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d/fitialittal TO. 11111mercial Iffrontrie VOL.107 SEPTEMBER 7 1918 NO.2776 I Published every Saturday morning by WILLIAM B. DANA COMPANY: Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and Secretary. Addresses of both, Office of the Company. -FOR AUGUST, SINCE JAN. 1, AND FOR WEEK, ENDING AUGUST 31. CLEARINGS Eight Months. August. Clearings al-1918. 1 41 Jew Work , hiladelphla 'ittsourgh laltimore luttalo Libany Vasaington toonester 1cranton lyracuse tea,ding Wilmington Wilkes Barre Wheeling Iarrisburg 'renton tork .1rie Mester lreensburg linghamton dtoona 'rank1in 1 q•ederlck leaver County, Pa .ancaster Torristown /lontclair )ranges Iagerstown Total Middle loston 'rovidence Iartford few Haven 'ortland ,pringfield Worcester 'all River Tow Bedford ,owell loiyoke langor Vaterbury tamford 1917. $ $ 14,958,426,624 14,679,321,528 1,734,638,982 1,368,485,584 329,854,136 554,960,754 189,001,725 321,973,676 82,737,101 103,452,072 19,573,982 20,222,017 45,815,033 59,415,231 26,703,495 32,471,664 14,196,251 16,719,334 18,490,391 20,536,347 10,383,394 11,383,039 13,725,905 13,993,212 8,070,098 9,489,197 16,712,057 17,584,169 11,135,250 14,255,113 10,181,530 12,334,203 5,360,336 4,927,146 8,0/0,021 9,485,030 5,277,940 8,188,164 4,276,048 5,256,222 3,764,500 3,479,300 3,070,963 3,615,625 2,028,403 1,924,703 1,865,361 2,154,002 3,080,477 2,924,456 8,647,842 10,431,041 2,526,084 3,342,471 1,964,814 1,505,571 3,781,114 3,984,573 2,717,569 2.675,517 _ 17,965740,460 16,900,819,582 Inc. or Dec. 1918. 1917. $ % i +1.9 115,689,189,877 118,349,952,600 +26.7 12,665,837,867 11,208,387,638 +68.2 3,476,707,015 2,682,649,587 +70.4 2,013,519,858 1,489,862,582 +25.0 723,534,245 637,403,358 165,848,793 +3.3 169,210,168 +29.7 456,464,529 367,323,777 +21.6 238,836,655 257,048,575 120,451,504 131,182,488 +17.8 144,726,682 +11.1 155,246,735 91,408,706 93,731,655 +7.7 110,470,861 108,801,147 +2.0 67,184,208 72,764,560 +17.6 129,009,132 138,203,883 +5.2 81,855,782 101,257,747 +28.0 +21.193,557,739 86,778,133 45,434,661 -8.1 • 41,512,392 70,209,511 +17.5 59,407,267 +55.2 51,363,006 47,722,995 +22.9 40,144,928 34,165,727 29,736,660 -7.6 32,412,100 25,873,206 +17.7 23,817,645 -5.1 14,843,035 15,777,082 +15.5 18,370,857 15,562,012 -5.1 23,791,858 24,436,093 +20.6 97,003,197 79,131,250 +32.3 24,820,839 20,593,242 -23.4 14,572,569 17,280,771 +5.4 33,103,183 214 329609, -1.5 24,750,997 22,156,372 +6.3 136,858,965.210 136.442,125,535 25.7 10,057,90 .200 1,288,019,046 1,025,025,673 40,113,300 20.7 48,399,500 395,716,300 31,772,126 21.9 38,732,919 279,080,449 19,737,420 23.0 24,286,286 175,983,557 t1.4 11,550,641 11,711,196 88,096,457 15,611,743 3.1 16,093,051 131,254,958 16,399,198 15,325,189 7.0 125,632,514 7,293,806 +23.5 9,010,701 73,976,144 7,597,141 6,262,394 +21.3 63,190,992 5,050,063 4,471,750 +13.1 41,151,656 3,256,174 3,345,466 -2.7 25,888,363 2,556,518 2,883,356 -11.3 25,813,814 161 „ , -13.5 7,922,800 67,150,100 2.489,749 2,447,6241 +1.7 19,034,457 8,128,661,693 351,176,000 288,109,618 174,355,241 94,2:33,847 144,310,960 126,728,221 64,937,186 55,514,962 37,292,419 30,3513,393 22,946,183 78.230,478 18,997,584 Week ending August 31. Inc. or Dec. % -2.2 +13 t29.6 35.2 13.5 -2.0 +24.5 17.6 8.9 7.3 +2.5 -1.5 +8.3 +7.1 +23.6 +7.8 +9.4 +18.2 +7.6 +17.5 --8.3 +8.6 -.5.9 +18.0 -2.6 +22.6 +20.5 -15.7 +1.5 +11.7 Total Middle West 3,736,276,482 3,262,126,252 +14.5 27.759,283,438 25,951,477,878 438,652,477 129,247,000 164,528,363 109,707,379 52,358,931 32,724,455 22,365,348 27,833,395 18,253,774 10,509,717 8,786,470 5,384,308 10,854,613 3,548,024 3,451,621 6,000,000 2,821,919 8,267,079 4,31,113 3,17i,418 Total Pacific 1,112,791,054 1917. Inc. or Dec. - 1916. 1915. 389,720,761 113,233,503 69,492,295 23,796,065 3,600,000 13,285.365 5,487,300 3,509,057 5,100,000 2,350,145 3.084,780 1,94/,974 4,423,783 S 002,479 311,313,721 72,502,663 43,302,881 16,042.365 3,018,165 9,574,198 5,384,871 2,900,365 4,809,995 2,326,530 2,944,325 1, 9 4/ ,916 3.513,434 2,400,000 1,191,357 1,802,145 1,590,600 850,000 625,000 835,448 2,040,731 1,134,762 1,636,195 1,014,227 707,000 650,600 704,204 +17.6 +5.0 +10.1 +56.8 +20.4 -3.9 +18.6 2,022,488 1,075,756 1,298,774 1,146,493 700,000 607,600 553,290 2,121,559 751,134 1,003,024 705,495 559,157 678,100 496,960 2,192,881 2,012,639 +8.9 1,528,501 1,585,490 396,074 -26.3 298,153 348,909 S 291,974 $ $ -N.6 3.144,407,462 2,251,925,096 +25.2 233,076,486 173,965888 +56.2 47,473,729 57,035,176 35,945,958 +60.5 33,539,553 13,338,192 +48.3 10,597,405 3,827,955 4.000,000 +19.3 7,363,767 8,006,737 +38.8 5,021,752 5,163,843 +1.9 2,714,462 2,670,376 +21.0 3,317,261 2,823,332 +6.0 1,769,891 1,825,260 +1.0 2,591,272 +4.8 1,986,757 +31.6 1,447,623 1,448,029 2,742,035 +25.9 1,842,053 +0.3 4,269,555,391 3,882,412,340 +10.0 3,524,571,323 2,554,776,911 +23.7 257,908,743 +12.7 9,577,100 -3.1 , . 6,859,956 +0.9 1 4,776,548 -6.5 2,488,018 -9.0 2,920,2/2 3,079,590 -0.9 1,744,119 +13.9 +13.8 1,500,000 +10.3 982,566 e84,662 -14.7 +12.5 450,326 -14.2 +0.2 Total New England 1,481,533,342 1,195,001,588 +24.0 11,569,873,961 9,615,852,785 +20.3 2,250,912,487 2,027,259,654 +11.0 17,113,069,237 16,590,965,216 +3.2 ihlcago 178,747.950 +41.9 1,841,108,277 1,365,820,184 +34.9 253,614,887 lincinnat1 326,881,249 +19.3 2,760,559,632 2,375,527,272 +16.2 390,053,458 lieveland 248,251,260 +20.8 1,982,507,020 1,852,993,401 299,870,097 +7.0 /etrolt 106,053,735 +14.1 121,016,084 950,835,586 835,482,501 +13.8 filwaukee 58,730,000 +34.7 79,104,000 527,967,000 455,611,764 +15.9 ndlanapolis 45,838,400 +12.7 51,634,800 360,604,100 350,252,300 +3.0 lolumbus 44,419,436 +9.0 48,413,376 345,302,702 354,460,992 -3.7 'oledo 23,316,839 -15.1 161,824,190 19,790,963 183,205,313 -11.9 Peoria 20,390,959 +18.5 174,855,675 24,161,436 164,563,902 +6.2 ;rand Rapids 13,571,156 +27.2 17,268,525 136,036.160 122,643,928 +11.4 klyton 13,010,155 +36.5 17,756,300 127,840,046 90,756,033 +40.9 1vansville 10,637,184 +7.4 78,186,428 11,422,803 66,979,825 +16.7 prIngfield, 19 5,495,620 +7.7 44,626,269 5,920,399 52,882,876 -15.6 'ort Wayne 14,844,396 +4.7 125,335,176 15,541,390 119,790,420 +4.6 'oungstown 28,310,000 -12.2 24,856,000 189,465,000 202,545,000 -6.5 Aron 14,377,482 -15.3 104,057,066 12,183,048 118,539,590 --212.0 lanton 3,333,192 -23.8 4,127,011 45,042,507 28,531,801 +57.9 ocington 7,100,836 -18.3 64,238,091 8,490,090 51,797,227 +24.0 tockford 4,635,462 -28.6 47,256,986 5,961,297 38,105,240 +24.0 luiney 4,303,150 -30.3 43,731,182 5,606,232 36,635,894 +19.4 outh Bend 5,198,113 +20.7 47,912,202 6,275,869 40,467,285 +18.4 iloomington .,982,543 +39.4 30,578,546 5,550,090 29,928,448 +22.2 Moatur 5,564,013 -1.8 5,461,631 43,465,068 42,062,646 +3.3 nringfield, Ohio.4,045,508 +19.8 4,847,942 37,023,493 31,353,9553 +18.1 lansfield +5.4 2,357,701 21,976,991 +6.2 2,485,050 20,692,553 Mnville 4,750,946 +11.0 5,271,191 35,721,909 36,760,736 -2.8 ack.son 31,336,876 3,632,992 +8.7 3,949,625 27,645,023 +13.4 41111% 2,184,542 +35.5 19,874,535 2,959,031 14,179,659 +40.2 acksonville, Ill 4,741,427 -14.6 4,049,9538 34,240,429 38,654,369 -11.4 ansIng 1,433,827 -2.4 11,748,102 1,4110,194 12,406,530 -5.3 no Arbor 414,751 +66.8 3,338,453 091,279 3,434,805 -2.8 ,drian 2,912,706 +12.0 3,263,544 31,441,872 23,673,433 +32.8 /wensboro 7,933,530 -11.4 7,076,415 51,302,827 55,051,497 -6.8 'lint 021,449 +19.2 1,098,711 8,104,448 6,929,540 +17.0 Ar8111 3,739,419 +3.5 3,870,712 30,663,863 25,689,238 +19.4 lary 677,895 -16.2 567,384 5,090,281 5,248,939 -3.0 rew 1AlbanY 4,036,343 +24.8 5,000,000 48,368,9'33 41,014,735 +13.1 Paducah 1,401,547 -35.1 909,801 13,051,97.3 12,967,500 +0.7 Iatnliton 2,668,885 +47.4 3,933,349 24,601,426 20,726,305 +18.7 111COM an Francisco Kts Angeles eattle 'ortland alt Lske City poKane acorns Oakland aeramento an Diego tookton an Jose 'resno Pasadena "akitna lobe ten° wen ,ong Boson laKersfiela 1918. 2.9,836,480 8,589,700 6,617,284 4,301,833 2,800,000 3,225,785 3,345,015 1,499,142 1,287,852 843,594 695,671 684,628 +7.5 +11.5 +3.7 -1-11.0 -11.1 -9.5 -7.9 +16.3 +16.5 +13.5 -1.6 -34.2 156,159,377 7,180,400 6,738,028 4,409,013 2,252,839 2,967,155 3,138,087 1,1/8,633 1,109,278 847,974 852,815 699,098 132,957,737 6,875,100 6,571,762 3,575,583 1,940,581 2,597,749 2,597,339 1,015,002 903,718 750,785 655,291 430.355 +7.0 187,532,697 160,671,002 484,851,667 64,146,904 86,459,174 66,530,348 24,846,309 15,631,000 9,736,400 9,811,920 4,657,559 4,716,799 3.500,000 3,497,500 2,212,013 1,072,756 3,714,961 4,913,000 2,299,075 c50,000 1,586,162 1,086,117 916,757 1,390,592 1,175,828 1,025,815 1,097,368 480,371 451.579,172 40,877,334 ;5,139,625 46,487.608 22,05C,220 11,667,792 9,481,400 9,136,924 4,700,000 4,432,657 2,983,493 2,712,567 2,171,248 1,1 /6,190 2,644,684 6,278,000 3,581,143 772,352 1,488,034 975,000 881,994 1,129,092 723,522 1,132,925 1,122,758 539,823 +7.4 +32.5 +15.1 +43.1 +12.6 +34.0 +2.7 +7.4 -0.9 +6.4 +17.3 +28.9 +1.5 -1.3 +40.5 -21.9 -36.8 +23.1 +6.6 +11.4 +4.0 +23.1 +62.5 -9.4 -2.2 -11.0 390,220,970 31,137,950 50,903,746 40,853,251 17,864,561 10,285,810 9,573,000 7,919,104 3,750,000 4,041,272 4,299.920 1,920,509 1,363,215 1,442,157 2,483,151 3.661,090 3,360,098 562,979 1,015,954 793,700 715,389 927,208 623,815 1,302,364 908,945 551,658 305,796,421 24,839,700 32.297,228 Z,964,253 14,380,875 8,987,673 7,349,700 5,819,742 3,300,000 3,410,222 2,450,910 1,607,064 1,117,260 1,113,541 1,399,526 2,28t.,,000 2,141,599 611 144 , 715,397 884,642 719,281 884,170 540,843 786,590 592,840 592,945 946,782 487,785 913,838 290,000 100,000 588,832 1,045,000 366,237 1,000,000 300,0 :0 82,592 480,414 -10.0 +33.1 -8.6 -3.3 +21.1 +22.6 956,001 318,9,17 811,227 275,1A0 51,228 413,046 698,461 281,067 404,237 228,118 35,765 314,907 768,084,400 +12.2 595,277,064 454,552,634 97,231,550 26,957,000 22,000,010 12,285,017 9,779,965 5,7f0,000 2,582,780 4,855,252 2,994,843 1.652,362 1,654,081 995,664 1,392,434 735,294 468,914 -0.04 -2.5 +69.4 +94.3 +16.7 +19.3 +81.6 +17.4 +21.2 +11.4 +12.2 +16.1 +84.0 -24.2 +23.7 65,517,556 21,092,8:33 14,296,384 11,444,997 8,200,000 4,088,626 1.938.799 3,770,477 2,161,692 1,817,880 1,291,414 680,5131 1,006,839 847,750 440,954 56,340,472 19,446,323 10,880,686 9,911,293 5,902,404 :1,339,743 1,829,380 3,698,714 1,803,220 1,686,389 1,453,136 628,748 858,073 692,627 439,925 292,971,900 2,737,268.884 +7.0 795,627,212 +13.5 +8.0 +64.4 +80.8 +0.4 +23.3 +70.5 124.4 18.1 22.9 +1.9 +25.6 +43.6 -15.3 +36.5 +0.9 +6.9 +9.3 +32.7 +7.1 3,567,671,967 1,002,388,090 1,138,051,797 766,153,363 ,166 261,160,028 151,481,109 203,222,352 124,456,461 72.276,629 66,363,392, 35,160,590 72,911,934 34,417,305 25,261,034, 48,836,255 19,779,6841 69,797,531 34,819,953 30,270,163 3,075,899,515 1,019,899,900 704,177,342 515,193,801 429,025,515 204,055,270 96,565,512 176,143,255 90,836,031 80,395,493 56,112,220 28,385,695 56,923,782 40,717,823 20,550,970 47,079,383 17,681,169 56,824,098 23,742,362 24,678,151 +16.0 -1.7 +61.6 +48.7 -1.1 +28.0 +56.9 +18.2 +37.0 -10.1 118.3 23.9 28.1 -15.5 +22.9 +3.7 +11.9 +5.2 +46.7 +22.6 97,193,661 26,310,000 37,269,697 23,867,657 11,409,004 6,803.060 4,690,008 5,700,003 3,629,529 1,840,938 1,855,564 1,155,712 2,562,593 557,137 580,000 321,000 300,000 +7.0 238,090 199,009 836,672 638.890 +31.0 481,495 493,166 898,704,471 +23.8 8,143,629,7211 6,764,887,277 +20.4 226,579,175 192,224,046 +17.9 139,314,257 119,802,607 430,637,162 119,659,000 100,105,100 60,664,462 52,132,757 25,549,000 13,118,610 22,367,365 15,456,775 8,553,410 8,620,089 4,287,780 7,560,493 4,190,901 2,528,867 5,948,290 2,638,124 7,566,174 3,254,819 2,965,293 l /etalls of other Weste rn and Soutner n will be found on pag e 978. Total other West- 1,779,290,347 1,299,003,702 +37.0 °13,355,530,338 1 9,961,843,681 +34.1 366,791,250 266,507,049 +37.6 227,797,550 167,846,872 Total Soutnern---. 2,006,190,923 1,537,574,638 +34A 16,051,064,55/, 12,146,870,534 +32.1 440,703,722 328,710,9781 +34.1 248,240,443 174,708,789 Total all 28,141,832,108 25,093,230,233 +12.11213,736,347,225 200,883,057,5901 +6.4 0,392,229,690 5,652,665,697 +13.1 4,922,733,334 3.626,658,815 Outside New York_ 13,183.405.484110.413.908,705 +26.61 953.047,157.348 82.533.101.999 +18.8 2,773.484.793 2,259.663.218 +22.7 1,778,325.872 1,374,733,719 Clearings by Telegraph and Canadian Clearings on page 977. 924 THE CHRONICLE THE FINANCIAL SITUATION. The conviction and sentencing of a hundred of the pestilent creatures who call themselves Industrial Workers of the World, in the Federal Court in Chicago, on last week Friday, is a tardy although probably irreversible act of justice. The head of the gang and the fourteen closest to him were sentenced to twenty years' imprisonment; thirty-three others received sentences to terms of ten years, and the terms of imprisonment for others tapered down to a nominal ten days, while fines were also imposed on the leader and his aids ranging from $20,000 to $5,000. This is the conclusion of the action taken on Sept. 5 of a year ago, when blows were struck at this organization in Chicago, San Francisco, and a dozen other cities on or near. the Pacific Coast. Offices were raided; supplies, lists of names, and other material were seized, including in the latter a quantity of pictures of Frank Little, hanged in Butte by masked men not long before. "I do not mean," Judge Landis is quoted as saying at one point in the trial, "that the I. W. W.started out deliberately to aid Germany." What he did mean (except that their conduct has directly furnished such aid, as is perfectly evident) is not reported, and not improbably he shares the difficulty most of Us feel in forming a definite opinion as to the mental characteristics of these mischief-making creatures. Their characteristics, however, are chiefly of interest to alienists at present and their motives are not important in passing upon their acts. In criminal prosecutions where circumstantial evidence must largely be trusted for,securing conviction, it is helpful if a clear motive for the criminal act can be shown; but when commission of unlawful acts is proven it is of minor consequence what the criminal imagined would be the consequences of his act. The chief criminal in this case, Haywood, declared that no member of the I. W. W. "is guilty of any act against the United States, and, if released, there is nothing I could do but to continue to uphold the I. W. W. constitution as I have done in the past." As far as that constitution is translatable into intelligible terms, it seems to assert an interminable conflict between employers and workers, the necessity of universal strikes, "and the revolutionary watchword, abolition of the wage system." This would turn the hive into drones, until hard necessity took a hand; meanwhile, these preachers of anarchy labor chiefly with their mouths, subsisting on and protected by the social system they denounce as fundamentally instead of incidentally defective. Their inflammatory haranguing, capable of local disturbance in ordinary times, becomes a national peril in a time of war, nor do their mischiefs stop with words. A year ago there was cumulative evidence that they had been advocating and plotting disturbances in the farming, lumbering and mining districts beyond the Mississippi. In the State of Washington they sought to hinder getting out timber for airplanes and other needs,sometimes by boldly doing misdeeds themselves and sometimes by the cowardly process of suggestion to others. In the mining districts they sought to interrupt copper production; in farming districts they would hinder harvesting and destroy the harvested crops. The long list of storehouses and barns fired during the [VoL. 107. last twelvemonth cannot yet be forgotten, and now we hear of an organized movement in California (which should be general over food-producing country everywhere) to set special guard over this season's crop. • Most of the I. W. W. followers are probably ignorant and dull, easy material to be made into dupes, and as for the leaders it must be admitted that too much leniency has given them boldness. How far they really persuade themselves they are fighting what they vaguely call "capitalism" and have no war against the United States does not matter at present, for this is no time to permit national mischiefs while arguing about motives. The conduct of these persons is hostile to the United States, in that it inevitably and directly tends to hinder the United States in conquering upon the battlefield the enemies of this and all other countries. The man Little, after openly declaring that soldiers could never go over to France because they would have so much to do at home, was hung by lynchers to a railroad trestle. This, while an indefensible act, was at least easy to understand. It was their answer to his threat to keep the soldiers busy at home. There is nothing of the martyr in the I. W. W., and certainly nothing of the hero. To place a bomb under the chair of Judge Landis in the trial room on the sixth floor of the Federal building in Chicago would have shown a personal daring and a rude sense of retaliation that might have seemed Russia-like; but to set a bomb behind a radiator in the corridor of a post office where innocent persons are at work and others are coming and going is the trick of one who is a coward as well as murderer and resembles the affair in Los Angeles, when the building of a newspaper that was deemed too independent was attacked, with the time carefully. chosen so as to endanger the'largest number of persons. This explosion on Wednesday is justly charged to the I. W. W., for it is so like them. It may stand as their reply to the trial of the previous week. The reply oT the law to this reply should be a sternness hitherto not shown. The country is at war, and the war is in part already here. Should we not learn the lesson and cease trying to repress the public enemies at home by mild methods? Bank clearings in the United States for August 1918, as for many months past, present indubitable evidence of continued activity in practically all industrial and mercantile lines, although to a more or less important extent,the gains being recorded over the corresponding period of earlier years are to be ascribed in large, if not major, part to the steadily ascending-prices of almost all commodities. The fact is that for the same quantity of almost any kind of merchandise purchased the outlay this year is much greater than last year, and consequently bank clearings are affected. It is, therefore, not a surprising development, that the total of clearings for August 1918 should show a very noticeable gain over the like period a year ago,nor that at a great majority of the cities included in our compilation the figures are high records for the month, and in a number of instances the heaviest of any monthly period in our history. Furthermore, the exhibit at New York is very satisfactory in the face of a smaller volume of operations on the Stock Exchange. Of the 174 cities included in our detailed compilation of clearings, SEPT. 7 1918.] THE CHRONICLE 925 only 24 record decreases from a year ago, and in The cotton condition report for August 25, issued practically every case the falling off finds its explana- by the Department of Agriculture Tuesday, and intion in causes operating locally. On the other hand, dicating a very decided deterioration in the condimany cities exhibit gains of noteworthy dimensions. tion of the crop during the preceding month and a Included in this category are Philadelphia, Pitts- status of the plant much lower than ever before offiburgh, Baltimore, Buffalo, Washington, Boston, cially announced for the date given, would seem to New Haven, Cincinnati, Dayton, Indianapolis, set at rest any hopes that might have been enterEvansville, Seattle, Portland (Ore.), Spokane, Ta- tained for an increased yield of the staple in 1918-19. coma, Kansas City, Omaha, Denver, St. Joseph, In making this statement we are assuming that the Des Moines, Sioux City, Wichita, New Orleans, pronouncement represents the situation as it really Houston, Richmond, Atlanta, Nashville, Norfolk, exists, although there is a disposition in some wellDallas, Tulsa and a considerable number of munici- informed quarters to question the correctness of the palities of lesser prominence. In fact, at some of condition percentages as stated for localities east of these latter the gains are simply prodigious, notably the Mississippi River. In other words, with the the 96.9% at Newport News and the 83.5% at outlook poor in • the Southwest, there has been an Muskogee. For the whole country the total of unintentional tendency toward exaggeration of the clearings at $28,141,832,108 shows an increase of adverse developments in other sections of the belt. 12.1% over 1917, and the gain, contrasted with 1916, Even before the Government report was made pubreaches 42%. The Greater New York aggregate of lic, the markets of the world were prepared by pri$14,958,426,624 exhibits augmentation of 1.9% and vate investigation to expect that it would show 27.1%, respectively, compared with one and two marked deterioration in the cotton territory as a years ago, and the sum for the 173 outside cities at whole, and were influenced accordingly, but nothing $13,183,405,484, exceeds 1917 by 26.6% and 1916 quite so unfavorable as officially promulgated was by 63.8%. looked for. Now it would appear that practically For the elapsed portion of the calendar year 1918 every State is expected to show a decreased produc—eight months—the aggregate of clearings, of course, tion as compared with the previous season. This is establishes a new bigh-water mark for such a period. especially so of the States west of the Mississippi The total for the 174 cities reaches $213,736,347,225, River, except California and Arizona, small producthis showing an augmentation of 6.4% over 1917 ers withal, and the Department's own analysis of and 34.3% over 1916. At New York the loss as the information places the probable aggregate outcompared with last year is 2.2%, but the increase turn for the season at only 11,137,000 bales, not inover 1916 is no less than 20.6%, while at the outside cluding linters, this contrasting with a production of cities 18.8% and 55% represent, respectively, the 11,248,242 bales last year, according to the Census extent of the augmentation. Passing any detailed Bureau's final figures. The above being accepted as reference to the showing at individual cities we note about the limit of yield to be looked forward to, there that decreases are confined to 36, and that at 65 is the possibility that the surplus carried over from cities gains of 20% or greater are exhibited, these the preceding season will suffer some depletion if conquite generally following increases of large propor- sumptive requirements as now estimated are to be met. tions in the preceding year. As officially announced, the Department makes the Speculative operations on the New York Stock drop in condition from July 25 no less than 17.9 Exchange in August were quite restricted, and much points (the greatest deterioration heretofore in the less than in the same month a year ago. Dealings period was 17.9 in 1902, identical with that now reaggregated only 6,887,589 shares, against 11,636,853 ported), and shows the average condition Aug. 25 shares last year and 14,626,082 shares in 1916, and to have been only 55.7, against 73.6 on the earlier for the eight months totaled 89,106,917 shar.es, date. This contrasts with 67.8 on Aug. 25 last year, against 126,853,605 shares and 108,869,600shares, 61.2 in 1916—up to this time the lowest condition respectively, in the similar period of the two pre- for the date given-69.2 in 1915 and a ten-year averceding years. Lessened trading as compared with age of 70.4. As regards the individual States and 1917 is to be noted in railroad and industrial bonds, due to prolonged drought and hot weather following but operations in foreign securities, more particularly insufficient rains of the winter, the condition in Texas the French, Anglo-French and United Kingdom is announced as 18 points lower than on July 25, the issues, showed some expansion and trading in Liberty drop in Oklahoma is stated as 42 points, in Arkansas Loan bonds reached an extremely heavy aggregate— 25, in Missouri 33, in Tennessee 28, in Mississippi over 118 millions. Consequently sales of all classes 14, in Alabama 12, in Louisiana 12, in Georgia 11, of bonds for the month were much above those of South Carolina 13 and North Carolina 10 points. August 1917—$163,698,000 par value contrasting Explaining the very unfavorable report, the Crop with $68,579,000—and for the period since Jan. 1 Reporting Board says: "The past month was the 4 they aggregated 1,0245 million dollars, against most disastrous in its effect upon the cotton crop that 6409 millions a year ago and 7003/b millions in 1916. has ever been recorded, the decline being 17.9 points, At Boston dealings in stocks for August amounted equivalent to 24% in one month. The forecast of to 266,988 shares, against 258,136 shares last year, yield per acre, 145.2 lbs., is smaller than any yield and for the eight months comparison is between ever reported. A large acreage, however, permits a 2,360,170 shares and 3,778,846 shares. forecast of total production of . 11,137,000 bales, Canadian clearing house returns likewise are of the which is but slightly smaller than the last three crops. same generally favorable character as recorded for The depreciation was more or less general throughout some time past. The aggregate for the twenty-five the cotton belt, but greater in the West, Texas and cities from which we have comparative figures shows Oklahoma especially, than in the East. The princifor the month an increase of 10% over 1917, and for pal cause of the decline was the extreme drought, the eight months the total is in excess by 4.5%. but contributory causes were boll weevil, red spider and rust." 926 THE CHRONICLE [Vol- 107. German standpoint, the purely military situation as well as the economic conditions have become next to intolerable. That the truth regarding the reverses and also the importance of the American participation in the fight is becoming more widely known in the Fatherland, despite the well-known efficiency of the German Marshal Foch still is pushing forward steadily. censorship is indicated by extracts received by cable The week has witnessed a succession of independent from German papers. There appears on the surface drives, though, as a rule, they have lacked the at least a remarkable change in the attitude of spectacular features of the preceding weeks. In a Berlin officialdom. In appealing to the Constitutelegram, thanking the Paris Municipal Council for tion Committee of the Prussian Upper House to their congratulations, the Allied Commander in Chief, fulfill the Emperor's pledge for reform of the franin his own name and on behalf of the French and chise, Chancellor von Hertling was quoted in a Allied armies said: "The German rush which men- speech early in the week as saying that in his honest aced Paris and Amiens has been broken; we will conviction "with this serious question unsettled, continue to pursue the enemy implacably." A the protection and the preservation of the Crown and word of caution is coming forward which is gratifying Dynasty are at stake. The Government," continued since it implies that the Allies are not likely to rush the Chancellor, "considers that its task is to bring headlong into a trap similar to that which has to fulfilment the royal pledge expressed in the July proven the undoing of the Germans. "It is well message. As all the sons of the Fatherland are to take a conservative view of our recent victories," defending the Fatherland, there is now no question says Major-General Maurice, writing in the London of social discrimination at the next election." In "Chronicle" of Thursday. "We have not yet turned fact, the general tenor of all accounts from Berlin the main north and south sections of the Hindenburg suggests that the Government is finding it necessary line and we shall not have done this effectively until to take serious account of the discontent that is we get across the Sensee Canal and take Douai. With springing up apparently in all directions. The this achieved we may look for further big develop- Kaiser in a telegram to the Municipality of Dresden ments." General Maurice argued that the enemy's refers to the severity of the Fatherland's fight for its immediate plans from the Oise northward are to future and to the German people's determinashorten his line in Flanders, hold the Sensee Canal tion to preserve their land and kultur by "successful covering Douai and go back to the Hindenburg .line defense." He does not talk of victory by the sword in front of Cambrai and St. Quentin and further and annihilation of the enemy. "The German south to the Chemin des Dames. General Maurice people," the telegram reads, "understand the diffialso points out that winter is not far distant and is culty of the present decisive battles against an always a time of trial, more particularly because of enemy filled with hatred, jealousy and the will to the shortsighted efforts of the pacifists. It is destruction, but has unanimously decided to devote quite possible, he says, that this winter Germany all its strength to defend against its enemies' assaults may offer to return Alsace-Lorraine to France and on its sacred soil and its kultur which it had won in restore Belgium if she be left free to exploit Russia, peaceful work." Meanwhile an interview with the Crown Prince which would mean that the Central European Allies would in time become as powerful as ever and published in Budapest also takes a much more that Prussia's kultur and Prussian militarism would modest attitude in strong contrast to his blatant again flourish. "We have to keep clearly before boastings of the past. "In judging the situation, us," he said, "the fact that the victories of the past both military and political," he said, "we must never month have shown that we can extirpate both and forget one thing—that we are waging a war of deit is our plain duty to do so. The greater the naval fense. The war is one of annihilation only to the and military efforts we can make, the more we enemy, not for us. We want to annihilate none of subordinate everything to win the war, the more our enemies. We mean, however, to hold our own." we concentrate our resources upon the defeat of our The German Socialist newspaper "Vorwaerts" takes principal enemy, the sooner we remedy our still occasion to openly compare Kuehlmann and the Crown defective machinery for conducting the war, the Prince. "Democracy is a necessity of our life," says this newspaper in a large headline running sooner we shall get complete victory." Significance is being attached by military critics clear across its front page. "Why," it asks, "did to the news via Amsterdam that the Chief of the Von Kuehlmann resign ?" and it sets out in parallel German Admiralty staff has had new power con- columns, on the one hand, the statement of the ferred on him, widening his control over the fleet. former Foreign Minister that the war could not be Captain Lewetzow, the naval officer, has been taken ended by a purely military decision, and, on the from active service to assume the post of chief of the other hand, the utterances already referred to by new naval staff attached to main headquarters. the Crown Prince. Von Kuehlmann's words, it There has been a feeling in Allied military circles declares, "roused a storm of anger from the Panthat whenever the land situation begins to become Germans, and yet it must be said that the words desperate, the Kaiser would stake all on a sudden of the Crown Prince as a matter of fact go much and concentrated rush of his navy. It is not reason- further than those of Von Kuehlmann. Von Kuehlable at any rate to suppose that the Germany navy mann did not expect peace by a purely military will remain bottled up in the event of disaster decision, but in the expectations of the Crown Prince promising to be forced on the army, for it would a military decision does not enter at all." Refermean virtually a gift of the navy to the Allies. Hence ring to the Kaiser's telegram, the same paper states the disposition would be to regard a breaking forth that "On June 16 the German Kaiser made his of the navy as an acknowledgment that, from the speech about the struggle between the two concep- Reflecting the effect of this unexpectedly poor report, there was immediately a marked advance in the price of the staple from the already abnormally high level. In fact, at New York middling uplands advanced to 38.20 cents per lb., the highest point reached since Nov. 2 1866. SEPT. 7 1918.] THE CHRONICLE tions of the world, the German conception of right, freedom, honor and morality, and the Anglo-Saxon heathen worship of money, declaring that 'these two conceptions are wrestling with one another and one must be completely overthrown.'" The newspaper declares that it would rouse the people to a real recognition of the seriousness of the situation and it would continue that good work by calling the Reichstag together and letting the voice of the people's representatives be heard. Press advices from Amsterdam say that a decree signed by General von Linsingen, commandant of the Brandenburg Province, according to the Cologne "Volks Zeitung," places the city of Berlin and the Province of Brandenburg under "the law relating to a state of siege, which provides for a fine or imprisonment for persons inventing or circulating untrue rumors calculated to disquiet the populace." Similar decrees have been issued in Breslau and other cities, all operative immediately. 927 of the line (if the present retreat is effected successfully) and with a half million men recuperated from the wounded and 400,000 men of the 1920 class now completing training will constitute a manoeuvring army with which General Ludendorff may be tempted to hazard another stroke. While the United States is restricting the exports of gold and has been encouraging the shipments of silver to India, word comes from Peking that China has announced regulations forbidding the exports of silver and copper money which is needed, it is argued, in the Government's campaign against the rebels in the south. An agreement has been signed between the Chinese War Minister and the Taihelkumel Japanese Co.,for a loan of 50,000,000 yen to be issued at 50 and bearing 7% interest, Chinese Treasury bonds being given as security. The scheme, it is stated, is the most extensive ever attempted in China and consists in the formation of a company which will virtually monopolize all imports and exports requiring Government permits, including iron, rice, arms, ammunition, railway material, Scc. Chinese only are eligible as shareholders of the company, but it is understood that the Japanese will provide the entire capital while the Chinese will receive 40% of the shares. As to the military operations in France and Flanders, there has been a steady forward movement. It was reported early in the week that the Allied troops had occupied the important French coal centre of Lens. This news, however, appeared to have been premature, although the Allied troops are on the outskirts of the city and are only preLord Robert Cecil, Under Secretary of State for vented from entering on account of the gases which left there when they evacuated the Foreign Affairs, gave details at a dinner in London the Germans city. British patrols have crossed the Canal du on Monday last of a plan for pooling all Allied Nord south of Marquion, and are fighting on the shipping. He alluded to the pooling of Allied food Bapaume-Cambrai road, where the contest about supplies and Allied munitions. The speaker exMoeuvres has been particularly severe. North and plained that the Allied Maritime and Transport south of Peronne the British advance has continued Council was established last December at a meeting and is now close to high ground between Athies and of all the Allies. It had grown and its organization Murlu. In Flanders, after repulsing a heavy coun- had been completed, but its central principle reter-attack north of Hill No. 63, the British have mained what it always was, namely the necessity pushed their lines further forward, south and south- of allied control for Allied supplies. "We have," east of Nieppe and northeast of Wulverghen. The the speaker said, "seen lately much to cheer us. French celebrated the fourth anniversary of the That, however, is no reason for diminished effort, Battle of the Marne with the Americans by driving but rather for increased effort. Now is the time to the Germans before them in the territory north of strike a definite and final blow at our enemies. As the Vesle, where the French lines now extend along far as the actual fighting is concerned, that is in the Aisne between Condy and Cieli-Arcy. Further other hands and in hands which give us no anxiety. east it now passes north of Dhuizel to Bardonval We have profound confidence in our armies and our and the Plateau of Beauregard farm. The French commanders. In order to feed our armies apart are continuing their advance on the whole Ailette from our civil population we have got to pool all our and have liberated more than 30 villages, besides resources, we must bring together the whole economic gaining possession of the greater part of the lower strength of our Allies. The accomplishment of that forest of Courcy. They have captured Courcy le task is not so easy. In this and many other matters Chateau and Courcy-le-Ville. The war having we are fighting under a certain disadvantage. Our now entered the phase of open contest troops are enemies have been content to enslave themselves in rapid motion and the character of the battlefield to the German General Staff. That gives them a has greatly changed. Where men formerly fought certain unity of control, a certain protection of foot by foot and in deep shelters, they now move machinery which it is difficult for us to imitate, for rapidly across open fields with their bands with after all the essential part of our struggle is that we are free nations, that we claim the right to decide them and their colors showing. authorities claim to have accurate informa- each for ourselves what is necessary in the interests French tion that the Germans have lost 1,100,000 men since of the general cause in which we are engaged." March 21. Of this total it is estimated that 500,000 Lord Cecil concluded by stating that the key to were killed, permanently disabled or taken prisoners, Allied control was Allied shipping. But though it leaving about 600,000 recuperable in four or five was of the greatest importance that there.should be months. Enemy reserves, it is figured, dwindled a common Allied control of shipping, yet even that during the same period to about the same extent, could not be made perfect unless there also was meaning that the reinforcements brought from accorded full consideration of the Allied needs. It Russia were uged up. The American army in France was, the speaker declared, the co-ordination of the next spring will, it is expected, alone exceed the whole Allied needs and Allied resources with Allied shipping fighting force of the German army, but in the mean- which would make an overwhelming economic power time German divisions released by the shortening of the alliance. 928 THE CHRONICLE [VoL. 107. sions were received by the State Department on Thursday from Helsingfors and Stockholm. The American party-is made up of 40 American officials, 40 Y.M.C.A. workers, 2 Red Cross workers, 25 employees of the National City Bank and 15 other Americans. Following last week's similar action by Great Britain, the United States on Tuesday recognized formally the Czecho-Slovak National Council as a de facto belligerent government. clothed with proper authority to direct the military and political affairs of the Czecho-Slovak peoples. A state of belligerency is recognized to exist between the CzechoSlovaks and the German arid Austro-Hungarian peoples. Our State Department announced that it was prepared to enter formally into relations with the de facto Government thus recognized for the purpose of prosecuting the war against the common enemy. Washington also has received advices that the Czecho-Slovalc forces in Russia are being augmented by desertions to them from the Bolsheviki. Regarding the military operations of the Allies in Siberia, the Japanese War Office reports that the right column of Allied troops pursuing the enemy beyond the Uyeraya River halted on Aug. 26 at Nadoujaya, 10 miles east of Simakoff. The left column occupied the eminence north of Simakoff Following an attack on the British Embassy in and the centre reaching Simakoff stopped there. Petrograd last Saturday, the British Consulate at Moscow was attacked on Thursday by Bolshevik "Soberly confident" is the expressive description mobs. The second attack appears a response to of the condition in the London markets for securities the action of the British Government in its demand recorded this week by a press correspondent at that on the Bolshevik Government for reparation for centre. The markets, he declares, are not excited the Petrograd reports and threat of outlawry by the excellent war news. A few large holders are for the members of the Soviet Government should taking the opportunity to realize on a portion of their it fail to give complete satisfaction or should war loan holdings. The fact that the quotation is further acts of violence be committed against above the issue price is significant, he points out, British subjects. There are estimated to be- about in view of the fact that the depreciation fund is in100 British subjects yet in that part of Russia in operative when the quotation gets above 95. Anwhich the Bolsheviki rule. In Saturday's attack other correspondent declares that the City expects Captain Francis Cromie, an attache of the Em- the German resistance will increase in the next few bassy, was killed in the course of a "search of weeks with the anticipated slower progress of the the Embassy." Forty persons, for the most part Allies. "Nevertheless," he continues, "it is now beBritish subjects, were arrested. The Bolsheviki lieved that there must be some hidden weakness to authorities claimed to have received a report charg- explain the character of the German retreat. Such ing connection between various counter-revolutionary conjectures especially recall the mysterious delay organizations and the Embassy. One of the Bol- between Germany's two offensives of March and shevik Commissioners was thereupon instructed July, which enabled the Allies to strengthen their to investigate the report on the supposition that own position to such purpose." Spanish securities the counter-revolutionists, Savinkoff and Filonenko, have been in good supply on the London market and were hiding in the Embassy. Accompanied by a have declined sharply following reports that fricdetachment of scouts the Commissioner went to tion of a serious character had arisen between Madrid the Embassy, and, proceeding to the third floor, and Berlin. Mining stocks were firm, those of the was met by shots which killed one of the scouts base metal description prominent. Iron and steel and wounded another. A fight ensued and the industrial shares were strong under the leadership of scouts were obliged to fire, the Commissioner de- Vickers, on reports of approaching developments clares, and Attache Cromie was killed. It is alleged the character of which was not mentioned in the that weapons and compromising documents were cable. Shipping shares were firm, Peninsula & found in the Embassy. A dispatch received at Oriental rising 33 points to 460 on Thursday, Cunard London on Wednesday reported the assassination shares rising 15 points to 120 on Wednesday, of the former Russian Empress and her daughters. Royal Mail 8 points to 150, and Furness Withy 9 Doubt is cast upon the accuracy of the report, how- points to 86. Rumors have been revived of a proever, from the fact that negotiations were in progress posed amalgamation of the leading British lines. In for removing the former Empress and her daughters addition to this, the suggestion is heard that there is from Russia to. Madrid. All the relatives of Alex- to be established something of a community of inander Kerensky, the former Provisional President terests with respect to shipping between the Allies of Russia, have been arrested by order of the Bol- after the war. Tenders are being invited in London for £1,300,000 Metropolitan Water Board oneshevik extraordinary commission. Telegrams telling of the departure from Russia year bills to meet those maturing in New York of Americans and members of the Allied Commis- Sept. 18. The London Stock Exchange Committee. Shipbuilding accounts continue satisfactory so far as the British and American yards are concerned. An official announcement by the British Admiralty on Wednesday reported that British merchant shipbuilding completed and entered for service in the month of August amounted to 124,695 tons. The American yards last month delivered a total of 66 ships, aggregating 340,145 dead weight tons. This exceeds the heretofore high record month of June, when 295,000 dead weight tons were delivered. The total of American deliveries during August included 44 steel ships, aggregating 260,645 dead weight tons and 22 wooden and composite ships, aggregating 79,500 dead weight tons. British shipping figures show that during the first six months of 1918 sinkings of the entire world totaled 2,890,293 gross tons, which was in excess of the 2,113,591 gross tons of shipping produced by the world to replace the lost cargo space. It is believed that the Allies are now producing shipping faster than that sunk by U-boats and that this from now on will continue a permanent factor. Recent reports have placed the total of vessels under construction in Germany at 960,000 tons, though later accounts declare that ships included in this total were launched before the war began. SEPT. 7 1918.1] THE CHRONICLE has decided, effective Oct. 1, to raise brokerage commissions from •N to 3-16 of 1% on Consols and War 3 Loans and to V of 1% on other British Government I stock. The committee has also decided that, whereas brokers have the discretionary right to charge half rates on transactions exceeding •£1,000, they now must charge the full minimum scale on £2,500, granting reduction of one-half only on any excess thereto. Last week's sales of British war bonds totaled £17,204,000, which compares with £218,568,000 the week preceding, and making the aggregate of sales through the banks to Aug. 31 £1,010,933,000. The post offices reported for the week ending Aug. 24 sales of bonds amounting to £403,000, bringing the sales under that head up to £36,722,000. The previous week's sales by the post offices were £406,000. War Savings certificates of £1 each disposed of in the week of Aug. 24 reached a total of £1,957,000, making the aggregate ultimate indebtedness in this direction £229,249,000. The British Treasury statement for the week ended Aug. 31 again showed expenditures in excess of revenues and a further decline in the Exchequer balance was recorded. The steady expansion is continued in the volume of Treasury bills outstanding, which this week totaled no less than £1,063,799,000, an increase of £6,435,000. The week's expenses were £55,169,000 (against £41,474,000 for the week ending Aug. 24), while the total outflow including repayments of Treasury bills and other items, aggregated £143,861,000, against £110,239,000 a week ago. Receipts from all sources equaled £143,769,000, comparing with £109,636,000 the week before. Of this total, revenues contributed £12,338,000, in comparison with £12,160,000 last week; war savings certificates were £1,200,000, against £1,500,000, and other debts incurred £9,863,000, against £11,143,000. War bonds amounted to £21,857,000, against £18,371,000, while advances reached a total of £10,000,000, as compared with £5,000,000 the previous week. Treasury bills issued amounted to £88,331,000. Last week the total was £61,312,000. The Exchequer balance now stands at £11,336,000, a decrease of £92,000, and comparing with £11,428,000 a week ago. No changes are to be noted in official discount rates at leading European centres, from 5% in London, Paris, Berlin, Vienna and Copenhagen; 6% in Petrograd and Norway; 63/2% in Sweden and 432% in Switzerland, Holland and Spain. In London the private bank rate continues to be qouted at 3 17-32% for sixty-day and ninety-day bills. Call money in London is still reported at 3%. As far as we have been able to ascertain, no reports have been received by cable of open market rates at other European centres. The Bank of England announces another increase in its stock of gold for the week (£388,033) although total reserves were reduced £597,000, resulting from the increase of £985,000 in note circulation. Declines were shown this week in the deposit items and the proportion of reserve is 17.65, against 17.80% a week ago and 187 4% last year. There was an increase in public deposits of £2,094,000, but this was offset by a contraction of £4,384,000 in other 929 deposits and of £1,288,000 in Government securities. Loans (other securities) declined £367,000. Threadneedle Street's gold holdings aggregate £69,932,857. Last year the total was £54,288,561 and in 1916 £55,341,803. Reserves total £29,785,000, which compares with £32,068,191 in 1917 and £37,524683 the year before. Loans now stand at £98,886,000, as against £97,739,184 last year and £95,739,358 in 1916. Clearings through the London banks for the week were £436,280,000, in contrast with £407,120,000 last week and £352,650,000 a year ago. Our special correspondent is no longer able to give details by cable of the gold movement into and out of the Bank for the Bank week, inasmuch as the Bank has discontinued such reports. We append a tabular statement of comparisons: BANK OF ENGLAND'S COMPARATIVE STATEMENT. 1918. Sept. 4. Circulation 58,597,000 Public deposits 37,012,000 Other deposits 131,725,000 Govern't securities_ 58,166,000 Other securities 98.886,000 Res've notes SE coin_ 29,785,000 Coin and bullion_ 69,932,857 Proport'n of reserve to liabilities 17.65% Bank rate 5% 1917. Sept. 5. 40,670,370 44,461,822 124,997,022 57,794,320 97,739,184 32,068,191 54,288,561 18.92% 5% 1916. Sept. 6. 1915. Sept. 8. 1914. Sept. 9. 36,264,120 31,790,860 35,221,585 52,218,939 129,587,552 24,406,348 105,094,078 85,942,422 130,704,462 42,187,947 34,418,357 25,747,587 95,739,358 145,230,005 116,922,759 37,527,683 54,138,361 .30.736,844 55,341,803 67,479,221 47,608,429 23.85% 6% 24.11% 5% 19.81% 5% The Bank of France in its weekly statement shows a further gain in its gold holdings, the increase for the current week being 768,000 francs. The aggregate gold holdings, including 2,037,108,500 francs held abroad, now total 5,436,150,175 francs. In 1917 and 1916 the amounts were 5,313,880,134 francs and 4,817,319,699 francs, respectively, including 2,037,108,484 francs and 573,773,871 francs held abroad in the respective years. The other changes during the week include a rise of 29,933,000 francs in Treasury deposits and a gain of 6,967,000 francs in advances. On the other hand, several declines were also recorded, silver showing a decrease of 323,000 francs, bills discounted falling off 11,457,000 francs and general deposits receding 200,140,000 francs. Note circulation 'expanded 293,423,000 francs bringing the total outstanding up to 29,727,389,000 francs and comparing with 20,857,242,780 francs in 1917 and 16,598,861,595 francs the year previous. On July 30 1914, just prior to the. outbreak of war, the total was 6,683,184,785 francs. Comparison of the various items with the statement of last week and corresponding dates in 1917 and 1916 are as follows: BANK OF FRANCE'S COMPARATIVE STATEME NT. Changes Status as of for Week. Sept. 5 1918. Sept. 6 1917, Sept. 7 1916. Gold Holdings—Francs. Francs. Francs. Francs. In France Inc. 768,000 3,399,041,675 3,276,771,649 4,243,545,828 Abroad No change. 2,037,108,500 2,037,108,484 573,773,871 Total Inc. 768,000 5,436,150,175 5,313,880,134 Silver Dec. 323,000 320,175,000 260,085,121 Bills discounted _Dec. 11,457,000 892,479,000 560,050,389 Advances Inc. 6,967,000 834,129,000 1,132,019,278 Note circulation_ _ _Inc.293,423.000 29,727,389,000 20,857,242,780 Treasury deposit& _Inc. 29,933,000 328,502,000 45,192,937 General deposits— -Dec200,140,000 3,277,166,000 2,663,749.5 82 4,817.319,699 337,497,462 387,817,669 1,173,556,874 16,598,861,595 171,337,059 2,122,214,086 Last week's statement of New York associated banks and trust companies, issued on Saturday, was about as anticipated. The loan item was again lowered, this time $31,679,000. Net demand deposits showed a gain of $45,252,000 to $3,682,421,000(Government deposits of $216,255,000 deducted), while net time deposits declined $1,195,000 to $159,403,000. Cash in vaults (members of the Federal Reserve Bank) was reduced $3,307,000 to $95,203,000 (not counted as reserve). Reserves in the Federal Reserve Bank of member banks increased $1,- 930 THE CHRONICLE [vol.. 107. No reports have become available as to the extent assumed by the movement recently instituted of loaning funds on call on acceptances. The rate on this class of business continues at 414%, which of course is a substantial reduction from the 6% rate required on the regular market for call loans. The New York Clearing House Association has announced this week a modification of the exchange charge on acceptances payable out of town. Instead of a minimum charge of 1-10 of 1% on acceptances, payable outside of New York City, the minimum charge has been reduced to 1-40 of 1%. Many of the out-of-town banks desired the charge abandoned entirely. The Clearing House is now considering a proposed amendment to prohibit its members from paying any collection charges in excess of those fixed through the Federal Reserle banks. This is along the same lines as the recent Clearing n which limits the rate of interest to be With the exception of Wednesday, following the House actio deposits to figures corresponding with payment by J. P. Morgan & Co. of about $200,000,- paid on bank ling ninety-day discount rate for the Fed000 on account of the two-year 5% secured notes of the prevai banks. the United Kingdom of Great Britain and Ireland, eral Reserve capital applications have appeared on the Several call money has been maintained by lenders at 6% week. A distributing syndicate of g the week. On Wednesday a 5% rate was market this durin been formed for the purpose of selling named. The release of the funds in question ex- bankers has Interborough Rapid Transit Co. threeerted no appreciable influence in the matter of fixed $33,400,000 ed convertible notes which are to be year 7% secur maturities. In a word, the money situation in New and interest, yielding slightly stabilized on a 6% offered publicly at 9814 York to-day is that it has been interest. A part of these notes—those 4% 71 basis for what business is permitted to pass. The over War Finance Corporation, which are not iny is being exercised by all classes of taken by the closest scrut to exceed $12,500,000—are to be sold proportionlenders as to the objects for which borrowers are apately with those taken by the syndicate and under the plying for funds. Among Stock Exchange houses same terms as to selling commissions Local bankthere still is a widespread indisposition to undertake ers are offering $1,500,000 Pennsylvania Electric Co. business requiring an important amount of banking 7% secured gold notes at 9714 and interest, which accommodation. The Money Committee thus far may be considered more or less representative of the has distributed funds in sufficient amounts to prerental rates for capital ruling at the present moment. vent any advance from 6% on mixed collateral. Another banking firm is offering $1,028,000 serial any But commission houses feel that they may at bonds of the Lake Worth Drainage District of be placed in a position wherein they would 6% moment st. Palm Beach County,Fla.,at par anda ccrue'd intere be unable to obtain new funds to replace loans that specific rates for money, call loans Dealing with etely were called. Furthermore, a 6% rate compl en 5@6%, against a single e of profit to Stock this week ranged betwe nullifies a not unimportant sourc of 6% during the week previous. - Monday con- rate Exchange members, that is to say, the profit (Labor Day). On Tuesday there between the 6% rate they was a holiday tained in the difference high, low and ruling rate was no range, 6% being the usually charge their own customers and the 2% sday the high was still l times figure for the day. Wedne or thereabouts at which they are able in norma quoted for renewals, . Conse- at 6%, which was also the rate to borrow from the banks themselves a decline to 5% for the low. Thursis but there was quently, the entire profit on a buying transaction however, the rate went back to 6%, not sufficient remunera- day and Friday, 1 to-day 4 of 1%, which is was the only figure quoted on each day, and of which tion, according to the more conservative class which renewals were negotiated. These figures nge brokers, for undertaking the risks at Stock Excha on allcould apply to mixed collateral loans. Loans of financing transactions on a scale which are quoted M of 1% higher. n industrial collateral hardly fail to cause trouble in the event of a sudde acceptances continue at money. Some Demand loans on bankers' shutting down of the supply of call For fixed maturities the market position 414%. houses, it is understood, have resorted to the prac- remains practically the same. Nominally the rate ssion for obtaining loans for tice of charging a commi days to six months, e a is 6% for all periods from sixty their customers. This, however, has not becom passing is of negligible are but the volume of business general practice, and many of the larger houses als. d proportions and confined mainly to a few renew disinclined to introduce the system on the groun was quoted at 5%, with ninety when A year ago sixty days that if they themselves obtain a large profit s e to their days; four, five and six month at 5@5 %•A fair money rates are low, they ought in justic paper has not ruled active. Commercial when customers assume some degree of responsibility Offerings,however,were aslight nors of the New demand isreported. rates become higher. The Gover actions in this class fol- as ever and served to limit trans York Stock Exchange yesterday adopted the quoted for of trading. Six per cent is still the rate lowing resolution: sed bills receivable and sixty and ninety days' endor "Resolved, that the Committee on Business Cons not so six months' choice names as well as name duct be and is hereby authorized to require from the discrimination. well-known without members of the Exchange or their firms a daily fairly Banks' and bankers' acceptances were in borrowed on statement of the amount of money nd and both local and out of town bankers good dema time and on call." 403,000 to $523,628,000. The reserve in own vaults (State banks and trust companies) expanded $28,000 to $11,287,000. Reserves in other depositories (State banks and trust companies) gained $370,000 to $8,377,000 Aggregate reserves registered a small increase, namely, $1,801,000, to $543,292,000, which compares with $505,533,000 held a year ago. This, however, was turned into a decrease in the case of surplus because of an increase in reserve required of $5,828,480, the loss being $4,027,480, thus bringing the total of excess reserves to $55,327,750 on the basis of 13% reserves for member banks of the Federal Reserve system (but not counting $95,203,000 cash in vaults held by these banks). At the corresponding date in 1917, surplus totaled only $12,307,900. The bank statement in greater detail is given in a subsequent section of the "Chronicle." SEPT. 7 1918.[ THE CHRONICLE were in the market as buyers, although transactions failed to reach important proportions. There was a firm undertone, with quotations showing no essential change. Detailed rates follow: Spot Delivery Ninety Sixty Thirty Days. Days. Days. 4%6 43% 43%@43% 45464 Eligible bills of member banks Eligible bills of non-member banks_ _ _ _4 7 6@46 4 A As 'A%43% 4 X 0,4454 Ineligible bills 5546434 53%(343% 554643 Delivery within 30 Days. 454 bid 43% bid 6 bid No changes in rates, so far as our knowledge goes, have been made the past week by the Federal Reserve banks. Prevailing rates for various classes of paper at the different Reserve banks are shown in the following: Discounts— Within 15 days,incl. member banks collateral notes_ __ _ 16 to 60 days' maturity__ 61 to 90 days' maturity__ Agricultural and live-stock paper over 90 days Secured by U. S. certificates of indebtedness or Liberty Loan bonds— Within 15 days, including . member banks' collateral notes 16 to 90 days' maturity Trade Acceptances 1 to 60 days' maturity 61 to 90 days' maturity ti g Richmond. CLASSES OF DISCOUNTS AND LOANS .,, l o" Philadelphia. [New York. DISCOUNT RATES OF FEDERAL RESERVE BANKS. . ..4 g • SI O g. I ii 1 t.) s g • g t, • , g k q •., 4 451 43% 4 4 4 4 454 4 4 4 4 434 454 434 44 5 454 43% 45% 434 534 434 43% 45.4. 454 4X 45% 5 4X 454 454 5 i 55.1 5 434 5 5 5 554 554 431 555 53i 554' 55i 534 554 4 4 4 4 4344 4 4 4 4344 4 434 434 43-4 43-4 43-4 43% 43-4 454 43-4 43% 43% 454 454 454 454 454 454 454 454 454 454 434 454 412a 455 454 454 454 434 454 455 454 454 43A 4541416 ' Rate of 3 to 454% for 1-day discounts in connection with the loan operations 3 of the Government. a 15 days and under 4%. Note 1. Acceptances purchased in open market, minimum rate 4%. Note 2. Rates for commodity paper have been merged with those for commercial paper of corresponding maturities. Note 3. In case the 60-day trade acceptance rate is higher than the 15 -day discount rate, trade acceptances maturing within 15 days will be taken at the lower rate. Note 4. Whenever application is made by member banks for renewal of 15-day paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day paper of the same class. Sterling exchange has remained without noteworthy feature, rates being still virtually pegged and not subject to change by the variations of demand and supply. Referring to rates in detail, sterling exchange on Saturday, as compared With Friday of last week, ruled without quotable change, cable transfers at with demand still at 4 75 4 76 9-16 and sixty days at 4 73@4 733. Monday was a holiday (Labor Day). On Tuesday trading was dull and featureless and rates remained pegged at 4 7532 for demand, 4 76 9-16 for cable transfers and 4 73@4 733 for sixty days. A slightly easier tone developed on Wednesday with fractional declines recorded in demand, which ranged at 4 75 7-16 @4 7532, and cable transfers at 4 7655@4 76 9-16; sixty days continued at 4 73@4 733.. Thursday's dealings were exceptionally quiet and rates, which were more or less nominal in character, remained without change from the previous day's levels. On Friday the market was fairly well maintained and still unchanged. Closing quotations were 4 73 @4 733 for sixty days, 4 75 7-16@4 7532 for demand and 4 7655@4 76 9-16 for cable transfers. Commercial sight bills finished at 4 75@4 753, sixty days at 4 71 8@4 71%, ninety days at 4 70@ 4 70%, documents for payment (sixty days) at 438@ 4 71@4 71% and seven-day grain bills at 4 7 4 74%. Cotton and grain for payment closed at 4 75@4 753. There were no gold exports or imports reported for the week. Comparative quiet ruled in the Continental exchanges this week. While rates were as a rule maintained at all of the Entente centres, no further sensational changes are to be noted. Francs were firm, at or near the high levels of the preceding week, while lire have ruled steady at the official 931 figures promulgated by the Division of Foreign Exchange last week. Latest cable advices indicating the continued favorable progress of FrancoAmerican and British troops in France and Flanders made a good impression on market sentiment, though it has been pointed out in some quarters that the recent phenomenal advances that have taken place in French and Italian exchange were due almost wholly to the preconcerted efforts of the Governments concerned for the regulation of exchange and not as a result of enthusiasm over successes at the front. In the case of rubles, no change has been noted and the quotation remains deadlocked, with no business being done. A dispatch by way of Amsterdam under date of Sept. 4, states that another sharp decline in rates of exchange of the Central Powers at that centre has taken place. The official London check rate on Parish finished at 26.10, compared with 26.25 last week. In New York sight bills on the French centre closed at 5 50 against 5 46; cables at 5 49, against 5 45; commercial sight at 5 50%, against 5 46%, and commercial sixty days at 5 553', against 5 523/ on Friday of the previous.week. Lire finished at 6 36 for bankers' sight and 6 35 for cables, which is the same as a week ago. Rubles continue to be'quoted at 14 for checks and 15 for cables. Greek exchange has not been 4 changed from 5 13% for checks and 5 151 for cables. In the neutral exchanges continued weakness has been shown, with sharp declines noted in all of the Scandinavian rates and in Swiss and Dutch exchange. Swiss francs broke to as low as 4 49 for checks, another new low record, while guilders checks declined to 47, the lowest on the current movement. Depression on the London and European markets was held to be mainly responsible for the recessions on this side, which is not at all surprising, since the underlying cause for the steady downward trend of late has been the war news. Spanish pesetas continue heavy, though without important change. While full details are not yet available regarding negotiations over the commercial credit to be awarded our bankers by Spain, the fact that Spanish exchange has been moving so decidedly in favor of New York and London is proof that arrangements between London, New York and Madrid are making favorable progress. It must not be overlooked, however, that the consummation of these negotiations has been greatly aided by the diplomatic strain existing between Berlin and Madrid, as well as by the Allied military successes. As bearing upon the exchange question, it is asserted that 40,000 bales of cotton of a value of about $6,800,000 are to be shipped to Spain monthly for the remainder of the year, or as long as needed to liquidate the proposed loan. A large tonnage of steel and petroleum is also expected to be shipped. Bankers' sight on Amsterdam finished at 47, against 50%; cables at47%,against 513.;commercial sight at 46 15-16, against 50 11-16, and commercial sixty days at 46 13-16, against 50 9-16 last week. Swiss exchange, after declining to 4 49 for bankers' sight bills, rallied partly and closed at 4 49, with cables at 4 47. A week ago the close was 4 23 and 4 21. Copenhagen checks finished at 30.20, and cables at 30.60, against 30.60 and 31.00. Checks on Sweden closed at 33.00 and cables 33.50, which compares with 34.40 and 34.80, while checks on Norway finished at 30.60 and cables 31.00, comparing with 31.00 and 31.40 the week preceding. Spanish THE CHRONICLE 932 pesetas closed at 23.15 for checks and 23.35 for cables. This compares with 23.40 and 23.60 last week. As regards South American quotations, the rate for checks on Argentina has been advanced to 44.50 and 44.65, for cables, against 44.25 and 44.65. For Brazil the check rate declined to 23.85 and cables at 24.00, in contrast with 24.50 and 24.75 last week. The Chilian rate continues at 15 13-32, while Peru is still at 57. Far Eastern rates are as follows: Hong Kong, 883/@88%, against 87@873; Shang2 hai, 130@1303/, against 125@1253'; Yokohama, 2 54%@55; against 543/@54%; Manila, 50@503; 2 against 4975@50; Singapore, 56@561 (unchanged); 4 Bombay, 37@371 (unchanged), and Calcutta 4 (cables), 35.73 (unchanged). The New York Clearing-House banks, in the:'r operations with interior banking institutions, have gained $1,716,000 net in cash as a result of the currency movements for the week ending Sept. 6. Their receipts from the interior have aggregated $7,925,000, while the shipments have reached $6,209,000. Adding the Sub-Treasury and Federal Reserve operations, which together occasioned a loss of $78,967,000, 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 $77,251,000, as follows: Week ending Sept. 6. Into Banks. Banks' interior movement Sub-Treasury and Federal Reserve operations 1 Out of Banks. Net Change in Bank Holdings. $7,925,000 $6,209,000 Gain $1,716,000 29,172,000 108,139,000 Loss 78,967,000 I $37,097,000 $114,348,000 Loss $77,251,000 Total The following table indicates the amount of bullion in the principal European banks: September 5 1918. September 6 1917. Banks of Gold. Silver. I Total. Gold. Silver. I Total. 2 I £ I £ 2 , 69,932,857 54,288,561 I 54,288,561 England_ _ 69.932,857 France a _ 135,961,680 12,800,000148,761,680 131,070,865 10,400,000 141,470,865 Germany _ 117,402,300 5,989,250 123,391,550 120,151,550 4,802,250124,953,800 Russia _ 129,650,000 12,375,000142,025,000 129,162,000 12,512,000141,674,000 Aus-Ilun c 11,080,000 2,289,000I 13,297,000 14,000,000 3,200,000 17,200,000 Spain __ _ _ 87,187,000 25,973,000113,160,000 70,975,000 29,546,000 100,521,000 37,226,000 3,077,000; 40,303,000 33,393,000 2,616,000; 36,009,000 Italy 600,000 59,772,000 54,738,000 Netherl'ds 59,172,000 602,400 55,340,400 600,000 15,980,000 15,380,000 Nat. Bel.h 15,380,000 600,000 15,980,000 15,381,000 13,732,000 Switeland 15,381,000 13,732,000 14,287,000 11,365,000 11,365,000 Sweden.._ _ 14,287,000 131,000 10,624,000 10,840,000 152,000 10,992,000 Denmark _ 10,493,000 I 6,757,000 7,151,000 Norway _ _ 6,757,000 I 7,151,000 Tot.week_ 709,837,837 63,834,250773,672,087,666,246,976 64,430,650730,677,626 Prey.week 714,701,071 83,944,300778,645,371666,716,951 64,461,500731,178,451 a Gold holdings of the Bank of France this year are exclusive of £81,484,340 held abroad. * No figures reported since October 29 1917. c Figures for 1918 those given by "British Board of Trade Journal" for Dec. 7 1917; figures for 1917 estimated on the basis of the Dec. 7 1917 totals. h August 6 1914 in both years. THE ANNIVERSARY OF THE MARNE. The fourth anniversary of the Battle of the Marne in 1914 has occurred this week under circumstances such as rarely surround an occasion of the sort. Coincidence of place and, time in military campaigns is infrequent enough in history—as the Germans learned when they fixed their calculations of 1914 for the capture of Paris on the forty-fourth anniversary of the surrender of the French Emperor at Sedan on Sept. 11870. A very different historical event was on the cards, almost at that very date. But this week's observance of Joffre's great victory in the battle which began on Sept. 5 1914 has certain remarkable coincidences. Had the anniversary occurred only six weeks. ago, instead of this present week, it would have provided perhaps the closest recorded parallel of time, place and circumstance in all military history. The military critics have not yet wearied of drawing attention to the almost unbelievably close [vol. 107. analogy between the Battle of the Marne in September 1914 and the Battle of the Marne in July 1918. On both occasions the German army was sweeping over France with seemingly irresistible force. On each occasion the fortunes of France and her allies seemed at low ebb,and on each,the boasting of the Kaiser and his generals appeared to be warranted by the military situation. In 1914, as in 1918, a French commander whose temperament favored aggressive fighting had been steadily retiring before the enemy. But in both episodes the time came when, at a point deliberately selected by the Allied High Command, the retreat suddenly ceased, and the moment was one in which gross over-confidence on the part of the German High Command had induced reckless departure from ordinary rules of military safety. The advance of the Crown Prince's foremost army last July beyond the line where support by his reserves was obtainable, and the crushing attack on this exposed force by the French commander, almost exactly duplicated Von Kluck's experience of four years ago. That it should have done so on the very river where the German advance was turned into a disorderly retreat in 1914, certainly completed the parallel. The first Battle of the Marne has been frequently referred to as a "miracle." In the light, however, of the careful study which has been applied to the strategy of the battle, military opinion is beginning to fix itself on conclusions which are quite able to dismiss the miraculous. The two Marne battles may to-day, indeed, be judged in the light of one another, and the general facts established by such consideration will go far to explain the result on both occasions. German military over-confidence was combined, in the one case as in the other, with a rigid system of German strategy. In September 1914 the German line stretching from Paris to Verdun was in such shape that a serious break at any point was bound to disorganize the whole, and was located at such distance from its base that an actual reverse would upset the entire plan of campaign. On each occasion that condition had been created at the precise hour when the French commander had placed a substantial reserve army at exactly the point where he needed it, and had done so in face of absolute belief by the German commanders that no such reserve army did or could exist. The result in 1914, as in 1918, was that when, the weak spot of the German line having been penetrated, the French dealt a vigorous blow along the whole opposing line, the German army fell into instant disorder. It is customary to refer to the German retreat on both occasions as masterly. But it is not to be forgotten that the 50-mile retreat, even in 1914, did not merely surrender the tangible fruits of the campaign, but that the loss of men and abandoned material by the Germans was as heavy as that of the Allies had been on their own retreat from Belgium. Even to-day, it is not certain whether Von Kluck's army would have gotten away at all, but for Sir John French's delay of nearly a day in following up its retreat—a delay which was the one flaw in the otherwise almost faultless Allied strategy at the first Marne. On the other hand, it will be recognized to-day that, if the Allied army had then possessed its present training and equipment, the Germans would SEPT. 7 1918.1 THE CHRONICLE 933 hardly have been able to make a stand on the Aisne. was infinitely less excusable than on the first, is What we have seen this summer has been repetition sufficient witness to the illusion which the world of the German strategic blunders of 1914. Their has long entertained regarding the perfection of campaign plans have again been completely ruined German generalship. by superior generalship on the other side, but with The German Crown Prince appears now to recogthe fruits of victory gathered up through unrelenting nize all these things—and he may well do so, seeing pursuit, in a way which was not physically possible that he was in command of the army which lamentfour years ago. ably failed to fulfill its own predictions on the east There are other conclusions of a broader character wing of the line in 1914, as he was of the army which to be drawn from these comparisons; they tend on engaged in the futile and disastrou s fight at Verdun the whole to shatter certain pre-conceptions, long in 1916, and of that which was caught napping and entertained regarding the European military insti- overwhelmingly beaten on the Soissons front in 1918. tutions. One teaching of the two Marne battles is Victory now means to him, as he has explained this the undeniable inferiority of the German High week to a Hungarian correspo ndent, "only that we Command to the French. This question has now mean to hold our own and not let ourselves be been conclusively tested, and the test has placed the vanquished." palm for better generalship altogether with the French. That is very evidently the limitation to the present Experience of the war has shown convincingly that aspirations of the German General Staff; but we the German Staff, however skilled in applying seem to have heard on previous occasions some German textbook methods and however competent rather different statemen ts of their idea of victory; in drilling its military units, is conspicuously lacking not least in the past utterance s of a personage higher in that power of military imagination which con- in station even than the Crown Prince. Germany stituted the genius of the Napoleons, the Marl- did not want war in 1914, the Imperial apologist boroughs, the Fredericks and the Stonewall Jacksons now explains; "no moment could have been more of history. unfavorable for Germany." But that is a highly The second inference has to do with the qualities revised view of the situation . It only shows to what of the German soldier and the German army, as extent unexpected experienc es may alter original compared with the French. During many years, judgment on fundamental questions. all of us had been educated in the belief that a French army's courage and capacity could be depended on only during a successful forward move- AN AMERICAN LABOR MISSION ABROAD. ment—"it is like their own champagne," people On Aug. 28 a statement was given out from the used to say—whereas the German soldier was the headquarters of the American Federati on of Labor sure anchor to his army's cause, in retreat and ad- as follows: "The purpose of Mr. Gompers in going versity as in victory. This view can certainly be abroad is two-fold—to comply with the instructions held no longer in the light of the four past years. of the convention of the American Federation of It has been the French soldier who, in the with- Labor in St. Paul in June and to lend his influence drawal to the Marne in 1914 as in the retreat before toward more closely uniting the workers of the the German offensive of 1918, has displayed in the Allied nations to win the war. To secure unity for highest degree the qualities of tenacity, patience and victory is his sole aim and hope." endurance under military reverse. The magnificent No one objects to "unity for victory." But that manifestation of this spirit was what really won the unity belongs by right to all classes of workers, to our first battle of the Marne after what had seemed to citizenry as a body, and not solely to any selfbe disastrous defeat—which held the ranks to perfect constituted organization. And we need not beat discipline on a long and discouraging retreat, and around the bush. It is well understood that union which evoked the wearied army's brilliant response labor in England does not occupy the ultra-victory to Joffre's order of Sept. 5 1914, for it to "allow attitude accredited through its representatives to itself to be slain where it stands rather than union labor in the United States. It is accused of give way." On the other hand, the conduct of the holding a leaning to a "comprom ise peace." German army on its first retreat was one example What would be said if the financiers of the United of the shaking of morale which was bound to follow States were to elect to send a mission abroad to reverse, and the present seemingly complete de- declare when and how peace shall come! This moralization in that army is the final proof of it. action of the American Federation of Labor is not Between the two opposing armies, skill of the in line with the highest and best in patriotism. The High Command in conducting retreat under dis- Government will decide when victory has been achieved advantageous circumstances may perhaps be equally sufficient to guaranty a peace that will not pass apportioned; the distinction won by von Kluck and away, not any one citizen or leader, nor his peculiar von Boehn, in extracting their armies from a danger- following. This "mission" of union labor is not an ous position, was greater than the distinction gained accredited representative of this nation, and any as yet by any German General on the offensive. action which it may take is an interference with the But we are just beginning to discover the difference declared purposes of our Government, no matter in human material with which the two commands how much it may boast of being in favor of a victory had to deal. Both battles of the Marne proved one without "compromise." It is assuming to do somevery grave defect of German generalship—its under- thing with which it has no just cause to meddle. estimate of its adversary and its consequent over- Its purpose is intimate d to be to convince English estimate of the chances of a campaign. But this, union labor of the error of its alleged belief, and to in military science and tradition, is the unpardonable prevent the exercise of its assumed power. A sin. That the German High Command should have quarrel between national labor leaders is of no concommitted that blunder, not once but twice, and sequence to the loyal citizen in any country doing on the second occasion under circumstances when it his best to further the prosecuti on of the war. 934 THE CHRONICLE [VOL. 107. No earnest man can view this continued activity that we may not be unjust—we distinctly acknowlof union labor with equanimity. It must awaken edge that the organization (or organized labor) has in him alarm. Union labor has no more lawful been the instrument of accomplishing many salutary interest in our Government, in the triumph of world- and rightful benefits for "labor." But that has not democracy, than unorganized labor. Yet it chooses prevented it from becoming arrogant in manner and to exert its power, and let it be admitted in line with lustful for more power. To-day, due to war and governmental policy, as an organization. It would other causes, union labor is paid higher wages than have the same right as an organization to prejudge ever before, is working less hours, and demanding the policy of the nation. It cannot have a proper still less, at increased pay. What right has a selfappreciation of true democracy while it continues seeking organization of this kind to mix in the peace to act as an autocracy. It has forced Congress proposals of the time? It does not represent either more than once to do its bidding, why may it not government or people. When war calls for sacrisometime elect to force the Government to do its fices, when patriotism demands the giving up of bidding? Bankers are in favor of prosecuting this individual opinions and interests and following the war "to a finish," why does not the Bankers' Asso- plans of government as administered, it is still intent ciation send a mission abroad to "unify" the financial on its own affairs, and making hay while the sun interests in favor of the war? If English labor is of disaster shines. But this "labor vote" is doomed to disappointment. opposed in fact to "peace by victory" and no other, It may strive for an international "unity" that it why do not bankers assume to send a mission abroad its to try to convince these foreign unions of the error may dictate the course of empire, and fasten own selfishness into the political policies of nations, and peril of their way? who "Unity" of all organized labor the world over to but when "democracy" does come, the man a month will not do anything, is a menace to the very democracy we went out to fight at thirty dollars over to the are striving to secure. We want unity of all peoples turn the world, or any government in it, getting, by their own insistence and in good will. We want the independence of small fellows who are of them States and large, from foes without and foes within. threats, that much in one week, aye some from sixty to a hundred dollars a week, working in We do not want class rule anywhere. Labor, have organized or unorganized, as such, holds no preroga- safety at home. No—the "soldier vote" will any State. something to say about human destiny and about tive to declare the destiny of our State or The loyal citizenry of every country under the sun, "liberty under law," when in peace the time comes two ways by the very privileges and processes of democratic to take up the old lines of life. There are a government, or if you choose "an rule, have a right, under justice and liberty, to to support And words are declare what the State shall be and what it shall do. administration," by word and act. with proverbially cheaper than acts. No one can object A self-heralded savior is always to be taken its "support" into some doubt. He may only be misguided. Often in to any "organization" putting tally with its talk. such a case he is as dangerous as if he were a fraud. resolutions—but its acts should es when it Why does union labor continue so active at a time We conceive that it only intermeddl all "labor" together to dominate when all citizens are equal before the draft law to seeks to weld are the sole prefight. And equal before the conscience of "demo- questions of war and peace, that rogative of duly empowered Government, created cracy" to expend every individual effort toward which, by the winning this war. Is it obsessed only with its own by the consent of the governed, way, includes those who work but do not importance? The time is fast coming when we will have to organize. define democracy—and separate it from class rule. ION OF THE AMERIThe very prosecution of this "mission" is an assump- THE COMING CONVENT CAN BANKERS' ASSOCIATION. tion of class righteousness. It has been heralded The annual session of the Association to be held far and wide that certain union labor leaders in this country are holding "labor" in line for the war. in Chicago beginning Sept. 23 has been heralded Why need it be held in line? Is it that unionists as a "war convention." Whether or not there be may not "strike" so far, in their wage demands, special intent to devote the meeting to this purpose, to*the as to make us lose the war? Are they to go so far the work cannot fail to relate itself directly follows this inevitable road. in selfishness, and no further? Are they to voice war, for all finance now conduct their patriotism while they refuse to work at essential The burden of the billions necessary to the war must fall on all business and on all citizens. production, unless their demands are met? No of the the other class sent them abroad. They cannot, as And it is meet that the principles unfolded by t, without convention, and evolved out of the experience and said before, speak for the Governmen to misrepresentation. Why are they there? Are they wisdom of those who know, be related directly individually, not meddling with the powers and with the principles the people, who must, collectively and For of a free government when they assume as a class "carry on" the great task of the Government. for the daily press of the to say how and when the war shall or shall not end? this reason we bespeak of And we c.ttnnot repeat the statement too often to countfy a larger publicity to the deliberations than is customarily bestowed. The press home its truth. We are in this country all the bankers problems of war finance are too vast for the mind laborers and all democrats. to have no political of the common man, and their elucidation, together The A. F. of L. professes objects in view. It arrogates to itself the high and with the principles involved, must serve an inestiholy purpose of supporting the candidate most fit. mable public benefit. Announcement has only tentatively been made of Yet judging by the way in which the "labor vote" is held before the people, it comes near to being a the special features of the general session program. political party, albeit one without a principle, except Examination of the titles of papers and discussions getting the most for the poor working man. Well— in the several sections indicates a broader outlook SEPT. 7 1918.] THE CHRONICLE 935 and less attention to purely technical questions. tional, assume an attitude of being no respecter of Banking is so common a part of our domestic life persons, and as such is it not interested in the avoidas a people, the use of local institutions so universal, ance of the growth of what is termed "class conthat the patrons do not much concern themselves sciousness," and therefore a monito r to point the way with the intricate questions of internal procedure, to equality before the law, of say farmer and factory of vital interest to bankers themselves. We have worker, to the end that industrial unrest shall not reached an era, due to world conditions, when citi- become too intense, in a period of return and readzens should, however, be brought closer to the prin- justment? ciples involved in banking procedures, that they ' And can bankers, from a wholly imparti al standmay know and fully realize that in relying implicitly point, fail to see that "taking over" certain classes on these indispensable intermediaries there arises of industries is to the permanent prejudi ce of others, a corresponding duty not only to maintain them by that, broadly, "control, operation and ownership" their patronage and sustain them by their goodwill, are contrary to freedom of banksand people,and that but to more readily conform to their requirements surrendering to the demands of "organ ized labor" in order that the vast financial fabric may continue is setting up a preferred class against another printhe mainstay of otir Government, especially since cipal production class, the farmers? And can they these requirements are the result of vision and not sound the alarm that a house divided against ability. itself cannot stand?