On this issue 1 stand, and for this result I shall work with all
my heart and energy.
CONFEREES' ACTION ON
The conferees on the war
WAR REVENUE
BILL.
who on
Sept. 14 began
an adjustment of the differences between the House and
Senate measures, have so nearly completed their work as to indicate the possibility of an early report. On the 14th inst.
agreement upon practically one-half of the levies in the S2,416,670,000 bill was reached, and the principal disputes were
narrowed to the war profits and postage sections. While it
was stated that the conclusions of the conferees were tentative, there was reported to be little likelihood of further
change in the sections disposed of. The conferees' sessions
were secret, at the request of Representative Kitchin, but
the press dispatches of the 14th inst. from Washington announced that it was reliably stated that the results of the
first meeting included:
Adoption of the income tax normal and surtax rates virtually as revised
by the Senate and designed to raise .5842,200.000 additional revenue.
Elmination of the House provision levying a one-third increase of 1916
taxes, a retroactive assessment from which 5108,000,000 in revenue was to
tax
bill
be raised.
Partial approval of the tobacco section as revised downward by the
Senate, to raise $56,600,000, as against $68,200,000 proposed by the House.
Adoption of the intoxicating beverages section virtually as revised
upward by the Senate to raise $207,000,000, as compared with $151 ,000,000
proposed by the House.
Approval of practically all Senate changes In the section taxing public
utilities, including the 3% levy on freight transportation, the assessment
on passenger transportation reduced from $75,000,000 to $37,500,000: the
taxes on Pullman accomodations, pipe line transportation and telegraph
and telephone messages costing over 15 cents.
The House conferees also agreed to the elimination of their provisions for
levying .$30,000,000 on electric light, gas and local telephone service and
$5,000,000 on the issuance of insurance policies.
In virtually concluding the income tax rates, the conferees specifically
wrote into the bill the proposed doubling of the present 2% normal tax and
the provision for reduction of exemptions from $3,000 and $4,000, respecThe surtax
tively, for single and married persons to $1,000 and .$2,000.
rates on incomes above $20,000 were said to have been adjusted slightly,
but no changes were made in the section causing any appreciable difference
in the increased revenue yield.
On the 15th inst. the sections taken up included automobiles and motorcycles, tires and tubes, musical instruments, motion-picture films, jewelry, sporting goods, yachts
and pleasure boats, perfumes and cosmetics, proprietary
medicines, chewing gum, cameras, amusements, club dues,
stamp taxes and parcel post packages. The total taxes for
these articles proposed by the House were $143,000,000, and
the Senate lowered them to $99,000,000. The conferees of
the House declined on the 15th inst. to agree to the Senate
action in striking out the House provision for a 5% tax on
auto manufacturers' gross sales, and, according to the New
York "Times," the compromise agreement was understood
to have restored a tax of somewhat less than this amount on
musical instruments and jewelry and revision of the automobile tax sections, with increases of 2% on the gross sales
taxes of patent medicines, cosmetics, perfumery and other
toilet articles as probable.
Much of the daj^'s deliberations
it was sa,id, was devoted to a discussion as to whether the
public should be informed of the progress of the conference,
with Mr. Kitchin again leading a successful fight against
official publicity.
The publication of the results of the
conference of the 14th was pointed to by some conferees as
proof that it was impossible to keep the deliberations secret,
but finally the pledge of secrecy was renewed, and several
members threatened to urge official investigation of further
publication of the proceedings. Desire to keep lobbyists
away from the conferees was given as the reason for opposition to publicity.
When more rigid secrecy than ever was imposed on the
deliberations of the conferees on the 17th inst. it was reported
in the daily papers that the conferees had agreed on that day
to eliminate the House provisions for a general 10% tariff
increase, and to strike out the House section designed to raise
$6,000,000 through inheritance taxes. The House conferees
on that day stood out strongly, it is said, for retention of
increased rates on second-class mail, and Senate members of
the conference committee were apparently disposed to accept
some provision
for postage increase.
As a compromise the
conferees considered the Hardwick proposal, indorsed by
the Post Office Department, to increase rates on advertising
—
THE CHRONICLE
Sept. 22 1917.]
matter in newspapers and periodicals. The House conferees
concluded that adoption of the McKeller amendment, which
would establish a first zone of 300 miles at one cent a pound
with higher rates beyond was hopeless and sought compromise proposals.
With regard to the deliberations on the 17th of the con-
on the war profits provision, the New York "Times"
a special dispatch said:
in
The conferees practically decided to report a profits tax schedule based
ferees
on the House exemption of S% of actual capital invested instead of the
graduated exemption of from 6 to 10% provided in the bill as it passed the
On war profits above this exemption, the conferees favored a
Senate.
graduated tax following the line of those adopted by the Senate, running
Final vote on this method of taxation is to be taken in the
from 12 to oO%
conference to-niorrow.
Under the scheme advanced by the House, an exemption is allowed on
$5,000 of not income, aside from the S"^, of capital invested. This double
exemption has been ins'sted upon by the House conferees, and it was only
after it became evident that the profits tax feature would be held up indefinitely that the Senate conferees came around to the House poposal as a compromise.
The difference in revenue to be derived from the House system of exemption, coupled with the Senate system of graduated tax, is estimated by
The House
experts of the Senate Finance Committee to be very slight.
contemplated a tax of 16% flat on all profits after the exemption of 8%.
The Senate exemptions, running as high as 10%, were held by the House
By co-ordiconferees to exclude an appreciable accumulation of profits.
nating the two methods of tax, it is calculated, the levy will be in the neighborhood of the $1 ,086,000,000 apportioned in the bill passed by the Senate.
On
the 18th inst. the conferees tentatively decided to
adopt a zone system for increasing second class mail rates,
the agreement, it was understood, representing a compromise
between the House provision, the proposal of Senator McKellar and Senator Hardwick's proposal dealing with increased rates on advertising matter. Postmaster-General
Burleson appeared before the Committee in behalf of the
Hardwiek plan, and Secretary McAdoo's influence was
unexpectedly evidenced for the McKellar plan. An increase
of a quarter of a cent a pound until 1918 and one cent thereafter, with a zone system of special increases on advertising
portions of publications, were said to be features of the compromise being drafted.
The 19th was marked by the refusal of the Senate conferees
to finally approve the tentative agreement to accept the
limited zone system on second class rates. A new compromise on the publishers' tax was reached on the 20th inst.
This new schedule, the "Times" reported, starts at onefourth of a cent a pound, to be applied after the first zone,
the distance being changed from 300 miles to 250 miles.
This one-fourth of a cent a pound is to be imposed in addition
to the existing 1 cent pound flat rate.
The "Times" also
said:
After the first zone the new scheme contemplates a graduated tax.
conferees adopted a schedule of time, to run with the new rates, so that
the entire tax would not be operative until the end of a four-year period.
The tax is calculated to yield much less than either the original House zone
system or the McKellar substitute.
The
The dispute over the second
class mail rates and excess
with the concern developed over the
publicity of the conferees' secret conferences served to hinder
progress on the 19th.
The question as to the definition of
"capital" in the war tax provisions aceupied the attention of
the conferees on the 20th, the conferees of the Senate insisting on the Senate definition and those representing the House
holding out for the one embodied in its bill. With the adjournment of the conferees on the 20th, a meeting of the House
profits tax, together
Ways and Means Committee, which drew
the original bill,
was called for yesterday (the 21st) to discuss the war tax provisions; it was stated that announcement had been made by
some of the Western and Southern members of the committee that they would demand an increase in the Senate excess
war profits figures from $1,060,000,000 to $1,500,000,000.
It was said that the Ways and Means Committee would try
to induce the conferees to accept the larger figure and that
in the event of the failure of their efforts, they would carry the
contest to the floor of the House. They said that recent announcements that approximately $2,500,000,000 more
money would be needed this year than already provided made
it certain that unless a start were made now to further increase taxes the country would be swamped with bonds.
Other agreements besides those indicated above reported on the 18th were the passenger transportation and
automobile tax provisions. In lieu of the House tax of
of 10% and the Senate rate of 5% on the former the conferrees were said to have compromised on 8%, estimated
to yield about §57,000,000, as compared with $75,000,000 under the original House plan and $37,500,000 under the
Senate revision. For the Senate Federal license tax on
%
automobile owners of about 1
of original list prices of
pleasure cars the conferrees were said to have returned to
the House plan for taxing manufacturers' sales at about
1169
3% and exempting motor trucks. Definite conclusions
regarding administrative and corporate provisions of th«
income tax section and the war excess profits clauses were
not reached.
On the 19th inst. when the so-called "leak" of the ooaferences caused so much concern among some of the oonthe
ferrees,
resolutions pledging secrecy, adopted at
outset of the conferences were strengthened so that any
conferee who gave out information regarding the deliberations was subject to exclusion from further conferences.
It
was reported on the 20th that notwithstanding the procommittee
tests of varied business interests, the conference
was determined to refuse rehearings on provisions of the
measure. It was announced by Acting Chairman Smoot
that the committee did not propose again to open the committee's deliberations to such interests as
under the bill.
may
be taxed
SEVEN BILLION DOLLAR DEFICIENCY APPROPRIATION BILL PASSED BY HOUSE.
The House on Sept. 18 by a unanimous vote passed the
$7,000,000,000 war deficiency appropriation bill, the largest
single appropriation measure in the country's history.
The
bill as passed by the House directly appropriates $4,830,000,000 and authorizes contracts for $2,314,000,000 additional.
It cari'ies provision for the pay and subsistence of a
million men under arms until June 30, 1918. Among the
most important appropriations in this bill are:
Shipping Board, $635,000,000 cash, as part of the Board's construction
program; limited to an aggregate of $1 ,749,000,000; fortifications, $1 ,495,000,000 appropriated and contracts authorized for $975,000,000 more;
naval emergency fund, $100,000,000; War Department emergency fund,
$100,000,000; construction of additional torpedo boat destroyers, S225,000,000, to start a $3.50,000,000 program.
Transportation of the army and its supplies, $350,000,000; army subquartermaster supplies, $100,000,000; clothing
sistence, $175,000,000;
and camp equipage, $350,000,000;
horses, $30,000,000; barracks, and
quarters, $49,000,000; medical department, $100,000,000; engineer department, $105,000,000; ordnance stores ammunition, $39,520,000; small arms
target practice. $13,000,000: ordnance stores and supplies $70,000f000;
automatic machine rifles, $220.000,000 and $118,000,000 more authorized;
armored motor cars, $16,750,000 and $5,000,000 more authorized.
Aviation. $35,000,000; naval ordnance and ordnance stores, $12,446,480;
ammunition for vessels, $40,000,000 and $15,000,000 more authorized;
batteries and outfits for vessels, $50,000,000 and $28,000,000 additional
authorized; reserve ordnance supplies, $47,500,000 cash and $17,500,000
more authorized.
Deficiency appropriations carried in the bill, according
to "Journal of Commerce" of this city, are as follows:
Interstate Commerce Commission
$16,666
Department of State
Treasury Department
District of Columbia
War Department
Panama Canal
-
fortifications
Military establishment
Military Academy
Public buildings and grounds
State, War and Navy Building
Naval establishment
Interior Department
Postal service
Department of Agriculture
Department of Commerce
Department of Labor
House of Representatives
Government printing office
40,000
1,166,330
168,189
24,973,832
1,360,82<
3,477,115,735
29,750
2,013,281
15,000
263,264,480
4 ,275 ,500
420,000
250,000
125,02$
143 ,646
26,900
3,000
Judgements
United States Courts
Court of Claims
Indian depredation claims
Audited claims
13,391
53,995
13,511
490,311
Total
Contract authorizations in addition to appropriations
$3,775,979,370
1,035,000,000
.$4,810,979,370
The Senate Appropriations Committee began hearings
bill on Sept. 19.
Secretary McAdoo appeared before
the Committee on that daj' and presented additional appropriations of $287,416,000, principally for ordnance and
the engineering service. The bill was favorably reported to
the Senate on Sept. 20.
on the
AND SAILORS COMPENSATION AND
INSURANCE BILL PASSED BY HOUSE.
SOLDIERS
The Administration
bill
providing insurance and compen-
sation for the soldiers, sailors and marines in the United
On the
States service was passed by the House on Sept. 13.
roll call 318 voted in favor of the bill and Representatives
Piatt of New York and Hersey of Maine voted against the
measure. Mr. Piatt later changed his vote to "present" and
Mr. Hersey reconsidered his action and voted in favor of the
bill, hence no negative vote was recorded on the measure,
and the result was 319 to 0. The main purposes of the biU,
THE CHRONICLE
1170
[Vol. 105.
drawn up under the
direction of the of age. Opinions differ as to the cost of applying the measure.
provide a substitute for the The first year appropriation is $17G,000,(XX) but it is said by
Secretary of the Treasury, are to
The
present pension law as it would apply to men engaged in this some that this amount will not be nearly enough.
war, a new system of allotments and compensations which details of the bill in respect to its rehabilitation featun; have
not yet been completed. As jmssed by the House provision
will provide for dependents of the soldiers and rehabilitate
its provisions a
merely is made for rehabilitation, and the details will be
men on tlunr return from the war. Under
Representative Foss, of Ohio, in the
soldier or sailor upon enlistment would be entitled to take worked out later.
the 13th laid particular stress upon the way th«
out from $1 ,000 to $10,000 of optional insurance at a pre- House on
mium of approximately $8 per $1,000. His dependents rehabilitation feature should be handled. He urged th«
woidd bo entitled to allotments from the Government of House to be liberal in dealing with the provision, and defrom $5 to $50 per month and an equal amount up clared that statistics showed tliat 85% of the broken men
$15 per month, from his pay. Death or total dis- who return from the British front can be rehabilitated.
The bill v/as favorably reported to the House by its Comthe dependents of any person in the
ability resulting,
mittee on Interstate and Foreign Commerce on Aug. 30, with
militarj'- or naval service of the United States, including
women members of the nurse corps, would be entitled to the recommendation that it be passed, and Representative
compensation ranging from $20 to $70 per month, and the Parker, of New Jersey, immediately announced that he
Representative Parker
Several amendments wore adopted by the House would submit a minority report.
insurance
One of the most filed his report on Sept. 1. While he did not object to the
before the bill was passed on the 13th inst.
important amendments adopted equalizes the allowances of general compensation features of the measure, he declared
the dependents of enlisted men and officers, thus eliminating the optional insurance feature of the bill "unwise, unnecessary
This amendment and uncertain." The fact that President Wilson was in favor
the committee compensation provisions.
was offered by Representative Black of Texas. It raised of having the limit of insurance which a soldier or sailor may
the compensations in the case of death of enlisted men by carry restored to $10,000 became knoAvn on Sept. 4 when a
about 15%, and reduced the officers' families' compensations letter which the President had vmtten to Chairman Adamson
by that amount. The new compensation rates adopted of the House Committee on Interstate and Foreign ComIn the communication the Presiprovide: To a widow, $35 a month; to a widow with one merce was made public.
dent congratulated the members of the committee on their
child, $45; two children, $52 50, and an additional $5 for
each child up to four. One motherless child would receive favorable report to the House of the bill, but urged the
$20 a month; two, $35; three, $45; four, $50, and five, $55. restoration of the $10,000 limit on policies. The letter read
A widowed mother's compensation would amount to $35 a as foUows:
THE WHITE HOUSE, WASHINGTOX. D. C.
month. It is provided also that the maximum to be paid in
U. S. S. Maj'flower,
should be $75 a month. Under the original draft
any case
Sept. 1 1917.
of the bill the compensation for officers' dependents might
My Dear Judge. May I not express to you and through you to the
have gone as high as $200 a month. Under the amendment Committee on Interstate and Foreign Commerce of the House my sincere
gratification at the favorable report the committee has just made on ths
offered by Representative Black and adopted by the House, bill gi-anting family allowances, indemnities, and life
insurance for the
the scale of allowances for total and partial disabiUty was officers and enlisted men of the army and navy; and the hope that the
also changed, although the amounts fixed differ from the proposed measure may receive the prompt approval of the Congress?
There are so many arguments for the bill that I do not know which to
compensations to be paid the dependents of deceased soldiers put forward as the most imperative. No doubt you have assembled them
in your own mind in their most effective order.
and sailors.
But what principally
In the bill as it was reported to the House the scale of appeals to me about the bill is that it takes into consideration the whole
obligation of the soldier not only, but the whole obligation of the Governallowances for disability was based on the pay of the men ment the obligations of justice and humanity both to the soldier and to
affected, gi\'ing the officers considerably more than would his family. It is one of the most admirable pieces of legislation that has
have been given to enlisted men in the event of disaster. been proposed in connection with the war, and I cannot too earnestly urge
its adoption.
Monthly benefits to a soldier or sailor in case of total disI observe with regret that the limit of life insurance available to the
abihty now stand as follows: If he has neither wife nor child officers and men in the service has been reduced from .510,000 to $5,000.
I earnestly hope that the $10,000 limit may be restored.
living, $40; wife, $55; wdfe and one child, $65; two or more
Cordially and sincerely yours,
children, $75; no wife but one child, $50, and $10 additional
WOODROW WILSON.
for each child up to two; dependent widowed mother, $10
The House began consideration of the bill on Sept. 7 and
additional.
The maximum allowance for one man is fixed Chairman Adamson, in charge of the bill in the House,
Injured men requiring nurse care would receive an opened the debate with a detailed explanation of its proat $75.
additional $20 monthly. A man losing both feet, hands or visions.
Representative Raybm'n, of Texas, also made a
eyes, would be entitled automatically to $100 per month. long statement explaining the biU.
He ivas questioned by
The bill provides that compensation for partial disability Representative Key, of Ohio, Chairman of the Pension
shall be a percentage of the total disability allowance equal
Committee; Representative Parker, of New' Jersey, and
to the reduction in the earning capacity of the disabled man,
Representative Campbell, of Kansas, all of whom opposed
as much as 10%, because of particularly the optional insurance feature of the bill.
if his earnings are reduced
On
his disabiUty.
Representative De Walt of Pennsylvania Sept. 10 Speaker Clark and Representative Gillette, of
proposed an amendment, which was adopted, making it a Massachusetts, acting Republican leader of the House,
misdemeanor for any unauthorized person to receive money spoke on the measure. The Speaker endorsed the bill ununder the bill, and providing a minimum fine of $500 or reservedly, while Mr. Gillette criticised the optional insurance
imprisonment for not less than two years, or both, in the feature. Speaker Clark undertook to meet all objections
discretion of the court, for violation of the provision. Another that had been made against the biU and declared it the best
amendment, offered by Representative Madden of Illinois measure brought before Congress since the declaration of the
was adopted on the 13th. It provides that claims for allow- war. He said in part:
ances for disability insurance while in the nation's service
So far as I have been able to ascertain there are four principal objections
may be filed within ten years after the injury from which the to this bill brought by those who oppose it. First, it increases the soldier's
compensation; second, that the Government is likely to find itself in a hole;
disabiUty arose was incurred. In the bUl as reported to the
third, that in some way it interferes with the present pension system, and,
House this limit of time was one year. A committee amend- fourth, that the bill was not prepared by the committee, but by some one
ment adopted on the 13th provided that the term "commis- outside. Now, take these things in reverse order. What difference does
it make who prepared the bill?
sioned officers" as used in the bill, shall include field clerks.
I repeat what I said last Thursday about the Bond bill.
If these young
Other amendments approved by the House on the 13th men are willing to risk their lives on the battlefield, those of us who stay
prevent divorced wives who have remarried from sharing in at home ought to be willing to take care of them in the best way that can
wyiioli
was
orijjiiially
.
—
—
a dependent's allowance, and eUminate proposed salary increases for present employees of the Government who are to
administer certain provisions of the measure. What is
regarded as a personal victory for President Wilson was the
adoption on the 13th by a vote of 141 to 77 of an amendment
providing for the restoration to $10,000 the limit of insurance
which a soldier may carry against death or total disability.
The original draft carried $10,000, but $5,000 was substituted
in committee. President Wilson (as stated further below)
requested the $10,000 hmit in a letter to Chairman Adamson.
In all cases where compensation is awarded, it is provided
that a widow's compensation would cease upon her remarriage and a dependent child's would cease at eighteen years
be devised.
I believe in insm^nce.
I carry every kind of life insurance that human
ingenuity ever devised time insm'ance, endowment insurance, straight
insurance, assessment insm'ance, accident insurance.
I carry $10,000
accident insurance and $24,000 life insurance.
One of the objections is that this bill will put the Government in a hole.
I do not know whether it will or not.
But I am not very much exercised
as to whether it will or not; we are going to be
1 am in
a hole anyway.
favor of doing everytiung I know how to do to make the soldiers when they
go to Europe comfortable. ^ Not only comfortable physically but comfortable mentally.
I believe that we'should keep the wives and children of the men who will
die over there from going to the poorhouse.
Now suppose this bill does
increase then- pay, it is not going to hurt anybody.
I beheve that in less than ten years every one is going to be insured under
the law.
In some countries that is done now. It keeps the widows and
orphans from suffering and keeps^the crippled in the various dangerous
occupations of Ufe from comingito want, and I beUeveiifj.there has ever
—
m
THE CHRONICLE
Sept. 22 1917.]
been a bill introduced in this House, that all risht-thinkins Americans
without respect to political or religious affiliations will indorse, it is this
insurance
bill.
BILL PROHIBITING
ENEMY TRADING PASSED BY
SENATE— CONFEREES REACH AGREEMENT.
The Administration's "trading with
the
enemy"
bill,
which undertakes to define, regulate and punish trading
with Germany and her allies, was passed by the Senate on
The bill had passed the
Sept. 12 without a record vote.
House on July 11 without a roll-call, and it was sent to conference for the purpose of adjusting the differences between
the two houses.
The conferees reached an agreement on Sept. 20. They
accepted virtually all of the important Senate amendments
and, at the request of the Federal Departments, inserted a
new section providing for a censorship, under regulations of
the President, of mail, cable, radio or other communication
between persons in the United States and persons in any
foreign country. The provision is designed to prevent
military information from reaching Germany or her allies
by relay through Latin-American or other neutral countries.
The conferees also widened the scope of the provision to
prevent publication of seditious utterances or disloyal criticisms of the Government on the conduct of the war. In the
there was an amendment, offered by Senator
Utah, compelling all German language publications
to print, in parallel columns, an English translation of any
This amendment was recriticism of the Government.
by the conferees with an amendment written by
placed
Judge Lamar, Assistant Attorney-General, embracing publi-
Senate
King
bill
of
cations printed in all foreign languages and stipulating that,
instead of printing the parallel column in English, they must
file an exact translation accompanied by an affidavit, with
the Post Office of the city in which the publications are
located. Publications violating this provision may be deprived of the use of the mails.
The bill as passed by the Senate prohibits business intercourse with any country with which the United States or its
allies are at war, except under license of the President,
and provides for Governmental seizure of the property
and enemy partols.
adopted by the Senate on Sept. 12
gives power to the President, whenever in his judgment it
may become necessary, to proclaim an embargo against the
importation of any product of enemy industry. The amendment was put into the bill at the special request of the Secre-
enemy
of
aliens
An amendment
The amendment reads as follows:
Whenever, during the present war, the President shall find that the public
safety so requires, and shall make proclamation thereof, it shall be unlawful
to import into the United States from any country named in such proclamation, any article or articles mentioned in the proclamation, except at
such time and under such regulations or orders and subject to such limitations and exceptions as the President shall prescribe, until otherwise ordered
by the President and Congress; provided that no preference shall be given
tary of the Treasury.
the ports of one State over those of another.
In a communication to the Senate Commerce Committee,
urging the insertion of the amendment. Secretary McAdoo
is reported as sajang:
In my judgment it would insure to the public welfare as an exigency of
war that the President should be given a power over imports similar to
that now exercised by him in respect to exports under title VII of an Act
of Congress approved June 15 1917.
In connection with the control over movements of merchandise in and
out of the country is the related question of the control of exports and imports of gold, silver, ciurency and wTitten instruments of commerce, which
in turn are matters intimately affecting the operations of the Treasury Department in respect to international exchange and the conservation of our
gold supply.
It may be necessary to regulate the importation of non-essentials of commerce in order to prevent any adverse and objectionable balance
of trade involving settlement in gold.
Through Governmental control of imports it will also be possible to insure
the most efficient employment of certain imported raw materials essential
to the effective prosecution of the war.
It is probable that in the adjustment of trade relations, now so profoimdly affected by war conditions,
better results could be obtained than are now possible if the Government
had control of these matters when dealing with Governments that have
imposed restrictions upon the exports of raw materials needed by om-
war
industries.
The fundamental question of tonnage is also involved, since it is clear that
only by concentrating official control of cargo movements in both directions can we secure the most effective use of available shipping.
My conon this subject have been confirmed by conference with and recommendations from the Export Administrative Board which is now administering, under authority of the President, the powers conferred upon him
as a war measure in the control of exports.
1 therefore recommend that the subject be covered by appropriate legislation giving to the President the necessary powers ^during the period of
victions
the war.
One feature of the Senate bill as passed on the 12th inst. is
the prohibition, by order of the President, of all enemy or ally
of enemy insurance companies from doing business in the
United States during the war except upon license from the Executive. The foreign companies, says the ISraw York "Ti,in'''have done a tremendous business^n]insuringj"and]re-insur i.g
1171
According to Senator Fletcher, the busiby them last year aggregated $50,000,000, of
which Russian and French companies had 47% and comduring the war.
ness done
Germany
Originally the bill
or its allies 42%.
contemplated a prohibition only against German insurance,
but an amendment offered by Senator Reed on the 12th inst.,
and adopted, takes in every foreign insurance concern.
Under the Senate bill the President may authoi-ize the Secretary of Commerce to take over the insiu-ance companies
under license and allow them to be run, but without pecuniary
profit going out of the country.
No German company is
allowed to underwrite marine risks. Section 4 of the bill
relating to the regulation of foreign insurance companies
provides:
panies of
Sec. 4. (a) Every enemy or ally of enemy insurance or re-insurance
company, and every other enemy or ally of enemy, cfoing business within
the United States through an agency or branch office, or otherwise, may,
within thirty days after the passage of this Act, apply to the President for a
license to continue to do business; and, within thirty days after such application, the President may enter an order either granting or refusing to
grant such license. The license, if granted, may be temporary or otherwise and for such period of time and may contain such provisions regulating the business, agencies, managers and trustees and the control and
disposition of the funds of the company or of such enemy or ally of enemy
as the President shall deem necessary for the safety of the United States,
and any license granted hereunder may be revoked or re-granted or renewed in such manner and at such times as the President shall determine:
Provided, however, That reasonable notice of his intent to refuse to grant a
license or to revoke a license granted to any re-insurance company shall be
given by him to all insurance companies incorporated within the United
States and known to the President to be doing business with such reinsurance company.
Provided further That no insurance company, organized within the United
States, shall be obliged to continue any existing contract or treaty entered
into prior to the beginning of the war, with any enemy or ally of enemy insurance or reinsurance company, but any such company may abrogate and
cancel any such contract or treaty by serving 30 days' notice in writing
upon the President of its election to abrogate such contract or treaty.
For a period of thirty days after the passage of this Act and further ponding the entry of such order by the President after application made by any
enemy or ally of enemy, insurance or reinsurance company, within such
thirty days as above provided, the provisions of the President's proclamation of April 6 1917, relative to agencies in the United States of certain
insurance companies, as modified by the provisions of the President's
proclamation of .luly 13 1917, relative to marine and war risk insurance,
,
remain in full force and effect so far as it applies to such German insurance companies, and the conditions of said proclamation of April 6 1917,
as modified by said proclamation of July 13 1917, shall also during said
period of thirty days after the passage of this Act, and pending the order
of the President as herein provided, apply to any enemy or ally of enemy
insurance or reinsurance company, anything in this Act to the contrary
notwithstanding. It shall be unlawful for any enemy or ally of enemy
insurance or reinsurance company to whom license is granted to transmit
out of the United States any funds belonging to or held for the benefit of
such company or to use any such funds as the basis for the establishment
directly or indirectly of any credit within or outside of the United States
to or for the benefit of an enemy or ally of enemy.
For a period of thirty
daj^s after the passage of this Act and further pending the entry of such order
by the President after application made within such thirty days by any
enemy or ally of enemy, other than an insurance or reinsurance company
as above provided, it shall be lawful for such enemy or ally of enemy to
continue to do business in this country and for any person to trade with,
to, from, for, on account of, on behalf of or for the benefit of such enemy
or ally of enemy, anything in this act to the contrary notwithstanding:
Provided, hotvever. That the provisions of Sections 3 and 15 hereof shall
apply to any act or attempted act of transmission or transfer of money or
other property out of the United States and to the use or attempted use of
such money or property as the basis for the establishment of any credit
within or outside of the United States to, or for the benefit of, or on behalf
of, or on account of, an enemy or ally of enemy.
If no license is applied for within thirty days after the passage of this Act;
shall
if a Ucense shall be refused to any enemy or ally of enemy, whether
insurance or reinsurance company, or other person, making application,
or if any license granted shall be revoked by the President, the provisions
of Sections 3 and 15 hereof shall forthwith apply to all trade or attempt to
trade with, to, from, for, by, on account of, or on behalf of, or for thebenefit
of such company or other person: Provided, however. That after such refusa
or revocation, anything in this Act to the contrary notwithstanding, it shall
be lawful for a policyholder or for an insurance company, not an enemy orl
ally of enemy, holding insurance or having effected reinsurance in or with
such enemy or ally of enemy insurance or reinsurance company to receive
payment of, and for such enemy or ally of enemy insurance or reinsurance
company to pay, any premium, return premium, claim, money, security,
or other property due or which may become due on or in respect to such
insurance or reinsurance in force at the date of such refusal or revocation
of license; and nothing in this Act shall vitiate or nullify then existing policies or contracts of insurance or reinsurance, or the conditions thereof;
and any such policyholder or insurance company, not an enemy or ally of
enemy, having any claim to or upon money or other property of the enemy
or allj' of enemy insurance or reinsurance company in the custody or control
of the alien property custodian or of the Treasurer of the United States,
may make application for the payment thereof and may institute s
provided in Section 9 hereof.
(b) That no enemy or ally of enemy, and no partnership of which he is a
member or was a member at the beginning of the war, shall for any purpose
assume or use any name other than that by which such enemy or partnership was ordinarily known at the beginning of the war, except under license
from the President.
Whenever in the opinion of the .President the public safety or public
interest requres, the President may prohibit any or all foreign insurance
companies from doing business in the United States, or the President may
license such company or companies to do business upon such terms as he
may deem proper.
or
Chairman Ransdall of the Senate Commerce Committee
favorably reported the biU to the Senate on Aug. 22. The
Commerce Committee had the bill under consideration for
over a month and made a number of changes in it, all of
which were for the purpose of better carrying out the general
THE CHRONICLE
1173
intent of the measure as first suggested by the Department
In his report to the Senate, Senator Uansdall
of Justice.
stated that the bill was susceptible of division into the
following four parts:
first portion defines the word "enemy" and prescribes the acts which
bo forljidden and which are made criminal if performed without license.
The second portion pn vides for a system by which any act otherwise unlawful and criminal may be licensed by the Secretary of Commerce, if compatible with the safety of the United States and the successful prosecution
of the war.
The third portion deals with the conservation and utilization of enemy
property during the war.
The fourth (lucstion deals with the entirely separable question of patents.
The
shall
The Senate Commerce Committee on Aug.
30, because
McAdoo and
Redfield could not agree on what
powers should be conferred on them by the Act, amended
the bill so that all powers are vested in the President. The
bill was taken up* for consideration by the Senate on Sept. 11.
In presenting the bill Chairman Ransdall, in charge of the
measure, is reported as having said:
The purpose of this measure is to mitigate the rules of law which proSecretaries
hibit all intercourse between citizens of warring nations and to permit under
safeguards and restrictions certain kinds of business to be carried on.
It
also provides for the care and administration of the property and property
rights of enemies and their allies in this country pending the end of the war.
The spirit of this measure is to permit such business intercourse as may be
beneficial to the citizens of this country, under rules and regulations of the
President, which will prevent our enemies and their allies from receiving
any benefits therefrom until after the war closes, leaving to the courts and
to future action of Congress the adjustment of rights and claims arising
from such transactions. Under the old rule warring nations did not respect
the property rights of their enemies, but a more enlightened opinion prevail.s
at the present time and it is now thought to be entirely proper to use the
property of enemies without confiscating it, also to allow such business as
fire insurance, issuance and use of patents, and so forth, to be carried on
with our enemies and their allies, provided that none of the profits arising
therefrom shall be sent out of this country until the war ends.
,
A feature of the Commerce Committee's report to the
Senate was the inclusion of a statement from Assistant
Attorney-General Warren as to the intention of the law.
Inasmuch as the statement came from the Department of
Justice it was looked upon, it is said, as an expression of
opinion by the Administration. Mr. Warren was quoted as
follows in the Committee's report, according to the "Journal
of
Commerce"
of this city:
economic, commercial, financial, military, naval and political
malie it highly necessary that doctrines as to trade with the
enemy laid down by our courts a century ago should be modified by the
Changes
conditions
in
may
Legislature, either
by making them more stringent or
less
stringent,
according to the needs and conditions of the present day. The complexity
of modern business demands far greater stringency in certain directions than
the old cases decided by the courts provided for.
On the other hand, the
more enlightened views of the present day as to treatment of enemies makes
possible certain relaxations in the old law.
In former days, trade consisted wholly in the actual transfer and transport
of commodities.
To-day a form of trade even more helpful to the enemy
Hence
consists of transfer of credits and money by letter, cable or wireless.
while formerly the mere accumulation of enemy property or funds in this
country did not assist the enemy materially so long as it remained here, now,
with the ready ease by which credits may be transferred and funds used,
it becomes just as important to prevent an enemy from building up, using.
or transferring his credit or credits as from acutally transferring physical
property.
Hence, much more rigid supervision or prevention of such
transactions becomes necessary.
The present bill is less stringent, .and designedly so, than the present
English Act. And it is Itss stringent than the law of trade with the enemy
as laid down by our courts, for it provides for a system of licenses by which
a:ny act or business forbidden by the bill may be licensed to be done, if the
President shall be of opinion that it can be carried on or done with safety
to the United States.
The provisions of this bill greatly amplify and make
more practical a system of license or permit which was provided for by the
Government during the Civil War. The bill may in some ways interfere
With the freedom of American commerce, and it may bear hardly, in places,
upon individuals. By this license system, however, we provide a method
of relief, in individual cases, where the relief can be extended without
injury to the interests of the country.
But it is necessary always to btar
in mind that a war cannot be carried on without hurting somebody, even,
at times, our own citizens.
The public good, however, must prevail over
private gain.
The theory of the bill is that enemy property in this country shall not remain in the hands of the enemy's debtor or agent here; but that, if the President so directs, it shall be temporarily conscripted by the Government to
finance the Government through investment in its bonds, and to be paid
back to the enemy or otherwise disposed of at the end of the war as Congress
shall direct.
In other words, we fight the enemy with his own property
during the war: but we do not permanently confiscate it. Moreover, this
temporary conscription of enemy property is also conservation of enemy
property; for it is taken from the hands of the debtors or agents, as to whose
solvency the enemy would otherwise have to assume the risks, and invested
in the safest security in the world
United States bonds or deposited in
—
Government
—
depositories.
CAR SERVICE REPORT CONCERNING EFFORTS OF
RAILROADS TO HANDLE WAR TRAFFIC.
A
report furnishing some conception of the efforts which
the railroads of the country are making to handle the tremendous increase in freight traffic which the war has produced, has just been compiled by the Commission on Car
Service.
Fairfax Harrison, Chairman of the Railroads' War
Board, made pubUc the following statement concerning the
report on Sept. 15:
[Vol. 105.
The report shows that during the four months period between May 1
and Aug. Al this year, ll.'5,i;i2 empty freight cars were ord>-red into the
South and Southwest to protect the movement of grain and other food
products and assure the prompt delivery of the millions of feet of lumber
needed by the Government for the cantonments and shipyards. Several
thousand of these cars were also used to facilitate the movement of phosphate rock and other materials needed in the manufacture of munitions.
The cotton carrying railroads also received large consignments of 'empties"
to enable them to meet the beginning of the cotton and cotton seed movement.
Most of the cars moved into the South and Southwest are owned by
roads operating in other sections of the country. They were moved, however, regardless of ownership into the districts where they were most needed.
The prompt compliance of the roads owning them with the orders of the
Commission on Car Service averted what might easily have been one of the
worst freight congestions of the country, as the lines in the South and
Southwest have been called upon to transport an unexampled volume of
freight since the United States entered the war.
The movement of lumber for commercial purposes has been unusually
heavy and added to that has been the Government's demand for the 64,000
carloads of timber needed in the construction of the training camps for the
new national army and the thousands of other carloads that are being
rushed from the Southern forests to the shipyards on the Atlantic coast.
Coincident with the lumber movement, grain, melons, vegetables and
other food products have created a demand for cars that would have been
impossible to meet if the railroads of the country had not voluntarily agreed
to merge their competitive activities and operate as one system during the
period of the war.
This agreement made possible the shifting of empty cars
into districts that would have been virtually buried under the abnormal
amount of freight accumulated in them if the local lines had not received
help from their competitors.
At the present time hundreds of empty cars are still being rushed into
the South to assure the prompt movement of all Government orders for
limiber.
Hundreds of other "empties" are going into the Central .States
to protect the grain crop, the transportation of which is now being complicated by the fact that during the next six weeks, when the grain movement
will be at its height, the railroads will be obliged to run a large number of
special passenger trains to carry the 687,000 citizen soldiers to the canton-
ments.
Long trains of stock cars are also moving into Western Texas so that the
thousands of heads of cattle that are threatened by the drought there may
moved into more fertile pasturage.
The railroads operating in Maine will soon receive an extra consignment
of empty cars to enable them to handle the potato crop.
be
NEW
JERSEY TEST OF ''FULL CREW" LAW.
A hearing on the so-called railroad "full crew" law took
place at Trenton on Sept. 17.
The New Jersey case is the
first official adjudication in public hearings of the actual
working merits and demerits of the "full crew" law
statute in force in twenty-two States, which probably has
been the bone of as much bitter contention as any other
single item of labor legislation.
The American Railway
Association in a statement this week issued through Pitt P.
Hand, rehearsed at length the legislation and its results in
—
which
it
said in part:
The "full crew" laws, in brief, recjuire minimum crews based upon length
of trains, regardless of any other circumstances or conditions.
So many
cars, so many men.
But inasmuch as no train needs more than one
engineer, fireman and conductor, the only "extra" men involved are brakemen, or "trainmen." For instance, under the New Jersey law, any train
having four passenger coaches is required to carry no less than six men
an engineer, fireman, conductor, baggageman and Iwo trainmen the latter
denominated "brakeman" and "flagman." Any freight train of thirty
cars must also carry six men
an engineer, fireman, conductor and three
trainmen an extra brakeman being substituted for the passenger baggage-
—
—
—
man.
The
same.
statutes vary in the twenty-two States, but the general rule
Some are more drastic than others.
Twenty Thousand
Men
ia
the
Tied Up.
Railroad operators have fought the "full crew" laws, and their principle,
openly and vigorously, ever since the employees' organized movement for
them began in the early 90's. They even resented the name, and sought
to substitute the titles "excess" crew and "extra" crew laws; some nicknamed them "fool" crew laws. The Trainmen's Brotherhood, whose
working membership is directly affected' by the legislation, with equal
This
vigor campaigned to extend the "full crew" laws everywhere.
organization is the largest, most aggressive and radical of the "Big Foiu:"
railroad brotherhoods which in combination secured the 8-hour law from
Congress under threat of a national railroad tie-up. Its able legislative
agents have toiled for "full crew" legislation at every State capitol. demanding it in the name of Organized Labor and insisting that the law is a safety
measure, necessary to safeguard the lives and limbs of both passengers and
employees.
To sum up the long fight: the Trainmen secured the adoption of "full
crew" laws, in one form or another, in twenty-two States. The law has
failed of passage, despite vigorous campaigns, in twenty-seven States.
In MisVarious efforts to secure a Federal law have failed in Congress.
souri, in 1913. the Legislature passed tha law; the railroads by petition
invoked the referendum against it, and after a publicity campaign by both
sides so extensive that it reached every farm and city precinct, the voters
killed the law by a vote of 324,384 for repeal and 159,892 against.
The total number of trainmen kept in needless positions because of the
"full crew" laws in all the twenty-two States is estimated at approximately
20.000. The total for New Jersey is definitely given by the railroads as
420; for Pennsylvania 1,740 and for New York about 2,000 men.
In New York State, the law was passed in the Sulzer administration, the
Governor who was later impeached having given pre-election'promises to
labor leaders.
Governor Hughes vetoed a"full crew" measure, as did
Governor Foss of Massachusetts.
Nowhere has the controversy been waged with more stubborn persistence on both sides than in New Jersey and Pennsylvania
Danner railroad
States of the Union.
Twice the Legislature of Pennsylvania, by vote of both houses after
protracted considerations, has passed bills repealing the "full crew' statute,
which was put on its books in 191 1. Both times, in 1915 and in the present
year, Governor Brumbaugh saved the law by vetoing the repealer.
—
''
.
Critical Test
law on
trial
— on
Reached in
New
Jersey.
by a peculiar new statute, has put the "full crew"
for its life.
The verdict is expected to have a potent
Jersey,
trial
.
THE CHRONICLE
Sept. 22 1917.]
Now New
,
Consequently the case
influence on the question for the whole nation.
the law's workings will be attacked
will be most strenuously contested
and defended with the best evidence, energy and ability of each side.
This unique test was brought about when, with the advent of Governor
Edge's administration, the last New Jersey Legislature enacted a law providing that the "extra" or "excess" man might be taken from a train's
"full crew," but only upon formal complaint by the railroad, and after
proof that the train in question was over-manned had been presented to
the State Public Utilities Commission at a pubUc hearing, with due notice
and opportunity for resistance by any opposing Interest.
The railroads, in demanding the law's repeal, had contended that some
420 men were being carried needlessly and in expensive and wasteful idleness on trains in New Jersey, solely in obedience to the arbitrary statute.
The new law merely gave the railroads the opportunity of publicly presenting detailed evidence of this condition, with the burden of proof upon
—
them, and without which proof no change can be made.
This is the issue that comes to trial to-day in Trenton. Upon the proof
or disproof of over-manning many consider the fate of the "full crew" laws
now rests.
The Trainmen's Brotherhood
in all the States
leaders fought the New Jersey conditional
law and announced they would resist any reduction whatever in size of
The labor
train crews as thoy stand under the old law's provisions.
organization has sent its ablest representatives to oppose the railroads'
presentments. Each of the State's railroads will individually present
evidence of over-manned trains, including stop-watch records of how
"extra" trainmen actually spend their time on duty and elaborate detailed
observations and statistics of the practical workings of the law.
Men's Jobs No Longer At
Slake.
New
Jersey's decision thus to test the law was determined upon while
the country was still at peace, and when all conditions of transportation,
labor, general commerce and Government necessity were radically different
than now.
1173
—
Sixth They denounce the looting of occupied territory, the levy of
contributions and requisitions beyond the means of occupied teiritory and
for unlawful purposes, and the general appropriation of private property
to satisfy the same, or the plunder of officers and men, encouraged unlawfully to appropriate the same, by the German Government.
Seventh They denounce the claim of right to put to death any mariner
wherever and whenever captured who has dared to defend his vessel and
cargo against the wholly unwarranted and lawless attacks of German
submarines and they denounce especially the wholly unwarranted claim
that the law as to franctireurs on land applies to mariners at sea, and the
illegal and inhuman execution pursuant to such claim of Captain Fryatt,
a merchant captain, "whose rights at the worst were those of a prisoner of
—
,
war."
Eighth They denounce the deportation of the civil population from
occupied territories by thousands, including women and young girls, to be
—
employed in forced labor against their country.
Ninth They denounce the sinking of hospital ships and supply ships
sailing under safe conducts from the German authorities themselves.
Tenth They welcome the entry of the United States into the war in
conjunction with the Entente Allies for the purpose of checking such lawless
excesses and overthrowing those forms of autocracy which menace the
peace, security and civilization of the whole world. They recognize with
the President that our country is privileged to spend her blood and her
might for the principles that gave her birth and happiness and the peace
which she has treasured, and they say with him, God helping her, she can
do no other.
—
—
An address on "Prussian Law as Applied in Belgium,"
delivered by Gaston de Leval, the Belgian lawyer, was one
was likewise a speech by
Elihu Root, the head of the American War Mission to the
United States, who talked of Russia and its internal troubles.
Charles E. Hughes, another of the speakers, discussed "War
Powers Under the Constitution."
of the features of the convention, as
Now
the railroads eagerly pledge that, if they are permitted to alter the
crews," not one single man will be discharged as a result. They urge
that their object in pressing for relief now is not to save money, but only
to transfer much-needed men whose time is being wasted to useful service.
Indeed they insist that all the "extra" men affected will be insufficient to
supply the crews needed for the additional freight trains and troop trains
imperatively required to give maximum railroad service to help win the war.
"full
It was announced early last month that the Pennsylvania
Supreme Court has refused to entertain the Pennsylvania
Railroad appeal from the decision of the Superior Court in
the "locked ,baggage car" and "rear-end" platform cases in
the full-crew law complaints before the Public Service
Commission. These were the cases decided in favor of the
men. These cases were among the first brought
before the commission and were immediately appealed by
the railroad to the Superior Court, which upheld the commission's findings on them.
railroad
ACTIVITIES OF AMERICAN RED CROSS IN EUROPE
SINCE WAR.
A
report to the American people concerning the activities
American Red Cross in Europe since war with Germany was declared, has been issued by Henry P. Davison on
behalf of the War Council of the American Red Cross, of
which he is Chairman. The report says in part:
of the
To
the
American People:
policy of the Red Cross war council is to report frequently to the
American people concerning the use which is being made of all Red Cross
money.
The war council of the American Red Cross, since its appointment on
May 10, appropriated up to and including Aug. 31, the sum of $12,339,682
for work in Europe, of which $10,692,601 is for use in France.
The general lines of activity undertaken in France by the American Red
Cross have been determined after a careful survey of the situation by the
Red Cross Commission. The purposes may be outlined as follows:
To establish and maintain hospitals for soldiers in the American
1
The
army
AMERICAN BAR PROTESTS AGAINST GERMANY'S
VIOLATION OF INTERNATIONAL LAW.
A resolution declaring its "absolute and unqualified loyGovernment" and condemning " all attempts in
Congress and out of it to hinder and embarrass the Government of the United States in carrying on the war with vigor
and effectiveness" was adopted bj"- the American Bar AssoThe resolution,
ciation at its annual meeting on Sept. 4.
offered by Elihu Root on behalf of the Executive Committee
alty to the
,
read as follows:
The American Bar
enemy.
Association declares its absolute and unqualified loyalty to the Government of the United States.
are convinced that the future freedom and security of our country
depend upon the defeat of German military power in the present war.
urge the most vigorous possible prosecution of the war with all the
strength of men and materials and money which the country can supply.
stand for the speedy dispatch of the American Army, however raised,
to the battle front in Europe, where the armed enemies of our country can
be found and fought and where our owb territory can be best defended.
condemn all attempts in Congress and out of it to hinder and embarrass the Government of the United States in carrying on the war with
vigor and effectiveness.
Under whatever cover of pacifism or technicality such attempts are made,
we deem them to be in spirit pro-German and in effect giving aid and comfort to the enemy.
We declare the foregoing to be overwhelmingly the sentiment of the
American Bar.
We
We
We
We
The Association on the 5th inst. endorsed the report of the
Committee on International Law protesting against Germany's violations of international law. The protest, we
learn from the New York "Times" was against
First— The sinking of merchant .ships without summons, and without
placing non-combatants on board in safety.
Second The assuming to exclude by proclamation our ships and cargoes
from many thousands of miles of the high seas where our ships and cargoes
have passed and repassed and have had the right to pass and re-pass ever
since the nation had birth.
Third Grave and homicidal conspiracies against the domestic peace,
trade, and manufactures of this country, and against peace upon its borders,
conducted by aeents of the German Government while still assuming the
guise of and received a.s friends.
Fourth They denounce the wanton and illegal murder of great numbers
of civilians and non-combatants, including women and children and aged
persons, and the unrestrained assaults to which women have been subjected even those shielded by the garb and vows of religion
Fifth They denounce the wanton devastation of occupied regions, when
abandoned, by the destruction of houses, churches, .schools, fields, road.s
and orchards where no military necessity warranted the same and where it
subjected to great suffering and to death a great part of the population.
—
,
—
—
,
—
in France.
2. To establish and maintain canteens, rest houses, recreation huts, and
other means of supplying the American soldiers with such comforts and
recreation as the army authorities may appi'ove.
3. To establish and maintain in France canteens, rest houses, reci-eation
huts, and other means of supplying comfort and recreation for the soldiers
in the armies of our allies.
4. To distribute hospital equipment and supplies of all kinds to military
hospitals for soldiers of the American or allied armies.
5. To engage in civilian relief, including: (a) The care and education of
destitute children; (6) care of mutilated soldiers; (c) care of sick and disabled soldiers; (d) relief work in the devastated areas of France and Belgium,
such as furnishing to the inhabitants of these districts agricultural implements, household goods, foods, clothing, and such temporary shelter as will
enable them to return to their homes; (e) to provide relief for and guard
against the increase of tuberculosis.
6. To furnish relief for soldiers and civilians held as prisoners by the
enemy and to give assistance to such civilians as are returned to France
from time to time from the parts of Belgium and of France held by the
7. To supply financial assistance to committees, societies, or individuals
allied with the American Red Cross and carrying on relief work in Europe.
The war council has sent to Europe five separate commissions, each
composed of representative Americans. The work and policy of the
American Red Cross will be determined and guided by the first-hand
inquiries and the considered judgment of these commissions.
The first and supreme object of American Red Cross care is onr own
army and navy.
The American army in France is received in large reception camps on
the coast and after several weeks of preliminary training the man are sent
across the country to permanent training camps back of the firing lines.
Along the route followed by the troops the Red Cross has established
infirmaries and rest stations, each in charge of an American trained nurse
with an American man to assist her.
Additional infirmaries and rest stations will be established in the near
future, and adequate buildings are also being erected wherever needed.
Canteens are being established by the Red Cross at railway stations
where American soldiers on reserve duty or on leave, and those returning
Baths, food, games, and
to or from duty, may find rest and refreshment.
,
other comforts will be made available at these canteens.
The war council has appropriated $100,000 for medical research work in
France.
Hospital Warehouse Service.
To be able to do its work without delay, the Red Cross is establishing
warehouses at different points of importance in the French theater of war.
An appropriation of $519,000 has been voted to establish this service and
provide its first stock of supplies.
In response to a cable from the commission in France, the war conncil
appropriated $1,500,000 to purchase foodstuff to be sent to France.
It has also appropriated $1 .000.000 for the purchase of supplies in l<>ance,
all for use in the hospital supply service.
Canteens and Rest Stations.
At the military railroad stops the Red Cross is establishing showea- baths,
Then there will be rest
launderics, and mending and disinfecting rooms.
rooms, with books, writing materials, and games. Some of the stations
will have dormitories and lunch rooms.
Near the firing line the Red Cross is establishing field canteens. Extending the work already begun by the French Red Cross, it will provide one of
these canteens for every corps of the French army and as well ae later for
the American army.
THE CHllONICLE
1174
To carry out these plans tlio war council has made appropriations of about
$700,000, wlilch.will establish the canteens and maintain them for about
months.
tiirce
Red Cross Transportation Service.
Cross transportation service has been established to handle the
vast quantilifs of medical and relief supplies now beint? shipijod almost
daily to Franco, lielKiuni, .Serbia, Kussia and other belligiirent countries.
This now branch of lied Cross activities was made possible tiirougli the cooperation of tho Ki'i^ncli, Uritishand Italian Governments, the United States
Shipping Hoard and the leading steamship and railroad comi)anies.
Tho Hod Cross will have cargo space on every steamer chartered by the
United States Shipping Board. Army transports also will carry Red Cross
A Rod
suppliers.
The French I'ailroads are overtaxed, and their facilities must be available
Tlie Red Cross has accordingly
for tho military needs of the army.
determined to develop its own motor transport service.
Tho first unit of trucks has been forwarded.
Base Hospitals.
In advance of
battle fields six
Cross the first
were sent at tho
the fighting forces the United States sent to the European
base hospitals organized during the last year by the Red
United States army organization sent to Europe. These
request of the Britisli commission.
More than a dozen base hospitals organized by the American Red Cross
are now seeing active service in France, and others are rapidly being made
ready for foreign service. Each of th(!se base hospitals has a staff of 22
physicians, two dentists, 6.5 Red Cro.ss nurses, and 150 enlisted men of the
army medical corps. Before war was declared, 26 of these units had ]>e(!ii
formed, while the total number of units for ready service is now 47. It
costs an average of $7.'), 000 to equip a base hospital with beds, blankets,
terilizars, operating tables, tents, dental outfits, automobiles and kitchens.
—
Prevention of Tuberculosis.
estimated that some 500,000 persons are afflicted with tuberculosis
as tho direct result of the war.
Scientific efforts to control the spread of
the malady are not only of supreme concern to France herself, but they are
of groat importance in making France healthy for our own troops.
All work is being done under the general administration of the French
It is
Government, and by F>onch people.
Tho American Red Cross has appropriated .$1,000,000
sick and wounded French soldiers and their families.
for the relief of
The Rod Cross plans to be able to take care temporarily of these returning populations.
It is not the policy of the Red Cross to rebuild the villages of France, but
it is our hope to be able to give a new start in life to a large number of
persons who have been left destitute by the ravages of the German army.
The Red Cross has accordingly appropriated $403,090 for a provisional
experiment in this direction, the plans for the experiment having been
worked out in France by Mr. Homer Folks.
The budget for expenditures in France to cover the period until Nov. 1
1917, prepared by J. H. Perkins, Director of the Department of Military
Affairs. Re4 Cross Commission in France, if for a total expenditure of
This covers work for the United States army, surgical dress.$1,77.3.250.
ings, equipment and operation of diet kitchens, canteens, Ajnerican Red
Cross Motor Ambulance service, hospital expenses, &c.
The budget of the Department of Civilian Relief in France, prepared by
Homer Folks, Director of the Red C^ross Department of Civil Affairs In
France, up to Nov. 1 1917 calls for .S2, 190, 353.
The budget of the Department of Administration in Paris, prepared by
Carl Taylor, Dii'ector of Administration, up to Nov. 1 1917, calls for
$115,700.
The budget of the Planning Depai'tment, prepared by George B. Ford,
Director, up to Nov. 1 1917, calls for .$3,890.
General appropriations have also been made, amounting in all to $10,692,601.
Thoy cover hospital svipplics, foodstuffs, tran.sportation supplies
and motors, building material, machinery, medical research, child welfare
work, clothing, American Ambulance Hospital expenses, nui'ses, &c.
Before appropriations are reconamended by the French (Commission they
are carefully prepared by the Director of the particular department concerned.
They are then considered by a Financial Committee, consisting
of Major Murphy, Chairman; .1. H. Perkins, H. II. Harjos, H. O. Boatty,
Carl Taylor, Homor Folks, William Endicott, and Ralph Preston. Three
of this committee constitute a quorum, and every appropriation reported
must receive the consent of all present.
Most of those in cliarge, for tho Red Cross, of the work in France are
giving tlioir own time and paying their own expenses.
A special fund of
$100,000 has also been privately contributed to meet expenses of members of
tho French Commission unable to pay their own way.
The appropriations made for use in Elurope outside of France, covering
drugs and medical supplies, relief funds, and expenses, are as follows:
For Russia
For Rumania
For Italy
For Serbia
For England
For Armenia
Other appropriatione
The
.._
total appropriations
follows:
$322,780 87
247,000 00
210,000 00
222, .500 00
8.800 00
600 ,000 00
36 ,000 00
by tho war council for Red Cross work
in
Europe are as
In Franco
Outside of Fi-an««
$10,692,601 00
1,647,080 87
Grand total
$12,339,681 87
Some of the European appropriations are to cover a full year, but the
greatoi- part will haye been spent by November of the current year.
[Vol. 105.
tions you know of, which can perhaps prevent war.
I am beginning in.
tho meantime to act accordingly.
"In the above circumstances a public official German declaration in
favor of Ireland is highly desirable, in order to gain the support of the
Irish influence hero."
DEVELOPMENTS ARISING OUT OF DISCLOSURE OF
SWEDISH LEGATION'S AID TO GERMANY.
As a
result of the revelation
by Secretary Lansing
of the
dispatches x-ia
Stockholm by members of the Swedish diplomatic corps,
measures have been taken by the Swedish Government to
prevent the recurrence of such actions, which hav<! jilaeed
the Swedish Government in a serious predicament.
Dispatches from London on Sept. 14 stated that according to
the Stockholm correspondent of the Central News Agency,
the Swedish Government had announced that O. A. H.
Ewerloef, Secretary of the Swedish Ministry of P^oreign
Affairs, had received leave of absence from the Foreign
Office and had placed himself at the disposition of the
Minister of Justice with the object of assisting in the special
investigations into the Swedish-Argentinian revelations.
A
Renter dispatch from Stockholm to London on the 14th
stated tha"t this action indicated that reform will be instituted
in the Swedish Foreign Office.
M. Ewerloef, the dispatch
said, was sacrificed no doubt because of the fact that he was
acting permanent Secretary of the Foreign Office during the
whole period in which the Swedish Minister at Argentina
forwarded to Berlin the German Charge d'Aff aire's dispatches.
Lord Robert Cecil, British Minister of Blockade, in an
interview with the Associated Press at London on Sept. 14
discussed Secretary Lansing's exposure, and intimated that
the statement issued by the Swedish Foreign Office (referred
to in these columns last week) in explanation of the transmission of the German messages, was not satisfactory to the
transmission
British
to
Berlin
Government.
of
He
secret
German
said:
Sweden's explanation seems to imply that not only have they never
complied with the assurances given us in the early days of the war, but
also that they never Intended to comply with them.
That is a rather
astonishing situation.
But aside from this there is another point, namely
that it was a quite improper proceeding to send code telegrams of a belligerent Government at all. That, to put it mildly, was the real impropriety.
Dispatches from Buenos Aires on Sept. 14 stated that the
Argentinian Foreign Minister had annoimced that no reply
had yet been received from Berlin concerning the expulsion
Count Luxburg, who was handed his passjjorts on Sept. 13.
The Argentine Chamber of Deputies, the dispatch said,
of
had requested President Irigayin to give it all the facts in
regard to the issuance of passports to Count Luxbiu'g. It
also became known on the 14th that the Government of
Uruguay in response to a notification by the Argentine Government, had declared that it approved of the action of
Argentina in expelling Count Luxbvu'g.
Assurance that Sweden realizes the seriousness of the
situation created by Secretary Lansing's disclosures, and
that she expects to take all steps possible to put matters
right, was given by Admiral Lindman, the Swedish Foreign
Minister, in an interview with the Associated Press on
Sept. 15. All transmission of German dispatches have been
stopped, he said, and Germany has been asked for an explanation of the abuse of the privilege formerly extended.
He
is
To
quoted as having said:
fact that ve are not taking thisdeplore most, sincerely that a practice which was exergood faith has been gravely abused, and we are determined that the condition which led to this result shall be remedied.
As soon as I was informed of Secretary Lansing's statement I immetfiately gave orders to ceaee this practice.
This would have been done earlier, as a matter of course, had my attention been called to the undesirability of the practice.
A word ^-om Mr.
Morris (the American Minister) or the British Minister would have sufficed.
But, as it was, 1 had no idea that the practice was open to objection until
the revelations launched from Washington.
I am as yet unable to eay anything about the results of this investigation,
but should like to have you point out emphatically tliat no man belonging
to tliis country would, having knowledge of the contents of Count Luxburg's telegrams, have consented to transmit them
This country wishes to maintain a perfectly neutral attitude, and has the
strongest determination to remain perfectly neutral.
If blame can be
thrown upon us for having transmitted such telegrams, it cannot be for
lack of good faith and sincere desire to preserve neutrality.
begin with,
matter
I
want to emphasize the
We
easily.
cised in absolutely
.
COUNT VON BERNSTORFF'S NOTE TO BERLIN ASKING
FOR APPROPRIATION TO INFLUENCE CONGRESS.
The
by Secretary of State Lansing
a message which he announced had been
Foreign Office by Count von Bernstorff
disclosure yesterday
of the contents of
sent to the Bei-lin
(while he was still serving as German Ambassador in the
United States) requesting authority' to pay $50,000 to influence Congress through a certain organization created
no little sensation. The Secretary confined himself to the
following formal statement:
The Secretary of State issues the following message from Ambassador
von Bernstorff to the Berlin Foreign Office Jan. 22 1917:
"I roQuest authority to pay up to $50,000 (fifty thousand dollars) in
order as on former occasions to influence Congress through the organiza-
I
Dispatches from Buenos Aires on Sept. 17 stated that Dr.
Luis B. Molina, the Ai'gentine Minister at Berlin, had informed the Argentine Foreign Office by cable that the German Government had expressed regret over the actions of
Count Luxburg, the German Minister to Argentina. Dr.
Molina reported that Baron von Dem Bussche-Haddenhausen, Under-Secretary of the German Foreign Office, had
informed him that Germany also disapproved of the expressions used by Count Luxburg in his dispatches.
The UnderSecretary, who acted for Dr. von Kuehlemann, the Gei-man
I
I
,
Sept. 22 1917.]
THE CHRONICLE
Foreign Secretary, during his absence in Munich asked the
Argentine Minister to request the Argentine Government to
notify Count Luxburg that the German Government wished
him to return immediately to Germany to explain the entire
matter personally. Dr. Molina was asked to obtain a safe
conduct for Count Luxburg. Foreign Minister FuejTredon
after reading Dr. Molina's cablegram announced that he had
declined to accept the assurances of Baron von Dem BusscheHaddeiihausen as a satisfactory settlement of the Luxburg
affair, because it was merely the verbal statement of an
Under-Secretary. He stated that the Argentine Foreign
Office would require a formal note from the German Government before closing the incident. The dispatches of the 17th
stated that Count Luxburg was said to have been circulating
the statement that the idea of sinking Argentine ships "without leaving a trace" was suggested to him by the Foreign
Minister of Argentina as a means of preventing complicaRegarding the authenticity of Luxburg's statement,
tions.
Foreign Minister Pueyrredon on the 17th characterized it
as the "greatest, most shameful, barefaced lie" in his official
experie nce. The German Minister to Sweden, according to
dispatches from Stockholm on Sept. 18, formally expressed
to the Stockholm^ Government regrets over the disagreeable
issues raised on account of Sweden transmitting telegrams to
Germany. The German Minister is said to have stated that
,
Germany
is obliged to the Swedish Government for transmitting the messages, but regi'ets that her reoresentative in
Argentina should have sent the telegram in the phraseology
he did. The action of the German Minister, the dispatches
said, in expressing: in a general way Germany's "keen regret
for the embarrassments caused Sweden through the Buenos
Aires telegram affair," but abstaining from any explanations,
was regarded in Sweden as inadequate and unsatisfying. In
view of the predicament in which the German messages have
placed Sweden, that country, it is said, feels that Germany
might have gone much further to help Sweden out of these
embarrassments.
™.,__^_=.=_„=_„______
Are-pntine Senate on Sept! 19 tjy a vote of 23 to 1
declared for the breaking off of diplomatic relations wHh
Germany. Tne resolution is to be sent to_the Chamber of
Deputies for its approval. The resolution was adopted at
~The
a meeting of the Senate, at which Foreign Minister Pueyrredon appeared, and read all the dispatches that passed between
Argentina and Germany up to the dis missal of Count Luxburg as German Charge d' Affaires. The Swedish^Minister
of Foreign Affairs on Sept. 20 announced that after the
publication by Secretary Lansing of tlie text of the telegrams
forwarded by Count Luxburg thi-ough the Swedish Legation
at Buenos Aires, the Swedish Government on Sept. 10 asked,
through the intermediary of the Swedish Minister at Berlin,
whether it was true thac ilie Uerman representative at Buenos
Aires had despatched and the Ministry of Foreign Affairs at
Berlin had received the telegrams in question. When the
reply was received the Swedish Minister at Berlin on Sept.
ISjA^as instructed by the Swedish Government to hand^^
the G erman Government a strong protest in consequence of
these incidents and to lay stress on the fact that it had been
eonfirmed beyond doubt that German officials very seriously
had abused the confidence of Sweden.
It became known on Sept. 20 that Sweden was sending
Dr. Hjolmar Lundvohn, a leading statesman, as special
envoy to the United Siaces, accompanied by First Secretary
Reuterswerd of the Sweaisn roreign Office. With their
arrival at Halifax the British authorities there took from
them four diplomat!; pouciies^tht^^brought with them, coi>
taining mail for the Swedish Legation at W^ashington.
Baron A kerhielm, the Swedish Charge d'Affau'es at Washington, called at the State Department on tht.' 20th and,
it is said, was understood to have taken up the matter with
officials there in an effort to ha> e the mail quickly forwarded
Whether he made a formal protest on
to its destination.
behalf of his Government was not announced. The pouches
were said to have contained, among other mail, statistics on
consumption, i)roduction, importation and exportation of
foodstuffs and other commodities in Sweden, which were
requested by the United States in its negotiations with the
Swedish Commercial Mis sion now in this country seeking
The mission
to reacli^iT agreement on exports to Sweden.
of First Secretary Reuterswerd to this country was not disclosed, but, it is stated, that Dr. Lundvohm comes to replace
Dr. Herman de Lager Icrantz, who was the head of the
Swedish Commercial Mission. Axel Robert Nerval, who
has been acting head of the Mission, went to New York to
meet Dr. Lundvohm and I'irst Secretary Reuterswerd.
1175
Heinrich von Eckhardt, the German Minister to Mexico,
revealed in a statement issued by Secretary Lansing
on Sept. 13. as ha\-ing recommended to Dr. von BethmannHolhveg, former Imperial German Chancellor, that the
Kaiser bestow upon Folke Cronholm, former Swedish Charge
d' Affaires in Mexico, the Order of the Crown, second clasB,
]n recognition of the Swedish Envoy's invaluable services
^n forwarding von Eckhardt's secret reports to Berlin, under
cover of the official Swedish cipher, on Sept. 14 denied
everything in regard to Secretary Lansing's disclosures.
Von Eckhardt declared that he had never written any communication recommending Cronholm for a decoration for
his services to Germany, and further declared that he did
not know Cronholm personally, only having met him at
diplomatic receptions, or through the offices of the introducers of ambassadors, or some other formal means. Von
Eckhardt, in reply to an assertion that the W^ashington
authorities have full proof of his complicity, declared that
Secretary Lansing's exposure was merely an American
intrigue, which had for its purpose the casting of discredit
upon the representatives of Germany. Dispatches from
Mexico City on Sept. 14 stated that in official circles it was
not believed that Mexico would take action against Germany
because of Secretary Lansing's disclosures. This view, the
dispatches said, was voiced by Luis Cabrera, formerly
Minister of Finance, and a leader in the Mexican Congress,
who said that he did not think it was necessary for Mexico
to take official cognizance of the matter by action or declaration.
Senor Cabrera said he thoguht it improbable that
any action from the Foreign Office or the Executive would
be forthcoming.
who was
RUSSIA PROCLAIMED A REPUBLIC— END OF
REVOLT.
of the week in the Russian
has been the issuance of a proclamation by Premier
Alexander Kerensky declaring Russia a Republic. Although
dated Sept. 14, advices concerning the proclamation were not
received in this country vmtil tlie lOth inst. The proclamation reads as follows:
The important development
crisis
Gen. Korniloff's rebellion has been quelled. But great is the confusion
caused thereby, and again great is the danger threatening tlie fate of the
Fatherland and its freedom.
Holding it necessary to put an end to the external indefiniteness of the
State's organization, remembering the unanimous and rapturous approval
of the republican idea expressed at the Moscow State Conference, the
provisional Government declares that the constitutional organization
according to which the Russian State is ruled is a republican organization
and it hereby proclaims the Russian Republic.
(Signed) Minister and President, KERENSKY.
Minister cf Justice. YAROUDNI.
.
The dispatches giving
the text of the proclamation add:
[The title "Minister and President" affixed to the simature of the proclaination probably refers to Kerenski/'s position as President of tlie Ministry and not
to the Presidency of the neic Republic]
On the loth inst.it was stated that the revolt referred to at
length in these columns last week, had ended with the aiTest
on that day of Gen. Korniloff and Gen. Lokomsky. News
of the arrests of Korniloff and his associates was received by
Premier Kerensky in a telegram from Gen. Alexiaff the
Chief of Staff, which read:
At 10 o'clock last night Gen. Korniloff and Generals Lokomsky and
Romanovsky and Col. Pleustchmsky-Pliuskhen were arrested.
The members of the commission of inquiry are due at Mohile.v at mid,
night,
and the arrested persons will be given into their hands. Such other
commission selects also will be arrested.
the troops at Mohilev arc true to the I'rovisional GoTernmont and
officers as the
All
my authority.
The surrender of Gen.
recognize
Korniloff is said to hav« taken place
without bloodshed, but only after prolonged negotiations,
during which a collision seemed inevitable.
According to the press dispatches Premier Kerensky, in
an order of the day to the army and the fleet, after stating
that General Korniloff's revolt disorganized the operations
at the front, ordered the soldiers to cease all political disputes
in the army.
The Premier instructed the soldiers to resume
the transport of troops according to orders of the General
Staff, to stop arresting their commanders, the right to do
which belongs only to the judicial authorities; not to remove
their commanders from their posts, and not to form voluntary detachments on the pretext of fighting the counterrevolutionary movement. The order of the day concluded
with the assurance that the army, Avhich showed its complete
fidelity and trust in the Provisional Government dm-ing the
recent trouble, will realize that thie country can only be
saved by the re-establishment of army discipline and by the
close union of all elements.
After an all-night conference it was announced on the 1.5th
that a new Cabinet of five members had been formed.
THE CHRONICLE
1176
[Vol. 105.
The decision to form a no-party Cabinet became inevitable
when the Council of Workmen's and Soldiers' Delegates
Maximalist resolutions adopted on the 14th were repassed
putting forward an extremely radical program demanding
14 th informed Premier Kerensky that they agreed
with the Social Democrats and the Social Revolutionists in
opposing the entrance of the Constitutional Democrats into
the Ministry.
Following the completion of the new Cabinet, Premier
Kerensky was interviewed by the Associated Press, which
in its accounts said:
exclusion of
on the
At present tho
I'remicr is considering the question of the attitude of the
of the Loft toward tho new Ministry, and the Left's program of
radical political measures, which include tho abolition of the Duma, the
oreation of a temporary democratic jjarliament and immediate promulPremier Kerensky said:
gation of the future constitution.
"Announce that tho Korniloff adventure now is completely at an end and
there is no prospect whatever of his adherents or of other parties attempting
Virtually all the chief movers in the revolt are in our hands,
to revive it.
and the matter may bo considered settled.
"Our immediate problems are political, and I hope they will be settled
satisfactorily and peaceably.
must think of reorganization at home
and the conduct of the war."
Asked regarding the Hetman of the Cossacks, General Kaledines, who
with the forces on the Don has not yet surrendered and who is reported to
Iiartiofi
We
be attempting a revolt, the Premier said:
"Kaledines is still at large and making trouble, but I hope this incident
If not, the Provisional Government has the
will soon come to an end.
means and the
will to end it.
"General Kaledines may have a considerable number of adherents among
Cossack officers, but he and they in no way represent the rank and file of
Cossacks, who are very democratic and entirely devoted to the revolution
and the Provisional Government. In proof of this I have just had here a
deputation from the Cossack Council, which expressed absolute devotion
to us and promised support."
So far as the Don Cossacks are concerned, the dispatches
on the I6th inst. said:
As regards the Don Cossacks, their Grand Council, sitting at Novo
Tocherkask, was ordered by the Government to arrest General Kaledines.
The Council replied that it was impossible to obey the order because General
Kaledines had to attend the military conferences of the Cossacks in his
official capacity as Hetman.
At the same time the Council passed a resolution protesting against the charge that the Cossacks sympathized with
tte counter-revolution.
The resolution declared the loyalty of the Cossacks to the Government, and exhorted all soldiers and citizens in the Don
region to disregard the appeals of irresponsible bodies.
The commander of the Moscow military district has issued an appeal
to the Cossacks, declaring that as they are the natural champions of freedom and order they should arrest General Kaledines and disband and send
home the new Cossack forces which have been raised without the consent
of the Government.
Otherwise, the appeal says, the Cossack will be
treated as traitors and foes to the nation's liberties.
The formation
of the new Cabinet was preceded by a
the Cabinet which it developed on the 14th had its
inception on the 12 th, when the Constitutional Democrats
announced to Premier Kerensky that the Government must
take a lesson from General Korniloff's revolt by removing
the causes and not repeating the mistakes which caused it.
Otherwise, they said. General Korniloff's adventure would be
repeated by some one else. The revolt, declared the Constitutional Democrats, undoubtedly was the fault of extreme
dissatisfaction existing in the more conservative classes.
Therefore the Government must render reasonable satisfaction to the conservative demands and resist any pressure
to move it toward the Left. In the debate which followed
Viee-Pi'emier Nekrasoff and Foreign Minister Terestchenko
opposed the Constitutional Democrats and supported the
Ministers belonging to the parties of the Left, whereupon
the Constitutional Democratic Ministers left the room.
Afterward Nekrasoff and Terestchenko and L. Nikitine,
Minister of Posts and Telegraphs, resigned, but later M.
Terestchenko withdrew his resignation. Early on the 13th
the Constitutional Democratic Ministers Professor KokoshMne, State Comptroller; M. Youreneff, Minister of PubUc
Works, and M. Oldenburg, Minister of Public Instruction
resigned, leaving of this party's Ministers only M. Kartasheff, the Procurator of the Holy Synod.
Foreign Minister
crisis in
—
Terestchenko, it was announced by the Russian official news
agency, would remain in the reorganized Cabinet, replacing
M. Nekrasoff as Minister of Finance. The newspapers
declared that Pi-emier Kerensky reproached the Constitutional Democrats for their passive attitude so long as GenThe
eral Korniloff seemed to have a chance of success.
Premier commissioned M. Kishkin to negotiate with the
Moscow industrial circles in order to obtain their support
of the Government and if possible the entry of business men
into the Cabinet.
An official announcement given out on the 16th inst. concerning the new Cabinet said:
Pending the definite constitution of a Cabinet, and in view of the present
extraordinary circumstances, all affairs of State have been entrusted to
M. Kerensky, Premier; M. Terestchenko, Minister of Foreign Affaii-s
General Verkhovsky, Minister of War; Admiral Verdervski, Minister ofMarine, and M. Nikitine, Minister of Posts and Telegraphs.
At a plenary
session on the 15th inst. of the Petrograd
Council of Soldiers' and Workmen's Delegates, attended
hy soldiers who were absent from the previous meeting,
representatives of the propertied classes
all
from power, abolition of private property, the immediate
declaration of a democratic republic, &c. The delegates
also adopted a resolution setting forth that the tragic situation of the country rendered necessary the constitution
of a strong revolutionary power free from all compromise
with the counter-revolutionary bourgeoise elements, and
announcing they had decided to convoke immediately a
general conference of representatives of the whole organized
democracy for the settlement of the question of constituting a power capable of leading the country until the time
the Constituent Assembly assembles. The resolution
added that until this conference is summoned the present
Government will remain in pow-er, working in close union
with the revolutionay democracy, which is invited to give
energetic support.
If necessary, the resolution says, the
Government will act in close co-operation with a committee
for the safety of the revolution.
At the close of the sitting
it was announced the conference would be held in Petrograd not later than Sept. 25.
The central committee of the executive committee of the
Council of Soldiers' and Workmen's Deputies and the executive committee of the Peasants' delegates at a joint meeting Friday night Sept 15 voted approval by an overwhelming majority of Premier Kerensky 's latest move. M.
Absentieff, former Minister of the Interior, appealed to
the meeting to help keep the Government afloat.
He
said great dangers were impending, of which one was that
Cossacks were marching on Tsaritsyn, on the Volga, with
the aim of dividing South Russia from the north and depriving the north of bread. He added:
The Provisional Government has precise information that the Germans
are organizing an expedition in Finland.
For these reasons, he added, it was absolutely necessary
to rally aroimd the Government.
M. Skobeleff, former Minister of Labor, also warned
the meeting,
saying:
Genera! Kaledines is coming here, and if we
ernment from the opposite direction all is lost.
assail the Provisional
Gov-
Notwithstanding an attack on Premier Kerensky by
Delegates who denounced him as an irresponsible dictator,
the sentiment of the meeting, the press dispatches say,
was emphatically in favor of the Government. It was
further said that the only immediate menace to the Government were the Bolsheviki of Petrograd, w'ho, owing
to the suppression of their newspapers and their defeat in
the Central Committee of the Council of Soldiers' and
Workmen's Delegates, were in an angry mood.
On the 17th inst. it was annotmced that General Kaledines had resigned as Hetman of the Don Cossacks.
On the 17th Premier Kerensky sent a telegram to the
Baltic fleet imperatively demanding the cessation of acts
and aU excesses committed imder the pretext
safeguarding the revolution. In reality, he said, the
men by their actions were disorganizing the Navy by reducing its fighting capacity. The Premier condemned
the guilty parties scathingly, and added that he awaited
news of the complete reestablishment of order.
The submission of General Kaledines, the Cossack leader,
it was said, on the 18th had removed the menace of a second
march on Petrograd and materially clarified the situation
and lightened the burden of Premier Kerensky and his associates in the Committee of Five.
A further favorable indication was a seeming tendency on the part of the Workmen's
and Soldiers' Delegates to show less objection to a coalition
Cabinet.
General Verkhovsky, the new War Minister, in his announcement to newspaper representatives on the 18th inst.,
of violence
of
said:
my
The first task of
associates and myself is to create an army on the
basis of those of other nations.
I can assiu-e you that the measures which
will be taken will create a mighty revolutionary army.
It is a mistake for
Germany to think that the revolution has destroyed the Russian army.
It will soon become strong again, and will resist to the end for the dignity
and safety of the Fatherland.
was stated on the 18th that the commission of inquiry,
had ascertained that General Klembovsky
did not participate actively in the Korniloff revolt and had
therefore declared that he was not liable to arrest.
It was made known on the 19th inst. that following the
It
sitting at Pskoff,
ascendency of the Bolsheviki element in the Petrograd
Council of Workmen's and Soldiers' Delegates, the Bureau
of the Council, or Executive Committee, had resigned in a
body. Those who handed in their resignations include
Sept. 22 1917.]
THE CHRONICLE
President Tcheidze, Vice-Presidents Annismoff andGotz,
Their action,
Skobeleff, Tseretelli and Chernoff.
and
it is said, was based on the adoption of the Maximalist resolution demanding, among other things, that the governing
power be assumed by the Council, that all representatives
of the propertied classes be excluded from the Government
and that pi-ivate property bo abolished.
On the 20th inst. it was pointed out as significant that the
Moscow Council of Soldiers and Workmen's Delegates on the
19th had also passed a program along practically the same
lines as that of the Petrograd Council by the vote of 355
against 252, and demanded. the resignation of the Government Commissioner, Kishkin, who is a Constitutional Democrat.
The Petrograd Executive Committeemen, in announcing their resignation, declared themselves out of sympathy with the progra,m and that they could not take responsibility for the action of the Council.
The resignations of
Skobeleff and Zardony, other members of the
Absentieff,
Committee, were said by Government sources to be the result
of the determination of the Council of Soldiers and Workmen's Delegates to withdraw its representatives from any
cabinet in which the Constitutional Democrats are represented.
Absentieff, a Social-Revolutionist, and Skobeleff,
a Social Democrat, according to reports, may withdraw their
MM.
resignations later.
1177
The Exports
Councils' objection was said to have been
on the ground that much of the grain had deteriorated on account of its being stored so long aboard
the vessels, and that as a result it was no longer fit for
human consumption, and, second, that at present the
extent to which the American Government should agree
to the export of any kind of foodstuffs is uncertain in view
based
first,
of the fact that the exact size of the year's grain crops is
unknown, and the export
authorities are of the opinion
that until the size of the American surplus is settled the
exportation of foodstuffs should be allowed only in cases of
dire necessity.
The Export Council, says a special dispatch to the New York "Sun," have been informed that
the food situation in Holland is not such as to cause any
serious apprehension for several months, at the expiration
of which time it is hoped that definite arrangements can be
made which will carry out the policy of the President to
surrender to the neutrals the sxu-plus food supply which
remains after the needs of this country and our allies have
been provided for. Accordingly on the 1st inst. the United
States officials made a counter proposition to Holland that
the Dutch ships now detained in these waters be unloaded
and placed in the trade between Australian and East Indian ports, a.nd that negotiations then be entered into as to
the exports which Holland shall obtain. This country
thus would be able to utilize the Dutch ships during the
period which would necessarily elapse before definite assurances could be given as to permissible exports, and at the
same time the shipping situation in the Pacific would be
relieved.
The rejection of this proposition by Chevalier
Van Rappard the Netherlands Miniter at Washington
was made known in dispatches from Washington on Sept. 3.
The semi official news agency at The Hague on Sept. 7
published the following communication from Dr. Johns
Louden, the Netherlands Minister of Foreign Affairs, concerning the Export Councils' decision not to permit the sailing from American ports of Dutch vessels laden with grain:
Food Controller Hoover signified his willingness to release the Dutch
cargoes if two-thirds of them were placed at the disposal of the Belgian
Relief Commission in Rotterdam.
The Commission, however, "was unable to make use of them because it was not authorized by th« German
Gen. Alexieff was reported yesterday to hkve resigned as
Chief of the General Staff, under Premier Kerensky, Commander-in-Chief of the Russian armies.
It was stated on the 15th that the election of the constitutional assembly had again been postponed because the work
of organization throughout the country had not been completed.
Elections to the assembly have been fixed for
Nov. 12, and the members are to convene Nov. 28 (Russian
calendar).
The Ministry of the Interior announced on the
15th that on and after Sept. 23 no person would be permitted'
to enter Petrograd, without special authorization.
The
measure was said to be designed to prevent further overcrowding of the city.
It was reported on the 14th that General Krymoff commander of the troops sent by Korniloff to attack Petrograd,
who was brought to Petrograd a prisoner, had committed authorities to import cattle fodder into Belgium.
Thereupon
Holland Government
a counterproposal on the
suicide.
The General was arrested by his own Cossacks at original lines, the which all wheat cargoes madenearly half
and
by
the corn cargoes
Luga, after a deputation of the Council of Workmen's and should be reserved for the Relief Commission, while the remaining 85,000
Soldiers' Delegates sent there for the purpose had explained tons of cargo space should be Dlaced at its disposal by the Holland Govern145,000 tons
the situation to them.
On his arrival at the capital he was ment, thus leavingCommission's for use by the Holland Government, and
raising the Relief
tonnage to 145,000 tons.
taken before Premier Kerensky at the Winter Palace, where
The American Export Council refused the proposal and adopted a dethe Premier informed him of the fate that awaited him. cision which for Holland was far from satisfactory, but nevertheless was accepted.
Meanwhile several cargoes had spoiled, necessitating fresh neLater at his lodgings the General shot himself; and subse- gotiations, which were brought to a satisfactory conclusion with Mr.
quently succumbed to his wounds.
Hoover, but which the Export Council refused to sanction.
The Dutch Minister at Washington is still endeavoring to obtain a modi,
DUTCH ECONOMIC MISSION ARRIVES— AGREEMENT
TO RELEASE DUTCH GRAIN SHIPS HELD UP.
A special economic and commercial mission from Holland, which landed at an Atlantic port on Sept. 1, arrived
at Washington on Sept. 6 to plead the cause of the Nether-
lands with regard to the restriction by the United States
Government of the exportation to Holland of American
foodstuffs.
The mission is composed of Herr VonElde,
former head of the Dutch Grain Bureau; J. B. Van Der
Houven Van Cordt, former President of the Council of the
Indies, and Joost Von Vollenhaven.
The mission's arrival
at the Capitol brought to an issue the Government's action
regarding more than a hundred Dutch ships now held in
New York by order of the Administration Exports Council.
On Aug. 24 the dispatches from Washington stated that
the Food Administration had entered into an agreement
under which it was decided to allow a large number of the
Dutch ships, carrying grain, owned by the Netherlands
Government, to sail to Holland on condition that a greater
part of the cargo should be used for relief in Belgium. It
became known on Sept. 1, however, that the Exports
Board had disapproved of the agi-eement. Fii-st news that
permission for the ships to sail had been denied came in
dispatches from Rotterdam on Sept. 1 which said:
News has been
received here that permission for the exportation of wheat
and flour already loaded on ships in American ports for Holland has boon
refused.
Announcement to this effect is made in an official communication to the communal authorities, explaining the latast reduction in the
bread ration and earnestly urging economy. The announcement adds:
"We therefore now know with'certalnty"'tha!t'th'o" Tm porta tion of bread
grain from America caimot be reckoned upon, and we shall have to mdeavor to g.t along with what is available here."
It is said that some of the grain loaded on ships for Holland has deteriorated BO greatly, owing to the long delay, that If it should be brought to this
country its use for human food could not be reckoned on.
On account of this situation the exchange of communications between
the Dutch Government and its Minister at Washington in regard to obtaining grain has been brought to a sudden end.
fication of the
American decision.
Dispatches from Rotterdam on Sept. 20 stated that the
Netherlands Government in reply to the owners of the Dutch
vessels now in New York harbor who had consulted the
Government as
to the advisability of selling their ships, for
which they had receiv ed offers, advised that these owners
should sell "under no circumstances." The dispatch said!
it was said to be a fact that all the owners
vessels now in New York harbor had received offers by cable to
purchase the ships, and that the owners had consulted the Netherlands
In shipping circles here to-day
of
Dutch
Government on what action they should
take.
The Government, it is
asserted, replied that the owners should sell their vessels under no circumstances, not only because the Shipping Export law prohibited such sale, but
above all because the Holland Government had requisitioned the shiiie for
the transportation of food.
NAVY DEPARTMENT CORRECTS MISSTATEMENT OF
SUBMARINE
Through a typographical
statement for the press, the
LOSSES.
error
made
in tranaeribing a
Navy Department at Washington
on Sept. 11 announced that the American steamship Westwego
owned by the Union Petroleum Steamship Co. of Philadelphia, had participated in a battle with German submarines
on Sept. 5 with the
destroyed.
of the error,
result that "six" of the
U-boats were
A corrected statement, issued after the discovery
made known
the fact that "one" of the submaAt 10:30 o'clock in the morning
of the 11th, Secretary Daniels issued the following statement:
The Navy Department has received a rejjort from Paris wiiich states that
the steamer Westwego reports on Sept. 8 that while cruising with sereral
rines "probably"
was
lost.
it was attacked by a massed force of six submarines off the coast
on Sept. 5, the result of tliis attack being that two of the steamers
attacked were sunk and probably all the submarines were lost.
At 2:30 in the afternoon of the 11th Secretary Daniels
other ships
of France
Two ships had been sunk, but inissued his retraction.
of six submarines being destroyed only one was thought
stead
to have been sent down and that not certainly.
It was
explained that a clerk in the Navy Department in transorib-
THE CHRONICLE
1178
ing the official dispatch
word
"all" for "one."
had inadvertently substituted the
The
that "one" submarine had
Soerotary's statement indicating
probably been lost, read as follows:
My attontion
has just bcon called to a serious error made in transcribins
I ga\
report of tlio attack made on tlio Wcstwego .and other vessels.
the report to t.ho pnsss tliis morning exactly as it was presented to mo.
stating that "probably all of the submarines were lost."
The cablegram, I find now. stated that "one of the submarines was
tlie
probably lost."
ATLANTIC TRANSPORT LINER MINNEHAHA SUNK
—OTHER SINKINGS.
Confirmation of the sinking by a German .submarine of
the 13,714-ton steamship Minnehaha, of the Atlantic Tran.sport Line, was received by the International Mercantile
Marine of this city, owners of the line, on Sept. 1.5 in a
The cablecablegi-am from officers of the line in England.
[Vol. 105.
Cable dispatches from England to the Leyland Line at
Boston on Aug. 23 reported the sinking by a German submarine of the Leyland Line steamship Devonian, which left
an American port on July 28. The Devonian carried a crew
of sixtj' and on her last trip to a foreign port there A\ere 65
American hor-se-tenders aboard. The cable from England
stated that no word had been received as to the safety of
The cable also did not indicate whether the
the crew.
Devonian was bound for America when sunk, although it is
assumed that she was on a west-bound voyage when desThe Devonian was a vessel of 10,435 tons gi-oss,
troyed.
and was built at Belfast in 1900.
Dispatches from Washington on Sept. 4 stated that
according to advices received from Geneva, Switzerland, by
the American Red Cross, it had been learned that Captain
gram said:
Albert Oliver of the American tank steamship Campana
From steamship Minnehaha 110 men were saved, 43 arc reported missing. oAvncd by the Standard Oil
Co., and four of the five of the
Among those missing are Chief Officer Albany, second in command; I'urscr
vessel's naval gun crew, Avho were taken prisoners when the
C. A. AVells; Surgeon Dr. J. F. Barrett, three other officers and three
engineers.
Campana was captured and sunk on Aug. 6 by a German
The cable message did not give either the date of the submarine, are now being held in a prison camp at Brandenboat's sinking nor the circumstances surrounding its destruc- burg, Prussia.
The Red Cross adAdces from Geneva made
Unofficial reports received in this city on Sept. 11 no mention of seaman William A. Miller, the other prisoner;
tion.
stated that the vessel was sunk by a submarine on Sept. 7, later advices, however, received in this country from Geneva
a short distance off the coast of Ireland. The Minnehaha, on Sept. 18 reported that he was also a prisoner at Branthe reports said, was on her way to the United States when denbiu-g.
The Campana was sunk on Aug. 6 about 175
destroyed, after delivering a valuable cargo at Liverpool. miles off the French coast. Members of the Campana'
Since the war began the Minnehaha, it is stated, had made gun crew later testified that at about 5 o'clock in the morning
twenty-six voyages between New York and England, carry- of Aug. 6 the .submarine attacked the vessel and a four-hour
The vessel had a crew running fight ensued. The Campana Avas forced to surrender
ing a 16,000 ton cargo on each trip.
of 140 men and was commended by Captain Claret.
The because the gun creAv had exhausted its supply of 180 shots.
Minnehaha was a twin-screw vessel, 600 feet long and 65 The submarine quickly oA-erhauled the Campana, after it
feet wide, 5 inch beam and 39 feet depth of hold.
She was had hoisted the international signal of surrender, and took
built at Belfast by Harland & Wolff in 1900 for the London- prisoner the Captain and five naval gunners, which Avas all
New York trade. The Minnehaha, it is said, is the third it could accom.odate. The rest of the creAv were alloA\ed to
ship of a fleet of four of the Atlantic Transport Line which gather their personal effects, after which the Campana Avas
have been destroyed since the war began. In 1915 the sunk. After drifting nine hours in small life boats, the eight
Minneapolis was sunk off Malta and a year later the Minne- naval gunners and forty men of the Campana's creAv were
waska went down off Crete. The Minnetonka, it is said, is rescued by a French warship and landed in France. The
chartered by the Admiralty. Although these four liners will officers of the warship told the sur\'ivors of the Campana,
be missed from the New York service, the steamships Mon- when they Avere picked up, that the warship had just regolia, Manchuria and Minnesota, belonging to the Atlantic
ceived a wireless from a French auxiliary cruiser saying it
Transport Line, of West Virginia, also owned by the Intei'- had sunk a submarine near the spot where the Campana Avas
national Mercantile Marine, will, according to the New destroyed.
It was then thought that the submarine upon
York "Times," continue to operate regularly between Atlan- which the Americans Avere taken prisoners was the one sunk
tic ports and England.
by the French cruLser. This belief was prevalent up until
the receipt of the Red Cross adA-ices from Geneva, on the 4th,
The British Admiralty on Sept. 14 announced that the
announcing that Captain Oliver and four of the gun crew
American steamship Wilmore had been sunk by a German
Avere prisoners in Germany.
The four members of the gun
submarine on Sept. 13. The Admiralty also announced that
creAv noAv being held in the Brandenburg prison camp are
all the erew were saved, but gave no other details.
The
Ray Rapp, Charles L. Kline, James Delaney, and Fred S.
Wilmore was of 5,399 gross tonnage, and was owned by the
Jacob
Berwind White Coal Co., of New York. She sailed from
Philadelphia for a French port on Aug. 26, under command
IN WAR.
POWER OF
of Captain James Brewer, with a cargo of coal, locomotives
Approximate figures representing the man power of Gerand crude oil. The Wilmore was built in 1914 at Quincy,
many in the war at the present time, together Avith the casuMass., and, it, is said, was formerly known as the Atlantic.
alties, were given bj' the Associated Press as folloAvs in disReports were emrent on Sept. 11 that the American steam- patches on Sept. 9 from the Grand Headquarters of the
ship Susana, a vessel of 3,613 tons, which left New York on French Army in France:
Aug. 7 for Genoa, Italy, had been sunk by a submarine.
Grand Jleadguarters of the French Army in France, Sept. 9.
The Associated Press Is able to give approximately the figures representYesterday, advices, however, were to the effect that the
ing the man power of Germany in the war at the present time, together
Susana has arriA'^ed safely at a foreign port.
with the casualties, as follows:
MAN
Reports were received in shipping
circles in this city
on
Sept. 8, according to the New York "Times," that the
British steamship Delphic, a vessel of 8,273 tons, belonging
to the White Star Line, had been sunk by a German submarine on Aug. 15 off the Irish coast, while the vessel was
under armed convoy. The crew of the Delphic were all
saved. Advices from the same source, says the "Times,"
also reported that the British steamship INIiddlesex, formerly
known as the Knight Bachelor, a vessel of 7,264 tons, likewise under convoy, had been sunk at about the same time as
the Delphic. The Middlesex, it is said, was built in 1914 at
Glasgow, and was owned by the Federal Steam Navigation
Co., of London.
Dispatches from Boston on Aug. 28 stated that the Cunard
Line officers there had received a cable dispatch stating that
the British steamship INIalda, which left an American port
on Aug. 15, had been sunk. No details were given in the
dispatch as to the fate of the crew. The Malda, under
charter to the Cunard Line, had made only one voyage to
this country, and was a vessel of 7,884 tons gross.
GERMANY
Fixed formations on the various fronts, employed on lines of communication and stationed in the interior, 5,500,000.
Divisions undergoing formation and men in depots, 600,000.
Losses in killed, permanently disabled and prisoners, 4,000,000; wounded
under treatment in hospitals, 500,000. Total, 10,600,000.
These figures account for all the men called out up to the present for
service as follows:
Trained men mobilized immediately on the outbreak of the war, 4,500,000.
Untrained ersatz (compensatory) reservists called out, Aug. 1914 to
Feb. 1915, 800,000.
Class of 1914 recruits called out November 1914 to January 1915. 450,000.
First ban of untrained Landsturm called out at the beginning of 1915.
1,100,000.
Class 1915 called out May-July 1915, 450,000.
Remainder of untrained Landsturm called out the same month, 150,000.
(^lass of 1916. called out September-November 1915, 450,000.
Contingent of hitherto exempted men called out in October 1915, 300,000
Second contingent exempted men called out early in 1916, 200,000.
Second ban Landsturm early in 1916, 450,000.
Class of 1917, called out March-November 1916, 450,000.
Third contingent exempted men late in 1916, 300,000.
Class of 1918, called out November 1916 to March 1917, 450,000,
Class of 1919. called out in part in 1917, 300,000.
Additional exempted men, 1917, 150,000.
Total, 11,500,000.
The discrepancy in the figiu-es is accounted for by the omission of the
male units. The total mobilizable male resources of Germany since the
beginning of hostilities, including the yearly classes of recruits up to 1920,
number about 14,000,000, Those called up number 10.600,000, The
remainder are accounted for as follows:
,
THE CHRONICLE
Sept. 22 1917.]
of the class 1019 awaitin? call, 150,000: class of 1920
uncalled, 4.50,000; men employed as indi.spensable in industries and
administrations, 500,000; men abroad unable to reach Germany, 200,000;
men entirely exempted owing to physical disability, 2,100,000.
Recruits of the 1920 class cannot be called legally until they attain their
seventeenth birthday.
The remaining part
still
GERARD REPLIES TO VON BETHMANN-HOLLWEG'S
A SSERTION THA T MEMOIRS ARE I M AGIN A TIVE.
James W. Gerard, former American Ambassador to Germany, has taken
issue with Dr.
von Bethmann-Hollweg,
ex-
Imperial Chancellor of Germany, as to the authenticity of
conversations revealing Germany's war aims, which have
been published in Mr. Gei-ard's memoirs of his diplomatic
In a telegi'am from Hamilton, Mont,
life in Germany.
where he is visiting, to the "Public Ledger" of Philadelphia,
Mr. Gerard on Sept. 2 contradicted the declaration of Dr.
von Bethmann-Hollweg that he had drawn on his imaginaDr. von Bethmann
tion in the publication of his revelations.
HoUweg in an interview with the Associated Press in Berlin
on Aug. 30 asserted that Mr. Gerard had given a somewhat
free rein to his imagination when writing his "recollections."
The ex-Chancellor also questioned Mr. Gerard's taste in
writing his book so soon after the close of his diplomatic
career, and referred to Mr. Gerard as a practitioner of
Von Bethmann-Hollweg's inter"shirtsleeve" diplomacy.
view w^th the Associated Press was reported- in press dispatches from Berlin, via London, as follows:
Dr. von Bethmann-Hollweg, the former Imperial German Chancellor,
asserted to-day that it was his impression that James W. Gerard, former
Ambassador to Germany, in writing his revelations of Germany's war aims,
gave a somewhat free rein to his imagination. The statement of the former
Chancellor was the result of his reading in a London newspaper Mr. Gerard's
version of a conversation with him last January, in which it was alleged
that Germany's peace terms were set forth.
"In his published report of this particular conversation," Dr. von
Bethmann-Hollweg told the Associated Press to-day, "Mr. Gerard attributed utterance^ to me which may have been made in other quarters in
Germany, and to which he frequently referred in the progress of our conThis applies especially to his
versation, but which were not my own.
reference to Germany's alleged intentions to seize Liege and Namur, and
of Germany's plans to take possession of the Belgian ports and railways
and to establish military and commercial dominion over that country.
In the course
"I never unfolded such German war aims to Mr. Gerard.
of my several conversations with him, as also in oixr discussion last January,
I invariably referred to my Reichstag speeches, in which I stated that
Germany would e.xact po.sitive guarantees that Belgian territory and politics
would not in the future be exploited as a menacing factor against us. I did
not make any statement as to the natm-e of these guarantees.
"In the progress of our conversation Mr. Gerard suggested that the
realization of far-reaching aspirations in Belgium would give King Albert
merely a sham authority and asked whether it would not be better for Germany to forego such plans and, instead of them, endeavor to acquire
Liege, which Mr. Gerard thought possible of achievement.
"Perhaps this suggestion was a bait. Intended to provoke a reply from
me. If so, the attempt failed. In all my discussions with the Ambassador
on this subject I referred to my public utterances in which I emphasized
that I was endeavoring to procure a peace that would permit us to live
in cordial and neighborly relations with Belgium.
"Mr. Gerard's memiory would seem also to have served him faultily when
he wrote down what was said about Russia. He dealt but superficially
with Germany's eastern war aims, observing that the United States' interest
in this direction wa« very limited and that Germany undoubtedly would
have a free hand there. For Rumania and Serbia he also revealed very
Mr. Gerard did not obtain out of my mouth any of
slender sympathy.
the statements concerning these countries which he attributes to me."
The former Chancellor then observed
"When
diplomats undertake to exploit their official career for journalistic
purposes they are very apt to be misled into putting into the mouths of
foreign statesmen utterances which either are the creation of an ample
imagination or are based on faulty memory. Discussion of political
opinions is bound to be transitory and fleeting."
The former Chancellor then touched upon what he considered the ethics
of Mr. Gerard's disclosiu-es as compared with the Eiu-opean idea.
"You Americans are an impetuous people," he said. "You do not seem
to permit even your retiring diplomats to observe the traditional silence,
nor have you the patience to abide the post-mortem publication of tlie'r
memoirs. Sir Edward Goscben (former British Ambassador to Germany
and Austria) or Jules Cambon (former French Ambassador to Germany,
the United States and Spaiii) probably could excel Mr. Gerard in revelations of entertaining diplomatic history and gossip.
Count von Bernstorff
former German Ambassador to the United States, too, I imagine, might
startle us viith the diary of his Washington experiences.
te"In Europe, however, it would seem that publication of such matters,
by coounon consent, is postponed to a later period, when judgments are
bofh calmer and more mature. Mr. Gerard, however, may hold the special
license conferred by 'shirtsleeve' diplomacy, as you call it, and I s'nall not
dispute his prerogatives.
But he must not give his imagination too free
rein."
Away from the turbulent political arena, the former Chancellor is now
enjoying harvest time on his estate at Hohenfino, Province of Brandenburg,
two hours by rail from Berlin. During his conversation with the correspondent he begged off from talking politics, but assured the correspondent
that the potato crop at Hohenfino was most excellent.
1179
Dr. Hollweg gives nothing different from these, and so it might be asare the German terms after all.
I consider it a matter of great
regret that the German Government put Dr. Hollweg out of office, and I
feel that personally he is bitterly opposed to the ruthless submarine warfare
of the Gorman Government and that he only refrained from resigning his
office out of deference to the wishes of Emperor Wilhelm.
I presume he was put out because his ideals are too liberal for the German
authorities to endure.
This liberality is shown in the interview. I am
sorry to take issue with Dr. Hollweg on this subject because I have a great
admiration for him and I think he is a fine old fellow.
As to the ethics of my articles, all I wish to say to that is that old-time
diplomacy, which Dr. Hollweg advocated, has succeeded in plunging almost
the whole world into the bloodiest war of history.
When the people of a
nation know what is going on in the seats of Government such wars cannot
happen.
I do not believe in backstair diplomacy any more than Dr. Hollweg
I
believes apparently in what he is pleased to call shirtsleeve diplomacy.
believe the people of a nation are entitled to know what is going on.
This
German diplomacy may be all right in a monarchy of the most limited type,
but it will not go at all in a modern democracy.
sumed they
ENTENTE POWERS WOULD BE IN DISASTROUS
STRAITS WITHOUT HELP OF U. S., SAYS
BONAR LAW.
In admitting that the Entente Powers are relying on the
United States for victory in the war, Andrew Bonar Law,
Chancellor of the British Exchequer, last week made the
assertion that "without the United States' financial assists
ance the Allies would have been in disastrous straits to-day."
The Chancellor's remarks were delivered at a luncheon in
London on Sept. 12 given by the Empire Parliamentary
Association to Medill McCormick, Congressman-at-Large
from Illinois. The Chancellor is quoted as follows;
In everything connected with the military arm the Germans have shown
remarkable results, even genius. But in dealing with questions of human
nature they have repeatedly made mistakes which have been the salvation
of the Entente Allies. No mistake they have made will be so great in its
consequences as that which drove the United States into the war.
The Germans lately have been saying that the Entente was relying on
the United States as its last hope. I want to say to you that we do rely
on the United States.
As Chancellor of the Exchequer I am ready to say to you now what I
should have been sorry to have had to say six months ago, namely, that
without the United States' financial assistance the Allies would have been
We have not yet seen the end.
in disastrous straits to-day.
We have two special reasons for satisfaction at the coming in of the
United States. First, it is the best possible proof that our cause is just and
righteous, and, second, we know we now have on our side resources which
are more than sufficient to achieve victory.
The United States possesses the greatest wealth and resources of any
nation in the world. Moreover, as a nation it has shown inventive genius
and adaptability which it must inevitably apply successfully to the prosecution of the war.
Perhaps I may be excused from speaking of the Russian situation except
to say how much we sympathize with Russia in her time of anguish, and
that we hope she yet may be able to render us assistance in the great cause.
The American people, like us, are people of hard, practical sense, and
war now has become largely a question of nerves, endurance
and staying power. Thank God we of England and America have those
realize that the
qualities
and
shall see this thing
through to victory.
Premier Lloyd George was to have presided at the luncheon, and Mr. Balfour, Secretary for Foreign Affairs, was
to have made the principal speech, but both Ministers were
detained by business. Mr. Bonar Law took the Premier's
Lord
place, and Lord Robert Cecil spoke for Mr. Balfour.
Robert had the following to say:
We
hear a great deal about the differences between our people and
In the history of our
yours, but I think we exaggerate the differences.
entrance into the war there are striking similarities between us. America
has now passed through the first stage, which we also traversed, the stage
of absolute incredulity that the Germans could be what they are, and now
have entered the second stage, namely, the belief that the Germans are
what they are and the determination to go through this war to the end.
One of the greatest points of similarity between the two peoples is that
both hate war with a profound and deep hatred. That very hatred is the
measure of their determination to go on until the end is achieved. They
hated war so much that they would not have gone in except with the entire
determination that it was an absolute necessity to rid the world of this
menace.
So, to both the English and American peoples I want to say this: The
only hope of a permanent peace such as we both desire is the satisfactory
If the foundation is well and truly laid we shall be
settlement of this war.
able to build upon it a worthy superstructure.
Mr. McCormick, in replying, paid a tribute to the effort
which the Empire had put forth in the war. He declared
that the Americans had come back to help those who had
laid the foundations of their liberty, and he assured the
Parliamentarians that the United States "intends to go
through with this until the German bligarchy is compelled
to abandon war and bloodshed as a method of obtaining
markets and commercial advantages."
Mr. Gerard
issued the folloAving statement at Hamilton,
Mont., on Sept. 1 in reply to Dr. von Bethmann-Hollweg:
Dr. Hollweg apparently did not have the exact copy of my articles, for
if he had read them he would have seen clearly that I said the peace terms
described were the German peace terms and not the opinions of the Chancellor.
I wisii to say that Dr. Hollweg said he himself was subject to the
rule of the military party of Germany and could not follow his own desires.
In the second place. Dr. Hollweg admits that the German Government
intended to expect guarantee's from Belgium and makes the admission himself in the interview in which he .so sharply criticizes me.
Thirdly. I wish to eaj if those terms as cited are not the German peace
terms, then what are the German peace terms?
STEAMER CITY OF ATHENS LOST AS RESULT OF
CAPTAIN'S NEGLECT.
Dispatches from London on Sept. 3 stated that ad-vices
received there from Cape Town, South Africa, reported that
a court of inquiry held recently to investigate the sinking of
the British steamer City of Athens (referred to in these
columns on Aug. 18), in which five Americans, four of them
missionaries, and four members of the crew, lost their lires.
THE CHRONICLE
1180
had found that the disaster was due to tlie vessel's striking
a mine or mines, as a result of the captain's disobeying steerFrom testimony submitted to the court it was
ing orders.
revealed that the wireless operator was guilty of gross neglect
for not recording messages received and for not informing the
captain conerning them. The captain was declared by the
court to have been guilty of allowing the wireless operator
to participate in the decoding of messages, contrary to instructions.
The findings of the court said in part:
The court considers that the vessel was lost as the result of navigating
contrary to the Admiralty's advices, the captain steering a course taking
It is
his ship over a danger area instead of as directed by the Admiralty.
recommended that the captains certificate bo suspended for six months.
The four American missionaries lost on the vessel, which
was sunk on Aug. 10, were Mr. and Mrs. John K. Naygard,
Miss Helen E. Robinson and Caroline Thompson. The
other American lost was a Mr. Sumner.
THE SINKING OF THE STANDARD ^OIL: TANKER
PLATURIA.
[Vol. 105.
J. O. Coff has been appointed Financial Manager of the
American Express Co., with headquarters in London. The
position implies supervision over the company's financial
business in Europe and requires some travelling, although,
under present conditions, that feature
is
fairly eHrainated.
months ago, was sent by the
American Express Co., New York, to their London office
to assist in its management.
Mr. Coff some
six or eight
A
meeting of the stockholders of the American Foreign
of this city has been called for Oct. 5
for the purpose of voting upon a proposition to increase the
capital of the institution from .$2,000,000 to $2,500,000.
Capital stock transfer banks were closed on Sept. 19 and will
reopen Oct. 6.
Banking Corporation
W. R. Davenport and H. W. Davis will represent the
Finance & Trading Corporation, 43 Exchange I'lace, New
York, at the American Bankers' Association Convention
at Atlantic City next week.
The American tank steamer Platuria has been sunk by a
German submarine, according to dispatches from London
W. Murray Crane, former United States Senator from
on Sept. 19. The Platuria was torpedoed on Sept. 15, the Massachusetts, was elected a director of the Guaranty Trust
dispatch said, and forty-five survivors were landed by the
The master of the Platuria,
Italian steamer Andrea.
Captain John Leslie, and eight of the crew are reported
drowned. The Platuria had a crew of forty-one and a
naval gun crew of thirteen. The Platuria was of 3,445
gross tonnage, was owned by. the Standard Oil Company of
New Jersey and was formerly known as the Diamant. She
left Newport News, Va., in July with a cargo of oil for
Italian
Co. of New York at a meeting of the directors on Sept. 19.
At a meeting of the Executive Committee of the Trust
Co. on Sept. 17, Rowland E. Cocks was appointed an
Assistant Trust Officer. Mr. Cocks began his employment
with the Guaranty Trust Co. as messenger in Dec. 1904.
He was made head of the Individual Trust Division of the
Trust Department four years ago and remained in this
position until his present promotion.
appointments made recently by the Guaranty
Trust Co. of New York, is that of Edmund Parker Tate,
who became an Assistant Treasurer of the company on Sept.
13.
Mr. Tate has been associated with the Guaranty since
1905, having entered the institution at the age of 15 as a
messenger. He was successively a member of several departments and on Jan. 31 1915 became Purchasing Agent.
He was appointed Chief Clerk of the company in September
1916, and developed the Chief Clerk's Department from a
small organization to one with a staff of twenty-five members and activities which reach out into every phase of the
company's business. In his new position Mr. Tate wiU have
charge of the entire clerical organization of the Foreign
Department which includes 300 employees. He will have
special jurisdiction over the Accounting and Collection
One
ports.
DAYLIGHT SAVING ENDS IN GREAT BRITAIN, HOLLAND AND GERMANY—RUSSIA NEXT MONTH.
The daylight saving plan ended in England, Holland and
at 3 a. m. Sept. 17 the clocks being put back one
hour. The daylight saving schedule began in England on
April 8 and in Germany and Holland on April 15.
^rmany
Associated Press dispatches from Petrograd on Sept. 7
stated that the Russian Government had ordered a return
to normal time from summer time on Oct. 14 (new style
calendar). Aeeordinglj' at 2 a. m. on Oct. 14 all clocks in
flussia will be set back sixty minutes.
It is said that the
daylight saving plan will be inaugurated in Russia next year
on March 1 and will continue until Oct. 14.
of the
Divisions;
BANKING AND FINANCIAL NEWS
^^
JEight shares of bank stock were sold at the Stock Exchange
week and 49 shares were sold at auction. There were
and
will assist in the educational
work
of the
whole department.
For the past year he has also been
President of the Guaranty Club, an organization composed
of the company's 1 ,800 employees
this
no
sales of trust
Shares.
*8
company
BANK New
Commerce,
York.
Nat. Bank of
165
49 East River Nat. Bank
* Sold at the
stocks.
Low. High.
70
165
70
Close.
165
70
Last previous sale.
Sept. 1917— 165
July 1911—1153^
Stock Exchange.
The eyes of the financial world will be focused next week
on Atlantic City, where the members of the American
Bankers' Association will be gathered in annual convention.
The entire week will be taken up by the business meetings
of the main body and the various sections, the entertainment
program being brief, as compared with the past. The meeting of the general convention will take place on Thursday
and Friday and a notable array of speakers, both for it and
the affiliated organizations, has been secured. Full details
of the program appeared inthese columns Sept. 8, page 969,
and Sept. 15, page 1073.
_JE[enry Parish, j;^hairman of the Board of Trustees and for
over forty-four years President of the New York Life Li_surance & Trust Co. of this city, died at his summer home
at_Long Branch, N. J., on Sept. 18. Mr. Parish was born
in New York City in 1829, and was the last surviving member of the class of 1849 of Columbia University. Mr. Parish
retired from the Presidency of the New York Life Insurance
dfc^rust in 1915, and was made Chairman of the board.
He was succeeded in the Presidency by Walter Kerr, the
present incumbent, who had been First Vice-President of
the company since 1889. Mr. Parish was considered one
of the most conservative bankers of the city.
When he
became President in 1871, succeeding William Bard, "the
deposits of the company then amounted to .^6,000,000, and
when he became Chairman of the .board in 1915 they were
over ,f ive Jimes^that^sum | i^
.
The directors of the Hudson Trust Co. of this city at a
meeting on Sept. 8 declared the regular quarterly dividend
of 2%.
Since the election of Frank V. Baldwin to the Presidency of the company in November 1915 the dividends have
been increased from 6 to 8% per annum. The deposits
since that time have increased about 40% and on Sept. 1
amounted
to $5,636,742.
The capital of the Bank of RockviUe Centre, L. I., has
been increased from $50,000 to $100,000 and $25,000 has
been added to surplus account. The $50,000 issue of new
stock which had recently been authorized by the stockholders of the institution has been subscribed at $150 per
share.
T. D. Carpenter, already a director of the bank, has
been appointed a Vice-President. P. H. Woodward, VicePresident and a du-ector of the First National Bank of Jamaica, L. I., and assistant to President Ralph Peters of the
Long Island RR., has been elected a director of the Bank
of Rockville Centre.
A considerable amount of the new
stock, it is said, has been taken by Mr. Woodward andWilliam
J.
FaUon.
The Bank
of Buffalo, of Buffalo,
N. Y.,
of
which
Elliot
C. McDougal, President of the Association of State Banks
of the State of New York is head, appeared in its new building at Main and North Division Streets, Buffalo, on Sept.
17.
The bank was organized in 1875, and to-day has a capita
of $1,000,000, surplus and profits (.June 20 last) of $1,628,889, and deposits of $24,117,172.
Charles
W.
Stevens, President of Boston Chapter of the
American Institute
of
Banking, has just been made an
Assistant Cashier of the Old Colony Trust Co. of Boston.
Mr. Stevens has been in the banking business for sixteen
years and entered the employ of the Old Colony in
^
THE CHRONICLE
Sept. 22 1917.]
he has been Coupon Teller.
Mr. Stevens has served as a member of the Board of Governors and for several years as Secretary and Treasiirer of
Boston Chapter.
where
for the last four years
Street Title & Trust Co. of
Philadelphia have increased the paid-in capital of the institution from $175,000 to $200,000 through a call of $5 a share
made on the stockholders. The surplus of the company
has also been increased from $175,000 to $200,000 as a result
The
directors of the
Market
In
it from undivided profits of $25,00'^.
addition to the regular semi-annual dividend of 3%, the direcThe
tors have declared an extra dividend of $2 50 a share.
par value of stock when full paid will be $50 per share.
After payment of the above call the stock will be $40 paid.
of the transfer to
Addison Comeau has resigned as Assistant Cashier of the
Central Trust Co. of Chicago, to become Vice-President of
the Ridgely National Bank, of Springfield, 111., succeeding
J. H. Holbrook, who is leaving to become identified with the
National City Bank of New York. Mr. Comeau served as
Assistant Cashier of the Central Trust for six years. He
had previously been connected with the Ridgely National.
Des Moines Savings
Des Moines, Iowa, have been amended to make
provision for the increased capital and the enlarged board
The
Bank,
articles of incorporation of the
of
of directors, in accordance with the action of the stock-
holders who at a meeting on June 28 voted favorably upon
the changes. The capital was increased from $200,000 to
$400,000. The Des Moines Savings Bank (as noted in these
columns on June 16) was consolidated with the State Savings
Bank of Des Moines. At the same time the Iowa National
Bank and the Citizens National Bank of Des Moines were
merged, the present Iowa National Bank with capital of
$1,200,000, and deposits of over $15,000,000, being formed.
The Des Moines Savings Bank is the savings department of
the Iowa National. The State Savings Bank which was,
as heretofore stated, consolidated with the Des Moines Savings Bank, was the savings department of the old Citizens
National
Bank
1181
$13,413,405. The Lumbermen's National began business in
May 1906, with a capital of $250,000, as the successor of
the old Bankers & Lumbermen's Bank. On June 20 it
reported capital of $1,000,000, surplus and undivided profits
of $309,729, and deposits of $6,761,410.
For the half-year ending Mar. 31 1917 the Bank of New
South Wales, in its report at the one hundred and thirtythird half-yearly general meeting at Sydney on May 29
showed net profits of £279,050. With the balance carried
forward from the previous account £105,242, there was
available for appropriations, £384,292, out of which was
paid £97,090 in an interim dividend (at the rate of 10%
per annum); pro -vision was made for the quarterly dividend
to Mar. 31 1917, calling for the payment of £97,374, and an
addition of £75,000 to the reserve fund, lea-ving a balance
of £114,827 to be carried forward.
The bank's paid-in
capital Mar. 31, stood at £3,894,980, while its reserve fund
amounied to £2,725,000. The deposits (Mar. 31 1917)
with accrued interest and rebate reached £40,174,670, and
the assets aggregated £57,426,009. The bank's branches
and agencies numbered 337. Hon. Sir C. K. McKellar,
K. C. M.G., M. L. C, is President of the institution. The
London office of the bank is at 29 Threadneedle Stre t.
W. H. Maclntyre, New York Agent of the Standard Bank
of South Africa, at 55 Wall Street, is the New York representative of the Bank of New South Wales.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu & Co.
of August 30 1917:
of
GOLD.
The Bank
of England gold reserve against its note issue shows a slight
increase of £190.805, as compared with last week's return.
The receipt of $500,000 is announced in New York, whilst $9,500,000
has been engaged for export, by far the greater part of which is for Japan.
The following are the net imports of gold into India during the two
months ending May 1917:
(at IGd. per rupee.)
Net import of gold bulUon
£514.597
British gold coin
335,264
Foreign gold coin
4,607
The Indian Government announced on the 27th
Following the receipt of the approval of the Comptroller
of the Currency, arrangements for the consolidation of the
United States National Bank and the Lumbermen's National
Bank of Portland, Oregon, were consummated on Sept. 15,
and became effective two days later, Sept. 17. The enlarged
institution will be known as the United States National Bank,
and will have capital of $1,500,000, surplus of $1,000,000,
undivided profits of $400,000 to $500,000, and total deposits
in excess of $20,000,000.
The business of the enlarged bank
will be conducted in the quarters of the old United States
National Bank. J. C. Ainsworth, President of the United
States National, will be President of the consolidated bank,
and E. G.Crawford, President of the Lumbermen's National
will serve as First Vice-President.
Other officers will be R.
Lea Barnes, H. B. Ainsworth, A. L. Tucker, and A. M.
Wright, Vice-Presidents; R. W. Schmeer, Vice-President and
Cashier, and W. A. Holt, P. S. Dick, Graham Dukehart,
C. M. Dyrlund and E. C. Sammons, Assistant Cashiers.
The enlarged institution will have fourteen directors, seven
of whom have been directors of the United States National
and seven members of the board of the Lumbermen's
National. They are:
J. C. Ainsworth. H. B. Ainsworth, R. Lea Barnes, George G. Bingham.
George E. Chamberlain, E. G. Crawford, Edward Erhman, Dr. K. A. J.
Mackenzie. R. L. Macleay. Robert Treat Piatt, Andrew R. Porter, C. S.
Russell and D. W. Wakefield.
Regarding the consolidation, the Portland "Oregonian" of
Sept. 16 said:
In effecting the consolidation, $500,000 of stock in the Liimbermen's
National will be retired. Each bank has had a capitalization of $1 .000.000.
That of the United States National has a book balue of $240 a share and
that of the Lumbermen's a value of $120a share. An additional $500,000
of new stock will be issued by the United States National, which will be
taken by shareholders in the Lumbermen's at the ratio of one for two.
Holders of $1,000 worth of Lumbermen's stock will receive $500 of United
States stock.
Shareholders in the United States National have waived
their rights to the
new
stock.
To
balance the retirement of $500,000 of Lumbermen's stock, real
estate, real estate loans and other assets to the value of $500,000 will be
liquidated and the proceeds either turned into the undivided profits account
or issued to shareholders in the form of extra dividends.
The United States
National now is paying dividends at the rate of 14%, which gives shareholders a return of 6% on the book value of their stock.
The United States National Bank was organized in 1892,
and was consolidated with the old Ainsworth National Bank
in
1901.
In 1905
it
absorbed the Wells iFargo National
Bank, and on June 20 last reported capital of $1,000,000,
surplus and undivided profits of $1,137,860, and deposits of
of
London, written under date
irst. that its .selling
price of immediate T.T. upon India would be raised to Is. 5s. per rupee,
and to Is. 4 29-32d. for deferred T.T. and bills. The new arrangement
came into force yesterday.
In 1915 the total production of China was about 200.000 ozs.; 120,000
came from Manchuria and 60,000 02s. from Outer Mongolia and the rest
from Chih-Ii, Hunan, Shangtung, Kansu, Turkestan, Szechuan, Tunnan
Kiangsi and Honan.
SILVER.
Scarcity of supplies has again been responsible for an advance in price.
On the 24th inst. a rise of Kd. took place, followed by a similar one on the
27th, which carried the price to the round figure of 45d. After remaining
un altered on the 28th. two advances of a )^d. on successive days brought
it to 46d.
a fresh record since August 1891. The upward movement
commenced from 39 ^^d. on the 30th ulto. and proceeded without a single
setback. Buying orders continue to be launched upon an ill-supplied
—
market.
The China exchanges remain
firm, but, for the moment, the inclination
should be rememcered, however, that this
is not the season when China trade is most active.
The fixation of new minima for India Council allotments will have no
direct effect upon the value of silver.
The holdirg of silver by the Indian xreasury, as will be seen from the
following details, has increased by 93 lacs.
(In lacs of rupees)
Aug. 7.
Avg. 15. Avg.''22.
Notes in circulation
100.0^
101.51
102,84
Reserve in silver coin and bullion.. 26.65
27,47
28,40
Gold coin and bullion in India
8,59
10,01
10.41
Gold in England
3,30
2,55
2.55
The stock in Bombay consists of 2,100 bars, as compared with 2,200 last
to rise has been arrested.
It
'
week.
The stock in Shanghai on' Aug. 25 1917 consisted of al out 21 000,000
ounces in sycee and 15 600,000 dollars, as comnared with about 22,200,000
ounces in sycee and 15,700.000 dollars on Aug. 21 1917.
Quotations for bar silver per ounce standard:
Aug. 24
cash
46
44Vk cash Aug. 30
Aug. 25...
Average..
44%
45.208
Aug. 27
Bank rate
-.45
5%
Aug. 28
-45
Bar gold per oz. standard.. 77s. 9d.
Aug. 29
.453^
No Quotation fixed for forward delivery.
The quotation to-day for cash delivery Is 1 J4d. above that fixed a week
'
ago.
ENGLISH FINANCIAL MARKETS— PER CABLE.
The
daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending
Sept. 21
Sept. 15. Sept. 17. Sept. 18. Sept. 19. Sept. 20. Sept. 21.
Sat.
Man.
Tues.
Thurs.
Wed.
FH.
—
Sllver.peroz
Consols. 2 J4 per cents
52
55
War Loan, 5%
Parts)
The
Sliver In
94H
97%
94Ji
97%
94H
97%
61.40
61.15
61.05
61.00
88.15
^
per cents
French Rentes (In Paris).. fr.