—as much an economic as a In undertaking war we are adventuring on un- political truth? Is not a bank one of our most known oceans of credit. Banks are our transports "democratic" institutions, and as such can it not and bankers our captains. We, as toilers in "busi- serve to show by its announced principles, and, if ness," must do the actual fighting, while they serve you. will, prophecies, just what "democracy" means to ferry us over. It is not enough to realize that the in a commercial and financial sense? Is it not a fact people as depositors own the banks. It is necessary that the foundation princip le of all sound banking is that they obey orders While we are crossing from war the right to deal, the common law right, in credits,: to the peace that lies on the other side. If, for in- credits that are the sponta neous outgrowth of corastance, the bankers declare that credit must be cur- merce and that multipl y and divide, and cancel themtailed in one direction and extended in another, if as selves as their work is done, thus perpetually susguardians of the flow of capital and labor they become taining the integers that live by them and help make guardians of the Government itself, the business them; and therefo re ought not bankers to point out world should accede to their requests and sugges- to the people that when this free dealing of credits is tions. For, while the banker is entitled to and is confined Eby iron moulds and bandsof"Government," worthy of his dividend, his very life and success the liberties of the people are by so much curtailed depend upon the soundness of his judgment, and no and destroyed? prosperity and integrity can come to the institutions We have written these questions at random, and over which he presides, that is not multiplied in to illustrate what we mean by the open forum of a good to the people and in aid to the Government. bankers' conven tion that shall become a beacon The private bank, as is true in equal degree of no light to the commo n people. Every question is a other institution, transforms into a public use and "live wire," but we leave them all. We should be benefit. going beyond our province of editorial comment if We are saying these things not for their intrinsic we were to attemp t suggestion of topics for distruth, but to suggest a reactionary requirement on cgssion. No doubt these questions will be touched bankers themselves. It is well, we think, that the upon, and no doubt answered, incidentally to the more intensive technical subjects be laid aside for a treatment of leading subjects by banker members time. But how shall the people be brought closer at the convention. But there is an opportunity to to these tremendous and overwhelming problems aid the people never offered to our bankers before, that now cast their "shadows before"? For these not only because of war but because of the relation vast credits we are creating with an almost magical of war to our domest ic commerce and finance. If facility., are also debts. And it is as debts they will anywhere there is manifest a disposition to rush appear when the era of so-called reconstruction ahead at any cost and without coenting the cost, no comes. What will they require of the business of class of our people is so capable of auditing our the future, and what may we do now to prepare our- general Governmental finances as our bankers, and it selves to meet them? It cannot cast any reflection is a public duty to the people, and a public benefit on a "win-the-war" policy, that, as we financially to people and Government, that this be fight for universal world peace, we consider the done. necessities of our domestic life to follow. If the sugThe convention this year reverts to our great gestion seems to open only into a vague unknown, wealth produc ing centre. While Chicago is our it is for that very reason that those who can pierce second city, and Illinois a great manufacturing State, the gloom should show us the way. thousands of small banks and untold acres of our Do we need a national budget system? Should we wheat and corn areas are tributary thereto. Here have some means of saving waste and loss in our are provided the first sinews of war, the primal and present political system? Can we centralize our perennial wealth, and here is the home of "demoimmense gold stock, as a base for issue of Federal cracy," for here is the heart of the country. In Reserve notes, and withdraw it at will to meet the such an "atmos phere" there should be freedom of requirements of a hoped-for augmented foreign expression and vigor of thought, and from delibertrade when the seas become free? Is it financial wis- ations should result unity and strength. Our dom to provide huge Governmental loans without a bankers' conventions are usually milestones on the sinking fund and expect to provide one later, at the way. We believe this one will set a new mark in same time we resume our internal improvements? helpfulness to the whole country, and we feel that Does not a commercial bank, whether State or na- the people will hear and heed its voice. 936 THE CHRONICLE [Vol,. 107. over their plants entirely to Government work and suffered their profits to cease and their busiPREPARING FOR BUSINESS AFTER THE ness to come to a halt temporarily, are continuously WAR—AN ENGLISH EXAMPLE. ising, because "they are not willing to sacriAlthough advertisements seem to be viewed in a advert fice their goodwill; they are not willing to have somewhat jaundiced manner by many of the Contheir names or their products forgotten." So gressmen who are most actively concerned with Mr. Fisher argues that this is a time when all busiconstructing revenue legislation, they form, generally ness should take and keep a far look ahead and speaking, not the least suggestive position of most that to be unprepared for peace is almost as serious journals that have a close relation to the life of their a mistake as to have been unprepared for war. times. They are all, as a class, worthy of attenEvery factory should now run at full pressure and tion, and some of them are worthy of reflective employment should be found for every available study. For a single. instance, a full-page adHe flatteringly tells us that no nation stands vertisement in a morning journal this week, "A unit. to gain as much commercially from the war as does Message to American Business," pointing out what America. He has been long engaged in fostering is offered as "the lesson of British experience," is Anglo-American trade, and he warns manufacnoteworthy. This is from an address made here by turing and export houses that "now is the time Mr. Val Fisher, a publisher in London, and a memto prepare for peace," not the time to export, "but ber of the London Chamber of Commerce, and an most emphatically now is the time to lay your associate member of the American Chamber of plant and build goodwill." Commerce there. Certainly there is some good practical sense in As to business conditions in England, he says this. Not less certainly is there some encouragethat of all men there between 18 and 51 years ones ment in it, and we have an ample right to all the enhalf are in either land or naval service, which "mean in- couragement we can reasonably draw from any one-third of our entire male population, from tenfill quarter. Is there not, also, a moral of enligh fants in the cradle to the extremely old." To caution as well, to be drawn from it? never ment, and of their places, five millions of women who have reassuring us that the strife any such manner) have Of encouragement, in worked before (or worked in and the call and the field for replacement must end voluntarily come forward, hundreds of them sacriprocess which only time can measy of hair and skin by working on of the waste (a ficing all beaut urably accomplish) will follow immediately? A "TNT"; we have only one business in England now, moral of enlightenment, in a needed reminder that he says, and "we are all concentrated on .that one a nation can thrive only as the business of producing thing, even to the boys and girls." Under such exchanging thrives? A moral of caution conditions, retail business would seem bound to be and ss also, if our habitual politicians and our "set" rebad, yet it is wonderfully good. American busine y on formers who are joined firmly to their idols of theor men are now, he adds, much in the same positi truth,that the best first will only begin to take in the as British business men were at the end of their ss is to selective assistance a Government can give to busine year of war—wondering how increasing it liberty to help itself? on let it alone and give service will work, and anticipating restrictions business. THE INEVITABLE PRICE TO BE PAID. h exSo Mr. Fisher wanted to tell some Britis The bill that is eventually presented to men or perience. The profits of the twelve leading depart fiscal nations covering the cost of transgression is not made ment stores in London were $4,950,000 in the $5,- up at a Council table. The twenty-six States year 1914-15, $4,250,000 in the next, and with nces, united in the war against Germany, coupled 585,000 in the year 1916-17. In the Provi d neutrals and four 15, the seven greatly injure nine leading stores made $750,000 in 1914relain 1916-17. or five others who have suspended diplomatic $945,000 in 1915-16, and $1,150,000 ed upon to present at the final con- tions, may be count In the grocery trade, the leading chain-store gate of which will be staggerin 1916-17 and $3,736,000 hearing claims the aggre cern made $2,313,755 n the ing. in 1917-18, the ,latter heating by a millio Besides all, this there is much figuring over the the previous five years. The Governaverage for eering, loss which the war entails to each belligerent in the ment has certified that there was no profit good destruction of human life, the waste of material, and the reason given for the even abnormally the arrest of profitable production, the closing of trade in England is that "never before have there tion, the channels of trade and the general break-up of been so many workers per• 1,000 of popula so the long established methods and means of daily never before has the wealth of the country been life. The sum is so appalling that one wonders how evenly distributed." on war can ever be undertaken again. This publisher frankly spoke with a moral As time advances the responsibility of Germany is reprobehalf of advertising, and his remarks are gainthis established with growing certainty, and is duced by associated advertising agencies, but acceptance. Whatever may have ed) ing world-wide fact is helpful and not hurtful if it be (as is declar by others in the past, can industry." The Sel- been the wrongs committed "in the interest of Ameri near or remote, responsibility for the its whethpr fridge store, he says, kept up and even increased upon the world cannot be divided. the outbreak of war, and its profits war now forced advertising from up; ,- The issue is sharply defined; the case is made were successively $573,000, $750,000, and $1,175 y all in; Germany stands the the evidence is substantiall 000; another store, at first much larger, made d one. s also went arraigned,and the verdict cannot be a divide mistake of cutting down, and its profit consequences, be the penalty She must face the down in the second year, reacting in the third as what it may. oned. the error was seen and aband Meanwhile the world has a deep concern. It is he continued, who have British manufacturers, not a case where one can suffer alone. The award now not a particle of goods to sell, having turned • SEPT. 7 1918.] THE CHRONICLE 937 cannot mean so much taken from one and given to the fate of scores of organic phyla which like the another. The loss is world-wide and in many trilobite, failed !to keep the honor of a certain aim', forms. Much of it can never be restored. Human- and as a consequence were thrust into oblivion, is ity is one and its progress and welfare are essentially not surprised to find in man 'the thought of duty'. common to all. Herein lies the importance of For geologic ages that thought has been persistently knowing just what the loss is, not the material loss nurtured in his progenitors. His ancestral lineage simply, that may be written down and charged up includes no creature, which, when tried in the against any one nation, but that greater loss which balance, was found wanting. In his germplasm there is no tainted heritage from nature's dereis involved when there is moral transgression. The important fact is that we live in a world of licts."* What now shall be said of Germany? She had Law. It covers the whole realm of existence, it binds all together, material and spiritual, in relations her opportunity. Her course was clear. She had which are innumerable, compelling and unchang- in abundance the "specific virtues" which ennobled able. The Government is one; the interaction is her history and inspired her finer spirits. When complete. Here is a case of moral as well as physical the day came that appealed to her lower impulses transgression, its consequences and penalties cannot she threw these virtues aside and staked her career be summed up in a bill of particulars which enu- on the rule of force. She clutched to her heart the merates solely material destruction. Even that is prizes of military prowess. She proclaimed the surcharged with moral injury and involves spiritual virtues of humanity the mark of weakness; she dereliction, and these represent wastage of values branded them the folly of her enemies. Without which the world has acquired only as the result of reserve, with the amazing and approving voice of centuries of costly effort and sacrifice. We who are her teachers and her preachers, she revived the of the common humanity need to know what this forces of barbarism; admitting the wrong, she viomeans, even though, as with all moral transgression, lated her pledged word, rushed upon Belgium, the penalty falls primarily and sometimes almost Luxemburg and France and inaugurated a war exclusively upon the transgressor. We need to see which in its utter brutality and cruelty has no what evil Germany has brought upon herself, what parallel in modern history. It was no sudden waging war as she conceives it and conducts it lays fury. The merciless cruelty of the first months up for her, because in her we also suffer, and because in Belgium is followed up in the relentless deportations and the constant oppression of to-day; as the in seeing this we learn our lesson. As is often the case the world of nature brings us sinking of the Lusitania has its counterpart in the for this the needed truth, and that in a new dis- persistent attacks on hospital ships, and the early closure. The paleontologists tell us of a singular destruction of French cities goes on in the blowing law according to which when an organism has failed up of chateaux and the devastating of farms and to make use of faculties it has gained and declines villages by the retreating armies. Not only the to advance, in a new opportunity, along the line laws of war approved by the civilized world but the making progress possible for it, invariably it begins plainest and oldest laws of humanity are ruthlessly a downward career. Later it struggles in vain to repudiated, and as far as yet appears the German regain the lost ground. It will contribute nothing people make no protest. further to the line of developing life in which it may "The Day" came and Germany made her choice. have been a leading feature; it gives place to others, How intelligently, how voluntarily does not matter. and either disappears altogether, leaving its history The law is inexorable. The price must be paid. told in some curious fossil, or continuing feebly a A great nation, in a great age, its hands full of bewildered survival. They give definite instances the prizes of life, the world full of admiration offerfrom the earliest days of abundant and immensely ing her every honor and every opportunity, ready vigorous life. There is a long record of vanished to sit at her feet and be taught in her schools, deforms. The law seems to be abundantly established. liberately descends from her high estate, places Evolutionary progress has been made by holding herself athwart the full stream of civilization and true to some higher possibility, at the price of turning humanity, and undertakes to establish a new world aside from something lower and easier, abandoning in which Germany shall be over all, and the posways which, however accustomed or promising, session of force shall be at once the constituting would interfere. In a word, there is in the natural title to lawful possession and the charter of right world an hour of determining choice, an implanted action. Kultur so introduced and so established call to respond to the opportunity to move upward, becomes the mark of retrogression, the seal of deto be obedient to a higher obligation at the price cay. No generosity of thought, on the world's of decisions which may at the time seem "suicidal," part, no gratitude for the past, no joy over the endbut which "have eventually been the salvation ing of the war when God gives that, can change of the race." The penalty of disobedience is the law, or re-establish the lost foothold. Whatretrogression and dropping out of the great move- ever may be the immediate consequences of the war, or how far or by whom its losses shall be made ment. The paleontologist joins with the humanist in good, the Germany of the great days, the Germany the application of this law to man. He quotes of the poets and philosophers, the historians and Robert Louis Stevenson who writes "To touch the the thinkers whom the world trusted and looked heart of man's mystery, we find in him one thought,• up to, is past; the Germany of to-day has turned strange to the point of lunacy, the thought of duty; aside at the parting of the ways and the glory has the thought of something owing to himself, to his departed. The friends of humanity may weep, neighbor, to his God; the ideal of decency, to which but the die is cast and no issue of the battlefield can he would rise if it were possible; a limit of shame, alter it. below which if it be possible, he will not stoop." *Prof. K. F. Mather, Queen's University, Kingston, Ontario, "Parables And he adds, "The paleontologist, remembering of Paleontology," Atlantic Monthly, July 1918. 938 THE CHRONICLE OTAurtixt Avents and. pistitssions . CONTINUED OFFERING* OF BRITISH TREASURY BILLS. • J. P. Morgan & Co. this week disposed of the usual offering of ninety-day British Treasury Bills on a 6% discount basis. The bills are dated Sept. 3 and mature Dec. 2. AGREEMENT TO PAY GERMANY SIX BILLION MARKS. The following appeared in the "Financial America" of Aug. 30: RUSSIAN A press dispatch from Copenhagen quotes the "North German Gazette" as saying that the principles laid down by Germany in the supplementary agreements to the Brest-Litovsk treaty signed In Berlin Tuesday will not cause or support the disunion of former Russian territory. The independence of the Baltic Provinces Is assured, it says, and Russia has consented to recognize the independence of Georgia in the Caucasus. The newspaper adds that Russia has agreed to pay Germany 6,000,000,000 marks for German losses due to Russian revolutionary confiscatory legislation. Of this sum the Ukraine and Finland jointly will pay 1,000,000,000 marks. Germany has obtained concessions in the oil fields around Baku. ARGENTINE BUDGET AND INCOME TAX APPROVED. Press dispatches from Buenos Ayres on Sept. 1 announced the approval of Argentina's budget for 1919 by the Argentine Cabinet on Aug. 31. The Ministers are also said to have approved the income tax project, which is largely modeled after the American income tax. The measure provides for a tax of 2% on all salaries above 200 pesos. The income tax is designed to balance the deficit which otherwise appears would be apparent in the revenues as the result of the curtailment of imports. [VoL. 107. • the bank statement appear to confirm the correctness of that view. In speaking further of these short-term loans the "Sun" says: The banks' total holdings of securities rose in July from $424,000,000 to 3456,000,000—the net increase being $32,000,000. However, the increase for the month in their holdings of Dominion and provincial Government securities was $43,000,000, while the class of securities under which the holdings of British Treasury bills are reported show a decrease of $11,000,000. This apparently indicates that the banks' methods of financing short date loans to the national Treasury are similar in some respects to the methods used by banks in the United States. One might read the figures of the Canadian statement as indicating that the loans to the Dominion Government in July amounted to something over $40,000,000, and that the banks rediscounted at the Dominion Treasury a part of this amount in British bills or other approved securities. In the United States, when paper is rediscounted in this way at the Federal Reserve banks, credits are created in the books of those banks, or an Increase occurs in the circulation of Federal Reserve Bank notes. In Canada the rediscount of British bills or other securities at the Dominion Treasury directly causes expansion of the Dominion note circulation. On referring to the monthly returns of Dominion note circulation it is seen that the total rose in July from $281,300,000 to $287,600,000; and a footnote to the return states that the amount outstanding against deposits of approved securities was $114,800,000 on July 31, as against $108,000,000 on June 30 1918. This increase of approximately $6,800,000 in Dominion circulation points to rediscounts of about that amount by the banks; and probably the remainder of the $11,000,000 reduction in the class of securities above referred to would be represented by sales of municipal or other bonds. As in case of similar transactions in the past the whole of the increase in Dominion note issue passes into the hands of the banks and stays there—practically none of it reaches the general public. However, the banks utilize a part of the increase as deposits In central gold reserves against overissues of their own notes. Thus the July increase of $6,800,000 in Dominion notes outstanding is reflected In the bank statement by an increase of $2,700,000 in Dominion notes held by the banks themselves, and an increase of $4,400,000 in the balance of Dominion notes deposited by the banks in central reserves. Altogether, in their own vaults and in central reserves the banks now control $262,180,000 of the total Dominion note issue of $287,600,000, leaving only a little more than $25,000,000 in the hands of tho'public, mostly in $1 and $2 denominations. At the commencement of the war the banks all told held only 590,000,000 of these Dominion legal tender notes—so the increase of their holdings during the war has amounted to $172,000,000. This will undoubtedly constitute one of the important matters for arrangement between the banks and the Dominion Government after the war. Against the $287,600,000 notes outstanding the Dominion Treasury holds a gold reserve of $115,000,000, and about the same amount in approved securities, leaving about $58,000,000 uncovered. While it -might appear to be a difficult proposition to arrange for redemption or cancellation of the unrequired issues, nevertheless it is expected the liquidation of British Treasury bills after the war will enable the Dominion Government to rectify the situation and return speedily to a specie basis. Some light is thrown on the exchange situation in July and August by the movement of the foreign balances and call loans of the banks in July. The exchange rate in Montreal and Toronto for American funds held pretty firmly around the 2% premium throughout the last two months. The bank statement shows the bankers in July were obliged to draw upon all three departments of their external reserve. Net balances carried with London banks were drawn down by $3,300,000; balances in banks elsewhere than Canada and Great Britain (meaning mostly in New York) were reduced $5.100,000, and call loans in New York and London decreased $2,900,000. Altogether the reduction effected in the external reserve amounted to $11,400,000, and the aggregate fell to $216,000,000, which is the lowest figure since February 1918. Notwithstanding the reduction the balance appears to be quite sufficient to enable the Canadian bankers to take care of the commitments of their customers in foreign markets. Apart from the $76,000,000 of specie holdings this ranks as the best reserve the Canadian banks have for international purposes. and the bankers are apparently resolved that it shall not be depleted to a dangerous extent. The indications are that in the course of the next two months the banks will have the opportunity of rebuilding the external reserve and also improving the exchange situation as a result of exports of Canadian grain. Export bills make their appearance in the market during September, but it is not until October and November that they produce their full effect. SPECIAL COMMISSIONERS FOR ASIA BANKING CORPORATION LEAVE FOR FAR EAST. As special commissioners for the newly formed Asia Banking Corporation, William C. Lane, Vice-President of the Guaranty Trust Company of New York who is a director of the Asia Banking Corporation, and Ralph Dawson, recently cleated Vice-President of the Corporation, on Sept. 3 departed for the Far East. They will be joined later by Crawford M. Bishop, former director of the Far Eastern Division of the Bureau of Foreign and Domestic Commerce of the Department of Commerce. The commissioners will study financial and economic conditions of Northern China, Manchuria and Siberia, spending a brief period in Japan before proceeding to Shanghai and Peking. The trip will extend over several months. The organization of the Asia Banking Corporation (mention of which has previously been made in these columns) with $2,000,000 capital and $500,000 surplus, all subscribed, is an important step in the development of American financing and trade in the Far East. The new corporation is prepared to increase its capital according to requirements. Among its stockholders are the Guaranty Trust Company of New York, the Bankers Trust Company, the Mercantile Bank of the Americas, the Anglo & London Paris National Bank of San Francisco, the First National Bank QUESTIONNAIRE TO IMPORTERS AND EXPORTERS of Portland, Oregon, and the National Bank of Commerce ON FOREIGN EXCHANGE BANK. of Seattle. The total capital and surplus of these banks is In referring to a questionnaire issued by Senator Owen $88,620,000. Charles II. Sabin, President of the Guaranty respecting the proposal for the creation of a foreign exchange Trust Company of New York, is at the head of the new bank the New York "Tribune" of Aug. 30 said: corporation. The Asia Banking Corporation purposes Senator Owen, bent on reviving interest In his proposal for a Federal to engage in international and foreign banking in China, Reserve Foreign Bank, has sent questionnaires to exporters and importers in the dependencies and insular possessions of the United throughout the country to ascertain their views on tho subject. the state"The Federal Reserve Foreign Bank proposed," according o States, and in Siberia. The head office is at 66 'Liberty ment sent broadcast by the Senator, who is chairman of the Committee Street, New York City, and an agency will probably be on Banldng and Currency, "is intended to begin with a capital only sufcharacter, leaving open the expanestablished in San Francisco. Preparations are being made ficient for a new establishment of this American commerce require. sion of the capital as the needs of the to open branches in China, and, as a preliminary step, a "It will be controlled by the Federal Reserve Board and a board of would have no central branch will be established in Shanghai. The present directors representing the United States. Thus, the bankinterests of the to serve, but would have exclusively tho plans contemplate also the establishment in the future of selfish interest American commerce at heart and would, because of its constitution, branches in Hankow, Peking, Tientsin, Harbin and Vladi- co-operate with other banks and bring into the service of commerce on fair terms the full banking powers of the United States. vostok. this bill, if enacted into law, will serve to stabilize SHORT-TERM LOANS FOR CANADA. A special Toronto dispatch to the New York "Sun,?' under date of Sept. 4, analyzes the July 31 statement of Canadian banks, particularly with a view to showing the effects of the special short date loans to the Dominion Finance Minister which the banks began to advance in that month. No definite announcement was made, it is stated as to the exact amount to be advanced each month, but the general impression had been that it was in the neighborhood of $35,000,000 or $40,000,000; and the figures of "It is believed that the American dollar and make the dollar a standard measure of value in International contracts, and therefore very greatly promote American commerce, the value of which is always measured primarily in terms of dollars." Friends of Senator Owen here said yesterday many favorable replies have been received. Representative bankers, who opposed the suggestion when first offered, repeated yesterday their opinion that the bill is patchwork legislation and unnecessary, as the Federal Reserve banks already have authorizption and equipment to do what the Senator proposes. Moreover, it is understood that members of the Federal Reserve Board have privately said the bill, if enacted, would injure more than help in the foreign field. Among the interrogations made In the questionnaire to foreign trade houses appear the following; SEPT. 7 1918.1 THE CHRONICLE 939 replace the silver certificates withdrawn from circulation as the Treasury's silver reserve is melted into bullion for exexport to the Allies. The $1 note bears a portrait of George Washington in the upper left-hand corner of the face side, and otherwise resembles generally a Federal Reserve note. On the reverse side is shown in a centre oval an eagle in full flight, typifying the nation mobilized for war. The $2 note is similar except that it bears a portrait of Thomas Jefferson ORDER IN COUNCIL FIXING PRICE OF SILVER IN on the front and a picture of a battleship on the back. CANADA. PIERRE JAY IN MONTHLY REPORT SEES GOVERNLast week, page 844, we referred to the fact that Canada MENT DEMANDS GREATER THAN PRODUCTION. had followed the course taken in the United States by In his monthly report of business conditions in the Federal fixing the price of silver at 81.013/ per ounce: The following is the Canadian Order in Council under which the Reserve District of New York, Pierre Jay, Chairman of the Board of the Federal Reserve Bank of New York refers price is fixed. to the Government demands exceeding the flow of products; AT THE GOVERNMENT HOUSE AT OTTAWA. incidentally he notes that approximately only 5% of the Saturday, Aug. 24 1918. Present: His Excellency the Governor-General in Council. total supply of copper is said to be available for other than Whereas serious difficulties have arisen in connection with the purchase war purposes, that tin is at almost prohibitive prices, and of silver which is urgently needed for Silver Coinage by the Allied Govthat canning industries and oil refiners complain of a tin ernments; And whereas the Government of the United States of America, under plate shortage. We quote from Mr. Jay's review as folTreasury Regulation dated Aug. 19 1918, has prohibited the export of lows: silver except for civil or military purposes in connection with the prosecu"Would it servo your interest as an importer or oxporter to have established a Federal Reserve Foreign Bank through which you could obtain credit information with regard to foreign buyers and sellers, and conditions of shipments of exports and imports such as insurance and storage? "Would it serve your interests to have, through such an institution, international exchange stabilized on a basis of reasonable compensation for service rendered and the American dollar maintained at commercial par?" When Senator Owen was pressing his plan several months ago questionnaires were sent to a selected list of bankers. This time the banks were not on the mailing list. tion of the war, and where the price at which the silver was purchased does not directly or indirectly exceed $1.0134 per ounce, 1,000 fine, at the point where the silver is refined in the case of silver refined in the United States, or at the point of importation in the case of imported silver; And whereas the Imperial Government has fixed the maximum price , of silver bullion in the United Kingdom at 493i pence per ounce,— Therefore His Excellency the Governor-General in Council, on the recommendation of the Minister of Finance, is pleased, under the provisions of the War Measures Act 1914, to order that the export of Canadian Silver Coln, Silver Bullion and Fine Silver Bars from the Dominion of Canada shall be and the same is hereby prohibited except under license Issued ny the Minister of Finance and under regulations prescribed by him, such regulations to provide that licenses shall be issued only where the silver is to be used for civil or military purposes of importance in connection with the prosecution of the war, and only in cases where the exporter certifies that the silver to be exported has been purchased at a price which does not directly or indirectly exceed 81.01% per ounce, 1,000 fine, at the point where the silver is refined or at the point of importation in the case of imported silver. RODOLPHE BOUDREAU, Clerk of the Privy Council. RESUMPTION OF GOLD SALES TO JEWELERS— DISTRIBUTION OF METAL TO BE REGULATED. The sales of gold bars to jewelers and others which were suspended on Aug. 30 by the New York Assay Office under orders from Director of the U. S. Mint Raymond J. Baker, were resumed the following day with the same unexpectedness that had marked their discontinuance. The order to continue sales, for which the Assay Office is said to have had no explanation from Washington, is said to have carried with it no restrictions. Others affected besides jewelers were manufacturers of dental goods. It was reported yesterday (the 6th) that in order to conserve gold for monetary purposes and most essential arts, the War Industries Board will regulate the distribution of metal to manufacturers of jewelry, dental and optical goods, &c. CHICAGO CLEARING HOUSE DEFERS ACTION ON PROPOSAL TO ADVANCE RATES ON TRANSFER DRAFTS. The Clearing House Committee of the Chicago Clearing House Association deferred action on Aug. 29 on the proposition to increase the rate on out-of-town drafts deposited for immediate availability from 10 cents per thousand per day to 15 cents per thousand per day. The resolution had been referred back to the Clearing House Committee by the members of the Chicago Clearing House Association on Aug. 12. The very large proportion of the industries of the district engaged in war work continues to be augmented by the conversion of plants specifically to meet war needs. Production continues at a high level, though the steadily crystallizing demands of the Government exceed the flow of products. To an increasing extent of distribution of basic raw materials, despite large output, is restricted to those industries contributing directly and in major degree to war ends,and for even such collateral activity as the Government's housing program, calling for structural steel, brick, linseed oil for paint, &c., supplies are so inadequate that an index of building material prices, prepared by the American contractor shows recent sharp advances as compared with the earlier gradual rise. With the increasing Government demand for steel, estimated for shell . steel at probably 15% above present shipment rate, and for plate steel at about 12% more than recent record outputs, less essential industries are of necessity adjusting themselves to the scarcity of these and similar fundamental materials. Only approximately 5% of the total supply of copper is said to be available for other than war purposes at the fixed price of twenty-six cents. Tin, pending arrangements with the British Government in respect to imports, is at almost prohibitive prices, and canning industries and oil refiners complain of shortage of tin plate. Important chemicals, such as glycerine and nitrates, are diverted from normal use in the manufacture of such articles as soap and fertilizers, to use in the manufacture of munitions. Because of limited imports, the allocation of rubber for August and September is on a basis of three-eighths of the consumption during the corresponding period last year. The small quantities of incoming hides and skins disposed of at prices fixed by the Government 7 to 8% lower than those prevailing, similarly permit the filling of only a portion of the need of manufacturers of leather goods to satisfy their active trade demand. Federal regulation, looking to a 15 to 20% reduction in the size of newspapers, follows decreased production of newsprint paper. The textile industry is in an unsettled state, with somewhat opposite conditions obtaining as to supply of raw materials in the wool and cotton trades. A tendency appears to exist among manufacturers and distributors, to await full issue of Government price regulations before determining trade policy. With importation of wool, exclusively on Government account, it seems not improbable that the supply will be inadequate to permit the manufacture of pure wool fabrics for civilian trade, but as sufficient stocks of cloth for the near future are in the hands of merchants, they hesitate to contract for mixed goods. Trading in cotton goods is also light, owing to uncertainty as to how Government established prices for certain classes of goods affect the prices of others, and to expectations on the part of buyers, of lower prices, and to preference, by the mills, for large scale Government orders for goods of homogeneous character. Collections in this district are reported uniformly good. The shortage of unskilled labor is reported to be slightly less acute, and the turnover diminished, largely as a result of Federal supervision of employment, but the demand for labor above the completely unskilled grade and especially for men with some training along mechanical lines, is very keen. MODIFICATION OF NEW YORK CLEAR7NG HOUSE ACCEPTANCE CHARGE. Following the protest made by the Boston Clearing House Association against the collection charge of one-tenth of 1% imposed by the New York Clearing House Association on notes and other time obligations purchased by member or non-member institutions and payable in Boston and other JAPANESE LOAN TO CHINA. cities, the local Clearing House this week modified the In a copyrighted cable to it from Peking on Sept. 3, the charges. The regulations of the New York Clearing House, which called forth the protest, were announced in July and New York "Times" said: An agreement was signed to-day between the War Minister and the became effective Aug. 12. They were printed in our issue Taiheikumel Japanese Company for a loan of 30,000,000 yen, to be issued of Aug. 3, page 447. Section 6 of the regulations promulat 90 and bearing 7% interest. The issue will be secured by Chinese Treasgated in July provided: ury bonds. The scheme is the moSt extensive ever attempted in China, Soc. 6. All notes or other time obligations purchased by member or nonand consists of the formation of a company which will virtually monopolize all imports and exports requiring Government permits, including iron, rice, arms, ammunition, railway material, &c. Who Government agreement provides that Chinese only are eligible as shareholders of the company, but it is undeistood that the Japanese will provide the entire funds, while the Chinese will receive 40% of the shares. Regulations have been issued forbidding the export of silver and copper money, which is needed in the Government's campaign against the rebels In the south. member institutions payable elsewhere than in New York City shall be subject to a charge of not less than 1-10th of 1%, except that in the States of Florida, Louisiana, Mississippi, New Mexico, North Carolina and South Carolina the charge shall be not less than of 1%, provided, however, that for notes or other time obligations purchased or discounted by any collecting bank, payable elsewhere than in New York City, but with respect to which the maker, endorser or guarantor, or any bank, banker or trust company maintaining an account with the collecting bank, gives a written agreement at the time of such purchase or discount, to provide New York funds for the payment of such notes or other time obligations on day of maturity, the charge shall be discretionary with the collecting banks. NEW $1 AND $2 GREENBACKS IN CIRCULATION. It is this section which was amended at the special meeting Two new greenbacks—the first of the nation's war-time currency—have been put in circulation. They are the $1 of the Clearing House on Tuesday of this week; as a result and $2 Federal Reserve bank notes, planned especially to of the change which has been madA the charge for the 940 THE CHRONICLE collection of bankers acceptances payable in Federal Reserve cities outside New York is fixed at one-fortieth of 1% on items payable at cities where credit is available at the Federal Reserve Bank of New York two days or less after receipt one-twentieth of 1% on items where credit is available three or four days after receipt and one-tenth of 1% on items where credit is available eight days after receipt. The following is the section in the form in which it has been amended. Section 6 of the Rules and Regulations Regarding Collections Outside of the City of New York, as Amended Sept. 3 1918. Section 6. (a) On acceptances of banks, bankers and trust companies located in Federal Resery,,pitf6 (except New York City) and cities where Federal Reserve bank branches are at present, or may hereafter, be established, purchased for their own account by member or clearing non-member institutions, the charge shall be 1-40 of I% on items payable at such cities where credit is available at the Federal Reserve Bank of New York two days or less after receipt; 1-20 of 1% on such items where credit is amenable at said bank three or four days after receipt; and 1-10 of 1% on such items where credit is available at said bank eight days after receipt. The above charges apply to the above items whether collected through the Federal Reserve banks or otherwise. (b) All notes or other itme obligations, not provided for in Sub-Division (a) of this Section, purchased for their own account by member or clearing non-member institutions, payable elsewhere than in New York City, shall be subject to a charge of not less than 1-10 of 1%, except that in the States of Florida, Louisiana, Mississippi, New Mexico, North Carolina and South Carolina, the charge shall be not less than Xi of 1%,provided, however, that on notes or other obligations for discount or purchase taken from banks, bankers or trust companies, with or without their endorsement, maintaining an account with the member bank discounting or purchasing the same, with the understanding that payment is to be provided at maturity in New York exchange at par, the charge shall be discretionary. [VOL. 107. principal circulating medium, its dominance in this respect increasing as the remaining $900,000.000 of gold which is outside of the Treasury and the Federal Reserve banks are absorbed by the Reserve banks. Ever since the establishment of the Federal Reserve banks the Board has endeavored persistently and consistently to Increase the aggregate gold holdings of the banks. Since the entry of the United States into the war, the necessity for such an effort has been emphasized, while the inclination of the public and of the banks to co-operate has been marked. More than $2,000,000,000 of gold and gold certificates have been withdrawn from circulation and transferred into the vaults of the Federal Reserve banks, but, as already stated, there still remains in circulation and in bank vaults about $900,000,000 of gold certificates and coin, most of which can be deposited and should be deposited, their place to be taken as far as necessary by Federal Reserve notes. It is the intention of the Board in the future, as in the past, to watch closely the loaning operations of the banks, and it is not its purpose in mobilizing the gold of the country into the vaults of the Federal Reserve banks, to Increase the volume of loans beyond the amount actually required, but these are war times, and any Inability on the part of Federal Reserve banks to respond to legitimate demands made upon them would be disastrous. It is clear that in proportion as the gold holdings of the Federal Reserve banks are increased, the ability of such banks to extend needed accommodation to other banks or to issue notes is enlarged. As reserve holdings are curtailed, the lending power of the banks is correspondingly reduced. As member banks are no longer required to carry reserves of lawful money in their own vaults, it follows that gold held by them is of no more value than any other form of currency, and every dollar of gold that is hoarded by individuals is withdrawn; not only from reserve use, but also from circulation; and is a net loss to the community. The effect of hoarding, therefore, is to impair tbo ability of the Board to provide the strongest possible gold cover for our growing volume of Federal Reserve notes and depoqits—and deposits will necessarily continuo to increase during the continuance of the war. It is desirable in the existing circumstances to have every dollar of gold in the Federal Reserve banks, letting the circulating medium consist of currency based on gold. Money of every kind, whether gold or silver, should be deposited in bank and used, but not hoarded. Surrender to the Federal Reserve banks of gold coin and gold certificates and abstention from hoarding means an increase in the volume of bank credit available for the community and increased ability to finance the war and the necessary requirements of business. The protest, made by the Boston Clearing House and which brought about the change in the collection rate was referred to in our issue of Aug. 24, page 747. It is reported that the modification does not satisfy the Boston associaALBERT STRAUSS REPORTED AS LIKELY TO SUCCEED tion. PAUL M. WARBURG ON FEDERAL RESERVE BOARD. According to press reports from Washington yesterday, PROPOSED AMENDMENT OF NEW YORK CLEARING President Wilson is said to have selected Albert Strauss, of' HOUSE TO PREVENT EVASION OF RULE J. & W. Seligman & Co., as successor to Paul M. Warburg LIMITING INTEREST ON DEPOSITS. as a member of the Federal Reserve Board. Mr. Strauss Besides modifying its regulations governing collection has served as the Treasury representative on the War Trade charges, the New York Clearing House on Tuesday an- Board and the War Export Board, and has been associated that action on the following proposed amendment with the Foreign Exchange Division of the Federal Reserve nounced would be taken next week: Board. ARTICLE XI. Section 2. No member of this association, or bank, or trust company, or others clearing through any member shall pay exchange or other charges or allow time, in connection with the collection of any item collectible through the Federal Reserve banks, but which Is collected through other sources, in excess of the charges which would have been payable or the time allowed had such items been collected through the Federal Reserve banks. MINNESOTA COUNCIL OF STATE BANKERS AND TENDENCY OF.STATE BANKS TO JOIN RESERVE SYSTEM. On Aug. 15 the Minnesota Council of State Banking Institutions was organized in St. Paul by representatives of indicating the purpose of the above, the New York State banks in forty-two counties. It was stated at the As time in the St. Paul"Pioneer Press" that the new body would "Sun" on Sept. 4 said: Late last spring the committee (Clearing House) adopted a resolution co-operate with national and State organizations to promote limiting the amount of interest that member banks could pay on deposits. the general efficiency and welfare of the American banking At that time the trust companies felt they were discriminated against and systems, and would urge the Minnesota Bankers' Associan important modification was secured. A uniform rule was adopted satisfactory to the trust companies and the prescribed rates of interest on ation next June to create a State Bank Section, and if suca sliding scale basis have been paid ever since. cessful in that would dissolve, leaving its aims to be carried Some banks, however, have found a way to beat this ruling in the comon by that branch. The Minnesota Council will be affilipetition for out of town bank balances by paying the country banks unreasonably high exchange charges or granting them permission to remit ated with the United States Council of State Banking Assoonce a week, giving the country bank virtually a week's use of the money ciations, organized in St. Louis on July 16, and will, the and permitting it to pay larger dividends than otherwise could have been "Pioneer Press" points out, unite with other State and napaid. To obviate this irregularity a resolution was presented at yesterday's Clearing House session to limit the payment of exchange or other tional banks toward obtaining sound, uniform and concharges or the allowance of thne to the charges and time allowed by the structive banking legislation. It will advocate,it was added, Federal Reserve bank. modification of the Federal Reserve Bank Act to make eliImportant bankers here expect that the proposed amendment will stir up a vigorous protest from country bankers, but it has been presented at gible to the reserve system 907 of the 1,124 Minnostita banks the request of the Federal Reserve bank and in the interest of uniformity. now barred from membership. The "Northwestern National Bank (Minneapolis)Review" W. P. G. HARDING ON THE FEDERAL RESERVE NOTE. of September, in commenting on the formation of the Min"The Federal Reserve Note, Its Functions and Limita- neapolis Council, said: in Country bankers in the Ninth Reserve District will tions," was discussed at considerable length by W. P. G. what may result from the formation in Minnesota of anbe interested or organization Reserve Board, before council of State bankers, this following the recent meeting at St. Louis Harding, Governor of the Federal the annual convention of the Ohio Bankers' Association at where representatives of Sate-chartered institutions from the country at Minnesota organization While primarily Columbus, Ohio, on Sept. 5. From his remarks we take largo met and organized. declaration that it this purposes working for change has local interest only, its the following: of the Federal Reserve Act as it now restricts small State banks from joining The Federal Reserve note should not be confused with flat issues of other times, nor is it a bond secured currency. Its issue is carefully safeguarded, and while a gradual increase in the volume outstanding will no doubt be necessary for some time to come, thus testing one phase of its elastic quality, there is no doubt that whenever the requirements of the country permit, it will prove its flexibility by its contraction or by the increase of gold reserve against it to a point whore it will more nearly approximate a gold certificate. -It was originally intended that the Federal Reserve note supersede in the course of twenty years, the national bank note. Provision was made in the Federal Reserve Act for the purchase by the Federal Reserve banks of the bonds securing national bank notes and for the resale of the bonds to the Treasury for cancellation. This process was well under way when it was interrupted by the war, but the increase in national bank note circulation has been slight—only about $11,000,000 since February 1917. Contraction of Federal Reserve note circulation, in so far as it is secured by eligible paper, will be natural and automatic as the discount operations of the banks are reduced, but the note is in no sense an emergency currency, for it is and will remain our the Reserve system gives it general importance. Coincident with the creation of the new council comes evidence of an Increasing tendency of State banks In the Ninth District to join the Reserve system. It is remarkable that with 50 banks representing the total State-chartered membership that the Ninth District Federal Reserve Bank has acquired since -day period since it began business, no less than 14 have joined in the 60 July 1 1918. Neither North Dakota nor South Dakota was represented by these later accretions, eight of the new member banks being located In Minnesota, three in Montana, two in Wisconsin and one in Michigan. Just how the effort of the new council to effect a change and remove the limitation now upon the smaller State banks will shape itself is not yet clear, but it is a matter of urban as well as rural interest. In Minnesota, for example, only 211 of the 1,124 State-chartered institutions are eligible for Reserve system membership, a statement emanating from the council says. But while this reflects principally a condition in the smaller towns and rural communities it is found by reference to State banking department files that the larger cities are not without an active interest. It is natural to think of big banks in connection with big cities, yet it is true that in SEPT. 7 1918.] THE CHRONICLE Minneapolis, St. Paul and Duluth together there are 35 Stite banks capitalized at only $25,000 each as against a $200,000 minimum capitalization requirement for Reserve system membership qualification in cities of the size of Minneapolis. 941 Atlanta, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco are prepared to receive applications for advances was issued by the Treasury Department on Aug.29: Secretary McAdoo again calls attention to existing facilities for financing the movement of the crops. Under the provisions of the Federal Reserve Act and the regulations Issued by the Federal Reserve Board, the Federal Reserve banks are authorized to rediscount for member banks eligible commercial paper. In order to supplement the rediscount facilities available to member banks in the Federal Reserve system, the War Finance Corporation at the suggestion of Secretary McAdoo announced on Aug. 5 that it was willing to make advances to banks under Sections 7 of the War Finance CorporREQUEST FOR DAILY STATE- ation Act to assist them in financing the crop moving. GOVERNOR STRONG'S The Federal Reserve banks of Richmond,'Atlanta, St. Louis, MinneMENT OF BORROWINGS OF STOCK EXCHANGE apolis, Kansas City, Dallas and San Francisco as fiscal agents of the War MEMBERS—RESOLUTION OF EXCHANGE. Finance Corporation have notified all the banks of their districts, whether announcement, and In compliance with the request made by Benjamin Strong, or not members of the Federal Reserve system, of theUnder the terms of are prepared to receive applications for advances. Federal Reserve Bank of New York and the War Finance Corporation Act the advances are limited to 75% of the Governor of the Chairman of the Liberty Loan Committee, members of the amount of the loan made by the bank, or to 100% in case the bank itself the amount of at least 33% of New York Stock Exchange have been called upon to fur- furnishes collateral security toby the War Finance Corporationthe loan. on written The advances will be made nish to the Committee on Business Conduct a daily state- application through the several Federal Reserve banks acting as its fiscal ment of the amount of money borrowed on time and on agents, but only after consideration of their recommendations, upon the obligations of the notes of the borrowing banks secured call. Mr. Strong's request was embodied in a letter ad- promissory merchants to whom loans have been by the by the borrowing made farmers or dressed to President H. G. S. Noble of the Stock Exchange, bank,together with any security taken for such obligations. Those obligain which Mr. Strong stated that the request was only one tions must evidence loans made by the bank for crop moving purposes or merchants, provided that the applyof a number of measures undertaken by the Committee loans previously made to farmers andof the advance will be used for crop by mutual understanding ing bank certifies that the proceeds with the object of exercising, moving purposes. Inasmuch as these advances are for crop moving purposes only, the among the institutions and firms of the city, such reasonable are limited to four Corporation and necessary control of the employment of credit as will loans by the War FinanceWar Finance to the banksannounced that the Corporation months. On Aug. 5 the financial operations of the rate of interest on the loans would be 6% per annum, but on Aug. 15 it insure no interference with the Government in conducting the war. We give the letter announced a reduction of the interest rate to 5%. Full information can be secured by any bank in the districts above mentioned from the Federal herewith: Reserve bank of the district. Sept. 51918. The orderly movement of the crops is essential to the conduct of the war, My Dear Sir. As you are aware, a sub-committee of the Liberty Loan and the Treasury Department hopes that the facilities of the Federal Committee of this district was appointed on Sept. 5 1917, and has under- Reserve system available to member banks, supplemented by the offer of taken certain duties in connection with the New York City money market, the War Finance Corporation, to both member and non-member banks, for the purpose of securing the most complete co-operation with the Govwill be adequate to provide for financing the crop movement. ernment in its financial program oy all the financial interests of the city. The members of tho Sub-Committee are the following gentlemen: Benjamin Strong, Chairman; James S. Alexander, George F. Baker, Walter F. BANKS IN BOSTON FEDERAL RESERVE DISTRICT Frew, Gates W. McGarrah, Charles II. Sabin, Frank A. Vanderllp, James ASKED TO REFER REQUESTS FOR NEW..LOAN N. Wallace and Albert II. Wiggin. TO CAPITAL ISSUES COMMITTEE. The work of the Sub-Committee has mot with the cordial co-operation of the important interests connected with the New York money market The request has been made to banking institutions in the and there has been maintained an orderly course of affairs in which the by Frederic H. Curtiss, supply of funds has been ample for the essential needs. We believe this Boston Federal Reserve District condition can be continued. It is obvious, however, that for the present Chairman of the District Committee on Capital Issues, there should bo devoted to the security market no additional credit bethat in cases when they are asked to make loans for capital yond the funds now so used. Any tendency to expand the collateral loan with the account should, for the general good, under present conditions, be checked. purposes they refer their clients to communicate In order that this important situation may be handled in a way that will committee. The letter follows: result in the least possiole inconvenience, It is desirable that we should Dear Sirs—The Capital Issues Committee has stated that while "borrowhave a complete daily view of Stock Exchange loans. We recognize the ings in the ordinary course of business are usually done for seasonable disposition of the Stock Exchange to co-operate in every way toward requirements, through bank loans, advances, or through the use of shortcontributing to the ordely conduct of the money market and, depending time notes, nevertheless, borrowing may be done in the same manner for upon that patriotic disposition, we now ask the governors of the Stock capital purposes, and in such cases bank loans, advances, or short-time Exchange to collect for the confidential use of this Committee, daily state- notes come within its province." ments from each member of the Exchange showing in such detail as may In cases where you are requested to make loans for capital purposes, we be agreed upon in conference, the amount of time and call loans of each should be glad to have you ask your clients to communicate first with our Stock Exchange house. committee. This information will be for the confidential use of the Committee in We trust we may have your co-operation in this important matter. whose hands has been placed the responsibility for maintaining an orderly The reports will be asked for during a temporary period. money market. At the present time it is impossible for us to say just how long a period CAPITAL ISSUES COMMITTEE NOT TO APPROVE they will be needed. We will be obliged if you will ask the members of AN.Y NEW SECURITIES DURING LIBERTY the Exchange to begin these reports at the earliest date practicable. LOAN CAMPAIGN. misunderstanding arise as to the objection of this Lest any possible request, I am directed by the Committee to explain that this is only one The Capital Issues Committee at Washington, it was of a number of measures being undertaken by the Committee with the yesterday, will not approve the sale of any object of exercising, by mutual understanding among the institutions announced and 'firms in this city, such reasonable and necessary control of the employ- securities during the Fourth Libetry Loan campaign,between ment of credit as will insure no interference with the financial operations Sept. 28 and Oct. 19, except refunding issues to take care of the Government in conducting the war. that period. Companies with unissued Accurate information as to the amount of bank credit being employed of maturities within for Stock Exchange purposes will be useful in attaining these objects. portions of approved securities are asked to withhold them I am also directed by the Committee to express its cordial appreciation from the market until after the fourth loan is subscribed. of the spirit of co-operation which has always been shown by the officers and members of the Stock Exchange in matters of this kind, which feeling is shared by the officers of the Federal Reserve Bank. BALTIMORE CLEARING HOUSE ENDORSES RESERVE Very truly yours, BOARD'S SUGGESTION FOR CREDIT RESTRICTION. BENJAMIN STRONG. S. B. Duea of the Security Bank of Pipestone, Minn., is President of the Minnesota Council; Kelsey S. Chase, President of the People's Bank of St. Paul, is Vice-President of the Council, and G. H. Richards of Minneapolis is Secretary of the Council. The Executive Committee of the Baltimore Clearing Announcement of the adoption of the resolution calling for the statements was made as follows by Secretary Ely House Committee adopted the following resolution on Aug. 27: of the Exchange: NEW YORK STOCK EXCHANGE. New York, Sept. 6 1918. Members of the Exchange. To the At a meeting of the Governing Committee, held this day, the following resolution was adopted: "Resolved, That the Committee on Business Conduct be and it hereby is authorized to require from members of the Exchange, or their firms, a daily statement of the amount of money borrowed on time and on call." Respectfully, GEORGE W. ELY, Secretary. The Clearing House Conunittee is in entire sympathy with the suggestion of the Federal Reserve Board as to the general necessity for the conservation of credit and commends its suggestions to the earnest consideration of the Clearing House members, banks and business public generally. CHICAGO CLEARING HOUSE ENDORSES RESERVE BOARD'S SUGGESTION AS TO CREDIT RESTRICTION: Following the action taken by the Federal Reserve banks of New York and Boston, and the New York Clearing House Association, the Clearing House Committee of the Chicago FEDERAL RESERVE BANKS PREPARED TO RECEIVE Clearing House on August 29 endorsed the views of the APPLICATIONS FOR ADVANCES TO FINANCE Federal Reserve Board with regard to the curtailment of CROP MOVEMENT. bank credits not needed for the prosecution of the war. In In addition to the announcements made by the Treasury its declaration on the subject the Chicago Clearing House Department within the past month regarding its plans to says: In hearty accord with the suggestion of the Federal Reserve Board, finance, under the War Finance Corporation Act, the movethe Chicago Clearing House Committee recommends that the associated ment of crops, the following further statement calling atten- banks of Chicago and their customers should co-operate in the conservation tion to;the fact that the Federal Reserve banks of Richmond, of bank credits for war purposes. 942 THE CHRONICLE To this end, discrimination should be exercised in favor of all bank credits applied for where the money is to be used for war purposes, or for the health and actual necessities of the people. Credits for other purposes •should be closely investigated and only granted where their refusal would bring about hardships or embarrassments to the applicants. WINDOW DISPLAYS FOR FOURTH LIBERTY LOAN. Scores of Liberty Loan representatives canvassed New York and Brooklyn on Thursday, Sept.5, to procure window space for display material in furtherance of the Fourth Loan, which opens Sept.28. This effective means to reach millions of persons in the two boroughs never has been undertaken before, it is stated. Ten thousand firms and stores have voluntarily signified their willingness to aid the Liberty Loan Committee. Chain-stores, such as restaurants,cigar stores, the larger department stores, drug stores and automobile salesrooms have planned to spend large sums of money in attractively dressed windows, arranged specially with war settings. Relics from the battlefields, material of every description captured from the retreating German armies, will be shown. Leading artists from all sections of the East will donate canvasses in oil and water-color for backgrounds. New slogans and new ideas will be originated, and window display advertising will be carried to a fuller scope than ever before. Incidentally it is expected that the co-operation of hundreds of well-known painters and artists will make 5th Avenue and Broadway a riot of color. [VOL. 107. Official Department Circular No. 114, with forms of application, has been distributed to Federal Reserve banks and banks and trust companies throughout the United States. These institutions are asked, as a matter of patriotic service, to assist bondholders in exchanging 4% bonds for 43(% bonds and in registering their bonds. SUBSCRIPTIONS IN RICHMOND RESERVE DISTRICT TO TREASURY CERTIFICATES IN ANTICIPATION OF LIBERTY LOAN. The following details with reference to the subscriptions in the Richmond Federal Reserve District to the three blocks of Treasury certificates of indebtedness in anticipation of the Fourth Liberty Loan (there have since been two additional offerings of the certificates) were issued under date of Aug. 9 by the Federal Reserve Bank of Richmond: SUBSCRIPTIONS TO TREASURY CERTIFICATES OF INDEBTEDNESS IN THE FIFTH FEDERAL RESERVE DISTRICT. 1st Issue. • 2d Issue. 3d Issue. Total. $26,000,000 $26,000,000 $17,500,000 369,500,000 Total Total Percentage of Apportionment of Subscriptions to Subscription to States— 7/wee Issues. Three Issues. Apportionment Maryland $20,433,000 $17,813,500 87.18 Dist. of Columbia 6,894,000 7,751,500 112.44 Virginia 15,929,000 12,410,500 77.91 West Virginia_ __ _ 8,424,000 3,977,000 47.21 North Carolina__ _ 9,959,000 5,114,500 51.35 South Carolina.. 7,861,000 3,905,500 49.68 Total $69,500,000 $50,972,500 73.34 Maryland Dist. of Columbia Virginia. West Virginia.._ _ _ North Carolina_ _ _ South Carolina__ _ Number of Banks Subscribing. 131 38 176 81 108 82 Number of Banks in District. 284 42 481 279 546 433 Percentage of Banks Subscribing. 46.13 90.49 36.59 29.04 19.79 . 18.94 7,000,000 PERSONS OF FOREIGN BIRTH SUBSCRIBED TO THIRD LIBERTY LOAN. The part played by foreigners in the subscriptions received Total 616 2,065 29.35 to the Third Liberty Loan is indicated in a statement The Bank has since issued a table showing total subissued on Sept.4 by the Publicity Department of the Liberty scriptions of $65,369,500 to the four offerings of Treasury Loan Committee of the Federal Reserve District of New certificates (June 25, July 9, July 23 and Aug. 6). The York,from which we quote as follows: total allotment for the four issues was $85,000,000. More than seven million persons of foreign birth subscribed a total of $741,437,000 to the Third Liberty Loan, is the amazing announcement authorized by the Treasury Department to-day. This means that seven million persons born in foreign lands, including many who owe no allegiance to America, believe in doing their bit to help this Government win a just war. These subscriptions were reported to the Treasury Department at Washington, directly or indirectly, through the Foreign Language Divisions of the several Reserve districts. The figures which follow represent 55% of the total amount subscribed by the foreign born population, 45% not being reported for various reasons. The grand total subscribed to the last loan being 34,176,516,850, it is apparent from a hasty calculation that 174% of this hugesum was produced by the foreign born element. And they are not the big money holders. Thirty-eight nationalities are included in the number of foreign born subscribers. Taking at random ten thousand individual subscribers, it is established that each of such persons gave $105. With this figure as an average, 7,061,305 gave the total sum of $741,437,000. The total number of individual subscriptions being about 17,000,000, it shows this contingent of foreign born formed 413i% of that number. Following are the subscriptions of persons of foreign birth or extraction who gave to the Third Liberty Loan, arranged by nationalities: Scottish $5,000 Lithuanians $4,334,350 Albanians 230,150 Lettish 40,150 Armenians 393,850 Norwegians 5,987,550 Assyrians 90,450 Polish 37,583,700 Belgians 875,000 Roumanian 272,100 Bohemians 31,750,550 Ruthenian 13,100 Chinese 285,850 Portuguese 1,711,150 Bulgarians 2,100 Russians 2,599,600 Croatians 153,900 Serbians 142,150 Danish 2,353,950 Slovenians 1,569,900 French 2,107,850 Swedish 6,011,600 Finnish 191,750 Swiss 220,450 German 87,295,000 Scandinavians 72,950 English 337,100 Syrians 910,500 Greek 6,838,700 Ukrianians 129,500 Hoolandish 80,200 *Miscellaneous 43,988,400 Hungarians 8,246,900 *Fed. Res. Dist. reports Italians 52,247,350 (unclassified) 66,272,600 Japanese 28,250 *Late subscriptions(unJewish classified) 16,737,550 21,478,900 Jugosalvs 4,200,250 $407,790,350 * Amounts subscribed by Americans of foreign birth or immediate foreign extract on, waclassified by nationality for want of specific information. WAR REVENUE BILL REPORTED TO HOUSE. The new war revenue bill, under which it is proposed to raise $8,012,792,000 of the total $24,328,561,428 estimated war expenditures for the next fiscal year, was reported to the Huse on the 3rd inst. by Chairman Kitchin of the House Ways and Means Committee. The bill was called up for consideration by the House yesterday (the 6th) at which time also the Senate Finance Committee began consideration of the House draft. In presenting the bill and a detailed report of the House Committee explaining the provisions of the bill, Chairman Kitchin said it was not the purpose to have extended debate on the bill as a whole, but to take the measure up for amendment at the start, with the view to a final vote within ton days. Senator Simmons on the 3rd stated that every effort would be made in the Senate to complete the legislation before the November elections. For this reason, he explained, Senate leaders would not consent to the suggestion from the House for adjournment of Congress over the elections, after the House passes the bill. Final approval of the bill as completed by the Ways and Means Committee of the House on Friday, Aug. 30, was given by the committee on the 2nd inst. One of the features of the legislation to which the committee &voted itself during the final consideration of the bill was with regard to the differential on distributed and undistributed profits of corporations. The committee determined to levy a corporation tax of 18% upon the amount of the net income, in excess of the credits allowed, but the bill carries a provision to the effect that the rate shall be 12% upon so much of this amount as does not exceed the sum of (1) the dividends paid during the taxable year plus (2) the amount paid during the taxable year out of the earnings or profitsin discharge of bonds and other interest-bearing obligations outstanding prior to the beginning of that year. In his report Chairman Kitchin says: An example will make clear the effect of this tax. Suppose the amount HOLDERS OF 4% LIBERTY BONDS URGED TO CONof the net income of a corporation in excess of its credits is $100,000.SupVERT TO 4317 ISSUE. 0 pose it has paid out during the year $50,000 in dividends and discharged Holders of 4% Liberty bonds have been urged by Secre- $10,000 worth of bonds. Its tax would then be 12% of $60,000 and 18% of $40,000. tary of the Treasury McAdoo to take advantage of the The committee believes that the reduction of rate to privilege of converting their securities to those of the Third amount equal to the amount of dividends paid the have a 12% on an will wholesome Liberty Loan, bearing 41 %. They are reminded that the effect in many cases in stimulating the payment of dividends, which will 4 be subject to surtax in the hands of the stockholders. period of conversion expires on Nov. 6, and told thay should In announcing on Aug. 30 that the Treasury Department not delay converting because of the danger of overburdening the banks and possibility of losing the privilege entirely. and the sub-committee of the House Ways and Means Committee had come to an agreement and had decided upon Mr. McAdoo, in his statement issued on Aug. 30, said: Holders of these 4%. bonds lose nothing by exercising the privilege of a flat rate of '12% on normal incomes above $4,000 and a conversion and gain 3 % interest per annum. , 1 tax of 6% on normal incomes below $4,000 down to the Holders of coupon bonds are strongly advised to request issue of registered bonds in order to protect themselves against the risk of loss, theft, exemption limit, without a differential on unearned income, and destruction of their bonds. Chairman Kitchin said: , SEPT. 7 1918.] THE CHRONICLE We have practically finished the bill except the final reading for correction and textual changes. The Treasury Department and the committee have gotten together absolutely and satisfactorily on a normal tax on incomes, which will be 12% and 6% on incomes below $4,000 a year down to the exemption limit. By reason of the split normal rate and the many differences and complexities in administering the differentiated earned and unearned incorie tax plan, and the many questions that would arise under an unearned and earned income tax plan, all agreed that it is wiser to make no differential. The surtaxes will be adjusted correspondingly with this 12% flat normal tax rate. All the surtaxes will be correspondingly reduced because of the change in the normal. The higher brackets, which will be substantially reduced, are the incomes between $200,000 and $300,000, those between $300,000 and $500.000, between $500,000 and $1,000,000, and between $1,000,000 and $5,000,000 and over. The maximum surtax of 65% compares with the maximum surtax of 63% under existing law (or 67% with the present normal rate of 4%), making the maximum now agreed to 77%, as against 67%. This plan, as agreed to, will produce substantially the same revenue as under the 10% normal tax plan heretofore planned by the committee. In other words, with a 12% normal flat tax and the surtaxes changed from the rates heretofore tentatively in the bill, the new plan will produce practically the same income as 10% would have with the higher surtaxes. The committee struck out the provision under which it was proposed that all corporations having a capital stock of $1,000,000, or more, shall pay at least 10% of their net income as an excess-profits tax, even though the net income does not amount to 10%. It was felt that this clause might hit a number of corporations with legitimate capital. Most of those that the 10% clause would have struck will be hit by the excess-profits tax with its 8% deduction. The excess profits tax alternative stands, as heretofore placed in he bill, with the rates 35, 50 and 70%. The war profits tax stands at 80% flat. Our conference with Secretary McAdoo was pleasant, harmonious and satisfactory. There were present Secretary McAdoo, Assistant Secretary Leffingwell, Mr. Cooksey, assistant to the Secretary, and Dr. T. S. Adams, Chairman of the Treasury Excess Profits Advisory Board, and Representatives Fordney, Garner, Longworth and myself. The income tax exemptions under the new bill are the same as under the old-$1,000 for single persons and $2,000 for married persons with $200 additional allowed for each dependent child under 18 years of age. An exemption of $200 for each dependent incapable of self-support because of mental or physical disability is also allowed. Under existing law, Chairman Kitchin's committee in its report to the House this week points out, only persons of lawful age have to make returns. A minor's income is either included in the income tax return of the parent or a return is made for the minor by his guardian. Single persons of lawful age and having a net income of $1,000 or over and married persons having incomes of $2,000 or over are required to make returns under existing law. The proposed bill requires every person, whether of lawful age or not, having a net income for the taxable year of $1,000 or over, if single, or if married and not living with husband or wife, to make a return, and requires all married persons living with husband or wife having a net income of $2,000 or over to make returns. The report likewise points out: Under existing law a normal tax of 2% is levied under the Revenue Act of 1916 upon the amount of the net income of a head of a family or married person in excess of $4,000 and upon the amount of the net income of a single person in excess of $3,000. A like normal tax 0(2% Is also levied under the Revenue Act of 1917 upon the amount of the net income of a married person or head of a family in excess of $2,000 and in the case of a single person in excess of $1,000. In lieu of the rates now in effect the proposed bill levies upon citizens or residents of the United States a normal tax of 12% upon the amount of the net income in excess of credits provided in Section 216, bu., provides that upon the first $4,000 of this amount the rate shall be only 6%' 943 The largest source of estimated yield under the new taxation measure is $3,100,000,000 which is expected to be derived from taxes on excess profits, including war profits; the next is from taxes on incomes, $1,482,186,000 from individuals and $828,000,000 from corporations. The estimated yield from sources other than incomes and excess and war profits include: Transportation: Freight, $75,000,000; express, $20,000.000; Passenger fares,$60,000,000;seats and berths,$5,000,000;oil by pipe lines,$4,550,000. Telegraph and telephone messages, $16,000,000; insurance, $12,000,000; admissions (theatres, circuses, &c.). $100,000,000; club dues. $9,000,000. Excise taxes: Automobiles, &c., $123,750,000; jewelry, sporting goods. &c., $80,000,000; other taxes on luxuries at 10%, 388,760,000; other taxes on luxuries, (apparel, &c., above certain prescriaed prices) at 20%, $181,095,000. Gasoline, $40,000,000; yachts and pleasure boats, $1,000,000. Beverages (liquors and soft drinks), $1,137,600,000; stamp taxes, $32,000,000; tobacco, cigars, $61,364,000; cigarettes, $165,240,000; tobacco. $104,000,000; snuff, $9,100,000; papers and tubes. $1,500,000. Special taxes: Capital stock, $70,000,000; brokers, $1,765,000; theatres, &c., $2,143,000; mail order sales, $5,000,000; bowling alleys, billiard and pool tables, $2,200,000; shooting galleries, $400,000; riding academies. $50,000; business license tax, $10,000,000; manufacturers of tobacco, $69,000; manufacturers of cigars, $850,000; manufacturers of cigarettes. $240,000; use of automobiles and motor cycles, 372.920,000. The bill applies the war and excess profits taxes to corporations only. Provision is made to protect corporations whose nvested capital is less than $50,000 and those corporations in which invested capital is not a material producing factor. Increases also were made in the estate tax, which will range from 3% to 40%. The increases ascompared with the present bill follow: Not exceeding $50,000, from 2 to 3%; $50,000 to $150,000, 4 to 6; $150,000 to $250,000, 6 to 9; $250,000 to $450,000, 9 to 12; $450,000 to $1,000,000, 10 to 15; $1,000,000 to $2,000,000, 12 to 18; $2,000,000 to $3,000,000 14 to 21;$3,000,000 to $4,000,000, 16 to 24;$4,000,000 to $5,000,000, 18 to 27; $5,000,000 to $8,000,000, 20 to 30; $8,000,000 to $10,000,000, 22 to 35, and exceeding $10,000,000, 25 to 40. Under a new provision a deduction is granted of amounts which have been received by the decedent as a share La the estate of any person who died within five years prior to the death of the decedent. In explanation thereof the report says: It has come to the attention of the committee that persons closely related have died within such a short space of time that the same estate, passing within a short period of time, has been subjected to the estate tax and thereby diminished unreasonably because of the short period within which the two levies have been made. The transportation and insurance taxes include a new tax of 10% upon the amount paid to any telegraph or telephone . company for any special leased wire or talking circuit, but does not apply to collection and dissemination of news through the public press or in the conduct by a common carrier or telegraph or telephone company of its business as such. The text of the bill is'given elsewhere in to-day's issue of our,paper. SENATOR SMOOT DECLARES WAR REVENUE BILL WOULD PUT PROHIBITIVE TAX ON INDUSTRY. Senator Reed Smoot of Utah, a member of the Senate Finance Committee, in evincing his opposition to the War showing the income tax levied under Revenue bill as drafted by the House, was quoted in the The following table New York "Times of the 5th inst. as saying: existing law and under the proposed bill for specified incomes The alternative system is a piece of bungling absurdity. The whole bill of married persons without dependents and without divi- only adds to the grotesque absurdity of the War Revenue bill of last year. It for the most part stupidly follows the lines of that measure. dends from corporations or interest from tax-free securities This bill of Mr. Kitchin's seems to have been designed so as to reach the is likewise taken from the report: fewest number of voters possible. It seeks to apply a tax on corporations $2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,500 9,000 9,500 10,000 12,500 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 70,000 80,000 100,000 150,000 200,000 300,000 500,000 1,000,000 5,000,000 Tax under Proposed Existing Bill. Law. $30 $10 60 20 90 30 120 40 150 60 180 80 105 220 260 130 330 155 400 180 470 205 ' . 