French
54
54Ji
65
55
88.15
88.15
88.15
88.20
94H
97%
British, 5 per cents
British. 4
53H
61.55
d. 51
5234
55
94?^
64^
97%
(in
fr
price of silver in
New York on
N. Y., per oz..cts.lOOM
102H
the
103>^
same days has been:
105H
106H
108«
THE
118*^
ClIUOxNICLE
(^0mmercial nmlWiiscMmizons ^Kxot
The world's shipments of wheat and corn for the week
ending Sept. 15 1917 and since .July i 1917 and 1910 are
shown
STOCK OF MONEY IN THE COUNTRY.—The
in the following:
fol-
lowing 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.
Money in Circulation
I 1917
In U.S. aHeldinTreas. Sept. I 1917. Sept. 1 1916.
$
3
S
S
754,001,371
3,060.991,378 199.475,578
629,821.204
Whcnl.
1,639,300.829 1,466.225,489
568,270,061
20,314,699
72,.540,86U
67,.59I,125
3,689,064
473,468.012
197,14s. 323
482.006, .5,57
172,0S6.160
2,079,799
342,195,439
182,047,160
certlfloates.b
Silver
200,837.387
Subsidiary sliver
Treasury notes or 1890
340,681,016
States notes
United
d .598,439,359
Federal Reserve notes
12.608,890
Fed. Reserve Uani; notes..
717.933,365
National ban]{ notes
1,946,451
339,936,300
6.744,716
2,923,820
132,880
21,115,590
595,515..539
12.476.010
096,817,775
9,9.(9.865
Week
al916.
1917.
Since
July 1.
Strue
Week
luly I.
Sept. 15.
Since
July 1.
Bushels
Bushels.
Bunhels.
Bunhels.
Bushels.
North Amer* 4,922,000 69,959,000 90.270,000
Russia
Sinte
July 1.
Bushels.
4.59,00(
8.544,00c
13,074,000
3,7lV,60C
29,061,666
4,080.000
Danube
Argentina ..
423',666
2',752',666
lf,992",666
390",(')6(
Australia
India
Otli. countr's
1,100.000
15,834.000
6.340,000
476,000
8.604,000
5,931,000
720,000
4o.o6(
6,955,000 95.361,000 121.6.57.000
895,00c
420,000
90,000
Total
e'se'.ooc
2.'323".666
13,191,000
44.458.000
'
I
712.806.354
5..505, 761. 4.56 2.54, .396, .347 4, 783, 154. .509 4,066,859,1,52
-
al910.
Sept. 15.
*
Total
Corn..
1917.
Exports.
-Slock uf Money Sept.
Gold coin and buUioa
Gold cortllicates-b
Standard silver dollars
[Vol. 105.
Population of continental United States estimated at 104,432,000. Circulation
per uapita, $45 80.
a Thi.s statement of money held in the Treasury as assets of the Government does
not Include deposits of public money in Federal Reserve banks, and in national
banlis and special depositaries to the credit of the Treasurer of the United States,
amountinj,' to 3510,341,114 20.
b For redemption of outstandin':; certificates and Trcisury notes of 1890 an exact
CQUivalent in amount of tlie appropriate kinds of money is liold in tlie Treasury,
and Is not included in the account of money held as assets of the Government.
c Includes §378,720,000 Federal Reserve Gold Settlement Fund deposited with
North America.— The Canadian Government has
The quantity of wheat and corn afloat
mentioned was as follows:
—
Not
Not
the
effective
Europe on dates
Corn.
Total.
Kingdom.
Bushels.
Bushels.
Continent.
Bushels
Sept. 15 1917Sept. 8 1917.
Sept. 16 1916.
Sept. 18 1915.
U
United
Kingdom
On Sept. 1 1917 Federal Rcs'TV" bank.s and Federal Reserve agents held
.Vu/fi.
against Federal Reserve notes .S4. 000 000 ^'old coin and bullion and .5464,210,600
gold certificates, a total of S46S.210.600. against $163,688,581 on Sept. 1 1916.
for
This
Wheat.
United
Treasurer United States.
d Does not include Federal Reserve notes held by Federal Reserve banks.
prohibited
officially
Issuance of both manifests and exports until after ten days.
during the continuance of the war. a Revised.
Bushels.
avail able
avail able
Continent.
Total.
Bushels
flu.'ihcts.
20.800.000
24,880,000
42,768.(10(1
20,216.(JU0
—
Breadstuffs figures brought from page 1223. The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
—
Chicago
Wheat.
Corn,
Barrels.
Receipts at
Flour.
Bushels.
Bushels.
402.000
2,914,000
686,000
136,000
108,000
53,000
25,000
557,000
55.000
508,000
89,000
.
Milwaulcee
"'V4",66o
Toledo
6 .666
10.000
107.000
39,000
Detroit
Cleveland -..
St. Louis
Peoria
Kansas City.
Omaha
Total wk. '17
Same wk. 'IG
.321,000
384 ,000
Same wk.
379,000
'16
464,000
12,000
Bushels
3,901,000
1,420.000
15,000
5V,666
8.000
4,000
5,000
128,000
169,000
147,000
417,000
523,000
311,000
104,000
134,000
1,030.000
50 s, 000
586 000
618,000
5. .533, 000
145,000
MinneapoUs
Duluth
Barley.
Oats.
1,405.000
4,167.000
4,117.000
10,062.000
15,145,000
The
future
following shows all the dividends announeed for the
large or important corporations:
by
Dividends announced this week are printed in
Bushels.
563,000
1,266,000
838,000
475,000
Same
Bushels
120,000
439,000
553,000
77,000
85',666
"l5',666
158,000
48.000
of
9,150 000 3,385,000 1,2.52,000
8,420 000 2,443,000 1.577,000
6,846,000 3,273,000
997,000
Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 15 1917 follow:
Railroads (Steam).
.\slilaud Coal & Iron Ry. (quar.)
Beech Creek (quar.)
Boston & Albany (quar.)
Boston Revere Beach & Lynn ((luar.)
Buffalo & Susquehanna, common (quar.)
Canadian Pacific, com. (quar.) (No. 85).
Wheat.
Flour.
Philadelphia
160,000
37,000
48,000
25,000
108.000
15,000
40.000
.
Baltimore
Newp't News.
New
Orleans*
Montreal
Bcston. _
Oats.
Rye.
Barley.
60 lbs bush. 56 lbs bush. 32 lbs. bush.i lbs. bush.bdlbs.
755,000
74,000
85,000
682,000 1,513,000
28,000
3U,000
61,000
296,000
168,000
280,000
69,000
483,000
802,000
V9"9",6o6
158,000
5y,666
768,000
310,000
2,000
34,000
28.000
106,000
bbls.l96lbs bush
New York
Corn.
.
304,000
2,837,000 1,515,000
105,835,00013,903.000 7,412.000
Week
1916.
9«477,000
449,000
539,000
4.252,000
446,000
Since Jan. I'16tl9,061 ,000 293,450,000 47,498,000 139,728,000 22,253,000
Receipts do not include grain passing through
*
on througli
124,000
8.611,000
LinesriUe
New
Orleans for foreign ports
bills of lading.
The exports from
week
the several seaboard ports for the
ending Sept. 15 are shown in the annexed statement:
—
Exports from
New York
Wheat,
Corn,
Flour,
bushels
bushels.
barrels.
275,473 176,176
1,213,187
96,000
Boston
Baltimore
378',626
294,370
Newport News
125",666
Oats,
bushels.
3
2'4
655,472
''
9,150
42,731 475,888
711,497
802,000
Total week
Week 1916
653,493 201,176 2,168,969
848,145 302.888 2,549,121
1.603,557
9,076,397
42,731 475.888
81,213 U37095
17.079
week and
since
The
destination of these exports for the
•July 1 1917 is as below:
—
Week
Week
Week
Sept. 15
1917.
1"17.
Since
July 1
1917.
Bushels.
Bushels.
Bushels.
Bushels.
Sept. 15
1917,
Barrels
Barrels.
.50c,
So.
& Cent.
West
Amer.
Indies
Brit.No.Am.Cols.
Other Countries..
Total
Total 1916
267.213
378,020
703
7,557
3,276,509
1,922.127
1,428
13,274
78,779
48,291
33,496
28,939
504,047
719,821
79,431
93,536
11,671
1,000
15,479
1,868
4,685
2,018
201,176
302,888
1,413,314
3,243,351
1 603 5.57
9,076,397
19 368 23fi
74,088,687
653 493 5,215.356
848,145 13.492,722
1,033,790
567,874
25
11,157,207
8,202.645
3,570
129
Oct
Oct
1!^
Oct.
21<
Nov
(extra)
Preferred
2
2 '4
United New Jerset/ RR. <fe Canal (quar.),..
Warren Railroad
3V2
West Jersey & Seashore..
$1.25
Wisconsin Central preferred ._
2
Street and Electric Railways.
A.sheville Power & Light, pref. ((puir.)..}
I'/i
Bangor Ry. & Elec. pref. (qu.) (No.24).l
Brazilian Trac, L. & P., Ltd., pref. (qu.)
Brooklyn Rapid Transit (ouar.).
.1
Capi/nl Trac. Wash., D. C. (quar.)
[
Cities Service
.
common
(quar.)..
1
Common
(payable in common stock)
Cities Service, com. and pref. (monthly).
Common (payable In common stock) .
Cleveland <t- Eastern Trac, -pref. (ouar.)..
Columbus Ry., P)w. & Light, pf. A (qu.)
Prior preference (quar.)
Conesloon Traction, common (quar.)
Preferred (quar.)
Connecticut A'y. ,t- Ltg.. com.
pf. (quar.)
Duluth-Superior Traction,
common
Preferred (quar.)
. ,
.
Finst preferred (quar.)
Second preferred (quar.)
Frankford
Southwark. Phila. (quar.)..
G'jorgia Light, Power
Roiheays, pref
Hnrrishvrq Rnilwnjis, preferred
Honolulu Rapid Transit
Land (quar.)..
Hr>ughton Co. Traction, pref. (No. 19).
Illinois Traction, preferred (quar.) (No.51)
lou'a R'ii''rr.y <t- Liaht. vref (n^i.) (No. 57)
&
&
&
^'F^
nif,t r>/i^1...^„f
.nrnr.^rr'1
Oct
Oct
Oct
Oct
Oct
Oct
10a
15a
2
25a
29a
Sa
29a
15
15a
20a
21a
22a
1
8a
21a
15a
of
of
of
of
of
of
of
of
of
Oct
8a
30
rec.
to
of
of
of
Holdei-s of
Holders of
Holders of
Sept. 21
Holders of
Holders of
Holders of
Holders
Holders
Holders
Holders
12
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
.
15
10a
10a
15a
25a
Aug. 31a
Oct. 31a
Sept. 15a
Sept. la
Sept. la
Sept. la
Sept. 30
to
rec. Oct
6a
rec. Sept. 15
rec. Sept. 8a
.
I'A
I'A
f'A
Nov
Nov
m
iv<
1%
2
1
/H
'4
114
1
I'A
I'A
1
1
1
Duiucsne Light, pref. (quar.) (No. 11)
Edison Electric Co.. Lancaster. Pa. (quar.)
Elmira Water L & RR common
Oct.
Oct.
Oct.
Oct.
Oct,
Oct.
Oct.
Oct.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
1
25
25
7a
7a
2Sa
21a
Sept.
Sept.
Sept.
Sept.
Sept. 15
Sept.
to
Holders of rec. Sept.
Sept. 29 Sept. 25
to
Sept.
to
Sept.
Oct.
1 Sept. 21
Oct.
Sept. 21
to
Sept.
Sept. 16
to
Oct.
Sept.
IM
com. and pref. (monthly)
.
United Kingdom.
Continent
Sept. 16
.50c.
&
Since
July 1
1917.
Since
July 1
1917.
Sept. 15
9,1.50
Corn.
Wheal.
Flour.
Exports for Week
and Since
July 1 to
IOct
Oct.
Oct.
Oct.
15a
loo
la
.
2
75c.
1%
V%
IH
Aug. 31a
.
[Nov
Oct.
Sept. 25a
Sept. 20a
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Sept.
Sept.
Sept.
Sept.
to
Sept.
to
Sept.
of rec. Sept.
of rec. Sept.
of rec. Sept
of rec, Sept.
to
Oct.
of rec. Sept.
of rec. Sept.
to
Oct
of rec. Sept.
of rec. Sept.
of rec. Sept.
of rec. Sept.
of rec. Sept.
of rec. Sept.
of rec. Sept.
of rec. Sept.
of rec. Sept.
to
Oct.
of rec. Oct.
of rec. Sept.
of rec. Sept.
IOct.
(quar.)
Cine. <fe Hamilton Trac,
Preferred (quar.)
Sept. 16
of
of
of
of
of
of
of
\H
IH
Reading Company, 2d prtf. (quar.)
Southern Pacific Co. (quar.) (No. 44)
Southern Ry., preferred
Southern Ry., Mob. <t Oliio stock tr. ctfs.
Cincinnati Street Ry. (quar.)
'20
Inclu.stve.
Holders
Holders
Holders
Holders of
SI
.
Carolina Power & Light, pref. (quar.)_.
Chicago City Ry. (quar.)
Oct
Oct.
Oct.
Oct.
iOct
iOct
IH Nov
,
Peas.
Barley,
bushels, bushels. bushels.
Rye.
.Sept
Oct.
Oct.
3^
&
common
Oct.
Oct.
Oct.
1
PIttsb. Bessemer
Lake Erie, common. _
Pittsb, Ft. W.
Chic. reg. guar, (quar.)
Special guaranteed (quar.)
Common
Nov.
Oct
SI. 25
I'A
I'A
2
Northern Pacific (quar.)
Norurich <t- Worcester, preferred (quar.)
Union Pacific,
Oct
IH
IH
Porlland (Me.) TerminalCo. (quar.)
Total wk. 191 71
433,000
2,341,000
Since Jan. 1'17 15,101,000 154,212,000
Holders
Holders
Holders
Holders
Sept. 22
Holders
Holders
Sept. 22
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
1
Minn. St. Paul &S. S.M.. com. & pref..
Newark & Bloomfleld
New London & Northern (quar.)
New York Central RR. (quar. )
New York & Harlem, com. and pref
New York Lackawanna & West (quar )
&
Oct.
Sept
Oct.
Oct.
5
Maine Central, common (quar.)
Manhattan Railway (quar.)
,
Sept.
lOct.
I '4
(quar.)
&
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Sput.20
Oct,
Sept,
2
I'A
iy2
Kansas City Southern, preferred (guar.)
Lackawanna RR. of New Jersey (quar.)
Lehigh Valley, com. & pref. (quar.)
Books Closed.
Days
Sept
I
(Oct.
2
Great Northern (quar.)
Interborough Cousol. Corp., pref. (quar.)
Interborough R,apid Transit (quar.)
Joliet & Chicago (quar.)
Kanawha & Michigan
When
Payable
Oct.
Sept.
2
2
10
l)i
Preferred (ijuar.)
Cleve. Ciu. Chic. & St. Louis, pref. (qu.)
Coli/rado & Southern. \sl and 2d pref
\
I
iSept,
1
50c.
2
l!i
1'4
214
Preferrerl
Meadville Conneaui Lake
—
Per
Cent
Company
Chicago Burlington & Quincy (quar.)
Extra
Chicago & North Western, com. (quar.).
1,842,000 32. .571 ,000 16,780.000 53.426.000 12,168 000 3,512.000
2,384,000 78,308,000 23,220.000 69.883,000 12,182.000 3,407,000
2,1.56,000 64,2.59,000 20,917,000 48,271,000 10,136,000 3,326,000
Receipts at
italica.
Rye.
Since Aug.l
1917
1916
1915
DIVIDENDS.
I'A
2
1
IK
IK
i'A
Hi
1
2
3
IH
l?,f
Holders
Holders
Holders
Holders
of
of
of
of
rec.
rec.
rec.
rec.
rec. Oct.
rec. Oct.
rec. Sept.
rec. Sept.
15
20
15
10a
30
15
28
30
30
30
15
15
15
15
to
Sept 30
of rec. Sept. 15
of rec, Sept. 15
of rec. Sept. 20a
of roe. Sept. 20a
Oct.
Oct.
Sept. 21
Oct.
Holders
Oct.
Oct.
Holders
Sept. 29 Holders
Sept. 29 Holders
Nov. 15 Holders of rec. Nov. 1
1 Holders of rec. Sept. 15a
Oct.
1 Holders of rec, Sept. 150
Oct.
Nov. 1 Holders of rec. Oct. 1
Sept. 29 Holders of rec Sept. 20a
Sep d3n Holders of rec. Sept. ISO
Sept.30| Holders of rec. Sept. 15a
Sept. 30 Holders of rec, Sept. loO
la
Oct.
1 Holders of rec. Sept.
Oct.
1 Holders of rec, Sept. 24
to
Sept..30
Oct.
1 Sept. 21
Sept. 30 Sept. 25
to
Sept. 30
Oct.
1 Holders of rec, Sept. 15a
Oct.
1 Holders of rec Sept. 15
Sept. 30 Holders of rsc Sept. 20
Oct.
1
Oct.
1
.
,
A
.
.
Per
Street
of
When
Cent.
Compamj.
Pai/abte.
Name
inclusive.
and Electric Rys. (Concluded).
Sept. 29 Holders of reo. Sept. 20a
Sept. 10
1
I Sept. 11
to
Oct.
Sei)t. l»i
Sept. II
to
i'A Oct
Oct.
Holders of rec. Sei)t. ISa
Holders of rec. Sept. 21a
Ih Oct.
Hoklei's of rec. Sept. 29a
31}iC. Oct.
Oct.
Holders of rec. Sept. 29a
Sew preferred
37KC.
Sept. 21
to
Oct.
1
New Orleans K.iUway & Light, prcf. (.quar.)
Ii4 Oct.
Holders of rec. Sept. 21a
New York State Rys., prel. (quar.)
l>i Oct.
1
Holders of rec. Sept. 15a
Ottawa Traction (qusir.)
Oct.
1
PhUadciphia Ci>.. com. {guar.) (.No. 144).. S7'Ac. Oct.
Holders of rec. Oct.
1
Holders of rec. Oct.
SI. 50 Nov.
6''o Prijcrrcd (.Vt). lU)
Sept. 30
Philadel.jliia Traction
$2
Oct.
Sept. II
to
PMla. & Western Jiij., pref. iquar.)
Holders of rec. Sept. 29
6-2HC Oct.
Holders of rec. Sept. 18
Pine Bluff Co., preferred (jtur.)
i.'A
Oct.
2
Holders of rec. Sept. 22a
Public Service Corp. of New Jersey (quar.).
Sept.
1
Republic Ru- & Light, com. (quar.) (No. 4)
Oct.
Holders of rec. Sept. 29
Preferred (quar.) (No. 25)
Holders of rec. Sept. 29
1}4 Oct.
Acenue Passenger Ry., Philadelphia.
Oct.
I
Ricfc
$3
Oct.
.Sept. 10
to
i
Secontl & Third Sia. Pass., Piiila. (quar.)
Oct.
Holders of rec. Sept. la
Springfield (Mo.) Ry. & Lt., pref. (qu.)
Oct.
Holders of rec. .Sept. 15a
2
Toronto Ry. (.quar.)
Oct.
Holders of rec. Sept. 15
1
Light, ebm. (quar.)
Holders of rec. Sept. 20
Tri-City Ry. &
Oct.
I
Preferred (quar.)
Oct.
Holders of rec. Sept. 20
Twin Uiiy Rap. Trau., Minn., com. (qu.)
li4 Oct.
Holders of rec. Sept. 15a
Preferred (quar .)
IM Oct.
Holders of rec. Sept. 15a
1
United Gas & Electric Corp., first pref.(qu.)
Oct.
Holders of rec. Sept. 22a
1
United Light & Rys., com. (qu.) (No. U)
Oct.
Holders of rec. Sept. 15o
'-Preferred (quar.) (No. 2S)
IH Oct.
Holders of rec. Sept. 15a
Sept. 10
United Trac. & Klec. Providence (quar.)
IM Oct.
Sept. 12
to
Utah Power &Lt., pref. (quar.) (No. 19).
IM Oct. 1 Holders of rec. Sept. 15
Wash. B.ii. & Annap. Elec RR., pf. (qu.)
I'A Sept. 29 Holders of rec, Sept. 19a
I
Washington Water Pouer, Spokane (quar.)
Oct.
Holders of rec. Sept. 15a
SI. 75 Oct.
West End St. Ry.. Boston, common
to
Oct.
1
Sept. 21
I'A Oct.
I
West India Biec. Oo. (quar.) (No. 39)
Sept. 23
to
Oct.
IM Nov.
West Pcnn Power, pref. (quar.) (No. 7)
Oct. 21
Nov. 1
to
Yadkin River Power, pref. (quar.) (No. 6)
IH Oct.
Holders of rec. Sept. 15
m
Banks.
Chase National (guar.)
Chatham & Phenix National (quar.)
Coal& Iron National (quar.)
Commerce, National Sank of (guar.)
First National (quar.)
First Security Co. (quar.)
Garfield National (quar.)
Hanooer Nalio.ial (quar.)
Extra
Meclianios (Brooklyn) (quar.) (No. 132).
Metropolitan (quar.)
Park, National (guar.)
Seaboard .Vational (quar.)
4
Yorkville (quar.)
6
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Bankers (guar.)
Brooklyn (quar.)
5
Oct
Oct
Columbia
3H
3
2
2
5
5
3
6
2
$1
2
5
3
Holders of rec Sept
2.5a
Sept. 22
I
i
1
Oct.
to
Holders of rec Sept. 12
Holder.s of rec Sept. 21a
Holders of rec. Sept. 29a
Holders of rec. Sept. 29a
Sept. 20
to
Sept. 30
Sept. 22
to
Sept. 30
Sept. 22
to
Sept. 30
Holders of rec. Sept. 22
Holders of rec, Sept. 20a
Holders of rec Sept. 21
Holders of rec Sept. 26
Holder.s of rec Sept. 29a
Trust Companies.
yjuar.)
Equitable (quar.)
Fidelity
ir )
(guar.)
Franklin (Brooklyn) (quar.)
3
Guaranty (quar.)
5
Hudson
2
I'd
(quar.)
Lawyers' Title Insurance & Trust (quar.)
Metropolitan (guar.) (JVo. 83)
New
Title
York (guar.)
Guarantee & Trust
Union
Abi'.ihi
6
(jtuar.)
(quar.)
Miscellaneous.
Power & Paper, Ltd.,
pref. (quar.)
Ahmeck Mining
(quar.) (No. 23)
Air Reduction Co. Inc.. common (quar.).
Preferred(quar .) .
.ilab-ima Company, first pref. (quar.)
Allis-CUalmers Mfg., pref. (quar.)
—
Preferred (account acoum. dividends)
Allouea Mining (quar.)
.4m<;r. Agrit, Chem., cmn.iqu.) (No. 24).
Preferred (quar.) (No. 49)
Amer. Bank Note, preC. (quar.)
American ieet Sugar, pref. (qu.) (No. 73)
Amer. Brake Shoe & Fdy., com. (quar.)
Preferred (quar .)
Preferred (e.\tra)
American Can, preferred (quar.)
Pref. (extr.i accoan*. accura. dividends)
Amer. Car& Fdy., oom. (quar.) (No. 60)
Common
(extra)
%
Preferrod (q;iar.) (No. 43)
Amer. GraphopUone, com. (qu.) (No. 50)
American Hide & Leather, preferred
Amer. Iiiteroational Corp., com. (quar.).
Amer. Ln France Fire Bug., Inc., coin.(qu.)
Preferred (quar.)
.American Laundry Madtirtery com. (qu.)
,
_
Preferred (quar.)
.American Locomotive, common (quar.).
Preferred (quar.)
American Manufacturing, com. (quar.)
m
first
pref..
Second preferred
.Amer. Po-oer
Ui')'.. Df. (gu.) (No. 32)..
American Public Service, pref. (quar.)
Amer. PulillcUtilitioa, pref. (qu.) (No. 21)
.American Radiator, common (quar.)
American Screw (quar.)
&
Eztra
IH
iOct.
I '4
Preferred (guar.)
.American Pneum.atic .Service,
Oct
S1.75
75c.
Hi
IH
I'Xi
3
IK
1
American Seeding MacMne. com.
Preferred (guar.)
.*mer. Smelters Securities, pref.
B
(quar.) ..
A
(quar.)
(qu.ar.)
American Snuff, common (quar.)
1
IH
IH
1J4
3
Preferred (ouar.)
American
Steel Foundries (quar.)
.American Stores, first pref. (quar.)
Amer. Sugar Refg. com. (quar.) (No. 104)
Preferred (quar.) (No 103)
American Surely (quar.) (No. 113)
Telegraph (guar.)
Amer. Televhone
American Tobacco, preferred (quar.)
&
Amer. Type Founders, common (quar.).
Preferred (quar
20
20
30a
30a
24a
29a
290
Holders of rec.
Si
Holders of rec.
SI
Holders of rec.
Holders of rec.
i:!i
Holders of rec.
IM
Holders of rec.
Wa.
Holders of rec.
hVi
Holders of rec.
S3
Holders of rec.
IH
Holders of rec.
IH
75c Oct
Holders of rec.
Holders of rec.
IH Oct.
Sept. 29 Holders of rec.
2
Sept. 29 Holders of rec.
I
Holders of rec.
Sept
Holders of rec.
1« Oct.
Oct.
Holders of rec.
1
Holders of rec.
Oct.
1
Holders of rec.
Oct.
Holders of rec.
IK Oct.
IK Oct.
Holders of rec.
IH Oct.
Holders of rec,
$1.50 Oct.
Holders of rec.
Holders of rec.
2!4 Oct.
Holders of rec.
IH Nov.
Holders of rec.
Oct.
Holders of rec.
2H Oct.
75c. Sept,
Holders of rec.
IH Nov.
Holders of rec
Holders of rec
IM Oct.
Nov. 26
IVi Dec.
to
Oct.
IH Oct.
6
to
.Sept. 18
IVt Oct.
to
I'A Oct.
Sept. 18
to
1
'
American Woolen, common (quar.)
Preferred (quar.)
& Power, pref. (quar.)
Associated Ory Goods, 1st pref. (No. 1).
Associated Oil (quar.)
Atlantic Gulf * W. I. SS. Lines, pf. (qu.)
Avery Company, pref. (quar.)
Baltimore Tube, pref. (quar.)
Barnett Oil <fe Ga.^ (monthly)
Ertra
Arkansa.'! Light
BarnhartBro3.&aD!niler.l8t4;2dpf.(qu.)
B.arrett Co.. common (quar.)
Preferred (quar)
Bell Telephone of Canada (quar .)
I'A
IH
IH
tH
IH
2
IH
1
I'A
IH
IK
IK
IH
1'4
IK
IK
IK
Ic.
Ic.
IK
IK
IK
2
25a
21
,
Preferred (quar.) (No. 74)
American Chicle, preferred (quar.)
American Cigar, preferred (quar.)
American Kxpress (quar.)
Amer. Gas & Eleo, com. (qu.) (No.30)--
Preferred
rec. .Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
2
i
Holders of
Holders of rec Sept.
Sept. 29 Holders of rec Sept.
Sept. 29 Hoirlers of rec Sept.
Hiilders of rec Sept.
Scot
Oct.
Sept. 25
Sept.
to
Sept
Holders of rec Sept.
Sept
Holders of rec Sept.
Oct.
Sept. 23
to
Oct.
Oct.
Sept. 16
to
Oct.
Sept. 29 Holders of rec. Sept.
Sept. 29 Sept. 23
to
Sept.
Sept. 29 Holders of reo. Sept.
I Holders of rec. Sept.
Oct.
3
5
iq
1
Sept. 16
to
.Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept,
Sept.
22a
22a
21a
30
28a
21
1
I
21
30
21
22a
I2a
24o
24a
15a
15
21
21
21
1.5a
15a
14a
14a
I4a
Miscellaneous (Continued).
Bethlehem Steel, common (quar,)..
Oct. 16
Sept..^O
Days Inclusive.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Sept. 15a
Sept. I5o
Sept. 15o
Sept. 22a
Sept. 22«
Booth Fisheries, common (quar.)
Sept. 20o
First preferred (quar,)
Sept. 20o
Borue-Scrymser Co
Sept..16
to
Oct. 13
Brier Hill Steel, common (quar.)
Sept. 20
to
Oct.
1
Common (extra)
Sept. 20
to
I
Oct.
Preferred (quar.)
Sept. 20
to
Oct.
I
British-American Tobacco ordinary
29
See note "i"
Preference
29
Brooklyn Union Gas (quar.)
I Holders of rec. Sept. 13a
Brunswick-Batke-Coltender, pref. (quar.)..
1 Holders of rec. Sept, 20
Buffalo General Electric (quar.)..
29 Holders of rec, Sept. 20
Burns Bros, (guar.)
I Holders of reo. Sept, 21
Butte & Superior Mining (quar,)
29 Holders of ree, Sept. I4a
California Elec. Generating, pref. {guar.)..
Holders of roc. Sept, 22a
CaUforiila Packing Corp., pref. (quar.)..
Hohlers ot rec. Sept, 20a
California Petroleum Corp,, pref, (qu,)..
Holders of rec, Sept. 20a
Calumet & Ariz, Mining (qu,) (No. 55)..
24 Holders of rec, Sept. 7a
Special (No, 1)
24 Holders ot rec. Sept, 7a
Calumet & Hecla Mining (quar.)
26 Holders of rec. Sept. 5
Cambria Iron
1 Holders ol rec. Sept, I5a
Canada Cemeni, Ltd., common (quar.)
10 Oct. I
Oct. 10
to
Canadian Consol. Rubber, pref. (quar.)
29 Holders of ro«, Sept. 21
Canadian Cottons, Ltd., common (guar.)
4 Sept. 25
to
3
Oct.
Preferred (quar.)
4 Sept. 25
(o
Oct.
3
Canadian Gen, Elec, Ltd., com. (quar,)
Holders of rec. Sept. 15
Preference (No, 43)
Holders of rec. Sept. 15
Canadian Locomotive, com, (No, 1)
Sept. 10
to
Sept 20
Preferred (quar,)
Sept. 10
Sept, 20
to
Carbon Steel, common (quar,)
N. v. 1
IH Nov.
lo
Nov, 14
Common (extra)
Nov. 11
to
Nov. 14
2H Nov,
Cardenas-Amer, Sugar, pref. (quar.)
Holders of rec. Sept. 24
IK Oct,
Case (.1. I,) Threshg Mach pref, (qu.)
Holders ol rec Sept, 10a
IK Oct.
Celluloid Co, (quiir,)
2
Sept. 29 Holders of rec. Sept. 14a
Central Aguirre Sugar Companies, com(qu.)
Holders ol reo. Sept, 25
2H Oct
Central Coat & Coke, preferred (quar.)
Holders of reo. Sept, 30
IK Oct.
Central I'oundry, first preferred (quar.).
2
Oct.
Holders of rec. Sept. 29a
Central Leather, preferred (quar,)
Holders of rec. Sept. 10a
IK Oct,
Central Petroleum, preferred.
..
Holders of reo. Sept. 26
2H Oct,
Central & South American Telegraph (qu.)
Holders of rea. Sept. 29a
IH Oct,
Cent States Elec Corp .,pf,(qu,) (No, 21)
Holders of rec. Sept. 10
IK Oct,
Certain-Teed Prod. Corp,, Ist&2dpf.(qu,)
Holders of rec. Sept. 20
IK Oct,
Chandler Motor Car (quar,)
2
Oct
Holders of rec. Sept. 1 5a
Extra
1
Holders of rec. Sept. I5a
Oct,
Charcoal Iron Co, of Amer., com. (quar.)
20c, Oct,
Holders of rec. Sept, 20
Chicago Telephone (quar,)
2
Sept,
Holders of rec. Sept. 28a
Chino Copper Co. (quar.)
$2,50 Sept
Holders of rec. Sept. I4a
Citizens Gas & Fuel, Terre Haute, com
Sept
Holders of ree. Sept. ISa
3
First preferred (quar.) (No. 1)
Holders of reo. Sept. 18a
IK Oct,
City Investing, preferred (guar.)
Holders of reo. Sept. 26
IK Oct,
Cluett, Peabody & Co., Inc., pref. (qu.)
Holders of rec. Sept. 20a
IK Oct.
Colorado Power, common (quar.)
Oct.
Holders of rec. Sept. 29a
H
1',;,
Colorado Spgs. L., H. & P., pref. (quar.)
Sept.
Holders of rec. Sept. 17a
Colt's Patent Fire Arms Manufaciuring(qu.)
S3
Oct.
Holders of reo. Sept. I8«
Columbia Gas Co. (quar.)
Holders of rc>o. Sept. 20a
--IH Sept
Computing-Tabulating-Recording (qu.)
I
Oct.
Holders of rec. Sept. 25a
Cons, Gas, Elec, L, & P, .Bait,, com, (qu,)
2
Oct.
Holders of rec. Sept. 15a
Consumers EL. L. & P.. New Orl., pf.(qu.)
IK Sept
to
Sept. 9
Bopt,30
Consumers Power, Mich., pref. (quar.)
Holders of ree. Sept. 20a
IH Oct.
Continental Can, Inc, common (quar.).
IH Oct.
Holders of ree. Sept, 20a
Preferred (quar.)
IK Oct.
Holders of rec. Sept. 20a
Continental Paper Bag, com. (extra)
6
Oct.
Holders of rec-. June 3d
Oct.
Oct.
Oct.
2
Oct.
Oct.
3
50c. Oct,
Oct.
20
Oct,
IH Oct.
3H Oct.
IK Oct.
6
Sept.
62 H Sept.
IH Oct.
IK Oct.
IK Sept.
IK Oct:
SI .25 Sept.
IH Oct.
IK Oct.
1
Oct.
Sept.
S2
Sept.
SI
Sept.
S25
$1
Oct.
IH Oct.
IK Sept.
1
Oct.
1 y.
Oct.
2
Oct.
3H Oct.
IH Oct.
IK Oct.
•
,
|
1
!
of
of
of
of
of
of
of
rec.
rec.
rec.
reo.
rec.
rec.
rec.
1
,
,
,
.
'
Common
IH Nov.
IH Nov,
(extra)
Preferred ( xtra)
& Co,, common (qu;ir,)
Cosden
Common
(extra)
Creamery Package Co., com. and pref. (qu.)
Crucible Steel, pref, (quar.) (No, 60)
Cuba Cana Sugar, preferred (quar,)
Cuban-American Sugar, com. (quar.)
Comnton (extra)
Preferred (quar .)
Cudahy Packing, seven
Dayton Power & Light,
Detroit Edison (quar.)
per cent nrel
pref. (quar.)
Distillers Securities Corporation (guar.)
Dodge Manufacturing, pref. (quar.)
Dominion Canners Ltd., pref. (guar.)
,
Oomiuion Glass, Ltd., preferred (quar.).
Dominion Iron & Steel, pref. (No. 33)-.
Domlnion Steel Corp,, com. (qu.)(No.l4)
Dominion Textile, Ltd,, common (quar,)
Dominion Te.rlile, Ltd., pref. (quar.)
Draper Corporation (quar,)
duPont
(E.
I.)deNem.Powd.,com.
(qu,)
Preferred (quar)
Eastern Steel, common (quar.)
Eastman Kodak, common
Preferred (quar .)
Common
(extra)
&
&
&
.
&
General Chemical, preferred (quar,)
General Electric (quar,)..
General Fireproofing, common (quar,)..
Preferred (quar,) (No, 42)
General Petroleum (quar .)
General Ry. Signal, com, & pref. (quar.).
Gold
<fe
Stock Telegraph (guar.)
Goodrich (B, F,) Co,,
common
(quar.)..
Preferred (quar,)
Gorham Manufacturing,
pref. (guar.)
Granby Cons.Min. ,SmeU.&P.(qu.) CVo,28)
Gre.at Western Sugar, common (quar.)..
Common
(extra)
Preferred (quar,)
Guantanamo Sugar
Gulf States Steel,
Common
(quar,)
common
(quar.)
(extra)
First preferred (quar,)
Second preferred (quar.)
Harbison-Walker Refract., pref. (quar.).
& Power, common
Hart. Schaffner & Marx, Inc., com. (qu.)
Preferred (quar,)
H.isKell & Barker Car (quar,)
Harrisburg Light
Preferred (quar.)
Helme
(Geo, W,) Co., common (quar.)..
Preferred (quar,)
TIcndcc Manufacturing, prcf. (qu.) (No.l6)
Hercules Powder,
Common
(extra)
common
IH
IK
IK
(quar.)
Holders of rec. June 30
Holders of rec. June 30
Oct.
Oct.
13
13
(fNov. 15
dNov. 15
reo, Oct,
1
rec, Sept. 15o
rec, Sept. I.5a
rec. Sept. 12a
rec. Sept. 12a
rec. Sept, 12a
rec. Oct, 20
reo. Sept. 20a
reo, Sept, 29a
reo. Oct.
2a
to
Sept, 30
reo, Sept. 22
rec. Sept. 12
rec. Sept. 15
rec. Sept. 15
rec. Sept. 15
roe. Sept. 29
rec. Sei)t. 10
rec. Sept. 21
rec. Oct. lOO
rec. Oct. 20a
rec. Oct. 20a
to
to
Holders of
Holders of
Holders of
Holders of
2H
10
Holders of
IK
Holders of
Nov
Holders of
3H
IH Oct,
Holders of
Oct.
Holders of
Holdens o*
"h Oct,
IK Oct,
Sept. 23
IK Oct,
Holders of
IK Oct.
Holders of
3H Oct, I Holders of
1
1 Holders of
Oct.
IK Oct. 1 Holders of
IK Oct. 15 Holders of
2
1 Holders of
Oct.
IH Oct. 1 Holders of
IH Oct. 25 Holders of
IH Nov, 1 Holders of
IK Nov 1 Holders of
2^. Oct. 15 Holders of rec.
2H Oct. 1 Holders of rec.
IH Oct. 1 Holders of reo.
7H Dec 1 Holders of rec.
2H .Ian. 2 Holders of rec.
IH .Jan 2 Holders of rec.
2
Sept .29 Holders of reo.
SI
Oct,
I Sept. 21
to
IK Oct. 1 Sept. 21 to
IK Oct. 1 Holders of ree.
1
Oct.
Holders of roc.
2
Oct.
Holders of roo.
IK Nov
Holders of reo.
AlH Oct.
Holders of rec.
3
Sept. 29 Holders of reo.
3
Sept. 29 Holders of rec.
2
Sept. 29 Holders of rec.
1
Oct.
Holders of rec.
IH Oct.
Holders of reo.
2
Oct.
Holders of rec.
IK Oct.
Holders of rec.
IK Oct.
Holders of rec.
f2H Oct.
Sept, 21
to
IH Oct.
Holders of rec.
IH Oct.
Holders of rec.
I
Nov. 15 Holders of rec.
IK Oct.
Holders of rec.
l.H Oct.
Holders of reo.
Holders of rec.
2H Nov
IK Oct.
Holders of rec.
10
Oct.
Holders of rec.
IK Oct.
Holders of rec.
$1,25 Oct.
Holders of reo.
2
Oct.
Holders of rec.
Holders of roc.
H Oct.
IK Oct.
Holders of rec.
IH Oct.
Holders of rec.
IH Oct
Holders of reo.
2H Sept. 27 Holders ot rec.
IH Sept. 29 Holders of ree.
1
Nov. 30 Holders of roc.
IK Sept. 30 Holders of rec.
75c Ort.
2 Holders of rec,
2H Oct. I Holders of rec.
IK Oct. 1 Holders of rec.
IK Oct. I Holders of roc,
2
Sept. 25 Sept. 16
to
2
Sept. 25 Sept. 10
to
Oct,
Sept ,29
1
Oct.
Oct,
Oct.
Oct,
.
.
(quar,)
Profcirred (quar ,)
Ellison Electric Co.. Lancaster, Pa. (?»,)
Edmunds .Jones Corp., com. (quar.)
Preferred (quar.)
Eisenlol\.r (Otto)
Bros., Inc., pref. (quar.)
Electric Storage Battery, com.
pf (qu.)
Electrical Securities Corp., com. (quar.).
Preferred (quar.)
Empire Steel
Iron, preferred
Fairbanks. Morse
Co., com. (quar.)
Galena-Signal Oil, com.mon (quar.)
Preferred (quar.)
General Baking, pref, (quar,) (No, 23)..
&
4
.
(quar.)
Eastman Kodak, common
Nov.
Nov.
2
Dululh Edison Elec.Co.,pf.(gu.) {No. 46).
Sept. 22a
Dec. 5
Oct. 15
Oct. 16
Books Closed.
I
IK
duPont(E,I,)deNem,&Co.deb,stk.(qu,)
Nov. 8a
Payable.]
2H
2H
Common, Class U (quar.)
Preferred (quar.)
Billings & Spencer Co. (quar.)
Extra
I5a
Aug 3 la
Sept. 20
Oct. 20
Sept. 15a
Sept. 10a
Sept. 15a
When
Cent.
Company.
of
20
Sept. 16
Sept. 30
to
29 Sept. 15
to
Sept. 21
Sept. 29 Sept. 15
to Sept. 21
1 Holders of rec. Sept. 21
Oct.
I Holders of rec. Sept. 15
Oct.
1 Holders of rec. Sept. 20a
Oct.
Sept. 29 Sept, 21
Sept. 29
to
Sept. 29 Holders of rec. Sept. 22a
Holders of r(!C. Sept, 22a
Sept
Holders of rec. Sept. 29a
Oct.
Holders of rec. Sept. 29a
Oct.
Oct.
Sept, 15
to
Sept. 23
Sept. 15
Oct,
to
Sept. 23
Holders of roe. Sept. I4a
Oct.
Holders of rec, Sept. I4a
Oct.
Sept. 29 Holders of rec. Sept. 15a
1 Sept, 16
to
Oct.
Oct.
Oct.
2 Holders of rec. Sept. la
Oct.
2 Holders of rec. Sept. la
Sept. 29 Holders of rec. Sept. 22a
Oct. l.T Holders of rec. Sept. 29
Holders of rec. Sept, 15a
Oct.
'riolders of rec. Oct, lOa
Oct.
Holders of rec. Oct, lOa
Oct.
Sept. 15
Oct.
to
Sept, 26
Si^pt, 15
Oct.
to
.Sept. 26
Holders of rec. Sept, 15
Oct.
Holders of reo, Nov, I5a
Dec.
Holders of rec. Sept, 29a
Oct.
Holders of rec, Sept. lOa
Oct.
Holders of rec. Sept. 21
Oct.
Oct.
Sept. 21
to
Sept. 30
Oct.
Holders of rec. Oct.
1
Holders of rec. Oct.
Oc(r.
I
Nov.
Holders of rec. Oct. 27a
Holders of rec. Sept. 20a
Oct.
Holders of rec. Oct.
Oct.
.5a
Oct.
Holders of ree, Sept. 29
•Sept.
1183
Per
Books Closed.
Days
Lancaster Couiuy tin. & Light, pref. (ijuar.)
Louisville I'lMcauu, ooinmoa Cuuar.)
Prelerrod
Manila Kl. RR. dcLtg. Oorp. (quar.)
Mohawk Valley Uo. (QUar.)
Moiioiipa/itia VaiiC!/ Traction, new com
Empire
, .
THE CHRONICLE
Sept. 22 1917.]
Name
..
•
,
Oct.
1
Aug. 31a
Aug. Ua
Oct. 3Ia
Nov. 30a
Nov. 30a
Sept. 20a
Sept,
Sept.
Sept.
Sept,
Sept.
Oct.
Sept.
Sept.
30
30
20
1
7a
29a
22a
21
19
Aug. 31a
Aug. 3Ia
Sept.
Sept.
Sept.
Sept.
Sept,
Sept,
Sept,
Sept,
15
18
loa
20
20
30
18
29a
Nov. 5a
Sept,
Sept,
Oct.
Sept,
Sept.
Sept.
Sept.
Sept.
Sept,
Sept.
Sept,
Oct.
Sept,
Sept.
210
22
19a
ISO
15a
15a
I9a
I.5a
15a
15a
15a
10a
1 7a
17a
Nov. 20a
Sept,
Sept.
Sept.
Sept,
20a
15o
15a
15a
.Sept, 20
Sent. 25
Sept, 25
THE CHRONICLE
1184
Per
Name
Miscellaneous (Continued).
Uomcsluke Mlultif (inoutlily) (No. 617).
HovMonClus & Fuel, cummoii
Ft tferred (guar .)
Houston HeiQlits Water & Light
Howe acute, cov.mon (fuar.)
Asm
Hooks Closed.
Payable.
Days InctusUe.
C5c dopt. 25
.Sept. 27
IM .Sept. 27
Sept. 27
1
1
OCI.
1
1
IJi Oct.
IM Oct. 1
1)^ Sept. 27
Sept. 29
3
Oct.
1
2
(,qu.)
Preferred (.quar.)
Iluvv Motor Car Corp., vf- (««•) Wo. 8).
Imporlal 'lobiicco ol Canada, ordinary..
l-Toforred
Inter lake Uteamship (.guar.)
Ultra
International Banking
Int.llarvfaterofN. J.,coin. (qu.) (No. 31)
Intormitiuiml PaiKsr, preferred (quar.)...
Interuatloual Salt ((juar.)
International Silver, prof, (quar.)
Island Crook Coal, coaimon (quar.)
Preferred (quar.)
When
CciU.
of Cotnpatii/.
3
IM
I 'A
I'A
IJi
$2.50
$1.50
Inc., pref. (quar.)
1%
IM
50c
1%
First and second preferred (quar.)
Kautniann Department Stores, pref. (qu.)
Kelly-SprUm'field Tire, preferred (quar.).
Kennecolt Copper Corp. (quar.)
Kei/stone Tire & Rubber, common (quar.)..
Preferred (quar.)
Preferred (extra)
Kolb Bakery, pref. (qu,ar.) (No. 23)
Kress (S. H.) Co., preferred (quar. ).*_..
IJi
IH
si.r>o
30c
20c
5
l-3c.
IM
I'A
Kresge (S.
1«
La
3
.S\) Co.. preferred (quar.)
Belle Iron Works, common (quar.)..
Preferred (ciuar.)
Lackawanna Steel, common (quar.)
Lancaster Gas Light & Fuel (quar.)
La Rose Consolidated Mines (quar.)
Laurentide Co., Ltd. (quar.)
Librarv Bureau, preferred (quar.)
Liggett & Myers Tobacco, pref. (quar.)..
Lone Star Cas (quar.)
Loose-Wiles Biscuit, Istpt. (qu.) (No. 22)
LorlUard (P.) Co., common (quar.)
Preferred (quar.)
MaeAndrews & Forbes, common (quar.)..
Common
(extra)
Preferred (quar.)
Mackay Companies, com. (quar.) (No.49)
Preferred (quar.) (No. 5.5)
Magma Copper Co. (quar.)
Manatl Sugar, preferred (quar.)
Manhattan Elec. Supply, com. (quar.)..
First and second preferred (quar.)
Manhattan Shirt, preferred (quar.)
Manning, Maxwell A Moore, Inc. (quar.).
Massachusetts Lighting Cos., com. (quar.).
Preferred (guar.)
Mathieson Alkali Works, com. (quar.)
Preferred (guar.)
Maxwell Motor, Inc., 1st pref. (quar.)..
May Department Stores, pref. (quar.)
McCrory Stores Corporation, pref. (guar.).
Mergenthaler Linotype (quar.) (No. 87)Me.xlcan Petroleum, Ltd., pref. (quar.)..
Mexican Telegraph (quar.)
Michigan Light, preferred (quar.)
Michigan State Telephone, pref. (quar.).
Middle West Utilities, common (quar.)..
Common
Midwest
(payable In
common
stock)..
Montana Power, com.
(quar.) (No. 20)..
Preferred (quar.) (No. 20)
Montgomery, Ward Co., pref. (quar.).
Mortgage Bond Co. (quar.)
Motor Products Corporation (guar.)
Narragansell Electric Lighting (quar.)
Nat. Biscuit, common (quar.) (No. 77)..
National Conduit & Cable Inc. (quar.)..
Nat. Enam. & Stpg., pref. (quar.)
&
National Fuel Gas (quar.)
National Glue, common and pref. (quar.)
National Lead, common (quar.)
National Llooriee, pref. (quar.) (No. 61).
National Paper & Type, common (quar.)
Preferred (quar.)
National Sugar Refining (quar.)
& Mortgage
(quar.)
.
Ogilvie Flour Mills, Ltd.,
Common
2 'A
I'A
I'A
IH
1
50c.
IM
1
IH
IH.
lA
25e.
SI. 50
1)^
1-M
IH
T-H
IM
2H
2
2H
IK
IH
50c.
/I
1«
IH
\H
$1
IM
SI
IVi
2A
2
1
lA
2
IVi
4
Extra
North American Co. (quar.) (No. 54)..
NovaScotiaSt .&CoaI com (pay .com .stk .)
Nova Scotia Steel & Coal, Ltd., com. (gu.)..
,
IH
IH
\A
1%
(quar.)
(quar.)
Nlpe Bay Co., common
Nlpisslng Mines (quar.)
IM
3
3
SI
Transit (quar.)
Extra
Niagara Falls Power
i-Vi
2
lA
National Surety (quar.)
Nevada Consolidated Copper (quar.)
New England Telep. & Teleg. (quar.)
New River Co., preferred
Title
5c.
2
2c.
Oil, preferred (quar.)
New York
New York
2
114
2
common
(guar.)
.
2
2
2
25c.
25c.
IVi
/•20
2
2A
15
(bonus)
Ohio Cities Gas. pref. (quar.)
Ohio State Telephone, pref. (quar.)
1«
IVi
12J4C.
Oklahoma Prod. & Refg. (quar.)
$1 S
Old Dominion Co. (quar.)
12HC.
Osage-Hominy Oil (quar.)
Ottawa Light, Heat & Power (quar.)
\A
Owens Bottle Machine, common (quar.). 75c.
Common
50e.
(extra)
Preferred (quar .)
Pacific Telep.
&
Teleg, pref. (guar.)
Pan-American Debenture Corp., pref. (qu.)
Pan-Amer. Petroleum
Trans., pf (qu.)
Penmans, Ltd.. common (quar.)
Preferred (guar.)
&
.
Pennsylvania Water & Pow.(qu.)(No.l5)
Pettlbone-MuUiken&Co.,lst&2dpf.(qu.)
Phelps-Dodge Corp. (quar.)
Extra
Pierce-Arrow Motor Car, pref. (quar.)..
Pittsburgh Plate Glass,
common
(quar.).
Preferred (guar.)
Pond Creek Coal
Prairie Oil & Gas
(quar.)
(quar.)
1«
IH
\A
IVi
1
lA
lii
IVi
2A
5A
IM
1«
2
50c.
3
4
Extra
Prairie Pipe Line (quar.)
5
5
Extra
Procter <* Gamble, preferred (quar.)
2
Pronidence Gns (guar.)
Providence Telephone (quar.)
Quaker Oats, common (quar.)
Preferred (quar.)
$1
$1
Qulncy Mining (quar.)
Railway Steel-Spring, common (quar.)..
Ray Consolidated Copper (quar.)
Regal Shoe, pref. (quar.) (No. 91)
Reo Motor Car (quar.)
Reynolds (R.J.) Tobacco, com. (quar.)..
Common
(extra)
Preferred (ouar.)
3
lA
$5
IK
$1
IVi
25c.
3
2
1-M
ilolderu o
Holders
o,
lloldern o
Holders o
Holders o
Holders o
Holders oi
rec.
roc.
rec.
rec.
rec.
rec.
rec.
Sept.
Bepl.
Sept.
Sept.
Sept.
Sept.
Sept.
1
When
Per
Name
20a
17a
17a
17a
'Ma
2(ia
20
Holders o ree. Sept 20a
Holders o: rec. Sept .20a
Oct.
1 Sept. 21
to
Sept. 30
Oct. 15 Holderti o rec. Sept. 25a
Oct. 15 Holders o rec. Oct.
5a
uct.
Holders o rec. Sept. lou
Oct.
Sep 1. 18
to
Oct.
1
Oct.
Holders o rec. Sept. 22a
Oct.
Holders o rec. Sept. 22a
Oct.
Holders o rec. Sept. 20a
Oct. 15 Holders o rec. (Jcl.
1
Oct
Holders o rec. Sept. 21
Oct.
1 Holders o rec. Sept. 20a
Nov. I Holders o rec. Oct. 20a
Oct.
1 Holders o
rec. Sept. 20
Oct.
1 Holders o
rec. Sept. 17a
Sept. 29 Sept. 8
to
Sept. 9
uct.
1 Holders o rec. Sept. 21
Oct.
1 Holders o
rec. Sept. 21
Oct.
1 Holders o
rec. Sept. 21
Oct.
1 Holders o rec. Sept. 15
Oct.
1 Holders o
rec. Sept. 20a
Oct.
1 Holders o rec. Sept. 22a
Sept. 29 Sept. lb
to
Sept. 20
Sept. 29 Sept. 16
to
Sept. ^0
Sept. 29 Holders o: rec. Sept. 14a
.Sept. 29 Holders o rec. Sept. 20a
Oct. 20 Sept. 30
to
Oct.
Id
Oct.
2 Holders o rec. Sept. 21
Oct.
1 Holders o rec. Sept. 20
Oct.
1 Holders o rec. Sept. 17a
Sept. 30 Holders o rec. Sept. 24a
1 Holders o
Oct.
rec. Sept. 16u
Oct.
1 Holders o rec. Sept. 15u
Oct.
1 Hulders o rec. Sept. 15a
Oct. 15 Holders o; rec. Sept. 30a
Oct. 16 Holders o rec. Sept. 30a
Oct. 15 Holders o rec. Sept. 30a
1 Holders o rec. Sept.
Oct.
8a
1 Holders o rec. Sept. 8a
Oct.
Sept. 29 Holders o rec. Sept. 7
Oct.
1 Holders o rec. Sept. 15
Oct.
1 Holders o
rec. Sept. 20a
Oct.
1 Holders o rec. Sept. 20a
Oct.
1 Holders o rec. Sept. 20a
Sept. 29 Holders o: rec. Sept. 29
Oct. 15 Holders o rec. Sept. 25
Oct. 15 Holders o rec .Sept. 25
Oct.
1 Holders o
rec. Sept. 20a
Oct.
1 Holders o rec. Sept. 20a
Oct.
1 Holders o rec. Sept. 10a
Oct.
1 Holders o rec. Sept. 20u
Oct.
1 Holders o: rec. Sept. 20a
Sept. 29 Holders o rec. Sept. 4a
1 Holders o
Oct.
rec. Sept. 15a
Oct. 16 Holders ol rec. Sept. 29a
Oct.
1 Holders o
rec. Sept. 15a
Sept. 29 Sept. 25
Sept. 30
to
Oct.
1 Holders o
rec. Sept. 15
Oct.
1 Holders o: rec. Sept. 15
Oct. 20 Holders o rec. Oct. dla
Oct.
1 Holders
rec. Sept. 15a
Oct.
1 Holders o
rec. Sept. 15a
1 Holders o
Oct.
rec. Sept. 20a
Sept. 29 Holders o rec. Sept. 22
Oct.
1 Holders o rec. Sept. 22
Oct.
1 Holders o rec. Sept. 15a
Oct. 15 Holders o rec. Sept. 2»o
Oct. 15 Holders o rec. Sept. 15a
Sept. 29 Holders o rec. Sept. 8a
Oct. 15 Holders o rec. Sept. 29
Oet.
1 Holders o
rec. Sept. 16
Sept. 29 Holders o: rec. Sept. 7a
Sept. 29 Holders o rec. Sept. 24
Oct. 16 Holders o rec. Sept. 29a
Oct. 15 Holders o rec. Sept. 29a
Oct.
2 Holders o rec. Sept. 10
(Jct.
1 Holders o
rec. Sept. 20a
Sept. 29 Holders o rec. Sept. 14a
Sept. 29 Holders o: rec. Sept. 19
Oct. 25 Holders o rec. Aug. 31
Oct.
Holders o rec. Sept. 21
Oct. 15 Holders o rec. Sept. 22
Oct. 15 Holders o rec. Sept. 22
Oct. 15 Holders o rec. Sept. 29a
Oct. 16 Holders o rec. Sept. 20a
Oct. 17
to
Oct. 20 Sept. 30
Oct. 17
Oct. 20 Sept. 30
to
rec. Sept. 150
Oct.
1 Holders o
Nov. 30 Holders o. rec. Nov. Ma
rec. Sept. 29a
Oct. 15 Holders
rec. Sept. 25
Oct.
1 Holders
rec. Sept. 25
Oct.
1 Holders
rec. Sept. 15a
Oct.
1 Holders
rec. Sept. 20
Oct.
1 Holders
Sept. 29 Holders
rec. Sept. 21
rec. Sept. 24a
ept,.d27 Holders
rec. Sept. 18
Sept.2B Holders
rec. Sept. 20
Oct.
1 Holders
rec. Sept. 21a
Oct.
1 Holders
rec. Sept. 2ia
Oct.
1 Holders
ree. Sept. 2io
Oct.
1 Holders
Oct. 15
to
Oct. 15 Sept. 30
rec. Sept. 21a
Oct.
1 Holders
rec. Sept. 15a
Oct.
1 Holders
rec. Nov. 5
Nov. 15 Holders
rec. Oct. 20
Nov. 1 Holders
rec. Sept. 19o
Oct.
1 Holders
rec. Sept. 20a
Oct.
1 Holders
rec. Sept. 24
Sept. 28 Holders
rec. Sept. 24
Sept. 28 Holders
rec. Sept. 14a
1 Holders
Oct.
Oct.
1
to
16
Oct.
1 Sept.
Oet.
1
to
Oet.
1 Sept. 16
rec. Sept. 22a
Oct.
1 Holders
Sept. 29
rec.
Oet. 31 Holders
rec. Sept. 29
Oct. 31 Holders
rec. Sept. 29a
Oct. 31 Holders
rec. Sept. 29a
Oct. 31 Holders
reo. Sept. 22
Oct. 15 Holders
rec. Sept. 20
Oct.
1 Holders
rec. Sept. 20
Sept. 29 Holders
la
rec. Oct.
Oct. 15 Holders
rec. Nov. la
Nov. 30 Holders
rec. Aug. 31a
Sept. 24 Holders
rec. Sept. 15a
Sept. 29 Holders
rec. Sept. 14a
Sept. 29 Holders
rec. Sept. 20
1 Holders
Oct.
rec. Sept. 15
Oct.
1 Holders
rec. Sept. 20
1 Holders
Oct.
rec. Sept. 20
Oct.
1 Holders
rec. Sept. 20
Oct.
1 Holder-i
{Jet.
2
Jones Bros. Tea, Inc., common (No. 1)-.
Kansas Gas & Klec., vrcf. (quar.) (No. 30)
Kayser (Julius) & Co.. common (quar.)...
JcwoU Tea,
[Vol. 105.
of
Company.
Cent.
Miscellaneous (Concluded).
& Siecl, com. (qu.) (No.
Republic Iron
IM
A
Oil (quar.)
Extra.
&
Extra
Standard Oil Cloth, Inc., com. (quar.)..
A and B
(quar.)
Standard Screw, common (quar.)
Steel Co of Canada Ltd
com. (gu.) (No.3)
,
.
.
,
Preferred (quar.) (A^o. 25)
Stromberg Carburetor (quar.)
Stutz Motor Car Co. of America (quar.).
Subway Realty (quar.)
Swift & Co. (quar.) (No. 125)
Texas Company (quar.)
Thompson.Starrett Co., preferred
Tide Water Oil (quar.)
Extra
Tobacco Products Corp., pref. (quar.)
Touopah-Belmont Development (quar.).
Tonopah Mining of Nevada (quar.)
Torringlon Co.,
Extra
Trumbull
common
(quar.)
Steel, common (guar.)
(extra)
Common
Preferred (guar.)
Underwooil Typewriter,
common
(quar.)
Preferred (quar.)
Union Carbide (quar.)
Union Tank Line
United Drug, common (quar.) (No. 3)..
Dyewood Corp., com.(qu.)(No.4)
Preferred (quar.) (No. 4)
Fruit (quar.) (No. 73)
Gas Improvement (quar.)
Paperboard. preferred (quar.)
United
United
United
United
United
Shoe Machinery,
common
(quar.)
Preferred (quar.)
U.S. Gypsum, preferred (quar.)
U. S. Industrial Alcohol, common
Common
U. S. Industrial .Alcohol, pf. (gu.) (A'O. 43)
United States Steel Corp., com. (quar.).
Common
(extra)
Utah Consolidated Mining (quar.)
Utah Copper Co. (quar.l
Utah Gas & Coke, preferred (quar.)
Utilities Securities Corp., pref. (quar.)..
Vacuum
Oil
Victor Talking Machine,
Preferred (quar.)
common
(quar.)
Bros. Co.. common (quar.)
First preferred (quar.) (No.S2)
Second preferred (guar.) (No. 62)
Warren
..
m
Wells Fargo & Co. (quar.)
Western Electric, Inc., common (quar.)
Preferred (guar.)
Western Union Teleg. (quar.) (No. 194).
Westmoreland Coal (guar.)
Weyman-Bruton Co., common
(quar.)..
Common
(extra)
Preferred (quar.)
Wheeling Steel & Iron (quar.)
Extra
White Motor (quar.)
Willys-Overland, pref. (quar.)
Wilson & Co., Inc., pref. (quar.)
Wire Wheel Corp. of America, preferred..
Wolverine Copper Mining
Woolworth (F. W.) Co., preferred (quar.)
Worthington Pump & Machin pf A (qu .)
.
B (quar.)
& Towne Mfg. (quar.)
,
.
Preferred
Yale
Yonngstown Sheet
Com m on
(No. 91)
& Tube, com.
Nov.
I'A
I'A
2
I'A
Sears, Roebuck
Co., preferred (quar.)
Shaltuck Arizona Copper Co. (qu.) (No. 21)
Ejtra (No .9)
_
Slicrwln-VVilllams Co. of Can., pf. (qu.)
Simpson Creek Coal, preferred (quar.)
SIOKs-Stieffield Steel ic Iron, pref. (quar.)
South Poun Oil (quar.)
South Porto Rico Sugar, common (quar.)
Preferred (quar .)
South West Pa. Pipe Lines (quar.)
Southern Utilities, preferred (quar.)..
Southwestern Cities Elec. Co., pref. (qu.)
Standard Oil (Kentucky) (quar.)
Standard Oil (Ohio) (quar.)
Preferred
I
1 Holders of rec. Oct. 15o
Oct.
1
Holders of rec. Sept. 15a
Sept. 30 Holders of rec. Sept. 22
.Sept. 29 Holders of rec. Sept. 15a
.Sept. 29 Holders of rec. Sept. 15o
2
Oct.
1 Holders of rec. Sept. 15a
Oct. 10 Sept. 30
to
Oct.
9
I'A .Sept. 29 Sept. 20
to
Sept. 28
15c Sept. 2 Holders of rec. Sept. 12
10c .Sept. 25 Holders of rec. .Sept. 12
Oct.
I'A
1 Holders of rec. Sept. 15a
50c.
Oct. 20 Holders of rec. Sept. 29
7,5c Oct. 20 Holdeif of rec. Ser)t. 29
IK Sept. 30 Holders of rec. Sept. 15a
1% Oct. 1 Hold'Ts of rec. Sei)t.21
\H Oct. 1 Holders of rec. Sept. 180
Sept. 29 .Sept. 13
6
to
Sept. 30
Holders of rec. .Sept. 1.5a
5
(JCt.
2
Holders of rec. Sept. ;.5a
Oct.
Holders of rec. Sept. 15
3
Oct.
Holders of rec. Sept. 18
IM Oct.
Holders of rec. Sept. 1.50
I'A Oct.
3
Sept. 16
Oct.
to
Oct.
1
.Sept. 1
3
Oct.
to
Sept. 19
1
Sept. 1
Oct.
to
Sept. 19
1
Oct.
Holders ol rec. Sept. 15
Holders of rec. Sept. 15
1% Oct.
Holders of rec. Sept. 140
Oct.
Holders of rec. Oct. 13
'I'A Nov
Holders of rec. Oct. 13
IM Nov
75c Oct.
Holders of rec. Sept. 15
Holders of rec. Sept. 15a
$1.25 Oct.
Holders of rec. Sept. 20a
I'A Oct.
Holders of rec. Sept. 10
2
Oct.
2 A Sept. 30 Holders of rec. Sept. 210
Holders of rec. Sept. 22
4
Oct.
Holders of rec. Sept. 14a
2
Oct.
Holders of rec. Sept. 14a
3
Oct.
Holders of rec. Sept. 17a
IK Oct.
Sept. 16
to
l2'Ac Oct.
Sept. 21
15c Oct. 20 Sept. 30
to
Oct.
2
Holders of rec. .Sept. 20
75c Oct.
Holders of rec. .Sept. 20
25c Oct.
to
Sept. 30
I'A (ZSep. 30 Sept. 21
rfSep. 30 Sept. 21
2
to
Sept. 30
to
Sept. 30
I'A rfSep. 30 Sept. 21
\A Oct. I Holoers of rec. Sept. 15«
1% Oct. 1 Holders of rec. Sept. 150
Oct.
to
.Sept. 30
2
1 Sept. 16
2A Sept. 25 H<ilder-^ of rec. Aug. 30a
IH Oct. 1 Holders of rec. Sept. 150
1 Holders of rec. Sept. 14a
I'A Oct.
r% Oct. 1 Holders of rec. Sept. 14a
2
Oct. IS Holders of rec. Sept. 20a
$1
Oct. 15 Holders of rec. Sept. 29
Oct. 15 Holders of rec. Oct.
I'A
la
50c. Oct.
5 Holders of rec. Sept. 18
37!^c. Oct.
5 Holders of rec. Sept. 18
IK Sept. 30 Holders of rec. Sept. 15a
Iti
Oct.
1 Holders of ree Aug. 20a
nee. 1 Holders of rec. Oct. 20o
16
IK Oct. 15 Holders ol rec. Oct. la
IK .-^ept. 29 •Sept. 1 to Sipt. 4
Sept. 4
Sept. 20 Sept. 1
to
3
Sept. 24 Holders ol rec. .Sept. 8
$1
50 .Sept. 29 Holders of rec. Sept. 14a
S3.
IK Oct. 1 Holders of rec. Sept. 20
IK Sept. 27 Holders of rec. Sept. 17
Oct. 29 Holders of rec. Oct. 16
3
Oct. 15 Holders of rec. Sept. 29
5
IK Oct. 15 Holders of rec. Sept. 29
50c. Oct.
1 Holders of rec. Seat. 22
75c. Oct.
1 Holders of rec. Sept. 22
87}^c. Oct.
1 Holders of rec. Sept. 22
to
Oet. 12
Oet.d2n Sept. 30
Sept. 29 Holders of rec. Sept. 22a
S2
I'A Sept. 29 Holders of rec. Sept. 220
IH Oct. 15 Holders of rec. Sept. 20O
to
Oct. 1
Oct.
1 Sept. 19
S2
Holders of rec. Sept. 170
Oct.
3
Holders of rec. Sept. 17a
2
Oct.
Holders of rec. Sept. 17a
IK Oct.
Sept. 16
to
Oct.
1
2
Oct.
Sept. 16
to
Oct.
1
Oct
2
Sept. 29 Holders of rec. Sept. 15a
$1
Holders of rec. Sept. 20a
IK Oct
Holder."? of rec. Sept. 240
IK Oct.
Holders of rec. Sept. 21
4
Oct.
Holders of rec. Sept. 8a
Oct.
S6
H<ilrters of ree. Sept. 10a
IK Oct.
Holders of rec. Sent. 20a
Oct.
IK
Holders of rec. Sept. 20a
lA Oct.
Holders of rec. Sent. 20
2H Oct.
Holders of rec. Sept. 20O
Oct.
2
Holders of rec. Sept. 20a
Oct.
3
Holders of rec. Sept. 20a
IK Oct.
Sept. 9
Sept. 29 Sept. 8
to
$1
Sept. 13
to
TAc. Sept. 29 Sept. 8
4)
Prclerred (quar.) (No. 56)
RioTdun Pulp A Paper, preferred (guar.)..
Koyal Baking Powder, common (quar.)..
Preferred (quar .)
Safety Car Heating & Ltg. (quar.)
St. L. Rocky Ml. & P. Co., com.(gu.)(Noli)
.St. L. Rocky Mt. & Pac. Co., pref. (qu.)
Savoy
Books Closed.
Jays luclt^ite.
Payable
(quar.)
(extra)
Preferred (quar.)
Yukon-Alaska Trust (quar.)
Yukon Gold Co. (quar.)
d Cora Transfer books not closed for this dividend.
6 Less British income tax.
rection,
/Payable in common stock, o P.iyable ft< scrip.
e Payable In "^to'k.
h On accniint of accumulated dividends,
f Transfers received In order InLondonon
or before Sept. 8 will be In time to he pissed for payment of dividend to tranriferees.
u Speci il dividend tor thepurposeof enatiling stockholders to makeccmtril-utions of
thesame to theRed Cross Association SIOO.000.000 fund, c Declared 10% pay.able
In quarterly Instiillmems l>eelnoine Oct
1
—
The following information regarcJing
Prom the office of the Comptroller of the
Currency, Treasury Department:
National Banks.
national banks
is
APPLICATIONS FOR CHARTER.
For organization of rational banks
First National Bank at Turlock, Cal.
Capital
The First National Bank of Timber Lake, So. Dak. Capital
The American National Bank of Big Timber. Mont. Capital
To succeed the Scandinavian American Bank of Big Timber.
$60,000
30.000
50,000
For conversion of State banks
The Lodi National Bank. Lodi, Cal.
Conversion of the Bank of Lodi.
100,000
Capital
..$230,000
Total capital
CHARTERS ISSUED.
Original organizations
Capital
First National Bank of Plevna, Mont.
Capital
Citizens National Bank of Wolf Point. Mont.
Capital
First National Bank of West Palm Beach, Fla.
Succeeds the Pioneer Bank of West Palm Beach.
The
The
The
$25,000
25.000
100,000
$150,000
Total capital
EXTENSION OF CHARTER.
The Millikin National.
Sept. 71937.
Bank
of Decatur,
III.,
until close of business
RE-EXTENSION OP CHARTER.
The North National Bank
Sept. 5 1937.
of Rockland, Maine, until close of business
J
—
K
THE CHRONICLE
Sept. 22 1917.]
INCREASES OF CAPITAL APPROVED.
Auction
of Fort Wayne, Ind.
I ncrease
$40 ,000
Capital increased from $260 .000 to .$300 .000
The American National Bank of Sapulpa, Okla. Capital in50,000
creased from .150,000 to $100,000. Increase
The Manufacturers National Bank of Mechanicville, N. Y.
40,000
Capital increased from $60,000 to $100,000. Increase
The German-American National Bank
.
$130,000
Total increase
CHANGE OF
""'"^1
TITLE.
The First National Bank of Yorkville, S.
Tirst National Bank of York."
C,
changed
its title
to "Tiie
LIQUIDATION.
Citizens National Bank of Quanah, Texas.
Capital
Succeeded by the Security State Bank of Quanah.
$50,000
BANKS LIQUIDATING TO CONSOLIDATE WITH
NATIONAL BANKS.
,„_^__
The National Bank
By
Sharen.
By
ending Sept. 13 at Canadian
same week
16.8%.
clearings tor"the'week
comparison with the
cities, in
shows an increase in the aggregate
in 1916.
Week ending
of
Sept. 13.
CUarings at-
$50
$25
200
209
50
5
125
4,000
500
200
1,200
200
5,500
150
Canada
$
Montreal
Toronto
Winnipeg
Vancouver
044 ,443
.897 ,820
733 ,729
441 ,074
.748 ,611
.491 .327
964 ,296
.633 .034
.883 ,129
Ottawa
Quebec
Halifax
Hamilton
John
St.
Calgary
980 376
Victoria
.801 .802
London
Edmonton
265 115
.,505 690
Regina
,071 021
Brandon
S62 284
751 872
695 .131
963 .777
747 .354
562 ,995
400 000
465 067
652 .6^1
542 .162
550 .000
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster.
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Total Canada
Dec.
70,456.266
44.960,058
35.151.398
6.451.434
5,458.321
3.421,273
2.390.163
3,866,887
1.523.822
4.093,484
1,463.303
1,668.298
2.031.099
2.623.297
534.612
556.204
1,,195.80S
947.0^5
651 .664
507,691
295.733
313,281
483,844
467,909
491.328
224,3.54,790 192.004.242
1915.
%
S-
1914.
3
+ 22.1
+ 24.3
—9.7
+ 46.3
+ 5.3
+2
+ 24.0
+ 19.8
+ 23.6
+ 21.7
+ 23.1
+ 35.8
+ 23.3
+ 17.1
+ 5.2
+ 35.1
+ 41.8
+ 1.7
+ 14.7
+ 10 9
+ 35.2
+ 48.5
+ .34.9
+ 16
+ 12
+ 16.8
Messrs. Adrian H. Muller
S per sh.
Stocks.
Ea.st River
Messrs. Hensha,w
48.853.942
32.372,448
22,814.374
6,172,589
3,633,388
3.652,451
2,081,882
3.258.534
1.574. ,301
2,507,371
1,379.514
1,607,388
1,.573, 929
1.488.206
411.026
311,618
830 025
5<!0,917
411,872
311,456
249,038
185,232
377.387
48.999,937
35,044,036
30,336.160
8.116.592
4.027.014
3.955.841
1.943.726
3.067.219
1.502.658
3. .804. 958
1.981.837
1.500. .383
2,40S.648
1.777.911
462.615
393.665
1.093.031
793.696
474.288
643.972
396.334
371.732
411.966
136.638,888 153,508,219
New
York:
Stocks.
24,250 Caribbean
Ooal.
$1
$ per] «k.
each
15o. per sh.
Bonds.
Per tent.
$5,000 N. Y. & Cuba Mail 83. Ist
sinking fund 5s, 1933. J.&J...90H
Co., Boston:
S per sh.
Shawmut Bank
L.
Day &
209
127^
]
j
}
6 Great Falls
Mfg
__194Ji-195H
Dartmouth Mfg.. pref
97
Tremont & Suffolk Mills
139
Merrimac Chem.. $50 each,
Messrs. Barnes
&
Shares.
Stocks.
$ per sh.
38 Central Trust, Camden. .525 ea95-100
111 Pipe Line Refrig.. pf., $50 each 5
2 Girard National Bank
364
10 Robert Morris Trust
65
5 Peoples Nat. F. Ins., $25 e.ach. 13
5 American Academy of Music. .260
3 John B Stetson preferred
155\4
.
lot
|
^
j
(
j
j
88 lot
|
|
j
j
|
)
Shares.
Stocks.
2 Mass. Lighting Cog.,
1 Springfield Gas Light
2 Plymouth Cordage
33
eom
| per sit18
220
206
ManchesterTrac.L.A P. rights
80C.-81C.
85H 10 Ludlow Associates
Lofland, Philadelphia:
ex-dlv
By
$10
|
Co., Boston:
S per sh.
.220
Stocks.
Dartmouth Mfg.. com..
2
5
5
Sons,
Essex Cons. Mines (Arizona), common. $1 each
Pennsylvania & Texas OH (Delaware). 10c. each
Floredia Copper Mining (Arizona), $1 each
Seciirity Gold Mining (Arizona), $1 each
Markland Mining, Ltd., Maine. SI each
Mt. Jefferson Mining & Exploration. Arizona. $1 each
Shares.
1
&
&
Shares.
Stocks.
By Messrs. R.
Inc. or
1916.
1917.
other securities, the following
Boston Revere Beach & Lynn RR., ex-dividend
Uncle Sam Oil of Arizona, $1 each
Ruby Copper, SI each
Southern Arizona Mining, $1 each
^
Ruby Copper 1st 6s, 1-928
Chesterfield Copper 7s
Eastern Consol. OH, Maine. $1 each
Don Alphonso Mines. Arizona. $1 each
Golconda Consol. Mines, Arizona, SI each
Pacific Smelting & Mining (Arizona), preferred, $5 each
Pacific Smelting & Mining (Arizona), common, $5 each
Es.sex Cons. Mines (Arizona) preferred. $1 each
15
13.029
67
133
Commerce
Canadian BankCrearings!— The
—Among
49
Nat. Bk.. $25 ea. 70
100 Ayrlc. Credit Co.. Inc.. pref. lOli
4 Wrenwood Realty
10
5,000 Horn Silver Mines, $1 each
51c. per sh.
Liquidating
of Pensacola, Fla.
agent. J. S. Leonard. Pensacola, Fla. Consolidated with the
_Ain erican National Bank of Pensacola. Capital
$300,000
of
Sales.
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
Shares.
10 National
The
1185
.
Shares.
Slocks.
130H
S per sh
John B. Stetson, common
335
5 Independence Fire Insurance. . 20
1
Bonis.
Per
S500 Pipe Line Refrigerating ooU.
trust 6s. 1923
S500 No. Spring. Wat. 1st 58. 1928.
S500 Phlla. & Suburb. Gas & El. 5s.
cent.
30
75Ji
92
—
Imports and Exports for the Week. Under instructions from the Treasury Department the issuance of weekly
totals of imports and exports of merchandise and specie by
the
New York Custom House
have been suspended
Under the circumstance
definitely.
omitted until such time as the figures
in-
our usual compilation is
may again be given out.
The Federal Reserve Banks. — Following
is the weekly statement issued by the Federal Reserve Board on Sept. 15.
Accumulation of gold with Federal Reserve Agents against Federal Reserve notes issued during the week, also liquidation of bills on hand;
mainly acceptances, are indicated by the weekly bank statement issued as at close of business on Sept. 14 1917. Since June 15. the Friday
immediately preceding the passage of the amendments to the Federal Reserve Act. combined gold reserves have increased by over 324 millions,
of which 60. 5 millions represent the increase in the Federal Reserve Agents' gold holdings, and 263. .5 the increase in the banks' gold reserves
against deposits.
The net amount of Federal Reserve notes issued shows an increase for the same period of 172.5 millions, while the amount of
commercial paper held by the Agents as security against these notes increased b.v about 112 millions, resulting in a decline of the ratio of gold to
notes from 94.4 to S2.2%. On the other hand, the ratio of lawful money to net deposits has gone up from 60.6 to 78.8%. On the whole, the
reserve position of the banks, notwltlistanding the large demands made upon them by both member banks and the Government, shows no sign
of weakening.
During the week the New York Bank disbursed 102 millions in further advances to the Allied Governments, 60 millions going to Great Britain,
40 millions to France and 2 millions to Belgium. This necessitated heavy transfers from the interior to New York of Government deposits, including
Liberty Lo.tu funds, withdrawn from depositar.v banks. Advances to Allied governments, practicall.v all paid by the Federal Reserve banks, aggregate at pre.sent $2,007,500,000, or slightly in excess of the proceeds of the first Libertv Loan.
These advances show the following distribution:
Great Britain, SI. 105,000,000; France, $610,000,000: Italy, $160,000,000; Russia, .S97..500.000; Belgiimi, $.34,000,000; and Serbia, $1,000,000.
Funds advanced, as usual, were deposited with New York City banks, causing slightly lower money rates and enabling the New York Bank
to reduce by 14.4 millions the amount of paper on hand. Clollateral notes held by this bank show an even larger decrease from 30.0 millions to
13.0 millions.
Other reserve banks, particularly I'hiladelphia. Richmond and Chicago, report considerable discounting for their members, apparently in connection with the withdrawal of Government funds.
Philadelphia. C^hicago and Kansas City report net liquidation in some volume of
acceptances.
No appreciable changes in other earning a.ssets are shown. Total earning assets are now 423.7 millions and constitute 714% of the
banks' paid-in capital, compared with 725% the week before. Of the total, acceptances constitute 39.8%; discounts, 39.5%; and U. S. secui-itiesj
20.7%.
Increases in capital and surplus of member banks and admission to the system of State banks and trust companies account for the increase
of $112,000 in capital account. New York alone reporting an increase under this head of $91,000.
Government deposits show a net reduction of
18.3 millions, all the banks except New York and Hichmoud reporting considerable net withdrawals of Government funds for the week.
Members' re>erve deposits show practically no change in the aggregate, a net decrease of about 10 millions reported by the ISew York Bank being
more than oflsel by increases shown for oiher Reserve banks, chiefly Bo.ston and San Francisco, t'learing accounts of non-members are reported
by five Reserve banks, the total. 50. ti millions, being 1.7 millions less than the week before.
There has bi-en an increase for the week ol about $20,357,000 in the net total of Federal Reserve notes Issued to the banks. These notes
are secured by $520,470,000 of gold and $192,200,000 of paper. The banks report a total Federal Reserve note circulation of $644,567,000, an
Increase of $23,268,000 for the week.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison. The earlier figures have been revised in order to conform with new form adopted by the
Federal Reserve Board as of June 22. In the second table we show the resources and liabilities separately for each of the
twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives details
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and the F'ederal Keserve banks.
Combined Resources and Liabilities of the Federal Reserve Banks atthe Close of Business September 14 1917.
we
Sept. 14 1917. Sept.
RESOUKCES.
$
Gold coin and certificates In vault
Gold settlement fund
Gold with foreign agencies
&o
Total reserves.
—
Bills dlscoun ted
members
Bills bought In oDen market
Total bills on hand
U. 8. Goverunieni long-term securities.
U. 8. Government, short-term securities
Mimlcipal warrants
Total earning assets
Due from other F. R. banks
Uncollected Items
6%
—net
Total deduc'ns from gross deposlta.
redemp. fund agsl. F. R. bank notes
All other resources
Total reso'irces
S
$
%
Aug. 17 1917. Aug. 10 1917. Aug. 3 1917. July 27 1917. Sept. 15 1916
$
$
$
$
$
408.206.000
384.646.000
52.500.000
414,433.000
395.853.000
52,500.000
410,797.000
383,937.000
52.500.000
426.751.000
397.067.000
52.600,000
399.198.000
410.502.000
52.600.000
413,849,000
409.852,000
52.500.000
399.785.000
438.153.000
52 ..500 .000
460.764.000
405.739,000
62,600,000
250,308,000
125,271,000
845.3.50.000
8fi2.7S(i.OOO
520.470.000
9.127.000
494.779.U00
7.218.000
853.234.000
493.185.000
7.079.000
876,318.000
488,530.000
7.375,000
862.200.000
502.588.000
9.795.000
876,201,000
485.467.000
9.274.000
890.438,000
467.845,000
9,390,000
919,003.000
434.193.000
9.067.000
375,579.000
183,161,000
1,894,000
1.374.949.000 1.364.783.000 1.353,498,000 1.372,229.000 1.374.583.000 1,370.942.000 1,367,673.000 1,362,263,000
51.085,000
50.608.000
53.117.000
53.709.000
51,789.000
52,610,000
52.906.000
52.640.000
562,634,000
7,898,000
1.426,034,000 1.415.391.000 1,406,108,000 1,424,769,000 1.427.489.000 1.424.059.000 1.421.382.000 1.414.052.000
130,948,000
107.333.000
1(18 .2 17. 000
134.229,000
138.459.000
147.315,000
143.946,000
128,407.000
168,445.000
173,199.000
174.183,000
195,097.000
1.54, .591, 000
149.790.000
155,329.000
159.557,000
Total gold held by banks..
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Legal tender notes, silver,
7 1917. Aug. 31 1917. AMj7. 24 1917.
570,532,000
27,713,000
82,609,000
335.778.000
45.358.000
42.366,000
214,000
341.416 000
45.394.000
42.441.000
204 .000
301,906,000
45,406,000
32,521.000
1.230.000
287,964,000
45,226,000
30,480,000
1.232.000
299.275,000
45,129.000
423,716,000
38 V. 063 .000
224.622.000
429.455.000
12.036,000
2 If). 960 .000
260.184.000
364,902,000
243,000
210,387.000
231.176.000
500.000
308,000
228.996.000
500.000
372.000
270.417,000
500,000
293.000
210.630,000
500.000
339.000
6.5.54.000
2.(1S1
734 nnn
' 07. t 71
'
10.2.33.000
nnn ? OSS 3«i nnn
2 oni
1.223.000
284.019,000
41.276,000
32.604.000
1.274.000
305.131,000
42.422,000
25.464,000
1.249.000
333.556.000
41.135.000
36.818.000
1,469.000
110.322 000
46.913,000
9,039,000
23,714 000
376.170,000
11,688,000
230,704,000
359,173,000
1.655,000
205.761.000
374.266,000
4,746,000
197.058.000
411,978.000
all, 106,000
204,756,000
189 990 000
28,937,000
242.392.000
500,000
1.882.000
204,106.000
500.000
425.000
201.804,000
500.000
492 ,000
193.650,000
500.000
1.057.000
28,937,000
500.000
2.969 000
'4n non 2.048,442 000 1.988.26-'. 000 1,998,444.000 2,021.237,000
792,928,000
30.5.52.000
THE CHRONICLE
1180
Sept. 14 1917. Sept.
1917. Aug. 31 1917. Aug. 24 1917.
1
Aug
[Vol. 105.
17 1917.
Aug. 10 1917. Aug. 3 1917 July 27 1917
Sept. 15 191i
LlAlilLlTlSS.
Ospltal
Piild
57.970.000
.59.2.51.000
58.0)1.000
57.881.000
58.481.000
57.825.00U
.58.901.000
140.417.000
39.9.' i 0))
56.70.5.000
143.032.0.).)
21.fl)i.l)))
110.1 lO.Oi).)
1.5l.3iS.003
.59.9/2.090
7.0.).) 1,101.611.000 l.l92,8-<7.000 1,135, 456. 0.)il
l.i:i;).2,)1.0)) 1.13<.ili.OO) 1.01.1.801,000 1.121.129,00;) 1.1 iO. SI
ll.f!)?.00i)
52,3;i.).0JJ
10,274.000
5J.«21.l)J.J
12.269 000
8.547.090
28.903.000
32.933.000
53.416. 0«»
4«. 199,001
59,38^,09)
111
Oovenimunt ilopoalw
Due t(t rinvrihur-i — rnsprv« iiooount,Due to DuD-iueinbers^-cleiirlng aooount
MemDer l>;iiiK ilupDalt!) uet..
—
514,343,000
im".Vi2.6oo
isii.ljsV.oaj
OollectloQ Itoinu
iid.VrV.ooo
IS/.VjV.OOO
137.815. 00
12'2.4"9V.o6o
l7'l".9"lV.Oi)6
1
l,3fi7.7<2.())) 1.3S1.919.!l09, 1.3)1.313 000 1.3il.9S9.0t)9 1,121.(80.001) 1.374.828.000 1.393.974.000 1.424.850.00
Total ijroHS iloposlls
644,.5')7,l)))
fi21.2!r) 1)00
549.241.000
558.782.00)
540.7.8.5.000
534.01.5.001
5S7.')15.0')0
5 73 .01'). 0)9
F. R. uotos In antiiul ulrciilatloa
4,9)7.01).)
4.182.000
fi. 89 1.00)
2,828.000
2.459.01)
7..VU.0))
0.0 23.00)
5.473.09)
F R. bank mit03 In clrniilatloTi, net llab.
2.0H8.001I
2.4j1,C).))
2,180.01).)
2.0(9.000
2.311.000
12.19 5 01)0
2.976.000
r2.ir..O09
AUol.Uorllab.,liiol. forelitnOovt. credits
554.342.000
17). 40), 000
3.214.000
347.000
1
'
Totiil
2.031,731.0)) 2.074.711.00) 2,033,381.000 2.001. 140.009 2,018.142.000 1.988,261.000 1.998,444.000 2,021,237.00
ll.'»bllltlea
75.2%
78.0%
72.9%
74.8%
74.0%
74.6%
71.5%
79.0%
79.9%
85.1%
79.3%
90.1%
79.1%
88.2%
7S.8"/,
80
80 (5%
81. .5%
77.4%
82.2
FR
74.rt"/«
7S.8%
net deposit llabllltlas
noiesin aot. circ'n
res avst
Gold
73.0%
104.3%
1917, Aug. 31 1917. Aug. 24 1917
Aug. 17 1917
'o
Sept. 14 1917. Sept. 7
S%
91
—
Dislrihution hy .MalwUtes
1-15 days bills dlsi'ounied and bougbt.
1-15 days municipal warrants
16-30 days bills lUscouoted and bougbt.
16-30 days uiiinlclpal warrants
81-60 days bills dlseounted and bought.
31-00 days niiinlplpal warrants
61-90 days bills <ilscouuled and bought.
61-90 days municipal warrants
Over 90 days hills discounted and bought
Over 90 days municipal warrants
Federal fieserve !^i)tes
Issued to the banks
/1U(7.
83
.;
Aug. 3 1917 Julu 27 1917 ISept. 15 191*
10 1917
88.781.000
1.028.000
55.067.000
$
99.799.000
1.028.000
56.555.000
'8'd."r7"o'.666
'9'6,'6"8'r.6o6
"9"d.'ri"4',666
51.743,00.)
000
20.000
57.455.000
146.000
46.124.000
146.000
43,718.000
146,000
49.472.000
'"1.865.66')
'T.84'8.606
"i.'si's'.ooo
"3'.'lV7",6o6
""3".'8'l'9',666
68.00.)
5.S.OOO
58.000
58,000
"s'.VsV.ooo
49,000
107.006.000
51,000
42.796.000
1.028.000
94.698.000
20.000
66.506.000
101.000
4,135.000
49,000
49,00.1
700.430.000
55.863.000
680.073.000
58.774.000
644.911.000
56.996.000
627.307,000
54.25S.000
613.616,000
54,861.000
601.227.000
51.983.000
590.389.000
49.604.000
584.464.00'
50.449.00(
644.567,000
621.299.000
587.915.000
563.049.000
558.782.000
549.244.000
540.785.000
534.015.001
179,409.000
.039. .560, 000 1.019.560.000 1.002.960.000
983.160.001
166. 545.001
351.400,000
816.615.0(11
232. 151. 001
281.571.000
128.459.000
'45.175.669
'56,671.606
26 000
126.00.)
—
96,9.83
192.835.00.)
924.005.000
223.575,000
In hands of Agent
176,808.000
173.939.000
171.297.000
802,752,000
227..525.000
885,088 000
205
5 ,000
I
983.160.000
169.490,000
872,431 000
.065.660 (lOO;
180,572.000
1,116.840.000
chargeable to Agent
94,373.000
51.000
47.515.000
1.028,000
80.982.000
146,000
67.330.000
1
109.602.OOJ
20.000
Held by banks
Amount
7%
108.291.000
1,026.000
55„508,000
127,393,000
—
In circulation
Fed Res .Wuies (.Agents Accounts)
Received trom the (^omplroller
Returned to the Comptroller
792,928,000
1
74.3%
Gold roaerve against not deposit llab ..
Qold and la>vfiil money reserve against
2.35,445,000
845.621.000
231.975.000
831.663,000!
230.436.000
813.670.000
223.281.000
.050.560.000
178,124,000
1
1
115.223.001
321.001
44.799.001
51.001
94,431.001
134,e3«,000
)
1.02X.II0I
73.893.0011
20.01)1.
6.210.001'
49.001
I
202.530.000
23.121.000
6'). 829.
000
7').04l.00t
700.430.000
680 073.000
644.911.000
627,307.000
613.646,000
601,227.000
590.389.000
5X4.464.001
202.530.000
272.682,000
256.127.000
269,170.000
269.015.000
287.793.000
277.698,000
262.328.000
230.331.001
129.365,000
179.960.000
26.452.000
221.336.000
185.291 000
25,232.000
213.120.000
l'.5f.'72"6",666
l"3'8.7'7'r666
l'22.544'.66o
150'.2'7V.66(
"l7.3'6'9'.66o
25.780.000
193.741.000
111.058,000
25,051.000
189.744.000
ir5'.'76'o".666
24.974.000
199 011.000
24.676.000
183.093.000
22,864,000
182.653.000
21.568.001
182.294.00'
10.366,000
43.430,000
700.430,000
680 073.000
644.911.000
627.307.000
613.646.000
601.227.000
590.389.000
584.464,00'
202.330.000
192.200,000
187.218 000
156.219,000
146.664.000
120.711.000
125,588,0001
133.478.000
170.664,000
18,452,000
WEEKLYSTATE'WENTnf RRSOURCESandLIABII-ITIRSof EACHofthelSFEOERALRESERVEBANKSatCLOSEof BUSINESS
SEPT.14'17.
Issued to Federal Reserve banks.
How Secured
gold coin and certificates
lawful uiouey
—
By
By
By
commercial
paper
Gold redemption fund
With Federal Reserve Board
Total
Oommt>ri»lal pappr delivered to
a
V
11. 1.
Ine 10
nil
F
R
Agt
Ke.leral ttosHrvH
.ir.imr
New
Boston
RESOVRCES.
banks
^Rmvish-I
York. Phlladel'ii
f.kjiires
s|$$
levttand. Richmond
<
Atlanta.
t{t
Chtcngo
Mtnneap. Kan. CUv
Louis
St
San Fran
Dallas.
Total.
s
Gold coin fi ctts In vaui' 23.846.000 234.865.000 15.901.000 27.232 000 6.231.000 6.065 000 12.859.000 3.347 000 16.302.000 8.290 000 12.637 000 10.571 000408.206 000
Gold set t If men fund
12.781 000 115 162 00031. .S40 000 14,551 000 22,418 000 1 7H).OOO0S,846 000 22.613,000 8,162 000 35.189 000 5.011 000 16.324 000 3x4.646 000
Gold with for'n agencies 3,675 000 18,112 000, 3.075 000 4,725 000 l,837,000l 1.575 00)1 7.3.50 000, 2.100 000, 2.100 000 2,625,000 1,838.000 2,SS8.0()0 52. .500, 000
t
%
t
Total gold held by bks 40.''02 000 308.139 000 51.470 000 76..50S 000 30,486 000 9.380.000 119055000 28.060 000 20.564 000 46.101 00019.486 000 29.783 000 M5..352 .000
Gold with F K Agents 24.013 000210,566 000 32.009 000 34.467 000 12.55(3 000 26.079,000 83,107 000 17,30! 000 18,117.000 20,839 000 18.0 i2 000 23.215 000.520 470 000
70S.000
13 000
814,000,
341000,
207 000,
500 000 4.000000
8,50.000,
578000
519.000
Gold redemption fimd
530 000
7 000
9.127.000
I
Total gold reserves.. 64.815.000 582.705 000 84,425 000 1098^000 43.883.000 35.800 000 202429000 45.941 000 45.389 000 67.462 000 38.008 000 53
31S.000
4.50 000 2.205.000, 1,3.59 000
134 OOOj
Legal-ten notes, all v., &c 3.926 000,39.718 000 1.751 000|
338,000
39.000,
751.000,
1
68,74 1 .000 622,423 .000 86. 76 ,000
Total reserves
Bills:
1 1 1
1
00".
9,s
000 1374949000
000 51085.000
300000 44 ,01 7 000,36 ,259 .000 20 1632000 47 ,300 000 45.727 .000 07,501.000 38.849.000.53.103.000 1426034 000
—
Placoun t ed M em her. 15.361.000 31.881 00014,945.000' 8.945 000 17.212 000 6.285 000 17 645 000 12.601000 12.128.000 13.339.000' 7.813 000' 9.17s 000 167.333.000
Bougbt in open market 18.321.000, 64.474.00015.859 000 23,936 000 2.893.000 1.835.000 14.032 000, 4.S27 000 3.230 000 7.171.000 2.952.000' 8.915 000 6S.445. 000
1
1
1.
1
1,
Total hills on hand.. 33,682 000' 96.355 000 30.801
610000 2.>'0I,000
867
D S lona-terni spiiir's
O S short-term ^ecur's 2.194.000 13.538.000 2.54,S
126
Municipal warrants
000 32. 8S1 00020,105 000 8,120 000 31.077.000 17.428,000 15.358 000 20.510 000 10,765.000 IS 003 000 335 778 000
701000 11.809 000 2.235 000 1 .859 000 8.849 000 3,969 000 2 511000 45.358 000
000 7.918.000 1.161000
000 2.865.000 1,969.000 5.50(000 3.660.000 1.444.000 1.604,000 l,784.000l 1.879 000! 3.377,000 42. .366 000
10 000!
000
32 000
46.000
214.000
I
Total earning assets
36 ,486 .000 1 1 2 ,697 000^34 .345 .000 43 .696 .000 23 .235 .000 14 .338 .000 47 .200 .000 2 1 07 000 18.821.000 31,143.000 16.659.000 23.983.000 423.716,000
Due from oilier Federal
Reserve hanks Net
1.838.000 2 00».OOo' 1.903 000 1.030 000 1, 109000' l,20400o' 2 073 000 a 0,5.54 000
12.540 000
2.601 OOOl
Unoollected Hems
15..343.000 52.505.000 31.000 000 15.050,000 12.974,000 11.707.000 28.710 000'
.895.000 S.830 000 10,234.000 9,317 00OI6 391 000 224 .622 000
Total deduct Ions fron
gross depiislts
"13,545,00030.714,00013,798,000 9.866.000 11.343.00010,521.000 18.464.000 231.176.000
18.001.000 52.565.000 34,152,000 15.050.00012,974,000
6% redemp fund against
100 000
Fed Res bank notes
400.000
500 000
93.000
19.000
130.000
66.000
All other resources
308 000
.
.
—
1
I
I
123231000 787.685 000 154673000 170052000
Total resources
SO. 226 000,04.235
1
000,282571000,82.205 000 74.414.000 110387000 66.259.000,05 610 000 20S1 734000
l.l.'\HII.ITIER.
CapltHi raid
5.455 000,
In
Governmeni deposits..
— Re-
Due
to menitiera
serve acci.iint
.
Due
to
.
.
F R banks
— Net
Total gross deiioslts
F R notes In «ci
F R WV notes
III
74.719.000 425 028,000,75.162.000 102672000 37.067.000 26.972.000 1,59825000 44,347 000 38.291.000 65.255.00031,599.00048.354 000
clrciii
44.714 000
13.0'2'9".666
35..5.5:!
'
1
139291000
000 27.812. 000,12. .5.52.000 10,948.000
671000
229 000
72 000 5,439 000
7 000
389 000 .50 621.000
7.688.000,17.905.0001 9.905,000 s.so's'.ooo 7.723.000, 3,355.000 6.193.000 1,56.268.000
8 920 0001
83 620 000 ,528.527 000 1034:'0000 1750-2OOO51 .429 000 33.506.000 186730000 55 15' 000 44 0S6 000 74,286 000 35.613 000 63 .504 000 :t677S2 000
33.713.000 245,332,000145,724,000,46.003 000 25.260.000 28.164.000 87.843.000,23.770 000 27.751.000 25.121 000 27.866.000,28.020 000644 507 000
I
I
clniil
7.561,0001
All other llat.llltles. Incl
lorelgn Govt credits
437.000
.
Total
000 4 002 000 5'l 308 000
659 000 hi. ,342 000 21.602.000
2,7>-'0
non-members
clearing account
Collect I. .n Itiiiis
Due to
b4. 122 000
12.216 000 5.26S 000 6 450 000 3.476 000 2. ,505.000, 7.99S000 3.200 000 2.557.000 3.383 000,
456 000 2.099 000 2.743.000,51,166,000, 3,561000
894 000; 2,200 000 1.308,000
14.312.0O0!
liabilities
1.610.000
28 000
251 .000'
13 000
61 .000
20 000
7.,561,000
I
36,000
2.4,56.000
123231000 787.685,000 I5407300o'l700.52000 80.226,000 64.235.000 282571000 82.205 000 74.414.000 110387000 66. 259 .000 95,610.000 20S1 734 000
a Difference between
net
amounts due from and
net
amounts due
to other Federal Reserve banks.
6 Overdraft.
STATEMENT OF FEDRRAl RESERVE AOENTS" ACCOUNTS AT CLOSE OF BUSINESS SEPTEMBER
Boston
Sev
York
''Mladefn
'
Heveland
Richmond
4 tlanta
Chicago
SI
Hinneap
Louis
Kan. CUv
Dallas
41
14 1917
.
Fran
<art
Total.
-A,
<t
Federal Reserve NotesRec'd from ( "omiitroi'' 03.6>-0 000 186.300 000 7 2,500 000 TS 000 000 43,880 000 I7.6<^0 000
Returned to Comptr' 13..54 8. 000 97.674.000 11 .50 000 7 093.000 13.196 000 7.900 000
'6.900 000 12.640 000 45.720 000 17,840 000 (7 260 000
16840000
6.940 000 7,397 000 9.015.000 10,597 000 4.141 001) 192.835.000
(2 000 38S.6S0 000 10 91)0 000 TO ."07 000 30 084 .000 39 720 non
1.400.000 121.1 20 OOP 12.500 000 12 440 000 3,000 000 9.330 000
!9.900 OOP (5.243 000 (6.705 onn 37.243 000 (3.119.000 124 005 000
4.470 000 5 330 000 7.880 000 9 025 000
223.575.000
I
1
Chargeable
to
F R Agt
lobandsofF R Agein
50
I
.
1
Issued to F R Hank 3S. 732 000 i07.500
Held by F R ,^ tentGold coin and ctfs
19,001 noo '00 4S5
Gold redemption fun' 2 0' > noo 10 081
Fed Res Roani 2 000 noo
With
Commercial paper.
14.719 000 57.000
Total
Amt
R
F.R
,000 IS 407 000 17,624
000
2 700 000
7'i 000
!5
000 10,400 000
000
000
4.2''0
i
cnmmero'l papc
F R Aei 14.727 000 62
notes ontstandlni!
notes held tiy hank-
F.R
ts, 499
38.732 000 267 506 000 18.499 OOP
of
delivered to
F
OOP
notes
In t»ct circ'i
.
1
53 000 16 405 000
12
>
'0
1
4
000 30.390 000 13.587 000 >5,490 oon
3 450 000
022 000
osT oon 2 0"0 000
44 5 000
noo
hon oon '0 550.000
nnn
000 000 15 011 000 4.311 000
I
I
n
105 oon
10
1
390 000 03.5^7 onn
4.317 oon 10 096 OOP
!7 02' nnn •n.3on nnn
2.304.000 2 220 noo
25. 490
000 ;9.9I3 000 28.825 000
8 193 000 12 164 onn
'5
13.713 000245.332 OOO) 15 724 000 10 nni nno 25 200 nnn 28 164 ono 87.84t nnn
>•?
13
770 nnn
?7 751
00
430 000
272 682 000
370 onn 20 452 000
'I s((i nno '21 3t0 000
i).90) OOP 179 900 000
1
28, 218.0011 (3.1 10
OOP 00.430.000
9.390 000 10 138 000 0.90S noo
4on ono •oon nnn >8.S25 000
1,72n 000 2 102 nno 3. 70 4. onn
5S7 nno
5 744 nnn
7t> oon
noo IS 4on nno
5 010 noo 22.234 000 2 775 000
<S
!07 56C,
000 28.825 000 28.218 000 13.119 OOP
1
I
I
27 624 oon
.'9,913
nno 13 02 000 2,370 000 14 0^0 nno
900 nnn
765 onn
200 000 1 45s nno
13 300 ono 4.2.50 non 17.200 onn 2.544 nno
8 1S7 000 1.796.000 7.986.600 10.136.000
2. 95!
I
(3
5
I
'12,
200 000
non -00 4'0 000
oon noo 55 863 000
1
1
nnn 25 121 000 27 S60 000t2S 020 OOOl 044. .567. 000
.
.
'
THE CHRONICLE
Sept. 22 1917.]
1187
—
Statetnaat of Naw York City Clearing House Banks and Trust Companies. The following detailed statement
The figurebfor the
shows the oouditioQ of the New York City Cleariag House members for the week endiag Sept. 15.
In the case of the totals, actual figures at end of tlie week are also
separate hatika are the averages of tfie daily results.
The surplus reserves are calculated on the basis of new reserve requirements as fully explained in "Chrongiven.
icle," Volume 105, pages 229 and 127.
NEW
Additional
National
OLEARINQ HOUSE
MKMBtilta.
Discounts,
Investments,
Pto/Us.
Wfck Pnding
/Nat. Banks June
Sept. 15 1917.
Bank
and
Loans,
Net
Capital.
'201
Banks June
Legal
Tenders.
aoid.
Deposi-
Average.
Average.
Average.
S
S
$
&c.
Average.
Averaoe
S
S
169,000
303,000
40 687.000
175.000
126.000
2o,j15.000
200 000
135.717.000 5,698.000
489.519,000 1,470 000 3.065,000,
272 000
253,000
52,871.000,
216.000
42.000
14.285 000
41.000
29,000
2.439.000,
510,000
91,101.0001 1 .430 000
285,307.000] 1.744,000 1,65^,000
553,000:
64,699.000| 1.497 000
815 000,
134.117,000 6.348.000
49.000,
81.000
35,701.000
44.000
184,000
10.947.000
518.000
104.306 000 2.0)0,000
1,001 000
156 000
32,292.000
650 000
70 5.000
157.710 000
31.000
15,000
2.5S6.000
85,000
18.906.000
129.000
559 000
230, .540 000 2.381.000
416.000
85.616.000!
819.000
67.000!
284.000
9,301 .000
257.800 000 4.014 000 3, 40). 000
394.000
301.000:
17.160 000
49.000
113.000
10.245 000
84 000
47 000
6,761 000
572 000
43.732 000
904 .000
170 000
71.436 000
297.000
58 000
361 000
IO.'jOI 000
133.000
10.564 000
137 000
78.000
llfi 000
1 1 .545 000
360 000
294.000
25,020.000
MemUers
ol Federal
Ke^erve Bauk.
$
2.UU0 000
•2,000, 000
N. Y.. N.B.A.
Merchauts' Nat. BiiDk.
Mech. & Metals N:it...
National City Bank
Chemical Nat. Bank
Atlantic Nat. Bank
nf
Averitue
%
$
5 220,000
2 509,500
6.000 000
9 979,400
25.000. 000 c45 955.000
3.000, 000
8 676.100
1,000, 000
871.800
84.200
315,100
236,000
300 000
Nat Butchers* Drov.
American Kxch. Nat
Nat. Bank of Comm..
Chat. & Plienlx Nat...
Hanover Nat Hank
Citizens" Nat Bank...
5.000 000
25.000 000
3,500 000
3.000 000
2.550 000
1,000 .000
3.500 .000
1.500 .000
5.000 .000
Market & Kulton Nat..
Corn Kxrhanue Bank._
Importers' & Trad. Nat.
Nat Park Bank
East River Nal Bank
Second Nat Bank
First Nat. Bank
Irving Nat Bank
N. Y. County Nat...
Chase Nat Bank
Lincoln Nat Bank
Garfield .Nat Bank...
Fifth Nat Bank
Seaboard Nat. Bank..
Liberty Nat. Bank
Coal A Iron Nat Bank
Union Fxch Nat Bank
Nassau Nat., Brooklyn
Broadway Trust Co.
,294,200
,601,300
,594.800
107,800
.875.900
868.000
,807.900
85.100
.627.000
.399.900
.558,900
2,50 .000
1
,000 ,000
10.000 000
4.000 .000
500 .000
10.000 ,000
1 .000 .000
1.000 .000
250 .000
1.000 .000
299,800
603.100
,990.500
.362,700
432.000
,168.300
3 ,000 ,000
.
.010.300
84S.300
,170.900
.142.900
.123.000
1,000 000
1,000 000
1 ,000 ,000
1 .500 000
Reserve
with
Legal
Federal
Keseroe
Notes
Silver.
'201
(State
Bank
WEEKLY CLEARING HOUSE RETURN.
YOflK
114.000
463.000
3.471.000
taries
334,000
26.000
571.000
606 000
1.115,000
768.000
391 000
2,120 000
144,000
428,000
157,000
321 000
1,200.000
1
1
2,00 i. 000
146 000
1.80:1.000
82 000
210 000
207 000
778,000
123.000
82.000
238 000
223.000
443.000
,607 ,000
2.0
iO
000
30.647 000
14,156 000
1,1,S2.000
31,963 000
2,4,56
000
1,473.000
743 000'
8.026 000
10.405 000
1.35s 000
1.547.000
1.167 000
3.249.000
J-
-I-
Totals, avge. for week 1-25.850.000 217.820.300 2,486.991,000 32,162,000 16.553.000 22,232,000
State Banks.
Bowery Bank
._
German- American Bank
Bank
German Kxchanne Bank
Germanla B;ink
Bank of the Metropolis.
West Side Brink
N. Y Produce Exch
State Bank
7.50.000
100.000
200.000
400.000
1.000.000
,
.
1.500.000
Totals, avge. for week
condition
Trust Companies.
C
Co
Lawyers Title * Tr. Co
Cohimhla Trust Co
Peoples Trusl Co
New York Trust Co
Franklin Trust Co
Lincoln Trusi Co
Metropolitan Trust Co
Fidelity Trust
Grand aggregaie.
Grand agKreaiile.
Grand aeareiinte.
G
actual
actual
actual
rand agnregiile actual
2 127
000
223.736 000
223.942 000
225.66? 000
232,194.000
1,5.56
000
1,244.000
635,000
1,372.000
1.606 000
1.766.000
20-: .000
276 000
829 000
37 000
1.331 000
45.800 000
442 000
101 OflO
861 000
3.331 000
59 000
1
433 000
III 000
49.000
000
000
000
000
000
277 000
35 000
257 000
212,000
72 000
98 ,04' 1,000 1.101.3.50 000,65.851 000
2,506.000
3,334.000
3,666 000
007 1X6 000 65 519 000
.103 0I'> 000 6S 7X9 900
111 4 9->o 000 76.0X9 000
2.365 000
2.901.000
2.4K9 000
2,733.000
1
1 1
,537 900
.664 500
1,2X2 100
526 000
5,067 ,500
62.' 50.000
1
1
Aug. 25.
7'^. 25
I.IOS.X'il ,000
•2011,750.000 342.542.000!3.^0X.276
-42 .376
condition
241 000
13 000
145.000
2.475 000
,000
.
Grand aggregate, actual
Comparison [irev week
223.965.000
648".6o6
1.44X 000
11.177 000
2.949.000
condition Sept. 15 .
condliloti Sipt. 8.
condlllnn Sep
1.
conilltlon
3.923 000
4.048 000
4.050.000
4.169.000
4.014.000
000
000
I
1.000
372 000
.507 000
248 ,000
35X 000
399.000
20 • 000
120 000
157 000
395 000
78 ,000
172 000
253 000
84.000
244.916 000 21.554.000
69.0^1 000 5 4-iO 000
42.171 000 2 071.000
39S.410 000 18.942 000
10 711 000|
725 000
76X000
24,667 000
87.415 000 5.403 000
24.X02 000 1.201 000
78 ,01 6 000 4.167 000
1.0'?5.000
IX. 9-^7 000
13.200 000
870 000
54.330.000 1.461.000
4.619 300
12.454 900
28,274 400
1,224 100
6,37X 600
6,547 700
5,000.001)
25.000.000
5,000.000
1,000.000
3.000.000
1,000.000
1,000.000
2,000.000
Grand aggreyate, avge
Comparison prev week
1
6-!
100
784
85
39
644
53 000
292,000
241 000
1 1 X 000
141 000
85 000
459 ,000
.
1
.700 000
condltUtn
citftdtT
ton
15 000
3X 000
3,000
35,000
28,9,56 000
223.549 000
58.901 000
26.613 000
355.343 000
S.S5S 000
17.220 000
66 610 000
23.170 000
65. 370 000
17. ,"07 000
12 422 000
50 111 .000
8.613 000
3.059 000
499 000
5,627.000
465 000
46 000
3,1-20 000
623 000
1X9 000
352 000
161 000
47 000
1
000
890 000
621 000
5,574 000
5.73-!
000 24.501 000
955 038.000 12633^000
77.514 000129. 40X 000
81 5X5 1)00 '.'3 797 000
60 62S 000 33.205.000
65,144.000 35,616.000
945.35'< 000: I2«5COOOO
XI. 316
96^_'.237 000 12121X000
9->5 66S 000ll2";''5SO00
957.819.000 123690000
1516«000 23.15'^ 000 31 068 000^ 15.3X5 000 460 832 000 25.732 000,a3515 6'>O000
3.935.000 +320 000 +812 0001+229X000 + 309X0000 + .325X000,
+1.6.57 000
3,705 261 000 I1548'^000 23.33X 000 30.643 000115.336 000 460 463 000 30 064 000:b3r09 537 000
—25.797 0001-2.61 000 + 610.000 —289.0001 +915 000 -10 617 OOOi +.59230001 —22.736 000
Sept. IS.
1
condliloncondlilftn
30,700,000
150,000
1,231 000
16.019.000
2,195,000
.575 000
Rank
of Feri erni He-erre
3,194, MOO
34.565 000 2.054 000
16,2H.S 100
4.(M10.(M)0
Totals, avge for week
3 1.888 .0'O
31 ,460.000
31 136 000
hers
1,500.000
.250,000
2,000.000
II
1,0110.000
.
2.434,000
22,544,000
219.035.000,17.155.000
1.
Mern
5. ,502 .000
1
100
26,681,700
Aus 25.
Not
338,000
161 000
40 000
330 000
26 000
6 000
186 000
97 000
130 000
24X 000
3X 000
in 000
365 000
45.848,000
30 ono 000
13.0X9.000
9..557 000
2.893 000
17,919 000
3,793 000
6,18^ 000
17.4XS 000
5 003 000
7,210 000
13,573 000
4,192 000
20 96X 000
25,245.000
6.098,000
2,897.000
656,000
470 000
172 000
1.229.000
219 000
29X 000
33X 000
214 000
370 ono
4X9 000
2.52 000
1 .220 000
1.007.000
19,421 000
.
Brooklyn Trust Cu
Bankers Trust fo
9 M'«e A Trust Co.
Title Ouar <* Trust Co.
Guaranty Trust Co
Totals, actual
Totals actual
Tr'als actual
Totals, actual
12.150,000
condltlonlSei>t.
425.000
281 000
75.000
3,879.000
2,339.000
932 000
2-20 000
107 000
912 000
367 000
874,000
1,598,000
291,000
690 000
870.000
294.000
14.775 090
4.335 000
condition Sept. 15.
condlilnii Sept. 8
actual
actual
actual
actual
366,896.000
372,774.000
316.075.000
363,281.000
251.000
448 000
364 000
42 1 ,000
144.000
701 000
76 000
34 000
1,096 000
99 000
231 000
421 000
122 000
540 000
548,000
416.000
897,000
224 000
362.000
59.000
326 000
39.000
101 000
184.000
54,000
54.000
239.000
113,000
476 000
547,000
300
000
600
2,244
110
977
587
200.01)0
1. 01 10 .000
S
781.000
,417,000
36.261.000
,05M 000
1,846.000
17.561.000
,5x3 .000 3,775.000
140.670,000
1.782,000
,251 000
507,705.000
435.000
,147.000
45,835 000
150,000
13,899.000
821,000
48.000
1.959.000
77.738.000
625 000 4,978,000
251.408.000
357 000
746.000 l,73'4.66o
61.962.000
200 000
138.856.000
27,693 000 1,043,000 1,0 IX. 000
10,290 000
1 1 1 ,000
lOS, 247.000
"51.066
27,527.000
100.000
148,962 000
.638.000 3,562 000
2,459.000
60 000
839 000
15,636 000
169,175 000
555,000 5.262 000
203 000
640 000
91.275 000
190 000
9,513.000
236,475.000 20 326 000 1 ,200 000
20 000
16,916 000
895 000
9,349 000
200 000
398 000
335 000
248 000
5,257 000
16 000
46,487 000
70 000
,39" 000
499 000
62.045.000
460 000
414 000
10.440 000
39« 000
456 000
10.491,000
5''0 000
9,907 000
50,000
,000
24,628.000
,631
2.340.448.000 75 264 000
2.346.094.0
75 30s.' 00
2.3'''0.723.00i 78 719 (100
2.360.496.000179 361,000
9,244,000
8,865.000
7.016 000
6,312,000
21S.XSS,000 17.120.000
219,>16,000 17.29X.00O
222 00 s 000 18.703.000
226.386 000 IX. 963 .000
500.000
500.000
200.000
2.000.000
250,000
Metropolitan Bank
Fifth A venue
of PeU eral
42,32S,000
5.283, 800
33.047 000
6.854, 500
1,337, 600
12.5.50 000
200
994,
9. 20-) 000
4XX, 000
3,161.000
18,627.000
2.109, 400
806. 200
4.169 000
84X. 000
6.532,000
16,76'Z.OOO
2.431, 000
831 900
5.516 000
77H, 100
6.963 000
1. 50(1. 000
Aierage.
nerage
S
Rank
Kexervp
hers
2,050,000
Co.
Greenwich Bank
Pacific Rank
People's Bank
Totals,
Totals,
Totals,
Totals,
Mem
Not
of M.mhmtan
of .America
Bank
Bank
tion.
2.336.626.000 75.926 000 31.633.000
9,285,000 363,497,000
2.479.187.000 32.849.000,17.050 000 21.849 000
2.49S.X00.OO )I32,012,000 15,776,OOi)|21,613,000
2.546,281.000 36,134.000 15,382.000 21,230 1100
2,462,7S9.000i40,651,000 16,085.000 23.372.000
condition Rci)t. 15...
condlll
!-^e,)t.
8...
condition Sept. 1...
condition Aug. 25--.
actual
actual
actual
actual
Totals,
Totals,
Totals,
Totals,
Deposits.
Average.
%
Average.
S
4 1 6 000
19.000
267.000
48.000
245,000
126.000
550 000
324.000
155.000
20.000
75.000
344.000
3 000
139 000
21 000
454.000
Circula-
Deposits
14.28X.000
3,928 000
19,845.000
265.000
500.000
Net
Time
taries.
.
87.548.000
7.544.000
1.901.000
345 000
12.845,000
36.970 000
8.629,000
20.620 000
3,8X2,000
.943 .000
Bank
Demand
•24.0.S8.000
210 000
50 000
431 000
1.501,01)0
Net
5.958.000
2,621.000
135.000
69,000
245,000
1.169.000
66,000
64 ,000
9.000
363,000
150 000
826,000
1.379.000
776,000
wattonal
Deposits
with
Legal
Deposi-
Sept.
Sept.
8
1
..
.
Aug 25..
Aug 18
• U.S. depoalta deducted, $153,555,000.
a S'>i
3 XX.1
3 707
3.8-.>n
n-x oooMiHooonoo 22 728 000 30 932
.-^OX OOO' I309''(!n00 21 930 000;29 K3
'IOC, 000 I37X'V.OOO 22 9x7 000'31 ,746
11X 000 IMO-JXOOO 2-< .004 .000' 32 .962
b U. 8. depuslla deducted, 1153,560,000.
0OO'14.421 nno'471 0X0
000
9M OoO 391 355
000
295 000 4 6,017
000 11 ,52:^,000 43 ',5X8
1
1
1
1
20'^ .50 ^000 31 6'^?
000
+ 34X4000 + 301
.000
20'! 0"
5000 •^1.888 000
+ 428.000
+ 7221000
000 25 041 000 h3.53? 973 000 1Of!87400O 31 4^0 000
000 33 840 000 h3542 054 000 i013'X0O' 3113" 000
000 36,9X8 000 b35.^n509 000 '20 40' OOOI3O 700 0(
000 ',075,000 b3489:i30.000 2 6352 00o':'0. 685 ,000
c Includes capital set aside tor foreign brancbea,
$6,000,000.
PTATF.MKVTS OF RKSKnVR POSTTIOM.
Actual Ftituret.
CfiKh
Reserrt
In Vault
Reserve Bunk.
Btnte Banks*
Trust Coiniianles*
Ti>tal Sep[. 8.
Total
Seiit
\it,!
•
Not
Tntnt
Rfserre
Snrplui
nepnHrarlfis
Rf.Krrrf
ReQUired
Renfrve
t
Inc
I
''5
inc'inlMTs of Keileral Ri-serve
Per
or
e from
W rrk
PreHnui
1
363.497 000363 407 000
29 185 000 16 019 000 45 201 000
75 357 000 81 .316 000 1.56.67:1 000
101 542 000 460 832 000 565 374
109 3>!9 000 429 852 000 530 221
115 6I(^ 0O(V442.8.53 000 558.469
|->7 CTC (1(10 4nn 04'.' 000^(17
7X
Total Sept. 15
Tniiii
In
S
Meflllier,. KeOerHl
Reserve
:t 1
3
457.840
+14.968,400
4.890300
440
,57
—6
13.417.300
+10
000 l-^o nox 5n0 f- 765 410
Odd IXO 171 970 50 OKI O'tO
000
<t3
40(1 62 537 510'
OOO lOl 4-'<^ 170 76 151 830
+25
1
I'l.'-,
Resfrft
Reserve
in
(n I'nxll,
nepoHitnrit
b
Total
Hffterrf
Reserve
Rfifffilretl
nr
Surplun
lit
UtO,
e from
Rpserre
J
160
700
43 255,700
''06 03'1
10
Cash
I
757.4.50
d
20 2«6 000
74.527 000
366 806 000 (66X06 00(1 06 516.160 60 379.840
5 066.5-'0
in 05'( 000 45 330 000 40.272,4^-0
77 514 000 152 041 000 14 1,802,9.50 10 23X0,50
710 410 103 XI 000 4R0
491 4X0 107 014 000471
27'^ 000 488
0(1O578 994 0O049I
't
391 355 000 505 533 000 493
4 320 114 I7X
+ 10 0^9 750 117 473 000 446 017 000 563 490 000 494
—12
—13
:(
I
46-'
0>-'O
000 564
75 684 4 10
896 570 87 007 430
225 100 12 307 00
713,0X0' 68 776.9-.'0
501 .5"0
—.5.142.700
—25-! .030
—6 016.400
—II
+74
—5
41-1
O'O
789 530
46 02a
679.07
Bank
a Thic Ih the reserve renulred on net deniiind di-powH-' In lie ciine 111 State hsnks slid trust conipiinles but In the ciise of members of the Ferteriil Re-erve Bank tnrliidei
•Im ainouni of reserve reci'dred on net (line fleposltH wllcli huh hs f. Mows Re|)t 15 $2 277,7X0 Set.t 8 $2 2X0 240 Sept I S2 3X0 050 Aug 25 «2 3«7 7:'0
b ThiM Is the n-serve rei|fitred on net demand depoHliH Oi the r.-itf of *^tHie ImtikH jifid trn-'it C'ttopiKiles. hut In the cmhc of nienihcrs of the Federal Rt»serve BMitk Inchidet
•l80 amount of reserve rerpilred on net tltne dei>os1ts. which wji« ms f* lows Sept 15, $2 257,920: Sejtt 8 $2 2.59.240 Sept r S2 361 570 Aug 25 <t2 380 830
c Amount ol c ish In v.iull which l« no longer ctnnted as reserve for members of the Federal Reserve Bank, wa- as follows: Sept. 15. $80,232 000: St^pt 8 $75 .»10 000;
Sept I. $84,938 000: Aug 25. $87,166 000
d A'liount o' nh In vmit whh-i is ;., longer counted aa reserve for members of the Federal Reserve Bank, was as follows: Sept. 15, $80,992,000: Sept. 8. $78 2S6.000:
Bept, 1. $79,792,000: Aug. 25, $86,420,000.
'
'•
THE CHRONICLE
1188
The State liauking Department reports weekly figures
showing the condition of State banks and trust companies
In New York City not in the Clearing House, and these are
shown
the following table:
in
SUMMARY or STATE HAMKS AND TIIUST COMl'ANIES IX GIIEATER
NKW YORK. Nor IMCLUUEU IM CLEARINO HOUSE SrATExIEVT.