545 235 620 265 295 695 770 325 845 355 1,320 530 1,795 730 2,895 1,180 4,245 1,780 5,595 2,380 7,195 2,980 '8,795 3,580 10,645 4,380 12,495 5,180 14,695 5,980 16,895 6,780 21,895 8,880 27,295 10,980 39,095 16,180 70,095 31,680 101,095 49,180 165,095 92,680 297,095 192,680 647,095 475,180 3,527,095 3,140,180 Per cent of Tax to Net Inc.Existing Proposed Law. Bill. 0.407 1.20 0.67% 2.00 0.86% 2.57 1.00% 3.00 1.33% 3.33 1.60% 3.60 1.91% 4.00 2.16% 4.33 2.38% 5.08 2.57% 5.71% 2.73% 6.27% 2.93% 6.81% 3.12' 3.28 a 7.72% 3.42 8.11 3.55% 8.45 4.24% 10.56 4.87% 11.97% 5.90% 14.48% 7.12% 16.98% 7.93% 18.657 8.51% 20.56 8.95% 21.99 9.73% 23.66 10.36% 24.99 10,87% 26.72 11.30% 28.16 12.697 31.26 13.72% 34.12 16.18% 39.10 21.12% 46.73 24.59% 50.55 30.89% 55.03 38.547 59.42 47.52 62.80g, 64.7170. „ that must end in driving some of them out of business. It would tax all the profits they could make. The differential tax of 18% is an imposition in the first place. After that other taxes would be piled on so that many corporations would have nothing left. To attempt to put this bill into force would be to put a prohibitive tax on the productivity of American war industry. According to the "Times," Senator Smoot favors a flat tax rate upon war profits instead of excess profits and expressed the view that a tax of that character would be supported by a mojority of Republican Senators. The Utah Senator, it is stated, pointed out that the House bill failed to impose consumption taxes. Mr. Smoot advocates a tax of 1% on all articles purchased at anything over $1 in price, to be levied as a consumption tax. This, he calculates, would yield $1,000,000,000. COUNSEL FOR INVESTMENT BANKERS' ASSOCIATION ON EXCESS PROFITS PROVISION OF WAR REVENUE BILL. Speaking on behalf of the Investment Bankers' Association of America, which is in favor of an effective war profits tax instead of an increase in the rates of the alternative excess profits tax as proposed in the war revenue bill now before the House, Robert R. Reed, counsel for the Association, had the following to say on the 5th inst: 944 THE CHRONICLE The excess profits and war profits provisions of the House bill demonetrate anew the impossibility of the capital percentage standard as a roundation for a so-called confiscatory profits tax as applied to corporations, the stocks of which have been bought and sold for years on their demonstrated earning value and represent both the cost and capital value to the stockholders of their present investment. It may be possible to ignore this fact in a relatively light graduated tax, but it cannot be safely ignored in a 70% or 80% tax. Cases have arisen and there are no doubt very many of them where practically all the stock has been bought just prior to the taxable year at a value several times the "invested capital" allowed under the Act. And, of course, individual stockholders in a large corporations have purchased at the going-value of recent years. A 70 to 80% tax on the excess over say 10% of the invested capital of 1900 or 1910 in such cases practically confiscates the income over 2% to 5% on the actual investment of the stockholders. This is the fundamental far-reaching objection to the bill from the viewpoint of business and justice, which is, or should be just now that of the Government. But on the revenue standard alone there is an equally serious objection affecting a different class of corporations. The bill practically gives watered stock the presumptive value of full-paid invested capital and specifically denies to ultra-conservatively capitalized concerns even the actual values invested in the property. Unless I misread the bill, invested capital includes tangible property paid in for stock at its actual value when acquired not exceeding the par value of the stock. A company which issued $1,000,000 in stock for a going plant in 1910 and has earned say on an average $80,000 a year since will probably get the cost vaule of $1,000,000 for the plant. Although -the plant was probably worth about $500,000 in cash, no one can prove the actual value and the record valuation would be accepted. The company would have a practical exemption to-day from the excess profits tax. - There are hundreds of such over-capitalized'concerns large and small Nhich will enjoy relative immunity from this tax. Many of them will not be caught under the war profits tax. On the other hand, had the plant in the case supposed been undervalued and $200,000 stock Issued for it, the corporation would be taxed say 60% to 80% on everything over $20,000 a year. I assume that all of these considerations have been in the minds of Secretary McAdoo and his aides and we hope the Senate Committee, which last year was unsuccessful in its efforts to secure a'war profits tax, 'will this year have the support of the country and of the administration in working out and putting through a productive profits tax that will get all the revenue estimated for the House bill without penalizing conservaave financing and granting immunity to watered capital. [VoL. 107. RULING OF CHICAGO BOARD ON WHEAT DISPOSALS. A ruling on wheat disposition was issued as follows on Aug. 23 by F. J. Delaney, Chairman of the Joint Grain Committee of the Chicago Board of Trade: not directly intervene Effective at once, the joint grain committee in the disposition of any wheats. must be conducted in accord with the preferential Trading, however, switching dispositions as a matter of permanent policy. A sheet will shortly be issued by the United States Railway Administration giving preferential switch routings to all industries. Commencing Aug. 24, sellers will file in the Board of Trade Secretary's office, during change hours and not later than 5 o'clock each afternoon, a report showing disposition made of that day's car lots. Receivers should be prepared to furnish to the committee each day, if requested, a report showing the number of cars of each kind of grain in transit to Chicago. Should congestion again threaten this market, the system lately applied by the joint committee will of necessity be reinstated. WHEATLESS DAYS DISCONTINUED UNDER NEW WHEAT CONSERVATION PROGRAM. Under new wheat regulations which became effective Sept. 1, all wheatless days and wheatless meals in the United States are discontinued,but all bread must correspond to that used by the Allies; it must contain 20% of other grains than wheat and not more than 80% of wheat. The new regulations supersede the 50-50 rule; other modifications of previous regulations are contained in the latest edict of the Food Administration, issued Aug. 27; earlier rules limiting licenses, millers, wholesalers, retailers and bakers to 30 days'supply of flour are changed to permit a 60 days'supply; likewise the rule limiting the sale of flour by mills to wholesalers, or wholesalers to retailers, in combination with substitutes or certificates therefor, and the rule restricting the sale to 70% of previous sales are rescinded. The following is the Federal Food Administration's announcement regardPRESIDENT WILSON'S ORDER AUTHORIZING SALE ing the new wheat conservation program: The recent careful survey by the Food Administrators of the United OF EXCHANGE SEATS OWNED BY ENEMY ALIEN. States, France, England and Italy of the food resources of the 220,000,000 The Alien Property Custodian has been authorized, under people fighting against Germany shows that to maintain enough supplies an Executive order issued by President Wilson to sell at and necessary reserves against disaster there must be maintained in all the coming year. a conservation private sales seats on any stock, cotton, grain, produce or countriesbeen agreed thatof wheat flour during Allies shall contain 20% the wheat bread of the It has other incorporated exchanges owned by an enemy. The of other grains than wheat, and it is only just that we should bear our Executive order, dated Aug.29,is issued under the "Trading share In this saving and that our bread at least should be universal with from the war than ourselves. with the Enemy Act." Among the reasons given by the those who are suffering more greatly circumstances in the United States Distribution and transportation President in calling for the sale of the seats by private sale render it necessary to rely very largely on the voluntary action of our homes are that seats of memberships may be sold to better advan- to enforce this mixture. The "Victory bread" so made is wholesome and We desire to emphasize the fact is tage at the place and time of most favorable demand, and therethe no difficulty in preparation. for wheat bread and the saving of mixtures outlined below are that without unnecessary expense or delay. The order reads wheat flour, but they are not intended to displace the largo use of corn bread. We must use the mixture with wheat flour in addition to our as follows: normal consumption of corn bread. For this purpose regulations are formulated below, effective Sept. 1, providing, first, for the preparation and marketing 'oy.the manufacturing and distributing trades of the country of a mixed flour complying with the international policy, which will be available for purchase ey the household; second, in regulations covering the case where straight wheat flour is sold by retailers, that at the same time 20% of other cereal flcfurs must be sold coincidentally; third, requiring that all bakers' bread shall contain 20% of other cereals, and the Food Administration relies upon the householders of the country to mix at least 20% of the substitute cereals into the wheat flour at home for all uses. Corn meal for the use of corn bread should be purchased separately from combination sales. It is desired to insure a supply of ready mixed flours on the market, and to have millers and dealers of all kinds encourage the use and sale of this flour so that the country may be on a mixed flour basis without the necessity of retailers making combination sales of flour and substitutes. All such mixed flours made according to the following regulations should be labeled "Victory mixed flour," and are to be labeled with the ingredients in order of their proportion. The flours so mixed must be milled in accordance with the standards of the United States Food Administration. No "mixed flours" (except pancakeflours) shall be made or manufactured except in the exact proportions as outlined below: Mixed wheat and barley flour shall be in the proportion of 4 pounds of wheat flour to 1 pound of barley flour. Mixed wheat and corn flour shall contain the proportion of 4 pounds of wheat flour to 1 pound of corn flour. Mixed wheat, barley, and corn flour shall contain the proportions of 8 pounds wheat flour to 1 pound barley and 1 pound cornflour. Mixed wheat anti rye flour shall contain the proportion of 3 pounds of wheat flour and not less than 2 pounds of rye flour. Whole wheat, entire wheat, or graham flour or meal shall contain at least 95% of the wheat berry. All the above "Victory flours" may be sold without substitutes, but at no greater price from the miller, wholesaler, or retail dealer than in the case of standard wheat flour. Retail Sale of Standard Whew. Flour. The new regulations supersede the 50-50 rule. The retail dealer selling standard wheat flour is required to carry in stock either barley flour, corn meal or corn flour, and with every sale of wheat flour must sell a combination of some one or more of these in the proportion of 1 pound of substitute to each 4 pounds of wheat flour. No delar may force any other substiCANADA TO CONTROL WHEAT FOR EXPORT. tutes in combination upon the consumer, and these substitutes must conAccording to press dispatches from Ottawa Sept. 4, the form to the standards fixed by the United States Food Administration. Canadian Government will assume control of the purchase There are some localities where other substitutes are available and which situation In order to meet retailers may and sale of Canadian wheatfor export instead of following last flours may Ilewish to carry.combination in lieuthisthe abovethe following of flours if the sold in such year's plan of laving all wheat for exports purchased by the consumer so demands at the ratio of 1 pound to each 4 pounds of wheat It is further said: flour and meals, rice flour, oat flour, kaffir flour, milo flour; that is, feterita Export Company of England. potato flour, sweet potato flour, and buckThe new arrangement provides a fixed price for the current crop. Pur- flour, peanut flour, bean flour, thrown open to dealers and ship- wheat flour. Pure rye flour or meal may be sold as a substitute, but must chase for internal demands will again be at least 2 pounds of ry e with 3 pounds of wheat pers as before the war. The Government will apportion distribution for be sold in proportion of flour. export and domestic milling and allot tonnage to move. EXECUTIVE ORDER. An Executive Order Concerning Certain Sales to be Conducted by the Alien Property Custodian Pursuant to the "Trading-with-the-Enemy Act" and Amendments Thereof. By virtue of the authority vested in me by "an Act to define, regulate, and punish trading with the enemy, and for other purposes," approved Oct. 6 1917, known as the "Trading-with-the-Enemy Act," and the amendment to such Act embodied in "an Act making appropriations to supply urgent deficiencies in appropriations for the fiscal ending June 30 1918, and prior fiscal years, on account of war expenses, and for other purposes," approved March 28 1918, I hereby, in the public interest, make the following determination, order, rule, and regulation: • The Allen Property Custodian may sell at private sale, without public or other advertisement, any seats upon or memberships in any stock, cotton, grain, produce, or other exchanges incorporated or organized and existing anywhere within the United States as defined in the "Trading-with-the Enemy Act;" and any such sale or sales may be made and conducted wherever and upon such terms and conditions as the Allen Property Custodian or his authorized agent shall determine. My reasons in the public interest, for the foregoing determination, order, rule, and regulations are: (a) The methods required by law and the character of said property to be pursued in the sale thereof are such that the power of sale vested in the Allen Property Custodian cannot be exercised effectively except at private sale; in that such seats upon or memberships in said exchanges can be purchased only by persons who are already members of said exchange or Who are approved by said exchange according to its constitution and bylaws, and such seats upon or memberships in said exchanges can be sold and transferred therefore only to persons who are members of or who are approved by the exchange the seat upon or membership in which le the subject matter of sale. (b) The sales hereby authorized may be made at the time and place of most favorable demand and upon such terms and conditions as may be necessaty to secure the best market price. (c) Unnecessary expense, delay, and inconvenience may be avoided. WOODROW WILSON. The White House, Aug. 29 1918. SEPT. 7 1918.1 THE CHRONICLE 945 The foregoing rules apply to all custom and exchange transactions, as cept all or part of amounts offered.1 Offers for less than minimum carload well as sales of flour to farmers, unless modified by special announcement (310 barrels) will not be considered. Army and Navy Requisitions—Right is also reserved to apply flour of the Federal Food Administrator of the State where the mill is located, purchased against Army and Navy requisitions. If special packing and acting with the approval of the zone committeee. sack specifications necessitate an advance in price, proper adjustment Bakers. will be made. In compliance with the general situation above, the following alterations Quality Basis—Successful bidders will be asked to submit type samples made in the rules and regulations governing the baking trade: are representing flour to be shipped on contracts received, and deliveries Rule 1-A. The consumption of wheat flour in bakery products not to against such contracts must be fully up to such samples. Flour shipexceed 70% of the 1917 consumption is hereby rescinded. ments will be inspected at seaboard and samples of flour drawn from such Rule 2-A. Wheat flour substitutes for bakers remain as heretofore with shipments by authorized port agents must be accepted by the sellers as rye, which will be a substitute when used upon a basis basis for adjustment of any quality claims. the exception of of not less than 40%. which is 2 pounds of rye flour to every 3 pounds of Branding—Unless otherwise specified, full mill brand, showing firm standard wheat flour. When rye is used in this proportion or a greater name, address and weight marks, and special letters. Tagged sacks proportion, no other substitutes are required. If less than this proportion not acceptable. of rye flour is used, the difference between such amount used and 40% Sacks—New 140 -pound 10%-ounce jute or 140 pound 40-inch 2%-yard must be made up of other substitutes. cotton sheeting or 140s osnaburgs of 40-inch 8-oz. goods. (Note—See Rule 6-A. Bakers will be required to use 1 pound of substitutes to each special sack specifications following for Army and Navy flour shipments.) 4 pounds of wheat flour in all bakery products, including bread, except Price—Per barrel in above sacks f. o. b. cars seaboard "for export." Class 3a—Crackers—in which only 10% of substitutes other than rye Quote price basis for seaport reached at lowest rate. (Note—Mills west are required. of Pittsburgh and Buffalo quoting Atlantic seaboard prices are requested The use of the name "Victory" will be allowed in all products containing to base quotations on Baltimore rate.) the above proportions of substitutes. Location of Mill—Name location of mill from which shipment will be made if not the same as office address. Revisions of Previous Rules. Routing—Name railroad or railroads over which you can ship. Also The previous rules limiting licensees, millers, wholesalers, retailers and bakers to 30 days' supply of flour will be changed to permit a 60-days' state if "milling in transit" is to be applied. Terms—Demand draft on Food Administration Grain Corporation. supply. Shipment—Thirty days from date of acceptance of offer. Shipping The rules limiting sales by retailers of wheat flour to an eighth of a barrel offer. in cities and a quarter of a barrel in sparsely settled districts are rescinded. directions will be forwarded as soon as possible after acceptance of Manner of Submitting Offers—Offers may be submitted by mail or wire. The rule limiting the sale of flour by millers to wholesalers, or wholesalers to retailers, in combination with substitutes or certificates therefor, The following form of telegram is suggested: barrels, (Brand) Grain Corporation, Bausman, New York—Offer and the rule restricting the sale to 70% of previous sales are rescinded. your specifiManufacturers of alimentary pastes and wheat breakfast foods are lim- (Grade) (Price) Jute (Basis) (Time shipment) According to cations and conditions. (Name of initial carrier.) ited to their normal consumption of wheat or wheat flour, with the underNote—May use Robinson code. standing that they are not to unduly expand their ordinary consumption of wheat. Army and Navy Flour Requisitions. Rules prohibiting the starting of new plants ready for operation prior Army expeditionary sack specifications permit the shipment of part of to July 1 1918 are rescinded. the flour in 140-pound 103 oz. jute sacks, and part in bags of the followWhere millers sell directly to consumers they shall obey the same regu- ing specoifications, either double or single. Three choices are given the lations as retail store riealers. shipper: Wheatless days and wheat less meals are discontinued. Single osnaburg bag to carry 100 lbs. net of flour from either 7 oz. 30 in. Nothing in those regulations is to be construed to mean that there has osnaburg cut 32x52, or 8.40 oz. 36 in. osnaburg cut 36x43, or setting aside or changing of the pure-food laws as promulgated been any Single jute bag to carry 100 lbs. net of flour from 12 oz. jute (12 oz. to by the Bureau of Chemistry, Department of Agriculture, or the internal 40 in.) 36 in. goods cut 36x44, or revenue law as administered by the Internal Revenue Commissioner, Double bag to carry 100 lbs. net of flour. Inner bag to be made from which requirements must be conformed to by manufacturers and dealers 4 yard cotton sheeting cut to 36x43. Outer bag 10 oz. jute (10 oz. to 40 cases. in all in.) cut 36x44. Navy specifications require that flour be packed in 100 lb. double sacks The wheatless days, Monday and Thursday, had been in effect since March; the regulations promulgated at that to carry 100 lbs. net of flour. Inner bag to be made from 4 yard cotton sheeting cut 36x43. Outer bag 10 oz. jute (10 oz. to 40 in.) cut 36x44. time were printed in our issue of March 30. The New York Army camps and cantonment sack sopcifications require that flour be Federal Food Board in calling attention on Aug. 29 to the packed in single bag to carry 100 lbs. net flour made from 3% yard cotton sheeting cut 36x43. changed rules issued a statement saying: Note.—The above weights of material are minimum weighs. No The Board is advised by the United States Food Administration that preslighter bags are acceptable under these specifications. ent stocks of mixed flours containing 20% or more of substitutes may be If for any reason a mill receiving an Army Expeditionary contract distributed and sold without substitutes until the stock is exhausted. If bags is not in a position to supply thorn, we can unthey contain less than 20% of substitutes one pound of substitutes must be calling for double doubtedly arrange for the packing of the flour in single bags and the placing sold with each four pounds of such mixed flour. The new rules prescribing of that proportion of the requisition requiring double bags with some the proportion of wheat and substitutes to be used in mixed flours apply to mills in a position to handle the requisition. mixed flours manufactured after Sept. 1. FOOD ADMINISTRATION GRAIN CORPORATION, Pancake and self-raising flour containing substitutes may be manufacR. F. BAUSMAN, from the Food Administration at Washingtured only upon special permit Flour Department. • permit is obtained such flours may be sold without substiton. After a Aug. 26 1918. tutes provided they contain 20% or more substitutes other than rye flour. While all limits on quantity sales to consumers, including the thirty days' supply to consumers and the supply for a specified period to farmers on ALL SOLUBLE COFFEE IN UNITED STATES PURexchange transactions, are removed under the new regulations, the Board CHASED "OR USE OF ARMY. asks every consumer of flour to practice moderation in making purchases and economize in its use. In making known that the entire output of all factories Manufacturers of "victory mixed flour" under the new regulations are in the United States making soluble coffee was being purrequired to take out an internal revenue license and pay the special tax as chased by the Quartermaster Corps for the use of the Army heretofore. On all custom and exchange transactions, mills, elevators or grain dealers the War Department on Aug. 24 said: farmer whole Wheat, graham, or prescribed must either deliver to the The quantity at present being manufactured, however, is not sufficient mixed flours, or sell him required proportion substitutes in combination to meet the great demand, and as a result new companies are being organwith standard wheat flour; excepting that Federal Food Administrators, ized and large capital is being expended to insure a largely increased outwith the approval of their zone committees, may authorize in their States put of the soluble coffee for the near future. the usual certificates, to be accepted from the farmer, certifying that he Practically all the soluble coffee now being supplied to the Army is used has purchased or had ground the required amount of substitutes. in the front-line trenches. It is not always possible to have hot water In the trenches, for there are times when it cannot be brought up from the CONDITIONS OF FLOUR PURCHASING PLAN OF FOOD rear and the heating of water causes a raising of smoke, which invites the fire of the enemy. Cold water is nearly always to be found in the canteen ADMINISTRATION GRAIN CORPORATION. carried by the men, and this assures the making of good, strong coffee The conditions under which the Food Administration even though it is cold. The great Grain Corporation will purchase flour for export shipment care issubsistence division of the Quartermaster Corps sees to it thatit can exercised in the manufacture of the soluble coffee, so that for the requirements of the Allies, the Army, Navy, Marine easily be dissolved in cold water. Experiments have been made to have Corps, &c., were made public by the Flour Department the soluble coffee put up in stick form,very similar to sticks of chewing of the Corporation on Aug. 26. The announcement, is- gum, to be wrapped in waterproof wrappers. will moan an added comfort An increased supply of the soluble coffee sued to "all flour mills and other interested sellers of wheat for the troops not only in the trenches but it will enable the men to have coffee when in isolated places or hidden in out-of-the-way sections and flour," reads as follows: The Food Administration Grain Corporation will purchase flour for listening posts. export shipment for the requirements of Allied countries, the Army, Navy, Marine Corps, Commission for Relief in Belgium, Rod Cross, Y. M. C. A. PRICE FOR 1919 WHEAT CROP FIXED BY PRESIDENT and similar agencies. Purchases will be made weekly, excepting for WILSON AT $2 20, SAME AS IN 1918. shipment to Pacific Coast' terminals, where special arrangements prevail. A proclamation issued by President Wilson fixing the Bids will be received at New York office on Tuesday of each week, up to 12 o'clock noon, commencing Sept. 3 1918, for acceptance within forty- Government's guarantee for the 1919 wheat crop at the eight hours from time specified subject to the following specifications and same price as for the 1918 crop ($2 20 per bushel) was made conditions: Note.—If legal holiday falls on Tuesday, purchases will be made the public on Sept. 2. In a memorandum accompanying his following day. Bids received after 12 o'clock may be held over and con- proclamation, the President made known that a disinterested sidered following week if so specified. Character of Flour-100% straight, unbleached, milled in accordance commission will be appointed next spring to secure facts. with United States Food Administration regulations. concerning the increased cost of farm labor and supplies Grades—Spring or hard wheat straight, must contain at least 75% hard from which it will be determined whether an increase in the straight; blended wheat straight, eastern mills wheat; soft wheat only, may contain not more than 50% of soft wheat; durum wheat price of wheat might be justified. The President also says: straight; hard Pacific coast straight must be milled from at least 85% In giving a guaranteed price for wheat one year in advance . . . there is hard wheats; soft Pacific coast straight. involved a considerably national risk. If there should be peace or increased much flour as can be supplied within time shipping available before the middle of 1920 Europe will naturally supply . Quantity—Mills may offer as of shipment specified. The Grain Corporation reserves the right to ac- itself from the large stores of much cheaper wheat now in the Southern 946 THE CHRONICLE Hemisphere, and therefore the Government is undertaking a risk which might in such an event result in a national loss of as much as $500,000,000 through an unsalable surplus; or, in any event, in maintaining a high level of price to our own people for a long period subsequent to freedom of the world's markets. The proclamation fixes as reasonable guaranteed prices for No. 1 Northern spring wheat and its equivalents at the principal markets the following: New York,$2 39M; Philadelphia, $2 39; Baltimore and Newport News, $2 38j; Duluth, $2 22M; Minneapolis,$221 1-2; Chicago,$226;St. Louis, $2 24; Kansas City and Omaha,$2 18; New Orleans and Galveston,$2 28; Tacoma, Seattle, Portland, Astoria, San Francisco and Los Agneles, $2 20; Salt Lake City, Great Falls, Pocatello and Spokane, $2. The Joint Agricultural Advisory Committee of the Food Administration and the Department of Agriculture composed of farmers throughout the country, presided over by former Governor H. C. Stuart of Virginia, on Aug.9 recommended to President Wilson the fixing of the minimum price for the 1919 crop at $2 46. The price contained in the Agricultural Appropriation bill which caused the President's veto was $2 40 per bushel. It is stated that if the President had accepted the Advisory Committee's suggested price at $2 46 at Chicago, wheat would have been on a basic minimum of $2 40 and the differentials now in effect for the various primary markets would have been plus this figure, making the price at New York $2 593. Under the new price schedule announced June 30 (resulting from the increased freight rates), No. 1 Northern spring and other wheat of the same grade which before the increase in freight rates, brought $2 28 a bushel at New York was increased to $239M at this terminal; similarly the price in Chicago was advanced from $2 20 to $2 26. The following is President Wilson's memorandum issued with the proclamation made public Sept. 2: In issuing to-day the Government's guarantee of the same price for the 1919 wheat crop that was guaranteed for the 1918 crop, I wish it to be understood that in the spring of 1919 I will appoint a disinterested commission who will secure for me the facts by that time disclosed as to the increased cost of farm labor and supplies, using the three-year pre-war average prices of wheat,of labor and ofsupply costs as a basis, and that from this information I shall determine whether there should be an increase in price above the present level and, if so. what advance, in order to maintain for the farmer a good return. Should it then appear that an increase is deserved over the present guarantee, however, it will be applied only to those who have by next harvest already marketed their 1918 wheat. It is the desire and intention of all departments of the Administration to give to the wheat grower a fair and stimulative return in order that the present acreage in wheat may be maintained. I find a great conflict of opinion among various section of the country as to the price that should be named as a minimum guarantee. It must be obvious td all, however, that the factors which will make for inrceased or decreased cost of production of next year's harvest cannot be determined until the near approach to the harvest. In giving a guaranteed price for wheat one year in advance (the only Industry guaranteed by the Government), there is involved a considerably national risk. If there should be peace or increased shipping available large before the middle of 1920, Europe will naturally supply itselffrom the stores of much cheaper wheat now in thesouthern hemisphere; and, therefore, the Government is undertaking a risk which might in such an event, result in a national loss of as much as $500,000,000 through an unsalable surplus; or, in any event, in maintaining a high level of price to our own people for a long period subsequent to freedom in the world's markets. prime Despite this, the desirability of assuring a supply to the world of breadstuffs by insuring the farmer against the fluctuations in prices that present situation and from the would result from the uncertainties of the s peculation those uncertainties entail,seems to me to make the continuation clear of the guarantee for another year desirable. On the other hand, it is forth that before increasing the liability by large sums with the risks set consumer, the matter should above and before increasing the burden of the when be subjected to searching inquiry at the appropriate time—the time the pertinent facts will be known. with the I feel confident that with this preliminary fixed guarantee and assurance that justice will in any event be done to the grower, he will continue the fine patriotic effort by which he has served the country hithertothat the Government will have acted prudently and that the consumer will be satisfied that his interests are not unduly sacrificed, but just and exhaustime. tive consideration given to every element of the matter at the proper ORDER FIXING CANADIAN WHEAT PRICES FOR 1919. The Board of Grain Supervisors for Canada has issued an order, according to press advices Aug. 23, which provides that the price of wheat from Aug.26 1918 until Aug.31 1919, Inclusive, shall be: No. 1 hard,$2 24;No. 1 Manitoba Northern,$2 24;No.2 Manitoba Alberta Northern, $2 21; No. 3, Manitoba Northern, $2 17; No. 1 red winter, $2 243; No. 2 Alberta red winter. $2 21; No. 3 Alberta red winter, $2 173• These prices are basis in store public terminal elevators at Fort William and Port Arthur. Any deviation from these prices will be considered as violations of a legal order. Another order provides that the price of wheat grown in British Columbia shall be: No. 1, $2 20; No. 2, $2 17; No. 3, $2 13, basis in store public terminal elevators, Vancouver, effective Aug. 22 1918, until Aug. 311919. Maximum allowance that the purchaser may make the seller for sacks shall be on basis of $3 per ton; if purchaser does not [VOL. 107. require sacks they shall be returned to sell at the latter's expense. It is stipulated that the price of Ontario wheat, No.2 grade, shall be $2 26 in store, Montreal, and premium of No. 1 grade shall be three cents; discount on No. 3 shall be 4c. per bushel, effective Aug. 23 1918 until June 30 1919, inclusive. A premium of 5c. shall be paid on Ontario winter wheat for the purpose of encouraging its production and to preserve its identity. The financial statement of the Board of Grain Supervisors for Canada from the date of its creation in July 1917 to July 31 last shows, it is said, that the Board begins the new fiscal year with a surplus of over $1,000,000; that receipts during the past year amounted to $6,000,000, of which $2,500,000 was returned to the Imperial authorities, owing to the fact that the 4c. assessment on "street" wheat was not needed to cover carrying charges. Board members do not accept salaries for their work, so that, deducting interest on unused balances amounting to $3,122, the net cost of the Board for the 12 months is only a little more than $3,000. An order issued by the Board of Grain Supervisors for Canada provides that no grain shall be shipped out of the Province of Alberta, and that no grain shall be transferred by any railway company inside Alberta, without a permit from the Board. This prohibition is for the purpose of insuring a sufficient supply of good seed grain for the Province and a sufficient supply of grain for local consumption, other than seed. This embargo will continue in effect, it is stated, until proper authorities have had an opportunity to provide seed grain or until actual receipts of grain in country elevators warrant removal of the embargo. H. C. HOOVER'S RETURN—STATEMENT AS TO ALLIES' NEEDS, UNITED STATES SUGAR SITUATION AND GERMANY'S GRAIN. Herbert C. Hoover, U. S. Food Administrator, who went abroad in July to confer with the Food Ministries of the Allies, arrived in the United States from England on Aug. 23. Mr. Hoover was accompanied by Lewis Strauss, his private Secretary; Dr. Alonzo Taylor and Alexander H. Smith. In a statement given out on his return with regard to the food situation in the Allied countries Mr. Hoover said, in part: The harvests in France, England and Italy are better than one could expect in the tremendous drain of man power to the front. This is due to the women. There is no sight in the world that would so appeal to the American heart as that of the literally millions of women doing all the work of getting in the harvests while their men are at work in the shops and driving back the Germans. The total food that must be imported by the Allies for human consumption in the year beginning Sept. 1 is in round numbers as follows: Cereals for human consumption,500.000.000 bushels;fats (pork products and vegetable oils), 4,000,000,000 pounds; sugar, 1.500,000 tons; beet products for civilian consumption, 900,000,000 pounds. In addition to this, beef must be imported for army needs and oats for army horses. If this program is fulfilled there will be no need for drastic rationing of their food as during last year, except in beef and sugar. The world shortage in these two commodities makes it hopeless to satisfy their whole need. On the other hand, this program provides an ample supply of bread and fats, without rationing of either, and together with their own production gives sufficient supplies. The restrictions on the consumption of pork products in Allied countries have already been removed, and bread will be in full supply by Sept. 1 and of better quality than last year—and it has been pretty bad in France the last few months. . .. Upon North America falls the burden of food supply and any failure means that much less food for the civil populations. While Canada can export 100,000,000 bushels of grain this year the major part of the Allied program for next year falls upon us. We have also to feed our own enormous army. It is the largest call for food exports we have ever undertaken. We can do it if we simply have the will to live with every economy and to waste nothing, and it will put us to no hardship. By the great effort of our farmers our United States harvests are better year, but in order that we may build up a surplus of wheat this year as against possible crop failures such as we had last year, we have decided to mix 20% of other grains with flour as in all the countries fighting Germany. We cannot ask for better bread than France, and we propose the American people should maintain a common standard of bread with them. Under these arrangements, however, the bread situation in the United States will be much easier than last year, and in Allied countries an enormous improvement. Bread to them is of the first importance, as it comprises 50% of their food intake. By supplying them with bread and fats in such amounts as will not necessitate rationing on their side, we can rest assured that their courage and strength in the war will remain high during next winter. It will be a bad winter in Europe because coal will be much shorter there than even last winter, and the health of the population cannot be maintained if they, in addition, are to be also restricted in their allowance of bread and fats. Our complete fillfilment of our last year's promises in food and our assurances to furnish even larger supplies this next year have removed from them the least fear of hunger. The German drive and the apprehension of famine last spring brought a great deal of discouragement to the civilian population of England, France and Italy. The arrival, however, of the American army, their instant magnificent performance in action, the gradual,overcoming of the submarine with the assistance of our navy, together with our aasurances of all necessary food, have put a new heart into the Allies. Since the war began I have not seen their spirit so high or their determination to finish the job s.) fixed as It is to-day. SEPT. 7 1918.] THE CHRONICLE There is much bitter complaint abroad at the prices of our food products. It is necessary to remember that the working people and soldier's families of the Allied countries are upon a much lower average income than our own people. The average wage is not over 1610 per week. The Government allowance to the average soldier's family is considerably less than this. American bacon at 50 cents per pound is very difficult to them. Their Governments have found it necessary to sell our breadstuffs at a great loss In order to help the people out. On the other hand, the higher wage level in the United States renders our production costs higher in any event. The only real difficulty in the United States is sugar, and that is a shortage that cannot be helped. We cannot take ships from our army or Allied bread and send them to the East Indies to fetch us candy and sweet drinks. and we will simply have to divide the West Indian sugar with the Allies and put up with what we have. There is even then enough sugar for the essential uses for everyone, and much more than our friends in Europe have. Since I have been away I have been thanked time and again for what the American people have done in food saving during the past year. The men, women and children of the Allied countries at meetings and gatherings of all descriptions expressed heartfult appreciation for the sacrifices we have made, which have meant to them their daily bread during last year. They universally express amazement at its accomplishment on a voluntary basis. Upon the President's authority that we eat at a common table in a common cause, I have given assurance to my food colleagues in Europe that we will provide the enlarged demands for next year. We have to make good. - 947 REQUEST THAT CANDY PURCHASES BE LIMITED TO A POUND AT A TIME. Resolutions adopted by the Association of Manufacturers of Confectionery and Chocolate of the State of New York urging the public to limit purchases of candy to a pound at a time in order to conserve sugar, were made public as follows by the New York Federal Food Board on Aug. 21: Whereas, Owing to the present scarcity of sugar the United States Food Administration has curtailed the allotments of sugar for domestic use to two pounds per person per month, and has likewise curtailed the confectioners' allotment of sugar to 50% of the quantity used during the corresponding period last year, and Whereas, The Association of Manufacturers of Confectionery and Chocolate of the State of' New York desires to co-operate in every way in its power with the United States Food Administration and all other Federal authorities, in all measures which may be conducive toward winning the war; therefore be it Resolved, That this association urges the consuming public to limit its purchases of candies and chocolates to one pound at any one time and to limit its aggregate purchases to one-half its usual consumption. This restriction does not apply to the purchase of candies and chocolatesfor shipment to the men and women in the servite. In order to avoid any misunderstanding we add that this restriction applies only to the retail trade and that there is no intention to restrict the sale to dealers of the so-called manufacturers' standard five pound stock boxes or packages of count goods. A statement made by Mr. Hoover in London to the Associated Press just prior .to his return was given out by the Associated Press on Aug. 17. In it Mr. Hoover announced that universal war bread for the Allies, of better quality In its issue of Aug. 21 concerning the resolutions of the than last year, would be one of the chief results of the Food association, the "Journal of Commerce" said: Comptrollers' conferences at London. The statement was The somewhat surprising situation is presented in the confectionery trade of the Candy Conservation Committee of the New York Association reported as follows by the Associated Press: I am well satisfied with results from the conferences of food comptrollers which has been in progress during the last three weeks. These conferences were called at my request with a view to the formulation of policies and programs with regard to the entire import of food supplies to the countries at war with Germany. An agreement has been reached with regard to policies which will effect a great measure of co-ordination in the purchase and transportation of supplies during the coming year and in their equitable distribution between all the countries, and a program has been ageed upon as to the different commodities that are required not only to maintain the health but the comfort of the armies and civil populations. The people of North America are this year able to take upon their shoulders the movement of the great bulk of food supplies required, and it will therefore be possible to curtail the total length of voyage necessary to bring these supplies to the European Allies, thus effecting a considerable saving in tonnage as well as contributing a material factor of safety on account of the comparative immunity of the Atlantic lane over all others from interference by the enemy. The great transportation problem within the next year is to move sufficient American troops into Europe to give an overpowering strength against any forces the Germans may be able to bring to bear, and in order to accomplish this economy in consumption is imperative in all the Allied countries. On the other hand, the danger of privation is now passed. In the United States we have need for continued rigid economy in consumption so that we may meet the increased demands from Europe and to enable us to carry over from this more abundant harvest year a stock of foodstuffs that will form positive assurance against any possible climatic eventualities in the next harvest. Arrangements have been made by the four food comptrollers not only to cover these matters of policy, but also to provide for the erection of machinery for continuous supervision of the necessary operations. The Food Council, which is a body that has just been created, will be maintained in continuous session by means of having representatives of each Government with their headquarters in London. With the consununation of the work initiated at this conference, there will be a universal war bread of better quality than last year for all those fighting Germany, and this bread practically without rationing. There will be ample supplies of fats and meat if our populations are economical and avoid waste. We will be able to build up some stocks of cereals against the next harvest, and we shall save tonnage over last year by the shorter voyage upon which food ships must be sent. The coal miners of Europe are now at the front. Consequently, this next winter will be a period of great suffering in Europe through a shortage of coal. If the people can have liberal supplies of bread, meat and fats there can be no fear of the morale among the civil populations cf the European Allies. The promise of this has lifted a load of fear from the minds of the people on this side, particularly in France and Italy. It now remains for our people to make good, and as usual we have the resources to do it. of Manufacturers of Confectionery and Chocolate adopting at a recent meeting a resolution urging the consuming public to limit its purchases of candies and chocolates to one pound at any one time and to limit its aggrogate purchases to one-half its usual consumption. After a conference with the Food Administration the committee, comprising F. A. Chappell, William F. Heide, M. L. Morgenthau and H. W. Hoops, has also issued the following recommendation to the retail trade: .. 1. That retailers of candies and chocolate reduce the amount of show window space now used for display of candies and chocolates by one-half and use the other half for war purposes, such as Food and Fuel Conservation, War Savings Stamps, Liberty Loan, Red Cross, Y. M.C. A., Knights of Columbus, and any other worthy war activity. 2. That the general display of candies and chocolates in show windows be reduced to a minimum, and that no filled or dummy boxes larger than the one pound size be displayed. 3. That all manufacturers and retailers make an inventory, as of Sept. 7 1918, of all candy boxes, two pounds or more in size or capacity, whether filled or not, on hand or under contract—but this recommendation does not apply to the so-called manufacturers' standard five-pound stock boxes or packages of count goods. This inventory shall be kept on file by said manufacturers, retailers and dealers until called for by the United States Food Administration. 4. That all boxes containing more than one pound, now packed and wherever held, may be disposed of, but all further packing of such boxes . should cease while conservation is necessary. 5. That, as the United States Army needs all the cocoanut shells it can secure--as cocoanut candies require but a limited amount of sugar and as patriotism can be expressed in the kinds of candies consumed, in so far as possible, the manufacture, display and sale of candies containing cocoanut be encouraged. 0. That publicity should be given to the fact that during the summer months, the period of our greatest sugar scarcity, the purchase and consumption of candies and chocolates can be greatly reduced and the desire for sweets can still be gratified by the more liberal use of fresh fruits. It is not the aim of the Food Administration to discourage the purchasing of candy altogether, but to moderate its consumption, with a view to the saving of sugar, which must be saved in order to prevent shortage. An appeal to the public to limit its candy purchases to a pound at a time was made by the New York Federal Food Board on Aug. 6 in a statement which said: If you must eat candy let moderation rule your appetite. It is suggested that from now on nobody buy more than one pound of candy at any time. The heads of households also can assist the nation in explaining to children that by eating less sweets they may materially help their big brothers win the war. It is not the aim, however, of the Food Administration to discourage the purchasing of candy altogether, but to do the thing moderately with a view to saving a commodity which must be conserved to prevent a serious shortage. It is suggested, too, that all dealers in candies from now on sell only one pound to a purchaser. Our retailers should set an example and place signs in their stores informing the public that at tne request of the United States Food Administration not more han one pound of candy will be sold to patrons. Mr. Hoover was also reported to have stated on Aug. 24 that the sugar situation seemed to have been solved; that there was enough sugar on hand to meet the demands of RESTAURANTS CALLED ON TO REMOVE SUGAR this country and the Allies, and no further regulations in BOWLS. sugar conservation other than those now imposed would be In calling upon all restaurants to banish sugar bowls necessary if only the United States continued to live up to her program of sugar saving. The New York "Times" also from the tables, the New York Federal Food Board issued a statement on Aug. 19 saying: printed the following on Aug. 25: While the sugar bowl has been banished from the table in dining cars, Mr. Hoover brought back word that, all in all, Germany would have loss hotels and most of the large restaurants.there are still numerous public grain in 1918 than she had in 1917. Ile said the general grain situation eating places in the city which have failed to follow this patriotic example. inside the Central Powers was about similar to that of last year. Continuance of this practice on the part of these places Is not only harmThere is a litle more grain in Ilungary, but a little less in Austria. The ful to the sugar conservation program of the United States Food Adextreme drought in Rumania, extending to Bulgaria and the Ukraine, has ministration but is unfair to those places which are co-operating with the affected. the grain yield, and Rumania is now asking for food from her Government by serving only a fixed quantity of sugar to each patron. Allies. This is regarded as significant, for Rumania has been one of the Reastaurants which still have sugar bowls on the table are intentionally grain-producing countries, but neither she nor Bulgaria is shipping grain, or otherwise catering to those persons who turn a deaf ear to the Governwhereas last year they supplied 3,000,000 to 4,000,000 bushels to the ment's appeal to reduce sugar consumption in order .that there may be Central Powers. sufficient to carry us through to the next crop. A sugar bowl on the table The grain situation in Greater Russia and the Ukraine was very serious, in a public eating place to-daty is an invitation to persons not in sympathy lands were producing fairly well, but the with the Government to go the limit in opposing this part of the food Mr. Hoover said. The peasant Boishevild had split up the great estates of the nobles, and these were saving program. no longer being worked. In some places there were, as he put it, "acute The abolition of the open sugar bowl since the beginning of the sugar areas" of starvation. scarcity has resulted in a large saving of sugar and acted as an educational In an informal private talk with newspaper correspondents, Mr. Hoover measure to the public as well. Reports which have reached the Board paid high tribute to the American army in France. indicate that the retirement of the sugar bowl in public eating places is • 948 THE CHRONICLE [VOL. 107. saving thousands of pounds of sugar weekly. The proprietor of several lunch rooms, feeding approximately 25,000 persons a day, declared that he was saving about 1,250 pounds a month since he dispensed with the open sugar bowl. Sugar is served behind the counter, one teaspoonful to each cup of coffee or tea, in his restaurants. Another owner of two lunch rooms, serving 15,000 people a day, told of saving 750 pounds of sugar a month. Still another restaurant man, who feeds about 2,000 persons per day, said he had saved an average of 67 pounds of sugar a week since the sugar bowl was removed from the table. matter to the Food Administration. Thereupon the Food Administration appointed a special committee to take the matter up. This committee consisted of F. W. Taussig, Theodore F. Whitmarsh, C. M. Wooley, Robert A. Taft, George A. Zabriskie, and George M. Rolph. This committee has now determines that the increased margin is justified. As a consequence of the higher price for the domestic beet and cane sugars which will be soon coming into the market, and in order to minimize the inequalities that would result from having this new domestic crop at the new price and the old foreign crop at the old price in the market at the same timo, the Food Administration announces that the United States Sugar Equalization Board will on a date to be announced later purchase all sugars in the country or in transit at the old price and immediately resell them back to the holders at the now price. The exact date at which the new price will become effective has not yet been determined, nor has it been settled yet what the new price will be. standard grades of rice products at equitable prices. Sub-committees known as valuation committees have been appointed in various Southern and California cities, in which sales offices have been established. These committees were chosen by the Southern Rice Committee of the Food Administration, under whose direction all grading and classification will be done. This committee, the personnel of which was recently announced, is made up of Edgar A. Eignus and J. E'. Broussard of Beaumont, Tex., and J. H. Roman, of Now Orleans, The valuation committee will have offices in the following cities: Louisiana headquarters, New Orleans, Crowley. Sales offices, Lake Charles, Welsh, Jennings, Crowley, Rayne, Bueydan, Abbeville, Eunice, Kinder, New Iberia, New Orleans. Texas headquarters, Beaumont. Sales offices, Beaumont, Houston, Eagle Lake, El Campo, Bay City, Orange. Arkansas headquarters, Stuttgart. Sales offices, Stuttgart, Do Witt, Carlisle. California offices will be announced later. In order to save man power and expense, all rice is to be weighed at points of shipment to mills, where grading will be done by officials designated by the committees. No purchases will be made excepting at regular sales offices, unless with mbar approval of' one of the offices, and after a valuation has been set on the rice to be sold. Each mill will have allotted to it the maximum amount it may purchase of the 1918 crop, based upon its present capacity and its average receipts during the three past seasons. Millers are required to furnish, not later than Sept. 1, a sworn statement covering those facts. All rice is to be bought at the valuation and on the grades fixed by the valuation committees. Prices, based on rice in bags, will range from $7 50 per barrel for Nos.1 and 2, Honduras, Edith and Carolina (river typo), to $6 75 per barrel, Nos. 3 and 4, Japan and Early Prolific. All mills are to pay 6% cents per barrel as administration fee, to be sent to the Food Administration Grain Corporation, New Orleans. If expenses amount to less than this fee, it will be reduced in subsequent months. By agreement last month, millers pledged themselves to the Food Administration not to sell clean rice at more than 7% cents a pound for choice Japan, to 934 cents for Fancy Honduras. ARRANGEMENTS FOR DISTRIBUTION OF RICE AMONG MILLERS. Plans for the distribution of the rice crop of the country FOOD ADMINISTRATION'S PLAN TO EQUALIZE among rice millers, arranged by the U. S. Food AdminisPRICES OF OLD AND NEW SUGAR CROPS. tration after conferences with representatives of the trade, Announcement of the purpose of the United States Sugar were announced as follows by the Food Administration on Equalization Board to purchase, at a date to be announced Aug. 27: later, all sugars in the country or in transit at the old prices Equitable allocation of the rice crop of the country among all rice millers and immediately resell them back to the holders at the new has been arranged by the Food Administration, after conferences with price, was made by the United States Food Administration representatives of the trade. Last month rice millers agreed to pay certain basic prices for rough rice for milling, and the latest stop is a further folon Aug. 25. In indicating the reason for this the Ad- lowing-out of the Food Administration policy of assisting the trade in ministration said standardization, in order that the consumer may be able to purchase The Administration's announcement also said: By this devise the extra profit which would otherwise accrue to the refiners, who purchased at the old price And would sell on the basis of the new, will be absorbed by the Sugar Equalization Board, which is the Government agency charged with the equalization of sugar prices, and which is handling the machinery of sugar distribution in the country. • The Food Administration is notifying all distributers or manufacturers using sugar and all refiners of the impending change and warning the distributers and manufacturers that all their contracts should be made subject to any change in price that is authorized. It is reminding the distributers also of the rule that requires them to sell on the basis of invoice cost without regard to market or replacement value. The price difficulty which this action is designed to meet comes about through the fact that the sugar from Cuba sent to the United States refineries and the sugar from the domestic beet and cane fields overlap in the market. The Food Administration some time ago agreed with the domestic producers that an increase of price was justified on the new crop. The Food Administration has also indicated that when the new sugar price becomes effective refiners will be allowed an increased margin for cost and profit over the present margin for cost and profit over the present margin of $1 30 a hundred pounds. The new margin will be $1 45 per hundred and will be retroactive, dating from Aug. 1. This is made known in the following notice sent to the cane • refiners of the country: In the near future the domestic beet and cane sugar crops will be coming on the market. The increased cost of producing these crops requires an Increase in the price which can be charged for refined sugar. The Food Administration feels that it will be more satisfactory if a uniform price for sugar prevails throughout the United States after allowing for freight differentials, than a two-price system such as developed last fall. In any event it is not proper to allow refiners to sell refined sugar manufactured from raws, purchased at the price of the 1917-18 Cuban crop at the higher price to be arranged for new crop domestic sugars. One of the purposes for which the United States Sugar Equalization Board has been incorporated is for equalizinq the price of refined sugar in cases of this kind. The Food Administration requests you to transfer to the Equalization Board all of the-sugar owned by you on the date when the price is raised, and all sugar which is still due you under the contract of Dec. 24 between the International Sugar Committee, the agents of various Cuban producers and others at cost plus a certain allowance heroafter referred to. The Sugar Equalization Board will immediately resell to you the same sugar at a price to be based on the increased price for domestic refined sugar. The entire stock of the Sugar Equalization Board Is held by the United States, and any profit made on this transaction will be used by the Board in paying its expenses and for equalizing sugar conditions throughout the United States. The old crop of domestic sugars will be purchased from the producers on the present basis and will be resold to the same parties on the basis of the advanced price. The proposed change in price will become effective at 7 o'clock a. m. on a day to be indicated later, and will apply to all sugars then held by refiners, beet or cane sugar producers wherever located, and also to all shipments then in transit and undelivered by railroad or other carriers to purchasers of sugar, excepting only that the proposed change in price will not apply on any shipments or deliveries made before '7 a. m. on the date of its taking effect to the United States-Government or its Allies, or for export or overseas shipment. The Food Administration also announces that at the same time that the now sugar price becomes effective refiners will be allowed an increased margin for cost and profit over the present margin of Si 30 a hundred pounds. The new margin will be $1 4g per hundred and will be retroactive, dating from Aug. 1. The increase is granted on the evidence that from Aug. 1 1918, to Jan. 1 1919, the refiners will operate at a greatly reduced capacity, bringing about an increased cost per unit, duo to a shorter supply of raw sugar and increased cost of labor, material and containers. Upon the presentation of the refiners' request for an increased margin last May, the Food Administration, after considering the matter, turned it over to the Hon. Oscar S. Straus as a referee to determine whether an increase was justified. Mr. Straus called upon the Tariff Commission for expert advice, and after two months' investigation by the Tariff Commission and study by Mr. Straus he reported that from Jan. 1 to July 1 1918, the $1 30 margin gave a fair and adequate profit, and that if the conditions should remain the same for the remainder of the year no additional margin would be justified, but that the possibilities of lack of raw sugar, increase of wages, and in cost of materials, fuel, and containers would have a bearing on the proper decision, and since he could not decide upon the probability of these contingencies he referred the settlement of this EXPORTATION OF COMPOUND LARD. The War Trade Board on Aug. 23 announced that they would now consider applications for the exportation of compound lard to all countries in North, Central and South America and the West Indies. Applicants should file their applications on Form X. Applicants for licenses to export compound lard to Canada must obtain from the Canada Food Board the requisite import license and attach the same to their application to the United States War Trade Board for export license. PROPOSED FIXING OF COTTON PRICE. A break in the cotton market resulted on Thursday with reports from Washington that the War Industries Board was soon to appoint a committee to consider the desirability and feasibility of effecting a stabilization of cotton prices and other matters connected with the handling of the cotton crop. B. M. Baruch, Chairman of the Board, in indicating the intentions of that body, said: The announcement of another short crop of cotton raises in acute form the problem of satisfying the needs of the nation as well as those of the Allies and of securing an equitable distribution for the purpose of winning the war. Involved in the distribution is the problem of bringing about a reasonable stabilization of prices in the interest of both the producer and consumer. Mr. Baruch said the committee to be appointed would study the "present cotton situation, the problems of distribution, the marketing of low grade cottons, and the desirability and feasibility of effecting a stabilization of prices." The committee, it was added, would begin activities as soon as possible, and would hold hearings at convenient points in the cotton producing States and at such other places as may be found necessary so that interested parties may present their views. Announcement by the Department of Agriculture on the 3rd that the severe drouth in July and August had reduced the production forecast from 15,235,000 equivalent 500pound bales, as of June 25, to 11,137,000 bales, as of Aug.25, was responsible for the Board's decision, which was understood to have been approved by the War Council. After the Department's forecast had been made public the price SEPT. 7 1918.] THE CHRONICLE of cotton went up more than $10 a bale on the principal cotton exchanges of the country. With regard to the proposed fixing of cotton prices Walter M. Johnson, President of the New York Cotton Exchange, was quoted in the New York "Commercial"'of the 6th, as saying: In my opinion It would be a great mistake for the Government to "fix" the price of cotton, and I do not believe that Mr. Baruch had this in mind when he gave out his statement. Such action by the Govonrment would simply create an artificial situation and upset the machinery which ke2ps a balance between supply and demand. If a definite price for all Fates of cotton should be fixed there would be no further use for the contract market. I do not believe that the Government desires this eventuality. The situation in cotton is not parallel with that in wheat. Wheat is a necessity to keep the fighting machine going, and the supply was unequal to the demand of ourselves and our Allies. The Government fixed the price and made it high with the object of encouraging increased production. In the case of cotton no such necessity exists. Moreover, the Government might stand to lose a lot of money if it fixed the price of cotton. It would have.•,o make it high enough to protect the farmer. Then, if peace should be suddenly declared or the price prove too high, to fit in with current supply and demand, the Government would stand to lose. It probably will be some time before any conunittee that is to be appointed will be ready to make any recommendations, and I believe that the outturn of the crop and prevailing prices will be important factors in determining whether the price of cotton shall be regulated. Senators from the cotton growing States at a conference on the 5th decided to protest to President Wilson against any action by the War Industries Board looking to the fixing of cotton prices. Senator Smith of South Carolina, was quoted yesterday as saying: "If any price for cotton is fixed it will be fixed by the cotton growers themselves." A list of restrictions to apply to the spot cotton manufacturing industry, it was announced yesterday, has been issued by the Conservation Division of the War Industries Board. Conservation of labor, material, railroad equipment and capital are expected to result. The restrictions apply to sizes of spools, lengths, numbers and colors of thread as well as methods of packing. The letter to manufacturers states that while part of the schedule does not become effective until Jan. 1 1919, it is expected it will be put into effect as rapidly as the present stocks are exhausted. 949 The Price-Fixing Committee of the War Industries Board in fixing a tentative price on July 25 1918 on Manila hemp to remain in effect until Aug. 31 1918 announced that in the interim it would receive evidence from all interested parties, especially the Philippine Government and the Governor-General of the Philippines, and after a careful review of such evidence would determine its price-fixing policy on Manila hemp for the future. Upon transmitting to the Governor-General of the Philippines and the Philippine Government evidence submitted here, we are in receipt of cables from the Governor-General, from both branches of the Philippine Government,and from the Philippine Agricultural Congress,requesting that the fixing of price by the Price-Fixing Committee on Manila hemp be discontinued; and as no evidence was submitted indicating that our war needs or the interests of our people would suffer from relinquishing price control. it was unanimously decided by the Price-Fixing Committee in consultation with our insular representatives and other representatives of the Philippine interests present at said meeting, that there was no justification in continuing to fix a price on Manila hemp. Therefore the Price-Fixing Committee 'hereby announces that price fixing by the Price-Fixing Committee on Manila hemp expires Aug. 31 1918. The earlier statement which announced the establishment of a maximum price of 14 cents f. o. b. Manila for 1 current hemp was published in our issue of Aug. 3, page 460. CONSERVATION OF COAL THROUGH DISCONTINUANCE OF INEFFICIENT ELECTRIC LAMPS. Announcement that a plan for eliminating the inefficient types of incandescent electric lamps is made by the Fuel Administration, which states that the manufacturers have agreed to abandon the manufacture of certain types; the program, it is stated, "will mean the saving of more than 1,000,000 tons of coal." The Fuel Administration's announcement, issued Aug. 30, follows: The United States Fuel Administration, in connection with the manufacturers and dealers in incandescent electric lamps, has worked out a detailed plan for eliminating the inefficient types. The lamp manufacturers, at a meeting held in Washington Aug. 28, voluntarily agreed to abandon the manufacture'of certain types of the inefficient carbon filament lamp in accordance with the program which practically calls for the discontinuance of their manufacture and sale. There are still a few isolated cases where the carbon lamp is required,such as on battleships, where excessive vibration or shock calls for a lamp of the sturdy type. But with few exceptions, and these are confined to essentially war industries, the program is expected to gradually eliminate the carbon lamp in favor of the more efficient tungsten lamp. Central stations, public service corporations, municipal plants,and others who may be using carbon-filament lamps are being asked to assist the manufacturers as well as the Fuel Administration in working out this program, inasmuch as sweeping conservation measures are imperative if the war industries and essential public needs are to be supplied. The importance of this radical step may be judged from the fact that the program as formally adopted at the meeting will mean the saving of more than 1,000,000 tons of coal. INCREASE IN BASIC PRICE FOR PENNSYLVANIA HEMLOCK. The War Industries Board authorizes the following: The Price-Fixing Committee of the War Industries Board announced on Aug. 23 a base price of $29, an increase of $2 over the former price for Pennsylvania hemlock lumber. The entire output of No. 1 and No. 2 grades, it is further announced, will probably be required by the Government BRASS MANUFACTURERS TO SPEED UP PRODUCTION. Full co-operation with the Government officials in plans and the stock will be distributed subject to the control of the War Industries Board. Following is the official an- to expedite the rolled brass mills production to overcome the shortage in the supply of essential war materials was nouncement: After considering theinformation submitted by the Federal Trade CommLs- promised by representatives of the brass manufacturers in sion as to the cost of hemlock lumber production in the State of Pennsyl- conference with members of the War Industries Board on vania, and the information submitted by the representatives of the manuAug. 29. The latter announced this as follows: facturers of such lumber at a hearing granted them on Wednesday, Aug. 14 1918, the l'rice-Fixing Committee of the War Industries Board, by agreement with the producers, passed a ruling fixing a maximum base price for mill shipments of Pennsylvania hemlock lumber at $29 per 1,000 feet f. o. b. cars shipping point, such price to become effective midnight Aug. 15 1918, and to remain in effect to and including Oct. 20 1918. The following companies, producing the greater part of Pennsylvania hemlock lumber, were present at the hearing: Goodyear Lumber Co., Norwich, Pa.; Wheeler & Dusenbury, Endeavor, Pa.; Pennsylvania Lumber Co.,Killettsville, Pa.;Central Pennsylvania Lumber Co.,Willismsport,Pa. By reason of the construction program of the various Governmental departments, it is apparent that the Government will require substantially the entire output of No. 1 and No. 2 grades of Pennsylvania hemlock. It was, therefore, agreed at the hearing by all of the above manufacturers 1. That their entire stock and production of Pennsylvania hemlock, grades Nos. 1 and 2, will be held available for the direct and indirect needs of the Government in the war, and will be distributed and dealt in subject to the control of the War Industries Board. 2. That such of the foregoing lumber as, in the judgment of the Chief of the Lumber Section of said board, can without detriment to Governmental requirements be released for urgent commercial or other needs, may be sold to car lot purchasers (with his consent) at prices which, per Item, shall not exceed the prices as established by the attached list. The "attached" list referred to above contains the item prices, which are unchanged from the old list, except that they apply to the new $29 base. DISCONTINUANCE OF FIXED PRICE FOR MANILA HEMP. The discontinuance of a fixed price for Manila hemp was announced by the War Industries Board on Aug. 29 in a statement which said: The Price-Fixing Committee of the War Industries Board at the request of the Philippine Government and of the Philippine Agricultural Congress, and after learning from investigation that war needs and commercial interests of the United States would not suffer, announces the expiration on Aug. 31 of price fixing on Manila hemp. The action of the committee and its reasons therefor are set forth in the following statement: At a conference yesterday with Bernard M. Baruch, Chairman of the War Industries Board, and other officials of the Board, representatives of the brass manufacturers promised full co-operation with the Government officials in plans to speed up the rolled brass mills production to cure a shortage in the supply of essential war material such as shells,'cartridges, condenser tubes, &c. Plans suggested to this end were: 1. Each mill to take its full share of Government business. 2. Each mill to take work best suited to its equipment. 3. Cut of all nonessential uses ofthe products in which there is a shortage. 4. Determination by the manufacturers to get out the product in the face of obstacles—in other words, to work up to full capacity. The meeting of the manufacturers to consider the Government's requirements for its own forces and to supply the needs of the Allies was called by Everett Morss, Chief of the Brass Section of the War Industries Board. 'rho industry was largely represented. The chief difficulty in the way of maximum production, it developed, was shortage in labor. It was stated that with 9.600 additional unskilled laborers the mills could increase their output 33 1-3%. Theoretically there Is mill and machine capacity to meet demands, but full capacity is seldom attained at a mill. A number of plants are installing additional facilities, and the output of such plants will be increased shortly. The cutting out of nonessential uses of the particular products needed in the war program was urged as a necessary move in the plan to give some relief immediately to a situation that is serious. This part of the program to prevent shortage in war material will be taken care of later by the War Industries Board, and the manufacturers pledged their best efforts to get the greatest production from their mills. Their gross production is now figured at about 2,910,000 pounds per day. An increase of a third would give a production of 3,388,000 pounds per day, while the gross demands, according to latest figures, are about 4,685,000 pounds per day. SHELLAC AND OTHER LACS ON RESTRICTED IMPORTS LISTS. The War Trade Board on Aug. 15 reported that shellac, button lac, seed lac, garnet lac and (or) keerie or refuse lac had been placed on the list of restricted imports. Its announcement says: All outstanding licenses for the importation of these commodities have been revoked as to ocean shipments after Aug. 15 1918, and hereafter no licenses for their importation will be issued except such as will cover the following: a 950 THE CHRONICLE (1) Shipments from Canada or Mexico by other tnan ocean transportation. (2) Shipments from Calcutta between Oct. 1 1918 and March 31 1919, Inclusive, of a total of not to exceed 5,000 tons.:is (3) Shipments on vessels, of the ,United States Navy of quantities for Pk Is lit is. military or naval use. [VOL. 107. at this time unpatriotic, because a degree of curtailment is admittedly necessary. But better things are already in sight through a closer understanding of the importance of building materials as a war time essential, at least in part, and the Gmkrnment has itself expressed a desire to study the conditions closely so as not to make the situation any more distressing than actual necessities require. Building material prices at the week end were, for the most part, without change. Common brick prevails at the $14 level, although there is evidence that the quotations will stiffen. The demand for the last two weeks has been practically without change, the drop below $14 having been duo to overanxiousness of individual manufacturers to sell so as to release barges. Manufacturers seem confident that under the operation of the labor distribution law it will be easier for them to obtain necessary labor to burn the brick already stacked as well as fuel. Linseed oil prices remain at or near $1 90 and in consequence the September circular to the paint trade emphasizes the desirability of general use of asphaltum paints for roofs, metals, farm buildings and other kinds of rough construction as a conservation measure. It is increasingly difficult to supply the trade with linseed oil paints. Now bag rebates for Portland GENERAL IMPORT LICENSE FROM CANADA AND cement aro 25 cents instead of ten, or $1 a barrel. The NEWFOUNDLAND. export base price for this district is $1 75. An announcement made byithelWar Trade Board Aug. 14 said: In view of the adoption by the Canadian Government of the same policy of import control as that indorsed by the War Trade Board through their FACILITIES DIVISION CREATED BY WAR INDUSImport restrictions, the War Trade Board have determined to continue to TRIES BOARD TO SPEED INDUSTRIAL ACTIVITY. permit the importation from Canada and Newfoundland under a general Announcement of the creation of a Facilities Division in mentioned in the President's license, P.B.F.-3, of all articles except those Import proclamation of Nov. 28 1917 and except calciunscarbide, olive oil, the War Industries Board, under the head of Samuel P. tapioca, sago. peanuts, rabbit skins, toys, manufactures of cotton not proBush, and which is called upon to devote itself to the speedduced in Canada, tallow, cocoa beans, feathers, pumice and wheat products. Pursuant to the foregoing ruling (W.T.B.R. 200), the War Trade Board ing up of war production, was made as follows by the Board have rescinded the order heretofore issued (W.T.B.R. 161. amended July 21 on Aug. 27: OF CREOSOTE OIL FROM JAPAN PERMITTED. The list of restricted imports No. 1 has been so far modified, according to the War Trade Board on Aug. 15, as to permit the importation from Japan of 2,000,000 gallons of creosote oil (item 14) during the remainder of the present calendar year. Licenses for the importation of this quantity of creosote oil from Japan may be issued during the remainder of the present calendar year,when the applications are otherwise in order, with the proviso that such oil is shipped on vessels approved for that purpose by the Shipping Control Committee of the United States Shipping Board. The amount so permitted to come forward will be allocated by the Bureau of Imports of the War Trade Board. IMPORTATION 1918), which provided for the revocation as of Aug. 15 1918 of the aboveBernard M. Baruch, Chairman of the War Industries Board, announces mentioned general license P.B.F.-3. As to restricted commodities, gen- the authorization of a new division in the Board—the Facilities Division— from Canada and New- to which will be assigned a great deal of important work in speeding up ineral license P.B.F.-3 authorizes their importation foundland only when they are shipped by other than ocean transportation dustrial activity throughout the country to meet the demands of the war and when they originate in Canada or Newfoundland or in a country from program and to supply the essential needs of the civilian population which their importation direct is permitted. Shipment from Newfound- through the creation of new facilities. Conversion of existing industries land to Canada by boat and thence overland by lake or rail to the United into war facilities is handled by the Resources and Conversion Section, States is not considered ocean transportation within the meaning of this which is handled by C. A. Otis. ruling. At the head of the new division is Samuel P. Bush, who has been directAs a part of the new arrangement with Canada, the War Trade Board ing ordnance facilities expansion for more than a year and had an importie entry into the United States tant place in the War Industries Board since its organization. Associated has issued a general license permitting of commodities arriving at United States ports in bond for shipment to with Mr. Bush will be D. R. McLennon of Chicago, who has been apCanada upon presentation to the Collector of Customs of a Canadian im- pointed Chief of the division section of civilian industrial facilities. port license number covering the shipment in question. The Canadian It will be the duty of the Facilities Division to consider and determine all authorities on their part have agreed to authorize collectors of customs at questions of need or suggested need of new and additional industrial fatheir ports to permit the entry of shipments arriving at Canadian ports cilities for the conduct of the war. In bond for shipment to the United States upon submission of proper eviIn this connection, of course, the division will work in close co-operation dence of the issuance of a United States import license covering the im- with the Resources and Conversion Section of the Board, which has alportation in question. ready turned to war work hundreds of plants made idle or partly so by the changed conditions of the times. Wherever the conversion or enlargement of ox sting facilities can be made to meet the requirements of any new BETTER OUTLOOK FOR BUILDING MATERIALS. or .exceptional demand, full advantage will be taken of the information Reports" gathered by the Resources and Conversion Section regarding industrial According to the "Dow Service:Daily Building of Sept. 2, building material manufacturers, who earlier and supply conditions in all parts of the country. M. F. Chase, Director' of the Explosives Division of the Board, will in the war were fearful of being relegatediby Government co-operate with the facilities division in the matter of its chemical reedict to the ranks of non-essentials, have learned within quirements and other sections of specialized war facilities will be authorized all the war demands of the A council to the last few weeks that the .promise of the War Industries and established. later be made aco-ordinate divisions section of the organpart of the Government will to give to the building industry every consideration ization. The Army, the Navy, the Emergency Fleet, and other departBoard compatible with the war-winning program, are being amply ments will be represented. Questions to be determined by the division will embrace: fulfilled. Edwin B. Parker, Priorities Commissioner of the 1. Are new or additional facilities in any line of production necessary to the _manufacturers of the conduct of the war? War Industries Board, has informed 2. If necessary, Is it not possible through expansion to make existing lime that theirs is a partial war industry and that he will meet the need? receive applications from any manufacturer for a place on facilitiesexisting facilities cannot be adjusted to meet the need, how is it 3. If the preference list. This action following,a similar course best to create and locate the facilities or facility? Entering into determination of these questions will be considerations of in the case of Portland cement and certain clay products, such as capital and available labor and housing accomnotably hollow tile for special uses, has lifted one of the economic matters, with respect to material supplies, transpottation and modations; location greatest perplexities from the building manufacturing and safety; character and capacity of facility. distributing interests that have rested heavily upon them since the war began, says "The Dow.,Service." Other commodities are to receive consideration of the Board in their turn and in consequence the trade on the dawn of the last quarter of the year looks with clearer vision into the immediate future, not so much, perhaps, on the basis of new prospective construction work as upon the prospects of being able to supply sufficient building materials for reserve so that when building money does become easier building materials will not be so scarce as to make even essential building construction well nigh prohibitive. The plan to have a building material man represented on the War Industries Board has been taken up by various associations and, according to advices received in the trade last week, John A. Kling, President of the Kelley Island Limo and Transport Co. of Cleveland, has been recommended for the lace. W.A. Fay, President of the National Builders' Supply Association, in speaking of the condition of the building material interests in war time said: The building business of the country has been puain a distressing condition. Housing conditions have suffered greatly and many business firms have been forced to suspend, and one of the country's foremost enterprises is being rapidly disorganized. To hope for "business,as_usual" would be FIXED PRICES OF UNITED STATES GOVERNMENT TO APPLY TO ALLIED GOVERNMENTS BUT NOT TO CIVILIANS OF LATTER. Under a resolution of the Price Fixing Committee of the War Industries Board formally defining the Government's policy of applying maximum fixed prices it is ruled that prices are to apply to the Government and civilians of the United States, and to the Governments, but not civilians, of Great Britain, France, Italy, Belgium and Japan. Announcement of the adoption of the resolution was made as follows: At a meeting of the Price Fixing Committee, hold Aug. 27, the following resolution was passed: lie It Resolved, That where prices are stated to be fixed for vho United States Government. the Governments associated with it in this war, and the public (or primary civilian sales) the said prices are hereby declared to extend to the Government and civilians of the United States (including civilians of its territories and insular possessions) and to the following Governments, I. e., Groat Britain, France, Italy. Beigitun and Japan. And Be It Further Resolved, That these maximum prices shall not extend to purchases made by the civilians of the latter-mentioned Allied nations nor to the Governments or civilians of nations other than those above enumerated. SEPT. 7 1918.] THE CHRONICLE WAR INDUSTRIES BOARD RULES THAT NO NEW SCHOOL HOUSES ARE TO BE BUILT DURING WAR. No new school houses, unless needed for replacement, are to be built during the war, according to an announcement of the War Industries Board. This announcement was contained in a statement, made public Aug. 28, in which the Board reported that Bernard M. Baruch had suggested to the Federal Reserve Board that it work out some plan under which financial aid might be extended to industries that would be hit by the war in the industrial curtailments that are now under way and to come. In part this statement was published in our issue of Saturday last, page 848. That part referring to school and public buildings said: Mr. Baruch stated that the demand for steel was constantly increasing as the war needs and uses grow, and that the heavy war pressure on this material made any non-war use out of the question. During the week, the War Industries Board had before it a question of material for now Federal post office buildings and for new States and municipal school buildings. The Chairman said that Secretary McAdoo had decided some time ago that now public buildings were not necessz ry during the period or the war. This position was taken by the War Industries Board. Also the War Industries Board has ruled that new school buildings unless needed for replacement, came within the same prohibition and could not be supplied with material in view of war need. He pointed out that the construction of buildings involved the use of labor, material, transportation and fuel, all of which are needed urgently in war work. PRESIDENT WILSON IN LABOR DAY MESSAGE SPURS LABOR TO SUPPORT OF WAR. In a Labor Day message to all Americans whom he characterized as "all enlisted men, members of a single army" President Wilson urged that the day be made "a day of fresh comprehension not only for what we are about, and of consecration and of renewed and clear-eyed resolution but a day of consecration also in which we devote ourselves without pause or limit to the great task of setting our own country and the whole world free to render justice to all." The President described this as "the war of all wars which labor should support and support with all its concentrated power." "It is a war," he said, "which industry must sustain. The army of laborers at home is as important, as essential, as the army of fighting men in the far fields of actual battle. . . To fail to win would be to imperil everything that the laborer has striven for and held dear since freedom first had its dawn and his struggle for justice began." The following is the message in full: Mu Fellow-Citizens: Labor Day, 1918, is not like any Labor Day that we have known. Labor Day was always deeply significant with us. Now it is supremely significant. Keenly as we were aware a year ago of the enterprise of life and death upon which the nation had embarked, we did not perceive its meaning as clearly as we do now. We knew that we were all partners and must stand and strive together, but we did not realize, as we do now, that we are all enlisted men, mesibers of a single army, of many parts and many tasks, but commanded by a single obligation, our faces set toward a single object. We naw know that every tool and every essential industry is a weapon, and a weapon wielded for the same purpose that an army rifle is wielded—a weapon which if we were to lay down no rifle would be of any use. And a weapon for what? What is the war for? Why are we enlisted? Why should we be ashamed if we were not enlisted? At first it seemed hardly more than a war of defense against the military aggression of Germany. Belgium had been violated, Franco invaded, and Germany was afield again, as in 1870 and 1866, to work out her ambitions in Europe, and it was necessary to meet her force with force. But It is clear now that it is mum more than a war to alter the balance of power in Europe. Germany, it is now plain, was striking at what free men everywhere desire and must have—the right to determine their own fortunes, to insist upon justice, and to oblige Governments to act for them and not for the private and selfish interest of a governing class. It is a war to make the nations and peoples of the world secure against every such power as the German autocracy represents. It is war of emancipation. Not until it is won can men anywnere live free from constant fear or breathe freely while they go about their daily tasks and know that Governments are their servants, not their masters. This is, therefore. the war of all wars, which labor should support and support with all its concentrated power. The world cannot be safe, men's lives cannot be secure, no man's rights can be confidently and successfully asserted against the rule and mastery of arbitrary groups and special interests so long as Governments like that which after long premeditation drew Austria and Germany into the war are permitted to control the destinies and the daily fortunes of men and nations, plotting while honest own work, laying the fires of which innocent men, women, and children are to be the fuel. . You know the nature of this war. It is a war which industry must sustain. The army of laborers at home is as important, as essential, as the army of fighting men in the far fields of actual battle. And the laborer is not only needed as much as the soldier. It is his war. The soldier is his champion and representative. To rail to win would be to imperil everything that the laborer has striven for and held dear since freedom first had its dawn and its struggle for justice began. The soldiers at the front know this. It staels their muscles to think of it. They are crusaders. They are fighting for no selfish advantage for their own nation. They would despise any one who fought for the selfish advantage of any nation. Tney are giving their lives that homes everywhere as well as the homes they love in America may be kept sacred and safe, and men, everywhere be free as they Insist upon being free. They are fighting for the ideals of their own land—great ideals. Immortal ideals, ideals wnich shall light the way for all men to the places where justice Is done and men live with sifted heads and emancipated spirits. That is the reaton they fight with lolemn joy and are invincible. 