De/jurineru.)
Differences from
precious week.
(Figures /furnished by Stale Bankinu
Sept. 15.
$8:57,422,300
60.16.5.20)
Loans and Investments
Specie
Duo. $4,302,100
Dec.
310,300
Inc.
498,000
11.02!). 500
5,477.000
998.922,800
Currency and b;ink notea
Due from !•'. H. Bank of New York
Total depoHlta
Deposits ellmlnatln«
amounts due from reserve
doposltiirles and from other hanks and trust
companies In N. Y. City, and e.xchanges and
U. 8.de.)oslt8
Roserveon deposits
Percentage of reserve, 24.9%.
Deo.
370.000
3,799,200
859.272,100
191,651,500
Dec.
Deo.
4,644,700
742,800
Inc.
RESERVE.
Banks
Slate
Trusl Companies
$12,849,000
16,281,700
trust cos
Total
The averages
11.14%
14.12%
$63,822,400
98,701,400
9.77%
15.12%
$29,130,700
Casb In vaults
Deposits In banks and
25.26%
$162,523,800
In addition to the returns of "State banks and trust com
panies in New YorkCity wo< in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
The figures are compiled so as to distinin the whole State.
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 16til.
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.
The regulations relating to calculating the amount
1975).
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).
24.89%
STATS BANKS AND TRU.ST CO.MPANIES.
New York
City Clearing House banks
and trust companies, combined with those for the State bank-*
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
OOMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphert <» all these figurei.
of the
[Vol. 105.
Week enaea
Trust Cos.
State Banks
in
in
Oreater N. Y. Oreater N. Y
Sept. 15.
$
24.050.000
89,550,000
41,732,300
and
Demand
Ended—
Investments
Deposits.
$
Specie.
$
$
$
53.222.1
53,677,3
50,170,6
57.716,8
51,494,8
50.081.6
42.216.7
42.943,0
42,498.6
42.127.9
43.419.1
43.859,5
45.759.5
June 23.-- 4,674,645.6 4.326.846,6 329,535,0
June 30--- 4.687.753.2 4,301,435.6 291,239,7
July
July
July
July
7...
14...
21--28-..
4...
11-..
18...
25-..
1-..
8-.15---
4,717.858.8 4,347,431,5
4.710.9rtl,4 4,470.813.5
4,648.569.3 4.357.073,4
4,619,359,2 4.414.094.9
4.586.150.2 4.421.443.0
4.628.044.8 4,434,759.0
4.701,510,7 4,370.867.2
4.665,195,5 4.375.602.6
4,698,954.2 4.425.359.4
4,692.376.4 3,877,888,8
4.945.698.3 4,374,901,1
Total
Surplus aa of June 20
Loans and Investments.
%
19,606«70«
178,822,000
15,164,946
17,520,400
186.732,400
+ 1,543,500
—2,835,200
260,028.2
259.984,4
253,222,4
272.244.7
253.147.1
251,205,2
245.643.8
239,778,8
223,683,8
209,834,0
206,401,2
taries.
199.953,600
+ 1.904,700
314,852.000
+ 819,000
33,808.900
$
436.413,5
510.708.4
611.983.4
619.631,5
$
382.757.1
344.917.0
322.798,7
317,701,2
304.717,2
institutions
30.157,400
+ 152,500
—5,307.600
Currency and bank notes.
Change from last week.
19,150,800
14.635.200
+ 1,469,500
+259.800
Due from F.R.Bk.of NY.
Change from last week.
21,466,300
+ 823,000
303.755.900
43,462,600
+ 18,163,700
.542,251,6
120,213,000
.332,326.3
Noa-Member Banks and Trust Companies.
non-member
—4,310,000
Specie
622,761,8
295,363.8
677,656.8
294.148,2
644,247,2
288,142.4
5ti,'>,UI 1,9
281,906,7
580,079,3
Sept.
267.102.9
578.289.4
Sept.
.'>46, 135,3
253.693.5
Sept.
252,160.7
57.T. 446.1
t Inclu led witb "Legal Tenders" are n itlonal bank notes and Fed. Reserve notea
heli by State banks and trust cos. but not those held by Fed. Reserve members.
Aug.
Aug.
Aug.
Aug.
—5,128,500
last
Deposit
Vault.
Y
12,488,000
week.
Change from
Iteseme in
Cash in
T
Legal
Tenders
Trust Cot.
outside of
Greater N.
426.155,800 1,835.869.900
Capital as of June 20
Change from last weeh-
Loans
'eelt
State Bants
outside of
Greater N. Y
which are not included
541.017,200 2,151,922,600
Deposits
Change from
—8,235,800 —17,558,200
week.
last
358,460,200
Reserve on deposits
Change from last week.
102,854,400
+ 4,968,100
+ 14,965,600
+ 1,300.600
37,722,100
+ 811,300
P. C. reserve to deposits.
23.5%
22.7%
21.5%
20.0%
20.1%
19.5%
15.6%
15.3%
Perrentage last week..
+
— Following
— Decrease
Increase over last week.
is
in the "Clearing
from
last
week.
the report made to the Clearing House by clearing
House return" on the preceding page:
RETURN OP NON-MEMBER INSTITUTIONS OP NEW YORK CLEARING HOUSE.
CLEARING
KON-MEMBER3.
Week Ending
Sect. 15
Members
Net
Loans,
National
Profits.
Capital.
Discounts,
Investments,
Bank
ot
Average.
$
Deposi-
Demand
Net
Time
Silver.
Circula-
taries.
taries.
Deposits.
Deposits
tion.
Average.
$
Average.
Average.
$
Average.
S
Average.
$
Federal
58.000
55,000
23,000
44.730,000
557,000
491,000
538,000
510,000
4,061,000
453.300
1,003.400
725.100
133.000
500.800
226,000
562 700
664,500
781.800
173.400
2,439.000
8.655,000
10,541,000
4,211.000
7.672.000
4,134,000
5,812,000
6,727,000
20,425.000
4,549,000
152,000
539 000
699.000
357.000
668.000
211.000
301,000
501.000
1,106.000
238.000
1,000
168 000
27.000
6.000
47.000
75.000
1.000
85.000
279.000
46.000
55,000
000
168,000
28,000
89,000
178.000
123.000
91.000
39,000
283,000
626.000
151.000
99.000
415 000
88.000
121,000
560.000
563 .000
212,000
402 000
257 .000
150 000
441,000
1,200.000
230,000
5,124,000
75,165,000
4,772,000
735,000
2,297,000
1,150,000
500,000
200,000
1,095.800
335.000
9,944,000
6,606,000
495.000
92,000
31 .000
26,000
91,000
71 ,000
700,000
Bank
Average.
$
59,000
124,000
97,000
80 000
76.000
38,000
64.000
4,100,000
Federal Reserve
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights.
Bank
Columbia Bank
International Bank
Mutual Bank
New Netherland Bank
W. R. Grace & Co.'s Bank
Yorkvllle Bank
Colonial
Mechanics' Bank, Brooklyn..
North Side Bank, Brooklyn..
Total
1,430,800
3
442.700
697.800
625.500
1.318.200
768.700
629,400
338.200
1,995,000
Second Nat. Bank, Hoboken.
$
400,000
300.000
300.000
400.000
250.000
220.000
125.000
4.820.500
100.000
400.000
300.000
500.000
200.000
200.000
500.000
100.000
1.600.000
200.000
6,920,000
6,480.000
5,849.000
7.059.000
5.863.000
6,660.000
5.899.000
Average.
$
24,000
60.000
77,000
199,000
84,000
Net
Deposi-
&
Legal
Tenders.
Gold.
die.
Deposits
with Legal
Reserve.
Notes.
1^17. /Nat. bank a June 20 \
\ State banl« June 20/
Battery Park Nat. Bank
First Nat. Bank, Brooklyn...
Nat. City Bank, Brooklyn...
First Nat. Bank, Jersey City.
Hudson Co. Nat., Jersey City
First Nat. Bank, Hoboken...
AddUionai
Reserve
with
Legal
Average.
$
63,000
16.000
43,000
324 .000
1 1 ,000
1
1
,000
S
51 .000
1.S9
Bank
Averagt.
S
850 000
330.000
296,000
263.000
294 ,000
530.000
572.000
2,968.000
621.000
673.000
473,000
7.286,000
5,340 000
5,216,000
6,387.000
4,405,000
2,581.000
2.813,000
437.000
3,424,000
2,493,000
196,000
294,000
120.000
396.000
197.000
219.000
100,000
6,131.000
34.028.000
7,423,000
1.522.000
57,000
1,901.000
9,339.000
9.378.000
4.241.000
7.852 000
4.115.000
3.042 000
97.000
10,000
12.000
89,000
126 000
130.000
46.000
495 000
270 000
^'ational
1,216.000
566.000
540.000
551,00(1
560,000
50 000
647 .000
372.000
262,00('
21,505.000
4.338.000
202.000
124,000
292 .000
2,006 000
12 000
56 000
400 000
4.226,000
3,974,000
73,053.000
3,092,000
378,000
260.000
415,000
285,000
7.577,000
3,718,000
1,343,000
3,004,000
638,000
700,000
11,295.000
4.347 000
27,000
143.000
526.00(1
1,848 .OOP
7. ,342
000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co., Brooklyn
Mechanics' Tr. Co., Bayonne
Total
58,000
93,000
16,550,000
587,000
89,000
117,000
164.000
Grand aggregateComparison previous week ..
6,795,000 11,375..300 136,445.000
+ 896,000
5,916.000
+ 278,000
1,315.000
+ 108,000
2,952.000
+ 136.000
1.824,000
+ 367,000
8.925,000 10.805.000 all8,376000 14,862.000
+ 67,000 —345.000 + 1.412,000 —306.000
1,522,000
Grand
Grand
Grand
Grand
Grana
6.795,000
6.795.000
6.795.000
6 .95.000
6.795.000
5,638,000
5,674,000
5,685,000
5,734,000
5.726.000
1,207.000
1,286.000
1,452,000
1.433,000
1.488,000
2.816,000
2,813.000
2.818.000
2,706,000
2,886.000
1,457,000
1,426.000
1.397.000
1,416,000
1,453.000
8,858,000
9.135,000
9,051.000
8,970,000
8,768,000
000 al 16,964 000 15,168.000
12.339.000 al 16. 100.000 15,424 000
1,511,000
1,520.000
1.510 000
1.515,000
1,514,000
aggregate
aggregate
aggregate
aggregate
aggregate
aV.
Sept. 8
Sept. 1
Aug. 25
Aug. 18
Aug. 11
11.375,300
11.375.300
11.375,300
11. 375.300
11.375,300
135.549,000
135,057.000
135,178.000
135.542,000
133.220.000
11. 1.10
12,525.000 all5.027.00n 15.589 00(1
13.807,000 nil 5.847,000 15,535.000
16,524.000 all3,153,000 15,372,000
+ 1 1 .000
S. deposits deducted, $1,179,000.
—
Boston Clearing House Banks. We give below a
summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
,
BOSTON CLEABING HOUSE MEMBERS.
^,^re*smi|!:g*^?'
Sept
Change from
Sept. 8
Sept. 1
previous week.
15
1917
1917.
1917.
basis of 10% reserve for demand deposits and .3% for time
deposits.
Previously the basis was 15% against demand
deposits alone.
Reserve requirements of trust corapaniea
remain on old basis of 15%. See volume 105 page 333.
Week ending
Ttco ciphers
(00)
Sept. 15 1917.
omitted
Sept. 8
Mat. Banks, T^ust Cos.
Total
1917.
Sept. 1
1917.
;i:
$5,505 000 Dec,
Inveatmenta. 451,471 000 Dec.
Individual deposits, Inol.U.S. 365„S22 000 Dec.
Due to banks
121.412 ,000 Dec.
Time rteposlta
29,929 OOnllnc.
Exobangee for Clear. House. 14,349 OOOIDec.
Due from other banks
72,384 .000 Inc.
Cash In bank <ft In F. R. Bank 59,018 ,000 line.
Reserve exc<«8 In bank and
Federal Reoerve Bank
18, 070 .000 Inc.
circulation
Loans, dlso'ts
A
1
$115,000 ?5. 620, 000 $5,640,000
4,318.000 455.7.S9 000 457,298,000
8,728.000 374,550.000 372,247,000
1.312.000 122,724,000 121,748,000
18.000 29,911,000 31,959.000
377.000 14,726.000 14,081,000
2,173.000 70,211.000 69,086,000
590.000 58,428 OOO 57,550,000
1,773,0001 16,297,000
15,809.000
Capital
Surplus and profits
Loans, diso'ts <fe Investm'ts
Exchanges for Clear .Houae
Due from banka
Bank
deposits
Individual deposits
Time deposits
Total deposits
U.S.deposUa(not included)
Res've with Fed. Res.
Philadelphia
Banks.—Beginning
July 21 the
Philadelphia Clearing House returns have been issued in
altered form, and excess reserves are now calculated on the
with
"^
Cash reserve
In vault
Total reserve held
Reserve required
Excess reserve
Bk
$20,475.0
47.199,0
407,059,0
19 614,0
114,214.0
159.862
346.127.0
3.913,0
509,902,0
$31,475,0
81,070.0
152,2,58,0 559,317.0
1,999.0
21.613.0
2,152,0 116.366
3,142,0 163.004.0
130,296,0 476.423.0
3,913.0
133.438,0 643.340.0
5.667.0
44',V4V,6
li.'ibs'.o
58.449.0
15,535.01
7,176,0
22.711.0
59.879.0
21,281,0
81.160.0
37.333,0
19,393,0
56.726.0
22.546,0l
1.888.0
24.434.0
$11,000.0
33,871,0
$31,475.0
80.1.58.0
566.036.0
21,7,53,0
114,978
164,232
467,983,0
3,881.0
636.096.0
22,814,0
59,239.0
23,174.0
82,413
56,158,0
26,255,0
$31,475.0
80,151.0
562,317.0
22,096,0
123,441,0
166,226,0
468,048,0
3,858.0
638,132.0
23,287,0
54.270,0
23,929.0
78,199.0
55,367.0
22.832,0
—
THE CHRONICLE
Sept. 22 1917.]
Wall
Street,
from 5 to 6 points, but of a list of 25 active
the greater part closed higher than last week.
Among the notably strong issues are Distilling Securities,
General Electric, Mexican Petroleum, U. S. Ind. Alcohol
and U. S, Steel, the latter moving up on the announceof that class lost
©a^jette.
^atxlijers^
features
Friday Night, Sept. 21 1917.
The Money Market and Financial
Situation.
—The
ment
of an advance in wages.
Of a list of 15 representative railway issues 9 close higher
than last week, 3 are lower and 3 unchanged. The strong
features have been Delaware & Hudson, on a favorable
traffic report, Reading and Southern Pacific, while Canadian
Pacific and St. Paul were notably weak.
dominant factor in all Wall
Saturday's bank statement, showing a
Street operations.
considerably reduced surplus reserve, was followed by a 6%
rate for call loans and a rapidly declining stock market on
Monday. But, like many such movements, this was shortlived, and on Wednesday money was offered at 23^% and
stocks recovered from the decline mentioned. Whatever
discouraging and disheartening effect was produced by the
money market continues
to be a
For daily volume of business see page 1198.
following sales have occurred this week of 'shares not
represented in our detailed list on the pages which follow:
The
Senate's plan of taxation remains, however, except in so far
as there is hope that the final bill will be essentially modified
before it is submitted to the President for his signature. How
'^
"^
much ground there is for such hope is not known.
Considerable space is given by the daily press to peace
rumors, discussion and propaganda, but this has no percepEvidently an increasing
tible effect in financial circles here.
number of people are inclined to accept as true the answer
given in 1914 by the late James J. Hill to the question.
How long will the war last? The answer was, "until some
J
one
is
STOCKS.
Week ending
K
thereby.
9m
7m.
Low
for the
for the
M
Sixtv Days.
—
Chp(jues.
week
week
4 76 7-16
H 7^^
5 795i
5
5 S3T^
5
Germavv Bankers' Maris
High for the week
Low for the week
84%
Ams prriam Bankers' Guilders—
for the week
41%
Low for the week
41?i
7fi
T-jr
5 77^4
78H
42%
42.5-16
42
High
Domestic Exchange.
M^
Cahlpn.
4 75i/<
4 7545
Pnrif Bankers' Franes
High
m
high
4 72
4
42%
— Chicago. 10c. per $1 ,000 discount.
Boston, nar.
San FranSt. Louis, 15c. per %\ .000 discount bid and 5c. discount asked.
Montreal, $..^125 to .*. 46875 ner $1,000 premium. ATinneancisco, nar.
Cincinnati, nar.
Orleans, sight, 50c.
olis, 10c. ner SI .000 premium.
New
per $1,000 discount, and brokers, 50c. premium.
—
and Railroad Bonds. Sales of State bonds^at
the Board in f^lnde $1,000 New York 4^23 at 109 K and $20,000
New York Canal 4s 1960 at 100 K.
•"^
The market for railway and industrial bonds has been
only moderately active and fairly steady in tone. As is well
known, the prospect of a new Libertv Loan offering of
State
$3,000,000,000 at 4% has cut off the demand for practically
other issues and greatly reduced transactions at the
Exchange and over the counter. There has been, however,
a sufficient movement of Amer. Tel. & Tel., C. B. & Q.,
Rock Island, Missouri Pacific, Northern Par-ific, St. Louis &,
San Francisco, Reading and New York Central, to maintain
"""
'"
"
" "^ "
a market and establish "quotations.
all
'
'
"United State-s^Bonds.
—Sales
4m
1-:;
To-dav's (Friday's) actual rates for sterlinsr exfhanRp were 4 71T^@4 72
nomfor sixtv davs. 4 7545((i4 75V^ for cheques and 4 7R 7-16 for cables,
mercial on banks, si-^ht. 4 75i<@4 75 .5-16, sixty days 4 71(a)4
ninety days i d^HO^i 69'^, and documents for naym^nt (sixty days)
4 71 Vj;(5a4 71 i^. O-itton for payment 4 75»/i@5 75 5-16, and grain for
payment 4 75>4'fi%4 75 5-16.
WTo-dav's (Friday's) actual rates for Paris bankers' francs were 5 M'^4(3i
5 847^ for Ion? and 5 SO "^(^5 SO^ for short. Germany bankers' marks
were not quoted for si'jht. nominal for Ions; and nominal for short. Amsterdam Tiankers' guilders were 41^4 for lone; and 41 l.'>-16 for short.
71%
1
1
—
4
%
K
%
M?
Foreign Exchange. Sterling exchange has remained
In the Continental exchanges the
quiet and without change.
Demand bills
fluctuations in rubles have been the feature.
on Petrograd declined to 16.70, but closed at 17.50.
—
S per share.
Sept IS
Sept 18
Sept IS
12
I'A Sept 17
Sept 18
94
Sept 18
Sept 17
65
7% Sept 18
93}^ Sept 15
Sept 17
39
H
advanced in price until 106^ has been quoted in
market this week. This price compares with 86^ or
thereabouts a month ago and a fraction less than 69 a year
ago. As this increased value is due to foreign demand, this
Sterlinn Actual
for the week
Low for the week
Highest.
1
steadily
High
Lowest.
Am
this
fr.
1.
n
S per share. 5 per share. J per share.
Apr 200
June
170
Sept IS 176
July 123 H .Jan
06
Sept IS 90
Sept IS 12
Sept 17 >i Apr
12
June 2
Jan
IH Sept 21
Sept 19
Sept
IK Sept
I'A
Jan
Sept 129
95
Sept 17 94
Sept 17 61
Feb 73 K June
65
S'A Sept 18
7H Sept 14 K June
9514 Sept 20 89
Jan I25ii Apr
40
Sept 20 36
A\ig 42 H Aug
H
77
Sept 20 77
Sept 20 76
Apr 84^ May
July 88
Jan
80 K Sept 18 SOH Sept IS 80
Sept 15 27
Sept 36 H Aug
Sept 17 25 X
25'A
Sept 17 45
Sept 17 45
Sep: 53H Aug
Preferrel
100
100 45
Juno 155
Jan
Sept 20 115
Sept 20 114
Cent * So
Teleg.lOO
100 115
Sept 46
Jan
Sept 17 35
Sept 17 35
Comoutins-Tab-Rec 100
100 35
Sept 21 47 K Sept 21 46 H Sept 59
Jan
Continental Insur
25
200 47
Saot 120 '4 Jan
110
Sept 19 10
Sent 20 110
Detroit United
220
100
Sept 3SV-^ June
Sept 15 24
Elk Horn Coal__. ...r,0
600 25 HS Sept 17 26
Federal
& Smelt? 100 3,50 18>^ Sept 20 20 Sept 21 11 Vi Feb 25'4 Aug
Jan 54 ?i July
Sept 19 44
Sept 21 37
Preferred
100
400 42
Sept 18 33
Sept 4014 Aug
Sept IS 33
Fisher Body Corp no par
100 33
Mar
Preferred
100
100 85 V^ Sent 19 85 W Sept 19 85 H Sept 95
Feb
Aug
Sept 19 3SH Sept 21 28
Gaston, W&WInc nn pnr 2,000 35
July 44 H Mar
Sept 19 37 J^ Sept 20 35
General Clsar Inc.__100
200 37
Sept 78
Jan
Sept 17 52
Sent 17 52
52
Hartman Corpn
100
100
Sept 40
June
Haskell.feBarkerC no nir 1,000 3414 Sept 18 35 Ji Sept 17 34
June 88
Jan
Sept 19 72
Sept 19 65
Int Harvester Corp. _ 100
400 69
Sept 10?
Jan
Sept 21 99
Sept 21 99
Int Nickel pref v t c.lOO
200 99
110 '4 Sept 21 llO'rii Sept 21 1 10
Sept 135
Feb
Kayser (Julius) & Co 100
100
Sept 281
Jan
Sept 18 205
Sept 17 190
Ligijett & Myers
44q 190
100
Preferred
100
500 103H Sept 20 107!^ Sept 18 103 5< Sept 125!^ Jan
'4 Sept 17
Rights
M Sept I'A Aug
55,275
H Sent 15
Sent 19 16
Sept 1" 15 H Sept 27 A Jan
Loose-Wiles Biscuit. 100
100 16
Jan
Sept 20 185
Sept 20 199!^ May 232
Lorillard (P)_
fiO 185
100
Sent 129 H 'Jan
Sept 20 110
Sept 20 108
A'ian'iatti,n(Elev)Rv 100
60 110
May Dept stores 100 400 50!-^ Sept 21 50'^ Sept 21 49'^ Sept 68 '4 Mar
Sent 35 »4 July
Sept 17 32!-; Sept 21 32
National Acme
50 1,600 32
8 '4 Sept 17
4^ Aug 8!^ Sept
Nat Rvs Me\ 2d pref 100
800
7'i Sept 18
Aug
Sept 18 12 '< Mar 21
Sept 18 17
New York Dock
100
100 17
Sept 76
Sept
Sept 18 76
Sent 1« 76
Northern Central _ _ _ 50
8 76
Feb 125
Sent 21 90
Jan
Sept 18 95
Nova Scotia S & C_-100
700
Feb
Ohio Fuel Supnly
25
900 47 H Sept 19 485^ Sept 10 45 H Mav 54
Jan
Sept 18 89
Ap- 106
Sept 17 80
Owens Bottle-Mach__25
800 85
June 98
Jan
P.an-Am Pet & T pref 100
300 92 '4 Scot 20 93 H Sept 21 89
Sept 41»4 June
Sept 19 38
Sept 17 37
Pierce-Arrow Mot no pnr
400 37
Sept 98 ^ Aug
Sept 20 93
93
Sept 20 93
Preferred'
100
100
Jan
Pitts Steel pref
200 97 H Sept 18 99 % Sept 20 97 H Sept 102
100
Sepf 26 Ji Aug
Sept 17 t22>A Sept 211 21
Pond Creek Coal
10
700 21
Feb
Sept 19
1
Quicks'lver Mining. _ 100
400
1% Sept 211 1 June 3
Sept
Feb
1
1 'i Sept 19
1 Ys Sent 20
Prpferred
100
2O0
Jan
Sept 18 31
Sept 19 27'^ Aui? 42
St L-San Fran pref A 1 00
3O0 30
Sent 108
June
Sept 21 60
Savage Arms
100 1,00(1 62"^ Sept 17 75
'1 .59
Sept 209
May
Sept 17 159
Sept 17
lOr 159
So Porto Rico Sugar. 100
May 5l'-f June
Sept 17 44 '<J Sept 21
Sunerior Stoel
100 5,50'- 38
First preferred
lor 101 Vi Sept 21 101 K Sept 21 99 H May 102 H July
100
Sept 1<; 194H June 206 H Aug
Sept IS 198
Tidewater Oil
lOf 198
100
Feb
Sept 20 72
Sept 20 69 '4 Jan eO
United Drug
100
lor 72
Sept 91
Jan
Sept 21 SO
Sept 21 80
Second pref erred.. 100
lor 80
Sept 33?^ May
Sent 20 20
23
Sept 17 26
United Paperhoard
30f
Jan
lor 17 !< Sept 17 1714 Sept 17 17'<f Sept 21 H
U R Express
100
Sept 20 20
May 24 ^ May
5(1
25
Sept 20 25
VulcauDetlnn pref.. 100
Sept 144
Jan
Sept 10 88
Sept 15 90
Wells. Fargo Express 100
son 90
Western Pacific
30(1
100
15H Sept IS 1514 Sept 20 12 H Apr 18H May
July
Sent IS 39 H Mav 48
Sept IS 44
40(1 44
Preferred
100
Feb 107
Mar
Wilson & Co pref
100
100'102H Sent 20'102H Sept 20 97
that prices for iron and steel will receive similar consideration,
and thus one of the uncertainties which has overhung the
markets for some time past be removed. Sentiment improved on the announcement that the United States Steel
Corporation had increased wages 10%. Silver bullion has
m
Range since Jan.
i
Highest.
Lowest.
50 170
96
American Express. _ . 100
100
Atlanta Birm & Atl_ _ 100
100
Batopilas Mining
20 3,400
Bethlehem Steel rights. _ 49,400
Bklyn Union Gas... 100
500
Brown Shoe Inc
100
100
Brunswick Terminal -100 1,300
Burns Bros
100 1,500
California Packing no par
300
Calumet & Arizona . _ . 10
200
Case (J I) pref
100
100
Centr.al Foundry
400
100
draws to a close. It is reported that the price of copper metal
has been fixed at 23 J^ cents. This encourages the hope
Exchansre at Paris on London, 27.18 fr.: week's range, 27.18
fr. low.
and 27.
Exchange at Berlin on London, not quotable.
"The range for foreign exchange for the week follows:
Range for Week.
Sales
for
Par. Shares
Am Br.ake S & F pref 100
'
licked."
will, of course, profit largely
Sept. 21.
Week.
A little more hopeful feeling prevails, however, as the week
country
1189
of'Oover ment bonds at
the Board inr-lude a large amount of Libertv Loans at 99. R^
to 100.02; $7,000 4s coup, at 10.534. and $1,000 4s reg. at
106 Vs. For to-day's prices of all the different issues and for
^^"^ "•'»•.•:?•»-»
V9rs''<^^
the week's range, see'third. page foil owing.
*"
P^Railroad""and Miscellaneou
Stocks.—A^has"~often
been the case of late the stock market was subieeted to
severe bear pressure during the early part of the week.
The movement could not be sustained, however, and the
reaction which followed has carried prif^es generally well
above those of a week ago. ""The trading has been almost
wholly" professional and therefore higher or lower quotations have attracted little attention outside the circle of
traders on the floor of the Exchange, but it is worthv of
note perhaps that the larger volume of business has been
recorded on the upward swing of prices.
Some of the industrials were special obiects of attack.
Bethlehem^Steel B^dropped over 11 points, and others
—
Outside Market. Trading on the "curb" at the outset
was of light character and price movements irregular. As
the week progressed the market developed strength, with
considerable activity in a number of the prominent issues.
Aeroplane and motor stocks were in demand. Curtiss
Aerop. & Mot. com., after moving up steadily during the
week from 36%' to 41?<C, to-day jumped to 42^4 and closed
at 42. Wright-Martin Aire. com. was heavily traded in
down at first from 8V^ to 7^, then up to 10^, with the final
Chevrolet Motor, after a loss of 5 points
figure to-day 10.
United Motors
to 68, ran up to 80 and ends the week at 77.
lost 3 points to 16, a new low record, but thereafter moved
upwar(i, reaching 213^, finishing to-day at 20. Bethlehem
to 101 J^
Steel pref., w. i., was traded in down from 104
and at 101 V2 finally. Submarine Boat gained over 3}4
Interest in oil shares
points to Wli, closing to-day at 19.
was mainly in the independent issues. Of the Standard Oil
group Prairie Oil & Gas dropped from 550 to 515, with a
recoverv to 520. Prairie Pipe Line declined from 280 to
Standard Oil of N. .1. weakened from 553 to 535.
268.
Of the other oil stocks Glenrock Oil was a conspicuous feature, being heavily traded in up from 16?<i to 173-<t, then
down to 16M. it moved up again, reaching IS^i, a new
high point. Merritt Oil from 345/;^ declined to 32 V^, recovered to 36^ and closed to-day at 36. Midwest Refining lost
4 points to 137, advanced to 143 and ends the week at 142.
Mining stocks without special feature. Bonds lower. Beth.
Steel 5s weakened from 68^-^ to 975^, recovering to 97 >g.
Canadian Govt. 5s were off from 96]4 to 95 S/^, with the
Russian Govt. 6Hs, after a loss of
close to-day at 95M5 points to 75, rose to 81 ^, but to-day sold back to 80. The
5Hs moved down from 70 to 66, then up to 71 H. reacting
finally to G9}4.
A complete record of "curb" market transactions for the
week will be found on page 1198.
H
New York
1190
Exchange— Stock Record,
Stock
For racord of Balei durint th« «««k
HIGH ANU LUW SALS PHICKS—PBR SHARE, NOT PER CENT.
of atoclis
Sala/or
the
tatttrday
S
MonUag
Tuesday
Me/il.
SeiJt. 17.
Sei/t. 18.
1.').
per ilture
S
i)tr
96
•IOj
60 'e
*66
947g
«5l2
w>h
69
GO
•60
59
LOS-is
1.52
66U
56 1«
•9
•27
56 14
5734
•27
30
OOU
69ll
104
96
04?8
1U.>I2 •10.)
60
154
9(ii2
947j
lO
10.{
•105
108
66
69
O5I4
•66I2
58
5934
9678
9478
108
Sei>t.
6634
97g
27
30
59
i per
96 14 97
96
96
•105
109
6534
6534
69
59
58%
I4712
5634
•9
28
2678
5678
10214
5638 5778
IO2I2 103
104
IO4I4
103^8
19.
$ piT share
148^8 15234
557g 56I4
9I4
9I2
153
Thuridny
SeiJt. 20
Wednesduy
$ per share
share
9612
95
•107
6738
6738
Friday
97
•95
109
67
9534
110
0734
90
109
67I4
•6684 69
67
67
59I2
5878 59%
00
60
15138 14914 152
1471a 1.1012
67I4
65 14 5534
5534 57
yig
9I2
•9
93g
10
27I2
2734 2734 •27I4 28
57I2 59I8
59I2
5718 581s
•103
1031 •IO3I2 104
104
IO5I4 IO5I2
104.% IO4I2 105
104
104 If 1U4<8 •lOUj 100
•135
•135
145 •135
145
145
H.'i
24I4 2434
25i» 2.5'>j
24I4 25%
24 14 2.538
61ig 6 134
6II2 63
6II2
631
6058
63
626s
5134
52!>s
40
*21i4
26
•33
•62
•22
«7»«
47
09
•50
•40
97
•lO.'-.U
198
195
•50
•40
»7
•13
205j
»30l»
*23
•103
33IJ
•100
7134
7
734
12'i8
16
21
31lj
2OI2
31
•22I2
25
104
103
XiH
•33
•62
•2II2
•50
•40
95
10212
SlSg
5158
•33
•62
38
69
25
56
47
98
•2118
•48
•40
9634
21
31
24I4
10318
•22
103
32
*23
103
24
8^s.
53
53
50
50
*121i
15
•1234
15
1234
30
•26
30
20
26
eou
eiij
6II4
GOI4
•38
118
•11
44
I8I4
603g
•38
116
H9I4
llij
9934
13
lOOlg lOO's
*
117
117
•5i»
*97»
lOU
2784
28
78I4
7812
2538
25U
•1914
*4l2
•968
5I2
261s
4978
7612
235g
80
101
sa
•16
•38
44
II7I4
11'2
9934
101
52
17
62
44
2Clt
5914
80i»
.59I4
sHa
2434
5812
775»
50
77%
24
41
1.514
15
«271t
41
15
28
46
42
III4
27l»
•62
•15
*19
•82
9II2
27t2
6234
16
20
84
1281a 12334
*771i!
*T
*15
•10
"»'
17
11
'20
9OI4
4734
25
*171g
18
*16ls
•28
32
25
im
•24
"4>*
3
23S8
•SUs
•8318
•9718
84
•89ij
4012
•102
705»
52 14
I5I2
1,512
2478
62
44
25
*.56
40
41
59I4
79
*35
•35
82
1534
•42
46
•42
1034
•22
9OI2
2618
6II2
•15
•19
15
20
11
1034
*22
26
9138
2612
6II2
9078
26%
16
6II4
15
19l'>
I9I4
*80
801?
80
12634 12758
77I2 77I2
7
7
•15
17
•15
46'2
467s
34
25
•24
2iU
4612
24I2
I7I2
27I2
I2I2
26I4
«16l2
171'>
I6I4
4312
4OI4
12
llig
*10»2
+24
28
64
978
4678
•25
28
12
I2I4
"
*601i
4%
3
2338
84
89
99
84
97
334
•234
22
•82
•83
•97I2
81
•24
60
4I2
697g
92I4
70%
68
•80
lllj
54
•101
•45
49»4
22
59
61
•.57
10-1
100
l59
ll's
ll7a
6434
6234
59H
100
17
10
96
82
ISI4
88
71»4
S234
61
69
III2
91%
2634
62
*15
•20
•7
•15
68
•80
841s
*89l2
4
60
117)
III2
III2
,541 •>
3I2
4I4
55
12
12
12
•46
50
60
•57
12-%
63I4
5SI4
5OI4
22I4
4958
2234
5134
23I4
60
59
60
62
.59I2
101
101
*10l2 I2I4
62
62
•99
45
(14I4
94I2
98
97%
109
66
111
III2
24
4I2
46
51
22I2
*.59
•93
97
1001
95
32
3%
25I2
88%
97I2
99
85I4
*
3II2
33I2
1234
•1184
13
48
•46
51
23I4
24I4
61
60
61
615s
100
12%
6412
65%
114
54%
19812
100
47I2
9438
6684
ll.SU
196
lOSVs
100 lOOis
4733 4773
94S4
94,34
32
32
I8I4
16
58
54
7278
72I4
97
96
eua
6 134
62l2
6II3
6II2
B»
sales
on
this
9934
day.
993i
lOOlg lOOVi §101
197I2 9812
9838
t E.x-rlghts.
|
116
32
18
54
74
98
6II2
63I4
101
98%
100
100
100
100
100
100
Lowest
Higtttt
t per share
( per share
t per share
% per star*
1087» Oct
95
Sept 6
Septl3
July 3
Sept 4
Sept 12
54 May 8
14718 8ept21
55 May 9
9I4 Sept 1
2678 Sept 19
56I4 Sept 1
IO212 SepllS
103 SeptIS
144 Aug 22
24 Septl3
6OI2 SeptIS
50 Aug 22
34 Aug 30
66 Sept 4
947g
107-8
65I4
667g
20
50
42
95
195
0'2
Feb
10
Sept 6
Marl2
SeptIS
Sept 12
May25
12 JulyI3
100
1934 Sept 7
100
30 Sept 7
l.st pref
100
Do 2d pref
2234 SeptIS
100
Great Northern pref
100 ZlOl'4 July 5
Iron Ore properties.. A^o par
2784 Feb 3
Ulluols Cenlral
99 Sept 4
100
8I4 May 15
luterbor Con Corp, vtc No par
6OI4 Septl3
Do pref
100
Kansas City Southern
1734 Sept 19
100
Do pref
50 Sept 5
100
Lake Erie A Western
1218 Sept 6
100
25 JulylO
Do prel_
100
57I4 May 9
Lehigh Valley
50
Long Island cerlfs of deposit.
39 May26
II3I2 Septl2
Louisville* Nashville
100
Mlnueap & St L (nctt')...100
11
Septl3
Minn St Paul
96 Septl2
100
114 Aug 2
Do pref
100
Missouri Kansas & Texas. 100
4% SeptIS
978 SeptlO
Do pref._
100
2334 May 9
Missouri Paclfle(Qew) when las
Do pref (or Ine bonds) do. .
4912 SeptIS
7434 Sept 6
New York Central
100
21U Sept 11
N Y N H & Hartford
100
I912 Sept 6
N Y Ontario & Western... 100
Norfolk & Western
10978 Septl8
100
Do adjustment pref
80 SeptIS
100
i98l2 July 9
Northern Pacific
100
Pennsylvania
49% Sept 5
60
Pere Marquette v t
15 Septl7
100
5312 Mayl2
Do prior prel V t c
100
40 June 8
Do pref V t c.
100
2034 Apr 16
PIttsb A
Va Interim ctfs 100
Preferred Interim ctfs
53% Apr 17
100
Reading
77% Septl7
50
Do 1st pref.
3812 Sept 4
50
Do 2d pref
3812 Septll
50
Aug 23
St Louis A San Fran new . 100
14
St Louis Southwestern
25 Feb 3
100
43I2 Aug 29
Do pref.
100
IOI2 Aug 28
Seaboard A Ir Line
100
25I4 May 16
Do pref
100
8884 May 9
Southern Pacific Co
100
23 May 9
Southern Railway
100
Do prel
51% May 15
100
I3I4 May 9
Texas* Pacific.
100
Third Avenue (New York) 100
17% Mayl5
Twin City Rapid Transit.. 100
80 Septl8
Union Pacific
126% Septl2
100
7614 May 9
Do pref
100
6I2 Feb
1
United Railways Invest... 100
I5I4 SeptlO
Do prel
100
Wabash
973 SeptIS
loo
Do pref A.
44% May 9
100
23 May 9
Do pref B
100
Western Maryland (new). 100
16% Sept 5
Do 2d pref.
25 Sept 7
..100
Wheeling A Lake E Ry...lOO
1184 SeptIS
Do preferred
25 Sept 6
100
Wisconsin Central
40 Septl2
100
Industrial & Miscellaneous
11
Advance Rumely
SeptIS
100
Do pref.
23 Septl9
100
AJax Rubber Inc..
50 l60 Aug 31
Ala."ka Gold Mines
312 SeptlO
10
2
Septll
Alaska Juneau Gold Mln'g. 10
2018 Feb 3
AUls-Chalroers Mfg v fc. 100
7914 Feb 3
Do preferred v t c
100
83 Feb 3
Amer Agricultural Chem..l0O
9773 Septl2
Do pref
100
81
Feb 1
American Beet Sugar
100
Do prel..
90 Sept 7
100
30 Feb 3
American Can
100
IOOI2 Sept21
Do pref
100
American Car & Foundry. 100
57 Feb S
Do pref
110 SeptIS
100
American Cotton Oil
30 Sept 8
100
Do pref
92 MaylO
100
American Hide & Leather. 100
10 Feb 2
Do pref
52 JulylO
...100
American Ice (new)
878 July 9
100
Do pref (new)
47 Sept 6
lOO
pref
1,500
6,600
100
15,400
1,100
6,300
25
300
100
&SS M
W
15,100 Amer International Corp
12,800 .American Linseed
.500
12,600
300
1,300
2,900
Do
.
American Locomotive
Do
pref
American Malting
Do
Do
pref
100
100
100
100
100
100
pref
._lflO
Amer Smelters Sec
117%
6 134
60!s
6OI2
200
97
98
95
58%
62%
102
12-%
7034
.57I2
52
5178
23I2
95
100
99
100
2„500
1,000
5,400
48
7134
55I2
300
200
2, .500
6934
100
98
600
2,700
1,000
3,000
12
1734
.19
,500
58
55
93
•60
700
200
200
12
55
18
19,800
58
58
•52
200
500
1218
*.52
60
•271'>
"
6,100
21,200
3,300
500
58
II6I2 II7I2
47I8
9438
600
1,000
9934
98I3 101%
981
•IO7I2 IOSI2 •107
10,812
66I2 67
67
67
112%
11078 111% 111
194
100
4,900
100
95
I7I2
7038
9218
110
•80
95
*271'>
89
59
84
89
99
86
95
'42"
43I2
IOOI2 IOOI2
72
71
31
18
6Sl8
478
3%
24I3
*S2l2
55
194
62
3I2
50
49
2684
•60
116
II7I2
44
24I2
8312
8884
11478 *114
45% 47
95
44
26
60
5
6II2 63
OOI2
IOII4 IOII2 •100
lOl's
•lOl- 12
11
12%
64I4 6,512
6334 64
*99
25%
1212
2538
18
60
100
46
30
7038
«ll8
<»<»
101
30
I2I2
800
1
•25
1234
2OI4
43I2
2,9.50
43,500
1734
30
95
121s
4,900
100
6.300
8,800
2,120
25
171-
25
no 108
5634
•1134
900
1,300
2,000
1,100
lOig
4178
50
6OI2
16
*19l2 2014
8II2 8112
12812 12912
77% 7812
•713
8
16
16
47I2
95
1134
27I4
6134
lOls
95
57
200
10,700
1,300
29,900
12,000
III2
26
92
47I2
•24I2
17
*31l2
1134
15%
28
46
•15
8
17
8412
•80
600
600
200
41
2634
6II4
21
97
•45
102
8834
1,700
59
91%
9134
2738
6234
16
*S0
*.55
III2
•2412
8534
•lOU
21%
42
HI2
26
85I2
12
49I2
5II2
22I4
49
312
233/
103
70
•10712 110
95
I.5I4
27I2
4II2 42%
•9934 103
7II2
701
•10758
33I2 •3112 3312
40
*9S
69
36
1.578
•25
III2
•2214
8212
3812
•36
30
46
30
41%
25I2
8II2
IOI2
47I2
26
*97l2
25
59
5834
8212
3834
4112
•934
47I4
2478
•1612
4OI4
,000
62
44
8II2 8II2
I28I4 12978
7734 7734
•98
8.51".
64
lii*e<l {»»»€»:
•42
•22
87
99
671'>
95
<»9
1.51
*27l2
87
99
88
9SH
62
8212
•81
84
*89l2 97
39
3934
102
102
SO
69
100
25
44
26
2418
8218
*97l2
IOOI4 IOII4
101
47I4
2434
17
24
62
80
1534
278
99
84
97
•79
52
22I4
817g
84
7612 78
26I4
2018 2018
IIII4 IIII4
26
I5I3
•35
•35
800
2,500
700
12
2878
5112
52
5834
8118
200
5,100
16,300
1,000
15%
3I4
•82
85
29
50
Issued..
Issued
8t Louis.
pref
Do
1
pref Ser
71,800 Amer Smelting
&
pref
B.lOO
A stamped.
Refining. 100
Do pref
100
2,700 American Steel Foundry,. 100
6,200 American Sugar Refining. 100
600
Do pref
100
19,300 Am Sumatra Tobacco
100
6,850 Amer Telephone * Teleg. 100
2,100 American Tobacco
ino
500
Do pref (new)
lOO
2,200 Am Woolen of Mass
100
600
Do pref
100
100 Am Writing Paper pref... 100
3,100 Am /Inc Lead A 3
25
200
Do pref
25
82,530 Anaconda (3opper
50
12,000 At! Gulf A
I sa Line ctfs 100
Do pref certfa
1,200
100
25.300 Baldwin Locomotive
100
330
Do pref...
100
1,800 Barrett Co (The)
100
Less than 100 shares,
Range for previous
Year 1916
Highest
13,100 Erie
Do
1 ,500
3,420
10
28
50
when
when
.
"473 '478
5
12
4
Delaware Lack & Western. 50
200 Denver 4 Rio Grande
100
119
12
14
•95I2 102
14
preferred
preferred
461
44
52I4
I2I4
23
•60
4
119
103
117
7%
6%
Delaware* Hudson
12,1,50
24
I5I2
22I2
84
88
100
4514 46
•94I2 96
•271j 32
2II2
•18
*.52
58
68%
101
52
3I4
100
46%
»9»i4 100
lOO
82
•38
118
RR...100
100 Colorado & Southern
100
Do Ist pre/
Do 2d prof
150
44
100
pref
Do
71
6II2
.
Do
Clev Cln Chic
400
300
70% 7734
25I2 2612
*19l2 20i8
IIII4 112
•79
81
2534
97I2
•93
•93
97
93I4 9.5%
95% 9612 93
9618
95%
•107
IOSI2 •107
100 •107
109 •107
6434 65
6314 6312
64
64
65
109
10878 10878 110
1091s 100% 107
•115
•115
116
116
115
115
11478
481
4S
4Sl2
4fi1»
48
471t 4018
II6I4 11678 116
11612 II.5I2 nolo 117
19112 1911
192
192
192
192
192
51»
1914
50
I2I2
•95
•64
16
2818
22I4
3I4
23
•8912
3918 40
'100
104
41
104
4
28
64
4
12
54I2
12
491
52I2
2314
18
9II2
27I2
6212
141*2
257g
4OI4
43I2
95
•94»4
•27lg
26
'
•10
I2I4
25% 25%
12
54I2
•lOlj
100
•46
11
12
38
10
28
4.5I2
1271s I2914
7712 77I2
*7
8
10
2578
431a
4II2
28
461->
1234
40
1512
10
28
49
81
101
51%
2484
57I2
79I2
•80
60<i
•101
•lO!'
•6334
•79
100
I.5I2
'3134
*.57
I912
11012 11178
81
'IO7I4 110
5108
108
3134
3134 3IS4 •311- 331
•45
52
25
1912
28
11
26
8II2 8II2
I27I4 129
77I2
77
•7
8
I5I4
I5I4
25
78
26
1.578
62
19
47%
4»
7634
2512
30
I.5I8
601t
•15
2818
501
*27l2
28
46
9134
2718
10
12^4
•35
•35
26
IOI2
•26
2434
5718
781s
80
434
97g
27
50
62
44
>
2434
5812
*27lg
26
15
'
40
*23
434
978
99I4 100
513g 5134
'
98
*
.50
7634
•1134
102
2,700
13
6II2
II6I2 119
III4
12
*98
6, .500
26
6078
Railroads
Par
Atcb Topeka <& Haala Fe. 100
I
25
S3
45
PER SHARE
Range Since Jan. I
ttatU of IW-shart lou
On
100
300
Do pre!
100
3,300 Brooklyn Kapld Transit. .100
61,100 Canarllan Pacific
100
10,700 Chesapeake & Ohio
IDO
400 Chicago Great Western... 100
2,100
Do pref
100
28,700 Chicago Mllw 4 8t Paul.. 100
Do pref
100
2,100 Cblcago & Northwestern.. 100
Do pref
100
12,000 Chic Rock Isl & Pac (new) w
13
•23I2
•6OI2
27
PER SHARE
STOCKS
NEW YORK riTOCK
100 Atlantic Coast Line
5,900 Baltimore & Oblo
56
6018
•38
119
500
•SOU
13
pracadinc pat*.
Lowetl
3. .500
56
26
44
78
24
•••
EXCHANGE
38
9934 IOOI2
I9OI2 I9OI2
•7
734
•13
16
21
2138
31I2 3II2
•23
13
•38
25I8
I9I2
•35
IOU2
26
44
2Gl2
lOU
35
•33
•61
•23
•48
•42
38
69
23
50
47
121'.
"
6OI2
27I2
5034
40
•lOig
121'>
4I2
11
27I4
*3«
*35
•15
9Ut
4I2
•978
24
24
117
'
62
44
9934
*23l2
6018
•79
'
50
•40
99
•50
2578
I9I2
I9I2
10978 IIOI2
'
36
*42
1818
11.5% llfi
III2
III2
9818 101
5I2
81
997» 10018
5II2 5134
15
16
*
56
•79
112
80
4978
I9I2
llOlg 111
20
112
18
1818
117
•33
•62
23
62I4
5234
32I2
1234
»26
•58
53
37
69
25
55
47
26
6II4
5234
IO4I2 Il03ls IO3I2
1033, 103
33I2 34I2
33I2
3338 34I4
IOII4 •10014 102
100
lOI's 102
8I2
8I2
8I2
•834
838
9
52 14 62I4
5II2 5U2
5134 5134
I8I2 I8I2
ISI2
I8I2
1734 1818
IO3I4
323s
IOOI2 1001
8I2
8I2
5134 5178
•51
18
18
52%
25%
2534
6212
5334
•195
19612 IP6I2 •195
198
198
•7
•7
•7
734
734
734
•13
•13
•13
IG
16
16
2OI4 2034
2078 21%
2058 21I4
30
3034
3034 3II4
31
31
I95I4
7
16
32I2 33
10038 101
834
•51
5112
i2l2
'
38
69
25
55
47
99
25I4
6II4
5234
Inactlv*.
Shares
per thart
96% 9634
ttitiTt
usuaMr
Week
Sept. 21
•135
•38
•61
Weekly and Yearly
Daily,
OCCUPYING TWO PAGES.
.
.
W
o Ex-dlv.
and
rights,
49
1534
48
SeptIS
3
Feb
Feb
3
107i2Jan 8
100l2t eb
an
119
85 Jan 18
IOOI4
Apr
19812 Dec
10612 Apr,
8li2 Dec
7678 Jan 17
7212 Aug
82 Juu
4
81
Dec
167%Mar23 ZI62I2 Mar
6084 Jan
3
58
Apr
1418 Jan 10
II84 Apr
4184Jan 2
S3
92 Jan 4
89
125l2Jau 29
12s
124i4Jau 19
123
17212 Feb 16 il63
38i2Juue26
84i4Apr 14
71
51
Apr
Apr
Dec
Dec
Dec
Apr
102
126
96
80
Feb
Not
Jan
Jan
88% June
8384
71
Jan
Oct
16<4
Dee
4712
10212
136>8
lS47g
Oct
Jan
Jan
Jan
1
176
Dm
14
Jan 16
80 Jan 29
SO Jan 4
6712 Jan
9
46 Marl7
15178Jan 19
r24
238
Jan 6
17
41 Jan 2
3484 Jan
3
49I4 Jan
2
3934 Jan
S
IISI4 Jan
4
Ma—
SSigMar
4
10(i%Jan
17i8Jan
7214 Jan
2578 Jan
5812 Jan
25I4 Jan
38
70
2484
46
40
1487g
216
87g
15
Apr
Feb
Apr
Apr
Mar
Dec
Mar
Mar
Mur
Apr
Dec
Dec
Dec
Dec
9934 Apr
1512 Dec
69
Dec
23 iR Apr
56% Dec
32
46
40
115
32
62% Oct
June
Oct
62% Oct
57*4 June
1,56
Oct
242 Not
23 14 Oct
5212 Oct
4,5% Jan
69% Jan
5412 Jan
12712 Jan
5084 Jan
I097g Oct
21>g Jan
7712 Jan
3214 Jan
647g Jan
Dee
30
80
37
10
May
32
Apr
5512
74I2
Jan
87% Oct
13S84Jan ,
32i4Jan 29
119 Jan 3
121%
Mar
26
Oct
36
116
Dec
Apr 13
12812
Sep
130
137
Jan
79l2Jan
5334
4334
127
Not
Apr
Jan ~
20i2Jan
34 Jan
61 Jan
10358 Jan
6278 Jan
2914 Jan
2
138% Jan 24
8912 Feb 3
11
llOUJan 3
57% Jan 25
3634 Jan
2
73l2Jan 17
57 Jan 8
3534 June
68 JunelS
104i4Jan 3
45 Jan 29
45i2Jan 16
26% Jan 2
32 June26
63 Jan 4
18 Jan 3
SgiaJan S
140
Oct
Oct
Oct
Jan
Dee
Dee
Dee
64% Dee
3% Sep
I3I4
Apr
24 14
22% Sep
4734 Sep
IOOI4 Apr
3812
10
49I2
26
114
Dec
May
Mar
84% Feb
Dec
108
Oct
77% Jan
Dee
34%
147% Oct
89% May
II4I4
11.8%
Jan
Oct
66
Sep
60
3634
Dec
Dec
38% Dee
73I2 Dee
72
I
9Sl2Mar24
3383 Jan
S
70i2Jan SO
1984 Jan
4
4884 Jan
2
95 Jan 20
149% Jan 2
85 Jan 24
11% Jan 2
2334 Jan
1584 Jan
68 Jan
30i2Jan
23
Apr
75% Jan
4178
4II4
ISI2
16
S7l2
14
12934
18O
734
46
52
May
May
Sep
Apr
Apr
34%
94 14 Apr
Apr
18
Apr
56
6I2 Feb
48
94
II512
Feb
Feb
Nov
Mar
Apr
Sep
May
Sep
13% Sep
17
May
Deo
32% Deo
Dee
67
1914 Dee
42% Oct
3012
104% Jan
36<4 Dee
7312
2184
6812
Dee
Deo
Deo
Dee
June
99 June
153% Oct
84 12 Sep
21I4 Jan
3984 Jan
Jan
17
4Il2
Mar
25
Apr
60ij
S27g
21
Dec
Dec
Apr
27% Dee
58% Dee
66% July
_
41
Mar27
2
227s Jan
50^3 Jan
2
5414 Jan
2
46
33
9
5
80 Jan
lli2Jan
14
Aug
30% Oct
5
ISijJan
37% Jan
63
4
8i«Mar2P
IOI4
684
2I84
Dec
Oct
32%May31
8678 Mario
95l2May
63
96
2
103l2Jan 24
102l2Feb 15
98 Jan 24
53 May2S
llll2June 6
8038June26
11834 May28
5012 Jan
5
101i2Jan 9
17i4Mar29
J.an
4
1678
Aug
38
92
02
Not
Not
Nov
10314
Feb
Apr
Dec
107% Dec
93
44
Dee
52
Aug
48% Dec
98
884
108% Nov
102 June
68% Sep
115% Sep
78i»
July
11.5%
45
1
Jan
June
Deo
119% Mar
58l8 Oct
102
Mar
20% Oct
8478 Deo
Mar
6
55
Apr
Mar
61-54
Dee
Apr
89% Dee
26% Jao
IOI4 Jan
43
July
19
July
7012 July
75
Sep
Fe*
Julyll
Aug
29% Aug
6434 Aug
6284
9
7
6
Jan
5712 Sept 4
101
SeptIS
10678 Jan 20
8i2Mayl4
17
Dec
38% Mar
Not
Nov
98% Nov
Nov
109
2778
62S4
1984Mar30
63
June 4
9O84
May25
Sept 7
90i2Sept 4
IO8I2 Septl3
951 2
52
104-33
Feb
Feb
3
3
11473 Septl9
30
May26
114
184
100
Septll
Apr 21
Apr 24
37% Feb 3
94 Feb 3
29
16
53
Sept 5
Aug 29
Aug 31
64% Sept 4
87% SeptIS
43
Feb
Feb
8
3
99
May
5
54
89% Septl2
z Ex-dlvldend.
6 Before
8284
4
71l2Julv28
Jan 31
99I4
IO2I4
Mario
112,i4
June
2
58
July
99% July
97I4
84% July
9134 July
8Si2 Apr
IO9I4 Apr
1
02
12278
118%
I17i8Jan 19
73
44
Apr
75 June 7
Dec 125%
126% June 9 104
12 12 Jan 25
115% May 123%
0684 Seot21
I28i2Jan 24 Jl23% Deo JI3412
Feb 2297s
188
220 Marl 2
1
10934
6884
100
Jan 18
June H
June 9
5412 Mario
4138 Jan 26
72i2Jan 26
87
May26
12112 Jan 22
IO5I4
37
92
11
payment
lis
Oct
Oct
Sep
Nov
Sep
Nov
Jan 102 Mar
76% Nov
Jan
9773
Apr
10,5%
14734
7334
77
Oct
Dec
587s
29% July
59% July
56
Jan 4
60%
7612 July 2
62
10212 Jan 15
98%
136 Jan 2 0127%
66
Apr
Dec
Nov
Nov
Nov
July
Dec
Dec
Dec
Dec
87
Apr
Nov
Nov
Deo
Nov
118% Jan
no May
167% Dee
e( Orst Installment.
2
2
2
New York
Por rmcnrd
of
of
atocka uiaaHv inActiva, •••
ajOB AND LOW SALg PRICES—PER SHAHS. NOT PER CENT.
Saturday
looig
*93
Tuesday
Wednesday
Sept.n.
Sept. IS.
Se^it.W.
Friday
Phh SHARE
Ranyt
NEW YOKK STOCK
On
EXCHANGE
Week
SeiA 21
Thursday
Se/Jt 20
Shares
I
1612
45
I
SVz
33
68ij
I712
5II2
*4438
39
lOO's
*
M
I
•103
257*
*96
69
*95
3158
85
*156
•157
170
*98l2 lOS
170
•9812 105
28
29
934
28^8
175
•9314 108
30
3OI2
965
934
•150
958
138^8 139I2
92I4 9412
•81
*9l2
13734 13914
9078 93I4
•151
170
*98i4 108
3II2
303s
934
984
•81
83
45
103
138
8838
139
•100
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•87
4934
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110
2634
8434
3234
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2858
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63
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7812
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63
63
46
17
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8918
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•90
35
653i
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5138
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8 134
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•81
85
•109
•109
•102
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2878
28
102
103
125
•111
2878
3914
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3914
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52I2
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108
3913
•9312
51
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2118 2II4
I2II2 I2II2
•54
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120
•54
60
48
47
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63
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•49
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48
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3178
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4012
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•104
2038
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119
60
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3358
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60
101
118
135
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2518
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•60
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135
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1278
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74
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•111
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119
58
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86
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135
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73
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•-.0
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51
131
54
I33I4 136
54
13312 137
•100 103
IOOI3 lOOis •100
58
5713 59
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•103
•103
61
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10334 10733 104
105
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60
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43
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42
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64
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*19l8
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92 14
35
35I4
35I2
52
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81
64
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20
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•102
no
2678
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120
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7
94
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108
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60
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7
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50"34
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62
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110
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•II9I2 1211- 121
•120U 121 I2OI4
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36
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'hfi'
103
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104
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17
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109
22
127
53
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47
6312 63I2
•9812 101
47
98
101
116
14012 I39I2 142
114
4612
97
98
25I2 26I4
8O34 835s
lOOis lOOls
6683 67I2
•1212 13I2
26I4
267s
843s
100 IOII2
6684 6718
*12l2 14
157
157
158
15933
237s 24I2
247s 25
35I2 37
35
3618
+
I5I4
165
7173
100
41
96
41
1578
168
73I2
100
4II2
lOS
9I4
1114
74
74
4278 43
11858 1203s
•109
125
IOI2
115
130
I7I3
50
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134
13012
100
103
5934
59
10338 1035s
63
48
64
50
IOSI4 IIII3
11612 11634
95I2 9738
I5I4 1712
3773 3778
104
60
94
45
65
55
43I2
823s
•45
44
•43
*88l2
4473
63
108
60
93
*
'41'
1584
zlMU
47
47I2
96
41
16
166
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*99l2 IOII4
42
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72
43
§128
17
•5012
115
130
I7I4
*100
103
6OI4
IO3I4 10334
64
655s
.-,912
89
Do
pref
li)0
Nevada Consol Copper
5
New York Air Brake
100
500 North American Co
100
16.700 Ohio Cities Gas (The)...
25
Ontario Silver Mining
12,200
100
...5
1,600 Pacific Mall
2,000 People'.s G L <t C (Chic).. 100
600 Philadelphia Co (Plitsb)...50
2,800 Pittsburgh Coal of Pa
100
Do pref
/OO
100
ino
500 Pressed Steel Car
Do pref
200
100
Public Serv Corp of N J... 100
r.eoo Pullman Company
100
2,160 Railway Steel Spring
100
Do pref
100
Ray Consolidated Copper. .10
11,900
42,400 Republic Iron & Steel
ICO
Do pref _
800
100
9,220
1,000
2,300
2,700
11,500
Royal Dutch Co ctfs dep
Saxon Motor Cai Corp
100
Sears, Roebuck & Co
100
ShattucU Ariz Copper
10
500
33,900
100
100
4,500
8,500
50,900
Sloss-.Shelfield Steel A Iron 100
Studebaker Corp (The)... 100
Do pref
IGO
Sinclair
OH &
Ref'g.._jVo par
Stutz Motor of Am Inc.A'o par
Tennes.see Copper A Chem w
Texas Company (The)
100
Tobacco Products Corp
100
Do pref
300
100
1
800 Transue&VVUltamsPteelA^npo)Underuood Typewriter
100
& Paper
100
200 Union Bag & Paper (new). 100
'466 Union Bag
2,000 United Alloy Steel
28,700 United Cigar Stores
Do pref
100
235 United Fruit
Cast I PIpe&Fdy
1.000
No par
US
Do
200
pref...
S Industrial Alcohol
24,700 U
Do pref
100
6,650 United States Rubber
800
Do
1st preferred
9,200 U SSmeltlng Ref &
Do pref
100
11178 1257800 United States Steel
M
50
11634 1168,
9553 981"
lOIl 171;
3773 38
104 1001
55
100
100
Do pref.
100
Nat Conduit & Cable No par
Nat Euam'g <t Stamp'g... 100
Do pref
100
National Lead
loO
2,700
56
141
110
8',666
7418
44
138
48
25
700
nil
11883 12058
105
13,550
42
108
60
4534
45I2
8934
4683
67
44
67
67
4313 43I8
28I4
29I1
275s 285s
87I4 95
•8714 94
62I4
6O34
61
RO34 62
I2II2 121
119 123
121
•12014 121
I2OI4 121
121
•32I2 36
31
32
36
9«l8 *
97 »
96
•50'
56' 60
57I2
56
285s
95
Bid and asked prtces; no sales on this day.
> Bs-dlyideod.
•ates of deposit.
102
2858
4334
12",266
100
52
108
26
90
90
US
52
7I4
90
151i
2634
43
94
00
49
96
42
''618
•89
58
2712
4333
99I2
118
Do pref...
100
100 NRtlonal Biscuit
104
120
345s
5038
46l4
IOOI2
2534
811s
IOII2
101
66I2 667,
*12l2 I3I2
15218 156
23I2 23I2
3618 371s
•42
102
65I4
114
Miami Copper
5
49.200 Mid vale Steel & Ordnance. ..50
700 Montana Power
100
2",906
lOS's 110
no
2818
52
108
36I4
5278
8112
25
86
62
101
118
13978
lot
120
3534
5153
8II2
2II4 22I4
I2212 125
2118
26
65
3573
6678
203s
9734
4753
•104
•60
•43
M
5234
80
f
Cuban-American Sugar... 100
175
98I4 108
Do pref
100
32
31
74,500 DlslUlera' Securllles Corp. 100
Dome Mines, Ltd
2,400
10
97s 10
I45I2
144
6,800 General Kleci ric
1 00
94I2 98
142,500 General Motors tem ctfa.-lOO
Do pre/ lem ctfs
82 83
550
100
45I4
44
3,500 Goodrich Co (B F)
100
Do pref.
100 103
200
100
82
1,000 Granby Cons
S & P
81
100
42I2
42
1,600 Greene Cauanea Copper.. 100
103
105
1,800 Gulf States .Steel ir ctfa... 100
Do Ist pref fr ctfa
101 107
100
Do 2d pref tr ctfs
100
"5134 53'38 78,300 Inspiration Cons Copper. ..20
I4I2
1513
3,350 luternat Asrlcul Corp
100
Do pref...
46
44
3,046
100
108 112
4 Intern Harvester of N J.. 100
28
2S5g 49,000 Xnt Mercantile Marine
100
85I4 S63i 84,500
Do pref
100
3334 3478 17,200 Intern Nickel (The) v t C..25
31
31
9,100 International Paper
100
Do 8tami>ed pref
•6412 65I2
400
100
•43
45
200 Kelly-Sprlngfleld Tire
25
4118 42
34,600 Kenuecott Copper
No par
8312 84
9.100 Lackawanna Steel
100
I7I2 18
1,000 Lee Kubber & Tire... No par
75I2 77
400 Mackay Companies
100
Do pref
400
63
63
100
3334 3384
6,700 Maxwell Motor Inc tr ctfs. 100
Do Ist pref stk tr ctfs. 100
6334 6434
400
I9I4
Do 2d pref stk tr ctfs. 100
1978
700
95I4 97I2 89,700 Mexican Petroleum
100
92 98
Do pref...
100
36
4933
155
45
II5I2 1157,
9OI4 93I2
64
43
28
96
I8I2
77
64
4612
108
5473 55
90
90
105
65
•I2OI4 121
•31
S4
97
SS
41
3II2
44
106
*89l2
44I4
65
45
34
47I4
10713 10<<l2
•105
•57
863s
48
105
1151s II6I2
8934 93I2
•I5I2 17
36I4 36I4
28I4
4484
105 •103
105
6212 63
60'8 62
•49
401» •49
491
•II6I4 117
9313 95I2
*15l2 17
•37
37I2
44
110
461s
42
1155g 11634
•108
•126
•15
52I2
14
64
•98
•914
118
111
126
*151->
18
•12512 1283g
5812
108
107
160
65
45
3734
111
126
115
I6I2
51
41
IO2I2
3353
3OI2
•3734 41
15I4
1453
147g
15
I6II4 16412 165
168
6858 70
70
7234
IO3I2 IO3I2 *100
IO3I2
*40i3 41
4OI3 4OI3
•3734
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108
•914
2734
44I4
99I2
80
•63
3334
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81
109
102
103
33I4
2978
•97
41
16412 I66I2 103 14 165
6834 71 14
711s 7158
•102
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*7fil2
31
2434
7658 7834
•9934 101
66I2 67
1278
12
I5II4
151
2313 23U
355s 3634
15112 15234
23I4 2338
3534 3714
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1718
7758
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241'>
80
IOII2
6634 67I4
48
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•9934 102
66I2 6718
•1318
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•153
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23I2 23I2
•3612 37I4
•
79
109
102
103
120
2612
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4553
33I2
471j
634
101
•114
135
45
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81
7834
9II2
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60
40
20
477s
•86
28
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6412
•5334
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4753
327s
2758
*19
5158
8 134
108
3278
32I4
934
141
144
9434 98
•8112 83
44I2 45I2
1387s 141
S7i8 96
8II2 83
44S8 45
IO2I4 IO2I4
*77
80
93I4
*63l2
64
80
•45
77I2
•63
31
634
26I4
27
64
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87
63
102
118
135
*I13
•133
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1718
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64I2'
4658
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•
175
*98l4 108
82
82
83
4378 44
44
44
•100 106 •100 104
103
79I2
*78
80
78
78
80
40I4 4012 *40
41
42
42
4012 *40
92I2 94
97I2
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100
96
98
lona
•100
IO6I4 t
107
106 •101
•87" 160
*91
•90
160
160
52I2
52
47
4818 497s
51
50
50
•13
I3I2
17
13
1312
13
16
13
*43
•41
4353
47
43
46
45
4513
110
110
110
110
109
109 •108
110
27
2412 2634
2434 20
27
261s 27I2
85I2
82
84
8038 84I4
8434
797s 8158
44I4
56
•152
5 Leas than 100 shares
1 1
,700
Do
pref
lOO
100
100
100
100
100
100
100
100
50
50
100
100
09,800 Utah Copper..
10
100 Utah Securities V to
100
900 Virginia-Carolina Chem... 100
Do pref
100
...100
200 Vlrf-'lnla Iron C & C
100
900 Western Union Telegraph . 1 00
7,900 Wesllnghouse Elec A Mfg.. 50
Do 1 St preferred
100
50
._
500 White Motor
50
20,500 Willys-Overland (The)
25
Do pref sub rects full pd 100
3.406 Wilson & Co, Inc, v t 0...IOO
300 Wooiwortb (F W)
100
Do pref
100
v t C.IOO
100 Worthlngton P *
Do pref A V t c
100
"266
Do prof B V t c
100
M
J Ex-rlghts.
a E-'i^lv. and rights
b
PER SHARE
J art.
Range for PretieWM
year 1916
1
Hiohesi
Hiybett
Lowest
SeptlS
515
Shan S per shar*.
415
Jan 700 Nov
t90i4 SeptlS
9518 Septl7
2338 Sept21
1573 Septl3
441s SeptlS
156
135
126
per share
t
193
70
Feb
% per share
1
I
IO7I2
•89
•60
•120
Sirtce
basil 0/ lOO-share lots
Lowest
i
1
2S
1191
precsdlnff.
pate*
lndustrlal&IVIIsc.(Con.) Par
$ per sh.ire S per share S per share $ per share
$ per share
1,400 Beiliifctieai tJieel
*y7
98
9812
100
105
9912 t93
9812 9812
97
951s •94
Uo cla;)» U cunuDOD
9II2 9434
9334 9734I
lUO
lOUa'
933s 10034 t90i4 92341
953s 9838 234,400
200
Do pre!
96 100
•91
•101
106
100
95
95 Is 99
100
27I4 14,700 Butte & Superior Copper... 10
2718
2734 28
2434 28
2378 2612
26
28
233s
I7I2
I6I2'
I6I4
I6I4 •1534
600 CalKorula I'etroleum v to. 100
I6I2
1734
1618
1734
17
17
45I2
44I2 45I2
Do pre!
•45
2,200
45
45
4612
4434 45I4
100
45
45
84I4 85I4 37,500 Ceutral Leather
8II2 8312
8218
8278 85
lOO
7834 81
7734 sola
800
Do [ire/
IOSI2 «108
IO7I2 107
108
109
100
lOS
108
107
IO712' 108
32I2
1,700 Cerro de Pasco Cop
3234 33
33
3312
3234 3234' •32I2 34
32
33
No par
70i8 72I2
12,300 Chandler
7OI2
7OI2 7214^
7OI4 7678
otor Car
76
76
77
75
i 00
I9I4
I7I4
I7I2
7,500 Chile Copper
1833
1878
17^8
1734
18
25
17
17
17-<s
49I2 51
52I2
5178 525s
4934 5078
51
5238 53I4 15,200 ChlDo Copper
5
52
44I4 46I4
42S4 44I2
44I4
4,800 Colorado fuel* Iron
42
43
44
4512 46I4
100
45
39I4 3953
4034
4,200 Columbia Gus&Elec
3734 3834
4018 4 1 13
40
100
3834 391s
39
IO4I4 10334 10334
4,300 Conaolldaled Gas (N Y)..100
IO3I2 104
101
9912 lOO's IOOI4 10012 102
9II2 i»9i2 91
1,775 Conllneniul Can
87
93
93
100
91 *
93
87
90
Do pref
•103
IO2I4 IO2I2 •100
700
102 101
06
...100
103
103
26I4
2778 44,200 Corn Products Rdlnlng... 100
2434 2558
2533 27I3
27
2734
2512 2618'
27
97I3 97I4 •9612 98
97I2 9712
Do pre/
700
100
98
9612 9678 •96
97
73I4 7514 147,600 Crucible Steel of America. 100
6512 68
7138 74I4
6638 6912
68
72
7018
95I2 96I4
•95
400
Do pref
•95
•96
9634 9634
100
100
98
98
97
3OI4
3II2 32I2
19,400 Cuba Cane Sugar
No par
32
2978 31
30
31
3234
3134 34
Do pref
8412 85
8458 85
84
84
84
1,800
100
85
85
85
84
i per share
*103
Monday
i
I
t«cond
STOCKS
Sales/or
the
Sept. lb.
.
Record— Concluded— Page 2
Stock
«•!« -lunriw t^m •««eW
4
3
7
]
3
8
7
2
107
32
Septig
Aug 31
Jan 4
Junell
Jan 5
52i4Jan 26
30l2Jan 25
62i4Jan 25
101>2Junell
11578 Jan 25
41
Feb 20
Mar20
6818 Septl5
IGis Sept 4
10434
4818 Feb 3
3812 Feb
34i« Feb 3
9912 Septl3
8212 Feb 3
IO2I4 Septl9
6334
Mar
68
June
18 Feb 2
Sept 4
5012 Feb 2
9512 Sept20
94
27
Aug 31
83
Sept 5
Feb 14
99i2MaylO
1134 Apr 20
159
95s J one 19
I35I4 Septl2
86I2 Septl2
8018 Septl2
43
102
751s
40
Scptll
Aug 30
Feb 3
Apr 23
9212 SeptlS
Feb 3
Feb 10
102
117
47
13
Septl
Septl
3OI2 Septl2
25
63
Sept 4
Sept 4
4212 Septl
39 Septl
Feb
16%
.lulv
3
7612 Sept20
63
Sept21
2834 Septl 1
59
18
8158
Julyl8
Septl2
Mar
1
90 May 3
32l2Sept 4
4712 SeptlS
79
109
96
112
Septl
SeptlS
Sept 5
May
5
26I4
SeptlS
24
Feb
3
90l2May
9
5038 Sept 8
101
May 8
2018 Septl7
11713 SeptlO
53
Sept21
45l4Aug29
5 Feb 3
18 Feb 3
63
SeptlS
3234
May
45
85
58
Aug
9
31
SeptlS
Sept 5
9973 SeptlS
no Aug
31
12933 Septl2
43 Feb 2
96isJune26
23 Feb 1
60 Feb 1
90 Feb 1
59
1
17g
150
2218
May
9
Sept 6
Septl2
Feb
275gMarl2
7
7
477s Apr 4
13458 Jan 18
IO3I4 June30
11212 Feb 7
37I4 Julyll
11283 Jan
2
91 '8 July 2
11734 Jan
3
5514 Jan
4
94i2Jan 3
205 Apr 16
107i2Aug 7
32I4 Sept20
2434 Jan
9
17134 Jan 26
Marie
125
93
Jan
4
eiUJan
19
Jan
4
112
9238 Jan 17
Jan 26
Jan 3
Junel3
11712 Feb 2
66I2 Junell
47
137
110
217sMay22
Feb 5
107i2May 9
1934 Feb
1
G25s Feb 8
3..I4
7913
$ per
2
60i2July23
123 Jan 2
367sMar23
95l2Mar24
473sMar21
4958 Jan
4
77i2June 6
6412 Jan
4
50i8May26
June 1
30 Jan 2
S934Feb 17
67i2Jan 15
61*4 Jan 17
7413 Jan IS
40 Jan 20
10373
10612 Jan 10
9773 June 8
43I4 Apr 30
6712 June 7
109i4Jan 2
I17l2Mar28
122i2Jan
5
5
Jan
127
39
Mar21
734 Sept21
30i2June27
106i4Jan 18
42 Jan 4
5138Sept20
90 Aug 16
83i4Jan 26
il07 Jan 31
131 Jan 6
167i2Jan 26
58 Junell
32I4
10.578
6712
May2
1
Mar
9
5934Mar29
7434Mar30
98
40
92
884
172
4058
Feb
3
May28
Feb
May
Aug
3
3
31
Sept 5
4
May
91i2Feb
111
125
16
2
Aug 30
3
Septl
Septl3
Sept 5
50 Set)tl2
lOOl'Apr 21
97i2Apr 28
5O84
103
5238
Feb
9
Sept 14
May 10
49 Aug 14
99 Feb 1
11.5l8Septl7
8934 Septl7
16 Sept 5
3414
10434
Feb
May
3
8
3
46 Feb
88l2Septl2
4314 Sept 5
65 SeptlO
43 Septl7
243s
May 19
90 Sept 14
57 Aug 23
114i2Sept 5
121
Aug
31
23l2Feb 9
Apr 16
91
60 May 9
8058Aug21
Marl2
105
4812
Nov
Dec
Dec
43
Dec
Dec
Jan
9134
152
Jan
10038 Dec
24
Dec
18
Dec
159
Apr
120
Dec
8SI2
4912
11012
Dec
Dec
Dec
80
34
July
June
May
May
May
71
87
72
Sep
Jan
Sep
Nov
Deo
Deo
Mar
Deo
Oct
Oct
Sep
110 June
5412 Apr
2912 Feb
I8714 Oct
135
93
80
1
1684
120
66I2
193
115
190
42?fl
Apr
11
Aug
37
Dec
74
IO8I2
Jan
7434
2973
Deo
Deo
Apr
Mar
Nov
Nov
Nov
Nov
Nov
Nov
Jan
Jan
Nov
Ill33s
Feb
12678
C5078
P6II4
3878
9i2
Mar
1112558
Dec
561516
Sep
Sep
Jan
Mar
75I2
Nov
56
40
64
8514
6414
Nov
May
Dec
Dec
2513
Dec
78
Apr
Dec
Dec
Dec
Dec
6478
44
65
32
8858 June
8912 June
Sep
107
Nov
5612 June
91
Feb
June
Sep
Jan
6078 June
12953 Jan
1055s Jan
6884
99
93
33
Aug
4983
Nov
68I4
Mar
11478
II714
13112
1295s
Deo
Nov
Jan
Sep
June
109
118
124
Apr
Dec
Dec
Dec
Jan
July
118
3618
100
745g
11718
3413
186
Oct
May
Dec
Nov
Sep
Oct
Nov
Nov
7573
I24I4
11«8
Deo
Dec
31
118
Aug
lOOisMay
June
48
Deo
88I4
Nov
Nov
6512
75
Apr
Oct
534
Nov
1184
Jan
38
4212 July
97
114
July
Jan
1597s
May
Apr
32
95I4
Mar
20
42
June
June
Dec
6373
I68I4
Mar
22
Dec
37
July
lOOis
IO8I4
4812
Dec
lOS
137
177
61»4
IO3I4
37
93
117
Jan
Oct
Sep
Sep
Nov
Nov
Nov
Nov
Nov
Dec
Sep
Dec
Dec
1534
I77I4
48I4
June
Sep
99
July
8434
233
Sep
Nov
40I4
Feb
9314
Nov
167
14
7912
Jan
Mar
Sep
1912
Dee
24112
Nov
5953
10912
Mar
Dec
June 6
Aug 20
107
74
6314
6378
14434
2934
II312
9912
12478
7638
IOOI2
26978
June
Jan
Jan
Nov
Nov
131 June
39I4 Nov
Aug
13I4
85
Nov
Mar
Aug 27
68 Jan
238l4Jan 22
2934
123
II712
114
101
Jan 22
Apr 3
94i2June 7
101
IO5I4
425s
8OS3
Jan Jill
5OI4
IOSI4
IIII4
15
7288Mar21
1437s Apr 19
186
Feb
Jan 6
263s Junell
110i2Jan 17
10858 Jan 20
5.334 Jan 20
19i2June20
243 Jan 10
Feb
75I4
106
57
156
Apr
195s July
1934
9018
42
13
15678
4812
88I2
4618 July
3818 Apr
30I4 Sep
12934 Dec
63l4Mar23
114
Dec
Juno
40 June
49
Apr
10878 Jan
Junel4
45l2JuIy28
9934 July 12
35
42
Sept21
SeptlS
Sept 7
90 Sept 5
3II4 June29
July
4178
15
Jan
86
110
Oct
Oct
112
.Tan 2
4933
12773
4I4
May
87I2
15l4Mar22
Oct
129
Nov
»9
Feb
10554
Aug
Aug
I8I2
June 2
Aug 14
12034Marl4
1543s Jan 22
24l2June26
63 Jan 29
171l2Junel3
106 June!
67 Aug 14
11 434 Jan
3
6734
52I4
13658
57
Jan
Jan
3
May31
121i4Jan 19
11834May25
2434 Jan 22
46 May3l
112i4Jan 26
77 Mar3n
99'4Jan 19
56 May 28
7018 Jan
4
,5212
Jan 18
3812 Jan
100
61112 Feb
13618 Jau
15 Is Jan
4812 Feb
9412 Doc
9912 July
4734 Mar
106!s Feb
18
Mario
Dec
50
June
r7934
Mar
120
16912
2818
6712
17012
114
7084
11.514
8II2
5312
12934
May
123
7434 July
130
115
June
Nov
Nov
Apr
Jan
Dec
Dec
Nov
June
Nov
Nov
Nov
Dec
36
108
June
Apr
Apr
41
July
2738
51
I1412
7284
87
Mar
10.512
Oct
51I4
Dec
7158
Mar
70
Apr
79 Mar
5988 Oct
Dec
Dec n325 June
Dec 117 June
I6I4
45
34
94
Jan
Dec
Nov
84i4Mar30
Jan 22
126i3Jan 17
151
3733 Juneir.
97I4 Junell
63
Par $10 per share,
Junel
118
123
25
95
52
n Fstr tlOO p«r
Jan
June
July
July
July
ife
«.
141»4
126
3638
100
66I2
•
Oct
Nov
Sep
Sep
Sep
OsrMn-
New York
1193
in Jan 1909
Week
S
S
8
8
8
8
'1
U. S. Govurnincnt.
Liberty Loau (w 1)1947
3^8
coiiHol re«Utere<l-..dly;JO
;i!a
Price
J-D
y-
tl91.s
tiais
1925
192..
O
D
190
D 8 Panama Caual 3a K
O 8 PhillDt'lue Island 48.1914-31
8 Pan Canal l(>-30-yr 23.*iy:jfi
8 Pan Canal 10 30-yr 23. . 193S
Foreign Government.
Amer
—
W F
Q- F
y-F
Q-F
Q-N
Q-M
Q-F
F-A
A-O
M- 3
M-N
9712
1931
—
95I2 Sale
92J8 dale
—
M
5H
temp notes
Temporary notes5!^a
Temporary notes 5 His
N
1921
1918
1919
M-N
New 4Hs
4H%
3H%
WY
State— 43
1961
Improvement 4s
1901
Improvement 43
1962
Improvement 4s... 1960
Improvement 4^8.1964
Improvement 4iis.l965
Highway Improv't 4Vi3..1963
Highway Improv't 4^i3..1965
Canal
Canal
Canal
Canal
Canal
Railroad.
...ftl995
g 4s... 1995
Beglstered
97
80I4
947,
1995
75
9312
93I2
-
J
-
J
-
J
J
-
J
I
-
J
xM- S
M- S
-
Q-
J
J
O
A-O
-'^
-
M-N
J -D
J-D
1955
1900
ID-year 53
1917 i -D
East Okla Div 1st g 43... 1928 M- S
Rocky Mtu Div Ist 4s.. .1965 J - J
Trans Con Shon L 1st 43.1958 J - J
Cal-Ariz Ist Aref 4'^3"A"1962 M- S
8Fe Pres.4 Pb latg 53...1942 M- S
Atl Coast L Ist gold 48
fcl952 M- S
Gen unified 44s-.
1964 i -D
Ala Mid 1st gu gold 5S---1928 M- N
Bruus &
Ist gu gold 4a. 1938 J - J
Charles & Sav Ist gold 78.1930 J - J
coll gold 4s
0195^ M-N
Bav F &
Ist gold 63
1934 A - O
IstgoldSs
1934 A-O
Sil Sp Oca & G gu g 48
I9I8 J - J
Bait <fe Ohio prior 3H8
1925 J - J
1910
W
W
M925Q-
Registered
Ist 50-year gold 43
/il948
M
W
W
A-O
A-O
D
M-N
J-D
M-N
Am
N
Cent Vermont 1st gu g 4s..el920 Q-F
Chesa A O fund A Impi 5s.. 1929 J - J
Registered
_..
1939
4Hs
..1939
1992
Registered
1992
20-yeHr convertible 4 Hs. . 1930
30-year conv secured 5s.. 1940
Big Sandy Ist 4s
1944
Coal River Ry 1st gu 48.. 1945
Craig Valley Ist g 58
1940
Potte Orepk Br 1st 48
1946
A A niv I SI COD g 4« 19S9
TR?^ -Ortsfii ,^ ,M l«
|0»<U
__
*Nu
price i<'riiay. i:itesc tins
93-'S
74
93
95%
94
i
M-N
M-N
M- 3
M- S
F - A
A-O
J-D
J-D
J
J
J
J
9II2
93it
79
9738
9412
93 14
9912
98^8
9818
10134
10218
94
94
94
9234
99
100
Sale
10218
Sale
9412
94'8
94I4
9334
102
Jan
83
59
80
96
96
Sale
91
8212
83^4
98^4
8434
83
100
85
nils
78
46!
30
137
197
389
'83"
107% 117%
78
.
50
9II2
9OI4
101'4
Nov
9912 103
104
12
10)
90
81
lOl'i
97I8
"is"
86
109
no
111
iod" 102
9712 101
14
92
"'77"
75
70
70
115
26
"23
-
J
70
-
J
80
73
aDue
'37
18
96%
95%
83% 94%
92
91
82 14
92 14
97%
99% 101%
79
78
84%
lilO
«94l2
90
94%
100
99% 99%
104
107
107%
101% 111%
102%
10134
97
78
103
Aug
10934 10934
98
85
105%
9:2
10034 110
17
97
98
78
103
'17
Mar'17
97% June
103
78
103
17
97% 96%
104'2 Apr -17
90
AU'4 '17
109'4 Sept'17
IOSI2 Auri '17
104% 101%
90
97%
10)
120%
108% 118
100
100
100
100
'13
Sepfl7
Aug '17
IOOI4
Jan '17
8634
7578
8214
70
7934
90
94%
108%
104% lOlu
iUO
78
77
Mar'17
7fi38
83
19
185
8634
7578
8214
80
84
82
T.
M
73
84
jDue
IO4I4
June'13
77
i.j^-n.
Chic A lad C Ry Isi 53... 1930
Chicago Great West 1st 43.. 1959
Chic Ind A Louisv Ref 68.1947
Refunding gold 58
1947
Refunding 4s Series C
1917
Ind A Louisv Ist gu 48
1956
Chic Ind & Sou 50-yr 43
1956
Chic L S A East 1st 4 !^3- . . 1909
Chicago Milwaukee A St Paul
Geu'l gold 43 Series A
el989
Registered
«19x9
Permanent 48
1925
Gen A ret Ser A 4!^s
a201
—
General 4!^s Series C...eI989
25-year debenture 43
1934
Couvertlble 4i^s
1932
Chic A L Sup Div g 58-. .1921
Chic A Mo RIv Div 53
1920
Chic A P
Ist g 5s
1921
A PugetSd Ist gu 4s. 1949
DubUQue Div Ist 8 f 63- . . 1920
Fargo A Sou as-sum g 68..I924
La Crosse
Isi 58
1919
Wis A Minn Div g 53
1921
Wis Valley Div 1st 68
1920
W
CM
AD
l3t ext 4 4S-.1934
Cons extended 4 Vi s
1934
Chic A Nor West Bx 4s 1886-1920
Registered
94
92
86U
9434
87
1886-1920
-1987
Registered
pI987
Geueral43
1987
Stamped 48
1987
General 5s si amped
1987
Sinking fund 68
1879-1929
Registered.
1879-1929
Sinking fund 58
1879-1929
Registered
1879-1929
Debenture 58
1921
Registered
11921
Sinking fund deb Ss
1933
Registered
1933
Des PlainesVal Istgu 4^81947
Frem Elk A Mo V Ist 6s. . 1933
W
Man G B A N
M-N
M- S
A-O
J - J
F-A
J
-
J
-
J
J
A-O
A-O
M-N
M-N
M- S
M- 8
J
-
J
A-O
M-N
F-A
J
-
M-
S
AS
J
-
J
J
J
-
J
J
-
-
J
-
J
Q- J
J -D
A-O
J
J
-
J
-D
J
J
-
J
-
-
-
J
J
-
J
J
-
-
J
J
-
-
-
J
J
J
J
J
J
J
J
J
J
J
-D
-D
F- A
J
J
F-A
M-N
Q- F
M-N
M-N
M-N
A-O
A-O
A-O
A-O
A-O
A-O
M-N
M-N
M- S
A-O
W
A-O
M-N
O
A-O
M-N
A-O
F-A
.1918 M-N
North Wisconsin Ist (is.. 1930 J - J
StP ASCIty Isi g 03
1919 A- O
Superior Short L Ist 58g.(?I930 M- S
ChlcT H AS.)-East lat 53 I960 J -D
Chic A West lud gen g 6s-.(?I932 Q-M
Consol 50-year 4s... _
1952 J - J
Clu H A D 2d gold 4^43
1937 J - J
1st A refun'llng 48
1959 J - J
1st guaranteed 43
1959 J - J
CIn D A I 1st gu g 5s
I94I M-N
C Find A Ft Istgu 4s g 1923 M-N
Cin I A
l3i |ju g 43...
1953 J - J
Day A Mich Ist cons 41-^3 1931 J - J
C'-^v Cln Ch A St L gen 48.1993 J -D
85% Sale
32%
31%
102% 103
84%
75
90
110%
95
72
79
92
General .'js Serle.s B
Cairo Div 1st gold 4s
Cln
A
Div Ist g 4s
St L Div I.St coll tr « 4s
Spr A Col Div Istg 4s
Val Div 1st g 43...
W
M
WW
C 1 St L A C consol 63
1991 J
-
1
920
-*I930
Registered
.11930
Cln S A CI cons Ist g 6s. , 1923
C C C A I gen cons g 68.. 1934
lad
1st pref 43
1940
O Ind A
Ist pref 58... (1193s
Peoria A East 1st cons 48. 1940
Income 48..
._. 1990
Clevo Short L Isf gu 4 1^3-. -1901
Col Midland Isi gold 4s . .1947
Trust Co eertlfs of deposit
Colorado A Sou 1st g 43
1929
Refund A Ext 4 l^s
1935
Ft
A Den O Isl g Os.. .1921
Conn A Pas RIvs lat g 48- 1943
Cuba
Ist .50-year 5s g
1952
HAW
W
W
RR
Del Lack A Western
Morris A E.S3 lat gu 3H8.2000
N y Lack A 1st 63
1921
Construction 5a
1923
Term A Improve <8
1923
Warren ist ref gu g < ^ a.. 2000
M-N
-
J
J
A-O
Q- J
A-O
Apr
A-O
F
A
M-N
D
A-O
J
J
-
J
10334
102
Aug
-D
-
F
-
A
M-N
A
96%
98%
96%
77
84
93
72%
1079(
823t
86I2
105%
79%
94es
102^
84
'17
'17
10334 103»4
100% 100% Sept'17
IOOI4 204I|
91% 90% Apr
106% 104 Julv'17
104% Sept'17
10:<
9934
99%
99%
77%
101%
104%
Jan
96
8478
July 17
94
84
93
96%
78
111
85%
90
78
106%
102
'17
90%
108
95%
106
104% 104%
100% 101%
100
104^
9934 10034 lOOl, July 17
9934
100% Sept'17
107
Deo 16
102%
95%
94%
88
88
78
97% Jan
78
Sale
79
96%
86
102% Sale 102%
92 14
102%
Jan
75
16
98% Sept'17
103%
97% 105%
'16
\\)t
Sept'17
100
102% Oct 16
10034 100
July 17
99% IO4I4 June'16
100
Jan
88
102«|
"99% 1037^
82I4
101% Oot 16
107% ir3i2 112% Aug 17
87
111
111
100"% 100
71
98%
97%
86%
86
98%
86
95%
25 102% 118
17
109% Apr
111
IO414
102" 104
90%
97%
17
78
8II4 Oot '16
89 Aug '17
86 Aug 17
90
"S'Ju
97
100
97% 101%
97% July'17
102% Deo 16
91
Aug -17
112% II8I4
'17
88
88
103%
104%
IO7I4
104^4
69
103%
103% Aug '17
100% 101% 10434 Apr '17
1045g
111% Dec 15
104
111% tv ovl6
78
86% Sept'17
85
9934
84
9934 July'17
1<)0
June' 17
100% Apr
78%
76
6
7834
8512
90
66%
78%
Sept'17
70
84
98% Sept'17
671?, Aug '17
6.'i78
96% 96% Sept'17
100
97% June' 1
98
65
9811
Mar
66%
'67'U Sale
71
71
17
6734
'87
9812
6238
.. .
97
97
9444
108%
99% 100%
100% 100%
99'4
17
79
7834
87
9934
Oct
8534
74%
96% 102%
97I2
97%
16
97% July'15
55
60
66 Aug '17
64% 67% 68 Aug '17
10834 110
110 Aug "17
Apr 17
91
80%
96 100
96% Aug '17
IIII
HI
109%
101
103
9514
50
105
66
74
80
107
67%
....
Jan
82
91%
111
90
'lo' '96'
inn 17
Sept'17
81%
83% 87
100% 101
83% 87
79
46
6%
5
105
...
78
3%
82
77I2
77%
1(1034
July' 17
94
Fob
80
84
94
Sept'17
9t)i2l
3
10
4
75
30
102»4
1734
1134
2
81
96
77%
8734
100% 106%
'16
100
74% 82%
51
I5I4
103% 107% 10334 Sept'17
98%
102%
106% 110%
102»K
95%
2%
338
86%
85%
84
I5I4
81
7838
7034
73%
100% 100%
Sept'17
Sept'17
I5I4
96
4
81% 82
83»«
73%
Sept'17
51
15% Sale
93
96
81
7473
74% July'17
71%
73% Juue'17
84 Nov'lH
71% .10178 104% 100% June'17
84% 88
85% Aug '17
88% May'I5
"95' nil 102% Jan '17
10514
107% Aug '17
94
79
Juiyos
88
'51"
65
96
96
64
'17
Feb
79
72
75
96S4
90
Mar' 11
Julyl4
96
64
65
67% 77
July' 15
65
76
"s'i" "if"
10512 108
11
Mify'n
25
64
idui 104"
17
IO6S4 Sept'17
6778
67%
90 May 17
88
84
75
1183*
90% 103
118%
Juue'17
Nov'16
102% July 17
105% Nov'16
*90
100
62
55
6334
110
91
118
J
J - J
F
84)2
Sept'17
92% Feb 10
8478
84%
77
80%
338 Sale
-
112% 116%
100% lOOSli
72% Aug '17
86% 90
80%
86%
79% 79%
79%
"85% Sale
85
85%
J
J
41
J
Q- F
Q- F
J
J
32
63% 73%
65
6534
1990 M-N
1940 M- S
1940 J - J
1st gold 4s
90
90
90
J
-D
-
75
76
Juiyi7
Feb 13
Mar' 17
80% 84% 83% July'17
99% 101 Feb '17
8II4 83% Mafl7
74
1931 J - J
1993 J
1939 J
8034
Sept' 17
78
93
6684
9/l«
33
27% 36
105% 107%
Mar'17
100% Apr 17
84% Apr 17
70 NoVlO
96% Jan '17
9738 Deo '16
Sale
85
30)2
19
17
Miri;
63%
82
77
93% 99
1123«
84% Sale
99%
98
June' 17
32
Sale
62*4
533t
100
89
98
lOUig 10211
8ept'17
9734
25
65
100
75
July
33
30
106
87
75
70
W
4^a..
10
43
99
79
88
July'16
99% June 1.1
85%
85%
51
ChSt P A Minn l8tg63
W
59%
17
Sept'17
91% 93% 93% Sept'17
J
-D '92" 94"
J
J
69% June'
98
High
8eptl6
teb 15
10314 10034 Sept'17
98I4 Sep't'17
J
W
M
96»4
-
P-A
W
100%
Since
Jan. 1
99% 100
99 Aug 17
79% Aug 17
75% 77
87% 88
88
J
131 3 ViS
—
59
43% 43
40
Rang*
High No. LotD
88)2
II3I4
85
II
Last Sale
Atk Lou>
BiA
70
J
194 J - J
L Istgu 3 Via... 194 J - J
Mil L S A West Ist 8 6a .1921 M- S
Ext A Imi) 3 f gold 5a. . - 1929
Ashland Div lat g 63...192.'i M- S
Mich Div Isl gold 68 1924 J - J
Mil Spar A M
Isl gu 4s 1947 M- S
St L Peo A N
Ist gu .58 1948 J - J
Chicago Rock Isl A Pac 6s. . 19 1 J - J
Reijistered.1917 J - J
Rallimy general gold 48... 1988 J - J
Registered
1988 J - J
Refunding gold 4s
1934
20-year debenture 5s
1932 J - J
Coll trust Series P 4s
1918
R I Ark A Louis 1st 4 !^3 1934 M- S
Burl C R A N
l3t g 53-. 1934 AC R I F A .N
l3t gu 5a
1921
Choc Okla ik r, gen g 5a. .01919 J - J
Consol gold 58
1952
Keok A Des .VIolnes Ist 53 1923
St Paul A K C Sh L 1st 4 Hs '4
Chic St P
A O cons 63.. .1930 J -D
Cons Os reduced f« 3 ^a .1930 J -D
Debenture 53
.
1930 M- S
W
80% 88%
cuueMay.
3^3
General gold
Week's
Range or
Price
Friday
Sept. 21
GenAref4^s(temporary form)
Gen ref conv Ser B 5s...a2014 F -A
Gen'Igold 3HsSer B
eI989 J - J
J-year deb
May 17
Aug
107
99% 99%
84
Jau.
118%
8934
\pr 17
8512 Nov'16
9634 feb '16
843» Jan 13
8OI2 Sept'17
82
85
99
86
77% 89
17
91
7612
821? Sale
IO6I2
107
Nov'16
Feb
10034
70
Safe'
89
16
10014
IO4I2
70
98
102
7312
8234 9334
91
100
9934 104%
8434 90%
8512 95%
IOOI4 107%
85
9334
I'i
io;ii2 Jhii
91
100
79%
95%
78
IO3I8 Fob '16
10012
IO6I2 Deo 16
10218 108
104 107'2 10Ui4 lin 17
9338 98% Sept'17
"77'!!
88I4
91
Juue'17
9914 IO7I2 IOII2 Sept'17
10134 Vlar 17
99
97
Nov'16
"so"
"96"
97
93
100% 10078
Sept' 17
102
59
85
83
July' 15
16
'4
U S Mtg A Tr Co ctfs of dep
Guar Tr Co ctfs of dep
Purch money Ist coal 58.. 1942
Mllw
Juiyi7
85
8712
6II4
8OI4
99% Juue'17
83
103
Dec
83%
9
IO412
10534
IO9I4 117%
IO8I4 110
96
90%
104
9812
98 IOOI4
9812 IOII2
103
96
107'2
107
98%
93%
Ohio (Cun)
Mllw A No
98l8
112
Jan '12
8658 '8712 86
Aug '17
7812 7d'8 78'-2
7812
85I2
85^8 8634
8512
100
9934
Apr '17
90
100
94I2
101
110%
100
lOOis
10134 111)12
81
9II2
101
105
10034 IO6I2
100
I0212
20 99% IO6I2
Sept'17
82I4
94
8OI2
9812
9733 106
111
11034
9334 102%
9(34 10218
9334 10214
12
90 2
4pr '17
84
92^4 Mar' 17
Sale
Sale
91
75%
95%
101
84
83%
86
97
'lo
SOI2 Sept'17
8512 Nov'16
7978
80
89
92
92
Sale
39%
9112
I'll
83
9938
101
97
50
97
8614
115
105
93
93
97U
IOJI4 May 17
91
...
Aug '17
8434 78
Aug '17
82V8 8234 Sepfl7
9512 93'2 May- 17
9934 July' 17
lOJ
84 '4
Sale
8434
8312 8512 Aug '17
100'4 Aug '17
"87ii 85
85%
129'"g Aue 15
78
Sale
78
11434
99'8
9812
9012 Sale
96
7612
9712
Sept'17
96
96
98
98
9412 IOOI4
82
83
80''8
100
77%
85%
*84
'J4I4
35
Sept'17
59
63
8538 Sale
J
J
84
101
88% 86%
9434 100%
401
10134
102'8
iOU'S July 17
10134
10218
84
72 14
100
9212 97
88%
9734 Sept'17
9834
9834
9818
9812
1J2
10218
IJI34
10218
94l8
9378
93'
9i78
('8
94I8
941.
9/14
96%
88»4
149
99lj
98-.2
93
8l)'8
57
9!)58
98%
9Ui2
85
93
66
97
7312
97^8
9434
9312
Sale
Sale
9812
95^4
81
Sept'17
Sale
93
21
19
9212
93 14 Sale
94'>4
IO214
22
'17
Aug
35
78
79
97 '2 Sale
-
week.
29
188
'"7I
38I4
9II2 dale
A-O
J-D
General gold
9612
8838
8812
7834
Aug 17
6
56
J
Registered
.../iI948Q- J
20-yr conv 4^8
1933
Refund & gen 5a Serle8 A. 1995
Pitts June Ist gold 63
1922 J - J
PJuuc &
Div 1st g 3 Ha 1925 M- H
PLE4
Va Sys ref 4s. . 194 1 M- N
Southw Div Ist gold 3^8- 1925 J - J
Cent Ohio R Ist c g 4Hs-.1930 M- S
CI Lor &
cou Ist 8 53. . . 1933 A - O
Monou River Ist gu g 53 1919 F - A
Ohio River RR Ist g 5s.. .1936 J -D
General gold 58
1937
Pitta Clev & Tol 1st g 63. . 1922 A - O
Pitts & West Ist g 43
1917 J - J
Buffalo R A P gen g 5s
1937 M- S
Oonsol 4(^3.
1957 Wt-N
All A West 1st g 43 gu
1998 A - O
Clear A Mah Ist gu g 5s.. 1943 J - J
Roch A Pitts let gold 63.. 192 1 F-A
Consol 1st g 6s
1922 J -D
Canada Sou cons gu A 5s. 1962
Car Clinch A Ohio Ist 30-yr 58 '38 J Central of Ga 1st gold 58..pl945 F - A
Cotisfil gold 53
1915
Chatt Div pur money g 4s I95I
Mac A Nor Div Ist g 58..1946 J - J
Mid Ga& Atl Div 5s
1947 J - J
Mobile Div 1st g 5s
1946 J - J
Oen RR .V B of Ga col g 53-.1937
Oentof N J geu'lgold 5a
1987 J - J
Reglatered
A1987Q- J
Dock A Imp gu 53... 1921 J - J
Leh A Hud RIv gen gu g 58. "20 J - J
Y A Long Br gen g 4S-.1941 M- S
lat consol gold 5s
96I4
88-2
8814
7738
"38
95
IOOI4
July 17
'
10i)i4 Juiyi7
10014 101
10di2 102"8 IJd's July'17
100 14
I OI4
IOOI4
IO912 11014 107 '8 Aug 17
IO414
10 i
Sept'17
10iJ58 iioij 10914
1091..
10414 IOSI4 Mar'17
7912 78
Sept'17
50i8 5OI4 June' 17
J
J
J
A1995
LAN
9518
Sale
Sale
Sale
Sale
Sale
78
M- a
Registered
Issue of
1
10218 Sale
Stamped
3onv 4s
97
Sept'17
9312
94
4912 July'17
/il995
,3onvgold43
"'io
95
95
95 18
95'e
95I4
96'8
t 88I2
t 88I2
Nov
A1995 Nov
Adjustment gold 43
17
957j
94''8
626
99->8
86'>8
9;) 34
90
"64
90
9J>4
10 10434 110
7 IO4I2 1111|
17
M-N
M-N
Virginia funded debt 2-3s...l991 J
6s deferred Brown Brosctfs
Ann Arbor 1 8t « 48
Atch Top & S Fe gen
99I2
Sile
Greenbrier Ry Isl gu K 48.1940
Warm Springs V Ist g 58. . 194
Chic A Alton RR ref g 38... 1949
Railway 181 lieu 3^8
1950
Chic H A Q Denver Ulv 48. . 1922
llIluolflDlv3>i8
1949
Illinois Div 48
1949
Iowa Div sinking fund 68.1919
Sinking fund 48
.1919
Joint bonds.
.Se« Great North
Nebraska Extension 48
1927
Registered
1927
Southwestern Div 4s
1921
General 4s
1 958
fc; 111 ref A imp 4s g. . 1955
Chic A
U S Mtg A Tr Co ctfs of dep.
1st consol gold 63
1934
General consol Isi 58
1937
9912
1017»
^1
—
Chesapeake
lou.io
98%
114
A
High
99
09
94
Aug
08
99I2 Sale
97
M- N
191
Corporate stock. ..1957
Corporate stock... 1954
July
1
BONOS
N. Y. SrOCK liXCHANOE
Week ending Sept. 21.
Low
9612
9914
9512
9212
9312
67-ia
t
99
—
92
85
Sale
90;'8
XThese are prices on the basis of $5<o£
State and City Securities.
Y City 4 Vi 8 Corp stock. 1960 IW- S
1964 m- 3
4J48 Corporate stooU
1966 A-O
4^8 Corporate stock
1965 J -D
4H8 Corporate stock
196 IW- s
4Ha Corporaw stock
4% Corporate stock
1959 M-N
4% Corporate stock
1958 M-N
4% Corporate stock
1957 M-N
4% Corporate stock
1956 M-N
New 4^8
1957 M-N
9478
90
81)
93'>8
t
ma
May
80
78:<4
of) 3-yr 63
1919 M-N
Mareeines (City of) 3-yr 6a. .1919 M-N
Mexico Exter loan £ 5s of 1899 Q- J
Gold debt 4a of 1904
1954 J -D
Farls, City of, 5-year 6s
1921 A-O
M- S
Tokyo City 58 loan of 1912
K of Gt Brit & I 2-yr 5S..1918 M- S
N
3-year 5 H temp notes
1919
m.oi
Supfl7
97'8
9934 J«n '17
9914 3opfI7
9912 Juiyi7
10618
10018
10534
10534
9814 Oot '15
97
July 16
90
17
100 Feb '15
97
t
Jan.
High No
9<l.88
9914
IO5I2 106
IO512
-
Lyons (City
6-year
Ask Low
Sale
99U
"German stamp".
Sterling loan 45
Last Sale
90^4
963*
—
do
Since
J
A-O
A-O
A-O
Do
Ranee
Bid
100
J
1919
ForulKn Secur os
Anglo- Freiicti 5 yr 53 Exter loan.
Argontliio
Internal 58 of 1909..
Bordeaux (City oO 3-yr 68.1919
Oblnese (Hukuani; Ry) 5a or 1 J -D
Cuba External debt 53 of 1901- M- d
Exter dt Ss of '14 aer A. ..1949 F -A
1919 F-A
External loan 4^8
1921
Dominion of Canada K 5s
1920
Do
do
1931
Do
do
Repub 5 K.s secured loan.
Frencb
Japanese Qovt i loan 4 Ha. 1925 F-A
Second series i^a
1925 J - J
—
WeeH-s
Ranoe or
Q- F
aWM Q-
—
tons ctiangert
>>'tn't'<
Friday
Sept 21
euOInt; Sept. 21.
O 28 coiwol ooupoo
38 roKlstered
U 38 coiipoD
D 48 reKlatered
D 8 4a ooupuD
Exchange— Bond Record, Friday, Weekly and Yearly
and prices are now — "and inlereH" — except for income and defaulted bonds.
Stock
Eicliange metliod of Quolino
BONOS
STOCK KXCHANQB
If . Y.
D
U
tlie
July'17
9473
102's
Feb
9473
'03
88I4
80
10334
100
107%
102%
94%
99%
8134
g l»i«
Juad. /tDue July,
it
Due Aug. oDja Got. p
L><ie
Nov.
q
Due Deo,
«Optioa
sale
-
1
BOMDS
W. Y. STOCK tS-KCHANOE
Wp«k "Elding Sept. 21.
Price
11
Friday
Sept. 21.
Qud
Isi
Pa Dlv
Registered
lot Hen enulp g
&
lat
7a
..1917
1917
1922
1943
1935
4Hs
ref 43
SO-year eoav 5a
M- S
M- S
.1
-
J
M-N
A-O
A-O
M-N
194(j
Alb A diisy conv3>ia
Benss <& Saratoga 1st 73..! 921
D»ov i R Or 1st cons g 4s.. 193f> J
-
9312
7534
10518
70
76
J
1-1
Iranrovprnf^nt ffold
D
F-A
192slJ
5*^
7612
535»
*
.viack
Gold 43
J:
— 1st
lien g
ia..l99o J
1995 J
Registered
1937
Dul Sou Shore & Atl g 5s. ..1937
Ei^in .Follet A Ea'jI iHf a ."Ss 1941
Brie lat consol gold 7s
1920
Erie 1st ext g 4s... 1947
ext gold 5s
2d
1919
3d ext gold 4,^8
..1923
1920
4tb ext sold .5s
6tb ext gold 4s.
1928
Y
&
iat g Id 7s.. 1920
1996
Brie lat cons g 4s prior
Reglsfered
1996
lat consol gen lien g 4s. 1996
Regiaiered
1996
Penn i-ol! trust gold 43. . 1951
60-yeivr coav 4a Series A 1953
N Y&
W
LC
do
B
Series
Geo conv
13 .Serios
D
.1953
1953
S
M-
S
IW- S
A-O
-D
M- S
J
J
-
J
-
J
-
J
F-A
A-O
A-O
A-O
Y Suaq A
W
lt:37
General gold 5s
1940
Terminal Ist gold 5s.. .1943
Mid
Wllk
of
N
J lat pxf
"is
lQ4ft
A
East Ist gu g 5s 1942
Bv A Ind 1st eons gu g 6s- . . 1920
Evanav A T H 1st cons 6s.. 1921
1st general gold 5s
1942
Mt Vernon 1st gold 6s... 1923
Bull Co Branch 1st g 5s.. .1930
Florida E Coast 1st 4^3. -.1959
IfortSt
a
Pt Worth
DCo
A
Ist
Rio Gr
g4H8-.1941
-
38
38
6712
58
Aug
58
98
8434
74I3
9812
J
"97"
J
-D ZIZZ
N
-
-
J
-
J
J
-
89
"8514
ZZZZ
82I4
J
J
-
97
J
-
F
-
J
-
J
-
FA
A
-
J
J
J
J
F- A
F- A
J -D
IW-
93
90
"es" ZZZZ
S
8512 June'16
9558
95
9478
9478
9512
9512
96 June' 16
8958 Sept' 17
Aug
111
118
95
Apr
'17
17
95
9018
-
J
M-N
-D
A-O
A-O
J
-
J
-
.1
-
90
4878
0878
61
84
68I4
9912 109
1067s 10678
109
112%
100
IO7I2
108"
108
81
28l2
102
ZZZZ '8178
8278
98
60
6914
227
95
97
99
1
93
75
Sale
84
84
*
61
7858
111
""'3 118
95
89lz
86I4
113
10134
121
118
IO5I2
9818
98
1247s
160' 11512
"16
10
80
80
"82U
1512
88I2
9334
'88I4
90
90%
9614
993.4
92
"'5
92
8512
80
85"2
Mar'17
Nov' 15
June'17
SO
Sept'17
95 14 Spy '12
84 Sept'17
89
7618
Mayi7
76% 83
12
Sept'17
Aug
65
69
Nov'16
May' 17
Nov'lO
May'lO
84% 84%
100 " 10734 II712
88
90
100
100
114
"70" ZZZZ 90
7212
'17 ---.
June' 16
Jan
96
90
60% 65
J
'82"
8I34 Sale
79I2
83
99
80%
897s
9.5.38
92
87
97I2
Friday: latest bid and asked tbia week,
88
"81"
"9.5I2
89
N
RR—
—
IWiW-
s
8
A-O
M- S
Q- J
M- S
J -D
iW-N
J
J
-
J
J
M-N
-O
M-N
J
J
-
J
-
J
J
F-A
rw- s
IW- s
IW-N
High No. Low
101% 112 114 Feb '17
113%
113
113
Mar' 17
1025^ ZZZZ 103% Aug '17
102%
105 Oct 13
"8iJi2 ZZZZ
"87""
85 "sf" ADr"l7
9912 105
87
75
90
85I4
9834
-
J
A-O
M-
S
J
J
J
-
Q-
F-A
- J
F-A
F-A
A-O
J
IW- s
ZZZZ "ss""
M
J
J
7912
1
81
95
91
9012
101
80% 83
"h
Due
d
897g
92
1949
lat gold 4a
1990
"g 1990
2d gold 4s
1st ext gold 5s...
1944
1st A refunding 4a
J004
Gen alnklng fund 4^8
1936
St Louis Dlv 1st ref g 4sZZ;JOOl
Dall A Waco lat gu g 5s
1940
Kan (;lty A Pac 1st g 4a 1990
A E 1st gu g5s... 1942
AOkIa lat guar 5s.. 1942
lstgug5a. 1942
Sher 3b A So lat gu g 5s
1942
Texas A Okia Ist gu g .5a. 1943
Missouri Pacific (reorg Co)
lat A refunding .5s
1923
1st A refunding 5s ..
1926
Ist A refunding 5s
1965
General 4a . .
Mlasouri Pac Ist cons g 6a.. 1920
Ti-ust gold 5s stamped. . .« 1917
1st collateral gold 5a
1920
Registered
1920
40-year gold loan 4s
1945
Ist A ref conv 58..
1959
3d 7s extended at i%
1938
Boonv St L A S 1st 58 gu 1951
Cent Br Ry 1st gu g 4s.
1919
Cent Br U P lat g 4s
1948
Leroy
V A L 1st «5s 1926
Pac R of Mo Ist ext g 43. 1938
2d extended gold 5s
1938
St L Ir
A 3 gen con g 53. 1931
Gen con stamp gu g ,5s. 1931
Unified A ref gold 4a... 1929
9'-'9
Registered
RIv A G Dlv l3t g 4s
933
Verdi
Wist g 5s. Z. 926
Mob A Ohio new gold 6a
927
1st ext gold 6s
h 927
General gold 4s
193s
.Montgomery Dlv 1st g .5s. 947
St Louis Dlv 53
927
St L A Cairo guar g 4.s. .
931
Nashv Chatt A St L lat .53..! 92.S
Jaaper Branr'h lat g 63
923
Nat Ry.s o( Mox pr lion 4 Ha. 957
Guaranteed general 48... 977
Nat of -Mox prior lion 4H8. 926
1st consol 4s
95!
.'is
MoK
MK
MK ATofT
AC
1
-
J
-D
F-A
M-N
M-
S
J
J
-
A-O
M-N
F- A
A-O
IW-N
M- S
J
M
90
95% 101 14
8312 9II2
'"57,
102
Due Fab.
17
7934
Aug
80% 90%
Aug
'17
'11
17
'17
16
Registered
coll g
IO2I2
104
56I4
60%
81% 82
98%
81
98I4 Sale
90% 96
79%
"98
"
ioi'34
8934
10378
97I4 105
7II4
98
Aug
17
104% Feb
'i?
'17
90% Apr
98
74
45%
Aug
8138
Aug '17
May'i7
Feb
95
99
Aug
'05
'17
9758 .May' 16
10834 Nov'16
98% July'17
99% 100 Aug '17
79 Apr '17
ZZZZ
91% June'17
108
SO
48
65
"8684
Oot
45
45
60
83
43
1
1
N
NV
*
Due June,
-Vrirthnr" lo' e 5n
ft
Due
July,
a
1
Due
105%
85%
80%
99
4ft
Feb
-
A-O
A-O
J
J
-
35
64
40
'16
06
38%
J8%
37%
27% Aug 'IT
27%
497,
49% 49% 49%
32
31% Sept'17
30
6634
64
42
-
72% 75
51% 56%
98% 109
103%
79
21%
100
76
July'17
50%
50%
Deo 16
Feb '17
51
39%
45I4
91% 91%
"i
64
9
SS
42
IW- S
J -D
QM-
J
S
F-A
-D
J
J
-
J
J
-
J
-
A-O
A-O
J
J
A-O
-
-
J
IW-N
M-N
F-A
F-A
-A
F -A
J -O
'"
%
8
"i
85
92
9834
78%
37% *4%
26% 31
«S
4958
J
J
J
-
J
J
-
J
J
-
J
A-O
-D
-D
M- S
J
J
F-A
IW-N
\
n
Oot.
t
69I2
31% 45
69% e«%
70% 71
45
""2
76
50IK
79
85
80
43% 4B
95%
1
93%
9034
3
903»
88%
56%
6
89%
57% 628
100
100
106
103
"60
Sept'17
Jan
"
82
100
67
102
95
July 17
102% 108
101
100
60
85 101
85
80
82
102
100%
30
"26" ZIZZ
"66"
95
47
9838 Bale
77%
89%
75
74
81%
91
Sale
Sale
82
08
67%
Sale
69
66
60
61
82
'16
'13
Mar'05
94
'10
'17 ....
94
July' 14
70% Sopt'17
80% Oct
17
71
71
78 Sep '15
10434 Aug '17
109 Feb '16
68
93
90
82
102
—
—
2
July 17
Aug
'17
35
Aue
967g
—
Fob '13
Oot '16
Deo '16
July 17
98%
77%
8958
7438
74
81
92
68
94
103>l4
75-'4
86
69l2
84
10434
114%
78<%
30
30
93
90
9134
Sept'17 '""2
102
101% 108
110% Mar'17
30 Mav'17
69
70
94
43
IOOI2 101»4
68
93
90
82
July'17
'16
Sept'17 ....
43
98% 260
Sept' 17
90
75
Sept'17
8'i
Dec
"20I
17
68
94
35
97
76
89
72
99%
501||
1131%
88»4
98*4
743^ 867g
74
8678
"ii
81
94%
3
68
65
81
80
'16
69
6734
O9I2
Aug
Aug
76
08%
60
80
Ayr l!
Feb '13
Apr
30
ZZZZ
106%
55% 60
'17
10034
102
9014
IO6I4
17 ZZZZ 1013s 103
110
88
94
9934
98%
88% 95
563t 08%
100
106
May'17
60% Apr
F
-
617$
96
63
97
92
933»
9034
J
J
91%
94%
1
11
NoVlO
45
ZZZZ
"70% '71"
J
J
100
108
69% 69% Apr '17
70% Mar'17
45 Sepfir
"7.575
iW-N
813j
'15
Dec
95
65
J
J
94
80
4S
45
SZ
43
Aug
-D "60" ZZZZ 77% Dec
-
108»4
lOS
June' 1
F- A "84" ZZZZ 92% Dec
93-1
Registered
99S
Battle Cr A Stur Ist gu 38. 989
Beech Creek Ui gu g 49.. 936
Registered
930
2d guar gold .Sa
930
Registered
930
Beech Cr Ext lat g SHs.ft 951
Cart A Ad Ist gu g 48
981
Gouv A Oswe Isi gu g .5s. 942
Moh A Mai 1st gu g 49
991
I June R guar Isf 4s. ..1 9S6
N Y A Harlem g 3 >-68
2 000
10834
16
•
80% Sept'17
94
66
40
29
....
108
10338
M-N
F-A
F-A
997 J
99*'
10S''4
—
—
91%
105
79
97
94
'17
'17
73I2
815«
98%
97
94
42% 45
85% 88% 85%
43%
1
60
8158 Sent' 17
10834 Jan '17
"77" Mar' 10
75
Nov'lO
94
1
89% 90%
103% 106
July'17
79
103
114%
104% 104%
60% May'17
105% Aug
74
S
J
9734
965g
94
106
fW- S
]
3^3
85%
96%
100% 10634,
103% 103%
M-N
M- S
F-A
F-A
J
94%
107
98
106
1
Registered
258
89% 90
]
Mich Cent coll gold 3 Hs- .
1
10.3% Jul.v'17
-
934
998
998
85
110% 113%
98
IO4I4 112
98
79
83
93
5678 Sale
J
103%
96% 103
93I4 94
9034 Sale
1
]
103
81
10334
S
M-
90
85% 89
95% 98%
-17
96% Jan '17
"98% 10012 100% July 17
-D
1
Debenture gold 4s
8!)
Sept'17
85I4 90
July'17
IIOI4 II2I4 110%
110%
100% 10934 10258 May'! ....
88I4
871s 8712 86%
J
J
N Mob A Chic 1.9t ref 58. 900 J J
New Orleana Term 1st 48.. 953 J - J
N Tex A Mexico Ist 69. . 925 J -D
Non-cumlncome.5s A..
935 A-O
N Y Cent RR conv deb 63..] 935 IW-N
Consol 49 Scries A
998 F-A
Ref A Imp 4 H<i "A"
•013 A -O
N Y Centra! AH RgS^s..! 997 J J
1
102
80
83
95
100
86
J- J "§3"
J -D
S
"90"
85
90
May' 17
95%FpO
90
106%
Ofi
Jan
"92" ZZZZ IO3I4 .A^pr
92 104% 96% Aug
-D "so"
-D 107
IW-
89
114
113
106
July'17
Oct
80
83
S
S
A-O
M-N
IW- S
Q-F
90
I
High
100
9414 June'lO
85% Feb 17
9812
79I2
8OI4
IW-N
M-
100% SepflT
99I4
-D
M- S 104%
J
J
Since
Jam.
1
MStPASSMcong43intBU. 938 J J
8i%
1st Chic Term a f 4s
92
Jan '17
M-N
M S 3 M A A ist g 4a Int gu1941 J - J "93" ZZZZ 94% Aug '17
.'20
Lake Shore
94I2
94I2 100
8212 93
7II2
60
Aug
Jan.
N
Registered
38
9278
9518 Aug '17
83i2 July'17
957, Iiilv'17
a
LAN AM M
M
IW-N
Hante
|i
Ask Low
Bid
1
"93" 10212
Mar'17
9158
NOAM
IW- S
J -D
-
80
7614
81
M
-
M- S
M- S
Q- J
Q- J
J -D
M- S
J -D
S
8134
'17
F'-b '17
90
90
100
Oct 00
9fil4
9434
7212
71
8712
Week'$
Range or
Last Sale
1
90
100
17
9.378
NY
.
Aug '17
8212 Juno' 17
6OI4 Sopt'17
R3
945
1945
931
1931
193S
1922
Gold 4a
1932
Unified gold 4s
1949
Debenture gold .5s
1934
20-year temp deb 5s
1937
Guar refunding gold 4s.-- 1949
Reglstered
1949
BA
B 1st con g 5a. 935
1st gold 5a
1927
Nor Sh B 1st con g gu 5a. 1932
Louisiana & Ark lat g .5s... 1927
Louiavdle A Naahv gen 68.. 1930
Gold 53...
1937
Unified gold 4s
1940
Registered .
1910
Collatenil trust gold 5s... 1931
E H .<! Nash 1st g 63
1919
L Cin & Lex gold 4^9... 1931
1st gold 6«
1930
2d goid 03
1930
Paducah A
Dlv 4a.. 1916
8t Louis Dlv lat gold 6s.. 1921
2d gold .3s
1980
Atl Knox A CIn Dlv 4s..- 1955
Atl Knox A Nor 1st g 5s. . 1946
Hender Bd«e Ist a f g 68. 1931
Kentucky Central gold 4s 1987
Lex A Ea.st l.st 5&-yr 5s gu 1965
A 1st g 4 Hs 1 945
L A N-Soutti
joint 43.. 1952
Registered
h 19.52
NFlaAS latgugSa
1937
A C Bdge gen gu g 4 Ha. 1945
Penaac A Atl lat gu g 6s.- 1921
SA
Ala cons gu g 5s... 1936
Gen cons gu 50-year 58. 1963
A Jeff Bdge Co gu g 43... 194.')
L
Manila
Sou lines 4s... 1936
Mex Inter nat 1st cons g 4a. 1977
Stamped guaranteed
1977
Midland Term lat s f g 5s 1925
Minn A St L l3t gold 7s
1927
Pacific Ext ist gold 6a
1921
1st consol gold Ss..
034
lat A refunding gold 4b
1949
Ref A ext 50-yr 5a Ser A 1962
Dea
Ft D lstgu4a.. 1935
Iowa Central ist gold 5s.. 1938
Refundlrig gold 43
1951
.