951 Let us make this, therefore, a day of fresh comprenension, not only for what we are about and of renewed and clear-eyed resolution but a day of Consecration also in which we devote ourselves without pause or limit. to the great task of setting our own country and the whole world free tl-render justice to all and of making it impossible for small groups of polite' cal rulers anywhere to disturb our peace or the peace of the world or in any way to make tools and puppets of those upon whose consent and upon whose power their own authority and their own very existence depend. We may count upon each other. The nation Is of a single mind. It is taking counsel with no special class. It is serving no private or singleinterest. Its own mind has been cleared and fortified by these days, which burn the dross away. The light of a new conviction has penetrated to every class amongst us. We realize as we never realized before that. we are comrades dependent upon one another, irresistible when united. powerless when divided. And so we join hands to lead the world to a new and better day. WOODROW WILSON. PRESIDENT WILSON'S PROCLAMATION PUTTING INTO EFFECT THE NEW DRAFT LAW. Immediately following the signing of the new Man Power Bill on Aug. 31, President Wilson issued a proclamation putting the new law into effect. The proclamation makes ringing appeal to the manhood of the nation to respond to the new call. "We solemnly purpose," it reads,"a decisive victory of arms, and deliberately to devote the larger part of the military man power of the nation to the accomplishment of that purpose." And again, "This will be our final demonstration of loyalty, democracy and the will to win, our solemn notice to the world that we stand absolutely together in a common resolution and purpose." After announcing his approval of the new Man Power Act and quoting the sections of the Selective Service Act as amended the President in his proclamation said: Now, therefore, I, Woodrow Wilson, President of the United States, do call upon the Governors of each of the several States and Territories, the Board of Commissioners of the District of Columbia and all members of local boards and agents thereof appointed under the provisions of said Act of Congress approved May 18 1917 and all officers and agents of the several States and Territories, of the District of Columbia and of the counties and municipalities therein to perform certain duties in the execution of the foregoing law, which duties will be communicate d to them directly in regulations of even date herewith. And I do further proclaim and give notice to every person subject to registration in the several States and in the District of Columbia, in accordance with the above law, that the time and place of such registration shall be between 7 a. m. and 9 p. m. on Thursday, the 12th day of September 1918, at a registration place in the precinct wherein he then has his permanent home, or at such other place as shall be designated by public notice by the local board having jurisdiction of the area wherein he then has his permanent home. All male persons in the United States who shall have attained their eighteenth birthday, and who shall not have attained their forty-sixth birthday, on or before Thursday, Sept. 12 1918, the day herein named for registration, are required to register; provided, however, that the following persons are hereby exempted from registration, to wit: Persons who, prior to the day herein set for registration, have registered under the terms of the Act approved May 18 1917. or under the terms of the public resolution of Congress approved May 20 1918, whether called for service or not; officers and enlisted men of the regular army; officers commissioned in the army of the United States and men of the forces drafted under the provisions of the Act approved May 18 1917; officers and enlisted men of the National Guard while in the service of the United States; officers of the officers' reserve corps and enlisted men in the enlisted reserve corps while in the service of the United States; officers and enlisted men of the navy and marine corps; officers and enlisted and enrolled men of the naval reserve force and marine corps reserve while in the service of the United States; and diplomatic representatives, technical attaches of foreign embassies and legations, consuls general, consuls, vice consuls and consular agents of foreign countries residing in the United States who are not citizens of the United States. A day or days for registration in the Territories of Alaska, Hawaii and Porto Rico will be named in later proclamations. As required by the regulations, every local board having jurisdiction in a city of 30,000 population or over will promptly cause the mayor thereof to be notified of the place or places designated for registration; every local board having jurisdiction in a county, parish or similar unit will promptly cause the clerk thereof to be notified of the place or places designated for registration, and every local board having jurisdiction in a State or Territory, the area of which is divided into divielotur for the administration of the Act approved May 18 1917, will promptly cause the clerks of the townships within its division to be notified of the place or places designated for registration. And 1 do call upon every mayor, county clerk or township clerk receiving such notification to have a list of said places of registration posted, and do charge him with the duty of having all persons make inquiry informed of the place or places at which they may register. Any person who, on account of sickness, will be unable to present himself for registration may apply on or before the day of registration at the office of any local board for instructions as to how he may register by agent. Any person who expects to be absent on the day designated for registration from the jurisdiction of the board in which he then permanently resides may register ny mail, but his registration card must reach toe local board having jurisdiction of the area wherein he then permanently resides by the day herein named for registration. Any such person should apply as soon as practicable at the office of a local board for instructions as to how he may register by mail. Any person who hat; no permanent residence must register at the place designated for registration by the local board having jurisdic.ion of the area wherein he may be on the day herein named for registration. Any person, who on account of absence at sea, or on account of absence without the territorial limits of the United r•stes, may be unable to comply with the regulations pertaining to absentees, shall, within five days after reaching the United States, register with his proper local board, or as provided in the regulations for other absentees. Fifteen months ago the men of the country from twenty-one to thirty years of age were registered. Three months ago, and again last month, those who had just reached the age of twenty-one were added. It now remains to include all men between the ages of eighteen and forty-five. 952 THE CHRONICLE [VoL. 107. in college • • men already • This is not a new policy. A century and a quarter ago it was deliberately be largely in the nature of a try-out for ordained by those who were then responsible for the safety and defense of or about to enter. When the student-soldiers have received the nation that the duty of military service should rest upon all able- tho specified period of intensive training, they will be assigned bodied men between the ages of eighteen and forty-five. We now accept and fulfill the obligation expressed in our national statutes from that time to military duty in one of the following ways: until now. We solemnly purpose a decisive victory of arms and deliber1. Transferred to a central officers' training camp. ately plan to devote the larger part of the military man power of the 2. Transferred to a non-commissioned officers' training school. nation to' the accomplishment of that purpose. 3. Assigned to the school where they are enrolled for further intensive • The younger men have from the first been ready to go. They have work in a specified line for a limited time. furnished voluntary enlistments out of all proportions to their numbers. 4. Assigned to the vocational training section of the crops for technical Our military authorities regard them as having the highest combatant training of military value. qualities. Their youthful enthusiasm, their virile eagerness, their gallant 5. Transferred to a cantonment for duty with tropps as a private. spirit of daring make them the admiration of all who see them in action. of serving in this great war, but also They covet not only the distinction -SEPTEMBER 12 NEW DRAFT LAW IN EFFECT the inspiring memories which hundreds of thousands of them will cherish through the years to come of a great day and a great service for their REGISTRATION DAY. country and for mankind. The new Man Power Bill, as finally passed by the Senate By the men of the older group now called upon, the opportunity now opened to them will be accepted with the calm resolution of those who on Friday last (Aug. 30), became a law with the signature realize to the full the deep and solemn significance of what they do. Having of President Wilson on Aug. 31, and immediately thereafter made a place for themselves in their respective communities, having assumed at home the graver responsibilities of life in many spheres; looking was put into effect by Presidential proclamation, Sept. 12, back upon honorable records in civil and iodustrial life, they will realize being set as the day for registering all men between the age as perhaps no others could, how entirely their own fortunes and the forand 45, both inclusive. The President's tunes of all whom they love are put at stake in this war for right, and will of 18 and 20 and 32 know that the very records they have made render this new duty the proclamation and the full text of the new law will be found commanding duty of their lives. They know how surely this is the nation's elsewhere in these columns. The registrants will be classiwar, how imperatively it demands the mobilization and massing of all and their order in the our resources of every kind. They will regard this call as the supreme fied under the questionnaire system call of their day and will answer it accordingly. various classes will be determined by a drawing to be held Only a portion of those who register will be called upon to boar arms. at Washington. The total number of men to be obtained Those who are not physically fit will be excused; those exempted by alien registration is allegiance; those who should not be relieved of their present responsibilities; for general military service under the new above all, those who cannot be spared from the civil and industrial tasks at es1imated at 2,300,000, of whom two-thirds, it is thought home upon which the success of our armies depends as much as upon the will be between the ages of 18 and 20 years. The War fighting at the front. But all must be registered in order that the selection service may be made intelligently and with full information. Department will place youths in their nineteenth year in a for military This will be our final demonstration of loyalty, democracy and the will to separate group which will not be drawn on until the supply win, our solemn notice to all the world that we stand absolutely together of other available men in the new classes is exhausted. in a common resolution and purpose. It is the call to duty to which An estimate prepared by the Provost-Marshal-General's every true man in the country will respond with pride and with the consciousness that in doing so he plays his part in vindication of a great cause office gave the number of men who would be affected by at whose summons every true heart offers its supreme service. the draft ages as 12,788,758, as compared In witness whereof I have hereunto set my hand and caused the seal the extension of with 9,568,508 who were registered under the original of the United States to be affixed. • Done in the District of Columbia this 31st day of August in the year of selective service law which included men between the ages 'our Lord one thousand nine hundred and eighteen, and of the independence of 21 and 31, inclusive. The statement as given out by tho of the United States of America, the one hundred and forty-third. By the President: ROBERT LANSING, Secretary of State. WOODROW WILSON. GOVERNMENT EDUCATION OF DRAFTED YOUTHS. . Widespread misapprehension of the so-called educational clause of the new Draft Act was caused by the circulation of a report sent out from Washington by the correspondent of a "news syndicate" to the effect that it was the intention of the Government to educate all drafted men between the .ages of 18 and 21 who saw service in the army. The article .alleged that 400 colleges had been commandeered by the Government.for this purpose. During the course of the _debate in the Senate on Aug. 30, Senator Chamberlain, Chairman of the Military Committee, took occasion to deny this report, saying: There is no provision in the man-power bill which would authorize the Government to educate these men. It is only the intention of official 'of the War Department to educate men for certain lines of duty in the 'army and such technical experts as are required. • The section of the new law referred to reads as follows: Section 7. That the Secretary of War is authorized to assign to educational institutions, for special and technical training, soldiers who enter and the military service under the provisions of this Act in such numbers under such regulations as he may prescribe; and is authorized to contract with such educational institutions for the subsistence, quarters and military and academic instruction of such soldiers. Youths eighteen years of ago and older, however, who are either now in college or had planned to go this fall, are being urged by the War Department to enter just as if the • legislation had not been passed. When the Government wants these young men for active service in the field they will be called, says a Washington dispatch to the"World" of this city. Meanwhile, officials want them to get all the schooling possible between the time college opens and the date of their call for active service. How long they will be permitted to remain is problematical, but Uncle Sam is anxious that they lose no time unnecessarily from their studies. Graduates of high schools, who are prepared to enter college, may apply to any college or university, it is stated, which has signified its willingness to become a part of the new co-operative educational system. They must pay their own expenses until the new system becomes effective, which will be as near Oct. 1 as practicable, and students who pass the physical and other required examinations will be inducted into military service, their tuition and subsistence paid, and they will , receive the pay of privates in the army. • Equipment already is available, it is said, for approximately 100,000 young men,who will become members of the Students' Army Training Corps. Equipment for an additional 50,000 will be provided later. The first three months of the course, from Oct. 1 until the end of December, will War Department said: Estimates have been made by this office of the proportionate shares which the several States would contribute toward the total number of men to be registered under the recent Act of Congress extending the age limits of the selective draft. These estimates are based on the ratio which the total registration on June 5 1917 is expected to bear to the total registration under the new Act. At the time preparations were first being made for the registration under the law extending the ages to 18 and 45, both inclusive, the calculations of the Provost Marshal-General, based on data furnished by the Census Bureau and by insurance actuaries, placed the total population of the new ages to be included at 13,000,000 in round numbers. More accurately stated, the number was 13,190.000. But, although this is the estimated number of males of those ages, the law does not require persons in active military or naval service to register, such registration being obviously impracticable for these men. It cannot be stated with certainty just what is the number of men of these ages in the army and navy. But all of the inductions under the selective service law have been between the ages of 21 and 30; therefore, all men between the ages of 18 and 20 and 32 and 45 now in active service in the army and navy must have come in by enlistment. The total number of enlistments in the army, navy and Marine Corps to date is estimated at nearly 1,400,000. Of this number it is estimated that those under the age of 21 (which includes a small number under the age of 18) total about 245.000; and that the number oetween the ages of 32 and 45 is about 165,000, or an estimated total of 410,000 men in active military and naval service between the ages of 18 to 20 and 32 10 45. These 410,000 are, under the law, not obliged to register and must, therefore, be deducted from the 13,190,000 in making estimates as to the number who are actually duo to register. This deduction will leave about 12,780,000 as the approximate number of registrants to be expected if the maximum number is attained. State's Estimated Totals. To ascertain the estimated shares of those registrants to be expected in the several States the above figure of 12,780,000 has been distributed in the same ratio shown by the registration of ages 21 to 30 on June 5 1917. This ratio, of course, will not be exactly fulfilled in the coming registration owing to the shifting of the industrial population, the different distribution of ages in the different States, and certain other minor considerations, but it is the nearest ratio that is attainable. The results are the following estimates for the respective States: 157,665 243,271 Nebraska Alabama 16,116 49,794 Nevada Arizona 50,013 198,746 New Hampshire Arkansas 405,509 398,552 New Jersey California 44,652 112,139 New Mexico Colorado 1,345,457 213,329 New York Connecticut 263,242 29,489 North Carolina Delaware 87,929 43,152 North Dakota District of Columbia 739,427 Ohio 110,940 Florida 227,884 309,972 Oklahoma Georgia 84.404 55,461 Oregon Idaho 1,087,692 859,834 Pennsylvania. Illinois 71,431 Rhode Island 340,920 Indiana 170,049 287,847 South Carolina Iowa 77,179 200,413 South Dakota Kansas 251,865 254,108 Tennessee Kentucky 546,187 Texas 212,580 Louisiana 58,863 80,770 Utah Maine 36,316 162,090 Vermont Maryland 241,974 483,646 Virginia Massachusetts 146,853 498,965 Washington Michigan 167,753 296,856 West Virginia Minnesota 326,377 185,715 Wisconsin Mississippi 30,520 396,509 Wyoming Missouri 117,703 Montana SEPT. 7 1918.] THE CHRONICLE VOLUNTARY ENLISTMENTS STOPPED EXCEPT FOR MEN BETWEEN 46 AND 56. An order was issued by the War Department on Sept. 4 closing all recruiting stations and putting a stop to all voluntary enlistments except of men between the ages of 46 and 56, who will still be accepted as volunteers for special service. A statement issued by the Department read as follows: Instructions have been issued to all recruiting officers in charge of recruiting districts to close the recruiting stations as soon as practicable. The enlisted men at the recruiting stations are to be sent to the nearest recruit depot, whore they are to be physically examined and their qualification records made out, with a view to their assignment to appropriate duty. The six recruit depots, namely, Fort Slocum, New York; Columbus Barracks, Ohio; Fort Thomas, Kentucky; Jefferson Barracks, Mksouri; Fort Logan, Colorado, and Fort McDowell, California, are co be utilized during the continuance of the war as mobilization places for selective service men, whence these men will be distributed to organizations. Tho only original voluntary enlistments hereafter authorized will be of men over forty-six years of age and under fifty-six years. The enlistment of these men is authorized only for staff corps and departments. There are few applications for enlistment from among this class of men, and the enlistment of such as are found qualified can be effected at the mobilization depots enumerated above or any one of the military posts or encampments throughout the country. Voluntary enlistments for both the army and navy have been suspended since Aug. 8, when an order to that effect was issued by Secretaries Baker and Daniels. At that time the new draft law was under discussion with age limits of 18 to 45, and it was feared that serious disruption of industry would result from a rush of men to enlist under the impression that they were going to be drafted any way and preferred to join the service voluntarily. A statement issued by Secretary Daniels then explained: The largo increase in enlistments in the Navy and Marine Corps has made it possible to suspend further enlistment until pending legislation affecting the draft for the army is disposed of. When it is resumed it will be in full co-operation with the War Department under arrangements which will secure all the men needed for both services. The new draft law makes drafted men liable for service in the Navy and Marine Corps as well as the Army. EXEMPT CLASS BROADENED TO INCLUDE BANKERS AND COMMERCIAL MEN HOLDING RESPONSIBLE POSITIONS. In accordance with Section 2 of the new Draft Act, which broadens the basis of exemption by adding the words "occupations or employments" after the word "industries" in specifying who may be exempted on industrial grounds, Provost Marshal General Crowder announced on Sept. 4 that bankers and other highly trained persons engaged in employments not previously regarded as warranting deferred classification may now apply for exemption on grounds that their work is necessary to the nation. Men holding important positions in the Red Cross and similar organizations, those engaged in public health work, &c., are also entitled to deferred classification. The widening of the draft ages to include men up to 45 years has greatly complicated the problem of how to avoid a serious disruption of industry. It is understood that plans are now being worked out by representatives of the Provost Marshal General and the War Industries Board for classifying the industries of the nation as to their essentiality, as a guide for the local draft boards in passing on claims for industrial exemption. Details of the new plans are expected to be published in a few days. Mere employment in an industry coming within any of these groups, it is explained, will not of itself be sufficient cause for exemption from military service. 953 UNITED STATES SENATE PASSES DRY ZONE RESOLUTION. • The U. S. Senate on Sept. 5 adopted, with only one dissenting vote, a joint resolution introduced by Senator Kellogg, authorizing and empowering the President to establish prohibition zones of such width as he may deem necessary around all munition plants, coal mines, shipyards and plants where essential war industries are in progress. The resolution, which follows,is yet to be acted upon by the House: The President is hereby authorized and empowered at any time to establish zones of such size as he may deem advisable about coal mines, munition factories, shipbuilding plants, and such other plants for war material as may seem to him to require such accion whenever, in his opinion, the creation of such zones is necessary to or advisable in the proper prosecution of the war. And he is hereby authorized and empowered to prohibit the sale, manufacture, and dis:ribution of intoxicating liquors In such zones, and any violation of the President's regulations shall be punishable by a fine of $1,000 or one year's imprisonment or both. The above resolution carries practically the same regulation as to the declaration of military zones as Senator Sheppard's amendment, adopted by the Senate on Aug. 29, to the National Food Stimulation Bill, providing that national prohibition shall become effective July 1 1919 and continue during the war and until all the American troops are brought home and demobilzed. On Account of the Sheppard amendment being tied up in the Senate, it was thought advisable to put through a separate resolution so as to enable the Government to deal immediately with conditions resulting from reported sales of intoxicating liquors to war workers. The Sheppard amendment now pending in the Senate is a substitute both for the original amendment of Representative Randall of California, prohibiting the use of an appropriation of $11,000,000, provided for in the Food Stimulation Bill (to which we referred in these columns on June 8) unless the President should exercise his present authority to stop manufacture of beer and wines (an amendment adopted by the House when it passed the bill May 23 last) and for the original Senate Agriculture Committee provision to stop sales of all intoxicating beverages Jan. 1 next. The full text of the Sheppard amendment approved on Aug. 29 follows: That, after June 30 1919, until the conclusion of the present war, and thereafter until the termination of demobilization, the date of which shall be determined and proclaimed by the President of the United States, for the purpose of conserving the man power of che nation and to increase efficiency in the production of arms, munitions, ships, food and clothing for the Army and Navy, it shall be unlawful to sell for beverage purposes any distilled spirits, and during said time no distilled spirits held in bond shall be removed therefrom for beverage purposes, except for export. After May 1 1919, until the conclusion of the present war, and thereafter until the determination of demobilization, the date of which shall be determined and declared by the President of the United States, no grains, cereals, fruit or other food products shall be used in the manufacture or production of beer, wine or other intoxicating malt or vinous liquor for beverage purposes. After June 30 1919, until the conclusion of the present war, and thereafter until the termination of demobilization, the date of which shall be determined and proclaimed by the President of the United States, no beer, wine or other intoxicating malt or vinous liquor shall be sold for beverage purposes, except for export. The Commissioner of Internal Revenue is hereby authorized and directed to prescribe rules and regulations, subject to the approval of the Secretary of the Treasury, in regard to manufacture and sale of distilled spirits and the removal of distilled spirits held in bond after June'30 1919, until this Act shall cease to operate, for other than beverage purposes, also in regard to the manufacture, sale and distribution of wine for sacramental, medicinal or other than beverage uses. After the approval of this Act no distilled malt, vinous or other intoxicating liquors shall be imported into the United States during the continuance of the present war and period of demobilization. Any person who violates any of the foregoing provisions shall be punished by imprisonment not exceeding one year, or by a tine not exceeding $1,000, or by both such imprisonment and fine. Provided, that the President of the United States be, and hereby is, authorized and empowered, at any time after the passage of this act, to establish zones of such size as he may deem advisable about coal mines, munition factories, shipbuilding plants and such other plants for war materials as may seem to him to require such action whenever, in his opinion, the creation of such zones is necessary to and advisable in the proper prosecution of the war, and that he is hereby authorized and empowered to prohibit the sale, manufacture or distribution of intoxicating liquors in such zones, and that any violation of the President's regulations In this regard shall be punished by imprisonment for not more than one year, or by a fine of not less than $1,000, or.by both fine and imprisonment. Provided further, that nothing in this Act shall be construed to interfere with the power conferred upon the President by Section 15 of the Food Control Act, approved Aug. 10 1917. RESOLUTION AUTHORIZING FREEDOM FROM DUTY OF IMPORTS OF ARTICLES DEVOTED TO RELIEF PURPOSES. A resolution authorizing the importation, without duty, of articles for the American National Red Cross to be devoted or used by it solely to or for the benefit of the land or naval forces of the United States or its Allies, or for the relief of the civilian population of the United States or its allies was adopted by the House of Representatives on Aug. 21 ONE MILLION DOLLARS FOR FIRE FIGHTING ON The following is the text of the resolution: NATIONAL FORESTS. Be it enacted, ctc., That during the continuance of the state of war now existing, and during the period of one year thereafter, there may be imThe President has authorized a loan of one million dollars ported into the United States free of the payment of any import duty any articles of clothing, medicine, drugs, hospital supplies and equipment, to the Forest Service for fire-fighting expenses, to meet the goods, wool and cotton, and the products thereof, donated by any person serious emergency conditions in the national forests of the or persons abroad and consigned to the American National Red Cross: Northwest and the Pacific Coast States. The loan was Provided, That such articles or supplies are not to be sold but are only to be donated or used by it solely to or for the benefit of the land or naval made from the special defense fund of $50,000,000 placed forces of the United States or of the allies of the United States, or for the at the disposal of the President by Congress. It is recogrelief of the civilian population of the United States or any of its said allies. nized that the protection of the national forests is an imSec. 2. That the Secretary of the Treasury shall prescribe such regulaportant and essential war activity. Forestry officials retions as may be necessary to carry this Act into effect. 954 THE CHRONICLE gard the present fire season in the Northwest as in some ways the most serious with which the Government has ever had to cope. Early drouth, high winds, electrical storms, labor shortage, and depletion of the regular protective force as a result of the war have combined to make the fire conditions unprecedentedly bad. Necessity for resort to the Presidential fund is due to the fact that the appropriation bill for the Department of Agriculture for the current year has not yet been passed. QUESTIONNAIRE TO TELEGRAPH AND TELEPHONE COMPANIES TO FIX COMPENSATION. To assist in determining the compensation to the telegraph and telephone companies taken over by the Government, Postmaster General Burleson has sent to each telephone and telegraph company a questionnaire prepared by the Inter-State Commerce Commission at the request of the Post Office Department. The Post Office Department announces this in a statement which says: [VOL. 107. POSTMASTER-GENERAL BURLESON' ORDER CALLING S FOR INSTALLATION COST FOR NEW TELEPHONES. Charges for new installations and all changes in locations of telephones were made effective Sept. 1 under the following order issued on Aug. 28 by Postmaster-General Burleson: Aug. 28 1918. Order No. 1931: Owing to the necessity for conserving labor and material and to eliminate a cost which is now borne by the permanent user of the telephone, a readiness to serve or installation charge will be made on and after Sept. 1 1918, for all new installations, also a charge for all changes in location of telephones. Installation charges to be as follows: Where the rate is $2 a month or less $5 Where the rate is more than $2, but not exceeding $4 a month 10 Where the rate is more than $4 a month 15 The moving charge to the subscriber will be the actual cost of labor and material necessary for making the change. In accordance with Bulletin No. 2, issued by me Aug. 1 1918. stating that "until further notice the telegraph and telephone companies shall continue operation in the ordinary course of business through regular channels," in all cases where rate adjustments are pending or immediately necessary they should be taken up by the company involved through the usual channels and action obtained wherever possible. In all cases, however, where rates are changed such changes should be submitted to me for approval before being placed in effect. A. S. BURLESON,Postmaster-General. The Act authorizing the President to take possession and assume control of the telegraph and telephone systems provided that just compensation to the companies shall be determined by the President. The telegraph and telephone committee which is engaged in determining a basis of compensation will make use of the information procured through these questlionmakes before reporting on the subject. The inquiry made of telegraph companies is as to operating revenues and operating expenses during the last six months of 1914, during the year 1915, FEATURES OF THE GOVERNMENT CONTRACT WITH 1916 and 1917, and the six months ending June 30 1918; and the estimated THE RAILROADS. operating revenues and expenses for the year ending June 30 1919. CoverThe form of contract which the Government proposes to ing the same period information is sought as to telegraph and cable operating revenues, uncollectible operating revenues, taxes assignable to opera- execute with the railroads, providing for the compensation tions, deductions from net operating revenues, operating income, income to be paid the carriers while under Federal control, was made from lease of plant, rent from lease of plant, miscellaneous rents in connection with telegraph and cable operations only; net interest on its debt public by Director-General of Railroads W. G. McAdoo on other interest deductions, dividend appropriations of income, dividend Sept. 5. In announcing the terms of the final draft approved appropriations of surplus, plant and equipment installed (net); total by the Government, Mr. McAdoo said: revenues from telegraph transmission, total revenues for cable transmission, Of course no railroad company is compelled to accept the form of contract total non-transmission revenues, contract revenues; and amount of deprethe Government offers. The company is free to reject the contract and go dation charged to operating expense account. into the Court of Claims to obtain such compensation as the Court of The companies are asked what basis should be used in determining just Claims will allow and to work out, under statutory and general legal princompensation, and what factors have been used in reaching conclusion in ciples, all the details of the rdationship which will arise between the Govanswer to this question. Full information on the subject is requested. ernment and the company on account of Federal control. I am convinced, "Are the conditions such under your company management," is asked, however, that the contract offerei by the Government is just and reason"keeping particularly in mind the present and prospective cost of labor aole. The railroad owners have no right to assume more than that, and if and materials, that the estimated net earnings for the year beginning the Government offers less they are fully protected by their right to reject July 1 1918, will be sufficient to cover the compensation," etc. If this the Government's offer and go into the Court of Claims. Is not the case, the company is requested to state fully what increase in The contract as made public by Mr. McAdoo this week revenue is considered necessary to put the company on such a basis, and It is stated that estimates for operating expenses should be shown in budget is not acceptable to the special committees of the National form. Association of Owners'of Railroad Securities, and their oppoThe companies are further required to state total investment in plant and equipment, capital stock outstanding, funded debt outstanding, sition is referred to more at length in another article. In his amount of other interest-bearing securities outstanding, number of offices, statement explaining the contract, Mr. McAdoo said: • miles of pole lines, miles of copper wire, and miles of iron wire. Frequently the argumencs urged in opposition to certain features of the The companies are instructed that answers should be complete; and proposed contract have suggested the idea that under any such contract the full information as to the reasons for conclusions presented, as well as railroads would be in a much worse position than if they remained in pridetailed information as to the records or conditions, which in the opinion vate management. It may be well, therefore, to look at the situation of the reporting officer justify the conclusions. which confronted the railroads last December, and to consider witu would The questionnaires are in a form blank to be filled out by each company probably be their present status if still in private management. and sworn to. The questionnaires addressed to telephone companies Last December the expenses of the railroads were increasing with great are similar in form, differing in the character of questions only in so far rapidity. They were hedged about in their efforts to obtain increased as the character of the service differs. rates by the numerous and various restrictions imposed by the States, and also by the limitations imposed by the Inter-State Commerce Act. They were confronted by imperative demands for greatly increased REINSTATEMENT OF DISCHARGED EMPLOYEES OF wages and were without machinery to insure an amicable settlement of these demands. WESTERN UNION AND APPROVAL OF They were finding it almost impossible to borrow money on any terms to WAGE INCREASES. make the improvements which were indispensable to enable them to perAnnouncement was made on Aug. 19 by Newcombe form their public service. The operation results for the first four months had been under private control during of 1918 indicate Carlton, President of the Western Union Telephone & that period theythat if the railroadsoperating income, as compared with the would have lost in Telegraph Company that the 10% wage increase proposed corresponding period of the preceding year, $136,116,533; and as compared by the company for its employees had been approved by with an average of the corresponding period for the three-year test period, the Postmaster General Burleson. The increase, the terms $96,064,356. no account of the wage increase subsequently made, which This takes of which were recently announced, applies to about 45,000 nevertheless was retroactive to Jan. 1. These adverse conditions, coupled with the extreme difficulty of borrowing money, would probably have reworkers belonging to the recently formed Association of suited in the failare of some of the most Important railroad companies in Western Union Employees. It will add $3,000,000 to the the country to meet their obligations under private management. company's payroll. The advance aggregates 10% to all employees except messengers and others working on commissions, and those on salary receiving more than $3,000 a year. The Post Office Department in announcing on the 19th its approval of the wage increase said: Postmaster General Burleson stated to-day that he had approved an increase In wages for the employees of the Western Union Telegraph Co., and that this increase was not discriminatory in any manner. Shortly after assuming control of the telegraph and telephone companies the Postmaster General was advised by the officers of the Western Union Telegraph Co. that they had under way negotiations for this increase, and he told them to proceed in the regular manner. When a conclusion had been reached the recommendation for an increase was submitted to him, and apprc‘ed %fter very careful consideration. It has also been announced that employees of the company who had been discharged for joining the Commercial Telegraphers' Union of America were eligible for reinstatement under a ruling by Postmaster General Burleson, viceresident Atkins is credited with having stated on Lug. 21 hat between 650 and 700 men discharged before and since e Government assum d control of the lines would be rerl.oyed. In disposing of one of the objections which had been made to the contract—that the Government ought to leave open for litigation at the end of Federal control the question whether the railroad had been damaged by diversion of its business during Federal control—Director-General McAdoo said: This claim is untenable, because the railroads have been taken over for war purposes, which necessitates diversion of traffic, hence there can be no escape from the view that Congress intended the compensation which it authorized to cover this element. This demand for certain interests is, In effect, for an opportunity to litigate and is a demand which need not be urged if the railroad company, instead of making the contract offered, should instead gb to the Court of Claims to get its compensation. In this event the railroad company would get only a single compensation, covering its entire clahn, including any damages for alleged diversion, and would not be allowed to litigate at the end of Federal control the question of diversion of business. The contract oukht not in this respect to put tho railroad company in any better position than it would occupy if it made no contract. It was stated on the 3d inst., when it was announced that the contract was about to be offered to the companies for signature, that without a formal contract during the eight months of Federal control the Government has paid 90% of compensation claims to needy roads and left the balance for adjudication after conclusion of the agreement. Each of the 170 roads under Federal management will be asked SEPT. 7 1918.] THE CHRONICLE to sign the contract, which will be identical for all except that the specific annual compensation for each will be the average net railway operating income for the three years ended June 30 1917. As a provision against disputes over questions of fact the contract specifies that the Inter-State Commerce Commission shall be called on to act as referee. Questions of law involved in disputes between any company and the Director-General may be submitted to a court. All operating revenues of the railroads are to go to the Government, to be used in paying the compensation. Experience so far this year has demonstrated, however, that these revenues will fall far short of the billion-dollar compensation which it is estimated the Government will have to pay. Property taken over by the Government must be returned in good condition at the end of the Federal control and provision made for depreciation, but the Government is permitted to make additional expenditures to insure safe operation. If any railroad property is destroyed by fire or other means the Government must replace it, but is not held responsible for destruction by "public enemies." This is taken to mean that if war were carried to this side of the Atlantic and railroads were destroyed it would be the companies' loss, The Railroad Administration must notify a company of additions and betterments or road extensions to be made, but if these finally are held to be required by war needs, and not for proper operation of the line, the company will not be called on to stand the expense. During Federal control the Government is to assume all expenses growing out of settlement of claims arising since the roads were taken over, joint facility and equipment rents and of damage suits against railroads. Salaries of corporation officers or other corporation or railroad expenses not directly necessary to actual operation must be paid by the companies unless provided otherwise by the Director-General. Ordinary Federal, State and local taxes will be paid by the Government, but each company must pay special war taxes. The contract specifically provides that since Government operation is to tide the nation over a war emergency nothing in the contract terms is to be construed as expressing or prejudicing the future policy of the Government concerning ownership, control or regulation of the company. Some of the main features of the contract are outlined as follows: The railroad company accepts the contract and the compensation therein provided for in full satisfaction of all claims on account of Federal possession and control. Provision is made for the numerous features of operation and accounting during Federal control, for the allocation of revenues and traffic in transit at midnight Dec. 311917. for the handling of "overlapping" items of expence, &c. Provision is made for the maintenance of the company during Federal control, of course, at the expense of the Government, on substantially the same basis as during the three-year test period ended Juno 3() 1917, and for the return of the company at the end of Federal control in substantially as good repair and substantially as complete in equipment as on Jan. 11918; it is provided in effect that if during the test period the maintenance expenses were not sufficient to put the property in condition for safe operation, the additional maintenance necessary for safe operation may be provided at the expense of the company, with the limitation that the cost of maintenance shall not be increased at the expense of the company over the normal standard of maintenance of railroad of like character and business during the test period. Provision is made for the payment of taxes in accordance with the Federal Control Act. Provision is made for the annual compensation (which will be fixed in in each case in accordance with the provisions of the Federal Control Act) to be paid to the company in quarterly instalments. This compensation will not be subject to any deduction which would prevent the company from supporting the corporate organization, keeping up its sinking fund, paying taxes and rents, and interest heretofore regularly paid, and interest on loans issued during Federal control. These requirements of the company for corporate expenses and fixed charges being thus provided for, the Government has the right to make deductions from the remaining compensation to satisfy indebtedness which the railroad company may owe to the Government; however, the contract declares the power of deduction to be an emergency Power, to be used only when no other reasonable means is provided by the company to reimburse the United States, and not to be used so as to interrupt unnecessarily the regular payment of dividends made by the company during the test period. Provision is made for the orderly presentation and disposition of claims on the part of the railroad company or amounts expended by the railway Administration for additions to its property, which, in the opinion of the railroad company, are not for its advantage and for which it believes it shoult. not be charged. Provisions are also made for final accounting at the end of Federal control. In a statement dealing with questions involved in the negotiations and which were submitted to Mr. McAdoo for his personal decision by counsel representing the railroads and counsel for the National Association of Owners of Railroad Securities, Mr. McAdoo said: A number of questions involved in the negotiations for a standard form of contract have been stmmitted for my personal decision by counsel representing the railroads and also counsel for the National Association of Owners of Railroad Securities. I have given careful consideration to the oral and printed arguments made in support of these contentions. 1. It is insisted that section 1 of the contract should be amended so as to give an appeal from the Inter-State:Commerce Commission to the Court 955 of Claims as to all of the matters which by the terms of the contract are referred to the commission for decision. There are a number of matters purely administrative as to which an appeal ought not to be considered and as to which the contention of counsel cannot be sustained. It is provided in the Federal Control Act (section 6) that any loss claimed by reason of additions, betterments or road extensions, or constructed pursuant to said section, may be determined by agreement between the President and such carrier. Falling such agreement the amount of such loss shall be ascertained as provided in section 3 hereof. As to all such matters the contention of counsel is sustained, and provision will'be made in the contract providing for an appeal to the Court of Claims. As to the other matters in the contract referred to the InterState Commerce Commission for decision the contention is disallowed. 2: The contract as drawn provided that each carrier should turn over to the Director-General a working capital which had been tentatively agreed upon as representing the expenses of the carrier for one month without interest. It was insisted that this provision should be stricken out, and that no working capital as such should be insisted upon, and that such balances as came over to the Railroad Administration from any carrier should bear interest at the average rate received by the company during the year 1917 or its daily cash balances in bank. There is great force in the contention that the carriers should provide a working capital, but it has been decided to waive this and sustain the contention of counsel, and the contract has been directed changed accordingly. 3. The Acceptance Clause: Counsel have insisted, especially the counsel representing the Association of Se.:urity Holders, that the acceptance clause of the contract, whereby It was required that all loss and damage to the business or traffic by reason of the diversion thereof or otherwise which has been or may be caused by the taking over or the possession, use. control or operation of the carriers, was unjust to the carriers and should be stricken out; that the carriers should have the right now or at the end of Federal control; (a) To sue for the loss of good-will, loss of business, diversion of traffic or loss of corporate organization; or (b) That if the road should not be returned to the carriers as now contemplated by the Federal Control Act, the effect of the acceptance clause as now written would be to deprive the carriers of the right to claim damages by reason of said items. This presents the question as to whether the compensation provided to be paid by the Federal Control Act is intended to be inclusive and exclusive. By the terms of the Act of 1916 the President was authorized to take over the railroads for war purposes, to use the same as a unified system of transportation, to divert traffic and to make such use of the railroads att the war situation required. The Federal Control Act not only contemplates the sameuse but definitely contemplates a unified control and use of the railroads as one great system of transportation. There can, in my judgment, be no doubt but that c,he methods provided in said Act of compensation, that Is by agreement, if an agreement can be made, if not by the decision of the Court of Claims, was intended to embrace all of the damage which the owners have a right to claim. This was the view of the general counsel of the Railroad Administration and of all of my advisers, but the question was pressed upon me so strenuously that it seemed wise to refer it to the AtcorneyGeneral for an opinion, and an opinion was received, written by the SolicitorGeneral, as follows: "The contention made by counsel for the security holders as to paragraph (a), section 3 should bo rejecied. They are not expected to have the contract so framed as to leave them, after the acceptance of the agreed compensation, with a rignt of action for further damages based upon the loss of good-will and the division or diversion of traffic. "Unquestionably the just compensation which the statute provides is intended to cover these as well as all other elements of loss and damage." The contention, therefore, must be rejected. 4. It was also contended that the Director-General should pay to the carriers a sufficient sum from operating expenses during Federal control to pay the corporate expenses of the carriers. I gave careful consideration to this subject some months ago and reached the conclusion to which I still adhere that this contention is unsound and must be rejected. 5. Is; was insisted that paragraph b of section 5 should be stricken out. This provides that the Director-General may expend and charge to the carriers a sufficient sum to make such deferred maintenance as may be necessary to make the operation of the carrier safe, assuming a use of the road similar to the use during the test period, and not substantially enhancing the cost of maintenance over the normal standard of maintenance of railroads of like character and business during said period. It does not seem to me open to dispute that the power to make deferred maintenance is a necessary power, and Is one which the statute contemplates may be exercised, and the contention should, therefore, be rejected. 6. It was contended that section 7, providing for compensation, should be so amended that the power to deduct from the amount of compensation provided in the contract to be paid the carrier should not be exercised for deferred maintenance, additions and betterments or road extensions. I have given very careful consideration to the arguments and have decided to provide in the contract that the power of deduction will not be exercised so as to prevent the payment of interest where interest was regularly paid during the three-year period, or to provide a sum sufficient to support the corporate organization, to keep up the sinking funds of the carriers required by contracts in force Dec. 31 1917; to pay taxes and other sums necessary for the payment of rents for leased, operated or controlled roads, nor shall such deduction be made in respect of additions and betterments which are for war purposes and not for the normal development of the company, nor in respect of road exten;ions. This substantially grants the contention of the carriers and the security holders, except to the extent that they request that such power of deduction be not insisted upon when its exercise would interfere with the payment of dividends regularly paid during the three-year period. I must deny this portion of the request, because if I should accede to it the result would be that railroad companies would be permitted to pay improvident dividends when the funds so used ought to be employed in taking care of deferred maintenance and in payment of their just debts to the Government. This ruling need not operate to embarrass any company which has paid dividends on a provident basis and has retained and does retain, as it is recognized all well-regulated companies should retain, a substantial surplus of its income to provide a margin of credit and cover unproductive Improvements. In every such case the company will be in position to provide for deferred maintenance, if any, and to make reasonable provision for reimbursing the Government, and there need be no interference with the company's dividends as regularly paid during the test period. 7. It was also insisted that in determining the amount to be added to the compensation of the carriers upon the cost of any additions and betterments, loss retirements provided for by section 4 of the Federal Control Act, the rate of interest to be allowed should be at least sufficientito!offset the cost to the carrier of money borrowed where the money advanced by the company had been secured from outside loans. 956 THE CHRONICLE It has seemed to me that this contention should be granted to the extent of providing that the rate of interest to be allowed where the money was advanced by the Director-General should be the same rate which the Director-General charged the carrier for the money loaned. The contract may be changed accordingly. Other matters of less moment were discussed. These have been passed upon, and the contract as now drafted reflects my final view as to these several matters. [VOL. 107. RAILWAY EXECUTIVES' ADVISORY COMMITTEE URGES ACCEPTANCE OF RAILROAD CONTRACT. The Railway Executives' Advisory Committee, following a meeting in this city yesterday (the 6th) of its law and executive committees, made public advices to tho 82 Class A railroads it represents, in which it said with regard to the Government railroad contract: OBJECTIONS OF NATIONAL ASSOCIATION OF SECURITY OWNERS TO RAILROAD CONTRACT. The special committee of the National Association of ofIn the opinion of this committee, enlightened self-interest and dictates patriotism alike require the acceptance of the proposed contract, and Owners of Railroad Securities held a special meeting in the committee, without doubt or hesitation, so advises. this city on Thursday to consider the final draft of contract The committee's advices to the railroads were made to be executed between the Government and the railroads. through Thomas De Witt Cuyler, its Chairman; in part A resolution adopted states that while the contract in its the committee says: present form is materially improved as compared with the We have the choice between the acceptance of this contract and the earlier drafts, it is still unsatisfactory and unacceptable guarantee it gives of immediate compensation, on the one hand, and its in certain fundamental particulars. A meeting of the rejection and a resort to litiga.,ion on the other. This committee cannot delays, as Association's Financial Committee of Seventy is to be regard litigation, with its attendant uncertainties and to become a practical remedy in the circumstances, and cannot consent responheld on Wednesday next for the purpose of deciding upon sible for the disorder in our naaonal finances and a weakening of the nation's financial power which would inevitably follow. If there is to be further action. Following Thursday's meeting Samuel responsibility for it must rest elsewhere. . . Untermyer of counsel for the association, issued the fol- litigation the reserve to the carriers a right,to recover for. diversion of their It does not a lowing statement: traffic or a disruption of their working organization during Federal control. Our conunittees fully agree with the Director-General in his statement that, "considering the opportunity for differences of opinion, there remain comparatively few objections," but unfortunately the remaining objections are the crucial ones. The security holders could well have afforded to have lost the concessions they have won with respect to many objections that have now been eliminated as the result of these protracted negotiations if they had had recognized these fundamental objections which they regard as necessary to the very existence of their companies. The objections to this contract which have impelled the committees to declare it unsatisfactory and unacceptable, and to call upon the Committee of Seventy to determine its action and policy with respect to the contract may be briefly stated as follows: First—That the railroads should not be required, in advance of any knowledge of the extent to which their operations are to be abandoned or their business and traffic diverted, to agree that the Government may return them their physical properties stripped of all business and connections, which might involve inestimable loss; all of which they must now release in consideration of the receipt of a compensation that was intended only for the use of their property and not for the possible destruction of its value In the process of unification. If the present control should result in Government ownership it is claimed by the security holders that the effect of this contract would be to deprive them of all opportunity to claim loss or damage through the destruction of their goodwill; and that the physical assets might be valued as abandoned property. (a) The security holders claim that when Congress enacted that the properties should be returned in "Substantially as good repair and in as substantially complete equipment as it was in at the beginning of Federal control," It meant what it said; and in this respect we cannot agree with the distinguished Director-General that "There can be no escape from the view that Congress intended the compensation which it authorized to cover this element." All that the companies ask is that the question be left open and that the companies be not now required to absolutely release and surrender their claims, whatever they may prove to be. If the act is capable of the meaning put upon it by the Director-General, the Government can lose nothing, and there is no necessity for this onerous condition. If the companies make no contract, the Government will certainly be required to return the properties in the condition in which they were received as to business and traffic. Second—The security holders object to the requirement that they shall be charged with and shall finance all additions, improvements, betterments and extensions for war purposes and for other purposes not boneficial to the companies, and that thereby at the end of Federal control they may have piled up againet them vast debts and charges which they would be unable to meet. They also complain that when the time comes to recover the loss that they may have suffered in this respect, the contract requires that these additions and extensions shall not only be taken over by them, but that they shall be taken, not at their then value to the companies, but on the basis of the inflated costs in these abnormal times; and the improvements which may be of no use whatever to them and may be a liability rather than an asset. The Director-General does not discuss this fundamental objection except to refer "to the orderly presentation and disposition and claims for losses." The difficulties with this provision are: (a) That the security holders must pay for improvements and extensions for war purposes by which the company cannot possibly be benefited, and (b) That when the company comes to claim its loss it is prevented from doing so by the provision of the contract that the abnormal cost is not to be considered, but is on the contrary regarded as conclusive on the question of value. This may mean the waiving of losses of hundreds of millions of dollars. All that we have asked is that the cost of those additions and extensions shall in the first instance be borne by the Government, which makes them for its own benefit, which gets all the revenues from them and in the making of which the companies should pay for them at their then value, and In the meantime they are willing to finance them on their own credit. Nothing more generous to the Government could possibly be asked. Third—The security holders also complain that on important questions that may arise under the contract they are required to accept the decisions of the Inter-State Commerce Commission as final and conclusive and to be deprived of their right of appeal to the courts. The semity holders are content with the provision as it now stands, but did not stand until now, that the Government may maintain tho property in safe condition and that the cost of such maintenance shall be deducted from the standard return after fixed charges. We appreciate this important concession to oar ,protests. The security holders are not unmindful of the difficulties against which the Government has had to contend and have made many concessions which might not otherwise be justified, but the heads of the groat life insurance companies, banks, &c., are acting as trustees for fifty million people who are interested in these amities, the value of which they believe to be imperiled by these provisions. These are the men constituting the Committee of Seventy who will ws on these questions on Wednesday next. As you know, we have never thought it possiolo, under the law, to sustain the proposition that we are entitled to such a reservation. . . . It would be desirable to set a limit on the power of the Director-General to order additions and betterments for the company's proporty at its expense. The practical difficulty is that the power is conferred by the statute, and Is not dependent upon contract. The Director-General declares that he does not feel it consistent with his duty as a public official to attempt to contract away a discretion in respect to so important a matter, which Congress deemed it necessary in the public interest to confer upon him. The most dangerous situation which, in our opinion, will confront the railroads at the end of Federal control is a large accumulation of indebtedness represented by demand or short-terns paper. With this danger in mind, we endeavored to secure the inclusion in the contract of a provision substantially as follows: "It will be the policy of the Director-General, so far as in his judgment consistent with the interest of the Government, and as may be reasonable in view of the company's financial condition, to facilitate before the end of Federal control the funding of the obligations of the company to him in such a way as to place the company upon a sound. easy,and safe financial basis." We must remember that the nation is engaged in a groat war. War cannot be successfully conducted without concentration of power. When, in the national interest, every household is entered by the national authority and the treasures of its manhood are commandeered for the national safety and defence no business interest can expect or desire to stand immune and demand absolute safeguards before it is content to assume its share of the asks and sacrifice which in fairness should be unversal. We must reall7e we have already lost the possession and use of our properties for the whole period of Federal control; that at present we are without any assurance whatever of compensation; that our hope of compensation must be based on this statute, or on another appeal to Congress, or on an attempted litigation outride of this legislation. We cannot escape the conclusion that a now appeal to Congress is beset by such dangers of unfortunate and disastrous consequences as render that course in the highest degree unwise, and that litigation . . . would involve such uncertainties and delays, and such impairment of security values during the period necessary to carry these cases through the courts, as to place litigation clearly outside the range of practical remedies. We cannot become responsible for tho ruin likely to be the outcome of litigation. In this case a resort to the courts is no remedy. We must not forget that the (Governmental discretionary) powers referred to were conferred by an Act of Congress and cannot be gotten rid of except by a judicial declaration that the Act is unconstitutional. But the Act furnishes the only method yet devised to secure to the railroads compensation for the use of their properties. They are, therefore, interested in having the Act stand and in avoiding all assaults upon its validity. NEW WAGE ADVANCES TO RAILROAD EMPLOYEES. Additional wage increases for track laborers, watchmen, other maintenance of way employees, clerks, station agents and other classes of men drawing relatively low pay, were approved by Director-General of Railroads McAdoo on Sept. 3. It is stated that nearly 1,000,000 men, or half the railroad employees of the United States, share in the new increases, which are the second granted in supplement to the Railroad Administration's general wage order. Most of the increases awarded this week range from 10 to 30% above present wages, and will add, it is said, nearly $100,000,000 to the annual railroad pay-rolls. The increases were recommended to Director-General McAdoo by the Board on Railroad Wages and Working Conditions on Aug. 29. Most of the recommendations of the Board, which investigated the request of employees for more pay, were adopted. Wage increases for railroad telegraphers are the subject of another report to be made soon to the Director.. General. This order, it is reported, will raise to nearly $500,000,000 the annual increase in wages granted railway employees since the roads were taken over by the Government. The increase approved this week results from protests made by representatives of clerks, maintenance of way men and other classes shortly after the original wage order was announced that they were granted little more money under 957 THE CHRONICLE SEPT. 7 1918.] that order than they had received before. On investigation, the Board is said to have found that the unorganized groups have not been allowed wage increases in the past commensurate with those allowed strictly organized classes of employees. Even the general advance did not enable many of these to meet growing expenses under war prices, and the Board reported this to the Director-General, together with its recommend4ions. The advances are effective Sept. 1. Most of the employees to whom the new order applies are reported to have made considerably less than$100a month. Under the new order they will receive wage increases of $25 a month over the pay they received on Jan. 1 last. The Associated Press dispatches from Washington, Sept. 5, said: The order specified that eight hours is to be considered the basic day, but overtime up to ten hours is to be paid pro rata, with one and one-half the regular rate for overtime past the ten hours. Specific rules are laid down for the promotion of employees on the grounds of merit and seniority. Other regulations forbidding dismissal of employees without cause, and providing for hearing on appeal, resemble the rules now in effect under Government Civil Service. These restrictions will affect mainly the half-million railway clerks. Thousands of women clerks employed by the railroads are to receive the same pay as men for similar work, but the interpretation of"similar work" is left to executives. Back pay from January 1 will be made under the former general wage order, and the advances now granted will be figured on top of the wage last January 1, rather than on the pay received in the immediate past under the general wage increase. Minimum rates of pay are established for all classes covered by to-day's order, but the increases of $25 a month applied if the employee worked on a monthly or weekly basis, and of 12 cents an hour, applied if the employee worked by the hour, In many cases will run the actual new rate above the minimum. INCREASE IN RAILROAD ADMINISTRATION'S BILLION-DOLLAR. BUDGET. The fact that the so-called billion-dollar budget ($941,041,902) approved early this year by Director-General McAdoo for railroad improvements and equipment had proved insufficient to meet war needs was disclosed in a detailed report of capital expenditures to Aug. 15, made public Aug. 16. In referring to the report the Chicago "Railway Review" of Aug. 24 said: The budget estimates of the same companies submitted in response to the Director-Genaral's request some months ago called for a total for addiUwe, betterments, equipment and extensions chargeable to capital acc,unt of n41,041,902, whereas the work actually authorized and the equipment actually ordered up to Aug. 15 aggregate $1.097.398,578. The budgets called for only $212,858,464 for freight cars, of which $121,203,743 were ordered by the companies while the Government itself has ordered for the companies S289,450,000, making the total for freight cars for 1918 delivery 3410,653,743, as against $212,858,464 asked for by the companies on their budgets, or an increase over the budgets or$197,795,279. Additions and betterments, excluding equipment, actually authorized to Aug. 15 call for $106,835,086 chargeable to operm,ing expenses, and $404,760,071 chargeable to capital account. Of these amounts, $18,429,765 chargeable to operating expenses and $102,172,314 chargeable to capital account, or practically 25%, had been spent to June 30. Equipment actually authorized to Aug. 15 calls for $18,793,574 chargeable to operating expenses, and $655,686,551 chargeable to capital account. Of those amounts, $4,056,688 chargeable to operating expenses, and $111.376 chargeable to capital account; had been spent to June 30. 2290 We also take from the "Review" the following consolidated statement for all Class I roads having gross earnings in excess of $1,000,000 per annum: AUTHORIZATIONS & EXPENDITURES IN CONNECTION WITH WORK CHARGEABLE TO CAPITAL ACCOUNT AS OF AUG. 15 1918. Class of Work. (1) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 34. Additions and Betterments (Excludin r Equipment) Widening cuts and fills, &c Ballasting Rails and other track material Bridges, trestles and culverts Tunnel and subway improvements.._ _ Track elevations or depressions Elimination of grade crossings Grade crossings and crossing signals._ Additional main tracks Additional yard tracks, sidings, &c_ _ _ _ Changes of grade or alignment Signals and interlocking plants Telegraph and telephone lines Roadway machinery and tools Section house and roadway buildings.. _ Fences and snowsheds Stations and office buildings Hotels and restaurants Fuel stations and appurtenances Water stations and appurtenances_ _ _ _ Shop buildings, engine-houses, &c Shop machinery and tools Electric power plants, etc Wharves and docks Coal and ore wharves Grain elevators and warehouses Real estate Assessments for improvements All other improvements Total (excluding equipment) 35. 36. 37. 38. 39. 40. 41. 42. 43. Work Specifically Author- Expendituresfrom Jan. 1 ized to Aug. 15 1918. to June 30 1918. 1918 Budget. (2) 44. Construction of extensions, &c Total all work Operating Expenses. (4) Capital Account. (5) $2,336,675 3,716,745 41,513,660 20,341,497 732,973 1,302,039 1,099,337 156,493 6,760,655 7,070,475 2,544,511 2,106,544 630,655 18,236 162,762 331,732 2,936,754 15,865 986,102 1,481,064 4,530,524 1,096,111 1,889.968 871,288 457,187 413,250 21,440 21,440 78,722 210,992 $6,179,333 11,276,956 28,010,674 32,156,700 2,434,253 14,279,887 11,116.791 1,214,017 66,522,416 94,584,608 7,917,518 11,056,819 4,564,792 1,304,891 2,075,506 1,415,356 26,239,012 547,203 5,737,817 7,722,733 37,701,891 13,933,243 18,637,395 2,326,930 3,195,544 2,349,563 460,212 1,632,530 6,165,499 $431,723 48,176 174 701,597 47.071 ___ __ 191,29:5 14,918 1,085,427 3,246,654 117,544 156,557 213,147 36,718 57,304 20,573 887,198 61,142 325,297 191,515 1,256,721 651,741 890,339 75,233 103,401 62,095 -119.415 9,000 Capital Account. (7) Operating Expenses. (6) Operating Expenses. (8) Capital Account. (9) $540,294 737,611 5,276,532 4,671,763 176,036 250,159 211,406 56,295 872,545 1,312,851 408,078 390,463 272,459 8,022 50,711 48,251 620,298 2,391 216,137 333,868 925,575 220,940 154,658 211,091 270,332 64,147 1,545 35,076 116,226 $1,920,198 1,400,230 7,041,450 9,323,351 426,003 1.239,164 1,735,112 333,532 13,263,897 21,810,800 1,552,525 3.091,068 1,297,446 637,707 1,346,635 500,380 9,439,200 165,397 1,742,682 2,644.634 7,634,813 3,761,981 2,964,919 587,887 1,777,080 1,439,640 335,443 873,448 1.814,892 $1,796,381 2,979,134 36,237,128 15,669,734 556,937 1,071,880 878,931 100,182 5,888,111 6,557,624 2,136,433 1,796,081 358,196 10,208 112,071 283,481 2,366,276 13,474 675,965 1,147,196 3,604,949 875,171 1,735,510 660,197 386,855 349,103 19.893 43,647 94.766 $4,259,135 9,876,726 20,969,224 22,833,349 2,008,232 13,040,723 9,361,679 680,485 33,258,519 72,773.806 6,364.993 7,965,731 3,267,346 667,184 728,871 914,976 16,799.812 391,806 3,995,135 5,078,099 30,017,078 10,171,262 15,672,476 1,939,043 3,417,664 909,925 104,769 759,082 4,350,607 $433,731,488 $12,986,561 $106,835,086 $404,760,071 $18,429,765 $102.172,314 $88,403,321 $302,587,757 $435,679,925 20,530,489 1$941,041,002 496,056 246,042 20,200 75,000 7,480 546,726 $108,167,345 76,404,323 2,354,925 121,203,743 289,450,000 14,692,415 5,072,853 587,298 1,890,082 655,509 18,793,574 35,203,060 $1,391,514 $18,793,574 $655,686,551 230,894 24,136 35,951,956 $32,174,163 6,000,000 82,861 52,951,152 4,056,688 6,607,537 1,075,610 24,091 343,263 212,194 11,758,505 $75,993,180 70,404,323 2,272,064 65,252,591 289,450,000 . 8,084,878 3,997,243 563,207 1,546,819 443,316 14,736,886 23,449,555 $4,056,688 $111,229,376 $14,736,886 $544,457,173 8,513,036 26,136 28,438,920 $14,608.969 $123.652.796 $1 097398578 $22.486.453 S221.A14.726 £103.166.343 $875,483,852 ADVANCES TO RAILROADS BY GOVERNMENT. With advances by the Railroad Administration of $38,137,370 made in August to roads under Government control,the total amount advanced by the Government since April 1 aggregates $241,851,420. Of the latter, $202,297,660 was taken from the Revolving Fund of $500,000,000 and $39,553,760 from the surplus earnings turned over to the Direetor-General by roads whose receipts for the period exceeded their needs. Director-General McAdoo in his statement made public on the 2d also says that it is estimated that the total amount of money which he has disbursed, over and above all current expenses of operation, out ofearnings since Jan. 1 is between $800,000,000 and $900,000,000. In furnishing these figures, Mr. McAdoo takes occasion to correct an impression which prevails in some quarters to the effect that the United States Railroad Administration is withholding or has been withholding the standard rentals due to the various railroads under Government control, pending the execution of;the:contracts between the railroads and the Gov- • • $5,097,989 9,579,272 31,365,433 33,135.921 2,183,242 4,112,536 7,438,957 631,082 44,574,583 97,199,114 6,359,027 10,962,462 5329,149 955,057 1,306,847 817,635 20,138,359 199,282 6,090,558 13,430,047 62,634,927 9,142,483 10,781,347 3,236,167 7,024,937 2,914,202 3,309,141 1,179,306 27,889,352 Equipment $196,926,863 Locomotives, steam Ordered by Railroad Administration.. _ _ Locomotives, other 212,858,464 Freight-train cars Ordered by Railroad Administration.. _ _ 28.459,830 Passenger-train cars 12,927,109 Work equipment Motor car and trailers Floating equipment Miscellaneous equipment 35,807,654 Improvements to equipment Total equipment Additions to to Budget. (3) Unexpended Balance. ernment, and that the omission of any railroad corporations to settle their debts or claims is due to any omission by the Railroad Adminstration to pay the accrued rentals. The following is the Director-General's statement in full: The total amount of money which the United States Railroad Administration has advanced since April 1 1918 to all railroad companies (exclul sive of the current earnings of the roads, applied directly by the individuaroads to their current expenses and corporate needs) was $241,851,420, to 64 different roads or systems, of which the amount advanced during the month of August was $38,137,370. Of the total amount advanced from April 1 to Sept. 1, $202,297,660 was taken front the $500.000,000 Revolving Fund, and $39,553,760 was taken from the surplus earnings turned over to the Director-General by the limited number of roads whose receipts for the period exceeded their needs. The total amount of money turned over to the Director-General April 1 to Sept. 1 by roads reporting surplus earnings was $62,845,699, but of the amount thus turned over $29,200.699 was returned to roads temporarily making the deposits, these same roads having subsequently called upon the Director-General to advance to them considerable sums in addition to the return of the deposits which they had temporairly made with the Railroad Administration. The only railroads or systems which have deposited funds with the Director-General and have not asked for the return of any portion of the funds thus deposited were the following: 958 THE CHRONICLE VOL. 107. sr Atlantic Coast Line and Louisville & Nashville $8,450,000 Atchison Topeka & Santa Fe_ - 3,300,000 Northern Pacific 2,500,000 Duluth Missabe & Northern._ _ 2,400,000 Union Pacific System 2,100,000 Norfolk & Western Ry 1,500,000 Bessemer & Lake Erie 1,500,000 Chicago & North Western__ _ _ 1,500,000 Elgin Joliet &Eastern 1,500,000 Duluth & Iron Range 900,000 Ft. Worth & Denver City_ • 700.000 PerelMarquette 500,000 El Paso Sr Southwestern 500,000 Chicago & Eastern Illinois_ 300,000 Spokane Portland & Seattle 300,000 Richmond Fred.& Potomac 300,000 Lehigh & New England 300,000 International & Great Nor'n.. 150,000 Grand Rapidk& Indiana 100,000 Among the other railroads depositing funds with the Director-General which have not already gotten back sums as great or greater than those thus deposited were: Amount deposited in excess Amount deposited in excess of amount gotten back. of amount gotten back. Southern Pacific Lines $2,000,000 Hudson & Manhattan $100,000 Chicago Burlington dr Quincy_ 400,000 Vicksburg Shreveport & Pm 364,000 St. Louis-San Francisco 382,000 Alabama & Vicksburg Ry 490,000 Colorado & Southern 1,109,000 During the month of August the Director-General made the following advancea to the railroads named over and above their current evnings: Pennsylvania Railroad Lines_$9,500,000 Baltimore & Ohio Rallroad..__ 4,500,000 Illinois Central Railroad 2,700,000 Seaboard Air Line Ry 2,000,000 Buffalo Reels. St Pittsb. Ry 1,800,000 Missouri Pacific Ry 1,750,000 Chicago Burl. & Quincy Ry.._ 1,600,000 Philadelphia dc Reading Ry.... 1,400,000 Southern Pacific Ry 1,300,000 Chic. St. P. Minn.& Om.Ry. 1,200,000 Chic. Milw. & St. Paul Ry.._ _ 1,000,000 Chesapeake & Ohio Ry 1,000,000 Erie Railroad 900,000 Wheeling & Lake Erie Ry 700,000 Grand Trunk WeStern Lines 621,000 Wabash Railway 575,000 Chicago Great Western Ry__ _ 507,660 Florida East Coast Ry 500,000 Indiana Harbor Belt Ry 500,000 Kansas City Southern Ry 500,000 Minneapolis & St. Louis Ry__ $500,000 New York Ont.& Western Ry. 400,000 St. Louis-San Francisco Lines.. 308,000 Cincinnati Northern Ry 300,000 Central New England Ry 300,000 Southern Railway Lines 245,000 Chicago Terre Haute & S. E. 229,201 Mo.Kan.& Tex.Ry.of Tex- 225,000 Gulf Mobile & Northern RR 200,000 Kansas City Mexico & Orient.. 180,000 Western Maryland Ry 169,509 Vicks. Shrev. & Pac. RY 136,000 Pittsburgh & Shawmut RR 110,000 Old Dominion Steamship Co 95,000 Ann Arbor RR 55,000 San Antonio Uvalde & Gulf RR. 45,000 Colorado & Southern Ry 41,000 Franklin & Pittsylvanta IV_ 35,000 Alabama & Vicksburg Ry_ 10,000 The total amount advanced by the Director-General to all railroad companies from April 1 to Sept. (exclusive of the current earnings immediately applied by the respective companies) was The advances were made to the following roads: N. Y. N. H.& Hartford RR_$46,964,000 Chicago Great Western Ry__ $507,660 New York Central Lines__ __ 40,300,000 Hocking Valley Ry 500,000 Pennsylvania Railroad Lines_ 40,000,000 Florida East Coast Ry 500,000 Chic. Milw. & St. Paul Ry__ 16,725,000 Kansas City Southern Ry...._ 500,000 Baltimore & Ohio RR 13,500,000 St. Louis Southwestern Ry__ 500,000 Illinois Central RR 12,450,000 New York Ontario & Western 400,000 Erie Railroad 8,400,000 Ann Arbor RR 330,000 Chic. Rock Isl. & Pac. Ry..._ 6,000,000 Central New England Ry 300,000 Seaboard Air Line Ry 4,350,000 Kan. City Mexico & Orient__ 300,000 Denver & Rio Grande nR 4,100,000 Central Vermont Ry 285,000 Southern Railway Lines 3,940,000 Detroit Toledo & Ironton RR. 238,775 Southern Pacific Lines 3,800,000 Chicago T.H.& S. E. Ry.._ 229,201 Chesapeake & Ohio Ry 3,750,000 Gulf Mobile & Northern RR_ 200,000 Lehigh Valley RR 3,500,000 San Antonio & Aransas Pass.. 200,000 Wabash RR 3,225,000 Chicago Junction Ry 200,000 Chic. I3utlington & Quincy.... 3,100,000 Atlanta Birm.& Atlantic Ry.. 189,000 Missouri Pacific Ry 2,750,000 Western Maryland Ry 169,509 Missouri Kan.& Texas Lines 2,645,000 Illinois Southern Ry 160,000 Buff. Roth.& Pittsb. Ry____ 2,600,000 Belt Ry. of Chicago 155,000 Delaware & Hudson Co 2,000,000 Duluth So. Sh. & Atl. Ry___ 150,000 Philadelphia & Reading Ry 1,400,000 Vicksburg Shrev. & Pac. Ry_ 136,000 Minneapolis & St. Louis RR_ 1,350,000 New York Chicago & St. L.._ 132,275 Chicago Ind. & Louisv. Ry 1,325,000 New Orleans Great Northern 120,000 Chicago St. P. Minn. & Om_ 1,200,000 Chicago & Western Ind, Ry_ 115,000 St. Louis-San Francisco Lines 1,118,000 Pittsburgh & Shawmut ItR__ 110,000 Hudson & Manhattan RR__ _ 1,000,000 Old Dominion Steamship Co.. 95,000 Central of Georgia Ry 750,000 Wash. Brandywine & Point Indiana Harbor Belt Ry 720,000 Lookout RR 50,000 Wheeling & Lake Erie fly...... 700,000 San Antonio Uvalde & Gulf.... 45,000 Grand Trunk Western Lines.. 621,000 Colorado & Southern Ry 41,000 Chicago & Alton RR 600,000 Franklin & Pittsylvania Ry.... 35,000 Norfolk Southern RR 540,000 Alabama & Vicksburg RT._ _ 10,000 Terminal RR.Assn. of St. L_ 525,000 1 1918 $241,851,420. trical systems. The following regarding his views is taken from the "Times": If the Government were to continue the administration of the railroads of the country for any prolonged period, he said, he would be in favor of resorting to the uso of electricity just as far as it could be practically employed. Notwithstanding the great development throughout the country of water power properties, there remained, Mr. McAdoo said, a tremendous empire of power yet to be harnessed and turned to account in moving the industries and the transportation of the American people. This power, now almost entirely the property of the United States, could be Commandeered with a cost slight in comparison with the advantages to be derived from it. This, In view of the continually troublesome problems connected with the supply and distribution of the coal necessary-in manufactures and to heat homes and city apartments, was a consummation that sooner or later would be forced on the country by absolute necessity. Secretary McAdoo said that for the present nothing could be done toward substituting water-power for coal-produced steam, but it might come as a plain matter of necessity while this war was on. It would first be desirable to keep up the volume of manufacturing power and then it would be required to relieve terminal needs. Ultimately electricity would be principally employed in moving freight and passengers and first of all in simplifying terminal problems. The fact that the topography of the country was relieved by its many mountain ranges, all abounding in streams that would provide power, was a guarantee of the practical distribution of current in the sections that where now forging rapidly forward in manufacturing importance. Some of the virgin ground of manufacturing development, such as the South along the Atlantic seaboard, especially invited the consideration of this plan to relieve the country from the thralldom of coal mining and shipment, according to Mr. McAdoo. He held that even if there Were no such great necessity to conserve our coal supply, the fact tnat transportation limits the available power of our coal would of itself justify transforming many of our railroads to electrical systems. The Secretary suggested that probably electrification would be actually undertaken while the Government had control of the railroads, and that the problem would be attacked at the most favorable points in tne country where the static value of water was most obvious and the cost of making the change from steam to electricity would be comparatively slight. The saving in cost of subsequent operation, he said, would be such a convincing demonstration that electrification as a general policy would be demended by public opinion. The incidental economy to be obtained from the use of electricity for manufacturing and transportation by use of water power would come at first in the saving of labor, Mr. McAdoo explained. Then the fuel needs of the people could be fully met by the labor released from producing coal for manufacturing plants and the railroads. This, in itself, he said, would be a very largo justification for embarldng in the experiment of electrification, if it could be called an experiment in the face of the numerous private electric plants operated by water power with such success and such economy. The history of the work of the Government in the groat system of reciamation in the arid West, Mr. McAdoo thought, amply supported the expectation that the Government could put through the conservation of water power for the needs of manufacturing and transportation and the welfare of the people in their homes. RAILROAD OFFICIALS AND EMPLOYEES DIRECTED TO KEEP OUT OF POLITICS. An order forbidding railroad officials and employees to participate in politics has been issued by Director-General of Railroads W. G. McAdoo. In his order Mr. McAdoo says: Of the funds thus advanced to date over 52% went to the three systems, the New Haven, the New York Central and the Pennsylvania. The Director-General desires to correct the impression which prevails The approaching Federal and State elections, including the primary In some quarters to the effect that the United States Railroad Adminis- contests connected therewith, snake it both timely and necessary that the tration is withholding, or has been withholding, the standard rentals due to attitude of the Director-General toward political activity on the part:of the various railroads under Government control, pending the execution of officers and employees in the railroad service should be clearly stated. the contracts between Inc railroads and the Government, and that the It was a matter of common report that railroads under private control omission of any railroad corporations to settle their debts or claims is due to were frequently used for partisan political purposes, that railroad corany omission by the Railroad Administration to pay the accrued rentals. porations were frequently adjuncts of political machines and that even The fact is that the equivalent of the standard rentals, which for thefirst sovereign States had been at times dominated by them. eight months of the current year amounted to approximately $650,000,000. Contributions to campaign funds and the skillful and effective coercion has already very largely been paid to every railroad company in the United of employees were some of the means by which it was believed that many States under Government control, and in many cases the Director-General railroads exerted their power and influence in politics. Scandals resulted In addition to paying these roads an amount equal to 90% of their standard from such practices, the public interest was prejudiced and hostility to rental (which payments in advance of the execution of contracts are per- railroad managements was engendered. missive and not compulsory under the Railroad Act), has advanced large Now that the Government controls and operates the railroads, there is no additional sums of money to these railroad corporations to enable them to selfish or private interest to servo, and the incentive to political activity on meet maturing bond issues which they and their financial agents were the part of the railroads no longer exists. Under Government control there unable, under existing conditions, to provide for, and to pay large sums for Is no inducement to officers and employees to engage in politics. On the new equipment and additions and betterments. contrary, they owe a high duty to the public scrupulously to abstain thereThe total amount of money, therefore, which the Director-General has from. disbursed, over and above all current expenses of operation, out of earnings It is, therefore, announced as a definite policy of the United States of the railroad properties since Jan. 1 and from current balances taken Railroad Administration that no officer, attorney or employee shall: over on Jan. 11918,and from the Treasury's Revolving Fund,up to Sept. 1 (1) Hold a position as a member or officer of any political committee 1918,Is estimated at between $800,000,000 and $900,000,000. or organization that solicits funds for political purposes; In addition to the large sums which have been advanced directly to rail(2) Be a delegate to, chairman or officer of any political convention; roads, either on account of compensation or as loans, the Director-General (3) Solicit or receive funds for any political purpose or contribute to any has advanced on account of orders placed by him for locomotives and cars political fund collected by an official or employee of any railroad or any now under construction, and which are being put in service as rapidly as official or employee of the United States or of any State; completed, the further sum of $11,727,870. (4) Assume the conduct of any political campaign; (5) Attempt to coerce or intimidate another officer or employee in the exercise of his right of suffrage. Violation of this will result in immediate the service; W. GI. McADOO FAVORS ELECTRIFICATION OF ALL dismissal from candidate for any (6) Become a political office. Membership on a local school or park board will net be construed as a political office. Those doRAILROADS. siring to run for political office or to manage a political campaign must imThe views held by Director-General of Railroads McAdoo mediately sever their connection with the United States railroad service. as to the desirability of electrifying the railroads of the I am sure that I can count on the loyal co-operation of all officers, attorneys, and employees engaged in the operation of the railroads under United States were expounded with his recent return to Federal control, to carry Washington after his two months' absence. His observa- This policy is intended out in letter and spirit the policy here announced. to secure to all of them freedom of in the tions of the vast resources of water power are reported by the exercise of their individual political rights, and, at the same action to pretime, vent any form of hurtful or pernicious political activity. New York "Times" of Aug. 13 as having impressed Mr. "Let us demonstrate McAdoo with the idea. Aside from the necessity of coal under Federal control, to the American people," says Mr. McAdoo, "that railroad officers, attorneys and employees cannot conservation, the fact that transportation limits the availa- be made a part of any political machine nor be used for any organized partisan or selfish purpose. ble power of our coal would of itself, according to Mr. Mc"Let high standard Adoo, justify transforming many of our railroads to elec- worthy us sot such a emulation." of public duty and service that it will be of general SEPT. 7 1918.1 THE CHRONICLE 959 , barar. LOCOMOTIVE BUILDERS PLAN TO DOUBLE NEW PRODUCTION. A statement issued last week by the War Industries Board announced that at a meeting of representative locomotivebuilders with Bernard M. Baruch, Chairman of the Board, and other officials of the Board, the Railroad Administration and the Government departments, one of the heaviest problems connected with the direction of war work—an adequate supply of railroad locomotives—was solved. Plans were worked out, according to the announcement, whereby the output of the American locomotive manufacturing plants will be doubled, the increase being from more than 3,000 on a pre-war basis to more than 6,000 completed machines. An equable distribution of the output to meet the military needs in France and the needs of the Railroad Administration for the steam roads of the United States has been provided by the Chairman which has met the approval of the Government officials involved. Among those attending the meeting were Samuel Vauclain of the Baldwin Locomotive Co.; Mr. Fletcher, President of the American Locomotive Co.; Mr. Lassiter, General Manager of the American Locomotive Co.; Colonels Tyler and Wright of the Army Engineers Corps; Assistant General Manager Hines, Director of Operations Gray, and Director of Railroad Equipment J. R. Flannery of the Railroad Administration; and Henry Rea of the Committee on Munitions and Plants. ANGLO-AMERICAN DRAFT TREATY RATIFIED. Ratifications were exchanged in London on July 30 of the military service treaties between the United States, Great Britain and Canada, thereby making effective the two conventions signed on June 3 last by Lord Reading, the British Ambassador at Washington, and Secretary of State Lansing. 'The treaties had been ratified by the American Senate on June 24, and provide for the mutual drafting of each other's citizens according to the laws of their respective countries. Under the terms of the treaty, American citizens residing in Great Britain or Canada, between the ages of 21 and 31, and British subjects residing in the United States, between 20 and 44, arc to be subject to conscription for military service unless they shall within sixty days return to their native land for service there. An exception is made,however,in the case of Irish and Australian citizens residing in the United States, the treaty providing that no person usually resident in a part of the British Empire where compulsory service does not now apply shall be subject to draft here. Should compulsory service laws at any future time be extended to cover such territories, however, the change will also affect the citizens thereof residing here. For a period of sixty days, from July 31 to Sept. 28, both inclusive, British subjects in the United States, including those who have declared their intention of becoming American citizens, who are at present United States draft age, have their last chance of enlisting, if they wish, in.the British and Canadian armies. After Sept. 28 they become liable to compulsory service under the draft law in the United States Army. British subjects, including declarants, 20 years or more, and between 31 and 44, both inclusive, are also within the recruiting convention. For these men President Wilson will appoint a day on which they must register. For thirty days after that day they will have their last chance of enlisting voluntarily in the Birtish and Canadian armies. On the thirty-first day after registration, if they have not so enlisted, they become liable to compulsory service under the American draft law. Under Article 3 of the convention, the British Ambassador at Washington is authorized to grant exemption from military service in the United States within the respective periods of sixty and thirty days, aforesaid, as the case may be. British subjects and.Canadians may now apply for such exemption,subject to certain rules and limitations, which will be made known by the Ambassador upon request. The treaty had hung fire in the Senate for some time owing to the difference in the draft ages in Groat Britain and the United States. The American Government insisted on inserting a clause fixing 21 to 31 as the age limits to be applied to our citizens residing in Great Britain. This would have involved changing the British law, and created delay. An agreement was reached, however, after an exchange of notes between Secretary Lansing and Lord Reading, under which the United States, without insisting on the insertion of this clause, was to take advantage of a provision that gives to either nation the right to exempt any of its citizens, either as ndividuals or as a class. It was provided, therefore, in the Senaterresolution approving theAreaty, that the treaty should not become effective until President Wilson had issued A certificate of exemption applicable to all Americans in England who are under 21 or over 31 years old. Lord Reading's note to Secretary Lansing bearing on this phase of the negotiations was as follows: The British Ambassador to the Secretary of State. British Embassy, Washington, June 3 1918. Hon. Robert Lansing, Secretary of State of the United States: Sir—With reference to the military service convention between the United States and Great Britain signed to-day. I am instructed by his Majesty's Government to explain why the proviso to Article I does not limit the military service of citizens of the United States in Great Britain to those of the ages specified in the laws of the United States, prescribing compulsory military service, as requested by the United States Government. The reason for the omission of this clause in the proviso is a desire to avoid the delay that would be involved in modifying the Military Service Acts, 1916 to 1918, which control the operation of any convention of this character. I beg you, therefore, to be good enough not to press this proposal. The effect of these acts is to make Unitc..d States citizens in Great Britain under this convention liable to military service between the ages of 18 and 49, both inclusive. The limitation of the ages of• United States citizens in Great Britain for the purpose of military service to those prescribed in the laws of the United States, relating to compulsory military service, may, however, be attained without amendment of these acts by exercise by the United States of its rights of exemption under Article III. His Majesty's Government understand, therefore, that the United States Government will exercise their right under Article III to exempt from compulsory military service in Great Britain all citizens of the United States in Great Britain outside the ages specified in the laws of the United States proscribing compulsory military service. I have the honor to be, with the highest consideration, Sir, your most obedient, humble servant, READING. To this Secretary Lansing replied: The Secretary of State to the British Ambassador. June 3 1918. His Excellency the Earl of Reading, Ambassador of Great Britain on Special Mission: I have the honor to acknowledge the receipt of your Excellency's note of this date in regardltd_ the military service convention between the United States and Great Britain, signed to-day, in which you state that you are instructed to explain why:the proviso to Article I does not limit the military service of citizens of the United States in Great Britain to those of the ages specified in the laws of the United States, prescribing compulsory military service, as requested by the United States Government. In explanation your Excellency states as follows:[Lord Reading's note is here quoted.] In reply I have the honor to inform your Excellency that the Government of the United States is pleased to accept this explanation of said Article I, and, in lieu of a clause in this article limiting the milltaryservice of citizens of the United States in Great Britain to those of the ages spedfled in the laws of the laws of the United States prescribing compulsory military service, to exercise its right under Article HI to exempt from compulsory military service in Great Britain all citizens of the United States in Great Britain, outside of the ages specified in the laws of the United States prescribing compulsory military service. I have the honor to be, with the highest consideration, Your Excellency's most:obedient servant, ROBERT LANSING. The treaty is in two parts, one applying to the entire British Empire excepting Canada, and the other to Canada only. The only difference, however, is that the treaty dealing with Canada specifically provides that the age limits applying in the United States shall apply to Americans in Canada. The text of the treaty follows: CONVENTION RELATING TO THE SERVICE OF CITIZENS OF THE UNITED STATES IN GREAT BRITAIN AND,OF BRITISH SUBJECTS IN THEUNITED STATES. The President of the United States of America and his Majesty the King of the United Kingdom of Groat Britain and Ireland and of the British Dominions beyond the Seas, Emperor of India, being convinced that for the better prosecution of the present war it is desirable that citizens of the United States in Great Britain and British subjects in the United States shall either return to their own country to perform military service in its army or shall servo in the army of the country in which they remain, have resolved to enter into a convention to that end, and have accordingly appointed as their plenipotentiaries the President of the United States of America and Robert Lansing, Secretary of State of the United States, • and his Britannic Majesty, the Earl of Reading, Lord Chief Justice of England, High Commissioner and Ambassador Extraordinary and Plenipotentiary on Special Mission to the United States, who, after having communicated to each their respective full powers, found to be in proper form, have agreed upon and concluded the following articles: Article I. All male citizens of the United States in Great Britain and all male British subjects in the United States shall, unless before the tim3 limited by this convention they enlist or enroll in the forces of their own country or return to the United States or Groat Britain, respectively, for the purpose of military service, be subject to military service and entitled to exemption or discharge therefrom under the laws and regulations from time to -4 time in force of the country in which they are: Provided, That in respect to British subjects in the United States, the service shall be for the time being 20 to 44 years, both ages for military inclusive; Provided, however, That no citizen of the United States in Great Britain and no British subject in the United States who, before proceeding to Great Britain or the United States, respectively, was ordinarily resident in a place in the possessions of the United States or his Majesty's.dominions, respectively, where the law does not impose compulsory military service shall, by virtue of this convention, be liable to military service under the laws and regulations of Great Britain or the United States, respectively: Provided, further, That in the event of compulsory military service being applied to any part of his Majesty's dominions in which military service at present is not compulsory, British subjects who, before proceeding to the United States were ordinarily resident in such part of his Majesty's dominions, shall thereupon be included within the terms of this convention. 960 - THE CHRONICLE Article II. Citizens of the United States and British subjects within the age limits aforesaid, who desire to enter the military service of their own country must, after making such application therefor as may be proscribed by the laws or regulations of the country in which they are, enlist or enroll or must leave Great Britain or the United States, as the case may be, for the purpose of military service in their own country before the expiration of sixty days after the date of the exchange of ratifications of this convention, if liable to military service in the country in which they are at the said, date; or if not so liable, then before the expiration of thirty days, after the time when liability shall accrue; or as to those holding certificates of exemption under Article III of this convention, before the expiration of thirty days after the date on which any such certificates become inoperative unless sooner renewed; or as to those who apply for certificates of exemption under Article HI and whose applications are refused, then before the expiration of thirty days after the date of such refusal, unless the application be sooner granted. Article III. The Government of the United States and his Britannic Majesty's Gov ernment may, through their respective diplomatic representatives, issue certificates of exemption from military service to citizens of the United States in Great Britain and British subjects in the United States, respectively, upon application or otherwise, within sixty days from the date of the exchange of ratifications of this convention or within thirty days from the date when such citizens or subjects become liable to military service,in accordance with Article I, provided that the applications be made or the certificates be granted prior to their entry into the military service of either country. Such certificates may be special or general, temporary or conditional, and may be modified, renewed, or revoked in the discretion of the Government granting them. Persons holding such certificates shall, so long as the certificates are in force, not liable to milAary service in the country in which they are. Article IV. The convention shall not apply to British subjects in the United States (a) who were born or naturalized in Canada and who before proceeding to the United States were ordinarily resident in Great Britain or Canada, or in any other part of his Majesty's dominions to which compulsory military service has been or may be hereafter by law applied, or outside the British dominions, or (b) who were not born or naturalized in Canada, but who before proceeding to the United States were ordinarily resident in Canada Article V. The Government of the United States and his Britannic Majesty's Government will, respectively, so far as possible, facilitate the return of British subjects and citizens of the United States who may desire to return to their own country for military service, but shall not be responsible for providing transport or the cost of transport for such persons. Article VI. No citizen of either country, who under the provisions of this convention enters the military service of the other, shall by reason of such service be considered after this convention shall have expired or after his discharge, to have lost his nationality or to be under any allegiance to his Britannic Majesty or to the United States, as the case may be. Article VII. The present convention shall be ratified by the President of the United States of America by and with the advice and consent of the Senate of the United States and by his Britannic Majesty, and the ratifications shall be exchanged at Washington or at London as soon as possible. It shall come into operation on tho date on which the ratifications are exchanged, and shall remain in force until the expiration of sixty days after either of the contracting parties shall have given notice of termination to the other; whereupon any subject or citizen of either country incorporated into the military service of the other under this convention shall be as soon as possible discharged there from. In witness whereof the respective plenipotentiaries have signed the present convention and have affixed thereto their seals. Done in duplicate at Washington, the 3d day of June, in the year of our Lord one thousand nine hundred and eighteen. ROBERT LANSING. (Seal.) READING. (Seal.) A press dispatch from Washington on June 24 stated that it was estimated that some 54,000 American citizens in the British Empire, including 36,000 in Canada, and 310,000 British subjects in the United States, including 60,000 Canadians, would be affected by the treaties. Similar treaties with France and Italy, now being negotiated, are expected to add some hundreds of thousands more to the available Allied forces. NEW COMMERCIAL TREATY WITH SWEDEN MAKES IMPORTANT CONCESSIONS TO U. S. AND ALLIES. As the result of months of negotiations, an agreement has finally been entered into between Great Britain, France and the United States on the one hand and Sweden on the other, under which the former agree to the rationing of Sweden in return for the use of 400,000 tons of Swedish shipping and certain Swedish products, including iron ore, steel, paper and pulp. In addition, Sweden undertakes to grant to the associated Governments suitable credits for the purchase of goods during the continuance of present unfavorable exchange conditions, and to give guarantees that no goods imported to Sweden will be re-exported to Germany or allowed to release similar Swedish products for such export. The United States now has rationing agreements with four of the principal European neutrals—Sweden, Norway, Spain and Switzerland. There are no agreements yet with Holland and Denmark, but each of these neutrals has a commercial mission in the United States, and there islevery reason to believe, it is said, that they, too, will come into line. [VOL. 107. • The terms of the new agreement, made public on Aug. 22 by Axel Robert Nordvall, head of the Swedish Government Commission to the United States, amount virtualy to a commercial treaty, signed on May 29 last, between Sweden, the United States and the Entente countries. Mr. Nordvall's headquartets will be in Washington, but the Commission of which he is the head, which will have general supervisory powers over exports to Sweden from the United States, will maintain permanent offices in New York for the benefit of exporters, instructing them as to the forms required for export licenses from this country and import licenses into Sweden. Mr. Nordvall's statement was given out from the New York Produce Exchange, where he held a conference on Aug. 22 with representatives of leading firms interested in Swedish trade. It reads as follows: In May, 1917, almost immediately after the United States had entered the war, the Swedish Government sent a commission to this country to try to make some arrangement with this Government by which it would be possible to obtain the import to Sweden of certain essentials—food as well as raw materials. When the Swedish Commission arrived last year the United States was just building up its huge war organization. The Food Administration and the War Trade Board were being formed, and before it was possible for the United States to decide what could be spared to the neutral countries it had to make sure what its own supplies were, the possibilities for the domestic consumption as well as for the consumption of the Allies. We all remember now dark the prospects were after the first estimate of resources had been made. It then seemed impossible to spare anything in the form of food for the neutrals; but, thanks to the marvelous response which the American people made to Herbert Hoover's demand for greater economy in foodstuffs, it became possible for the War Trade Board to open negotiations with the neutral,countries with a view to providing them with much-needed foodstuffs and raw material in limited quantities. Such negotiations were also started in Washington with the Swedish Commission, of which Axel Robert Nordvall was a member, but these negotiations were in the latter part of last year transferred to London, where an Inter-Allied Committee carried on and brought to a successful conclusion negotiations with a delegation from Sweden which Mr. Nordvall joined in the beginning of this year. The agreement between the Swedish Government, the United States and the Associated Governments was signed at the end of last May, and the long time it took to arrive at a point where full harmony between the signatories to the agreement existed may, to some degree, give an idea of the many complicated problems which had to be solved before an agreement could be reached, and only the honest and openly expressed desire of all parties involved to reach an understanding whereby a friendly intercourse between neutral Sweden and the Allied countries might exist in the future made it possible to arrive at a solution of the difficult problem. It can be said of the agreement that it is fair to all parties and is a result of the give and take policy which is the only safe basis for an understanding which is meant to be more than a temporary one. Sweden has put at the disposal of the Allies all the ships she can possibly spare, and has kept for herself only enough tonnage—and scarcely that—to bring home the goods of which she is in the greatest need. Swedish tonnage which is now chartered in the United States and Allied service amounts to 400,000 deadweight tons, of which 200,000 will be allowed to trade within and 200,000 outside the war zone. Sweden has further guaranteed the associated Governments a fair proportion of Sweden's entire iron ore export, and the Executive order of President Wilson, dated the 29th of Juno, by which he appropriates "$6,000,000. to be expended by the Secretary of Commerce in payment to the proper authorities of the Government of Great Britain of one-third part of the purchase price of 2,000,000 tons of Swedish iron ore, the purchase of which is provided for in the agreement of May 29 1918", shows that considerable quantities are involved. Sweden has further undertaken to license the export to the associated Governments of wood pulp, paper, iron, steel, &c., and has also agreed to grant to the associated Governments suitable credit in Sweden for the purchase of Swedish goods during the continuance of the present unfavorable exchange on pounds sterling which exists in relation to the Swedish krona, and which, of course, directly affects tho dollar exchange. Furthermore, Sweden has given satisfactory guarantees that no goods imported to Sweden from the United States or Allied countries or from other countries where the associated Governments control shipping on account of their control over bunker fuels or for other reasons, will be exported to any country now at war with the associated Governments—neither will such imported goods release similar Swedish goods for such export. As a result of the agreement, Sweden has put an absolute embargo on the export of all kinds of foodstuffs, whether of domestic or foreign origin, and on a great many other commodities as well. In exchange for these commodities, facilities, and guarantees, the associated Governments have undertaken to facilitate the successive import to Sweden of the following necessities in quantities which, in view of the present world scarcity of such goods, must be considered fair, viz.: Bread cereals, fodder, &c., to be purchased and shipped from Argentina or Australia; coal and coke from England; mineral oils and edible oils of various kinds; sugar; rubber and rubber goods; cotton and cotton goods; wool and woolen goods; textiles; hides, leather and tanning material; coffee, cocoa; tobacco; copper; ferro-alloys, tin, tinplate; nitrate of soda; raw phosphates;sulphur, and other goods and materials necessary for Sweden's economic life. Of the above mentioned it is to be expected that the bread cereals, wool, hides, coffee, nitrate of soda, &c., will be imported to Sweden from South America, and mineral oils, certain edible oils, rubber goods, cotton textiles, leather, raw phosphates, capper and other metals, chemicals, dried fruit and canned fruit, canned and dried vegetables, syrups, certain products of wheat, corn and oats, &c., will be allowed to go from the United States. The signing of the treaty indicates the continuance of the friendship and good-will between tho United States anti its allies and Sweden. The position of a neutral country like Sweden is difficult and delicate. This is realized by the United States, which has given every indication that it will not add to tne embarrassments now confronting the neutrals, and has shown every disposition to aid and lighten tneir burdens. Benjamin Franklin in 1783 signed the first treaty of friendship and commerce with Sweden. That treaty contained the first "most favored nation" clause, and the present treaty assures a continuance of the expressions of confidence and friendship expressed by Franklin and by the Swedish Government when the American Republic was just embarking on its career as an independent nation. SEPT. 7 1918.] THE CHRONICLE Discussing informally the points covered by his statement, Mr. Nordvall, as quoted in the New York "Times" of Aug. 23, remarked that the agreement was practically a full acceptance by Sweden of the principle of the blockade and embargo for Germany, regarding which there has been so long controversy between Sweden and the Allies, inasmuch as it admits Allied control, through bunker licenses, of trade between Sweden and other neutral nations, such as Argentina, even in Swedish bottoms. He also remarked that granting to England, France and the United States a fair proportion of Swedish iron ore and iron and steel exports represented a direct gain for the Allies, as for 25 years before the war Germany was practically Sweden's only customer for iron 9re, and until now, even during the war, has maintained that position. But since the Allies wanted to buy part of the Swedish ore production, Sweden, as a neutral, was bound to given them a fair proportion. 961 The form and contents of this latest declaration of the British Government must be emphatically repudiated. The Creche-Slovaks' National Council is a committee of private persons who have no mandate from the Czecho-Slovak people and still less from the Czecho-Slovak "nation," which exists only in the imagination of the Entente. Equally absurd is it to represent this committee as a future Government, which does not as yet exist. In reference to the Czecho-Slovak "army," it may constitute a part of the Entente army, but it certainly cannot be an ally of the Entente in the sense of international law. It is well-known to us that only a slight fraction of the self-styled Czecho-Slovak army are Austrian or even Hungarian citizens of Slovak tongue. These disloyal elements, guilty of perjury, will, notwithstanding the Entente's recognition, be regarded and treated as traitors. It canhot be permitted that the peoples who have always fulfilled their duties as Austrian and Hungarian citizens, and whose sons as members of the AustroHungarian Army fought bravely against the Entente, shall be subjected to the suspicions cast upon them by such methods as employed by the British official declaration. The Austro-Hungarian Government reserves its stops in this regard. FEATURES OF PROGRAM OF CONVENTION OF AMERICAN BANKERS' ASSOCIATION. An indication as to the program which will be presented' INCOME AND EXCESS PROFITS RETURN IN LATE at the annual convention of the American Bankers' AssoFISCAL YEAR $2,839,083,000. ciation which is to take place in Chicago from Sept. 23 to Total internal revenue returns of $3,694,703,000 for the 28 is furnished in an announcement given out by the Assofiscal year ended June 30 1918 were shown in a report presented ciation during the past week. The meeting will be a war to Secretary of the Treasury McAdoo by Internal Revenue convention and the various sessions will be devoted largely Commissioner Roper on Aug. 6. Of the sum indicated to addresses and discussions on topics of the day. The income and excess profits payments in June yielded $2,- general convention will open Sept. 26 with a concert by one 839,083,000. Next to income and excess profits taxes, of Chicago's famous bands. Addresses of welcome will liquor taxes brought in the most money, $443,838,000, in- be made by Frank 0. Lowden, Governor of the State of eluting $317,553,000 from whiskey,brandy,wine and spirits, Illinois and a banker of Chicago. The annual addresses and $126,285,000 from beer and other fermented liquors. and response to addresses of welcome by President C. A. Taxes on cigars, cigarettes and other tobacco products Hinsch will follow. Then will come annual reports of offiyielded $156,188,000. These figures are somewhat higher cers of the association and addresses. Among the promithan those reported soon after the close of the year by Com- nent speakers who will address the convention are: Frank missioner Roper, and are subject to further slight modifica- 0. Lowden, who in addition to his message of welcome, tions. After income, excess profits, liquor and tobacco will deliver an address; Harry A. Wheeler, President Chamtaxes, the biggest yield from any other source came from ber of Commerce of the United States, Chicago, Ill., will levies on transportation and utilities which went ir to effect speak on "The Merchant Marine and the Railroads;" on Nov. 1, amounting to $70,734,000, divided as follows: W. H. Vandervoort, of the Root & Vandervoort EngineerFreight, 3%, 830,002,000; passenger tickets, 8%, $24,306,- ing Company and the R.& V. Wagner Ordnance Company 000; express, 5%, $6,458,000; berths and staterooms, 10%, East Moline, Ill., on "Relations Between Employer and $2,236,000; telephone, telegraph and radio messages, 5% Employee;" the Rt. Rev. Charles David Williams, Bishop $6,299,000; oil pipe linos, 5%, $1,433,000. Levies on of the Diocese of Michigan, each, Detroit, Mich., will speak on estates of deceased persons brought in $47,452,000. Amuse- "The Red Cross." Tentative promises to address the conments, such as theatres. cabarets, pleasure parks and dance vention have been received from Hon. Newton D. Baker, halls, taxed virtually 10% on the admission price, yielded Secretary of War; Josephus Daniels, Secretary of the Navy; for the eight months $26,357,000. Charles M. Schwab, Director-General, Emergency Fleet A notable feature of the report was the item of only $12,- Corporation, Philadelphia, Pa.; Otto H. Kahn, of New York 995,000 collected in excise taxes on sales of articles usually City; Hon. George E. Chamberlain, Chairman, Comclassed as luxuries—paino players, moving picture films, mittee on Military Affairs, United States Senate. Senator jewelry, perfumes, cosmetics., proprietary medicines, chewing Chamberlain will speak on "Universal Military Training." gum, cameras and yachts. The Administration tax program A promise to address the convention has been received this year calls for raising about a billion dollars from luxuries. from the Earl of Reading provided he returns to this counTaxes on the value of capital stock of corporations last year try from England in time. The bankers of Chicago do not amounted to $24,996,000; on manufacturers or dealers in wish to eliminate entirely the entertainment features and automobiles and motorcycles, $23,981,000; on munition man- have planned for an automobile trip through the parks ufactures, $13,296,000. Documentary stamp taxes imposed and boulevards of Chicago for Monday afternoon, Sept. since Dec. 1 1917 produced $18,813,000. Club dues, taxed 23. There will be theatre entertainmen ts on Wednesday at 10%, yielded $2,259,000. Taxes on insurance policies and Friday evening; a luncheon for the ladies at the South amounted to $6,492,000; on oleomargerine, $2,336,000; on Shore Country Club on Thursday afternoon; and arrangebowling alleys, pool and billiard tables, $1,086,000; on ments are about perfected to have their banker guests theatre, circus and museum proprietors, $865,000, and on visit the Great Lakes Naval Station on Saturday forenoon, stock brokers, $333,000. The volume of taxes collected Sept. 2. Last week we gave details, as thus far arranged, during the year is shown by comparison with the total of the of the programs to be presented by the various sections of preceding, ',.:09,393,000. year the association. The general program of the week's proceedings is like that of former conventions: Monday morning, Sept. AUSTRIA-HUNGARY RESENTS ENTENTE RECOGNI- and its various sections. 23—Committee meetings of the association TION OF CZECHO-SLOVAKS. Monday afternoon, Sept. 23—Annual meeting of the Executive CounThe efforts of the Entente Governments to give the sanc- cil. Tuesday and Wednesday, Sept. 24 and 25 general meetings of the Trust tion of international law to the belligerency of the various Company, Savings Bank, Clearing House, State Secretaries, National Czecho-Slovak armies now fighting against the Central Em- Bank and State Bank Sections. There will be a joint meeting of the National Bank, Savings Bank, pires in France, Italy and Russia, by extending formal State Bank and Trust Company Sections on Tuesday evening. "Czecho-Slovak nation" and to the Czechorecognition to the The new executive council will meet for organization Slovak National Council as its Government, has been re- Saturday morning, Sept. 28. The Congress Hotel and pudiated by Austria-Hungary, whose subjects the Czecho- Annex will be official headquarters for registration as well Slovaks techinically are, in a statement which announces as all committee and section meetings. The general sesthat they will be treated as traitors if taken with arms in sions of the convention will be held in the Auditorium Theahand. The Czecho-Slovaks have been formally recognized tre. John R. Washburn, Chairman of the local Hotel by France, England and Italy, and our State Department Committee, care Continental and Commercial National has declared its sympathy "with the nationalistic aspira- Bank, Chicago, Ill., has charge. of the hotel reservations: tions" of the Czecho-Slovak people. The realization of The various local committees of the entertaining city are such aspirations would of course involve the dismemberment holding meetngs and are busily engaged to the end that the of the Austro-Hungarian Empire as at present constituted. forty-fourth annual convention of the American Bankers The Austrian Government's statement as forwarded from Association will be the most successful in the history of the Amsterdam on Aug. 17 reads as follows: organization. THE CHRONICLE 962 TEXT OF $8,000,000,000 WAR REVENUE BILL PROPOSED BY COMMITTEE ON WAYS AND MEANS. The following is the text of the $8,000,000,000 War Revenue Bill as reported to the House of Representatives on Tuesday, Sept. 3, by the Committee on Ways and Means through its Chairman, Claude Kitchin. We publish the bill in full except that we omit Title VI dealing with the tax on beverages and Title VII dealing with the tax on cigars, tobacco and manufactures thereof. A reference to the explanatory report presented by Mr. Kitchin in submitting the Bill will be found in another article. (H. R. 12863.1 (Report No. 767.1 A BILL to provide revenue, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, TITLE I.—GENERAL DEFINITIONS. Section 1. That when used in this Act— The term "person" includes partnerships, corporations and associations, as well as individuals; The term "corporation" includes associations, joint-stock companies and nsurance companies, as well as private corporations; The term "domestic" when applied to a corporation or partnership means created or organized in the United States; The term "foreign" when applied to a corporation or partnership means created or organized outside the United States; The term "United States" when used in a geographical sense includes only the States, the Territories of Alaska and Hawaii and the District of Columbia; The term "Secretary" means the Secretary of the Treasury; The term "Commissioner" means the Commissioner of Internal Revenue; The term "collector" means collector of internal revenue: The term "Revenue Act of 1916" moans the Act entitled "An Act to Increase the revenue, and for other purposes," approved Sept. 8 1916; The term "Revenue Act of 1917" means the Act entitled "An Act to provide revenue to defray war expenses, and for other purposes," approved Oct. 3 1917; The term "taxpayer" includes any person, trust or estate subject to a tax imposed by this Act; The term "Government contract" means (a) a contract made with the United States, or with any department, bureau, officer, commission, board or agency under the United States and acting in its behalf, or with any agency controlled by any of the above if the contract is for the benefit of the United States, or (b) a subcontract made with a contractor performing such a contract.if the products or services to be furnished under the sub-contract are for the benefit of the United States. [VoL. 107. (a) in the case of a citizen or resident of the United States 12% of the amount of the net income in excess of the credits provided in section 216: Provided, That upon the first $4,000 of this amount the rate shall be 6%; (b) In the case of a non-resident alien, 12% of the amount of the net income in excess of the credits provided in section 216. Surtax. Sec. 211. That in addition to the normal tax imposed by section 210 there shall be levied, collected and paid for each taxable year upon the net income of every individual a surtax equal to the sum of the following: 2% of the amount by which the net income exceeds $5,000 and does not exceed $7,500; 3% of the amount by which the net income exceeds $7,500 and does not exceed $10,000: 7% of the amount by which the net income exceeds $10,000, and does not,exceed $15.000; 10% of the amount by which the net income exceeds $15,000, and does not exceed $20,000; 15% of the amount by which the net income exceeds $20,000 and does not exceed $30,000; 20% of the amount by which the net income exceeds $30,000 and does not exceed $40,000; 25% of the amount by which the net income exceeds $40,000 and does not exceed $50,000; 32% of the amount by which the net income exceeds $50,000 and does not exceed $60,000: 38% of the amount by which the net income exceeds $60,000 and does not exceed $70,000; 42% of the amount by which the net income exceeds $70,000 and does not exceed $80,000; 46% of the amount by which the net income exceeds $80,000 and does not exceed $90.000; 48% of the amount by which the net income exceeds $90,000 and does not exceed $100,000: 50% of the amount by which the net income exceeds $100,000 and does not exceed $200,000; 52% of the amount by which the net income exceeds $200,000 and does not exceed $300,000; 54% of the amount by which the net income exceeds $300,000 and does not exceed $500,000: 58% of the amount by which the net income exceeds $500,000 and does not exceed $1,000,000; 60% of the amount by which the net income exceeds $1,000,000 and does not exceed $5,000,000; and 65% of the amount by which the net income exceeds $5,000,000. Net Income Defined. Sec. 212 (a). That in the case of an individual the term "net income" means the gross income as defined in section 213, less the deductions allowed by section 214. (b) The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer: but if no such method of accounting has been so employed, or if it does not clearly reflect the income, the computation shall be Made upon such basis and in such manner as in the opinion of the Commissioner does clearly reflect the income. If the taxpayer's annual accounting period is other than a fiscal year as,defined in section 200 or if the taxpayer has no annual accounting period or does not keep books, the net income shall be computed on the basis of the calendar year. If a taxpayer changes his accounting period from fiscal year to calendar year, from calendar year to fiscal year, or from one fiscal year, to another, the not income shall, with the approval of the Commissioner, be computed TITLE II.—INCOME TAX. on the basis of such new accounting period, subject to the provisions of S. PART I.—GENERAL PROVISION section 226, Gross Income Defined. Definitions. See. 213. That for the purposes of this'title (except as otherwise provided Sec. 200. That when used in this title— year in section 233) the term "gross income"— The term "taxable year" means the calendar year, or the fiscal net income (a) Includes gains, profits and income derived from salaries, wages, or ending during such calendar year, upon the basis of which the 232. The term "fiscal year" compensation for personal service (including in the case of the President is computed under section 212 or section day of of the United States, the judges of the Supreme and inferior courts of the means an accounting period of twelve months ending on the last be called United States, and all other officers and employees, whether elected or apany month other than December. The first taxable year, to fiscal year pointed, of the United States, or of any State, Alaska, Hawaii, or any politthe taxable year 1918, shall be the calendar year 1918 or any ical subdivision thereof, or the District of Columbia, the compensation reending during the calendar 1918; adminis- ceived as such), of whatever kind and in whatever form paid, or from proThe term "fiduciary" means a guardian, trustee, executor, capacity fessions, vocations, trades, businesses, commerce, or sales, or dealings in trator, receiver, conservator or any person acting in any fiduciary property, whether real or personal, growing out of the ownership or use of or for any person, trust or estate; to deduct interest in such property; also from interest, rent, dividends, securities, or The term "withholding agent" means any person required section 237. the transaction of any business carried on for gain or profit, or gains or profand 'withhold any tax under the provisions of section 221 or corporation its and income derived from any source whatever. The amount of all such The term "dividend" means any distribution made by a payable to items shall be included in the gross income for the taxable year in which and out'of its earnings or profits, accrued since Fob. 28 1913 or in received by the taxpayer, unless, under methods of accounting permitted its shareholders or members, whether in cash or in other property be properly Any distribution shall be deemed to have been under subdivision (b) of section 212, any such amounts are to stock of the corporation. have first accounted for as of a different period; but made from earnings or profits unless all earnings and profits subsequent (b) Does not include the following items, which shall be exempt from been distributed. Any distribution made in the year 1918 or accrued taxation under this title; • years shall be deemed to have been made from earnings or profits to March 1 (1) The proceeds of life insurance policies paid upon the death of the since Feb. 28 1913; but any earnings or profits accrued prior from the insured to individual beneficiaries or to the estate of the insured; 1913 may be distributed la stock dividends or otherwise, exempt (2) The amount received by the insured as a return of premium or pre1913 have been tax, after the earnings and profits accrued since Feb. 28 be con- miums paid by him under life insurance, endowment, or annuity contracts, distributed. If paid in stock of the corporation, a dividend shall Amounts either during the term or at the maturity of tho term mentioned in the sidered income to the amount!ofthe earnings or profits distributed. payments contract or upon surrender of the contract; distributed in the liquidation of a corporation shall be treated as taxed (3) The value of property acquired by gift, bequest, devise, or descent iii exchange for stock, and any gain or profit realized thereby shall be (but the income from such property shall be included in gross income): to the distributee as other gains or profits. any political (4) Interest upon (a) the obligations of a State, Territory, or Basis for Determining Gain or Loss. subdivision thereof, or the District of Columbia, issued on or prior to the or loss date of the passage of this Act, or (if authorized by law on or prior to the Sec. 201. That for the purpose of ascertaining the gain derived or date of the passage of this Act) issued within six months after the passage sustained from the sale or other disposition of property, real, personal of this Act and containing a statement of such authorization and its date, mixed,the basis shall be— (a) In the case of property acquired before March 1 1913 the fair market or (if issued after the passage of this Act) containing a statement that they are issued for the purpose of funding or refunding any interest-bearing price or value of such property as of that date; and cost (b) In the case of property acquired on or after that date, (1) the indebtedness outstanding on the date of the passage of this Act or for the inventory value, if the inventory is made in accordance purpose of carrying out a contract entered into on or prior to the date thereof; or (2) the of the passage of this Act: Provided, That there shall be excluded from with section 202. Inventories. gross income in the case of any person owning obligations of States, Teruse of ritories, political subdivisions thereof, or the District of Columbia (the Sec. 202. That whenever in the opinion of the Commissioner the the income of any interest upon which is included in gross income), the interest upon an amount Inventories is necessary in order clearly to determine basis of such obligations the principal of which does not exceed in the aggregate taxpayer, inventories shall be taken by such taxpayer upon such or of $5,000; or (b) securities issued under the provisions of the Federal as the Commissioner, with the approval of the Secretary, may approve Farm Loan Act of July 17 1916; or (c) the obligations of the United States prescribe EIS most clearly reflecting the income of the taxpayer. or its possessions. In the case of obligations of the United States issued PART II.—INDIVIDUALS. after Sept. 1 1917, the interest shall be exempt only if and to the extent provided in the Act authorizing tne issue thereof, and shall be excluded Normal Tax. from gross income only if and to the extent it is wholly exemptlfrom taxaSec. 210. That there shall be levied, collected and paid for each taxable tion both under this title and under Title HI. year upon the net income of every individual a normal tax, as follows: SEPT. 7 1918.1 THE CHRONICLE (5) The Income of foreign Governments received from investments in the United States in stocks, bonds, or other domestic securities, owned by such foreign Governments, or from interest on deposits in banks in the United States of moneys belonging to such foreign Governments, or from any other source within the United States; (6) Amounts received, througn accident or health insurance or under workmen's compensation Acts, as compensation for personal injuries or sickness, plus the amount of any damages received whether by suit or agreement on account of such Injuries or sickness: (7) Income derived from any public utility or the exercise of any essential Governmental function and accruing to any State, Territory, or the District of Columbia, or any political subdivision of a State or Territory, or income accruing to the Government of the Philippine Islands or Porto Rico, or any political subdivision thereof. Whenever any State, Territory, or the District of Columbia, or any political subdivision of a State or Territory, prior to Sept. 8 1916, entered in good faith into a contract with any person or corporatfon, the object and purpose of which is to acquire, construct, operate, or maintain a public utility, no tax shall be levied under the provisions of this title upon the income derived from the operation of such public utility, so far as the payment thereof will impose a loss or burden upon such State, Territory, District of Columbia, or political subdivision; but this provision is not intended to confer upon such person or corporation any financial gain or exemption or to relieve such person or corporation from the payment of a tax as provided for in this title upon the part or portion of such income to which such person or corporation is entitled under such contract; (8) So much of the amount received by a person in the military or naval forces of the United States as salary or compensation in any form from the United States for services abroad or at sea in such forces, as does not exceed $3,500. (c) In the case of nonresident alien individuals, gross income includes only the gross Income from sources within the United States, including interest on bonds, notes, or other interest-bearing obligations of residents, corporate or otherwise, and including dividents from resident corporations. 963 of the taxpayer's net income as computed without the benefit of this paragraph. Such contributions or gifts shall be allowable as deductions only if verified under rules and regulations prescribed by the Commissioner, with the approval of the Secretary. In the case of a nonresident alien individual this deduction shall be allowed only as to contributions or gifts made to domestic corporations. (b) In the case of a non-resident alien individual the deductions allowed in paragraphs (1), (4), (7), (8), (9) and (10) of subsdivision (a) shall be allowed only if and to the extent that they are connected with a trade or business carried on within the United States; and the proper apportionment and allocation of the deductions with respect to trade or business within and without the United States shall be determined under rules and regulations prescribed by the Commissioner with the approval of the Secretary. Items Not Deductible. Sec. 215. That in computing net income no deduction shall in any case be allowed in respect of— (a) Personal, living or family expenses; (b) Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate; (c) Any amount expended in restoring property or in making good the exhaustion thereof for which an allowance is or has been made; or (d) Premiums paid on any life insurance policy covering the life of any officer or employee, or of any person financially interested in any trade or business carried on by the taxpayer, when the taxpayer or any one financially interested in such trade or business is a beneficiary under such policy. Credits Allowed. Soc. 216. That for the purpose of the normal tax only there shall be allowed the following credits: (a) The amount received as dividends from a corporation which is taxable under this title upon its net income; (b)The amount received as interest upon obligations of the United States, any State, Territory, any political subdivision thereof, or the District of Columbia, which is included in gross income under section 213; Deductions Allowed. (c) In the case of a single person, a personal exemption of $1,000, or in Sec. 214. (a) That in computing net income there shall be allowed as the case of the head of a family or a married person living with husband deductions: or wife, a personal exemption of $2,000. A husband and wife living to(1) All the ordinary and necessary expenses paid or incurred during the gether shall receive but one personal exemption of $2,000 against their taxable year in carrying on any trade or business, including a reasonable aggregate net income; and in case they make separate returns the personal allowance for salaries or other compensation for personal services actually exemption of $2,000 may be taken by either or divided between them; rendered and including rentals or other payments required to be made as (d) $200 for each person (other than husband or wife) dependent upon a condition to the continued use or possession, for purposes of the trade and receiving his chief support from the taxpayer, if such dependent peror business, of property to which the taxpayer has not taken or is not taking son is under eighteen years of age or is incapable of self-support because title or in which he has no equity; mentally or physically defective. (2) All interest paid or accrued within the taxable year on indebtedness (o) In the case of a non-resident alien individual who is a citizen or sub(or, in the case of a nonresident alien individual, the proportion of such ject of a country which imposes an income tax, the credits allowed in subinterest paid which the amount of his gross income from sources within divisions (c) and (d) shall be allowed only if such country allows a similar the United States bears to the amount of his gross income from all sources credit to citizens of the United States not residing in such country. within and without the United States) in excess of interest received free Non-Resident Aliens—Allowance of Deductions and Credits. from taxation under this title; Sec. 217. That a non-resident alien individual shall receive the beneift (3) Taxes paid or accrued within the taxable year imposed (a) by the authority of the United States, except income, war-profits and excess-profits of the deductions and credits allowed in this title only by filing or causing taxes; or (b) by the authority of any of its possessions, except the amount to be filed with the collector a true and accurate return of his total income of income, war-profits and excess-profits taxes allowed as a credit under received from all sources corporate or otherwise in the United States, in section 222; or (c) by the authority of any State or Territory, or any county, the manner prescribed by this title, including therein all the information school district, municipality, or other taxing subdivision of any State or which the Commissioner may deem necessary for the calculation of such Territory, not including those assessed against local benefits; or (d) in the deductions and credits: Provided, That the benefit of the credits allowed in caso of a citizen or resident of the United States, by the authority of any subdivisions (c) and (d) of section 216 may, in the discretion of the Comforeign country, except the amount of income, war-profits and excess-profits missioner, and except as otherwise provided in subdivision (e) of that section, be received by filing a claim therefor with the withholding agent. taxes allowed as a credit under section 222; (4) Losses sustained and charged off during the taxable year and not In case of failure to file a return, the collector shall collect the tax on such income, and all property belonging to such non-resident alien individual compensated for by insurance or otherwise, if incurred in trade or business; (5) Losses sustained during the taxable year and not compensated for shall be liable to distraint for the tax. Partners. by insurance or otherwise, if incurred in any transaction entered into for profit, though not connected with the trade or business; but in the case of Sec. 218. (a) That individuals carrying on business in partnership shall nonresident alien individual only as to such transactions within the United be liable for income tax only in their individual capacity. There shall be States; included in computing the net income of each partner his diAributive share, (6)Losses sustained during the taxable year of property not connected 'whether distributed or not, of the net income of the partnership for the with the trade or business (but in the case of a nonresident alien individual taxable year, or, if his net income for such taxable year is computed upon only property within the United States) if arising from fires, storms, ship- the basis of a period different from that upon the basis of which the net wreck, or other casualty, or from theft, and if not compensated for by in- income of the partnership is computed, then his distributive share of the surance or otherwise; net income of the partnership for the last annual accounting period of the (7) Debts ascertained to be worthless and charged off within the taxable partnership prior to the close of the fiscal or calendar year upon the basis year; of which the partner's net income is computed. (8) A reasonable allowance for the exhaustion, wear and tear of property The partner shall,for the purpose of the normal tax, be allowed as credits, used in the trade or business, but in the case of a nonresident alien individual in addition to the credits allowed to him under section 216, his proportiononly as to property within the United States; ate share of such amounts specified in sub-divisions (a) and (b) of section (9) In the case of buildings, machinery, equipment, or other facilities, 216 as are received by the partnership. constructed, erected, installed, or acquired, on or after April 6 1917 for the (b) If a fiscal year of a partnership ends during a calendar year for which production of articles contributing to the prosecution of the present war, the rates of tax differ from those for the preceding calendar year, then there may be allowed a reasonable deduction for the amortization of such (1) the rates for such preceding calendar year shall apply to an amount part of the cost of such facilities as has been borne by the taxpayer, but of each partner's share of such partnership net income equal to the propornot again including amounts otherwise allowed under this title for depreci- tion which the part of such fiscal year falling within such calendar year ation, exhaustion, or wear and tear. At any time within three years bears to the fuil Mad year, and (2) the rates for the calendar year during after the termination of the present war with the Imperial German Govern- which such fiscal year ends shall apply to the remainder. ment as declared by proclamation of tho President, the Commissioner may, (c) In the case of an individual member of a partnership which makes and at the request of the taxpayer shall, re-examine the return, and if he return for a fiscal year beginning in 1917 and ending in 1918 his proporthen finds as a result of an appraisal or from other evidence that the reduc- tionate share of any excess-profits tax imposed upon the partnership under tion originally allowed was incorrect, the necessary adjustment of the taxes the Revenue Act of 1917 with respect to that part of such fiscal year falling for the year or years affected shall be made and the amount of tax due upon in 1917, shall, for the purpose of determining the tax imposed by this title, such readjustment, if any, shall be paid upon notice and demand by the be credited against that portion of the net income embraced in his personal collector, or the amount of tax overpaid, if any,shall be credited or refunded return for the taxable year 1918 to which the rates for 1917 apply. to the taxpayer in accordance with the provisions of section 252. In the (d) The net income of the partnership shall be computed in the same case of a nonresident alien individual this deduction shall be allowed only manner and on the same basis as provided in section 212, except that the facilities within the United States. In no case shall the deduction deduction provided in paragraph (11) of subdivision (a) of section 214 as to allowed under this paragraph exceed 25% of the taxpayer's net income as shall not be allowed. computed without the benefit of this paragraph or paragraph (11); Estates and Trusts. (10) (a) In tho case of oil and gas wells a reasonable allowance for actual Sec. 219. (a) That the tax imposed by sections 210 and 211 shall apply reduction in flow and production to be ascertained not by the flush flow, to the income of estates or of any kind of property held in trust, including— but by the settled production or regular flow; (b) in the case of mines a (1) Income received by estates of deceased persons during the period of reasonable allowance for depletion; (c) in the case of mines, oil and gas administration or settlement of the estate; wells, a reasonable allowance for depreciation of improvements; such (2) Income accumulated in trust for the benefit of unborn or tmascerreasonable allowance in all the above cases to be made according to the tatted persons or persons with contingent interests; peculiar conditions in each case and under rules and regulations to be (3) Income held for future distribution under the terms of the will or prescribed by the Commissioner with the approval of the Secretary. In trust; and the case of leases the deductions allowed by this paragraph shall be equitably (4) Income which is to be distributed to the beneficiaries periodically, apportioned between the lessor and lesse. In the case of a nonresident whether or not at regular intervals. alien individual deductions under this paragraph shall be allowed only as (b) The fiduciary shall be responsible for making the return of income for to property within the United States; the estate or trust for which he acts. The net income of the estate or trust (11) Contributions or gifts made within the taxable year to corporations shall be computed in the same manner and on the same basis as provided organized and operated exclusively for religious, charitable, scientific, in section 212; and in cases under paragraph (4) of subdivision (a) of this or educational purposes, or for the prevention of crulety to children or section the fiduciary shall include in the return a statement of each beneanimals, no part of the not earnings of which inures to the benefit of any ficiary's distributive share of such net income, whether or not distributed private stockholder or individual, to an amount not in excessiof 15% before the close of the taxable year for which the return is made. 964 THE CHRONICLE [VOL. 107. in a single joint (c) In cases under paragraph (1), (2) or (3) of subdivision (a) tho tax make such a return unless the income of each is included shall be imposed upon the net income of the estate or trust and shall be return. make his own return, the return shall be If the taxpayer is unable to paid by the fiduciary. In such cases the estate or trust shall, for the puror other person charged pose of the normal tax, be allowed the same credits as are allowed to single made by a duly authorized agent or by the guardian with the care of the person or property of such taxpayer. persons under section 216. (d) In cases under paragraph (4) of subdivision (a) the tax shall not be Partnership Returns. paid by the fiduciary, but there shall be included in computing the net inSec. 224. That every partnership shall make a return for each taxable come of each beneficiary his distributive share, whether distributed or not, and the deductions of the net income of the estate or trust for the taxable year, or, if his net year, stating specifically the items of its gross income and addresses income for such taxable year is computed upon the basis of a period dif- allowed by this title, and shall include in the return the names the net income if disferent from that upon the basis of whicn the net income of the estate or of the individuals who would be entitled to share in and the amount of the distributive share of each individual. The trust is computed, then his distributive share of the net income of the estate tributed or trust for the last annual accounting period of such estate or trust prior return shall be sworn to by any one of the partners. to the close of the fiscal or calendar year upon the basis of wnich such Fiduciary Returns. beneficiary's net income is computed. In sucn cases the beneficiary shall, Sec. 225. That every fiduciary (except receivers appointed by authority for the purpose of the normal tax, be allowed as credits in addition to the in possession of part only of the property of an individual) shall credits allowed to him under section 216, his proportionate share of such of law oath a return for the individual, estate or trust for which he amounts specified in subdivisions (a) and (b) of section 216 as are received make under acts (1) if the net income of such individual is $1,000 or over if single or if by the estate or trust. married and not living with husband or wife, or $2,000 or over if married Undistrtbuted Profits Subject to Surtax. and living with husband or wife, or (2) if the net income of such estate or Sec. 220. That for the purpose of the surtax, the net income of any trust is $1,000 or over or if any beneficiary of such estate or trust is a nonindividual includes the share to which he would be entitled of the gains resident alien, stating specifically the items of the gross income and the and profits, if divided or distributed, whether divided or distributed or deductions and credits allowed by this title. Under such regulations as not, of all corporations, however created or organized, formed or fraudu- the Commissioner with the approval of the Secretary may prescribe, a lently availed of for the purpose of preventing the imposition of such tax return made by one of two or more joint fiduciaries and filed in the district through the medium of permitting such gains and profits to accumulate where such fiduciary resides shall be a sufficient compliance with the above instead of being divided or distributed; and the fact tnat any such cor- requirement. The fiduciary shall make oath that he has sufflicent knowlporation is a mere holding company, or that tne gains and profits are per- edge of the affairs of such individual, estate or trust to enable him to make mitted to accumulate beyond the reasonable needs of the business, shall the return, and that the same is, to the best of his knowledge and belief, be prima faele evidence of a fraudulent purpose to escpae such tax; but the true and correct. fact that ths gains and profits are in any case permitted to accumulate and Fiduciaries required to make returns under this Act shall be subject to become sarplus shall not be construed as evidence of a purpose to escape all the provisions of this Act which apply to individuals. the tax in such case unless the Secretary certifies that in his opinion such Returns when Accounting Period Changed. accumulation is unreasonable for the purposes of the business. When reSec. 226. That if a taxpayer, with the approval of the Commissioner, quested by the Commissioner, or any collector, every corporation shall forward to him a correct statement of such gains and profits and the names changes the basis of computing net income from fiscal year to calendar and addresses of the individuals or shareholders who would be entitled to year a separate return shall be made for the period between the close of the the same if divided or distributed, and of the amounts that would be pay- last fiscal year for which return was made and the following Doc. 31. If the change is from calendar year to fiscal year, a separate return shall be able to each. made for the period between the close of the last calendar year for which Payment of Tax at Source. was made and the date designated as the close of the fiscal year. Sec. 221. (a) That all individuals, corporations and partnerships, in return If the change is from one fiscal year to another fiscal year a separate return whatever capacity acting, including lessees or mortgagors of real or pershall be made for the period between the close of the former fiscal year sonal property, fiduciaries, empolyers and all officers and employees of the and the date designated as the close of the new fiscal year. If a taxpayer United States, having the control, receipt, custody, disposal or payment making his first return for income tax keeps his accounts on the basis of a of interest, rent, salaries, wages, premiums, annuities, compensations, he shall make a separate return for the period between the remunerations, emoluments or other fixed or determinable annual or peri- fiscal year of the calendar year in which such fiscal year ends and the end odical gains, profits and income, of any non-resident alien individual (other beginning fiscal year. than income received as dividends from a corporation which is taxable of such In all of the above cases the net income shall be computed on the basis under this title upon its net income) shall (except in the cases provided for such period for which separate return is made, and the tax shall be paid In subdivision (b) and except as otherwise provided in regulations pre- of at the rate for the calendar year in which such period is included; scribed by the Commissioner under section 217) deduct and withhold from thereon credits provided in subdivisions (c) and (d) of section 216 shall be such annual or periodical gains, profits and income a tax equal to 12% and the reduced respectively to amounts which bear the same ratio to the full credits thereof. provided in such subdivisions as the number of months in such period boars (b),In any case where bonds, mortgages or deeds of trust or other similar obligations of a corporation contain a contract or provision by which the to twelve months. Time and Place for Filing Returns. obligor agrees to pay any portion of the tax imposed by this title upon the Sec. 227. (a) That returns shall be made on or before the fifteentn day obligee, or to reimburse the obligee for any portion of the tax, or to pay the following the close of the fiscal year, or, if the return interest without deduction for any tax which the obligor may be required of the third month or permitted to pay thereon or to retain therefrom under any law of the is made on the basis of the calendar year, then the return shall be made on United States, the obligor shall deduct and withhold a tax equal to 2% or before the fifteenth day of March. The Commissioner may grant a of the interest upon such bonds, mortgages, deeds of trust or other obli- reasonable extension of time for filing returns whenever in his judgment gations, whether such interest is payable annually or at shorter or longer good cause exists and shall keep a record of every such extension and the periods and whether payable to a non-resident alien individual or to an reason therefor. Except in the case of taxpayers who are abroad, no such individual citizen or resident of the United States. Such deduction and extension shall be for more than two months. (b) Returns shall be made to the collector for the district in whicn is withholding shall not be required in the case of a citizen or resident entitled to receive such interest, if he files with the withholding agent on or before located the legal residence or principal place of business of the person making the benefit of the credits provided the return, if he has .no legal residence or principal place of business in Feb. 1 a signed notice in writing claiming in subdivisions (c) and (d) of section 216; nor in the case of a non-resident the United States, then to the collector at Baltimore, Marland. alien individual if so provided for in regulations prescribed by the ComUnderstatement in Returns. missioner under section 217. Sec. 228. That if the collector or deputy collector has reason to believe or partnership required to deduct and (c) Every individual, corporation that the amount of any income returned is understated, ho shall give due withhold any tax under this section shall make return thereof on or before notice to the taxpayer making the return to show cause why the amount March first of each year and shall on or before June fifteenth pay the tax of the return should not be increased, and upon proof of the amount underto the official of the United States Government authorized to receive it. stated may increase the same accordingly. Such taxpayer may furnish Every such individual, corporation or partnership is hereby made liable sworn testimony to prove any relevant facts and if dissatisfied with the for such tax and is hereby indemnified against the claims and demands of decision of the collector may appeal to the Commissioner for his decision, any individual, corporation or partnership for the amount of any payments under such rules of procedure as may be proscribed by the Commissioner made in accordance with the provisions of this section. with the approval of the Secretary. (d) Income Upon which any tax is required to be withheld at the source under this section shall be included in the return of the recipient of such PART III. --CORPORATIONS. Income, but any amount of tax so withheld shall be credited against the Tax on Corporations. amount of income tax as computed in such return. (e) If any tax required under this section to be deducted and withheld Sec. 230. That there shall be levied, collected and paid for each taxable Is paid by the recipient o' the income, it shall not be re-collected from the year upon tne net income of every corporation a tax as follows: withholding agent; nor in cases in which the tax is so paid shall any penalty (a) In the case of a domestic corporation 18% of the amount of the net be Imposed or collected from the recipient of the income or the withholding income in excess of the credits provided in section 236: Provided, That the agent for failure to return or pay the same, unless such failure was fraudu- rate shall be 12% upon so much of this amount as does not exceed the sum lent and for the Purpose of evading payment. of (1) the amount of dividends paid during the taxable year, plus (2) the Credit for Foreign Taxes. amount paid during the taxable year out of earnings or profits in discharge Sec. 222. (a) That in the case of a citizen of tho United States the tax of bonds and other interest-bearing obligations outstanding prior to the computed under this title shall be credited with the amount of any income, beginning of the taxable year; and (b) In the case of a foreign corporation 18% of the amount of the net war profits and excess-profits taxes paid during the taxable year to any foreign country, Porto Rico or the Philippine Islands, upon income re- Income in excess of the credits provided in section 236: Provided, That the ceived from sources therein, including in the case of a member of a partner- rate shall be 12% upon so much of this amount as does not exceed the sum ship or a beneficiary of an estate or trust his proportionate share of such of (1) the amount of dividends paid during the taxable year to citizens or taxes so paid during the taxable year by the partnership or by the estate residents of the United Sttaos or to domestic corporations or partnerships, plus (2) the same proportion of the amount paid during the taxable year or trust. -bearing (b) In the case of an alien resident of the United States who is a citizen out of earnings or profits in dischsge of bonds or other interest or subject of a country which imposes income, war-profits or excess-profits obligations outstanding at the beginning of the taxable year which the a similar credit amount of gross income of the corporation from sources within the United taxes, a like credit shall be allowed if such country allows States bears to the amount of its gross income from all sources within and to citizens of the United States residing in such country. (c) The credits allowed in subdivisions (a) and (b) shall be allowed only without the United States. if the taxpayer furnishese vidence satisfactory to the Commissioner showConditional and Other Exemptions. ing the amount of income received from sources within such foreign country, Sec. 231. That the following organizations shall be exempt from taxation or the Philippine Islands, as the case may be, and all other inPorto Rico under this title— formation necessary for the computation of such credits. (1) Labor, agricultural or horticultural organizations; Individual Returns. (2) Mutual savings banks not having a capital stock represented by taxable year shares; Sec. 223. That every person having a net income for the (3) Fraternal beneficiary societies, orders or associations, (a) operating of $1,000 or over if single or if married and not living with husband or wife, or of $2,000 or over if married and living with husband or wife, shall make under the lodge system or for the exclusive benefit of the members of a under oath a return stating specifically the items of his gross income and fraternity itself operating under the lodge system, and (b) providing for i he deductions and credits allowed by this title. If a husband and wit,' the payment of life, sick, accident or other benefits to the members of living together have an aggregate net income of $2,000 or over, each shall such society, order or association or their dependents; SEPT. 7 1918.] THE CHRONICLE banks (4) Domestic building and loan associations and co-operative and without capital stock organized and operated for mutual purposes without profit; for the benefit (5) Cemetery companies owned and operated exclusively of their members; char(6) Corporations organized and operated exclusively for religious, the net earnings of itable, scientific, or educational purposes, no part of or individual. which inures to the benefit of any private stockholder of trade, not (7) Business leagues, chambers of commerce, or boards which inures to the organized for profit and no part of the net earnings of benefit of any private stockholder or individual; profit but operated (8) Civic leagues or organizations not organized for exclusively for the promotion of social welfare; for pleasure, recreation, (9) Clubs organized and operated exclusively of the net earnings of which and other nonprofitable purposes, no part or member; inures to the benefit of any private stockholder or fire insurance companies, (10) Farmers' or other mutual hail, cyclone, co-operative telephone mutual ditch or irrigation companies, mutual or character, the income companies, or like organizations of a purely local dues, and fees collected from of which consists solely of assessments, of meeting expenses; members for the sole purpose organized and (11) Farmers', fruit growers', or like organizations, products of operated as sales agents for the purpose of marketing the of sales, loss the necessary members and turning back to them the proceeds them. selling expenses,on the basis of the quantity of produce furnished by holding title • (12) Corporations organized for the exclusive purpose of entire amount to property,collecting income therefrom,and turning over the from the thereof, less expenses, to an organization which itself is exempt tax imposed by this title; as provided (13) Federal land banks and national farm-loan associations "An Act to provide in section 26 of the Act approved July 17, 1916, entitled t, to create standard forms of investcapital for agricultural developmen of interest upon farm ment based upon farm mortgage, to equalize rates to create Government loans, to furnish a market for United States bonds, United States, and for other purdepositaries and financial agents for the 965 case of a nonresident alien individual this deduction shall be allowed only as to facilities within the United States. In no case shall the deduction allowed under this paragraph exceed 25% of the taxpayer's net income as computed without the benefit of this paragraph; (9) (a) In the case of oil and gas wells a reasonable allowance for actual reduction in flow and production to be ascertained not by the flush flow but by the settled production or regular flow; (b) in the case of mines a reasonable allowance for depletion; (c) in the case of mines, oil, and gas wells, a reasonable allowance for depreciation of improvements; such reasonable allowance in all the above cases to be made according to the eculiar conditions in each case and under rules and regulations to be prescribed by the Commissioner with the approval of the Secretary. In the case of leases the deduction allowed by this paragraph shall be equitably apportioned between the lessor and lessee. In the case of a foreign corporation the deductions under this paragraph shall be allowed only as to property within the United States; (10) In the case of insurance companies,in addition to the above: (a) The net adeiten required by law to be made within the taxable year to reserve funds (including in the case of assessment isnurance companies the actual deposit of sums with State or Territorial officers pursuant to law as additions to guarantee or reserve funds); and (b) the sums other than dividends paid within the taxable year on policy and annuity contracts; (11) In the case of corporations issuing policies covering life, health, and accident insurance combined in one policy issued on the weekly premium payment plan continuing for life and not subject to cancellation, in addition to the abov such portion of the net addition (not required by law) made within the taxable year to reserve funds as the Commissioner finds to be required for the protection of the holders of such policies only; (12) In the case of mutual marine insurance companies, there shall be allowed, in addition to the deductions allowed in paragraphs (1) to (10). Inclusive, amounts repaid to policyholders on account of premiums previously paid by them, and interest paid upon such amounts between the ascertainment and tho payment thereof; (13) In the case of mutual insurance companies (other than mutual life or mutual marine insurance companies) requiring their members to make premium deposits to provide for losses and expenses, there shall be allowed, in addition to the deductions allowed in paragraphs (1) to (10), inclusive, the amount of premium deposits returned to their policyholders and the amount of premium deposits retained for the payment of losses, expenses, and reinsurance reserves. (b) In the case of a foreign corporation the deductions allowed in subdivision (a), except those allowed in paragraphs (2) and (3),shall be allowed only if and to the extent that they are connected with a trade or business carried on within the United States; and the proper apportionment and allocation of the deductions with respect to trade or business within and without the United States shall be determined under rules and regulations prescribed by the Commissioner with the approval of the Secretary. poses;" from bonds or de(14) Joint stock land banks as'to income derived Federal land bank belonging bentures of other joint stock land banks or any to such joint stock land bank. Net Income Defined. in the case of a corporation the term "net income" Sec. 232. That 233 less the deductions allowed means the gross income as defined in section shall be computed on the same basis by section 234, and the net income (b) of section 212 or in section 226. as is provided in subdivision Cross Income Defined. term "gross income" Sec. 233. (a) That in the case of a corporation the Items Not Deductible. means the gross income as defined in section 213, except that: there shall not be included Sec. 235. That in computing net income no deduction shall in any case (1) In the case of life insurance companies from any be allowed in respect of any of the items specified in section 215. in gross income such portion of any actual premium received individual policyholder within the taxable year as is paid back or credited Credits Allowed. r within the to or treated as an abatement of premium of such policyholde Sec. 236. That there shall be allowed the following credits: taxable year. (a) The amount received as interest upon obligations of tne United States, in gross income (2) Mutual marine insurance companies shall include loss amounts paid for any State, Territory, any political subdivision thereof, or the District of the gross premiums collected and received by them Columbia, which is included in gross income under section 233; reinsurance. only the (b) The amount of any war-profits or excess-profits taxes imposed by (b) In the case of a foreign corporation gross income includes for the same taxable year: Provided, That in the case of a income from sources within the United States, including the interest Act of Congress gross and ring obligations of residents, corporate corporation which makes return for a fiscal year beginning in 1917 on bonds, notes, or other interest-bea ending in 1918, the portion of the excess-profits tax specified in clause (1) dividends from resident corporations. or otherwise, and including portion of the net income speciof section 335 shall be credited against that Deductions Allowed. fied in clause (1) of section 239, and the portion of the war-profits or excess(a) That in computing net income there shall be allowed as profits tax specified in clause (2) of section 335 shall be credited against Sec. 234. that portion of the net income specified in clause (2) of section 239; and deductions: expenses paid or incurred during the (c) In the case of a domestic corporation, $2,000. (1) All the ordinary and necessary trade or business, including a reasonable taxable year in carrying on any Payment of Tax at Source. salaries or other compensation for personal services actually allowance for in trade Sec. 237. That in the case of foreign corporations not engaged payments required to be made as a rendered, and including rentals or the office or place of possession of property to which the or business within the United States and not having any condition to the continued use or at the source in taking title, or in which it has no business therein, there shall be deducted and withheld corporation has not taken or is not in the same manner and upon the same items of income as is provided equity; the taxable year on its indebted- section 221 a tax equal to 18% thereof, and such tax shall be returned and All interest paid or accrued within (2) , the proportion of such interest paid in the same manner and subject to the same conditions as provided ness (or, in the case of a foreign corporation from sources within the United in that section: Provided, That in the case of interest described in subpaid which the amount of its gross income the income from all sources within and division (b) of that section the deduction and withholding shall be at States bears to the amount of its gross the interest received free from taxa- rate of 2%. without the United States) in excess of Credit for Foreign Taxes. tion under this title; within the taxable year imposed (a) by the Sec. 238. That in the case of a domestic corporation the total income, (3) Taxes paid or accrued income, war-profits and excess-profit war-profits and excess-profits taxes imposed for the taxable year by Act authority of the United States, except its possessions, except the amount of Congress shall be credited with the amount of any income, war-profits taxes; or (b) by the authority of any of rofits taxes allowed as a credit under and excess-profits taxes paid during the taxable year to any foreign counof income, war-profits and excess-p Islands, upon income received from or section 238; or (c) by the authority of any State Territory, or any county, try, Porto Rico or the Philippine school district, municipality, or other taxing subdivision of any State sources therein. This credit shall be allowed only if the taxpayer furnishes evidence satisor Territory, not including those assessed against local benefits; or (d) the amount of income received from in the case of a domestic corporation, by the authority of any foreign coun- factory to the Commissioner showing Rico, or the Philippine Islands, try, except the amount of income, war-profits, and excess-profits taxes sources within such foreign country, Porto necessary for the computaallowed as a credit under section 238; Provided, That in the case of obligors as the case may be, and all other information of tion of such credit. specified in subdivision (b) of section 221 no deduction for the payment the tax imposed by this title or any other tax paid pursuant to the contract Rates for Fiscal Year 1917-1918. or provision referred to in that subidivision, shall be allowed; Sec. 239. That if a corporation makes return for a fiscal year beginning (4) Losses sustained and charged off during the taxable year and not in 1917 and ending in 1918, the net income shall be divided into two parts, compensated for by insurance or otherwise; (1) the portion which bears the same ratio to the total net income (5) Debts ascertained to be worthless and charged off within the taxable namely: as the period between the beginning of such fiscal year and Dec. 31 1917. year; to the full fiscal year; and (2) the remaining portion of the net income. (6) Amounts received as dividends from a corporation which is taxable bears The portion specified in clause (1) shall be subject to the rates prescribed under this title upon its net income; for the exhaustion, wear and toar of property by Title I of the Revenue Act of 1917 and by Title I of the Revenue Act (7) A reasonable allowance Revenue Act of 1917; and the portion specified trade or business, but in the case of a foreign corporation only of 1916 as amended by the used in the States; in clause (2) shall be subject to the rates prescribed by this title. to property within the United as buildings, machinery, equipment, or other facilities, Corporation Returns. (8) In the case of on or after April 6 1917, for constructed, erected, installed, or acquired, Sec. 240. That every corporation not exempt under section 231 shall make of articles contributing to the prosecution of the present war, the production deduca return, stating specifically the items of its gross income and the there may be allowed a reasonable deduction for the amortization of such shall be sworn to by been borne by the taxpayer, but not tions and credits allowed by this title. The return part of the cost of such facilities as has officer and by the Treasurer under this title for deprecia- the President, Vice-President, or other principal again including amounts otherwise allowed has no office or place after or Assistant Treasurer. If any foreign corporation tion, exhaustion, or wear and tear. At any time within three years the of business in the United States but has an agent in the United States, the termination of the present war with the Imperial German Government receivers, trustees in the Commissioner may, and return shall be made by the agent. In cases where as declared by proclamation of the President, or business of corporathe return, and if he then bankruptcy, or assignees are operating the property at the request of the taxpayer shall, re-examine shall make returns for such that the deduction tions, such receivers, trustees, or assignees finds as a result of an appraisal or from other evidence corporations in the same manner and form as corporations are required allowed was incorrect, the necessary adjustment of the taxes for originally of such returns madelby of tax duo upon to make returns. Any tax due on the basis the year or years affected shall be made and the amount same manner as if the receivers, trustees, or assignees shall be collected in the such readjustment, if any, shall be paid upon notice and demand by s of whose business or property they have the corporation of tax overpaid, if any,shall be credited or refunded collected from collector, or the amount the custody and control. to the taxpayer in accordance with the provisions of section 252. In 966 THE CHRONICLE [VOL. 107. Returns made under this section shall be subject to the provisions of of a misdemeanor and shall be fined not more than.