Apr '17
89
99
)
1
'17
65
805g
8468
J
J
1
Jan
92
"791I
9434
June'16
80
ZZZZ
7818
7612
95I2
74I2
8978
May'14
Apr "17
Feb '14
7778
69
"78"84
85%
75
""8
95
7212
69l2
-
VIA
84
855g
75
84
89
74
Aug
1933 J
1933 J
M
"75% "92"
"7.518
ZZZZ 192
J
reduced to 43
Mo Kan A Tex
108% 108%
85l2
83
"9934
61
62I4
-
'
92
75
AN
Y 1st guar g 43
Registered
Long Isld latconagoldSs-.Ai
lat consol gold 4s
A
General gold 4s
.
Ferry gold 41-^8
A-O
A-O
J
Reglatered
1st Int
Price
Fridau
-
89% 99
Sept' 17
17
1941
gu g 53- 1933
MlaslsslppI Central lat
9478
Nov'16
Apr '17
855gJan
gu g Ss.. 1941
1st
MA
89
.1
J
7312
88
50
—
—
-D
Sept' 17
-D
Feb 11
J -D
Oct '09
J -D
" "9038 "9512
Sept'17
J -D '96
-0 74I2 90
88 Apr '17
J -D
M- S 'si' "90" "si" June'i7
J
J
5134
"so" July'09
"76" ZZZZ
1st
Reglslered
Leb Val Coal Co
Leh
§1
Sept. 21.
Mem
"76li '87'u
97
92
83
80
99
9758 100'
99I2 IO2I2
100
Aug
88
99
2812
Msy'06
Aug '17
Aug '16
Dec '16
'17
80 June' 17
8212
8212
97 >4 Jan 14
82I4 Aug '17
10478 IO9I2
98l8 9912
67
June'17
10i8
94
104
107
10212 May'lO
8912 Aug '17
95I2 Mar' 16
8512 Nov' 15
86I4 July'17
10838 Jan '17
69 '4
94
104
104
....
J
J
-
87I2
8212
8712
s
-
July'17
10934
7912
IOI2
'17
'10
95
r06'i8
'17
June' 12
ZZZZ 100
ZZZZ "95"
92
78
Dec
Nov'17
Jan '17
Jan '17
Aug
Aug
10414 105i«
IO212 IO6I4
10212
101
8214 lOQla
'17
'06
Nov' 11
93
11238
Mar'17
Aug
84
100
'17
Leh V Term Ry
1193
2
Sept. 21.
NYARB
103
103
10012 June'17
8518 June'17
ZZZZ 113
78
82
S
-D
J
89I4
9958
70
10
1
June' 17
I36I4
J
J
2d gold 53..
..1941 J - J
North Ohio 1st guar g 5.S.. 1945 A-O
Leh Val N Y let gu g 4H8-.1940 J - J
Reglstereil
19'0 .1 - J
Lehleb Va! (Pa) rong g 43.. 2003 M-N
GenerHl cons 4^8
2003 M-N
No price
99
-
J
95
86
86
A-O
A-O
M-N
J
J
M-N
M-N
Uef AlmptSa
Apr 1950 J
Kansas City Term lat 4a. .. 19'i0 J
Lake Erie A West l8t g 59.. 1937 J
*
120
114
9212
A-O
A-O
iWrw-
"9714
107
106
94
J
-
74
108
108
67
8978
"89%
J *
J
10212
82I4
IOOI4
108
95
"89'"
"90" "9534
J
J
J
J
iof
"8778
9512 Sale
"99"li
Aug
2Si2Jan
ZZZZ
Io3'ii
"i
2
June' 17
IO212 July'17
92
60
A-O
F-A
J
61
100
- J
A-O
J
Mar'17
Dec
S2
112.i8
*9d
62
<;
1999
g 4a... 1948
ts
ig.W
Houston Belt &. T^rm 1st ."jg 1937
nilnola Central !sr, gold ^a
195
Reglsterix!
1951
Istgold 3^3 .
1951
1951
Registered
Extended 1st gold 3 Hal 1 1 1951
Registered
1951
1st gold 38 oterllng
1951
Registered
•
1951
Collatensi trust gold 48.. 1952
Registered
IQ'S'.'
let refunding 4s..
1955
Purobased lines 3^8
1952
L
A Texas gold Is
1953
Reglstarf-d
1953
Cairo Brld.^e gold 4a
1950
LitJjhfleld Dlv Ist gold 33 19.11
Loulsv Dlv A Term g 3 ^^a 19.53
Registered
1953
Middle* Dlv reg 58
1921
Omaba Dlv lat gold 38...1951
at Louis Dlv A Term g 3a 1951
Gold 3'.^a
1951
Registered
1951
Sprlngf Dlv 1st g 3^8
1951
Western lines lat g 48
1951
Registered
1951
Bellev A Car 1st 68
1923
Carb A Sbaw lat gold 43.. 1932
Clllc St L & N
gold OS.. 1951
Registered
1951
Gold 3(^8...
1951
Registered
1951
Joint ist ref 58 Series A. 1963
Memph Dlv ist g 49 ..1951
Registered
1951
St Louts Sou Ist gu B 43 .1931
Ind Ul A Iowa ist g 43..
19.50
Int A Great Nor 1st g 6s... 1919
James Frank A Clear ist 4s. 1959
Kanaaa City Sou Ist gold 3s. 1950
Registered
I9r,0
'17
IOOI2
lOO'sJan 17
105" 103 July 17
10334 10334 Aug -17
ZZZZ "0834
areen Bay A iv deb etfa "A"
Feb
Debenture etfa "B"
Feb
QiUf A S I 1st rei A t g 53..»1S52 J - J
Hocking V'al lat coos 4^9 1999 J - J
A H V (at exf
A Tol Ist ext
90
68
'il
4912
July'17
85
A-O
Registered
91
Sepfl7
93I4
M
Col
Col
Apr
86
6712
A-O
A-O
A-O
J
J
6II4
'"is
70
76
77
'17
95
192S J - J
OalvHoaaiHen
1933
Great Nor C B A Qcoll 4S..192I J - J
Registered
A1921 Q- J
1st A ref 41^8 Serlea A
1961 J - J
Registered
1981 J - J
StPaul
A Man 4a
1933 J - J
1933 J - J
Ist consol gold 6s
Registered
1933 J - J
Reduced to go!d 4HS.1933 J - J
Registered
1933 J - J
Mont ext Ist gold 48... 1937 J -D
Registered
1937 J -D
Pacific ext guar 48 £. . . 1940 J - J
e Minn Nor Dlv 1st g 43 igig
Minn Union lat g fia.. . 1922 J - J
Mont C 1st gu g Oa
1937 J - J
Registered
1937 J - J
Ist guar gfild 5s
1937 J - J
Will i S r lat gold .'is
1938 J -D
1st g 48.
1st 53
Aug
9818
-D
J
J
55
53'>8
37
111
F-A
F-A
IW-N
A-O
J
16
'17
'17
57
Sale
61
IOOI2 IO212 lOOlo
1Q57 J - J
1935 A-O
1922 IH-N
1943 J - J
1948 IW-N
1st rel 59.1937 J - J
4^3
2d gold
71
38
-
NY
Aug
Aug
8618 9912
93I2 107
7812 893g
7OI2
.1
N
84
70
76
78
93I2
17
'16
61
Qenes'^ee River Ist h f fi^
Long Dock consol g 63
Coal A
1st cur gu 6s.
Dock A Impt 1st ext 5s..
A Green L gu g 5a..
RR
79
16
3
Aug
Deo
8lil8
"ZZ
& Erie Ist gold 5s... 1982 IW-N
& .Mabon Vail g 5S..193S J J
- J
Erie A Jersey 1st s f 6s.. . 1955
ZZZZ
Chic
Clev
S;ile
86l8
93i2
78io
112^8
'16
751?, .Tuly'l6
Aug '17
8312 84
9912 lOOSg 1051s Feb 17 -..93I4 100
95
95
IO6I2 Mar'08
"86" '90' 94 Jan '17
99 102
104 Jan 17
"12
IO5I4
105 Sale 105
94I2 96 12 9812 Mar'17
9918
99 Aug '17
94 100
9712 June' 17
96l2
9912 July 17
9414 Nov" 15
I05" 109% 10712 Deo "IH '"13
79
7612
7612
84 Deo 'IB
"53" Safe" 51"4
78
53
73 June' 16
"88" 8«34 Sepfl7
ZIZZ
5012 Sepfl7
50
51
49 Sale
4878
4914
J
-
8618
94I2
777»
9812
IW-N
J
J
J
J
Ask Low
'co" "81 12
58
IW-N
M-
Week ending
1
55
-D
-D
-
Jan.
6712
A-O
J
Last Sale
N. Y.
Since
"35"
Dec Hi V Tun— Ter Tun 4 ^s 1961 IH-N
Dul Mlsaabe & Nor gen 5a.. 1941 J - J
Dul 4 Iron Range 1st Ss
1937 A-O
N
7
1
BONDS
STOCK E.KCHANGE
Range
95
Rlo Gr June 1st gu g 59. .- 1!J39 J -D
Rio Gr Sou l3t gold 4a... 1940 J - J
1940 .J - J
Guaranteed
Rio Gr West 1st gold 4s. .1939 J - J
Mt«e & coll trust 43 A.. 1949 A-O
Dea Moiues Ua Ry 1st g .33- 1917 M-N
Det
Week'i
Ranoe or
atgh No. Low High
10112
101
101
Apr -17
lOUs Mar' 17 - — lOUs lOlis
*96" "97" 96
96
96 101)4
Bid
<fc
. .
.
.
New York Bond Record—Continued— Page
Sept. 22 1917.]
D*l
2
Mar'17
'
17
69% 80%
'17
75
80
"
85% 95% "96% Apr "'"17
9534 Nov'16
"90"% ZZZZ 104
-May'ie
"go'tg
"97
"70" ZZZZ
--__
"89'Nov'lfl
70
ZZZZ "94" Mar''l6
89% Feb -16
'04" ZIZZ SO May' 17
"7678
ini
101
Option
sale..
.T'inr-"17
—
80
81%
101
102%
New York Bond Record— Continued— Page
1194
N. Y.
Week
N
5q
BONOS
erOUK KXGHANOE
Y cool <k
N Y i Pu
H R ua
lat
W
W
O
D
-O
-
-
M-N
UK&
-J
cou g-lH8---i9tl J
LCbam lstgu4ai(I94H J
lat
gu
lat
Malion U'l R(t
(1
J
J
J
70
86
i
D
U
M- S
M N
fta.. .l'.)3>5 J
1934 J
-
l8t 53
J
J
A LErle2dg53...al92S A-O
MfiK& Y Isi,gu8a..l932 J 2d guaranteed 63
1931 J McKe«8<!i!: B V Istg 68.1918 J MlcblguD Central 53
1931 MRegistered
48
Registered
J L A 9 Ist gold 3 J^8. . .
l8tgold3Hs
1940 J
1940 J
-
.1
-
195 M- S
1962 iVI-N
guar. ..2361 J - J
2361 J - J
tr 53.. 1910-22 M-N
Equip trust 4 J-^s. . 1917-1925 J - J
Connect latgu 4 J^a A..1953 F-A
1st 4a
NYC
N
Y
N U & Hartford—
deben 4a
..1947 M- 9
dcben 3>ia
1947 (VI- 3
deben 3H8
1954 A-O
deben 48
19-35 J - J
deben 48
19oH IW-N
Conv deben tiu-e 3 Ha
1956 J - J
Cou V debenture 6s
1948 J - J
Cons Ry non-conv 4a
1930 F-A
Non conv deben 4s
1954 J - J
Noa-conv deben 4a
1955 J - J
Non-conv deben 4a
1955 A-O
Non-conv deben 4a
1956 J - J
Harlem R-Pt Chea 1st 49.1954 rfl-N
B 4 N Y Air Line 1st 43.. 1955 F-A
Cent New Eaa; lat gu 4a. .1961 J - J
Hartford St tty lat 48
1930 M- S
Housatonic R conag 5s. ..1937 M-N
Naugfttuck RR lat 48
1954 IW N
N Y Prov & Boston 48... 1942 A O
NYWchesAB Istserl 4Hs'46 J J
<fe Derby fonscy 5S-.191S IW-N
Boston Teroolnal 1st 4s.. .1939 A-O
New England cons 53
1945 J - J
Conaol 48
1945 J - i
Providence Secur deb 4a_.1957 «I-N
Prov <fe Springfield Xst 5s. 1922
J
Providence Term Ist 4s. . . 1956 m- s
Wit Con East lat 4 Ha. -.1943
J
N Y O A ref Ist g 48
fll992 M- 3
Registered $5,000 only.. (71992 M- 9
General 4s
..1955 J -D
Norfolk Sou Ist & ref A 5s. .1961 F - A
Norf ASou Ist sold 58
1941 M-N
Norl A West gen gold 68
1931 M-
Non-conv
Non-oonv
Non-conv
Non-couv
Non-conv
NH
W
Improvement A ext
1934
New River Ist gold 63
1932
N A Ry lat cons g 43.. 1996
Registered
1998
DlvM Ist Hen A gen g 4a. 1944
lO-.'.-^year .ro, v 4s
1932
10-20 year
v 43
1932
10-25-year conv 4^^s...l938
Pocah C A C Joint 4s. ..1941
C C A T 1st guar gold 5a. .1922
Sclo V A N E Ist gu g 4a. . 1989
Nor Pacific prior lien g 4s. . . 1997
Registered
1997
General lien gold 3s
a2047
Reglatered
a2047
8t Paul-Duluth Dlv g 4s. . 1996
at P & N P gen gold 6s... 1923
Reglatered certificates. . 1923
8t Paul A Duluth 1st 5s.. 1931
2d 53
1917
1st consol gold 4s
1968
Wash Cent Ist gold 4s
1948
Nor Pac Term Co Ist g 6s.. 1933
Oregon-Wash Ist A ref 43. . . 1961
Pacific Coast Go 1st g 53
. 1946
Paduoah A Ills 1st 3 f 4 '^s.. 1955
Pennsylvania RR 1st g 4a. . 1923
Consol gold 58
1919
Oonsol gold 4s
1943
Consol gold 43..
.1948
Consol 4^3
I960
General 4 >5a
1965
General 4 l^^s (wh lasfjunel '65
Alleg Valgen guar g 43... 1942
g 6s.
.
W
•
FA
A-O
A-O
A- O
J
J
-
J
-D
A Sou
A
Lewis
Sunbury
1st g 5s.
1st g 4s.
Reglatered
M
Q
Q
Q
Q
Hprli-a
•N»
D
p
guar
guar
43 guar
aua guar
1942
'15
May 17
98)2
103
10334
'17
84)8 "84)8
84)8 Sept' 17
Fob '14
June'C**
79^8 July' 17
80)2
80^8
84)4
8414
'.
99)2
9912
July'16
105
"82)«
Aug
99)2
.
65
73I8 75I2
80)2 Sale
83
87>8
88
62)4 Sale
80
81)2
62)4
80)8
92
93
66
Sept' 17
71
48
64
64
48
Deo
Aug
51
60
57
61
86)4 Sale
58
'17
'17
58
56
68
Sept' 17
56)2
75)4
Aug
49
64
87
88)4
79
'17
11
Jan
85)4 IIOI2
79
79
91)2 Jan
79)2 Apr
75
81)8
65
80
--74)2
74
105)2
39
Sale
Apr
Apr
77I4
92
88)8
-17
'17
'17
88)8
78)2
72
May' 15
Juiyi4
87
88
89)4
Aug
77)4
88)8
Aug
Aug
107
65
3778
7512
'09
80
70
99)2
57
60
99^8
83-%
77)8
Mar- 12
Apr '16
Oao '14
Feb '14
57
57
80
6634
67)2
78)4
80)8
85
109
6634
67
92)2 Jutie'12
79
Mar 17
74
76
98
96^4
109
122
112
86
86
66I2
'17
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86
80
9fil2
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101
10812 122
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83
77
74
109
120)2
107)8 114
80)2 87)2 86
94)2
81
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J
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84
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11834 134
117)4 13034
117)2 135
8414 94
Sept 16
86)2 July 17
85
84
Sept'17
61)2
62
6II4 June'17
82%
91-18
-
J
M-N
M- S
M-N
M-N
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IW- 3
J
8934
9958
99)4
71
70
104
93
92
May'17
80
110
'17
Jau
100
7978
63
68
88)2
110
7878 81
95
90
Deo
Aug
Aug
'17
Apr
'17
17
'17
9134
91-34
loo's
10034
92-%
9338
92)2 Sept'17
97
90
Aug
93
a
Feb
84)2 Sep
92
90)8 --
90
102
..
--
Aug
Jan
'17
'16
'17
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8.5)4
93
9978
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J
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97)4
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Apr '17
Feb '17
-
F-A
J
J
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J
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95)8
95)8
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91
993,
98)8
99
.
Aug '17
81
81)4 July'17
8734 Deo '10
89 Aug '17
9234 Apr '17
86 Aug '17
98)4 May'17
102
Apr '17
104 Deo 15
91)4 Feb '12
90)8 Oct '12
88)2 Feb '17
88 Apr '17
90)8 July'12
99
93
109
9134 100
M- S
M
100-3g
A
-
9978
97
.
Mar' 17
May' 14
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Apr '17
9834
9912 Feb 17
88)8 Sept'17
97-34 Aug '17
Juiyi7
98
99
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103)8 103)8
61
100
68
100)2
8878
109)2 110
79
8758
93)2 99
99
101
99)2 99)2
101)2 102)4
99)2
95
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2
23 9978 10734
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136 92
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9758
97
92
100
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87
87
80
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89
97
93
91
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102
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98 102)8
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99
16
9.5)2
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87
"88"'
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777g
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98)2 99
Trust Co
do
.
D
SFANP
49 (Cent Pac coll)..A1949 J -D
Registered
D
*194!) .1
20-year conv 4s
((1929 M- 8
20-year conv 5s
1934 i -D
Cent Pac l9trefgug4s
1949 F- A
Registered
1919 F - A
Mort guar gold 3H9 .*1929 J D
Through St L 1st gu 4s. 1954 A O
A
APl8t6s 1931
2d exten 59 guar
193
Gila
N ist gug.58 1921
Hou3 E A
T lat g 53... 1933 M-N
Ist guar 5a red
1933 M-N
1st g.5s Int gu... 1937 J - J
Gen gold 43 Int guar... 1921 A -0
Waco A N
div Ist g 69 "30 M N
AAN
Ist gugos
194! J - J
Louisiana West 1st Os
1921 J - J
AT
70
6834
63)2
6,
56
60
61
66
Sale
50
60
75
80
Atl
A Char
A L
A
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lat 30-yr 59 ser B
Atl
Danv lat g 43
.53
4
Ha
A
2d 4sAtl
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guar
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ET VaAGaDlvgos
1st
191^
1943
1944
1944
194^
1948
. . 194ft
1931
J
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M- 9
M-N
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-
2000
J
1st gold
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J
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1935
1990
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-D
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-
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-
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50-year gold 43
1950 A-O
Coll tr 4a g Ser A
1917 F-A
Tor Ham A Buff 1st g 49..ftl940 J -D
Ulster A Del lat con g 53..-192S J -D
1st refund g 4s
1952 A-O
Union Pacific Igt g 48
1947 J - i
Registered
1947 J - J
20-year conv 4a
1927 I - J
1st A ref 4a
(720O8 M- S
Ore RR A Nav oon e *s .1946 I n
and asked. aUua Jan. »Dub Feb. eMay. »Uue June. ADue July.
tDue
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oDao
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102
61
61
71)8
61
65
July'17
67
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75
Jan
74)4
Sale
50
60
87
65I2
72
'14
ei)|
Feb '17
May'17
100)8 l')0i8
78
8212
5 74)4 826t
74)4
51
Sept'17
24
88
87
88
99)4
99I4
63
76
81
9934
90
76
88
97
97
Sepfl7
Sale
76
90
773,
Feb '14
Si's
82
9434
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80)8
81
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8
109
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60
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88
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76
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95 Aug '17
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105
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16
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76
100
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76
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86 101
106
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72 Apr "17
102
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73
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96
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52
80
47
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93
52
80
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48
am
87I4 Sale
83
86
98
100
87
78
93
52
80
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'17
'17
80
90
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87^
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1
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64
8914
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Jau '17
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48I2 Sept'17
185g M.tr'OS
87
90
60 Ig
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64
89
'17
98 )s Sept'17
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80
Muy'17
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96
lOlSg
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8812
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94)2 Sept'17
J
TolP A W l9tgold48
J
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78»4
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98)2
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101
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Aug '17
A
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78)4
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Sepfl7
68
J
1935 J
Sep
90
SO
60
J
-
W Si\W 1st gu 53)930
2d 20-year 5s
-
A -0
1931 J
,53
Tol A O C l9t gu 53
Western Dlv Istg 63
General gold 63
J
75
75
6312
86)4
J
A-O
J
J
M-N
M- 9
A-O
F
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'17
Mar' 17
Jan 17
- J
J
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74)2
70
63
90
60
9.5)2
100'-4
General -5s
1930
Va A So'w'n Ist gu 5s. 12003
lat cons 50-year 5s. . . 195s
A
Istcy gu4s
1924
Spokane Internat Ist g Sa
1955
Ter A of St L Ist g4Hs... 1939
Ist con gold 53
1894^1914
Gen refund 3 f g 43
1953
St L
Bridge Ter gu g .59 1930
WO W
'17
76
56%
11212
III
96)2 104
794
J
AGa
53
62)4
46
76
55
90
80
J
D
82
711t
88I2
69)2
-
1930
Con lat gold 5s
1950
E Ten reo lien g 5s
193s
Ga Midland Ist 3s
1940
Ga Pac Ry Ist g 89
1922 J - J
Knox A Ohio Ist g 68.. 1925 J - J
Mob A Blr prior lien g 53. 194 J - J
Mortgage gold 43
194."^ J - J
Rich A Dan deb .53 3tmpd. 1^27 A-O
Rich A Meek Ist gu 49
194s M-N
SoCar
l.stg 5s...
1919 M-N
Virginia Mid ser D 4-68.. . 192 M- 9
Series E 03
1920 M- S
F
79
88
67
67
60
-
J
96l2
96
97
88
67
57
60
61
-
1951
87l«
90)2
68i«
7712
195
May'17
95
Develop A gen 43 8er A.. 195i- A - O
Mob A Ohio coll trg 4s 193.'- M- S
Mem Dlv Istg 4H3-5s...l990
J
Ala Cen IstgOs...
Ala Gt Sou Ist cons A
Aug
42
109
Oot '16
1
J
-
77»4
87
17
Aug
78
-
1994 J
St Louis dlv Ist g 4s
38;
"3
Mar' 17
Mar' 17
77)4
98)2
73)4
95
81
I
70
42
109
May 16
98)2
61)8
10018
A-O
M-N
J
J
A-O
con gold 53.. 1943 J
So Pao RR 1st ref 43-.. 1955 J
Southern
Ist cons g 5a
1994 J
—
Registered
90)2
62)8
61
10338
96le
7038 Sept' 17
90
-O
O
Tex A N
64)t
51)8
Apr
104)2 1027,
l8t 7a..l91>« A
lat gold Os
192)1 J - J
of Cal guarg 53
193^
1st guar g 53... 1927 J - J
—
HI
74)4
103
W
So Pac of Cal Gu g 59 ... 1 93 7
So Pac Coast Ist gu 49 g 1937
San Fran Terml Ist 43
1951)
44'
8epfl7
50
90
GHA9 M
VGA
W
HATC
OreACal
59)1
83-34
2d g 43 Income bond ctf3.pl9.S9 J - J
Consol gold 43
1932
Ist termi A unlf 53
- J
II 1952
Gray's Pt Ter 1st gu g 53. 1947
-D
9 A A A Pass Iflt gu g 4s
- J
1943
- J
l8t3kfdg-5s
1919
Seaboard Air Line g 48
-O
1950
Gold 48 stamped
1950 A -0
Adjustment .5a
ol949 F -A
Refunding 4s
1959 A -0
Atl Birm 30-yr Ist g 48l.el933,M- S
Car Cent 1st con g 49... 1949 J - J
FlaCeut A Pen 1st g.53...I918 J - J
1st land gr e-iit g 5a
1930 i - J
Consol gold 53
J
1943
Ga A Ala Ry Ist con 5s.. 01945
J
Ga Car A No I.^t gu g 5s.. 1929
J
Scab A Roan Ist -58.
J
1926
Southern Pacific C
No
9»-34
8O34 Mar' 11
7834 Feb '17
9tamped.
97
103 '4 IO3I4
100
Mar" 17
SO
58)2
78)2
62)4
75
80)g
-
Morgan'3 La
87
63)2
-
W
May'17
74)2
1951
1951
ctfs of deposit.
Bioi
..illOO
-17
78
81
1
66)2
90)4
'1
89
87
6978
Lov
.Vo
Nov' 11
88)2
90)2
M-N
K C Ft S A .M cons 6s 1928 M-N
K C Ft 9 A M Ry refg g 43. 1930 A O
K C A M R A B 1st gu 5s 1929 A O
St L S W 1st g 43 b(md ctfs. 19-89 M-N
Series
J
8
-
86
56
16
-17
9978 lOO's Feb
99)2 July'17
101)2 July'17
9934
925g
9134 Sale
10038 Sale
93)4 Sale
88I2
84)4
10434 June'17
103)8 Sept'17
107 Oct '16
102^8
-D
J
'.'.'..
-
Feb
Jan
113<4
-
J
J
Gold
13
'
40
3778
109
101
J
A-O
8234
'17
Aug
70
42
Registered
82)2
Nov'lft
68
58
67
49
94
80)8 93)8
IOOI2 100)2
9838 100'4
90)8 99'.1
IOOI2 Jan '17
98-18 July'17
92)8 Sept' 17
54
A-O
"42"
Jau.
Mar'I'l
81
70
60
Refunding gold 4s
89
79
81
62)4
81
80)2
81
81)2'
J
-
-I
do
Stamped..
Southw Dlv Istg 5s. ..1947
9114
95)2
87
8178 Sale
RR
86
83
88
June' 17
80)2
M-.N
19.56
A Os
series
9OI4 Aug '17
9S«4 Juiyi7
103)4 .May' 17
100 Ju)ie'l7
95)8
102)8
Mince
I-
High
95)2 May'17
9134
4
Ktnge
or
Latt Sale
91-34
A -O
y- F
General 1.5-20-yr .59
1927
Trust Co ctfs of deposit
7978
80)2
-D
.M-N
F -A
J
AlOiiO Oct
8t l.ouls A San Fran gen 6a. 1931 J - J
General gold .59
..1931 J - J
St L A S F
cons g 4s. .1990 J - J
87
90
60
1942 A-O
1942
N
-.1945 M-N
golfl iQto F
x
prtco Frldar; latut bid
Deo
a 4s
Ry Ist 30-yr s f 4fl
Range
Atk Low
Bta
1937
Pitta Sh A L E Istg.5m
1940
lat consol gold 5s.. _
1943
Reading Co gen gold 4s
1997
Registered
1997
Jersey Central coll g 4b.. .1951
Atlantic City guar 48 g... 1951
St Jos A Or Isl 1st B 48
1947
St Louis A San Fran (reorg Co)
Prior l.lenser A 4g
1950
Prior lien ser B Ss
1950
Cum adjust ser A 68
A 1955
Income
61 12 Sale
A-O
A-O
M-N
A.. .1940
97)2
9034
130)8 Jan '09
123)4 Mar' 12
80)8 84
84)2 Sale
84)2
RA
B
C
8734
87
103
SeriesC.
1940 J - J
Gr
lex Ist gu g 4>^8. 1941 J - J
Ohio Connect Ist gu 4s. . . 1943 M- S
Pitts Y A Ash lat cons 0a.l927 M- N
Series
Series
Series
103
84)4
Series B1942
Int reduced to 3H9--1942
Serie? C
-.1948
Series E 3H9
1950 F
Erie A Pitts gugSHsB-. 1940 J
Series C 48
PCUA8tLgu4J^8
IO412
95I2
Ill
CIA Mar Ist gug4H8-. -1935 M-N
CIA PRengu4}^S8er A..1942 J - J
TolWVAOgu4!48A...1931
Series B 4!^s
1933
Nov
99^8
M
1921 J
1921 J
3^8—
89
95
28
22
76
78
90
89
00
J
1924 J
1936 J
Guar3H3enlltrustregA.1937
Guar 3^3 coll trust serB- 1941
Guar 3>iS trust ctfsC
1942
Guar 3 Hs trust etfsD
1944
Guar 15-25-year gold 4s-.193i
40-year guar 4s ctfs Ser E. 1952
Cln I^b A Nor gu 43 g
1942
903i
90'8
16
St L (Con.)
Serlea F guar 4h gold... 1953
Series O 4n guar
1 957
Series I cons gu 4 H3. . . 1963
C St L A P Ist cons g .58. . 1932
Peoria A Pekin Un Ist flag.. 192
2d gold 4J4fl
''1921
Pere Marquette lat Her A .58 1950
Sfriea
Week't
Price
Frittau
Sept. 21.
Sis
P C C A
Philippine
76
J
M- S
U N J RR& Can gen 49.. 1944 M-
Pennsylvania Co
Guar Ist gold 4}43
70^%
BONDS
STOCK EXCHANGE
We»)k ending Sept. 21.
l.-it
12378 May' 17
II714 Mayi7
II712 Sept'17
84)4
84)4
DRRRAB'ge!8tRu4sg.l936 FPhlla Bait A W 1st g 43- .. 1943 M- N
Sodus Bay
70^8
July 17
90)4
J
Registered
Lines eu
NY
77
90)4 Sale
89^8
y-iH
193)
Apr
Nov 16
76
78
H;ile
J
J
S
Nov'16
100)4 100)4
80ig 90
97)2 July' 16
517
70
J
20-year dt'ljenture 4s
192!) A-O
N Y Cbic A tit I> lat g 43. .1937 A-O
ReglBtcred
1937 A -0
Deboriture 48
1931 M-N
West Shore
92)4
Lota
High
76)2 94
Juue'09
103
IW-N
-
'17
17
N. Y.
1
9978 104 '4
'17
92
7OI2
...
-
J
J
J
Feb
Aug
101
G2i2
-
'OI4
8018
70^8
1
80
A O
1990
Utica & IJIk HIv gu R 4a. . 1922
Lake Shore Kold 3H3
1997
Registered
1997
Debeuiuru gold 4a
102^
26-year gold 49
1931
Itei:lsM;rcd
1931
Ka A & (1 H
101)2 June' 17
7t;ig
Since
Jan
Aug '17
May'16
113
Range
I?
Hlok No.
70)2
7'J
-
J
2d sold 69
Pitta
Pitta
Ti
106lg
9914
99ig
-
Kiit-CanadalHtKUK48.iy49 J
StLawrA Adlrlst8 5e...iyU(i
Last Sale
Aak Low
icon.)—
cooa KU K 4s IWCJ A
1932 J
Plni)C;r(ekreaBuar6i)
AUcon 1810x158.-/11922 A
It
AOTlt IstKU 8 53.. 1918
R
Rutluud
Week'
Range or
Sept. 21.
Sept. 21.
eadliiiLi
Price
Frtdau
[Vol. 105.
3
84
80)4 Sept'17
80
90
10412
100
90
84
97»4
62
83l2
60
871,
IOO12
8»i8 lOo
90
98l2
37)4 95,;
8112 951,
31
"19
14
I
8-5I2
96
»DB8 Nov. {Due Deo. (OpUoaaale.
—
—
.
.
New York Bond Record—Concluded— Page
flsFf. 22 1917.]
BONDS
STOCK EXCHANGE
N. Y.
WeeK
Sept. 21
—
Union Pacific (Ccit.)
Ore Short Une Ist g 6e-..1922
1946
1929
1926
1933
1955
1957
Guar refund 4s-.
Utah & Nor gold 58
1st extended 4s
Vandalla cons g 43 Ser A
Ask Low
104U 105 IO414
J
J
-
J
J
-
104I4 Sale IO4I4
8612 87i2 86I2
9614
9714
J
-D
-
J
J
F-A
1962 fW-N
.1939
1939 F-A
Debenture Series B
1939 J - J
lat lien equip 8 fd g 59
1921 M- S
1st Den 50-5'r g term 48
1954 J - J
Det&ChExt I3tg53...
J - J
J - J
Dea Moines Div 1st g 43
Div 1st g 3)^8
1941
M- S
Tol & Ch Div lat g 4s
A
M-N
92
WashTerml
lat 40-jT
lat
guSJ^s
1st g 43
1st g 58
gold 4s
Income 53
Western Pac
Wheellng
-A
1945 F-A
1952 A- O
1937 J - J
1943
guar 4s
West Maryland
WestN Y <fe Pa
Qen
„ F
pl943
1st ser A 58lat g 5s..
&LE
.94«
-1926
A-O
Nov
M S
A-O
-
Wheel Div l8tgold5s-. .192s J - J
Exten & Impt gold 5a. 930 F -A
Refunding 4I23 series A.-.„„„ M- S
960
RR l3t oonso! 4a
..1949 M- S
Trust CO ctfs of deposit
Wlnaton-Salem S B Ist 4s.- 960
Wls Cent 50-yr l3t gen 4s
949
Sup & Dul div & term lat 4s '36
Street Railway
Brooklyn Rapid Tran g 53
945
.„
l8t refund couv gold 4a. ..2002
'
6-year secured notes 5a
918
j'-"j
loo"
SS's
9212 Safe'
99^8 100
92I4 Sale
92'2
9912
80
30
76
70
77
88
73
80
Income 68
Onion Elev (Chic)
Va Ry & Pow
1st
&
ref 53..
J
-
J
-
Un Gas Ist cons g Ss .945
Buffalo City Gas 1st g 53
947
Cinchj Gas & Elec IstAref 5s 956
Columbia G & E Ist 58.
927
Columbus Gas 1st gold 58.. 932
Consol Gas conv deb 88. .
192
OonsOasE h&P of Bait 5-rr53'21
Detroit City Gas gold 53... 923
Detroit Gas Co cons 1st g 5s 918
Detroit Edison 1st coll tr 53. 933
Bklyn
lat
Eq
G
A
ref 5s ser A
1st cons g 58.
L N Y
f,
940
1932
Gas A. Elee Berg Co c g 63. 949
Havana Elec consol g 63
.1952
Hudson Co Gas lat g Ss
.1949
Kan City (Mo) Gas Ist g 58 1922
Kings Co El L A P g 53
937
Purchase money 68
997
Convertible deb 68
Ed ElIUBkn Ist con g 4s
-
Newark Con Gas
g 5s
NYGELHAPgSs
Purchase money g 4s
Ed
Eleo
948
948
949
995
930
J
-
J
A-O
M.-H
M-N
F-A
J - J
M-N
-
J
J
A-O
A-O
J
Ist
P
lat
—
J
J
-
J
-
Sale
100
"59I2 Sale
8778 Sale
8412
"88"
8512
85
85
85
80
Q- F
J
Q-F
A-O
M-N
J
J
-D
-D
F -A
M-N
price Friday: latest bl4
106
1
88I2
8878
82
91
89I4 10158
77I4
67
9712 10118
10178
96
80
92
92
73
7712
80
IOII4
IOII4
8684
87
74I2
9734
lOlSg 10138
100 10138
7778 86I4
70
89
'17
'17
78
Jan
14
69I4
I212 2512
lOOij
100
26 59I8 7312
150 8734 9958
8412 Sept'17
8234
13
31
9634
9934
99I4
Nov'16
9834
89l2
50ig
20
75
IO212 Mar'I7
6534 Sept'17
35 Sale
35
3634
100
lOl
July 17
Aug '17
9612 98
82
85
Mar- 17
90
64i2 60
Aug '17
60
84 Oct '08
69
Mar' 17
70
"5534 59
58
5834
50 June' 17
3II4 Aug '17
3012 38
80
83
82 Aug '17
6478
4758
86I4
727,
9012
78'2
9012
95
100
IO212 IO2I2
6478 8OI4
73I2
15 35
100
"75"
106
100
101
9434 ...
9834 100
96
I0:)l2
100
9334
9334
100
83
...
9078 Deo
98i4 Sept' 17
107
96
June'17
June'17
99'8
89U Apr
9934 Aug
97
97I4
9212
99
90
'17
17
97I4
'
June'17
'17
IO312 Apr
987s ..
9658 99I4 99
9912
78I4
78I4 Sale
7858
IO5I2 June'17
9612 Aug '17
90
98
9012
OII2
100
110
91
94I2
847g
94I2
9412 Sale
8478 Sale
84
96
9978 10518
95
102
20
90l2
98
94
10312
94I2 101
84
937s
Sopt'17
IO212
Sfip '03
89
July'17
9778 9914
9378 92
10078 IOOI2
97I2
102
96
100
89
94
10338
1013,
92
10118
Nov'16
92
Juiyi7
Mayi7
84
Jaiyi7
<>«i«
\ni? ';r
tf
9612 101
100
115
Sept'17
and asked, a Due Jan.
110
89I4
985, 10218
97I4 10258
90
9334
1031 2 10478
97I2 10534
7712 88
88
100
115
90
Apr '17
Mar'17
90
9612 IO5I4
II6I2
105
110
Jul.v'17
17
Jan
94
Wo
IOII2 IO8I4
9838 lOlU
95
98
92
91
129
95
9778 100
88
ill 104
'17
Jan
95
100
115
90
99
Due
April.
f
1
NY
Manufacturing
Am Ag Chem 1st
Conv deben 53
89
100
9414
102
9712 101
87I4
84
181, 10112
«Du«May. fDue
-
&
M-N
M-N
M- N
A-O
J
J
-
J
J
Ask Low
Am
Am
Am
Am
Am
Gold 48..
Am Writ Paper
c 5s
Ist s
f
A-O
- J
F-A
A -0
M-N
A -O
F-A
M-N
A-O
M-N
J - J
A-O
A-O
F-A
M-N
Baldw Loco Works 1st 58... 1940
Cent Leather 20-year g 58.-1925
Consol Tobacco g 4s.
1951
Corn Prod Ref a f g 5s
1931
1st 25-year s
f
53...
1934
Cuban-Am Sugar coll tr 6s.. 1918
E
I
F-A
- J
M-N
A-O
F- A
M-N
M-N
A-O
A-O
Cor conv 1st g 58.1927
du Pont Powder 4Hs-..1936 J -D
General Baking
1936
1942
Debenture 58
1952
Ingersoll-Rand Ist 5s
1935
Int Agricul Corp 1st 20-yr 5s 1932
Int Paper Co 1st con g 68
1918
Consol conv 8fg53
1936
Liggett A Myers Tobac 78.. 1944
5s
..1951
LorlUard Co (P) 73
1944
58
1951
Mexican Petrol Ltd con 6s A 1921
Gen
Electrio
A
Hen
1st 25-yr 6s.
deb g
3H8
ref 6s series
C.-1921
Nat Enam A Stpg 1st 5S--.1929
Nat Starch 20-yr deb 5s
1930
National Tube Ist Ss.
1952
N Y Air Brake
J
-D
- A
M- S
F
J
-
J
J
-D
-
i
M-N
1st conv 6s.. 1928 M-N
Railway Steel Spring
Latrobe Plant Ist sf 5s
1921 J - J
Interocean
P
1st s
f
53
1931
A -0
M-N
J
J
J
J
J
1st A ref 5s series A
1947 J
S Smelt Ref A
conv 63. 1926
V-Car Chem lat 15-yr 53.. .1923 J
Conv deb 6s
el924
West Electric 1st Ss Dec
1922 J
Westlngh'se E A
notes 58.1917
M
Beth Steel
&
1st ext a
f
Sa
A ref 5s guar A..
A Susq Iron s f 53
HC
J
-
J
J
J
J
-D
-
J
-
-
J
M-N
-D
M- S
J -O
F -A
J
F-A
A-O
M-N
J
-
-
-
Telegraph & Telephone
Am Telep A Tel coll tr 48. ..1929
Convertible 4s..
..1936
20-yr convertible 4^8
1933
30 yr temp coll tr 5s
1946
Cent DIat Tel lat 30-yr 5s.. 1943
Commercial Cable 1st g 4s.. 2397
Registered
2397
CumbT
Ist A gen 58. ..1937
Keystone Telephone 1st Ss. . 1935
Metropol Tel A Tel Ist a f 68 1918
Mich State Teleph Ist 5s. ..1924
AT
Telephone Ss g..l920
NY Telep IstAgensf 4^8.1939
J
J
-
J
M- S
M- S
J -D
J -D
Q- J
Q- J
J
-
J
-
J
J
M-N
F A
M-N
M-N
-
Pac Tel A Tel 1st 58
1937 J - J
South Bell Tel A T lat a f 58 1941 J - J
West Union coll tr cur 5s. ..1938 J - J
Fd and real est g 4^8
1950 M-N
Mut Un
Tel gu ext Sa
Northweof Tol an 4 i.<n s
ADue
July.
17
8734
'17
101
June'17
101
Aug
'17
96
105
98
102
2»
Tllg
S9
59
"893i Sale
86I2
"92"
8II2
Aug
Apr
9434
86
87
95
84
100""
8378
893,
10
94
86
92
Sept'17
Aug '17
8278 Sept' 17
10734
93I4
93
1101*
112
100 Aug '17
102
.'iept'17
102
Sept' 17
100
IOII2 IOII2
102
9612 96
Sept'17
91I4
9034
"91'i Sale
9312 Sale
93lj
92
8978 90
July'17
83 Apr '14
8684
8212
107
Sale
95
85
85
81
86
90
94I2
89
90
89
Sale
92
Sale
9412
89
90
84
86
8912
91
Aug
84
88
90
Juue'17
86
1 13I2
99
71
100
'17
Jan
"17
88I2
•0
Jan
14
9978
99
99
IOOI2 100
SepVlT
9312 97
9838 Sept'17
90
100
92
101
9118 Sale
9738
9734
119
82
93
100
90
973«
119
88I2
845j Sale
100
98
101
Sale
91ii
973»
Sept' 17
'17
84
8512
li)ll2 July 17
98
9812
81
Mar'17
31
7212
37
74
Sale
10478
100
59
103
99
93I2
101
1007*
8912 82^4
91I2 88I2
51I2 Sale
SUi
IOI12 Sale 10 Ua
82 Sale
82
103
Sale
97I4
94
7II2
99*8
981?
1171,
9712
II6I2
99
94I2
S4
93
94I4
103%
92
IO4I4
103
81
99
99I2
102
76I4
105>2
Aug
Aug
79»2
102
10012
129
1041,
128
96% 103
105!g 111
lost, 11012
102
92
987s 103
1017g 106
98
90
lOOig IO2I2
9812 99
93lt 101
1007, 1061,
8134 9312
88I2 903g
'17
.Aug '17
031,
IOII4
'17
Mayi7
Sllj
iOlij
827,
101
103
102
95
94I2
8II2
78
997g 106i«
72ie
95
Sale
75I2
103
'13
Oct
100
99
10218
9812
9312
97
81
97I4
96I3
7212
10014
Aug '17
II7I2 Safe" II7I2
1175,
9734 Sale
97'*
03
11334 U6I2
llfiig
'96I2 Sale
9«i8
96 'S
10718 10934 lOS'a
lOSig
IO6I2 Sale 106
10 1,
95
9878 99I2 June'17
90
9034
t03«
9958 160" 9958
•95,
10158 102^4 Aug '17
100
99
84
101
9734 99
97U J»ly'17
97
9812 97'*
9714
IOOI2 IOOI4
10038
10(>3«
76I4
7612 Sale
75
i03i2 104 Mayi7
85I2 Mar'16
90
78
79
78'2 Aug '17
10134 IO2I4 1005*
101
100
132
101
9912 10412
98I4 105
92 14 9734
100 1041,
8758 927,
9578 99I2
119 11912
83I2 85
Sept'17
Sept' 17
Apr
93I2
9OI4
118
8712
9812 IO9I2
100 109'4
96 10278
203 8Si8 96I4
16 9II4 10034
9378
90
94
73
8912
8834
94
98
89
9212 IOII4
110
100
83
June' 1
73
9978 IOII2 July'17
IO5I2 Oct '16
102
73
85
S47,
947,
29
'17
•434
83
84I2
62
'17
106" 10734 107
93 Sale
IIII2 Sale
• 7%
103
101
106
69
895,
89.3J
94
95
93
»33
98
10118
875, 9612
Mar'17
59
02
Sale
Hiok
98
677,
102
49
82
64
1043,
9234
109
941g 100»4
951g
9938
9934 9*''4 8ept'17
9884 9834
99«e
9978 10018 100
July'17
I;
1941
1014
9978 100
92
9712
—
96
85
Sale
87 12
9112
7758
M-N
J
T
7934
90
9978
94I8
95
99
103
98H
11'2S4
100
91
99=8
94I4
8412
86
IOOI2 lOOij
85
100
99
"98I4
97I2
9012
98
93
90
101»«
9212
97I2
85
86
80
8678
87
97
961?!
68l8
6818
9512
93
'17
98I4
Apr '17
Deo
Aug
867,
02
9818
97I4
100
9978
9934 Sept" 17
92)2
921,
July'17
9034
Apr
9II2
917,
95
95
94
92
o.)
85
8512
90
9234
9>
97
95
100
101
106'4
1017,
103
09
95
1017,
SepflT
SepflT
N
69
'16
IOHs 8ept'17
lOUs
95
92I2 95«4
971, IOII4
8412 88
95 IO3I8
1011, 10718
10334 107
Nov'16
93I2
94
92
la
"18
'17
92
97
IOII2
90
01
9984
91
971, lOlSg
93I2 IO7I4
Aug
73
09
96
98
91
94
103%
9934
July '15
86
92
937,
937,
81
95
84
86
99I4 981g
9638
Sale
10058 100
9IS4 Sale
95I2
94I4 95I2
97I2
91
lOOlj
._
73
97
97
_„
9638
931,
Feb '14
Mar' 16
IOII2 95
Sept' 17
IOII2 Sale IOII2
10334
10334 Aug '17
105
75
102
77I2
•5
9818
_
88
98
92
86I4 Sale
94
95
91
July'17
97I2
97 12
60
9»t 104
Apr
95
90
86lg
.
100
041,
July'17
'17
Deo '14
86I2
85
77I2
T7i2
73
Mar' 14
91
101
'94"
J
-
M-N
M-N
1
Juno.
9S
Aug
Aug
99
69
J
A-O
S
M-S
J
J
A-O
M-
S Steel Corp— coup... d 1963
S F 10-60-yr Ssfreg
dl963
Victor Fuel Ist s f Sa
1953 J - J
Va Iron CoalACoke 1st g Ss-1949 M- S
J
'17
Nov'16
6778 Sale
-D
-D
F -A
A -0
L Rock Mt A P 58 stmpd.1955 J
Tenn Coal I A RR gen 5s.. 1951 J
NYAN
100
102
J
J
St
U
8858
10018
High No. Lov>
Aug
Steel
1926
1942
1932
Debenture 5s
al926
CahabaCM Co 1st gu 6s.. -1922
ColFAICogenef53.
1943
Col Indus lat A coll 5s gu
1934
Cons lud Coal Me 1st 5s
1935
Cons Coal of Md IstAref 5s. 1950
Continental Coal I3t g 53-..1952
Gr Rlv Coal A C 1st g 6s-../jl919
III Steel deb 4Vis
1940
Indiana Steel 1st 53
1952
Kan A
A C l3t sf g53..1951
Lackaw Steel 1st g 5s
1923
1st cons 5s Series A
1 950
Mldvale Steel A O conv a f .5sl936
Pocah Con Collier Ist s f 5s. 1957
Repub I A 8 10-30-yr 5a s f 1940
lat
-
F-A
-D
A-O
J
A-O
M
98
J
M-N
F-A
J - J
A-O
F-A
A-O
F-A
A-O
A-O
98
10158
J - J
1951
1919 J
5s
94
J
Industrial
1928
1924
Cot Oil debenture 5s.. .1931
Hide A L latsf g6s
1919 M- S
Sm A R 1st 30-yr 5s serA d'47
j"-"j
Thread 1st coll tr 4s
1919
Tobacco 40- year g 68... 1944 A-O
Buff
'16
105
12012 110
a
U
'13
July 17
98
5s.. 1940
63... 1941
Montana Power Ist 53 A
1943
Morris A Co Istsf 4^s
1939
Mtge Bond (N Y) 4s ser 2.. 1966
10-20-yr 58 series 3.
1932
Dock 50-yr l3tg 4s
1951
Niagara Falls Power Ist 5s. . 1932
Ref A gen 6s.
al932
Nlag Lock A O Pow Ist 53.. 1954
Nor States Power 25- yr 5s A 1941
Ontario Power N F 1st 5s.. .1943
Ontario Tranamission 5s
1945
Pub Serv Corp N J gen 53.. 1959
Tennessee Cop Ist conv 63.. 1925
Wash Water Power lat 5s. . 1939
Wilson A Co 1st 25-yr h f 68. 1941
Ist a
9312
97I4 101
8312 91
Aug '1/
May'15
Feb
1928
Pow
lot Mercan Marine
Coal Iron
82
100
102
Stamped
Great Falls
53
42
98I4 IO6I2
A-O
F-A
A-O
J - J
A-O
M-N
J
J
M-N
Aconv 6s ser A w 1
Computing-Tab-Rec s f 6s.. 1941 j'""j
6II2
70
Jan. 1
-D
Coll tr
82
"9712
97I4 Sepfl7
8312 Sept'17
Feb 15
97
107
104
106
Aug 17
100
102
9812 9812 Sept'17
10112 Oct 16
IOOI2 9975
100
Consol 5s
1955
Bldgs 53 guar tax ex
1960
Cerro de Pasco Copp cnv 6s 1925
Chic Un Stafn Ist gu 4H3 A 1963
Chile Copper lO-yr conv 7S.1923
3II4
24
Sept' 15
98I4 Aug 17
54 June' 13
9678
1st real est
Standard Milling 1st 5s
1930
The Texas Co conv deb 6a.. 1931
Union Bag A Paper 1st 53.. 1930
Stamped
1930
U S Realty A I conv deb g Ss 1924
US Rubber lO-yr col tr 63.. 1918
70
58
50
J
J
M- S
M- 3
M- S
4Hs'39 J -D
M
108
9684 101
89I2 90
60
6338
103
"l9il
-
-
Booth Fisheries dob s f 6s.. . 1926
Braden Cop
coll tr s f 63.1931
Bush Terminal 1st 4s.
1952
1st
July'17
95
9834
9712
7914
9934
7134
79
99
May' 17
5018
51
20'4
21
7738 Aug '17
88I2 Nov'16
7278 Juiyi7
9OI2 Feo 17
eo'a
100
100
IOOI2 103
9834 Aug '17
9712 July'17
79 Aug '17
75
9412
Minte
Last Sale
S
194S
1925
1926
M
Armour A Co
J
Dl3tll Sec
94
95
May'17
Apr '17
Mar' 14
30
IOOI2 June" 17
50 12 Sale
21
22
75
54
Week'*
Range or
M-N
J - J
F-A
^^.1950
Miscellaneous
coll tr g 4s
Alaska Gold
deb 63 A
Conv deb 63 series B
Adams Ex
M-
Mange
Price
Fridav
Sept. 21.
1^
1957 J
J
Utlca Gas A Eleo ref 53
Westchester Ltg gold 5a
SUs 94
Mayi7
94
95
99
M- S
M- S
J -D
F-A
M-N
A-O
A-O
A-O
82
5534
I512
100 Feb '17
5914
5912
8838
8734
84 Aug '17
87
86
M-N
- J
F-A
-
7212
5412
15
93
J
J
77
72I4
8314
Julyi7
78
84
9818
J
F-A
A-O
*,No
78
100
9958
85
Feb
Apr
86
9958
July' 17
72I4
8314
7534
10534
8338 8778
IOOI2 103
100
51
1195
4
Bit
Union Elec Lt A P Ist g 5a.. 1932
Refunding A extension 5a. 1933
United Fuel Gas 1st sf 6s... 1936
Utah Power A Lt 1st 5s
1944
Ulica Elec L & P 1st g 5s. ..1950
GranbyCons MSAPcon6sA'28
May'l7
lOOSg
lOOis
-D
M-N
A-O
A-O
cona g 5a'_
J - J
con g 5;
F-A
Pacific O A El Co
Cal G ilE
Corp unifying A ref 5a - .1937 M-N
Pacific G A E gen A ref 58 -1942 J - J
Pac Pow A Lt 1st A ref 20-yr
58 International Series
.1930
Pat A Passaic O A El 58. - -1949 M- S
Peop Gag A C Ist cons g 63
943
Refiindlng gold 5s
947 M- S
Registered
1947 M- S
Ch G-L A Coke lat gu g 58 1937 J - J
Con G Co of Ch Ist gu g 5sl936 J -D
Ind Nat Gas A Oil .-iO-yr 5sl936 IM-N
Mu Fuel Gas I at gu g 5a. - 1947 ,M-N
Philadelphia Co conv 53
1919 F- A
Conv deben gold 5s
1922
Stand Gas A El conv sf6s-. 1926 J -D
Syracuse Lighting lat g 5s--1951 J -D
Syracuse Light A Power 58 . 1954 J - J
Trnnt^'p ' * r'l i^f „ -^Q
1O40 M' R
III
NYAQ El L A
85>4
76
J
925 M- S
939 J - J
Lac Gas L of St L Ist g 5s. el919
Ref and ext lat g 5s
934
Milwaukee Gas L lat 43.- .1927
65
99
77
76
76
9734
98
Sale
96
96
90
80 May 17
99I2 101
May'lX
95
92
Sept' 17
98
92
Sept'17
73
73
73
July 17
78
78
70
70 Aug '17
90i2
90
89
15
J
J
J
927 A-O
934 J - J
Gat and Electric Light
Q L Co l3t g 5s
947
15
65
1
949 A-O
926 M-N
934 J - J
Atlanta
84I4
86I4
67
937 J - J
923 A-O
933 J - J
1924
77
67
.948
lat g 5a'"
United Rys Inv 5s Pitts las.
United Rys St L Ist a 48
St Louis Transit gu 58-. .
United RRa San Fr s f 48...
73
85
69
5554 Sale
80
8414
7534
67
"77'
1005g
99I2 IO5I2
'17
'17
97^8 Sale
90
9212 IOOI2
99 10678
9II2 101
78
5
Portland Qen Elec lat 53. .935
H & P Ist g 58.. 9.'<7
Cab cons g 5s
937 J
Third Ave lat ref 4s
960 J
.960
Aug
Aug
65
92
92
35
'12
'17
Apr
Jan
BONOS
N. Y. STOCK EXCHANGE
Week ending Sept. 21.
High
99
8912
W
AdJ Inc 53
a
Third Ave Ry 1st g 5s
Trl-Clty Ry A Lt Ist a f 5s.Dndergr of London 4(^8
I
89I4
A-O
at Jos Ry L
St Paul City
35
31
89U Sale
J
Y&
Tram Ist * ref 53. 1941
New Orl Ry <t Lt gen 4^8.- 935
N y Munlclp Ry Ist 8 f 53 A 966
H Y Rys 1st R EAref 4a-.. 942
30-year adj Inc 58
a 1942
N Y State Rys l3t cons 4^8. 962
Portland Ry 1st & ref 58 .
930
Portld Ry Lt & P 1st ref 58. 942
8138
Julyi7
101
86
Mar' 17
37 Oct '16
Saie'
8358
85
100 10034 Apr '17
99% loo Feb '17
98'4 995g Mar' 17
89
Montreal
88
IW-N
-
951 J - J
Stamped guar 4i^s
951 J - J
Det United lat consg4H8-- 932 J -J
FtSmltb Lt & Tr lat g 5s... .936 IW- S
Hud <fe Manhat 5s Ser A
957 F-A
Adjust income 5a
957
N
Jeraey Ist 5a
932 f'-a
Interboro-Metrop coll 4 Ha. 956 A-O
Interboro Rap Tran Ist 53.. 966 J - J
Manhat Ry (N Y) cons g 48. 990 A-O
Stamped tax-exempt
.990
Metropolitan Street Ry
Bway & 7th Av lat c g 5a. .943 J -D
Col A 9th Av 1st gu g 58.- 993 M- S
Lex A v <fe P F lat gu g 5s- 993 M- S
Met
S El (Chic) 1st g 48.. .938 F-A
MIIw Elee Ry & Lt cons g 58 920 F-A
Refunding & exteu 4^8-. 931 J - J
Mlnneap St 1st con3 g 53. . 919 J - J
& ret g 4Hs
'1112
1
3 IO312 IO8I2
1 IOII2 10858
20 86I2 9478
97I4 98
A- O
J
92
92
lat
84I4
76I4
80
95
"65'
66
100 103
84
'io'
F-A
F-A
F-A
F-A
J - J
F-A
Oonn Ry & L
No Low
9912
Aug
80
75
76
"71'
Sept' 17
9312
99*4
92I4
9912
74'i4
"65'
86%
Aug l?
Apr .16
Apr '17
92 14
105 Oct '16
99
99
78 May' 17
"99I2 Sale
72
SSSg
Htoh
10438
IO414
81% June'17
33
80
98
Since
Jan.
69ig
7212
J - J
J - J
Bk City 1st con 4s. -1916- .941 J - J
Bk Q Co & S con gu g 53. - 941 IVI-N
Bklyn Q Co & 3 lat 5a
941 J - J
Bklyn Un El Ist g 4-58... .950
Stamped guar 4-5s
;950
Kings County E Ist g 4s.- 949
Stamped guar 4a
949
Nassau Elec guar gold 4s. 951
Chicago Rys Ist 53
1927
90
88 14
92
S2l8
A-O
Om
Ranoe
Last Sale
F-A
M-N
Consol 4a Series B
Vera Cruz & P lat gu 4H3--1934 J - J
Virginian lat 53 Series
Wabash lat gold 5a
2d gold 5s
Week'i
Range or
Pric6
ending Sept. 21.
lat consol g 58
a -a
Friday
6
,
lOlte
99»4 1011,
921, 1011,
lOUg 1011,
IOOI4
91
95
102
9S7, 101»4
937, 10368
9112 9934
IOII2 1011,
>v IH
Due Aug. oDueOot. p Due Not. rDueDM.
* Oiitlaa salt.
Il
BONOS
BOSTON STOCK BXGHANQE—Stock
1196
HHAKB I'KlCea—NUT
CliNTUM PHICHS.
PJiH
STOCKS
SaUl
itt tlte
Salitrduf
Moudtif
He pi. 15.
Tur.sdau
Sept. 18.
teiit. 17.
I
Thursday
i'c/'J. 20
Wednesday
Sept. 19.
[Vol. 105.
Pag*
Range Since Jan.
Ranee
I
for Previtus
Year I'JU
EXCUANQE
Week
frlitay
S&pl. 21
Record ../rIt
Loweit
Shares
Lowest
Higheit
Highest
RaiiroaiJf
146
4T
•98
_
'*2
i4T
*
1X7
6
_
•a'
49
100
30
30
5
i
84
35
97
97
»
•i2r,tg lauig
12.51a 12.514
•8434
-..-5
2018 20lt
25ta ^jif
»84:(4
*93
•93
*3l»
*100
*98
95
•
•
•
20
20
23l£
25U
110
•99"
102'
•93
•20
no
•106
*
•98
26
102
*S1
»S4
87
*84i2
9Sir
•1'4
11
*9U
109%
1093.1
lUH
11434
1164; 117
•46
96
*68
88
47
9i
•10
103
•114
116
•45
8S
*9>8
11
IOI2
9J/»
•II4
10
lOS
116
'"9'8
9'8
89
*59
60
91
Ys"
#
15
99
•108
•115
11634 116
4r)'i4
•45
953» 9634
95
*6S
*6S
71
•88
•88
71
92 ?»
*5»
II2
41I2
90
*93
lOT
•125
"
0'7
1 07
1
130
12i
94
106
«i2S
927| •93
92>8
95
26
110
26
103
42I2
.52
52
87I4
'2Y'
Aui!'17
Sile 2
Sei)i,'17
30
Jaly'17
Do
SUe
412
30
Nov'16
Aua'17
Bo.ston
Hilu
Do
Sile 99
Au,''17
Sdle 125 JuQe'17
..
87I4
99I2
90
90
334"
Sep'l'i?
•20
21
26
26
95
Aug' 17
106 Sept'17
25 Sept'17
100 Sept'17
3912
51
89
98
8914
74
•1'4
99
45
65
202
70
"9I2
92
9l2
95
•68
*S8
*9l2
05%
70
Yd'
92
•60
9412
"15
14
•8
8I2
18312 18312 *1S3
lY"
89
*60
*14
*S
'
95
8I2
185
I4OI4 14OI4
IOOI2 •100
IOOI2
88
8834
88
*70
•142
*.80
90
•92
107
•123
91
1071;
125
92
93I2
IOI2
97I4
ii
Last Sale
*.80
1
Last Sile
Last Sale
Last Sale
Last Sale
IO5I2
105
Last Sale
94I2 95
I45I2
1
10"5'l2
125
'9'7"58
93I2
35
*13
1334
1471* 148
ssu
*
»
30
*29U
127
12T
46
*26
40ie
26ij
107>« 10734
110
«
118
.
35
•3312
.341
*33i2
35
1334
*13
145
1334
*13
1334
14512 147
58I4 *
•29 r4
*29ii 30
I26I4 127
126
143I4
4414 46
26
2618 x2n
I037g 107U 10418
•11558
116
116
5-^
6l8
5^8
146
58I4
14534
60
64
258
143i2Sept'17
1
75
1
11
June'17
33
88
Sepfl7
92i2
58
I47I2 I4712
x56
58
56
Aug'17
July'17
643
105
105
125 Sept'17
625
10
50
Sept'17
I47I2 I5OI4
57
1,284
28
57
•2914 30
Sept'17
Last Sale 29
I27I2 129
1128
128
44I2 4,512 '4534 "46"
44I2 44I2
26l8
25I4 253/
25I2 2.534
26
26
111
11134
10618 IO6I4 1085s 1083s 111
*116l4 11034 11634 11634
116
30
544
3,037
578
12812
44I2
6l8
578
6I4
6l8
634
50
pref
i
16,221
90
"658 "7"
C
W
instruc Inc
10
1 d 3 Lines.. 100
100
pref
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10
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10
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100
General Electric
..100
McEIwaln (W H) 1st pref. 100
Massacliusetts Gas Cos
100
Do pref
.100
Mergenthaler Linotype.. .100
Mexican Telephone
10
.
Mississippi River Power. .100
Do pref
.100
New Eng Cotton Yarn
.100
Do pref
.100
New England Telephone. .100
Nlpe Bay Company
100
Nova Scotia Steel & C
100
Pullman Company
100
Punta Allegre Susar
50
Reece Burton-Hole
10
Swift & Co.
100
Torrlngton
25
Do pref
25
United Fruit..
100
United Shoe Macn Corp.. 25
Do pref
25
tr a Steel Corporation
100
Do
Aug 31
133
96
22
175
/an 11
Jan 19
.Mar2<;
Septl7
45 Mar 16
Mny22 213 Jan 31J
i
172
6512
liy
34
July 3
3
Juae23
30
Aug
31
Jan 5
June 6
150
99
120
57
122
July 3
July 2
Feb
,.
JunelO
June 2
Aug 25
lOOis
June I
Sept 8
83
94
.May S
19 Septl9
2134Septll
95 Aug 28
106 Sept 11
2434 Feb 2
99 Aug 30
39I2 3apt21
5OI4 Septl3
3
84 Feb 14
98 Septll
ligApr 9
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2
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113l2Aug31
105'j
114
40
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Feo
9412 Feb
1
3
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88 Septl3
Mar 7
6l8 June2'll
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5234 Jan
i\
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105
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135
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34'!
110
5612
74
9434
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Feb
Jan
13
133
55
July 11
Feb 3
Feb 3
28 Aug 20
12612 Sept 7
I3414
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6
May
2
23,
14
12614
June 9
8
121i2Jao 24
128l4Jan 25
58 June 8
100i4June 9
75 Julyl7
5
9712 Jan
43I4 SeptlS
25I4 Septl9
993s Feb 3
SeptlS'
5
5
Aug 30
94
16
16278
301r
878
20 May
lOO'jAug
i55 Sept
69 July
Apr
95i2Mar
84 Dec
7
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106 Apr
64
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123
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42
92
66
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74
72
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6I4
534
6
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138
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15
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15
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Victoria
110 Winona
80 Wolverine
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'
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< Aaseasoieui, paid,
..
5
15
25
25
25
25
ft
Feb 3
Junel5
Septl9
Feb 3
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s Ex-dlviacua.
Sept20
515
Sept 6
16
July 3
5OI2 Septl7
52I4 Sept 5
HjApr
23
4i4May 4
IOI4 Sept 5
6
July25
Apr 231
3984 Apr 23
78
12
178
68
Aug 29
4l4Apr
9
li4June 8
7l2Sept 5
278
MaylO
5
Feb
1018
158
2
13
3
July 9
SeptlS
Jan 25
75 SeptlS
684 July 2
1518 Aug 30
22
.90
II4
Feb 18
Aug 28
46
Septl?
78i2
Feb 3
Feb 3
Apr 24
Feb !
25
81
23
69
10
Aug 20
Feb
2018 Septl7
I7I2
25
9
Septl7
li2Aup31
77
10
Aug
31
1
Apr 14
658
SeptlS
10
10
10
2312 SeptlS
25
25
2l2Aug31
7 Aug 30
& Boston Copper. 10
Tamnrack
25
206 Trinity
25
840 Tuolumne Copper..
1
4,640 U S Smelt Refln & Min... 50
.543
Do pref
50
3,385 Dtah-Apex Mining
5
915 Utah Consolidated
5
20 Utah Copper Co
10
580 Utah Met4il <fc Tunnel
1
1.50
I
4OI4
5
1,255 Superior
II2
1038
.50
25I4
7312
3
MaylO
100
100
Nlplsslng Mines
50 Superior
3I2
Aug 29
28
5
New Idria Quicksilver
New River Company
Do pref
Soutli
Feb
58
16
52
86
25
25
25
Mason Valley Mine
5
Mass Consol
25
Mayflower-Old Colony... 25
Michigan
2,
Mohawk
25
Nevada Consolidated
5
New Arcadian Copper
25
North Butte
North Lake
OJibway Mining
Old Dominion Co
SeptlO
Septl2
Feb 16
Jan 2
Sept 4
Lake Copper Co
La Salle Copper
91C Shannon
300 Shattuck-Arizona
7
I4
25
Osceola
1,400 Pond Creek Coal
152 Qulricy
335 Ray Consolidated Copper.
170 St Mary's Mineral Land..
213 Santa Fe Gold & Copper. .
22I2
S4l2
2658
3'2
Keweenaw Copper
290
265
161s
25
25
Vs SeptlS
Feb 3
1
20
Do pref
280 Isle Koyale Copper
436 Kerr Lake
30
25
339
84
5
10
10
10
5
1,344 Copper Range Cons Co... 25
1,380 Daly-West
20
2,185 Davis-Daly Copper
10
710 East Butte Copper MIn... 10
24. Franklin
25
Granby Consolidated
100
14 Greene Cananea
100
Hancock Consolidated
25
109 Indiana Mining
25
435 Island Creek Coal
1
190
20
50
570
1034
3I4
1618
&
150 Butte-Balaklava Copper..
60 Butte & Sup Cop (Ltd)..1,038 Calumet & Arizona
39 Calumet & Hecla...
115 Centennial
125 Chino Copper
*23l2 25
2458 2434
Sept' 17
Last Sale 3
*7l2
7
7
8
3I4
1
Do
Zinc, Lead
pref..
10
25
25
Smelt. 25
25
1,125 Arizona Commercial
III2
.60
25I2
7812
•1
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7
24
3
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20
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26
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26
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41
178
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1
50
49
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912
I6I4
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87
48
87
23
85
26
72
63
338
105 Allouez
1,441
22I2
2234
3I4
3
3
3
•1212 14
Aug'17
Last Sale 22
3
62
15
2
•22
2078
62
312
6312
16
52I2
Algomah Mining
63l2
18
52I2
Last Sale 79
Sept'17|
*40i2 4II2 *40i2 42
I3I4 Sept'17|
Last Sale
2
2
2
*Vs
*60l2 62
6178 63
86I2 86I2
•86
88
3OI2 31
31
31
*558
534
6
578
Last Sale 158 Sept' 171
ll8
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57
2I2
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15
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41^6 4>^
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338
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3
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87
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30
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212
234
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80
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42
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52
27
77I8 78
530 530
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50
530
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I
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41
81
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87
77
530
50 Adventure Con
150 Abmeek
746 AlaskaGoId..
2
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11
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178
97
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29
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2
101
25
25
25
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3
47
Sept 4
Feb
2
414
108
Mar29
Apr 16
June 7
Mar 8
May28
Jan 27
JaB 2«
Jan
Jan
llujan
2
2
2
2
li4Jan
70 Mar 6
41i4Jan 26
3
73 Jan
1514
June 11
2i4Jan 26
52 Jan 26
8514 Jan 2f
590 Feb 20
27l4Jan 16
63 Mar 7
68 Jan 17
Jan 12
7i4Jan 16
3
16 Jan
9 Mar 6
92 Jan 17
4612 Jan
3
20ljJaD 19
4 Mar22
7612 JunelS
94 Anr 28
36 Jan !»
6 Aug 22
434 Jan 27
18 Jao 2
5 Jan 16
838 Aug 2
17
1 St; Jan
3 May 23
3
5ij
98
wSh Apr
8I4
225
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2
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I7l2Apr 31
30 Mar20|
92I4
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2834 Junel8
94ljFeb 21
321s Apr 3
8934 Mar 6
2
2 Jan
1
Jan 5
3018 Mario
6I4 Jan
2
1668 Mar 6
8I4 Jan
6
60 Jan 15
2^iiJan
52
Feb
0784
9
4
4812
178
Aug
Mar28
143s
Sept 8
1183^
May26
1
3
3
9418 SeptlS
4
3I4
Apr 23
Sept 7
Sept 7
3912 Sept 8
15 Aue 23
212
a il»U>paM8
8I2 July 11
Jan
62V Jan 4
334 Sept 6
2II2 Feb 20
Nov
35
2.3i2July
Jan
50
12084 Dec
10218 Jan
102
15812
3512
15
125
35
28
Dec
Apr
Dec
Feb
Feb
Jan
Jan
13612 Jan
50 June
2812 Jan
7934
Mar
115i4Feb
658 Sept
m Feb
Aug
91
10
Dec
84
56 Dec
29i2July
60 July
758July
li2Aug
Dec
42
66
510
June
Dec
July
46 July
54i2July
2 July
14
4S4
Dec
lli2July
6 June
79 July
3484 June
1012 June
2 July
42
88
25
Sept
Jan
July
44
77»4
107
157
35I2
125
Deo
Jan
Aug
Aug
Jan
Sept
Feb
Deo
Mar
6712
Jan
86
Feb
102
105
314
16
125'4
124
13412
6684
lOisg
79
101 "4
Nov
Dec
Apr
May
0ct
Oct
Sep
Not
Mar
Not
Feb
Deo
7212N0V
14734
257g July
IS'isJan
250
Mar
186
Oct
89
214
44
42
66
140
165
9I4
314
II2
July
July
Aug
July
10
175
69
I6I2
177
70
33
Mar
July
.50 June
lis July
59 Dec
70 July
lli2Mar
July
2034 June
61i2Jan
II4 July
7 July
2434 July
81
Aug
4
12l2JuIy
II2
Jan
Nov
Jan
Apr
Feb
Deo
Dec
Mar
Nov
Oct
Oct
May
Oct
Nov
Mar
16884 Aug
6312 May
Sept
31
12958 Nov
12284 Nov
13 Jan
578 Dec
12512N0V
2612
Jan
212N0V
8312
9753
8618
18
512
Nov
Apr
Nov
Nov
Feb
Mar
Nov
640 Nov
27 Nov
7358 Nov
8734 Nov
IO514
101
37gMar
7i4Deo
20 Nov
13I4N0V
120
55I4
Nov
Nov
23I2N0V
6I2N0V
7384 Dec
9312 Dec
43
Nov
53gMay
8
Apr
Feb
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1912
9
Nov
I9I2N0V
4»4
li2.Ian
77i2July
15 Jan
434 July
9 July
20 Dec
77 Dec
Feb
15514NOV
3i2Mar
284 Feb
108
Nov
Nov
33I2NOV
IOI4
Jan
2484 Jan
3138 Nov
93I4 Nov
9I4N0V
3212N0V
412
278
83
105
J&n
Apr
Nov
Nov
Deo
10912NOV
2384
3684
110
1
378
212
Nov
Nov
Jan
Feb
40=8
Feb
8I2
Jan
2812 Jan
884
Oct
35 Aug
4i4July
56 14 Jan
Jan
5418 Jan
49 Feb
Deo
SlSgNOV
5384 Apr
Sig Apr
3012N0V
1273gNov
llijMar
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.
1
o
278
Dec
1212 .Ian
75
June
5I4
Dee
284
384
Jan
-i
884
May
6
2i«Jor
94
102
19
658
Jan 16
Jan 2
SigJ-in 25
63I2 Mar 6
162 Feb
87 Feb
131<4Deo
I4N0V
10 Dec
6
95
May
Jan
4012 Feb
512 Jan
45i8July
154 July
110 July
5
181
20
278J.in 12
6734 Marl2
145
52
2351?
Feb
Jan
Feb
Feb
May
Mar28l
284 Jan
31
24I4
881:
10212 Sept
10084 Nov
79
78
155
9l2SeptI2:
Mayl6
Mayl2
3I4
Dec
Dec
Apr
198
June
Sept
Sept
95
Mar24
Jan
Aug
7,
68
35 May28
ISSljJan 22
68I4 Jan
3
135
121
Dec
Dec
Dec
o'
13
15
JaD
Aug
4i2
Jan
Jan 27
Jan 9
1134
Mar
Feb
Out
10212 Apr
123 Sept
69'4Sept
122 Jun
z86 Jan
98 Sept
42
150
3!
Marl7
Mar
Feb
Dec
3
mining
•1%
*99
Aug
Aug
200
26
50
97
121'jJan 22!
5512 Feo 9
66 Jan ^',
12 Septl2
2018 June22!
7ljAp'- 13
10 Jan 22i
175 Ju!y21 228 Jan 4>
I35I4 Septl2 170i4Jan 16
100 Feb 3 102 Jan 18
87 Feb 3 lOOij Miir23
70 SeptlS
81 MarSO,
143 July20 169 Jan 3i|
I
Marie
184 Julyie
11
Junel5
11 JunelS
3212 June26
40 Jan 17
30 Jan 9
95 Mar26
60 Jan 10
92l2Aug 71
105 Septl9 12412 Mario
125 Sept 4 147 Jan 19
90 Apr 24 112 Jan 11
130 Septl3 !66i4Jan 25
30 Feb 15
46 Jan 3
25
25
6,045 Ventura Consol Oil Fields.
38
150
108
140
Jan 5
Jan 27
Mar2-!
78'2 Mar22|
1.33
Jan 17
921; Jan
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116
-.100
pref
Dec
Apr
Dec
4
2
67I2 May2
87>4 Juiy27i
.Am,)sliea? Manufacturing
Do pref
Do
20 Cuban
15
•33
35
Last Sale 13
I47I4
Do
Amer Suuar Refining
Do pref
Amer Telep & Teles
1,600 Atl Gulf
I34I2 134'
*3S'
*13
pref
100
Paeiimatlc Service,. 50
60 Art Metil
961^2
•70
•70
90
•92
1105
•123
95
Last SUc 6OI4 Sepfl7
•15J8 16
List sue s'" Sept'' 17
183
183
183
183
I4II4 I4II4 I44I2 I45I4
Last Site 100 Sept'17
88I4 88I4
88I2 88*4
1.39
70
93
nfliscellaneous
Ciieraleal..-100
Ai^rlciil
100
100
1,441
100
20 American Woolen of Mass. 100
295
Do pref.100
95
List Sile 7212 Sept'17
•88
88
88
95
.100
pref
Amer
II2
1
95I2
S Y-..100
pref
Do
135 .Amor
190
Do
99
99
Last Sile II4 Sepfl7
934
10
*<i\ 10
112
10!) I2 *110l2 11112 •111
115
115
116
116
115
H6I2 II7I2 117 11734 II712 118
11634
40
•47
46
4712 •47
48
46
99
134
4 O
Vermont A VIass:ioliusett3.100
389 West Kud .Street
50
39I2
51
liy
Connecticut River
lOu
Fltchbun; pref
..100
119 Ueorxiu Ry Ji ICIec atampiilOO
Do pref
100
Maine Central
100
Mass Kleetric Cos
100
195
Do pret stamped
100
801 N YN H .t Hartford
100
.>JortUeru .Vow Uampslilre.lOO
Old Colony
..100
Rutland, pref
100
95
176
79
30
1
m'
SeptlS
4512 Septl3
Wlectrlc Coa..
pref
Chic JuuR
145
9
pref
& Wore
Do
SUs 150 May'17
List Silc
•20
21
2534 26I2
L^sl Sil
Last Site
Last Sile
Last Sile
14014 41
5312 53I2
5
19
87
99
90
»<)2
•100
42
'24'
190
12538 125->8 •'III
Last sue 845g Aui'17
95
.5;
8I2
*i"
*183
185
183
185
*139
13934 •ISSlg 1391; *138
100 lOO'j *100 IOOI2 •100
881«
8734 88I2
88
•71
73
Ti
70
T2
*143lj 148
•143 148 •142
*1
*1
*1
•i
2
8>«
19
25I4
'106
4112
51
9Sts
•58
5
21
2434
.52
9Sl8
•1'*
98
140
95
42
89
•97
•93
43
...
2312
litlc
Lust
Last
List
Last
Last
List
Last
1261s
•8434 ...
*511»
50
2312
5
lOU
73 Boston A Alluny
479 BiMtOQ Ulcvate'J
100
Boston A l.'iwull
100
513 Boston .fe Maine
100
Boston & Providence
100
Boitou .Suljurbau Elec Coa
147
50
L'lst tide
12618
•8434 ...
24I2
147
50
»100
23I2
35
97
140
58
•55
147
49I2
186
5
5
'
I47
30
•2
30
41l«
*84
150
50
103
35
4%
•
»10«
110
a7
103
*
58
*o5
58
23I2
24
187
5
>
*56
•147
50
•100
1.50
47
100
J4
2S
»
•145
48
100
33I4 •23
18T •
•2
&
•144
47
•Ut
146
50
100
45
M ar
Oct
11. A11P
1284
212
8I4
6712
?8.
Jan
Nov
Feb
Feb
—
—
.
•
.
.
—
..
H
1
M
.
THE CHRONICLE
Sept. 22 1917.]
1197
both inclusive, compiled from the
Outside Stock Exchanges
official sales lists, is as
follows:
I
Friday
Boston Bond Record.
—Transactions
Last
bonds at BosSept. 21, both inclusive:
ton Stock Exchange Sept. 15 to
in
Stocks-
Par,
American Radiator
Amer
Friday
Last
Sale
Price.
Bonds
U S Liberty Loan 3'As 1947
Am Agric Chem 5s 1928
Am Tel & Tel coll 4s. 1929
5s temporary receipts
Atl G & W I SS L 5s_ 1959
Gt Nor— C B & Q 4s_ 1921
1932
N E Telephone 5s
100
99 U
.
-
79
.
R&M
U
Low.
High.
Sales
/or
Week.
426.850
99.72 100
2,000
99 K 99 Ji
85?'^
86
2,000
4,000
97
97
79
79
1,500
1.000
95 K 95K
93
9iA 3.000
81
SIM 11.000
95 V^ 96
6,500
103 }4 103 ".^
5,000
93
93
5,000
K
Punta Alegre Sugar 63.1931
Swift & Co 1st 5s
1944
conv 6s.
S Smelt,
Week's Range
103 'A
Western Tel& Tel 5s. 1932
Range since Jan.
1.
com
Fish,
new
Preferred
ChicCity
High.
Low.
100
100
Shipbuilding
Booth
Week's Range
Sales
for
Sale
Price.
of Prices.
Week.
88 y^
23
100
& C Ry pt sh com
June
July, 100
99
98 « May 1045^ Jan
85
Aug 92 H Jan
Jan
95M Aug 102
May 85 M Jiin
78
99 ,^ Jan
95 H Sept
93V, Sept 100 J€ Mar
Jan
Sept:
81
96
95 ^ Sept 102 K Jan
Jan
99 5-^ Augj 109
Jan
Septi 100 >i;
93
I
Commonw'th-Edison. . 100
Cudahy Pack Co com. . 100
Deere
&
Co, pref
100
Edmunds & Jones com. 100
Diamond Match
100 116!^
Hartman Corporation..
50K
Hart, Shaff&Marx.comlOO
Preferred
lUinois Brick
100
71
Lindsay Light
Pittsburgh Stock Exchange.
— The
Preferred
Middle We.st Utilities
complete record of
transactions at the Pittsburgh Stock Exchange from Sept. 15
to Sept. 21, both inclusive, compiled
from the
official sales
73
People's
L & Coke., 100
Prest-O-Llte Co, Inc
PubServof
lU, com. 100
Preferred
100
Quaker Oats Co, pref.. 100
Sears Roebuck com
100
PrefeiTed
100
Shaw
common
100
66
N
given below. Prices for stocks are all dollars per
share, not per cent.
For bonds the quotations are per cent
of par value.
lists,
com.
National Carbon, new
G
is
WW
Stew V/arn Speed com. 100
Friday
Last
Stocks
Par
Sale
Price
Week's Range
Sales
for
Week.
High. Shares.
Swift
Range since Jan.
100
Union Carbide Co
100
United Paper Bd com. . 100
Ward, Montg, & Co, pref
Wilson & Co com
100
Preferred
100
We.stern Stone
100
1.
of Prices
Low.
Low.
& Co
High.
,
Amer Wind
Glass
MachlOO
Preferred
Columbia Gas & Elec
Crucible Steel
Preferred
,
.
com
100
. 100
100
100
Diana Mines
1
Fed St & Pleas Val Ry..25
Gold Bar Mines
1
Independent Brew com. 50
Preferred
50
Iron Wks com. 100
Preferred
100
Lone Star Gas
100
Mfrs Light & Heat
50
Nat Fireproofing com
50
Ohio Fuel Oil
1
La Belle
Ohio Fuel Supply
25
48
96 K
64 H
"isli
29%
PIttsb Brewing pref
Pitts Cons
&T
14
50
1
,
Pittsburgh-Jerome Copp.l
PIttsb & Mt Shasta Copp.l
Pittsb Oil & Gas
Pittsb Plate Glass
100
Ross Mining & Milling. .1
San Toy Mining
Union Natural Gas
U S Steel Corp com
UC
73c
6H
H
18
20e
10
8,100
?0
4,030
20
170
405
165
27
398
145
6iH
4M
5
29 H
36
13 H
10c
65c
41c
ey.
K
48 K
29 H
36 H
14
lie
74c
44c
6%
108
45 >
& Man Tr
5s '30
Pittsburgh Brewing 6s 1949
Pittsb Coal deb 5s
1931
4M
July
Sept
Jan
265
20
35
16,700
16,2.i0
6,900
20
46
1,720
100
100
56
56
99!^ 99 H
56
61 Va
Jan
May
930
403
Bonds.
Pitts Alleg
Aug
122 3-i
90 'A
17'^
225
445^
18
May
15c
July
I'A June
June
8
71 'A Feb
43 »4
26 J4
35
1.000
4,000
57
K
May
93!^ Aug
35 J4 Feb
59 Ji Apr
96 M Sept
Mar
22c
4,56
14c
14c
175
llOJi
108>^
14c
lie
175
103
108
45
3,200
18H
18
nsii 118H
1
100
100
Wesfhou.se Air Brake.. 50
West'h'se El & Mfg com. 50
72
96 14
27c
2
47H
48
40 H
13
114
124
100
63 J^
880
250
270
250
93 H
39 «
69
96!^
25c
18
19c
2
13
112
124
100
13
114
Oklahoma Gas new
25
Peop Nat Gas & Pipeage 25
M M
48K
47
93 H
S2 .000
3,000
4,000
10
80
47c
40c
4Ji
118
Aug
Feb
May
Feb
May
May
May
Bonds.
Armour & Co 4i^s...l939
Booth Fisheries s fd 6s 1926
47 5i Apr
90 H July
112H Mar
1
Apr
Chicago City Ry 53. 1927
Chic City&Con Rys 5s 1927
Chicago Rys .5s
1927
Chicago Rys 5s. Series "A"
Chicago Rys 4s. Series "B"
Chicago Telep ,5s
1923
Commonw-Edlson 5s. 1943
Cudahy Pack 1st
,5sl946
Jan
Jan
Jan
Jan
20
48c
3^
17H
120
Aug
12s 'A Jan
100
Sept
73 5i Apr
7H
22
56
30
37
21
Liberty Loan 3
Apr
Uc Sept
16S5i May
102
Feb
108
Sept
^3 'A Sept
Sept
Apr
Jan
157H
58J^
iss.
Wilson* Co
Feb
z Ex-dividend.
6
Stocks
Par
Alabama Co 2d
Consol Gas,
pref
Sales
for
100
EL&Pow.lOO
ConsoHdation Coal
Cosden & Co
106
100
9H
Preferred
30
100
67
Mt V-W Mills pref V t r
Northern Centr.il
.50
Pennsyl Wat & Power. 100
United Ry & Electric. 50
Oil
High
48 H 48)^
106
107
98
98
9y,
9ys
i'4
Davison Chemical_.no pir
Ga So & Fla 1st pref.. 100
Houston Oil pref tr ctfa 100
Mer& Miners Trans 100
Monon Vail Trac
100
Wayland
Low.
& Gas
SOW
30
76
59
80
70
67
79
70
27
3
27
5
76
59
80
70
67
79 '4
70
27
Shares
20
646
5
7,593
May
Jan
May
Feb
May
2,619
476
50
25
15
25
55
165
3M
300
215
630
65
5H
44 M
80
67 H
91
75
73
89
84
35H
5
Cosden
fr
Series
& Co ser A
B 63
Mt V-Wood notes 63. 1918
No Bait Trac 53
1942
United Ry & E43... 1949
Wash B & A
.
,53
98 M
97H 98H
"
103
103
90 '4
90
9214 93
92 Ji 93
97
97
99 Ji 99H
99
99
96 W 96 '4
100!^ 100 H
100
100
79 W 79 a
59 ;< 60
83
83
83 H S3 '4
'90
68_
Cosden Gas 6s
Eikhorn Coal Corp 6s 1925
Elkhorn Fuel .5s
1918
Fair & Clarks Trac 5g 1938
Georgia & .Ma cone 5s 1945
Income 43
Funding 53
75
75
96 K 96 Vi
94
94
100
100
100
100
90
90
86 H 86 H
96
96
75
1949
1936
1941
99 M
100
79
60
83
H
SI, 000
2,000
5,000
1.000
2.000
2.000
2,000
1,000
38,000
5.000
33,000
29,000
8.000
1
.000
5,.500
1,000
1,000
4 ,000
5.000
16.000
31 .000
2.100
2.000
Par.
10
American Gas of
J. .100
American Milling
10
American Rys pref
100
Baldwin Locomotive.. 100
Preferred
100
75
96 H
94
100
100
90
86 H
96
97 H
102 W
90
90'4
92 Ji
97
99 H
99
96 '4
9S5i
100
79 '4
5914
83
82
Sept
Sept
June
July
Sept
Sept
Sept
Sept
Buff
Aug
May
Sept
Sept
Sepf
Sept
93%
98 '4
110
95
97 "4
110!^
101
"^
Aug
Aug
101
Sept
103!^
Feb
Sept
Sept
Sept
Aug
June
iOTA
H
lUH
59
102
62 J4
102
102
89 H
90 H
1.
60
"oiji
Preferred
99.88
91H
"95 ?i
Sale
Price.
97ye
93 W
99.80
91
88 '4
95
99 K
M
c
Jan
Jan
88 M
12
Jan
June
June
88
Apr
Aug
39
72
63 'A
102
85
95
99
cl50
122
50
53 M
Sept
Sept
Feb
May
May
Sept
Sept
July
nsM Mar
S5
83H Aug
106
155 J4
114
102'A
115
239
127!!<f
Jan
Aug
Jan
Jan
Feb
Jan
Mar
Feb
74
July
Aug
101
Jan
Feb
Feb
165H May
Apr
210
S4H
117'A
Jan
Jan
July
IH
Sept
sgy^ Sept
94 H
945^
Jan
Feb
99 H
80
Mar
Sept
Sept
Aug 84 >A May
Aug 107M May
.57}^
204
100
Ex-25%
100
SO
50
50
50
50
Phil Co(Pltts)pf cum 6%50
PhiLadelphia Electric. ..25
Phila
May
101
1
90
Aug
90 '4 Aug
60
Sept
Aug
89
82
Sept
Sept
61
9854; Sept
97^ Sept
93'4 Sept
Aug
Aug
99.50
91
88
Aug
95 ?i Sept
99H Aug
stock div.
—The
Rap Tr vot
tr rets. 50
95
89
Reading
50
Tono-Belmont Devel
1
Tonopah Mining
16
Union Traction
,50
United Cos ofNJ
100
United Gas Impt
50
U S Steel Corporation. 100
June
July
Jan
Jan
Jan
Jan
Preferred
War%vick Iron
57
Jan
Jan
Jan
Jan
><(
Feb
Jan
100 'i Jan
100. 10 June
90 H Jan
96 K Jan
102
Jan
103 H' Jan
H
70 H
102
103 H
97
91
a Ex-rights.
complete record
Exchange from
&
16%
York Railways
100
50
pref
25
9A
9H
20
75
200
100
16
89
89
62 %
60
1005^ 100'^
55
55
50
50
44
45
1
14
61
20
71
185
55
25
Low.
Shares
20 '4
100 5<
1.85
1
8
Mar
89
Sept
49
Feb
99 J^ Aug
54 H June
49
May
434 May
70
May
Sent
185
65
Sept
24 H July
IIH
523
229
25
11
May
65 H
65 H
5
2,115
65
July
15
Feb
50
78
1,800
59
3,037
150
74
58
49
May
15H
74
16JI
52 K
36
28%
30
'4
75
61
91
51
93
52 '4
36 H
29
30'4
5'A
75
82 '4
5
36
28'4
29 H
5H
74
81!^
5
%
77
lllK
76
36
'4
H
z4%
78
6'^i
43'/^
206
76 H
H
52 %
6H
44 '4
206
77
1,578
850
100
160
1.316
4.392
2,090
350
2
1,593
103H 111^ 44,325
n6'4 1163^
40
Sept
Sept
Sept
50 '4 Sept
36
Sept
28 »i Sept
27?^ Apr
91
4%
Jan
74 H Sept
78 H Sept
4
May
5H Jan
41 M Julv
206
.Sept
76 4 Sent
99 "^4 Feb
116K Sent
Apr
Feb
22
121
9% Aug
Jan
98
76
102
[July
H
66
Jan
14
68 K Mar
24
Mar
85
Jan
7954 Jan
67 4 June
100
June
57^
84
103 J^
Jan
Jan
Jan
Jan
Jan
Jan
Jan
6
Aug
43
.34
9^
34%
7%
74 Mar
474
226
Jan
Jan
91
4 Mar
134'^' May
120 4 Jan
9%
130
59
9
Feb
734
Sent
80
66
36
Feb
Feb
92
39
99. .SO 99. 96 270,9.50
99
90
Aug
Aug
894
Sept
36
9
74
77
36
Feb
Jan
Jan
58
46
Mar
74
Jan
185
Sept
67 W Jan
27Ji Feb
325
24
9
z73 H
72
I.
High.
20
May
100 « Sept
57
25 K
60 H
49
,50
Wm Cramp & Sons
Range since Jan,
Week.
11=/^
100
Steel.. 10
Westmoreland Coal
High.
71
10
Philadelpliia Traction.. 50
Aug
Low.
Sales
for
lOOH
Railways General
Jan
of Prices
20 '.2
.50
Lehigh Navigation
Lehigh Valley
Midvale Steel & Ord
Pennsyl S.ilt Mfg
Pennsylvania
June
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Jan
Bonds
U S Liberty Loan 3 Ma 1947
Jan
Jan
Amer Gas &
Mar
Aug
Aug
Jan
Jan
Jan
Feb
Jan
99.92
Elec 5s.. 2007
Small
2007
Consol Trac N J 1st 5s 1932
Elec & Peon tr ctfs 4s. 1945
Harwood Electric 6s.. 1942
Inter-State Rys coll 4s 1943
Keystone Tel 1st .5s.. 1935
Lehigh Val gen cons4s.2003
National Properties 4-6s. .
Small 4-63
Aug
90^;;
75 Ji
54
94
83
PennRRgen4H3serA 196.5
Consol 4'4s
1960
Consol 4s
1918
Peoples Pass tr ctfs 4s. 1943
Phi la Co cons & coll tr 5s '5
Phila Elec l.st (new) 5s. '66
Sm.all
1966
Spanish Am Iron 6s.. 1927
Standard G & E 63... 1926
United Rvsgold tret f 4s. '49
Jan
Jan
Jan
Jan
91'4
.
—
Chicago Stock Exchange. Complete record of transactions at Chicago Stock Exchange from Sept. 15 to Sept. 21,
89!^
82
61'4
98=/^
N
Lake Superior Corp
lOlH Aug
Feb
67 <4
90
88
89\i
90 ys
Mar
78 H
90
Feb
Jan
10
89 H S4,000
90 H
1.000
4.000
92
60
2.000
89"^
3,000
82
3.000
62
2.000
4.000
98 M
98 }i 23.000
94
52,000
99.94 342.2.50
6.000
91'A
1.000
88 H
96
29,500
100
11,000
91H
89 'A
16«
400
IH
& SusQ Corpvtc.lOO
vtc
100
50
Consol Trac of
J
100
Del & Bound Brook. ..100
Elec Storage Battery. . 100
Insurance Co of
A
10
Keystone Telephone
50
106
84%
H
X1Q8H
Preferred
Cambria Iron
75
Sept
lOO'A Jan
98 W Jan
lOi'A J.an
106
Apr
96 P^ Feb
107H
42
64
112
71
1.3294
Sept
Sept
Sept
Sept
25
156
2,984
10
294
663
3,758 132H
2,742 169
50
19'A
178 Zl08'4
125
70
59
150'A
1721/$ 181
24 H 24".^
OIH
N
Bonds—
Baltimore Brick 5s
Bait Electric stamped 5s'47
Bait Spar P & C 4 '/^s. 1953
Bait Traction 1st 5s.. 1929
Consolidated Gas 5s.- 1939
General 4^3
1954
Consol G,EL&P 4H8. 1935
Notes .53
Notes 63
Consol Coal conv 63. 1923
1,576
125
67
56
145
Friday
Last
Week's Range
High
127
114
18"^
80
260
100
25
448
470
May
50
70
58
20
99)^
1.59
27
113>^
210
96
150H
96^
10
130
Sept. 21, 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.
N
Low.
95
99
108 '4
Alliance lusurance
48 3^ Sept
106
Sept
98
Sept
8% Sept
4
Sept
30
Sept
76
Sept
59
Sept
55
July
60
Feb
60 K Mar
79
Sept
70
Sept
27
Aug
3
Sept
197
117
115
100
35
II511; 118
50 H 52
64
65
112
112
71
73
27
28!^
10 H ioy2
39
39
72
73}^
631^ 67
131 J^ 142
85
86
Ex-507o stock div.
100
Sept
68
Jan
100 ^ Mar
Range since Jan.
>.^
197
116
114
100
133
Sept. 15 to
Jan
Week.
of Prices
63
Philadelphia Stock Exchange.
record of the
transactions at the Baltimore Stock Exchange from Sept. 15
to Sept. 21, 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.
Sale
Price.
20
12
Feb
Jane 445
Feb
95 H Aug
July
July
26
Apr
Feb
94
Bept
i'A Jan
Aug 85M Jan
June
Sept
78
Jan
May 25
Aug 220 W Feb
Sept 142% Jan
Feb VA9H Apr
Feb 100 V^ Aug
Aug 34
Jan
S46 6275
245
39
23
90
£1
2
100
262
20
59
125
12
120
18 195
116
63
246 108
1,405
2
20
60 H
1.
High.
Low.
of transactions at the Philadelphia Stock
—Complete
Friday
Last
Week's Range
58H
150
178 H
6S-..1941
1st
Stocks-
Baltimore Stock Exchange.
_
G L & C ref g 5s. 1947
Ser Co 1st ref g 5s 1956
Swift & Co 1st g 5s.. .1944
July
16c
July
1.55 Jan
1.20 Jan
28c
21c
185
136 H
Hs wh
Pub
Aug
99 J
157
125
M
Peop
Jan
Jan
Jan
17H Mar
Apr 135
Mar
12e
100
45
99
Jan
Jan
62
12434
1295 300
88 ^^ 90
3:23
24
84 H 85
12
63
Range since Jan.
High. Shares.
2
Preferred
Chic Pneumatic Tool. . 100
Chic Rys part ctf "2"
Chicago Title & Trust. 100
Low.
I
X Ex-dividend.
'99%
90 4
90 14
99
90
99
755i 76K
100
100
52^ 54
94
94
83
83
55
65
56
56
92 H 93
100 4 100!^
91'4 92
80
80
86!^ 86 H
99% 100
100
100
100<4 100 4
99 H 99 K
74
74
1,000
1,100
2,000
20,000
1,000
3,000
1,000
1
.000
2,000
500
16,000
1.000
6.000
1,000
2,000
57.000
3,700
9,000
1.000
3.000
99
75 4
Aug
Aug
00
50
Sept
94
83
55
56
91!^
00
9\'4
80
86 4
99%
100
1004
99
70
May
Sept
May
Sept
Sept
Aug
Sept
Sept:
100.5 June
974 Jan
974 Mar
102 Ji
84
104
57
99
91M
68
68
98 4
1074
100
Sept
no
Sept
94
Sept 102
Aug, 1024
Sept 1024
Augj 102
.^nr
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Apr
Jan
Feb
Jan
Mar
Apr
May
Mar
Apr
744 Aug
THE CHRONICLE
1198
[Vol. 105.
Friday
Volume
of Business at Stock
Exchanges
Hnle
Stocks— (Con.)
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY ANXJ YEARLY.
Week endino
Stocks.
dfcc.
sept. 21 1917.
Bonds.
Par Value.
Shares.
tfe
185,620
093,663
648,426
,?15,.544„500'
64.321,200,
Wodnoaday
842,2.50
78,472, .500
Thuraday
790,920
644,246
74,842,000
68,224,600,
3,805,125 $352,407,900
$6,360,500
VTlday
61,003,100
Bonds.
$510,000
1.351.000
1,716,000
1,379,000
1.551.000
483..0OO 4,418,500
1,257,000
1,240.000
1.139.000
1,138.000
1,018,000
_---
s.
$206,000
76S.000
606 000
562,000
734.000
$.56S,.500
\10D<lliX ----
u.
Foreign
Bonds.
Price
Oil
na
£1
Indlatia I'ipo Line
Ohio Oil
Prairie Oil
Gas
50
25
100
&
I'ralrle Pipe Line
100
South Pi;nn Oil
100
St.iudard Oil (Calif). ..100
.Standard Oil of N J
100
Standard Oil of
Y... 100
Week
Sales at
$3,259,500 10925500
Jan.
ending Sept. 21.
1 to
Sept. 21.
New
York Stock
Exchange.
Stock*
— No. aluu-aa-
1916.
137.109.988
6,935,686
126,281,6.56
$352,407,91)0 $559,656,775 $12,610,489,9.55 $10,910,465,115
$1,300
$81,900
$800
$178,900
3,805,125
-
vaUie
Piir
Bank
1917.
1916.
1917.
shares, i>ar
Bonds.
lA
I
Arkansas Petroleum r
5
Barueit Oil & Gas r
Boston- Wyoming OH r
Consoi Mex Oil Corp
&
...6
6
J
r
i
552,163,000
10
ISA
Internal Petroleum r
£1
. 1
$26,831,000
$697,253,750
Kan.sas-Utah Cons Oil r.
$20,545,500
$751,510,460
Bond Sales.
Shares.
7,795
13,422
9,775
Tuesday
Wednesday
Thursday
$10,350
11, .304
Saturday
Knickerb-VVyo Pet.r
134.6.50
71 ,600
130.000
82,600
73.801
Tot.-a
New York "Curb"
$91,250
67.350
50.550
91.5.50
$419,250
$30,000
36.000
24,100
39,000
19.000
57,600
13,584
$205,700
—
Below we give a record of
the transactions in the outside security market from Sept. 1.5
to Sept. 21, 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
Market.
organized stock exchanges.
On the New York Stock Exchange, for instance, only members of the Exchange can engage in business, and they are
permitted to deal only in securities regularly listed that is,
securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken
to insure that quotations coming over the "tape," or reported
In the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records of
the transactions.
The possibility that fictitious transactions
may creep in, or even that dealings in spurious securities
may be included, should, hence, always be kept in mind,
particularly as regards mining shares.
In the circumstances.
It is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
—
Oil r.^
TTeeS ending Sept. 21.
Stocks
Last
Sale
Par
Aetna Explosives
r (no par)
Preferred r
100
Air Reduction Co (no par;
Amer & Brit Mfg com. 100
Amer Writ Paper com. 100
Beth Steel prel.r..wh
iss
Rights
British-Am Tobac ord £1.
Ordinary l;earer
£1
Butterworth-Judson.r..(t)
Carbon Steel com.r
100
Car Ltg & Power. r
25
Carwen Steel Tool
10
Charcoal Iron Co of Am. 10
Preferred
Chevrolet Motor
&
5y»
100
M com (t)
90
2'A
lOlM
Pan-Am Munit Corp
Prudential Pictures. r
5
St Joseph Lead r
10
Smith Motor Truck r...lO
Standard Motor Const. rlO
Steel Alloys Corp r
6
Submarine Boat.. (no par)
Triangle Film Corp v t c.5
United Motors. r. . (no par)
S Aeroplane Corp.r
5
S Light & Heat
r.lO
U
C
U S Steamship
World Film Corp y
lO
t
e_..5
WrlKht-Martln Aire r..(t)
Zinc Concentrating. r
10
4H
5K
200
400
400
7
8
2H 3
101 >i 104 ^^
5.50
17
60
88
60
90
25i
10
W'4
6,600
10.000
300
2,100
100
150
3,200
6,400
SVa
650
6H
100
6,360
14,500
2M
3>4
10 H
8
77
42
24
7%
Q%
68
37>f
23 Ji
78 'A
100
8
12H
17H
SVi
80
42M
24
80
100
10
Ui4
94
93
6H
4>i
56
57
102
102
9-16
2Ji
2H
108
112
Vs
36
36
3M
"4H
M
17
3!4
9
3
14
414
3%
m
14
^H 6H
17
17H
^% iVi
8
7M
19
IH
36
16H
9
"i%
%
10
3
700
2,240
250
4,200
260
7
1,600
300
700
25,300
100
3,100
200
10,0.50
8.010
1
.500
17.700
4.100
7%
2.9,50
12,800
2,500
33,500
2,450
600
7.500
IVs
16
45<
2VA
li^
970
19H
IVi
20
1 ,300
5%
1%
4
2
h.OT
14 H
65
Mar
5
2
101
Feb
A
M
Sept
Sept
1
Sept
16J^ Sept
Sepf
Apr
17
40
85
May
A
7%
IQYt.
2
64.200
2.0001
Feb
2
9>4
Aug
6M
6H
Apr
Apr
65
Sept
16
Feb
Apr
20K
78 Hi Sept
Feb
96
Sept
8
Sept
12 H
Sept
93
iA Sept
47 ^^ Jan
Feb
96
A
Feb
2Va June
99H Aug
12
5H
104 H
5
19
A
21
70
109
Sept
3H Sept
May
4
16 H Jan
3H Sept
6H
K
IH
13
Jan
Jan
Sept
Apr
4M
Sept
Sept
4
Sept
16
IM Jime
A
Jan
H
25
80
102
Aug
Sept
V^
13
18
10
July
Jan
May
May
105
5i
Feb
62^ Mar
104
June
1
Mar
Z»/i
4
14
Jan
Jan
July
June
Aug
122
Sept
Aug
5^ July
14
Mar
9Ji June
Jan
7
Jan
146
July
62
Sept
Sept
36
3
bVi
H
Apr
Feb
Sept
A
Feb
*47Ji
9Ji
16
May
6
Sept
Sept
July
6H
21
9
15
Jan
Jan
Jan
Apr
9H Jan
Ma^
3% Jan
36
Jan
49
A
A
7
2
6)i
July
July
Mar
Apr
1
Jan
4H May
17
July
2
Sept
4H
Jan
Sept
Sept
Sept
'
010
445
800
345
Star Oil.r
l
West States Petrol. r
Wyoming Oil & Ref r
1
8K
lA
9
60c
53c
A
A
3-10 Sept
9
8
Mav
8A
7A
43
5«
43. .500
y,
*6
11-16
A
6K
I
r(t)
6K
4,3.50
6.600
*9-16
4,.500
7H
6,700
A
10c
2
7c
20.900
7.000
6.300
7.000
18.300
7.800
30.300
7.200
65c
24.S'00
K
Mar
lOt^
54
Aug
6^ Aug
A Aug
July
12
55c Sept
11-16 Feb
K Mar
A Jan
\A Aug
12
2
S«pt
50 c
420
Jan
Jan
Jan
1
14
760
Jui.i.
June
Sept
53c
Sept
Jan
I
A May
4.200
Fefc
l»n Sept
160
Jan
Aug
I
Aug
IK Mar
3
Sept
Sept
July
Jan
8H M
July
Sept
188
Julv
Juiv
Sept
Sept
Jan
80
1
Jan
200
Jan
Sept
A
4
1
July
480
60
35c
H
A
Aug
lOH July
IH June
42^ Aug
Jan
Jan
52c
H
9K lOA
A 1
lA IH
6A
13-16
15K Mar
1
June
June
3-16
Aue
Sept
K Mar
% July
Feb
3
eK Mar
K Sept
18 K Sept
14
Sept
A
1
June
IK
A Sept
llA Jan
A May
660
860
116
Apr
Sept
Jan
A
1
13
75c
%> July
4.200
30.0i0
1.700
26.200
21.900
40 000
13-16
1
Wyoming Un OH new
Jan
Sept
11
56c
3-16
.50c
I
iA
A Aug
lOA Aug
12A
m
15i
12K Aug
1
1
620
14.6.50
lOH
1
IK
July
Aug
Aug
49c
12!4
A
6
Ref
500
300
June
62C
\2\i
54c
Vacuum Gas & O Ltd
1
victoria OH new stk r..lO
11-16 Jan
UK
•6
Julv
9-16 Julv
A July
*^A Aug
1 .3-16
Apr
Apr
7%
Sept
%
Aug
MInlnit Stocks
Acme Cop
Adanao
Hill
Silv
Mines
r. 10
M. Ltd.r
2
Booth
r
Boston
60-
56c
9,1.50
1'4
500
76c
15-16 2K
18.700
54.375
6.900
18.600
A
2A
6AC
1
2H
eWjC
lA
2 1-16
A
A
1
5
6
A
A
15-16
lA
IK
870
94c
3H
A 6
lOKc
A
K
K
A
9-16
1
H
Mines...
Ohio Copper new r
Portland Cons Cop
Red Warrior r...
1
13-16
69(!
I
A
13 '^c
6K
"a
24c
1
^c
60c
3-16
"
'g-ie
1
1
r
Superior Cop (prosp't) (t)
Tonopah Belmont Dev r.l 4
11-16
5-16
20c
500
200
20 000
24.050
7 000
13.400
9.000
1
.200
1.2.50
3
A
4K
Aug
Sept
%
7
A
K
A
A
21o
3K
9c
40
5.000
34c
74c
5-32
38c
10c
14c
5 000
20.700
29.300
2.700
100.«00
30.500
40c
H
9K
1-16
23c
43c
A
9A
1!^
25c
16c 1 8Mc
54c
60e
50c
52c
3-16 3-16
9
9
7-16 9-16
4K 4>i
8c
8c
21-32 11-16
5-16
19c
,5-16
20c
l'-5
IM
IK
15-lR
4K
5
4.2''5
7.600
8.000
17.4.50
2.600
29.000
13 000
5.700
900
100
51.,500
1,000
13 5^0
2H
9M
Aug
Feb
IK
IH
Aug
280
15o
,50c
47o
3-16
Aug
Aug
Mar
3K
Sept
Aug
Feb
K Mar
1 A June
K -Tan
69 H Mar
Aug
360
Apr
1
Jan
230
Feb
Apr
Apr
76c
880
A
460
16o
1
4
Feb
Apr
May
Mav
Jan
Jan
\A Apr
IK
June
Apr
9-16
Feb
660
Feb
Sept
Mar
Aug
300
76o June
2
May
9 A Sept
Jan
l'«(,
Sept
K
A
Sept
2VCf July
June
June
2.700
5 ono
JaO
June
Apr
8K Aug
Jan
May
7K Aug
A May
3H Apr
Jai!
6
June
Jan
Sept
Sept
July
Jan
July
Juns
260
Julv
Sept
Apr
Jan
Feb
Aug
1
350 Sept
Sept
6>i July
A
A
23o
K
Sept
Mar
A May
lOo
Jan
Jan
Jan
Kt
490
Mar
25HoJuly
80c
Jan
Sept
3
Sept
Sept
June
60 Sept
900
36c
•77o
lOo
Sept
1.000
12.500
2.20n
A
Mar
13-16
IK
2Vi
3
Apr
190
750
90
5
A
7!^
H May
75o
43c
Mar
%
2K
l%i July
690
Jan
June
2K Mar
I'/ii May
2K Aug
12 A Aug
A Mar
Aug
4HcMav
4V^c Mav
460
900
1
3
Sept
Feb
Jime
June
40o
Sept
160
Jan
2A
12c
13..500
2.700
6.300
5.000
2.400
14.700
6 000
2K
A Sept
K May
M May
4 000
1
16
3,4.50
3,3:^0
2^ Mar
770
IK Aug
6 0-0
1
1
300
61,650
400
20 ^00
3,200
8,000
600
Feb
Apr
IK Apr
lA Feb
60
July
June
Sept
\4A June
2
Jan
Jan
73c
70c
9-16
69c
IH
12c
Silver KIngCons ofUtah r
Silver Pick Cons r..
1
Standard ''liver-Lead
1
Mining
20C
5-32
38c
Rochester Mines .
1
Santa Rita Devel.r
1
Seneca Copper
(no par)
Silver King of Arizona
1
Suoi-ess
19c
A
A
12^c 12K0
6A
6K
5
Rex Consolidated
1
Richmond Min MH&Rr.l
Stewart Mining
45
9-16
52
7-16
50
20C
National Leasing r
1
National ZIno A Lead r..l
Nickias Mining
1
Nlpi.sslng
24c
5
lOc
l
6
A
3K
22c
3^y
..6
Magraatio Copper r...l0c
*97c
A
3-16
9-16
McKlnley-Darragh-Sav..l
Mllford Copper r
1
Mogul Mining r
1
Monster Chief r
I.l
Mother Lode r
1
Nancy Hanks-Montana r 1
42c
6c
10c
11-16 13-16
8 11-16 9
i
l
3.5c
15-16
La Rose Consolidated! 11
Louisiana Consoi
10c
Magnate Copper
Marsh Mining r
Mason Valley.
3
33c
40c
6c
9c
15-
M r..l
Magma Copper
1
11-16 13-16
23c
Ma£:ma Chief. r
5K
2M
1
480
Jan
Jan
Jan
K
Sept
H
11-16
li-'u
H
1
Apr
Sept
IK
Sept
I'/ii
10'^
5-16
12c
82o
Sept
July
A
TA
A
A
6K
A May
11.000
13.3S0
3,200
2.750
7.000
H
1
20o
July
60
630
A Sept
Sept
A Mar
52e
Apr
lA
16.7.-0
SK
5
11-16
2
22c
Sept
400
1
)
r
7c
A
9o
IK
9
1014
35c
40c
Jumbo Extension
Jumbo Min of New
2'/S
13-16 June
20c Sept
%> Sept
3-16 Jan
IH 1 5-16
1-16 2 1-16
3-16
"i"
50c
r..
730
2
M&M.l
r
1
76c
Fortuna Cons r
1
Gold field Consolidated, io
GoMlieid .Merger r
]
Great Bend r
1
Green Monster Min r
1
Hecia Mining
25o
Hudson Bay Zinc Mines.
Iron Blossom r
lOo
Jerome Verde Cop
1
Jim Butler r
l
Josevlg-Kennecott Cop.Il
Kewanus
A
9-16
A
A
National Copper..
Kerr Lake
9A
20 600
13.000
4.300
SA
IK
Cash Boy
i
Cerro Gordo Mines.. . I. .1
Coco River Mining r
Consoi Arizona Smelt
6
Consoi Copper Mines
5
Consol-Homestead r
1
lA
1
9
9-16
& Jerome Cop r 6
Canada Copper Co Ltd. .6
lA
lA
lA
Calumet
26c
9c
1
Butte Cop & Zinc v t C...5
Butte-Detrolt Cop & Z . 1
Butte & N Y Copper
1
Caledonia Mining
i
Copper
A
7-16
lA
6c
64c
1
2
22c
24c
lA
9Hc
lA
]
r
2'4
20c
26c
& Montana Dev- -6
Bradshaw Copper
Bullards Peak.r
A
A
20c
1
Aiaska-Brit Col Metals..!
Al.aska Standard Cop r..l
Arizona-Cornelia r
1
Atlanta Mines r
1
Big Ledge Copper Co
1
First
July
8
44 H Aug
Jan
*47
500
2
June
5M
i
United Petroleum. r
United Western Oil r
Emma
High.
Low.
17,000
42
90
1.
I
Rice Oil r
Sapulpa Refining r
A
lA
l
Duncan M'g&Milling
Dundee Arizona Cop
Week
High. Shares
1
pf.r.5
Pocahontas Logan Coal. r.
of Prices
Low.
Range since Jan.
lf>%
17
Rubb.lOO
R com. 10
Kresge (S S) Co com. .100
Lake Toep B't com.r. .100
Lima Locom com.r
100
Lukens Steel 1st pf.r..lOO
Manhattan Transit
20
Marconi Wirel Tel of Am.
Marlln Arms v t o (no par)
Maxim Munitions r
10
N Y Shipbidg Corp_r..(t)
North Am Pulp & Paper(t)
Week's Range
42
88
6K
Everett Heaney & Co r_20
Gillette Safe Razor. rw i{t)
Holly Sugar Corp pref.lOO
Intercontiuental
Keystone Tire &
Price.
Sales
for
.r
24.400
64.000
35.500
4.200
3,7^0
96c 1 5-32 175,000
7J^c
9c 55,000
38c
6.400
44c
8 '4
11.600
9
20c
230
8,500
4,300
8A
48
8.50
51
11.050
5A 6
99c
8'^c
38c
8A
21c
1
Penn-Kentucky Oil r
5
Penn Ohio Oil & Gas r..l0
Red Rock Oil & Gas r
1
Tuxpam
640
Aug 444
June
Aug
340
8 A Sept
28c May
A July
7A Jan
A Sept
Feb
70c
35i Sept
200
143
A
1
r
&
137
1
Oklahoma Prod & Ref
6
Omar f)li &. Gas com
1
Osage-Homlny (Jll r
5
Pan-Amer Petrol.r
100
Sequoyah OH
1
142
60
Texas Oil r
Northwestern Oil.r
com
9-16
1
1
N
NY&
Oil
June
150
8.000
50.400
113.500
3.900
20,700
23,600
61.000
2,600
10
1.52 1.71
9-16 I
1.57
]
Preferred r
Midwest Refining r
Y-Okiahoma Oll.r
SA
ZA
32H 36H
lA lA
1
Preferred
Jun*
Jaa
Jaa
Jaa
Jaa
Jan
Jaa
Jan
Jao
21
114
Apr 435
Aug
lA Aug
10.8.50
36
Cresson Con Gold
Friday
A
l
10
Oklahoma
May
450
42c
6,650
51 .000
35. .000
16,.500
1
4A
8K
2A
9A
9A
3A
Metropolitan Petroleum 25
Bond Sales.
2.563
3.095
1,8S6
999
3,606
1.435
68,550
60.000
68.359
$468.9.50
Shares.
6-16
10
lo
Preferred r
Lost City Oil r
Merritt Oil Corp r
Bond Sales
2,178
11,390
11,873
13,239
18,811
10,868
39,8.50
14,137
17,368
Friday
Shares.
53
115
A
16H ISA
12K 12 H
1
IK
A 5-16
""lA
Kenova Oil
l
Kentucky Petrol Prod.r(t)
Midwest
Sept. 21 1917.
A
A
3A
9-16
Week ending
20
168,500
200
'JA 18,400
22,000
60c
28,700
1)4
7,>-.00
10
5-16 19,800
1^
9A
A
3-16
9
1
1
1
Baltimore.
17
10
2A
43c
44c
1
r
Friars Oil r
Glenrock Oll.r
Philadelphia.
High.
Feb
1«
91
333
600
246
275
240
536
258
48c
40c
9K
'"'JK
A
A
15-16
4A
G.as r
Esmeralda Oil Corp
lA
I
5
$685,9.50
198. 661, .500
Boston.
136
49c
44c
40c
44c
1
$81,466,250
239,022,000
376,765,500
BALTIMORE STOCK EXCHANGES.
3
3
IH
3-16
1
IK
1
Cosden Oil & Gaa.r
Crosby I'ctroleum r
Cumberland Prod & Ref
Elk Basin Petroleum r
FJIkland Oil
800
98
348
550
280
320
242
553
270
47c
48c
$7,500
7,385,500
19,438,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Curtiss Aerop
536
$10,925,500
3,259,500
6,360,500
Total bonds
Low.
1.
Stocks
Federal Oil r.
Oover«ment bonds
State, mun., Ac, bonds
RR. and miso. bonds.
Range ^Inct Jan.
Week.
Shares
ISA
97
344
515
268
320
240
536
265
520
N
on
Other
Allen Oll.r
Totol
High
Low.
.Sulisldlarles
Mun.
State,
Par.
0/ Prices.
Sales
for
Former Standard Oil
Anglo-A rner
Railroad,
Week's Range
Lail
1
I A May
720 May
K
Jan
4K
K
Feb
Jan
Jan
Jan
16
13-16 Jan
260
11-16 July
Jan
60o
IK Aug
5
Aug
—
H
.
.
H
U
Friday
Last
Par.
(Concl.)
Week's Range
Sales
for
Saie
Price.
of Prices.
Week.
High
Low.
Range since Jan.
Low.
Shares.
1.
New York
Tonopab Extension Mln.l
1
Tonopab Mining
2
6!^
17c
Troy-Arizona Cop Co r..l
5
Tularosa
1
United Coppor Min
4 5-16
1
United Eaatern
Tun'.43len.r
11-16
04
23c
5
28c
3H
3Ji
1
3Ji
50c
ConrtolMated.
27c
1
West End
White Cap Extcn
10c
White Cap.s Miuinij.-.lOe
White Cross Copper r
1
700
25c
66o
240
Wllbert Mining,.
Yerrlngton Mt Cop
29c
21c
29c
19c
33c
21c
97%
95M
975^
98H
70c
260
IH
3-16
1
H
1
i
020
H
Sept
May
5H
Betb Steel
5%
notes.. 1919
Canada (Oom of) oS--19iy
& West Inil RR 63 'IS
95^
2H Mar
Jan
%
July
Sept
Jan
Sept
35o
600
Cosden 63 Ser B
General Elec 6%
Great Nor Ry 5%
Russian Govt 6H9 r-1919
notes '20
notes '20
5^3
Odd
101 '4
Ry 5%
101
81
71
75
66
97
69^
notesl919
No
'4
985,^
H
97H 97M
97 Ji
SO
1921
r
Southern
91
101
r
975^ Sept
Sept
95
Sept
98
96 ,^ 175 000
20 000
93
19 000
98 X
Chic
000
10 000
100 000
1.55
70.000
1,000
!^
97
90
Mar
Aug
Aug
9'3'4
93
Sept
Aug
102
98 H Aug
98'A Jan
94 »4 Jan
99
Feb
July
Sept
Sept
Sept
Sept
97
Feb
98 ?i
97 Ji
Sept
100
97
74
64
Listed as a prospect.
I Listed
on the Stock
ExcU.ange this week, waera additional transactions will be round, o New stock,
« E>i-o;is"i and stock dividends. 2C When issued, z Ex-divldend.
r Unlisted.
y Ex-rlghtg. z Ex-stook dividend.
*
lots,
t
par Talae.
i
CURRENT NOTICE,
— "Investtnsnt
Safeguards" is the title of a book published by Ames,
Go. of 105 South La Salle St.. Chicago, dealers iu investment
securities, and which is being distributed by them as a financial guide for
persons planning to invest for the first time. The book contains 88 pages
of some very interesting reading for the individual investor besides presenting standards by which the chief elements of a safe investment may be
tested.
A free copy will be sent upon application to any investor who may
be interested in the same.
Carstens & Earles. Inc., of Seattle, Wash., have prepared a circular
on "September Investment Suggestions." dealing iu bonds of State and
municipal, foreign goyernments, public utility and industrial, railroad. &c.
Emerich
&
—
FOREIGN TRADE OF NEW YORK— MONTHLY
STATEMENT.— In addition to the other tables given in
department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
this
Merchandise Monemerd
at
New
Customs Receipts
York.
at
Month.
Imports.
New
York.
Exports.
1916.
1917.
$
1917.
S
1916.
$
5
1916.
1917.
1
$
1
$
January.. 128.344.239 99.988.117 303,906.525 175.656.880 13.494.316 11,668.270
February
97,834.888 103.084.535 223,464,135 224,934,940 10,800,297 14,019,504
March
232,726,208 13.395.986
186.671.441 14,0.52,313
253,765, 197i 18.823,305
243, 418. .500 10.256.450
243,808. 029| 11,190.704
14.970.425
12.404.694
13.902.168
13.321.203
11.314,256
Total .. 870,348.036 788,367,438 1779731616 1561011795' 92.013.451
91,600,520
April
May
June
July
147.901.883 116.198.589 268.020.408
126.801.160 115,290,462 263.873,019
118,8.50.759 115,101,918 245,998.346
154.901,984 143,086,378 274.287.250
95,713,123 95,614,439 210,181,903
Imports and exports oP gold and
Gold Movement at
Month.
Imports.
1917.
1916.
1
1917.
$
13.025.093
4.258.059
2.368.344
April
May
1,034,0.38
June
1,194,622
901,838
1.598.288
2,790.174
17.881.388
March
July
Total ..
4.-329,050
8.1.52.5071 46.2.50
i
10.494,074
14.129.717
9,819,730
3,017,151
17,629.499
13.564.850
19.179,282
months:
Silver— New York.
York.
Imports.
Exports.
1917.
Exports.
$
1.930,781
1.085.806
1,074.962
877.460
January..
February
New
silver for the 7
1917.
1916.
S
6.220.132
10.589.971
4.532.820
6.443.234
4,976.677
6,726,705
8,096,907
«
1.998.222
1.086.891
982.904
601.007
2.259.837
686,623
813.489
396 58.322,966 47,.586.446
S. 428. 97.'
M
Cl
Jasualty Co
31ty Invest s
4lt
77
125
240
100
13
Nat Surety.
205
210
80
90
N Y
Title
City
S
4,209.111
5.132.662
3,875.123
3.096.143
2,318.469
2,128,888
1,240.464
22.000.860
Banks and Trust Companies
Banks-.V.y.