$10,000 or imprisoned sections 226 and 228. for not more than one year, or both, together with the costs of prosecution. Time and Place for Filing Returns. Returns of Payments of Dividends. Sec. 241. (a) That returns of corporations shall be made at the same Sec. 254. That every corporation subject to the tax imposed by this title time as is provided in subdivision (a) of section 227. shall, when required by the Commissioner, render a correct return duly (b) Returns shall be made to the collector of the district in which is verified under oath, of its payments of dividends, stating the name and located the principal place of business or principal office or agency of the address of each stockholder, the number of shares owned by him, and the corporation, or, if it has no principal place of business or principal office or amount of dividends paid to him. agency in the United States, then to the collector at Baltimore, Maryland. Returns of Brokers. PART IV.—ADMINISTRATIVE PROVISIONS. Soc. 255. That every individual, corporation, or partnership doing business as a.broker on any exchange or board of trade or other similar place Payment of Taxes. Sec. 250. That except as provided in sections 221 and 237 the tax shall of business shall, when required by the Commissioner, render a correct be paid in installments, one-third of the amount of the tax shown in the return duly verified under oath, under such rules and regulations as the return to be paid at the time fixed by law for filing the return, one-third Commissioner, with the approval of the Secretary, may prescribe, showing on the fifteenth day of the second month thereafter, and the remaining the names of customers for whom such individual, corporation, or partnerone-third on the fifteenth day of the fourth month after the time fixed ship has transacted any business, with such details as to the profits, losses, by law for filing the return; but where an extension of time for filing the or other information which the Commssioner may require, as to each of return is granted, the first installment shall be due upon the expiration of such customers, as will enable the Commissioner to determine whether all the period of such extension, and the second and third installments shall be Income tax due on profits or gains of such customers has been paid. due as above stated, except that in the case of any taxpayer who is abroad Information of Source. the Commissioner may extend the time for payment of the second and third Sec. 256. That all individuals, corporations, and partnerships, in whatinstallments not more than four months after the expiration of the period of any extension of time for filing his return. If any installment is not paid ever capacity acting, including lessees or mortgagors of real or personal property, fiduciaries, and employers, making payment to another indiviwhen due, the whole amount of the tax unpaid shall become due and paydual, corporation, or partnership, of interest, rent, salaries, wages, preable upon notice and demand by the collector. miums, annuities, compensations, remunerations, emoluments, or other The tax may at the option of the taxpayer be paid in a single payment fixed or determinable gains, profits, and income (other than payments instead of installments, in which case the total amount shall be paid on described in sections 254 and 255), of $1,000 or more in any taxable year, or before the time fixed by law for filing the return, or, where an extenor, in the case of such payments made by the United States, the officers sion of time for filing the return has been granted, on or before the exor employees of the United States having information as to such payments piration of the period of such extension. and required to make returns in regard thereto by the regulations hereinAs soon as practicable after the return is filed, the Commissioner shall after provided for, shall render a true and accurate return to the Comexamine it. If it then appears that the correct amount of the tax is greater missioner, under such regulations and in such form and manner as may • or less than that shown in the return, the installments shall be recombe prescribed by him with the approval of the Secretary, setting forth the puted. If the amount already paid exceeds that which should have been amount of such gains, profits, and income, and the name and address paid on the basis of the installment as recomputed, the excess so paid shall of the recipient of such payment. be credited against the next installments falling due; and if the amount Such returns may be required, regardless of amounts, (1) in the case of already paid exceeds the correct amount of the tax, the excess shall be payments of interest upon bonds, mortgages, deeds of trust, or other similar credited or refunded to the taxpayer in accordance with the provisions of obligations of corporations, and (2) in the case of collections of items (not Section 252. payable In the United States) of interest upon the bonds of foreign counIf the amount already paid is less than that which should have been tries and interest upon the bonds and of dividends from foreign corporapaid, the difference shall, to the extent not covered by any credits then tions by individuals, corporations, or partnerships, undertaking as a matter due to the taxpayer under Section 252, be paid upon notice and demand of business or for profit the collection of foreign payments of such interest by the collector. In such case if the return is made in good faith and the or dividends by means of coupons, chocks, or bills of exchange. understatement of tho amount in the return is not due to any fault of the When necessary to make effective the provisions of this section the name taxpayer, there shall be no penalty because of such understatement. If and address of the recipient of income shall be furnished upon demand of the the understatement is due to negligence on the part of the taxpayer, but Individual, corporation, or partnership paying the income. without intent to defraud, there shall bo added as part of the tax 5% of The provisions of this section shall apply to the calendar year 1918 the total amount of the deficiency, plus interest at the rate of 1% per and each calendar year thereafter, but shall not apply to the payment of month on the amount of the deficiency of each installment from the time interest on obligations of the United States. the installment was due. If the understatement is false or fraudulent with intent to evade the tax, Returns to be Public Records. then, in addition to other penalties provided by law for false or fraudulent Sec. 257. The returns upon which the tax has been determined by returns, there shall be added as part of the tax 100% of the amount of the the Commissioner shall be filed in the office of the Commissioner and deficiency. shall constitute public records; but they shall be open to inspection only If the return is made pursuant to Section 3176 of the Revised Statutes upon order of the President and under rules and regulations prescribed by as amended, the amount of tax determined to be due under such return the Secretary and approved by the President: Provided, That the proper shall be paid upon notice and demand by the collector. officers of any State imposing an income tax to which corporations are Except in the case of false or fraudulent returns, the amount of tax due subject may, upon the request of the Governor thereof, have access to the under any return shall be determined and assessed by the Commissioner returns of any corporation, or to an abstract thereof showing the name within five years after the return was due or was made, and no suit or and income of the corporation, at such times and in such manner as the proceeding for the collection of any tax shall be begun after the expiration Secretary may prescribe. of five years after the date when the return was due or was made. In The Commissione: shall as soon as practicable in each year cause to be the case of false or fraudulent returns, the amount of tax due may be prepared and made available to public inspection in the office of each coldetermined at any time after the return is filed, and the tax may be col- lector, a list containing the names in alphabetical order and in the postlected at any time after it becomes due. office addresses of all individuals making income-tax returns in such district. If any tax remains unpaid after the date when it is due, and for ten days Publication of Statistics. after notice and demand by the collector, then, except in the case of estates Sec. 258. That the Commissioner, with the approval of the Secretap' of insane, deceased, or insolvent persons, there shall be added as part of the tax the sum of 5% on the amount due but unpaid, plus interest at the shall prepare and publish annually statistics reasonably available wits respect to the operation of the income, war-profits and excess-profits_tax rate of 1% per month upon such amount from the time it became due. laws, including classifications of taxpayers and of income, the amounts Receipts For Taxes. allowed as deductions, exemptions, and credits, and any other facts deemed Sec. 251. That every collector to whom any payment of any tax is pertinent and valuable. made under the provisions of this title shall give to the person making Collection of Foreign Items. such payment a full written or printed receipt, stating the amount paid Sec. 259. That all individuals, corporations, or partnerships undertaking and the particular account for which such payment was made; and whenas a matter of business or for profit the collection of foreign payments ever any debtor pays taxes on account of payments made or to be made of by him to separate creditors the collector shall, if requested by such debtor, Interest or dividends by means of coupons, checks, or bills of exchange shall give a separate receipt for the tax paid on account of each creditor in such obtain a license from the Commissioner and shall be subject to such regulaform that the debtor can conveniently produce such receipts separately tions enabling the Government to obtain theinformation required under to his several creditors in satisfaction of their respective demands up to this title as the Commissioner, with the approval of the Secretary, shall the amount stated in the receipts; and such receipt shall be sufficient evi- prescribe; and whoever knowingly undertakes to collect such payments dence in favor of such debtor to justify him in withholding from his next without having obtained a license therefor, or without complying with such payment to his creditor the amount therein stated; but the creditor may, regulations, shall be guilty of a misdemeanor and shall be fined not more upon giving to his debtor a full written receipt acknowledging the pay- than $5,000, or imprisoned for not more than one year, or both. ment to him of any sum actually paid and accepting the amount of tax paid Porto Rico and Philippine Islands. as aforesaid (specifying the same) as a further satisfaction of the debt to Sec. 260. That in Porto Rico and the Philippine Islands the income that amount, require the surrender to him of such collector's receipt. tax shall be levied, assessed, collected and paid in accordance with the Refunds. provisions of the Revenue Act of 1916, as amended by the Revenue Act Sec. 252. That if, upon examination of any return of income made of 1917: Provided, That the Porto Rican or Philippine Legislature shall pursuant to this Act, the Act of Aug. 5 1909, entitled "An Act to provide have power by due enactment to amend, alter, modity,or repeal the incomerevenue, equalize duties, and encourage the industries of the United States, tax laws in force in Porto Rico or the Philippine Islands, respectively. and for other purposes," the Act of Oct. 3 1913, entitled "An Act to reduce tariff duties and to provide revenue for the Government, and for TITLE III.—WAR-PROFITS AND EXCESS -PROFITS TAX. other purposes," the Revenue Act of 1916, as amended, or the Revenue PART I.—GENERAL DEFINITIONS. Act of 1917, it appears that an amount of income, war-profits or excessSec. 300. That when used in this title the terms "taxable year," "fiscal profits tax has been paid in excess of that properly due, then, subject to the provisions of Section 3228 of the Revised Statutes the amount of the year," and "dividends" shall have the same meaning as provided for the excess shall be credited against any income, war-profits or excess-profits purposes of income tax in section 200. The first taxable year for the purtaxes, or installment thereof, then due from the taxpayer under any other poses of this title shall be the same as the first taxable year for the purposes return, and any balance of such excess shall be immediately refunded to of the income tax under Title II. the taxpayer. PART II.—IMPOSITION OF TAX. Penalties. Sec. 301. That in lieu of the tax imposed by Title II of the Revenue Soc. 253. That any individual, corporation, or partnership required Act of 1917, but in addition to the other taxes imposed by this Act, there under this title to pay or collect any tax, to make a return or to supply shall (except as otherwise provided in section 303) be levied, collected, and Information, who fails to pay or collect such tax, to make such return, paid for each taxable year upon the net income of every corporation, a or to supply such information at the time or times required under this title, tax computed according to whichever of the two following methods yields shall be liable to a penalty of not more than $1,000. Any individual, the higher amount of tax in the case of such corporation: (a) The warcorporation, or partnership, or any officer or employee of any corporation profits method specified in Part HI of this title, or (b) the excess-profits or member or employee of a partnership, who willfully refuses to pay or method specified in Part IV of this title. collect such tax, to mako such return, or to supply such information at the Sec. 302. That in the case of a corporation whose invested capital time or times required under this title, or who willfully attempts in any for the taxable year is not more than $25,000, the tax imposed by section manner to defeat or evade the tax imposed by this title, shall be guilty 301 shall not be more than 35% of the Amount of its net income for such - SEPT. 7 1918.] THE CHRONICLE for the taxable year is year in excess of $3,000; and if its invested capital tax shall not be more more than $25,000 but not more than $50,000, such year in excess of $3,000. than 40% of the amount of its net income for such corporation whose not income is more This section shall not apply to any than $50,000. earnings of which are to Sec. 303. That in the case of a corporation the the principal owners or stockholders be acribed primarily to the activities of active conduct of the affairs who are themselves regularly engaged in the (whether invested, borrowed, renof the corporation, and in which capital or indirectly a material incometed, or otherwise secured) is not directly paid for each taxable producing factor, there shall be levied, collected, and lieu of the tax imbosed by Title II of the year upon its net income (in by section 301 of this Revenue Act of 1917 and in lieu of the tax imposed by this Act) a tax of 20% Act, but in addition to the other taxes imposed of $3,000. A foreign corporation of the amount of its not income in excess shall not be entitled to the specific exemption of $3,000. (as defined in section A corporation 50% or more of whose gross income or profits derived from 213 for income tax purposes) consists of gains Governpurchase and sale, or of gains, profits, or commissions derived from shall not ment contracts, or whose invested capital is more than $100,000, to the tax be subject to the tax imposed by this section, but shall be subject imposed by section 301. s" or "excessWherever in this Act reference is made to "war-profit profits" taxes, and the context shows that taxes imposed by Act of Congress by this section. are referred to, such reference shall include the tax imposed 231 shall, Sec. 304. (a) That the corporations enumerated in section tax under Title!!, be exempt to the extent that they are exempt from income under this title. from me tax under Title II, be exempt from taxation in the case of a (b) The taxes imposed by this title shall not be imposed the taxable year is loss foreign corporation the net income of which during than $3,000. title for a period of less Sec. 305. That if a tax is computed under this wherever referred to than twelve months, the specific exemption of $3,000, which is the same proportion of in this title, shall be reduced to an amount period is of twelve months. $3,000 as the number of months in the PART III.—WAR PROFITS METHOD. period" means the Sec. 310. That as used in this title the term "pro-war was not in existcalendar years 1911, 1912, and 1913, or, if a corporation such period, then as many of such years during ence during the whole of in existence. the whole of which tho corporation was method, shall Soc. 311. That the tax, if computed by the war-profits in excess of the war-profits credit be 80% of the amount of the net income (determined under section 312). shall consist of the sum of: Sec. 312. (a) That the war-profits credit of $3,000; and (1) A specific exemption for (2) An amount equal to the average net income of the corporation as the case may be, 10% of the invested the pro-war period, plus or minus, if the capital added or withdrawn since the close of the pro-war period; but amount shall tax is computed for a period of less than twelve months such months in of be reduced to the same proportion thereof as the number the period is of twelve months. If the corporation was not in existence during the whole of any one (b) calendar year during the pre-war period, or if it had no net income for the pre-war period, of if the amount computed under paragraph (2) of subdivision (a) is less than 10% of its invested capital for the taxable year, then the War-profits credit shall be the sum of: and (1) A specific exemption of $3,000; the taxable year. (2) An amount equal to 10% of the invested capital for foreign corporation shall not be entitled to a specific exemption (c) A of $3,000. PART IV.—EXCESS-PROFITS METHOD. the excess-profits method, shall Sec. 315. That the tax, if computed by be the sum of the following: in excess of the excess-profits credit 35% of the amount of the net income in excess of 15% of the invested (determined under section 316) and not capital for the taxable year; net income in excess of 15% and not in excess 50% of the amount of the of 20% of such capital; and income in excess of 20% of such capital. 70% of the amount of the net of tne credit is not allowed under the In any case where the full amount by reason of the fact that such credit is in first bracket above provided, part not so allowed shall be deexcess of 15% of the invested capital, the succeeding bracket, and if not then ducted from the amount in the next from the amount in fully allowed the remaining part shall be deducted 967 The term "borrowed capital" means money or other property borrowed, whether represented by bonds, notes, open accounts or otherwise; The term "inadmissible assets" means stocks, bonds and other obligations (other than obligations of the United States), the dividends or interest from which is not included in computing net income, but where the income derived from such assets consists in part of gain or profit derived from the sale or other disposition thereof, a corresponding part of the capital invested in such assets shall not be deemed to be inadmissible assets. (b) For the purposes of this title, the par value of stock or shares shall, in the case of stock or shares having no par value, be deemed to be the fair market value as of the date or dates of issue of such stock or shares. Soc. 326. (a) That as used in this title the term "invested capital" moans (except as provided in subdivisions (b) and (c) of this section): (1) Actual cash bona fide paid in for stock or shares; (2) Actual cash value of tangible property, other than cash, bona fide paid in for stock or shares, at the time of such payment, but in no case to exceed the par value of the original stock or shares specifically issued therefor; (3) Paid-in or earned surplus and undivided profits; not including surplus and undivided profits earned during the taxable year, and not including the increase in the value of any asset above the original cost until such increase is actually realized by sale; to (4) Intangible property bona fide paid in for stock or shares prior of March 3 1917, in an amount not exceeding (a) the actual cash value such property at the time paid in, (b) the par value of the stock or shares total issued therefor, or (c) in the aggregate 20% of the par value of the stock or shares of the corporation outstanding on March 3 1917, whichever is lowest; shares on or (5) Patents and copyrights bona fide paid in for stock or after March 3 1917, in an amount not exceeding (a) the actual cash value of the stock or shares of such property at the time paid in.(b) the par value issued therefor, or (c) in the aggregate 20% of the par value of the total stock or shares of the corporation outstanding at the beginning of the axable year, whichever is lowest; but (b) As used in this title the term "invested capital" does not include: (1) Borrowed capital; or in (2) Intangible property (other than patents and copyrights) paid for stock or shares on or after March 3 1917. as above defined an (c) There shall be deducted from invested capital amount equal to the average amount of capital invested in inadmissible assets hold by the corporation during the year: Provided, That at the option of the corporation the amount to be so deducted shall be reduced to the amount by which such average amount invested in inadmissible assets exceeds the average amount of borrowed capital of the corporation (other than indebtedness maturing within one year of its creation, all accounts payable and current liabilities) for such year, but in such case in computing the tax under this title there shall be included in the net income for such year the same proportion of the total amount of interest and the dividends received during such year from such inadmissible assets as from amount of such capital invested in inadmissible assets not deducted of such inadmissible assets. invested capital bears to the total amount (d) In the case of a foreign corporation the term "invested capital" includes only its invested capital used or employed within the United States. capi(e) The invested capital for any year shall be the average invested tal for such year, as above defined, but in the case of a corporation makreduction ing a return for a fractional part of the year a corresponding shall be made in the invested capital. Soc. 327. (a) That in the following cases the invested capital shall be the determined as provided in subdivision (b) of this section: (1) where capital Commissioner is unable satisfactorily to determine the invested or (2) where a mixed aggregate of tangible as provided in Section 326; property and intangible property has been paid in for stock or for stock and bonds and the Commissioner is unable satisfactorily to determine the respective values of the several classes of property at the time of payfor ment, or to distinguish the classes of property paid in for stock and -producing bonds, respectively; or (3) where capital is a material income in large factor, but where, because of the fact that the capital employed is mapart borrowed, there is no invested capital or the invested capital is the net income as compared with representaterially disproportionate to This tive corporations engaged in a like or similar trade or business. whose section shall not apply in the case of a corporation 50% or more of consists of gross income (as defined in Section 213 for income tax purposes) unless gain, profits or commissions derived from Government contracts, the Commissioner is satisfied that such corporation is overcapitalized. (b) In the cases specified in subdivision (a) the invested capital shall be the last bracket. shall consist of a specific exemp- the amount which bears the same ration to the net income of the corporaSec. 316. That the excess-profits credit 8% of the invested capital for the tion for the taxable year as the average invested capital for the taxable tion of $3,000 plus an amount equal to or year of representative corporations engaged in a like or similar trade taxable year. to their average net income for such year. A foreign corporation shall not be entitled to the specific exemption business bears be determined Sec. 328. (a) That in cases where invested capital is to of $3,000. In the manner provided in Section 327, the Commissioner shall compare I'ART V.—NET INCOME. the taxpayer only with representative corporations whose invested capital Sec. 320. (a) That for the purpose of this title the net income of a cor- can be satisfactorily determined under Section 326 and which are, as poration shall be ascertained and returned— nearly as may be, similarly circumstanced with respect to gross income, (1) For the calendar years 1911 and 1912 upon the same basis and in net income, profits per unit of business transacted and capital employed, same manner as provided in section 38 of the Act entitled "An Act the the amount and rate of war or excess profits, and all other relevant facts to provide revenue, equalize duties and encourage the industries of the and circumstances. United States, and for other purposes," approved August 5 1909, except (b) For the purposes of section 327 the ratios between the average that taxes imposed by such section and paid by the corporation within the invested capital and the average not income of representative corporations shall be included; year shall be determined for each calendar year by the Commissioner in accord(2) For the calendar year 1913 upon the same basis and in the same ance with regulations prescribed by him with the approval of the Secretary. manner as provided in Section II. of the Act entitled "An Act to reduce In the case of a corporation making a return on the basis of a fiscal year other tariff duties and to provide revenue for the Government, and for determined for the calendar year ending during such fiscal year approved October 3 1913, except that taxes imposed by sec- the ratios purposes," year ending during the within shall be used, except that in the case of a fiscal tion 38 of such Act of August 5 1909 and paid by the corporation returns made under Title II of by it as calendar year 1918 the ratios based upon the year shall be included, and except that the amounts received shall be used. s the Revenue Act of 1917 dividends upon the stock or from the net earnings of other corporation (c) The Commissioner shall keep a record of all cases in which invested subject to the tax imposed by Section II. of such Act of October 3 1913, capital is determined in the manner prescribed in section 327, containing shall be deducted; and the name and address of each taxpayer, the business in which engaged, the (3) For the taxable year upon the same basis and in the same manner amount of invested capital and net income shown by the return, and the tax purposes In Title II. of this Act. as provided for income amount of invested capital as determined under such section. The Com(b) The average not income for the pre-war period shall be determined missioner shall furnish a copy of such record and other detailed information by dividing the number of years within that period during the whole of with respect to such cases when required by resolution of either House of which the corporation was in existence into the sum of the net income for Congress, witnout regard to the restrictions contained in section 257. such years, even though there may have been no net income for one or PART VII.—REORGANIZATIONS. more of such years. Sec. 330. That in the case of the reorganization, consolidation, or change PART VI.—INVESTED CAPITAL. of ownership after Jan. I 1911 of a trade or business now carried on by a Sec. 325. (a) That as used in this title— , the corporation shall for the purposes of this title be deemed The term "intangible property" moans patents, copyrights, secret corporation been in existence prior to that date, and the net income and invested processes and formulae, good-will, trade-marks, trade-brands, franchises to have capital of such predecessor trade or business for all or any part of the pre-. and other like property; war period prior to the organization of the corporation now carrying on such The term "tangible property" means stocks, bonds, notes and 0th an trade or business shall be deemed to have been the net income and:invested evidences of indebtedness, bills and accounts receivable, leaseholds capital of such corporation. other property other than intangible property; 968 THE CHRONICLE [VOL. 107. If such predecessor trade or business was carried on by a partnership or Sec. 403. That for the purpose of the tax the value of the net estate shall Individual the net income for the pre-war period shall be ascertained be determed— and returned upon the same basis and in the same manner as provided (a) In the case of a resident, by deducting from the value of the gross for income tax purposes in Title II, except that the credits provided in sub- estate— divisions (b) and (c) of section 216 shall be deducted. (1) Such amounts for funeral expenses, administration expenses, claims Sec. 331. In the case of the reorganization, consolidation, or change of against the estate, unpaid mortgages, losses incurred during the settlement ownership of a trade or business after March 3 1917, if an interest or control of the estate arising from fires, storms, shipwreck, or other casualty, or in such trade or business of 50% or more remains in the same persons, or from theft, when such losses are not compensated for by insurance or any of them, then no asset transferred or received from the predecessor otherwise, and such amounts reasonably required and actually expended trade or business shall, for the purpose of determining invested capital, be for the support during the settlement of the estate of those dependent upon allowed a greater value than would have been allowed under this title in the decedent, as are allowed by the laws of the jurisdiction, whether within computing the invested capital of such prior trade or business if such or without the United States, under which the estate is being administered, asset had not been so transferred or rceceived. but not including any income taxes upon income received after the death of the decedent, or any estate, succession, legacy, or inheritance taxes; PART VIII.—MISCELLANEOUS. (2) An amount equal to the value at the time of the decedent's death of Sec. 335. That if a corporation makes return for a fiscal year beginning any property, real, personal, or mixed, which can be identified as having in 1917 and ending in 1918, the tax for the first taxable year under this title been received by the decedent as a share in the estate of any person who died shall be the sum of: (1) a tax computed under Title II of the Revenue Act within five years prior to the death of the decedent, or which can be idenof 1917 for the portion of such fiscal year falling in 1917; and (2) tax a com- tified as having been acquired by the decedent in exchange for property puted under this title for the portion of such fiscal year falling so received, if an estate tax under the Revenue Act of 1017 or in 1918. under this The tax under clause (1) shall be computed upon the same proportion of Act was collected from such estate, and if such property is included in the the net income (as determined under Title H of this Act for income tax decedent's gross estate; and purposes) for such fiscal year as the portion of such fiscal year falling in 1917 (3) An exemption of $50,000; if of the full fiscal year; and the tax under clause (2) shall be computed upon (b) In the case of a nonresident, by deducting from the value of that part the remainder of such net income. of his gross estate which at the time of his death is situated in the United Sec. 336. That every corporation, not exempt under section 304, having States— a net income of $3,000 or over for the taxable year, shall make a return (1) That proportion of the deductions specified in paragraph (1) of subfor the purposes of this title. Such returns shall be made, and the taxes im- division (a) of this section which the value of such part bears to the value posed by this title shall be paid, at the same times and places, in the same of his entire gross estate, wherever situated, but in no case shall the amount manner, and subject to the same conditions, as is provided in the case of so deducted exceed 10% of the value of that part of his gross estate which returns and payment of income tax by corporations for the purposes of at the time of his death is situated in the United States; and Title II, and all the provisions of that title not inapplicable, including (2) An amount equal to the value at the time of the decedent's death penalties, are hereby made applicable to the taxes imposed by this title. of any property, real, personal or mixed, which can be identified as having In no case shall the tax under this title or Title II be determined on the been received by the decedent as a share in the estate of any person Who basis of a so-called consolidated return but shall in each case be deter- died within five years prior to the death of the decedent, or which can be mined upon the basis of the net income and invested capital of the corpora- identified as having been acquired by the decedent in exchange for propt ion liable to the tax. erty so received, if an estate tax under the Revenue Act of 1917 or under this Act was collected from such estate, and if such property is included TITLE IV. --ESTATE TAX. in that part of the decedent's gross estate which at the time of his death Sec. 400. That when used in this title— Is situated in the United States. The term "executor" means the executor or administrator of the decedent, No deductions shall be allowed in the case of a non-resident unless the or, if there Is no executor or administrator, any person who takes possession executor includes in the return required to be filed under section 404 the of any property of the decedent; and value at the time of his death of that part of the gross estate of the nonThe term "collector" means the collector of internal revenue of the resident not situated in the United States. district in which was the domicile of the decedent at the time of his death, For the purpose of this title stock in a domestic corporation owned and or, if there was no such domicile in the United States, then the collector of held by a non-resident decedent, and the amount receivable as insurance the district in which is situated the part of the gross estate of the decedent upon the life of a non-resident decedent where the insurer is a domestic in the United States, or, if such part of the gross estate is situated in more corporation, shall be deemed property within the United States, and any than one district, then the collector of internal revenue of such district property of which the decedent has made a transfer or with respect to which as may be designated by the Commissioner. he has created a trust, within the meaning of subdivision (c) of section 402, Sec. 401. That (in lieu of the tax imposed by Title II of the Revenue Act shall be deemed to be situated in the United States, if so situated either at of 1916, as amended, and in lieu of the tax imposed by Title IX of the the time of the transfer or the creation of the trust, or at the time of the Revenue Act of 1917) a tax equal to the sum of the following percentages decedent's death. of the value of the net estate (determined as provided in section 403) is Sec. 404. That the executor, within sixty days after qualifying as such, hereby imposed upon the transfer of the net estate of every decedent dying or after coming into possession of any property of the decedent, whichever after the passage of this Act, whether a resident or nonresident of the event first occurs, shall give written notice thereof to the collector. The United States. executor shall also, at such times and in such manner as may be required 3% of the amount of the net estate not in excess of $50,000; by regulations made pursuant to law,file with the collector a return under 6% of the amount by which the net estate exceeds $50,000 and does not oath in duplicate, setting forth (a) the value of the gross estate of the deexceed $150,000; cedent at the time of his death, or, in case of a non-resident, of that part 9% of the amount by which the net estate exceeds $150,000 and does not of his gross estate situated in the United States; (b) the deductions allowed exceed $250,000; under section 403;(c) the value of the net estate of the decedent as defined 12% of the amount by which the net estate exceeds $250,000 and does in section 403; and (d) the tax paid or payable thereon; or such part of not exceed $450,000; such information as may at the time be ascertainable and such supplemental 15% of the amount by which the net estate exceeds $450,000 and does data as may be necessary to establish the correct tax. not exceed $1,000,000; Return shall be made in all cases whore the gross estate at the death of 18% of the amount by which the net estate exceeds $1,000,000 and does the decedent exceeds $50,000, and in the case of the estate of every nonnot exceed $2,000,000; resident any part of whose gross estate is situated in the United States. 21% of the amount by which the net estate exceeds $2,000,000 and does If the executor is unable to make a complete return as to any part of the not exceed $3,000,000; gross estate of the decedent, he shall include in his return a description of 24% of the amount by which the net estate exceeds $3,000,000 and does such part and the name of every person holding a legal or beneficial interest not exceed $4,000,000; therein, and upon notice from the collector such person shall in like manner 27% of the amount by which the net estate exceeds $4,000,000 and does make a return as to such part of the gross estate. The Commissioner shall not exceed $5,000,000; make all assessments of the tax under the authority of existing adminis30% of the amount by which the net estate exceeds $5,000,000 and does trative special and general provisions of law relating to the assessment not exceed $8,000,000; and collection of taxes. 35% of the amount by which the net estate exceeds $8,000,000 and does Sec. 405. That if no administration is granted upon the estate of a not exceed $10,000,000; and decedent, or if no return is filed as provided in section 404, or if a return 40% of the amount by which the net estate exceeds $10,000,000. contains a false or incorrect statement of a material fact, the collector or Sec. 402. That the value of the gross estate of the decedent shall be deputy collector shall make a return and the Commissioner shall assess determined by including the value at the time of his death of all property, the tax thereon. real or personal, tangible or intangible, wherever situated— Sec. 406. That the tax shall be due one year after the decedent's death; (a) To the extent of the interest therein of the decedent at the time of his but in any case where the Commissioner finds that payment of the tax death which after his death is subject to the payment of the charges against within one year after the decedent's death would impose undue hardship his estate and the expenses of its administration and is subject to distribu- upon the estate, he may grant an extension of time for the payment of the tion as part of his estate; tax for a period not to exceed two years from the due date. If the tax is (b) To the extent of any interest therein of the surviving spouse, existing not paid within one year and 180 days after the decedents death, interest at the time of the decedent's death as dower, courtesy, or by virtue of at the rate of 6% per annum from the expiration of one year after the destatute creating an estate in lieu of' dower or courtesy; cedent's death shall be added as part of the tax. (e) To the extent of any interest therein of which the decedent has at Sec. 407. That the executor shall pay the tax to the collector or deputy any time made a transfer, or with respect to which he has at any time collector. If the amount of the tax cannot be determined, the payment created a trust, in contemplation of or intended to take effect in possession of a sum of money sufficient, in the opinion of the collector, to discharge or enjoyment at or after his death (whether such transfer or trust is made the tax shall be deemed payment in full of the tax, except as in this section or created before or after the passage of this Act), except in case of a otherwise provided. If the amount so paid exceeds the amount of the bona fide sale for a fair consideration in money or money's worth. Any tax as finally determined, the Commissioner shall refund such excess to transfer of a material part of his property in the nature of a final disposition the executor. If the amount of the tax as finally determined exceeds the or distribution thereof, made by the decedent within three years prior to amount so paid, the collector shall notify the executor of the amount of his death without such a consideration, shall, unless shown to the con- such excess and demand payment thereof. If such excess part of the tax trary, be deemed to have been made in contemplation of death within is not paid within ten days after such notification, interest shall be added the meaning of this title; .• thereto at the rate of 10% per annum from the expiration of such ten days' (d) To the extent of the interest therein held jointly or as tenants in the period until paid, and the amount of such excess shall be a lien upon the entirety by the decedent and any other person, or deposited in banks or entire gross estate, except such part thereof as may have been sold to a other institutions in their joint names and payable to either or the survivor, bona fide purchaser for a fair consideration in money or money's worth. except such part thereof as may be shown to have originally belonged to The collector shall grant to the person paying the tax duplicate receipts, such other person and never to have belonged to the decedent; either of which shall be sufficient evidence of such payment, and shall (e) To the extent of any property passing under a general power of entitle the executor to be credited and allowed the amount thereof by any appointment exercised by the decedent (1) by will, or (2) by deed executed court having jurisdiction t audit or settle his accounts. in contemplation of, or intended to take effect in possession or enjoyment Sec. 408. That if the tax herein imposed is not paid within 180 days at or after, his death, except in case of a bona fide sale for a fair consideraafter it is due, the collector shall, unless there is reasonable cause for furtion in money or money's worth; and ther delay, proceed to collect the tax under the provisions of general law, (f) To the extent of the amount receivable by the executor as insurance or commence appropriate proceedings in any court of the United States, under policies taken out by the decedent upon his own life; and to the n the name of the United States, to subject the property of the decedent extent of the excess over $40,000 of the amount receivable by all other o be sold under the judgment or decree of the court. From the proceeds beneficiaries as insurance under policies taken out by the decedent upon f such sale the amount of the tax, together with the costs and expenses his own life. Of every description to be allowed by the court, shall be first paid, and the SEPT. 7 1918.; THE CHRONICLE 969 balance shall be deposited according to the order of the court, to be paid under its direction to the person entitled thereto. If the tax or any part thereof is paid by, or collected out of that part of the estate passing to or in the possession of, any person other than the executor in his capacity as such, such person shall be entitled to reimbusement out of any part of the estate still undistributed or by ajust and equitable contribution by the persons whose interest in the estate of the decedent would have been reduced if the tax had been paid before the distribution of the estate or whose interest is subject to equal or prior liability for the payment of taxes, debts, or other charges against the estate, It being the purpose and intent of this title that so far as is practicable and unless otherwise directed by the will of the decedent the tax shall be paid out of the estate before its distribution. If any part of the gross estate consists of proceeds of policies of insurance upon the life of the decedent receivable by a beneficiary other than the executor, the executor shall be entitled to recover from such beneficiary such portion of the total tax paid as the proceeds, in excess of $40,000, of such policies bear to the net estate. If there is more than one such beneficiary the executor shall be entitled to recover from such beneficiaries in the same ratio. Sec. 409. That unless the tax is sooner paid in full, it shall be a lien for ten years upon the gross estate of the decedent, except that such part of the gross estate as is used for the payment of charges against the estate and expenses of its administration, allowed by any court having jurisdiction thereof, shall be divested of such lien. If the Commissioner is satisfied that the tax liability of an estate has been fully discharged, he may, under regulations proscribed by him with the approval of the Secretary, issue his certificate releasing any or all property of such estate from the lien herein imposed. If (a) the decedent makes a transfer of, or creates a trust with respect to, any property in contemplation of or intended to take effect in possession or enjoyment at or after his death (except in tne case of a bona fide sale for a fair consideration in money or money's worth) or (b) if insurance passes under a contract executed by the decedent in favor of a specific beneficiary, and if in either case the tax in respect thereto is not paid when due, then the transferee, trustee, or beneficiary shall be personally liable for such tax, and such property, to the extent of the decedent's interest therein at the time of such transfer, or to the extent of such beneficiary's interest under such contract of insurance, shall be subject to a like lien equal to the amount of such tax. Any part of such property sold by such transferee or trustee to a bona fide purchaser for a fair consideration in money or money's worth shall be divested of the lion and a like lien shall then attach to all the property of such transferee or trustee, except any part sold to a bona fide purchaser for a fair consideration in money or money's worth. Sec. 410. That whoever knowingly makes any false statement in any notice or return required to be filed under this title shall be liable to a penalty of not exceeding $5,000, or imprisonment not exceeding one year, or both. Whoever fails to comply with any duty imposed upon him by Section 404, or, having in his possession or control any record, file, or paper, containing or supposed to contain any information concerning the estate of the decedent, or, having in his possession or control any property comprised in the gross estate of the decedent, fails to exhibit the same upon request to the Commissioner or any collector or law officer of the United States, or his duly authorized deputy or agent, who desires to examine the same in the performance of his duties under this title, shall be liable to a penalty of not exceeding $500, to be recovered, with costs of suit, in a civil action in the name of the United States. Commissioner, with the approval of the Secretary, may prescribe; if a ticket (other than a mileage book) was bought and partially used before Nov. 1 1917 it shall not be taxed, but if bought but not so used before section 500 takes effect, it shall not be valid for passage until the tax has been paid and such payment evidenced on the ticket in such manner as the Commissioner, with the approval of the Secretary, may by regulation prescribe. (c) The taxes imposed by section 500 shall apply to all services or facilities specified in such section when rendered for hire, whether or not the agency rendering them is a common carrier. In case a carrier (other than a pipe line) principally engaged in rendering transportation services or facilities for hire does not, because of its ownership of the goods transported, or for any other reason, receive the amount which as a carrier it would otherwise charge, such carrier shall pay a tax equivalent to the tax which would be imposed upon the transportation of such goods if the carrier received payment for such transportation, such tax, if it cannot be computed from actual rates or tariffs of the carrier, to be computed on the basis of the rates or tariffs of other carriers for like services as determined by the Commissioner. In the case of any carrier (other than a pipe line) the principal business of which is to transport goods belonging to it on Its own account and which only incidentally renders services for hire, the tax shall apply to such services or facilities only as are actually rendered by it for hire. Nothing in this or the preceding section shall be construed as imposing a tax (1) upon the transportation of any commodity which is necessary for the use of the carrier in the conduct of its business as such and is intended to be so used or has been so used; or (2) upon the transportation of company material transported by one carrier, which constitutes a part of a railroad system, for another carrier which is also a part of the same system. (d) The tax imposed by subdivision (e) of section 500 shall apply to all transportation of oil by pipe line. In case no charge for transportation is made, by reason of ownership of the commodity transported, or for any other reason, the person transporting by pipe line shall pay a tax equivalent to the tax which would be imposed if such person received payment for such transportation, and if the tax cannot be computed from actual bona fide rates or tariffs, it shall be computed (1) on the basis of the rates or tariffs of (idler pipe lines for like services, as determined by the Commissioner, or (2) if no such rates or tariffs exist, on the basis of a reasonable charge for such transportation, as determined by the Commissioner. Sec. 502. That each person receiving any payments referred to in section 500 shall collect the amount of the tax, if any,imposed by such section from the person making such payments, and shall make monthly returns under oath, in duplicate, and pay the taxes so collected and the taxes Imposed upon it under subdivision (c) or (d) of section 501 to the collector of the district in which the principal office or place of business is located. No carrier collecting the taxes imposed by subdivision (a) or (b) of section 500 shall be required to list the amount of such tax separately in any bill of lading, freight or express receipt, or other similar document, if the total amount of the transportation charge and the tax is stated therein. Any person making a refund of any payment upon which tax is collected under this section may repay therewith the amount of the tax collected on such payment; and the amount so repaid may be credited against amounts included in any subsequent monthly return. The returns required under this section shall contain such information, and be made at such times and in such manner as the Commissioner, with the approval of the Secretary, may by regulation prescribe. TITLE V.—TAX ON TRANSPORTATION AND OTHER FACILITIES, AND ON INSURANCE. Sec. 503. That from and after Nov. 1 1918 there shall be levied, assessed, collected and paid in lieu of the taxes imposed by section 504 of the Revenue Act of 1917, the following taxes on the issuance of insurance policies, including, in the case of policies issued outside the United States, their delivery within the United States by any agent or broker, whether acting for the insurer or the insured; such taxes to be paid by the insurer or by such agent or broker: (a) Life insurance: A tax equivalent to 8 cents on each $100 or fractional part thereof of the amount for which any life is insured under any policy of insurance, or other instrument, by whatever name the same is called: Provided, That on all policies for life insurance only by which a life is insured not in excess of $500, issued on the industrial or weekly or monthly payment plan of insurance, the tax shall be 40% of the amount of the first weekly premium or 20% of the amount of the first monthly premium, as the case may be: Provided further, That on policies of group life insurance, covering groups of not less than 25 lives in the employ of the same person, for the benefit of persons other than the employer, the tax shall be equivalent to 4 cents on each $100 of the aggregate amount for which the group policy is issued and of any net increase in the amount of the insurance under such policy: (b) Marine, inland and fire insurance: A tax equivalent to 1 cent on each dollar or fractional part thereof of the premium charged under each policy of insurance or other instrument by whatever name the same is called whereby insurance is made or renewed upon property of any description (including rents or profits), whether against peril by sea or inland waters, or by fire or lightning, or other peril; (c) Casualty insurance: A tax equivalent to 1 cent on each dollar or fractional part thereof of the premium charged under each policy of insurance or obligation of the nature of indemnity for loss, damage or liability (except bonds and policies taxable under subdivision 2 of schedule A of Title XI.) issued or executed or renewed by any person transacting the business of employers' liability, workmen's compensation, accident, health, tornado, plate glass, steam boiler, elevator, burglary, automatic sprinkler, automobile or other branch of insurance (except life insurance and insurance described and taxed in the preceding subdivision): Provided, That in case of policies of insurance issued on the industrial or weekly or monthly payment plan the tax shall be 40% of the amount of the first weekly premium or 20% of the amount of the first monthly premium, as the case may be:. (d) Policies issued by any corporation enumerated in section 231, and policies of reinsurance, shall be exempt from the taxes imposed by this section. Sec. 504. That every person issuing policies of insurance upon the issuance of which a tax is imposed by section 503 shall make monthly returns under oath, in duplicate, and pay such tax to the collector of the district in which the principal office or place of business of such person is located. Such returns shall contain such information and be made at such time and in such manner as the Commissioner, with the approval of the Secretary, may by regulation prescribe. Sec. 500. That from and after Nov. 1 1918, there shall be levied, assessed, collected, and paid, in lieu of the taxes imposed by Section 500 of the Revenue Act of 1917— (a) A tax equivalent to 3% of the amount paid for the transportation on or after such date, by rail or water or by any form of mechanical motor power when in competition with carriers by rail or water, of property by freight transported from one point in the United States to another; and a like tax on the amount paid for such transportation within the United States Of property transported from a point without the United States to a point within the United States: (b) A tax of 1 cent for each 20 cents or fraction thereof of the amount paid to any person for the transportation on or after such date, by rail or water or by any form of mechanical motor power when in competition with express by rail or water, of any package, parcel, or shipment, by express, transported from one point in the United States to another; and a like tax on the amount paid for such transportation within the United States of property transported from a point without the United States to a point within the United States. (c) A tax equivalent to 8% of the amount paid for the transportation on or after such date of persons by rail or water, or by any form of mechanical motor power on a regular established line when in competition with carriers by rail or water, from one point in the United States to another or to any point in Canada or Mexico, where the ticket or order therefor Is sold or issued in the United States, not including the amount paid for commutation or season tickets for trips less than thirty miles, or for transportation the fare for which does not exceed 35 cents; (d) A tax equivalent to 8% of the amount paid for seats, berths and staterooms in parlor cars, sleeping cars or on vessels used on or after such date; (e) A tax equivalent to 634% of the amount paid for the transportation on or after such date of oil by pipe line; (f) In the case of each telegraph, telephone, cable or radio dispatch, message or conversation, which originates on or after such date within the United States, and for the transmission of which the charge is more than 14 cents and not more than 50 cents, a tax of 5 cents; and if the charge is more than 50 cents, a tax of 10 cents: Provided, That only one payment of such tax shall be required, notwithstanding the lines or stations of one or more persons are used for the transmission of such dispatch, message or conversation; and (g) A tax equivalent to 10% of the amount paid after such date to any telegraph or telephone company for any leased wire or talking circuit special service furnished after such date. This subdivision shall not apply to the amount paid for so much of such service as is utilized (1) in the collection and dissemination of news through the public press, or(2)in the conduct, by a common carrier or telegraph or telephone company, of its business as such. Sec. 501. (a) That the taxes imposed by section 500 shall be pal by the person paying for the services or facilities rendered. (b) If a mileage book used for transportation or accommodation was purchased before Nov. 11917, or if cash faro is paid, the tax imposed by section 500 shall be collected from the person presenting the mileage book, or paying the cash fare, by the conductor or other agent, when presented for such transportation or accommodation, and the amount so collected shall e paid to the United States in such manner and at such times as the INSURANCE. TITLE VI.—TAX ON BEVERAGES. We omit the matter under this Title. TITLE VII.—TAX ON CIGARS, TOBACCO, AND MANUFACTURES THEREOF. We also omit the matter under this Title. 970 THE CHRONICLE TITLE VIII.—TAX ON ADMISSIONS AND DUES. Sec. 800 (a) That from and after Nov. 1 1918, there shall be levied, assessed, collected, and paid, in lieu of the taxes imposed by section 700 of the Revenue Act of 1917— (1) A tax of 2 cents for each 10 cents or fraction thereof of the amount paid for admission to any place on or after such date, including admission by season ticket or subscription, to be paid by the person paying for such admission: Provided. That in cases where the charge for admission is 7 cents or less, and in the case of children under twelve years of age whore an admission charge for sucn children is made, the tax shall be 1 cent; (2) In the case of persons (except bona fide employees, municipal officers on official business, persons in the military or naval forces of the United States when in uniform, and children under twelve years of age) admitted free or at reduced rates to any place at a time when and under circumstances under which an admission charge is made to other persons, a tax of 2 cents for each 10 cents or fraction thereof of the price so charged to such other persons for the same or similar accommodations, to be paid by the person so admitted; (3) Upon tickets or cards of admission to theatres, operas, and other places of amusement, sold at news stands, hotels, and places other than the ticket offices of such theatres, operas, or other places of amusement, at not to exceed 50 cents in excess of the sum of tha established price therefor at such ticket offices plus the amount of any tax imposed under paragraph (1), a tax equivalent to 5% of the amount of such excess; and if sold for more than 50 cents in excess of the sum of such established price plus the amount of any tax imposed under paragraph (1), a tax equivalent to 30% of the whole amount of such excess, such taxes to be returned and paid, in the manner provided in section 904, by the person selling such tickets; (4) A tax equivalent to 50% of the amount for which the proprietors, managers, or employees of any opera house, theatre, or other place of amusement sell or dispose of tickets or cards of admission in excess of the regular or established price or charge therefor, such tax to be returned and paid, In the manner provided in section 904, by the person selling such tickets; (5) In the case of persons having the permanent use of boxes or seats in an opera /louse or any place of amusement or a lease for the use of such box or seat in such opera house or place of amusement (in lieu of the tax imposed by paragraph (1), a tax equivalent to 25% of the amount for which a similar box or seat is sold for each performance or exhibition at which the box or seat is used or reserved by or for the lessee or holder, such tax to bo paid by the lessee or holder; and (6) A tax of 2 cents for each 10 cents or fraction thereof of the amount paid for admission to any public performance for profit at any roof garden, cabaret, or other similar entertainment, to which the charge for admission is wholly or in part included in the price paid for refreshment, service, or merchandise; the amount paid for such admission to be deemed to be 20% of the amount paid for refreshment, service, and merchandise; such tax to be paid by the person paying for such refreshment, service, or merchandise. (h) No tax shall be levied under this title in respect to any admissions all, the proceeds of which inure exclusively to the benefit of religious, educational, or charitable institutions, societies, or organizations, or admissions to agricultural fairs none of the profits of which are distributed to stockholders or members of the association conducting the same. (c) The term "admission" as used in this title includes seats and tables, reserved or otherwise, and other similar accommodations, and the charges made therefor. (d) The price (exclusive of the tax to be paid by the person paying for admission) at which every admission ticket or card is sold shall be conspicuously and indelibly printed, stamped, or written on the face or back thereof, together with the name of the vendor if sold other than at the ticket office of the theatre, opera, or other place of amusement. Whoever sells, an admission ticket or card on which the name of the vendor and price is not so printed, stamped, or written, or at a price in excess of the price so printed, stamped, or written thereon, is guility of a misdemeanor, and upon conviction thereof shall be fined not more than $100. Sec. 801. That from and after Nov. 11918,there shall be levied, assessed, collected, and paid, in lieu of the taxes imposed by section 701 of the Revenue Act of 1917, a tax equivalent to 20% of any amount paid on or after such date, for any period after such date, (a) as dues or membership fees (where the dues or fees of an active resident annual member are in excess of $10 per Year) to any social, athletic, or sporting club or organization, or to any produce exchange, board of trade, or other similar organization maintaining a place where produce or merchandise is sold, or to any stock exchange; or (b)as initiation fees to such a club, exchange, or organization, if such fees amount to more than $10, or if the duos or membership fees (not including initiation fees) of an active resident annual member are in excess of $10 per year; such taxes to be paid by the person paying such duos or fees: Provided, That there shall be exempted from the provisions of this section all amounts paid as dues or fees to a fraternal society, order, or association, operating under the lodge system. In the case of life memberships a life member shall pay annually, at the time for the payment of dues by active resident annual members, a tax equivalent to the tax upon the amount paid by such a member, but shall pay no tax upon the amount paid for life membership. Sec. 802. That every person (a) receiving any payments for such admission, dues, or fees shall collect the amount of the tax imposed by section 800 or 801 from the person making such payments, or (b) admitting any person free to any place for admission to which a charge is made, shall collect the amount of the tax imposed by section 800 from the person so admitted. Every club, organization, or exchange having life members, shall collect from such members the amount of the tax imposed by section 801. In all the above cases returns and payments of the amount so collected shall be made at the same time and in the same manner as provided in section 502. TITLE I X.—EXCISE TAXES. Sec. 900. That there shall be levied, assessed, collected, and paid in lieu of the taxes imposed by section 600 of the Revenue Act of 1917, upon the following articles sold or leased by the manufacturer, producer, or importer, a tax equivalent to the following percentages of the price for which so sold or leased— (1) Automobile trucks, automobile wagons, automobile trailers or tractors (including tires, inner tubes, parts, and accessories therefor sold on or in connection therewith or with the sale thereof), 5%; (2) Other automobiles or motorcycles (including tire's, Inner tubes, parts, and accessories therefor sold on or.in connection therewith or with the sale thereof), 10%; (3) Tires, inner tubes, parts, or accessories, for any of the articles enumerated in subdivision (1) or (2), sold to any person other than a manufacturer or producer of any of the articles enumerated in subdivision (1) or (2), 10%; (4) Pianos, pipe organs, piano players, graphophones, phonographs, talking machines, and records used in connection with any musical instrument, piano player, graphophone, phonograph, or talking machine, 10%; (5) Positive moving-picture films containing a picture ready for projecion, 10%; [VOL. 107. (6) Tennis rackets, golf clubs, baseball bats, lacrosse sticks, balls of al kinds, including baseballs, foot balls, tennis, golf, lacrosse, billiard and pool balls, fishing rods and reels, billiard and pool tables, chess and checker boards and pieces, dice, games and parts of games, except playing cards and children's toys and games, 10%; (7) Chewing gum or substitutes therefor, 6%; (8) Cameras, weighing not more than 100 pounds, 10%; (9) Photographic films and plates, other than moving-picture films, 10%; (10) Candy, 10%; (11) Firearms, shells, and cartridges, except those sold for the use of the United States, any State, Territory, or possession of tho United States, any political subdivision thereof, the District of Columbia, or any foreign country while engaged in the present war with the Imperial German Government, 25% in the case of pistols and revolvers and 10% in the case of all other firearms and shells and cartridges; (12) Dirk knives, bowie knives, daggers, sword canes, stilettos, and brass or metallic knuckles, 100%; (13) Electric fans, 10%; (14) Thermos and thermostatic bottles, carafes, jugs, or other containers, 10%; (15) Tapestries and textiles for furniture coverings or hangings in the interior decoration of buildings, 10%; (16) Cigar or cigarette holders and pipes, composed wholly or in part of meerschaum or amber, humidors, and smoking stands, 10%; (17) Photographs, productions or reproductions, 10%; (18) Cash registers, 10%; (19) Duplicating machines, 10%; (20) Adding machines, 10%; (21) Automatic slot-dovice weighing or vending machines, 10%; (22) Liveries and livery boots and hats, 10%; (23) Hunting garments and riding habits, 10%; (24) Bathing suits, 10%; (25) Articles made out of any of the following furs: Seal, Hudson seal, Russian or Hudson Bay sable, ermine, silver fox, natural black fox' natural blue fox, natural American mink, fisher, otter, kolinsky, squirrel, skunk or mole; or articles of which any such fur is the component material of chief value, 10%; and (26) Yachts and motor boats; and pleasure boats and canoes if sold for more than $15, 10%. If any manufacturer, producer, or importer of any of the articles enumerated in this section customarily sells such articles both at wholesale and at retail, the tax in the case of any article sold by him at retail shall be computed on the price for whicn like articles are sold by him at wholesale. Sec. 901. That if any person manufactures, produces or imports any article enumerated in Section 900 and, whether through any agreement, arrangement, or understanding, or otherwise, sells or leases such article at loss than the fair market price obtainable therefor, either (a) in such manner as directly or indirectly to benefit such person or any person directly or indirectly interested in the business of such person, or (b) with intent to cause such benefit, the amount for which such article is sold or leased shall be taken to be the amount which would have been received from the sale or lease of such article if sold or leased at the fair market price. Sec. 902. That there shall be levied, assessed, collected, and paid upon all gasoline, naphtha, and other similar petroleum products, having a flash point below 100 degrees Fahrenheit, as tested by the Taglibuo open cup tester, and suitable for motor power, sold by the manufacturer, refiner, or importer, a tax of 2 cents a wine gallon. Sec. 903. That there shall be levied, asses.sed, collected, and paid upon sculpture, paintings, and statuary, sold by any person other than the artist, a tax equivalent to 10% of the price for which so sold. Sec. 904. That each manufacturer, producer, or importer of any of the articles enumerated in Section 900 or 902, and every person selling any article enumerated in Section 903, shall make monthly returns under oath in duplicate and pay the taxes imposed on such articles by this title to the collector for the district in which is located the principal place of business. Such returns shall contain such information and be made at such times and in such manner as the Commissioner, with the approval of the Secretary, may by regulations prescribe. Sec. 905. (a) That on and after Nov. 1 1918, there shall be levied, assessed, collected, and paid a tax equivalent to 20% of so much of the amount paid for any of the following articles as is in excess of the price hereinafter specified as to each such article, when such article is sold for consumption or use— (1) Carpets and rugs, including fiber, on the amount in excess of $5 per square yard; (2) Picture frames, on the amount in excess of $10 each; (3) Trunks, on the amount in excess of $50 each; (4) Valises, traveling bags, suit cases, flat boxes used by travelers, and fitted toilet cases, on the amount in excess of $25 each; (5) Purses, pocketbooks, shopping and hand bags, on the amount in excess of $7 50 each; (6) Portable lighting fixtures, including lamps of all kinds and lamp shades, on the amount in excess of $25 each; (7) Umbrellas, parasols, and sun shades, on tne amount in excess of $4 each; (8) Fans, on the amount in excess of $1 each; (9) House or smoking coats or jackets, and bath or lounging robes, on the amount in excess of $7 5() each; (10) Men's waistcoats, sold separately from suits, on thd amount in excess of $5 each; (11) Men's, and boy's suits or overcoats, not including uniforms of officers in the military or naval forces of the United States, on the amount in excess of $50 each; (12) Women's and misses' suits, cloaks, and coats, on the amount in excess of $50 each, or, when made up by a tailor or seamstress, on the amount in excess of $50 in value each; (13) Women's and misses' dresses, on the amount in excess of $40 each, or, when made up by a tailor or seamstress, on the amount in excess of $40 in value each; (14) Women's and misses' hats, bonnets, and hoods, on tho amount in excess of $15 each; (15) Men's and boys' hats, on the amount in excess of $5 each; (16) Men's and boys' caps, on the amount in excess of $2 each; (17) Men's, women's, misses', and boys' boots, shoes, pumps, and slippers, on the amount in excess of $10 per pair; (18) Men's and boy's neckties and neckwear, on the amount in excess of$2 each; (19) Men's and boys' silk stockings or hose, on the amount in excess of $1 per pair; (20) Women's and misses' silk stockings or hoso, on the amount in excess of $2 per pair; (21) Men's shirts, on the amount in excess of $3 each; SEPT. 7 i1918.] THE CHRONICLE (22) Men's, women's, misses', and boys' pajamas, night gowns, and underwear, on the amount in excess of $5 each; and (23) Kimonos, petticoats and waists, on the amount in excess of $15 each. (b) The tax imposed by this section shall not apply to any article enumerated in paragraphs (2) to (8), both inclusive, of subdivision (a), if such article is made of, or ornamented, mounted, or fitted with, precious metals or Imitations thereof or ivory, or to any article enumerated in subdivision (22) or (23) of section 900. (c) The taxes Imposed by this section shall be paid by the purchaser to the vendor, and shall be collected, returned and paid to the United States by such vendor in the same manner as provided in section 502. As used in this subdivision the term "vendor" includes a tailor or dressmaker making up women's or misses' suits, cloaks, coats or dresses. Sec. 906. That on and after Nov. 1 1918 there shall be levied, assessed, collected, and paid (in lieu of the tax imposed by subdivision (e) of section 600 of the Revenue Act of 1917) upon all articles commonly or commercially known as jewelry, whether real or imitation; pearls, precious and semi-precious stones, and imitations thereof; articles made of, or ornamented, mounted or fitted with, precious metals or imitations thereof or ivory; watches; clocks; opera glasses; lorgnettes; marine glasses; field glasses; and binoculars; upon any of the above when sold for consumption or use, a tax equivalent to 10 per contum of the price for which so sold. This section shall not apply to any such articles sold by any person whose principal business is not the sale of such articles for consumption or use and whose gross receipts from the sale ofsuch articles (during the preceding year ending June 30) for consumption or use does not exceed $200. Every person selling any of the articles enumerated in this section shall make returns under oath in duplicate(monthly or quarterly as the Commissioner, with the approval of the Secretary, may prescribe) and pay the taxes imposed on such articles by this Section to the collector for the district in which is located the principal place of business. Such returns shall contain such information and be made at such times and in such manner as the Commissioner, with the approval of the Secrataty, may be regulations prescribe. Sec. 907. That on and after Nov. 1 1918, in addition to the tax imposed by section 906, there shall be levied, assessed, collected, and paid, a tax equivalent to 10% of the amount paid for ony article commonly or commercially known as jewelry,composed in whole or in part of platinum, when sold for consumption or use. Such tax shall be paid by the purchaser to the vendor and shall be collected, returned and paid to the United States by such vendor in the same manner as provided in section 502. The vendor shall include in all returns made under this section the name and address of each purchaser, the price of each article sold to him and a description thereof, including the quantity and value of the platinum contained therein. Sec. 908. (a) That on and after Nov. 1 1918 there shall be levied, assessed, collected and paid (in lieu of the taxes imposed by subdivisions (g) and (h) of section 600 of the Revenue Act of 1917) a tax of 1 cent for each 10 cents or fraction thereof of the amount paid for any of the following articles when sold for consumption or use: (1) Perfumes, essences, extracts, toilet waters, cosmetics, petroleum jellies, hair oils, pomades, hair dressings, hair restoratives, hair dyes, tooth and mouth washes, dentifrices, tooth pastes, aromatic cachous, toilet soaps and powders, or any similar substance, article, or preparation by whatsoever name known or distinguished, any of the above which are used or applied or intended to be used or applied for toilet purposes; (2) Pills, tablets, powders, tinctures, troches or lozenges, sirups, medicinal cordials or bitters, anodynes, tonics, plasters, liniments, salves, ointments, pastes, drops, waters (except those taxed under section 628 of this Act), essences, spirits, oils and other medicinal preparations, compounds, or compositions (not including serums and antitoxins), upon the amount paid for any of the above as to which the manufacturer or producer claims to have any private formula, secret, or occult art for making or preparing the same, or has or claims to have any exclusive right or title to the making or preparing the same, or which are prepared, uttered, vended, or exposed for sale under any letters patent, or trade-mark, or which (if prepared by any formula, published or unpublished) are held out or recommended to the public by the makers, vendors, or proprietors thereof as proprietary medicines or medicinal proprietary articles or preparations, or as remedies or specifics for any disea.se, diseases, or affection whatever affecting the human or animal body. (b) The taxes imposed by this section shall be collected by whichever of the following methods the Commissioner may deem expedient: (1) by stamp affixed to such article by the vendor, the cost of which shall be reimbursed to the vendor by the purchaser; or (2) by payment to the vendor hy the purchaser, the taxes so collected being returned and paid to the United States by such vendor in the same manner as provided in section 502. Sec. 009. That upon all articles (other than second-hand articles) enumerated In section 900 upon the sale of which no tax was imposed by section 600 or 602 of the Revenue Act of 1917, and which on the day after the passage of this Act are held and intended for sale by any person, there shall be levied, assessed, collected, and paid a floor tax equivalent to the tax imposed by section 900 of this Act upon the sale of such articles. This tax shall be paid by the person so holding such articles. The taxes imposed by this section shall be assessed, collected, and paid in the same manner as provided in section 1306 in the case of floor taxes upon articles upon which the tax imposed by existing law has been paid. Sec. 910. That upon all articles (other than second-hand articles) enumerated In section 900 In respect to which the tax imposed by section 600 or 602 of tho Revenue Act of 1917 was payable, and which on the day after the passage of this Act are held and intended for sale by any person, there shall be levied, assessed, collected, and paid a floor tax equivalent to the difference between (a) the tax imposed by section 900 of this Act upon the sale of such articles and (b) the corresponding tax imposed by section 600 of the Revenue Act of 1917. 971 (c) The taxes imposed by this section shall not apply in any year to any corporation which was not engaged in business (or in the case of a foreign corporation not engaged in business in the United States) during the preceding year ending June 30, nor to any corporation enumerated in section 231. (d) Section 257 shall apply to all returns filed with the Commissioner for purposes of the tax imposed by this section. Sec. 1001. That on and after Jan. 1 1919 there shall be levied, collected, and paid annually, in lieu of the taxes imposed by section 407 of the Revenue Act of 1916, the following special taxes— (1) Brokers shall pay $100. Every person whose business it is to negotiate purchases or sales of stocks, bonds, exchange, bullion, coined money, bank notes, promissory notes, other securities, produce or merchandise, for others, shall be regarded as a broker. If a broker is a member of a stock exchange, or if he is a member of any produce exchange, board of trade, or similar organization, where produce or merchandise is sold, he shall pay an additional amount as follows: if the average value, during the preceding year ending June 30, of a seat or membership in such exchange or organization was not more than $2,000, $50; if such value was more than $2,000 and not more than $5,000, $100; if such value was more than $5,000, $150. (2) Pawnbrokers shall pay $100. Every person whose business or occupation it is to take or receive, by way of pledge, pawn, or exchange, any goods, wares, or merchandise, or any kind of personal property whatever, as security for the repayment of money loaned thereon, shall be regarded as a pawnbroker. (3) Ship brokers shall pay $50. Every person whose business it is as a broker to negotiate freights and other business for the owners of vessels, or for the shippers or consignors or consignees of freight carried by vessels, shall be regarded as a ship broker. (4) Customhouse brokers shall pay $50. Every person whose occupation It is, as the agent of others, to arrange entries and other customhouse papers, or transact business at any port of entry relating to the importation or exportation of goods, wares, or merchandise, shall be regarded as a customhouse broker. (5) Proprietors of theatres, museums, and concert halls, where a charge for admission is made, having a seating capacity of not more than 250, shall pay $50; having a seating capacity of more than 250 and not exceeding 500, shall pay $100; having a seating capacity exceeding 500 and not exceeding 800, shall pay $150; having a seating capacity of more than 800,. shall pay $200. Every edifice used for the purpose of dramatic or operatic or other representations, plays, or performances, for admission to which entrance money is received, not including halls or armories rented or used occasionally for concerts or theatrical representations, shall be regarded as a theatre: Provided, That in cities, towns or villages of 5,000 inhabitants or less the amount of such payment shall be one-half of that above stated: Provided further, That whenever any such edifice is under lease at the time the tax is due, the tax shall be paid by the lessee, unless otherwise stipulated between the parties to the lease. (6) The proprietor or proprietors of circuses shall pay $200. Every building, space, tent, or area, where feats of horsemanship or acrobatic sports or theatrical performances not otherwise provided for in this section are exhibited shall be regarded as a circus: Provided, That no special tax paid in one State, Territory, or the District of Columbia shall exempt exhibitions from the tax in another State, Territory, or the District of Columbia, and but one special tax shall be imposed for exhibitions within any one State, Territory or District. • (7) Proprietors or agents of all other public exhibitions or shows for money not enumerated in this section shall pay $20: Provided, That a special tax paid in one State, Territory, or the District of Columbia shall not exempt exhibitions from the tax in another State, Territory, or the District of Columbia, and but one special tax shall be required for exhibitions within any one State, Territory, or the District of Columbia: Provided further, That this paragraph shall not apply to Chautauquas, lecture lyceums, agricultural or industrial fairs, or exhibitions held under the auspices of religious or charitable associations: Provided further, That an aggregation of entertainments, known as a street fair, shall not pay a larger tax than $200 in any State, Territory, or in the District of Columbia. (8) Proprietors of bowling alleys and billiard rooms shall pay $10 for each alloy or table. Every building or place where bowls are thrown or where games of billiards or pool are played, except in private homes, shall be regarded as a bowling alley or a billiard room, respectively. (9) Proprietors of shooting galleries shall pay $20. Every building, space, tent, or area, where a charge is made for the discharge of firearms at any form of target shall be regarded as a shooting gallery. (10) Proprietors of riding academies shall pay $100. Every building, space, tent, or area, where a charge is made for instruction in horsemanship or for facilities for the practice of horsemanship shall be regarded as a riding academy. (11) Persons carrying on the business of operating sightseeing automobiles shall pay a tax equivalent to 10% of the gross receipts, during the preceding year ending June 30,from the operation of each such automobile having a seating capacity of more than seven. (12) Every person carrying on the business of operating for hire three or more passenger automobiles (other than sightseeing automobiles having a seating capacity of more than seven) shall pay a tax equivalent to 5% of the gross receipts during the preceding year ending June 30 from the operation of each such automobile. (13) Every person carrying on the business of a brewer, distiller, wholesale liquor dealer, retail liquor dealer, wholesale dealer in malt liquor, retail dealer in malt liquor, or manufacturer of stills, as defined in section 3244 as amended and section 3247 of the Revised Statutes, in any State, Territory, or District of the United States contrary to the laws of such State, Territory or District, or in any place therein in which carrying on such business is prohibited by local or municipal law, shall pay, in addition to all other taxes, special or otherwise, imposed by existing law or by this Act, $1,000. TITLE X.—SPECIAL TAXES. The payment of the tax imposed by this subdivision shall not be held to Soc. 1000. (a) That on and after July 11918, in lieu of the tax imposed exempt any person from any penalty or punishment provided for by tile by the first subdivision of section 407 of the Revenue Act of 1916— laws of any State, Territory, or District for carrying on such business in (1) Every domestic corporation shall pay annually a special excise tax such State, Territory or District, or in any manner to authorize the comwith respect to carrying on or doing business, equivalent to $1 for each mencement or continuance of such business contrary to tne laws of such $1,000 of so much of the fair average value of its capital stock for the pre- State, Territory or District, or in places prohibited by local or municipal ceding year ending Juno 30 as is in excess of $5,000. In estimating law. the value of capital stock the surplus and undivided profits shall be (14) Proprietors of any trade, business, or profession, the gross receipts included; of which for the preceding year ending June 30 exceed $2,000, shall pay $10. (2) Every foreign corporation shall pay annually a special excise tax with It such gross receipts from sources other than sales directly to the conrespect to carrying on or doing .business in the United States, equivalent sumer exceed $100,000, the proprietor shall pay $15 additional. to $1 for each $1,000 of the average amount of capital actually invested This subdivision shall not apply to agriculture, to any person subject to In the transaction of its business in the United States during the preceding any special tax under this section or under sections 1002, 1005, 1007, or to year ending June thirtieth. proprietors paying special taxes upon the business of manufacturing, (b) In computing the tax in the case of Insurance companies such de- rectifying, or dealing in distilled spirits, malt liquors, stills, oleomargaposits and reserve funds as they are required by law or contract to maintain rine, adulterated, process, or renovated butter, filled cheese, or mixed flour. or hold for the protection of or payment to or apportionment among Sec. 1002. That on and after Jan. 1 1919 there shall be levied, collected, policyholders shall not be included. and paid annually, in lieu of the taxes imposed by section 408 of the Rove- 972 THE CHRONICLE nue Act of 1916, the following special taxes, the amount of such taxes to be computed on the basis of the sales for the preceding year ending June 30— Manufacturers of tobacco whose annual sales do not exceed 50,000 pounds shall each pay $6; Manufacturers of tobacco whose annual sales exceed 50,000 and do not exceed 100,000 pounds shall each pay $12; Manufacturers of tobacco whose annual sales exceed 100,000 and do not exceed 200,000 pounds shall each pay $24; Manufacturers of tobacco whose annual sales exceed 200,000 pounds shall each pay at the rate of 16 cents per thousand pounds, or fraction thereof; Manufacturers of cigars whose annual sales do not exceed 50,000 cigars shall each pay $4; Manufacturers of cigars whose annual sales exceed 50,000 and do not exceed 100,000 cigars shall each pay $6; Manufacturers of cigars whose annual sales exceed 100,000 and do not exceed 200,000 cigars shall each pay $12; Manufacturers of cigars whose annual sales exceed 200,000 and do not exceed 400,000 cigars shall each pay $24; Manufacturers of cigars whose annual sales exceed 400,000 cigars shall each pay at the rate of 10 cents per thousand cigars, or fraction thereof; Manufacturers of cigarettes, including small cigars weighing not more than three pounds per thousand shall each pay at the rate of 6 cents for every 10,000 cigarettes, or fraction thereof. In arriving at the amount of special tax to be paid under this section, and in the levy and collection ofsuch tax, each person engaged in the manufacture of more than one of the classes of articles specified in this section shall be considered and deemed a manufacturer of each class separately. Sec. 1003. That sixty days after the passage of this Act, and thereafter on July 1 in each year, and also at the time of the original purchase of a new boa by a user, if on any other da6e than July 1, there shall be levied, assessed, collected and paid in lieu of the tax imposed by section 603 of the Revenue Act of 1917, upon the use of yachts, pleasure boats, power boats and sailing boats, of over five net tons, and motor boats with fixed engines, not used exclusively for trade or national defense, or not built according to plans and specifications approved by the Navy Department, a special excise tax to be based on each yacht or boat, at rates as follows: Yachts, pleasure boats, power boats, motor boats with fixed engines and sailing boats, of over five net tons, length not over fifty feet, $1 for each foot; length over fifty feet and not over one hundred feet, $2 for each foot; length over one hundred feet, $4 or each foot; motor boats of not over five net tons with fixed engines, $10. In determining the length of such yachts, pleasure boats, power boats, motor boats with fixed engines, and sailing boats, the measurement of over-all length shall govern. In the case of a tax imposed at the time of the original purchase of a new boat on any other date than July 1,and in the case of the tax taking effect sixty days after the passage of this Act, the amount to be paid shall be the same number of twelfths of the amount of the tax as the number of calendar months (including the month of sale, or the month in which is included the sixty-first day after the passage of this Act, as the case may be) remaining prior to the following July 1. If the tax imposed by section 603 of the Revenue Act of 1917 for the fiscal year ending June 30 1919 has been paid in respect to the use of any boat, the amount so paid shall under such regulations as the Commissioner, with the approval of the Secretary, may prescribe, be credited upon the first tax due under this section in respect to the use of such boat, or be refunded to the person paying the first tax imposed by this section in respect to the use of such boat. Sec. 1004. That if the tax imposed by section 407 or 408 of the Revenue Act of 1916 for the fiscal year ending June 30 1919 has been paid by any person subject to the corresponding tax imposed by this title, collectors may issue a receipt in lieu of special tax stamp for the amount by which the tax under this title is in excess of that paid or payable and evidenced by stamp under the Revenue Act of 1916. Such receipt shall be posted as in the case of the special tax stamp, as provided by law, and with it, within the place of business of the taxpayer. Sec. 1005. That on and after Jan. 1 1919 every person, any part of whose business consists of the retailing of merchandise through or upon orders received by mail, shall pay annually a special excise tax equivalent to 1% of the gross amount in excess of $100,000 received by such person from such retail sales during the preceding year ending June 30. Sec. 1006. That sixty days after the passage of this Act, and thereafter on July 1 in each year, and also at the time of the purchase of a new or used automobile or motorcycle by a user, if on any other date than July 1, there shall be levied, assessed, collected and paid upon the use of aotomobiles and motorcycles, a special excise tax at rates as follows: Motorcycles, $5; automobiles (other than electric) of 23 horse power or less, $10; more than 23 horse power and not more than 30 horse power, $20; more than 30 horse power and not more than 40 horse power, $30; and more than 40 horse power, $50; electric automobiles, $5 per horse power and 50 cents for each 100 pounds of weight. In the case of a tax imposed at the time of the purchase of an automobile or motorcycle on any other date than July 1, and in the case of the tax taking effect sixty days after the passage of this Act, the amount to be paid shall be the same number of twelfths of the amount of the tax as the number of calendar months (including the month of sale or the month in which is included the sixty-first day after the passage of this Act, as the case may be) remaining prior to the following July 1. For the purposes of this section the horsepower of all automobiles other than steam or electric shall be computed as follows: Square the diameter of the cylinder in inches, multiply by the number of cylinders, and divide by two and one-half. In the case of steam or electric automobiles, the horsepower for the purposes of this section shall be the horsepower rating fixed and advertised by the manufacturer or importer thereof at the time when sold by him. Sec. 1007. That on and after Jan. 1 1919, every manufacturer of automatic vending or weighing machines who operates such machines shall pay annually a special excise tax equivalent to 5% of the gross amount received by him from such operation during the preceding year ending June 30. Sec. 1008. That Section I of the Act of Congress approved Dec. 17 1914, is hereby amended to read as follows: "Section 1. That on and after Jan. 1 1919, every person who imports, manufactures, produces, compounds, sells, deals in, dispenses, or gives away opium or coca leaves, or any compound, manufacture, salt, derivative, or preparation thereof, shall register.with the collector of internal revenue of the district his name or style, place of business and place or places where such business is to be carried on, and on or before the first day of July, annually thereafter, and pay special taxes as follows: "Importers, manufacturers, producers, or compounders, $24 per annum; wholesale dealers, $12 per annum; retail dealers, $6 per annum; physicians, dentists, veterinary surgeons, and other practitioners lawfully entitled [VOL. 107. to distribute, dispense, give away, or administer any of the aforesaid drugs to patients upon whom they are in attendance, shall pay $3 per annum. "Every person who imports, manufactures, compounds, or otherwise produces for sale or distribution any of the aforesaid drugs shall bo deemed to be an importer, manufacturer, or producer. "Every person who sells or offers for sale any of said drugs in the original stamped packages, as hereinafter provided, shall be deemed a wholesale dealer. "Every person who sells or dispenses from original stamped packages, as hereinafter provided, shall be deemed a retail dealer: Provided, That the office, or if none, the residence, of any person shall be considered for the purpose of this Act his place of business; but no employee of any person who has registered and paid special tax as herein required, acting within the scope of his employment, shall be required to register and pay special tax provided by this section: Provided further, That officials of the United States, Territorial, District of Columbia, or insular possessions, State or municipal governments, who in the exercise of their official duties engage in any of the business herein described, shall not be required to register, nor pay special tax, nor stamp the aforesaid drugs as hereinafter prescribed, but their right to this exemption shall be evidenced in such manner as the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, may by regulations prescribe. "It shall be unlawful for any person required to register under the provisions of this Act to import, manufacture, produce, compound, sell, deal in, dispense, distribute, administer, or give away any of the aforesaid drugs without having registered and paid the special tax as imposed by this section. "That the word 'person' as used in this Act shall be construed to mean and include a partnership, association, company, or corporation, as well as a natural person; and all provisions of existing law relating to special taxes, as far as necessary, are hereby extended and made applicable to this section. "That there shall be levied, assessed, collected, and paid upon opium, coca leaves, any compound, salt, derivative, or preparation thereof, produced in or imported into the United States, and sold, or removed for consumption or sale, an internal-revenue tax at the rate of 1 cent per ounce, and any fraction of an ounce in.a package shall be taxed as an ounce, such tax to be paid by the importer, manufacturer, producer, or compounder thereof, and to be represented by appropriate stamps, to be provided by the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury; and the stamps herein provided shall be so affixed to the bottle or other container as to securely seal the stopper, covering, or wrapper thereof. "The tax imposed by this section shall be in addition to any import duty imposed on the aforesaid drugs. "It shall be unlawful for any person to purchase, sell, dispense, or distribute any of the aforesaid drugs except In the original stamped package or from the original stamped package; and the absence of appropriate tax-paid stamps from any of the aforesaid drugs shall be prima facie evidence of a violation of this section by the person in whose possession same may be found; and the possession of any original stamped package containing any of the aforesaid drugs by any person who has not registered and paid special taxes as required by this section shall be prima fade evidence of liability to such special tax: Provided, That the provisions of this paragraph shall not apply to any person having in his or her possession any of the aforesaid drugs which have been obtained from a registered dealer in pursuance of a prescription, written for legitimate medical uses, Issued by a physician, dentist, veterinary surgeon, or other practitioner registered under this Act; and where the bottle or other contianer in which such drug may be put up by the dealer upon said prescription bears the name and registry number of the druggist, serial number of prescription, name and address of the patient, and name, address, and registry number of the person writing said prescription; or to the dispensing, or administration, or giving away of any of the aforesaid drugs to a patient by a registered physician, dentist, veterinary surgeon, or other practitioner in personal attendance upon such patient, and whore said drugs are dispensed or administered to the patient for legitimate medical purposes, and the record kept as required by this Act of the drugs so dispensed, administered, distributed, or given away. "And all the provisions of existing laws relating to the engraving, issuance, sale, accountability, cancellation, and destruction of tax-paid stamps provided for in the internal-revenue laws are, in so far as necessary, hereby extended and made to apply to stamps provided by this section. "That all unstamped packages of the aforesaid drugs found in the possession of any person, except as herein provided, shall be subject to seizure and forfeiture, and all the provisions of existing internal-revenue laws relating to searches, seizures, and forfeitures of unstampod articles are hereby extended to and made to apply to the articles taxed under this Act and the persons upon whom these taxes are imposed. "Importers, manufacturers, and wnolesale dealers shall keep such books and records and render such monthly returns in relation to the transactions In the aforesaid drugs as the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, may by regulations require. "The Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, shall make all needful rules and regulations for carrying the provisions of this Act into effect." Sec. 1009. That Section 6 of such Act of Dec. 17 1914,is hereby amended to read as follows: "Sec. 6. That the provisions of this Act shall not apply to decocanized coca leaves from which all cocaine and other related alkaloids or associated salts have been extracted, nor to preparations of such decosanized coca leaves." Sec. 1010. That all opium, its salts, derivatives, and compounds, and coca leaves, salts, derivatives, and compounds thereof, which may now be under seizure or which may hereafter be seized by the United States Government from any person or persons charged with any violation of the Act of Oct. 1 1890, as amended by the Acts of March 3 1897, Feb. 9 1909, and Jan. 17 1914, or the Act of Dec. 17 1914, shall upon conviction of the person or persons from whom seized be confiscated by and forfeited to the United States; and the Secretary is hereby authorized to deliver for medical or scientific purposes to any department, bureau, or other agency of too United States Government, upon proper application therefor under such regulation as may be prescribed 1,iy the Commissioner, witn the approval of tne Secretary, any of the drugs so seized, confiscated, and forfeited to the United States. The provisions of this section shall also apply to any of the aforesaid drugs seized or coming into the possession of the United States in the enforcement of any of the above-mentioned Acts where the owner or owners thereof are unknown. None of the aforesaid drugs coming into possession of the United States under the operation of said Acts, or the provisions of this section, shall be destroyed without certification by a com- SEPT. 7 1018.] THE CHRONICLE 973 mitteo appointed by the Commissioner, with the approval of the Secre- of such stamps to the credit of and render accounts to the Postmaster-General at such times and in such form as he may by regulations prescribe. The tary, that they are of no value for medical or scientific purposes. Sec. 1011. That the Act approved Oct. 22 1914, entitled "An Act to Postmaster-General shall at least once monthly transfer all collections from revenue, and for other purposes," and the joint reso- this source to the Treasury as internal revenue collections. Increase the internal Sec. 1107. That the collectors of the several districts shall furnish withlution approved Dec. 17 1915, entitled "Joint resolution extending the provisions of the Act, entitled 'An Act to increase the internal revenue, out prepayment to any assistant treasurer or designated depositary of the 31 1916," are United States located in their respective collection districts a suitable quanand for other purposes,' approved Oct. 22 1014, to Dec. hereby repealed, except tnat the pro visions of such Act shall remain in tity of adhesive stamps for sale. In such cases the collector may require force for the assessment and collection of all special taxes imposed by a bond, with sufficient sureties, to an amount equal Co the value of the adSections 3 and 4 thereof, or by such sections as extended by such joint hesive stamps so furnished, conditioned for the faithful return, whenever resolution, for any year or part thereof ending prior to Jan. 1 1917, and of so required, of all quantities or amounts undisposed of, and for the payment all other taxes imposed by such Act, or by such Act as so extended, ac- monthly of all quantities or amounts sold or not remaining on hand. The crued prior to Sept. 8 1916, and for the imposition and collection of all Secretary may from time to time make such regulations as he may find penalties or forfeitures which have accrued or may accrue in relation to necessary to insure the safekeeping or prevent the illegal use of all such adhesive stamps. any of such taxes. SCHEDULE A.—STAMP TAXES. TITLE XI.—STAMP TAXES. Soc. 1100. That on and after Nov. 1 1918, there shall be levied, collected, and paid, for an in respect of the several bonds, debentures, or certificates of stock and of indebtedness, and other documents,instruments, matters, and things mentioned and described In Schedule A of this title, or for or in respect of the vellum, parchment, or paper upon which such Instruments, matters, or things, or any of them, are written or printed, by any person who makes, signs, issues, sells, removes, consigns,or ships the same, or for whose use or benefit the same are made, signed, issued, sold, removed, consigned, or shipped, the several taxes specified in such schedule. The taxes imposed by this sectioo shall, in the case of any article upon which a corresponding stamp tax is now imposed by law, be in lieu of such tax. Sec. 1101. That there shall not be taxed under this title any bond, note, or other instrument,issued by the United States, or by any foreign Government, or by any State, Territory, or the District of Columbia, or local subdivision thereof, or municipal or other corporation exercising the taxing power; or any bond of indemnity required to be filed by any person to secure payment of any pension, allowance, allotment, relief or insurance by the United States; or stocks and bonds issued by co-operative building and loan associations which are organized and operated exclusively for the benefit of their members and make loans only to their shareholders, or by mutual ditch or irrigating companies. Sec. 1102. That whoever— (a) Makes, signs, issues, or accepts, or causes to be made, signed, issued, or accepted, any instrument, document, or paper of any kind or description whatsoever without the full amount of tax thereon being duly paid; (b) Consigns or ships, or causes to be consigned or shipped, by parcel post any parcel, package, or article without the full amount of tax being duly paid; (c) Manufactures or imports and sells, or offers for sale, or causes to be manufactured or imported and sold, or offered for sale, any playing cards, package, or other article without the full amount of tax being duly paid; (d) Makes use of any adhesive stamp to denote any tax imposed by this title without canceling or obliterating such stamp as prescribed in Section 1104; Is guilty of a misdemeanor and upon conviction thereof shall pay a fine of not more than $100 for each offense. Sec. 1103. That whoever— (a) Fraudulently cuts, tears, or removes from any vellum, parchment, paper, instrument, writing, package, or article, upon which any tax is imposed by this title, any adhesive stamp or the impression of any stamp, die, plate, or other article provided, made, or used in pursuance of this title; (b) Fraudulently uses, joins, fixes, or places to, with, or upon any vellum, parchment, paper, instrument, writing, package, or article, upon which any tax is imposed by this title, (1) any adhesive stamp, or the Impression of any stamp,die, plate, or other article which has been cut, torn or removed from any other vellum, parchment, paper, instrument, writing, package, or article, upon which any tax is imposed by this title; or(2) any adhesive stamp or the impression of any stamp, die, plate, or other article of insufficient value; or (3) any forged or counterfeit stamp, or the impression of any forged or counterfeited stamp, die, plate, or other article; (c) Willfully removes, or alters the cancellation, or defacing marks of, or otherwise prepares, any adhesive stamp, with intent to use, or cause the same to be used, after it has been already used, or knowingly or willfully buys, sells, offers for sale, or gives away,any such washed or restored stamp to any person for use, or knowingly uses the same; (d) Knowingly and without lawful excuse (the burden of proof of such excuse being on the accused) has in possession any washed, restored, or altered stamp, which has been removed from any vellum, parchment, paper, instrument, writing, package, or article; Is guilty of a misdemeanor, and upon conviction shall be punished by a fine of not more than $1,000, or by imprisonment for not more than five years, or both, and any such re-used, canceled,or counterfeit stamp and the vellum, parchment, document, paper, package, or article upon which It Ls placed or Impressed shall be forfeited to the United States. Soc. 1104. That Whenever an adhesive stamp is used for denoting any tax imposed y this title, except as hereinafter provided, the person using or affixing the same shall write or stamp or cause to be written or stamped thereupon the initials of his or its name and the date upon which the same is attached or used, so that the same may not again be used: Provided, That the Commissioner may prescribe such other method for the cancellation of such stamps as he may deem expedient. Soc. 1105. (a) That the Commissioner shall cause to be prepared and distributed for the payment of the taxes prescribed in this title suitable stamps denoting the tax on the document, articles, or thing to which the same may be affixed, and shall prescribe such method for the affixing of said stamps in substitution for or in addition to the method provided in this title, as he may deem expedient. (b) The Commissioner, with the approval of the Secretary, is authorized to procure any of the stamps provided for In this title by contract whenever such stamps cannot be speedily prepared by the Bureau of Engraving and Printing; but this authority shall expire on Jan. 1 1920, except as to imprinted stamps furnished under contract, authorized by the Commissioner. (c) All internal revenue laws relating to the assessment and collection of taxes are hereby extended to and made a part of this title, so far as applicable, for the purpose of collecting stamp taxes omitted through mistake or fraud from any Instrument, document, paper, writing, parcel, package, or article named herein. Soc. 1100. That the Commissioner shall furnish to the Postmaster-General without prepayment a suitable quantity of adhesive stamps to be distributed to and kept on sale by the various postmasters in the United States. The Postmaster-General may require each such postmaster to give additional or increased bond as postmaster for the value of the stamps so furnished, and each such postmaster shall deposit the receipts from the sale 1. Bonds of indebtedness: On all bonds, debentures, or certificates of Indebtedness issued by any person, and all instruments, however termed, Issued by any corporation with interest coupons or in registered form,known generally as corporate securities, on each $100 of face value or fraction thereof, 5 cents: Provided, That every rent:mat of the foregoing shall be taxed as a new issue: Provided further, That when a bond conditioned for the repayment or payment of money is given in a penal sum greater than the debt secured, the tax shall bb based upon the amount secured. 2. Bonds, indemnity and surety: On all bonds executed for indemnifying any person who shall have become bound or engaged as surety, and on all bonds executed for the due execution or performance of any contract. obligation, or requirement, or the duties of any office or position, and to account for money received by virtue thereof, and on all policies of guaranty and fidelity insurance, including policies guaranteeing titles to real estate and mortgage guarantee policies, and on all other bonds of any description, made, issued, or executed, not otherwise provided for in this schedule, except such as may be required in legal proceedings, 50 cents: Provided, That where a premium is charged for the execution of such bond the tax shall be 1 cent on each dollar or fractional part thereof of the premium charged: Provided further, That policies of reinsurance shall be exempt from the tax imposed by this subdivision. 3. Capital stock, issue: On each original issue, whether on organization or reorganization, of certificates of stock, or of profits, or of interest in property or accumulations, by any corporation, on each $100 of face value or fraction thereof, 5 cents: Provided, That where a certificate is issued without face value, the tax shall be 5 cents per share, unless the actual value is in excess of $100 per share, in which case the tax shall be 5 ccets on each $100 of actual value or fraction thereof. The stamps representing the tax imposed by this subdivision shall be attached to the stock books and not to the certificates issued. 4. Capital stock, sales or transfers: On all sales, or agreements to sell, or memoranda of sales or deliveries of, or transfers of legal title to shares or certificates of stock or of profits or of interest in property or accumulations in any corporation, or to rights to subscribe for or to receive such shares or certificates, whether made upon or shown by the books of the corporation, or by any assignment in blank, or by any delivery, or by any paper or agreement or memorandum or other evidence of transfer or sale, whether entitling the holder in any manner to the benefit of such stock, interest, or rights, or not, on each $100 of face value or fraction thereof, 2 cents, and where such shares are without par or face value, the tax shall be 2 cents on the transfer or sale or agreement to sell on each share, unless the actual value thereof is in excess of $100 her share, In which case the tax shall be 2 cents on each $100 of actual value or fraction thereof: Provided, That it is not intended by this title to impose a tax upon an agreement evidencing a deposit of certificates as collateral scurity for money loaned thereon, which certificates are not actually sold, nor upon the delivery or transfer for such purpose of certificates so deposited: Provided further, That the tax shall not be imposed upon deliveries or transfers to a broker for sale, nor upon deliveries or transfers by a broker to a customer for whom and up whose order he has purchased same, but such deliveries or transfers shall be accompanied by a certificate setting forth the facts: Provided further, That in case of sale where the evidence of transfer is shown only by the books of the corporation the stamp shall be placed upon such books; and where the change of ownership is by transfer of the.ertificate the stamp shall be placed upon the certificate; and in eases of an agreement to sell or where the transfer is by delivery of tne certificate as.signe.1 in blank there shall be made and delivered by the seller to the buyer a bill or memorandum of such sale, to which the stamp shall be affixed; and every bill or memorandum of sale or agreement to sell before mentioned shall show the date thereof, the name of the seller, the amount of the sale, and the matter or thing to which it refers. Any person liable to pay the tax as herein provided, or anyone who acts in the matter as agent or broker for such person, who makes any such sale,or who in pursuance of any such sale delivers any certificate or evidence of the sale of any stock, interest or right, or bill or memorandum thereof, as herein required, without having the proper stamps affixed thereto with intent to evade the foregoing provisions, shall be deemed guilty of a misdemeanor, and upon conviction thereof shall pay a fine of not exceeding $1,000, or be imprisoned not more than six months, or both. 5. Produce, sales of, on exchange: Upon each sale, agreement of sale, or agreement to sell (not including so-called transferred or scratch sales), any products or merchandise at any exchange, or board of trade, or other similar place, for future delivery, for each $100 in value of the merchandise covered by said sale or agreement of sale or agreement to sell, 2 cents, and for each additional $100 or fractional part thereof in excess of $100, 2 cents: Provided, That on every sale or agreement of sale or agreement to sell as aforesaid there shall be made and delivered by the seller to the buyer a bill, memorandum, agreement, or other evidence of such sale, agreement of sale, or agreement to sell, to which there shall be affixed a lawful stamp or stamps in value equal to the amount of the tax on such sale: Provided further, That sellers of commodities described herein, having paid the tax provided by this subdivision, may transfer such contracts to a Jeeringhouse corporation or association, and such transfer shall not be deemed to be a sale, or agreement of sale, or an agreement to sell within the provisions of this Act, provided that such transfer shall not vest any beneficial interest in such clearing-house association but shall oe made for the sole purpose of enabling such clearing-houes association to adjust and balance the accounts of the members of such clearing-house association on their several contracts. Every such bill, memorandum, or other evidence of sale or agreement to sell shall show the date thereof, the name of the seller, the amount of the sale, and the matter or thing to which it refers; and any person liable to pay the tax as herein provided, or anyone who acts in the matter as agent or broker for such person, who makes any such sale or agreement of sale, or agreement to sell, or who, in pursuance of any such sale. agreement of sale or agreement to sell, delivers any such products or merchandise without a bill, memorandum, or other evidence thereof as herein required, or who delivers such bill, memorandum, or other evidence of sale, or agreement to sell, without having the proper stamps affixed thereto, with Intent to evade the foregoing provisions, shall be deemed guilty of a imisdemeanor I THE CHRONICLE 974 and upon conviction thereof shall pay a fine of not exceeding $1,000 or be imprisoned not more than six months, or both. No bill, memorandum, agreement, or other evidence of such sale, or agreement of sale, or agreement to sell, in case of cash sales of products or merchandise for immediate or prompt delivery which in good faith are actually intended to be delivered shall be subject to this tax. 6. Drafts or checks (payable otherwise than at sight or on demand) upon their acceptance. or delivery within the United States whichever is prior, promissory notes, except bank notes issued for circulation, and for each renewal of the same, for a sum not exceeding $100, 2 cents; and for each additional $100 or fractional part thereof, 2 cents. This subdivision shall not apply to a promissory note secured by the pledge of bonds or obligations of the United States issued after April 24 1917, or secured by the pledge of a promissory note which itself is secured by the pledge of such bonds or obligations: Provided, That in either case the par value of such bonds or obligations shall be not less than the amount of such note. 7. Conveyances: Deed, instrument, or writing, whereby any lands, tenements, or other realty sold shall be granted, assigned, transferred, or otherwise conveyed to, or vested in, the purchaser or purchasers, or any other person or persons, by his, her, or their direction, when the consideration or value of the interest or property conveyed, exclusive of the value of any lien or encumbrance remaining tnereon at the time of sale, exceeds $100 and does not exceed $500, 50 cents; and for each additional $500 or fractional part thereof, 50 cents. This subdivision shall not apply to any instrument or writing given to secure a debt. 8. Entry of any goods, wares, or merchandise at any customhouse, either for consumption or warehousing, not exceeding $100 in value, 25 cents; exceeding $100 and not exceeding $500 in value, 50 cents; exceeding $500 in value, $1. 9. Entry for the withdrawal of any goods or merchandise from customs bonded warehouse, 50 cents. ic .10. Passage ticket, one way or round trip, for each passenger, sold or issued in the United States for passage by any vessel to a port or a place not in the United States, Canada, or Mexico, if costing not exceeding $30, $1; costing more than $30 and not exceeding $60,$3; costing more than $60, $5. This subdivision shall not apply to passage tickets costing $10 or less. 11. Proxy for voting at any election for officers, or meeting for the transaction of business, of any corporation, except religious, educational,charitable, fraternal, or literary societies, or public cemeteries, 10 cents. 12. Power of attorney granting authority to do or perform some act for or in behalf of the grantor, which authority is not otherwise vested in the grantee, 5 cents. This subdivision shall not apply to any papers necessary to be used for the collection of claims from the United States or from any State for pensions, back pay, bounty, or for property lost in the military or naval service, or to powers of attorney required in bankruptcy cases. 13. Playing cards: Upon every pack of playing cards containing not more than fifty-four cards, manufactured or imported, and sold, or removed for consumption or Sale, a tax of 8 cents per pack. 14. Parcel-post packages: Upon every parcel or package transported from one point in the United States to another by parcel post on which the postage amounts to 25 cents or more, a tax of 1 cent for each 25 cents or fractional part thereof charged for such transportation,to be paid by the consignor. No such parcel or package shall be transported until a stamp or stamps representing the tax due shall have been affixed thereto. TITLE XII.—ADVISORY TAX BOARD. Sec. 1200. That there is hereby created a board to be known as the "Advisory Tax Board," hereinafter called the Board, and to be composed of five members to be appointed by the President of the United States, by and with the advice and consent of the Senate. The Board shall remain in existence during the continuance of the present war with the Imperial German Government and for a period of twelve months after the termination of such war as declared by proclamation of the President. Vacancies in the membership of the Board shall be filled in the same manner as an original appointment. Any member shall be subject to removal by the President. The President shall designate the chairman of the Board. Each member shall receive an annual salary of $9,000, payable monthly, together with actual necessary expenses when absent from the District of Columbia on official business. Sec. 1201. That the Secretary or the Commissioner may, and on the request of any taxpayer directly interested shall, submit to the Board any question relating to the interpretation or administration of the internalrevenue laws, and the Board shall report its findings and recommendations to the Secretary or Commissioner, as the case may be. ft4 Sec. 1202. That the Board shall have its office in the Bureau of Internal Revenue in the District of Columbia. The expenses and salaries of members of the Board shall be audited, allowed, and paid out of appropriations for collecting internal revenue, in the same manner as expenses and salaries of employees of the Bureau of Internal Revenue are audited, allowed, and paid. Sec. 1203. That the Board shall have the power to summon witnesses, take testimony, administer oaths, and to require any person to produce books, papers, documents, or other data relating to any matter under investigation by the Board. Any member of the Board may sign subpoenas and members and employees of the Bureau of Internal Revenue designated to assist the Board, when authorized by the Board, may administer oaths, examine witnesses, take testimony, and receive evidence. TITLE:XIII.—GENERAL ADMINISTRATIVE PROVISIONS. Sec. 1300. That hereafter the salary of the Commissioner shall be $10,000 a year. The difference between the amount appropriated under existing law and the salary herein established shall, for the period between the passage of this Act and July 1 1919 be paid out of the appropriations for collecting internal revenue. Sec. 1301. (a) That hereafter there may be employed in the Bureau of Internal Revenue, in lieu of the deputy commissioners whose salaries are now fixed by law,five deputy commissioners and an assistant to the Commissioner, who shall each receive a salary of$5,000 a year, payable monthly, The assistant to the Commissioner may be authorized by the Commissioner to perform any duties which the deputy commissioners may perform under existing law. (b) The salaries of collectors may be readjusted and increased under such regulations as may be prescribed by the Commissioner, subject to the approval of the Secretary, but no collector shall receive a salary in excess of $6,000 a year. (c) There is hereby appropriated, out of any money in the Treasury not otherwise appropriated, for the fiscal year ending Juno 30 1919 the sum of $7,500,000 for the expenses of assessing and collecting the internal-revenue taxes as provided in this Act,including the employment of necessary officers, attorneys, experts, agents, inspectors, deputytcollectors, clerks, [VOL. 107. janitors, and messengers, in the District of Columbia and the several collection districts, to be appointed as provided by law, telegraph and telephone service, rental and repair of quarters, postage, and the purchase of such supplies, equipment, mechanical devices, printing, stationery, law books and books of reference, and such other articles as may be necessary for use in the District of Columbia and the several collection districts: Provided, That not more than $2,750,000 of the total amount appropriated by this section may be expended in the Bureau of Internal Revenue,in the District of Columbia. Sec. 1302. That all internal-revenue agents and inspectors shall be granted leave of absence with pay, which shall not be cumulative, not to exceed thirty days in any calendar year, under such regulations as the Commissioner, with the approval of the Secretary, may prescribe. Sec. 1303. (a) That there is hereby created a Legislative Drafting Service under the direction of two draftsmen, one of whom shall be appointed by the President of the Senate, and one by the Speaker of the House of Representatives, without reference to political affiliations and solely on the ground of fitness to perform the duties of the office. Each draftsman shall receive a salary of $5,000 a year payable monthly. 'rho draftsmen shall, subject to the approval of the President of the Senate and the Speaker of the House of Representatives, employ and fix the compensation of such assistant draftsmen, clerks, and other employees, and purchase such furniture, office equipment, books, stationery, and other supplies, as may be necessary for the proper performance of the duties of the service and as may be appropriated for by Congress. (b) The Drafting Service shall aid in drafting public bills and resolutions or amendments thereto on the request of any committee of either house of Congress, but the Joint Committee on the Library may determine the preference, if any, to be given to such requests. The draftsmen shall, from time to time, prescribe rules and regulations for the conduct of the work of the service, subject to the approval of the Joint Committee on the Library. (c) For the remainder of the current fiscal year there is hereby appropriated, out of any money in the Treasury not otherwise appopriated, the sum of $25,000, or so much thereof as may be necessary, for the purpose of defraying the expenses of the establishment and maintenance of the service, including the payment of salaries herein authorized. Sec. 1304. That there shall be levied, collected, and paid in the United States, upon articles coming into the United States from the West Indian Islands acquired from Denmark, a tax'equal to the internal-revenue tax imposed in the United States upon like articles of domestic manufacture; such articles shipped from such islands to the United States shall be exempt from the payment of any tax imposed by the internal-revenue laws of such islands: Provided, That there shall be levied, collected, and paid in such islands, upon articles imported from the United States, a tax equal to the internal-revenue tax imposed in such islands upon like articles there manufactured; and such articles going into such islands from the United States shall be exempt from payment of any tax imposed by the internal-revenue laws of the United States. Sec. 1305. That all adminstrative, special, or scamp provisions of law, Including the law relating to the assessment of taxes, so far as applicable, are hereby extended to and made a part of this Act, and every person liable to any tax imposed by this Act, or for the collection thereof, shall keep such records and render, under oath, such statemens and returns, and shall comply with such regulations as the Commissioner, with the approval of the Secretary, may from time to time prescribe. Whenever in the judgment of the Commissioner necessary he may require any person, by notice served upon him, to make a return or such statements as he deems sufficient to show whether or not such person is liable to tax. The Comissioner, for the purpose of ascertaining the correctness of any return or for the purpose of making a return where none has been made, is hereby authorized, by any revenue agent or inspector designated by him for that purpose, to examine any books, papers, records or memoranda bearing upon the matters required to be included in the return, and may require the attendance of the person rendering the return or of any officer or employee of such person, or the attendance of any other person having knowledge in the premises, and may take his testimony with reference to the matter required by law to be included in such return, with power to administer oaths to such person or persons. Sec. 1306. That where floor taxes are imposed by this Act in respect to articles or commodities, in resepct to which the tax imposed by existing law has been paid, the person required by this Act to pay the tax shall, within thirty days after its passage, make return under oath in such form and under such regulations as the Commissioner, with the approval of the Secretary, shall prescribe. Payment of the tax shown to be due may be extended to a date not exceeding seven months from the passage of this Act, upon the filing of a bond for payment in such form and amount and with such sureties as the Commissioner, with the approval of the Secretary, may prescribe. Sec. 1307. That in all cases where the method of collecting the tax imposed by this Act is not specifically provided in this Act, the tax shall be collected in such manner as the Commissioner, with the approval of the Secretary, may prescribe. All administrative and penalty provisions of Title XI of this Act, in so far as applicable, shall apply to the collection of any tax which the Commssioner determines or prescribes shall be paid by Stamp. Sec. 1308. That, except as otherwise specially provided for in this Act, whoever fails to make any return required by this Act or the regulations made under authority thereof within the time prescribed or who makes any false or fraudulent return, and whoever evades or attempts to evade any tax imposed by this Act or fails to collect or truly to account for and pay over any such tax, shall be subject to a penalty of not more than $1,000 or to imprisonment for not more than one year, or both, and in addition tnereto a penalty of double the tax evaded, or not collected or accounted for and paid over, to be assessed and collected in the same manner as taxes are assessed and collected. Sec. 1309. That the Commissioner, with the approval of the Secretary, is hereby authorized to make all needful rules and regulations for the enforcement of the provisions of this Act. Sec. 1310. That in the case of any overpayment or overcollection of any tax imposed by sections 628 or 630 or by Title V, Title VIII or Title IX, the person making such overpayment or overcollection may take credit therefor against taxes due upon any monthly return, and shall make refund of any excessive amount collected by him upon proper application by the person entitled thereto. Sec. 1311. That where the rate of tax imposed by this Act, payable by stamps, is an increase over previously existing rates, stamps on hand in the collectors' offices and in the Bureau of Internal Revenue may continue to be used until the supply on hand is exhausted, but shall be sold and accounted for at the rates provided by this Act, and assessment shall be made against manufacturers and other taxpayers having such stamps on hand on the day this Act takes effect for the difference between the amount paid for such stamps and the tax due at the rates provided by this Act. Sec. 1312. (1) That (a) if any person has prior to May 9 1917 made a bona fide contract with a dealer for the sale cr lease, after the tax takes effect, of any article in respa.:t to which a tax is imposed under Title VI, SEPT. 7 1918.] THE CHRONICLE VII or IX, or under subdivision 13 of Schedule A of Title XI, or under this subdivision, and (b) if such contract does not permit the adding of the whole of such tax to the amount to be paid under such contract, then the vendee or lessee shall, in lieu of the vendor or lessor, pay so much of such tax as is not so permitted to be added to the contract price. (2) If (a) any person has prior to Sept. 3 1918 made a bona fide contract with a dealer for the sale or lease, after the tax takes effect, of any article In respect to which a tax is imposed under Title VI, VII or IX, or under subdivision 13 of Schedule A of Title XI, or under this subdivision, and (b) sach contract does not permit the adding, to the amount to be paid under such contract, of the whole of the difference between such tax and the corresponding tax imposed by the Revenue Act of 1917 (or, in the case of articles in respect to which no corresponding tax was imposed by such Act, the whole of the tax imposed by this Act), then the vendee or lessee shall, in lieu of the vendor or lessor, pay so much of such difference (or, in the case of articles in respect to which no corresponding tax was imposed by such Act, so much of the tax imposed by this Act) as is not so permitted to be added to the contract price. (3) The taxes payable by the vendee or lessee under this section shall be paid to the vendor or lessor at the time the.sale or lease is consummated, and collected, returned and paid to the United States by such vendor or lessor in the same manner as provided in section 502. (4) The term "dealer" as used in this section includes a vendee who purchases any article with intent to use it in the manufacture or production of another article intended for sale. Sec. 1313. That in the payment of any tax under this Act not payable by stamp a fractional part of a cent shall be disregarded unless it amounts to one-half cent or more, in which case it shall be increased to 1 cent. Sec. 1314. That under rules and regulations prescribed by the Secretary, collectors may receive, at par and accrued interest, certificates of indebtedness issued by the United States and uncertified checks in payment of income, war-profits and excess-profits taxes, during such time and under such regulations as the Commissioner, with the approval of the Secretary, snail prescribe; but if a chock so received is not paid by the bank on which it is drawn the person by whom such check has been tendered snail remain liable for the payment of the tax and for all legal penalties and additions the same as if such check had not been tendered. Sec. 1315. (a) That section 3220 of the Revised Statutes is hereby amended to read as follows: "Sec. 3220. The Commissioner of Internal Revenue, subject to regulations proscribed by the Secretary of the Treasury, is authorized to remit, refund and pay back all taxes erroneously or illegally assessed,or collected, all penalties collected without authority, and all taxes that appear to be unjustly assessed or excessive in amount, or in any manner wrongfully collected; also to repay to any collector or deputy collector tho full amount of such sums of money as may bo recovered against him in any court, for any internal revenue taxes collected by him, with the cost and expenses of suit; also all damages and costs recovered against any assessor, assistant assessor, collector, deputy collector, agent or inspector, in any suit brought against him by reason of anything done in the duo performance of his official duty." (b) Section 3225 of the Revised Statutes of the United States is hereby amended to read as follows: "Sec. 3225. When a second assessment is made in case of any list, statement, or return, which in the opinion of the collector or deputy collector was false or fraudulent, or contained any understatement or undervaluation, such assessment shall not be remitted, nor shall taxes collected under such assessment be refunded, or paid back, or recovered by any suit, unless it is proved that such list, statement, or return was not willfully false or fraudulent and did not contain any willful understatement or undervaluation." Sec. 1316. That sections 3167, 3172, 3173, and 3176 of the Revised Statutes as amended are hereby amended to read as follows: "Sec.3167. It shall be unlawful for any collector, deputy collector,agent, clerk, or other officer or employee of the United States to divulge or to make known in any manner whatever not provided by law to any person the operations,style of work,or apparatus of any manufacturer or producer visited by him in tho discharge of his official duties, or the amount or source of income, profits, losses, expenditures, or any particular thereof, set forth or disclosed in any income return, or to permit any income return or copy thereof or any book containing any abstract or particulars thereof to be seen or examined by any person except as provided by law; and it shall be unlawful for any person to print or publish in any manner whatever not provided by law any income return, or any part thereof or source ofincome, profits, losses, or expenditures appearing in any income return; and any offense against the foregoing provision shall be a misdemeanor and be punished by a fine not exceeding $1,000 or by imprisonment not exceeding one year, or both, at the discretion of the court; and if the offender be an officer or employee of the United States he shall be dismisesd from office or discharged from employment. "Sec. 3172. Every collector shall, from time to time, cause his deputies to proceed through every part of his district and inquire after and concerning all persons therein who are liable to pay any internal revenue tax, and all persons owning or having the care and management of any objects liable to pay any tax, and to make a list of such persons and enumerate said objects. "Sec. 3173. It shall be the duty of any person, partnership, firm, association, or corporation, made liable to any duty, special tax, or other tax Imposed by law, when not otherwise provided for, (1) in ease of a special tax, on or before the thirty-first day of July in each year, and (2) in other cases before the day on which the taxes accrue, to make a list or return, verified by oath, to the collector or a deputy collector of the district where located, of the articles or objects, including the quantity of goods, wares, and merchandise, made or sold and charged with a tax, the several rates and aggregate amount, acording to the forms and regulations to be prescribed by the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury,for which such person, partnership,firm, association, or corporation is liable: Provided, That if any person liable to pay any duty or tax, or owning, possessing, or having the care or management of property, goods, wares, and merchandise, article or objects liable to pay any duty, tax, or license, shall fail to make and exhibit a list or return required by law, but shall consent to disclose the particulars of any and all the property, goods, wares, and merchandise, articles, and objects liable to pay any duty or tax, or any business or occupation liable to pay any tax as aforesaid, then, and in that case, it shall be the duty of the collector or deputy collector to make such list or return, which, being distinctly read, consented to, and signed and verified by oath by the person so owning, possessing,or having the care and management as aforesaid, maybe received as the list of such person: Provided further, That in case no annual list or return has been rendered by such person to the collector or deputy collector as required by law, and the person shall be absent from his or her residence or place of business at the time the collector or a deputy collector shall call for the annual list or return, it shall be the duty of such collector or deputy collector to leave at such place of residence or business, with some one of suitable age or discretion, if such be present, otherwise to deposit 975 in tho nearest post office, a note or memorandum addressed to such person, requiring him or her to render to such collector or deputy collector the list or return required by law within ten days from the date of such note or memorandum, verified by oath. And if any person, on being notified or required as aforesaid, shall refuse or neglect to render such list or return within the time required as aforesaid, or whenever any person who is required to deliver a monthly or other return of objects subject to tax fails to do so at the time required, or delivers any return which, in the opinion of the collector, is erroneous, false, or fraudulent, or contains any undervaluation or understatement, or refuses to allow any regularly authorized Government officer to examine the books of such person, firm,or corporation, it shall be lawful for the collector to summon such person, or any other person having possession, custody, or care of books of account containing entries relating to the business of such person or any other per.,on he may deem proper, to appear before him and produce such books at a time and place named in the summons, and to give testimony or answer interrogatories, under oath, respecting any objects or income liable to tax or the returns thereof. The collector may summon any person residing or found within the State or Territory in which his district lies; and when the person intended to be summoned does not reside and cannot be found within such,State or Territory, he may enter any collection district where such person may be found and there make the examination herein authorized. And to this end he may there exercise all the authority which he might lawfully exercise in the district for which he was commissioned: Provided. That 'person,' as used in this section, shall be construed to include any corporation, joint-stock dompany or association, or insurance company when such construction is necessary to carry out its provisions. "Sec. 3176. If any person, corporation, company, or association fails to make and file a return or list at the time prescribed by law, or makes, willfully or otherwise, a false or fraudulent return or list, the collector or deputy collector shall make the return or list from his own knowledge and from such information as he can obtain through testimony or otherwise. In any such case the Commissioner may,from his own knowledge and from such information as he can obtain through testimony or otherwise, make a re,sirn or amend any return made by a collector or deputy collector. Any return or list so made and subscribed by the Commissioner, or by a collector or deputy collector and approved by the Commissioner, shall be prima fade good and sufficient for all legal purposes. "If the failure to file a return or list is due to sickness or absence, the collector may allow such further time, not exceeding thirty days, for making and filing the return or list as he deems proper. "The Commissioner of Internal Revenue shall determine and assess all taxes, other than stamp taxes, as to which returns or lists are so made under the provisions of this section. In case of any failure to make and file a return or list within the time prescribed by law, or prescribed by the Commissioner of Internal Revenue or the collector in pursuance of law. the Commissioner of Internal Revenue shall add to the tax 50% of its amount, except that when a return is filed after such time and it is shown that the failure to file it was due to a reasonable cause and not to willful neglect, no such addition shall be made to the tax. In case a false or fraudulent return or list is willfully made, the Commissioner of Internal Revenue shall add to the tax 100% of its amount. "The amount so added to any tax shall be collected at the same time and In the same manner and as part of the tax unless the tax has been paid before the discovery of the neglect, falsity, or fraud, in which case the amount so added shall be collected in the same manner as the tax." Sec. 1317. That if any person is summoned under this title to appear, to testify, or to produce books, papers or other data, the district court of the United States for the district in which such person resides shall have jurisdiction by appropriate process to compel such attendance, tetimony, or production of books, papers, or other data. Sec. 1318. That whoever in connection with the sale or lease, or offer for sale or lease, of any article, or for the purpose of making such sale or lease, makes any statement, written or oral, (1) intended or calculated to lead any person to believe that any part of the price at which such article is sold or leased, or offered for sale or lease, consists of a tax imposed under the authority of the United States, or (2) ascribing a particular part of such price to a tax imposed under the authority of the United States, knowing that such statement is false or that the tax is not so great as the portion of such price ascribed to such tax, shall be guility of a misdemeanor and upon conviction thereof shall be fined not more than $1,000. Sec. 1319. That wherever by the laws of the United States or regulations made pursuant thereto any person is required to furnish surety or sureties on any bond, such person may, in lieu of surety or sureties, and under regulations proscribed by the Secretary, deposit with the United States an amount of bonds of the United States issued after April 24 1917, equal to the amount of such bond, together with an agreement authorizing the United States to sell such bonds in case of any default in payment of the bond. As soon as the bond becomes void and of no effect such bonds shall be returned to the depositor. TITLE X1V.—GENERAL PROVISIONS. Sec. 1400. (a) That any provision of any Act inconsistent with any provision of this Act is hereby repealed, subjec to the limitations provided In subdivision (b); (b) Such provisions shall remain in force for the assessment and collection of all taxes which have accrued thereunder, and for the imposition and collection of all penalties or forfeitures which have accrued and may accrue in relation to any such taxes, and except that the unexpended balance of any appropriation heretofore made and now available for the administration of any such provision shall be avaiablo for the administration of this Act or the corresponding provision thereof: Provided, That the assessment and collection of all estate taxes, and the imposition and collection of all penalties or forfeitures, which have accrued under Title II of the Revenue Act of 1916 as amended or Title IX of the Revenue Act of 1917, shall be according to the provisions of Title IV of this Act: Provided further, That in the case of any tax imposed by any part of an Act herein repealed, if there is a tax imposed by this Act in lieu thereof, the provision imposing such tax shall remain in force until the corresponding tax under this Act takes effect under the provisions of this Act. Sec. 1401. That if any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved to the controvery In which such judgment has been rendered. Sec. 1402. That the Revenue Act of 1916 is hereby amended by adding at the end thereof a section to read as follows: "Sec. 903. That this Act may be cited as the 'Revenue Act of 1916.'" Sec. 1403. That the Revenue Act of 1917 is hereby amended by adding at the end thereof a section to read as follows: "Sec. 1303. That this Act may be cited as the 'Revenue Act of 1917.'" Sec. 1404. That this Act may be cited as the "Revenue Act of 1918." Sec. 1405. That unless otherwise herein specially provided, this Act shall take effect on the day following its passage. 976 THE CHRONICLE ITEMS ABOUT BANKS, TRUST COMPANIES, &c. Six shares of bank stock were sold at the Stock Exchange this week. No sales of bank or trust company stocks were made at auction. Extensive tables reporting bid and asked quotations, deposits, surplus, &c., of banks and trust companies in all important cities in the United States are published monthly in the "Bank and Quotation" Section, the September issue of which accompanies to-day's "Chronicle." Bid and asked quotations for all New York City bank and trust company stocks are also published weekly in another department of t4i.is paper, and will be found to-day on page 995. Shares. BANK—New York. 6 Nat. Bank of Commerce Low. High. Close. Last previous sale. 175 175 175 May 1918— 172 [VOL. 107. bond distributing organization, and prior to that with the National City Bank. W.H.MaeIntyre, New York Agent for the Standard Bank of South Africa, 68 Wall Street, this city, has received a cable from the head office of the Bank, in London, reading as follows: "Subject audit directors declare interim dividend 14% per annum less income tax. Bank's investments stand in the books at less than the market value at 30th June last, and all other usual and necessary provisions have been made." Mr. Macintyre has also received adVices to the following effect: Arrangements have been completed for establishment of agency of this bank in Rotterdam and it is hoped that the office may be open for business in about thrae weeks' time. Considerable information with regard to the capital and resources of the State-chartered institutions in the United States is furnished in a statement compiled by R. N. Sims, Examiner of State Banks in Louisiana. The statement has been compiled from reports furnished by heads of State banking departments. Mr. Sims finds 20,423 institutions, with resources of $22,275,104,144. This compares with total resources of all national banks on May 10 1918 of $18,249,000,000. The figures presented by Mr. Sims for the 20,423 State institutions also show aggregate capital of $1,198,583,842; surplus of $1,217,070,794; undivided profits of $236,168,465, and total, capital, surplus and undivided profits of $2,651,823,101. The Webster National Bank of Webster, Mass., (capital $100,000) has been granted a charter by the Comptroller of the Currency. The Governing Committee of the Stock Exchange announced yesterday that the Exchange would be closed on Thursday, Sept. 12, the day fixed by the President for the registration of men from 18 to 45 years under the new Selective Service Law. Greenebaum Sons Bank & Trust Co., of Chicago, has absoxbed the Illinois State Bank, taking over all of the accounts and other business of the latter institution. The Illinois State Bank was established in 1913 with capital of $200,000 and surplus of over $30,000. Deposits, according to statement of July 1, amounted to approximately $800,000, including about $200,000 of savings accounts. Total number of depositors, between 3,000 and 4,000. Alfred Decker, of Alfred Decker & Cohn, President and one of the principal stockholders of the Illinois State Bank, was unable to give this institution sufficient attention and preferred to discontinue business. The transfer of business was made to Greenebaum Sons Bank & Trust Co., southeast corner LaSalle and Madison streets, during the double holiday, and all of the customers of the Illinois State Bank are now being served at the Greenebaum institution. The Chatham & Phenix National Bank of New York has taken over the business of the People's Bank of this city, situated at 393 and 395 Canal Street. The People's Bank, which was organized about fifty years ago, is a State institution. After the consolidation becomes effective, the People's will be operated as a branch of the Chatham & Phenix National. The capital of the People's Bank is $200,000, while its surplus and undivided profits amount to $534,000. Its deposits aggregate about $5,000,000. The funeral of John Burckhardt, Cashier of the Commonwealth Bank, formerly the Germania Bank, took place from his late home, 433 East 139th Street, on Thursday. Mr. Burckhardt was connected with the bank for forty-three years and was made Assistant Cashier in 1906 and appointed Cashier last December. He was born in this city sixty-three years ago and was a member of the Metropolitan Museum of Art, Monroe Democratic Club, Pastime Athletic Club and Lincoln Lodge F. & A. M. Jason A. Neilson, manager of foreign exchange for Brown Brothers & Co., and for more than 26 years with that firm, will hereafter devote all his attention to the Mercantile Bank of the Americas as active Vice-President. Mr. Neilson has given a great deal of his time during the last two years to the Mercantile Bank of the Americas, but the growing business of this American bank for foreign trade has made it necessary for him it is said, to give it his sole consideration. *— A special meeting of the stockholders of the Public National Bank of this city has been called for Sept. 30 1918 to vote upon the following propositions: To amend Section 2 of tho Articles of Association so as to change the location of the branch now at the southwest corner of Broadway and 26th Street to 1121 and 1123 Proadway and 7 West 25th Street. To amend Section 5 of the Articles of Association of this bank so as to increase the capital (par $100) from $750,000 to $1,000,000. To adopt the necessary resolutions fixing the time when and the terms and conditions under which the increase of $250,000 in the capital shall be Issued to shareholders. At the special meeting of the stockholders of the Farmers & Mechanics National Bank,of Philadelphia, held on Aug.30 and to which we referred in our issue of Aug.3, the proposed amalgamation with the Philadelphia National Bank was ratified. The merger went into effect on Sept. 3. By the taking over of the Farmers & Mechanics Bank, the deposits of the Philadelphia National Bank now aggregate $104,627,223, being the largest amount of deposits ever held by a Philadelphia institution. Charles 0. Fetscher, formerly Cashier of the West Side Trust & Savings Bank, of Chicago, on Aug.6 was promoted to the Vice-Presidency of the institution. At the same time Herman S. Gottlieb, for many years identified with the Bank of the United States, of this city, was elected Cashier to succeed Mr. Fetscher, and not "Vice-President," as erroneously stated in these columns in our issue of Aug. 24. The Anglo-South American Bank, Ltd. will open a new branch in Vigo, Spain, early in November. The New York agents of the bank are John Cone, F. C. Harding and W. M.Dawkin. The capital and reserves of the institution are £6,338,794. Head office, London. Mr. Frank Merrill of the Northwestern National Bank of Minneapolis whoefor nearly two years has had charge of the bank's monthly review, collecting the information and preparing the articles in consonance with the policy of the institution, will soon enter Y. M. C. A. service overseas. James E. Neville, for some years past financial writer on the Minneapolis "Journal," has associated himself with the bank and will continue the effort to present a comprehensive and accurate review of conditions as they exist in the Northwest. The Interstate National Bank of Helena, Ark., which is a conversion of the Interstate Banking & Trust Co. of that city, has been granted a charter by the Comptroller of the The State Bank of this city has increased its capital Currency. The capital of the institution is $200,000. stock from $1,500,000 to $2,000,000. The enlarged Joseph A. Swalwell has been elected President and Guy capital became effective Aug. 31. F. Clark Vice-President of the Union Savings and Trust The National City Company, 55 Wall St., this city, an- Company of Seattle, Washington. They had originally nounces the opening of an uptown office at 514 Fifth Ave. planned to take up their new duties on Aug. 15 but the on the southeast corner of 43d St., for the convenience of its effective date was changed to Sept. 1; the directors of the men and women patrons who do not desire to come down National Bank of Commerce, of which Mr. Swalwell has town to the Wall Street district to attend to their invest- been Vice-President for some time, urged his continuance ments. The new office will be under the personal manage- with that institution until that date, while Mr. Clark ment of Colonel John B. Young, who has been identified decided to avail of a brief rest before entering upon his with the National City Company since its formation as a new office. 977 THE CHRONICLE SEPT. 7 1918.] THE ENGLISH GOLD AND SILVER MARKETS. We reprint the following from the weekly circular of Samuel Montagu & Co. of London, written under date of July 25 1918: Per Cent. Clearings-Returns by Telegraph. Week ending September 7. 1918. New- York Chicago Philadelphia Boston Kansas City St. Louis San Francisco Pittsburgh Detroit Baltimore New Orleans 1917. 1 32,628,031,722 360,017,150 300,246,330 197,163,652 158,862,889 110,559,064 86,409,766 88,799,994 45,436,435 52,408,437 42,385,645 +3.4 +7.2 +32.9 +29.4 +47.5 +19.8 +21.9 +86.4 +36.0 +74.9 +55.0 32,540,959,448 335,926,120 225.889,883 152,313,649 107,693,917 92,322,545 70,886,444 47,650,183 33,414,044 29,965,784 27,336,119 GOLD. The Bank of England gold reserve against its note issue shows an increase of £648,400 as compared with last week's return. The "Review of the Trade of India" in 1916-17 states as follows: As a result of the difficulties placed in the way of exporting gold by belligerent countries, the imports into India were only 40% of the average imports during the pre-war quinquennium. There was also a notable Eleven cities, 5 days 84,070,326,064 $3,664,358,136 +11.1 +7.5 604,723,418 689,862,041 change in the source of these imports. Before the war gold was imported Other cities, 5 days times of the year in large quantities by the exchange banks and at certain Total all cities, 5 days 34,720,188,105 34,269,081,554 +10.8 bullion brokers from the United Kingdom, and sovereigns in transit from All cities, 1 day 909,831,798 +14.3 1,040,274,817 Australia or ready for export from Egypt were frequently diverted to India. Total all cities for week +11.2 35.760,462,922 35.178,913.352 The United Kingdom, Egypt and Australia were, in fact, the chief source of supply. In 1916-17, however, Natal, China and Japan were the chief Our usual monthly detailed statement of transactions on countries of consignment. The shipments from Natal amounted to L6,New York Stock Exchange is appended. The results 091,000, of which E6,054.000 were in bar gold. The whole of this bar gold the is warehoused in Bombay on behalf of the Bank of England. The ship- for the eight months of 1918 and 1917 are given below: ments from China were also in bullion, while those from Japan were in Eight Months 1918. Eight Months 1917. sovereigns. The imports from the United States were abnormally high, Descripsince the United States rarely ships gold in any quantity direct to India. Aver. Aver. Par Value Actual Actual Par Value tion. India were comparatively unimportant, and were The exports out of Price. or Quantity. Price. Value. Value. or Quantity. chiefly in the form of sovereigns to meet the requirements of troops in 126,853,605 89,106,917 Mesopotamia and Egypt. The absorption of gold coin and gold bullion StockiShs.. 1Val $8,317,425,565 $7,669,967,343 92.2 311651,399,255 311095,146,182 95.2 was £5,393,000. This figure, although greater than that of the preceding 327,849,04 91.4 358,772,000 156,094,113 86.1 181,252,000 RR. bonds still much below the average of the pre-war quinquennial period. year, was 53,819,779 99.9 53,859,250 U,S. bond 697,756,000 673,664,014 96.6 State,city& SILVER. 98.7 92.6 for'n -the tons continuos good. Bank bds. 145,624.000 134,864,284 202.4 228,172,500 220,541,999 192.3 in the market No change has taken place 118,102 28,942 61,400 14,300 stics_ The Shanghai exchange has hardened to 4s. 9%d. Total_ __ 39.842.071.86538.634.618,606 92.4312292,254,405311697,475.102 95.2 INDIAN CURRENCY RETURNS. June 30. July 7. July 15. The volume of transactions in share properties on the New (In Lacs of Rupees.) 114,79 115,58 118,74 York Stock Exchange each month since Jan. 1 in 1908 and Notes in circulation Reserve in silver coin and bullion (within and 14,95 14,81 16,95 1917 is indicated in the following: without India) 21,00 20,89 20,42 Gold coin and bullion in India MONTHLY CLEARINGS. 45 45 45 of India Gold out The stock in Shanghai on July 22 consisted of about 26,100,000 ounces Clearings Outside New York. Clearings, Total All. In sycee and $15,500,000, as compared with about $26,700,000 ounces in Month. 1917. 1918. % I 1917. 1918. sycee and $15,200,000 on the 15th inst. The movements in the cash price of bar sliver per ounce from day to day $ have been as follows: during this week Jan_ _ 26,538,574,01825.640,505,405 +3.6 11,819,506.488 10,513,139,790 +12.6 22,257.358,866 21,629,473,389 +2.8 9,998,002,811 8,835,386,145 +13.2 July 23. Feb July 24. July 25. July 22. July 26. July 20. Mar_ 26,084,799,579124,792,414,566 +5.2 12,244,518,198 10,583,287,306 +15.9 48 13-16d. 48 13-16d. 48 13-16d. 48 13-16d. 48 1-16d. 48 13-16d. Comparing wich previous years as follows: 1st qu. 74,880,732,462172,062,393,360 +3.9 34,062,027,497 29,911,813,241 +13.0 July 29 '12. July 28 '13. July 28 '14. July 28 '15. July 28 '16. July 27 '17. April _ 26,485,086,036'25,012,249,100 +5.9 12,391,579,089 10,380,027,203 +19.8 24 7-16d. 27,1d. 22%d. 30 5-16d. 399d. 27 13-16d. May__ 28,269,231,579 26,316,510,561 +7.4 12,709,535,901 10,733,053,558 +18.4 June_ 27,314,671,217 26,734,347,702 +2.2,12.457,025,697 10,635.269,435 +17.2 I -PER CABLE. ENGLISH FINANCIAL MARKETS The daily closing quotations for securities, &c., at London, as reported by cable, have been as follows the past week: Aug.24. Aug.28. Aug.27. Aug.28, Aug.29. Aug. 30. Sat. Mon. Tues. Wed. Thurs. Fri. 49% 49% 49% d 49% 49% Silver, per oz 498 Holiday 56% 57 57 57 Consols, 2% per cents 5734 95 Holiday 94% 95 95 95% British 5 per cents Holiday 100% 100% 100% 100% 100% British 4% per cents 63 63.20 63.50 63.70 63.90 French Rentes (In Paris).fr_ Closed 87.85 --FrenchWarLoan(inParls)_fr. Closed 87.85 _ 87.85 London, Week ending Aug. 30. The price of silver in New York on the same days has been: 101% 101% 101% 101% 101% Silver in N. Y., per os-cts- 101% Aug. 31. Sept. 2. Sept. 3. Sept. 4. Sept. 5. Sept. 6. London, Mon. Tues. Sat. Wed. Thurs. Fri. Week ending Sept. 6- Silver, pores Consols, 2;4 per cents British, 5 per cents 4934 d 49% Holiday ____ Holiday ____ Holiday ___ British, 4% per cents French Rentes (in Paris)_fr. Closed 64.10 Loan(in Paris)fr Closed 87.90 French War 49% 57 95% 4934 57% 95% 49% 4 577 95% 4934 58 98 100% 64.10 87.95 10034 64.10 87.95 100% 64.10 87.95 100% _ The price of silver in New York on the same day has been: Sliver in N. Y., per oz_cts_101% 10134 101% 101% 101% 101% 2d. qr. 82,068,992,832 78,063,107,363 +5.1 37,558,140,695 31,728,350,196 +18.4 ' 6 mos_ 156949,725,294 150125,500,723 +4.6 71,620,168,192 81,640,183,237 +16.2 July._ 28,644,789,823 25,664,326,634 +11.6 13,243,582,672 10,479,033,048 +26.4 Aug __ 28,141,832,103 25,093.230,233 +12.1 13,183,405,484 10,413,908,705 +26.6 The following compilation covers the clearings by months since Jan. 1 1918 and 1917: SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE. 1917. 1918. 1111h. Number of Shares. Values. Par. Actual. Number of Shares. Values. Par. Actual. $ $ $ Jan 13.616,357 1,279,740,7# 1,175,427,682 16,939,44 1,537.971,9301,465,687,290 996,548,289 13,588,465 1,219,280,13 1,170,569,988 Feb _ 11,418,079 1,083.216,! # 710,581,417 18,658,267 1,654,197,47 1,588,437,263 Mar 8,419,477 772.475,9 lstqr 33,453,913 3,135,433.5502,882,557,388 49,186,1724,411,449,5304,224,694,541 631,497,841 14,258,1621,289,483,950 1,237,415,208 April 7,401,174 687,371.8 ! May 21,139.092 1,984,405, I 1,826,464,917 19,354,4001,780,716,4 # 1.709,948,702 June'11,772.261 1,087,805,150 1.010,478,462 19,092,653 1,787,372,075 1,712,444,206 24 qr 40,315,527 3,759,382,85 3 468 22052,705,215 4,857,572.475 4.659,808,116 I ' 441" TRADE AND TRAFFIC MOVEMENTS. 6 mos 73,769,4406,894,816.40018,350,998,608 101891 387 9,269,022,005 8,884,502,657 SUPERIOR IRON ORE SHIPMENTS. LAKE -The 1 771,723,890 718,468,917 13,325.3851.273,055,3 1,197,403,416 shipments of Lake Superior iron ore during the month of July_ 8,449,888 651,885,2751, 600,499.818 11.636,853 1,109.321,950 1,053,240,109 Aug_ 8,887,589 August 1918 aggregated 9,725,331 tons. Compared with The course of bank clearings at leading cities of the counthe record shipments of the previous month the current try for the month of August and since Jan. 1 in each of the figures show a decline of 933,872 tons. The amounts at last four years is shown in the subjoined statement: BANK CLEARINGS AT LEADING CITIES. this time in 1917 and 1916 were 10,146,786 tons and 9,850,August Jan. 1 to Aug. 31 .140 tons, respectively. The dock strike at Superior and the (000,0003 1918. 1917. 1916. 1915. 1918. 1917. 1916. 1915. s s $ $ $ $ $ $ omitted.) heavier coal and grain shipments were instrumental, it is 14,958 14,679 11,767 8,537 115,689 118,350 95,925 64,040 New York stated, in retarding the ore shipments. The shipments for Chicago 2,251 2.027 1,697 1,235 17,113 16,591 12,874 10,351 5,148 6,869 8,129 577 10,058 732 1,288 1,025 Boston the season to Sept. 1 1918 amount to 39,334,264 tons, ex- Philadelphia 5,314 8,129 656 12,666 11,208 998 1,735 1,368 2,624 3,298 4,378 5,113 298 422 559 679 ceeding those for the same period in 1917 by 2,810,710 tons St. Louis 1,684 2,181 2,683 3,477 212 258 330 555 Pittsburgh 1,700 2,109 3,567 3,076 222 287 431 489 San Francisco and those for 1916 by 118,400 tons. 870 1,119 1,360 1,841 109 132 179 254 compare the shipments from different ports for Cincinnati Below we 1,480 1,151 1,490 2,014 129 180 189 322 Baltimore 2,381 2,917 4,534 6,505 282 453 644 906 Kansas City August 1917, 1916 and 1915 and for the season to Sept. 1: 2,376 956 2,761 1,436 126 207 327 390 Cleveland 1918. Escanaba_ .tons.1,168,604 592,073 Marquette 1,209.394 Ashland 2,146,880 Superior 3,243,806 Duluth 1,364,765 Two Harbors Total August 1917. 951.620 629,426 1,278,118 2,444,632 3,326,254 1,516,738 1916. 1,061,285 634,786 1,289,439 1,950,249 3,380,066 1,534,315 Season to Sept. 1 1918. 1917. 1916. 4,011,481 4,089,101 4,708,477 2,276,092 1,809.062 2,469,705 4.582,950 4,425,912 4,796,384 9,197,933 8,202,216 7,815,795 13,156,893 11,999,021 12,718,548 6,109,356 5,908,152 6,706,955 9,725,33110,146,786 9,850,140 39,334,264 36,523,554 39,215,864 Clearings by Telegraph-Sales of Stocks, Bonds, &c. -The subjoined table, covering clearings for the current week, usually appears on the first page of each issue, but on account of the length of the other tables is crowded out once a month. The figures are received by telgraph from other leading cities. New Orleans Minneapolis Louisville Detroit Milwaukee Los Angeles Providence Omaha Buffalo St. Paul Indianapolis Denver Richmond Memphis Seattle Hartford Salt Lake City Total Other cities 201 134 96 300 121 129 48 230 103 61 79 98 208 38 165 39 52 139 109 80 248 106 120 40 137 83 57 59 66 122 38 100 32 52 97 123 71 209 81 105 37 111 67 60 48 58 70 24 64 33 39 62 75 61 147 61 82 29 72 48 47 37 38 37 16 48 28 26 1,708 1,005 784 1,983 951 1,002 398 1,835 724 495 528 751 1,430 397 1,138 279 424 1,160 979 677 1,863 835 1,020 351 1,138 637 482 456 502 841 349 704 288 429 778 873 619 1,383 645 816 327 783 502 500 358 408 548 244 474 272 290 599 761 463 925 543 681 281 617 384 402 284 309 311 209 398 223 208 25,929 23,348 18,428 13,297 196,634 186,892 148,155 103,793 8,413 973 17,102 13,991 11,011 2,212 1,747 1,386 28,141 25,093 19,814 14,270 213,738 200,883 159.168 111,208 Total all Outside New York_13,183 10,414 8,047 5,733 98,047 82,533 63,241 48,166 978 THE CHRONICLE Canadian Bank Clearings. -The clearings of the Canadian banks for the month of August 1918 show an increase over the same month of 1917 of 10.0%, and for the eight months the gain reaches 4.5%. nay1431 ZigIll AZ 0711113. Clearings at - 1918. Inc. ar Dec. 1917. $ 1918. I 1917. % $ I 8 $ Montreal 391.761,808354,434,157 Toronto 277,866,996244,647,685 Winnipeg 136,336,736 150,156,145 Vancouver._ 54,436.964 38,527.759 Ottawa 25,758,244 23,983,615 Quebec 20,389,523 16,932,194 Halifax 15,557,168 12,840,010 Hamilton 22,315,718 20,103,111 St. John 10.736,841 8,820,379 Calgary 25.511,213 25,820,413 London 9,445,412 8,726,050 Victoria 9,180,059 7,418,946 Edmonton 11,8'3,331 10,924,294 Regina 13,198.773 11,384,312 Brandon 2,481,887 2,146,893 Saskatoon 6.810,967 7,049,633 Moose Jaw_ _ . 