America*
Amer Exch.
Bid
535
230
Ask
550
23S
Banks.
Manhattan
Atlantic
175
180
182
187
\rech
Battery Park
Bowery •
Bronx Uoro*
Bronx Nat..
Bryantf.irk*
Butch & Dr.
Chase
Chat & Phcn
Chelsea Ex •
Chemical
Citizens
400
150
150
140
90
200
3.50
355
210
170
1.50
100
200
115
395
215
450
220
100
385
205
440
210
City
Coal & Iron.
Colonial*... /400
Columbia*.
.i20
Commerce.
tl65
Corn Exch*. 315
85
Cosm.ipol'n*
East River.. t70
Fifth Ave*. 4200
215
Fifth..
First
9.S0
Garfield
180
138
Germ-Amer*
German Ex*
Germania*..
Gotham
Greenwich*
Hanover
Hard man..
Imp it Trad
Irving
Liberty
Lincoln
__
325
95
Mark &
Merchants..
Metropolis*.
Metropul'n •
.Mutual*
New Neth*.
New York Co
New York..
Pacific *
Park
People's*
Prod E.xch*.
Public*
.Seaboard
Second
.Sherman
State*
23d Ward*.
Union Exch.
Unit States*
4700
Wash
230'
1000
185
144
Weatch .\ve*
West Side*.
3!»5
220
200
200
335
675
255
500
212
380
300
3,50
690
285
515
220
400
320
Banks marked with
etaange this week,
Full
& Met
H'ls*.
Yorkville*..
i
Bid
320
245
305
270
280
175
Ask
Trust Go's
York
Bankers Tr.
li'way Trust
CeuiralTru3l
Columltia/..
185
Coinnierclal.
375
215
175
390
270
455
200
200
230
440
400
120
100
115
150
130
110
130
160
_
225
200
400
Bid
Ask
New
330
255
315
300
295
Empire
Equitable Tr
Farm L & Tr
Fidelity
Fulton
465
220
Guaranty Tr
Hudson
LawTit<feTr
240
Lincoln Tr..!
425
440
450
165
765
280
100
290
338
440
208
260
345
135
775"
287
30 O"
345
445
215
270
355
Mut'l
160
175
200
550
220
560
125
255
140
150
110
150
165
120
115
chcster) . .
Y Life Ins
115
125
Trust..
Trust..
950
600
:t30
ivietropiilitan
(We,str-
N
&
NY
Transalian'c
Union Trust
USMrg.tTr
Unlted.Siates
Westchester.
975
610
340
175
380
420
985
130
3"9'5""
435
1010
140
135
270
Flatbush ...
Greenpolnt .
HlUslie *...
100
100
385
142
105
105
395
TIUeGii&Tr
500
275
Brookti/n.
Coney Isl'd*
First
Homestead
Mechanics'
*
*
Montauk*..
Nassau
Natlon'lClty
North Side*.
Pef)ple'a
*
*
125
90
200
265
175
130
u (*) are Stale banks,
Hew aiock. » Bx-riKhia
Brooklyn
Brooklyn Tr
Franklin
595
240
265
l.'iO
Hamilton
Kings Co...
105
Manufact'rs.
140
207
275
200
People's
280
Queens Co..
610
250
275
6.50
75
Realty Assoc
(Brooblynj
U S Casualty
85
195
93
205
76
105
175
USTltleG*!
WceA Brons
65
AM
Title
(,
Quotations for Sundry Securities
Ail t>oad prices are
"aad
Interest" except where
marked
*'f"
Par Bid
Anglo-American Oil new. £1
Atlantic Uetlnlng.
iOO
Borue-Scrymser Co
Buckeye Pipe Line Co
Chesebrougb Mfg new
100
50
100
Colonial Oil..
lOu
Continental OH
100
Crescent Pipe Line Co
50
Cumberland Pipe Llne..I0u
Rights...
Eureka Pipe Line Co
•1834
910
410
*H0
360
50
500
*34
gloo
•20
210
100
Galena-Signal Oil com
100 147
Preferred
100 137
Illinois Pipe Line
.100 215
Indiana Pipe Line Co
50 •96
International Petroleum. £l *12
National Transit Co... 12.50 •13
New York Transit Co... 100 j:195
Northern Pipe Line Co.. 100 lOd
Ohio OH Co
25 •340
Penn-Mex Fuel Co
25 •38
Pierce OH Corporation
25 •11
Prairie Oil & Gas
100 515
Prairie Pipe Line
100 277
Solar Refining.
100 325
Southern Pipe Line Co.. 100 198
South Penu OH
lOU 317
Southwest Pa Pipe Lines. lOo 105
Standard Oil (California) 100 240
Standard OH (Indiana).. 100 720
Standard Oil (Kansas)... 10i» 520
Standard Oil (KentucRy) lOU 330
Standard OH (Nobraska) 100 490
Standard OH of Xew Jer.lOO 533
Standard OH of New Y'k 100 270
Standard OH (Ohio)
100 446
95
Swan& FIrch
100
95
Union Tank Line Co
100
340
Vacuum OH
100
Washington OU
10 *30
Bonds.
Pel Cent
82
Pierce OH Corp conv 6a. 1924
Per & hare.
40
Aetna Explosives pref
100
5
American & British Mfg. 100
30
Preferred
100
Atlas Powder common
100 102
99
Preferred
lOU
Babcock & Wilcox.
100 117
Ordnance Stocks
Bliss (E
W) Co common.
.50
50
Preferred
Canada Fdya & Forglnga. 100
Canadian Explosives oom 100
Preferred ..
Carbon
common
Steel
let preferred
100
100
100
100
Steel (no par)
Phelps Dodge & Co
100
SoovUl Manufacturing... 100
Thomas Iron
60
WlQohfster Repeat Arms. 100
Woodward Iron
100
I914
U25
430
93
385
70
585
38
165
30
215
150
140
220
100
iot"
290
85
140
t Sale at auction or at Stock Ez-
Public Utilities
Amer Gas &
Elec
com
344
43
Equipment 4s..
Canadian Pacific 4Hs
Caro Cllncbfield & Ohio Ss._
Central of Georgia 58
Equipment 4Hs
Chicago
Chicago
•Per share. 6 Basis
/Flatprloe. n Nominal.
& Alton 48
& Eastern 111
SJis.
Equipment 4)^8
Chio lud & Loulsv 4Hs
Chic St Louis & N O 5s
Chicago & N
4>^8
Chicago R I & Pac4Hs
Colorado & Southern 58
W
12
IlUnois Central 58
Kanawha & Michigan 4Hs.
105
Equipment 4s
St Louis Iron Mt & Sou 58.
St Louis & San Francisco 5s
Seaboard Air Line 5s
98
345
35
84
45
10
35
167
101
120
89
95
58
83
265
101
120
53
79
270
116
Louisville
53
305
580
35
900
65
112
Nashville 68
Michigan Central 53
P&SSM
MlnnSt
4!^8-..
Missouri Kansas & Texas 5s
Missouri Pacific 5s
&
Mobile
Ohio 5s
Equipment 4Hs
New York
Central Lines 58.
Equlpment 4!4s..
N Y Ontario & West 4^8...
Norfolk
&
Western
4Ms
Equipment 48
RR 4^8
Pennsylvania
Equipment 4'As
Southern Pacific Co 4Hb..
Southern Railway 4V<s
Toledo & Ohio Central 43..
Tobacco Stocks
Per Sha
106
60
S3
31
65
238
63
48
78
100
12
48
84
13
3812
71
82
99
57
100
Amer Machine & Fdry..l00
Short-Term Notes
4«t.
112
eo
80
96
90
18
19
225
JO
I.
215
103
600
112
65
110
9978 lOOlg
9978
99l2
99'^
Balto & Ohio 5a 1918 ...
58 1919
99I4
Beth Steel 5s 1919--F&A 15
Canadian Pao 6s 1924.M<feS 2
Chic & West Ind fis' 18.M&S
97-'8
& Hudson
97».
53 1920.....
RR 58 1919..
A-O
General Rubber 5s 1918. J&l>
Elec 6s 1920
.J&J
Great Nor 58 1920
Hocking Valley 6s 1918
Int Harv 5s Feb 15 'IS.F-A
K C Rys 5Hs 1918
J&J
Gen
99"j
9838
9712
96 14
97%
IOII4
M&S
975j
K C Term Ry 4^8 '18. M& .N
997«
971
971
J&J
1921
Laclede Gas
L
5s 1919..
F&
1
'IS
N Y Central 4H8-May 1918
N YNH& H 5s. Apr 15 1918
jPenn Co 4)^s 1921. .J&D IS
Pub Ser Corp N J 58 '19. M&
iReiD
Arms U.M.C.58'19F&A
Southern Ry 5s 1919. .M-S 2
United Fruit 5s 1918. ..M-N
Utah Sec Corp 6s 22 .M-S
Winches RepArm85s'18.M&S
I.'^
m\
96
971OS's
98
98l8
IOOI4
9858
9734
9658
98l8
IOII2
9778
lOOU
lOOU
98l2
99
98
9818
99 U
lOOSi
10034
9918
9912
86
90
9734
9812
9834
98
83
86
9684 97l8
9934 100
88
90
9634
97I2
Industrial
and Miscellaneous
American Brass
American Chicle com
Preferred
Am Graphophonecom
Preferred
American Hardware
100
100
100
100
100
100
Amer Typefounders oom. 100
Preferred
270
50
69
74
87
130
37
86
99
104
170
3,
2
/48
8
160
69
75
94
•75
50
82
273
55
71
78
92
13612
40
89
101
107
180
II2
5
53
11
'ef"
77I2
98
80
55
85
Remington Typewriter
Common
lat preferred
54
re.
Per Cent.
Amer Cot OH 5s 1917. M&N
Amer Tel & Tel 4 Hs 1918
10
I312
5 30 5 00
6.60 5.20
5.20
5. 60
Brltlsh-Amer Tobao ord..£l
Ordinary, bearer
£1 •17
Conley Foil
100 175
Johnson Tin Foil & Met. 100 100
MaoAndrews & Forbes.. 100 200
Preferred
98
100
Reynolds (R J) Tobacco. 100 550
Preferred
100 108
Young (J S) Co
...100 150
Preferred
100 105
47
38
70
6 50 5.60
6.4(1 5.20
5 70 5 20
5.70 5.20
5.75 5 25
6.7.
5 25
6 75 5 25
5.25 5 00
5.25 5.00
6 18 4.90
6 18 4.90
5 9( 5.25
6.50 5 60
5 90 6.25
5.90 6.25
*16l2
Preferred
100
80
Borden's Cond Milk com. 100
48
Preferred
100
87
Celluloid Company
100
22
Havana Tobacco Co
100
70
Preferred
100
33
Ist g 58 June 1 1922.. J-D
66
Intercontlnen Rubb com. 100
88
Internat Banking Co
100
104
International Salt
100
100
1st gold ,5s 1951
.A-O
10
International Silver pref. 100
33
Lehigh Valley Coal Sales. 50
6I4 Otis Elevator common
100
32
Preferred
100
7
00
5
5.2s 5 00
5 85 a 25
6 20 5 00
5 30 5 00
6.45 5.00
Par Bid
Mich Cent 5s 1918
lOU Morgan&Wright 58 Dec
260
5.75 525
6.40 5 40
6.60 5.60
6.6( 5.60
5-7o 5.25
5.35 5 00
5 20 5 00
6.25 5.25
5.75 5.25
5.75 6.20
5 75 5.20
57.; 5 20
5.50 5.10
6 10
5.5(
American Cigar common. 100 108
Del.
145" Erie
108
&
5.231 5.06
5.41 i 5.10
6.41
10
6.9,
5 30
6.5( 5 50
5.7
J 26
5.2£
Equipment 4>^s
525
283
340
202
322
110
243
730
540
340
510
538
275
455
83
88
60
50 •108
4Ha
Pittsburgh
Equipment 4Hs
Equipment 4s
Hocking Valley 4s
Equipment 58
83
170
50 *44
Amer Lt & Trao com
100 255
Preferred
100 103
57
Amer Power & Lt com
100
8J
Preferred
100
Amer Public Utilities comlOO 27
1)2
Preferred
100
Cities Service Co com
100 235
82
Preferred
100
Com'wlth Pow Ry&L.lOO 46
75
Preferred
100
Elec Bond & Share pref.. 100 d99
10
Federal Light & Traction. 100
45
Preferred
100
81
Great West Pow 5s 1946. J&J
11
Mississippi RIv Pow com. 100
35
Preferred
100
69
First Mtge 5s 1951... J&J
78
North'n States Pow com. 100
96
Preferred
100
53
North Texas Eleo Co oom 100
75
Prelerred
100
46
Pacific Gas & Elec com. .100
85
Ist preferred
100
17
Puget Sd Tr L & P com. 100
65
Preferred
100
31
Republic Ry & Light
100
64
Preferred
100
86
South Calif Edison com.. 100
Preferred
100 100
Southwest Pow & L pref. 100 n95
*S
Standard Gas & El (Del). 50
Preferred
50 *31
4'4
Tennessee Ry L & P oom 100
28
100
Preferred
3
100
United Gas & Eleo Corp.
43
100
Ist preferred
5
100
2d preferred
35
100
United Lt & Ryscom
67
100
Ist preferred
12
Western Power common. 100
52
100
Preferred
Preferred
Ohio 4H8.--
Erie 5s
*75
150
48
290
560
26
700
&
&
I212
103
Ask.
Bid
Baltimore
Buff Rooh
14
205
475
76
Preferred
100
Hercules Powder com
100 266
114
Preferred
100
1
HopKiua & Allen Arms.. 100
6
Preferred
100
140
Nlles-Bemeot-Pond oom.lOO
Preferred
100 104
Penn Seaboard
Ask.
*40U
2d preferred
Colt s Patent Fire Arms
-Mfg
100 i80
duPont (E I) de Nemours
100 261
& Co common
991?
Debenture stock
100
Eastern Steel
100 105
Empire Steel & Iron com. 100 48
.
PerCt. Basis
RR. Eciulpments
Standard Oil Stocks Pe rShart
4Ms
New York
Bis,
1
126
98
4
Mtge
16
58
Pre».'rr*ii
Bta
120
93
A$t
Lawyers Mtg
Mige Bond-
Sept
Bonds
.$19,000
A
Apr
840
330
Sept
140
19c
Jan
Sept
eond
IH Aug
Apr
Aug
35.300
City Realty and Surety Companies
Bta
70
115
230
Alliance Rt;
.*.mer duret.^
2So
July
4
7J^ July
300 June
Aug
620
24c
340
1.200
15.100
Va.
Sept
Sept
-Aug 15-16
34,200
12,700
6.000
17,700
5.500
1-16
1
1
Mar
Mar
7
S'A May
•180
Feb
2 '4
Jan
Apr
650
200
July
19,2.50
210
'25c"
Feb
H
Feb
4H
Sept
16c
i.noo
1
I
114
5H
6,500
406
8.600
3.700
1.500
7.265
5.100
11-16
04
1
Unity Gold Mines
Utab Nat Mluea r
Utloa Mines r
Verde Comb Cop r
*2
eys
180
l>i
OH
1199
High.
.!_
U 8
A
THE CHRONICLE
Sept. 22 1917.]
Mlalng
——
—
—
—
.
2d
preferred
Royal Baking Pow
Preferred
I2I2 I312
100
100
66
69
100
47
50
100 140 1.50
oom..
100 100 102
d Purchaser also paya accrued dividend, e New atook
iBz-dlvldend. vEx-righta. fEx-200
cash dividend.
%
THE CHRONICLE
1200
and
Iwxrjestmjeut
[Vol. 105.
§,axlxovi& %ntzlliQtntti
RAILROAD GROSS EARNINGS.
STEAM
roads from which regular weekly or monthly returns
tiUovriag triblo a'lows tho gross earriiatjs of various
oan be oijtaiaoii. Tlxo first two oolanatis of figuros give th.) gross earaings for the latest week or month, and tln' last two
oolumas the earaings for the poriod from Jaa. I to aad iiiyluding the latest wer^k or month. We add a supplementary statement to show fiscal year totals of those roads whoso fiscal year does not begia with January, but covers som*-- other pi^riod.
It should be noted that our running totals (or year-to-date figures) are now ail made to begin witb the first of
January instead of with the Ist of July. This is because the Inter-State Conmerce Commigsion, which previously
required returns for the 12 months ending June 39, now requires reports for the calendar year. In accordance
with this new order of the Commission, practically all the leading steam roads have changed their fiscal year to
eorrespond with the calendar year. Our own totals have accordingly also been altered to conform to the new
The returns of the electric railways are brought together separately on a subsequent page.
practice.
The
Latest Oross Earnings.
Jan.
BOADS.
Week or
Month.
Ala N O & Tex PacAla & Vicksburg.
Vicks Shrev & P.
Ann Arbor
Atch Topeka & S PAtlanta Birm & Atl
Atlanta & West PtAtlantic Cloast Line
Current
Year.
Previous
Year.
178,326
172.053
59.452
W
B&OCh
,
I
'
PM
1
M.iiiu'
i
P&
July
July
2d wk Sep
2d wk Sep
2d wk Sep
St
SS M.
Mississippi <'i"il,rnl. .July
Kan & Texas. 2d wk
g
Minn
Mo
h Missouri Pacific. July
Nashv Chat & St L. July
Nevada-Cal-Oregon
1st
wk
I)
7,101 .105
261 ,871
292,490
180,635 1.593.122 1,124 ,351
752 .852
22,0441
836.819
251,080 7,497,839 7,508 .185
691,712 23.644,063 23.947 .894
6s. .5651
ll'l.344
469 .757
7 1.673
Sep 877.175
749.046 28.560.892 23.,599 ,108
6. 554. 948 '5. 570. 674 44.083,5.50 37.423,,524
1.194.500|1.054.267i 8.310,176; 7,456. 744
9.138'
230 ,305
Sep
229,517
7.883t
41.842
270,247
21,027
265.871
715.435
ionlh.
New Orl Groat Nor
j New York Ontrai
Boston & Alhanv
Current
Year.
July
July
n Lake Erie & W July
Michigan Central July
Clove C C & St L July
Cincinnati North. July
Pitts & Lake Kri.' Jnly
Tol & Ohio Oeni. July
Kanawha & Mich July
Tot all lines ahovi- July
YChic & St Louis July
N Y N H & lliiif July
Y Ont & We.stern July
Y Su.sq & W.«t . July
Norfolk Southern
July
Norfolk & Western. July
Northern Pai-ific
July
Northwest'n Pacific July
Pacific Coast Co
July
p Pennsylvania Kft. July
Bait Ches & Atl.. iJuly ...
Cumberland Vail July
Long Island
iJuly
Mary'd Del & Va July
Y Phila & Norf July
Phil Bait & Wash July
Jersey & .Snash July
Western
Pa July
July
Pennsylvania Co_
Grand Rap & Ind July
/Pitts O O & St \. July
Total lines
East Pitts & Erie July
West Pitts & Erie July
All Ea,st & West. July
July.
Pere Marquette
Reading <'o Phila & Roadins Juftr.
July.
Coal & Iron Co
July.
Total both cos
Rich Fred & Potora July.
N
N
N
.
,
N
W
NY&
,
.
Rio Grande South.. 1st wk Sep
Rutland
July
St Jos & Grand I.sl.
St L Urownsv &
St Loui.s-San Fran.
St Louis Southwest.
Seaboard .Vir Line.
M
J'lly
July..
July..
2d wk Sep
Jilv..
Southern Pacific
luly..
^Southern Ry Syst. 2d wk Sep
Ala (Jreat South J;ily..
Cine N O & Tex 1' July..
N'>w Orl .t V R . ,Inlv..
Mobile & Ohio... 2d wk Sep
Georgia Sou & Flai 2d wk Sep
Spok Port & Seattle July .
Tenn Ala & Georgia| 1st wk Sep
Tennessee Central. Julv .
Terra RR Assn, StL Julv .
M
St L
3 Term. .July .
& Pacific
j2d wk Sep
Tole.io Peo ^Xj vv-sMAui^ust
Toledo St L & West 2d wk Sep
Texas
Trill
.Si
Hr;i/.os
\'
ill
Inly...
Union Pacific Syst. luly...
Inly...
lulv...
Virginian
Wabash
Current
Year.
Western Maryland. 2d wk Sep
Wesiern Pac-ific .
July...
Western Ry ol Ala. Julv...
Wheei & Lnke Erie- July...
Yazoo & Miss Vail. August
1 to Latest Date.
Current
Previous
Year.
Prerious
Year.
Ymr.
S
.July
NO Tex &Mex Lines July
$
1.50.831
1.029. 426 1.043,73»
643.695 3.660. 997 3.063,893
19276 340 17127 204 1209.55 673 114810062
1.915.692 1.834.625 12.716, 471 12,197.527
679.634 644.406 4,696. 213 4,112,253
4.300.696 3.857.971 29.246, 320 25,759,953
4.462.9.50 3.841.218 29.040, 302 25.997.393
203.7.54
161.749 1.324. 089 1.0.56.958
2.352.773 2.064.9.55 14.189. 427 13.541.988
592.7.56 4.200. 871 3.346.387
791.687
283.641 1.965. 1631 2.106.755
325.361
34308 687 30408 527 218334 529 202929 278
1.450.494 1.283.928 9.636. 993 8.807.868
7.294,550 6. 967 ,,344 48.444. 227145.456 .382
958.072 987.743; 5.067. 7091 5.137.552
386.925 298.144 2.433. 088 2.487.053
428.294 396.045 3.1 19. 8011 2.764,660
5.821.889 4.845.121 36,623. 828 33.987.178
7.658.428 6.732.286 49.806. 7.52143.270.864
527.192 2.616. 2-8 2.460.573
504.2.50
744.427. 2.521. 0.53 4.109.152
420.796
22748 785 19639 799 14.5320 244 131283 992
619.859
621. 942
1.59.5971
154,.5.55
466,342 267.645 2.755. 965 2.046,596
1.870,.347 1,680.6371 8.934 255 8,387.976
510. 062
469,824
105.1261
108,135
561.976 3.049 314 3.037,976
571,925
2.830.321 2. 282. .598 17.438. «38 14.368,947
985.207 4,610 793 4,324,902
1.072.328
1.395.469 1,209.0.54 8.420 207 7.658.883
7.188.125 6.860.076 43,6S2. 5.59 42.474.285
500.534 3,648. 350 3.268.141
576,335
6,445.727 5.304.519 42,100 490 35.885,963
195.747
448. .586
j
I
'
.
301376.55
14386 765
44524 419
1.902.563
26010728 185557 4 131 166768260
12816187 90.640 0V9 82.663.703
38826 914 276197 502 249431963
1.804.288 13.31.5. 651,12.483,924
5.766.816 4.774,,210 38.546 .74934 690.967
4.046..500 2.679,,411 27.0.53 ,491 22 246.215
9,813.316 7.453 ,621 65.600 .240 56 937.182
395.822 325. 823 2,770 ..563 2 229.693
402,,486
365.878
13. 480
10.600
.299,186
375,836 340, .335 2.439,.776
.126..343
7601 1.376 276,
177,
182.378
239.835 493, 226 2.224,.827 1 .736.678
5.036.628 4.431,,614 32.668..449 28 .796.064
328.000 270,,000 11.353,.253 8 .716.268
2.117.441 1.691, 605 17.1,53. 761 14 734.515
16086 406 142.55 788 07 56 444 86 8.52.704
2,445.763 1,919,,778 77.029, 107 66 550.338
378.838
605.747
448. 070 3.886, 6i
.772.494
906, 470 7,426, 913
1.113.427
.211.658
372.295 308 ,961 2.667, 170
.375.178
268 375 220 320! 9.475. 703
.736.419
55.920
55, 386 1.910. 280
.786.024
649.712
480. 589 3.765. 976
82.296
85. 997!
2.527
2, 122
948.416
993. 165
145 046
138.7.57
.100.445
266 947 2.242. 843
322.767
.366.356
251.624
186, 849 1.744. 366
.084.777
392, 340 14.792. 920
409.307
S36 969
777.444
104 116
110.805
.112.240
137 371 4.831, 316
149.987
470.272
.531,
62. 085
68.969
.834.462
10722797 9.137 486 69.452. 986
.906.9.58
688 244 6 316. 627
951.915
3.370, .503 3.024 919 22.6.53. 640 20 .851.934
274 ,908 9.211. 134 8 .116.620
270.507
820.588 773, 102 5.267. 668 4 .290.391
871. 16
743.913
96.,626
127.365
.719.798
938 924 5.802. 448
1.100.618
.801.932
1.514.647 1.243. 559 11.143 226
1
1
1
I
I
34, .568
1
Current
Various Fiscal Years.
Canadian Northern
Duluth South Shore
Mineral Range
Pacific Coast
Previous
Year.
Increase or
Decrease.
&
Period.
July
Atlantic July
July
July
July
Southern Railway System
July
Alabarna Great .Souriiern
July
Cine New Orleans & Tex Pac. July
New Orleans .it No Eastern.. July
July
Mobile & Ohio
Georgia Southern &, Florida. July
St Louis-San Francisco
AGGREGATES OF GROSS EARNINGS— Weekly
• Weekly .Summaries.
or
1
1.212.3S2 1,081..'>37| 8.037
.inly
'liiilr il
Maryland & I'eun..
Midland Valley
Mineral Range
Minneap & St Louis
Week
Previous
Year.
$
S
147,536 1.322.731 1.1.54 .058
145.165 1.316.216 1.089 ,65.)
1st wk Sep
60.993 2,021,664 1.886 .009
July
13775163 11704821 92,446.659 ,78.487 .435
1st wk Sep
77.156
61.900 2.624.457 2.070 .426
July
135,956
105.741
928.703
801 .452
July
3,141,755 2.607. IW 25.262.999 21.644 ,306
Chariest &
Car July
180,2.34
128,169 1.258,468 1,107 .894
Lou Hend & St L July
195,218
136,385 1,232.336
972 .014
11920443 10153913 73.090.791 65.782 .289
a Baltimore & Ohio. July
Ter RR July
171,459
147.7671 1.151.638 1,069 ,395
Bangor & Aroostook July
269.653
211.051: 2.664.900 2,292 ,839
Bessemer & L Erie. July
1,292.598: 6,418.851 5,863 .823
1,549.713
87.875'
Birmingham South. July
95.015
6G3.707
626 ,.505
July
Boston & Maine
5,217.679 4,719,795.33.267.297 ,31,160 .918
Buff Roch & Pittsb. 2d wk Sep 334.483 2,89,3.59 10,363,277 8,968 .252
Buffalo & Susq RR. July
146.701
142,288
977.012
965 .413
Canadian Nor Syst. 2d wk Sep 751. .••too 668.000 28,330,400 24,969 .400
Canadian Pacific. 2d wk Sep 2.691,000 2,728.000 102114637,193.546 ,162
Caro Clinchf & Ohio July
320.240
187,920 2.411.42*! 1.874 .036
Central of Georgia. July.
1,342.540 1.119.170 8.519.313 7.207 .437
Cent of New Jersey July
3.468.338 2,975,906 21,404,393 19,908 .220
Cent New England. July
426,116: 486,046, 3,144.351 2,880 ,886
Central Vermont.. July
389,862! 361,5521 2,503,384 2,552 .468
Lines. 2d wk Sep 1,038,498 1.004.636 37.142,562 34,666 .425
Ches & Ohio
July ...
Chicago & Alton
1,780,238 1,485,433 11,511,100 9,657 .411
Chic liurl & Quincy July ...
101 10 005,8. 278. 336168. 979. 200 5S.37S ,351
6 Chicago & East 111 July
1,813.348 1.290.978 11.860.667 9.335 .988
West.. 1st wk Sep 320.936 316.701 10,980.993 10,549 ,065
e Chic Great
Chic Ind & Louisv. 2d wk Sep
186,174
184,6761 6,348,133 5.669 ,597
Chicago June RR.. July
262,283
221,0571 1,869,174 1.583 ,658
OhicMilw& St P.. July
10195754 9, 2.36,.387 62.478,112 60.480 .122
dChic & North West July
9.646.454 8.223.362 60.874.207 54.721 .726
Chic Peoria & St L. July
163,5771 148,5951 1,207.317 1,014 836
Chic Rock Isl & Pac July
6,929,529 6.381,385 47,270,288 41.635 400
Chic R I&GuIf. July
283.918; 272.5951 2.122,321 1.773 ,082
& Om July
d Chic St
1.829,9,50 1,647.960 11.951.831 11.436 .351
Chic Terre H & S E July
334.131
210,919 2,065,115 1.496 .836
Oin Ham & Dayton June
943.3,59 5,2,58,47n 4.694 .738
1.045,143
Colorado Midland. July
126,522
127,642
764.462
801 .787
e Colorado & South. 2d wk Sep
382.321
324.616 12,412.154 10.737 ,711
Cornwal.& Lel)aaon June
l«,i)l_'
40.012
2.30 .399
Cuba Railroad
July
743.774
,571.491 4.029.95
4,846 ,889
Delaware & Hudson July
2,700,505 2 287,311 16.684.310 15.268 .919
Del Lack & West. . July
4.939.157 4,507.804 32 677 726 .'9,437 ,131
Deny & Rio Grande 2d wk Sep 587,800 542,100 19.146.837 16.906 .580
Denver & Salt Lake July
215,806
178.2231 1.113,387
995 .142
Detroit & Mackinac 1st wk Sep
23,912
21.565
898.232
843 .301
Detroit To! & [ront July
229.011
186.205 1.49/.4'»4 1.307 .852
Det & Tol Shore L. July
117.444 1,093,347 1 .038 .094
157,526
Dul & Iron Range. July
1,033,375 1,035.129 3.295,016 3.655 .224
Dul Missabe & Nor July
2,250,666 1,898.170 6,415,351 6.557 .967
Dul Sou Shore & Atl 2d wk Sep
85,582
77,543 3.027,264 2.5,'l ,532
Duluth Winn & Pac July
130.414 1,283,310 1.132 .449
160,594
Elgin Joliet & East. July
1,445,755 1,113,066 9,085.195 8,208 .363
El Paso & So West. June
1,173.468 1,025.990 7,2.5M.2S6 5.697 .848
Erie
July
7.128,087 6,306.214 44.733,603 42.419 .764
Florida East Coast. July
525,804
506.905 5.389.090 5.182 .053
Fonda Johns & Gloy July
579 .598
96,205
97,138
607.305
Georgia Railroad.. July
291.779
280,989 2.033.754 1.800 .017
Grand Trunk Pac. 4 th wk Aug 124,027
90,3,59 3,515,427 3,093 .193
Grand Trunk Syst. 2d wk Sep 1,300.745 1.253.629 45.232.889 40.9.59 .274
Grand Trunk Ry 4th wk Aug 1,6.56,483 1,586.196 33.840,847 29.793 .331
Grand Trk West. 4th wk Aug 264,217 271,101 6.3.38.999 6.215 .942
Det G H & Milw. 4 th wk Aug
70,019
94.737 2.203,197 2.207 .740
Great Nortli Svsiem August
8,043,4-3 8.014 033 .5'J.Jl'i,22(i 5l,.50S .273
Gulf Mobile & Nor. July
226,792
145,705 1.247,279 1,196 ,495
Gulf & Ship Island. July
210,246
156,178 1.184.033 1.142 .044
Hocking Valley
July.
780. .564 5.747.818 4.392 ,148
1 031.618
Illinois (yentril
6,4'»4.10s 56. 31'), 52: 4 7. 097 ,582
August
7,365.403
Internal & Grt Nor July
8.54.971 6, .526. 582 5.442 .532
886.238
Kansas Citv South. August
1.160,743
938.003 8.678.877 7.140 .364
Lehigh & Hud Riv. July
192,544
201.944 1.298,918 1.217 .012
Lehigh & New Eng. July
344 695
217.775 2,014.703 1.700 .285
Lehigh Valley
July
4.958.932 4.307.497 30.394.750 27.448 .851
Los An<t-I( •» ,v S L
June
6,2^0 I4't 5,70') .707
1.206.612 l.n^i
Louisiana & Arkan. July
885,679
938 .134
141,997
137,144
I,oiiisiana Ry & Nav July
182,727
163,644 1.266.671 1,139 .440
/Louisville & Nashv 2d wk Sep 1,613,760 1.266.240 52.277.0/4 44,180 .068
August
August
Jan.
Latest Gross Earnings.
1 to Latest Date.
Current
Year.
1
to
to
to
to
to
to
to
to
to
1
1
to
to
1
1
1
1
1
1
1
1
Sep
Sep
Sep
July
July
Sep
July
July
July
Sep
Sep
Yi-ar.
Previous
Year.
8.896.000
859.030
990 .132
233.331
238 .275
744.427
420 .796
5.036 628 4.431.614
14 23.992,565 19.332.748
448.070
31
605.7 17
906.470
1.113.427
31
30-^. 961
372.295
31
14 2.833.417 2.363.115
503.859
14
549,966
8.717 .200
and Monthly.
Monthly Summarie"
Jurreni
Year.
increase or
Decrease.
Previous
Year.
%
Cur. Yr. Prev. Yr
1st week July (32 roads)
NovBinoer. -21S.S63 248 ,0.58 330 ,258.745 306 .606.471 +23 .652.274 7.72
14.239.448 12.573,738 + 1 665.710 13.25
2d week July (31 roads).
December .216.811 215 ,669 262 ,171.169|242 064, -'35 + 20 106 934 8.31
14.779.798 13.119.199 f 1.660.599 12 66
3d WBi>i< .(,!!y ;3I ro,i,ls).
13.125,(06
I5,0')6.2'»l
f ')70, 135 1.3,02
January
.21S 177 247 327 307 .961.074 267 .115 2's9 + 40 X45,7S5 15.29
4th week July (29 roads).
February.. .249.795 248 ,738 271 928.066 269 272.3.82 + 2 6.55.684 0.99
20.483.799 18.0S2,2I7 + 2,401,582 13 28
1st wcM'U \ii IM') roids).
+ VH 1)12 4 47 March
14 103 97S 13.505 316
.218,135 2-fr ,317 321 3 7..560 294 .068.315 + 27 219 215 9.27
2d week .Aug (29 roads).
14.337.363 13 500 18
April
+ 837.215 6.20
.2 1-i,723
2 18 120 326 .560 2S7 28S ,710.6.53 +37 810 6.34 13.10
3d week Aug (29 roads).
+979.387 7.03
14,911.035 13,931.618
May
.24^.312 247 842 353 825.032 308 .132. 96 + 45 602 063 1482
4th week .\u? (30 roads).
21,985,612 20.30'). 805 + 1,675.807 S.18
June
.2 12
II
241 550 351 Oil ,045 301 301 S03 + 40 606 242 16.49
1st we.'^k Sept (31 roads).
lt,328,S35 13.223.250 + 1.100.5'<5 8.32
July
1fi 328.025 15.09
.215,699 241. 921 353 219.982 30f) .891.957
2d week Sept (24 roads).
14,779,010 13.322,784 + 1,453,226 10. )3
August
+ 5 .496.024 6.99
. 83,939
78 .238,337
82, 680 83, 784.361
h IqiMu les Evansvllle & Terre Haute,
a Includes (Cleveland Lorain & WhuL-lini? Ky
c In-ludes Mason City & Port Dodi!e ani the Wisconsin
Minnesota & Pacific, d Includes not only opi-ratini; revenue, but *ls.) all other receipts. « Does not inclU'ie earnings of ColoraJ) Si)-ins<s & Cripple
Creek District Ky. ( Includes Louisville & \tlantic and the Frankfort & Cincinnati, g Inclu les the Texas Central and tht* Wichita Falls lines.
/Includes the Lake Shore & Michigan ^ ) ithern Ry., Chicago Indiana & S )uthi)rn RR., and
h Includes thp St. Louis Iron Mountain & South rn
Dunkirk Allegheny Valley & Pittsburgh RR
* includes the .\labama Great Southern. Oiac Mew Orleans & Texas Pacific. New Orleans & ^lortheastern
auad the Nor .\labama.
I Includes Vandalia
KR. n Includes Nor. Ohio RR. p Includes Northern Central. • We no longer include Mexican roads
Mileage.
.
1
1
1
,
.J
1
+
u any of our
totals
—
—
—
THE CHRONICLE
Sept. 22 1917.]
Latest Gross Earnings by Weeks.
—In the table which
we sum up separately the earnings for the second week
The table covers 24 roads and shows 10.93%
of September.
increase in the aggregate over the same week last year.
follows
1201
Latest Gross Earnings.
Name
Week or
Month.
o Dall.as Electric Co. .July
Second Week of September.
&
Buffalo Rochester
1917.
$
334.483
751.300
2.691.000
1,038.498
180.174
382,321
587.800
85.562
55,920
Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Indianapolis & Louisv.
Colorado & Southern
Denver & Rio Grande
Duluth South Shore & Atlantic.
&
Georgia Southern
Florida
Grand Trunk of Canada
Grand T.-unk Western
\
Detroit Grand Hav & Milw.
Canada Atlantic . ..
Increase. Decrease.
1916.
$
45,124
83,300
$
289.359
668.000
2.728.000
1,004,636
184.676
324,616
542.100
77,543
55,386
sY.ooo
33",862
1.498
57,705
45.700
8,019
534
XjOuisville
&
1,300,745
Mineral Range.
Minneapolis & St Louis
Iowa Central
Minneapolis St Paul & S S
Missouri Kansas & Texas
M..
(>hio.
..
Mobile &
347,520
251,080
14",79i
691.712
749.046
220.320
270.000
1,919,778
392.340
137,371
274,908
Southern Railway System
Texas & Pacific
Toledo St Louis & Western
Western Maryland
Total (24 roads)
23,723
128.129
48.055
58.000
525.985
16,967
12,616
22'.044
1,017
42,418
For the first week of September our final statement covers
31 roads and shows 8.32% increase in the aggregate over
the same week last year:
Week of September.
First
1917.
Increase. Decrease.
1916.
$
$
Total (31 roads)
Net
$
$
Previously reported (26 roads). 12,640,460 11,920.796
Atlanta Birm & Atlantic
77.156
61.900
Louisville & Nashville
1,449.370 1,108.635
Nevada-California-Oregon
9.138
7.883
Rio Grande Southern
13.480
10.600
Toledo St Louis & Western
142.111
115.556
747.274
15.256
340.735
1,255
2'M6
30,490
—
Net Earnings Monthly to Latest Dates. In our "Railway Earnings" Section or Supple^nent, which accompanies
to-day's issue of the "Chronicle," we give the July figures of
earnings of all steam railroads which make it a practice to isseu
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the J uly results for all the separate
companies.
In the following we give all statements that have come
in the present week covering a later or a different period
from that to which the issue of the "Railway Earnings"
Section is devoted.
Gross Earnings
Current
Previous
Year.
Year.
Roads.
^^
Jjp
Up
Grand Trunk of Canada
Net Earnings
Previous
Year.
Current
Year.
tjp
tjp
GrandTrunkRy
July 4,869,906 4,196,869 1,214,678
29,021,615 25,243,264 6,169,749
Grand Trunk West... July
58.155
8.56,747
831,198
Jan 1 to July 31
5,540,508 5,425,416
117,769
DetGr Hav & Milw.. July 274.857
288.970 def35.526
Jan 1 to July 31
1,938,953
1,919,001 def222.887
Kansas City Southern b Aug 1,160.743
466,768
938,003
Jan 1 to Aug 31
8.678,877 7.140,364 3.416.967
Jan
1,275,996
6,938,897
240,405
1,405,930
54.261
156,944
375.730
2,801,976
to July 31
1
•
May
3,368.469
31
1917.
1916.
1916.
$
$
$
5,467,.570 29.951.766 24,086.056
2,753,701 15,059,907 11,992,912
fron transport'n. 3,412,391
Operations other than transp.
291,133
2,713,869 14,891,858 12,093.143
246,024 1,572,975 1,318,771
Total operating revenues. 3,703,524
Operating expenses
3.448,871
2,959,894 16,464,834 13,411,915
2,641,482 15,771,242 12,021,517
—
1917.
American Express Co.
$
Total from transportation... 6.780,861
Express privileges— Dr
Revenue
Net operating revenue
Uncollectible rev. from trans.
Express taxes
Operating income
254,653
6,126
49,092
199,434
318,411
1,230
60,557
256,624
1 to
693,591
11,379
222,739
459.472
1,390,398
4,762
242.609
1,143.026
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Name
Road
or
Latest Gross Earnings.
....
|
L&
Richmond Lt & RR. June
L H & P July
Santiago El I>t & Trac Mav
St Jos i{v
.Tuly
Second Avenue (Rec) June
Southern Boulevard. June
Southern Cal Edison. July
Staten IsI'd Midland. June
RIectric Co.. July
Tampa
Third Avenue
June
Twin Citv R-ip Tran July
Union RyCoof NYC. June
Company.
Week or
Month.
(
July
August
July
July
July
BeltLRyCorp(NYC) June
H\
July
Brazilian Trac. L & P July
Brock & I'lviii St Ry. July
Bklyn Rap Tran Syst June
Cape Breton Kloc Co July
Cent Miss V Kl I'rop. July
Chattanooga Ry & Lt July
.•^licil
August
Co
Cleve Painesv & Kast July
Cities Service
^Columbia Gas
&
EI. August
Columbus (Ga) El (.-'o July
Oolum (O) Ry, L& P July
Comwth P Ry & Lt. July
Connecticut
<
'n
July
.
Consum Pow (Mich). July
CumbCo
(Me) P
«i
L July
Current
Year.
«
127,092
24,863
220.803
71,350
19,992
57,607
105.384
/7795000
15.560
2677,328
40.501
26.196
139.345
1366.660
56,773
719.936
87,492
320,953
1586.891
992.239
443.626
308.571
Current
Year.
Previous
Year.
$
$
17.421
914.178
177.410
1.218.K91
487.735
132.690
345.163
615.634
79,753
97 .834
/7429000 r5244 1 .000
70.175
15.2.56
2555,237 14.879.323
2.52.463
32,859
173.803
24,624
102.884
813.770
628.824 12.552.769
30.093
50,977
581.586 7,150.015
597,191
70,246
287.226 2.240.299
1379.381 10.8.59.627
932,506 5.755.899
363.295 3.199.885
264.023 1. 7 1 4. 554
855,370
244.543
1,155,863
456,137
119.661
402,164
556.0.56
/48608,000
66.924
14.143,851
212.943
168.322
707.010
5,366,169
26i,.593
5.903.686
473.077
1.996.481
9.467.214
5,428,057
2.622.193
1,562.731
228, 813
536, 888
sources,
247.371
777.243
219,.345
903,180
,668.150
461.375
612.080
979.475
745.147
872,686
,138.905
,115,109
.0,56.561
.097.868
7.58.634
,614,471
7.53.687
.425.753
665.607
603.955
.3^6 516
375.078
188.386
.826.4^4
406.416
202.187
.410.310
.804.540
.709.488
.623.013
,499.655
.7.54.423
399.878
139,045
79.666
9.S5.157
367.301
137.926
66.191
886.916
,599,574
.396.693
498,716
112,865
440.,5.53
109.801
.522.146
.974.633
,013.017
,535.661
.497.725
.232.512
,545.544
,400.846
8.53.021
,3.53.672
.577.751
679,005
370.710
197.431
75.661
588.343
368,552
193,662
77,417
706,090
.100,543
,768.648
228,996
323.605
121,626
213.182
306.234
116.733
,692, .538
.2,55. 107|
1
.896.668
.062.120
50.404
175,696
50.158
177.963
162,346
.570, .542 17 .787.134
318.207;
288.107
.374 684 3 .130.195
191.643'
.136.0.58
4 ..508.691
.043.488
.439.820
2 .596.204
3 .297.888
208.060
868.839
185,047
778,863
221.845
4.58..509
411,897
111,631
219.9.50
530,038
392.7.59
106.723
.445 213
156.755
503 574
.729.371
146,561
558 924
.064 .,547
.034 122
.425.071
,081,146
.800.275
,221,470
404 O.SO
.845.296
2.53.550
140.591
.222.114
,4.55.814
419.811
272.390
141.660
c
.326.8.59
.634.027
.493.929
387.744
389.310
32. 252
31, 835
all
.314.158
71, 721
79, 516
653 655
72, 231
83, 717
now given
.090.282
.011.019
.274.255
.166.176
,77.6,363
195,806
,50<?
.S65
551
..5.54
190.652
These figures are
in milreis.
for consoll*
^ Includes constituent
Electric Railway and Other Public Utility Net Earnfollowing table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
ings.—The
Gross Earnings
Current.
Previous
Year.
Year.
Ry.b
Aug
Jan
to Aug 31
South "n Canada Pow Co. July
Atlantic Shore
1
Oct
1 to
July 31
$
24.863
177.410
33,727
370.816
Gross
Earnings.
$
Adirondack El Pow. July '17
127.092
•16
116.345
7 mos '17
914.178
Aug
Cities Service
8
mos
7
&
mos
El. Aug
8
mos
Dayton Power & Lt. Aug
8
Detroit Edison
mos
Aug
'17
'16
'17
•16
'17
•16
'17
'16
'17
'16
'17
'16
8 mos '17
•16
Empire Gas & I^iel
12 mos to July 31
Gt West Pow Syst- July
$
53,861
244,543
23,115
269,058
Net
after
Taxes.
$
21,910
37,398
284,520
•16
8.55 370
.381.431
'17 1.366.660
1.335.850
•16
624 .824
604.322
'17 12.552.769 12,311.082
•10 5,366.169
5,208.682
Cleveland Painos-f July '17
'16
ville & Eastern {
$
116.345
53.861
209.030
72.642
25 394
304, 382
July
Ohio. July
to latest date.
Previous
Year.
68, 619
51, 687
23, 125
.504
48, 5.53
July
6 Represents income from
dated company. /Earnings
companies.
279, 4.52
488, 698
93
.
&
Youngstown
112
592, 903
..
pWest Penn Power.. July
pWest Penn Rvs Co. July
Yonkers Railroad
June
^'ork Railwa.vs
,994 128, 992
,493 1171, 076
,436
44, 931
,1.58
50, .044
.059
18, 341
.934 485, 379
,881
155, 967
2.59,
August
June
June
,177
,412
.769
,043
,828
,236
,993
,495
15, 548
15, 517
25, 181
26, 379
20, 964
32 947
2436, 680 2149. 863
55, ,775
46, 833
511 624 448, 219
586, 369 663. 746
426, 115 335, 579
610, 1.30 569, 275
44, 102
38, 025
124, 128 110. 725
45, 543
43, 540
78, 073
69, 445
79, 749
80, 147
19, 959
19, 571
603, 669 691, 102
34, .560
31, 058
7H 624
74 6i6
3,59, 429 393, 092
858 177 880 8.50
& TrCo July
Pensacohi RIectric Co July
Phila Rapid Transit. August ..
Phila *i 'iVestern Rv.! July
Port (Ore) Ry .LA PCo. July
P. July ...
g PugetSdTr.
ff.Republic Ry & Light August ..
Rhode Island Co ... July
Virginia Ry & Power.
Wash Bait Ik Annap.
Westchester Electric.
Westchester St RR..
541
190
118
199
100
63
36
14
14 ,607
97
1058
54
49
19
570
190
North Texas RIectric July
Ocean Electric (I. I), June
Savannah RIectric Co
229 ,723
83 ,7,59
23 ,549
264 ,179
197 ,671
125 .3.58
63 ,049
37 ,595
June
Northampton Trac July
Nor Ohio Elec Corp July
Columbia Gas
1
268 .711
99 .449
New York Railways. June
N Y & Stamford Ry. July
N Y Westches & Rost July
of
Adirond El Pow Corp
Atlantic Shore Ry
cAur KUin Ao 'hie Ry
Bangor Ry & Electric
Baton Rouge KlecCo
Bi^lksiilri
Jan.
31 ,808
488 .701 449 ,095
1063 .138 950 ,390
2911 ,302 2650 ,996
54 ,322
50 ,981
21 .442
20 ,224
12 .092
9 ,517
171 ,234 164 ,595
210 .455
292 ,594
Roads.
—-Jan.
May
31 .927
NewoN&H
EXPRESS COMPANIES.
of
575 ..442
60 .234
Nashville Ry & Light ;july
RvG^jE July
N Y Citv Interboro.. June
N Y & Long Island.. 'June
Y & North Shore.. June
Queens Co
72 .309
76 .174
170 ,971
194 ,772
172 .936
113 .948
306 ,596
57 .320
402 ,520
54 ,064
113 .390
331 ,825
105 .45V
Milw Lt. Ht & Tr Co July
Monongahela Vail Tr 'July
Previous
Year,
,0,58,696
.542.399
24 ,568
263 ,884
614 ,717
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Month
to latest date.
258 .367
206 .448
175 .144
o Piiducah Lt
"
26",555
14,328,835 13,228.250 1,131,075
1,100,585
increase (8.32%)
27,610
1
Current
Year.
,239,782
,163.357
157 ,493
Island Electric. June
Louisville liailwav,. June
Milw El Ry & Lt Co. July
N
NY&
Year
314 .202
84 .332
103 442
Long
'4",46i
14,779,010 13,322,784 1,498,644
1,456,226
increase (10.93%)..
Light August.
Edison
August
(7 Detroit
Deii'iji Unit, d l,ini-s July
D D E B & Batt(Rec) June
Oului h-Superior Trai- July
East St Louis & Sub. July
Eastern Texas Elec July
El Paso Electric Co.. July
42d St
& St N Ave June
g Ki-deral l.t & True. May
Oalv-Hous Elec Co-. July
Grand Rapids Ry Co July
Great West Pow Syst August _
Harrisburg Railways July
P July
Havana El Ry,
Honolulu R T & Land July
Houghton Co Tr (^o. July
6 Hudson & Manhat. July
Illinois Traction
July
Interboro Rap Tran. July
Jacksonville Trac Co. July
Keokuk Electric Co. July
Key West Electric
July
Lake Shore Elec Ry. July
Lehigh Valley Transit July
Lewist Au2 & Waterv July
L&
/
St Louis Southwestern
Net
1,266,240
715,435
877,175
268.375
328.000
2,445.763
409.307
149.987
270.507
1
47,116
1,613.760
21.027
265,871
Nashville
1,253,629
Previous
Current
Year.
163 .708 144 .236
135 .193 123 .924
901 .576 718 ,328
1585 .524 1471 888
42 ,867
39 .121
140 ,740 125 .552
&
Dayton Pow
M
1
Jan.
of
Road or Company.
56.773
50.977
300.093
261.593
719.936
584 .586
7.150.015
5.903.686
135.193
123.924
1.163.357
1.011.019
901.576
718.328
7.776 ..363
6.274.255
23,233
26,421
113,993
115.576
32 1. .503
263.795
3.665.239
3.026.395
40.517
44.641
369.068
446.204
205.423
213.8.52
2. .387 .845
2.312.632
'17 16.527.586 10.509.096
'17
207.707
320.959
'16
198.366
309.346
Aug '17
.331.825
209.828
•16
191.515
306.596
8 mos '17 2.614.471
1.6.53.447
•16 2.425.7.53
1,5.55,016
Lake Shore Elec-f |July '17
171.234
64.993
^16
74.302
trie Ry System
164.,595
313..'<51
9.<*5.1,57
7 mos ^17
'16
312.737
886.916
9.078
Northampton Trac. July "17
19.0.59
•16
18,341
7.740
69.234
12 mos ^17
206,117
•16
68,898
197,180
Net Earnings
Current
Year.
$
12.456
35.628
13.672
175.805
Fixed
Charges.
$
21.097
20.983
149.344
150.767
226
720
1
.973
257.669
11,439
11,467
82,007
79,630
3,52.807
312.708
2.802.3.54
Previous
Year.
$
24.511
56.062
10.333
136.775
Balance.
Surplus.
813
16.415
135,176
230.664
335. 625
1..
603.602
12.312,110
4.951.013
11.794
14.954
31.986
35.946
7129.474
rdef27.092
12.155.672
X65M-30
2,719.427
24.930
19.674
202.498
148.163
87,753
86,442
681,947
719.186
1172.876
Z302.330
117.670
127.410
1.705.898
1.593.446
817.507
0,493,299
115.983
3-25.369
139.7.52
^68.8.36
140.366
139.224
130.830
1.121.371
1.101,847
35.120
36.703
241.164
254.516
187,082
169.108
1549.901
1716.718
29.873
26". 950
42'.284
27.200
41.698
J-80..590
37. .599
72.687
58.221
THE CHRONICLE
1^0*^
Phlla
Net
Gross
Earnings.
%
'17 2,436,680
Rap Trans... Aug
PugetSdTr.L& P.July
'17
686..369
mos
'17
'16
663,746
5.136.058
4.508,691
426,115
2
7
Ry &
Republic
16
Lt.. Aug '17
8
mos
'16
'17
'16
South'n Cal Edison July '17
16
7
mos
Ry & Pow.Aug
Virginia
2
mos
'17
'16
'17
'16
'17
16
4,874,074
4.364.765
335,579
3,043,488
2.696.204
603,669
691.102
4.445.213
4.729,371
Gross
Earnings.
$
592.903
488,698
1,154.655
986,104
Balance.
Surplus.
ft
INCOME ACCOUNT FOR YEARS ENDING JUNE
Statistics
Hudson & Manhat'n-a.June
Jan
1
to
June 30
InterboroRT (Sub).a-June 1,732,211
Jan
1
Interboro
to June 30
11,556,960
(Elev).a.June 1,525,027
to June 30
9,286,162
RT
Jan 1
Totallnterboro R TaJune
Jan 1 to June 30
Brooklyn Rap Tran.a.June
Jan 1 to June 30
New York Railways-a-June
Jan 1 to June 30
Belt Line
June
Jan 1 to June 30
Second Avenue.a
June
Jan 1 to June 30
Third Avenue.a
June
Jan q to June 30
Dry Dk E Bwy & Bat.a.June
Jan 1 to June 30
42d St Man & St NAva.June
Jan 1 to June 30
Y City Interboro. a-June
Jan 1 to June 30
Southern Boulevard. a.June
Jan 1 to June 30-
N
Union Ry of N Y C-a- June
Jan 1 to June 30
Westchester Elect. a.-Jtine
Jan 1 to June 30
Yonkers.a
..June
Jan 1 to June 30
Long Island Elect-a-.. June
Jan 1 to June 30
Y & Long Isl Trac.a.June
Jan 1 to June 30
NjY & North Shore. a.June
Jan 1 to June 30
N
NY&QueensCo
June
Jan 1 to June 30
Ocean Elect (L I). a. -.June
Jan 1 to June 30
Richmond Lt & RR. a.June
Jan 1 to June 30
Staten IslMidland-a..Jime
Jan 1 to June 30
3,257,238
20,843,121
2,677,328
14,879,323
1,058,493
6,100,545
57,607
345,163
79,749
392,759
359,429
2,064,547
39,121
219,345
157,493
872,686
63,049
370,710
19,959
106,723
259,112
1,425,071
48,553
253,550
72,231
387,744
24,568
112,865
37,595
197,431
14,607
75,661
97,994
588,343
15,548
50,404
44,102
208,060
34,560
156,755
13.9 cts.
1,623,770
1,630,278
192,735
184,645
415.863
289.539
Passenger car mileage. _
Karns. per paws, car mile
Kxj). piT rev. car mile..
Earnings
Passenger
1.417.891
35.6 cts.
18.51 cts.
clcf7,415
60.872
629.278
250,354
i73,167
1,339.3.32
1,288.8.59
85,283
69,034
648.842
540.500
198,786
2:85.930
2386.413
i538.227
z261 .075
i250.072
1.350.698 11.684,104
1,349.517 21,577.992
Fixed Chgs. Balance,
188. .347
Net
&
Earnings.
$
269.722
249,604
547,079
511,907
Taxes.
$
Surplus.
$
159,384
147,987
316,734
295,546
zll9,847
2110,742
2249,389
2233,827
Current
Year.
Previous
Year.
.©
,$
in 1916.
(Electric) Railway.
{Report for Fiscal Year ending June 30 1917.)
Thomas NewhaU,
Phila.,
Aug.
17,
wrote in substance:
—
Results.
While gross earnings have increased, the net earnings for the
last six months have shown a decline.
This has been due to the great increase in the prices of coal and all other materials used in our operations,
as well as to the higher cost and decreased efficiency of labor. Earnings
for the fiscal year were adversely affected by the quarantine against infantile paralysis during the summer and fall of 1916.
In Dec. 1916 the steam railroads with which we compete were obliged
to reduce the price of their 50-trip tickets, and as their new rates are practically the same as ours (instead of considerably higher than ours, as formerly) our sales of this class of ticket have been affected.
Plan to Increase Rates. As an offset to these conditions it has been determined to increase our passenger rates for one-way and ten-trip tickets
without changing our commutation rates. The new rates were fUed with
the Penna. P. S. Commission June 5 1917 and became effective July 5 1917.
These rates are now under investigation by the P. S. Commission, which
has ordered the issuance of excess fare receipts pending the approval or
disapproval of the increase. XJntU this case is decided the additional fares
cannot be included in the company's earnings.
Depreciation, &c.. Reserve.
Maintenance charges for the fiscal year were
of gross earnings, and the usual reserve for depreciation of equip18
ment was set up and included in the operating expense accounts each
month. In order to provide the nucleus of a cash fund for the purchase of
additional car equipment in the future, an appropriation of $10,000 has
been made from the year's earnings and set aside for the particular purpose
named Cash will be added to this fund in the future as rapidly as operating
and financial conditions will allow.
Additions, &c. There was charged to additions and betterments $7,558,
largely for power-house improvements and for additional stone ballast.
De Kalb Realty Co. This company made some small sales of land, but
the high cost of material and labor has retarded building operations along
our lines throughout the year.
,
—
—
M%
.
—
—
$401,672
21.134
$3.50. .531
$491,488
$.55,770
$422,806
$47,785
37.181
65.824
$371,857
$41,919
42.919
57,532
49,979
16.028
$266,771
$271,366
$131..500
18.000
10,000
.$234,819
Taxes
29.324
55. .565
20.479
Preferred dividends.
9.300
$10,894
1917.
$81,320
Cash
Notes
227.SH2
11.007
.53.64.5
370.000
2.5.000
35.000
013
105,000
;.
"r065
$14,375
1916.
S
1917.
S
514.230 Preferred stock
.2.000.000 2,000.000
iy7..soo Common stock
.4.000 000 4.000.000
12..S4S First Mtge. bonds. .3.000.000 3,000.000
52.122 Current accts. pay .
19.157
12.156
370 000 Interest accrued
.
65.750
65.750
25.000 Taxes accrued
.
30.987
17,071
Depreciation reserve
41.139
35,000 Other reserves
.
23.682
47.657
2.379 Miscellaneous
2.6.54
2.450
105.000 Profit and loss
. al77.396
169.295
Total
9.360.765 9,314.379
*Includes
"
$65,427
LiaMltHes—
S
.'532.318
Total
$208,377
$163,480
$136,940
11,100
30.
1916.
-S
Road & equipment. _ 8
Realty Co
Miscellaneous
Discount on bonds.
21.326
909
Balance, surplus.
supplies.
iHt M. bds. in treas.
Stocks of other co's*
Advances to De Kalb
$137.1.30
18,000
972
.-
&
$210,040
$212,766
.$2.56,669
$131. .500
849
(5)100,000 (IK) 25. 000
For purch. of new equip.
Hire of equipment
accts. r(:c_.
.33.490
60.600
49.416
18,749
16.7 cts.
De Kalb Realty
9,360.765 9.314.379
Co. (all) $10,000; Inter borough Electric Light
& Power Co. (all), .$3,000, and Norristown Transit Co. fone-half), $12,000.
a After deducting $2,794 sundry adjustments. V. 105, p. 910.
.
—
Nevada-California Electric Corporation.
{Results for June and Six Months ending June 30 1917.)
Combined Earnings (.Incl. Sub. Cos., after Eliminating Inler-Co. Transact' ns
—6 Mos. to June 30
Month of June
1917.
1916.
1917.
i
1916.
Gross earnings...
Expenses and taxes
$215,835
102,943
$121,799
53,156
$930,514
423,314
$685,645
285,060
Operating profits.
Other income (net)
$112,892
deb. 492
$68,643
2.402
$507,199
3.380
$400,585
Total income
Interest on bonds, debentures, notes, &c. (net)
Depreciation
$112,400
$71,045
$510,580
$410,606
43.404
7,421
36,735
7,267
266,608
41.570
201,644
47.834
$61,575
deb. 892
$27,043
deb.l
.$202,402
$161,129
Cr. 2,090 deb. 10. 445
$60,683
7,582
$27,042
5,083
$204,492
38,152
$150,684
26.979
$53,101
$21,959
$166,340
$123,705
Interest in earned surplus of
controlled companies
deb.2,101
7,449
1,735
17,523
$29,408
$168,075
$141,228
Net earnings
Adjust, to profit
&
loss
Stirplus
Surplus for bond redempt'ns
Available surplus
10,021
Pinal avail, surp. of N.-C.
— V.El .Corp .sub .&contr
104, p. 2557, 2449.
.
{Ath
.cos
$50,999
United Paperboard Co., Chicago.
Annual Report Year ended May 26 1917.)
—
President Sidney Mitchell says in substance:
Results.
An excellent demand prevailed for our products throughout the
year at profitable prices. Our production increased approximately 9%
—
over the preceding year, although strikes at three of om- mills curtailed
their output.
Sale of Timberland.
The company sold its timberland in the township
of Hobbstown, Me., consisting of about 10,200 acres.
The company had
never used pulpwood coming from this land, it being considered inadvisable
to operate a tract of that size.
The proceeds were deposited with the
trustees under the Somerset & Kennebec mortgage for repairs and improvements to the property.
Mills.
Since the expiration of the ten-year lease on your mill at Eaton,
Ind., in February, the property has been profitably operated by the company. The Yorktown (Ind.) mill has been rehabilitated and operated since
—
—
—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. 25.
The next will appear in that of Sept. 29.
Pres.
.$462,164
38,929
70,053
76,397
20,827
Total operating exp..
Net earnings
1 nterest on funded debt.
&
13.4 cts.
1.223.928
28.6 cts.
31.4 cts.
16.2 cts.
Transportation expenses
I'owor plant operations.
Traffic & gen 1 expenses
Material
2.625.217
$60,.564
Maint. of way & struc.
Mairit. of equipment
—
191.3-14.
$538,137
&c
Total opor. revenue.s.
Assets
Net Earnings
1.275.7(J7
30.
$505,098
33.039
—
Freight, express.
1914-15.
2,931.693
13.7 cts.
33.5 cts.
16.75 cts.
BALANCE SHEET JUNE
325,386
cl62,126
cl75,196
2,049,917 1,136,360 1,116,151
1,575,089
935,156
955,612
10,421.152 6,691,708 6,557,332
1,382,687
638,622
630,811
8,637,338 3,885,215 3,970,157
2.957,776 1,573,778 1,586,423
19,058,492 10,566,923 10,527,489
2,555,237
906,258
859,860
14,143,851 4,736,218 4.651,753
1,171,076
498,132
366,988
6,768,648 1,385,620 2,010,760
79,753
2,028
23,226
402,164
23,410
99,362
80,147
22,988
18,536
411,897
36.218
66,792
393,092
133,999
195,416
2,081.146
721.578
876,808
42,867
8,510
7,406
247,371
10,069
19,682
170,971
64,159
77,113
979,475
309,193
431,266
63,2.36
15,729
26,826
368,552
89,399
131,546
19,571
6,687
6,221
111,631
19,833
27,606
279,452
78,828
100,298
1.455,814
361,673
386,668
51,687
15,912
4,461
272,390
28,569
59,155
71,721
23,220
19,446
389,310
93,303
116,558
23,549
6,955
4,553
def7,855
109,801
2,063
36,993
6,238
5,943
193,662
9,110
12,907
14,495
4,265
3,715
77,417
15,289
22,920
128,992
2,068
10.260
706,090 defl03, 137 defl3,251
15,517
6,513
209
491
50,158
5,912
38,025
3,236
10,508
185,047
23,345
31,622
def2,091
def5,889
31,058
def5,790
146,561 defl6,555
& Western
13.7 <-tN.
1.376,691
.
111,3.53
ANNUAL REPORTS.
Philadelphia
3.370.468
219.274
a Net earnings here given are after deducting taxes.
c Other inc. amounted to $79,834 in June 1917, agst. $78,001
Annual Reports.
3.644,752
licccipts per passcmKer.
Street Railways.
348,628
2,207,346
191.5-16.
81.5,010
Gross Earnings
Current
Previous
Year.
Year.
$
$
Roads.
1916-17.
carried
I'iissoiiger.s
X After allowing for other income received.
New York
—
812,440
1,031.714
926.363
2,039,633
1.919,817
185.320
245,517
1,968,612
1.539,213
151,401
152,431
994.425
1,067.012
367,990
422.607
2.757,734
2,782,014
2.149.8,36
mos
•16
'17
"16
Fixed
Charges.
%
after
Tates.
%
[Vol. 105.
last
November.
—
Purchase of Bonds. The company has purchased $71,000 Somerset &
Kennebec bonds, and Traders Paper Co. bonds, $12,000, a total reduction
of $83,000, par value.
$399,000 Underlying Mortgage Indebtedness on Three of the Properties.
Bonds.
Rate.
Secured by
Due. Outstand'g
& Kennebec Co
1919 $163,000
5% Mame Mills
Thomson Pulp & Paper Co... 6% Thomson, N.Y., mills. .1921
200.000
Traders Paper Co
36,000
6% Lockport.N.Y., mills. .1919
Improvements, &c. The directors authorized the employment of large
sums for repairs and improvements at the mills. Some of the mills have,
through improvements made during the past few years, materially increased
their efficiency, thereby reducing the cost of manufacture.
We feel that
this policy should be continued until the mills are practically modern in
regard to equipment.
American Straw Board Co. The company's holdings of stock In the
American Straw Board Co., con-sisting of 3,479^ shares, were sold at $75
per share.
Sinking Fund Treasury Stock. The directors authorized the creation of
a sinking fund for the ptu-chase of pref stock at the market value thereof,
not exceeding 110% of its par value, such fund to consist of 10% of the net
earnings of the company, provided the earnings, less sinking fund, were in
excess of any amount authorized for improvements and payment of indebt-
—
Somerset
—
—
—
—
.
edness.
The company purchased 1,323 shares of pref. stock for the account of
Accordingly, there is held in the treasury $500,100 pref. stock,
leaving outstanding $1,599,900.
The company also has in its treasury $2,813,600 common stock, leaving
outstanding $9,186,400.
Suit.
Ohio C. Barber and others, as a committee repre.sentlng the
Collateral Trust bondholders of the United Box Board & Paper Co., have
brought suit against this company for $1,500,000 for an alleged claim for
deficiency under foreclosure proceedings of the Collateral Trust Mtge. of
the United Box Board & Paper Co.
Our general counsel is of the opinion
that the United PaperBoard Co. is in no way obUgated for any indebtedness
of the United Box Board & Paper Co.
Bills Payable.
Bills payable were entirely liquidated early in the year,
and notwithstanding the necessary increase of working capital through
larger accounts and bills receivable, and higher value of inventories, the
company has not since been obliged to secure banking accommodation.
Dividends.
Dividends aggregating 6% have been paid on the pref. stock
during the past fiscal year (at a rate of 1 J^
quar., the first distribution
by the company having been made Oct. 15 1916).
Depreciation.
Increased earnings enabled the directors to charge $600,000 to depreciation. While this amount is larger than heretofore authorized for this purpose, it is commensurate with the value of the property.
this fimd.
—
—
—
%
—
1
—
\
THE CHRONICLE
Sept. 22 1917.]
UNITED PAPERBOARD COMPANY MILLS.
Name and
Location
Me
Daily
Sheet. Cap. (lb.)
Widest
—
Grade Manufactured.
Kennebec
test jute for corrugating
78 in.
Whippany, N. J. (Cale-fChip, news, Manila and sheet
lined boards
64 in.
donian)
\
Wliippany,N.J.(Hanover)Chip, news, Manila and sheet
lined boards
110 In.
1/Ockport, N. Y. (No. 1). Tag, Manila, wood pulp bds.,&c. 98 in.
do
do
(No. 2) -Pat. Coated Manila bds.. &c__ 100 in.
Corrugating straw board
80 in.
Mt. Carmel, 111
58 in.
Egg case and straw board
Peoria, 111. (No. 1)
Corrugating straw board
92 in.
do
(No. 2)
Corrugating straw boaj-d
62 in.
Rockport, Ind
Thomson jute & jacquard
108 in.
Thomson, N. Y
Chip,news& Manila lined bds. 96 in.
Urbana, Ohio
104 in.
Test & combination boards
Wabash, Ind. (No. 1)
News middles, test boards, &c. 90 in.
do
do
(No. 2)
Benton
Falls,
Strawboard
66 in.
Corrugated straw board
80 in.
Boiled spruce wood pulp
Gound wood, boiled spruce, wood pulp
Unbleached spruce soda pulp
Ground wood, boiled spruce, wood pulp
Yorktown, Ind
Eaton, Ind
Y
Me
Thomson, N.
Benton Falls,
Fairfield,
Fairfield,
Me
Me
Lockport, N.
Lockport, N.
Y
Y
Sulphite
Ground wood pulp
Thomson foldmg jute boxes
Thomson Box Factory
"Wabash Coating Mills
7
.
— clay
machines
37,000
54,000
105,000
59,000
60,000
56,000
36,000
50,000
36,000
72,000
72,000
65,000
45,000
38,000
52,000
48,000
13,000
56,000
20,000
55.000
50,000
10,000
coated box-board
50,000
specialties
1,139,000
Total
INCOME ACCOUNT OF THE UNITED PAPERBOARD
Matj 26 '17. May 27 '16.
Years ending—
$338,714
Gross earnings
$1,937,339
replacements.. $348,287
Repairs &
Taxes and insurance
75,019
46,863
68,783/
Administration expenses-
CO., INC.
May
29 '15.
$381,300
$142,235
May 30
(43,348
151,981
'14.
$508,406
$163,501
40,300
44,770
1303
(h) i^TTTioiorcrs of stock, of whatever class, sihall Kiave any preferential
right of subscription to any stock of the corporation Issued or sold, but the
directors may determine to offer any new stock to holders of either class.
Dividends. On Jan. 1 1917 the corporation paid its first distribution of
1.38% on $8,183,800 pref. stock, amounting to $111,089, and on April 1
on $8,452,600 pref. stock, $147,921. On June 15 a dividend
1917,
of 50 cents per share was paid on the common stock [also on July 1 paid
on pref. and on Sept. 15 60 cents on common.]
Dividends Paid by the Predecessor Companies.
Cal.Fr. Can. Assn.
J. K. Armsby Co.
Ceni.Cal.Cann.
Dec. 31.
Feb. 28.
March 31.
1912
.$239,400 (57%)
$208,195 (7.2%)
$60,000 (12%)
—
1M%
1M%
.
208,195 (7.2%)
333,545 (11.4%)
216,000 (7.2%)
216,000 (7.2%)
(Denotes dividends paid for a period of 14 months.
1913
1914
1915
1915
105,000 (25%)
12,600 (3%)
Properties.
— The corporation
and
its fully
owned
*100,000
60,000
60,000
60,000
(20%)
(12%)
(12%)
(12%)
own and
subsidiaries
operate 60 canning and packing plants.
Fresh fruits and vegetables are
handled at the canning plants. Dried fruits are cleaned, graded and put
up in packages at the packing plants. These plants are located at:
(1) In California: Armona, Chico, Clovis, Dinuba. Fairfield, Fresno,
Gilroy, Grand Island, Hanford, Healdsburg, Kelseyville, Kingsburg, Los
Angeles, Mary.sville, Milpitas, Morgan Hill, Oakland, !Parlier, Reedley,
Rio Vista, Sanger, San Jose, San Francisco, Sacramento, San Lorenzo, San
Leandro, Santa Rosa, Santa Ana, Sebastopol, Stockton, Sunnyvale, Visalia,
Yuba City and Vorden.
(2) In Oregon: Dallas, Portland and Salem.
Lewiston. (4)
(3) Idaho
Washington Vancouver. And (5) Haivaii Honolulu.
These plants are of variable types of construction, including wood, brick
and concrete. The total land area occupied is about 64 acres. The aggregate floor space is about 3,000,000 sq. ft.
Total number of employees
approximates 20,000. The properties also include four ranches of 5,950 acres.
Output of the Aforesaid Plants for Years ending Feb. 28.
—
—
—
1912-13.
1913-14.
1914-15.
1915-16.
1916-17.
Canned goods, cases--4,298, 973 3,178,721 4,426,153 3,748,214 6.107,322
Dried fruit, tons
72,063
73,394
76,303
99,626
99,976
Important Subsidiaries, All Stock Owned (Earnings, &c.. Consolidated with
—
the Corporation).
Net earnings
$1,445,249
10,042
$291,851
3,513
$143,736
4,596
$259,835
$1',455,291
Total net earnings
Interest charges
$27,180
600,000
Depreciation
Preferred dividends. -(6%) 103. 672
$295,364
$35,639
100,000
$148,332
$35,875
90,000
$267,358
$35,769
90,000
$724,439
$159,725
$22,457
$141,589
Other income
Balance, surplus
UNITED PAPERBOARD CO., INC.,
JV/aj/26'17 May2Tl%.
—
7,523
BALANCE SHEET.
—
LiabilUies
Preferred stock ._
Jl/(2J/26'17.
MayZTlG.
$
S
_
2 100 ,000 2,100,000
Common stocks. 12, 000 ,000 12,000,000
treas. sec, &c.xl3, 121,737 13,768,266
110,320 Bills payable
171,567
917,423
Cash
Assets
Plants, equipm't,
Bills
829,584
559,730
587,663
5,738
&accts.reO--
Mdse.
&
supplies.
Deterred charges.
Suspended assets.
Total
S
$
,
434,956 Accounts payable.
124.246
501,875 Contracts tor improv'ts& replac.
519,533
11,663
229,887
3,761 Res.tor accr.int.,&c
Surplus
1,048,210
16,021,875 14,830,840
Total
166,434
69,067
323,771
16,021,875 14,830,840
X Includes May 26 1917, real estate, plants, machinery and personal
property, $10,206,556, and treasvu-y securities consisting of 5,001 shares
preferred stock, $500,100; 28,136 shares of common stock, $2,813,600, and
sundry other securities, $480; total, $13,520,737, less sundry bonds and
mortgages (not liabilities of this company), $399,000; balance as above,
$13,121.737.— V. 104. p.g2123. 1004. imtl^'*mm*ii-i-f!v>t-^'<l'.-4 r-^ ^.-M.«Ma i-^
California Packing Corporation," New' YorkT"
N. Y. Stock Exch., Dated May 10 1917.)
The company reports to N Y Stock Exchange on May 10
in connection with the hsting of the preferred and common
stocks in substance as follows (compare V. 103, p. 1212):
{Official Statement to
.
—
.
Incorp. on Oct. 19 1916 in New York, with an authorized
Organization.
cumulative preferred stock, and 500,000
capitalization of $10,000,000
shares common stock, without par value; 150,000 shares of the latter are
conversion privilege of the preferred stock and are specifically
subject to the
reserved for that purpose. Capital with which the corporation will carry
on business is $15,000,000.
The outstanding preferred and common stock were issued for the entire
properties and assets of the J. K. Armsby Co., California Fruit Canners'
Association, Central California Canneries, Griffin & Skelley Co., 45,331
shares of capital stock of Alaska Packers Association, and $1,267,353 cash.
Business.— The corporation is engaged in the business of packing and
distributing non-perishable food products, consisting principally of California dried fruits, canned fruits, canned vegetables, Hawaiian pineapples
7%
and canned salmon.
Properties Taken Over by
Packing Corp. Nov. 8 1916.
Incorporation
Cap. Stock.
Illinois
J. K. Armsby Co
1884
$500,000
California
California Fruit Canners Association
1899
3,000,000
California
Central California Canneries
1901
500,000
California
Griffin & Skelley Co
1890
50,000
These companies are kept alive, but their capital has been reduced to
nominal amounts and are held as free assets in the treasury of the company.
No Funded Debt. The California Packing Corp. has no mortgage or
funded debt.
Preferred Stock Rights.
(a) The pref. stock is entitled to receive, when
and as declared by the board out of the surplus profits arising from the
business, cumulative dividends at the rate of, but not exceeding, 7% p. a.
(b) Upon not less than 60 days' notice, given both by mail and by publication, the corporation may redeem, on any Jan. 1 April 1 July 1 or Oct. 1,
the whole or any part of the pref. stock at 115% and accrued unpaid divs.
(c) Pref. as to both earnings and assets, to full par value with all accrued
unpaid di\'idends, and, if liquidation or dissolution be voluntary, a further
amount equal to 15% of such par amount.
(d) The affirmative vote or written consent of at least two-thirds of the
outstanding pref. stock is necessary in order to (1) create or permit any
subsidiary company to create, any mortgage or other lien upon any real or
personal property to secure an issue of bonds or otherwise; (2) sell, or otherwise dispose of, the property, or to sell or dispose of any of its stock In Alaska
Packers Association, or permit any subsidiary company so to sell or dispose
of its property except to the corporation or to some other subsidiary company; (3) create any stock which shall have any preference or priority
over, or any additional stock on a parity with, the pref. stock authorized, «&c.
(e) So long as any of the pref. stock shall be outstanding, the corporation
shall set aside yearly, beginning on or before Sept. 30 1918, for the purchase
of its pref. stock, a sum equal to 3% of the aggregate amount of pref. stock
Issuea prior to such date, whether or not then outstanding; and if the same
cannot be so applied within 60 days, it shall thereafter be applied to the
redemption of pref. stock. This obligation shall be cumulative, so that if in
any year said surplus profits shall be insufficient to permit the full amount
to be set aside, or if for any reason such full amount shall not be set aside,
the deficiency shall be made good out of the surplus profits of the succeeding
fiscal year or years before any dividend shall be paid upon the common stock.
(f) Any holder of pref. stock may at any time prior to Jan. 1 1932 (unless
said stock shall have been previously called for redemption, and In that
event up to 30 days prior to the date of redemption) convert such stock into
common stock at the rate of one share of pref. stock for 1 K shares of com.
stock, on presentation to the corporation in N. Y. City or San Francisco,
with adjustment of dividends. Stock so surrendered shall not be reissued.
(g) Except as otherwise required by the statutes, the pref. and common
shares shall possess equal voting power for the election of directors, and for
all other purposes, and each stockholder shall be entitled to as many votes
as shall equal the number of his shares of stock multiplied by the number
of directors to be elected, and he may cast all of such votes for a single
director or may distribute them as he may see fit.
the Calif.
—
—
—
,
,
-Incorporated-
Charter.
Cap.Stk.
Perpetual $50,000
1911 50 years
350,000
Visalia Fruit & Land Co
Calif.
1890 50 years
88,000
The most important single investment of the corporation is the stock of
the Alaska Packers Association.
Alaska Packers Association. Incorporated in California Feb. 1893 with
an authorized capitalization of $7,500,000, of which $5,750,800 capital
stock is outstanding (par value $100 each).
Of the outstanding capital
stock, 45,331 shares of an aggregate par value of $4,533,100, being 78.82%
of the total outstanding amount, is owned by the California Packing Corp.
The Alaska Packers Assn. is engaged in the packing of canned salmon. It
operates 16 salmon canneries, 14 of which are in Alaska and 2 on Puget
Sound. Its other properties include 2 salmon hatcheries in Alaska, and
a large shipyard at Alameda, Cal., and an ocean-going fleet of 89 vessels
which are used for transporting the salmon pack from Alaska to San Francisco or other distributing points.
This fleet consists of 16 iron and steel
sailing vessels with a registered gross tonnage of 33,554; 9 wooden sailing
vessels with a gross tonnage of 10,083, and 64 steamers and launches.
""~
Opcrations^of the Alaska Packers Association for Calendar Years.
\Cases.
Canneries.
Profits.
Deprec. Divs. (6%). Surplus.
1916
1,179,349
16
$2,299,749 $200,389 $345,048 $1,754,312
1915
1,024,040
16
1,145,953 204,356 345,048
596,549
1914
1,241,980
15
1,255,085 301,713 345,048
608,324
1913
1,504,415
14
653,388 201,116 345,048
107,224
1912
1,202,779 Notstated.
954,098 208,217 345,048
400,833
1911
1,053,015 Notstated. 1,194,196 217,203 345,048
631,945
Oregon Packing Co
Hawaii Preserving Co., Ltd
Oregon
Hawaii
1900
—
INCOME ACCOUNT (ALASKA PACKERS
Net
ASSN.)
YEAR
profits (after $402,521
Depreciation
repairs & replacements) .$2,182,482 Dividends (6%)
Income on investments
117, 2(561 Insurance fund
Total income
$2,299,7491
1916.
*$200,389
345,048
509,506
I
Balance.
$1,244,806
CONSOL. INCOME ACC'T—NOV.
8 1916 TO FEB. 28 1917.
[Incl proportion of earnings of Alaska Packers Assn and other sub cos .]
Gross income after deducting selling and general expenses for the
above period
$4,375,840
Deduct ^Interest, $403,248; depreciation, $217,750
620,998
.
.
.
—
Net
profit (of which $1,588,099 represents the proportion of
profits accrued from holdings in Alaska Packers Assn.)
$3,754,842
is applicable to capital account accrued profits
(at date of acquisition Nov. 8 1916)
2,668,319
Of which there
—representing profits of California Packing Corp. from
$1,086,522
—
111,089
Balance
Nov. 8 1916 to Feb. 28 1917
Dividend on preferred stock paid Dec. 30 1916
Deduct
Undistributed balance, Feb. 28 1917, as per bal. sheet below
$975,433
The fiscal period ended Feb. 28 1917 includes the operations of properties acquired as follows: J. K. Armsby Co. 14 mos.; California Fruit Canners Assn., 12 mos.; Central California Canneries, 11 mos.; Griffin &
Skelley Co., 9 mos. While in one instance this covers more than a year,
the business done in the period constituted only one season's business.
Combined Net
Profits of Four Predecessor Companies (Incl.
Profits of the Alaska Packers Association)
1912.
$1,509,608
1913.
$1,156,811
78.82% of
1914.
$1,343,000
1915.
$1,511,440
ALASKA PACKERS ASSOCIATION BALANCE SHEET DEC.
1916.
S
A.SS€tS
Plants, fleet, &c..x5, 260,991
Inventories
1,807,816
Investments
y2 ,724 ,925
Aects. receivable.
517,072
932,160
C^.sh on hand
Total
1915.
S
1916.
Liabilities
$
5,374,877 Stock ($7,500,000) 5,750,800
2,965,325 Bonds
2,180,425 Curr. Indebtedness
50,513
43,546 Insur. reserve fund 2,896,735
136,485 Profit and loss
2.544,915
11.242,964 10,700,657
31.
1915.-
—
Total
the
s
5,750,800
558,000
704,519
2,387,229
1,300,109
11.242,964 10,700,657
X Includes in 1916 plants, $4,049,591, and fleet, $1,211,400. y Denotes
investments (for insurance fund), marketable municipal, raihoad and
corporation bonds carried at cost or loss. [1915 Figures inserted by Ed
.
CONSOLIDATED BALANCE SHEET AS OF FEBRUARY
Assets (Total, $22,528,511)
28
1917.
]
Land, plants and equipment, $6,164,430; ranch and other properties, $1,245,242; furniture and fixtures, $84,575; total, $7,494,247; less reserve for depreciation, $1,012,877
Investments in stocks of other cos.: Alaska Packers Assn., 45,301
shares, carried at book value, $8,635,277; Pacific Coast Seeded
Raisin Co., $60,000; Roeding Fig & Olive Co., $40,000; Hemet
$6,481,370
Canning Co., $32,686; Pomona Valley Canning Co., $24,268;
miscellaneous, $9,530
- 8,801,761
Insurance fund investments
184,223
Inventories (at or below cost): Merchandise, $2,601,690; materials and suppUes, $780.722
3,382,412
Notes receivable, .$165,578; accounts receivable, $1,381,945
1,547,523
Life insiurance poUcies (cash siu-render value)
32,157
Cash1,560,352
Expenditures on future crops maturing during summer and fall
1917, $377,143; miscellaneous deferred charges, $161,570
538,713
Liabilities (Total,
$22,528,511)—
Capital stock— 7% cumulative convertible preferred (auth.,
$10,000,000: unissued, $1,647,400)
$8,352,600
Common stock (without nominal or par value) auth., 500,000
shares, less reserved for conversion of 7% pref. stock, 150, ()00
shares, and unissued, 11,202 shares), balance, 338,798 shares,
representing the balance of capital account in accordance with
the stock corporation of New York
11,952,577
Current liabilities Accounts payable
1,247,901
Profit and loss, as per income account above
976,433
—
THE CHRONICLE
1304
Ah of Keb 28 1017, there was a contingent liability of $1,840,79$ on
drafts (lisoounted to whidi l>ills of lading covering morchandlso sold are
attached, which have .since b(!on paid.
,
,
i,
Ualfour Adamson, Frank U. Anderson, John I.awson, Frank
Directors
D. MadLson. William Thomas, R. M. Uatrhold, C. 11. IJentlcy (V.-l'.)
Sanford L. Goldstein (Treas.),
I Cheever Cowdin. M. .1. Fontana (V.-l'.),
Porlor I.. E. Wood, .lames K. Armsby (I'ros.), (ieo. N. Armsby
A
(V -I' ) R l' Hentley, William Fries (flhairman), Andrew O. (Jriffen
Hotehkiss (V.-P.), all
(V'-I*'.)' Charles W. Griffen (V.-P.), and William J.
of San |i"ranci.sco; and ,Tac(|ucs Weinberger (V.-P.) and Elisha Walker, of
Now York.— V. 10.''). p. 012, 182.
—
.
,
W
American Real Estate Company,
New York
City.
Receivers Walter C. Noycs and Alfred E. Marling report
in substance:
The subscriptions under the plan of reRenraaniznlinn Plan Friils.
—
onjanization were not sufficient to supply the cash capital deemed neces.sary
and the plan has, therefore, been abandoned. (V. 101, p. 454, 2.5j1.)
Conseouently, the duty of winding up the company devolves upon the
Receivers, the petition in bankruptcy having been dismi-ssed on motion of
the committee.
.
.,,„,„,„
The Receivers on April 19 1916 came into po'^sesStaltis of Properties.
rental and undeveloped properties carrying mortgages of $10.2.50,sion of
assessments aggre61.5 with interest accrued on mortgages, and taxes and
gating .S195.679, and prioritl s claims, deposits, &c., of $65,651; a total
exclusive of the claims of bondrequiring to be liquidated of $10,811,945,
holders and creditors.
,
^^
^
j n *
„
The Receivers have paid all interest due on the mortgages and all taxes
and assessments except on the Astoria-Queensboro property and certain
assessments on the Watson property which have been reduced by $42,000.
We have re-financed the maturing mortgages and in no instance has any
property been foreclosed, as satisfactory instalment payments have been
^,„ ^„„
,
made or extensions secured where required.
^.
the rnortgage
The priority claims have been reduced by $48,473, and wherein mortpayments of $212,.321 and by the sale of Pfopert'es
liens by
gages were assumed by purchasers in the amount of $789 500. At the
of
prSsent time the total outstanding liens aggregate.$9.617.3.il exclusive
claims of bondholders and other creditors, and in addition to $100,000
Receivers' certificates and current and accrued liabilities of $201,1 5.{.
[The capitalization of the company with interest to Apr. 19 1910 included
common stock, $151,100: preferred stock. .$1.8,5,5.400; unsecured 'ndebtedfully paid.
ness. $1.3,465.8.37, viz.: 6% coupon bonds and certificates
$24,101,«7 4,34 036; 6% accumulative bonds and certificates .(face amount
certificates (face
250), installments paid. $5,703,177: paid-up installment •'8101,267.— fc-d.j
*<=.
amount $272,810), $22*,357: notes, accounts payable.
aggregating
Sales —Si\nce Dec. 31 1916 the Receivers have made sales
book value of $596,385, for the sum of S475,.396 showing total saes since
,lci(),l/l.
April 19 1916 of an aggregate book value of $1,413,023, for .$1
cash realized was
As the purchasers assumed the mortgage liens the net ve_ further entered
The Receivers ha
(See tables below.)
inconsiderable.
having an aggregate
into contracts for the .sale of other parcels of real estate
being
value of $300, .550 for the sum of $262,250, these latter parcels
book
amounting to
also subject to first mortgages assumed by the purchasers
and under contract of sale amounts
The improved property sold
SI 53 nOO
unimproved and
to$l,0*().600 and has a book value of $1 293,814. The
property sold or under contract of sale amounts to 'HSbljn, ana
vacant
,„<.•„ -nt^to
is carried on the books at $419,759.
in New
During the past year or more the condition of the realty market found
vicinity has been unsatisfactory and it has been
York (^itv and
except at
impossible to dispose of any considerable amount of vacant land
for apartgreat sacrifice. This condition has caused an unusual demand
years, so that the
ments and renting conditions are better than for several increased
As an
income from the rental properties has been materially due to tne neavy
offset however, the cost of maintenance and operation
repairs of every
advance in the price of coal, as well as increased cost of
requirement of the
character, including decorating, etc. .and the additional
satisia,cOperating employees, so that the margin of increase is not entirely
"'crea.sed.
tjrv: nevertheless, the net return has been considerably was purchaseT
pdrk-Hill-on-lhp-Hudson.— This development of Yonkers
many or
about 25 years ago. A great number of lots have been sold upon
a particular y
which were erected dwellings of a high character, creating approximau-ly
The unsold land compri.ses
desirable residential section.
OOU
450 building lots 50 x 100. shown on the books at a valuation of $2,484
$782,000.
{"fse
and which is said to have cost, according to the bo9ks, bluffs a"d almost
lots are of various sizes, some being located on high
located.
inaccessible and very difficult of sale, and others advantageously
this
The Receivers bell ve that no such value as $2,481 000 .attaches to
the sale of this ent re
property and that there cannot be realized from
hlb
^jV _n
parcel more than a small percentage of the appraised valuation:
a Pe"od 'if
result can only be obtained by very slow liquidation covering
although
Fortunately, however, this property is free and ^'ear,
years.
considerable
the expense of maintenance, in addition to the taxes, is very
and amounts to about $23,000 per annum.
„^i^=toi,r R77
Watson— A-Re-Co Property .—Thi^ tract comprises approximately »//
Bronx River
city lots and over 350,000 sq. ft. of water frontage on the
The property is generally developed, having water mams, sewers anc^ It was
and curbed >t w-,^
light mains installed, as well as being paved graded
ha vn
pFanned to be improved with five-story, walk-up apartment houses delay
O^ing to the
stores on certain principal streets within the district.
no vacant 'and has been
in the exten ion of the rapid transit improvements
This property is carried at a va uation or
sold since October. 1912.
improvements $l.b73,(jij^K
$4. .577,000 and is said to have cost with the
»"» *
The subway construction has been considerably delayed are running "J
'^„S a
When trains
promised to be completed within two years
improved
if realty conditions have
demand for these lots will be created,
mortgage of
and the sale of the parcels can be pushed. As there is aand taxes are
$880,000 on the property, the carrying charges for interest drain
very heavy, amounting to about $73,000 p r an a constant
Queens
Astoria—A-Re-Co Propert,/.— This property, in the Borough of
$1^4»,(«J0
comprises 1081 lots 20 x 100 each, carried at a valuation of completely
but
and said to have cost $1 .265.000. It is partially developed
se^'ers, etc., will
to. pave and curb streets, lay side-walks, water mains,
The Queensboro subway has just been completed
cost probably $250,000.
bl'CK oi
and trains from Manhattan are now running regularly tg within awouic^ oe
Under ordinary real estate conditions this factconditions
the property.
"""sual
ripe for sale to builders and investors, but because of the
years to dispose
prevailing there is little demand and it will require seveial
Mortgage and other liens aggregate «5b5.000
of the.se lots to advantage.
consiaer
and the expense of carrying the same (including taxes) is therefore
able, amounting to about $45,000 per annum.
*lace Ave
Mare K.s/o/e.— This tract, situated on White Plains Road a valuation
at
and Boston Road in the Bronx, comprises fiS^'ots, carriedadjacent to the
It lies
of $1,214,000 and is said to have cost .$800 000.
on the
White Plains Road extension of the subway system, with a station
extension have recently been put in operation
property. The trains on this
"o^^ as on the
but the same difficulties are met in attempting to dispose of and is withAstoria development. The property is only shghtly improved streets are
out water mains or sewers and few streets are graded and no
amount
paved. It will take several years to sell these lots any s^b.'-Untia ,00 and.
This property is subject to a mortgage of $514.
is to be realized.
a-nnum.
with the taxes, the expense of carrying it is about $40,000 Pf^by L.oriiiara
In June 1917 1,455 adjoining lots owned "nencumbored
and
Spencer Estate were sold at auction after extensive advertising the
three of
brought on the average .$481 each. Owing to the 'act that mortgages,
with
large parcels owned bv the A. R. E. Co. are encumbered
parcels at auction
it has seemed impossible to dispose of any of such
P.^ncipaiiy
Other Pronerlies.— There are also developed vacant properties.
and said to have
in the Bronx, with an aggregate book value of $4.0.31 ,0(
plots 'nchiding corner
cost $1,888,000. comprising a great many individua
impossiDieoi
lots a'ong the lines of rapid transit extensions which are
materials
immediate sale because of the high cost of labor and buildingare subject
These Parcels
preventing builders from becoming interested
taxes, the expenses ot
to mortgages ag^rregating $1,115,944. and with the
carrying them is about $108,000 per annum.
^ ^^^.n.^rimntp\v
approxiinately
Rental Properlics.— These are carried on the books at
or aooui
$9,590,000 and are subject to mortgages aggregating •'»6.46.S.250
67% of book value. The depression of real estate ancl theofheavy I rst
Properties
mortgage indebtedness has prevented the sale at fair prices
which are substantial and which show a fair return upon the book equity
low prices whenever
Potin/ of Re.' ei vers.— We are di.sposed to sell even at
reasonable opportunities are presented so as to hasten the liquidation ana
We shall parreduce the heavy carrying charges for taxes and interest.
ticularly aim to strengthen the financial condition of the Estate by paymg
—
.
,
.
.
,
.
f:
off subordinate mortgages and liens after which It will be possible to build
up a cash surplus so that distributive payments to the bondholders may be
made. This, however, is a slow process and unless really conditions
decidedly improve, it cannot be hoped that distributive payments c^n be
m.ide for some time to come ^perhaps for several vears.
A too hasty
policy of liquidation would inevitably result In such hcsavy sacrifice as to
leave little to be distributed to the creditors.
Suit.
In our first Report we mentioned the payment to former officers
of the company of certain deferred salaries, so-called, as well as the payment
After a thorough examination,
of certain dividends on the capita) stock.
counsel have reported that in their opinion suits could be maintained for
We have therefore felt it our duty
the recovery of the »niounts so paid.
to instruct our counsel to commence suit against the persons liable.
—
—
REAL ESTATE INVEST.M ENTS WITH MTOES. THEREOS AT JUXB
(Report of Receivers, July 31 1917.)
.
[Vol. 105.
ISliowIng
Book Values at'Apr.
19 1916 less Properties Sold to
—Property
Values-
Book
Properties —
(1) Unen(^umt)erecl (Book
(a) Bronx Borough..
Assessed
1917.
Cost.
Value.
Val. $2,811,305).
30 1917.
June 30 1917.
-Outstanding LiensFirst
SubMortgage, ordinate.
894,472
$169,282
$81,700
Yonkers--.
843,6.53
2,64i;,023
812,275
(2) Rental Propertle.9 (Book Val. 49.582.515).
(a) Manlialtan Bor. . S6.9S1.G31
$6,008,535 $4,780,000 $4,026,000 $566,250
2,852,305
3,343, 1180
2,413. .000
(«) Bronx Borough..
1,700.000
15,000
230.000
(c) YouKcr.s
207,879
180,050
90,000
(3) Developed Land Prop's (Book Val. S8.090.508)
(a) Manhattan Bor. .
-570.797
390,610
$66,000
$37,500
$5,500
(b) Bronx Borough . .
2,925.1.50
3,089,838
7,838,796
1,758.855
76,239
(c) Yonkers.51.804
161,161
08.900
31,350
(4) Lands and Prop's under Development (Book Val. $2,902.5 77)—
(u) Bronx Borough ..
8800.139 51,214,000
$514,600
S640.000
1,265.507
1,748,577
.545,325
(6) Queens Borough .
429,000
(5) Country Estate &c. (Book Val. 5198,700)
(a) Tarrytown, N. Y.
5178,552
8178,128
8170.000
$75,000
(b) Mlscellanejus
19,290
11,500
19,783
20,572
(6)
Total June 30 1917
816,450,361 823,645,664 S12.702.790 S8. 739. 805 $662,989
Total co.sts of real estate investment .\pril 19 1916 was $17,733,210 au'l additions
to Juue 30 1917 were 8212,927; total 817,946,133 less properties soM by Receivers
from April 19 1916 to Dec. 31 1916, 51.017,418. and from Jan. 1 1917 to June 30
1917, 8472,358, leaving a balance as above of $16,456,361.
REAL ESTATE SOLD BY RECEIVERS JANUARY 1 1917 TO JUNE 30 1917.
Cash Mgs. Rec. Mtgs.
Sale
Book .
Price of Val., Apr.
Paid
Part
Ass'dby
Property sold in 1917
Parcel
Dale
19 1916 Ratio To Date Pay't
Put.
(1) Bronx Borough
S
$
$
S
$
(a) Brtwy. Clt. Line. Jan.
2. .500
4
2.500
3.050 82%
(6) 954-958 Hoe Av..Mar.
1
90,000
91,910 98%
9,000
81,000
(c) 999-1001 E16:istl
(c) 941 Simpson St.. )Mar. 21
230,000 310,000 74% 20,000 42,000 168,000
(c) 940 Fox St
(d) 985-989 So. Bvd.- June
5
52,000
19,000
65,000 80%
33,000
——
)
So. Bvd.
chester A V
(e)
WestJan.
15
15
1
(6)
Lawrence Prop
Total in 1917 (to June 30)
.Sold Apr. 19 '16 to Dec. 31 '16.
55.000
32,000
6.003
7,896
75,000
35,009
8,979
7,438
73%
91%
67%
475,396
654,725
ARCo prop. May
Yonkeis(a)Pk.Hm.Feb.
(J) .\stor
(2)
&
596,385
816,638
80%
80%
27,500
22.000
6.000
3,397
109.397
109,325
27.,500
10,000
2,775
82.275 282,000
34,400 507,500
Tot. Apr. 19 '16 to June 30 '17.1.130,121 1,413.023 80% 218.722 116,675 789,500
As to contracts for sale of real estate not closed see text above.
The sale price of the total mortgage receivable sold during the receivership
aggregated 8241,900 with book value 8286,211.
CASH RECEIPTS AND DISBURSEMENTS JAN.
APRIL
20 1916
TO DEC.
1
TO JUNE
30 1917
AND
31 1916.
yan.1'17^0
^p.20'16«o
JuneZO'n
Dec. 31 '16
Receipts
Rents rec. from rental, leasehold
miscel. props. ..8476.058
Interest rec. on mortgages owned and notes receivable &c
16.316
Receipts from sale of real estate, including part payments
107.475
Cash rec. from sales of mortgages receivable ($117,940) &c..- 142,032
Proceeds from sale of receivers certificates
Other miscellaneous receipts
64,716
$658,333
36.598
113.265
161,450
250.000
99.406
—
&
Total receipts
$806,597
$1,319,052
$19,743
Main, of rental leasehold & miscel. properties, &c
151.685
Int. paid on morts. on rental &. unproductive properties, &c.. 249.733
Taxes and assessments on rental & unproductive properties.. 114.634
Allow'ce (S60.000) to receivers & their council, & gen. &c. exp. 91.020
Ottier miscellaneous disbursements
68,854
Payments made to retire mortgages payable on properties sold
and tor installments due on mortgages payable
101.884
Receivers' certificates retired
150.000
$330,592
188,253
218.185
194,175
83,681
84,897
Disftursemews— Payments of priority and other claims accrued prior to receivership
Total disbursements
Balance of profits or losses
Deduct Balance In hand and on deposit
loss
—
80,530
$950,553
$1,180,313
$143,956 prf.$138.739
122,814
266,771
Balance taken over from the estate of Amer. Real Estate Co. .5266, 770
RECEIVERS'
BALANCE SHEET. JUNE
30 1917.
$128,032
each side $15,603,400.)
[Book Value of Assets in the Possession of tha Receivers and Liabilities
of the Receivers at June 30 1917.1
Real estate investments
823.645.664 Receivers' cert. Issued Nov.
Deduct Mortgages thereon. 9,402.794
6 1916, at 6%
$100,000
Int. acor.: mtges. pay'le, &c..
136,925
Bal. of real estate invest.. .814,242,870 Reserves:
Mtges. Receivable Owned:
Taxes, assess penalties.&c
Props, owned by indlvs. etc.
prior to Apr. 19 1916
762,520
197,359
Subsequent taxes, &c
Props, owned by cont. CO. "s
55.635
43,784
xStock of affil. & cont. co.'s. y 220,471
Other reserves
50
Cash
122,814 Miscellaneous
27,917
Notes receivable
54 .010 Excess of book val. of assets
Accounts & receivables
In possession of receivers
68,687
over liabilities of receivers. 15,097,366
iscellaneous
76.392
X No provision has been made for depreciation or loss on securities or mortgages
owned or assets of doubtful value, y Includes common stock of Gun Hill Realty
Co. (par 867,700), book value 874.200: common stock of Vandervilt Ave. BIdg.
Corp., par and book v.alues. 884,500: common stock of Marbrick Realty Corp., par
and book values, 850.000. &c.
Contingent liabilities e.\ist for mortgages receivable sold under guarantee and for
bonds remaining In force in connection with mortgages payable ou properties sold;
also for the guarantee of a lease made by an affiliated company, but no item is
given in the above to cover these contingencies.
V. 104, p. 2554.
(.Total
—
—
.
,
.
M
—
i
Oklahoma Natural Gas
Co., Pittsburgh, Pa.
Year ending Feb. 28 1917.)
(Ninth Annual Report
The board of directors reports in substance:
During the past year the company has taken new leases amounting
—
to
60,419 acres and has surrendered 8,048 acres, which leav&s a present total
of 90,442.
This total includes gas contract acreage as well as commercial
leases.
The lease operations for the year consist of ten wells drilled, of which
number four were unproductive, three oil wells and three gas wells. Two
wells were sold and eight abandoned, leaving a present total of 16 gas
wells and two oil wells.
We have laid new field and main lines as follows: Forty-one miles of 12inch, 6 miles of 10-inch, 28 miles of 8-inch, 1 mile of 6-inch, 49 miles of
4-inch and 4 miles of 2-inch, making a total of 129 miles, and we have reclaimed 1 }4 miles of 12-inch, 2 miles of 6-inch, 3 miles of 4-inch and 1 mile
of 2-inch. The total mileage of pipelines in use now is 384 miles.
The earnings increased about 70% over Isat year, showing improvement
in every department.
However, in this connection the operating and
maintaining expense was somewhat larger, together with an increa.se in
the gas purchased account, but the final net to surplus shows an increase
of more than 150%. The total number of consumers is 22,265, an increase
of 2, 673 for the year.
.
.
,
THEICHRONICLE
Sept. 22 1917.]
FINANCIAL STATEMENT FOR THE YEARS ENDED FEB.
Earnings
—
1916-17.
and towns
Wholesale
Miscellaneous
1915-16.
28.
1913-14.
1914-15.
$842,347
662,417
141,376
$711,617
139,335
60,647
$690,198
201,908
30,612
$609,311
178,95b
38,5
-.. $1,546,140
$911,599
$80,288
302.991
60,000
$922,718
$107,419
245,512
48,000
$826,777
$59,137
275,157
59,859
113.399
(5)200.000
92.478
(5)200.000
124,664
(5)200,000
144.624
$451,174
$175,842
$197,123
$88,000
Cities
Grosssales
Gas purchased
$266,937
459,380
55,250
Oper. expenses, taxes, &c_
Interest on funded debt-
Dividends
(5%)200,000
Depletion
Nettosurplus
BALANCE SHEET FEBRUARY 28 1917.
Assets—
Liabilities
1916.
1917.
1916.
1917.
Investment
$6,349,212 §5,658,863 Capital stock
§4,000.000 §4,000 000
Cash...
600 000
284,297
242,684 First mortgage 6s.
400.000
400.000
Accounts recelv..
555,074
302,488 First Ref. M. 6s_.
540.000
Accounts payable.
184,553
355,215
Notes payable
237,287
660,000
Total each sirie. $7, 188,583 §6,204,035 Surplus
_. 1,233.368
782,194
—
-V. 105, p. 824.
Canadian Locomotive
Co., Ltd., Kingston, Ont.
ending June 30 1917.)
President Aemilius Jarvis says in substance:
The increase in our profits for the year under review is due entirely to the
{Qih
Annual Report
— Year
extra production of our plant, both in locomotives and munitions.
The increase in the property account of $59,743 is the normal increase
necessary to keep pace with the growing business.
We have taken $125,000 from our profits and added $100,000 to depreciation reserve account and $25,000 for special replacement.
The result of the year is most gratifying, the net profits on our business
being 25.6% in excess of those of any previous year.
1911-12.
Total Income for June 30 Years.
1913-14.
1914-15.
1915-16.
1916-17.
1912-13.
Total.
$326,380 $396,886 $342,057 $134,614 $574,212 $721,255 $2,495,404
The average net earnings amounted to .$415,901 per annimj.
We have been able to secure all the labor required, and our employees
have backed up the efforts of our management in a most loyal and satisfactory manner.
The prospects for the coining year are most encouraging.
have contracts for locomotives and locomotive parts amounting to $3,925,400 and
contracts for munitions amounting to $199,600, thus showing a total
amount of work ahead of $4,125,000, all placed at satisfactory prices. The
class of work we have been turning out has been most satisfactory, and we
feel assured from the present outlook of the locomotive situation In Canada,
ttiat oxu" plant will be kept fully occupied for some years to come.
~
We
,
INCOME^CCOUNT FOR
Vea'b's' EiV^iVGlJuTVJS; 30. i«v>^s>-i
1915-16.
1914-15.
1913-14.
'
'
1916-17.
Profits after charging
profits war tax and all
fFspec'lchgs.. allow., &c.\
nterest from investm'ts f
1
\
$130,027
4,587
,229
ibo'ooo
16,000
26,000
12,691
100,000
15,000
25,000
112
*75,000
*25,000
40,000
105,000
65,000
105,000
105,000
105,000
$335,000
$412,691
$295,112
$249,168
sur.$386,256 sur$161,521 defS160,498
siu-$92,889
BALAN CE SHEET JUNE
.$90,000
30.
1916.
1917.
Liabilities
§
§
,435,329 Preferred shares
1,500.000
5,
Ordinary shares
30.881
2,000.000
513,131
395.095 First mtge. bonds___l, 500. 000
347.422
158,735 Int. accr.(pd. July 1).
45.000
Acc'ts payable, &C-. 528,268
1917.
—
•?
&C-5 ,495,072
Sinking fund invest't
in prog, (cost)
Mater. & supp.Ccost)
Notes & atx'ts rec,
less
7,943
$134,614
Special replace, res've
Work
$342,057
$90,000
14,168
$674,212
$90,000
Amort, of exp. on munition equipment-.
Pref. dividends (7%).
—
$334,114
$721,265
$90,000
—
Assets
Plant, good-will,
reserve
.301,729
Municipal and other
bonds
Miscellaneous
1,031
Cash
177,615
9,094
Def. chges. to oper._
601,761 Loans from banks..
Dividend July
11,923 Depreciation reserve
811 Reserve spec, replac.
180,298 Other reserves
8,804 Profit and loss
Total
6. 875.976 6,792,7571
V. 105, p. 1106.391.
—
Company,
Laurentide
Total
26,250
350 000
140.000
95,881
690,577
?-'^m
1916.
$
1,500.000
2,000.000
1,500.000
45,000
390,684
x581,500
26.250
260.000
115.000
80,000
304,322
-6,875,976 6,792,757
Grand Mere, Que.
Ltd.,
{Report for Fiscal Year ending June 30 1917.)
President George Chahoon Jr., says in substance:
Our favorable position in respect to its diversity of products has enabled
us to materially increase our profits during the past year. A large portion
of these profits have been derived from the sale of pulp products, which
have been developed pending the time when you deem it wise to continue
the further development of your paper products.
Our bond issue is due and payable on Jan. 2 1920. The company is prepared to redeem these bonds in advance of their maturity at par and accrued
interest, upon presentation of the bonds to the Royal Trust Co., Montreal.
June 30 Years
1916-17.
1914-15.
1915-16.
191.3-14.
Mill nets from ground
wood, sulphite pulp,
paper, &c
$1,841,982 $1,022,006
$943,272
$829,904
Profits from lumber, &c.
253,628
101,459
91,334
115,065
Int. from investments..
125.051
120,819
—
$1,244,284
$226,899
Total deductions
Balance, surplus
—
,
$1,.364,649
$866,011
1917.
—
Mills,
buildings,
plant, &c
Timber lands
§
(8)768,000
(8)576,000
20,000
20,000
20,000
$1,094,461
$149,823
$1,015,414
$19,192
.$810,185
79, .562
5, 995,719
2, 284,639
Real estate (workmen's houses, &c.) 680„573
Sidings & roll stk.
Logs, mdse., &c._a2, 416,765
Accts. & bills rec.
686,961
Cash in hand, &c.
107,632
Investments
Miscellaneous
1
585.079
61,940
25, .509
Liabilities
—
Impt.&
bctt. res've.
BuHlne.s!! profits war
tax 1916-17
Sundry
Surplus
Total
13,819,308 14,913,761
Wa Includes in
Total
$134,774
30.
1917.
S
Stock
9,600,000
5,428,667 Bonds
b6.56,443
2,179,744 Bond int. (due July)
36,000
240,000
Com.div. (due July)
478,981 Wages
.36,369
50,000 Bank loan?
44,202
1,846,758 Bills payable
3,250
1,409,489 Accounts payable.
100,844
133,412 Contingent acct_.
39,305
3,361,200 Dcprec'n reserve.. c788,359
1916.
S
$944,959
$156,818
57,367
$1,034,606
$165,614
61,800
(8)768,000
BALANCE SHEET JUNE
ssets
&
res'ves,
1916.
§
9,600,000
706,090
36 ,000
192,000
24,172
2,195,080
4,900
428,841
26,418
330,000
354,692
288,3.30
&c
202,748
1,783,458
88,121
927,447
13,819,308 14,913,761
1917 logs and supplies, $1 ,559.634; merchandise, $267,781;
and mill supplies. $589,3.50. b After deducting .$543,567 redeemed to date,
c Includes in 1917 depreciation reserve .sinking fund, $350,000 and general
depreciation, $438,358.
V. 105. p. 1002.
—
Paper
Mills, Ltd.
the plant.
It has been deemed advisable to increase the depreciation charges for the
year in consequence of the high cost of recent improvements as well as the
mcreased wear and tear upon all equipment when continuously operated at
maximum capacity over a considerable period.
The property account as at June 30 1917 shows that there has been exg ended dui-ing the year .$1,600,000 on enlargements, improvements and
etterments, increasing the capacity of the combined mills about 70 tons
per day, and the additions to be completed during the present summer and
fall will still further increase production as well as improve the efficiency
of the plants.
The difficulties of obtaining pulpwood and all other materials, including
repair parts, &c., necessitate the carrying of unusually heavy stocks, which
have increased over June 30 1916 by $1,180,000, entailing further bank
advances.
Throughout the year during which prices of all grades of paper have been
unusually high, the market at times verging upon panic figures, your company maintained its principle of conservative selling and protected its customers by reserving for their use its entire production, refusing to dispose
of any portion of its output at so-called spot prices.
In spite of every effort to deal fiarly with the situation, your company,
along with other similar companies In both Canada and the United States,
has been subject to investigation by the Governments of both countries,
due, we believe, to lack of proper knowledge of the very grave situation in
which the pulp and paper mills of the continent have found themselves in
consequence of past years of improfitable operation, as well as recent
months of war conditions.
COMBINED RESULTS (INCL. LAKE SUPERIOR PAPER
YEAR ENDING JUNE 30 1917.
CO., LTD')
Total net revenue for the year ending June 30 1917
Reserved for depreciation
Interest on funded debts and other loans
$2,117,734
$269,821
718,409
Total net surplus for the year
$1,129,504
Balance of consolidated profit & loss account as of Jime 30 1916.699,621
Total available toward extinction of def iciency account
Appropriated towards the extinction of Deficiency account
$1,829,125
835.399
Total profit & loss surplus as per balance sheet below
$993,726
The net revenue of (1) the Spanish River Pulp & Paper Co.. Ltd., for the
year ending June 30 1916 was $623,509, against $478,644 for 1914-15; and
(2) of the Lake Superior Paper Co., Ltd., for 1915-16 was $718,881, against
$540,933 in 1914-16. Compare V. 103. p. 936.
Assets (Total
.$29
(Incl.
Lake Superior Paper Co. .Ltd.)
422 108)
Property acc't $21 ,368,145; net add'ns during year, $1 .499 ,948. $22 ,868 ,093
Securities of other companies owned
11,400
Pulpwood, $2,593,948; Woods operations equipment, stores,
&c., $371,759; mill stores and supplies, $1,122,417; paper
mill products. $132,861
4,220.976
Accounts receivable, after providing for doubtful debts, $857,931; cash, ,$621,697
1,479,628
Securities purchased for sinking fund payments
22 ,566
Insurance premiums unexpired and payments in advance
31 ,425
Alterations and improvements to property during year, less
$45,383, written off
136,149
Deferred discount charges, balance to be written off
151,871
Deficiency account balance to be written off
600 ,000
,
—
,
Liabilities (Total.
Common
$29,422,108)—
stock auth., $10,000,000; less unissued, $2,000,000-. $8,000,000
Pref. 7% cum. stock auth., $10,000,000; unissued, .$4,300, ^OO
(divs. on $3,000,000 pref. stocks are cum. from July 1 1913
and on balance from July 1 1914)
6,699,100
Spanish River Pulp & Paper Mills, Ltd., 1st M. 6s, auth. and
issued, $2,500,000: less redeemed, $172,987
2.327,013
Ontario Pulp & Paper Co.. Ltd.. 1st M. 6s, auth., $2,500,000;
issued, $1,600,000; less redeemed, $100,900.
1,399,100
Lake Superior Paper Co., Ltd.. 1st M. 6s. auth. and issued.. 5.000. 0()0
Second mortgage 6% debentures. £330.000
1.606.000
Deferred interest on bonds and notes due in 1922
1,331.210
Mortgages on newly acquired property
217,850
Loans from banks (secured by lien on forest products and accounts receivable)
960 ,000
.
Accounts and bills payable
Ciurent interest on bonds and debentures due July
1
1
and Sept.
,033 ,637
1
1917
243,903
Depreciation reserve, .$517,324; misc. reserves, $103,245
620,568
9(i3,726
Profit and loss account, as per income account above
TJio Spanish River Pulp & Paper Mills, Ltd., guarantees the principal
and int. of the bonds of the Laie Superior Paper Co. Ltd., and the Ontario
Pulp & Paper Co., Ltd.
Under the arrangement for postponement of bond interest, falling due in
the years 1915 and 1916, the bondholders of the Spanish River Pulp &
Paper Mills, Ltd.. the Ontario Pulp & Paper Co., Ltd., and the Lake Superior Paper Co., Ltd., are entitled pro rata to 10% of profits from time
to time available for dividends.
The postponed interest is payable June 1
1922 or previously on 6 months' notice. The same arrangement canceled
the sinking fund provision until not later than 1920 (V. 100, p. 313).
The whole of the pref. and common stock of the Lake Superior Paper
Co., Ltd., is owned by the Spanish River Pulp & Paper Mills, Ltd.
Contingent liabilities Jime 30 1917 amounted to $294,270. V. 105, p.
—
1110.
Southern Oil
&
Transport Corporation.
{Report of President
— June 1917).
— This corporation was formed to consolidate and make
effective the operation of several existing corporations engaged
Organization.
more
Total
$2,220,660
Deduct P,ond int., &c.
$115,797
Bett'ts to plant &c. .
Dividends
(9)864,000
Business profits tax to
June 30 1917
268,182
Depreciation reserve
116,670
.4
Spanish River Pulp
{Report for Fiscal Year ending June 30 1917.)
Pres. Geo. H. Mead, Sault Ste. Marie, Ont., Sept. 6,
wrote in substance:
The increase in net revenue, amounting to about $775,000. is due to
higher prices obtained for newsprint paper during the past year and to the
increased output of the plants, combined with greater efficiency in operating.
This increased efficiency is the result of improvements and betterments of
CONSOL. BAL. SHEET JUNE 30 1917
($672,983
$721,265
Total income- Deduct Bond interestLoss inv.bds. sold. &c Depreciation reserveSinking fund
Total deductions
Balance, sur. or def
1205
in
performing various functions in the production, transportation and marketing of oil from the Tampico. Mexico, district.
To this end the corporation
acquired control, through stock purchase, of
Cap. stock
(1) Scottish Mexican Oil Co.. Ltd., of Great Britain.
All
(except directors' shares)
Owns under royalty lease oil rights on about 46 square miles
of territory in the oil fields tributary to Tampico, Mexico.
Capital stock
(2) Tampico Navigation Co. (of Dela.).
65>i%
Operates a fleet of vessels engaged in transporting oil from
the wells adjacent to the Panuco River to the seaboard.
Capital stock
All
(3) Fuel Oil Distribution Corporation (of N. Y.).
Owns sea-going oil tank barge operating between Gulf ports.
Capital .stock
(4) Tank Ship Building Corporation (of N. Y.).
Holds under lease with option to purchase a shipyard at
Newburgh, N. Y., for building standardized barges, &c.
Cap. stock, 60% owned by our
(5) Tal Vez Oil Co. (of Mexico).
Scottish-Mexican Oil Co. and 40% directly
100%
Has producing wells of about 10.000 bbls. of oil per day.
Producers Terminal Corporation (of Dela.). Capital stock (a
(6)
50%
large Ea.stem refining co. owns the other 50%)
Owns terminals, harbor storage and loading facilities at the
for oper. by Aug. 1 '17.
port of Tampico which .should bo ready
Through these companies the corporation is able (a) to control a supply
of crude oil; (&) provide local tran.sportation to the seaboard, (c) provide
storage and loading facilities at the port of Tampico; (d) provide for the
construction of oil barges and later expects to provide ocean-going tankers,
and expects ultimately to provide for oil refining, thus completing the entire
cycle of the oil bu.siness from source of supply to final market.
The original plan will be carried out as rapidly as seems consistent with
90%%
conservative development.
—
Oil Production.- The entire balance of stock of the Tal Vez Oil Co. has
recently iBeen secured, thus giving complete control both of the entire
capacity, about 10,000 barrels of oil per day, of the Tal Vez wells and of
steel storage and loading docks, enabling the loading of two barges simut
taneously at the rate of 4,000 or 5,000 bbls. per hour. The boiler plant
THE
1*^06
CIIIiONICLE
has boon extended and oloctric lighting system provided. No further
equipment Is needed by tliis company until our sales warrant the Kinking
There is no question as to present production or reserve.
of furllier wells.
Five 1,000-lon
Construction of Burges and Possiblti Stnndiud Vessfls.
capacity steel oil barges have boon built at the NcwijurKh yards and delivered to the Tatnpico Naviyaiion Co. in Tanii)ico, and two more are now
In view of the abnormal price of stoel it is deemed
nearly completed.
unwise to continue building vessels for account of our own subsidiaries.
Owing to war conditions the cost of constructing such vessels has risen
from about S750,OnO each to over .12,000,000. Moreover, in con.scquencie
of the program of the U. 3. Government for buildin vo.s.sels it is po.ssible we
may escape the necessity for a ia;'ge investment in tanlc ships.
Negotiations are now under way for building a number of standard vessels
These negotiations cannot be closed
for one of the .Allied Governments.
until wo know definitely if steel will be allowed for this work of if our yard
own Ciovernnicnt. Little additional
will be requisition(!d for woi-k of our
equipment would bo required. Our decision to defer con.struction of the
two 10,000-ton tanlcers for which we have engines contracted leaves us
with these engines on hand, which if sold for early delivery should leave a
—
;
handsome
profit.
—-An ocean-going
tug is under construction at Madisonville, La.,
bo able to tow to Gulf ports the 10,000 bbl. oil barge now owned
by the Fuel Oil Distribution Corporation. A second sea-going barge
Tugs.
which
will
proposed.
Terminal Facilities. The Producers Terminal Corporation plant at
Tampico has been under construction for many months. Unfavorable
conditions at Tampico have materially delayed the work and increased the
cost.
The terminal should be in service Aug. 1, prepared to load the
largest ocean-going vessels, dredging having been completed, affording a
depth of 80 ft. Its pumps, power plant and pipe lines are calculated to
load 1,000 bbls. per hour and it has steel tank storage for 220,000 bbls.
An average steamer may load and go to sea in twelve hours. Dearth of
ocean transport makes imperative minimum time loss in loading. Our
pipe lines are 16-in. diameter. This terminal is to be operated as a public
storage and loading station, though its primary object is to serve our
company and the ships of a large Eastern refining company which controls
the other 50% of the stock. This equipment should not only afford large
returns on the investment but should place us in a strong position for selling
is
—
oil
delivered
f.
Tampico.
o. b. .ships
Negotiations, as the directors are
aware, arc now in progress for large contracts.
Water Transportation. The Tampico Navigation Co. has been operating
on the whole satisfactorily, notwithstanding conditions in Mexico. Cost
of operation has increa.sod approximately 100%, partially as the result of
new labor laws, but principally due to drastic changes in the basis of exchange. Labor efficiency has also decreased; three crews are required
whore two previously sufficed. The.se conditions should eventually adjust
themselves. A large increase in freight rates is necessary to meet these
conditions.
Hardship has been felt on contracts based on American
money at previous lower rates.
No other company has provided steel barges. These barges deliver the
oil free from water, while wooden barges almost invariably allow a mixture,
sometimes as high as 6%. to 8*^;
As .soon as the old low price contracts
are worked out, the earnings from this source should prove highly satisfactory.
Eventually about 20 additional steel barges will be required.
—
.
— Our
directors are aware that contracts exist for largo deStandard Oil Co. of New Jersey and the Tremley Oil
Warner-Qviinlan A.sphalt Co.) made by the ScottishMexican Oil Co. before our company acquired the stock of the Scotti.shMexican Oil Co. Such deliveries have been much delayed by inadequate
ocean transport. The Standard Oil Co. is now receiving the oil contracted,
though delayed In taking full amount by unavoidable conditions.
There is an increasing inquiry for large contracts for local delivery.
Sales are being made for consumption in Mexico in small quantities.
Taxatio7i.
It has gone the rounds of the press that Mexican taxes are
prohibitory.
The facts are that an exportation tax of the equivalent of
about 40c. American gold per ton, or 6.1c. per barrel, has been placed on all
oils exported; while the old production tax of 4.6c. per barrel has been
abolished, being a net increase of only about I3.2C. per barrel.
There is
some anxiety as to the effect of new regulations on the rights of foreign
companies. It is felt that the.se matters will all be equitably adjasted.
Prospects.
believe oil direct from the wells without treatment is now
being used as fuel on the power craft of the Tampico Nav. Co. and other
water power craft at Tampico, the National Railways of Mexico, various
power plants in Mexico, also ocean-going tankers transporting oil from
Contracts.
liveries of oil to the
Co. (a subsidiary of
—
— We
The present net earnings
of the various subsidiary corporations, it is
estimated, will take care of all charges and operating expenses and any surplus should be used to increase theu- earning capacity by providing addi-
and working capital.
The termination of the war and the restoration of approximately normal
shipping conditions should promptly react in favor of an Increased price
of oil at Tampico. At the pre.sent time the price of oil at wells is not regulated by the consumers' demand but by available ocean transportation.
With no material claims in the way of bonds, preferred stock or notes
ahead of the common stock, and with wells having a daily capacity of approximately 10,000 bbls. of oil and with a large amount of good oil territory
in reserve, transportation to seaboard from wells located on navigable
streams, and ample terminal and storage facilities, our company is in a
tional facilities
position of exceptional strength.
JUNE
BALANCE
SHEET
30 1917.
Assets [Total $14,626,253)
Investments in stock of subsidiary companies
$11,069,150
SS. Mexico, $35,493; SS. O. A. Hermanson (under construction), $4,469; two Westinghouse marine turbines, $150,186- .
190,149
—
In
and furnish the largo sum.s of money necessary to reorganize and carry on
the enterprise.
We can only take advantage of any opportunity to save
something from this investment. V. 102, p. 1252.
Art Metal Construction Co.
Negotiations are now pending which should
result in a sale of the 7,607 shares of stock at this ccmpany's owned by
this company.
V. 102, p. 1251.
United Copper Syndicate. Large realizations have resulted in the Loan
Trustees and Syndicate Managers accumulating considerable sums of
money, but claims and threatened litigation, which your company considers
frivolous and unfounded, have up to the present time, rendered abortive all
efforts on the part of the syndicate managers to procure from the loan
trustees the property in their possession preliminary to making a distribution among the parties entitled thereto.
Unless an early adjustment of
this situation can be effected, appropriate steps must be taken to protect
— —
—
—
our interests.
—
Morris Park Estates. The condition of this investment since the last
report has changed greatly for the better.
The purcha.se money mortgages
ov/ned bs Morris i'ark Estates fell due in July. 1910. and about .$600,000
was collected in partial or final pa.vments, the unjjaid balances being
extended until July, 1917. This resulted in liquidating the loans secured
by these mortgages to a large extent and they aggregate at the present
writing approximately $600,000 instead of $1,210,000 as shown in the last
annual report.
—
—
Florida Farms and Homes, Inc.
(Naw South Farm & Home Co.) But
little progre.ss has been made during the past year in the liquidation of this
investment largely because the great demand for labor at high prices In
munition and other enterprises has destroyed the market for small farms.
W(? hope that scarcity of food-stuffs and consequent high prices therefor
will quicken the market in the coming year.
At best, this investment
will be slow and difficult to realize upon.
V. 102, p. 1252.
Contingent Indebtedness.
In the opinion of the management none of the
larger items of contingent indebtedness should be considered ultimate
liabilities.
The remaining assets are the residue from three years of active
liquidation.
Accordingly, they are necessarily slow and I will venture no
prediction as to whether the liquidation can be completed by Jan. 1 1918,
to which date a further extension of the notes of your company has been
requested
—
—
and
Profit
loss account for the calendar year 1916.
Losses Sustained and Amounts Written Off: Slocks: British &
Foreign Trust, Ltd., $149,202; 303 Fifth Avenue Corporation,
$150,000; Nat. St. & Bronze Corp., $23,612; Savbrook Ap.
House Corp., $93,331; U. S. Metal Products Co., .$9,958; Bliss
Mfg. Co.. $11,111; miscellaneous. $23.476
$460,690
Bonds: Chicago & Milwaukee Electric Ky, (2,170). etc
2,942
Real est.: Master's Certifi. Chic. ($22,350); Monarch Lum. Co.
144,993
($111,617), etc
Mortgages: Assoc. Contractors & Builders, Inc. ($10,638); S. W.
Mortgage Co. ($9,999), etc
23,165
Notes receivable: Grand Valley Fruit & Water Co. ($21,806);
Moulton & Ricketts (.$15,799), etc
40.738
Sundry bonds, mortgages, real estate, etc., sold in bulk
43.955
Miscellaneous
2 .439
Total losses sustained and amounts written off
$718,922
Profits Realized: Stocks, $18,304; bonds. $9; real estate. $999;
notes receivable, $13,094; sundry claims, certif., &c., S1.820. $50,426
Net
and mounts written
losses sustained
off
$668,496
Deduct: Interest received, $26,120; and Other Income, $9,347,
incl. real estate, $7,859; exchange, $1,314; miscellaneous, $174
bank
211,076
Accounts receivable, $5,915; bills receivable, $412,582; interest
accrued on bills receivable, $6,271
Treasury stock 273,111 shares
Liabilities
—
(Total $14,626.253)
424,768
2,731,110
Capital stock, auth., $20,000,000; unissued. $8,350,000; bal-
ance Issued
11 ,650,000
Current liabilities Accounts payable
168,427
Surplus as of June 30 1917
2,807,826
Directors.
John P. Wallace (Chairman of Board), C. F. De GanakI
(Pres.), C. H. Rathbone (V.-Pres.), C .L. Ward (Sec.-Treas.), Col. John
M. Denny, F. B. Church and E. N. Brown. Compare V. 103, p. 149.
—
—
Assets Realization Co.
{Report for Fiscal Year ending Dec. 31 1916.)
Pres. Charle.s A. Marshall, Mar. 21 1917, wrote in subst.:
Liquidation: The efforts of the past year resulted in considerable progress
towards ultimate liquidation of the investments. During the year 1916
the following major items of indebtedness (exclusive of interest thereon),
were reduced by $621,716, viz.:
—
Amounts Out Dec. 31 '16. Dec. 31 '15.
Occ.31'16. Dec. 31'15.
SlVO.o^iS
Notes pay. secure! $142,104
.$191,115 SuborJinate-1 notes S179,5-?5
6% gold notes
Collat. gold notes.
135,86.5
1,029,820 Accts. payable...
128,542
417.368
Total
81,331,987 51,053.703
larger part of this reduction took place through the sale
683,078
198,729
Liquidation: The
of the following investments:
(a) British * Foreign Trust, Ltd.
The £66,666 ordinary shares were sold
at 75%. namely, $100,000 cash (used to pay the notes for which the stock
—
was pledged) and $141,997 in notes of this company under the exchange
plan.
(6) Saybrook Apartment House, Pittsburgh.
This large property was
sold for .$130,000 in ca.sh and two properties in Pittsburgh that will yield
some additional return, (c) U. S. Wor.ited Sales Co. The $50,000 pref.
stock was sold at par.
(d) Monarch Lumber Co.
-This property was
disposed of for $180,000, $30,000 in cash and the balance is payable $25,000
V. 98, p. 1003.
a year with 6% interest.
(e) Burlingamc Terrace.
^(Near San Francisco).
Our entire interest was
sold for .$4(5.000 payable in notes of the Assets Company.
(/) Notes,
Harry E. Hovper. -In Indianola, Iowa. The $90,750 overdue notes have
been reduced by vigorous action to .$5,750 without interest. (17) Viyiegar
Bend Lumber Co. We have collected $56,000 on the $72,000 of bonds.
Status of Some of the Larger Investments Still Unsold.
(o) Bitter Root Valley Irrigation Co.
The company's affairs have become
more involved. Local settlers have alleged their rights as to the water
supply, its volume, maintenance, etc. The Bondholders' Committee is
handicapped because it controls only a small majority of the bonds and
there seems to be no interest at the present time able to effect a settlement
—
——
—
—
—
—
—
—
—
35,467
Net
loss for interest charges
$633 ,029
Add: Int. paid, $13,635; interest accured during year, $85,895.- 99,531
Expenses for 1916: Liquidation fees, $59,215; legal fees, $32,190;
other, $93,577
$184,982
Loss on sale of furniture
6, 367
Exp. applicable to prior year: Creditors' committee fees, $12,500;
Guar. Trust Co., Service re U. S. Worsted Co. and Gage Pk.
Realty Trust, $3,000
15,500
loss carried down to surplus account
Surplus deficit as at December 31 1915
Net
.$939,409
4,236,079
Total deficit
Tampico.
Cash
[Vol. 105.
$5, 175,489
Credit: Reduction in par value of 99,900 shares of
from $100 per share to $10 per share
common stock
8,991,000
Surplus carried to balance sheet as at Dec. 31 1916, see below.. .$3. 815, 511
BALANCE SHEET DEC.
ETC.—
See "Note.31., CO. '5 VALUATIONS,
1915.
1916.
1915.
Liabilities
Assets
S
S
S
• 1,009,00010,000,000
25,7.54
318,729 Capital stock
Real estate
Magnesia Prod. Co. 110,000
110,000 6'7r; gold notes
683,078 1,029,820
U.S. Worsted Co-_. 106,503
175,518 Collateral gold notes 198,729
417,368
Sabur.liniited notes.
Bitter Root Valley
179,535
179,535
Irrig.ation Co
3,726,205 3.684,226 Notes payable secur. 142,104
191,115
394,763 Accounts payable
Morris Park estate.. 394,821
128,542
135,865
149, .590 United Copper Co..
Mtges., contr., &c.. 168,411
17,979
17,979
Stocks and bonds. .a] ,519,928 2,298,658 Magnesia Prod. Co.
6,736
365,012 Accrued interest
Syndicates
365,012
239,946
199,740
Income tax collecUcala & Nor. Ry.
49,380
45,658
tions, &c
870
purchase
1,528
.34,279 Reserves
17,443
Cash
381,280
398,211
598,126
onarch Lumber Co
Notes & accts. rec__ 157,921
8,382
149,1.59
154,731 Surplus (see text beClaims, &c
20,911
low)
iscellaneous
3,815,511
6,232
Deficit
4,236,079
—
.
1916.
S
—
M
M
:
Total
6,796,583 12,586,281
—
Total
6,796,58? 12,586,281
Note. The statement of assets and liabilities is not intended to be an
expression of opinion as to actual values, only to show the respective
amounts as they appear on the books, which with the exception of certain
items charged down to SI are generally speaking carried at the same value
as those established prior to Dec. 31 1913.
* Capital stock Dec. 31 1915, $10,000,000. par $100.
In 1916 the par
valuo was reduced to $10 per share, leaving outstanding Dec. 31 1916 as
above, $1,009,000, consisting of $999,000 common and $10,000 pref. stocks.
a Includes in 1916 stocks, $1,218,248; bonds, $228,008. and certificates,
$73,672.— V. 104, p. 455.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Ann Arbor RR.-— New Vice-President. — Directors. —
E. F. Blomeyer, Gen. Mgr., has also been elected Vice-Pres. and a director
to succeed A. W. Towsley. resigned.
Colin McCray Inger.soU has been
elected a director to succeed E. S. Lyon, resigned.
V. 104, p. 2640.
Baltimore
—
& Ohio RR. — Definitive
Bonds.
—
The Girard Trust Co.. Phlia.. is delivering definitive 4 K> %
Baltimore & Ohio Equipment Tru.st of 1917 at its oii'ice. at
on surrender of
Exchange
Interim Certificates.
be made at the office of the Ealtimo'-e
105, p. 90S. 715.
its
will also
New York.— V.
certificates of
Philadelphia,
—
&
&
Ohio BR.,
—
Buffalo
Lake Erie Traction Co. Sub. Co. Service.
This company's subsidiary, the Dunkirk (N. Y.) Street Ry., has been
denied by the P. S. Commission, of approval of its declaration to abandon
certain portions of its belt line in Dunkirk.
V. 104, p. 1488.
—
Buffalo Rochester
&
Pittsburgh Ry.
—
Definitive Bonds.
exchanging this company's outstanding interim receipts for definitive bonds of the Equipment Series J 5s of
-4pril 1 1930.— V. 105, p. 605. 3S8.
The Guaranty Trust Co., N.
Y.,
is
Bristol (Tenn.) Traction Co.
Sold.
—
B. L. Dulany of Bristol and AVashington, and his associates, on Sept. 17
purchased this company's property at foreclosure sale for $70,000.
V. 105, p. 715.
_,
—
—
.
• .
1
THE CHRONICLE
of Aug. 21 to Hon.
'New Extension. —
Sept. 22 1917.]
Brooklyn Rapid Transit Co.New Yorlj below. -V. 105, p. 1102, 996.
Canadian Northern Ry. Purchase Bill Passed by
Canadian Senate. The Senate of Canada at Ottawa on
Sept. 12 passed without amendment the House Bill authorizing the Canadian Government to purchase the majority
See Rapid Transit in
—
—
stock of the Canadian Northern Ry., or at least five-sixths
thereof, and having done so to loan the company and its
subsidiaries such sums, in the aggregate not to exceed $25,000,000, as may be needed to pay and settle any of their
indebtedness. The bill has received royal assent and is now
a law, with no change in method of valuation since originally passed by the House. Compare V. 105, p. 996.
Hon. J. E. Armstrong in the House of Commons at Ottawa
on Aug. 14 said in part:
The Canadian Northern Ry. Co.'s transcontinental line is superior in
grades and alignment to any of its competitors, having been built to }4 of
grades and to 4-10 of 1% eastbouud grades, with the exception of 28 miles of 7-10 of 1% eastbound grade on the western slope of the
Rocky Mountains, and with the further exceptions of about ,327 miles of
short momentum or pusher grades which can be reduced later on when
necessary.
Of this 327 miles of grades in excess of K' of 1% westbound
and 2-5 of 1 % eastbound, there are only six miles of 1 % grade and less than
one mile of 1.15% grade. All other temporary grades are less than 1%
This places the Canadian Northern Ry. Co. in a very strong position.
At the present time it is handling about one-third of the total grain moved
in Western Canada, and with the opening up of Vancouver as a grain
shipping port it will have the advantage of being able to handle grain
In other words, it
equally as well to the Pacific coast as to Port Arthur.
can handle from the prairies an equal tonnage with one engine for delivery
The company has handled a 16-car
at Vancouver or at Port Arthur.
passenger train through the mountains with one engine.
It is estimated that $56,000,000 has been paid for the rolling stock on the
system. They have taken off $11,000,000 for depreciation, leaving $45,000.000 as the value of the rolling .stock, and men acquainted with such
matters inform me such rolling stock is to-day worth well ovet- .$60,000,000.
To-day we have Government-owned telegraph lines to the extent of
11,792 miles, 330 miles of which are cables. Add to that the telegraph
system of the Great North Western, taken over with the Canadian Northern, together with the lines along the Canadian Northern, and you have
practically 25.000 miles of Government-owned telegraph, telephone and
cable lines in this country.
This proposition includes the Canadian Northern Telegraph Co.'s lines, and the telegraph system operated by the Great
North Western Telegraph Co., having l,5i0 offices in Canada. An exclusive traffic agreement, renewable from time to time, exists with the Western
Union Telegraph Co., and under it the Great North Western Co. have
connection with the thousands of offices of the Western Union in the United
States, and also with the Atlantic and other cable lines owned or controlled
by that company.
What else do we find in connection with this scheme? There are six
Canadian Northern steamships running from Montreal to Port Arthiu: on
the Great Lakas. These steamships are estimated to be worth double the
figure at which they appear on the books of the railway company.
Then we have the Government elevators. We have to-day one Government-owned elevator at Moose Jaw, with a capacity of 2,500,000 bushels;
one at Saskatoon, with a capacity of 3,500,000 bushels; one at Calgary, with
a capacitv of 2,500,000 bushels; one at Vancouver, with a capacity of 1,250,000 bushels; one at Port Arthur, with a capacity of 3,250,000 bushels:
one at Port Colburne, with a capacity of 2,000,000; one at Montreal, with
a capacity of 4,000,000, and another irith a capacity of 2,600,000 bushels;
one at Quebec, with a capacity of 1,000,000, and one at Halifax, on the
Intercolonial Railway, with a capacity of 500,000 busheLs making a total
of ten Government^owned elevators, with a capacity of 24,100,000 bushels.
Take the five Canadian Northern elevators that will now be Governmentowned, with a capacity of 10,000,000 bushels, and you have 15 Governmentowned elevators, with a capacity of 34,100,000 bushels.
To Impress upon the House the enormous possibilities of this road,
especially in the West, let me show the capacity of licensed elevators and
warehouses located along the rights of way of this system:
bushels. 4,946,000
In Alberta, 70 stations, 154 elevators, capacity
In Saskatchewan, 239 stations, 593 elevators, capacity. bushels. 17, 790, 000
bushels. 6,474,000
In Manitoba, 136 stations, 237 elevators, capacity
1% westbound
—
bushels. 29,210,000
Total, 984 licensed elevators
Adding 5 C. N. Ry. and 10 Govt, elevators, total 999..bushels_63,310,000
There is no question that so far as finances are concerned the company
is m need of money to pay the interest on its debts, and to pay for rolling
m
stock
connection with the operation of the road. Let me call attention
to the fact that the busmess of the company has shown a remarkable increase during the last three years:
Gross Earnings.
Net Earnings.
1915
$6,623,292
$25,912,106 1915
1916
9,373„531
35,476,275 1916
1917
11,525,355
1917.
42,319,687
Status of
Land Grant.
—An
official
1917 presented to the House of
—
statement of April 30
Commons Aug.
14 follows:
Acres.
Price per Acre.
Amount.
843,127
2,000,000
402,860
$15
$12,646,905
6,000,000
1,208,580
Lands Unsold
Manitoba and Saskatchewan
Ontario
Quebec
3
3
Or total val. placed on unsold lands in these 4 provinces of.$19, 855,485
Deferred pajonents, payments receiv. with accr. int. to date. 7,140,997
Cash in hand, Nat. Trust Co., Ltd., 1899 and 1909 bonds.. 2,408,683
A total [April 30 1917] of
Mortgages Outstanding [April 30 1917]
4% land grant bonds, 1899
4% land grant bonds, 1909
5% land mortgage debentures, 1913
$29,405,165
$2,000,000
2,217,740
17,033,333
1307
letter
Sir Thomas White, Canadian Minister of Finance, said in part:
The amount at credit of Trust Account Treasurer, Province of Saskatchewan, in respect of construction of branch lines, is $1,202,825. This is held
in respect of the extension of branch lines in the Province of Saskatchewan,
including the lines from Gravelbourg westerly, Vonda northeasterly and
Bengough westerly. The reason why these lines have not been proceeded
with is that it is impossible to obtain rails except in very limited quantity
and at tmreasonably high prices. For this reason the company decided
after the outbreak of the war to defer as far as possible the construction of
further branch lines till normal conditions were resumed.
There have been
several exceptions where the conditions of transportation were specially
acute.
These included the following lines: Elrose extension west of Eston,
Thunderhill extension west of Preeceville, St. Paul de Metis line. The
line, Bengough west, has been deferred.
See also Canadian Northern Pacific Ry. above and Mount
Royal Tunnel & Terminal Co. below.
The interim balance sheet of the Canadian Northern system as of April 30
shows, it is stated, a total surplus of assets. Including lands, railways, &c.,
of $37,494,871 over all liabilities.
—
Fixed Charges.
The Canadian Royal Commissioners,
H. L. Drayton and W. M. Acworth, last Spring reported:
The report to shareholders for the year ending June 30 1916 appears to
show that, after paying working expenses and fixed charges, the company
has a deficit of only $248,127. But this report does not disclose the fact
that more than $5,400,000 were paid for interest and charged to capital
as part of the construction cost of a system which was all but completed.
According to an estimate submitted to us by the company, the fixed
charges for the year ending Jime 30 1917 will be $16,539,638.
Of this the
Dominion and British Columbia Governments have undertaken to pay
$4,514,507 under certain agreements. This leaves the company to find
out of net revenue about $2,500,000 more than it had available this year.
An income of $2,500,000 net Implies an lncrea.se of at least $9,000,000 gross.
The companv itself does not venture to expect a greater increase of gross
than $7,000,000.
The above agreements to pay interest are only for two and three years,
In the year ending Jvme 30 1920 the Government contrirespectively.
butions will have fallen to $627,000 and the following year they will have
ceased entirel.v. The company's estimate for the year ending June 30 1921
is that they will then have fixed charges amounting to $18,300,000.
This
includes the interest amounting to $2,250,000 on the new capital estimated
by the company as necessary to be spent in the five years. This estimate
we regard as quite inadequate. And this burden they will have to bear
unaided. To carry it tliey would need (assuming working expenses at the
moderate ratio of 70%, a gross revenue of $61,000,000. (V. 104, p. 1700.
1800. 2235.)
Government Aid
jority report of the
—The
Canadian Northern System.Royal Commission shows:
to
ma-
Subsidies. The roads composing the Canadian Northern
System had received assistance up to June 30 1916 —-paid by
Dominion Gov't, $31,286,720; paid by Provinces, .$6,821,724,
and paid by municipalities, $765,704; total
$38,874,148
(1)
(2) La7id
(3) Cash
Grants (sold $16,603,295; realized on mtg.$17,776,514) 34,379,809
Direct loans from the
Loans (Interest not being paid)
—
Dominion Gov't, July 1914 secured by mtge., $858,166;
Oct. 1914 seciu-ed by deposit of $12,500,000 of 4% Government guaranteed debentures included in above mortgage,
$10,000,000, and June '16 secured by mtge., $15,000,000; total 25,858,166
(4) Securities guaranteed by Dominion of Canada, $104,613,247;
bv Prov. of Alberta, $18,950,361; by Prov. of Saskatchewan,
$14,762,546; bv Prov. of Manitoba, $25,501,865: bv Prov.
of Ontario, $7,859,997, and bv Prov. of British Columbia,
$39,953,124; total, $211,641,140; less $12,500,000 Government guaranteed debentures held as collateral; balance
199,141,140
$298 ,253 ,263
Total public assistance direct and indirect
The total amoimt reported by the Canadian Northern Co., as received
upon the subsid.v accounts, is $33,917,175. The difference is explained
by the fact that the Government reports comprise aid granted to companies
now included in the Canadian Northern System prior to their inclusion.
The item of "securities guaranteed, $211,641,140," shows the bonds reported by the company as guaranteed and outstanding. Provincial reports indicate that additional guaranties have been made, especially by
Alberta and Saskatchewan. These presumably are related to mileage on
which the guarantees have not yet been earned. Some of these projects
are apparently in abeyance, and may perhaps be abandoned.
The company has not realized par value for all securities guaranteed;
$60,292,700 par value are pledged as collateral security for loans, of which
$10,000,000 have been, as stated above, lent by the Government; the balance
has been lent by private individuals.
,
—
Purchase of Control by Government. Sir Thomas White, in
reply to Lord Shaughnessy's remarks relative to the proposed
acquisition by the Dominion Government of the capital stock
of the Canadian Northern Ry., on Sept. 4 said:
My attention has been called to a statement, appearing in to-day's press,
by Lord Shaugnessy, President of the Canadian Pacific Ry., respecting the
proposed acquisition by the Government of the capital stock of the Canadian
Northern Ry. I desire to say that Lord Shaughnessj' is under a complete
misapprehension as to the origin of the negotiations referred to [for the
acquisition of the Canadian Northern by the Canadian Pacific] which were
initiated by the two companies themselves, and not i)y the Government.
We became aware that such negotiations had been initiated and that they
involved as a part of the tran.saction the siurender of the $40,000,000 of
,
stock of the Canadian Nortliern Ry. held by the Dominion Government.
In one or more interviews 1 discussed the matter informally with Mr. Beatty,
conclusion was that the transV.-Pres. of the Canadian Pacific Ry.
action was impracticable, and I so informed Mr. Beatty, suggesting at the
same time that nothing finther should be done in the matter pending a full
consideration by the Government of the report of the Railway Commission,
which had come to hand some time before, but which had not yet been
taken under deliberate review. After giving the report its best consideration the Government determined to acquire the capital stock of the Canadian Northern Ry. and introduced to Parliament the necessary legislation
to that end.
Lord Shaughnessy refers to "personal investments in unfortunate ventures, such as coal mines, lumber mills, blast furnaces and other works
alleged to have been undertaken for the advantage of the Canadian Northern enterprises, but being in fact private .speculations of the promoters of
the railway company." As the mines, lumber mills, furnaces and other
works referred to are not owned by the Canadian Northern Ry., it is to be
pointed out that they are not within the scope of the arbitration for determining the value of the Canadian Northern Ry. shares which are to be
acquired by the company. Compare V. 105, p. 1103, 996.
My
,
Total
$21,251,073
Or a credit balance of something over $8,000,000. In 1913 the selling
price of Western lands averaged $15 36 per acre; 1914, $15 23; 1915, $15 53,
and 1916, $16
37.
—
—
Further Financial Data
The Canadian
Construction.
House of Commons also received the following official estimate dated June 30 1917 of the amount needed to complete
lines and terminals under construction and the financial
provision made for same, also an official estimate of amounts
required for betterments and rolling stock for three years:
Official
Estimate
June 30
Needed to
Western lines
Eastern
lines
Amount
—Provision Needed
Therefor
1917
Construction
Complete—
81 ,612 ,005
110,000
578,000
to
Complete
Company's Provision Therefor
Cash
.S4,
188,099
—
in trust for said con-
struction
Montreal term.iiial
Government guaranteed
Toronto termiiiO'
securities
388,094
Pacific Coast teirminals.. 1,500,000 Can. Nor. 4% deb. stock.
Total
Pending
Total
$3 ,683 ,83
217,160
287,108
$4,188,099
The company says: "The above do&s not represent the complete construction program of the company, but only that portion of same which it
is desirable .should be proceeded with.
Arrangements could be made to
defer the balance till after the war, when same will be subject to such changes
as conditions may necessitate."
Official Estimate of Amounts Required for Betterments and Rolling Stock.
Needed for—
1918.
1919.
1920.
Betterments and rolling stock
S6,,590,000
$8,355,000
$8,317,500
Regarding construction work in the Province <^)f Saskatchewan, A. J. Mitchell, Assistant to the Vice-President, in
—
Canadian Northern Pacific Ry. Status of Construction
June 30 1917. Sir Thomas White, Canadian Minister of
Finance, on Aug. 27 gave the following official data to the
House of Commons at Ottawa:
—
The following statement shows the lines of railway and other works of
the Canadian Northern Pacific Ry. which have been aided by the guaranty
of securities by the Province of British Columbia, also the extent of the
guaranty in each case:
.,
„
1. (a) Mainline, 500 miles; lb) Vancouver Island, 100 m.; total, 600 miles.
C. N. P. 4% securities guaranteed, $35,000 per mile.
C. N. P. 4J^% securities (on main line only), $10,000 per mile.
2. Branch linos: (a) Westminster to Vancouver, 11 miles; (6) Westminster
to Steveston, 15 miles; (c) Victoria to Union Bay, 18 miles; (d) Vancouver
Lsland extension, 150 miles; (e) Kamloops to Vernon, 14.') miles; total, 339 m.
C. N. P. 414% securities guaranteed, $35,000 per mile.
3. Terminals (.$10,000,000), Vancouver, New Wes'„rniaster, Port Mann,
Steveston, Victoria and Union Bay.
C. N. P. 4i^% securities guaranteed, $10,000,000.
The main line has been completed. The first 100 miles on the
Par. 1.
island have been fully graded, but not railed on account of the impossibility
There are practically no further obligations to be asof obtaining steel.
sumed with the exception of track-laying on Vancouver Island lino.
__
—
.
THE CHRONICLE
1*^08
Par. 2. (a) The construction of the line botween New Westminster and
Vancouver has been deferred. In the meantime the company has entered
Into a running rights arranRcmenl with the Vancouver Victoria & PZastern
By. (o use (heir iino between these points. In view of the fact that this
avoids duplication of lines and will answer the purjioscs of traffic for many
years, it may be expedient to subsequently consider making this arrangement permanent. (V. J03, p. 2078.)
^ (b) New Westminster to Steveston. Line graded and track laid. Connection with main line at New Westminster end, including bridge over
North Arm of the Fraser River yet to be constructed, this portion being
deferred pending consideration of utilization of lines of another railway.
(c) Victoria-Union Hay line is completed and in operation, (d) Vancouver
Island extension.
Line graded to Alberni. Construction north of this
Branch line from
point deferred owing to war.
(e) Kamloops to Vernon.
main line into city of Kamloops under construction and certain rights of
way acquired. Construction on balance of line deferred owing to war.
Par. 3. Terminals. The company's program for terminals at Pacific
Coast points involved an expenditure of approximately $10,000,000, of
which the principal works were In the city of Vancouver. The war having
begun prior to the completion of any of the lines, this delayed the company's terminal program. Contracts, however, were made with various
parties for the necessary filling of False Creek and the construction of a
This work [in accordance with constation, terminal, freight sheds, &c.
tract with city of Vancouver regarding same) is in progress at the present
time and it is expected will be completed ready for operation early in the
new year. The agreement with the Province of British Columbia does not
specify the extent of the obligation of the company in respect to these terminals, it being merely provided that the proceeds of the guaranteed
securities above mentioned should be entirely expended for such purposes.
The original contract with the Province made under date of April 2 1910
has been modified in certain particulars, and it is specifically provided that
f, owing to unforeseen engineering difficulties or other circumstances beyond the reasonable control of the company, it will be impo.s.sible or impracticable to carry out absolutely the terms of the agreement, the Lieutenant-Governor may from time to time authorize amendments therein so long
as the spirit of the agreement is not departed from.
With respect to the construction of the balance of the mileage referred
to in 2, conditions arising out of the war have rendered it impossible
at the present time to proceed with the further construction of branch lines.
No change in these conditions can be expected until at least some time after
the conclusion of the war, and even then unforeseen circumstances may
arise which will require an entire readjustment of the arrangement between
the company and the Province with respect thereto.
[The Hon. John Oliver, Provincial Minister of Railways, in a telegram
sent from Victoria, B.C., Aug. 10, said: "The Province of British Columbia
has guaranteed the principal and interest on .147,975.000 of Canadian
Northern Pacific Ry. Co. bonds and has contracts obligating the railway
company to expend .122,000,000 to $25,000.000. " He therefore wished to
know the effect of the purchase of Canadian Northern Ry. stock by the
Canadian Government. In reply he was informed "the company's obligations will remain as they were before .such acquirement,"!
See also Canadian Northern Ry. above.
V. 103, p. 2078.
—
Canadian Pacific Ry.
— Control
See Canadian Northern Ry. above.
—
Canadian Northern Ry.
— V. of
105,
p. 997, 715.
—
—
Charleston (W. Va.) Interurban RR.^ Bonds Called.
One hundred fifty iS 150, 000) 3-year 6% gold notes (outstanding 8450,000)
dated May 1 1915, have been called for payment Nov. 1 at par and int.
at Safe Deposit & "Trust Co. of Baltimore. The notes were offered bv Kobt.
Garrett & Sons, and the Fidelity Tr. Co., Bait. See V. 100, p. 1917.
"
ChattanoogaTCTenn.) Ry. & LighTCo. Strike.
—
The trainmen employed by
ing union recognition.
— V.
this
company on
—
Sept. 7 last struck,
105, p. 290.
& Ohio Northern RR. — New
Chesapeake
The "Railway Age Gazette"
descriptive of this company's
105, p. 497, 388.
Compare V.
Bridge.
demand-
—
of Sept. 14 publishes a comprehensive article
newly completed bridge at Sciotoville, Onio.
—
—
—
& Ohio Ry. Sub. Co. Bridge Completed.
& Ohio Northern RR. above. V. 105, p. 997, 908.
Chicago City Ry. No Present Offering of Securities.
Chesapeake
See Chesapeake
—
—
understood that there is no likelihood that the bond issues for which
company and the Chicago Railways Co. have asked the Illinois P. U.
Commission for authority to issue will be publicly offered in the near future.
The Chicago City Ry. applied for authority to issue .52,000,000 First Mtge.
5% bonds and the Chicago Rys. Co. $2,230,198 First Mtge. 5s. [Chicago
"Economist," Sept. 15-] Compare V. 105, p. 1103.
It
this
is
Chicago Indianapolis
June 30 Years—
Louisville Ry.
1916-17.
$8,724,582
5,775,897
405,677
Gross earnings
Operating expenses
Taxes, &c
Operating income
Other income
$2,543,008
238,879
Gross income
1915-16.
$7,694,734
5,111,039
366,409
.S2, 217,286
338,271
$2,555,557
$1,663,473
199,752
dividends. (3M %)341,14e(3M)341, 130
Interest, rents,
Pref. dividends
Common
&
&c
(4%).--
$2,781,887
$1,629,321
199,652
Balance, sur. or def..sur$611,768 surS351,202
—V. 104, p. 1488, 1387.
Chicago Railways Co.
— Earnings.-—
,332,990
$1,426,287
206,543
$1,562,633
232,182
$1,794,814
$1,555,041
199,752
$1,632,830
$1,487,032
199,752
(lJi)170,568
sm'$40,021 def$224,522
—No Present Offering
See Chicago City Ry. above and compare V. 105, p. 1103.
..
s,
m^*"*
of 'Bonds.
—
— Subsidiary Company's Earnings. —
—
Southern Ry. — Neiv Vice-Pres. — Directors.
Cities Service Co.
See Empire Gas
&
&
Colorado
F. Co. under "Industrials" below.
V.105,p. 110 3. 997
.
B. B. Greer has been elected Vice-President and General Manager to
succeed E. S. Koller, deceased. Howard Elliott and Oliver M. Spencer
have been elected directors to succeed Harry Bronner and H. E. Bryan,
both resigned. V. 105, p. 1103.
—
—
—
Connecticut Company. Advance in Trolley Fares.
This company has announced an increase in trolley fares from five to six
cents, effective Oct. 1 on all lines in Connecticut operated by the company.
A statement given out by the company says:
Effective Oct. 1 1917, the rate of fare will be increased to six cents. To
relieve passengers of the necessity of carrying the coins necessitated by
this change in tare, 17 tickets will be sold for one dollar at the local office.
This increase is necessary because of the alarming increase in the cost of
performing transportation service, as well as by the need for increased
revenue to enable the company to finance the increasing demands for improvements of
all
kinds.
The cost of performing street car service has been increasing for a long
time and with the tremendous increases in the cost of all fuel, materials
and supplies used in the operation and upkeep of the property at this time,
the income is not sufficient to meet the needs and obligations of the company and supply sufficient funds to enable the officers to finance the growing
requirements for iiriprovements of all classes, the heaviest of which is the
requirement of the State and various municipalities for new pavements.
The conditions at present confronting the company show that the present
rate of fare is no longer reasonable, and it is clearly the duty of those charged
with the conduct of the business to establish a reasonable rate of fare which,
after careful consideration, has been decided to be six cents.
It is not only the Connecticut Co. that is confronted with this lack of
sufficient revenue.
It has been found necessary to establish the six-cent
fare on many other street railways, the most important of which is the Bay
State Street Ry. operating in the cities and towns north and south of
Boston. v. 105, p. 715.
—
— Additional Gold Notes Offered. —
Consumers Power Co.
Harris, Forbes & Co., N.
secured gold notes, due July 1 1919, at 98^, yielding 6M%,
total now outstanding .S3, 500,000.
Data from Letter of Pres. B. C. Cobb, Jackson, Mich., Sept. 18 1917.
The company, incorporated in Maine, and duly admitted to do busines
in Mich., owns water power and steam generating <l<<tric properties,
making the
supplying electricity
Common
stock
Preferred stock,
6%
and pow er
for light
in
Upon Complelion
Capilalizalion
a large ni n-b( r of citit* in Mich.
of Present Financing.
Aulhfrizcfl.
Ovl'^tanding.
..$20,000,000 SI 1.250.000
cumulative
Two-year
6s,
First Lien
& Refunding
20.000.000
4.000.000
35.000.000
due 1919..
5s
Divisional bonds
(closed
10.000.000
3. ,500.000
Mgs
*16.S49,000
.)
1,854,200
*$4,667,000 additional bonds will be deposited as security for the $3
500.000 2-year 6% secured notes.
Earnings for the Pa^l Four Calendar Years and Year ended July 31 1917.
1913.
1914.
1915.
-
1916-17.
1916.
Gro.ss earnings.. $3, 1.55,2 14 .53,415,403 $3,902,069 $4,747,201 $5,324,894
Net earnings
1,440,6.58
1,907,094 2,265,.503 2,504,334 2,469,463
Annual interest on funded debt, including this issue
1,145,160
Balance
Hardy &
$1
—The company
Co., Inc., and E. W.
Management.
details of issue, see V. 105, p. 1106, 610.
Danbury & Bethel
,.324
.303
under the management of Hodenpyl,
Clark & Co. For previous offering and
is
— New
Street Ry.-
—
Control.
Announcement has been made that a change has been effected in the
ownership and management of this company. S. W. C. Jones of Greenwich. Conn., Sec. & 'I'reas., who has held a controlling interest in the propvand John Sanders of Danbury, President and Gen. Mgr.. have reStephen Crute of New York, one of the new owners, succeeds Mr.
Sanders as President, and George P. Klinzing of Danbury becomes .Sec. &
Treas. to replace Mr. Jones. The lines are in Danbury and run to Bethel,
with ten miles of track between Bridgeport and Long Hill.- V. 86, p. 1159.
erties,
tired.
—
Delaware
& Hudson
Co.
Surplus Earnings
for
— Earnings. —The
Period—
1917.
co. reports:
8 Mas. end. Aug. 311917.
1916.
August
1916.
Surplus after fixed charges.. .$970,076
.$354,147 .$2,987,851 $2,317,484
for the 8 months on capital stock to
7.3%
5.5%
V. 105, p. 997, 818.
Equal
—
Detroit Toledo
&
Ironton
RR.— Earnings. —
June 30
Year
Gross
Net
Other Int., Rents,
Balance,
Earnings. Earnings.
Income. Taxes, Ac.
Surplus.
1916-17
$2,472,024 $418,776 $26,8.53 $226,.3S0 $219,249
1915-16
2,212,266
601,172
35,595
308,830
327,937
"Int., rents, taxes, &c.," include in 1916-17 intere.st on bonds, &c.,
$76,368: taxes, $84,000, and rentals, &c., charges, $66,012.
V.105,p.997.
—
—
Eastern Power
&
Light Corp.
— Consolidation
—Bonbright & Co.,
of Public
and W. S.
Barstow
announce the consummation on
Sept. 13 of important mergers of public utility companies in
Pennsylvania, controlled by the corporation, as follows:
Pennsylvania.
& Co., Inc.,
Utilities in
(1)
Metropolitan Edison Co.-
— By
Inc.,
merger of the Metropolitan Electric
Co. of Reading, Pa., the Edison Electric Illuminating Co. of Lebanon, Pa.,
and the Lebanon Valley Electric Light Co., a new company known as the
Metropolitan Edison Co., was formed (see that caption below) and now
owns all of the properties of the above companies, comprising the electric
light and power, generating and distribution systems which supply practically the entire electric light and power service in the cities of Reading,
Lebanon and surrounding territory.
The Metropolitan Edison Co. also acquired the entire outstanding common stock of Pennsylvania Utilities Co. which does practically all the gas
and electric light and power business in Easton, Pa., Phillipsburg, N. J.,
Nazareth and Stroudsburg, Pa., The Guaranty Trust Co. of N. Y., and
Reilly, Brock & Co. of Phila., have purchased $3,250,000 First & Ref. 5%
5-year bonds of Metropolitan Edison Co. (see below) and Reilly, Brock &
Co. have purchased $950,000 1-year 6% notes of that company.
The original Reading Transit & Light
(2) Reading Transit & Light Co.
Co., United Traction Co., Front & Fifth St. Ry., all of Reading, Pa.,
Boyertown & Pottsville Ry., Birdsboro St. Ry., and Reading & Womelsdorf Ry., all of which are connecting lines of the Reading street railway
system, were merged in a new company, Reading Transit & Light Co.
—
The last named company will operate, through ownership or lease, the
system in and about the cities of Lebanon and Reading, and
extending from the latter to Phila. The Reading Transit & Light Co.
acquired the stock of Oley Valley Ry. Co. and Neversink Moimtain Ry.,
and the entire outstanding common stock of Metropolitan Edison Co.
Bonbright & Co., Inc., of New York, have purchased $2,300,000 2-year
6% notes of the Reading Transit & Light Co. (See offering of these notes
in V. 105, p. 607).— V. 105, p. 606, 497.
street railway
1913-14.
$6,944,005
5,184,728
1914-15.
$6,559,665
4,678,021
319,011
[Vol. 105.
Y.; Harris, Forbes & Co., Inc.,
Boston; Harris Trust & Savings Bank, Chicago; Hodenpvl,
Hardy & Co., Inc.. E. W. Clark & Co. and Coffin & Bunare offering a further block of this company's 2-year 6%
Gary
A
&
Interurban Ry.
—
Sold.
—
press dispatch from Valparaiso, Ind., on Sept. 19 states that the
several lines have been sold tmder foreclosure as follows: (a) Goshen division from Woodville Junction to La Porte for $79,100, to Philip L. Poe of
Baltimore, Md.; (6) the Valparaiso division from Chesteron to Valparaiso
via Woodville Junction for $40,000, to Attorney Charles W. Chase of Gary,
representing the bondholders; (c) the Connecting division from Broadway
in Gary to Woodville Junction for $50,000, to H. J. Alker Jr.; (d) the East
Chicago line from Indiana Harbor to Gary for $125,000 to Edwin Poe of
Baltimore; (e) the Gary & Interurban for $200,000 to Carl M. Owen.
About 85% of the Gary & Connecting Railways 1st M. 5s have been
deposited with protective committee for that issue, David Halstead, Chairman, and N. Y. Trust Co., N. Y. City, and Commonwealth Title Ins. &
Tr. Co., PhUa., depositaries.— V. 105, p. 1104, 818.
—
&
Piedmont RR. Receivers' Certificates.
Georgia Coast
Receivers F. D. Aiken, C. H. Leavy and H. L. Cohen have applied to the
Federal Court at Savannah for authority to issue $100,000 receivers' certificates, the proceeds to be used for improvements, &c.
V. 104, p. 2452.
Hudson Companies. — Plan
We
Operative.
—
—
learn that this company's financial plan of May
erative and that the $450,000 6% Secured notes of 1916
Compare financial plan, V. 104, p. 1800.
Kansas City
&
1917
is
now
op-
—
—
Rys.' Change in Power Contract.
& Pow. under "Indnstrials" below. V. 105, p. 909.
See Kansas City Lt.
Lafayette
1
have been paid off.
Logansport Traction Co.
—
—Reorganization.
circular of the Fort Wayne & Northern Traction Co. cited in last
week's issue (page 1103) announces default on all coupons of the system
due Sept. 1 and states that in the opinion of the management it will be necessary to reorganize the parent company and "to reduce the bonded debt
of it and some of its constituent companies, particularly the Fort Wayne &
Wabash Valley Traction Co. and the Lafaj'ette & Logansport Traction Co."
The
This is supposed to foreshadow default on the coupons due next December
on the last-named company's $849,000 1st Mtge. 5s. As yet there has been
no default on that issue. V. 105, p. 1104.
—
—
—
Lehigh Power Securities Corporation. Amalgamation
Bonds and Notes. This company incorporated in Delaware
—
on July 19 1917 with 605,000 shares of no par value, of which
305,000 shares are outstanding, and an issue of 10-year 6%
Secm-ed Gold notes, of which $18,000,000 were recently
subscribed for by leading bankers, owns directly or through
subsidiaries, as already stated in this column, the bulk
of the capital stock of pubUc utilities located in one of
the principal industrial sections of Pennsylvania, a section
embracing AUentown, South Bethlehem, &c., and having
an aggregate population of over 600,000. These properties
serve with electric Ught and power 31 cities and^with gasJlS
— —
—
—
%
:
THE CHRONICLE
Sept. 22 1917.]
and towns, and further include the inaportant Lehigh
Valley Transit Co., &c., forming a system of 216 miles of
street and high-speed interurban electric railway lines. Present electric generating capacity, 78,675 k.w. with 20,000
Compare V. 105, p. 818, 498.
k. w. under construction.
Trustees of new corporation were named in V. 105, p. 716.
p. B. Sawyer, of the staff of the Electric Bond & Share Co., the newly
elected President of the Harwood Electric Co.. it is understood, is to be the
operating head of the new Lehigh Power Securities Corporation.
cities
and directors are still only temporary.
Changes in Officers of Leading Electric Light & Power Subsidiaries.
Lehigh Navigation Electric Co.: S. D. Warniner, President, resigned and
has been succeeded by G. E. Claflin; Henry H. Pease, Secretary and TreasThe new directors are G. E.
urer, was succeeded by C. M. Walter.
Clanin. P. B. Sawyer, S. Z. Mitchell, C. M. Walter, J. B. Crane, E. K.
Hall, E. W. Hill, Wm. Darbee, R. J. McClelland and E. P. Summerson.
S. D. Warriner and L. A. Riley remain as directors.
Harwood Electric Co.: S. D. Warriner, President, was succeeded by P. B.
Sawyer and Henry H. Pease, Secretary and Treasurer, by C. M. Walter.
New du-ectors: P. B. Sawyer, J. B. Crane. G. E. Claflin, E. K. Hall.
William Darbee and C. M. Walter. S. D. Warriner, L. A. Riley, Edwin
Ludlow, W. W. Hepburn and John S. Wise Jr. remain as members of board.
The new officers and directors are, for the most part, affiliated with the
Lehigh Power Securities Corporation, but it will be noted that the Lehigh
Coal & Nav. Co. retains an important representation in new organization.
Bonded debt of controlled cos is officially reported as follows
Officers
.
STATEMENT OF BONDED DEBT OF CONTROLLED COMPANIES COMPILED
AS OF MARCH
30 1917.
(.Showing securities outstanding in hands of puljlic June 30 1917.)
(1) Northern Central Group
Date.
Interest. Public Holds.
Maturity.
Northumberland County Gas& EI. Co.
IstM. s. f.bds., call 105 any int.datelOU 5 g
Sept. 1 1946
SI, 139,000s
Gold notes call at par any int. date. . 1913 5 g J&J
3S,100x July 1 1918
—
1309
—
work through the granting of a 10% increase
Monongahela Valley Traction
Co. of Wash. Co.\
.OS, call at 103 any int. date_ _ / 1912
1st
Nor. Cent. Gas Co. 1st & Ref. 5s, S4,-\
000,000. call at 105 any int. date__. 1912
Williamsport G&.S Co. 1st M. 5s
1899
Columbia & Montour Electric Co.
IstM. 5s call 105 any int. date
1913
2d M. 5s call 105 any int. date
1913
Irondale EI. L.. H. & P. Co. 1st M. 5s\
call at par any int. date
/1902
Berwick Electric Light Co.
IstM. 5s call 105 any Int. date
1893
2dM.5scaII105anyint.date
1902
Lehigh Valla/ Transit Group
(2)
Lehigh Valley Transit Co.
1st M. 5s call 110 any int. date
1905
1st M. 4s call 105 any int. date
1905
Consolidated Mtge. 4% bonds
1905
Ref. & Imp.
.5s, S15.000,000,caIU
105 to 1920, then 110
1910
Collat. tr. 6s call at par any int. datel913
Equip, trust certif. "A"
1913
Equip, trust certif. "B"
1916
Lehigh Valley Lt. & Pow. Co. 1st M.\1913
M
(
—
M
5s call at 105
5 g
any
int date
Co. 1st
5s call
.
F&A
F&A
5 g F&A
5g F&A
5 g
dividend of 37 J^ cents has been declared on the new pref. stock, payable Oct. 5 to holders of record Sept. 29, and 31 M cents on the new common stock, payable Oct. 10 to holders of record Sept. 29.^V.105,p.290. 181
Mount
—
&
Royal Tunnel
Terminal Co., Ltd. Status
Sir Thomas White, the Canadian Minister
of Construction.
of Finance, on Aug. 17 furnished the House of Commons at
Ottawa, with the following off icial statement of the estimated
—
cost of construction, the estimated expenditure to April 30
1917, and the balance required to complete the same so far
now
as
contemplated:
Mount Royal Tunnel
& Terminal Co., Limited.
Estimated Cost of Construction Expenditure to April 30 1917, and Balance
required to Complete as at April 30 1917.
Total
Expenditures
Estimated to April 30
Cost to
Classification
—
5
577,200x
1
1
1962
1939
Feb.
Feb.
1
1943
1943
10,800
Nov.
1
1922
2,224,000z
2.770,000
M&,S
J&D
J&D
1
Jan. 10 1923
Feb. 1 1932
7,500
2,000
M&S
5
Aug.
Feb.
1952
.567,500x
M&N
4
4
1
M
6
5
5
3.53,000z
atil912
.
M
.
—
110
[1899
Norristown Transit Co 1st
5s
Lehigh Narigation Electric Group
(3)
Leh.N.EI.Co. (SIO.000,000) lstM.6s
"A" call at 107H any int. date
1913
•'B" call at 100 any Int. date
1913
call at
M
.
Harwood Electric Co.
IstM. 5s call 107 V^ any
—
.
int.
date. .-1909
6s ($10,000,000) call-1
107^
Stroudsburg EI. L.
/1912
&
P. Isl
M.
5.115,()00z
fl24,259y
J&J
J&J
J&J
5
Dec.
Dec.
Dec.
1
June
1
July
1
1
1
19X5
1935
1935
Apr.
1
1943
nS.OOOz
July
1
1942
l,201,000y
60.000k
M&N
.54,250 s.-a.
S5 ,000 s. -a.
May
1
J&J
5
1960
1923
55,250y
95.000
604.500Z
A&O
5
5s
Gas & Elec. Co. IstM. 6s
do
do
interim bonds
do
Hazleton Steam H't'g Co. 1st M. 5sl
Schuylkill
callable at 100
[
6
5
5
723,616
110,823
405,127
Electrification
Branch railway (West Portal to Junction with C. N. O. Ry.)
Engineering and contingencies
Real estate and taxes
Property damage, &c
$10,401,361
5%
5% F&A
6
J&J
J&J
5
1
3,000,000
1,033,000
July
July
1
1
1943
1943
July
1
1939
J&J
M&S
A&O
6%
J&J
6
769,700y
2,226,000y
25,000
106,300
440
M&N
Ry.& Trans.
a.OOOq
Mar.
1 1942
Dec.15 1920
Apr. 1 1943
Jan. 1 1914
Nov.
1
1929
Co.
—Aid Needed. —
—
105, p. 716, 389, 290.
~
—
Maine Central RR. Not Refunded' Yet EarningsT-— i
We learn that no new .securities have been issued and sold yet to replace
the improvement bonds, series "B," .$250,000, and Somerset Ry. Pu-st Mtge,
bonds, $225,000, which fell due July 1, or the Dexter & Newport RR. bonds.
$175,000, that matured Sept. 16
Gross
June 30
Interest, Dividends. Balance,
Net after
Other
Years
Earnings.
Paid.
Inccnie. lievts. &c.
fSurplvs.
Taxes.
1916-17. -$13,6.32.798 83,2.54,100 .$462,877 $2,521,124 .$870,888 .$.324,964
191.5-16-. 12.001.672 3,171,505
621,331 2.433,855 1,111,123 247,858
—
105, p. 997, 606.
Missouri Kansas
&
The
Texas Ry.
— Asses.sment
Talk.
—
reorganization managers decline either to confirm or to deny the
statement in N. Y. "Sun" of Sept. 11 that they have since the institution
of court proceedings by other interests for a co-receiver eliminated that
part of the tentative plan calling for the underwriters of an assessment of
approximately $30 a share on the stock by the noteholders and general
mortgage bondholders.
The Seligman-Hallgarten plan, which may be issued late this fall, will
provide for fixed charges of between $4,000,000 and $4,250,000. The
committees representing most of the company's first mortgages are said
to hare agreed to the plan.
V. 105, p. 1104, 998, 909.
—
There has been expended on right-of-way for connection with harbor,
$1,316,806.
(b) There are deferred payments amounting to $174,828 on
property acquired for extension of present terminal.
The foregoing expenditures, it is stated, will suffice to
enable trains to run to Dorchester St., Montreal, and to
provide a temporary station on that street.
Regarding land damages arising out of the construction of the tiumel,
Gerard Ruel, counsel for the road, reports that the situation at the present
time is as follows: "Outstanding claims for damages to the amount of about
$50,000 are in the course of adjustment. All the land which the company
has to obtain for the present terminal and the right of way has 'oeen acquired
and paid for in full. Easements through the mountain have not in many
cases yet been adjusted, the company claiming that owing to the distance
from the surface practically no damage will be sustained. These claims
are standing over b.v agreement until one year after the operation of the
tunnel."
V. 104, p. 1801.
—
—
New York Central TLB..— Offering of 5% Notes. J. P.
Morgan & Co. are offering privately at 9734, to yield about
63/^%, a new issue of $15,000,000 Two-year 5% notes
ment dated Jan.
1
Feb.
Definitive Bonds.—
The United States Mortgage & Trust Co., N. Y., announces that it is
prepared to exchange temporary 5% 20-year debenture bonds of the com-
—V.
190,000
$578,643
1929
1942
May
1.50,000
Sept. 18 voted to notify the several municipalities
served by the road that it is proposed to .sell the property In bulk or parcels
and discontinue operations unle.ss municipal aid shall be granted to enable
the ele ctrification of the line.
V. 105, p. 290.
—
—In addition to the above:
322,254
.$9,310,464
1929
The bondholders on
— V.
Note.
512,254
89,889,107
1
The collateral for the issue now includes (a) the entire capital stock of
the Lehigh Navigation Electric Co.: (6) a substantial majority of the stock
of the Lehigh Valley Transit Co.; (c) the bulk of the outstanding stock issues
of the Northern Central Gas Co., Columbia & Montour Electric Co.,
and Northumberland County Gas & Elec. Co., as shown in V. 105, p.
818, 716, 498, 290.
for definitive bonds.
$768,643
Oct.
ISO.OOOp
of the corporation are issuable as follows:
any future time at request of corporation
The remaining $30,000,000 from time to time, upon receipt by the
trustee (Guaranty Trust Co. of N. Y.) of (a) certified copy of resolution
of the board requesting certification and delivery of same; (6) a certificate
signed by a majority of the board setting forth that in the opmion of such
directors such additional notes are required for corporate purposes of co.
pany
$9,632,718
Less proceeds from sale of stone and
equlpm.ent
122.221
Proceeds from the sale of the notes will be used for additions and betterments to the extent of $5,500,000, and $9,500,000 for the discharge of
outstanding obligations.
.120,000,000 forthwith or at
—
1,420.8.30
Interest
1918
The notes
Long Island RR.
175.000
1,432,130
63,139
41,806
44,999
52,779
11,300
1
and Brown Bros. & Co.. Phila.: k At the company's office: m At the U. S.
Mtge. & Trust Co., N. Y.: n Company's office and Edw. B. Smith & Co.: p Guaranty
Trust Co., N. Y.: q Hazleton (Pa.) Nat. Bank: s Henry & West. Phila.
Erie
119,329
543,371
2, 110. .594
I
1
office
London & Lake
182,468
585,177
2, 155, ,593
Jan.
1
Total in hands of public June 30 1917
S25,5S5.549
Interest on the above issues is payable at: x Office of the Electric Bond & Share
Tni.it Co., Phila.; z At the company's
Co., 71 Broadway, N. Y. City, y Girard
(1)
(2)
372.2.36
$65,354
441,374
14,999
32,891
15,000
J&J
J&J
M&N
5
282,242
95,823
1949
1941
1919
1936
Apr.
200,000m Jan.
432,000n July
5%
6
5
1917.
$4, .566,073
.50,000
A&O
6%
6
Complete.
Cost.
.$4,631,427
Tunnel
Terminal
Mount Royal Station
(a)
5 g J&J
5 g F&.\
>
able at
775,000x
490.000y
5 g
5 g
Aug.
f
at 105 any int. date
/
Easton Cons. El. Co. coll. trust 5s
1899
Penn. Motor Co. 1st M. 6s
1881
East. Palm. & Beth. St. By. IstM. 5S-1899
East. & S. Beth. Transit Co. 1st
5s_1906
Bonds on Leased or Other Properties
Beth. Elec. Lt. Co. IstM. 6s
So. Beth. El. Lt. Co. IstM. 5s callatl
105 at any int. date
[
Beth. & Nazareth Pass. Ry. Ist M. 5s\
& Ref. M.
291.000X
,
AUentown Bridge
Ist
F&A
to
V.104,p.952.
co.
in
A
M&S
& H.
Hagerstown L.
—
wages by
—
Co. — Dividends. —
Missouri & North Arkansas RR. Strike Ended.
Men of this company's maintenance of way department have returned
dated Sept. 15 1917, due Sept. 15 1919. Guaranty Trust
Co., N. Y., trustee. The notes will be secui-ed by $20,000,000 of the company's Refunding & Impt. 43^2% bonds.
—
The equipment trust agreeof 1917.
1917, Guaranty Trust Co., trustee, authorizes the issuance of not exceeding $19,995,000 43^% gold
equipment trust certificates due in 15 annual installments of
not exceeding $1,333,000 each Jan. 1 from 1918 to 1932, both
inclusive.
They are issuable for not exceeding 80% of the
cost of new rolling stock as from time to time acquired by the
trustee and leased by it to the railroad company.
Of these
certificates, bearing the unconditional guaranty of the railroad as to dividends and principal, only the first issue of
$8,205,000 has been disposed of as yet.
Equipment Trust
1
First Issue, $8,205,000 (imder lease dated Jan. 20 1917), brin-'s under
the trust (a) 250 36-foot 40-ton steel underframe box cars, (b) 3,750 40)^foot 40-ton steel underframe box cars, (c) 2,988 50-ton steel self-clearing
hopper
cars.
/sstie. $8,550,000 (under lease dated June 15 1917) br'nis under
type freight locomo(a) \0 electric locomotives, (6) 155
tives, (c) 12 50-ton hopper cars, (d) 10 steel combination passenger and
baggage cars, (d) 20 steel baggage and mail cars, (e) 105 steel gaggage cars,
Second
the trust
Mohawk
90 steel passenger coaches, (g) 15 steel dining cars. All issues under the
1917 agreement are equally secured. V. 105, p. 998, 910.
—
(/)
New York New Haven &
Hartford RR.
—
To Authorize
be asked to vote at the
Pref. Stock.
annual meeting in New Haven on Oct. 24 on the proposition
A circular
to make an issue of $45,000,000 7% pref. stock.
setting forth full particulars regarding the matter will be
See V. 105, p. 1104, 910.
issued next week.
— The shareholders
will
Philadelphia Rapid Transit Co.
— Contracts Signed. —
The Keystone
State Construction Co. has signed two of the delivery loop
contracts for this company's high-speed lines in Philadelphia. The contracts signed are for the Locust St. section to cost $1 ,713,715, and the Arch
The other contracts which had been awarded
St. section to cost $1 ,575,760.
to the Keystone company for the Broad St. sections are temporarily held
up due to the present conditions as regards material delivery. The Philadelphia Subway Contracting Co. .still has under consideration the signing
of the awards made to it, while Smith, Hauser & Maclsaacs, N. Y., rejected their award on the ground that increases in costs have wiped out
margins of profit. Compare V. 105, p. 998, 819.
Puget Sound Traction, Light
& Power
Co.
— Fares. —
In accordance with a decision of the Public Service Commission ou Sept 12
the sale by this company of 25 tickets for $1 has been discontinued. This
action dismisses the protest of the city of Seattle against the company's
•V.105,p.820, 499.
tariff supplement which provides for a straight 5-ct. fare.
.
—
Quebec
& Saguenay
Ry. — Government Appropriation. —
Hou.se of Commons last year voted to appropriate $4,000,000 to provide the amount required to be paid for the Quebec Montmorency
& Charlevoix Ry. (St. Paul St., Quebec to St. Joachim, 43 miles, the
$2,500,000 bonds on which will also be assumed), the Quebec & .Saguenay
Ry. (St. Joachim to Nairn Falls, 62.8 miles) and the Lotbiniere <t Megantic
Ry. (Lyster to St. Jean des Chaillons, 30 miles, on the .south shore of the
St. Lawrence River), and to provide for the cost of completing, equipping,
During the past year the sum of $332,255 was ex&c., the said railways.
pended on the property and on Sept. 6 the House ro-appropriated the remainder, $3,667,745. Of this amount it is estimated $1,000,000 will be
required to complete construction of the Quebec & Saguenay (the roadbed
being partially built from St. Joachim to Murray Bay) and .$492,194 for
The Canadian
rehabilitation.
Mr, Justice Cassels has not yet handed down his decision fixing the purchase price to be paid for the properties, but in a judgment delivered on
Jan. 24 1917 Sir Walter Cassels refused to admit two claims, one of $500,000
on "Interim bonds" held by various persons and one of $791,870, represent-
THE CHRONICLE
1*^10
Inp floating debt, on tho (ground that he failed to sec how it could bo assumed
without further proof that these amounts went into the construction of
An appeal was taken from this judgment. Compare Quebec
the railway.
Ry., Lt.. Heat & Power Co. in V. 102, p. 22.'>5; V. 10.5. p. 579.
Rapid Transit in New York.
— New Extension. —
for the opening on Sept. 25
of an extension to the Metropolitan Ave. line of the Brooklyn Itapid Tran.sit
is an extension of the Brooklyn, Queens
system in Queen.s (bounty. This
County .V Suburban J{K. In Metropolitan Ave. from Dry Harbor Koad
to Jamaica Ave.— V. 105. p. 998. 820.
The
i*.
Commission has granted permission
S.
—
— Suspension
of Rale Increases.
C. Commission has suspended until Jan. 13 certain proposed
At tho time the railIncreases in railroad rates on many commodities.
roads' petition for a 15% Increase was denied the Commission granted the
Rates.
The
I.-.S.
compani(rs permission to file proposals for increases in certain class rates,
which has been done, but tho Commission takes the stand that In some
instances the justified advances have been overstepped.
—
Rates on Iron and Steel Advanced.
The Commission has granted permission to carriers to publish somewhat
higher rates on iron and steel, the new rates being increases of from 4 toll
cents from Chicago and Pittsburgh to Iowa points. appro-Kimately 5 cents
from St. Louis to points in Kansas, and other varying increases from various
producing cities in East'n Trunlc Line territory to destinations in that sect'n.
Soutliern New Jersey Passenger Rales Advanced.
The New Jersey P. U. Commission, admitting as proved the claims of
various railroads in southern New .Jersey territory, has granted them permission to raise the passenger rates forthwith, the revenue from intra-State
traffic being found inadequate.
V. 105, p. 910, 820.
—
—
Reading Company.
— Report— Year
Changed.
—
The Philadelphia & Reading Ry. informs us that no report was
issued
as of Jun(> 30 1917 owing to change in the fiscal year from June 30 to Dec. 31
but it expected to issue a report as of Dec. 31 1917. V. 104, p. 2119.
&
Reading Transit
—
—
Light
—
Co.^ Merger Co.
Light Corporation above and Metropolitan Edison
Jiastern Power &
Co. under 'Industrials" below.
S(!e
— V.
105, p. 607, 499.
—
—
—
Rochester Syracuse & Eastern RR. Successor Co.
See Rochester & Syracuse Ry. Co. below. — V. 105, p. 910, 310.
Rochester & Syracuse (Electric) RR. Reorganized Co.
This company was incorporated at Albany, N. Y., on Sept.
—
17 as successor of the Rochester Syracuse & Eastern (ElecRR., foreclosed and reorganized per plan in V. 104,
p. 2119, 2642.
The authorized capital stock of the new company is stated as .'S4. 500. 000
—
Security.
The $1 ,500,000 secured notes, in addition to being the direcj
obligations of the company, will be secured by the pledge of $2,084,000
face value of its First Mtge. 5% bonds.
The authorized Is.sue of these
notes is .$5,000,000 and the remaining notes may only be ls.sued as additional
First Mtge. bonds are pledged in the foregoing ratio, or against the deposit
of cash equal to the face amount of the notes to be so Issued.
For ijrevious
offering and full details see V. 105, p. 608.
—
Vera Cruz Terminal Co., Ltd. Committee Calls for
Enforcement of Railway Companies' Obligations. Chairman
H. R. Beeton of the committee representing the holders of
debentures in a recent circular to the debentures
the
says in substance:
mon
6%
cum.
prcf. stock
and $2,000,000 com-
stock.
There will also be a new first mortgage.
Officers of the new company: Pres., Arthur W. Loasby; Vice-Pres. and
Gen. Mgr., Talmadge C. Cherry; Treas., Elbert A. Harvey; directors,
A. W. Loasby and Elbert A. Harvey, Boston; Granger A. Hollister, Roches-
D. P. Chamberlain, Lyons, N. Y.; Frederick W. Barker, De Forest
Alexander H. Cowie, Carleton A. Chase, C. Loomis Allen, Leroy
B. Williams, Talmadge C. Cherry, Joseph B. Enders and W. Osgood
Morgan, all of Syracuse. V. 105, p. 910, 310.
Default in payment of interest has been the fate of the holders of Mexican
but in the ca.se of the Terminal Co.'s debentures this
misfortune has been aggravated by the regrettable intimation that, in the
opinion of the four railway companies, their obligation to provide the
amount necessary to meet the payment of the interest and sinking fund of
the debentures was inoperative under the existing conditions.
Although there was no quorum at the meeting on Aug. 26 1915, the
debenture holders present appointed a committee to confer with the directors of the Terminal Co. as to the serious position which had thus arisen.
The committee, which consisted of H. R. Beeton (Chairman), F. J. Ben.son,
R. C.-trmichael, L. F. Hovil and A. H. Leigh, at once placed them-selves
in communication with the directors of the Terminal Co. and through them
with the separate boards of the railway companies.
The committee, who have throughout taken the view that there must be
no compromise on the question of the unconditional liability of the four
railway companies, have made various suggestions to the directors of the
Terminal Co., and have received counter-suggestions from them. Had
this point been conceded and reaffirmed the committee would have recommended the debenture holders to make concessions in regard to the postponement of arrears of interest. Unfortunately, however, they have not
only f'oimd it impossible to arrive at any satisfactory arrangement on such
basis, but the Mexican Railway C'o. had pos.session of its system from
Sept. 1 1916 to March 31 1917, during which period it earned very considerable sums of money, and it has not paid the Terminal Co. even for the
facilities granted during that period, as to its obligation to do which there
is admittedly no question.
In these circumstances the committee, acting under legal advice, have
requested the trustees to call upon the "Terminal C;o. to enforce the obligations of the railway companies.
V. 101, p. 847.
securities generally,
—
INDUSTRIAL AND MISCELLANEOUS.
Acme Wire Co., New Haven, Conn. — Div. Deferred. —
The "Iron Age" of Sept. 13 says: "The Acme Wire Co. has passed its
usual quarterly dividend of 2%, although its net earnings for the quarter
were about double the dividend requirements
The officials have announced
that the large increase in the cost of materials and the present transportation difficulties require the conservation of the company's cash.
The gross
business of the company for the first six months of 1917 was $1,600,0(30,
against $2,000,000 for the year 1916."— V. 103, p. 2343.
.
ter;
Adams Express
Settle.
—
San Antonio Public Service Co.
— Merger. —
This company, incorporated in Texas Sept. 6 1917, with .S4, 700, 000
capital stociv (all outstanding) has taken over the properties of the former
San Antonio Gas & Electric Co. and San Antonio Traction <"o. Tho
directors have authorized the issue of .f 20, 000. 000 of 5% First & Consol.
Mtgc. gold bonds, due Sept. 1 ]9r>7 (but callable at 105 and int.) of which
$2,825,000 will presently be outstanding and a fiu-ther $1,968,000 will be
reserved to retire the old underlying Ist M. 5% bonds at or before the
maturity of the same on Sept. 1 1949, viz.: San Antonio Traction Co.,
$984,000; San Antonio Gas & Electric Co., $984,000. The American Light
& Traction Co. is supposed to own the entire capital stork. Tho old
Southern Light <fe Traction Co. (holding co.). which formerly controlled
the constituent companies by stock ownership has been wound up (V. 98,
Emerson MclNIillin is President of the consolidated company
p. 1073).
and R. C Jones is Secretary & Treasurer. V. 105, p. 390.'
—
.
Scranton Railways Co.
—Fare'lncrease
.
Suspended"—
Increase in this company's rates of fare from five to .six cents scheduled
to become effective Sept. 7 has been held up bv the Penna. P. S. Commission pending further hearings.
V. 104, p. 1703.
—
Seaboard Air Line Ry.
—
Strike
The
Ended.
—
18,
—
Southern Light
&
Traction Co,
See San Antonio Public Service Co.
—
— V.
— New
—
Company.
—
105, p. 390.
Third Avenue Ry. Income Interest.
This company will on Oct. 1 pay an installment of interest on its $22,536,000 adju.stment income bonds amounting to $12 50 per $1,000 bond
and equal to 5% per annum for the three months from April 1 1917 to June 30
1917.
Payment will be made at the XJ. S. Mortgage & Trust Co., N. Y.
City, upon present ation and surrender of coupon No. 10.
V. 105, p. 910, 906.
—
United Gas & Electric Conp.—Dwidend''Reduced.—
A dividend of 1% has been declared on the First preferred stock payable
Oct
1
.
to holders of record Sept 22
.
.
These preferred shares previously a 6 %
7% p. a. on April 1 1915.
became entitled to cumulative dividend of
The amount in arrears on Oct. 1 will be 9%.
issue,
An
,
statement to be issued on or about Oct. 1, will say in subst.:
dividend was not declared in view of the uncertainty as to the
of the Federal revenue taxes to be met and the abnormal conditions existing in the security markets.
The reports of operation showed
that the increases in gross had been sufficient to absorb the increased
operating costs and provide for the prospective Federal tax.
During the past twelve months the increase in gross earnings of the
subsidiary companies was over $1,300,000, while during the same period
the cost of coal, coke, oil and other materials, as well as of labor and local
taxes, increased over $1,100,000; and an additional amount of over .$180,000
was charged for maintenance, renewals and replacements to the fund set
up for this purpose for the preceding twelve months. In other words, the
entire increase due to abnormal operating conditions was absorbed by the
increase in gross earnings and a small increase shown in net."
V. 105,
11
full
official
amount
p. 499.
—
Utah Power & Light Co. Additional Gold Notes Offered.
& Co., N. Y.; Harris, Forbes & Co., Inc.,
—Harris, Forbes
& Savings Bank, Chicago, and Coffin
Burr are offering at 98 5^ and int., yielding over 6H%,
an additional block of this company's 2-year 6% secured gold
notes, dated Aug. 1 1917, due Aug. 1 1919, making the
&
now outstanding $1,500,000.
The company, operating without competition,
total
Alabama
pref.
Total funded debt
4,937,000
$21,766,000
rn!^*?.^9^^'000 additional bonds will be deposited as security for the $1,500,000 two-year 6% secured notes.
Earnings for Year Ended July 31 1917.
Gross earnings
.$4,845,364 Ann. int. on fund. debt.. $1,103,300
Net. after taxes
$2,537,171 Balance
$1,433,871
.
I
Co. — Dividend. — Earnings. —
The "Baltimore Sun"
of Sept. 18 says thai the directors of the
Alabama
Co. at a meeting held in Baltimore yesterday declared a quarterly dividend
of 1 ^4 % on the first pref. stock, payable Oct. 1 to holders of record Sept. 24.
[plus the cash div. of 21% paid July 18 makes 22 M % this year].
It is said that the net income of the corporation, after allowing for all
interest deductions, is running at the rate of .SIOO.OCJO per month.
Orders
for iron are booked months ahead.
[Drewry & Merryman, Baltimore, are
interested in this company.]
V. 104, p. 2554.
—
— Report. —
Chemical Co. — Dividend Rate
Alaska Packers Association.
See California Packing Corporation under "Annual Reports" on a preceding page. V. 104, p. 363.
—
American Agricultural
Increased toG% p. a.-— The company has increased
the annual
.$18,430,900 common stock from
to
p. a. by declaring a regular quarterly di\-idend of 1M%.
payable Oct. 15 to holders of record Sept. 24. The regular
quarterly dividend of 114% 'was also declared on the
$27,022,200 pref. stock, payable the same date.
At a meeting of the directors Galen L. Stone was elected a member of
the executive committee, succeeding F. L. Ames, resigned.
dividend rate on
its
5%
Hayden, Stone & Co. in their weekly investment
Aug. 31 say in substance:
When the American Agricultural Chemical Co. reported earnings
letter
of
for the
year ended June 30 1916 of 20V2% on its common stock, virtually
twice as much as in any previous year, it aroused more than the ordinary
amount of interest. It must be a great source of satisfaction, therefore,
to the shareholders to see that the company has earned in the 1917 fiscal
year slightly more than in the previous year, and this after an unusually
generous allowance for depreciation, contingencies, &c.
These earnings in the last two years have been made with extremely
unsettled conditions. As pointed out in the report, the cost of articles
entering into the manufacture of fertilizer have advanced anywhere from
100;; to 1,000%, and there has been, of course, some increase in the cost
of labor, as in other industries.
In short, while war may have increased
in volume this company's business, and there has had to be, of course, a
proportionate increase in the price of its goods, it is not at all certain that
war has not hurt its business as much as it has helped it. Certainly the
war's effects are seen in the balance sheet, where accounts receivable shows
an increase of $4,000,000, against which the company has borrowed $3,500,000.
The working capital as a whole, however, shows an increase of
$400,000 over the previous year and is unquestionably amply sufficient.
War has demonstrated the company's independence in one respect in
that it has shown that it can use much le.ss than the normal supply of potash
and still do a large volume of business. Another effect of the war has been
to reduce severely the shipments of phosphate rock, which should be resumed
in unusually large volumes with the close of the war.
Perhaps the last
paragi-aph, to the effect "that prospects for the current fiscal year are most
encoiu'aging, and we anticipate that our .sales will be limited only by our
capacity of production," is the most interesting of all. See V. 105, p. 907
fiscal
American Ammunition
Co., Inc.
— Stock Reduction. —
This company gives notice that all steps provided by law have been taken
to decrease the issued and outstanding capital stock from $1,000,000, of
which 5,000 shares are preferred and 5,000 shares are common stock (par
$100 each) to $650,000, consisting of 1,500 shares of preferred and 5,000
shares of common stock (par $100 each) and that the plan by which such
reduction will be effected is to purchase 3.500 shares of the pref. stock at
the fair market value thereof, not exceeding par, for the purpose of retiring
the same. V. 103, p. 580.
,
serves with electric light
and power an extensive and steadily growing territory rich in agricultural
and mineral resources in Utah and southeastern Idaho. It also serves
through its subsidiary, the Western Colorado Power Co., an important
section in southwestern Colorado.
Capitalization Upon Completion of Present Financing.
Authorized. Oulstand'g.
Authorized. Outstand'g.
Common stk.$35. 000, 00()$30, 000. 000 2-yr. 6s, 1919-$5,000.000 $1,500,000
Pref.(7%cum.)l5,000,000 7,400,000 1st Mtge. 5s. 100, 000, 000*20,266, 000
(7% cum.). 10,000, 000
— Embargo. —
—
Boston; Harris Trust
Second
Co.
This company in a notice sent this week to agents stated that on Thursday and yesterday an embargo would be enforced on all express matter in
both directions between New York and New England points, excepting
only Government shipments and foodstuffs. V. 105, p. 608.
6%
strike of the freight clerks in progress for ten days came to an end
the company granting concessions on special points at issue,
prmcipally the wage question. V. 105, p. 998. 910.
Sept.
—
4H%
tric)
to consist of possibly $2,500,000
[Vol. 105.
—
—Price Agreement. —
\
American Chain Co., Inc. — Subsidiary Company.-—
American Beet Sugar Co.
See editorial columns of this issue.
.
104, p. 2120.
The American Chain Co. of Va. has been incorporated with $1,000,000
stock as a subsidiary of this company. Tazewell Taylor is President.
V. 103, p. 2157.
—
Amer. La France Fire Engine Co., Inc.
A
— Div. Increased.
common
stock, payble
of record Nov. 8.
This compares with 1% quarterly
since the inauguration of dividends on the common stock in Feb. 1915.
The regular quarterly IHTi was declared on the pref. stock, payable Oct. 1
to holders of record Sept. 22.
V. 104, p. 2231.
dividend ot
114% has been
Nov. 15 to holders
—
declared on the
I
K
4
THE CHRONICLE
Sept. 22 1917.]
American Laundry Machinery Co.
— Dividend
1M%
—
,
American Light & Traction Co.
— Merger.-—
See San Antonio Pub. Service under "RR's" above.
Co.-
— V.105,p.500. 391.
— Retirement of Pref
—
Stock.
rumor persists that the officials
.
"Cleveland Finance" of Sept. 15 says: "A
are considering the retirement of the ($7,900,000] pref. stock. A Chicago
dispatch last week stated that it is expected to retire the preferred, part in
cash and part in common. The action of the pref. stock in the market,
however, does not lend much credence to this report. It is known, however, that directors of the company have believed for some time that at
the proper time the pref. stock should be retired. The pref. stock is noncumulative, has no sinking fund, and no call price. The company is chartered vinder the laws of New Jersey, and if a reorganization of its securities
is decided upon, it will probably take the shape of a new company, perhaps
chartered under the laws of Ohio. This would make the new stock nontaxable in Ohio and would add materially to its market value.
"The company is, of course, very prosperous, is in a very strong cash
position and in splendid .shape to retire its pref. stock should the directors
so decide.
The retirement of the pref. stock would, of course, add very
materially to the market value of the common.
It would assure it of a
regular dividend and would make it much more of an investment stock than
it can ever hope to be under the present arrangement."
Compare V. 105,
P- 82
Ife
h^
1
-^;»iBa'. 'gai«it«a'''j-i'ri«^t.'<o.:i'«ai^^
American Steel Foundries.
6%
—Bonds
^-.^-j
.:
Called.
—
-j
American Stores Co.
to
1
Aug.
U—
— Gross
Sales.
1917.
%
Increase.
— Resumption. —
Operations at this company's properties have been i^artially resumed
following the strike of the miners and smeltei-men, and officials of the company are quoted as saying that a return to normal production is imminent.
Silver Production, Etc.
—
The "Boston News Bureau" on
Sept. 17 published the following tables
designed to show the effect of the advance in the price of silver upon the
earnings of leading silver enterprises, and also the market position of the
stocks of the several companies on Mar. 27 when silver was at the low price
of the year at 71 % cents per ounce, and on Sept. 13 when the price reached
[The price at latest quotations as of Sept. 21 1917 is S1.08K
985^ cents.
cents per ounce. New York quotations.]
1917 Production and Increased Earnings From 32-cenl Silver.
Pro luclion.
Increased
Inc. Profit
Company
Ounces.
Earnings.
Per Share.
Anaconda
9,800,000 .$3,1.36,000
$1.34
Butte & Superior
3,800,000
1,216,000
4.47
Greene-Cananea
2,000,000
640,000
1.28
Kerr Lake
2,500,000
800,000
1.33
Nipissing
4,000,000
1,280,000
1.06
North Butte
1,000,000
320,000
.74
U. S. Smelting
11,600,000
3,712,000
10.57
—
Market Position of Slocks at Low and High Prices for Silver.
Market Value Price Market Value Price
—
Company
Anaconda
Mor.
28.
of Slock.
$193,785,000 $833^
12,380,000 4514
21,250,000 42'A
2,550,000
4k
9,600,000
8
10,105,000 233^
21,503,000 61
Butte & Superior
Greene-Cananea
Kerr Lake
Nipissing
North Butte
XT.S.Sm. (com.)
Deprec.
$164,632,000 $70?^ $29,153,000
7,958,000 29 3i
4,422,000
.
20,187,000 40ys
1,063,000
3,450,000
5a
*900,000
*1, 200, 000
10,800,000
9
7,310,000 17
2,795,000
20,888,000 59 J^
615,000
Sept. V^.
of Stork.
Appreciation.
Copper Price Fixed by U. S. Government.
See editorial columns on a preceding page. V. 105, p. 999, 911.
—
—
Anglo-American Oil Co., Ltd., London, Eng.
Cal. Year.
1916
Profits.
£1,122,979
Deprec'n.
£282,715
—V. 105, p. 821.
Arizona Power Co.
Julj 31 Years. 1916-17.
Gross earnings.. $409,167
Net, after taxes. 266,122
Other income...
—V.
210
— Earns.
&c. Inc. Tax. Dividends. Surplus.
£12,974 £222,398 £500,000 £104,891
Int.,
(of Me.),
N. Y.
— Earnings. —
1915-16.
1916-17.
$248,756 Bond, &c., int. .$1.34,206
20,486
175,570 Depreciation
263 Balance, surplus. 111,640
— Payment on Old Co. Bonds.
—
Butte
&
— Decision. —
—
Superior Mining (Copper) Co.
See Minerals Separation Co. below.
— V.
105, p. 1106, 1000.
—
Canadian Locomotive Co. Neio Officer.
President Aemilius Jarvis has been elected to the new office of Chairman
of the Board .—V. 105, p. 1106, 391.
—
Central Oil Transportation Co., N. Y. Stock Increase.
This company has filed a certificate in Delaware increasing its capital
stock from $5,000,000 to $6,000,000
& South American
Central
Estimated)
Telegraph Co.
3 Mas. to Sept. 30
1917.
1916.
Earnings {Partly
—
Total income
— Earnings.
9 Mas. to Sept 301916.
1917.
•
$725,000 $3,049,500 $2,300,000
$525,000 $2,440,500 $1,733,500
(1}^ %)209,868(1 3^)143,565(434)563,296(4^2)430,695
$1,037,500
$820,500
Net income
Dividends
Balance, surplus
—
Co.
Iron Corp.
'
The
•
Gross sales
$34,702,347 $26,259,686 $8,442,661 32%
The above sales in 1917 are at the rate of about $60,000,000, against
$46,000,000 in 1916.
All the stock having been disposed of the underwriting syndicate has been
dissolved and checks mailed to syndicate members.
V. 104, p. 2554, 2454.
Anaconda Copper Mining
&
Air Coal
Nashville, Tenn., paper says in substance: Payment in full with
interest till Sept. 21 1916 has been made to the holders of the original bonds
issued against the property purchased by the new interests in the formation
of this successor corporation.
The payment, amounting to over a half million dollars, provides (a) $162,000 to cover the underlying bonds of the Buffalo Iron Co. with about $100,000 for unpaid interest, and (&) $210,000
to cover the bonds of the old Bon Air Coal & Iron Company with $100,000
unpaid interest. See offering of stock. V. 105, p. 718, 609.
i
—
1916.
A
1311
;
All the outstanding First Mtge.
10-30-year sinking fund gold bonds
of 1905 have been called for payment Oct. 1 at par and int. at Equitable
Trust Co.. N. Y. See V. 105, p. 500.— V. 105, p. 999.
Jan.
Bon
Reduced.
dividend of 13-^% has been declared on the common stock, payable
Dec. 5 to holders of record Nov. 25. This compares with 2% semi-annuThe regular quarterly dividend of
has been
ally since June 1912.
declared on pref. payable Oct. 15 to holders of record Oct. 5.
V.102, p. 69.
A
American Shipbuilding
—
.
435 $1,877,204 $1,302,805
,832,118.— V. 104, p. 2643, 1266.
$610,632
total siu-plus Sept. 30 1917
Chandler Motor Car
was
Cleveland.— fiarwngrs.
Co.,
—
Chalmers Motor Corporation, N. Y.
Assured— All
4
«
— Success Plan
— Further Subof
Unsubscribed Notes U nderivritten
scriptions till Oct. 1
Secretary Jacques S.
Deposit of Stock.
Cohen in circular of Sept. 20 says in substance:
The stockholders of the corporation on Sept. 10 1917 approved the plan
—
—
of readjustment and authorized the proposed 8% cumulative pref. stock
of the Corporation and the sale of $3,150,000 of the 1st M. 6% 5- year Gold
notes of the Chalmers Motor Co.
Stockholders in a sufficient amount
having elected to avail themselves of the privileges of the plan, Chas. D.
Barney & Co. and J. S. Bache & Co., on behalf of themselves and associates have agreed to purchase on the same terms such of said notes as are
not subscribed for by the stockholders, and, further, to purchase the balance of said notes ($371,000) at the same price, receiA-ing no preferred stock
in respect thereof.
The success of the plan is therefore assured. The certificate of incorporation has been amended authorizing said preferred stock, the Chalmers
Motor Co. has executed the mortgage to secure its 1st M. 6% 5- Year Gold
notes, and the lease of the properties to the Maxwell Motor Co., Inc.,
has been executed and delivered.
Stockholders of record Sept. 25 who have not as yet subscribed, may do
so on or before Oct. 1 at the Metropolitan Trust Co., N. Y., which will also
receive the payments in respect thereof and the required number of present
shares for cancelation.
See plan, &c., V. 105, p. 912, 1106.
Chile Copper Co.
—
Results of Operations of Chile Exploration Co.
President Daniel Guggenheim in a circular
released Sept. 18, says:
The total quantity of ore treated during the quarter was 741,371 dry tons
and the average grade of same was 1.68% copper, as compared with 588,879
dry tons and 1.88% copper respectively, for the first quarter of the year.
The average net copper saving for the quarter was 82.90%, as compared
with 83.32% for the previous quarter.
The cost of copper produced at the plant for the quarter was 8.53 cents
per pound, as compared with 9.01 cents per pound for the previous quarter.
The total delivered cost of copper produced for the quarter, including delivery, selling, miscellaneous expenses and taxes, and after crediting miscellaneous earnings was 12.22 cents per jjound, as compared with 12.74 cents
—
per pound for the previous quarter. A large part of the difference of 3.69
cents per pound between the plant and delivered cost is due to the abnormal
ocean freights and insurance rates existing under war conditions.
CHILE EXPLORATION CO.— COPPER PRODUCTION FOR
6
JUNE 30
1917.
7,756,737 lbs. April..
191.5-16.
$116,693
12,438
46,702
—
Pres. F. C. Chandler is quoted as saying: "The company was never in
sounder financial condition and has no intention of issuing any new stock,
as had been rumored, or new securities of any kind; that the company is
entirely out of debt and has a large cash balance and is doing a good bu.siness;
that the company, up to Sept. 1, had earned $28 per share and will add to
this monthly.
There is no reason why the present rate of dividend cannot
be continued." V. 105. p. 913, 718.
January
February
6,056,024
8,713,035
March
8,153,124 lbs.
8,245,206 lbs.
6.114,984 lbs.
May
lbs.
lbs.
MOS. TO
June
104, p. 1594.
Atlantic Gulf & West Indies SS. Co.— Status. —Hha
lowing published statement stands approved:
fol-
The company's cash balance has never been larger than at present. It
understood that the company has on hand cash deposits of more than
$13,000,000. Not all of this is imdivided earnings.
Some of it represents
the proceeds of steamers which were either sold to the Government or to the
insurance people. At the same time the great bulk of it is undivided earn-
Tot. (1st quarter). -22,525,796 lbs.
Tot. (2d quarter).. 22,513,314 lbs.
Aver, per month
7,508,599 lbs. Aver, per month
7,504,438 lbs.
CHILE EXPLORATION CO. E.'iRNINGS FOR 3
6 MONTHS
—
ENDING JUNE
ings and cash
Indicidentally
augmented by $800,000 to $1,000,000 per month.
is being
it is interesting
to note that this bulk of cash is equal to approximately $90 per share on the $14,963,000 common. V. 105, p. 911.
Atlas Po-wder Co.
"''->,
'
Leland Lyon has been elected Sec.-Treas. and director to succeed E. B.
Coy, deceased. V. 105, p. 999.
—
—
Gum &
Autosales
Chocolate Co.- -Foreclosure Sale.
This company's property is advertised to b; sold at foreclosure sale at
New York on Nov. 5 in seven parcels, as follows;
Lot 1 2,000 shares of capital stojk of Keystone Trading Co. Lot 2—
300 shares of capital stock of Newton Gum Co. Lot 3 99 .shares of common capital stock of New York Opera Glass Supply Co. Lot 4 1,000
shares of common .stock of Weighing & Sales Co.
Lot 5 -10,000 shares of
common capital stock of Gum & Confections Co. Lot 6 ^125 shares of
pref. capital stock of Tenney Candy Corp.
Lot 7 100 shares of capital
stock of the Vendweigh Corp. Lot 8 All properties covered by 1 to 7,
—
—
—
—
——
—
inclusive, as an entirety.
Lot 9 All other property (except cash in bank or till), including machinery, tools, dies, patterns, patents, vending machines, weighing scales,
coin and merchandise in machines, accounts receivable, bills receivable
material, 15 lots of real estate in Gary, Ind. deferred obligations of Sterling
Gvun Co., Inc., lease of property of Weighing & Sales Co., lease of 96
Spring St., N. Y. City, lease of 127 South Green St., Chicago, trade contracts with American Chicle Co., Sterling
Co., Inc., and Stollwerck
Bros., Inc., contracts with railroads relating to the operation of vending
—
,
Gum
weighing, match and cup machines, &c.
Lot lO All properties covered by Lots 1 to 9, incl., as an entirety.
Upset prices: (o^ Lots Nos. 1 to 7 in the aggregate, $400,000; lb)'lot 8
$400,000; (c) lot 9, $000,000; (d) $1,000,000.— V. 105, p. 391, 74.
'
—
Baldwin Locomotive Works.
lowing
official
Mar.31
Copper production
Net operating income
Miscellaneous income
—
— New Secretary-Treasurer. —
—New
Officers.
—The
fol-
changes have been confirmed by the company:
Samuel M. Vauclain has been advanced to Senior Vice-President: Grafton
Greenough, Sales Manager is promoted to Vice-President in charge of
sales, and John P. Sykes, General Superintendent has been made VicePresident in charge of manufacture. Alba B. Johnson remains President
and Wm. L. Austin continues as Chairman of the Board. See also Standard
Steel Works Co. below.
V. 105, p. 821.
—
—
—
Bethlehem Steel Corporation. Stock Increase.
This company's principal subsidiary, the Bethlehem Steel Co., has filed
at Harrisburg, Pa., a certificate of increase of stock from $15,000,000 to
$29,500,000, paying to the State $48,333. V. 105, p. 1106, 999.
—
AND
;i0
1917.
— Three Mos.
is
—
,...j
ending
June 30
.
.
'17.
6
Mos.
June 30
to
'17.
22,525,796
$3,165,795
17, 6 16
22,513,314
$3,286,161
201,822
45,039,110
$6,451,956
219,439
$3,183,411
$420,321
193,245
$3,487,984
$451,840
193,245
35,000
$6,671,395
Total Income
Interest on bonds
'17.
.
and loans
Deprec. on plant and equipment
Amortized discount on bonds
.$872,161
386,490
35,000
Undivided profits
$2,569,845 $2,807,899 $5,377,744
The above earnings are computed on the basis of 27.71 cts. per lb. for
copper for June 30 1917 quarter, against 26.87 cts. per lb. for the March 31
1917 quarter.— V. 105, p. 1106. lOOC.
_^
Cleveland Worsted. Mills Co.
— Extra
%
An
Dividend.—
has been declared on the stock in addition
extra dividend of J^ of 1
to the regular quarterly 2%, payable Sept. 30 to holders of record Sept. 20
V. 104, p. 2014.
—
Coastv/ise Transportation Co.
—
—
Bonds Called.
Mtge. 5% bonds on this company's steamers
Norfolk (dated Dec. 1 1912) and Hampden (dated Dec. 1 1913) have been
called for payment on Dec. 1 at par and int. at Union Trust Co., Pittsburgh. The former amount is $135,000 (Nos. 41 to 175, inclusive) and the
All the outstanding First
latter_$200,000 (Nos. 26 to 225, inclusive).
— V. 104, p. 1901..,
.
,
'_
Cockshutt Plow Co., Ltd., Brantford, Ont. — Earnings.
1916-17. 191,5-16.
J^unc 30 Years- 1916-17. 191.5-16.1
Net, after deprec. $370, 745 $465,211 IConting. reserve. $200, 000 $100,000
34,965
34,965 Mdse. reserve
Divs. received...
150,000 150,000
1
Gross income
Balance, surplus $55,710 $250,176
.$405,710 .$500,1761
June 30 1917 was $491 .786. Preference dividends have been declared and paid to June :iO 1914. (Capital stock outstanding (par $100): Pref. (auth. $7,500,000), $6,405,000, and common
Current assets June 30 1917 include
(auth. $7,500,000), $5,000,000.
and other loans, $2,030,374, and accounts payable, $396,988, as against
(accounts and notes receivable $4,7(55,401 notes
current assets, $5,949,827
The
profit
and
loss surplus
receivable are held
V. 103, p. 1213.
by the company
Colorado Fuel
&
Iron Co.
The "Iron Trade Review"
—
to the order of their bankers)
.
— Plant Developement —
of Sept. 13 1917 publishes an article containing a resume of recent developements in the company's Mlnnequa Works,
and a description of the many improvements under way, the output and
capacity of the works.
THE CHRONICLE
Co. — Dividend. —
Electric Boat Co. — Submarines,
121:3
Patent Fire Arms Mfg.
Colt's
A
(llvldond of $.5 per share
stock (par S2.')), payable Oct.
dlvidendt) since 1911 were:
(12%) has been declared on the $5,000,000
1
to holders of record Hept. 18.
Previous
1917
Ditidendr—
RcKular.
Kxtra.
1912.
?
%
1
Stock..
—V.
1913.
1914.
§
4
?
4
1915.
1916.Mar.31./u?r/l.
13
4
12
Z,,
7H
20
Apr.,
48}^
--
105. p. 708. 501.
Co. —
Commonwealth Light & Power
100%
Offering. —
Noic.
A. E. Fitkin & ("o. an; offering at OS 3^8 and int., yielding
7%, a now issuo of $S0(),'00 2-year 6% secured \r,o\A notes,
dated Sept. 1 1917, due Sept. 1 1919, but callable on or before Sept. 1 1918, all or part, upon four weeks' notice at
101 & int.; thereafter until maturity at 1003^ & int.
Interest Is payable in N. Y. or Chicago M. & S., without deduction of
normal Kodoral income tax not in excess of 2% per ann. Denora, of .$1,000,
$500 and $100c*. Trustee Guaranty Trust Co,, N. Y.
Extracts from Letter of V.-Pres. N. P. Zech, New York, Sept. 1 1917.
Compani/. Through its subsidiary companies serves without competition,
steadily growing towns situated in rich agricultural districts in Mich., Kans.
and Texas, with electric light and power and in connection therewith in six
—
The population
situations with ico or water.
estimated at 100,000.
Capitalization
Common stock
of the territory .served
—
Outstanding.
$10,000,000 $1 ,500,000
5,000,000
2,000,000
Preferred stock
2-year 6s, due 1919, this issue
The Commonwealth Light & Power Co. 1st 6s
Underlying bonds
present time
— $,59,400
—
in
000,000
800.000
*1 ,445,000
—$1,000,000
treasury.
hands of public
* $:H85,600 in
is
Anthorizcd.
1 .50
,000
deposited as collateral for
Is.iue.
The* first mortgage 6% gold bonds are secured by a fir.st
on all property now owTied or hereafter acquired, subject only to $150,000 outstanding bonds not owned of subsidiary companies. Additional
bonds may be is.sued as follows: (a) at 85% of replacement value of additional properties; (b) at 80% of cash cost of betterments, improvements,
extensions, &e.; (c) in exchange $ for $ for bonds outstanding at the time
of purchase of properties, when net earnings are equal to at least 1^ times
the annual bond interest, including those proposed.
Seruriti/.
In addition to being the direct obligations of the company are
secured by the pledge of $1,000,000 face value First Mtge. 6% bonds.
Remaining notes may only be issued as additional First Mtge. bonds, are
pledged in the above described ratio.
Purpose of Issue. The. proceeds will be used for the purchase of properties
extensions and improvements.
Earnings For the Year Ended July 31 1917.
$441,495IPref. dividend requirements. $42,000
Gross earnings
174.928 Surplus
50,341
Net, after taxes
82,586
Int. on fund. debt, incl.notes.
Vatuation.
The replacement value of physical property of the subsidiary companies (exclusive of good will and franchise values) including
Liberal and Solomon Valley, based upon the reports of the General Engineering & Management Corp., J. G. White & Co., N. Y., and Black & Veatch
of Kansas City, is estimated to be $2,240,729.
Management. The properties are being operated under contract by the
General Engineering & Management Corp. V. 105, p. 610 292.
Bond
lien
—
—
—
f
—
—
—
New Gen'l Mgr.
Robert Linton has succeeded Edwin F. Gray, resigned, as General ManMr. Gray will remain a director and will be consulting engineer
ager.
Consolidated Copper Mines Co., N. Y.
company.
of the
—
^V. 98, p.
1540.
Consolidated Interstate Callahan Mining Co.
— The
— Divi-
regular quarterly dividend of$l per
Presishare usually declared at this time has been deferred
dent John A. Percival, in a statement to shareholders dated
Sept. 18, says in substance:
The directors decided that the uncertain outlook, due to the war and the
dend Deferred.
.
increased cost of production, together with the necessity of providing for
heavy war taxes, estimated under the provisions of the statute as now drawn
at approximately $300,000, which must be paid out of 1917 earnings, make
It was decided, therefore, that
it desirable to create a strong reserve.
although the earnings for the third quarter were approximately $461,000,
equiralent to $1 per share, and the outlook for the fourth quarter is even
more promising, no dividend will be declared at the present time.
V. 104. p. 662.
Consumers
Co., Chicago.-
—
— Listed in
Chicago.
This Chicago .Stock Exchange has admitted to list this company's outstanding stock, viz.: $6,000,000 common and $3,948,800 pref. V .I04,p.862
Continental Oil Co., Denver, Colo. Stock Increase.
—
—
—
The shareholders voted
Sept. 17 to increase the authorized capital stock
from $3,000,000 to $12,000,000 and authorized the board to issue from
time to time the whole or any part of said stock. V. 105, p. 822, 719.
—
Cornell Mills Corp., Fall River, Mass. Extra Dividend.
An extra dividend of 8%, has been declared on the $400,000 stock in
addition to the regular quarterly 2%, both payable Oct. 1 to holders of
record Sept. 18.
The company, at last accounts, had 45,040 spindles and
1,114 looms.
Corn Products Refining Co.
is
—
Status.
—
The
following
Products Refining Co. has resumed operations at two ol" its plants,
at Argo and Granite City, 111. The Argo plant, which has a capacity of
50,000 bushels of corn a day, is grin ling about 35,000 bushels and the Granite City plant, with 16,000 bushels capacity, is grinding about 10,000 bushels a day, the operations of both plants representing about one-third of
the compan.v's total capacity.
While it is not expected that any of the other
giants will be opened in the immediate future, a sufficient supply of com
as been obtained to make reasonably sure continued operations at these
two plants at about the present rate of output.^V. 105, p. 501, 392.
—
—
&
elected a director.
— V.
105, p. 1107, 1000.
Crucible Steel Co. of America.
it is
reported, been
—
—
—
—
Dominion Bridge Co.
—
—
— Quebec
Bridge in Place.—
The central span of the Quebec cantilever bridge was placed in position
Sept. 20. virtually completing the structural part of the bridge, which when
fullT completed will reduce the running time between Halifax and Winnipeg
by half a day. An attempt to place a similar span last year met with disaster when the span fell into the St. Lawrence.
Compare V. 103, p. 1213.
—T.
104, p. 1.595.
Edison Electric Illuminating Co.
June 30 Years—
Gross earnings
Net earnings
Other income
Total income...
Taxes
Bond
Earnings
407,059
2,703,066
Dividends
for deprec'n,
p. 563. 4.56.
Boston.
$5,049,434 ,$4,801,448 $4,121,201 .$3,912,150
..$1,022, 565
$785,713
$954,760
$843,4.50
interest
—Balance
T. 104.
of
1916-17.
1914-15.
1913-14.
1915-16.
$9,235,778 $8,302,814 $7,429,124 $7,008,288
$4,851,467 $4,677,398 $4,002,292 $3,855,016
197,967
124,050
57,134
118,909
&c_
276,234
2,702,184
371,474
2,457,174
399,615
2,252,319
$916,744
$868,269
.$449,102
$474,503
— V.
&c., Building.
—
105, p. 292, 1108.
—
—
—
6%
liabilities, and It Is understood that so long as any one of the notes
is outstanding no lien will be created upon the mortgageable assets, nor will
the current a.ssets be set apart or in any way pledged to secure any other
indebtedness of the company.
Data from Letter of Pres. Herbert Lloyd. Phila., Dated Sept. 14 1917.
Organization.
Incorporated June 5 1888 in N. J. and controls patents
for storage batteries in this country and Canada, as well as the exclasive
right to manufacture in the U. S. and Canada under certain foreign patents.
The business consists of manufacturing, selling and installing electric storage batteries and accessories, in addition to which the company contracts
for the installation of complete electric plants.
Purpose of Issue. The company is undertaking a large amount of zidditlonal work for the U.S. Government, out of which arises a demand for a
temporary increase of working capital, which this issue is designed to meet.
Assets, &c.
As of Jan. 1 1917 plant investment amounted to S2. 676.000
and Investment in stocks and bonds of other corporations $1 .659,000. Since
Jan. 1 1917 the company has spent .$870,000 on plant and equipment.
Current assets, consisting of cash, receivables and inventories, amount to
$5,316,000 and the current liabilities amount to $838,000. a ratio of about
The above current assets exceed the current liabilities by $4,478,6 '4 to 1.
000, which, added to the plant investment and the stocks and boads of
other corporations, gives an aggregate of assets of $8,813,000 without taking
into consideration the value of patents, trade-marks and agi-eements.
Stock-Dividends.
The company has outstanding S120.000 pref. stock
and $16,129,425 of common, and has paid dividends upon both classes for
many years. From 1901 to 1907, both incl.. it paid 5% upon the stock;
in 1908 and 1909, 3!4% each year; from 1910 to 1916, both incl., 4% per an.
Earnings. The net earnings for the fir.st six months of 1917 were $1,207,061,' and our experience in the past has been that the second half of
each year has shown larger net earnings than the first half.
The net earnings of the company applicable to dividends for the last three
fiscal (calendar) years have been1914,
1915.
1916.
Avg. 3 Yrs. Tot. 3 Yrs.
Net earnings
$1,103,237 $1,360,747 $1,582,053 $1,348,679 $4,046,037
Dm-ing that 3-year period $1,949,892 has been paid out in dividends,
leaving $2,096,145 to be added to profit and loss account.
During the same
period $3,089,982 has been appropriated out of surplus account for the adjustment of sundry items and for the reduction of the book value of patents,
trade- marks and agreements, leaving the siu-plus account standing at credit
on Dec. 31 1916 $2,318,685.
Orders.
On Jan. 1 1917 the company had orders on hand amounting to
more than $2,500,000. Up to Aug. 31 1917 additional orders have been
received aggregating $10,200,000, making the total on hand and received
up to Aug. 31 1917 $12,700,000. Shipments for the first six months of
1917 show an increase of about 66% over the same period of last year.
Directors.
Herbert Lloyd, John R. Williams, Joseph E. Widener, J. R.
McAllister of Phila., Grant B. Schley, A. C. Humphreys, N. F. Brady
and Kenneth B. Schley of N. Y.
(R. K. Cassatt succeeds W. D. Winsor, deceased, as director.)
BALANCE SHEET
DEC. 31 1916.
30 1917
.funeSQ '17. Dec.31 '16.
June 30 '17.Dec.'il '16.
current
—
—
—
—
—
—
—
AND
JUNE
S
.-l.svtV6-
Plant, invest., &c.
:3,
Stocks and bonds
owned
1,100.099
Patents,
trade-
marks, &c
11,000,000
Cash
\
—
S
$
119,500
120.000
Com. stk. (contra) 17, 880. ,500 17,880.000
1,6.58,955 Accoimts payable, l 831,949
/486,139
1,750,575 Sundry liabilities,;'
I 52,213
Notes payable
500,000
300,000
11,000.000 Depreciation, &c..
*1, 355, 337
reserves
319,307
1,231,789
13,662
\1, 976, 524 Advanced rentats.
3,020,441 Surplus
3,000.023 2,318,686
2,6T6,6S8 Pref. stk. (eoutra)
f
Notes&accts. reC-;2, 319,219
Inventory accts.. 4,381,600
Total
Liabililies
.S
225, 816
Treasury stock___ 1,750,575
23,777,309 22,402,490
Total
23,777,309 22,402.49
*Reserves for depreciation of capital and current assets and contingencies.—V. 104, p. 1799. 1148.
Empire Gas
&
Fuel Co.
—Earnings.—
Net, after Earns. Sub. 'Bond
Balance,
Years ending
Taxes.
Cos.' Stk. Interest.
Surplus.
July 31 1917
$16,527,586 $10,509,096 $198,289 $817,507 $9,49:3,299
Apr. 30 1917
13,794,857
8,749,367 204,357 829.125 7,715,884
3 months ending/ 191 7
Gross, $5,259,462; net, $3,324,206
.luly 31
Gross,
2..526,733; net,
1,715,455
11916
Interest charges on the First Mtge. and Collateral Trust 6% sinking
fund gold bonds, due May 1 1926, are being earned in excess of 12H times.
Through sinking fund retirement, the outstanding amount of bonds has
been reduced from $14,000,000 to $13,225,500.
The results for the year ending July 31 1917 show the largest net profits
ever made by the company.
V. 105, p. 1108.
—
Gross
Earnings.
—
Everett (Wash.) Gas Co.
—The plan
—Plan Operative— Deposits
Till
of reorganization dated April 2 1917 has
of the
declared operative. All debts and about
Oct. 1.
90%
bonds, it is announced, have been deposited thereunder.
Further deposits, without penalty, will be received at Continental & Commercial Trust Co., Chicago, depository, on or
before Oct. 1 1917.
The property was placed in the hands of a receiver on Jan. 26 1917. the
earnings being insufficient to meet the bond interest ($38,400), due to the
severely adverse business conditions in the territory served.
"The properties are stated to be in excellent condition and of capacity to handle considerably more business than has been available dui-ing the past few years.
Plan of Reorganization Dated April 2 1917.
Existing Securities and Debts.
—
Litigation.Officers.
Geo. A. Turvllle, Secretary and Treasurer, has also been appointed a
Vice-President. J. M. McComb, credit manager, has been appointed
aji Assistant Treasurer.
See Westinghouse Elec. & Mfg. Co. below. V. 105, p. 719, 292.
Packing Co., Chicago. Listed in Chicago.
The Chicago Stock Exchange has admitted to list $149,500 additional
common stock, making .S6,700,CG0 listed to date. V. 105, p. 1000.
Cudahy
Submarine Uoat Corp. below.
Electric Storage Battery Co., Phila.
Notes Sold Balance Sheet. Brown Bros. & Co. and Cassatt & Co., Phila.,
have offered and promptly sold in equal amounts of both
maturities at 983^ and int., yielding over 7%, an issue of
S2 ,000 ,000 one and two-year
coupon gold notes dated
Oct. 1 1917, due S1,000,000 Oct. 1 1918 and $1,000,000
Oct. 1 1919. The two-year notes are redeemable Oct. 1 1918
or April 1 1919 upon 30 days' notice.
Interest A. & 0. at
FideUty Tr. Co., Phila. Denom. $1,000. A circular shows:
The company has no bonded debt nor current indebtedness other than
been
pronounced substantially correct:
Com
Cosden
Co. New Director.
Robert K. Cassatt of Cassatt & Co., Phila., has,
.See
[Vol. 105.
5%
First Mtge.
bonds
Deiits, approximately
Capitalization of New
$762,000 [Preferred stock
$310,000
150,0001 Common stock
1,000,000
—
Company. .^.s a consideration for the property to
be acquired by the new company, it shall issue the following securities:
pref. stock, $225,000 and common stock $950,000. or so much of the same
or such other securities as the committee may, in its sole discretion, deem
necessar.v to enable it to carry out this plan, and the committee may also
determine the authorized amounts of pref. and common stocks.
The new pref. stock shall be preferred as to assets upon liquidation or
dissolution to the par value thereof plus any dividends accimiulated thereon.
Dividends on the pref. stock shall be cumulative from date of issue, for the
first year up to but not exceeding 5% per annum, for the second year up to
6% per annum and thereafter up to 7% per annum. Each share of preferred stock and each share of common stock shall be entitled to one vote
at all meetings of the stockholders and the votes may be cumulated.
The holders of the existing bonds depositing same hereunder will receive
in exchan,ge 25% of their par value in new preferred and 100% of their
par value in new common stock. The coupons due Feb. 1 1917 attached to
said bonds will be exchanged on the same basis as the bonds.
The holders
of other debts depositing their claims hereunder will receive in exchange
100% of their face amount in new common stock, or if said $150,000 of
debts are deposited, $150,000 common stock.
Result of Exchanges {if all bond and debt holders
Par Value of
—
Pref.
New Com.
For $762,000 bonds and Feb. 1 1917 coupon at
25% new pref. and 100% new common
$195,262 50
For debts, approximately $150,000
For expenses of receivers and reorganization
29.737 50
$781,050
150,000
assent)
Total
New
$225,000 00
18,950
5950.000
—
.
THE CHRONICLE
Sept. 22 1917.]
It
Feb.
contemplated that the new preferred shall be accumulative from
Should this date be postponed, adjustment will be made.
is
1917.
Earnings.
1
—
The investigations made indicate that the earnings of the
new company from the present property will, in the future, show slight
increases over the earnings of the year 1916 and with adequate provisions
for funds for future extensions and additions, the earnings should show a
satisfactory increase.
Even on the earnings of 1916 it will be seen that
after deducting the preferred dividends, a substantial balance will remain:
Actual Earnings
Est. Earn, without Extensions
1919.
1915.
1916.
1917.
1918.
Gross revenue
$104,263 $102,580 $110,000 $120,000 $132,000
Netrev.aft.op.exp.&tax. .$21,218 $19,329 $22,500 $26,000 $30,000
5% div. on $225,000 new pref. stock- 11.250
B al ince
8 079
The reorganization committee, which is acting without compensation,
consists of H. M. Byllesby, W. H. Clarke and R. J. Graf, with M. A. Mor[The company is a
rison as Secretary, 208 South La Salle St., Chicago.
subsidiary of the Standard Gas & Elec. Co. of Chicago.]
V. 93, p. 1604.
—
—
.
—
—
—Reorgani-
& Chemical Corporation.
Plan Contracts. The dii-eetors
Federal Dyestuff
—
—
zation Necessary
in circular
of Sept. 18 say in substance:
At incorporation, no adequate provision was made for completion of the
plabt or for working capital. The company was, therefore, compelled, in
Nov. 1916, to sell $500,000 pref. stock, the proceeds of which were very
quickly absorbed as working capital and in furnishing the necessary addi-
As the business has developed, it has become more
and more evident that the working cai)ital was still inadequate to enable
the company to operate on a profitable basis.
Misfortunes D.\ fire and explosion, great difficulty in building up an operating organization, violent
fluctuations due to war conditions, in the purchase price of required raw
materials and in the selling prices of our finished products, and unforseeable
delays and failures In transportation and delivery, these have also hampered
the company's operations.
Due to the above and other causes, the company, although able to pay
the interest on its $2,000,000 mortgage notes, has not been able to pay dividends on the preferred stock. The working capital has been entirely
exhausted,
and for months the company has struggled under
a burden of debt which has been a menace, not only to efficient management, but to the very life of the company itself. Individual directors have
in several cases made themselves personally bound on the company's behalf
to enable it to escape suit and sequestration of assets for, the payment of
its debos.
It ha*! become apparent that whatever value the common stock
may have can be preserved only through the addition of a large amount of
new cash in connection with complete reorganization and the sale of the
assets to a new company.
tional plant facilities.
The reorganization plan herewith has the individual approval of all the
Under this plan, the common stockholders are given a share in
the company's future prospects, although they may not care to participate
In contributing any of the new cash, and they will also be permitted, if
they so desire, to subscribe for the new securities.
The company has in prospect important contracts for the manufacture
and sale of large amounts of high explosives, upon which it is anticipated
that fair profits will be made. Many of the directors are .subscribing to
the new underwriting, and it is hoped that every stockholder, both preferred
and common, will take his or her pro rata share, or as far as possible.
directors.
Digest of Reorganization Plan, Dated Sept. 18 1917.
to be organized m N. Y. State with similar name, to
acquire as of Sept. 1 1917 all assets and assume all indebtedness of old co.
Issued Capitalization of New Company on Taking Over the Property.
Pref. slock, 8% cum., par $100.
Preferred as to assets and dividends.
Entitled to cumulative dividends from Oct. 1 1917.
Voting power only while two dividends are in default. Auth.
A new company
I.ssued
$3,500,000.
$1,500,000
To be exch. for present outst. pref. stock $ for $
$500,000
To be sold to underwriters (with $2,250,000 of common stock) lor $900,000
1,000,000
Common stock (par $10), authorized, .$3,000,000. Issued
3,000,000
To bo exchanged for the 300,000 shares of present
common stock (no par value -V. 103, p. 2158)
one share of new for four of old
$750,000
To be issued to underwriters (with $1,000,000 pref.). 2, 250, 000
Outstan'iing {assumed) 6% mortgage notes of pre.sent company,
dated June 1 1916 and due June 1 1918, the three interest installments to be paid after reorganization maturing Dec. 1
1917, March 1 and June 1 1918.
Trustees, Metropolitan
Trust Co., N. Y., and James P. McNamara (V. lOi, p. 1794). 2,000,000
Certain holders of old company's outstanding mortgage notes and pref.
and common stock are planning a syndicate to underwrite such portion of
the pref. and common stock as is not purchased through the participation
which is to be offered to the holders of the old company's capital stock, who,
within such time as the reorganization committee may fix, will be permitted
to subscr be (pro rata in case of over-subscription) for $1,000,000 new preferred and $2,250,000 of the new common stock, at the total underwriting
price of $900,000— in other words, to pay $90 and receive $100 pref. and
$225 common. Subscriptions payable at Metropolitan Trust Co., 60 Wall
St.. N. Y., or Union Nat. Bank, Cleveland.
The shareholders will vote Oct. 17 on authorizing George A. Coulton,
Mark W. Potter and George C. Van Tuvl Jr. as voting trustees under
agreement of Mav 24 1916, to turn over the property to the new company
as contemplated by the plan.
Proposed ilirectors of new company: R. G. Barclay, Cornelius Vanderbilt Birton, John W. Herbert, C. W. Hollowav, J. W. Maguire and A. S.
White, of New York; George T. Bishop, C. L. Bradley, G. A. Coulton,
Ralph L. Puller, Prank H. Ginn, C. N. Osb:)rne and E. G. Tillotson, of
Cleveland.
(Two to be chosen later. Of the men named all except Mossrs.
Bishop, Bradley and O-iborne are directors of the present company.
The directors of the latter not to be included in the new directorate are
Carl M. Herbert, iVI. G. Owens, George C. Van Tuyl Jr., P. A. Gudger
and A. T. Stanley.)
Committee: G. A. Coulton, O. W. Holloway, J. W. Maguire, A. S.
White and E. G. Tillotson.
[Morton. Lachtinbruch & Co., N. Y., invite holders of voting trust certificates to communicate with them with a view to protective measures.]
—V. 104, p. 2556, 503.
—
Federal Mining
&
Smelting Co.
Net earnings
Estimated depreciation.
Net
— Earnings. —
3 Months ending
6 Months to
July 31 1917. AprilZO 1917. July 31 1917.
$836,821
$498,946
$1,335,767
83.544
73,507
157,051
profit
$753,277
$425,439
$1,178,716
for the July 31 1917 quarter amounted to 38,100 tons, against
37,895 tons for the March 31 1917 quarter.
V. 104, p. 2229, 1048.
Shipments
—
—
Detroit. — Airplane Cylinders. —
—
Federal Sugar Refining Co. Gov't. Licensing.
See Editorial columns page 1057 in last week's issue.
V. 105, p. 502.
Ford Motor
Co.,
—
Henry Ford says- "We are making 200,000 airplane cylinders of
Government, to be delivered at the rale of 1.000 a day. We
have just developed a way of making a cylinder of solid steel cheaply. We
are glad to help in the fight to stamp out militarism: we feel that we are
doing that in producing the cylinders and would produce 5.000 or 10,000
aday if called upon." Compare (Henry) Pord & Son, Inc., below. V. 105,
Aldred & Co., N. Y.; Chase & Co., Jackson & Curtis and
Curtis & Sanger, each of Boston; Cassatt & Co.,Phila.,and
Jas. L. Martin & Co., Chicago, is offering (by advertisement on another page) the remaining (about 60,000) shares
of no par vaule at $80 flat per share.
Brown Bros. & Co., Alex. Brown &
Offering of Gold Notes.
Sons, the Old Colony Trust Co., Jackson & Curtis, and
Curtis & Sanger, are offering at 95 and int. yielding 7.20%
Convertible gold
a new issue of $6,000,000 Five-Year
notes dated Sept. 1, due Sept. 1 1922, but redeemable all or
part on 60 days notice (subject to the right of conversion
until 30 days before redemption date) at 105 and interest.
The company has just been incorporated in Delaware to
succeed to the property and business of the prosperous
Massachusetts company of similar name, strong banking
interests combining in the management with men long prominent in the development of the enterprise.
Interest on notes M. & S. at Bankers Trust Co., N. Y., and Old Colony
Trust Co., Boston Mass. (Trustee). Denom. $,500, $1,000 and $10,000 c*.
of
—
6%
Convertible into stock at any time up to 30 days before maturity or date set
for redemption, at the rate of ten shares of stock for each $1,000 par value
of notes.
Authorized and to be issued $6,000,000.
While the notes are outstanding the company will create no mortgage on
its property and will not declare any dividend, if thereby the proportion of
net assets (exclusive of patents and good will) shall be reduced below an
aggregate of $1,150 for each $1,000 face amount of notes issued and then
outstanding. 6(),000 shares of capital stock will be deposited with a trust
company against conversion of the $6,000,000 notes.
Extracts from Letter of King C. Qillette, Boston, Mass.. Sept. 1 1917.
Organization.
The company is shortly to be incorporated [was incorporated Sept. 10. Ed.] in Delaware to take over the Gillette Safety Razor
Co., of Mass., the operation of which covers a period of 13 years in the
busine.ss of manufacturing the well-known Gillette safety razors and blades.
The company owns all the capital stock of its subsidiaries in England,
Canada and France. The efficiency of its plant has been highly commended by experts; its product is standardized and is known throughout
the world.
Authorized. To Be Issued.
Capitalization
Five- Year 6% Convertible gold notes
$6,000,000
$6,000,000
Stock (no par value)
shares
250,000
190,000
Plants.
The company owns two factories, one in Boston and one in
Montreal. Total manufacturing space amounts to 212,000 sq. ft.; daily
production is 4.500 razors, 360,000 blades; and wage-ear.iers number about
From 1905 to 1910 inclusive
1,500, having a yearly payroll of $1 ,000,000.
there has been charged to depreciation $4,391,000.
Dividends.
Beginning with 1906 the company has an unbroken dividend
record, $5,938,000 having been paid during that period.
It is the intention
of the company to inaugurate dividends at the rate of $7 per share per
annum on the .shares of the successor company.
Sates. Palentft, &c.
Distribution of products is made through the Boston
sales department, branch offices in New York, Chicago, Montreal, London
and Paris, and by branch agencies located in practically every large
distribution centre of the world.
Among these are Milan, Lisbon, Barcelona, Copenhagen. Stockholm. Petrograd. Tokio, Shanghai. Melbourne,
Havana, Buenos .Mres, Rio de Janeiro and Valparaiso. The company has
pursued an ag.gressive advertising campaign and in the past 10 years about
$3,400,000 has been expended. The company's patents are fundamental
in every re.spect.
The company to-day has no litigation in the courts of
the world.
The trade-marks are registered in every civilized country.
Eirnings.
The company earned $498,000 net in I90i, and about $3,1917 earnings are at the rate of $4,500,000 per annum.
193,000 in 1916.
Net Earnings and Production for Four Years, and Eight Months of 1917.
——
—
—
—
—
—
—
p. 611.
—
(Henry) Ford & Son, Inc. New Plant.
A press dispatch says that this new company has
—
let a contract to the
George A. Fuller Co. for the construction of blast furnaces near Detroit,
with capacity of 1,000 tons daily, to cost approximately $20,000,000, and
furnish the iron and steel for both the Ford cars and tractors.
Later, it is
said, a mammoth tractor plant will be developed.
V. 105, p. 823.
General Petroleum Corp.
An initial quarterly dividend
common stock, payable Oct. 1.
— Initial
—
Dividend.
—
of $2 50 a share has been declared on the
V.105, p. 75.
—
—
Gillette Safety Razor Co.
Offering of Capital Stock.
^A very large proportion of the company's issue of capita
stock having been withdrawn from sale, a syndicate composed^
—
1914.
1913.
1915.
1917.
1916.
Neteamings
$1,372,273 $1,671,769 $2,427,174 $3,192,346
Razors..
396,889
346,724
452,316
781,632
557,025
Blades (doz.) ... 3,018,575 4,039,276 5,475,239 6,369.425 5.907.683
The company has at present $1,292,000 cash in bank and $2,168,000
current accounts receivable, with current accounts payable of $101,000.
Managcmrttil.
New interests have recently become identified with the
company and will be represented on the Board of Directors bv J. &. Aldred,
of Aldred & Co., N. Y.; Philip Stockton, Pres. of the Old Colony Trust Co.,
Boston: R. C. Morse, of Jackson «& Curtis, Boston; H. J. Puller, Vice-Pres.
of Fairbanks, Morse & Co., N. Y.; and Bradley W. Palmer, of Storey,
Thorndike, Palmer & Dodge, Boston. The other directors (and officers)
are: King C. Gillette, Pres., Boston: Frank J. Pahey, Vice-Pres. & Treas.,
Boston: M. J. Curran, capitalist, Boston: W. A. Gaston, Pres. Nat. Shawmut Bank, Boston: W. E. Nickerson, Gillette Co., Boston; and T. W.
Pelhara, Gillette Co., Boston.
The company has long-lime contracts with
practically all those in its management who have been prominent in its past
development, all of whom will retain a financial interest in the business.
Compare V. 105, p. 1108.
—
& Rubber
Goodyear Tire
A
Co.
— Earnings. —
Cleveland paper says that this company is practically assured of gross
August business,
business of $100,000,000 for the fi.scal year to end Nov. 1.
they say, amounted to $12,500,000, establishing a new single month's
record.
Sales for the fiscal year to date (on or about Sept. 15» total
$89,000,000.— V. 105,
p. 611.
Gojild Coupler Co.
See Safety Car Heating
&
Great Atlantic
Six Months end. Sept.
Sales
V. 105. p. 914. 611.
1
&
— Decision. —
Lighting Co.
Pacific
—
— V.
Tea
1917.
$58,048,477
—
104, p. 456.
Co., Inc.
—
Sales.
—
— %.
Increase
1916.
$33,326,938
$24,721,539 (74%)
—
—
Greenville (Me.) Water Co. Bonds Called.
This company has called for payment on Oct. 1, at par and Int., bonds
Nos. 41, 46 and 49, of $1,000 each, and Nos. 63, 67, 84 and 85, of $500 each,
aggregating $5,000, payment to be made at Lincoln Trust Co., N. Y.
V. 94, p. 829.
Gulf States Steel Co.
—
—Earnings.—
Increase.
Month of August
1917.
1916.
Net operating income
$444,747
$186,153
$258,594
The earnings (net operating income) for Augu.st 1917 are the largest
monthly earnings in the history of the company. V. 105. p. 1001. 824.
Hawaiian Commercial
Sugar Co. Extra Dividend.
An extra dividend of 50 cents (2%) per share has been declared on the
stock (par $25), along with the usual monthly 25 cents (1%) per share,
—
both payable Oct. 5 to holders of record Sept. 24.
50 cents (2%) per share was paid in April
Hendee Manufacturing
—
last.
— \^
An extra dividend of
104, p. 1595.
Co., Springfield, Mass.
Treasurer Frank J.
Preferred Shareholders.
circular dated Sept. 20 says in substance:
to
When
company
—
—
&
Pres.
steel for the
1313
— Notice
Weschler in
its plant at East Springfield to the Wire Wheel
received in payment for the property, preferred
and common sharws, of th it, corporation. It is thought advisable by the
directors to sell the greater part of this stock and use the proceeds in the
purchase of Ilcndee pref. for the .sinking fund. As there are 22.080 pref.
.shares of the Hemloe (^o. now outstanding and this company is only offering
for sale 5,000 pref. and 5,000 common shares of the Wire Wheel Corporation of America, the directors have been authorized to purchase of the
respective shareholders one share of Hendee pref. stock out of every five
shares of pref. stock held by each shareholder at $100 per share, provided
the shareholder purchases of the company one share of the pref. stock of
the Wire Wheel Corp.. together with one share of the common .stock of the
Wire Wheel Corporation of America at $100 for each pref. share together
The pref. shares of the Wire Wheel Corp. will
with the common share.
be sold witbou' the dividend which has been declared payablo Oct. 1 1917,
Hendee pref. shares will be purchased without the dividend payable
and the
Oct. 1 1917.
Stockholders who desire to participate should sign the endorsed agreement and send it to Prank J. Weschler, Treasurer, of the company, care of
this
sold
Corporation of America
it
THE CHRONICLE
1314
Union Trust Co.. SprinBflokl, and also send their pref. stock certificates
nronorlv endorsed to said trust company, on or before Oct. 1 1917. See
Win VVhool (Jorp. holow. V. lO.i, p. 2J46, 2077.
—
&
Hopkins
Allen Arms Co., Norwich, Conn.
—
—
Sale.
This company's property (including 400 shares of stoclt of the Norwich
HousinK Co.) is advertised to be sold at public auction at Norwich, Conn.,
on Hcpt. 17, subject to all liens, incumbrances, as.sessments, restrictions
and covenants of record, and to any Hens for taxes against the property
upon the asscs.smcnt list of Oct. 1 1917. Upset price. $65,000.— V. 105.
p. 1108. 1001.
Humble
Oil
&
Refining Co.
— Incorporated. —
This company has been chartered under the laws of Okla. with $4,000,000
authorized capital stock, consisting of 40,000 shares of $100 par value.
It is presumed that this new company is successor to the Humble Oil Co.,
for details of which enterprise see V. 104, p. 1493.
—
—
Huntsville (Ala.) Consolidated Gas Co. Sale.
This company's property is advertised to be sold at public auction at
Huntsville Ala., on Oct. 22. free and clear of all liens and encumbrances.
V. 104. p. 563.
—
Inspiration Consolidated Copper Co.
— Resumption. —
Press dispatches state that the workers in this company's mines are
rapidly returning to work and that production should be running at full
capacity within sixty days. For fixing of copper price by the Government,
V. 105. p. 611, 75.
see Editorial pages in this issue.
—
—
Interlake Steamship Co., Cleveland. $1,500,000 1st
Extra
Called, Leaving Only $500,000 After Nov. 1
Dividend. Kean, Taylor & Co. report:
—
M. Bonds
—
6%
First Mortgage
bonds for
It also will pay the Installment
of $''.50 000 bonds which are due Nov. 1 1917, and there will then be outstanding only $500,000 of these bonds ($250,000 due Nov. 1 1918 and $250,000 due Nov. 1 1919) out of an original issue of $3,000,000.
Early in 1917 this company called for payment $1,200,000 of its serial
notes, being the balance of the issue which was outstanding at that time.
Kean Taylor & Co. acted as bankers for the company in connection with
1913
both of these issues. The bonds were offered at 100 and int. in
(see V. 96, p. 1301. 1232). and the notes at 100 and Int. in Jan. 1916 (see
V. 102, p. 440).
on its $6,500,The company is paying regular quarterly dividends of
000 capital stock, and has recently declared an extra dividend of 2%, payV. 104, p. 1390.
Oct. 1 to holders of record Sept. 20.
able
The company has called $1,500,000 of
payment on Nov. 1 1917 at 105 and int.
its
May
2%
—
International Mercantile Marine Co.
See editorial columns in this issue.
International Paper Co.
— V.
—
—
Vessel Lost.
—
105. p. 1108. 386.
—
Suit Dismissed.
bench of the Mass. Supreme Court has dismissed this company's
Treasiu'er and Recorder-General of the Commonwealth
petition against the
to recover an excise tax of $5,500 imposed upon the company for the privIt was claimed that the business
ilege of carrying on business in Mass.
done by the company was inter-State, and that the excise tax levied upon
botb of the constitution of Massachusetts and that
it was in violation
of the United States.
The company has confirmed the following:
Status.
The debt consolidation plan dated Jan. 31 1917 (see V. 104, p. 563, 1049,
2121) has been a distinct success. Five direct and subsidiary issues have
been largely reduced and one paid off entirely, the [result being a net reduction of $2,246,000 in funded debt.
The company has exchanged large amounts of Its old 5% and 6% bonds
for the new 5% refunding issue, due in 1947, and has in addition ptirchased
considerable amounts in the open market.
Sept. 1917. Dec. 31 "16.
Outstanding Funded Debt
$3,500,000 $8,132,000
International Paper 1st 6s, 1918
940,000
4,346,000
International Paper Cons. 5s, 1935
1.037,000
1,500,000
Hudson River P. & P. Co., 1918
292,000
350,000
Rumford Sulphite Co., 1918
1918
9,000
19,000
Piscataquis P. & P. Co.,
150,000
Ontario Paper Co., 1918
6,473,000
New International Paper 5%, series A, 1947
The
full
—
,
—
$12,251,000 $14,497,000
-Total
This year 1916 was notable for the extinguishment of $3,400,000 notes
payable. The current fiscal period will witness the practical amalgamation into one refunding issue of the half-dozen direct and subsidiary issues,
V. 105, p. 914, 502.
all but one of which are due in 1918.
—
—
International Salt Co. —Application
Exchange
New York
company
—
Payment Postponed. —
(Frank) Jones Brewing Co. —
This
to
list
to List.
Stock
has applied to the
V. 105, p. 2556, 1595.
capital stock.
$60,770,100
for authority
Int.
debentures on Aug. 28 resolved to postpone payment
1917 and on March 1 1918 until Sept. 1 1918.
of the interest due on Sept. 1
Holders of the
5%
—V. 81, p. 616.
Kansas City Light
—
& Power
—
Co. New Pres. Contract.
has been elected President to succeed
The company has contracted with the
John H. Lucas, who has
General Electric Co. for two 25,000 k.w. generator units as the first unit
for installation in a new power house designed for an ultimate capacity of
240,000 k.w. Delivery on the first of these two machines is expected in
Heretofore the comJan. 1919 and the other in August of the same year.
pany has purchased its power from the Kansas City Railways, but' as the
latter's plants are overloaded it is proceeding to construct a power plant
of its own.— V. 104, p. 1804.
J. F. Porter of
An extra dividend of 1}4% has been declared on the common stock in
on the
addition to the regular quarterly 2]4% on the common and 1 iX
V. 104, p. 2122.
pref. stock, payable Oct. 15 to holders of record Sept. 30.
—
—
&
%
—
Sherman Law Litigation.
Co.
(R. H.) Macy
This company has brought suit for triple damages, amounting to $570,000,
under the Sherman Law against the Victor Talking Machine Co. and several
distributing agencies alleging that the defendant on Aug. 1 1913 entered
into an unlawful agreement with upward of 7,000 dealers, in various localities throughout the United States, to prevent competition, to limit the
supply, and to fix the prices of the talking machines and records made
by the Victor company.
Mark Manufacturing Co.
An
initial
— Employees^ Accommodations. —
investment of $1,000,000
is
being
made by
this
company
in
the construction of a model town for the accommodation of its 8,000 employees at East Chicago, Ind., near where the company is building a large
Indiana Harbor. See offering, V. 105. p. 293, 75.
steel plant at
Massachusetts Gas Companies, Boston.— i/arns., &c.
Boston Consolidated
Years endiwj June 39.
1914-15.
1915-16
1916-17.
21.076.000
19,709,000
21,332,000
9,180,000
9,028,000
8,681,000
931,017,800
1,243,473,800 1,047,814,856
$446,998
$462,854
$560,351
The largest sales were made to the Newton & Watertown Gas Light Co..
amounting to 691,358,700 cu. ft. for $311,111, against 609,196,700 cu. ft.
sold in 1915-16 for $269,688.
Net.
Oth.Inc. Interest. Dividends. Surplus.
Gross.
JuneSOYrs.
1916-17
$4,982,788 $1,472,936 $20,166 $141,259 $1,058,722 $293,121
172.869
1915-16
4,676,388 1.570,140 29,896 141,576 1,285,591
(2) Citizens Gas Co. of Quincy, Mass.
1916-17
$33,905 sur.$470
$182,736
$38,739
$531
$4,896
1915-16
37,150 def.504
161.081
38,696
1.831
3,881
(1)
Output (Cubic Feet)—
Largest daily output,
Smallest daily output
Sold other companies
Receipts from sales
(3)
Newton
1916-17
1915-16
f^ (4)
—V.
& Watertovrn
$580,612
511.772
Gas Co.
$92,964 $23,220
85.655 11.920
$17,926
16,665
$67,200
67.200
$31,058
13.710
$16,582
7.942
$43,125
57.500
$3,856
2.264
East Boston Gas Co.
1916-17
1915-16
—
$445,455
408,922
105, p. 612, 502.
$59,258
65,057
$4,305
2.649
M
on or before Aug. 1 1921, and thereafter, at 101 and int.
Denom. $100, $500 and $1,000 c*. Interest F. & A.
Trustee, Guaranty Trust Co. of N. Y. Authorized issue
$10,000,000. A cu-cular shows:
The company will pay the Pennsylvania State tax on these bonds. The
company will pay annually as a maintenance and depreciation fund a sum
equal to 10% of gross operating revenue, less the amount actually paid durand renewals.
Data from Letter of J.B.Taylor, V.-Pres., Reading, Pa., Sept. 20 1917.
Organization.
The company was formed in Penna. [merger was consumated Sept. 13] by consolidation and merger of all of the properties and
ing the year for repairs
—
franchises of the Metropolitan Electric Co. of Reading, Pa., the Edison
Electric Illuminating Co. of Lebanon, Pa., and the Lebanon Valley Electric
Light Co.; and controls the Pennsylvania Utilities Co. of Easton, Pa.,
through stock ownership.
Purpose of Issue. The proceeds have been used to provide in part, funds
for the consolidation and merger and for the purchase of a controlling interest in the Pennsylvania Utilities Co.
[The entire common stock of the
Metropolitan Edison Co. will be owned by the Reading Transit & Light Co.
which in turn, will be controlled by the Eastern Power & Light Corp. Ed.)
—
—
M. 5%
First
Co
First
.
Outstanding Capitalization.
sinking fund gold bonds of Metropolitan Electric
(closed mortgage)
$2.72'i ,000
and Refunding Mtge. 5% gold bonds (this issue)
6% notes, due Aug. 1 1918 (see below)
3.250.000
950,000
stock
3 ,000 ,000
These notes are convertible into 6% cumulative pref. stock on basis of
$1,000 notes for $1,100 pref. stock. Sufficient stock for this purpose has
been deposited with the trustee of the notes.
(Reilly, Brock & Co., Phila.,
One-year
Common
have purchased
this
— A Illuminating Co. of Lebanon, Pa., andand franchises Valley
mortgage on
of the properties
of the
Edison Electric
the Lebanon
Security.
issue.)
first
all
Electric Light Co., and a mortgage on all of the properties and franchises
of the Metropolitan Electric Co. of Reading, Pa., subject only to $2,726,000
Metropolitan Electric Co. First Mtge.
bonds. The Metropolitan
Edison Company also pledges a majority of the shares of the stock of the
Pennsylvania Utilities Co. sufficient to maintain control of said company.
The mortgage will also cover all properties and franchises hereafter acquired
Of the issue .$2,726,000 are reserved for the
by the Edison company.
retirement of the outstanding 1st M. 5s of Metropolitan Elec. Co. X for $.
remaining $4,024,000 bonds are reserved to be issued for 80% of the
The
cost of permanent additions, extensions or improvements made subsequent
to Aug. 1 1917, only when net income is at least 1 J^ times interest charges
upon underlying bonds and upon bonds of this issue, incl. those to be issued.
Earnings of Constituent Properties (.Not Including Pennsylvania Utilities Co.
12 Mos.
Calendar Years—
1912.
1914.
1915.
1916.
JulyZVU.
Gross oper. revenue--. $678,393 $837,457 $928,587 $1,137,468 $1,325,468
Net, aft. taxes & rents 348,233 408,239 429.745
537,016
584,036
Int. on Met. El. Co. 5s, $136,300; Met. Ed. Co. 5s, $162,500. _
298,800
5%
Balance
$285,236
—
Generating Stations, &c.
(a) Modern 26.000 k.w. steam turbine station*
located on the Schuylkill River immediately west of Reading; (b) 4,200 k.w.
steam station located in Lebanon as a substation and reserve plant; (c) 33,000 volt transmission line substantially completed from this station direct
to the generating station at West Reading.
The improvements completed this year will include the installation
of a 10,000 k.w. turbine, &c., and orders have been placed for a 25.000 k.w.
The electric power plant
unit and boiler equipment for installation in 1918.
at Klapperthal, on the river below Reading, destroyed by fire about four
years ago is being rebuilt and is expected to be ready within a few months
This hydro-electric plant will save annually about 5,000 tons of coal.
The Pennsylvania Utilities Co.. which is controlled through stock
ownership by the Metropolitan Edison Co., generates the major part of its
current in two stations at Easton, Pa., one a 14,600 k.w. steam plant, and
the other a combined water power and steam generating station of 3 ,800 k.w.
capacity, of which 1,300 k.w. is produced from the hydro-electric plant.
In addition, this company operates a water power station at Stroudsburg,
Pa., ani one at Columbia, N. J., with combined capacity of 890 k.w.
The
Pennsylvania Utilities Co. does practically all the gas. electric light and
power business in Easton. Pa., and Phillipsburg. N. J., (which form one
community) and in Nazareth and Stroudsburg. Pa.
Franchises.
Practically all unlimited as to time; no burdensome restric,
,
—
tions.
—
Equity.
This will be constantly Increased by operation of sinking fund
applicable to the First Mtge. 5s of the Metropolitan Electric Co., as the
mortgage provides that none of the First & Refunding bonds of the Edison
company may be issued against the bonds so acquired.
For offering of notes of Reading Transit & Light Co. see that company.
V. 105, p. 607. See al^o Eastern Power & Light Corp. under "RR's" above.
la.,
retired.
— Extra Dividend. —
—
Metropolitan Edison Co. First and Refunding Gold
Bonds Offered. The Guaranty Trust Co. and Reilly, Brock
& Co. are offering at 93 and int., to yield about 6.50%, this
company's jnew issue of First and Refunding Mortgage
57„ gold bonds, dated Aug. 1 1917, due Aug. 1 1922, but
callable all or part upon 30 days' notice, at 102 and int.,
Davenport,
MacAndrews & Forbes Co.
[Vol. 105.
Mexican Telegraph Co.
—Partly Estimated Earnings.—
9 Mos.
1917.
3 Mos. to Sept. 30
1916.
1917.
Total income
$375,000
Net income
$313,500
Mexican Government..
12.000
Dividends
(2M%)124.877
to Sept.
30
1916.
$257„500 $1,071,900
$799,215
$217,500
$901,900
$677,215
31.000
8.000
22,000
(2 J^)89, 735 (7^)339.490(7 J^)269.205
$119,765
$531,410
Balance, surplus
$176,623
$386,010
The total surplus Sept. 30 1917 was $4,595,036.—V. 104. p. 2645. 1268.
— Decision.—
—
—
Midvale Steel & Ordnance Co. — Government
—
Remington Arms-Union
Minerals Separation North American Co. — Decision,&c.
Miami Copper Co.
V. 105. p. 1109, 1002.
See Minerals Separation Co. below.
Contracts.
Metallic
See
Cartridge Co. below.
V. 105,
p. 604, 502.
The "Engineering & Mining Journal" of Sept. 15, published in full the
text of the decision of Judge Bourquin in the United States District Court
at Butte. Mont., in the case of Minerals Separi'n Ltd. vs. Butte & Superior
Mining Co. in which the court finds all the issues in favor of the plaintiffs.
The "Journal" also states regarding the case of Minerals Separation vs.
Miami Copper Co. tried in the U. S. District Court at Wilmington, Del.;
the report of the scope of the decision as sent us by the attorneys for Mineral
Separation is declared by the attorneys of the Miami Copper Co. to contain substantial inaccuracies.
Counsel for the company has, it is stated, consented to the suspension of
the injunction granted by Judge Bourquin of the U. S. District Court at
Butte, Mont., in its suit against the Butte & Superior Mining Co. This, it
is explained, is done in order to avoid curtailment of production during
the war
The defendant is to furnish a bond of $2 500 000 another S 1 000
to cover the costs in the appeal proceedings and will have to deposit with
the Court the monthly profits from all milling operations or furnish a bond
.
,
.
for
same.
,
.
,
—
—
& Cable Co. Definitive Bonds.
The Bankers Trust Co. has announced that definitive First Mtge. 6%
Sinking Fund gold bonds are ready in exchange for present temporary
National Conduit
bonds.
See offering, V. 104. p. 1494. 2456.
New Bedford
(Mass.)
Gas
&
Edison Light Co.
—Rates.
In accordance with directions issued by the Board of Gas & Electric Light
Commissioners, this company has announced that the 9.5-cent gas rate
which went into effect on Aug. 1 has been canceled and the company will
give a net rate of 90 cents, an advance of 10 cents over the old schedule.
The e.xcess charged during August over the 90-cent rate will be refunded to
customers or due credit allowed. V. 105, p. 294.
—
Northern Brewery
Co., Portland, Ore.
Henry Boehmke presumably as master or
—
Sale.
—
receiver, in an advertisement
in a Cleveland, Ohio, paper, notifies holders of this company 's First Mtge.
I
—
—
6% gold bonds and the First Consolidated 6% gold bonds who did not
deposit their bonds with the committee under the so-called Protective
Agreement, that the mortgages securing the bonds have been foreclosed and
the properties sold under decree of the U. S. District Court at Portland,
Ore. and that the amounts due to holders of the above named bonds are
payable upon presentation and surrender of the bonds at the Security Savings & Trust Co., Portland, Ore., for the First Mtge. 6s and at the United
Banking & Savings Co., Cleveland, Ohio, for the First Consolidated 6s.
,
Ogilvie Flour Mills Co., Ltd.
— Extra
Dividend.
—
extra dividend of 15% has been declared on the common stock in
addition to the regular quarterly 2}4% both payable Oct. 1 to holder of
record Sept. 25— V. 103, p. 2243.
An
— Extra Div. —
Mills Corp., Fall River.
An
extra dividend ot 314 70 has been declared on the .S750,000 stock in
addition to the regular quarterly 1H%. both payable Oct. 1 to holders of
In June last an extra of 1 }^
was paid. V. 104, p. 2456.
record Sept. 21
—
%
.
Pacific
Gas
& Electric
Co. (Phoenix, Ariz.).
— Earnings.
1916-17.
Ju/y 31 Fears. 1916-17. 1915-16.
Gross earnings.. $429,164 $380,964 Bond, &c., int.. .$53,640
Net, after taxes. 158,972 118,798 Depreciation
44,539
Other income
1,070
9,909 Pref. div. (7%).
35,000
Gross income
26.863
160,042 128,707 Balance, surplus.
—V. 98, p. 917, 614.
1915-16.
$54,190
37,811
35,000
1,706
1
—
1
to holders of record Sept. 22.
Prairie Pipe Line Co.
— V. 103. p. 2348.
— Extra Dividend.—
An extra dividend of 5% a share has been declared on the $27,000,000
stock in addition to the regular quarterly 5% both payable Oct. 31 to holders of record Sept. 29.
This extra dividend was omitted in July last, but
had been paid quarterly since April 1916 previous to that.- V. 104, p. 1391.
.
—
—
—
Procter & Gamble Co. Notes to be Paid.
We are advised that the $2,500,000 5% notes due Oct.
off at
maturity on Oct.
—V. 105, p. 825.
Pugh[Stores Co.
1
1 1917 will be paid
1917 at office of National Park Bank, N. Y.
—
Petition in Bankruptcy.—^
involuntary petition in bankruptcy against this company was filed
in Chicago Sept. 20, among the petitioning creditors being the Dayton
Rubber Mfg. Co. and Alden H. Foster of Allegan, Mich., alleging that the
company committed an act of bankruptcy in making a preferential payment
of $250 to a firm of lawyers.
V. 105, p. 1003, 295.
An
Pullman Co.
pany
is
—
—
—
—
Earnings Status. ^An
quoted in Chicago as follows:
official of
the com-
Our earnings at the present time are larger than ever before, and I can
no signs of a recession in our business. Our depreciation and renewal
account for the fiscal year ended July 31 last, was over .$200,000 in excess
of any previous year, and a comfortable surplus was earned after paying
our 8% dividend. As for the recent decline in quotations for the stock of
the company, there is no reason for it from the standpoint of earnings and
prospects.
As the general market for high-class Investments has receded,
the stock of the company has only kept in line with the prices of similar
see
securities.
— V.
105, p. 825.
Remington Arms-Union Metallic Cartridge Corp.
—
Government and British Rifle Contracts. Further explaining the contracts entered into by the American and
British Governments for the manufacture of the modified
Enfield rifle in this country, we quote from the discussions
in the House of Representatives (much condensed):
U.
S.
— The contract forsome manufacture by athe
the
of
million
[modiwas entered into
months ago
War Department
with three separate concerns, the Remington Arms Co. [Remington ArmsUnion Metallic Cartridge Co. of Bridgeport, Conn. — Ed.], the Eddystone
Co. and the Winchester Repeating Arms Co. The Eddystone Co. was
Mr. Sisson.
fied Enfields]
rifles
awarded the contract for the manufacture of about two-thirds of a million
rifles and each of the remaining companies was awarded about half of the
other third.
[By Eddystone Co. is meant the Remington Arms Co. of
Delaware, operating as a subsidiary of the Midvale Steel & Ordnance Co.,
a plant at Eddystone, Pa. See V. 104, p. 1142; V. 105, p. 605. Ed.]
The contract is this: The Government agrees to pay 6% interest on the
value of the part of the plant which is actually used in manufacturing the
rifles during their manufacture.
In addition to that the Government agrees
to pay to the manufacturers 10% on the cost of the rifles.
The 6% is paid
only on the amount of the plant actually used in the manufacture of the rifles.
The English Government, in order to get these three factories to mani£facture for them 1,250,000 rifles, bought for the three factories $20,000,000
worth of machine tools, or those particular appliances needed for manu-
—
facturing the
rifles.
They completed the contract for the English Government. Our Government then entered into negotiations with the British Government to take
over that machinery. About 82,000,000 worth, bought by the British Government, was never used by the factories, and that left about $18,000,000
worth of their machinery actually in use in the three plants. Our Government purchased, in roimd numbers, this machinery for $9,000,000, and for
the purchase of material, odds and ends, ran it up to $500,000 more; so in
round numbers our Government pays the English Government for the
$18,000,000 worth of machinery, $9,500,000.
The maximum value of the plant used in the manufacture of rifles by
the three companies, according to Gen. Crozier, would be about $8,000,000,
although Mr. Scott seemed to think it would be $18,000,000, and he was
the expert adviser of the contract.
Mr. Sherley: I believe it is the belief of the War Department that they
will succeed in making rifles at considerably under $40 apiece, and it is the
testimony that the English paid over $42 per rifle.
We paid the English Govei-nment on the basis of 50% of the original cost,
because there was a certain amount of machinery which they retained, and
which the United States did not acquire. What we acquu-ed remains the
property of the United States, with the right to do what we please with it.
The contract expressly provides that the private corporation shall be paid
6% on the investment in that part of their plant that is used in this work
and, of course, they get nothing on the value of the property of the Government in the way of this machinery.
Mr. Madden: How do you segregate that?
Mr. Sherley: It is segregated by the fact that they are making an
Inventory of the value of the plant that is being used by these manufacturers in making these rifles, and only as that valuation shows will they
be allowed to charge 6% on that.
Mr. Madden: The private institution uses the Government's machinery?
Mr. Sherley: Yes.
Mr. Madden: How do they estimate the value of that, and tlie power,
with respect to the capital invested ?
Mr. Sherley: That is simply a matter of valuation. Personally I do not
how it is to be done, but it will be done by experts of the Government who
know how to do it. Compare V. 105, p. 1109.
Safety Car Heating
&
Lighting Co.
— Decision. —
The United States District Court for the Western District of N. Y. has
handed down its decision in the suit between this company and the Gould
Coupler Co., holding that the Gould "Simplex" system of electric car
is not an infringement of the Creveling patent owned by the Safety
Car company. The Court dismissed the suit with costs to the Gould
Coupler Co. The decision, it is stated, disposes of the last charge that
the Gould "Simplex" system infringes any patent. Compare V. 104
lighting
p. 458, 1708, 1903.
—
1315
—
—
San Diego Consolidated Gas & Elec.Co. Stock. Bonds.
The California RR. Commis.sion has authorzied this company to issue
$345,500 of its 7% pref. stock at not less than par, $500,000 of its First M
5% bonds at not less than 88, and .?400,000 of 2-year 6%, notes at not less
than 95. In lieu of selling the bonds the company is authorized to pledge
the same to secure the .§400,000 of 2-year notes.
The proceeds from the sale of the .stocks, bonds and notes shall be used
to pay floating debt and to finance the company's construction during the
year ending July 1 1918. Compare V. 105, p. 1004.
—
—
Saxon Motor Car Corp. New Sec.-Treas. Directors.
Benjamin Gotredson has been elected Sec. & Treas. and a director to
succeed E, E. von Rosen, resigned. Bernard Straus and Harry P. Harper
have been elected directors. A. E. Cooper has resigned and the board has
been increased from 6 to 7. V. 105, p. 1101, 1004.
—
Shattuck- Arizona Copper Co.
— Flotation
License.
—
This company has, it is reported, obtained a satisfactory license from the
Minerals Separation Co., Ltd., for the use of the flotation process of separating ore, and will presently proceed with negotiations looking toward the
erection of a 400-ton concentration mill.
As to Government price-fixing,
see editorial pages of this issue.
V. 105, p. 1110, 613.
—
Shenango Furnace Co.
—Mortgage Paid. —
This corapany, which for seven years has operated the property of the
Webb Iron Co. near Hibbing, Minn., has just paid off a mortgage of $2,500 ,000 against the property through the payment of a royaltj' of 25 cents
per ton on ore mined. V. 104, p. 2656.
—
—
—
Sinclair Cuba Oil Co. Incorporated.
This company was incorporated in Delaware on Sept.
12 with $1 ,000,000
authorized capital stock, which is entirely owned by the Sinclair Gulf Corp.
of N. Y., which latter company is affiliated with the Sinclair Oil & Ref.Corp.
—
Sinclair Gulf Corporation.— Sw?). Co. Incorporated.
Cuba Oil Co. above. V. 105, p. 1004, 503.
Sinclair Oil & Refining Corp. Notes Listed.
The N. Y. Stock Exchange has authorized the listing of $20,000,000
—
See Sinclair
Pilgrim Mills Corp., Fall River, Mass. -Extra Dividend.
An extra dividend of 2% has been declared on the common stock in
addition to the regular quarterly 1 ^ % on both the common and pref.
stocks, all payable Oct.
—
THE CHRONICLE
Sept. 22 1917.]
Osborn (Cotton)
— —
—
—
temporary 3-year First Lien 7% sinking fund gold notes, with authority to
substitute permanent notes, on official notice of issuance in exchange for
outstanding temporary notes. Compare offering
V. 105, p. 721 1004.
m
Annual Earnings, &c.
— Statement for the
,
full year 1916-17:
Combined Results for Year ended June 30 1917 (Including Subsidiaries).
Gross income for year ending June 30 1917
Federal Income and excess profits taxes
Interest on bonds, $564,882; int. on notes. $242,177
Net income
after interest
$10,938,320
$794,515
807,059
and taxes
$9,336,747
1,631,229
3,888,211
Reserve for depreciation and depletion
Dividends paid
Balance, surplus, for year ending June 30 1917
Previous surplus July 1 1916.
Add
$3,817,307
1,413,582
—
Total surplus June 30 1917, as per balance sheet below
$5,230,889
Income Account of Subsidiaries Entire Year ending June 30 1917.
Sinclair Oil Sincl.-Cud.
Sinclair Exchange
Total
&G.Co. Pipe Line Co. Refin. Co. Oil Co. Sub. Cos.
Total profits
$7,004,451 $1,132,884 $4,732,092 $21,018 $12,890,444
Net income
$6,089,663 $1,020,989 $4,098,864 $20,739 $11,230,254
Fed. inc. & excess
profits taxes
$314,336
$62,066
$310,226
$397
$687,025
Int. on bds. & loans
—
owned by
&
Sincl.
Ref. Corp.
848,626
Dividends paid... 1,925,000
Deprec'n,&c.,res. 1,271,027
Oil
Balance, surplus $1,730,675
Total profit & loss
surp.June30 '17-$2,485,490
173,282
355,000
92,074
722,664
1,675,000
268,127
445
1,745,017
3,955,000
1,631,228
$338,566 $1,122,846 $19,898 $3,211,984
$478,780 $1,609,023 $19,898 $4,593,191
30 1917.
CONSOLIDATED BALANCE SHEET AT JUNE
Assets (Total, .$80 ,929, 457)
Capital assets: Oil and gas leases, wells and equipment, trunk
Imes and gathering lines, refineries, tank cars, station equipment and investments at appraised values May 1 1916,
$47,002,049; additional properties and new construction,
$24,283,819; total, $71,285,868; less reserve for depreciation and depletion, $1,974,871; balance
$69,310,997
Cash on hand and in banks, $1,815,261; notes and accounts
receivable, $2 550 ,990
4 ,366 ,251
Inventories of crude oil and refined products (crude oil at market price when stored, refined products at cost)
6,363,660
Amounts due from affiliated companies
549,150
Deferred charges
339,398
Liabilities (Total, $80,929,457)
Declared capital in accordance with the stock corporation law
in N. Y., representing 1,000,000 shares authorized and outstanding with public
y$5,000,000
Purchase money obligations and amounts due for the purchase
of fLxed properties
2,839,826
Notes payable, now to be liquidated (see "x" below)
xlO, 160,000
Accounts payable
3, 739 ,157
Reserve for Federal and other taxes accrued, $878,504; interest accrued, $38,867
917,371
Due to affiliated companies
57,362
Crude oil suspense account
361 ,343
Surplus (representing excess value of assets over declared capital
and .surplus income), $52,623,509; surplus income at June 30
1917, $5,230,889
57,854,398
,
X To be liquidated by application of proceeds from the $20,000,000
3-year 1st Lien 7% sinking fund notes.
y Since increased to $7,500,000, represented by 1,500,000 shares of stock
without nominal or par value, in accordance with the amendment to charter
dated July 25 1917.
The company has applied to the New York Stock Exchange for authority
to list 500,000 additional shares of stock without par valye on official notice
of the issuance in exchange for stock opt on warrants now outstand ng.
V. 105, p. 1110, 1004.
—
—
Southern California Edison Co.^ Earnings, &c. G.
Ulbricht of 30 Broad St., N. Y., has received the following
by lettergram from President John B. Miller:
The following are the earnings of the Southern California Edison Co.
for July, which reflect results of the operation under the new contract
with the city of Los Angeles whereby the company becomes a wholesaler:
7 Mos. end. July 31
Month of July
Southern
S. C. E. Co.
5 Mos.
S. C. E. Co.
California and P. L.
P.
Comb.
andP.L.&P.
Comb.
2 Mos. Cons.
Comb.
1917.
1916.
1917.
1916.
&
Edison Co.
Operating revenue
Operating expenses
Net operatmg rev...
Other income (net)
Total net income
$603,669
$691,102 $4,445,213 $4,729,371
235,679
268,495
1,687,479
1,947,357
$367,990
$422,607 $2,757,7.34 $2,782,014
277,069
91,871
15,862
145,495
$459,861
$438,469 $3,034,803 $2,927,509
Interest
188,397
1,350,698
198,786
1,349,517
Bal. fordepr. & surp.
.$250,072 $1,684,105 $1,577,992
$261,075
[A San Francisco paper reports the following results of the company for
the year ending June 30 1917: Gross earnings, $9,252,627; net after taxes,
Ed.]
$5,605,970; interest, $2,555,041; and surplus, .$3,050,929.
Gross revenue for 19l7 affected by sale of gas properties in June 1916
and change to wholesale basis in Los Angeles city May 1 1917. Actual increase in electric output was 7%, which is reflected in surplus.
A charge
for uncollectible bills is now included in operating expenses.
[The company further reports that the system of the Pacific Light &
Power Corp. is being rapidly inter-connected so that substantial reductions
The company also announces the
in operating costs may be looked for.
purchase, through over 90% of the stock, of the control of the Mt. Whitney
Power & Electric Co. operating in the San Joaquin Valley. This company
has a large agricultural pumping load which, on account of its diversity,
None of the earnings of
is particularly valuable to the parent company.
the Mt. Whitney properties are included in the above figures. The parent
company with all of its subsidiaries shows for the month net earnmgs'of
$558,2.56, or 12% increase over the previous year and for the 12 months
ending July 31 .$5,901,986, or an increase of 6% .— V. 105, p. 1110, 613.
—
^
,
—
Southern California Gas Co. Offering
6% Bonds. The National City Co. is
gage
—
of First Mortoffering at 99
12W
THE CHRONICLE
and interest this company's First Mtge. 6% bonds, due
Nov. 1 1915, but redeemable as a whole, but not in part,
except for sinking fund upon 60 days' notice. Denom.
$1 ,000c *&r. A circular shows:
The company Kupplios ({as at retail and wholesale
for domestic
and manu-
of Los Angeles. lUversldo. .San Bernardino
and vicinities. The territory served has an estimated population of over
600.000, and includes the above named cities and 17 other cities and towns
in Southern California.
Earnlrtfix for the Twelve Months Ended July 3]
1916.
1910.
1917
1917.
Gro.ss oarninp;s_.'J80R,990 $l,2.'jfi,290 Other income.. ?68,20.'l
$1.36,118
.'i97.0'10 Total net income 369.129
Net, after taxes. ;100,92()
.533.158
facturlnc purposes In
tlio cities
interest requirement on all outstanding bonds
204,420
previous offering and a full description of this issue see V. 104, p. 2645.
Annual
For
—
Co.— Preferred
Stamford (Conn.) Rolling Mills
Slock.
This company has lately made an issue of first preferred stock amountiit?
it .sold at par privately to the stockholders, retirinK and
The company, operating plants
canrelin.'t an equivalent amount of notes.
at .Stamford and Springdale, Conn., for the production of rolled plate and
is a close corporation and publishes no statements
cast brass and copjier,
Evans R. Dick, I'res.; Harry Wright,
except those required by law.
V.-Pres. & Gen. Mgr.; E. C. Potter, V.-Pres.; E. T. Shaw, Sec. & Treas.
to .1425,000. which
— Plan. —
Gas &
—
Standard Oil Co. of Indiana.-— Acquisition. —
Standard Gas
& Electric Co.,
See Everett (Wash.)
This company
Chicago.
Elcc. C^o. above.
V. 105, p. 722.
have piircha.'cd the oil properties of John A.
Bell Jr. in Montgomery, Chautauqua and Butler counties, Kansas, for
SI ,500.000, thus inaugurating its plan to become a producer as well as reV. 105. p. 395.
finer and distributer of oil.
is
rei)orted to
—
Standard Shipbuilding Corporation.
—
—
Strike Settled.
the strike of the 2,000 machinists, carpenters and calkers
was settled through an agreement by which the company is understood to
have met the terms of the men. V. 103, p. 1597.
Last
Monday
—
Steel Co. of
Canada.
— Dividend. —
dividend of 1 }^ % has been declared on the common stock, payable
This compares with 1
1 to holders of record Oct. 13.
and J4 of 1 %
extra in May and August last.
The regular quarterly
on the pref.
was also declared payable the same date. V. 105, p. 494.
A
%
\%%
Nov.
—
Submarine Boat Corporation,
N.
—Y.
— Company
—
to
Build Fifty Steel Vessels o/ 5,000 Tons Each. Other Business.
President Henry R. Carse, in circular of Sept. 15, says in part:
The Submarine Boat Corporation
Contract o/ $40,000,000 /or Steel Ships.
has entered into a contract with the U. S. Shipping Board Emergency
—
Fleet Corporation to con.struct, as agent of the United States, 50 standardized steel cargo vessels of 5,000 tons each, the deliveries to commence in
June 1918 and the entire 50 vessels to be finished by Dec. 31 1918. This
work is to be done by the Submarine Boat Corporation at cost and a fee
upon the estimated cost. The fee will vary according to circumstances
with a guaranteed minimum payable in any event. This contract will
approximate a total of .S40.000,000.
If through the untiring efforts of all connected with the work at the steel,
structural and other mills and machine works throughout the country as
well as at the assembly plant, a saving should be made in the cost of the
vessels, or they should be completed ahead of the schedule time, an increase
in the compensation of the Submarine Boat Corporation is provided for.
All the preliminary arrangements having been made for the assembly plant
as well as for the construction of the different parts of the vessels, work
has already started and every effort will be made by working day and night
The Board has authorized this contract
to finish ahead of .schedule time.
on a moderate guaranteed compensation, as it believes the necessity for
these vessels is so great that the construction of them is a patriotic duty.
The plan of constructing standardized steel cargo vessels from regular
commercial structural shapes and plates, to be fabricated by the bridge and
tank shops of the country and assembled at a plant on the Atlantic Coast
was first proposed by Henry R. Sutphen, Vice-President of the company,
and presented to the Shipping Board in April, and the energy of the entire
organization of the Submarine Boat Corporation and its subsidiary companies, together with assistance of men experienced in all branches of the
industry, has since been devoted to working out the construction to the
smallest detail.
It is proposed to gather together a special organization
to handle this work in addition to the regular staffs of the Submarine Boat
Corporation and its subsidiary companies, the Electric Boat Co., the New
London Ship & Engine Co. and the Electro Dynamic C'o.
The work will be under the direct charge of Vice-President Sutphen and
arrangements have alread.v been made for the association with us of B. L.
Worden, formerly President of the Lackawanna Brid -e Co., George T.
Morton. President Chicago Bridge & Iron Co., George A. Anthony. Marine
Engineer to the Quartermaster General of the U. S. Army and Frank E.
Kirby, an eminent Naval Architect and Engineer of international reputation.
Naval Constructor Frank W. Hibbs of our own staff has been and will
continue to be closely connected with the work.
The management believes that the construction of steel cargo vessels
can be standardized to a degree almost equal to that in the automobile trade
and with the great demand for vessels during and after the war, this business
can be developed on a large commercial scale in this country.
Submarines Estimated lo Cost $31,000.000- The Electric Boat Co.. of
which practically all of the stock is owned by the Submarine Boat Corporation, has recently executed a contract with the Secretary of the Navy of
the U. S., which has been under negotiation for several months, for the
construction of 24 submarine boats of the "Holland" type, of 850 tons each,
on the basis of cost and a compensation of 10%, to be completed in about
two years time. The estimated cost of these 24 submarine boats is $31.000,000. This work will be done under the direction of Vice-Presidents
Spear and Davison.
In addition to this contract, the Electric Boat Company has uncompleted contracts in process for work to be done in the United States amounting to about $20,000.000 upon which rapid progress is being made by
—
—
working day and night.
Large numbers of submarine boats from our designs are being built in
Europe, but it is not possible to obtain definite information in relation to
the interest this company may have therein under the present war conditions.
—
Submarine Chasers. The Elco Works of the Electric Boat Co., that built
the 550 submarine chasers for the British Admiralty, is now building 16 of
the 1 10-foot motor boats for the U. S. Navy; also 90 of its standard 80-foot
submarine chasers for the Italian Government, and has recently received
a repeat order for account of the British Government for 30 more of the 80fool boats.
The specifications call for these boats to be as good in every
way as the 550 Elco chasers already delivered. V. 105, p. 1110, 825.
Temple
Coal Co. — Bond
Call.
—
—
Seventy-three ($73,000) First and Collateral Trust Mtge. Sinking Fund
gold bonds of 1914 have been called lor payment Oct. 1 at 101 and int.
at Penna. Co. for Insurances, &c., Philadelphia.
V. 104. p. 1050.
Tobacco Products Corp., N. Y.
—
— Neiv Factory. —
The company confirms the
report that it has purcha.std a large cigarette
factory in Kichmond, Va., with a capacity of from 20.000.000 to 25,000.00(1
cigarettes per day.
The purchase was made nece.s.sary by the large increase
in export demand for various Tobacco Products brands .—^V. 105, p. 186.
—
—
^j-**
^ Torring:ton Co. Extra Dividend.
An extra dividend of 1% has been declared on the common stock in addition to the regular quarterly 3%, both payable Oct. 1 to holders of record
Sept. 20.
In July last a
1110. 1100.
"Red Cross" dividend
p.
Trumbull
Steel Co., Warren,
-i
of
1% was
-.
<
paid.
— V. 105,
O. — Extra Dividend. —
An
extra dividend of 2% has been declared ou the common stock, in
addition to the regular quarterly dividends of \Vi% on the common and
on the pref. stocks, all payable Oct. 1 to holders of record Sept. 20.
In July last an extra of 1% was declared for the benefit of the "Bed Cross."
V. 105. p. 296. 78.
1M%
—
union Power & Light Co., Omaha, Neb.— Pre/. Slock
Offering.— Burns, Brinker & Co., Omaha, Neb., are offering
at $100 per share, $500,000 7% Participating Cumulative
[Vol. 105.
&
prt'f. (a.
d.) stock of this companj', which owns and operates, without competition, service stations and transmis.sion lines furnishing either electric light, power or gas
to a group of 12 prosperous towns in Nebraska, Iowa and
South Dakota.
The company agrees to redeem .?25,000 of the pref. stock on Jan. 1
annually at .SlOO for the years 1921-19.35 and at $102 for the years 1936-1940.
Di\s. Q.-J.
Further particulars will be cited another week.
—
—
U. S. Steel Corporation.
Tenders for Suh. Co. Bonds.
Illinois Trust & Savings Bank. Chicago, as trustee, will receive
The
tenders until Sept. 24 for the sale of First Mtge. 5% gold bonds of the
American Steamship Co. of W. Va., due 1920, to the amount of $220,000.
Wage Increase Announced for Employees of Subsidiaries.
Chairman K. H. Gary on Sept. 20 made the following announcement:
"It has been decided to increase about 10% the wage rales of the work-
—
men of our subsidiary companies, to take effect Oct. 1 1917. Equitable
adjustment will be made.'
This is the second time this year, and the fifth time since the beginning
of 1916. that the corporation has made a 10% advance in the wages of
employees.— V.
its
105, p. 1110. 1004.
—
—
mortgage
—
5%
Power Co. — Note
—
—
Victor Talking Machine Co. Litigation.
See (K. II.) Macy *c Co. above. — V. 105, p. 820.
Walworth Mfg. Co., Boston. Mortgage.
This company has filed a
securing an issue of .$2,000,000
Western Maine
with the Equitable Trust Co., N. Y.,
bonds. V. 105, p. 395, 78.
—
—
Merger.
OfferingSmall, Portland, Me., are offering at 97}4 and int.,
yielding 6J^%, this company's issue of 8108,000 First Lien
secured gold notes, dated Dec. 1 1916, due Dec. 1 1919,
but callable on any interest date at 101 and int. Denom.
$1,CC0.
Interest J. & D. at the Canal National Bank,
Portland, Me., trustee. A circular shows:
Company. The company's system operates under a perpetual charter
Beyer
&
5%
—
and furnishes the entire electric light and power service in the following
towns and villages in York, Cumberland and Oxford counties, viz.: Newfield, Limerick, Limington and South Limington, in York County; Steep
Palls, Ea.st Baldwin, West Baldwin and North Baldwin, in Cumberland
County; Hiram and East Hiram in Oxford County. The company is
extending its lines to East Sebago, North Sebago and Denmark, where it
will furnish electric light and power exclusively, and to Bridgton, con.solidating its service with that of the Bridgton Water & Electric Co., furnishing
electric light and power and water supply to Bridgtcn.
—
Authorized.
Capitalization
Outstanding.
stock, $100 par
$250,000
S32.500
Preferred
stock, $100 par
2.50,000
52.500
First lien notes. _
450,000
108,000
Our stockholders own all of the outstanding stock of Bridgton Water &
Electric Co., and application is pending for authority of P. U. Commission
for merger.
The Bridgton Water & Electric Co. has outstanding common
stock (auth. $90,000), par $100. $63,600; First Mtge.
bonds, due
1923 (auth. $90,000), $82,500.
Combined Earnings for the Year Ending June 30 1917.
Common
6%
4M%
Gross earnings
$29,761 |Int. on Western Co. notes
$5,400
Net, after taxes
$17,658 IDivs. on West. Co. pref. stk. 3.150
Int. on Bridgton bonds
$3,712 [Balance
5,396
Security of Notes.
This issue is secured by deposit of S120.000 First
Mortgage 5% bonds of the Western Maine Power Co.. the authorized issue
of which is $500,000.
No additional bonds can be is.sued except to retire
the notes, making these notes an absolute first lien on the entire property.
Property.
A complete modern hydro-electric power station. The company is in a position to take on a greatly increased power load now awaiting
this service.
Various undev^oped water power sites arc on the Saco and
Little Cssipee Rivers and of great potential value, having a probable
present market value (based on recent sales) in excess of the entire issue of
notes.
The company obtains adequate emergency service from a connection with the power lines of the Cumberland County Power & Light Co.
—
—
(V. 104. p. 2235.)
—
Frances E. Moulton, Pres.; Charles G. Moulton,
{Officers and Dirertors.
Treas.; J. Merrill Lord. Sec, and Frank D. Fenderson, all of Limerick, Me.,
and George D. Baker, of Beyer & Small, Portland.)
— Censorship. —
Westinghouse Electric & Mfg. Co. — Sub. Co.
Western Union Telegraph Co.
See editorial colums on preceding pages.
— V. 105. p. 916, 186.
Suit.
—
The New England Westinghouse Co.,
a subsidiary concern, organized
to complete an order for 1,800,000 rifles for the Rus.sian Government, has
brought suit in the United States District Court at Jersey City, N. J., to
recover $120,000 and interest from. Aug. 5 1915 from the Crucible Steel Co.
The sum named represents an advance on a contract for 1,000,000 rifle
barrels which, it is claimed, were never delivered.
The defendant on Sept. 13 set up a counter claim for $813,000, alleging
that after the Westinghou.se Company had paid it $120,000 to apply on the
contract for rifle barrels the contract was canceled and that it thereby lost
$813,000.— V. 105. p. 1004, 916.
—
—
—
Westmoreland Coal
Div. Inc.
Co., Phila.
Officers.
has been declared on the stock, payable Oct. 1 toholders
This compares with 2% quarterly since July 1916.
of record Sept. 18.
The following change in officers has taken place: George McCall elected
Vice-President to succeed Harry C. Adams, deceased' Herman Roll, Secretary and Assistant Treasurer, was elected Treasurer to fill vacancy caused
by Mr. McCalls election, and Howard R. Yearsley, Assistant Secretary,
A
dividend of
4%
was elected Secretary.
— V.
97. p. 53.
—Army Contract. —
—
Dividend. —An
of America. —
Winchester Repeating Arms Co.
See Remington Arm.s-Union Met. Cartridge Co. above.
Wire Wheel Corp.
V. 105. p. 1110
Initial
4%
has been declared on the
semi-annual dividend of
stock for the period ending Sept. 30 1917, payable
Oct. 1 to holders of record Sept. 21.
An official report says in substance:
initial
pref.
Capitnlizatinn
Preferred Stock
—
8%
Authorized.
Issued.
Cumulative (par value $100)-. -$5,00n.m0 $4,000,000
lOO.OOOshs 100,000.-hs
Common Stock (no p-ir value)
The preferred stock is redeemable as a whole or in part on any dividend
date ou'30 days' notice at lOSand accrued di\ idend lo April 1 1918, thereafter at 107^ and accrued dividend to April 1 1919. and thereafter at 110
and accrued dividend.
Earnings.
For 12 months ended Dec. 31 1916, net earnings of the Houk
Mfg Co. alone were approximate^ $600,000. Wilh the in<re;ised output
at the plant of the Houk Mfg. Co. and with the additional output of the
Springfield plant, the net earnings of the Wire Wheel Corp. of America
from April
to Aug. 31 1917, were approximately $470,000.
An increasing demand for wire wheels greatly in excess of the proposed
output for the year 1917 and of present manufacturing facilities, is indicated
by inquiries among automobile manufacturers. The corporation is assured
of ample deliveries of spokes and nipples through definite arrangements
with the Standard Co., of Torrington, Conn a subsidiary ol the Torrington
Co., and it is in a .-alisfaciory position as regards other nece.s.sary materials.
Morton Lachenbruch & Co. are interested in thestock. V. 104. p. 1296,
—
I
,
Wyman- Gordon Co., Worcester, Mass. —
—
Stock Offering.
—
a price to yield 6.65%, a block
of 100 shares of the common stock of this company, .manufacturers of the
highest grade drop-forgings, with plants in Cleveland. Ohio, and Worcester,
Mass. The co is paying regular dividends of $20 per share on this stock.
This, according to an advertisement, is the first time the public has had
n opportunity to share in the profits of this concern, the common shares
eing held by less than 30 stockholders. See offering of pref. stock and
V. 102, p. 1168.
escription of property, &c.
L.
Sherman Adams,
Bo.-.ton, is offering at
—
I
@
@
THE CHRONICLE
Sept. 22 1917.]
1317
SUGAR
lower for spots; centrifugal, 96-degrees test,
6.90c.; molasses, 89-degrees test, 6.02c.; granulated, 8.20
8.50c.
The statistical position is considered strong. Supplies of cane look rather light to carry the trade until beet
COMMERCIAL EPITOME
Friday Night, Sept. 21 1917.
General trade tends somewhat to increase and it is believed
will show a distinct improvement when price fixing and
Crop reports
profits taxation legislation are out of the way
are in the main favorable, though undoubtedly many parts
So
of the com belt would be the better for warmer weather.
would other crops. Money has been easier and this and the
rally of prices at the Stock Exchange have had a more or less
.
heartening effect everywhere in the American business world.
Cotton has risen sharply but this is attributed largely to a
retarded movement of the crop, partly at least because of a
Yet consumers at home and abroad have unlate season.
doubtedly been active buyers while the Southern grower has
shown no anxiety to sell. Recently the United States Government seized some 80,000 barrels of flour here, originally
intended for export to Norway. The aim was to reUeve the
The
scarcity of flour here and it promises to succeed.
scarcity of flour at Chicago and of wheat at MinneapoUs
seems to have been exaggerated. Receipts of spring wheat
The flour output
at the West have increased noticeably.
increased at all the big producing centres. Failures are the
Retail trade has improved. General
smallest for years past.
business is on a more conservative scale. Big Government
orders keep many industries busy, with two or three shifts
of labor a day and the great war preparing machine driving
ahead at 24 hours a day speed. The trade of the great
cantonments is enormous. Expenditures by the Government are lavish for the sake of speed. The word is "Hurry"
all along the line in a hundred great avenues of industry with
one supreme object in view. On the other hand, the labor
The supply naturally grows
situation causes uneasiness.
Strikes are numerous,
smaller as the draft progresses.
notably on the Pacific Coast. In not a few Unes of trade
Government orders monopohze the business. The steel
industry is hampered by the increasing difficulty of getting
bituminous coal. The Government, it is surmised, may
have to take measiu'es to supply some of the big steel concerns with the requisite supply of coal in order to faciUtate
deUveries of steel on Government orders. Pending the fixThe price of
ing of prices, steel and iron have been quiet.
copper has been fixed at 23 3^c. Car shortage is still comIt is said to retard the movement of the cotton
plained of.
And after all,
crop, though this in any ease would be late.
trade in not a few branches is hurt by the lack of labor and of
These handicaps have existed
coal and other raw materials
The point is that they increase rather
for some time past.
than diminish. And the cost of living on the whole is higher
than ever, notably of food. Economizing on clothing is
Yet taking the trade of the country as a whole,
noticeable.
it is in good shape.
.
LARD
higher; prime Western 24.45c.; refined to the Con25.75c., South America 25.90c., Brazil 26.90c.
Futures advanced and then receded. With hogs and corn,
they advanced at one time, but reacted later, owing to
realizing.
Hog receipts have been small, yet have increased
of late somewhat and some are predicting a sharp increase
before long. Besides, compound lard is selling in increasing
This, of
quantities at a good discount under pure lard.
In
itself, has naturally had a more or less depressing effect.
Liverpool lard has been in urgent demand. To-day prices
advanced with hogs 10c. higher, reaching $18 85. Packers
Prices are up for the week.
bought lard moderately
tinent
.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Sept. delivery
October delivery
cts-23.97
.23.85
Mon.
23.87
23.75
Tues.
23.77
23.62
Wed.
23.95
23.85
Thurs.
24.05
23.90
Fri.
23.92
PORK
higher; mess, $47@$47 50; clear, $45@$48; beef
products, higher; mess, $29@$30; extra India mess, $48
Cut meats higher; pickled hams 10 to 20 lbs., 24}^
$49.
Liverpool advices state
25J^c.; pickled bellies, 31@33c.
that the general market there continues strong, but scarcity
and dearness of export offerings restrict business. Arrivals
of all sorts are light and the floating quantity moderate.
American offerings are small. Bacon is in urgent demand.
Butter, creamery, 445^@453^c. Cheese, State, 25 ^c.
Eggs, fresh, 46@47c.
4 Santos,
9M@10c.;
Futures have continued
practically to mark time, declining a little and then recovering, but fluctuations keeping within very contracted bounds.
The visible supply in the United States is some 815,000 bags
larger than a year ago.
It is necessary for the Brazilian
Government to restrict receipts at Santos to 50,000 bags
daily and in addition it has had to begin buying in Santos in
order to stabilize prices said to be on the basis for Santos No. 4
of about 8c. f. o. b. at Santos.
But buying it does not consume it. Estimates of the Brazilian crop are large and the
European market is sharply restricted. Rio prices advanced
100 reis on the 18th inst., buton the other hand Rio exchange
dropped l-16d. All of which does not help spot trade or
good Cucuta, 103^@103^c.
speculation in this country. To-day prices closed 5 to 13
points lower with sales stated at 37,750 bags. Prices are
slightly lower for the week.
Sept
cts.7.26@7.30 January, cts.7.51 ©7.52 May
ct8.7.80@7.82
October
7.26(3)7 28
February ...7.59®7 60 Juno
.7.67(gi7.68 July
November ..7.35(97.37 March
December. ..7.43(3*7. 44 April
—
14i^@15c.; corn, 14c. Cod,
Newfoundland, 90@92c.
Spirits of turpentine, 43H@44c.
Strained rosin, common
to good, $6 35@$650.
Cottonseed oil closed higher on the
spot at 17c. Closing prices were as follows:
M^
Sept_.cts. 17.00® 17.50 Dec... cts. 16.07® 16. 09|Peb--.cts- 16. 15@ 16.25
October... 16.."i6fii 16. 40, January ..16. 15® 16. 16 March
16.28® 16.-30
November 16.05@16.10l
lApril
16.3n®]6.40
fu-m; refined in barrels, $10 35@$11 35;
bulk, $5 50@$6 50; cases, $15@$16. Naphtha, 73 to 76
degrees, in 100-gallon drums and over, 473^e.
GasoUne,
firm; motor gasoline, in steel barrels, to garages, 24c.; to
consumers, 26c.; gasohne, gas machine, steel, 41c.; 72 to 76
degrees, steel and wood, 38c.; 68 to 70 degrees, 28@32c.
Recent large strikes in Butler Co., Kansas, give added
interest to the operations in Butler, Montgomery and
Chautauqua Counties, where it is said that the Standard
Oil Co. of Indiana has bought oil properties.
Operations in
PETROLEUM
Powell Co., Ken tic ky, and Licking Co., Ohio, are watched
with interest. California advices report the Standard high-grade gusher well in the Whittler field, starting at the rate
of 10,000 barrels a day of 32 gravity oil, as holding up at
between 8,000 to 9,000 barrels which, with two earlier completions brings the company's daily total for the lease to
20,000 barrels a day.
Pennsylvania dark $3 50 North Lima
$2 08 Illinois, above 30
Cabell...
degrees
2 57 South Lima
2 08
$2 12
Mercer black
Indiana
2 23
198 Kansas and OklaCrichton
1 50 Princeton
homa
2 12
2 00
Corning
2 60 Somerset. 32 deg._ 2 40 Caddo, La., light. 2 00
Wooster
2 38 Ragland
1 10 Caddo, La., heavy- 1 00
Thrall
Strawn
De Soto
2 00
2 00
... 1 90
2 00 Canada
2 00 Healdton.
2 031 Henrietta
Electra
Moran
Plymouth
TOBACCO. — Domestic
2 48
1
20
2 00
has been firm, partly owing to
to the crop, particularly in Connecticut.
The demand is fair and there is certainly no pressure to sell. The
last Sumatra inscription wiU
be held here to-morrow, at
which about 3,500 bales will be offered. This final sale is at
an earlier date than usual, two steamers having recently
arrived with about half the quantity that will be offered.
The last sale brought high prices, and it is believed that tomorrow's sale will be no less successful. The latest weekly
Governnient report states that the harvesting of tobacco
progressed under favorable weather conditions in Tennessee
and Kentucky and from North Carolina to Maryland. The
late crop was maturing nicely in Virginia.
Considerable
damage occurred by frost in
England and Pennsylvania, the frost injury in the latter State being placed at
15%. The plant is doing well in Wisconsin.
was higher for a time; Lake here on the spot was
27@27%c.; electrolytic, 27@27J^c.; for fourth quarter
electrolytic, 26@26J^c.
The Government price was fixed
This is the price for all United States Governat 233^c.
ment and Allies' purchases. The price is effective for four
months. This price is considered fair and wages wUI not
be reduced. Lead lower on the spot at 8c. On the 19th
inst. prices dropped 1 cent.
This makes a cut of 3 cents in a
month. The Government price is 8 cents. But demand is
light and production has increased.
Tin easier on the spot
Total arrivals
at 61J4c. in sympathy with London cables.
thus far this month, 1,685 tons; afloat, 4,600 tons. Spelter
firmer on the spot at 83^@8^c., owing to support given by
damage
New
COPPER
Government purchases.
COFFEE lower; No. 7 Rio, 8Mc.; No.
fair to
sugar and Louisiana sugar augments the supply. In Cuba
small.
Of course, specuOfferings are very moderate.
lation here is at an end.
General trade has been dull, pending action by the Government, but when the Government
plan is put into operation, the deadlock now existing will
be followed, it is believed, by brisk trading. Cuban weekly
receipts at ports were 13,393 tons, against 9,265 tons last
week and 1 ,907 tons last year; exports, all ports, 60,977 tons,
against 60,702 tons last week and 19,845 tons a year ago;
stocks, all ports, 133,879 tons, against 181,463 tons last week
and 335,146 tons last year. Heavy rains are reported at six
ports. The Government has stated 7.25e. as the price of beet
sugar, meaning a retail price of about 8c. The beet crop
will be available about the middle of October.
OILS. Linseed lower; city, raw, American seed, $1 20
@$1 22; city boiled, American seed, $1 21@$1 23; Calcutta,
$1 40. Lard, prime, $2 05@$2 10; cocoanut, Cochin, 21c.;
Ceylon, 163^@17c.; Palm, Lagos, 20@21c.; Soya bean,
it is
7.74®7.75
7.8.s@7.89
7.96(^7.97
PIG IRON prices are drifting downward. Much of the
business, it is true, is with second hands and in iron originally
taken for export. Also, however, furnace prices are lower.
Sales are reported of Eastern foundry at $43 for No. 2 plain
at furnace.
No. 2 Birmingham is at $47 and $2 less for
1917 delivery. Basic iron sold at $42 at furnace, $6 less than
Meantime wages are rising. The United States
last week.
Steel Co. has just raised them 10%.
STEEL prices tend downward as the trade awaits the
Government fixing of the price. Private business still
keeps in the background as Government orders naturally
take precedence of everything else. The shortage of gas
coal may necessitate the Government taking measures to
supply coal to iron and steel mills from which it expects
Meantime mills are more anxious to sell. Steel
deliveries.
bars for the last quarter of the year have fallen to 33^c. at
mill, tank plates to 7^c. and black sheets to 7^c.
Itv is
apparent that high prices have checked consumption.
Bricige and building construction will plainly make no such
favorable showing as it did in 1915 and 1916.
THE CHRONICLE
1318
[Vol. 105.
COTTON
On Shipboard, Not
Friday Night, Sept. 21 1917.
THE MOVEMENT OF THE CROP,
by our
For the
as indicated
telegrams from the South to-night, is given below.
week ending this evening the total receipts have reached
160,421 bales, against 142,060 bales last week and 112,138
bales the previous week, making the total receipts since
Aug. 1 1917 709,928 bales, against 964,814 bales for the
same period of 1916, showing a decrease since Aug. 1 1917
of 254,886 bales.
Mon.
Sat.
Wed.
Tues.
Thurs.
Fri.
Total.
i
9,082
7,377
15.858
7.965
6,218
7,097
53,597
l".263
r.26.3
2",i66
Galveston
Texas City
Port Arthur. &c.
New Orleans
Mobile
Pensacola
4',
3.790 20,062
405
2,748
163
4".26i
2",309
3",439
498
275
373
845
352
6",43i
8'.268
757
u'sSo
8'356
"344
292
697
'415
526
494
"698
236
610
""75
777
"653
814
331
'628
970
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
N'port News.&c.
New York
r,064
""44
229
Boston
Baltimore
PhUadelphia
10".
'265
21.557 33.710
253
87
1.106
"174
r,600
53,239
6,500
3,715
4,466
3.491
87
7,120
1,600
598
335
i
5,812
95
455
598
"70
21,002
Totals this week.
I'eoo
7,877
6,500
982
1,628
21.069
25,096
37,987 160,421
The
following shows the week's total receipts, the total
1 1917 and the stocks to-night, compared with
last year:
since
Aug.
1917.
Receipts to
Sept. 21.
Since Aug
1 1917.
This
Week.
Galveston
fTexas City
Port Arthur. &c.
New Orleans
Mobile _
Pensacola
Wilmington
.
.
Norfolk.
N'port News, &c.
New York
Boston . .
Baltimore
1917.
1916.
149,264
90
163,290
15,814
50
134,132
10,598
""5".869
"4,650
"2",2.37
108,8.34
3,200
7,410
44,853
36,950
153,586
5,000
36,308
40,414
27,750
"6"4",669
8"3",937
8,887
23,645
4.789
4,971
4.593
422
223.394
27.000
28.000
24.468
50.621
8.515
1,276
4,316
1,669
495
709,928 230.375
l",666
53,239
6,500
3,715
4,466
3,491
87
7.120
1,600
598
Charleston
964.814
555,895
683.654
335
Philadelphia
Totals
Stock.
386.244
17.078
2.097
148.101
35.731
99,676
5,609
492
37,840
2,024
7.948
100,891
18,170
1.155
2.442
2.870
198.934' 51.464
34,000
4,000
12,577 10,477
6.898
9,163
26,975
6,061
577
17,651
350
18.009
247
12.713
108
r263
20,062
2,748
Savannah
Brunswick
i
This Since Aug
Week.
1 1916.
248,661
53,597
Jacksonville
1916.
1
.- 160,421
.899
1
"8'4.997
13,657
974
In order that comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
Receipts at
—
1917.
Galveston
1916.
99,676
6,101
37,840
2,024
51,464
4,000
10,477
9,163
6.061
20,062
2,748
53,239
6,500
3,715
4,466
3,491
87
11,253
Mobile
Savannah
Brimswick
Charleston. &c
Wilmington..
Norfolk
N'port N.,&c.
All others
Total this wk.
160,421
230.375
284.998
Since Aug. 1.
709,928
964,814
725,582
The
1912.
146.322
22.401
17,524
18,082
92,934
12,000
27.211
18,797
8,913
216
3,122
186.815
35,117
17,993
9,941
58,994
5,500
21.977
23,996
12,938
97.716
"2".367
1913.
52,502
1,615
8,240
3,488
18,574
500
4,075
3,720
2,651
461
1,890
97,402
26,079
28.704
5.853
64,494
4,500
23.749
19,508
12,342
""3",569
53.597
1,263
TexasCity.ifec
New Orleans.
1914.
1915.
367,522
373,946
264
511
282,468 1,316,717 1,171,516
exports for the week ending this evening reach a total
which 67,064 were to Great Britain,
Ex37,093 to France and 27,061 to other destinations.
ports for the week and since Aug. 1 1917 are as follows:
of 131,218 bales, of
Week ending
Sept. 21 1917.
Exported
—
From Aug.
to
1 1917 to Sept. 21 1917.
Exported to
—
Exports
from—
Great
Britain, France.
Galveaton.
Pt.Arth.,&c
Other.
Total.
Great
Britain.
France.
Other.
21,500
Total.
11,218
105,314
7,275
142,508
14,785
1,929
91,731
51,564
23,866
150,360
23,048
10,909
3,033
6,792
11,218
67,064 37,093 27,061 131,218
413,407
97,427
133,498
644.332
Total 1916. 32,233
3,865 23.628 59,726
Total 1915. 49,230 35.614 38,634 123,478
332.951
142,689
93.300
57,062
253.996
206,532
680,247
406,283
NewOrleana
Mobile
8,391
3,950
7,725
4",496
8,391
'660
9",i66
7,725
Pensacola. _
Savannah _ _
Brunswick .
Norfolk ...
New York.
Boston . 6 . _
13",i6i
11,432
1,002
7,210
21,944
33',948
20",i47
11,432
5,169
14,389
23,048
4467
7,179
1,104
Baltimore..
Philadel'a.a
San Fran. 6.
Wash'ton . b
Total
6',792
a Total since Aug.
1
'3"8'9i7
1,783
4,390
"3'o',732
"3'l",05i
"9',6o6
20,674
"56',764
1,104
"6",792
6',792
11,218
83,814
5,492
102,201
14,785
1,929
29,948
51,564
14,866
72,922
21,944
10,909
3,033
11,218
Includes additions of cotton not previously reported.
6'Exports in .August not previously available.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
add similar figures for
We
New
York.
—
Sept. 21 at
Galveston
New
Orlean.s.
.Savannah
Charleston ..
Great
Ger-
Britain. France.
46,076;
17,169
Cleared for
Other
many.
Cont't.
—
Coast
wise.
1,750
7, .'5.54
7,500
277
6,156
Leaving
Total.
8:J7
15.000
2,500
Mobile
6',909
Norfolk
6,000
'400
98
Other ports..
5,000'
5,ooo:
62,880
24,439
17,500
New York
Total 1917.
Total 1916.
Total 1915-
101.154
.55.684
6,000
100
19,710
38.968
54.809
91,3.34
7,410
6, .348
6,008
17.000
5,000
30,856
47,669
85,114
11, .335 140,226
18,718 131,-594
415,669
552,060
796,913
6,000
8.027
18.224
86,384
60,558
7",369
'
65.597: 16,079
Stock.
5,566 142,511
Speculation in cotton for future delivery has been more
active at a very sharp advance in prices.
This was mainly
duo to a strong demand from trade interests, American,
English and Japanese, and a belated movement of the
This has caused an advance in spot markets. The
crop.
basis has been high and at the same time there have been
reports that the South was holding back cotton, being, it
is said, dissatisfied with the present price after seeing it as
high as 273^c. The receipts at both the ports and the interior towns have been smaller than were expected and at
the same time the exports, though moderately smaller than
up to this time last year, have been larger than it was feared
they might be what with the scarcity and dearness of
ocean freights, the reduced consumption decreed for France
by the French Government and the reduction of 40%
in the consumption of British mills for three mon ths, beginning Sept. 10 Cotton, it is stated, cannot be brought
to New York except at a loss.
The stock here is still small.
Sept. 25 is the first notice day on October contracts, but
it is not believed that many notices will be issued.
Stocks
at Liverpool are also still very small.
It is believed that
very large export engagements for September have been
hard to execute, because of the lateness of the crop and the
extreme firmness of prices. Also some of the crop reports
have been unfavorable. There is said to be little prospect
of a top crop in Georgia, Alabama and Oklahoma.
Boll
weevil damage continued in Alabama, Mississippi, Arkansas and Oklahoma. And over a considerable portion
of the belt the weather has been too cool.
This has naturally
retarded growth in North Carolina, South Carolina, Georgia,
Alabama and Tennesee. In all central and eastern districts of the belt, temperatures have been considerably
below the normal. The plant in some sections is said to
lack vitality owing to defective fertilization. At times,
there have been fears of a tropical storm. For days there
was a low barometer off the coast of Florida. And hedge
selling by the South has not assumed the menacing proportions that it might have.
Hedge buying has more than
offset it.
As regards hedge sales, they may not prove as
depressing a factor as at one time seemed probable. For
it looks now as though the Liverpool Cotton Exchange may
reopen on Oct. 1 for less restricted trading. That may
mean that considerable of the hedge selling would be done
there instead of all of it being thrown upon New York,
with an inevitable depressing effect. As the South is supposed to be well supplied with funds after a season of remarkably profitable prices it is assumed that if prices should
faU below 20 cents there wiU be a good deal of cotton held
back. Meanwhile, the mills of this country are said to be
working to their utmost capacity. Some are beginning
to predict an even larger domestic consumption than the
unprecedented figures of last season. Finally peace talk
and food riots in Germany have been among the forces
which have operated to bring about an advance within
a week of between $9 and $10 a bale. Hungarian statement it is declared are in some eases ready to move for
peace. The food riots are reported in four German cities.
On the other hand, it is believed that when the crop begins
to move freely, prices will decline.
It is said now that the
September engagements are largely provided for. Exporters obligations for October may be put off for a time.
Meanwhile, there is no organized bull speculation. The
outside public practically ignores it. As for the crop very
many believe that it has suffered no material damage.
report published the other day showed an actual improvement in Teaxs. Very many are of the opinion that exports
this season are bound to bo much smaller than those of last
season. And while some are looking for a comparatively
early peace, others believe that the end of the war is far off.
—
A
American
mills
have
latterly
been buying
less freely.
And
there are those who believe that the domestic consumption
win fall below that of last year. They think too that there
will be no prolonged holding movement with cotton ruling
at so high a price and big Government bond issues ahead.
And it is not supposed that Southern banks will be as ready
to encourage holding as they would if the price were about
half what it is.
To-day, however, prices again advanced,
this time 125 to 135 points and ended near the top.
The
rise was due to light receipts, strong spot markets and
vigorous buying by trade interests at home and abroad
and also some accession of out and out bull speculation
partly for account it was supposed of big operators in Wall
Street if not at the West.
Liverpool was again buying
The short interest was cowed by the big advance. The
technical position is weaker for shorts have been drive
out and new bull buying has appeared in larger volume.
Some falling off in the spot demand was reported in parts
of the South after recent heavy buying for September ship-
i
—
c
-
Before long the crop movement is expected to inSouthern hedge selling on the rise was larger.
Middling uplands closed at 24.70c. showing an advance
for the week of 290 points.
The following averages of the differences between grades,
as figured from the Sept. 20 quotations of the eleven markets,
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
ment.
crease.
York market on Sept.
Strlot
0.75
0.54
0.38
0.19
0.27
0.64
1.10
fair
good middling
mlddUQg.
low mlddUng
Low mlddUQg
Strict good ordinary
Strict
Strict
on Strict middling "yellow"tlnged-0.20
0.42
on Middling "yellow" tinged
on Strict low mid. "yellow" tinged.. 0.75
on Low middling "yellow" tinged.. 1.16
off
off
off
off
Good middling "yellow"
stained. 0.49
Strict middling "yellow" stained. 0.71
Sat.
21.45
off
off
off
off
off
off
ofi
0.95
0.51
0.81 ofl
1.12 ofi
Mon.
Tues. Wed. Thurs.
Fri.
21.50
21.70
24.70
NEW YORK QUOTATIONS FOR
22.90
32
23.35
YEARS.
New York
on
upland at
Sept. 21 for each of the past 32 years have been as follows:
for middling
13.10
9.40
12.20
9.75
10.85
11.30
11.60
9.00
24.70 1909.
16.15 1908
--11.25 1907
1906
13.60 1906—
11.85 1904
11.15 1903
13.90 1902
1917.C
1916—
1915
1914
1913
1912
1911
1910
—
Movement
Towns.
1901-C... -- 8.31
1900
--10.50
1899
.-. 6.62
1898
... 6.56
1897
... 6.81
1896
.. 8.62
1896
-- 8.25
1894
-- 6.69
1893. c1892
1891
1890
1889
1888
1887
1886^---
... 8.38
... 7.31
... 8.38
-.10.44
.--11.25
..-10.44
... 9.69
... 9.38
Ala., Eufaula..
Helena.
Arls.,
Rock..
Little
Pine Bluff...
Ga., Albany
1,372
1,866
Athens
Atlanta
4,205
29,461
Augusta
Columbus
746
7,405
382
7,465
330
Macon
Rome
La., Shreveport
Miss.,Columbus
Clarksdale*..
1,8
Greenwood
1,794
Meridian
Natchez
Vlcksburg
Yazoo City ..
Mo., St. Louis
N.C.Gr'nsboro
858
2,092
495
1,020
3,303
302
Raleigh
C, Cincinnati
Okla.,
10
2,507
Ardmore
Chlckasha
150
156
710
..
Hugo
Oklahoma
400
..
SCGreenvlUe
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.
Teun., Memphis
Nashville.
Tex., Abilene..
Brenham
318
Closed.
Closed.
Spot.
Contiacl
Thursday
..
Total.
Total Great Britain
Stock at Hamburg.
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1916.
588,000 1,034.000
72.000
32,000
28,000
62,000
,...
Total Continental stocks
145,000
3 ,000
80 ,000
11.000
239,000
1915.
648,000 1,168,000
1914.
829,000
13,000
62,000
*1,000
*1,000
199,000
9,000
a43,000
147,000
*1.000
*3.000
201,000
4,000
080,000
90,000
*1,000
904,000
*29,000
*186,000
226,000
3,000
29,000
22,000
*20,000
401,000
380,000
513,000
H,000
Total European stocks
India cotton aHoat for Europe...
Amer. cotton anoat for Europe..
638,000 1,049.000 1,548,000 1,417,000
29,000
14,000
77,000
103,000
273,000
329.984
252,466
66,471
Eg>-pt,Brazil,&c..afloat for Eur'pe
44,000
13,000
26,000
17,000
Stock in Alexandria, Egypt
64,000
18,000
117,000
*80,000
Stock in Bombay, India
*840,000
417,000
610,000
601,000
Stock in U S ports 555 ,896
683 ,664
939 ,064
321,271
Stock in U. S. interior towns
287,143
575,202
542,588
255,160
U.S. exports to-day..
19,157
1,000
1,899
.
.
Total visible supply
Of the above,
American
—
totals of
Liverpool stock
Manchester stock
Continental stock
2,640,195 3,068,196 4,045,631 2,850,892
American and other descriptions are as follows:
bales.
American aHoat for Europe
U. U. ports stocks
V. S. interior stocks
U. S. exports to-day.
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock.India afloat for Europe
—
Egypt, Brazil. &c., afloat
Stock In Alexandria, Egypt
Stock in Bombay, India
Total East India,
Total American
&c
164,000
12,000
*203,000
273,000
555,895
287.143
19,167
452,000
25,000
*308,000
329.984
683,664
642,668
798.000
49.000
*310,000
252,466
939,064
575,202
1,000
1,899
635,000
43,000
*395,000
56,471
321,271
255,160
1.000
1,291
Clarksville.
Dallas
Honey Grove.
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
294,000
13,000
19,000
*118,000
103,000
17,000
*80,000
601,000
2,640,195 3,068,196 4,045,631 2.860.892
- -Middlmg Upland, Liverpool
17.82d
17.82d.
9.62d.
6.59d.
6.65d.
Middling Upland, New York
24.70c.
16.06c.
11.66c.
Egypt, Good Brown, Liverpool.. 28.75d.
14..38d.
9.60d.
8.4.5d.
Peruvian, Rough Good, Liverpool 27.0nd.
13.75d.
10.90d.
8.76d.
Broach, Fine, Liverpool
17.75d.
9.15d.
6.20d.
5.10d.
Tinnevelly, Good, Liverpool
17.93d.
9.17d.
6.32d.
5.30d.
Estimated,
a Revised.
Continental imports for past week have been 28,000 bales.
figures for 1917 show an increase over last week
of 86,225 bales, a loss of 428,001 bales from 1916, a decrease
of 1,405,436 bales^from^l915 and a declme of 210,597 bales
The above
from 1914.
1.811
2,460
Total, 41 towns 169,846
1.690
11,816
8,195
708
922
400
2,944
2,345
100
353
1,175
275
6,315
1,133
4,221
471
13,669
5.216
68,989 36,299
1,838
321
23.505
4,942
1,788
308
12,355
2,770
444
21
3,736
1,785
3,968
289
572
3,266
4.284
1,184
1,086
"26
2,010
65,266
3,566
3,267
320
4,310
11,563
5,145
4,498
26,128
10,581
9,963
9,800
33.716
90,539
6.090
34,537
3.517
26.473
583
2,488
1,184
2,667
10,627
4,869
1,728
5,225
10,609
24,760
1,943
8,163
1,270
9,628
100
4,000
9,523
1,242
12,832
3,069
2,056
3,371
4,082
2,186
2,836
11,653
22,995
2,648
6,611
2,084
10,942
892
3,601
3,594
5,254
2.261
6,297
135
1,664 36,052
932
9,855
601
4,165
21,352
3,770
276 12,786
1,486
2,339
7,028
2,900
7,756 17,071
5,294 77,959
5,523
1,400
6,857 13,578
2,801
869
4,460 17,322
219
427
2,416
965
635
1,000
1,326
5,000
11,844
3,591
4,590
882
2,300
4,709
5,532
65
14,006
4,715
2,230
3,706
2,878
7.971
2,385
72,701
551
3,628
1,622
6,794
9,494
3,688
117,272
11,457
4,184
546
185
4,933
2,234
107
57
5,489
12,697
2,462
6,662
1,917
2,800
814
992
18,669
16,417
948
264
21
2",677 23,930
22,043
1,732
250
3,169
150
1,566
454
202
656
1,572
710
673
4,603
37
500
200
308
1,207
7,065
6,066
1,937
5,615
471
129
764
825
27,719 11,949 42,893 25,019
4
31
95
2,068
807
1,111
4",o65
9,869
600
2,327
3,127
1,406
75
1,331
6,607
13,949
762
6,885
5,786
3,759
1,000
2,459
5,931
359,725 55,610 83,635 114,713
2.358
950
1,330 14,082
10,617
1,670
1,159
3,189
615
1,686
61
50
4,813
1,507
468
75
17,551
4,798
2,843
5,876
1,738
16,128
1,583
56,425
1,120
3,413
804
5,512
'¥,559
2',6oo
"826
1,970
478
14,374
2,862
12,060
3,166
17,935
3,668
9,790
4,765
472,385 88,287
29,176 10,537
20,806
2,474
707,973 144.645287.14.31311,8431.034,776 18n.4fi8 542.558
-1917Since
Shipped—
Sept. 21.
Via
Via
Via
Via
Via
Via
Via
St.
Aug.
Week.
3,666
16,302
Louis
Mounds, &c
Rock Island
'576
777
1,138
8,236
6,599
7,345
66,968
208,025
16,692
112.431
1,214
6,616
50,272
12,313
44,592
1,127
798
4.123
7,766
6,349
26,658
16,383
107,177
6,048
40,763
22,949
100,848
10.644
71,668
—
interior
-1916Since
Week.
Aug. 1.
4,813
22,899
1.152
4,448
5,456
10,478
27,932
50,263
1,088
3,478
15,271
Total gross overland
39.332
Deduct shipments
Overland to N. Y.. Boston, &C-.. 9,653
Between
1.
71,819
42,087
627
Louisville
Cincinnati
Virginia points
other routes, &c
towns
Inland. &c., from South
Total to be deducted
Leaving total net overland
*
"4',i82
movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 22,949 bales, against 10,644 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 29,180 bales.
* Including
-1917-
In Sight and Spinners'
Total marketed--
Total
into -sight during
m sight Sept. 21
1.
Week.
230,375
10.644
78,000
964,814
71,668
596,000
1,473,776
167,799
319,019
131,376
1,631,482
188,824
1.
week--296,571
y Revised
1.
450.394
1,405,977
Nor. spinners' takings to Sept. 21. 33,294
X Less than Aug.
Since
Aug.
709,928
100,848
663,000
271,370
25,201
Interior stocks in excess
Came
-1916Since
Aug.
Takings.
Week.
Receipts at ports to Sept. 21
160.421
Net overland to Sept. 21
22,949
Southern consumption to Sept. 21 88,000
t/180,820
1.820,306
20.778
205.124
on basis of export figures not heretofore
available.
Week
—
into sight in previous years
Bales.
Since Aug. 1
—
1915— Sept. 25
1914— Sept. 26-.
1913— Sept. 27
—
Bales.
435,707 1915 Sept. 25
222,882 1914— Sept. 26
467.509 1913— Sept. 27.
.1.390,345
873.968
.1.913,673
QUOTATIONS FORMIDDLING COTTON AT OTHER
MARKETS. —Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
1,126,000
726,000 1,120.000 1,245,000
1,514,195 2,342,196 2,925,631 1,606,892
,,?l°.*,?''^®''''®s"PP'y
*
548
2,919
75,355
Movement
1,514,195 2,342,196 2,926,631 1,605,892
97,000
20,000
6,000
*36,000
29,000
44,000
54,000
840,000
Week. Sept. 22
Season.
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:
261,000
20,000
18 ,000
299,000
Week.
overland
1917.
bales.
Stocks
Tnents.
Stocks.
Week. Sept. 21
OVERLAND MOVEMENT FOR THE WEEK AND
1. —We give below a statement showing the
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.
21—
22 1916.
Ship-
SINCE AUG.
THE VISIBLE SUPPLY OF COTTON
Sept.
to Sept.
Receipts.
*Last year's figures are for Greenville.
Total.
Stock at Liverpool
Stock at London --.
Stock at Manchester
l',493
_.
San Antonio
Steady
Steady
Very steady.
Very steady
Steady, 45 pts. adv. Strong
Steady, 135 pts. adv Irregular
Friday
2,407
Paris
SALES.
Market
Quiet, 35 pts. deCQuiet, 5 pts. adv
Monday
Quiet, 20 pts. adv.Tuesday
Wednesday. Steady, 120 pts. adv.
Saturday
1,701
Greenwood
Houston
Futures
Movemeni
21 1917.
Shlpments
Season.
700
4,400
3,454
100
199
775
Montgomery..
Selma
MARKET AND SALES AT NEW YORK.
Spot Market
to Sept.
Receipts.
oft
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sept. 15 to Sept. 21
TOWNS
THE
Week.
Middling "yellow" staloed
Good middling "blue" stained
l..')4
Oood ordinary
Strict good mid. "yellow" tlnged-0.21 on Strict middling "blue" stained..
tlnged-O.Ol off Middling "blue" stained
Good middling "yellow"
Middling uplands
1319
AT
INTERIOR
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.
27:
Good middling
The quotations
'
.
THE CHRONICLE
Sept. 22 1917.]
MlddUng
-
-
-
Closing Quotations for Middling Cotton on
—
Week ending
Saturday,
Monday. Tuesday. Wed' day.
Mobile
21.60
20.19
20.13
Savannah
20%
21.60
20.19
20.13
20 >^
20 M
21.70
20.38
20.38
20 M
20 }i
20r2'5
20:7'5'
21.25
21.75
20.00
22.00
20.60
21.25
21.95
20.50
22.00
21.05
21.70
20.62
Sept. 21.
Galveston
New Orleans
20 M
20 M
Norfolk
20.38
Baltimore
21.25
Philadelphia... 21.70
Augusta
20.25
Memphis
22.00
Dallas
Houston
21.40
Little Rock
20.50
Charleston
Wilmington
26r5'0
22.10
21.00
21.00
21i4
20 >i
20 J^
21.38
21.50
23.15
21.25
22.25
21.65
22.35
21.15
Thursd'y.
22.90
21.00
21.18
22
21
21
21.50
22.00
23.60
21.75
22.50
22. ,50
23.00
21.60
Friday.
24.10
22.00
22.25
23)4
22^
22 K
22.50
22.50
24.96
23.25
23.00
23 70
24.35
22.00
THE CHRONICLE
1.J30
FUTURES. — The highest, lowest and closing prices
Now York for the past week have been as follows:
at
Longview,
15. Sept.
Sept.
September —
Riinge
October —
Friday,
17. Sept. 18. Sept. 19. Sept. 20. Sept. 21
22.95-.10
— 21.73 — 22.53-.65 23.10 —
22.64 —
Week.
23. 50-. 70 22.53-./70
ClOHlllB
21. 10-. 14 21.13
JliHlK(i
20.2020.28-
20.08-.43 20. 35-. 74 20.80-.50 21.33-.25 22.20-^55 20.08-./55
20.33-.34 20.73-.74 21.34-.40 22.17-.26 23.45-.55
—
Han«c
Closing
January —
20.17
20.20
20.0520.13-
20. 18-. 19 20.58-.60 21.23-.28 22.05-. 12 23.40-.46
Range
19.9820.09-
19.83-.21 20. 15-. 50 20.75-. 36 21.03-00 22.07-J35 19.83-./35
20. 11-. 12 20.48-.50 21. 16-. 18 21.90-.22 23.28-.35
Gloslnf;
November
—
HariKi!
ClosliiK
21.25
20.60
— 22.07 — 23.40 —
December
Closing
February
—
19.90-.30 20.20-60 20.70-.43 21.10-/12 22.10-J46 19.90-^46
Range
Closing
— 20.14 — 20.52 — 21.20 —
20.12
—
March
Range
21.27
21.94
—
21.27
—
23.35
20.1820.23-
20.0120.26-
20.33-. 66 20.91-.54 21.20-. 12 22.25-;55 20.01-./55
20.63-.65 21. 34-. 35 22. 10-. 12 23.48-.55
Closing
20.26
20.29
20.67
Range
20.3020.40-
20.21-.52 20.48-.80 21.08-.61 21.39-.30 22.38-;68 20.21-;68
20.78-.80 21.47-.48 22.24-.30 23.61-.68
20.39
—
20.40
20.39
20.79
Range
20.42
20.42
20.29
20.46
20. 70-. 75 21.55
21. 54-.
20.83
20.27
20.31
Closing
April
—
Range
May—
Closing
—
Closing
July
Closing
August—
Range
Closing
— 23.60 —
— 21.47 22.80-.27 20.29-^27
55 22.28-.35 23.62 —
22.26
—
— 20.68 — 21.39 — 22.13
23.47
—
/22c.
7 23c.
NEW ORLEANS CONTRACT MARKET.—The
highest, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:
Saturday,
Sept. 15.
September
Sept. 17.
—
Range
Closing
October
Monday, Tuesday,] Wed' day,
—
Range
Closing
—
Range
Closing
January —
Range
Closing
March—
Range
Closing
May—
Ran^e
Closing
Tone —
—
19.88
19.90
20.29
Sept. 18.
— 20.70
—
i
Thursd'y,] Friday,
Sept. 20. Sept. 21.
Sept. 29.
'20. 98". 20
—.20.86
— 21.45-.47j22.83 —
19. 55-. 80 19.35-.75 19. 66-. 11 20. 30-. 89 20.65-. 40 21.55-/80
19.58-. 59 19. 74-. 75 20.05-. 10 20.76-.80 21.35-.40 22.7d-.80
December
I
I
19. 38-. 61 19. 13-. 55 19.40-.84 20.04-.64 20.37-.20 21.30-/60
19.39-.42 19. 45-. 52 19.78-.81 20.48-.52.21.11-.20 22.57-. bO
I
I
19.46-. 69 19. 24-. 63 19.60-.90 20.14-.72 20.47-.25 21.44-/64
20.59-.61,21.16-.25 22.62-.64
19.45-. 50 19. 55-. 58 19.87
—
1
I
I
19.65-. 89 19.50-.81 19.80-.05 20. 32-88 20. 59-. 35 21.54-/77
19.64-.66 19.75-.78 20.01-. 02 20. 69-. 70 21.26-. 36 22.74-.77
I
I
19. 81-. 82 19. 67-. 85 20.15-.26 21.00-.01 20.82-.36 21.a0-.74
19. 95-. 98 20. 16-. 18 20.88-.90 21. 51-. 56 22. 93-. 97
19.84
—
Steady.
Steady.
Spot
Options
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Firm.
Steady. Very sfy
/22c.
WEATHER REPORTS BY TELEGRAPH.—Advices
to
us by telegraph from the South this evening indicate that the
weather in the main has favored the rapid gathering of the
Marketing, however, has been upon a somewhat
Reports from Texas are to the effect that
picking is nearly completed in Southwestern districts and that
elsewhere in the State the outlook is promising, but the plant
is late in maturing.
crop.
restricted scale.
—
Temperatures have been moderate during
Galveston, Tex.
the week with hght rainfalls in a number of locahties.
Picking made good progress and is nearly completed in the
Southwestern district. In other sections the outlook is
promising, although the plant is late in maturing. We have
had rain on three days the past week, the rainfall reaching
one inch and fifty-five hundredths. Minimum thermometer
70, highest 88, average 79.
Abilene, Tex.
It has rained on one day during the week,
the precipitation being one hundredth of an inch. The
thermometer has averaged 75, the highest being 90 and the
lowest 60.
Brenham, Tex. There has been rain on one day of the past
week, the rainfall reaching eleven hundredths of an inch.
The thermometer has averaged 81, ranging from 70 to 92.
Rain has fallen on one day during the
Brownsville, Tex.
week, the rainfall being eight hundredths of an inch. The
thermometer has ranged from 68 to 92, averaging 80.
The week's rainfall has been four hundredths
Cuero, Tex.
Average thermometer 81, highest 97
of an inch, on one day.
and lowest 64.
It has rained on one day of the week, the
Dallas, Tex.
The thermometer
rainfall being one hundredth of an inch.
has averaged 76, the highest being 86 and the lowest 66.
It has rained on one day of the week,
^-^Fort Worth, Tex.
the precipitation being one hundredth of an inch. The thermometer has averaged 77, ranging from 64 to 90.
Rain has fallen on one day during the
Henrietta, Tex.
week, the precipitation reaching fifteen hundredths of an
Thermometer has ranged from 62 to 96, averaging 79.
inch.
Dry all the week. Average thermometer
Huntsville, Tex.
77, highest 96, lowest 57.
Kerrville, Tex.
There has been rain on foiir days of the
past week, the rainfall being one inch and thirty-nine hundredths. The thermometer has averaged 72, the highest
being 89 and the lowest 55.
—
—
—
—
—
_
—
—
—
—
all
week, the precipitation reaching three hundredths of an inch.
The thermometer has ranged from 63 to 88, averaging 76.
Luling, Tex.
This week's rainfall has been twenty-four
hundredths of an inch on three days. Average thermometer
78, highest 90 and lowest 66.
Nacogdoches, Tex. There has been rain on one day of the
week, the rainfall being twenty-four hundredths of an inch.
The thermometer has averaged 76, the highest being 92 and
—
—
the lowest 59.
—
Palestine, Tex.
Dry all the week. The thermometer has
averaged 74, ranging from 62 to 86.
Paris, Tex.
It has rained on one day of the week, the precipitation reaching twenty-one hundredths of an inch.
The
thermometer has ranged from 60 to 92, averaging 76.
San Antonio, Tex. We have had rain on four days of the
week, the precipitation being seventy-four hundredths of an
—
—
Average thermometer 79, highest 90, lowest 68.
Tex'.
We have had no rain the past week.
The thermometer has averaged 75, the highest being 89 and
—
Wealherford,
—
— 21.49
It
inch.
— 21.37 — 22.13 — 23.53 —
June
Range
— has been dry the week. The ther77, ranging from 62 to 92.
Tex. —We have had rain on one day during the
Lampasas, Tex.
mometer has averaged
Monday. Tuesday, Wed' day, Thursd'y,
Saturday,
[Vol. 105.
the lowest 60.
—
Ardmore, Okla. There has been rain on one day during
the week, the rainfall reaching twelve hundredths of an inch.
The thermometer has averaged
77, ranging from 60 to 94.
Muskogee, Okla. We have had rain on one day during the
week, the rainfall being one inch and eight hundredths.
Thermometer has ranged from 52 to 91, averaging 72.
Eldorado, Ark. We have had heavy rain on two days of
the week, the precipitation being one inch and seventeen hundredths. Average thermometer 71, highest 90, lowest 53.
Little Rock, Ark.
There has been rain on three days of the
past week, the rainfall being seventeen hundredths of an
inch.
The thermometer has averaged 72, the highest being
85 and the lowest 58.
Texarkana, Tex. ^There has been rain on one day during
the week, the rainfall reaching six hundredths of an inch.
The thermometer has averaged 76, ranging from 58 to 95.
Alexandria, La.
It has rained on one day of the week, the
rainfall reaching seventeen hundredths of an inch.
The
thermometer has ranged from 54 to 89, averaging 71.
New Orleans, La. Rain has fallen on three days of the
week, the precipitation being one inch and thirty-seven
hundredths. Average thermometer 76.
There has been rain on one day during
Shreveport, La.
the week, the rainfall being forty-nine hundredths of an inch.
The thermometer has averaged 74, the highest being 87
and the lowest 62.
Columbus, Miss. We have had rain on one day during
the week, the rainfall being twenty hundredths of an inch.
The thermometer has averaged 73, ranging from 56 to 90.
Greenville, Miss.— There has been rain on three days of the
week, the rainfall reaching fifty-six hundredths of an inch.
The thermometer has ranged from 58 to 83, averaging 72.
Vicksburg, Miss.
We have had rain on three days of the
week, the precipitation being twenty- three hundredths of an
—
—
—
—
—
—
—
—
—
Average thermometer 73, hig'hest 86, lowest 60.
Mobile, Ala.
Picking and ginning are progressing under
favorable conditions. The bulk of the crop is open and the
damage to the late cotton by the weevil has been slight.
There has been rain on four days of the past week, the rainfall being one inch and fifty-nine hundredths
The thermometer has averaged 73.9, the highest being 88 and the lowest 65.
Montgomery, Ala.
have had no rain during the week.
The thermometer has averaged 72, ranging from 57 to 87.
Sehna, Ala. ^There has been no rain during the week.
inch.
—
.
—We
—
—
The thermometer has ranged from 56 to 90, averaging 73.
Madison, Fla. Dry all the week. Average thermometer
75, highest 86 and lowest 68.
Tallahassee, Fla.- There has been
—
week.
no rain during the
The thermometer has averaged
77, the highest
being 90 and the lowest 64.
Albany, Ga. There has been no rain the past week. The
thermometer has averaged 73, ranging from 59 to 89.
Atlanta, Ga.- We have had rain on one day during the
week, the rainfall being eleven hundredths of an inch. The
thermometer has ranged from 55 to 83, averaging 69.
Savannah, Ga.- We have had rain on two days of the past
week, the rainfall reaching fourteen hundredths of an inch.
Average thermometer 70, highest 81, lowest 61.
Charleston, S. C.
There has been rain on two days of the
past week, the rainfall being six hundredths of an inch. The
thermometer has averaged 70, the highest being 79 and the
lowest 61.
Greenville, S.
There has been rain on one day of the past
week, to the extent of one hundredth of an inch. The thermometer has averaged 68, ranging from 47 to 89.
Spartanburg, S. C. Dry all the week. The thermometer
has ranged from 49 to 87, averaging 68.
Charlotte, N. C.
We have had only a trace of rain during
the week. Average thermometer 68, highest 84, lowest 52.
Weldon,
The week's rainfall has been three inches
C.
and seventy hundredths on three days. The thermometer
has averaged 64, the highest being 85 and lowest 44.
Memphis, Tenn. There has been rain on two days during
the week, the rainfall reaching one inch and thirty- two hun-
—
—
—
—
C—
—
N
.
—
—
—
—
.
dredths.
The thermometer has averaged
57 to 84.
Cotton
68, ranging from
opening but is very late and backward.
Dyersburg, Tenn.- We have had rain on two days of the
past week, the rainfall reaching fifty-three hundredths of an
The thermometer has ranged from 57 to 89, averaging
inch.
is
—
73.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
Sept. 21 1917.
Feet.
zero of gauge.
4.9
zero of gauge.
S.l
zero of gauge.
7.3
Above
Above
Above
Below zero of gauge.
Above zero of gauge.
Orleans
Memphis
Nashville
Shreveport
Vicksburg
.
THE CHRONICLE
Sept. 22 1917.]
New
.
Sept. 22 1916.
Feet.
4.6
6.9
7.6
3.7
7.7
2.9
9.2
COTTON TRADING ON CHICAGO BOARD OF
TRADE. —Advices
from Chicago of date Sept. 19 state that
President Griffin of the Chicago Board of Trade had that
day appointed a committee to consider whether to add
cotton to the list of commodities traded in on the local exchange. The proposition is based on the belief that Chicago
is as advantageous a point for handUng cotton as St. Louis,
Cincinnati or Louisville.
DOMESTIC EXPORTS OF COTTON MANUFAC-
TURES. —We
give below a statement showing the exports
manufactures for June and for the twelve
months ended June 30 1917, and, for purposes of comparison, like figures for the corresponding periods of the previous
year are also presented:
of domestic cotton
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
Cotton Takings.
Piece goods
Piece goods
Week.
Season.
Visible supply Sept. 14
2,553.970
Visible supply Aug. 1
in sight to Sept. 21.
296,571
Bombay receipts to Sept. 20..
610,000
Other India shipm'ts to Sept. 20
62,000
Alexandria receipts to Sept. 1961,000
supply to Sept. 19 *
Other
62,000
Total supply
Deduct
—
yards
value
2,640,195
Of which American
Of which other
450,394
10.000
5.000
11,000
2,000
53,292,427
$4,766,420
690,093,560
$72,605,296
550.571,720
$46,381,390
1,191,565
1,398,991
487,280
478.125
1,770,816
2,222,533
1,232,203
478,509
583,658
2,095,417
17,758,193
13,384.508
6,029,210
5,195.559
21,281,092
20,894,098
13,365,376
3,871,637
5,276,105
22,264,629
5,199.557
2,640,195 3.068.196
225,346
191,346
34,000
All other
71,649,570
$8,652,410
value
value
value
value
value
Wear's apparel
Knit goods
Total manufactures of..-valuei$13,979,187 $11,378,740 $136,253,858 $112,053,235
3,198,251
1,820,306
88,000
42.000
30,000
21,000
4,458,753 3.355,422
2,865,541
Total takings to Sept. 21.
Season.
2.877,028
2,814,776
1,405,977
190,000
18.000
10,000
20.000
American
Visible supply Sept. 21
Week.
1,818,558
1,411,5.58
407,000
287.226
242,226
45,000
BOMBAY COTTON MOVEMENT.—The
2,131,361
1,566, .361
565,000
—
acreage, visible supply, condition reports, dates of kilUng
and a mass of other valuable data in convenient form
for ready reference.
frost,
COTTON CONFERENCE AT BOSTON.—Advices from
Boston Sept. 17 are to the effect that the National Council of
American Cotton Manufacturers issued a call that day for
a conference in Washington on Oct. 5 to consider ways and
means for a speedier and more economic movement of the
cotton crop from the South to mills in New England. The
meeting, it is stated, has been called with the approval of the
Department of Commerce and the Railroad War Board of
the Council of National Defense, and that it was desired to
have planters, manufacturers and representatives of the
attend
Explaining more fully the necessity for a conference, the
railroa ds
call reads: "The abnormal conditions resulting from the
U-boat campaign and the shipment of war supplies," the call
stated, "have seriously reduced the cargo space available for
the export and coastwise shipment of cotton.
Indeed, there
is every prospect that at an early date the northern manufacturer must rely on shipment by rail for his supply of raw
material during the coming year. Moreover, the shipments
by rail of other commodities, because of the war, are steadily
increasing, without corresponding addition to the rolling
equipment of railroads. Present shipping facilities must be
conserved to the utmost and efforts made all along the line
to increase the efficiency of our transportation methods."
PROM THE
1916.
1917.
Receipts at
—
Since
Week.
Bombay
of
Aug.
Aug.
Week.
1.
54.000
12,000
1915.
Since
Since
1.
92,000
28,000
54,000
12,000
Aug.
Week.
1.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON. —The following are the receipts and shipments for
the
week ending Aug. 29 and
week
for the corresponding
two previous years:
of the
Alexandria, Egypt,
—^We have received from Messrs. A. Norden & Co., New
York, a chart covering "A Quarter Century of Cotton,"
which embraces, among other interesting statistics, the quarterly high and low for middUng upland spots at New York,
receipts
India cotton at Bombay for the week ending Aug. 30 and
for the season from Aug.l for three years have been as follows:
3.068.196
• Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This embraces the total estimated consumption by Southern mills,
663,000 bales in 1917 and 595,000 bales in 1916 takings not being available
and the aggregate amounts taken by Northern and foreign spinners,
1.155,5.58 bales in 1917 and 1,536,361 bales in 1916. of which 748,558
bales and 971.361 bales American.
6 Estimated.
—
1915-16.
1916-17.
1916.
1917.
Waste cotton
Yarn
1916.
1917.
Mos. ending June 30.
12
30.
Exported.
All other
Week and Season.
Month ending June
Manufactures of Cotton
The
following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
1331
1917.
1916.
1915.
August 29.
Receipts {cantars)
—
This week
.
.
24.747
43.609
.
Since Aug. 1.
Exports (bales)
—
25.062
51,738
Since
Week. Aug.
To Liverpool
To Manchester
To Continent and
To America
7,923
29,466
Since
Since
Week. Aug.
1.
Week. Aug.
1.
1.
3,997
12,046
Total exports
17,026'
2'",389
2.480
4,665
5,474
1.133
5,538
4,882
1,626
India.
1,712
9,293
5,354
8,947
10.829
9,584 14,331
34.423
6,062
8.147|
4.8821
793
793
The statement shows that the receipts for the week ending Aug. 29 were 24,747 cantars and the foreign shipments
were 12,046 bales.
MANCHESTER MARKET.— Our cable report from
Manchester to-night states that the tone of the market is
improving but the turnover is still small. We give prices
for to-day below and leave those for previous weeks of
this and last year for comparison:
1917.
8>i
32» Cop
ings.
Tujist
Aug. d.
3 24
10 25
17 2f,H
24 25»4
d.
(Pi>
W
««
@
23^
24
d.
d.
®18
@18
6
6
®
@
@
@
@
@
@
@
19.35 12H
20.15 12Xi
19.80 12%
18.90 13 '4
18.25 14U
@17 lOJi
@17 9
25K 137H@17 lOH
25H
25
13 9
13 6
ings,
17.25 liM
16.90 14»4
17.82 145^
common
Up-t.
to finest.
6.
6
10
26'4 14
26?i 14
(a»
(<«
24
7
14
21
d.
a.
H ©18
FuHst.
Cofn
Mid.
Siilbs. Shirt-
@18
26»iil411^^@19
(0
Sep.
d.
32» Cop
Up-:
common
to finest.
a.
25 H 13
26Ji 14
(ft^
15%
31
1916.
Cofn
Mid.
lbs. Shirt-
1.
d.
d.
8.
d.
7
13 Ji 7
13 '4 7
14H 8
15
8
3
6
9
3
6
@9
@9
@9
@10 3
@10 7M
8.57
8.54
8.86
9.42
9.90
15Ji 8
ISVi 8
15K 8
8
8
@10
@10
©10
9.38
9.51
9.62
13H
8
6
9
9
6
6
6
SHIPPING NEWS.— In harmony
RECEIPTS
PLANTATIONS.—The following table iadioates the actual movement eaoh week from the
plantations.
The fl ures do not include overland receipt 8
nor Southern consumption; they are limply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
with the desire of the
to observe secrecy as to the destination of cotton
leaving United States ports, our usual details of shipments are
suspended until further notice.
WMk
Sales of the
1917.
Pom.
Stock at Interior
Toums.
Receipt! from Plantations
i
1916.
1915.
1917.
26,384
20,757
28.735
24,070
72,493
343,792!
(
1916.
1915.
329,168
300,882
436,756
446,653
438,889
1917.
1916.
1915.
Aug.
24
LIVERPOOL. —By
we have the folsales, stocks, &c., at that port:
cable from Liverpool
lowing statement of the week's
Aug. 31.
Receipt! at
ending
3
10
17
Government
week
Of which speculators took
Of which exporters took
Sales, American
Sept. 7.
Sept. 14.
Sept. 21.
11.000
12.000
11.000
17,000
9,000
11,000
1,000
8.000
1,000
10.000
41,000
232,000
137,000
9,000
43,000
191,000
151,000
43.000
243.000
143,000
54,000
43,000
186,000
154,000
46.000
267,000
171,000
71.000
71,000
157,000
119,000
43,000
261,000
164,000
38,000
31.000
Actual export
35,478: 54,154
44,290 61,087
60,808: 58,48li
75,216 79,1811
99. 11 5! 139 ,059
31
Sept.
7
112,138 187,016 100,.526
14 142.060 182,381 176,839
21 160.421230.375 284.998
296,416
256,517
244,073
247,888
253,166
261,9411
287,1431
281,900,
267,293
266,271
325,618
411,183
542,5.58
The above statement shows:
—
26,595 12,775
32,801
121
19.919 39,499 21.259
4.33,3,53 62,772 64, .574 18,534
428,150 102,930136,037 67,290
4.54,818117,416248,363 127,194
497,366150,836 267,946 219,387
575,202^185,622 361,750 362,834
1.
That the total receipts
the
plantations
since Aug. 1 1917 are 642,129
bales; in 1916 were 1,153,638 bales, and in 1915 were 823,607
2.
bales.
That although the receipts at the outports the
past week were 160,421 bales, the actual movement from
plantations was 185,622 bales, the balance going to increase
stocks at interior towns. Last year receipts from the
plantations for the week were bales 361,750, and for 1915
from
—
they were 362,834 bales.
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount
afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
M.arket,
12:15
P. M.
Monday.
Tuesday.
Moderate
Siturday.
Spot.
Moderate
demand.
Wednesday. Tfiursday
Saturday.
(
{
I
HOLI-
Uemanci
Quiet.
Quiet.
Quiet.
DAY.
Mld.UpVds
16.90
17.00
17.15
17.42
17.X2
SalPB
7,000
3,000
3,000
2,000
2,009
THE CHRONICLE
1332
Tho
below.
pricos of futures at Liverpool for each day are given
Prices are on tho basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and lOQths.
Thus, 15 87 means
Sat.
Sept. 15
ft)
Mon.
Tries.
Werl.
12^
Sept. 21.
12^
\2}4
12M
p.
m.
September
Octobor-Novomber
Jan\iary-Fol)ruary
p.
m.
p.
m.
HOLI-
DAY.
.
March-April
May-Juno
d.
d.
15 87
15 15
14 r,o
15 87
15 15
14 50
14 .32
14 16
d.
14 32
14 10
p.
m.
d.
ir,
07
15 35
14 70
14 52
14 36
1
5 87-lOOd.
Thnrs.
V2'A
p.
m.
d.
16 42
15 70
1 5 05
14 87
14 71
Fri.
12H
p.
m.
d.
16
16
15
15
15
82
10
45
27
11
use of wheat has been practiced there but it is said that there
are great apprehensions in regard to winter supplies, owing
to the restricted imports.
It has recently been rumored
that this country would not allow wheat to be shipped to
Scandinavian ports for some months to come. The SwedishGerman episode in Argentina, it is supposed, may affect the
exports of grain and other supplies to the Scandina\aan countries.
On the other hand, the weather is favorable in Australia and stocks are large, while at the same time the acreage
is some parts has been reduced.
The wheat outlook in
Argentina is said to be very favorable. In Spain the crop
is large and import needs will be small.
Of late the crop
movement
somewhat
BREADSTUFFS
Friday Niqht, Sept. 21, 1917.
Flour has been quiet from the inability of the trade to get
adequate supplies. Spot flour has therefore been selling at
high premiums over mill prices for forward shipment. Mills
are offering sparingly.
The demand is brisk. The trouble
has been to get the flour. But now the Government has taken the bull by the homs, seizing 80,000 bbls. of flour originally designed for export to Norway and will sell it to the trade.
The quality is good and the committee on Flour Distribution
stated that the flour will soon be ready for distribution.
Then a price will be fixed and the sale will be in charge of
W. C. Rossman, Secretary of the Committee. Richard A.
Claybrook, Chairman of the committee appointed bv the
Food Administration to dispose of the 80,000 bbls. of' flour
withdrawn from export to relieve the local market, gave out
this statement:
"The Committee on Flour Distribution appointed by the Food Adminis-
tration has for sale about 80,000 barrels of flour composed of export patents,
straights, and first clears, all in 22-pound heavy cotton sacks.
Information
as to samples and prices may be obtained upon written application to
W. C. Rossman, Secretary of the committee, executive office, New York
Produce Exchange Building. Terms cash or certified check upon receipt
of proper delivery order from the committee.
The flour will be sold in
carload lots, and will be available just as soon as it can be inspected and its
soundness, uniformity and grades determined.
Small bakers can be
supplied through the flour jobbers.
Information in reference to the actual
needs of the parties desiring this flour will be required, as the purpose of
this movement is to provide flour where it is most needed, and will be for
local use only."
Mr. Claybrook said that 100,000 barrels more are available
they are needed. The Government itself wants about
150,000 barrels. As mills are not allowed to sell more than
thirty days ahead, it looks as though purchases by the trade
if
have to be smaller at a time and spread out over a much
longer space of time than is usual in peace periods. The
question of the export trade seems to be in abeyance for the
time being. Europe, however, will want a good deal of
flour from this country.
Liverpool has reported the market
steady, with buyers anxious, export offerings lighter and
arrivals more moderate.
Local mills there are grinding
freely.
The total output for the week at Minneapolis,
Duluth and Milwaukee was 49.5,000 barrels, against 387,000
the previous week and 430,000 barrels in the same week last
year.
Contrary to some reports, Minneapolis mills are busier
than in 1916; they have not closed for lack of wheat. The
output there is the largest for some weeks; i. e., 367,000
barrels last week, which also exceeded the output for the
same week last year. The quantity of wheat used was
1,652,000 bushels, and the wheat receipts for the week were
2,467,000 bushels.
Wheat prices have most of the time been stationary. And
millers still find it hard to get sufficient wheat. Farmers of
the West are said to object to the Government maximum
price of $2.20 for No. 1 Northern.
Yet receipts at primary
points have increased somewhat
And some think that farmers of the West cannot be greatly dissatisfied as a rule with the
Government price as they are seeding a very large acreage
to winter wheat.
Meanwhile, officials of the Food Administration think that present inconveniences will be only
temporary. Yet as the ease stands, millers' requisitions on
a single day for 482 carloads at Chicago were confronted with
fresh receipts of only 64 carloads, although receipts at
will
[Vol. 105.
in American and Canadian Northwest has been
larger.
But it is far from being as large as need-
ful in these times.
Some think that the Food Administrator will have to have more power to deal with those who may
be practically thwarting the Government or at least hampering it in its efforts to regulate pricos in accordance with the
interests of the country at large, and the Allies.
To-day
receipts continued light.
They are expected to bo light for
some weeks.
price
is
Farmers are busy and they know that the
fixed
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
ctS-227
Northwestern and Canadian markets were said to be
large.
must
And
fairly
in the nature of things the crop movement
soon increase materially. Liverpool reports wheat
steady with a good Continental demand and export clearances light. In France the weather has been bad for late
harvesting and tlireshing and besides this work is delayed by
the scarcity of labor. The crop is small in France compared
with the normal, and import needs will be large. Meanwhile its supply of foreign wheat is only moderate as the consumption has been large. Even where the weather has been
favorable in Europe for late harvesting it has been much retarded by the scarcity of labor and the movement of the crop
is therefore verj^ noticeably delayed.
In Italy the harvesting is about finished, but threshing is making slow progress
because of the bad weather and the lack of labor. The Italian crop is smaller than was expected earlier in the season and
Italy will import heavily
In the United Kingdom the weather has been unseasonably cool and wet.
Threshing there is
slow and the yield of all grain is disappointing. But stocks
of foreign wheat are liberal and it is stated that the weeklv
arrivals are adequate
In Russia the weather has been cold
and wet and the yield is disappointing. Moreover the seeding of winter wheat in Russia is small. The interior movement IS light and stocks at the ports are also small. In the
Scandinavian peninsula the weather has been unseasonably
wet and cold. It is added that the stocks on hand are light
and that import needs will be large. Great economy in the
.
.
Tues.
228
227
Wed. Thurs. Fri.
228
228
228
Indian corn declined early in the week, but recovered
owing to cold weather in the West and reports of
more or less damage. Frost damage in Minnesota is said
to be 15% of the commercial crop, though much of the damaged corn will be good for feed or silos. In Iowa 30 to 40%
of the yield was frosted in the northeastern counties, but not
more than 5% was rendered unmarketable. In Illinois and
Indiana there was some frost damage on the 11th inst., which
was confined to the extreme northern districts. The bulk
of Illinois is said to be safe, though that State needs warmer
weather. So do Indiana and Ohio. In the middle of the
week there was a sharp drop in the Canadian temperatures.
Shorts have latterly covered freely. Some big Illinois
industrial plants have resumed work, grinding 45,000 bushels
of corn a day.
The chief factor, however, has been the
weather. The crop is matm-ing. With the right kind of
weather it is expected to be the largest on record. The available supply lost 235,000 bushels last week and the total is
now only 2,4.50,000 bushels against 5,356,000 bushels a year
ago.
Local shorts and commission houses at Chicago at
times have been free buyers. On the other hand, at one time
prices weakened noticeably, partly on good weather and
partly on a break in cash corn.
Old cash corn last Monday
dropped 5 to 15c. The opinion is widespread that the crop
as yet has not suffered any material damage.
Very many
think it looks like a yield of 2,.500, 000, 000 bushels of merchantable corn. To-daj' prices declined. They ended a
shade lower for the week
The weather was fair and warmer
later on,
.
Trade was
less active.
DAILY CLOSING PRICES OP CORN IN NEW YORK.
Mon.
Sal.
_
.
Mon.
Sat.
No. 2red
No. 2 yellow
Tues.
Wed. Thurs.
Fri.
208H 217}^ 219}^ 225
DAILY CLOSING PRICES OP CORN FUTURES IN CHICAGO.
Mon. Tues. Wed. Thurs. Fri.
Sat.
Decemberdelivery
cts.227H 205
in elevator. cts.lie^/^
1155^ 1185^ 119
119
118>|
Oats declined early in the week on larger receipts and then
advanced in company with com. Partly, too, the rise was
attributed to export buying, supposed to be on a rather large
scale.
Country offerings have in the main been moderate
and at times even small. The visible supply is much smaller
than a year ago. It is increasing less rapidly than it was
then.
Last week the increase was only 1,494,000 bushels,
or less than half that of a year ago, namely 3,281,000 bushels.
And the total available North American supply is still only
16,839,000 bushels, which makes a rather poor sho%ving as
compared with that of a year ago, when it was 52, 561, 000
bushels.
Europe is expected to buy oats until wheat is
On the other hand, receipts of late
available for export.
have undoubtedly been increasing and the available supply
And
is 2,000,000 bushels larger than it was two years ago.
as everybody knows that the crop is very large there is a disposition to trade rather conservatively until it begins to
move in earnest. Liverpool reported the market easier,
adding that purchases are limited as export offers are increasing and American clearances satisfactory. American
threshing reports, it is noted, are favorable and it is believed
United
that America will continue to be a free exporter.
Kingdom and Continental stocks are fair, and with the native
crops moving and a liberal quantity afloat, it is believed in
Liverpool that prices will turn downward. Barley and rye
have been steady here and firm in Liverpool, where the demand from consumers has been increasing and stocks are
light.
To-day ])riees ended a fraction lower. They are a
little lower for the week also.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
cts.
Mon.
Tues.
Wed. Thurs. Fri.
67H
68^
66!-^
66J^
67
66>^
67
Sat.
Standards
No. 2 white
Mon.
Tues.
5714
56 M
595i
58 Ji
67
67
67 J^
66J4
67
DAILY CLOSING PRICES OP OATS FUTURES IN CHICAGO.
Sept. delivery in elevator
cts. 58M
Decsmber delivery in elevator
575^
The
Wed. Thurs. Fri.
59}^5 60
59J^
58 >^
58 Ji
57
J<
following are closing quotations:
FLOUR.
Winter, low grades
Winter patents
Winter straights
Winter clears
10
50@11
Spring patents
Spring straights
Spring clears
11
25@12
10
Spring, low grades
Kansas straights, sacks- 11
00 Kansas clears, sacks
City patents
00
Rye flour
Buckwheat
50@10 75 Graham
flour
flour-
00@11 25
11
00
— —
—
—
•
THE CHRONICLE
Sept. 22 1917.]
GRAIN.
—new b. —$2 30
—
WTieat per bushel
N. Spring, No. 1,
N. Spring, No. 2
f o.
.
-.2 28
Ked winter, No. 2, new
Hard winter, No. 2
Oats, per bushel, new —
2 27
cts.
66H
Standard
No.
No.
No.
white
white
4, white
67
653^
65
2,
3,
THE DRY GOODS TRADE
Corn, per bushel
No. 3 mixed
No. 2 yellow
No.Syellow
f.
o. b.
$2 25
kiln dried
2 24
nom.
Argentina
Rye, per bushel
New
Yorli
Western
c.
i.
c.
Barley, malting
Barley, feeding
$1 97
f.
i.
f.
1
9S
1S50@1 55
1
25
WEATHER BULLETIN FOR THE WEEK ENDING
—
SEPT.
18.
The influences of weather on the crops as summarized in the weather bulletin issued by the Department of
Agricultiu-e for the week ending Sept. 18 were as follows:
—
COTTON. The temperature averaged considerably below the normal
in all central and ea.stern cotton districts, and was over 6 degrees a day below
the normal in most of North Carolina, South Carolina, Georgia, southeastern Alabama and northern Florida. It was slightly warmer than the
normal in west-central Texas. Rainfall occurred in Texas at two-fifths
of the reporting stations, but it was mostly light and was confined to the
north-central and coast counties.
The fall was mostly light in other sections, except heavy at a few points in southeastern Louisiana, northern
Mississippi and eastern North Carolina.
On the coastal plains of North
Carolina the rainfall was excessive on the 14th and 15th, where considerable damage was done by flooding; from 4 to 8 inches fell over considerable
areas.
Except where the rainfall was heavy, the weather conditions during
the week were generally favorable for picking cotton, although the bolls
were opening slowly in the northern tier of States, due to cool weather.
Picking was nearly completed in southern and central Texas, and progressing rapidly in northern counties; cotton is late in the northern portion of
that State, but is still promising. The crop deteriorated rapidly in southern
and eastern Arkansas, and much shedding was reported. In Tennessee
cotton needs warm weather, and is reported to be from 2 to 3 weeks late,
although the prospects continue good generally; picking was just beginning.
Low temperatures retarded the development of the crop in North Carolina
and there were complaints of deterioration; picldng was started in the
southern counties, but was delayed in the eastern sections of that State.
The crop continues to rust and shed in South Carolina, where the bolls
were opening slowly and picking was slackened. Picking and ginning made
good progress in most of Georgia, Alabama, Mississippi and Louisiana.
The top crop prospect is reported to be poor in Georgia, Alabama and Oklahoma. Boll weevil damage was continuing in Alabama, Mississippi,
Arkansas and Oklahoma.
"WHEAT, &c. Plowing for winter grains continued to make rapid progress in most sections of the country, and the condition of the soil was improved by rains in the Western States, although more rain would be beneficial in parts of the Ohio and lower Missouri Valleys.
Seeding of winter
wheat and rye was becoming general at the close of the week. The seeding
of winter oats was begun in a few sections of the South. Thrashing of
spring grains made rapid progress in the northern part of the country from
the Lake region westward, except in some parts of the extreme Northwest,
where delayed by rain.
CORN. Considerable rain fell during the week in western Kansas and
central and western Nebraska, whUe small amounts were reported in the
districts to the south and east of these States.
Little or no rain fell in the
main corn belt from the Mississippi River eastward. The temperature
averaged somewhat below the normal during the week in eastern corn States,
but it was above the normal from Kansas and central Missouri northward.
The conditions were, therefore, favorable for the maturing of corn in Kansas. Missouri, Nebraska and Iowa, while from the lower Ohio Valley eastward the crop matured much more slowly. The cutting of corn was generally begun on the middle Atlantic coast and in Pennsylvania, as well as
in many sections of Kansas.
It is estimated that the bulk of the corn
crop will be safe from frost in Kansas by Oct. 1, while In Missouri 90% or
more will be safe by Sept. 30, with every prospect for a fine crop. Some
fields are already beyond frost danger in Nebraska, and cutting for silos
progressed. A large part of the crop is now safe from frost in South Dakota, and most of the balance will be out of danger in one week. The
weather was favorable for corn in the Southern States and harvesting was
under way. The frost damage last week in Minnesota is estimated to be
15% of the total commercial crop, although much of the damaged corn is
good for feed or silos. In Iowa the damage on the 11th was confined to
northeastern counties, where from 30 to 40% was frosted, but not more than
5% rendered unmarketable. In Illinois and Indiana the frost damage
of the 11th was c.onfined to extreme northern districts, the more serious
damage in Illinois being in the north three tiers of counties, and there the
damage was in spots, especially on low ground. The bulk of corn in this
State is still safe, but needs warmer weather, as is the case In Indiana and
Ohio. A good deal of damage was done to corn in New England and in
the Hudson and Mohawk Valleys in New York.
POTATOES. White potatoes made good progress in all districts, and
the northern commercial crop was being dug, with good yields, in most
parts of the country. The frost of the previous week was not so damaging
as at first reported, although the injury has been placed at 20% in Minnesota, and the tops were killed in the New England States.
Blight damage
was reported from some sections of New York, and complaints of rot
continue in New England. Sweet potatoes made good growth in the Southern States, though rain is needed in localities.
For other tables usually given here, see page 1182.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Sept. 15 1917 was as follows:
—
—
—
GRAIN STOCKS.
Wheat.
1
Boston
Philadelphia
Baltimore
Newport News
New
Orleans
Galveston
_
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
bush.
234,000
231,000
958,000
444,000
538,000
300,000
120,000
105,000
69,000
Buffalo
Toledo
Corn,
bush.
,343,000
89,000
286,000
458,000
United States
New York
_
1,000
688,000
81,000
170,000
513,000
26,000
271,000
49,000
209,000
99,000
10,000
26,000
9,000
7,000
117,000
2,000
2,000
4,000
12,000
30,000
90,000
105,000
Oats.
bush.
548,000
132,000
801,000
564,000
430,000
419,000
511,000
148,000
109,000
3,075,000
221,000
13,000
371,000
765,000
705,000
593,000
549,000
564,000
Rye.
bush.
Barley.
bush.
39,000 1,209,000
1,000
61,000
699,000
1,000
98,000
1
,248',666
554,000
257,000
331,000
2,000
14,000
38,000
99,000
23,000
90,000
504,000 1,181,000
145,000
200,000
11,000
28,000
6,000
60,000
1 1
,000
76,000
Total Sept. 15 1917*
5,760,000 1,936,000 10,818,000 1,888,000 5,098 000
Total Sept. 8 1917*
5,680,000 2,127,000 8,967,000 1,186,000 4,125,000
Total Sept. 16 1916
55,451,000 3,742,000 34,231,000
846,000 2,.539,000
* Including Canadian wheat, now duty free.
Note.
Bonded grain not included above: Oats, 171,000 New York, 3,000 Baltimore, 136,000 Buffalo. 18,000 Duluth; total, 328,000 bushels, against 1,900 000
1916; and barley, 494,000 in New York, 8,000 Baltimore, 18,000 Buffalo; to'tiil
520,000, against 129,000 in 1910.
—
m
Canadian —
Montreal
I
873,000
Ft. William and Pt. Arthur. 1,276,000
Other Canadian
950,000
23,000
731,000
3,050,000
230,000
2,000
5,000
Total Sept. 15 1917
3,099,000
23,000 4,011,000
Total Sept. 8 1917
1,920,000
19,000 4,436,000
Total Sept. 16 1916*
12,044,000
590,000 12,818,000
* Including Canadian at Buffalo and Duluth,
2,000
2,000
84,000
5,000
103.000
206,000
Summary
American
Canadian
Total Sept. 15 1917
Total Sept. 8 1917
Total Sept. 16 1916
1323
5,760,000
3,099,000
1,936,000 10,818,000 1,888,000 5,098,000
23,000 4,011,000
2,000
5,000
8,859,000
7,600,000
67,495,000
1,959,000 14,829,000 1,890,000 5.103,000
2,146,000 13,403,000 1,188,000 4,228,000
4,332,000 47,049,000
930,000 2,745,000
Neiv York, Friday Night, Sept. 21 1917.
upward tendency of raw material, dry
goods markets have maintained their firm undertone during the past week, and while there has not been an entire
abandonment of the conservative feeling, merchants are
displaying more interest in nearby and future requirements.
As yet, howver, there is no general anticipation of forward
needs, and in view of the many uncertainties it is not likely
that merchants will contract heavily very far ahead.
Offerings from second hands have virtually disappeared during
the week, and as has been the ease for some time past there
is no indication of weakening on the part of second hands.
Mill interests do not appear to entertain much hope of
securing raw material much below the twenty cent level,
and the sharp advances in the cotton market during the
week have led to predictions that the high levels of the
early summer will again be reached.
While Southern holders have been able to successfully demonstrate that they
could resist any decline in prices for the raw product, many
manufacturers claim that in view of the lateness of the crop
the movement has not reached its fuU weight, and planters
have not been put to the full test. A number of buyers
have been endeavoring to pick up spot goods, but have
As a
result of the
found available supplies very scarce and have had to pay
full prices for the fabrics wanted.
Jobbers have likewise
been more active, and many are said to be badly in need of
supplies.
Distribution of goods continues active, and
miUs are catching up with back orders. Although not
much is being said regarding buying by the Government,
inquiry for this account continues. Mills continue to be
actively engaged in meeting the requirements of the Government which business is receiving preference over ordinary trade. New England mills are again complaining of
increased labor difficulties, and advices from there indicate
that the outlook for any improvement in the situation
within the near future is not very promising. Skilled labor
is gradually becoming scarcer, and owing to the more remunerative wages paid by other industries, there is continued unrest in miU centres. A better inquiry is noted
for export account, though the unfavorable shipping conditions continue to restrict sales.
DOMESTIC COTTON GOODS.— Staple cottons rule
steadily with demand improving.
Offerings from second
hands have been readily absorbed, and goods below mill
quotations are becoming scarce. There are said to be many
bids in the market for goods at prices slightly below market
quotations, but holders are not anxious about seUing and
continue firm in their views. In fact whenever there is any
indication of an improved demand the selling basis is advanced. Ginghams and all other colored cloths are strongly
held for nearby shipment, and in some cases are not available for dehvery this year. Mercerized cottons are playing
a more prominent part in the silk trade, and it is expected
that it wiU not be long before they will play as prominent
a part in this trade as cotton imitations are now playing
in the linen industry.
Demand for sheeting has improved,
and in view of the recent slowness in the coarse fabric end
of the trade, the movement is quite satisfactory.
Print
cloths have been more active with a much firmer undertone noted, and sales have been made running as far ahead
as next February.
Gray goods 383^-inch standards are
quoted
at
9^c.
WOOLEN GOODS.—Manufacturers
of
woolen and
busy in turning out fabrics for Government use, and are paying little attention to ordinary
business.
Prices remain firm with the tendency upward.
While there is a moderate inquiry for light weight fabrics,
the greater part of the buying for next spring has been
completed. Few cancellations of orders have been received,
and it is felt that most of the goods ordered will be taken
as mills in many eases were unable to accept orders for the
full amounts desired.
Most of the mills making women's
wear have sold their entire line for the next light weight
worsted goods are
still
season.
Cutter s-up report business active; demand for
ready-to-wear clothing is improving, and prospects are for
a good late fall and winter trade. There is also a better
inquiry for fine and fancy dress fabrics, but mills are not
naming prices and show no anxiety as regards business.
GOODS.—Further improvement has
FOREIGN
been noted in the demand for linens, and where goods are
available they are being readily taken despite the high
prices.
Retailers report a more active trade across counter, and have been endeavoring to provide for their requirements. Salesmen carrying lines out of the local market are
sending in good orders notwithstanding the many complaints about high prices, quality and delays in deliveries.
Many retailers who hesitated about covering their future
requirements earlier in the season are now becoming greatly
concerned over their difficulty in replenishing their stock.
Advices from producing centres are not very encouraging
as regards supplies and prices.
The unsettled Russian
situation is curtailing shipments of flax from that country,
and prices for raw material continue high. The British
Government is also absorbing large quantities of goods,
and manufacturers are not able to accept all orders for
ordinary account. Burlaps remain firm with demand
quite active.
More goods have been offered during the
week, but they appear to have been readily taken. Light
weights are quoted at 11.00c. and heavy weights at 1.5.00c.
DRY
THE CHRONICLE
1234
[Vol. 105.
—
ALMA, Gratiot County, Mich.— BOjVO SALE. On Sept. 14 an issue
of 8126,000 5% improvement bonds was awarded to the Detroit Trust Co.,
of Detroit, for $126,275 (100.218) and interest.
Other bidders were:
Name of Purchaser
Bid.
Walling, Lerchen & Co., Detroit
$126.1.56
.John F. McLean & Co., Detroit
126,000, less $1,392 for expenses
Cummings, I'rudden & Co., Toledo
126,000, less 2,040 for expenses
Bolger, Mo.s-ser & Willaman, Chicago
126,000, less 3,100 for expenses
Denom. $1,000. Date Sept. 1 1917. Int. M. & S. Due $1,000 of
each issue yearly, except water bonds, which are due in 20 years. Bonded
debt (excluding this is.suo) Sept. 10 1917, $95,000; sinking fund, $9,500;
assessed valuation 1917, $4,681,000; tax rate per $1,000. 1916, $28 50.
—
News
Items.
—
Hawaii (Territory of). -^Tax Revenues. The Territory of
Hawaii with an assessed property valuation of S231, 937,000,
recently announced that the total of taxes collected throughout the territory for the fiscal year ending Juno 30 1917
showed an increase over the amount for 1916 of $660,114, or
approximately 16%. For 1916-1917 the taxes that were
The island of
collected in the territory totalled .$4,382,836.
Oahu, on which the capital city of Honolulu is situated, paid
In Honolulu alone the taxes from real estate
$2,478,127.
amounted to .$739,908 and those received from personal
property aggregated $528,609.
In the field of industry automobiles, it is said, yielded a
revenue of $68,421; carriages, $12,075; bicycles, .$3,135,
and breaks and sulkies $476.
—
Prohibition Amendment tohe Submitted in October.—
proposed amendment to the State Constitution will be
presented to the voters at a special election to be held on
Oct. 15, prohibiting forever the manufacture, sale, or keeping for sale, as a beverage, all intoxicating liquors.
Iowa.
A
— Women Permitted Vote for Certain
—The 1917 Legislature of the State of Nebraska passed
Nebraska.
dec.
Officers,
to
an Act amending Section 1940, Revised Statutes of 1913,
relating to the qualifications of voters, by providing that
women shall have the privilege of voting for all officers to be
elected to public office, and upon all questions and propositions submitted to the voters, at any and all elections.
indicate below the changes made in Section 1940 by italicizing the portions added this year and putting in black-face
type and black-face brackets the matter left out:
We
1940
Sec. 2.
— qualification
Elections
of electors
—woman
suffrage.
Every Lmale] person of the age of 21 years or upwards shall be an elector
Cbelonging to either of the following classes, who shall have resided
in the State six months, in the county forty days, and in the precinct, township, or ivard ten days, shall be an elector: (1) Citizens
of the United States; (2) persons of foreign birth who shall have
declared their intention to become citizens, conformably to the
laws of the United States on the subject of naturalization at least
thirty days prior to an election^ and shall have the right to vote for all
officers to be elected to public office, and upon all questions and propositions
submitted to the voters, at any and all elections, authorized and provided for by
,
the constitution or laws of Nebraska: Provided, however, that no female person
shall be permitted to vote for United States Senator, United States Representative, or for any officers specified and designated in the constitution of Nebraska,
or upon any question or proposition submitted to the voters, the manner of the
submission of which is specified and designated in the constitution of Nebraska.
person shall be qualified to vote at any election unless such person shall
have resided in the Slate six months, in the county forty days and in the precinct,
township, or xoard ten days, and shall be a citizen of the United Stales, or
shall be a person of foreign birth who shall have declared his or her intention to
become a citizen, conformably to the laws of the United States on the subnet
of naturalization, at least thirty days prior to such election.
Sec. 2.
Repeal.
That separate ballots and ballot boxes shall be provided for
female electors.
Such ballots shall contain the names of the candidates, and
the nuestions and propositions submitted, as female electors may vote for and
upon. The ballots cast by female electors shall be counted and canvassed with
and in the same manner as the ballots of male electors.
Sec. 3.
That said original Section 1940, Revised Statutes of 1913, is her.-by
No
—
—
New York City. City's Share of Direct State'' Tax.—
Figures based upon the State equalization table as adopted
by the State Board of Equalization on Sept. 18, show that
New York City's share of the direct State tax for 1918 of
$12,800,000, and for the raising of which the Legislature
at its regular session in 1917 provided for the imposition
of a direct tax of 1.08 miUs on each dollar of taxable real
and personal property, will be approximately 66% or about
$8,500,000. The remaining $4,300,000 will be apportioned
among the 57 counties of the State outside of New York
City.
There was no direct tax this year, but in 1916 there was
one of $20,000,000, of which New York City's share was
$13,975,000, or about 70% of the total.
Long-Term Corporate Stock Ready for Delivery. The City
Comptroller's office announced early in the week that the
permanent bonds for the $47,500,000
50-year issue
awarded on July 12 last, together with $7,500,000
15-year serial bonds to a syndicate, the head of which was
J. P. Morgan & Co., were ready for delivery in exchange
for the temporary certificates.
All the bonds have been
placed by the syndicate. V. 105, p. 1045.
—
4^%
—
—Proposed
Saskatchewan (Province
of).-
Provide Funds for Rural Credits.
editorial
columns
this
4^%
New Loan
— See reference to
this in
week.
Bond Proposals and
have been as follows:
AITKIN COUNTY (P. O.
Negotiations this week
Aitkin),
Minn.— BOiVrX> S/ILE.—An
of $40,000 6% Co. Ditch No. 4 bonds was recently purchased
& Co. of Mason City. Date Aug. 1 1917. Int. semi-annual.
yearly Aug. 1 from 1918 to 1927, incl.
_
AKRON SCHOOL DISTRICT
Ohio.
to
our
BOND OFFERING. — Sealed
(P.
O. Akron),
issue
by Schanke
Due $4,000
Summit County,
proposals will be received until 2
p. m. Oct. 8 by J. F. Barnhart, Clerk of the Bd. of Education for $500,000
school bonds. Auth. Sees. 7625 and 7626 Gen. Code. Denom. $1,000.
5%
Date Oct. 1 1917. Int. semi-ann. Due $25,000 yrly on Oct. 1 from
1919 to 1938 incl.
ALLEGAN, Allegan County, Mich.— BOJVD S^LE.—We are advised
that an issue of $4,000 sewer-improvement bonds was awarded to local
^
investors.
ALLEN COUNTY (P. O. Fort Wayne), Ind.—BOiVD OFFERING!^
Proposals will be received until Oct. 1 by Will Johnson, County Auditor,
for six issues of 4 ^ % road-construction bonds, aggregating $95, 120.
There
are 20 bonds of equal denomination to each issue.
Date Nov. 15 1917.
Int. M. & N.
Due one bond of each issue each six months from May 15
1918 to Nov.
15 1927, inclusive.
ARCHER
CITY, Archer County, Tex.— WARRANT SALE.—J.
Arlitt, of Austin, recently
6%
purchased $6,000
L.
warrants dated Oct. 26
1916.
ARLINGTON, Hancock County, Ohio.— BOATCS NOT SOLD.—
sale was made of $31 ,500 5% main street impt. bonds offered on Sept.
No
15.
ASHLAND COUNTY
O. Ashland), Ohio.— BOiVD SALE.
(P.
— On
Sept. 17 the four i.ssues of 5% road-impt. bonds, aggregating $178,000
V. 105, p. 1122 were awarded, it is slated, as follows:
$32,000 Ashland Wooster road-impt. bonds to Weil, Roth & Co. of Cincinnati at 100.23.
24,000 Columbas- Wooster road-impt. bonds to Rudolph Kleybolte & Co.
of Cincinnati at 100.23.
47,000 Savannah-Vermillion road-impt. bonds to Rudolph Kleybolte &
of Cincinnati for $47,127, equal to 100.270.
75,000 Ashland-Norwalk road-impt. bonds to Rudolph Kleybolte & Co.
of Cincinnati for $75,225 70. equal to 100.300.
—
ATTLEBORO,
Bristol
County, Mass.— TEMPORARY
LOAN.— Oa
Sept. 19 a temporary loan of $50,000, issued in anticipation of revenue,
dated Sept. 21 and due Nov. 21 1917, was awarded to F. S. Moseley <fe
Co., of Boston, at 4.29% discount, plus $1 premium. Other bidders were:
R. L. Day & Co., Boston
4.60%
4.39% IS. N. Bond & Co., N. Y
AUBURN, Cayuga County, N. Y.—BOND OFFERING.— Bids will be
received until 12 m. Oct. 2 by G. W. Hudson, City Comptroller, for
coupon or registered (purchaser's option) water -filtration
$200,000
bonds. Denom. $1,000. Date Oct. 1 1917. Int. J. & J. at the office
of the City Treasurer or at the U. S. Mtge. & Trust Co.. N. Y.
Due
$5,000 Jan. 1 1925; $10,000 Jan. 1 1926, and $20,000 yearly on Jan. 1 from
1927 to 1935, inclusive, and $5,000 Jan. 1 1936. Certified check for 2%
of the amount of bonds bid for, payable to the City of Auburn, required.
Bonds to be delivered on Oct. 20 at the U. S. Mtge. & Trust Co., N. Y.
Purchaser to pay accrued interest. These bonds will be prepared under
the supervision of the above trust company, who will certify as to the
genuineness of the signatures and the seal thereon. Their legality will be
approved by Caldwell & Masslich, of N. Y. whose opinion will be furnished
purchaser without charge. Bonded debt (excluding this issue) Sept. 18
1917, $1,119,350; water bonds (included in above), $205,000; assessed valuation: real estate, $20,777,886; special franchises, $791,700; personal prop-
4H%
,
erty, $660,307; total valuation, $22,229,892.
—
County, Iowa. BOND SALE. Schanke &
Mason City have purchased $15,000 6% serial funding bonds, dated
AUDUBON, Audubon
Co. of
Sept.
1
1917.
Int. semi-annual.
—
BOND ELECTION. Local papers state that an
\vill be held Oct. 2 to submit to the voters the questions of issuing
$185,000 sewage-disposal-plant, $40,000 fire-alarm-system, $40,000 sewerage-system-ext., $25,000 permanent street fund, $50,000 school refunding
and $25,000 Seventh Ward storm sewer bonds. (V. 105, p. 731.)
BATAVIA, Genesee County, N. Y. BONDS VOTED. The question
of issuing the $50,000 park-site-purchase bonds carried, it is stated, at the
election held Sept. 18 by a vote of 423 to 118.
V. 105, p. 1015.
BEAUREGARD PARISH (P. O. De Ridder), La.— BO A^D OFFERING. Dispatches state that I. M. Bishop, President of the Police Jury,
will receive sealed bids until 10 a. m. Sept. 28 for $175,000 5% court-house
and jail bonds.
BELMONT, Gaston County, No. Caro. BOND OFFERING. Sealed
proposals will be received until 7:30 p. m. Sept. 27 by C. P. Lineberger,
1-40-year serial
Town Clerk, for $20,000 sewer and $20,000 water
gold bonds.
Denom. $500. Date Aug. 1 1917. Principal and semiannual interest (F & A.) payable at the Town Treasurer's office, or at the
National Park Bank, N. Y., at option of holder. Due one bond of each
The bonds wiU be
issue yearly on Aug. 1 from 1918 to 1957, inclusive.
coupon in form, with privilege of registration either as to principal only
Certified check (or cash) on an Inor as to both principal and interest.
corporated bank or trust company for 2% of bonds bid for, payable to
the "Town," required. Purchaser to pay accrued interest. This town
has no bonded or floating indebtedness. The successful bidder will be
furnished with the opinion of Messrs. Hawkins. Delafield & Longfellow,
of New York City, that the bonds are binding and legal obligations of the
Town of Belmont.
AUSTIN, Texas.
election
—
—
—
—
5K%
BEMIDJI, Beltrami County, Minn.
tion will be held Oct. 29, it
is
BOND ELECTION. —An
stated, to vote
elec-
on the question of issuing
$6,000 bonds.
BENTON COUNTY
(P. O. Prosser), Wash.— ATO ACTION YET
Clerk, Board of County Commr's, advises us under date
no action had been taken toward the issuance of the $125,000 court house construction bonds (V. 104, p. 85) as a case enjoining the
issuance of the bonds is still in the Supreme Court pending a decision.
BERGEN COUNTY (P. O. Hackensack), N. J.— BONDS NOT SOLD.
No bids were received, it is stated, for the two issues of 4J-^% bonds,
V. 105, p. 1015.
aggregating $582,000, offered on Sept. 17.
BERKELEY SCHOOL DISTRICT (P. O. Berkeley), Alameda
County, Calif.^iVO BOND ELECTION. The election to vote on the
question of issuing the $250,000 building bonds (V. 104, p. 976) will not be
TAKEN. — The
of Sept. 15 that
—
—
—
held,
we
are advised.
BETHESDA, Belmont County,
BONDS PROPOSED. — Re-
Ohio.
ports state that an issue of $10,000 city and fire protection bonds
consideration.
is
under
BINGHAM SCHOOL DISTRICT (P. O. Bingham), Salt Lake
County, Utah. NO BOND ELECTION. The District Clerk ad\-ises
us that on account of the Increase in the assessed valuation for $34,421 ,011
to $57,624,994 the School Board decided that the contemplated improvements could be made without issuing bonds. See V. 104, p. 1177.
BLUFFTON, Allen County, Ohio.— BOA^D SALE.— The $35,000
5% 2134-yr. aver, water-works and electric light bonds offered on Aug.
13
V. 105. p. 924 were awarded, it is stated, to the Commercial Bank
& Savings Co. of Bluffton at par and int.
BOSSIER PARISH, La.— BOND OFFERING.— Sealed bids will be
received imtil 12 m. Nov. 10 by R. B. Hill. Clerk Police Jury (P. O.
Benton), for $49,500 Road District No. 3 public improvement bonds.
Auth., Act No. 256, Laws of Louisiana, 1910. Denom. $500. Date
Sept. 1 1916.
Principal and semi-annual interest (M. & S.) payable at
the Seaboard National Bank, N. Y.
Due yearly on Sept. 1 as follows:
$500 1918 and 1919; $1,000 from 1920 to 1925. inclusive; $1,500 from
1926 to 1931 inclusive; $2,000 for 1932 to 1941 inclusive: $2,500 from 1942
to 1944. inclusive; $3,000 1945 and 1946.
A certified check on some
national bank doing business in Louisiana or some solvent bank chartered
under the laws of that State, for at least 2^^% of the par value of the
bonds, payable to the Parish Treasurer, required. The approving legal
opinion of John C. Thomson, Esq., of New York City, will be furnished
to the purchaser without charge.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
—
—
—
—
,
,
BOUNDARY COUNTY
(P. O. Bonners Ferry), Idaho.— BOA'^D
12 the $40,000 10-lP-year serial road and bridge bonds
(V.
835). were awarded to Ferris & Hardgrove. of Spokane.^at
100.65 and int. for 534s. There were five other bidders.
— On Sept.
105, p.
SALE.
BRADLEY, Kankakee County,
We are advised that this village has
%
public sewer bonds.
Due
Ills.— BOARDS AUTHORIZED.—
authorized the issuance of $22,700
$1,700 July 1 1918 ana $3,000 yrly on July
— — ——
—
—
—
Bonded
Date of offering not yet decided.
1 from 1919 to 1925 incl.
Assess, val. 1916. $455,242.
debt, this issue only.
BRADY COUNTY SCHOOL DISTRICT
NO. 63 (P. O. Bradley),
Taylor of Oklahoma City have purV. 104, p. 2034.
chased the S12 000 building bonds voted May 8.
BOND SALE. — Robinson &
—
BRISTOL, Washington County, Wa.—BOND OFFERING.—-Proposals will be received until 4 p. m. Sept. 29 by Chapman Belew, City
Denom. .81,000. Date
Clerk, for $20,000 5% 20-yr. street^impt. bonds.
Int. M. & S. payable at the City Treas. office or at the
Sept. 1 1917.
Dominion Nat. Bank, Bristol. Cert, check for 2% of bonds bid for reThese bonds are exempt from taxation for city purposes. Bonded
quired.
Floating debt and note debt, $16,672.
debt, including this issue, .1398,600.
Water debt, included, $120,000. Cash in city treasury Jan. 1 1917, $46,Assessed val. 1917, real estate, $3,120,200; personal (tangible),
21.
048
banks,
$161,182;
County, Mass.— TEAfPORARY
LOAN.—
$199,850: intangible, $493,356; railroads, $204,111;
actual value (real and personal) est., $9,000,000.
BROCKTON, Plymouth
On
a temporary loan, issued in anticipation of revenue, was
Mosely & Co. of Boston at 4.34% discount. S. N.
Bond & Co. of N. Y. bid 4.47% plus $1 10 premium. Notes are dated
Sept. 24 1917 and are due Nov. 23 1917.
BRONXVILLE, Westchester County, N. Y.—BOND SALE.—An issue
paving bonds was awarded on Sept. 4 to H. A. Kahler &
of $16,500
Date Aug. 1 1917. Interest
Co., of N. Y., at 100.18. Denom. $1,500.
Due $1,500 yearly on Aug. 1 from 1921 to 1931, inclusive.
F. & A.
Sept. 21
awarded
to P. S.
4%%
—
BROWERVILLE, Todd County, Minn. BIDS REJECTED. All bids
received for the $8,000 6% refunding bonds offered on Sept. 14 were reThe bonds are dated June 1 1917. Int. J. & D. Due Jan. 1
jected.
1927. Oliver Laidlow is Village Recorder.
BROWN
will
CITY, Sanilac County, Mich.
be received by H. McNair, City Clerk, for
bonds. Denom. $500. Int. ann.
BOND OFFERING. — Bids
$10,000 5% 1-20 yr. serial
Auth. Sees. 3939
Certified check for
)
.,-,
on Aug. 6 to the Commercial Nat. Bank of Shi-eveport at par and int.
V. 105, p. 1122 are in the denom. of $1,000 and dated July 1 1917. Int.
J. & J.
Due $5,000 1918, $6,000 1919, $9,000 1920 and $10,000 1921.
CALDWELL, Canyon County, Idaho. NO ACTION YET TAKEN.
We are advised by the City Clerk that nothing definite has been done
towards the calling of an election to vote on the question of issuing the
—
—
—
$30,000 municipal-hospital-erection bonds. V. 105, p. 624.
-^___
CALDWELL COUNTY (P. O. Lenoir), No. Caro.— BOND SALE'T^
On Sept. 15 the $38,000 5-23-year serial road and bridge and $12,000
24-29- year serial county-home-bldg. bonds (V. 105. p. 1122), were awarded
to Cummings, Prudden & Co. of Toledo for $50,137 60 (100.275) and int.,
as 5>4s. Other bids were:
J. C. Mayer & Co., Cincinnati, $50,005 for 5s.
John Nuveen & Co., Chicago, $51,255 for 5J^s.
Provident Sav. Bank & Trust Co., Cincinnati, $50,675 for 5)4s.
Bruce Craven, attorney, $50,285 60 for 5^s.
TUlotson & Wolcott Co., Cleveland, $51,770 for 6s .
P. C. Hoehler & Co., Toledo, $51,655 for 6s.
C. W. McNear & Co., Chicago, $51,000 for 6s.
Graves & Blanchett, Toledo, $50,751 for 6s.
Hanchett Bond Co., Chicago, $50,100 for 6s.
CALISTOGA, Napa County, Calif.—ATO ACTION YET TAKEN.—
No action has yet been taken towards the calling of an election to vote on
the question of issuing the water-plant-purchase bonds.
V. 105, p. 518.
—
CAMERON COUNTY WATER IMPROVEMENT DISTRICT
No. 2
(P. O. San Benito), Tex.— BOiVDS OFFERED BY BANKERS.— Wmia^m
R. Compton Co. and Little & Hays Investment Co. of St. Louis are offering to investors $500,000 of an issue of $600,000 6% coupon water distributing system purchase and impt. bonds.
Denom. $1,000 and $500.
Date Feb. 1 1917. Prin. and semi-annual int. (M. & S.), payable at the
St. Louis Union Bank, St. Louis.
Due on Sept. 1 as follows: $1,000 1920
and 1921; $1,000 yrly from 1923 to 1930, incl.; $8,000 1931 and 1932;
CLALLAM COUNTY SCHOOL DISTRICT NO.
SCRIPTION OF BONDS.
—
Wash.-^^^^^^TJS-
—
™____.^^^
CLAY SCHOOL TOWNSHIP (P. O. Brooklyn), Morgan County',
Ind. BOND OFFERING. — Proposals will be received until 1p.m. Oct. 6,
it is
stated,
by P. W.
Fields,
Township Trustee,
for
$ll,000and$2,50043^
school bonds.
%
CLINTON, Sampson County, No. Caro.— BOND SALE.— On Sep^.
15 the $29,000 6% ll-yr. (aver.) gold street bonds (V. 105, p. 1015).
were awarded to Durfee, Niles & Co. of Toledo for $29,268 80 (100.926)
and int. Purchaser to pay cost of printing bonds.
Elston & Co., Chicago, $29,077 and Interest.
J. R. Sutherlin & Co., Kan.sas City, par. Int. and printed bonds, less $176.
Davies-Bertram Co., Cincinnati, par and int.. less $305.
Graves & Blanchett, Toledo, par, less .$990.
Spitzer, Rorick & Co., Toledo, par and int., less $1,150.
COLBERT SCHOOL DISTRICT (P. O. Colbert), Bryan County,
Okla. BOND ELECTION PROPOSED. Reports state that petitions
have been circulated calling for an election to vote on the question of
—
issuing $3,500 building bonds.
—
COLORADO SPRINGS,
El Paso County, Colo.— BOND SALB.
10-15-year opt. water-works bonds offered without sucV. 105, p. 412 have been sold to local banks.
The $125,000 4%
cess
on July 18
—
—
COLUMBIA, Maury County, Tenn.— BOND OFFERING.— SeMed
for $50,000
Sept. 1 1917.
COLUMBUS, Muskogee County, Ga.— BONDS DEFEATED.— The
CORNING VILLAGE DISTRICT (P.O. Corning), Perrry County,
Ohio. BONDS NOT SOLD. No bids were received for the $4,000 5%
coupon school bonds offered on Sept. 15. V. 105, p. 1122.
CORWITH SCHOOL DISTRICT (P. O. Corwith), Hancock County,
lovfa.— DESCRIPTION OF BONDS.— The $22,000 5% building bonds,
recently awarded at par to Geo. M. Bechtel & Co. of Davenport (V. 105,
p. 1122), are in the denom. of $500 and dated Sept. 1 1917.
Int. M. & N.
Due serially on Nov. 1 from 1922 to 1937.
COSHOCTON COUNTY (P. O. Coshocton), Ohio.— BONDS NOT
SOLD. No bids were received for the $4,700 5% coupon road Impt.
bonds offered on Sept. 15. V. 105, p. 1122.
DAVIESS COUNTY (P. O. Washington), Ind.— BOND OFFERING.—
Bids will be received until 2 p. m. Oct. 3 by Elmer Buzan, County Treasurer, for $8,000 4H % coupon Zed Veale et al. road bonds of Veale Twp.
Denom. $400. Date Sept. 15 1917. Int. M. & N. Due $400 each six
months from May 15 1919 to Nov. 15 1928, incl.
DAWSON COUNTY SCHOOL DISTRICT NO. 85 (P. O. Glendive),
—
—
CARBON COUNTY SCHOOL DISTRICT NO.
Mont.— BOND OFFERING. — Sealed
by
BOND SALE. — On Aug. 4 $9,200 6% 5-20-year opt. building bonds
M. Clark of Roberts at 102. Denom. 18 for $500, 1
for $200.
Date Sept. 1 1917. Int. M. & S.
A similar issue of bonds was reported sold on May 21 to Sweet, Causey,
— V.
(P.
104, p. 2260.
O. BerryviUe),
Ark.— BONDS PROPOSED.—
This county will issue about the first of next year $75,000 additional road
bonds. Roy Thompson is County Judge.
CASCADE COUNTY (P. O. Great Falls), Mont.— iVO ACTIoWTWr
TAKEN. — No action has yet been taken, we are advised, towards the
calling of an election to vote on the question of issuing the bridge-construction bonds.
V. 105, p. 518.
—
F CASCADE COUNTY SCHOOL DISTRICT NO.
—
73,
Mont.—BOND
SALE. Wells & Dickey Co. of Minneapolis was awarded at par on Aug. 16
an issue of .$3,500 6% 5-20-year opt. building bonds. D2Tiom.$500. Date
Aug. 1 1917.
CASCADE COUNTY SCHOOL DISTRICT NO. 74 (P. O. Vaughn),
Mont.— BOND SALE.— On Sept. 8 the $3,000 6% 5-10-year opt. coupon
building bonds
V. 105, p. 835 were awarded to Wells & Dickey Co. of
—
—
•^CATAWBA COUNTY
BOND
(P. O. Newton), No. Caro.—
SALE.—
Sept. 12 the $100,000
bridge bonds V. 105, p. 925— were awarded
to Sidney Spitzer & Co. of Toledo at a "satisfactory price."
Other bids:
Bray Bros
$95, 980 Graves & Blanchett, Toledo-.S94,995
On
—
5%
J.
G. Compton. Dist. Clerk,
it is
bids will be received until Oct. i
stated, for $1,500
building bonds.
6%
DAWSON COUNTY SCHOOL DISTRICT
NO. 86
(P. O. Glendive),
be received until Oct. 6 by
Roy Seifried, Dist. Clerk, reports state, for $1,500 6% building bonds.
DAWSON COUNTY SCHOOL DISTRICT NO. 87 (P. O. Glendive),
Mont. BOND OFFERING.— Will A. Needham. Dist. Clerk, will receiro
bids until Oct. 2 for $1,290 6% building bonds, according to reports.
DAWSON COUNTY SCHOOL DISTRICT NO. 88 (P. O. Snowbelt)
Mont. BOND OFFERING. E. M. Beebe, District Clerk, will receive
bids until 3 p. m. Oct. 3 for $2,400 6% 7-10-yr. (opt.) site-purchase building and equipment bonds.
DAWSON COUNTY SCHOOL DISTRICT NO. 106 (P. O. Glendive), Mont.
BOND OFFERING. Proposals will be received until 2
p. m. Oct. 4 by N. H. Buttleman. Dist. Clerk, it Is stated, for $2,000 6%
site-purchase and bldg. bonds.
BOND OFFERING. — Proposals
Mont.
will
—
—
DAWSON AND ROSEBUD COUNTIES SCHOOL DISTRICT NO.
—
Mont.— BOND OFFERING. Proposals will be received until 2 p. m.
Oct. 1 by Jens Paulson, District Clerk, at the Fir.st Nat. Bank of Miles
City, for $1,200 6% 7-11-yr. (opt.) site-purchase and building bonds.
76,
——
—
,
were awarded to E.
Co. of Denver.
—
DEFIANCE VILLAGE SCHOOL DISTRICT (P. O. Defiance),
Defiance County, Ohio. BOND ELECTION PROPOSED.— An election
ELECTION PROPOSED.—
Mont.
CARROLL COUNTY
—
^ta
Stark County, Ohio.— BOND
question of Issuing $290,000 sanitary sewer bonds will be submitted
to the voters, it is stated, at the fall election,
&
61,
$2,500 building bonds recently awarded
are in the denom.
Due Aue. 1 1937.
23 (P. O. Roberts),
,
Weil, Roth
— The
to the State of Washington at par for 5s
V. 105, p. 199
of $250 and dated Aug. 1 1917.
Int. ann. in Aug.
subject to call at any interest-paying dates.
DAYTON, Ohio. BOND SALE. On Sept. 20 the $380,000 5% 20-yr.
coupon water-works-extension bonds V. 105, p. 835 were awarded to
R. Iv. Day & Co. and Estabrook & Co.. both of Boston, jointly at 103.84.
Other bids were:
Harris Forbes&Co. ,N .Y .$393 ,649 60 Geo. B. Gibbons & Co.
Blodget & Co. and Curand H. A. Kahler &
tis & Sanger, Boston,- 392,464 00
Co.. New York
$385. 96» 8t
C.E.Denison & Co. and
Dayton Sav. & Tr. Co..
Merrill,01dham&Co.,Bos392,436 00
Farson. Son & Co.,
R. M. Grant & Co.. Chi. 391.742 00
Breed, Elliott & HarriSeasongood & Mayer and
son and Provident SavWeil, Roth & Co., Cin. 387,752 00
ings Bank & Tr. Co.. 384,94© 0«
*Rud. KleybolteCo.Cin. 387,070 70 Tillotson & Wolcott Co.
Field, Richards&Co.,Cm. 386,771 00
andOtis&Co., Cleve- 384,760 00
$9,000 1933; $10,000 1935; $11,000 1936; $10,000 1937; $12,000 1938;
$13,000 1939; $14,000 1940; $5,000 1941; $16,000 1942; $17,000 1943;
$18,000 1944; $20,000 1945; $21,000 1946; $22,000 1947; $24,000 1948;
$25,000 1949; $27,000 1950; $28,000 1951; $30,000 1952; $32,000 1953;
$34,000 1954; $37,000 1955 and $39,000 1956. Bonded debt, this issue,
$600,000. No floating debt. Assess, val. 1916, $4,744,764; actual value
(est.) $6,000,000.
The legality of these bonds has been approved by Mr.
John C. Thomson, attorney, N. Y., whose opinion will be furnished.
Minneapolis.
amount
of the
propositions to is.sue the .$150,000 sewer, $15,000 ho.spital and $12,000 firestation bonds failed to carry at an election held Sept. 13.
Co.,
.'.-^
&
5%
5H%
4K%
BUCYRUS, Crawford County, Ohio. BOND SALE.— On Sept. 1 j
the $24,940 5% street-impt. bonds — V. 105, p. 835 — were awarded to the
First National Bank of Bucyrus for $24,950 — 100.040— and int.
Seasongood & Mayer of Cincinnati bid $24,947.
^
CADDO PARISH SCHOOL DISTRICT NO. 1 (P O. Shreveport),
ha,— DESCRIPTION OF BONDS.— The $30,000 5% school bonds awarded
Poster
Denom. $500. Int. semi-ann.
of bonds bid for, payable to the
Purchaser to pay accrued interest.
and 3942, Gen. Code.
above City Auditor, required.
were:
CANTON,
1225
Taylor, Ewart & Co., Chicago
$19,6301
$19,404
Kan|H. P. Wright Invest. Co.,
Kansas City
19,506|
j.... ... 19.250
Kan.— BOND
NO.
(P. O. Willis),
SALE.— On Sept. 15 the .$20,000
llJi-.vr. (aver.) tax-free site-purchase and building bonds (V. 105, p.
were awarded to Vernon H. Branch of Wichita at 98.50. Other bids
925)
The
—
bids will be received until 12 m. Sept. 29 by E. E. Erwin, City Recorder,
20-yr. coupon funding bonds.
Denom. $1,000. Date
Prin. and semi-annual int. (M. & S.), payable at the City
Recorder's office. Cert, check for $1,000, payable to the City Recorder,
required.
Bonded debt, including this issue, $167,500. Floating debt
Sinking fund, $16,020. Asses, val. 1917, $2,700,000.
$48,152.
BROWN COUNTY RURAL HIGH SCHOOL DISTRICT
E.
Dunne &
Wichita
Fidelity Trust Co.,
sas
City
—
7
street
D.
— —
—
THE CHRONICLE
Sept. 22 1917.]
Okla.
—
—
Certified check did not accompany bid.
be held in the near future, it is stated, to vote on the question of issuing
$150,000 school-building bonds,
DEWAR, Okmulgee County, Okla. BONDS VOTED. Reports
state that at a recent election the voters authorized the issuance of $20,000
water-works ext. $5,000 sewer and $5,000 city hall and jail building bonds.
will
—
DICKINSON COUNTY (P. O. Spirit Lake), Iowa.—BOND SALE.—
issue of $l(l2.000 5% refunding bonds was awarded, it is stated, to
Halsey, Stuart & Co. of Chicago for $103,625. equal to 101.593.
DICKINSON SCHOOL DISTRICT (P. O. Dickinson), Stark
County, Ohio.— BONDS PROPOSED. — The question of issuing $30,000
An
school bldg. bonds will be submitted to the voters in the near future,
it is
stated.
DOERUN,
Cloquitt County, Ga.— BOND OFFERING -—Sealed bids
be received until 12
Sept. 25 by H. W. Garrett, City Cierk and
Treas., for the $7,500 5% 30-yr. gold coupon school-bldg. bonds voted
June 9. Denom. $500. Date Sept. 1 1917. Int. M. & S. at the Mechanics & Metals Nat. Bank, N. Y. Cert, check or cash for $500, payable
to the "City," required.
Bonded debt, oxcluding this i.ssue, Aug. 1 1917,
Floating debt, $3,449. Assess, val. $557,782 50.
$27,500.
m
will
1
Co., Cine
95,387
DUBUQUE COUNTY
(
CELINA, Mercer County, Ohio.
BOND SALE. — On
—
Sept.
12 the
—
$14,000 5% 1-6 yr. serial coupon asse.ss. bonds V. 105, p. 925 were
awarded, it is stated, to Durfee, Niles & Co. of Toledo for $14,010, equal
(P.
O. Dubuque), Iowa.— BOND
SALE.— On
Sept. 12 the $75,000 5% 5-20-yr. (opt.) site-purchase and county hospital
erection bonds (V. 105, p. 1016), were awarded to Geo. M. Bechtel & Co.,
of Davenport, for $75,010 (100.013) and int.
There were five other bidders.
DUSTIN TOWNSHIP (P. O. Dustin), Hughes County, Okla.—
BONDS VOTED.— The
BOND SALE. — Schanke carried, reports state, atquestion of issuing $73,000 road and bridge bonds
an election held Sept. 8.
& Co. of Mason City have been awarded an issue of $22,000 5K % serial
funding bonds dated Oct. 1 1917. Int. semi-annual.
DYER SPECIAL SCHOOL DISTRICT (P. O. Dyer), Crawford
CHICAGO, 111. (South Park District).— BOND SALE.— On Sept. 19 County, Ark. BONDS VOTED. — The question of issuing $14,000 school
bldg, bonds carried, it is stated, at a recent election,
the $346,000 4% 1-20-year serial park bonds— V. 105. p. 1122—-were
awarded jointly, it is stated, to the Merchants' Loan & Trust Co. and the
EASTLAND COUNTY (P. O. Eastland), Tex.-BONDS VOTED.—
Northern Trust Co..
to 100.071.
CHARTER OAK,
Crawford County, Iowa.
both of Chicago, at 93.66.
CINCINNATI, Ohio.— BOND OFFEB/NG .-Proposals
will
be received
m. Oct. 15 by Wm. Leimann. City Auditor, for the following
bonds:
$920,000 trunk-sewer bonds. Date Sept. 3 1917. Due Sept. 3 1937.
$140,000 street-unpt. bonds. Date Sept. 1 1917. Due Sept. 1 1947.
until 12
4H%
The question of issuing $130,000 road construction bonds carried,
stated, at an election held in Road Dist. No. 1 on Sejjt. 15.
i*
is
EDDY COUNTY (P. O. Carlsbad), N. Mex.— BONDS DEFEATED.
A. R. O'Quin, County Clerk, advises us that the question of issuing the
$100,000 5% road- construction bonds (V. 104, p. 577), was defeated at the
—
election held
March
17.
THE CHRONICLE
122(i
111.— BOA^O OFFERING.— Kiiia will be rchy William K. Sylla, City Clerk, for
$60,000 5% bridge bonds autliorized by vote of 015 to 1.3 at the election
These l)onds are dated July 1 1917 and
(V. 104. p. 21.''>r»).
held May 2
I'rln. and ann. int. (July I),
issu((d in denominations of S200 and S.OOO.
payable at office of the City Treas. Due $.3,000 yrly. on July 1 from
issue, $1.'54.000.
No floating
IJonded debt, incl. this
lOl.S to Ht.'57 incl.
Sinking fund (all water), $14,107; public benefit vouchers outdebt.
standing Jan. 1 1917. $74,619; assess, val. 1916 (equalized), .SH, 7.36,017;
pstlniatod actual, .'543,680,0!>!5; value of municipal property, $1,334,924.
Official circular statiss that there has never been any default in the payment of any obligations of the city and there is no controversy or litigation
pending orthreatened, affecting the corporate existence, or the boundaries
ELGIN, Kane County,
<:elvcd, it is staled,
until Sept. 2G
1
of said municipality, or the title of its i)rcscnt officials to their respective
offices, or the validity of these bonds.
ELKHART, Morton County, Kan.— BOARDS NOT YET ISSUED.—
The
SflO.OOO water-works system bonds voted at a recent election (V. 105,
have not yet been i.ssued.
p. 02.5)
EUDORA SCHOOL DISTRICT
school building carried,
it is
O. Eudora), Douglas County,
(P.
BONDS VOTED. — The
Kans.
question of issuing bonds to erect a high
stated, at a recent election.
EXCELSIOR SPRINGS, Clay County, Mo.— BOND SALE.—Oa
Sept. 13 tlie ,'3;12,.500 10-20-yr. (opt.) registered bridge building and park
impt. bonds were awarded to Stern Bros. & Co. of Kansas City at 101.52
and
int. for 5J^s.
FIFTH LOUISIANA LEVEE DISTRICT, ha.— BOND OFFERING.—
Further details are at hand relative to tlio offering on Oct. 15 of the .1250,000
(part of an issue of SI ,000,000) 5% 50-yr. coupon and reg. levee-construc.
bonds (V. 105, p. 1123). i'roposals for these bonds will be received until
12 m. on that day by O. W. Campbell, Secy. Board of Comnirs. (P. O.
Tallulah).
Auth. Act 141, Laws of La., 1916. Donom. .?1,000. Date
Oct. 15 1917. Int. A. & O. at the State Treasury, Baton Rouge. Cert.
check for 1}^% of amount of bid, payable to the Board of Comnirs., re-
quired.
Bonded debt, including this issue, Sept. 14 1917, $1,250,000.
Floating debt, $300,000. Asse.ssed valuation 1917, $13,000,000.
FORT SUMNER SCHOOL DISTRICT (P. O. Fort Sumner), Guadalupe County, N. Mex. BOND SALE. R. M. Grant & Co.. of Chicago,
was awarded on March 29 $32,500 5% 20-30-yr. (opt.) building bonds for
Denom. $500. Date Jan. 15 1917. Int. J. & J.
$32,925, equal to 101 .307.
—
N.
Cattaraugus
OFFERING.
K. L. Farnham, Village Clerk,
— FRANKLINVILLE,paving bonds. County,bids Y.— BONDSept. Oct. 2
receive
until 1:30 p. m.
for $6,000
coupon
Denom. $500. Date
1916.
will
5%
1
Principal and annual interest payable at Union National Bank of FranklinDue $500 yearly on Sept. 1 from 1917 to 1928, inclusive. Certified
chock or a New York draft for $400, payable to the Village Treasurer, required.
Bonds to be delivered on Nov. 1 1917.
ville.
FREMONT, Sandusky County, Ohio.— BOiVD OFFBBJiVG.— Sealed
proposals will be received until 2 p. m. Sept. 24 by F. C. Klegin, City
Aud. for $2,720 5% coupon street impt. city's portion bonds. Denom.
Due $136 each six months
$136. Date April 1 1917. Int. A. & O.
from Apr. 1 1919 to Oct. 1 1928 incl. Cert, check on some solvent banli
for $200, payable to the City Treas. required.
Bonds to be delivered
and paid for within 10 days from time of award. Purchaser to pay accrued int.
GALLATIN COUNTY SCHOOL DISTRICT NO. 76 (P. O. Lombard), Mont. BOND OFFERING. Proposals will be received until Oct.
10 by Hattie Clary, Dist. Clerk, for $3,000 67o site-purchase and bid. bonds.
—
GALLIPOLIS,
Gallia County,
Ohio.— BOiVD SALE.— On
Sept. 13
an issue of .820,000 5% redemption bonds was awarded, it is stated, to
Seasongood & Mayer of Cincinnati at 100.055. There were no other
bidders.
GERBER SCHOOL DISTRICT, Tehoma
—
County, Calf.- BOATDS
DEFEATED. The question of issuing $6,600 building bonds failed to
carry at an election held Sept. 3.
[Vol. 105.
HAWKINS COUNTY
(P. O.
— No sale had been made104, Rogersville),of Tenn. —BO.VDS NOT
Sept. 15
up
the $200,000 5% road
bonds offered on March 15 (V.
681).
HAYS, Ellis County, Kans. BOND SALE. — We are advUed that the
$29,033 bonds recently voted to purchase the plant of the Hays Electric
SOLD.
tfj
p.
Light Co. (V. 103, p. 2093). have been sold.
HENDRICKS
(P. O. Danville). Ind.— BOND OFFERING.
Proposals will be received until 10.15 a. in. Sept. 24 by John W. Patter.son, Co. Treas., it is stated for $9,000 and $3,600 4>$% lO-yr. highway
impt. bonds.
COUNTY
—
HEMPSTEAD (Town), Nassau County, N. Y.—BOND OFFERING.—
Sealed bids will be received until 12 m. Sept. 24 by Hiram R. Smith, Town
Supervisor (P. O. Hempstead) for $75,000 5% coupon or registered (purchasers option) town house bonds. Denom. $1,000. Date Oct. 1 1917.
I'rin. and semi-ann. int. (A. & O.), payable at the Bank of Rockville
Centre.
Due $15,000 yrly on Apr. i from 1919 to 1923 incl. Cert,
check on an incorporated bank or trust company for 2% of the amount
of bonds bid for, payable to the above Town Supervisor, required.
Purchaser to pay accrued int. The bonds will be prepared und-r the supervision of the Nassau County Trust Co. of Mineola. which will certify as
to the genuineness of the signatures of the town officials and the seal impressed thereon.
Their legality will be approved by Reed, McCook &
lloyt of N. Y. C'ity, whose favorable opinion will be furnished purchaser.
Bonded debt (incl. this issue) $386,000. Total assessed valuation, $70,Population 1915 (census), 63,271.
163,270.
,
HENNEPIN COUNTY
(P.
town
,
GRANT COUNTY
Silver City), N.
—Action (P. O. road constr. election to votecourt-house and
towards
an
on the propositions to issuing the $300,000
and $150,000
bonds has been postponed indefinitely. — V. 104,
180, 1620.
GREELEY CENTER, Greeley County, Neb. BONDS NOT SOLD. —
calling
jail
p.
No
5%
sale was made of the $13,000
5-20-year (opt.) electric-light bonds
offered on Sept. 11 (V. 105. p. 925).
GREEN BAY, Brown
County,
Wis.— BONDS PROPOSED.—An
ordinance providing for the issuance of $107,000 414% coupon Whitney
school-building bonds will come up for consideration and passage at the
meeting of the City Council on Sept. 24. Denom. $1,000. Date Nov. 1
Int.
1917.
Due yearly on Nov. as follows: $4,000 from 1919
to 1922, inclusive; $5,000 from 1923 to 1927, inclusive; $6,000 from 1928
to 1932, inclusive: $7,000 from 1933 to 1936, inclusive, and $8,000 1937.
W. L. Kerr is City Clerk.
M.&N.
GREENFIELD SCHOOL TOWNSHIP
— —
GREENVILLE, Darke County,
HENRY COUNTY
(P.
O. Napoleon),
Ohio.
(P.
O. Groton),
NEXT
Brown County,
required.
fP.
O. Greenfield),
Ohio.—BOJVD SALE.—
—
Sept. 18 the $12,200 434% 5 5-6-yr. aver, highway impt. bonds V.
105, p. 1123 were awarded to Paul F. Binford for $12,231 50 (100.256)
and int. Other bidders were:
Citizens Bank, Greenfield. $12, 227 65|Breed, Elliott & Harrison,
Indianapolis
$12,212 00
—
I
HAPPY VALLEY IRRIGATION DISTRICT (P. O. Olinda), Shasta
Calif.
BOND ELECTION PROPOSED. — This district proposes
County,
to call an election,
Misselbach
dam
reported, to vote on the question of issuing $300,000
-^
and Hoover Creek tunnel building bonds.
it is
HARDIN COUNTY
(P. O. Kenton), Ohio.— BOiVD OFFERINgT^
Sealed bids will be received imtil 12 m. Sept. 24 by Ulrich J. Pfetffer,
Co. Aud., for the following 5% bonds:
$19,360 Kenton Lima ext. pike bonds. Denom. $1,210. Due $4,840
each year on Sept. 24 from 1918 to 1921 incl.
14,400 Highslip pike bonds. Denom. $900. Due .$3,600 yrly on Sept.
24 from 1918 to 1921 incl.
11,200 Lotz and Davis pike bonds. Denom. $1,400. Due $2,800
yrly on Sept. 24 from 1918 to 1921 incl.
9,840 Strahm pike bonds.
Denom. $1,230. Due $2,460 yrly on Sept.
24 from 1918 to 1921 incl.
Auth. Sec. 6929 Gen. Code. Date Sept. 24 1917. Princ. and semi-ann.
int. (M. & S.), payable at the office of the Co. Treas.
Cert, check on a
Kenton, Ohio, bank for $500, required. Bonds to be delivered and paid
for within 15 days from time of award, i t j -d-m^S iM < < * 1 <
HARLINGEN, Cameron County, Texas.— WARRANT SALE7=An
issue of $10,000 6% serial street improvement warrants was recently pm-chasod
.
by
J.
L. Arlitt. of Austin.
SOLD.—
HIGH POINT, Guilford County, No. Caro.— BOA'^O OFFERING.—
Proposals will be received until 12 m. Sept. 25 by Thomas J. Murphy.
City Manager, for the following 5>^% coupon (registerable as to principal
and int.) bonds:
$200,000 street funding bonds. Int. J. & J. Due $12,000 yrly Jan. 1
from 1919 to 1923 incl.; $15,000 yrly from 1924 to 1930 inch;
$17,000 Jan. 1 1931 and $18,000 Jan. 1 1932.
60,000 general funding bonds. Int. A. & O. Due $6,000 yrly Oct. 1
from 1918 to 1927 incl.
39,000 street improvement bonds. Int. A. & O. Due $2,000 yrly
Oct 1 from 1918 to 1936 incl and $1,000 Oct. 1 1937.
31,000 assessment bonds. Int. A. & O. Due $5,000 Oct. 1 1918,
$3,000 yrly Oct. 1 from 1919 to 1924 incl. $2,000 yrly Oct. 1
from 1925 to 1928 incl.
Denom. $1,000. Date Oct. 1 1917. Principal and semi-annual int.,
payable at the Hanover Nat. Bank, N. Y. Certified check on an incorporated bank or trust company, or cash, for 2% of bonds bid for, payable
Purchaser to pay accured
to the City Manager & Treasurer, required.
interest.
The purchaser or purchasers wil be furnished with the opinion
of Reed, McCook & Hoyt of New York City, that the bonds are valid
and binding obligations of the city. The bonds will be prepared under
the supervision of the United States Mortgage & Trust Co. of N. Y. City,
which will certify as to the genuineness of the signatures of the city officials
and the seal impressed on the bonds. Bonded debt, including these bonds,
Sinking funds,
$975,000; water debt incl. $240,000; other debt, $10,500.
$36,000. Assess, val. 1917, $5,503,000; true value (est.), $15,000,000.
HOBART, Lake County, Ind.— BOARDS REFUSED. — Breed, Elliott
have refused the $15,000 6% electric light
on Aug.
13.
—V. 105,
p. 1123.
HOOKER SCHOOL
—
DISTRICT, Tehoma County, Calif.— BOATD
On Sept. 11 the $1,500 6% building bonds were awarded to Nellie
Denoms. $200 and $300. Date
Schafer for $1,501 (100.066) and int.
Aug. 14 1917. Int. ann. in Aug.
SALE.
HUGO, Choctaw County, Okla.— BOARDS NOT YET OFFERED. —
We are advised by the Mayor that no date has yet been set for the sale
of the $15,000 514% 20-year fair-grounds purchase bonds voted Aug. 14
(V. 105, p. 1123).
INDEPENDENCE, Montgomery County.Kan.-BONDS AWARDED
IN PART.— Of the $20,000 park bonds voted March 13 (V. 104, p. 1517),
Due
$12,000 have been sold as 4s.
is City Clerk.
JASPER COUNTY
(P.
O.
one-tenth yearly.
Jasper),
G. H. Kreinhagen
Tex.— BOA'^D ELECTION.—
JAY COUNTY (P. O. Portland), Ind.—BOA'^D SALE.— On Sept. 17
the $9,200 4M% 5 5-6-yr. aver, highway impt. bonds V. 105. p. 1123.
were awarded to the First National Bank of Portland for $9,210, equal to
100.108.
Breed, Elliott & Harrison of Indianapolis bid $9,209.
GUSTINE, Merced County, Calif.—BOJVD SALE.— The $15,000
water-works and $12,000 sewer 5% gold bonds (V. 104, p. 1929) were
awarded on May 15 to the Bank of Gustine.
HADDON HEIGHTS, Camden County, N. J.— BOND OFFERING.—
Sealed bids will be received until 8:15 p. m. Oct. 2 by A. F. Beck, Borough
Clerk, it is stated, for $14,900 5% 1-20-year serial funding bonds.
Interest
semi-annual. Certified check for 2% of the amount of bonds bid for
HANCOCK COUNTY
A-OT"
5%
—V. coupon road impt. bonds,
105. p. 1016.
BOND OFFERING. — Sealed
So. Dak.— BONDS TO BE ISSUED
SPRING.— The Clerk, Bd. of
Ed., advises us that the $80,000 building and equipment bonds voted Aug.
22 will not be issued until next spring.
On
Ohio.— BOA^JD.S
No bids were received for the eight issues of
aggregating $113,950, offered on Sept. 18.
Reports state that an election will be held Oct. 13 to vote on the question
of Issuing $500,000 road bonds.
proposals will be received until 12 m. Oct. 11 by C. R. Jobes, City Aud.,
for .$2,151 20 5% street impt. assess, bonds.
Auth. Sees. 3914-1 Gen.
Code. Denom. $215 12. Date Mar. 1 1917. Int. ann.
Due $215 12
yearly on Mar. 1 from 1918 to 1927 incl.
Cert, check for 5% of the amount
of bonds bid for, payable to the City Treas., required.
Bonds to be deUvered and paid for within 10 days from time of award. Purchaser to
pay accrued int.
GROTON SCHOOL DISTRICT
1.50,000
Orange County,
(P. L. Paoli),
Ind. BOND SALE. On Sept. 4 the $1,100 5% 1-4-yr. serial .school bonds
V. 105, p. 733 were awarded to S. W. Line for $1,112 50 (101.1.36).
—
1.50,.535
Co., Toledo
151,0.36 00
A. B. Leach & Co., Chic. 151.023 00
HOLLAND, Ottawa County, Mich. BOND SALE. —An issue of
fire truck bonds was awarded, it Is stated, on Sept. 5 to Halsey,
Mex.— BOiVO ELECTION $12,000&5% of Chicago for $12,044 50, equal to 100.370.
Stuart
Co.
hall bonds.
POSTPONED.
Minn.— BO.VD SALE.—
Wood, St. Paul
151,076 00 Rud. Kleybolte & Co. Cin.
Cummings, Prudden &
Wells & Dickey Co., Minn-.
GIRARD, Trumbull County, Ohio.— BOiVO ELECTION PRO- & Harrison, of Indianapolis,
POSED. —An election will be held, it is stated, to vote on the question of impt. bonds awarded to them
issuing $15,000
O. Minneapolis),
Sept. 17 the $1.50,000 5% coupon tuberculosis-hospital improvement
(V. 105, p. 1016) were awarded to R. L. Day & Co.,
of Boston, at 101.349 and interest.
Other bids were:
Merrill, 01dham&Co.,Bo.sS151 ,768 .50 Jas. L. Martin & Co., Chi(r.31.50,990
Minn.L.& Tr.Co.,Minn. 151,500 00 Halsey, Stuart & Co., Chic. 1.50,951
Kalman
Matteson &
C. W. McNear& Co., Chic. 1.50,780
On
and equipment bonds
—
JOHNSTOWN, Cambria
—A
County,
POSED.
Pa.— BOAT) ELECTION PRO-
bill has been introduced in the City Council, according to
reports, providing for the submission to the voters of a proposition to issue
$775,000 sanitary sewer, garbage disposal plant and street paving bonds.
KINGSLEY, Plymouth County, Iowa. BOND SALE. — An issue
% serial water-works extension bonds was recently purchased
& Co. of Mason City. Date Sept. 1 1917. Int. semi-annual.
LA CROSSE, Rush County, Kans. BOND SALE. — D. E. Dunne &
Co., of Wichita recently purchased $30,000 5% water-works and $12,000
of $3,500 514
by Schanke
4M%
electric-light-plant
bonds
LADYSMITH, Rush County, Wise— BOA'^D ELECTION.—This
an election on Oct. 16. it is stated, to decide whether or not
$10,000 municipal electric light plant purchase bonds shall be issued.
LAFOURCHE PARISH (P. O. Thibodaux), La.— BOA'D ELECTION.
An election will be held in Road District No. 3 on Oct. 23 to vote on the
proposition to issue $25,000 5% road bonds.
LAKE
DRAINAGE DISTRICT (P. O. Artesia), N. Mex.—
BONDS TO BE SOLD AT PRIVATE SALE.— The $200,000 drainage
bonds offered without success on June 15 (V. 104, p. 2666) \^ill not be readvertised again, but Will be sold at private sale. A. C. Keinath, SecretaryTreasurer of District.
LAKE COUNTY (P. O. Crown Point), Ind.— BOND SALE.— The
$96,000 434% 6-yr. aver, road bonds V. 105, p. 413 were awarded on
Aug. 24 to the Fletcher American National Bank of Indianapolis for
$96,205 (100.213) and int.
LAKE COUNTY (P. O. Painesville), Ohio.— BOA^^D SALE.— On
Sept. 19 the two issues of 5% coupon road-impt. bonds (V. 105, p. 926)
were awarded to Field, Richards & Co. of Cleveland as follows:
$228,500 Cleveland-Buffalo road bonds at 100.09 and interest.
18,000 Lake-Ashtabula road bonds at 100.03 and interest.
city will hold
—
ARTHUR
—
—
LAKEVIEW SCHOOL DISTRICT, San Diego County, Calif.—
BOND SALE. — On Aug. 17 $3,000 6% building bonds were awarded to
.lulius
J.
J.
&
Beuhler at 105.20. Denom. $250. Date July 31
Due $500 yily July 1 from 1922 to 1927 incl.
LAKEWOOD, Cuyahoga
County,
1917.
Int.
Ohio.— BOA'DS PROPOSED.
^
—
Thequestionof submitting to the voters a proposition to issue $1,000,000
paving bonds is being considered by the City Council, it is stated.
LAKEWOOD CITY SCHOOL DISTRICT, Cuyahoga County,
Ohio. BOND OFFERING. Bids will be received until 7:30 p. m. Sept. 25
by P. T. Harrold, Clerk Board of Education, for $520,000 5% coupon
building and improvement bonds.
Denom. $1,000. Date, day of sale.
Principal and semi-annual Interest (A. & O.), paj'able at the Cleveland
Trust Co., Cleveland. Due $20,000 yearly on Oct. 1 from 1925 to 1952,
—
—
—
—
—
5%
of the amount of
Certified check on a national bank for
payable to the Treasurer of the Board of Education required.
Purchaser to pay accrued interest.
inclusive.
for,
,
LASSEN COUNTY
The
(P.
O. Susanville), Ceil.— BOND
ELECTION.—
proposition to issue S60.000 road building bonds will be submitted to
it is stated, on Oct. 26.
a vote,
LEWIS COUNTY SCHOOL DISTRICT NO.
BOND
Wash.—
m. Sept. 29 by
— Bids(P. O.be received until $45,000 5-20-year E. Raught.
coupon
Trea.surer
Chehalis), for the
OFFERING.
County
will
1
9,
J.
(opt.)
p.
building bonds authorized by vote of 453 to 11 at an election held Aug. 28.
Int. rate not to exceed C%.
Principal and semi-annual interest payable at
the County Treasurer's office. These bonds take the place of the $45,000
issue sold on July 7 (V. 105, p. 201).
LICKING SCHOOL TOWNSHIP
BOND
County, Ind.
— On
P.
to
SALE.
school bonds was awarded
J.
Denoms. 2 for $,500 and 1 for $600.
March. Due Sept. 1 1930.
O. Hartford City), Blackford
4 an issue of $1,000 4M%
Cronin, of Hartford City, at par.
(P.
Sept.
Date Sept.
1
1917.
Interest annually
in
LINCOLN COUNTY (P. O. Toledo), Oregon.—BOA^D ELECTION.—
election will be held Oct. 2, it is stated, to vote on the question of issuing
6% 20-yr. road bonds. — V. 105, p. 733.
LITTLE FALLS, Herkimer County, N. Y.—BOND SALE.— On
An
the $200,000
Sept. 18 an issue of $40,000 refunding bonds was awarded to H. A. Kahler
& Co. of N. Y. for bonds bearing 4.80% int. Denom. $1,000. Date
Oct. 10 1917. Int. semi-ann.
Due Oct. 10 1919.
LONG BEACH,
Los Angeles County, Calif.— BOiVD
SALE.— On
Sept. 4 the $15,000 5% 5-year (average) harbor-improvement bonds
(V. 105, p. 926) were awarded to Aronson Gale Co., of Los Angeles, for
$15,010 (100.066) and interest.
LONG BEACH SCHOOL DISTRICT,
BONDS DEFEATED. — The
Los Angeles County, Calif.—
election, held Sept. 6, resulted, it is stated,
in the defeat of the questions of issuing $150,000 elementary school bldg.
and $100,000 high school bldg. bonds.
LOS ANGELES MUNICIPAL IMPROVEMENT DISTRICT NO. 6,
Calif.
BONDS VOTED. — The question of issuing the $150,000 sanitary
sewer bonds (V. 105, p. 626) carried at the election held Sept.
5.
LOUISBURG, Franklin County, No. Caro.—BOJVD OFFERING.—
m. Sept. 26 by L. L. Joyner, Mayor,
for $135,000 6% coupon (registerable as to principal and interest) streetSealed bids will be received until 12
improvement bonds. Denom. $1,000. Date Sept. 15 1917. Principal
and semi-annual interest M. & S. payable at the National Park Bank,
New York. Due on Sept. 15 as follows: $6,000 1918, $8,000 1919, $9,000
yearly from 1920 to 1932, inclusive, and $4,000 1933. Certified check on
an incorporated bank or trust company, or cash, for 2% of bonds bid for,
payable to the Town Treasurer, required. Purchaser to pay accrued
interest.
The purchaser or purchasers will be furnished with the opinion
of Reed, McCook & Hoyt, of New York City, that the bonds are valid
and binding obligations of the town. The bonds will be prepared under
the supervision of the United States Mortgage & Trust Co., of New York
City, which will certify as to the genuineness of the signatures of the town
officials and the sea! impressed on the bonds.
Bonded debt, including
this issue, $212,000; water and light debt, included, $37,000.
Floating
debt, .$9,000. Assessed valuation 1916, $1,236,029.
Using newspaper
reports we erroneously stated in V. 105, p. 1124, that these bonds would
—
—
be sold Sept. 20.
LOVELAND VILLAGE SCHOOL DISTRICT
BONDS VOTED. — The
Clermont County, Ohio.
$15,000 school bonds carried,
MACOUPIN COUNTY
—An bonds,
election
road
it is
it is
O. Loveland),
question of issuing
stated, at an election held Sept. 11.
1
stated.
MADISON COUNTY
(P. O. Edwardsville), Uls.—BOND ELECTION.
be held Nov. 20, it is stated, to vote on the question
$500,000 road construction bonds.
MADISON COUNTY (P. O. Anderson), Ind.— BOND SALE.— On
Sept. 15 the four issues of 5 5-6-year average road-improvement bonds
(V. 105, p. 1017) were awarded to the Merchants' National Bank, of Muncie, for $74,077, equal to 100.104.
There were no other bidders.
MANATEE COUNTY (P. O. Bradentown), Fla.— BOND ELECTION
PROPOSED. Reports state that petitions have been filed with the Board
of County Commissioners asking that an election be held in Special Road
& Bridge District No. 1 to vote on the question of issuing $200,000 road bds.
MANHATTAN, Riley County, Kan.—BOJVD SALE.— The $15,000
soldiers' commtmity house bonds authorized by vote of 311 to 151 at an
election held Sept. 11, have been sold locally.
MANHATTAN SCHOOL DISTRICT (P. O. Manhattan), Riley
—An election
of issuing
will
—
— WARRANT
—
County, Kan.
SALE. An issue of .$40,000 5% schoolbuilding warrants (V. 104, p. 1076) were sold at par on .July 1 to local investors.
Denoms. $100 to $500.
Date ($20,000) July 1 1917 and ($20,000) Oct. 1 1917.
Int. J. & J.
Due serially.
MARION COUNTY
Indianapolis), Ind.— DESCRIPTION
OF BONDS. The $40,800 4J^% highway impt. bonds awarded on Sept.
6 to J. F. Wild & Co. of Indianapolis for $40,810 25 (100.025) and int.
V. 105. p. 1124 are in the denomination of .$1,020 and dated Sept. 1 1917.
Prin. and semi-ann. int. (M. & N.) payable at the office of the Co. Treas.
Due $2,040 each six months from May 15 1918 to Nov. 15 1927.' incl.
MARTIN COUNTY (P. O. Shoals), Ind.— BOJVD OFFERING.— Reports state that W. F. Baker, Co. Treas., will receive bids until 12 m.
Oct. 1 for .$2,100 414% 10-year highway-impt. bonds.
—
(P.
O.
—
,
MARTINEZ, Contra Costa County, Calif.—iV^O ACTION YET
TAKEN. — C. E. Daley, City Clerk, advises us that no action has yet been
taken towards the issuance of the sewerage and water system bonds
(V. 104, p. 1621).
e MARSHALL COUNTY
(P.
— ScaledTreasurer, be received O. Plymouth), Ind.— BOJVD OFFERING.
bids
until 2 p. m. Oct.
by George W. Huff,
County
will
1
4M % Vernon Boggs et al highway improvement bonds of Walnut Township. Date Oct. 1 1917. Int.M.&N. Due
part each six months beginning May 15 1919.
l^&KtfSSBBn
MAURY COUNTY (P. O. Columbia), Tenn.— BOJVDS JVOT SOLD—
NEW OFFERING. — No sale was made of the $114,000 414% coupon
funding bonds offered on Sept. 1 (V. 105, p. 626). New bids were asked
for $5,800
for until Sept. 208
—According to
papers
the question of issuing
POSED.
voters
bonds.
•
M^
— BOJVD ELECTIONtoPROcity proposes to .submit
the
ff
MERIDIAN, Lauderdale County,
local
IJB
Miss.
this
$150,000 municipal ice plant construction
METHUEN,
Essex County, Mass.— BOJVD OFFER/JVG .—Proposals
will be received untU 2p.m. Sept. 24 by David D. Woodbury, Town Treas.,
for the following 4^ % tax-free coupon bonds:
$30,000 school house bonds. Due $2,000 yrly. on Sept. 1 from 1918 to
1932 inclusive.
3,000 water mains extension bonds. Due $1,000 yearly on Sept. 1 from
1918 to 1920 inclusive.
Denom. $1,000. Date Sept. 1 1917. Prin. and semi-ann. int. (M. & S.)
payable at the P'irst National Bank of Bo.ston. Bonds to be delivered on
Sept. 26 at the First Nat. Bank of Boston. These bonds are engraved
under the supervision of and certified as to genuineness bv the above bank.
Their legality will be approved by Ropes. Gray, Boyden & Perkins of Boston, whose opinion will be fumi.shed purchaser.
Total bondded debt (incl.
these issues) Sept. 17 1917, 3513,400; deductions (water debt, $240, SCO;
sinking funds, S4,000), $244,500; net debt, $268,900; assessed valuation
1916, $10,306,516.
,
MISSOURI VALLEY, Harrison County, Iowa.— BOJVD SALE.—An
issue of S13.000 5K% .serial funding bonds, dated Sept. 1 1917, has been
purchased by Schanke & Co. of Mas9on City. Int. semi-annual.('i*«W-^
B MONTEZUMA, Macon County, Ga.— BOJVD SALE.-OrTAu^. 15>an
issue of $:e5,000 4'A%o 20-year .street-paving bonds was awarded to the
Lewis Banking Co. and the First Nat. Bank of Montezuma at 97. Denom.
$1,000.
Date Juno 1 1917. Int. J. & D.
•\ :A-\f^m
,j:4
MONTGOMERY COUNTY (P. O. Dayton), Ohio.—BOJ\' D o'fi'eTJAG. Sealed proposals will be received until 12 m. Sept. 28 by Walter
H. Aszhng, Clerk of the Bd. of Co. Commrs. for the following 5% bonds:
vj
—
1337
$10,000 Detention home impt. bonds. Due $1,000 yrly on Sept. 28 from
1919 to 1928 incl.
15,000 emergency bridge bonds. Due $1,000 Sept. 28 1919 and $2,000
yrly on Sept. 28 from 1920 to 1926 incl.
Auth. Sees. 2434 and 2435 Gen. Code. Denom. $1,000. Date Sept. 28
1917.
Prin. and semi- ann. int. (M. & S.), payable at the office of the
Co. Treas. Cert, check on some solvent bank or trust company for $500,
payable to the Co. Treas., required. Bids must be unconditional. Bonds
Purchaser to
to be delivered at Co. Treasurer's office on Sept. 28 1917.
pay accrued int.
MURRAY, Calloway County, Ky.—BOJVD SALE.— The City Clerk
advises us that the $20,000 municipal-electric-light and power and waterworks-system-con.struction bonds V. 104, p. 1414 have been sold.
«l
—
—
MURRAY CITY VILLAGE SCHOOL DISTRICT
BOND OFFERING. — Sealed
Hocking County, Ohio.
(P.
O. Murray),
proposals will be
received until 12 m. Sept. 29 by Oscar Albaugh, Clerk of the Board of
Education, fo $2,300 6% school bonds. Auth., Sec. 5656, Gen. Code.
Denom. $575. Date Oct. 1 1917. Interest annually on Oct. 1 at the
Rempel National Bank, Logan. Ohio. Due $575 yearly on Oct. 1 from
1918 to 1921, inclusive. Certified check for 10% of the amount of bonds
bid for, payable to the above Clerk Board of Education, required.
NASHUA SCHOOL DISTRICT
NO
—
(P.
O. Nashua), Valley County,
Mont.
BONDS VOTED. The District Clerk informs us that the
reports stating that this district authorized the issuance of $10,000 building
bonds on March 15 V. 104, p. 1180 are erroneous.
—
—
NAVARRO COUNTY
O. Corsicana), Texas.— BONDS VOTED.—
The question of issuing $200,000 road bonds carried, it is stated, at an
election, held
(P.
Sept. 13.
BONDS VOTED. — The election
sulted,
it is
stated,
held in Richland District on Sept. 15 rea vote of 196 to 5 in favor of the question of issuing
in
$80,000 road bonds.
NEILLSVILLE, Clark County, Wis.— BOJVDS TO BE SOLD LOCALLY. Henry Schroeder, City Clerk, advises us that the $20,000 filtra-
—
by local banks.
Story County, Iowa. BOJVD ELECTION.— An election
be held Sept. 26 to vote on the question of issuing $8,000 water-works
tion-plant bonds recently authorized will be taken
—
NEVADA,
will
bonds.
NEWARK,
N. 3.— BONDS PROPOSED.— At a meeting of the Common
Council on Sept. 11 ordinances providing for the following 4}4% (coupon
as registered) purchasers option bonds passed on second reading:
$500,000 floating indebtedness bonds. Due $100,000 yrly on Nov. I
from 1918 to 1922 incl.
250,000 water bonds. Due $5,000 yrly on Nov. 1 from 1918 to 1927
incl.; $6,000 on Nov. 1 from 1928 to 1937 incl., and $7,000
yrly on Nov. 1 from 1938 to 1957 incl.
Denom. $1,000. Date Nov. 1 1917. Int. ann. Cert, check or cash
for 2% of the amount of bonds bid for, required.
LOAN. On Sept. 14 a temporary loan of $500,000 issued in anticipation of the collection of taxes and due in six months was
awarded, it is stated, to J. S. Rippel & Co. of Newark at an interest rate
of 4.95%.
—
TEMPORARY
NEW BRAUNFELS,
Comal County, Tex.-BONDS VOTED.— The
election held Sept. 11 resulted, reports state, in favor of the question of
issuing $10,000 fire-station bonds.
NIAGARA FALLS,
(P.
O. Carlinville), III.— BOND ELECTION.
to vote on the question of issuing $155,000
(P.
be held Dec.
will
—
—— — —
THE CHRONICLE
Sept. 22 1917.]
bonds bid
—
Niagara County, N.
Y.—BOND OFFERING.—
Sealed bids will be received until 10 a. m. Sept. 28 by O. E. Cair, City
for the following registered bonds:
$15,000 municipal-bldg. bonds. Due Nov. 1 1927. Certified check on
some solvent bank or trust company for $700, payable to the
City Clerk, required.
Due Nov. 1 1928. Certified check on some .solvent
15,000 .school bonds.
bank or trast co. for $700, payable to the City Clerk, required.
Due $2,000 yearly on Nov. 1 from 1919 to 1923,
10,000 paving bonds.
incl.
Certified clie?k on some solvent bank or trust company
for ,$600. pa.vable to the City Clerk, required.
Denom. $1,000. Date Nov. 1 1917. Prin. and semi-ann. int. payable
The legality of these bonds
at the Hanover Nat. Bank of New York City.
will be approved by Reed, McCook & Hoyt of New York City, whose
opinion will be furnished purchaser. Purchaser to pay accrued int.
Bonded debt, excl. these issues, .$3,585,719; water bonds, incl. in above,
$1,292,500; no floating debt. Assessed valuation, real estate, $35,810,985;
special franchises. $1,626,404; personal property, $377,000; total assessed
valuation, 1916-17, $37,814,389.
Tax rate (per $1,000) 1917, $20.04.
Manager,
NORTHPORT, Suffolk County, N. Y.—BOND SALE.— On Sept. 19
$40,000 street-impt. bonds were awarded to H. A. Kahler & Co. of N. Y.
at 100.14 for 43^s.
Denom. .$2,000. Date Aug. 1 1917. Int. F. & A.
Due $2,000 yrly. on Aug. 1
payalsle at the First Nat. Bank of No.-thport.
from 1918 to 1937 inclusive. Other bidders weie:
Crandell, Shepperd & Co., New York (for 5s)
101.62
Isaac W. Sherrill & Co.. Poughkeepsie (for 5s)
101.01
Cummings. Prudden & Co., New York (for 4.75s)--Plus $40 prem. 100.00
Geo. B. Gibbons & Co.. New York (for 4.80s)
100.16
OAKLAND HEIGHTS SEPARATE SCHOOL DISTRICT,
LauderBoard of County SuperThese bonds
visors has declared its intention to issue $9,000 school bonds.
will probably be offered for sale about Nov. 5.
W. R. Pistole is Clerk of
Board of County Supervisors (P. O. Meridian).
OSCEOLA COUNTY (P. O. Kissimee), Fla.— BOJVD SALE.— On
BONDS PROPOSED. — The
dale County, Miss.
Sept. 17 the $100,000
6%
serial Special
Road & Bridge
District road-impt.
bonds (V. 105, p. 837) were awarded to the First National Bank of St. Cloud
at 97.01.
There were several other bids received.
OKLAHOMA CITY SCHOOL DISTRICT (P. O. Oklahoma City),
Oklahoma County, Okla.— JVO BONDS TO BE ISSUED.— H. M.
Faireys, Secretary of Board of Education, informs us that this district does
not propose to issue at present the $50,000 school-building bonds.
V. 105, p. 415.
—
OMAHA, Neb. BOND SALE. The four issues of 20-year coupon
bonds, aggregating $400,000, offered without success at 4Hs on Sept. 13
V. 105, p. 927 have been sold to Hornblower & Weeks of Chicago at
101.75 and int. for 5s.
—
—
OMAHA SCHOOL DISTRICT
— Local papers
000,000 school building bonds
TIOA^ PROPOSED.
(P.
O. Omaha),
Neb.— BOJVD ELEC-
that the question of issumg $2,will be submitted to the voters at an election to be called in the near future.
ORANGE COUNTY
(P. O.
election will be held in Precinct
.state
Orange), Tex.—BOJVD ELECTION.— An
No. 4 on Oct. 9, it Is stated, to vote on the
question of issumg $30,000 road bonds.
OREGON, State of.— BOJVD SALE.— On S'^pt. 12 $500,000 4% coupon
State Highway bonds were awarded, it is stated, to the National City Co.
and E. H. Rollins & Sons of San Francisco at 94,426 and int. Other bids
were:
Lumbermen's Trust Co., Portland
Henry Teal, Portland
Harris Trust & Sav. Bank, Chicago
-.-$466,700
- 465,500
\
Clark, Kendall & Co., Portland
459,005
/
Citizens Bank of Portland bid for $25,000 of the issue at 4.80%.
semi-annual
Prin. and
Denoms. $1,000 and $500. Date Sept. 1 1917.
int. (A. & O) payable at the State Treas. office at Salem, or at the Oregon
fiscal agency in N. Y. City.
Due $12,500 each six months from Oct.l
1922 to April 1 1932 incl.
,
OTERO COUNTY (P. O. Alamogordo), N. Mex.— BOJVD SALE.— The
$70,000 5% 20-30-yoar opt. road and bridge bonds recently voted by this
county, have been disposed of.
COUNTY SCHOOL DISTRICT NO. 18 (P. O. Commerce), Okla. BONDS VOTED. The question of issuing $10,000 building bonds was authorized, it is .stated, at a recent election.
OTTAWA
—
PALMETTO, Manatee County, Fla.— BOJVDS JVOT" SOLD.— No satisfactory bids were received for the $15,000 5% 20-30-ycar opt. coupon bridgeV. 105, p. 734.
construction bonds offered on Sept. 14.
—
PAOLA SCHOOL DISTRICT (P. O. Paola), Miami County, Kans.
BOND SALE. — As a matter of record we report the sale of $60,000 4H%
building bonds, awarded during Dec. last to the Miami County Nat. Bank
Denoms. $.500 and $1,000. Date Jan. 1 1917. Int.
of Paola at 102.
J. & J.
Due $4,000 yearly. These bonds were authorized at the election
held Nov. 7 1916
103, p 1912
—V
THE CHRONICLE
1228
PARKE COUNTY
17 the
gatlng
Ind.—BOND SALE.— On
&
O. Rockville),
(P.
Sept.
two Issues ot 4'A% 5 5-<i-yr. aver, highway impt. bonds, aggroHarriwore awarded to Breed, Elliott
$().!)8()— V. 105, p. 1124
—
follows:
son of Indianapolis as
$4,095 L. 1'. Anderson el
highway bonds of Penn Twp.
al.
equal to 100.097.
2,885 Sam. H. Burks ot al. highway bonds of
equal to 100.100.
PARK TOWNSHIP
Adams Twp.
for $4,099,
for $2,887 90,
—
PAYETTE-OREGON SLOPE IRRIGATION DISTRICT (P. O.
BOND OE/'EHINO. — Reports state that T. M. Iloals,
S<H;relary of tho Board of Directors, will receive scaled bids until 2 p. ni.
Sept. 29 for .?.225,000 G% 5-20-yr. serial funding bonds recently voted.
PENDLETON, Umatilla County, Ore.— BONDS NOT TO BE liEPayette), Ore.
FFKRKD.
OFFERED. — The
City itecorder advises us that the $20,000 bonds offered
without success on July 11 (V, 105, p. 521) will nob be re-offered for sale
this year.
PENSACOLA, Escambia County, 'FU.— CERTIFICATE OFFERING.
m. Oct. 2
— Sealed bids Commrs., $40,000 gold coupon by C. W. Eggart. Clerk
be received
2
of indebtedBoard of City
until
p.
certificates
for
Denoni. $1,000. Date Oct. 1 1917. Int.
ness at not exceeding 6% int.
A. & O. at Pensacola. Due $8,000 Oct. 1 1918, $16,000 Oct. 1 1919 and
Cert, check for 5% of amount of bid, payable to the "City," re1920.
quired.
Bonded debt, excluding the above Sept. 18 1917. $1,280,000.
Sinking fund. $80,000; assess, val. 1916, $15,356,794.
IT
PHILADELPHIA, Pa.— BOND SALE.—John M.
Walton, City Comp-
advises us, under date of Sept. 21 that the entire issue of $7,275,700
.30-year registered and coupon bonds, for which subscriptions were
received at par and interest beginning Sept. 17 (V. 105, p. 1018), has been
practically all sold.
He further informs us that subscriptions will be closed
on or before noon to-day (Sept. 22)
troller,
,
4%
PIERCE COUNTY SCHOOL DISTRICT NO.
Wash.— BOND
school bldg. bonds (V. 105.
—wereSept. 8 theto tho State of Washington at par for
On
$21,500 2-20-yr.
awarded
p. 927),
PISGAH, Harrison County, lov/a.— BOND SALE. — Schanke & Co.
water and
of Mason City recently purchased $14,000
SALE.
7,
(opt.)
5s.
byi%
Date Aug.
bonds.
PITTSFIELD,
1917.
1
light
serial
Int. semi-annual.
County,
Berkshire
Mass.—LO^IA'^ OFFERING.—
Reports state that the City Treasurer will receive bids until 11 a. m.
Sept. 24 for a temporary loan of .$75,000 issued in anticipation of revenue.
Date Sept. 25 1917. Due Dec. 21 1917.
PLEASONTON- Atascosa County, Tex. BONDS NOT SOLD. No
sale was made of the $20,000 5% 40-yr. reg. water-works bonds offered
—
on Aug. 23 (V. 105,
p. 627).
PORTAGE COUNTY
O. Ravenna), Ohio.— BOND ELECTION.
PROPOSED. The question of issuing $50,000 hospital bonds will, it is
stated, be submitted to the voters.
PORT OF PORTLAND (P. O. Portland), Ore.-BOND OFFERING.—
Local papers state that the Port Commissioners will offer for sale about
Oct. 15 $50,000 6% pilotage and tourage bonds.
—
(P.
QUINTER, Gove County, Kans.
BOND SALE. — The
$14,000
bonds recently voted have been disposed of.
RALEIGH, Wake County, No. Caro. BOND SALE. On Sept
17 the $50,000 5% 7H-yr. (aver.) street impt. bonds (V. 105, p. 1125)
were awarded to Frederick E. Nolting & Co. and the Old Dominion Trust
Co. of Richmond at 100.322 and int. Other bids wereEstabrook & Co., N. Y._ _$50,025| Rudolph Kleybolte Co. Cin. $49,000
Cummings, Prudden & Co.,
|Weil, Roth & Co.. Cincin. 48.815
Toledo
50,090
Provident S. B. & Tr. Co.,
electric light plant erection
—
Cincinnati
49,160|
RENO, Washoe County, Nev.— iVO ACTION YET TAKEN.—We
are
advised by C. H. Hoddard, City Aud., under date of Sept. 17. that no action has yet been taken towards the issuance of the $150,000 sewagedisposal-plant-erection bonds (V. 105, p. 580).
RIVERVIEW UNION HIGH SCHOOL DISTRICT, San Diego
County, Calif. BOND SALE. The First Nat. Bank, San Diego were
awarded on June 28 $30,000 5% building bonds at 101.175 and int. Denom. $1,000. Date June 6 1917. Int. J. & D. Due $1,000 yrly from
—
1922 to 1951,
incl.
ROCHESTER,
Y.—NOTE OFFERING.— Sea.\ed
bids will be received until 2 p. m. Sept. 27 by H. D. Quinby, City Comptroller for $75.000 waterworks impt., $100,000 sewerage disposal and $150,000 Deepening Genesee River notes, payable 5 months from October 1 1917 at the
Union Trust Co. of N. Y. Notes will be drawn with interest and will be
deUverable at the Union Trust Co., N. Y., Oct. 1 1917. Bids must
state rate of interest and designate to whom (not bearer) notes shall be
made payable and denominations desired.
NOTE SALE
On Sept. 17 the $100,000 conduit construction notes
due in six months from Sept. 19 1917 were awarded to Bond & Goodwin, of^N. Y., at 4.58%. Other bidders were:
S. N. Bond & Co., N. Y...*4.90% Hibbard, Kalbfleisch c& PalParson, Son & Co., N.
mer, Rochester
5.25%
5.15%
Goldman, Sachs & Co.. N. Y.. 5. 497c
.
N.
—
Y
$6 30 premium.
Sept. 20 the $75,000 land-purchase notes (V. 105, p. 1125), due in
months from Sept. 24 1917, were awarded to A. B. Leach & Co., of
N. Y., at 4.75% plus $8 premium. Other bidders were:
Salomon Bros. & Hutzler
5.20%
4.94% IParson, Son & Co., N. Y
S. N. Bond & Co., N. Y
4.95% [Goldman, Sachs & Co.. N. Y.5.48%
ROCKY, Washita County, Okla. BOND SALE. Geo. I. Gilbert, of
Oklahoma City, was awarded on May 28 $15,000 water-works and $5,000
electric light 6% 25-yr. bonds at par.
Denom. $1,000. Date July 1
* Plus
On
six
—
1917.
Int. J.
&
J.
Due
July
1
1942.
CHARLES PARISH
BOND
OFFERING.
(P. O. Hahnville), La.—
Sealed bids will be received until 10 a. m. Oct. 16 by, Felicien Lorio,
Pres. of Police Jury for $70,000 5%, coupon Road Dist. No. 2 road bonds
voted Mar. 27. Cert, check for $2,500. payable to the above Pres.. required. All bids must be unconditional.
The .successful bidder will be
furnished a proper legal opinion as to the validity of the bonds at the ex26.
pense of the parish.
similar issue of bonds was offered on
V. 104, p. 2038.
—
ST.
May
A
ST.
By
CLAIR HEIGHTS, Wayne County, Mich.— BOiVDS VOTED.—
a vote of 140 to 4 the question of issuing, $25,000 fire hall, $25,000
incinerator plant, $30,000 paving and $10,000 sewer system bonds carried,
it is stated, at the election, held Sept. 18.
ST. FRANCIS
(P. O. Forrest City), ArU.— DESCRIPTION
OF BONDS. The $450,000 6% road construction bonds awarded at 103.50
and
int.
— COUNTY & Pierce, of Little Rock
on Sept.
to Cravens
1
are iri the denom. of $1,000 and dated Sept.
to 25 yeztrs.
ST.
JOHN,
Stafford County,
1
1917.
(V. 105, p. 1125).
Due
serially
from
1
Kans.—BOiVDS DEFEATED.—The
question of issuing the $4,000 city-building bonds failed to carry at an
etection held recently (V. 104, p. 580).
The vote was 183 "for" and 187
"against."
ST. JOHN, Whitman County, Wash.— BOND SALE.— The $16,000
5% 20-yr. water system bonds voted May 8 (V. 104, p. 2158). have been
sold at par to C. H. Green & Co. of Spokane.
Denom. $1,000. Date
July 2 1917. Int. J. & J.
JOSEPH, Berrien County, Mich.
ST.
election will be held .Sept. 24,
it is
BOND ELECTION. — An
stated, to vote on the question of issuing
$30,000 power-plant bonds.
LOUIS SCHOOL DISTRICT
(P. O. St. Louis), Mo.— BONDS
According to local papers this district
$2,000,000 school bonds. These bonds are part
of an issue of $3,000,000, voted Nov. 11 1916, of which $1,000,000 were
sold on Dec. 28 1916 to the Mercantile Trust Co. of St. Louis.
V. 103,
p. 2448.
ST. MARTIN PARISH (P. O. St. Martinsville), La.— BOND OFFERING. Proposals will be received until 10 a.m. Oct. 13 by L. M. Foumet,
Pros.. Police Jury, for $300,000 road bonds, voted Aug. 25.
Cert, check
ST.
TO BE OFFERED SHORTLY.
will shortly offer for sale
—
—
—
for $12,500, payable to the above Pres., required.
All bids must be
unconditional.
Tho purchaser will be furnished a proper legal opinion
as to tho legality of the bonds at tho expense of the parish.
SACRAMENTO,
Calif.— A^O
ACTION YET TAKEN.— M.
J.
Des-
mond. City Clerk, advises us that the C;ity Commission has taken no action
regarding the election to vote on the is.suance of the filtration system or
auditorium bonds (V 105, p. 416).
.
(P. O. Holland), Ottawa County, Mich.
BONDS ELECTION PliOPOSRD. Petitions are being prepared, it is
stated, asking for the holding of a soecial election to volo on the question
of issuing $10,000 road bonds.
will
[Vol. 105.
SAMPSON COUNTY (P. O. Clinton), No. Caro.— BOND SALE.—
The $75,000 5% 20-ycar coupon road-improvement bonds offered on
Sept. 10 (V. 105, p. 928) have been sold to Weil,
SANDY CREEK TOWNSHIP,
BOND ELECTION. — An election will
tion to issue $20,000
Franklin
Roth & Co., of New York.
County, No. Caro.—
bo held Oct. 9 to vole on the proposi30-yr. road-construction bonds.
5',;
SANDUSKY COUNTY
^
—
O. Fremont), Ohio. BOND SALE.
Tlie .$32,000 5% coupon road bonds were not offered at public sale on
Sept. 15 as advertised
V. 105. p. 928 as they had been awarded prior
to that date,
bus.
we
(P.
—
—
are advised, to the State Industrial Commission at
Colum-
SAN FRANCISCO, CaVif.— BOND ELECTION.— Reports state that
the election to vote on the question of issuing the $3,500,000
school
building bonds (V. 105, p. 735) will be held Oct. 30.
George E. Gallagher
is Pres. Board of El.
4^%
SCARSDALE
(Town)
UNION FREE SCHOOL DISTRICT NO.
—
1
O. Scarsdale), Westchester County, N. Y. BOND SALE. On
Sept. 20 the $35,000 5% 5-11-yr. serial coupon or registered (purchaser's
option) school bonds
V. 105. p. 1018 were awarded to Crandell-Shepperd & Co. of N. Y. at 102.27.
SCOTT COUNTY (P. O. Benton), Mo.—BONDS OFFERED BY
BANKERS. Kauffman-Smith-Emert Invest. Co. of St. Louis is offering
to investors $250,000 5% road construction bonds.
Denom. $1,000.
Date Sept. 1 1917. Prin. and semi-annual int. (M. & S.). payable at the
American Exchange Nat Bank, N. Y. Duo on Sept. 1 as follows: $8,000;
1920; .$9,000, 1921; $10,000. 1922 and 1923; $11,000. 1924 and 1925:
$12,000, 1926 and 1927; $14,000, 1928, 1929 and 1930; $15,000, 1931:
$16,000, 19.32; $19,000, 1933; $18,000, 1934 and 1935; $19,000, 1936 and
Bonded debt, including these bonds $290,000 assess,
$20,000, 1937.
valuation 1916 .$8,726,613: est. actual value, $40,000,000. LegaUty of
bonds approved by Charles & Rutherford, St. Louis. These bonds are
(P.
—
—
—
acceptable as collateral security for postal savings funds.
SEA CLIFF, Nassau County,
Y.— BONDS DEFEATED.— The
N.
question of issuing $13,000 local bathing pavilion bonds failed to carry at
the election held Sept. 8.
V. 105, p. 1018. The vote cast was 59 to 110.
—
SEQUOYAH COUNTY
(P. O. Sallisaw), Okla.— BOiVD SALE.—
Brooks, of Oklahoma City, has been awarded at 102 and int. the
$20,000 6% 25-yr. funding bonds recently approved by the AttorneyGeneral (V. 105. p. 522). Denom. $1,000. Date Jan. 5 1917. Int. J. & J.
W. A.
— —
BOND
SALE. On Sept.
SOMERVILLE, Somerset County, N. J.
coupon funding bonds V. 105, p 1018 were awarded
17 the $26,020 4 i-i
to the Second National Bank of Somerville for $26,050. equal to 100.115.
The Somerville Trust Co.. of SomerviUe, bid $26,030.
—
%
STANTON, Stanton County, Neb. BOND SALE. — On Sept.
5% 10-20-year (opt.) registered internal Improvement
$15,000
(V. 105, p.
928) were awarded to H. D.
Peters Trust Co., of
bid par.
17 the
bonds
Miller, of Stanton, at 101.25.
The
James T. Wachob, of Omaha,
Omaha, bid $15,010.
STEVENS COUNTY SCHOOL DISTRICT NO.
—
64,
Wash.— BOJVD
SALE. On Sept. 8 $1,200 1-5-yr. serial building bonds were awarded to
Denom. $200.
the State of Washington at par for 5s.
STEALEY HEIGHTS (P. O. Clarksburg), Harrison County, W,
BOND OFFERING.— X). L. Mitchell, Mayor, will receive bids
Va.
until 12
m. Oct. 12
for the
$15,000 67o street paving bonds, voted Sept. 11.
SUTTON TOWNSHIP (P. O. Syracuse), Meigs
BOND OFFERING. — Sealed bids will be received until
W. J. Lawrence, Twp. Clerk, for $17,000 5% coupon
County, Ohio.
12 m. Sept. 22 by
road impt. bonds.
Auth. Sec. 1223 Gen. Code. Denom. $50. Date Sept. 1 1917. Int. M.
& S. payable at the Racine Home Bank of Racine. Due $1,000 each six
months from Mar. 1 1918 to Mar. 1 1926, incl. Cert, check for 2% of the
amount of bonds bid for payable to the above Twtj. Clerk, required.
TERRA BELLA IRRIGATION DISTRICT (P. O. Terra Bella),
Tulare County, Calif. BOND OFFERING.^E. R. Clemens Secretary
Board of Directors will receive bids until Sept. 29, it is stated, for
$100,000 of an issue of $1,000,000 6% irrigation system impt. bonds.
Int. semi-ann.
TETON COUNTY SCHOOL DISTRICT NO.
43 (P. O. Conrad),
the $2,000 6% 5-yr. building bonds
were awarded to the First Nat. Bank of Conrad at 101.50. There were no
other bidders. Denom. $500. Date Sept. 1 1917. Int. ann. Sept. 1.
Mont.— BOA^D SALE.— On
TIPPECANOE COUNTY
Sept.
(P.
1
O. Lafayette), Ind.— BOND
SALE.—
—
Sept. 7 the $7,500 4"^%, 5H-yr. (aver.) highway impt. bonds V. 105.
p. 83^— were awarded to the German Nat. Bank of Ft. Wayne for $7,511
Other bids were:
(100.146) and int.
On
Merchants National Bank, Muncie
$7,501 85
7,501 00
TOLEDO, Ohio. BONDS DEFEATED. The question of issuing
$580,000 Summit Street extension bonds V. 105. p. 73(5 failed to carry
The vote was 10,441 to 11,486.
at the election held Sept. 11.
TOLEDO, Lincoln County, Ore. BOND SALE. Morris Bros, of
Portland have been awarded, reports state, the $12,000 water-works,
$6,000 refunding and $9,000 funding bonds at 100.75 and cost of printing
bonds.
BOND SALE. On
(P. O. Marysville), Ohio.
UNION
Sept. 13 an issue of $6,500 5% road bonds was awarded, it is stated, to
the Union Banking Co. of Marysville, at par and int.
Breed, Elliott
&
Harrison, Indianapolis
— —
—
—
—
COUNTY
UTAH COUNTY
^^^
(P.
O. Provo), Utah.
BONDS DEFEATED. — We
have just been advised that the $750,000 road-construction bonds failed to
carry at the election held April 17 V. 104. p. 1727. Early returns stated
that the bonds had carried.
(P. O. Evansville), Ind.—BO A'D SALE.
6 5-6-year average road-lmpt. bonds V.
On Sept. 15 the $11,000
were awarded to the People's Savings Bank of Evansville for
105, p. 838
$11,015 50. equal to 100.140. Other bidders were:
Breed, Elliott & Harrison,
R. L. Dollings & Co., InIndianapoUs
$11,010 50
dianapolis
$11,015 OOl
—
—VANDERBURGH
—
COUNTY
—
4H%
I
VERMILLION SCHOOL TOWNSHIP
County, Ind.— BOND SALE.— On
(P.
O. Newport), Vermillion
1H%
1 -7-yr.
14 the $7,000
V. 105, p. 839 were awarded, it is stated, to R. L
serial school bonds
Dollings & Co. of Indianapolis for $7,016, equal to 100.228.
—
WAITSBURG,
—
Sept.
Walla Walla County, Wash.— BOATDS
VOTED.—
This city recently authorized the issuance of $50,000 water bonds at not
exceeding 6% Int. J. B. Loundagin is City Clerk.
COUNTY (P. O. Raleigh), No. Caro.—BOA'^DS NOT SOLD.—
No satisfactory bids were received for the $100,000 5% 30-yr. ftmdiag
bonds offered on Sept. 15 (V. 105, p. 736).
COUNTY ROAD DISTRICT NO. 1 (P. O. Barstow), Texas.
An election will be held Oct. 13, it is stated, to vote on the question of
issuing $60,000 road bonds.
WAKE
— WARD
—
WARREN, Trumbull County, Ohio. BOND OFFERING. Sealed
proposals will be received until 12 m. Oct. 20 by Geo. T. Hecklinger, city
Aud., for $25,000 5% coupon (city's share) street impt. bonds. Auth.
Denom. S500. Date Sept. 1 1917. Prin. and
Sec. 3939, Gen. Code.
semi-ann. int. (M. & S.) payable at office of Sinking Fund Trustees.
Due $5,000 yearly on Sept. 1 from 1933 to 1937 incl. Cert, check for $500,
payable to the City Treas., required. Bonds to be delivered and paid for
within 5 days from time of award. Purchaser to pay accrued int. Bonded
debt (incl. this issue), $959,993; assess, valuation 1917, real estate, $14,622,710: personal, $8,561,800; total assess, val., $23,184,510.
WARRENTON, Clatsop County, Ore.-BOND ELECTION PROReports state that the question of issuing $45,000 grading and
paving bonds will probably be submitted to a vote at an election, to be
held next month.
WARSAW, Duplin County, No. Caro. BOND OFFERING. Sealed
bids will be received imtil 12 m. Sept. 24 by A. O. Moore, Town Clerk &
POSED.
—
—
—— —
—
—
— — —
THE CHRONICLE
Sept. 22 1917.]
1329
Denom.
1-20-yr. serial electric light bonds.
Principal and semi-annual interest A. &
1917.
Due $1,000 yrly Oct. 1 from 1918 to 1937.
O. payable In
Certified check (or cash) on an incorporated bank or trust company
incl.
Bonds
for $400 of bonds bid for, payable to the Town Treas., required.
to be delivered at office of U. S. Mtge & Trust Co., N. Y., at 11 a. m.
Purchaser to pay accrued interest. Bids must be made on forms
1.
Oct.
furnished by the town or said trust company. The above trust company
will certify as to the genuineness of the signatures and the seal impressed
upon the bonds, and their legality will be examined by Caldwell & Ma.sslich, of New York, whose favorable opinion will be furnished purchaser
without charge. Bonded debt, including this issue, $25,000 floating
debt $10,000. Assess, val. 1916, $368,000.
WASECA, Waseca County, Minn. BOND SALE. Reports state
that this city has disposed of an issue of $5,000 sewer system bonds.
until 5 p.
WASHTUCNA, Adams County, Wash.— BOND SALE.— The $10,000
6% 20-yr. general indebtedness bonds (V. 104, p. 1624) were disposed of
YOSEMITE SCHOOL DISTRICT, Mariposa County, Calif.— B02VD
— P. M. Brown & Co. of San Francisco have been awarded, it is
stated, $10,000 5% school bonds at 100.11.
ZANESVILLE, Muskingum County, Ohio.—BOND OFFERING.—
C. W. Tanner, City Aud., will receive bids until 12 m. Oct. 8, it isstated.
for $100,000 5% 3-22-yr. serial city hall and market bonds.
Int. semi-
6%
Treas., for $20,000
Date Oct.
$1 000.
—
New
—
1
York.
—
on June"
13.
WAUKEE CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
Dallas County, lovfa.— BONDS
VOTED— OFFERING.
(P. O. Waukee),
school-building
question
issuing
vote
— By acarriedofat115 to 42 the held Sept.of12. Bids$20,000 asked for these
were
an election
bonds
bonds
until 2 p.
m. Sept. 21.
Bremer County, Iowa.
—
BOND SALE. On Sept. 14 the
WAVERLY,
20-year municipal water-works, electric-light and power$15,000
plant-system bonds V. 105. p. 839 were awarded to Geo. M. Bechtel &
Co. of Davenport at par and int., less $138 for expenses. Other bids were:
White & Co., Davenport Par and int., less $142 for expenses.
Schanke & Co., Mason City Par and int., less $200 for expenses.
O. H. Coffin, Chicago $15,015, less $375 for expenses.
4H%
—
—
—
WAYNE COUNTY
(P.
TAKEN. — We
——
W. Va.—NO ACTION YET
O. Wayne),
are advised that no action has yet been taken towards the
calling of an election to vote on the proposition to issue the $1,000,000 road
bonds.— V. 105, p. 205.
WAYNE SCHOOL TOWNSHIP
O. Richmond), Wayne County,
Ind.— BOND SALE.— On Sept. 15 the $14,000 4J4 % 7M-year aver, school
737 were awarded to the German- American Trust &
bonds V. 105, p.
Savings Bank of Richmond for $14,068 20 100.487 and int. Other bids:
R.L. Dollings& Co., Ind'p'ls. $14,035 Dickinson Trust Co., ilich$14,005
Second Nat. Bank, Richm.. 14,0101 mond
WENDELL, Gooding County, Idaho. BOND SALE. James N.
Wright * Co. of Denver have purchased the $7,000 street and sidewalkimpt.. $6,000 village-hall and $2,000 cemetery 6% 10-20-year opt. bonds
(P.
—
—
—
—
1
—
recently voted.
WHITEFISH BAY, Milwaukee County, V/isc— BONDS OFFERED
BY BANKERS. — The Wisconsin Trust Co. of Milwaukee is offering to
Denom. $1,000.
Investors $50,000 5% 1-20-yr. serial general fund bonds.
Date Oct.
$100,000.
1
Int. Apr.
&
Oct. 1. Total debt. Including this issue,
Assessed valuation 1916, $2,439,880.
1917.
WICHITA, Sedgwick County, Kans.— BONDS NOT YET ISSUED.—
of Fmance advises us that the $200,000 city-market-house
voted April 3 ^V. 104, p. 1417 have not yet been issued.
The Director
bonds
BOND
—
—
— The $32,000 special-improvement 1521 —have been sold
bonds authorized by
Commissioners on March 26 — V. 104, p.
SALE.
the City
to local investors.
—
WINONA, Winona County, Minn. BOND SALE. On Sept. 10 the
$100,000 5% 31-year aver, coupon tax-free storm-water-sewer-construction
and paving and curbing bonds V. 105, p. 1019 were awarded to Kalman,
Matteson * Wood, St. Paul, at 102.125 and int. Other bids were:
A. B. Leach & Co., Minn.. $102, 015 IMerch. L. & T. Co., St. P. $100,851
Minn. Loan&Tr. Co. .Minn. 102,0001 Wells & Dickey Co.. Minn. 100.831
Rudolph KleybolteCo.,Cin. 101,1071 Winona banks...
99,500
—
—
WINSTON-SALEM, Forsyth County, No. Caro.— BOiVD SALE.— On
coupon sewer bonds
5% 153^-year aver,
— were awarded to R. M. Grant goldCo.. New York, for — V. 105,
&
$175,200
Sept. 12 the $175,000
p. 1019
— 100.114 — and
intertjit.
WOODLAWN (BOROUGH) SCHOOL DISTRICT
lawn), Beaver County, Pa.
BOND OFFERING. — Bids
(P.
O. Wood-
will
be received
m. Oct. 12 by John T. Bell, Secretary of the School Board, for
tax-free school bonds.
Denom. $1,000. Date Nov. 1
Int. M. & N.
Due part each year on Nov. 1 from 1918 to 1947
inclusive.
Certified check for $3,000 required.
$100,000
1917.
4K%
WYNNE WOOD,
YATES CENTER, Woodson County, Kan.— BONDS DECLARED
ILLEGAL.
—
On account of insufficient advertising of the ordinance and
the election notice, the $80,000 water-works and $30,000 electric-light
bonds voted April 3 (V. 104. p. 1624) have been declared illegal.
YORK, Livingston County, N. Y. BOND SALE. On Sept. 17 the
$11,684 5% coupon highway and bridge bonds V. 105, p. 1127 were
awarded to Geo. B. Gibbons & Co. of N. Y. at 100.214.
CITY,
SALE.
Cert, check for
anu.
1
%
of the
amount of bonds bid
for, required.
—
Fla.
BONDS VOTED. The election held
Sept. 11 resulted in favor of the question of issuing the $15,000 6% streetimprovement bonds.
ZOLFO, Da Soto County,
Its Provloces and 'Huatcilpalities.
BRIDGEBURG, Ont.—DEBENTURE SALE.— A. E. Ames & Co., of
Canada,
Toronto, have piu-chased. it
debentures (V. 105, p. 930).
is
stated, the $30,000
5K%
30 year school
CORY SCHOOL DISTRICT, Uan.—DEBENTURE SALE.— Accord-
7% 15- year school debentixres have been purchased
A. Thompson, of Winnipeg.
COTEAU ST. PIERRE, Que.— DEBENTURE OFFERING.— Bids will
ing to reports, $2,000
by
J.
be received until 5 p. m. Oct. 2 by G. F. Paterson, Secretary-Treasurer of
Board School Commissioners (56 Westminster Ave.. Montreal, West), for
the purchase of about $200,000 6% 40-year school debentures.
GERMANIA SCHOOL DISTRICT, Man.— DEBENTURE SALE.—
An
J.
issue of $2,000 7% 20-year school debentures has been purchased by
A. Thompson, of Winnipeg, it is stated.
DISTRICT, Man.— DEBENTURE SALE.
Reports state that $2,000 7% 20-year
— KING GEORGE SCHOOL Winnipeg.school debentures have been purchased by
A. Thompson, of
J.
NORTH LAKELAND SCHOOL
DISTRICT, Man.— DEBENTURE
Winnipeg,
— A. Thompson, of to reports. has purchased $2,000 7% 20-year
school debentures, according
SALE.
J.
TORONTO, Ont.— HARBOR BONDS PROPOSED.— The
"Monetary
14 states that "the Toronto Harbor Commission will
probably make an issue of 3-year notes in the United States in the near
future.
A special meeting of the Toronto City Council was held on
Wednesday, and authorized the hypothecation of bonds of the Harbor
Commissioners to the amount of $4,000,000. The Commissioners require
$2,000,000 for their work next year.
On July 5 the Commission obtained sanction by by-law to sell $4,000,000
of its bonds.
The by-law passed this week gave authorit.v to sell or to hypothecate. The sales of the notes will be undertaken by T. Bradshaw,
City Treasurer, and Home Smith, one of the Harbor Commissioners.
Times"
of Sept.
—
VILLE ST. PIERRE, Que. DEBENTURE SALE. Reports state that
an issue of $110,000 6% serial civic improvement debentures has been
awarded to Credit (TJanadien Incorpore. Montreal.
WALKERVILLE, Ont.— DEBENTURES AUTHORIZED.—A bylaw was passed on Sept. 18, it is stated, providing for the issuance of road,
pairing and sidewalk debentures.
WELLINGTON, Ont.— DEBENTURES VOTED.— By a vote of 203 to
1 the question of issuing $10,000 5i4% 30-year hydro-electric light and
power debentures carried at an election neld Aug. 31.
$49,500
MO. Road
41^% BONDS
Sealed proposals will be received by the undersigned, the Mayor and the City Comptroller of
Kansas City, Missouri, until SEPTEMBER 29.
1917, at ten o'clock A.M., for the purchase of all
or any part of the following named bonds of the
city of Kansas City, Missouri, in the following
named amounts:
Twenty-Third Street Trafficway
Bonds
$50,000
Blue River Sewer Bonds
400,000
Garbage Disposal Bonds
50,000
Levee and Drainage Bonds
150,000
All of said bonds are in denominations of $1 ,000
each and bear interest at the rate of Four and
One-Half Per Cent per annum. The TwentyThird Street Trafficway Bonds, Nos. 251 to 300,
inclusive, the Blue River Sewer Bonds, Nos. 101
to 500, Inclusive, and the Garbage Disposal
Bonds, Nos. 1 to 50, Inclusive, are dated July 1,
1915. and mature July 1. 1935. The Levee and
Drainage Bonds. Nos. 351 to 500, inclusive, are
dated March 1, 1913, and mature March 1, 1933.
Interest Is payable at the office of the City Treasurer In Kansas City, Missouri, or at the Chase
National Bank of New York, in the City and State
of New York, at the option of the holder.
No bid will be received which is in whole or in
part less than par. The legality of the bonds
will be approved by the firm of Messrs. Dillon,
Thomson & Clay of New York City, whose
opinion or duplicate thereof, as to the legality of
said bonds, will be delivered to the purchaser of
purcha.sers of said bonds.
Each bid must be made on a blank form furnished by the City, and must be accompanied by
a duly certified check on a solvent bank or tru.->t
compxny doing business in Kansas City, Missouri.
payable to th order of the City Comptroller of
Kansas City, Missouri, for Two Per Cent of the
par value of the bonds bid for. The right is
reserved to reject any and all bids.
Bids will be received at the office of the Mayor,
City Hall. Kansas (;ity, Mi.ssouri, but no bid will
be entitled to consideration unless so received by
or before the hour above specified for receiving
,
bids.
Uelivery of the bonds will be made October 15,
1917. at ten o'clock A. M., at the office of the
City Comptroller, City Hall, Kansas City,
Missouri.
GEORGE
—
FINANCIAL
$650,000
KANSAS
—
—
NEW LOANS
CITY OF
ELECTION.— An
Darvin County, O\s.la.—B0ND
election will be held Oct. 4 to vote on the question of issuing the $16,000
sewerage-system bonds (V. 105, p. 1127). J. H. Boozer is City Clerk.
H. EDWARDS,
Mayor of Kansas City, Missouri.
EUGENE H. BLAKE.
Gkimptroller of Kansas City, Missouri.
Dist. No.3, Bossier Parish, La.
PUBLIC IMPROVEMENT BONDS
Sealed bids will be received by the undersigned
Benton, Louisiana, imtil noon SATURDAY,
NOVEMBER 10, 1917. for $49,500 Public Improvement Bonds of Road District No. 3 of
Bossier Parish. Louisiana, dated September 1.
1916. of the denomination of $500 each, with
interest payable semi-anually
March 1 and
September 1 of each year, both principal and interest payable in lawful money of the United
States at the Seaboard National Bank in the City
of New York.
These bonds are issued under
Act No. 256 of the Laws of Louisiana, 1910, and
are due and payable as follows:
$500 due September 1, 1918 to 1919
"
1,000
1920
1925
"
1,500
1931
1926
"
2,000
1941
1932
"
2, .500
1944
1942
"
3,000
1946
1945
A certified check on some national bank doing
businass in the State of Louisiana or some solvent
bank chartered under the laws of said State for
at least Two and One-Half Per Centum of the par
value of said bonds must accompany all bids,
same to be made payable to the Treasurer of
Bossier Parish, Louisiana. The approving legal
opinion of John C. Thomson. Esq.. of New York
City, will be furnished to the purchaser without
charge.
The right to reject any and all bids is hereby
A
STONE &WEBSTER
in
FINANCE
public utility developments.
BUY AND SELL securities.
DESIGN
6teain power stations, hydro-
electric developments, transmission
lines, city and interurban railways,
gas
plants,
buildings.
industrial
plants
and
•
'
'
• '
•
'
' '
reserved.
R. B. HILL. Clerk,
Police Jury of Bossier Parish.
Acts as
EE«cutor,
Trustee,
Administrator,
CONSTRUCT either from
our own de-
signs or from designs of other engineers or architects.
REPORT on
public utility properties,
proposed extensions or new projects.
MANAGE railway, light, power
and gas
companies.
NEW YORK
BOSTON
CHICAGO
Girard Trust Company
PHILADELPHIA
Guardian,
Receiver,
Registrar
Chartered 1836
and
Transfer Agent.
Interest allowed
on deposits.
CAPITAL and SURPLUS,
$10,000,000
E. B, Morris, President.
THE CHRONICLE
1230
[Vol. 105.
^financial
ATLANTIC
HlU
Tnuua
in conrormuy
jfattors
MUTUAUNSURANCECOMPAM JAMES TALCOTT,
New
wUh
tfte
Chaner of the Cornpnnu. suhmU
2lst of December,
ttte
New York, January asth, 1917.
following siaiemuu of Us affairs on th^
I'Jlti.
Compiiwis business Ms been confinid to murine ami inland trans p'lrtnlion insurance
irtcmlums on su'h risks from Hie 1st, Januiiry, 1910. tc tbe 31st December, I'JUi
.58,087,174.02
Premiums on rollclea not marked oil 1st January, 191G
903,703.66
...
...
TTie
.
fotol Premiums
..._...............
/Premluma marked o't
.......$8,990,877.68
from 1st January. 1918. to 3 1st December. 1916
..... ..$7,855,092.i!.:.
on the Investments of the CJompanj'recel ved during tho year $337,271 .78
Interest on Deposil.s In Banks and Trust Companle.s, etc
103,475.76
Bent received less Ta.xea and Expenses
109,638.08 $
.
jjitcrest
paid during the year..
650,385.62
33,360.166.87
Less- Salvages
$322,138.57
686,832.53 S
Ue-insurances
908,971.10
225 Fourth Avenue,
Founded 18,54
Tel.Gramercy 4796
Cable Address Quomakel
Transacts a general textile commission
business. Finances the entire production of woolen, cotton, silk, underwear
and other mills and all lines of trade.
Discounts bills receivable with or with*
out guarantee. Acts as factor and fur*
nishes selling and storage facilities for
manufacturers, selling agents, merchants, &c.
—
Correspondence
Solicits
S2.451.185 77
Inc.
York City
from
Manufac-
turers for the sale and financing of
their ENTIRE PRODUCT
B-tnsnrance Premiums and Returns ot x^emlums
$1,389,298.73
Kpenses, including compensation ol officers and clerks, taxes, stationery,
a^Jvertlsements, etc....
.
$ 740,899.72
A dividend of Intere.st of Six per cent, on the outstanding certificates of profits will bo paid to tb*
Aolders thereof, or their legal repre-sentatlves. on and after 'J.'ucsd:iy the sixth of February next,
The outstanding certificates of the issue of ls>l 1 will be redeemed and paid to the holders thereof o
tbelr legal representatives, on and after Tuesday the sixth of February next, from which date a'
The certificates to be produced at the time of payment and canceled.
toterest thereon will cease.
A dividend of Forty per cent. Is declared on the earned premiums of the Company for the year ending
8l8t December, 1916, which are entitled to participate in dividend, for which, upon application, certificates
WlU oe issued on and after Tuesday the first of May next.
G. STANTON FLOYD- JONES. Secretary
TRUSTEES
ANSON W. HARD.
ANTON A. RAVEN.
SAMUEL T. HUBBARD,
JOHN'
RIKRR,
LEWIS CASS LEDYARD,
DOUGI-AK ROBINSON,
WILLIAM H. LEFFERTS,
JUSTUS RUPERTI
CHARLES D. LEVERICH,
WILLI. \.M JAY S'JHIEFFEXJQf,'
GEORGE H. MACY,
SAMUEL .SLOAN,
NICHOLAS F. PALMER.
WILLIAM SLOANE.
WALTER WOOD PARSONS. LOUIS STERN,
CHARLES A. PEABODY,
WILLIAM A. STREET.
JAMES H. POST,
GEORGE E, TURNURE,
CHARLES M. PRATT.
GEORGE C. VAN TUYL. St,
DALLAS B. PRATT
RICFIARD H. WILLIAMS.
Cnsineers!
By order of the Board.
EDMTJND L. BAYLIES,
JOHN N REACH,
NICHOLAS BIDDLE,
JAMES BROWN,
JOHN CLAFLIN,
GEORGE C, CLARK,
CLEVELAND H. DODGE
CORNELIUS ELDERT.
RICHARD H, EWART.
O. STANTON FLOYD-JONEa
PHILIP A S. FRANKLIN,
HERBERT L. GRIGGS
.1,
RAVEN, Chairman of the Board.
CORNELIUS ELDERT. President.
THE
J'G'WHITE ODMPANIES
Financiers
Purchasers
Contractors
Engineers
Operators
Managers
A. A.
WALTER WOOD PARSONS,
CHARLES
FAY.
E.
Estimated Losses and Losses Unsetand State of New 'iiitk
tled in process of Adjustment
Bonds
670.000.00
.
f
$ 3,632.239 .0«
Premiums on Unterminated Risks
Stock and Warrants of the City of
1,135,78.'».43
Certificates of Profits and Interest
New York and Stocks of Trust
Companies and Banks
Unpaid
1,773,550.00
.
266, 399 .2S
3,588„':,75.20 Return Premiums Unpaid
^Stocks and Bonds of Railroads......
106,624,24
Othei Securities
367.185.00 Taxes Unpaid
174,943.9£
Re-insurance Premiums on Termieiiecial Deposits In Banks and Tnjst
Companies ..
2,000,000.00
nated Risks
373,669.04
(Sotted States
Estate cor. Wall Street. William
Street and Exchange Place
Estate on Staten Island (held
undei provisions of Chapter 481,
Laws of 1887)
iPremlum Notes.
„
...
Claims not Settled, including
'Seal
3,900,000.00
Receivable
Bills
deemed,
75,000.00
866,035.08
1.068,547.73
hands of European Bankers
to pay losses under policies payable
Cash
In foreign countries
.
EXCHANGE PLACE, NEW YORK
LONDON
CHICAGO
158,309 94
Profits Ordered ReWithheld for Unpaid Pre-
Income Tax Withheld at the Source..
Suspense Account.
22,557.84
1,210.20
5,899.76
7.668,850 ,0C
206,311.98
2,808,785.77
135,000.00
General
&
Engineering
Management Corporation
141
BROADWAY, NEW YORK.
Expert Operators and Engineers
$17.458.990.74
$13,546,488.68
leaving a balance of
$3,912,502.06
Accrued Interest on the 31st day of December. 1916, amounted to
...
$49,286 30
Rents due and accrued on the 31st day of December, 1916, amounted to
...
$25,933 03
Re-Insurance due or accrued. In companies authorized In New York, on the 31st day of
December, 1916, amounted to
_$ 245.472,80
Wote; The Insurance Department has estimated the value of the Real Estate on Staten Island
In excess of the Book Value given above, at
.
$
63,700.00'
fT» Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
Company's valuation by
.
..,.$1.988,969. 9l>
ITitis
eta
43
of
Certificates of Profits Outstanding...
In
Cash In Bank
Loans
.
miums
REPORTS— VALUATIONS— ESTIMATES
Com-
pensation, etc
Certificates
•ileal
and Industrial
Properties
LIABILITIES.
ASSETS.
of Public Utility
Vice-Presiden)
2d Vice-President.
tbe bBSiB o( these Increased valuations the balance would be
.
.„. $6,285,864.09
MELLON NATIONAL BANK
PITTSBURGH
48
8,000,000
4,654,372
19,864,43 5
$132,894,720
92
00
57
$6,000,000
4,087,115
987,148
4,940,200
116,880,25 5
$132,894,720
3H%
Cash
Due from Banks
00
11
Surplus and Undivided Profits
Reserved for Depreciation, &c
Circulating Notes
Deposits
offer
are prepared at times to
Entire Issues of Pub-
Uc
Utility
First
Mortgage
Bonds and Preferred Stocks.
Valuations,
Reports and
Engineering.
Humphreys
General
Alten S, Mi':«f
HUMPHREYS&MILLER.Inc.
BNQINEBRS
Power
—Light—Gas
IM BROADWAY
NEW YOKK
01
LIABILITIES
Capital
We
Alez. O.
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS SEPT. 11, 1917
RESOURCES
Loans, Bonds and Investment Securities
$100,375,863 41
Overdrafts
U. S.
Certificates of Indebtedness
of
Electric Light, Power, Water, Gas.
Ice and Street Railway Properties,
52
78
00
71
01
Mining €nzintexs
H. M.
CHANCE &
CO.
lUnlns En(ine«rs and Geoloslsts
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
PHILADELPHIA
DtmoI Bids.
JllinoisThist&SamigsBaiilc
CHICAGO
\drian H. Mullet
AUCTIONEERS
Office, No. S5
Capital,
Surplus
and Undivided
Profits
-
-
$16,400,000
&
Son
WILLIAM 8T&EKT
Corner Plna Street
Regular Weekly Sales
Pays Interest on Time
Deposits, Current and Reserve
Acooimts. Deals in Foreign Exchange.
Has on hand
at all times a variety of ex-
Buys and sells
Government, Municipal and
Transacts a General Trust Business.
Corporation Bonds.
cellent securities.
STOCKS
and
BONDS
EVERY WEDNESDAY
At the Bxehance £»!• sBoomr
«•!• Vesey Street
1
@FedFRASER