5,571,946 5,146,701 Lethbridge 4,100;100 4,110.272 Brantford 3,689,693 3,279,560 Fort William 2,121,615 2,652,692 New W'm'ter_ 2,308,282 1,558.142 Medicine Hat_ 1,500,000 2,248,301 Peterborough. 2.769,225 2,728,779 Sherbrooke 3.776,187 2,725,626 Kitchener .. 2,475.422 2,295,656 Inc. or Dec. % +10.82,906,730,0392,777,043,545 +13.62.187,915.878 1,993.550,667 -9.2 1,335,571,1861,550,607,635 +41.3 339,725,406 253,735,622 +7.4 213,309,867 191,811,443 +20.4 148,600,246 139,962,159 +44.5 139,484,697 90,008,484 +11.0 169,771,519 157.924,034 +21.7 76,958,011 70,929,180 -1.2 203,693,253 200,598,975 +8.2 80,485,293 73,809,251 +23.7 65,808,427 54,047,694 +26.5 100,165,244 86,062,140 +15.9 104,667,122 94.606,844 +15.6 19,104,090 17,148,682 -3.4 55,277,03 55,225,851 +8.3 41,834,659 37.194.877 +7.1 26,702,176 26,554,666 +12.5 31,301.475 27,070,260 +10.1 22,622.750 20,158,940 +48.1 14,509,441 10,663,651 -33.3 15.153,396 19,271,957 +1.5 23.140,613 20.956,049 +38.6 27,357.389 22,361,319 +7.8 20,601,758 19,657,702 +4.7 +9.7 -13.9 +33.9 +11.2 +6.2 +40.9 +7.5 +8.5 +2.5 +9.0 +21.8 +26.8 +10.5 +11.4 +0.1 +12.5 +0.6 +15.6 +12.2 +36.9 -'1.4 +10.4 +22.3 +4.8 Tot. Canada 1168027161970.661.525 +10.08.141.492.2'2 8.020.066.357 * Not incl ito1 in totals: comparison incomp ete. +1.5 RIThe clearings for the week ending Aug. 29 at Canadian cities, in comparison with the same week of 1917, show an increase in the aggregate of 15.6%. Week ending August 29. Clearings at - 1918. CanadaMontreal Toronto Winnipeg Vancouver Ottawa Quebec Halifax St. John Hamilton Calgary Victoria London Edmonton Regina Brandon Lethbridge Saskatoon Moose Jaw Brantford Fort William..., New Westminster Medicine Hat... Peterborough Sherbrooke Kitchener Tntal C5ftn1.,1% 1917. IS 01,750,074 63,953,331 27,022,570 10,643.210 5,050,771 4,173,276 3,753,108 2,202,971 5,061,621 4,674,927 1,647,652 1,892,684 2,796,447 2,692,524 518,631 706,001 1,350,000 1,071,915 814,020 642.307 493,755 355,191 569,540 719,885 531,871 $ 74,969,187 53,782,798 29,437,148 8.316,899 4,833,726 3,347,586 2,524,691 1,881,007 4,318,059 5.056,353 1,659,000 1,654,636 2,292,985 2,433,894 445,327 675,640 1,398,000 849,176 687,588 568,671 319,087 488.917 529,082 683,017 454,441 235 141 24(1 203 MICI 030 Inc. or , Dec. I % I +22.4 +18.9 -8.2 +28.0, +4.5 +24.7 +48.9 +17.11 +17.2 1 -7.6 -0.71 +14.4 +22.0, +10.6. +16.4 +17.9 -3.4 +26.11 +18.5 +13.0 +54.6 -27.2 +7.6 +23.3 +15.9 4-15 A 1916. 1915. $ 54,554.504 43,438,469 40,132.678 6,550,000 3,042,030 3,313.991 1,754,278 1,535.385 3,197,212 4,070,172 1.844,070 1,452,059 1,690.226 2,042,862 469,152 569,745 1,091,820 874.024 523,193 643,357 271,870 321,594 444,559 434,775 341.326 175 al 5 411 Other Western and Southern Clearings ward from first page: Week ending August $ 49.393,867 33,525,308 15,944.597 5,564,629 3,279,278 3,250,340 1,646,272 1,463,886 2,867,227 2.441,230 1,197,004 1.660,176 1,770,653 1,226,715 433,0.53 328.548 662,067 706,395 423,123 302,860 248,463 150,189 362,662 P o gee , .4.43 brought for- [Vol,. 107. August. Eight Months. Clearings at - 1918. Inc. or Dec. 1917. 3 $ Kansas City__ 905,773,343643,501,431 Minneapolis __ 133,877,098 109,093,440 Omaha 230,000;400 136,650,213 St. Paul 60,944,445 56,548,560 Denver 98,383,50 .: 66,133,645 St. Joseph_ _ _ _ 75,123,017 60,079,609 Des Moines 39,868,657 31,080,949 Sioux City_ _ 33,674,493 23,757,941 Wichita 47,694,460 28,512,936 Duluth 20,573,966 19,732,109 Topeka 14,418,400 13,644,587 Lincoln 20,974,535 15,888,585 Davenport 10,224,591 9,692,870 Cedar Rapids_ 8,436,758 11,628,173 Colorado Sp'gs 3,472,058 3,984,634 Fargo 8,0041,08) 6,764,763 Sioux Fails 7,925,809 6,289,802 Pueblo 3,047,474 2,744,640 Fremont 3,381,989 2,556,298 Waterloo 8,500,000 10,089,408 Helena 7,484,110 7,448,476 Aberdeen 6,039,745 4,385,684 Hastings 2,375,461 2,048,041 Billings 4,877,-42 4,708,423 Joplin 8,020,000 8,419,457 Grand Forks 4,334,000 4,316,000 Lawrence 2,088,778 1,536,698 Iowa City 1,525,1 6 1,286,631 Oshkosh 2,002,557 2,011,995 Kan. City,Kan 2,328,434 1,977,241 Lewistown_ - _ _ 3,919,930 2,490,466 1918. Inc. or Dec. 1917. ol $ .o $ % +40.86,505,188,721 4,533,840,696 +43.5 +22.7 1,004,835,119 979,413,033 +2.8 +68.31,83. 120 s.1 1,138.368,046 +61.2 +7.8 495,291,370 481.781,405 +2.8 +48.8 751,479,930 501,538,398 +49.8 +25.0 607,610,923 501,608,037 +21.1 +28.3 338,977,940 274,245,635 +23.6 +40.2 292,906,010 202,488,941 +44.6 +67.3 312,774,527 207,231,743 +50.9 +4.3 152,805.006 174,893,205 -12.6 +5.7 117,516,422 89,717,669 +31.0 +32.1 155,567,875 130,758,317 +19.0 +5.5 81,687,691 +7.4 87,731,661 -27.4 68,531,165 84,559,187 -18. 9 -12.9 26,750,155 30.174,882 -11.4 f4,744),501 +14.: 1 63,967,191 +20.0 +26.0 68,496,796 52,490,104 +30.5 +11.0 23,532,460 21,195,689 +11.0 +32.3 28,354,696 21,843,044 +29.8 -13.7 76,99 .214 80,080,847 -3.8 +0.5 61, -1'2 915 61,809,768 -0.2 +37.7 39,261,129 29,532,524 +32.9 +16.0 19,657,588 17,195,521 +14.3 +3.6 35, 29,'I-9 34,090,813 +3.6 -4.7 64,110,047 64,267,101 -0.2 +0.4 38,423,001 37,277,000 +3.1 +35.9 14,393,720 10,436,548 +37.0 +18.6 14,024,630 12.317,377 +13 9 . -0.4 17.303,021 16.112,690 +7.4 +17.8 18,664,353 16,299,561 +14.5 +57.4 20,620,919 -16.8 17,1411,70 Tot.oth.West 1779293817 1299003702 +37.013,355510 38 9,961,843,581 +34.1 St. Louis 679.483,413558,703,331 New Orleans 201,393.692 138.548,746 Louisville 96,034.548 80,132.507 Houston 11 79,2 17, 5 54,889,671 Galveston 21.644,70 • 19.609.051 Richmond__ 208,139.427 122,383,000 Atlanta 181.938,170100.642,147 Memphis 38,284,576 38,001.630 Nashville 64.089,999 38,746,055 Fort Worth_ _ _ 49,101,2• 46,479,484 Savannah 28,170.431 28,741,224 Norfolk 39.548,191 26,607,476 24,964.260 14,677,096 Birmingham Knoxville 10,851,466 10.574.408 Chattanooga 19,880,216 16,664.693 24,307,327 15,124,693 Jacksonville obi e. 6,433,820 6,491,060 Augusta 14,133.884 7 752,131 Little Rock_ 22,947.640 13 486.931 Charleston 12,230,271 9,209,827 Oklahoma..,.. 31,000 000 33,133,127 Macon 7,691,701 5,594,155 Beaumont _ _ 5,500,000 4.608,390 WIlm'ton, N.0 4,250,62 3.624.594 Columbus, Ga. 2,682.537 2.251.375 Austin 12.972,847 11,483,863 Vicksburg __ 1.162,173 965.756 Columbia ____ 7,261.629 4,811,282 Jackson 2.289.744 2,047,381 Tulsa 37,736,651 26,755.628 Muskogee 13.616.786 7,419,211 El Paso 19,000,000 15,880,388 Dallas 79,718,6'' 50,396,696 Newport News 4,903,237 2.489.118 Montgomery.. 5,89 1.000 4,756.970 Tampa 5,100,000 4,300.080 -21,416 1,727.226 Texarkana- 2, Raleigh 4,0 10,000 2,660,231 Shreveport 8.000,000 6.200.000 +21.65,113,058,1964,378.267,968 +45.4 1,708.197,083 1,160.144,989 +19.8 784,216,216 676.642,095 +44.1 47.,60 ,,) 2 399,311,502 +10.4 159.747,643 160.248,584 +70.11.430.107,097 840,411,262 +60.9 1,454,283.962 797,831.693 +0.7 396.763,468 344,761.190 +65.4 450,176,806 308.424.307 +0. 440,1 4, "" 333,051.233 , -2.0 225,647.087 199,438,1/75 +48.8 27.5,415.404 194,205,686 +70.1 149,759. 45 117.090,175 +2.6 02,791,49. 81,622,450 +19.3 164.834, 692 123.389,844 +60.7 166,485,901 132,325,8.7 +24.4 50,892,487 46.5113,690 +82.3 112,412,843 69,716,820 +70.2 164,218,849 110,405,870 +32.8 107,174.357 87.437,621 +14. 292. (1.,60 " 218,383,076 +37.5 07,455"7 40.367,197 +10.4 44,777.411 37,847,867 +17. , 20.510,4' 19,922.743 +19.1 23,448,499 15.015,107 +13.0 137,641.434 117,881,825 +20.4 12,653.400 8,858,158 +50.9 64,049,064 38,264,705 +11.8 18,060,687 16,042,050 +41.0 326.766,777 220,309,134 +83.5 85,351,285 51.420,930 +1'). 1,1,3 0,071 138,094,470 ' +58.2 610,''8,5' " 400,804,721 +96.9 31,290,333 19..524,382 +21.' 40,n7-.14 1 34.307.269 +2;.6 44,200,175 39,931,132 +35. o 20,05 ,53 15,411,397 30,078,371 +:0. 22,315,552 +2 I.0 ( 76.20",5!0 55.022,088 +16.8 +47.2 +15.9 +20.1 -0.3 +70.2 +82.3 +13.8 +46.0 +16.5 + 13.1 +41.8 +27.9 +13.7 +33.6 +25.8 +9.3 +61.2 +48.7 +22.6 +34.1 +36.6 +18.3 +44.6 +47.3 +16.8 +42.8 +67.4 +6.3 +48.4 +59.8 +2.3 +51.2 +60.3 +45.7 +20.9 +35.3 +34.8 +38.5 Total South_ 208619'923 1537574638 +14.t i 6051,01%11" 12146,870,534 +32.1 Note.- 1er1,1 a 4, orn ,te,..1 from c is o t. no o n 31. Clearings at - 1918. 1917. Inc. or Dec. 1916. 1915. $ $ % 180,299,676 130,648,085 +38.0 34.333,716 26,162,293 +30.2 51,0 /1.00' 29,810,485 +74.1 14.112.315 -8.6 12,900,386 23,211,765 14,460,916 +60.5 15.092,180 11,663,144 +29.4 5,806,709 +30.2 7,554,132 7,235.649 5,063,550 +42.9 9,532.520 5,615,175 +69.8 4,523,149 4,491,705 +0.8 2,957,839 2,379,000 +24.3 3.562,501 3,111,671 +14.5 2.500,000 2,325.288 +7.5 1,758.944 1,976,656 -11.1 550,000 609,000 * -9.7 1,419,582 +19.8 1, 100.001 582.299 +0.9 537,844 726.024 426,931 +70.1 1,355,529 1,922,802 -29.5 1,1 3.‘6 1,280,883 +1 .5 ' 1,329.903 1,400,785 +27.8 467,036 +12.4 525.000 1.092,905 930,734 +17.4 $ 101,947,908 27.769.705 25,459,664 13,453.089 13,494,126 8,986.347 5,417,523 4,162,346 5,464,494 5,260,241 1,849,499 2,805,210 1,671,276 1,671.377 540.000 1,372.791 435.963 530,995 1,779,849 1,321.343 761,115 502,684 700,000 $ 68,274,682 20,061,760 18.841.073 10,660,419 8,923,496 7,005,054 5,093,073 3,058,760 3,440,931 4,080,935 1,377.918 2,315,577 1,651,132 1,620,235 480,420 1.105,603 351,854 344,205 1,328.503 1,012,188 646,166 228,608 445.000 Tot.oth.West_ : 766,701,250 266,507,049 +37.6 227,797.550 167,346,872 St. Louts New Orleans_. Louisville Houston Galveston Richmond Atlanta Memphis Nashville Fort Worth Savannah Norfolk Birmingham Knoxville Chattanooga_ _ Jacksonville ___ Mobile Augusta Little Rock Charleston Oklahoma Macon Austin Vicksburg Jackson Tulsa Muskogee Dallas Shreveport 143,935,010 47,333,290 19,549,235 20,139,932 6.0413.932 44.470.346 35.440.307 8.540,763 13.935,440 10.614,342 8,659.478 7.0135,534 4.613,454 2.509.000 4.397,645 5.040,206 1.426.234 2,955,168 3,734.197 2,400.000 R, rt19,000 1," 0,10 • 2,393.642 204.144 635.709 7,337,309 2, -40,4 ' 22,712,4' 1,900,00V 120,257,447 31,094,855 16,465,154 14,464,831 5,200,000 28,291,666 22,992,315 7,838,874 8,140,113 10,234.829 8,743.758 4,632,269 3,173,071 2.00Mo 3,072,360 3,410,472 1.470.000 1.897.539 2,802,069 1,819,391 6,307,995 1,216,741 2,100,000 199,932 320,198 5,693,539 1,650,331 11,751,225 1,200,000 92,673,383 25,186,034 15.834,670 10,548,876 5.329,957 16,508,019 15.429,077 5,117,544 5.669.149 7,163.997 8,622,904 3,566.130 2,281,635 2,000,000 1,783,676 2,287,871 1,400,856 1,332,443 2,034.696 1,253,472 4,656,108 5,641,598 2,400,000 156,662 335,427 2,888,271 1,027,535 5,688,753 71,505.995 15.084.039 14.579.854 6.900,000 3,464,869 9,144.930 11,149,135 3,621.344 4,976.137 5.609,632 4,749,782 2,938,645 2,063.529 1,800.105 1,971,193 2,138,988 1,01)7,502 1,060.095 1,516,791 1,158,927 2.445.900 2,225,601 1,394.517 163,575 217,478 1,122,768 697,458 410,703, -2 328,710,978 +34.1 248,240.443 174,708,789 Kansas CityMinneapolis -_ _ Omaha St. Paul Deny a* St. Joseph Des Moines Sioux City Wichita Duluth Topeka Lincoln Davenport Cedar Rapids_ Colorado Springs Fargo Pueblo Fremont Waterloo Helena Aberdeen Hastings Billings Total Southern +19.7 +52.3 +19.5 +39.2 +17.1 +57.2 +54.1 +9.0 +71.4 +3.7 -1.0 +52.5 +45.4 +4.2 +43.1 +53.7 -3.0 +55.8 +33.4 +31.9 +3'.7 + 10. 0 +14.0 +2.1 +98.6 +28.9 +61.6 +03.3 +54. , Commercial andBliscellarteonsBem Breadstuffs figures brought from nage 1020. -The statements below are prepared by us from figures collected by the New York Produce Exchange. The recoipts at Western lake and river ports for the week ending last Saturday and since Aug. 1 for each of the last three years have been: Receipts at- Flour. IVheat. Corn. Oats. Barley. Rye. bbls.196l8s bush.60 lbs.bush Chicago Minneapolis Duluth Milwaukee Toledo Detroit Cleveland __ St. Louis_ _ _ .. Peoria Kansas City_ Omaha Indianapolis 190,000 Total wk. '18 Same wk. '17 Same wk. 'ii 373,000 15,445,000 316,000 4.293,000 350,000 10,557.008 Since Aug. 1 1918 1917 1010 21,000 14,000 67,000 81,000 3,753.0° i 3,893,000 106,000 685,000 342.000 60,001 99,000 2,457,000 316.000 2,503,000 890,000 341.000 513 lbs.bush 3 lbs bush.48Ibs.bush.561b3. 1,918,000 5.801,000 248,000 187.000 149.000 1,100,000 864,000 217,000 10.000 2.000 58,000 772.000 107,000 7,000 44.000 779,000 29,000 236,000 21,000 32,000 3,000 389.000 678,000 16,000 10,000 722,000 390,000 4,000 8,000 362,000 839.000 716,000 784,000 356,000 455,000 4,863,000 11,777,000 1,241.000 1,528,000 8,680,000 2,381,000 3,802.000 12,173,000 '2,090.000 , 432,000 608,000 343.000 1,487,000 90,433.000 18,210,000 46.055,000 3,966,000 1.848.000 1,233,000 22,850.000 14,031,000 35,331,000 6.090,000 1,474,000 min AQ 032 min 15 737.000 54 410 non 7 004 non 1.131.000 1 662 Total receipts of flour and grain at the seaboard ports for the week ended Auk. 31 1917 follow: New York _ _ _ Philadelphia. Baltimore .... _ N'port News. New Orleans* Montreal_ _ _ Boston Flour. Wheal. Corn. Oats. Barley. Rye. Barrels. Receipts al - Bushels. Bushels. Bushels. Bushels. Bushels. 83,000 13,000 22,000 8.000 48,000 5,000 36,000 124.000 1,298,000 974,000 00,000 12,000 44.000 84,000 214,000 328,00 18,000 170,000 151.000 45,000 77,000 36,000 900,000, 79,000, 36,000 1,000 31,000 14,000 8,000 5.000 54,000 42,000 Total wk. '18 215,000 4.135,000 144,000 1,458,000 107,000 SinceJan.1'18 16.428,000 34,679.000 15,890,000 70.595,000 7,884.000 3,032.000 05,000 25,000 Week 1917.. _ 326,000 2,833,000 78,000 3,096,000 SinceJan.1'17 14,213,000 149.085,000 44.215.000 94,477.000 12.105.000 6,942.000 •Receipts do not include grain passing through New Orleans for foreign ports on through bills of lading. 979 THE CHRONICLE SEPT. 7 1918.1 Auction Sales. -Among other securities, the following The exports from the several seaboard ports for the week not usually dealt in at the Stock Exchange were recently sold ending Aug. 31 are shown in the annexed statement: _ at auctiOn in New York, Boston and Philadelphia: Oats. Rye. Barley, Peas. Corn. Flour. Exports from- 1 1VheaI. By Messrs. Adrian H. Muller & Sons, New York: Bushels. Bushels. New York Boston Baltimore Newport News_ Total week Wank 1017 Bushels. Bushels. Barrels. Bushels. Bushels. 1,119,668 160,091 19,085 373,171 31,452 340.841 840,132 77,000 8,000 2,300,641 15(17.550 160,091 27,085 481,623 85.430 74.345 1.877.127 4,134 --------4,134 _-_-__ 55.205 The destination of these exports for the week and since July 1 1918 is as below: Corn. Wheat. Flour. I Exports for Week, Since Week Since Week Since Week and Since Aug. 31. July 1 Aug. 31. July 1 Aug. 31 July 1 July i 10 Bushels. Bushels. Bushels. Barrels. Barrels. Bushels. 730,081 1,482,308 160,091 , 169,497 85 086 United Kingdom_ 17,954 629,561 1,570,560 3,869,102 542,130 9,131 Continent 5,546 5,546 So.& Cent. Amer. 30,084 30,084 West Indies Brit.No.A 7,802 7,882 Other countries_ Total Total 1917 160,091 1,444,828 85,430 3,537,149 842,570 2,300,641 5,351,410 27,085 667,880 14,680,389 74.345 1,150,826 The world s shipments of wheat and corn for the week ending Aug. 31 1918 and since July 1 1918 and 1917 are shown in the following: al917. 1918. Week Aug. 31. Since July 1. Since Jody 1.a 1918. Week Aug. 31. al917. Since July 1. Since July 1.a Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. NorthAmer* 3,298,000 26,497,000 60,752,000 422,000 3,560,000 7,733,000 Russia Danube_ Argentina... 2,372,000 39,586,000 1,937,000 1,009,000 2,404,000 2,859,000 720,000 6,820,000 13,750,000 Australia_ _ 210,000 2,330,000 5,608,000 India 332,000 280,000 92,000 714,000 404,000 0th.countr's Total ___ 6,600,000 75,513,000 82,379,000 1,523,000 8,368,000 11,306,000 -The Canadian Government has officially prohibited the * North America. issuance of both manifests and exports until after ten days. This is effective during the continuance of the war. a Revised. The quantity of wheat and corn afloat for Europe on dates mentioned was as follows: Wheat. United Kingdom. Continent. By Messrs. Millett, Roe & Hagen, Boston: $ per sh. Shares. Stocks. 136 55 Lyman Mills X 25 Bigelow-Hartf. Carpet, corn.... 6154 75% 4 Pemigewasset Valley RR Shares. Stocks. $ per sh. 30 Androscoggin Pulp, 1st pref.._ 90 20 New England Power, pref 90 40 Merrimac Chemical, $50 each..100 By Messrs. R. L. Day & Co., Boston: $ per sh. Shares. Stocks. 6 Second National Bank, Boston_280 216 5 Dartmouth Mfg., corn 80 1 Danielson Cotton, 1st pref 10 Great Falls Manufacturing_ _ _180 1 Merrimack Mfg., corn 7354 7 U.S. Worsted let pref.(div. on)_101% 79-80 16 Mass. Mills in Georgia 43 Manchester & Lawrence RR_ _100 $ per sh. Shares. Stocks. 26 Bausch Machine Tool, com____ 20 45 Merrimac Chemical, $50 each _100 30 Collateral Loan Co 99 5 Acme W. Lead & Color, corn.. $25 each 1854 1 U.S. Envelope, preferred 102 10 Walworth Manufacturing 25 By Messrs. Barnes & Lofland, Philadelphia: $ per sh. Shares. Stocks. 14 Riverton & Palmyra Water_ _ _ _120 1 First Nat. Bank, Clifton Hgts_ _200 10 Guarantee Trust & Safe Deposit.120 158 1 Franklin Trust 10 Market St. Title & Tr., $50 ea_ _120 1 13th & 15th Sts. Passenger Ry_ _200 12 Phila. & Camden Ferry, $50 ea_106q (3 United Gas & Elec., let pref. _ _ _ 405( 1 Land Title & Trust 48934 6 14 Philadelphia Bourse, corn Bonds. Per Ce111. 14,000 Wllkes-Barre Co. 1st dr ref. 5s, 1960 72 $1.000 Second Ave. Trite. (Pittsb.) 1st 5s, 1934 55 $3,000 Ft. Wayne & Wabash Vail. Trac. 1st 55, 1934, ctfs. of dep 30 ELM Lake Shore Elec. Ry. 1st cons. 5s, 1923 70 Corn. Wheat. Exports. Per cent. Per cent. Bonds. Shares. Stocks. 1 Cit. N.Bk.of Long Br., N.J.251 $10,000 Federal Dyestuff & Chem. 2,000 Chic. it E. Ill. RR.,com_ _1 Corp. 1st 2 -year 6s, 1918. Dec. 2,000 Chic. & E. Ill. RR., pref__25(-454 1917 coupon on 31 47 Gen. Manif.& Ptg.,$50 ea..$101 lot Corn. Total. United I Kingdom. Continent. Bushels. Bushels. Bushels. Bushels. Aug. 31 1918._ Not avail able Sept. 1 1917._ Not avail able 45,656,000 Sept. 2 1916_ Bushels. Total. Bushels. 20,961,000 -The following information regarding National Banks. national banks is from the office of the Comptroller of the Currency, Treasury Department: APPLICATIONS FOR CHARTER. For organization of national banks: Capital. The First National Bank of Lake Village, Ark $50,000 The First National Bank of Salt Springs, Okla 25,000 The First National Bank of Iaegor, W. Va 25,000 The First National Bank of Montebello, Cal 25,000 Commercial Department of the Montebello To succeed the State Bank. Total -------------------------------------------------$125,000 CHARTERS ISSUED. Original organizations: The Webster National Bank, Webster, Mass $100 000 The First National Bank of Trenton, N. Y.(P.0.Barneveld,N.Y) 25 000 . The First National Bank of Pollock, So. Dak 25,000 The First National Bank of Montgomery City, Mo 75,000 Succeeds Union Savings Bank of Montgomery City. Conversion of State Banks: The Interstate National Bank of Helena, Ark. $200,000 Conversion of the Interstate Banking & Trust Co. of Helena. The Liberty National Bank of Dawson, Texas 50,000 Conversion of the First State Bank of Dawson. ------------------------------------------------Total $475,000 CHARTERS EXTENDED. The National Bank of Sidney, Iowa. Until close of business Sept. 2 1938. The First National Bank of McKees Rocks, Pa. Until close of business Sept. 5 1938. DIVIDENDS. The following shows all the dividends announced for the future by large or important corporations. Dividends announced this week are printed in italics. Name of Company. When Per Cent. Payable. Books Closed. Days Inclusive. Railroads (Steam). $1.59 Sept. 10 Sept. 1 to Sept. 9 Atlantic Coast Line Co.(quar.) 2 Sept. 30 Holders of rec. Aug. 31a Boston & Albany (quar.) 24 Oct. 1 „Holders of rec. Aug. 31a Canadian Pacific, common (quar.) 2 Oct. 1 Holders of rec. Aug. 31 Preferred t Chicago & North Western, corn. (quar.)_ 154 Oct. 1 Holders of rec. Sept. Sr Oct. 1 Holders of rec. Sept. Sr tPreferred (guar.) 23. Sept.20 Holders of rec. Aug. 28r tDelaware & Hudson Co. (suer.) 87540. Sept. 10 Holders of rec. Aug. 31a Erie & Pittsburgh (quar.) Fonda Johnstown dr Gloversv., pf. (qu.) 1% Sept. 15 Holders of rec. Sept. be *234 Oct. 1 'Holders of rec. Sept.20a Interborough Rapid Transit (guar.)._ "31.25 Oct. 5 *Holders of rec. Sept. 14a Lehigh Valley, corn. dc pref.(quar.) 154 Oct. 1 Holders of rec. Sept. 166 Manhattan Railway (guar.) Norfolk & Western, common (guar.)... 15( Sept. 19 Holders of roe. Aug. 310 PUtsb. Ft. Wayne & Chic., reg. gu.(qu.)_ 154 Oct. 8 Holders of rec. Sept. 10a Special guaranteed (guar.) Oct. 1 Holders of rec. Sept. 106 Reading Company, 181 preferred (guar.) 50o Sept. 12 Holders of rec. Aug. 276 Sept. 16 Sept. 11 to Sept.16 St. Joseph South Bend & Southern, corn_ 24 Sept. 16 Sept. 11 to Sept. 16 Preferred 134 Oct. 1 Holders of rec. Aug. 31a Southern Pacific Co.(quar.)(No. 48)_ 24 Oct. 1 Holders of rec. Sept. 3a Union Pacific, common (quar.) 2 Oct. 1 Holders of rec. Sept. 30 Preferred Street & Electric Railways. Brazilian Trac., L. & Pow., pref. (qu.)_ _ Cities Service Co., corn.& pref.(mthly.) Common .(payable in common stock). El Paso Elec. Co.,corn.(qu.)(No.29)._ Frankford & Southwark Passenger (qu.) Orklveston-Houston Elec. Co. pf.(IsTo.23) Manila Elec. RR. & Ltg. Corp. (quar.)...... Philadelphia Traction San Joaquin Light rt Power, pref.(qu.)_ Second & Third Sts. Pass., Phila. (qu.) Li., pref. (quar.) Springfield (Mo.) Rfl United Light & Rye., corn.(qu.)(No. 15)_ Preferred (quar.) (No.32) West End Street By., Boston, common_ West Penn Rys., pref. (qu.)(No. 5) West Penn Tr.& W.P.,pf (qu.)(No.15) Oct. 1 Holders of rec. Sept. 16 Oct. 1 Holders of rec. Sept.14 Oct. 1 Holders of rec. Sept. 14 Sept. 16 Holders of rec. Sept. 3a Oct. 1 Holders of rec. Aug. 31a Sept. 16 Holders of rec. Sept. 3a Oct. 1 Holders of rec. Sept. 18 Oct. 1 "Sept. 11 to Sept,301 134 Sept.14 Holders of rec. Aug. 31a $3 Oct. 1 Holders of rec. Aug. 31a 131 Oct. 1 Holders of rec. Sept. 16a *1 Oct. 1 'Holders of rec. Sept. 16 sui Oct. 1 'Holders of rec. Sept. 16 *S1.75 Oct. 1 *Sept. 21 to Oct. 1 154 Sept. 15 Holders of rec. Sept. 1 134 Sept. 15 Holders of rec. Sept. 1 Banks. Battery Park National (special) Commerce, Nat. Bank of(quar.) Yorkville (quar.) 25 Sept. 16 Holders of rec. July 22 24 Oct. 1 Holders of rec. Sept. 20a 5 Sept.30 Holders of rec. Sept.204 Trust Companies. Guaranty (guar.) Lawyers Title & Trust (guar.) 5 Sept.30 Holders of rec. Sept. 20 154 Oct. 1 Sept. 15 to Oct. 1 1;4 54 .134 234 $ 4 3 154 Miscellaneous. Sept. 27 Holders of rec. Sept. d7 $2 Ahmeek Mining (guar.) (No. 27) $1.50 Sept. 14 Holders of rec. Aug. 30a Ajax Rubber, Inc. (quar.) AIM Chalmers Mfg., pref. (guar.) 131 Oct. 15 Holders of rec. Sept.306 Preferred (account of accumulated dirs.) h% Oct. 15 Holders of rec. Sept.304 '$1.50 Sept.25 *Holders of rec. Sept. 11 Allouea Mining (quar.)(No. 13) 755. Oct. 1 Holders of rec. Sept. lea American Bank Note, pref.(iriar) American Beet Sugar,pref.(qu.) (No.77) 134 Oct. 2 Holders of rec. Sept. 146 American Can, preferred (quar.) 154 Oct. 1 Holders of rec. Sept.14a 2 Oct. 1 Holders of rec. Sept. 13 Amer. Car (it Fdry' corn.(qu.)(No.64)_ Preferred (queer.) (No. 78) 151 Oct. 1 Holders of rec. Sept. 13 American Chicle, pref.(guar.) 13.4 Oct. 1 Holders of rec. Sept. 20 American Cigar, pref. (guar.) '154 Oct. 1 *Holders of rec. Sept. 14 INCREASES OF CAPITAL APPROVED. 13.4 Oct. 1 Holders of rec. Aug. 31a American Expreas (quar.) 134 Sept. 15 Holders of rec. Sept. ba Amount. American Fork de Hoe, common (quar.)_ _ 33.4 Oct. 15 Holders of ree. Oct. 56 Preferred The Jackson National Bank, Jackson, Minn. From $30,000 to of 254 480,000- - --- --z- ----------z-------- $50,000 American Hide & Leather, pref bonds) t2 Oct. 1 Holders of rec. Aug. 31a rec. Aug. 31a Oct. 1 Holders Pret(extra, payable in Lib. Ln. The First National Bank or Adams, Nebr. ----- $25,000 to Amer. Intern. Corporation, corn. & pref. 90c Sept. 30 Holders of rec. Sept. 16 $50,000 - -- -------------- - - --------25,000 American Locomotive, common (guar.). 134 Oct. 3 Sept. 17 to Oct. 15 ------ trom--$10-,666 The Third National tanit of Union Preferred (quar.) 13-4 Oct. 21 Sept. 17 to Oct. 15 24,000 g5 Sept. 16 Holders of rec. Aug. 15a American Machine & Foundry The First National Bank of Thermopolis, wyo. ----- $411,900 to $50,000 --- --- -- - - -- --- - --- ---- -, 10,000 American Pneumatic Service,first prcf_ _ *31.75 Sept.30 *Sept. 15 to Sept.22 Sept. 1 Holders of rec. Aug. 236 Amer. Power & Light, corn. (quar.)___ _ 1 From 4125,666 The First National Bank or Fond du Lao, w 134 Oct. 11 Holders of rec. Sept. 14 to 4400,000---------------------------------------------- 275,000 Amer. Public Service, pref. (guar.) Sept. 30 Sept 22 to Sept. 30 American Radiator, common ((mar.). _ 3 X Sept.20 Holders of rec. Sept. 10a Total------------------------------------ ------------4384.000 American Sewer Pipe (quar.) Amer. Smelters Securities, pref. A (qu.)_ '154 Oct. 1 *Sept. 14 to Sept. 22 "154 Oct. 1 'Sept. 14 to Sept. 22 Preferred B (guar.) CHANGE OF TITLE APPROVED. Amer.Smelting dc Refining, corn.(quar.) 14 Sept. 16 Aug 24 to Sept. 2 The First National Bank of Fond du Lac, Wis., to "First - Fond Oct. 1 Holders of rec. Sept. 14 2 American Snuff, common (guar.) du Lac National Bank." . 13.4 Oct. 11 Holders of rec. Sept. 14 Preferred (quar.) *154 Sept.30 'Holders of rec. Sept. 14 American Steel Foundries (par.) VOLUNTARY LIQUIDATIONS. g Sept. 30 *Holders of rec. Sept.14 Extra (payable In L. L.2d 4% bonds) Oct. 2 Holders of roe. 30 For consolidation with other national bank: Capital.'" Amer.Sugar Refg., corn.(qu.)(No. 108) 151 Oct. 2 Holders of roe. Sept. 3a Sept. 31 Common (extra) The Fond du Lac National Bank, Fond du Lac, Wis $200,000 13.4 Oct. 2: Holders of roe. Sept. 3a Preferred (quar.)(No. 107) Ebernau. Fond du Lac and F. A. Liquidating Committee: T. C. • Foster. Consolidated with tne First-Fond du Lac Nat. Bank. Name of Company. Per When Cent. Payable. Books Closed. Days Inclusive. Miscellaneous (Continued). Oct. 15 Holders of rec. Sept. 20a Amer. Teleph. & Telegraph (quar.)_ --- 2 154 Oct. 1 Holders of rec. Sept. 14 American Tobacco, preferred (guar.) 1)1 Oct. 15 Sept. 17 to Sept. 26 American Woolen,common (quar.) Preferred (guar.) 131 Oct. 15 Sept. 17 to Sept. 26 '134 Oct. 15 *Holders of rec. Sept. 30 Associated Oil (guar.) 5 Sept. 14 Holders of rec. Aug. 20a Atlantic Refining (quar.) Atlas Powder, common (quar.) 2 Sept. 10 Sept. 1 to Sept. 9 3 Sept. 10 Sept. I to Sept. 9 Common (extra) Autosules Corporation, preferred (guar.)_ _ 500. Sept. 30 Holders of rec. Sept. 16 Baltimore Tube, con. et pref. (quar.)_..- 134 Oct. 1 Sept. 21 to Sept. 30 134 Oct. 1 Holders of rec. Sept. 12a Barrett Co., common (quar.) 134 Oct. 15 Holders of rec. Sept. 26a Preferred (quar.) Belding Paul Corticelli, Ltd., pref. (guar.) 354 Sept. 16 Holders of rec. Sept. 3 Bethlehem Steel, common (guar.) 254 Oct. 1 Holders of rec. Sept. 160 254 Oct. 1 Holders of rec Sept. 16a Class B common (quar.) Blumenthal (F.) Co., corn.(qu.) (N0.28) 134 Oct. 1 Holders of rec. Sept. 30a Preferred (quar.) (No. 33) 134 Oct. 1 Holders of rec. Sept.30a Booth Fisheries, common (quar.) 50c. Oct. 1 Holders of rec. Sept. 16a 131 Oct. 1 Holders of rec. Sept. 16a Preferred (quar.) Borden's Cond'd Milk, pf.(qu.) (No.67) 134 Sept. 14 Holders of rec. Sept. la Borne, Scrymser Co 20 Oct. 15 Sept. 14 to Oct. 14 134 Oct. 1 Sept. 21 to Oct. 1 Brier Hill Steel, common (guar.) 334 Oct. 1 Sept. 21 to Oct. 1 Common (extra) 134 Oct. 1 Sept. 21 to Oct. 1 Preferred (guar.) British-American Tobacco, ordinary__ _ 6 Sept.30 Holders of coup. No. 68n Preferred 254 Sept. 30 Holders of coup. No.30 •1M Oct. 1 *Holders of rec. Sept. 14 Brooklyn Union Gas (quar.) Buckeye Pipe Line (quar.) 2 Sept. 14 Holders of rec. Aug. 24 Calif. Packing Corp., corn.(qu.)(No.6) $1 Sept. 16 Holders of reo. Aug. 31a *131 Oct. 1 *Holders of rec. Sept. 16 Preferred (guar.) *131 Oct. 1 *Holders of rec. Sept. 20 Calif. Petroleum Corp., pref. (guar.) Calumet & Arizona Mining (quar.)_ _ 32 Sept.23 Holders of rec. Sept. d6a $15 Sept. 20 Holders of rec. Sept. 3 Calumet & Hecla Mining (quar.) Cambria Iron Oct. 1 *Holders of rec. Sept. 14 *$1 75e. Sept.14 Holders of req. Aug. 31a Cambria Steel (guar.) 75c. Sept. 14 Holders of reo. Aug. 313 Extra Canada Steamship Lines, pref. (quar.). 131 Oct. 1 Holders of rec. Sept. 15a Canadian Congo!. Rubber, pref. (guar.)_ _ 134 Sept.30 Holders of rec. Sept. 20 Canadian Crocker-Wheeler, com.etpf.(gu.) *134 Sept. 30 Canadian Gen. Elec., corn.(qu.)(No.77 2 Oct. 1 Holders of rec. Sept. 14 334 Oct. 1 Holders of rec. Sept. 14 Preferred (No. 45) Case (J.I.) Thresh.Mach., pref.(quar.)_ 134 Oct. 1 Holders of rec. Sept. 16a *2 Sept. 30 *Holders of rec. Sept. 16 Celluloid Company (guar.) Central Leather, preferred (quar.) 131 Oct. 1 Holders of rec. Sept. 10a Central States Elec. Corp., pref.(guar.)_ _ _ lg Oct. 1 Holders of rec. Sept. 10 3 Sept.20 Holders of roe. Aug. 310 Chesebrough Mfg. (quar.) Extra 50n. Sept.20 Holders of req. Aug. 310 Chicago Telephone (guar.) 2 Sept.30 Holders of rec. Sept.28a A Sept. 10 Aug. 30 to Sept.10 Childs Company, common (quar.) 134 Sept. 10 Aug. 30 to Sept. 10 Preferred (quar.) Citizens Gas of Indianapolis (No. 18) Sept.28 Sept. 13 to Sept.28 - 5 234 Sept.30 Sept. 22 to Sept. 30 Cleveland-Akron Bag (quar.) Cluett, Peabody et Co., Inc., pref. (quar.) 134 Oct. 1 Holders of rec. Sept.20 131 Sept. 16 Holders of rec. Aug. 31 Colorado Power, preferred (quar.) Columbia Graphophone,com.(qu.)(No.2) $1.75 Oct. 1 Holders of roe. Sept. 16a 134 Oct. 1 Holders of rec. Sept. 16a Preferred (quar.) (No. 2) Oct. 10 Holders of rec. Sept.25a Computing-Tabul g-Record., corn. (qu.) 1 . Sc. Sept. 14 Holders of rec. Aug. 31a Consolidated Arizona Smelting 134 Sept. 18 Holders of rec. Aug. 70 Consolidated Gas (guar.) Cons. Gas Elec. L.& P., Balt.,com.(qu.) 2 Oct. 1 Holders of rec. Sept. 14a Continental Can,Inc., corn.(guar.) 134 Oct. 1 Holders of rec. Sept. 20a 134 Oct. 1 Holders of rec. Sept.200 Preferred (guar.) 3 Sept. 16 Aug. 27 to Sept. 15 Continental 011 (quar.) glOo. Sept. 10 Holders of rec. Aug. 31 Continental Refining (monthly) Copper Range Co.(quar.)(No. 47).__ $1.50 Sept. 14 Holders of rec. Aug. 21a 75e. Sept. 14 Aug. 24 to Sept. 15 CrescentPipe Line (quar.) 10e Sept. 10 Holders of rec. Aug. 31 Cresson Cons. Gold Min.& Mill.(mthly) Crucible Steel, pref. (quar.)(No. 64).. 134 Sept. 30 Holders of rec. Sept. 16a Cuba Cane Sugar, pref.(quar.) 134 Oct. 1 Holders of rec. Sept. 14 Cuban-American Sugar, corn. (quar.) 234 Oct. 1 Holders of rec. Sept. 14a 134 Oct. 1 Holders of rec. Sept. 14a Preferred (quar.) Cudahy Packing, common (guar.) 134 Sept. 16 Sept. 7 to Sept.16 Diamond Match (quar.) 2 Sept. 16 Holders of rec. Aug. 310 Dominion Glass, Ltd., common (quar.)- 1 Oct. 1 Holders of rec. Sept. 14 134 Oct. 1 Holders of rec. Sept. 14 Preferred (quar.) Dominion Iron & Steel, Ltd.,pf.(No.35) 334 Oct. 1 Holders of rec. Sept. 146 Dominion Steel Corp.,com.(qu.) (No.18) 134 Oct. 1 Holders of rec. Sept. 5a *2 Draper Corporation (guar.) Sept.30 *Holders of rec. Sept. 7 du Pont (E.I.) de Nem.& Co.,com.(qu.) 434 Sept. 16 Holders of rec. Aug. 31a Debenture stock (quar.) 134 Oct. 25 Holders of rec. Oct. 10a du Pont (E.I.)de Nem.Powd.,com.(411.) *154 Nov. 1 *Holders of rec. Oct. 19 *134 Nov. 1 *Holders of req. Oct. 19 Preferred (quar.) 234 Oct. 15 Holders of req. Oct. 1 Eastern Steel, corn. (quar.) First and second preferred (quar.)..._ 131 Sept. 16 Holders of rec. Sept. 2 Eastman Kodak,common (guar.) 234 Oct. 1 Holders of req. Aug. 310 234 Oct. 1 Holders of rec. Aug. 310 Common (extra) 134 Oct. 1 Holders of req. Aug. 31a Preferred (quar.) Edmunds & Janes Corp., pref. (quar.)..... 134 Oct. 1 Holders of rec. Sept.20 Electric Storage Battery, com. & pf.(qu.) 1 Oct. 1 Holders of rec. Sept. 16 Elk Horn Coal Corp., common Sept. 10 Holders of rec. Aug. 310 $1 Federal Mining & Smelt., pref. (quar.). 134 Sept. 15 Holders of rec. Aug. 26a Federal Sugar Refg., common (quar.) 131 Sept.16 Holders of rec. Sept. 6 Firestone Tire & Rubber,corn.(quar.) $1.25 Sept.20 Holders of rec. Sept. 100 Common (special) Sept.20 Holders of rec. Sept. 10a $1 General Chemical ,preferred (guar.).-- 154 Oct. 1 Holders of rec. Sept. 17a 2 Oct. 15 Holders of rec. Sept. 14a General Electric (quar.) General Ry. Signal, corn.(qu.)(No. 21) 134 Oct. 1 Holders of rec. Sept. 20 Preferred (quar.) (No. 57) 134 Oct. 1 Holders of rec. Sept. 20 Gillette Safety Razor (quar.) $2 Nov.30 Holders of rec. Nov. 1 Extra $1 Nov.30 Holders of rec. Nov. 1 *154c Sept. 10 *Holders of rec. Aug. 21 Globe 011 (monthly) Globe Oil (monthly) *1 A c. Oct. 10 *Holders of rec. Sept. 20 Globe Soap, corn., 1st, 2d&spec. pt.(qu.) 134 Sept. 16 Sept. 1 to Sept. 16 2 Sept. 10 Holders of rec. Aug. 31 Globe-Wernicke, common (guar.) Goodrich (B. F.) Co., common (gnat.).. 1 Nov. 15 Holders of rec. Nov. 56 151 Oct. 1 Holders of rec. Sept. 20a Preferred (quar.) Grasselli Chemical common (quar.).. _ _ _ 114 Sept.30 Holders of rec. Sept. 15a 2 Common (extra) Sept.30 Holders of reo. Sept. 15a 134 Sept.30 Holders of rec. Sept. 15a Preferred (quar.) Gulf States Steel, common (guar.) 234 Oct. 1 Holders of rec. Sept. 16a Harbison-Walker Refract., pref. (quar.) 134 Oct. 19 Holders of rec. Oct. 9a Helme (Geo. W.) Co., common (guar.)_ _ _ 254 Oct. 1 Holders of rec. Sept. 13 1% Oct. 1 Holders of rec. Sept. 13 Preferred (guar.) 2 Hercules Powder, common (guar.) Sept.25 Sept. 16 to Sept. 24 2 Sept. 25 Sept. 16 to Sept. 24 Common (extra) Homestake Mining (monthly)(No. 529)_ *50c. Sept. 25 *Holders of rec. Sept. 20 4.3yi ImperialTobacco Independent Brewing, common (quar.). *50c. Sept. 14 *Holders of rec. Aug. 30 Indian Refining, common (guar.) 3 Sept. 16 Holders of rec. Sept. 5a Preferred (quar.) 134 Sept. 16 Holders of rec. Sept. 5a International Salt (guar.) 134 Oct. 1 Holders of rec. Sept. 14a International Silver, preferred (quar.)_ - 134 Oct. 1 Holders of rec. Sept. 17 Interstate Iron et Steel, preferred (guar.)._ 134 Sept. 1 Aug. 21 to Aug. 31 Isle Royale Copper Co.(qu.)(No. 11)... 500. Sept. 27 Holders of rec. Sept. 7 Jewel Tea, Inc., preferred (guar.) 134 Oct. 1 Holders of rec. Sept.20a 134 Oct. 1 Holders of rec. Sept. 15 Kelly-Springfield Tire, preferred (guar.) Kennecott Copper Corporation (quar.) $1 Sept.30 Holders of rec. Sept. Pa 25e. Sept. 16 Holders of rec. Aug. 31a Kerr Lake Mines, Ltd. (guar.) (No. 4)_ 1j Oct. 1 Holders of rec. Sept. 14a Kresge(S. S.) Co., preferred (guar.) 1 La Belle Iron Works, corn.(quar,) Sept. 30 Holders of rec. Sept. 16 2 Common (extra) Sept.30 Holders of rec. Sept. 16 2 LIFPreferred (quar.) Sept.30 Holders of rec. Sept. 16 134 Sept.30 Holders of reo. Sept. 10a Lackawanna Steel (quar.) 1%• Sept. 16 Sept. 3 to Sept. 10 Laclede Gas Light, common (guar.) Liggett & Myers Tobacco, pref. (guar.) 134 Oct. 1 Holders of rec. Sept. 16 Lorillard (P.) Co., common (guar.) 3 Oct. 1 Holders of rec. Sept. 14 Preferred (guar.) 134 Oct. 1 Holders of rec. Sept. 14 Mackay Companies, corn.(qu.) (No.53) 13-4 Oct. 1 Holders of rec. Sept. 7a 1 Oct. 1 Holders of rec. Sept. 70 Preferred (quar.) (No..59) 50c. Sept.30 Holders of rec. Sept. 6 Magma Copper (quar.) [VOL. 107. THE CHRONICLE 980 Name of Company. Per When Cent. Payable. Books Closed. Days Inclusive. Miscellaneous (Concluded). Manait Sugar, preferred (guar.) 134 Oct. 1 Holders of rec. Sept. 14 Oct. 1 *Holders of rec. Sept. 20 Manhattan Electrical Supply, corn. (guar.) *1 '134 Oct. 1 *Holders of rec. Sept.20 First and second preferred (guar.) Mergenthaler Linotype (guar.) (No. 91) 234 Sept.30 Holders of rec. Sept. 4a 1 Oct. 10 Holders of rec. Sept. 140 Mexican Petroleum, common (quar.)_ _ Oct. 10 Holders of rec. Sept. 14a Common (payable in Lib. Loan bonds) ii 2 Oct. 1 Holders of rec. Sept. 14a Preferred (guar.) 134 Oct. 1 Holders of rec. Sept. 14a Montana Power, corn. (qu.) (No. 24)..Preferred (quar.) (No. 24) 134 Oct. 1 Holders of rec. Sept. 14a Sept. 14 Holders of rec. Aug. 31a Montreal Cottons, Ltd., common (qu.) 1 Preferred (guar.) 134 Sept. 14 Holders of rec. Aug. 31a Montgomery Ward et Co., pref. (guar.)_ _ '134 Oct. 1 *Holders of rec. Sept. 20 Muskogee Gas & Elec., preferred (quar.) 134 Sep.d16 Holders of rec. Aug. 31 National Biscuit, corn. (guar.) (No. 81) 134 Oct. 15 Holders of rec. Sept. 30 234 Sept. 11 Aug. 21 to Aug. 27 National Candy,common 334 Sept. 11 Aug. 21 to Aug. 27 First and second preferred 2 Oct. 1 Sept. 21 to Oct. I National Grocer, common (guar.) National Lead, common (quar.) 154 Sept.30 Holders of rec. Sept. 13a Preferred (guar.) 134 Sept. 14 Holders of rec. Aug. 23a National Sugar Refining (guar.) 134 Oct. 2 Holders of rec. Sept. 9 National Surety (quar.) 3 Oct. 1 Holders of rec. Sept. 20a New York Air Brake (qu.) (No. 63) Sept. 20 Holders of rec. Sept. 30 5 New York Transit (quar.) 4 Oct. 15 Holders of rec. Sept. 21 Niagara Falls Power (quar.) Oct. 1 Holders of rec. Sept. 14a 2 Extra 3 Oct. 1 Holders of rec. Sept. 14a Niles Sept.20 Holders of rec. Sept. 30 -Bement -Pond, corn.(cm)(No.65) 3 North American Co.(quar.) (No. 58). _ 131 Oct. 1 IIolders of rec. Sept. 16a Ohio Cities Gas, preferred (quar.) 15( Oct. 1 Holders of rec. Sept. 15 Ohio Oil (quar.) $1.25 Sept. 30 Aug. 31 to Sept.23 Extra $4.75 Sept. 30 Aug. 31 to Sept. 23 Oklahoma Gas & Electric, pref. (guar.)_ 134 Sep.d16 Holders of rec. Aug. 31 Old Dominion Co. (guar.) Sept. 30 Holders of rec. Sept. 17a $1 50c. Oct. 5 Holders of rec. Sept. 20 Ontario Silver Mining (guar.) Sept. 27 Holders of rec. Sept. 7 Osceola Cons. Mining (quar.) (No. 92). $2 Otis Elevator, common (guar.) 154 Oct. 15 Holders of rec. Sept.30 Preferred (guar.) 155 Oct. 15 Holders of rec. Sept. 30 Owens Bottle-Machine, common (guar.) 75e. Oct. 1 Holders of rec. Sept. 21a Common.(pay. in 434% Lib. L. bds.) m2 Oct. 1 Holders of rec. Sept. 21e Preferred (quar.) 134 Oct. 1 Holders of rec. Sept. 21a Sept. 14 Sept. 7 to Sept. 15 Pabst Brewing, preferred (quar.) 134 Packard Motor Car, pref. (quar.) 134 Sept. 15 Holders of rec. Aug. 30a Pan-Amer. Petrol. & Transp., corn.(qu.) 6254c Oct. 10 Holders of rec. Sept. 14a Common (payable in Lib. Loan bonds) 162 Ac. Oct. 10 Holders of rec. Sept. 14a d134 Oct. 1 Holders of rec. Sept. 14a Preferred (guar.) Paton Manufacturing 4 Sept. 16 Holders of rec. Aug. 31 2 Sept. 16 Holders of rec. Aug. 31 Bonus Pennsylvania Rubber (quar.) '154 Sept. 30 *Holders of rec. Sept. 15 *134 Sept.30 *Holders of rec. Sept. 15 Preferred (quar.) Pennsylvania Water it Pow.(qu.)(No.19) 134 Oct. 1 Holders of reo. Sept. 19 .(qu.) *134 Oct. 1 *Holders of rec. Sept. 19 Pettibone,Murn/yen et Co., lst,t2d pf 433(c Sept. 14 Holders of req. Aug. 20a Philadelphia Electric (quar.) Oct. 1 Holders of rec. Sept. 16a Pierce-Arrow Motor Car, pref. (quar.)_ _ 2 50c. Sept. 14 Holders of rec. Sept. 1 Pittsburgh Brewing. common Oct. 1 Sept. 15 to Sept. 30 2 Price Bros.& Co., Ltd.(quar.) Oct. 15 Holders of reo. Oct. la 3 Quaker Oats, common (quar.) 1 Oct. 15 Holders of rec. Oct. la Common (special) 134 Nov. 30 Holders of rec. Nov. la Preferred (quar.) Sept. 30 Holders of rec. Sept. 15a $2 Quincy Mining (quar.) Railway Steel-Spring, common (quar.) 134 Sept.30 Holders of reo. Sept. 16a 131 Sept.20 Holders of rec. Sept. 7a Preferred (quar.) Republic Iron & St., com.(qu.) (No.8) 134 Nov. 1 Holders of rec. Oct. 160 Preferred (quax.) (No. 60) 13( Oct. 1 Holders of rec. Sept. 18a 50c. Sept. 20 Sept. 10 to Sept. 20 St. Joseph Lead (guar.) 134 Sept. 15 Holders of rec. Aug. 31a Savage Arms Corp., corn. (guar.) 134 Sept. 15 Holders of rec. Aug. 31 First preferred (gust.) Second preferred (quar.) 154 Sept. 15 Holders of rec. Aug. 31 Sears Roebuck & Co., pref. (quar.)_ _ _ _ 154 Oct. 1 Holders of rec. Sept 14 25e. Oct. 19 Holders of rec. Sept. 300 Shattuck-Arizona Copper (guar.) 25c. Oct. 19 Holders of rec. Sept. 30a Capital distribution (guar.) Sloss-Sheffield Steel (re Iron, pref. (guar.) 134 Oct. 1 Holders of rec. Sept. 19 5 Sept.30 Sept. 13 to Sept.30 South Penn 011 (guar.) Oct. 1 Holders of rec. Sept. 14a • South Porto Rico Sugar, common (qu.) g5 2 Oct. 1 Holders of rec. Sept. 14a Preferred (quar.) Oct. 1 Holders of rec. Sept. 16 South West Pennsylv. Pipe Lines (qu.)_ 3 1 Oc Standard Gas & Electric, pref. (guar.) 1 1% SeiL.d16 Holders of rec. Aug. 31 Holders of rec. Sept. 15 Standard Oil Cloth, corn.(guar.) Oct. 1 Holders of rec. Sept. 15 2 Common (extra) Preferred Class A gz B (guar.) 134 Oct. 1 Holders of rec. Sept. 15 Standard Oil (Calif.) (guar.)(No. 39)._ 23-4 Sept. 16 Holders of rec. Aug. 15 m234 Sept. 16 Holders of rec. Aug. 15 Extra (pay, in L. L. 431% bonds) 3 Sept. 14 Sept. 1 to Sept. 15 I Standard Oil (Kansas) (guar.) 3 Sept. 14 Sept. 1 to Sept. 15 Extra Oct. 1 *Sept. 17 to Oct. 1 *3 Standard Oil (Kentucky) (guar.) Standard 011 of N. J.(guar.) 5 Sept.16 Holders of reo. Aug. 200 Standard Oil of N. Y.(guar.) Sept. 16 Holders of rec. Aug. 23a 3 Standard Oil (Ohio)(guar.) Oct. 1 Aug. 31 to Sept. 18 3 Oct. 1 Aug. 31 to Sept. 18 Extra 1 75c. Oct. 1 Holders of rec. Sept. 14 Stromberg Carburetor (quar.) 25e. Oct. 1 Holders of rec. Sept. 14 Extra Stutz Motor Car of America (quar.)...._ $1.25 Oct. 1 Holders of rec. Sept. 16a Subway Realty (guar.) '134 Oct. 1 *Holders of roe. Sept.20 2 Oct. 1 Holders of rec. Aug. 31 Swift & Co.(guar.)(No. 131) 254 Sept.30 Holders of rec. Sept. 12a Texas Company (quar.) 4 Oct. 1 Holders of rec. Sept. 21 Thompson-Starrett Co., preferred *2 Sept. 30 *Holders of rec. Sept. 14 Tide Water Oil (quar.) Sept. 30 *Holders of reo. Sept. 14 Extra *3 Tobacco Products Corp., pref. (guar.)_ _ 154 Oct. 1 Holders of rec. Sept. 17 Todd Shipyards Corporation (guar.)._ $1.75 Sept.20 Holders of rec. Sept. 6a 5o. Sept. 3Q Sept. 10 to Sept.20 Tonopah Extension Mining Tooke Bros., Ltd., prof (qu.)(No. 25)_ _ 134 Sept. 14 Holders of roe. Aug. 31 Underwood Typewriter,common (guar.) 134 Oct. 1 Holders of rec. Sept. 160 Preferred (quar.) 1 Holders of rec. Sept. 160 Oct.134 134 Sept. 16 Holders of rec. Sept. Oa Union Bag & Paper Corp. (guar.) .$1.25 Oct. 1 *Holders of rec. Sept. 10 Union Carbide & Carbon (guar.) Union Tank Line 254 Sept. 25 Holders of ree. Aug. 30a United Cigar Stores, pf. (qu.)(No. 24). 131 Sept. 15 Holders of ree. Aug. 30a 1 A Oct. 1 Hollers of rec. Sept. 16a United Drug, corn. (guar.)(No.7) United Dyewood, corn. (quar.)(No. 8). 134 Oct. 1 Holders of rec. Sept. 14a 131 Oct. 1 Holders of roe. Sept. 14a Preferred (quar.) (No. 8) 134 Oct. 15 Holders of reo. Oat. la United Paperboard, preferred (oust.)._ 134 Sept. 30 Holders of rec. Sept. 15a U. S. Gypsum, pref. (quar.) 4 Sept. 16 Holders of roc. Aug. 30a U.S. Industrial Alcohol, corn.(guar.). U. S. Steel Corporation, corn. (quar.).. 131 Sept. 28 Aug. 31 to Sept. 3 3 Sept. 28 Aug. 31 to Sept. 3 Common (extra) Virginia-Carolina ChemicalOct. 1 Holders of roe. Sept.16a Com.(extra payle in 4X% L. L. bds) Sept. 10 Holders of rec. Sept. 1 Wayland Oil & Gas, common (guar.) Sept. 10 Holders of roe. Aug. 31 West'house Church,Kerr & Co.,com.(qu.) Sept. 10 Holders of reo. Aug. 31 Preferred (quar.) i Holdero of rec. Sept.ill6a Weyman-Bruton Co., common Oct. 1 Holders of rec. Sept. 16 Wevman-Bruton Co., preferred (guar.)_ _ _ Sept.30 Holders of rec. Sept. 16a White Motor (quar.) Oct. 1 *Holders of rec. Sept. 20 IVillys-Overland, preferred (guar.) Oct. 1 *Holders of rec. Sept. 14 411 Wolverine Copper Mining (quar.) 151 Oct. 1 Holders of roe. Sept. 10 Woolworth (F. W.) Co., pref. (guar.). 1)1 Oct. 1 Holders of rec. Sept. 200 Worthington Pump & Mach.,pf.A(qu.)_ 1)4 Oct. 1 Holders of rec. Sept. 200 Preferred B (guar.) Yale & Towne Mfg. (guar.) (No.97)-2 214 Oct. 1 Holders of rec. Sept.23 *21 Sept.30 *Sept. 7 to Sept. 8 Yukon Alaska Trust (guar.) •From unofficial sources. a Transfer books not closed for this dividend. b Less British Income tax. d Correction. e Payable in stock. f Payable in common stock. g Payable in scrip. h On account of accumulated dividends. t Payable in Liberty Loan bonds. I Red Cross dividend. m Payable in U. S. Liberty Loan 4 A % bonds. n Transfers received In London on or before Sept. 7 will be In time to be passed for payment of dividend to transferees. Specialists in the stock have agreed that It shall sell ex-dividend in this city Aug. 26. o Sells ex-dividend on Aug. 30. t Payment of dividend contingent upon the receipt of sufficient money from the U. S. Government. r The New York Stock Exchange has ruled that stock will no be quoted ex-dividend on this date and not until further notice. THE CHRONICLE SEPT. 7 1918.1 981 -Following is the weekly statement issued by the Federal Reserve Member Banks of the Federal Reserve System. Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published in the "Chronicle" of Dec. 29 1917, page 2523. OF MEMBER STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMSOF BUSINESS BANKS LOCATED IN CENTRAL RESERVE AUGUST 23 1918. AND OTHER SELEVTED CITIES AS AT CLOSE Substantial liquidation of loans and investments, including U. S. war obligations, also large withdrawals of Government funds from depositary institutions, are indicated in the Aug. 23 report of condition of 735 member banks in leading cities. U. S. bonds, other than circulation bonds, on hand indicate an aggregate decrease of 27.6 millions, of which 14.9 millions represents the decrease at the central reserve city banks. Treasury certificates on hand fell off 19.7 millions, of which about 17 millions represent the decrease at the member banks in the three central reserve cities. Loans secured by these Government obligations show a gain during the week of 4.1 millions. Other loans and investments decreased about 73 millions, by far the larger portion of the decrease falling to the share of the central reserve city banks. Of the total loans and investments the combined share of U. S. war securities and loans supported by such securities constitutes 15.2%, as against 15.4 the week before. For the central reserve city banks this share shows a similar decline from 16.7 to 16.5%. Net withdrawals of Government deposits for the week totaled 177.3 millions, withdrawals of these funds from the Greater New York banks alone aggregating 130.9 millions. Net demand deposits show a gain of 10.6 millions largely outside the central reserve cities, while total time deposits declined 5.5 millions. A gain of about 8 millions in reserve (all with the Federal Reserve banks) is largely offset by a loss of nearly 7 millions in cash in vault. For all reporting banks the ratio of total investments to net deposits works out at 125%, as against 124.1% the week before. For the central reserve city banks a like increase in this ratio from 115 to 116.3% is noted. The ratio of combined reserve and cash to total net deposits shows a rise from 14.4 to 14.6% for all reporting banks. For the central reserve city banks, because of the heavy withdrawals of Government funds above noted, this ratio shows a much larger rise from 14.9 to 15.9%. Excess reserves of all reporting banks shows a gain from 77.2 to 84.3 millions. This gain is confined largely to the banks in the central reserve cities, which show an increase in this item from 30.2 to 64.6 millions. 1. Data for all reporting banks in each district. Two ciphers (00) omitted. Member Banks. New York. Philadel. Cleveland. Richm'cl. Atlanta. Boston. 102 42 50 85 Chicago. St. Louis.IMinneap. Kan,City Dallas. San Fran. Total. 735 $ $ s $ 50,154,0 12,770,0 42,131,0 24,621,0 15,465,0 267,979,0 U.S. bonds to secure eirculat'n 14,371,0 Other U. S. bonds, including 526,919,0 12,405,0 226,264,0 29,118,0 52,219,0 30,347,0 23,051,0 65,011,0 18,049,0 12,371,0 16,224,0 14,974,0 26,886,0 Liberty bonds 959,361,0 U. S. certifs. of indebtedness - 51,271,0 481,062,0 50,030,0 70,539,0 26,957,0 27,197,0 107,769,0 28,973,0 18,647,0 31,449,0 14,512,0 51,055,0 78,047,0 757,480,0 91,918,0 164,889,0 81,925,0 65,713,0 191,602,0 64,092,0 37,287,0 61,445,0 47,415,0 112,446,0 1,754,259,0 Total U. S. securities 473,527,0 61,854,0 13,182,0 10,389,0 4,326,0 5,325,0 9,233,0 Loans see. by U. S. bonds, &c_ 39,891,0 219,889,0 44,040,0 36,955,0 20,760,0 7,683,0 All other loans & investments. 770,650,0 4,379,941,0 607,474,0 982,160,0 367,677,0 288,476.0 1,434,308,0 383,598,0 267,876,0 465,081,0 178,273,0 632,933,0 10,658,447,0 Reservewith Fed. Res. Bank_ 64,145,0 613,978,0 52,892,0 80,030,0 30,787,0 27,410,0 138,724,0 35,510,0 18,107,0 44,839,0 14,771,0 44,610,0 1,165,803,0 342,921,0 24,376,0 119,679,0 20,224,0 29,440,0 16,026,0 13,955,0 53,344,0 11,897,0 8,121,0 15,377,0 10,601,0 19,881,0 Cash in vault 644,017,0 4,297,813,0 579,239,0 720,989,0 296,269,0 205,328,0 1,036,635,0 271,379,0 158,823,0 373,431,0 137,921,0 389,194,0 9,111,038,0 Net demand deposits 96,953,0 269,825,0 14,261,0 235,258,0 53,670,01 90,282,0 359,965,0 75,575.0 45,367,0 63,738,0 24,579,0 116,090,0 1,445,563,0 Time deposits 68,230,0 365,040,0 45,656,0 61,615,0 19,040.0l 17.700.0 765,779,0 Government deposits 82.380.0 25.393.0 28.825.0 29,222,0 10,525,0: 12,153,0 Number of reporting banks___ 78 45 73 45 52 32 35 $ $ $ 18,822,0 17,070,0 6,369,0 13,772,0 17,929,0 34,505,0 96 3 3 3 2. Data for banks in each Central Reserve city, banks In all other Reserve cities and other reporting banks. New York. Two ciphers (00) omitted. Aug. 23. Chicago. St. Louis. Total Central Res. Cities. Aug. 16. Other Reserve Cities. Aug.23. Aug.23. Aug. 23. Aug. 23. Number of reporting banks__ 69 69 40 U.S. bonds to secure circulat'n $ 36,260,0 3 36,340,0 $ 1,132,0 $ 14 9,970,0 $ Aug. 16. 123 47,362,0 $ 123 47,592,0 $ 417 172,500,0 Total. Country Banks. Aug. 16. Aug.23. Aug. 16. $ 447 Aug. 23. 165165 $ $ 172,135,0 48,117,0 48,525,0 $ 735 267,979,0 Aug. 16. $ 735 268,252,0 Other U. S. bonds, including 203,985,0 215,140,0 28,842,0 21,998,0 244,825,0 259,683,0 230,407,0 241,249,0 51,687,0 53,567,0 526,919,0 554,499,0 Liberty bonds 456,880,0 473,252,0 56,654,0 21,410,0 534,944,0 551,906,0 361,072,0 364,351,0 63,345,0 62,795,0 959,361,0 979,052,0 U.S. certifs. of Indebtedness 697,125,0 724,732,0 86,628,0 43,378,0 827,131,0 859,181,0 763.979,0 777,735,0 163,149,0 164,887,0 1,754,259,0 1,801,803,0 Total U. S. securities 469,437,0 Loans sec. by U. S. bonds, &c_ 108,817,0 196,828,0 44,412,0 9,761,0 252,990,0 251,182,0 193,058,0 190,632,0 27,479,0 27,623,0 473,527,0 All other loans & Investments_ 4,035,712,0 4,087,862,0 875,537,0 280,619,0 5,191,868,0 5,250,119,0 4,650,667,0 4,657,026,0 815,912,0 824,287,0 10658 447,0 10,731,432,0 Reserve with Fed. Res. Bank_ 588,019,0 551,527,0 96,914,0 27,653,0 712,486,0 678,182,0 397,888,0 426,062,0 55,429,0 53,515,0 1,165,803,0 1,157,759,0 106,993,0 106,005,0 31,664,0 5,960,0 144,617,0 148,186,0 161,886,0 165,120,0 36,418,0 36,589,0 342,921,0 349,895,0 Cash In vault 3,992,146,0 3,990,899,0 698,684,0 198,984,0 4,880,814,0 4,889,176,0 3,566,586,0 3,554,423,0 654,638,0 656,852,0 9,111,038,0 9,100,451,0 Not demand deposits 218,515,0 225,840,0 133,324,0 53,705,0 406,544,0 412,077,0 848,257,0 847,619,0 191,762,0 191,341,0 1,445,563,0 1,451,037,0 Time deposits 336,569,0 467,446,0 51,124,0 20,531,0 408,224,0 546,053,0 309,796,0 338,144,0 47,759,0 58,908,0 765,779,0 Government deposits 943,105,0 Ratio of combined reserve and 14.6 15.9 16.5 14.5 cash to total net deposits 15.9 14.6 14.4 14.9 . 13.6 14.3 -Following is the weekly statement issued by the Federal Reserve Board on Aug. 31: The Federal Reserve Banks. Inc reases of about 34.5 millions in the banks' holdings of discounted bills and of 11.7 millions in their total cash reserves accompanied by an Increase of about 60 millions in their Federal Reserve note circulation are indicated by the Board's weekly bank statement issued as at close of busmess Aug. 31.1918. -Holdings of war paper, I. e., member banks' notes and customers' paper secured by Liberty bonds and Treasury certificates, INVESTMENTS. show an increase for the week of 43.7 millions and now aggregate 896.2 millions, all the banks except those at Chicago and Kansas City reporting substantial increases in the amounts of this class of paper on hand. Of the total discounted bills held the percentage of war paper was 62.8%, as against 61.2 the week before. Acceptances on hand show net liquidation of about 4 millions, the larger decreases bemg reported for the New York and San Francisco banks. Additional issues of 2 millions of 1-year 2% Treasury certificates to secure Federal Reserve bank notes account for a like increase in U. S. Government short-term securities. Total earning assets show an increase for the week of 32.5 millions. -Net withdrawals of 68.3 millions of Government funds from the banks in the interior are noted, all the banks except New York DEPOSITS. and Minneapolis reporting substantial reductions in Go vernment deposits held. Members' reserve deposits increased 19.2 millions, while net deposits declined 93.2 millions. -A further gain of 10.7 millions in gold reserves is shown, besides considerable transfers of credits in the Gold Settlement Fund from RESERVES. New York and San Francisco to other banks. The banks' reserve percentage declined during the week from 56.7 to 56.4%. OIRCULATION. Federal Reserve agents report a net addition of 55.1 millions to outstanding Federal Reserve notes. The banks show NOTE a total increase in Federal Reserve note circulation of 59.9 millions, besides an increase of 3.8 millions in their aggregate liabilities on Federal Reserve circulation. bank notes in -A gain of $418,000 in paid-in capital is due largely to payment for Federal Reserve bank stock by newly admitted members, conCAPITAL. siderable increases in capital account being shown for the New York, Chicago, Philadelphia and Cloy eland banks. The figures of the consolidated statement for the system as a whole are given in the following table, and in addition we present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus furnishing a useful comparison. In the second table we show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks. FEDERAL RESERVE BANK OF NEW YORK. -The weekly statement issued by the bank sub-divides some certain items that are included under a more general classification in the statement prepared at Washington. Thus,"Bills discounted for members and F. R. Banks," as of Aug. 31. -U. S. obligations, 41398,633,498. deposits,. , consisted of "Rediscounts and advances-Commercial paper," $163.005,149, and "Rediscounts and advances &c.," are shown to comprise 'Foreign Government $107,431,667; "Non-member banks deposits, $4,184,070. Similarly, "Other deposits, and "Duo to War Finance Corporation," $3,280,704. COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 30 1918. Aug. 30 1918. Aug. 23 1918. Aug. 10 1918. Aug. 9 1918. Aug. 2 1918. July 26 1918. July 19 1918. July 12 1918. Aug. 31 1917. RESOURCES. Gold in vault and in transit Gold settlement fund-F. R. Board_ Gold with foreign agencies $ 384,009,000 520,926,000 5,829,000 S 385,072,000 553,060,000 5,829,000 43 385,017,000 600,083,000 5,829,000 3 395,410,000 606,354,000 9,696,000 $ 408,470,000 623,119,000 9,696,000 $ 418,012,000 598,777,000 11,628,000 s 428,853,000 556,154,000 15,496,000 $ 02,738,000 524,225,000 15,529,000 $ 426,741,000 397,067,000 52,500,000 910,764,000 943,961,000 090,929,000 1,011,460,000 1,041,285,000 1,028,417,000 1,000,503,000 962,492,000 876,308,000 Total gold held by banks Gold with Federal Reserve Agent0._ _. 1,061,597,000 1,018,767,000 961,498,000 940,692,000 902,793,000 910,420,000 940,290,000 963,147,000 488,536,000 7,375,000 34,655,000 34,413,000 41,433,000 38,149,000 35,363,000 40,116,000 40,323,000 36,818,000 Gold redemption fund 2,013,794,000 2,003,051,000 1,992,543,000 1,990,301,000 1,980,896,000 1,974,200,000 1,975,448,000 1.960,052,000 1,372,219,000 reserves Total gold 52,550,000 53,168,000 52,980,000 55,129,000 55,647,000 55,932,000 52,215,000 54,022,000 54,222,000 Legal tender notes, silver, do 2,066,962,000 2,055,266,000 2,045,523,000 2,044.523,000 2,034,918,000 2,029,329,000 2,031,095,000 2,015,984,000 1,424,769,000 1,428,235,000 1,393,795,000 1,285,368,000 1,332,473,000 1,270,919,000 1,302,151,000 1,203,346,000 1,159,882,000 128,407,000 232,563,000 236,526,000 212,204,00 208,557,000 209,185,000 205,274,000 205,932,000 218,464.000 159,557,000 Total reserves Bills discounted-members Bills bought In open market 1,660,798,000 1,630,321,000 1,497,572,000 1,641,030,000 1,480,104,000 1,507,425,000 1,409,278,000 1,378,346,000 Total bills on hand 40,090,000 30,350,000 36,237,000 40,259,000 40,273,000 30,6'24,000 34,931,000 31,497,000 U.S. Government long-term securities_ 25,772,000 16,922,000 16,358,000 31,923,000 17,573,000 17,404,000 23,479,000 32,546,000 U.S. Government short-term securities 67,000 72,000 101,000 103,000 98,000 62,000 102,000 82,000 All other earning assets 287,964,000 45,226,000 30,480,000 1,457,000 1,716,987,000 1,684,486,000 1,561,697,000 1,593,467,000 1,534,015,000 1,584,540,000 1.465,993,000 1,450,614,000 365,127,000 Total earning assets Uncollected Items (deduct from gr deposits) 1 redemp.fund eget. F.R.bank not i All other resources 568,655,000 601,983,000 623,495,000 584,758,000 531,558,000 558,392,000 658.588,000 1,164,000 11,787,000 958,000 11,294,000 806,000 10,803,000 735,000 11,410,000 496,000 10,551,000 701,000 12,441,000 751,000 9,695,000 640.410,000 735,000 9,979.000 210,630,000 500,000 114,000 4.365.555.000 4.353.987.000 4.242.384.000 4.234.893.000 4.111.538.000 4.165.403.000 4.166.122.000 4.117.722,000 2.001.140.000 Total resources a Includes amount formerly shown against items due from or due to other Federal Reserve banks net. THE CHRONICLE 982 [VoL. 107. Aug. 30 1918. Aug. 23 1918. Aug. 16 1918. Aug. 9 1918. Aug. 2 1918. July 26 1918. July 19 1918. July 12 1918. Aug. 311917. $ LIABILITIES. $ $ $ $ $ $ $ Capital paid in 76,960,000 76,876,000 76,441,000 58,484,000 77,750,000 76,518,000 76,383,000 76,324,000 78,168,000 1,134,000 Surplus 1,134,000 1,134,000 1,134.000 1,134,000 1,134,000 1,134,000 1,134,000 59,972,000 Government deposits 104,729,000 173,027,000 95,555,000 179,978,000 161,236,000 233,040,000 144,828,000 169,393,000 Due to members-reserve a000unt_ 1,478,639,000 1,459,480,000 1,464,011,000 1,420,705,000 1,423,532,000 1,435,196,000 1,488,047,000 1,439,346,001) 1,121,129,000 32,933,000 Collection items 437,885,000 450,947,000 401,202,000 433,347,000 390,911,600 401,186,000 480,341,000 477,526,000 148,955,000 120,300,000 112,597,000 115,234,000 127,050,000 114,718,000 111,840,000 112,052,000 107,809,000 Other deposits, incl. for. Gov't credits Total gross deposits 2,141,553,000 2,196,051,000 2,136,002,000 2,161,080,000 2,090,397,000 2,181,262,000 2.225,268,000 2,194,074,000 1,362,989,000 P. R. notes in actual circulation-- 2,092,703,000 2,032,837,000 1,935,419,000 1,955,276,000 1,906,465,000 1,870,835,000 1,829,045,000 1,813,425,000 573,049,000 F.R. bank notes in circulation, net liab 11,479,000 11,084,000 5,473,000 15,167,000 13,716.000 11,000.000 10,800,000 20,687,000 16,864,000 All other liabilities 26,811,000 25,545,000 1,145,000 31,305,000 29,351,000 27,702,000 24,647.000 23,292,000 21,965,000 Total liabilities 4,365,555,000 4,353,987,000 4,242,384,000 4,234,893,000 4,111,538,000 4,165,403,000 4,166,122,000 4,117,722,000 2,001,140,000 Gold reserve against net deposit ilab__ 66.8% 63.4% 63.9% 61.9% 57.9% 59.2% 59.5% . 76.0% 59.2% Gold res. agst. F. R. notes in act. eiro'n 49.3% 50.6% 53.3% 55.0% 86,5% 52.1% 50.5% 50.1% 52.7% Ratio of gold reserves to net deposit and Fd. Res. note liabilities combined__ 57.2% 56.5% 53.2% 57.0% 56.4% 58.2% 79.6% 55.3% 56.7% Ratio of total reserves to net deposit and Fed. Res. note liabilities combined . 58.7% 58.1% 59.9% 81.7% 56.4% 58.5% 57.9% 59.8% 56.7% atio of gold reserves to F. R. notes in actual circulation, after setting aside 35% Ilszningt net tlenegit Ilabliftles_ 725% 737% 76.48t 76.381 Distrtoution by Maturutes3 5 3 s 3 3 3 3 3 1-15 days bills discounted and bought- 1,047,516,000 1,006,967,000 901,700,000 946,126,000 901,084,000 834,111,000 797,513,000 772,072,000 103,291,000 1-15 days U.S. Govt.short-term sees_ 2,085,000 2,560,000 2,045,000 4,945,000 4,660,000 17,235,000 1,675,000 17,031,000 1-15 days municipal warrants 4,000 4,000 1,026,000 16-30 days bills discounted and bought. 141,558,000 169,570,000 151,740,000 178,593,000 166,603,000 200,758.000 220,406,000 181,544.000 55,508,000 16-30 days U. S. Govt.short-term secs_ 750,000 10,000 4,000 16-30 days municipal warrants. 5,000 31-60 (lays bills discounted and bought_ 219,928,000 223,723,000 231,550,000 223,110,000 238,100,000 240,900,000 208,306.000 250,526,000 80,170,000 3,425,000 350,000 4,358,000 3,491,000 750,000 31-60 days U.S. Govt.short-term secs_ 4,685,000 4,690,000 56,000 51,000 51,000 51,000 56,000 146,000 31-60 days municipal warrants 41,000 56,000 41,000 46,124,000 61 90 days bills discounted and bought 223,655,000 216,473,000 187,526,000 164,347,000 133,922,000 141,331,000 142,630,000 131,354,000 1,984,000 4,155,000 1,669,000 4,135,000 4,890,000 2,123,000 61-90 days U.S. Govt.short-term secs_ 798,000 771,000 1,000 6,000 1,000 61-90 days municipal warrants 5,000 5,000 40,395,000 40,325,000 40,373,000 42,850.000 2,813,000 28,141,000 22,588,000 25,056.000 28,854.000 Over 90 days bills diseted and bought. 9,604,000 10,372,000 8,830,000 9,409,000 9,798,000 9,992,000 Over 90 days U.S.Govt.short-term secs 15,339,000 13,365,000 17,000 10,000 10,000 16,000 58,000 Over 90(lays municipal warrants 21,000 16,000 20.000 Federal Reserve Notes Issued to the banks 2,218,938,000 2,163,837,000 2,118,948,000 2,083,473,000 2,028,180,000 1,999,480,000 1,982,603,000 1,963,729,000 644,911,000 56,996,000 Held by banks 126,230,000 131,000,000 133,529,000 133,197.000 121,715,000 128,645,000 153,558,000 150,304,000 In circulation 2,092,708,000 2,032,837,000 1.985,419,000 1,955,276,000 1,906,465,000 1,870,835,000 1,829,045,000 1,813,425,000 587,915,000 Fed. Res. Notes (Agents Accounts) 2,995,480,000 2,940,240,000 2,895,020,000 2,832,740,000 2,789.700.000 2,763,940,000 2,742,660,000 2,691.600,000 1,050,560,000 Received from the Comptroller 516,032,000 407,152,000 499,862,000 489,092,000 478,470,000 471,870,000 460,127.000 450,501,000 178,124,000 Returned to the Comptroller. , 2,479,448,0002,413,088,000 2,395,153,000 2,343.648,000 2,311,230,000 2,292,070,000 2,282,533,000 2,241,009,000 872,436,000 Amount chargeable to Agent 260,510,000 279,251,000 276,210,000 255,175,000 283,050,000 292,590,000 299,930,000 277,370,000 227,525,000 n hands of Agent Issued to Federal Reserve banks_ _ 2,218,938,000 2,163,837,000 2,118,948,000 2,088,473,000 2,028,180,000 1,999,480,000 1,982,603,000 1,963,729.000 How Secured 219,239,000 220,239,000 217,238,000 212,240,000 201,239,000 202,239,000 197,944,000 203,444,000 gold coin and certificates By By lawful money By eligible paper 1,157,341,000 1,145,070,000 1,157,450,000 1,147.781,000 1,125,387,000 1,089,060,000 1,042,313,000 1,000,582,000 59,859,000 59,851,000 60.602,000 60,296,000 53,378,000 60,959,000 63,419,000 61,703,000 Gold redemption fund With Federal Reserve Board 780,650,000 735,109,000 683.301,000 668,156,000 641,703,000 648,322,000 681,744,000 701,325,000 1 2,218,938,000 2,163,837,000 2,118,948.000 2,088,473,000 2,028,180,000 1,999,480,000 1,982,603,000 1.963,729,000 Total 644,911,000 269,170,000 151,726,000 24,974,000 199,041,000 644,911,000 010 /Inn 1 M7R Inn nnn 1 AAR QAA nnn 1 AAN11ionnn i 21.9A Aq7 nun) 453 24R nnn 1 MR 79R nnn i 313011 Ann 1K1. 3110 nnn Eligible paper delivered to F.R. Agent.. 1, •01A. a Net amount due to other Federal Reserve banks. b This item includes foreign Government credits. t Revised figures. WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS AUG. 30 1918 Boston. Two ciphers (00) omitted. New York. Phtladel. Cleveland. Richm'd. Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran Total. RESOURCES. $ 3,598,0 Gold coin and certifs. In vault__ 76,874,0 Gold settlement fund 408,0 Gold with foreign agencies 3 $ $ $ $ $ 3. 5 $ 207,0 6,782,0 26,577,0 1,416,0 8,226,0 239,110,0 268,0 22,823,0 6,179,0 73,052,0 63,030,0 68,372,0 29,919,0 19,578,0 89,643,0 30,216,0 12,667,0 30,060,0 233,0 233,0 816,0 291,0 175,0 204,0 2,011,0 408,0 525,0 Total gold held by banks Gold with Federal Res. Agents Gold redemption fund 80,880.0 59,953,0 4,199,0 364,173,0 53,706,0 91,720,0 36,302,0 26,535,0 117,036,0 31,865,0 21,126,0 30,558,0 15,988,0 40,875,0 910,764,0 297,613,0 112,195,0 135,052,0 39,091,0 21,769,0 168,013,0 51,719,0 22,751,0 52,643,0 13,862,0 86,936,0 1,061,597,0 2,499,0 1,159,0 1,546,0 61,0 846,0 2,456,0 4,632,0 2,602,0 41,433,0 14,955,0 5,000,0 1,478,0 145,032,0 Total gold reserves 2,371,0 Legal-tender notes, silver. &c_ 676,741,0 170,901,0 228,250,0 76,239,0 50,760,0 289,681.0 86,186,0 46,376,0 84,360,0 31,396.0 127,872,0 2,013,794,0 425,0 56,0 251,0 964,0 317,0 1,448,0 220,0 847,0 784,0 310,0 53,168,0 45,175,0 147,403,0 Total reserves Bills discounted for members and 72,188,0 Federal Reserve banks 28,746,0 Bills bought in open market 561,639,0 91,270,0 89,992.0 58.642,0 49,856,0 214,152,0 52,633,0 59,941,0 58,935,0 42,431,0 76,556,0 1,428,235,0 336,0 136,0 619,9 19,312,0 232,563,0 121,375,0 9,762,0 26.077,0 4,742,0 3,557,0 15,740,0 1,661,0 $ $ 6,951,0 11,872,0 8,833,0 28,682,0 204,0 321,0 $ 384,009,0 520,926,0 5,829,0 721,916,0 171,685,0 228,560,0 77,086,0 51,077,0 291,129,0 86,611,0 46,432,0 84,611,0 32,360,0 128,092,0 2,066,962,0 100,934,0 942,0 1,416,0 683,514,0 101,032,0 116,069,0 63,384,0 53,413,0 229,892,0 54,294,0 60,277,0 59,071,0 43,050,0 95,868,0 1,660,798,0 122,0 3,871,0 4,347,0 3,461,0 620,0 4,509,0 1,153,0 1,452,0 1,348,0 2,292,0 1,233,0 30,350,0 321,0 912,0 1,244,0 991,0 2,112,0 902,0 1,020,0 25,772,0 12,438,0 1,211,0 1,695,0 1,510,0 67,0 67,0 103,292,0 Total earning assets Uncollected items (deducted from 38,683,0 gross deposits) 697,404,0 103,591,0 120,056,0 66,127,0 55,091,0 236,513,0 55.768,0 61,311,0 69,186,0 48,299,0 100,349,0 1,716,987,0 Total bills on hand U. S. long-term securities U. S. short-term securities All other earning assets 5% redemption fund against Federal Reserve bank notes All other resources Total resources 162,779,0 53,084,0 46,805,0 38,311,0 26,064,0 60,247,0 40,328,0 11,650,0 45,441,0 20,071,0 25,192,0 19,0 764,0 200,0 1,262,0 400,0 904,0 137,0 710,0 84,0 1,292,0 1,164,0 11,787,0 290,217,0 1,534,312,0 329,968,0 396,052,0 182,573,0 133,015,0 589,351,0 183,331,0 119,608,0 200,542,0 101,577.0 255,009,0 4,365,555,0 839,0 274,0 1,939,0 50,0 1,558,0 568,655,0 631,0 1,049,0 624,0 215,0 LIABILITIES. 6,510,0 Capital paid in 75,0 Surplus 13,070,0 Government deposits 91,311,0 -Reserve acc't. Due to members 40,148,0 Collection Items 0th. deposits incl. for Gov't cred 20,092.0 7,302,0 8,746,0 3,921,0 3,126,0 10,760,0 3,687,0 2,879,0 3,580,0 3,052,0 4,513,0 78,168,0 11(1,1) 40.0 216,0 38,0 649,0 1,134,0 28,532,0 5.227,0 9,036,0 6,527.0 4,697,0 7,463.0 6.354.0 3,436,0 6,163,0 7,933.0 6,241,0 104,729,0 119,977,0 45,946,0 36,808,0 200.885,0 52,659,0 35,639,0 69,048,0 30,917,0 67,131,0 1,478,639,0 640.700,0 87,618,0 104,636,0 42.738,0 50,271,0 32,290,0 22,035,0 44,244,0 34,321,0 14,497,0 23,964,0 12,617,0 16,124,0 437,885,0 14,0 2,091,0 22,0 169,0 2,948,0 120,300,0 160,0 114,896,0 144,529,0 Total gross deposits F. R. notes In actual circulation_ 136,817,0 F. R. bank notes in ciro'n-Net. 2,286,0 All other liabilities 888,814,0 135,583,0 179,444,0 84,763,0 63,554,0 254,683,0 93,503.0 53,594,0 99,175,0 51,467,0 92,444,0 2,141,553,0 659,766,0 185,243,0 205,591,0 92,316,0 65,345,0 314,806,0 84,918,0 61,939,0 87,997,0 4:3,304,0 154,1366,0 2,092,708,0 110,0 4,881,0 7,820,0 2,696,1) 1,660,0 3,179,0 341,0 20,687,0 840,0 4,005,0 1,223,0 1,158,0 1,970,0 1,058,0 1,726,0 11,812,0 1,499,0 2,271,0 1,457,0 31,305,0 290.217.0 1.584.312.0 320.968.0 396.052.0 182.573.0 133.015.0 589.351.0 183.331.0119.608.0 200.542.0 101.577.0 255.000.0 4.315.515.0 *Difference between net amounts due from and net amounts due to other Federal Reserve banks. s Net amount due to other Federal Reserve banks Tata! liabilities STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS AUG. 30 1918. Two ciphers (00) omitted. Boston. 1 New York. Phtlada. Cleveland. Richm'd. Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran. Total $ 8 $ $ Federal Reserve notes Received from Comptroller_ _ _ 195,940,0 1,064.830,0 250,240,0 258,740,0 132,120,0 115,860,0 402,420,0 117,880,0 84,030,0 121,700,0 71,420,0 180,200,0 2,095,480,0 37,597,0 243,139,01 45,837,01 22,568,0 28,331,0 21,865,0 27,392,0 20,629,0 16,083,0 20,857,0 17,874,0 13,360,0 516,032,0 Returned to Comptroller Chargeable to F. R. Agent In hands of F. R. Agent 158,343,0 16,600,0 Issued to F. R. Bank 141,743,0 Held by F. R. Agent 5,000,0 Gold coin and certificate 7,453,0 Gold redemption fund_______ Gold Sett. Fd., F. R. Board__ 47,500,0 Eligible paper, min. req'd____ 81,790,0 Total 141,743,0 Amount of eligible paper deny 100,934,0 ered to F. R Agent__ F. R. notes outstanding 141.743,0 4,926,0 F. R. notes held by banks F: R. notes in actual etrcula'n. 136,817,0 821,741,0 204,403,0 236,172,0 103,789,0 93,995,0 374,528,0 97,251,0 67,997,0 100,843,0 53,546,0 166,840,0 2,479,448,0 115,800,01 6,120,0, 19,940,0 6,900.0 25,750,0 41,340.0 5,800,0 5,320,0 7,020,0 9,920,0 260,510,0 1 705,941,0 198,283,0 216,232,0 96,889,0 68,245,0 333,188,0 91,451,0 62,677.9 93,823,0 43,626,0 166,840,0 2,218,038,0 13,102,0 11,081,0 2,504,0 219,239,0 163,740,0 23,812,0 57,0 2.589,0 1,349,0 2,283,0 2,097,0 7,735,0 61,708,0 13,873,0 9,996,01 11,240,0 1,591.0 1,445,0 684,0 79,201,0 780,650,0 120.000,0 102.199,0 100,000,0 37,500,0 17,820,0 167,956,0 49,130,0 8,300,0 50,360,0 408,328,0 86,083,01 81,180,0 57,798,0 46,476,0 165,175,0 39,732,0 39,926,0 41,180,0 29,764,0 79,904,0 1,157,341,0 705,941.0 198,283,0 216,232,0 96,889,0 68,245,0 333,188,0 91,451,0 62,677,0 93,823,0 43,626,0 166,840,0 2,218,938,0 683,514,01 89,145,0 115,581,0 62,409,0 46,838,0 229,256,0 48,317,0 54,202,0 59,071,0 43,050,0 81,447,0 1,613,814,0 705,941,0 198,283,0 216,232,0 96,889,0 68,245,0 333,188,0 91,451,0 62,677,0 93,823,0 43,626,0 166,840,0 2,218,938,0 322,0 12,174,0 126,230,0 46,175,0 13,040,0 10,641,0 4,573,01 2,900,0 18,382,0 6,535,0 738,0 5,826,0 1 1 659.766.0 185.243.0 205,591.0 92.316.0 05.345,0 314,800.0 84,981,0 61,939.0 87,997,0 43.304.0 154,006.0 2,092,708,0 THE CHRONICLE SEPT. 7 1918.] 983 Statement of New York City Clearing House Banks and Trust Companies. -The following detailed statement Shows the condition of the New York City Clearing House members for the week ending Aug. 31. The figures for the separate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given. NEW YORK WEEKLY CLEARING HOUSE RETURN. CLEARING HOUSE MEMBERS. Week Ending Aug. 31 1918. Gold. Average. 2,000,000 2,500,000 2,000.000 6,000,000 1,500,000 25,000,000 3,000,000 1,000,000 300,000 5,000.000 25,000,000 500,000 3,500,000 3,000,000 2,550,000 2,000,000 3,500,000 1,500,000 5.000,000 250,000 1,000,000 10,000,000 4,500,000 1,000,000 1,000,000 10,000.000 200,000 200,000 400,000 1,000,000 1,000,000 250,000 1,000,000 :3,000.000 1,000,000 1,000,000 1,500,000 11,250,000 2,000,000 25.000,000 1,000,00 5,000,000 1,000,00( 3,000,000 1,000,000 1.000,000 2,000,000 1,000,000 1,500,000 5,000,000 Legal Tenders. Average. r Members of Federal Reserve Bank. Bank of N Y, N B A. Bank of Manhat Co_ Merchants' National_ Mech & Metals Nat_ Bank of America__-_ National City Chemical National Atlantic National Nat Butch & Drovers American Exch Nat_ Nat Bank of Comm Pacific Chat & Phenix Nat Hanover National Citizens' National Metropolitan Corn Exchange Importers & Traci Nat National Park East River National_ Second National First National Irving National N Y County National Continental Chase National Fifth Avenue Commercial Exch Commonwealth Lincoln National Garfield National Fifth National Seaboard National Liberty National___ Coal & Iron National Union Exchange Nat Brooklyn Trust Co Bankers Trust Co U S Mtge dt Trust Co Guaranty Trust Co Fidelity Trust Co Columbia Trust Co Peoples Trust Co.... New York Trust Co_ Franklin Trust Co Lincoln Trust Co.... Metropolitan Trust Nassau Nat, 13'klyn_ Irving Trust Co Farmers Loan & Tr Silver. National Bank and Federal Reserve Notes. Reserve with Legal Depositaries. Additional Deposits with Legal Depositaries, Average. Average. Average. Average. Net Profits. Loans, Discounts, at. Banks Juno 291 Investmenis, &c. State Banks Juno 20 Trust Co's June 201 Capital. Average. 06,000 34,000 45,849,000 5,207,600 56,615,000 6,769,400 335,000 480,000 2,630,400 80,000 27,494,000 57,000 10,526,100 177,311,000 7,522,000 146,000 6.744,200 28,704,000 168,000 266,000 49,578,000 557,327,000 8,251,000 3,055,000 9,222.500 85,712,000 180,000 288,000 850,700 17,440,000 82,000 123,000 95,900 3,227,000 12,000 54,000 5,753,000 118,690,000 555,000 171,000 22,187,700 358,638,000 88,000 193,000 1,055,300 14,476,000 49,000 288,000 2.735,100 803,000 95,340,000 438,000 17,710,700 130,023,000 4,162,000 330,000 2,861,200 42,369,000 110,000 33,000 25,054,000 2.207,700 675,000 256,000 7,892,800 114,212,000 126,000 189,000 7,698,300 70,000 34,609,000 319,000 17,544,900 202,209,000 52,000 353,000 2,000 2,889,000 74,800 98,000 18,202,000 18,00 61,000 3,886,300 361,000 11,000 30,492,500 249,995,000 5,609,700 385,000 93,308,000 1,014,000 61,000 10,191,000 342,600 17,000 6,137,000 669,000 29,000 27,00 12,863,300 290,855,000 2,609,000 2,099,000 16,766,000 2,347,800 56,000 157,000 5,907,000 880.700 44,000 18,000 811,700 40,000 6,435,000 27,000 16,487,000 1,909,300 132,000 362,000 1,337,600 11,256,000 2,000 6,000 7,924,000 421,700 45,000 20,000 3,607,600 45,147,000 352,000 253,000 3,985,400 73,379,000 114,000 16,000 932,100 13,113,000 6,000 54,000 1,247,100 13,560,000 13,000 35,000 2,227,500 35,879,000 76,000 37,000 14,842,300 255,419,000 90,000 111,000 4,791,000 59,402,000 337,000 81,000 26,725,700 458,074,000 1,775,000 120,000 1,288,600 11,302,000 90,000 37,000 6,693,200 82,545,000 :30,000 51,000 1,274,400 25,599,000 44,000 71,000 10,510,700 85,460,000 30,000 6,000 1,100,900 19,961,000 81,000 19,00(1 552,100 15,029.000 14,000 13,000 4,312,600 53,303,000 291,000 35,000 1,170,100 12,985,000 8,000 95,000 1,100,700 36,580,000 121,000 253,000 10,965.200 141,898,000 3,758,000 23,000 95,000 148,000 966,000 618,000 231,000 124,000 482,000 1,903,000 357,000 348,000 749,000 1,869,000 356,000 784,000 191,000 112,000 6,000 31,000 386,00( 630,000 541,00 1,490,000 318,00( 323,000 797,00( 2,225,000 585,000 571,000 617,000 331,000 555,000 746,000 2,602,000 4,074,000 45,000 283,000 329,00(1 801,000 14,000 37,000 241,000 434,000 750,000 552,000 2,033,000 1,246,000 126,000 481,000 14,000 116,000 1,644,000 1,211,000 411,000 407,000 66,000 88,000 156,000 , 110,000 143,000 853,000 204,000 135,000 85,000 141,000 125,000 384,000 71,000 410,000 42,000 565,000 229,000 151,000 152,000 417,000 87,000 632,000 80,000 322,000 312,000 2,588,000 50,000 136,000 359,000 484,000 272,000 476,000 13,000 241,000 108,000 211,000 96,000 276,000 69,000 490,000 196,000 79.000 483,000 1,652,000 60,000 257,000 Average for week__ 192,900,000 338,372,600 4,310,292,000 34,933,000 11,797,000 19,997,000 31,895,000 508,571,000 Totals, actual conditi on Totals, actual conditi on Totals, actual conditi on Totals, actual conditi on 4,292,323,000 34,792,000 4,322,674,000 35,404,000 4,376,213,000 35,333,000 4,405,883,000 35,285,000 Not Mem tiers of Fed era' Reserve Rank. 500,000 1,463,400 14,657,000 799,000 534,000 200,000 4,056,000 49,000 810,900 250,000 4,846,000 282,000 1,000,000 1,159,800 20,032,000 1,344,000 707,500 1,500.000 29,888,000 2,005,000 State Banks. Greenwich People's Bowery N Y Produce Exch State Totals, avgo for wk 3,450,000 Totals, actual conditi on Totals, actual conditi on Totals, actual conditi on Totals. actual condlti on Trust Companies. Title Guar & Trust__ Lawyers Title & Tr__ Totals, avge for wk Totals, actual Totals, actual Totals, actual Totals, actual Aug. 31 Aug. 24 Aug. 17 Aug. 10 4,675,600 655,000 183,000 271,000 1,233,000 1,675,000 Average. 773,000 416,000 1,851,000 13,378,000 3,769,000 12,946,000 1,445,000 4,102,000 444,000 651,000 144,000 296,000 6,079,000 4,959,000 5,258,000 50,000 7,451,000 2,231,000 200,000 273,000 987,000 51,000 3,936,000 4,969,000 50,000 645,000 1,919,000 8,441.000 851,000 600,000 198,000 199,000 12,510,000 1,100,000 100,000 24,000 201,000 33,000 2,265,000 454,000 417.000 4,049,000 14,626,000 2,210,000 27,585,000 531,000 11,288,000 1,659.000 3,406,000 1,763,000 1,800,000 1,135,000 760,000 1,160,000 9,790,000 3,569,526,000 3,523,624,000 3,499,004,000 3,496,581,000 210,000 399,000 248,000 70,000 799,000 414,000 399,000 50,000 71,000 41,000 48,000 14.635,000 3,600,000 4,508,000 21,883,000 29,996,000 158,424.000 35.705,000 159,520.000 35,806,000 160,725.000 35,593,000 157.521.000 35,736,000 4,000 1,000 67,000 74,079,000 4,479,000 1,159,000 1,057,000 2,905,000 4,017,000 160,000 74,622,000 72,000 4,210,000 4,029,000 4,095.000 4,036,000 250,000 70,000 654,000 197,000 74,630,000 74,910.000 74,095,000 73,677.000 38.000 80.000 81,000 81.000 2,686,000 1,268,000 615,000 104,000 23,991,000 14,764,000 657,000 281,000 4,460,000 4.470,000 4,483,000 4,469,000 1,034,000 1,041,000 2,986,000 1,088,000 1,037.000 2,90(1,000 1,146,000 975,000 3,068,000 1,089,000 975,000 3,014,000 145,000 187,000 9,000,000 17,040,100 Aug. 31 Aug. 24 Aug 17 Aug. 10 910,000 3.10,000 251,000 568,000 866,000 Average. 1,849,000 73,570,000 74.642,000 75,094,000 76,833,000 Aug. 31 Aug. 24 Aug. 17 Aug. 10 Not Mem hers of Fed eral Reserve Bank. 5,000,000 11,834,800 39,697,000 100,000 4,000,000 5,205,300 23,635,000 451,000 conditi on conditi on conditi on comfit' on 216,000 71,000 20,000 404,000 346,000 Average. 3,532,057,000 157,123,000 35,743,000 11,516.000 18,909,000 29,986,000 523,628,000 11,900,000 19,601,000 31,545,000 522,225,000 12,346,000 19,951,000 29,561,000 489,122,000 12,682,000 20,145,000 31,568,000 499,926,000 160,000 22,000 16,000 442,000 019,000 National Bank Circulation. 32,699,000 54,357,000 21,619,000 148,831,000 23,660,000 532,071,000 60,570,000 13,891.000 2,112,000 79,374,000 301,540,000 11,975,000 74,845.000 125,263,000 28,670,000 28,715,000 108,347,000 23,312,000 143,625,000 2,943,000 13,801,000 139,523,000 93,239.000 9,702,000 4,935,000 240,312,000 16,895,000 5.063,000 6,408,000 15,740,000 8,838,000 5,895,000 42,830,000 61,249,000 12,789,000 11,641,000 26,442,000 218,401.000 49,363,000 373,205,000 8,428.000 60,964,000 22,386,000 50,474,000 14,817,000 12,196,000 31,461,000 9,173,000 35.392,000 112,076,000 5,038,000 9,330,000 3,117,000 25,378,000 3,033,000 91,226,000 9,371,000 1,922,000 378,000 10,765,000 40,026,000 1,477,000 9,930,000 16,388,000 4,155,000 4,074,000 14,509,000 3,125,000 18,773,000 456,000 2,069,000 20,419,000 13,765,000 1,217,000 649,000 33,228,000 2,309,000 762,000 895,000 2,629,000 881,000 859,000 6,210,000 9,666,000 1,688,000 1,552,000 3,313,000 26,791,000 7,141,000 50,925,000 1,121,000 10,030,000 2,321,000 6,898,000 2,092,000 1,814,000 4,279,000 1,066,000 4,644,000 14,867,000 Net Time Deposits. Net Demand Deposits. 112,000 61,000 587,000 158,000 63,332,000 551,000 332,000 173,000 745,000 3,954,000 719,000 38,755.000 938,000 62,432,000 62,688,000 64,111,000 64,035,000 044,000 744,000 825,000 523,000 32:3,000 316,000 353,000 341,000 169,000 156,000 165,000 228,000 730,000 548.000 525.000 477,000 470,000 4,167,000 632.000 3,978,000 559,000 4,127,000 3,615,000 1,934,000 38.265,000 38,635.000 38.537,000 35.404.000 941.100 998,000 1,008.000 1.302.000 Grand aggregato,avge 205,350,000 360,088,300 4,447,703,000 39,96:3,000 13,288,000 21,227,000 35,545,000 516,542,000 879.000 a3,645,434,000 158,133,000 35.743,000 Comparison prey wk. -48,228.000 -593,000 -337,000 +6,000 +560,000 +7,479,000 -136,000 +27,830,000 -2,707,000 +1,000 Aug. 31 4,428,325,000 39,796,000 12,873,000 20,119,000 33,702,000 Grand negate. actual condition on 720,000 b3,682,421,000 159,40:3,1)00 532,005,000 Comparison prey wk_ -31.679,000 -822,000 -491,000 -675,000 -1,291,000 1-1.773,000 +18.000 +45,252,000 -1,195,000 30,705,000 -101,000 ----Grand ag'gate, actual condition Aug. 24_, 4,460,004,000 40,618,000 13,364,000 20,79, 4,000 34,993,000 530,232,000 702,000 b3,637,169,000 160,598,000 35,806,000 Grand negate. actual condition Aug. 17___ 4,515,418,000 40,641,000 13,845,000 21,091,000 :33,154,000 497,344,000 1,213.000 3,611,636,000 161,814.000 35,593.000 Grand ag'gate, actual condition Aug. 10_ 4,546,751,000 40,277,000 14,112,000 21,348,000 35,059,000 507,577,000 2,131,000 3.605.662.000 Grand ag•gate, actual condition Aug. 3 4,394,524,000 40,342,000 13,242,000 21,938.000 32,757,000 523,403,000 1,628,000 3,615,944,000 158.904,000 35.736.000 162,838,000 35,786,000 a U. S. deposits deducted, $260,182,000. b U. S. deposits leducted, $216,255,000. c Inclu les capital set aside for foreign branches, $6,000,000. STATEMENTS OF RESERVE POSITION. Averages. Cash Reserve in Vault. Members Federal Reserve Bank_ State bank Trust companies* Total Total Total Total Aug. 31_ Aug. 24_ Aug. 17_ Aug. 10_ Reserve In Depositaries Total Reserve. a Reserve Required, Actual Figures. Surplus Reserve. Inc. or Dec. from PreolousiVeek 508,571,000 508,571,000 463,881,100 44,689,900 +4,159,120 a 9,600,000 4,017,000 13,617,0(10 13,431,9(10 ' 185,010 -237,440 1,801,000 3,954,000 5,755,000 5,81:3,250 def. 58,250 -33,900 11,401,000 516,542,000 527,943,000 483,126,310 11,419,000 509,063,000 520,482,000 479,553,090 11,367,000 504,870,000 516,237,000 479,994,900 11,388,000 512,603,000 523,991,000 478,662,610 44,816,690 +3,887.780 40,928,910 -4,686,810 36,242.100 -9,086.290 45,328,390 -21,434,890 Cash Reserve in Vault. Reserve in Depositaries 7'otal Reserve. b Reserve Required. surplus Reserve. Inc. or Dec. from PreciousWeek $ ii 523,628,000 523,628,000 468,791,100 54,836,900 -4,531,380 9,521,000 4,210,000 13,731,000 13,433,400 297,600 +257,400 1,766,000 4,167,000 5,933,000 5,739,750 193,250 +246,500 11,287,000 532,005,000 543,292,000 487,964,250 11,259,000 530,232,000 541,491.000 482,135,770 11,540,000 497,344,000 508,884,000 478.809,920 11,116,000 507,577,000 518,693,000 477,853,620 55,327,750 -4.027,480 59,355,230 +29.281.150 30,074.080 -10.765,300 40,839.380 -14,392,810 * Not members of Federal Reserve Bank. a Thls Is the reserve required on net demand deposits in the case of State banks and trust companies, but in the case of members of the Federal Reserve Banks Includes also amount of reserve required on net time deposits, which was as follows: Aug. 31, 54,713,690; Aug. 24, $4,792,590; Aug. 17, $4,752,540; Aug. 10, $4,824,780: b This is tile reserve required on net demand deposits in the case of State banks and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows: Aug. 31, $4,752,720; Aug. 24, $4,785,600; Aug. 17, $4,821,750; Aug. 10, $4,725,630. c Amount of cash in vault, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows: Aug. 31, $98,622,000; Aug. 24, $98,968,000; Aug. 17, $99,565,000: Aug. 10, $99,630,000. d Amounts of cash In vaults, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows: Aug. 31, $95,203,000; Aug. 24, $98,510,000; Aug. 17, $97,191,000; Aug. 10, 599,680,000. [VoL. 107. THE CHRONICLE 984 The State Banking Department reports weekly figures showing the condition of State banks and trust companies In New York City not in the Clearing House, as follows: SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT. Differences from (Figures Furnished by Stale Banking Department. Aug. 31. previous week. $725,378,500 Dec. $9,611,900 Loans and investments 10,663,100 Inc. 29,900 Specie 83,900 14,139,500 Inc. Currency and bank notes 55,257,700 Dec. 58,000 Deposits with the F. R.Bank of New York 760,710,000 Dec. 14,699,000 Total deposits Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y.City, exchanges and U.S.deposits 692,729,000 Dec. 4,157,200 122,092,700 Dec. 589,300 Reserve on deposits Percentage of reserve, 19.8%. RESERVE. -State Banks - -Trust Companies $66,381,900 13.52% $13,698,400 10.90% Cash in vaults 28,280,400 5.76% 13,752,000 10.94% Deposits in banks and trust cos.. $27,450,400 21.84% Total STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY State Banks. Trust Companies. Week ended Aug.:31. Differences from previous week. Aug. 31 1918. Differences from Previous week. Aug. 31. 1918. $ 99,050,000 Capital as of June 20 23,715,700 183,387,000 Surplus as of June 20 41,842,100 Loans and investmls 470,965,200 Dec. 7,892,000 1,911,685,100 Dec. 14,286,200 14.691,100 Dec. 1,628,200 11,665,500 Dec. 170,000 Specie 17,993,100 Inc. 1,782,400 273,900 Currency & bk. notes 25,085,300 Inc. Deposits with the F. 39,086,700 Dec. 1,381,500 192,250,700 Dec. 1,035,200 R. Bank of N. Y.._ 574,601,000 Dec. 2,990,000 1,943,342,400 Dec. 7,024,700 Deposits 592,700 96,280,300 Dec. 2,280,200 285,630,000 Inc. Reserve on deposits_ 0.1% 0.2% 18.4% Dec. 21.5% Dec. P. C. reserve to dep_ -We give below a sumBoston Clearing House Banks. mary showing the totals for all the items in the Boston Clearing House weekly statement for a series of weeks: $94,642,300 19.28% The averages of the New York City Clearing House banks and trust companies combined with those for the State banks and trust companies in Greater New York City outside of the Clearing House are as follows: BOSTON CLEARING HOUSE MEMBERS. COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN GREATER NEW YORK. (Two ciphers omitted.) 3,000 4,770,000 4,743,000 4,773,000 Inc. Circulation Loans, disc'ts & investments_ 478,193,000 Dec. 5,508,000 483,701,000 495,295,000 Individual deposits, incl.U.S. 415,140,000 Dec. 12,345,000 427,485,000 441,073,000 108,276,000 Dec. 4,682,000 112,958,000 117,911,000 Due to banks 112,000 16,790,000 16,556,000 16,678,000 Dec. Time deposits 503,000 12,873,000 16,858,000 Exchanges for Clear. House_ 13,376,000 Inc. 67,910,000 Dec. 7,014,000 74,924,000 82,261,000 Duo from other banks 343,000, 57,503,0001 61,392,000 Cash in bank & in F.R. Bank 57,160,000 Dec. Reserve excess in bank and 712,000 11,735,0001 14,909,000 Federal Reserve Bank __ __ 12,447,000 Inc. Week lendedMay 4 May 11 May 18 May 25 June 1 June 8 June 15 June 22 June 29 July July 13 July 20 July 27 Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug 31 Loans and Demand Investments Deposits. Specie. • Legal Tenders. $ 5,280,693,4 4,482,747,3 5,306,258,9 4,415,207.5 5,368,727,3 4,302.189,7 5,335,545,7 4,385,820,5 5,290,958,7 4.422,114,8 5,255,139,0 4,454,909,7 5,293,378,3 4,473,266,6 5,242,919,0 4,433,580.1 5,147,055,5 4.401,117,1 5,107,950,8 4,335,634,9 5,143,094,5 4,328,256,7 5,089,497,1 4,308,018,7 5,058,802,7 4,239,295,8 5,137,068,5 4,295,324,2 5,231,510,0 4,297,646,1 5,281,063,9 4,317,718,7 5,230,921,4 4,314,490,2 5,173,081,5 4,406,150,0 90,948,5 91,076,0 89,303,8 87,653,3 85,129,9 81.594,4 82,146,6 80,450,7 80,119,9 78,499.8 78,372,1 76,008,0 75,037,7 74,037,6 73,349,2 72,650,0 72,410,2 71,853,1 $ 85,057,7 176,000,2 588,899,3 85,279,8 175,355,8 573,373,4 83,001,4 172,365,2 587,941,1 86,740,1 174,393,4 570,237,7 84,442,7 109,572,6 575.891,0 87,724,4 169,318,8 570.049,4 88.257,3 168,403,9 581,941.7 88.787,6 169,238,3 594,047,9 89,726.9 169,846,8 669,593,9 88,676,0 167,175,8 586,136,5 89,309,8 167,681,9 570,046,4 87.138,5 163,146,5 563,383,2 87,536,0 162,573,7 561,439,9 88,453,1 162,490,7 578,552,0 87,040,8 160,390,0 557,064,2 90,058,1 162,708,1 549,748,1 86,569,3 158,979,5 551,742,5 86,335,2 158,188,3 558,574,4 Total Reserve in Cash in DepostVault. tastes. *Included with Legal Tenders" are nat onal bank notes and Fed. Reserve notes ' told by State banks and trust cos.. but not those held by Fed. Reserve members. In addition to the returns of "State banks and trust companies in New York City not in the Clearing House,"furnished by the State Banking Department, the Department also presents a statement covering all the institutions of this class in the City of New York. For definitions and rules under which the various items are made up, see "Chronicle," V. 98, p. 1661. The provisions of the law governing the reserve requirements of State banking institutions as amended May 22 1917 were published in the "Chronicle" May 19 1917 (V. 104, p. 1975). The regulations relating to calculating the amount of deposits and what deductions are permitted in the computation of the reserves were given in the "Chronicle" April 4 1914 (V. 98, p. 1045). Aug. 31 1918. Change from previous week. Aug. 24 1918. Aug. 17 1918. -The Philadelphia Clearing House Philadelphia Banks. statement for the week ending Aug. 31, with comparative figures for the two weeks preceding, is as follows. Reserve requirements for members of the Federal Reserve system are 10% on demand deposits and 3% on time deposit, all to be kept with the Federal Reserve Bank. "Cash in vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve system the reserve required is 15% on demand deposits and includes "Reserve with legal depositaries" and "Cash in vaults." Week ending Aug.31 1918. Two ciphers (00) omitted. Capital Surplus and profits Loans, dlsc'ts & I nvestm'ts Exchanges for Clear Mouse Due from banks Bank deposits Individual deposits Time deposits Total deposits U.S. deposits(not included) Res've with Fed. Res. Bk_ Res've with legal deposit's Cash in vault* Total reserve &.eash held_ Reserve required Excess res. & cash in vault Mentb'rs of F. R. Syn, $29,475,0 76,291,0 579,512,0 24,095,0 129,198,0 163,448,0 433,848,0 3,457,0 600,753,0 Trust Cos. $3,500,0 8,030,0 29,944,0 371,0 28,0 442,0 19,928,0 20,370,0 47,787,0 15,960,0 63,747,0 44,503,0 19,244,0 2,169,0 949,0 3,118,0 2,995,0 123,0 Aug. 24 1918. Aug. 17 1918. 832,975,0 84,051,0 613,842,0 24,595,0 134,081,0 166,494,0 447,692,0 3,452,0 617,638,0 39,454,0 48,231,0 2,180,0 17,771,0 68,182,0 46,617,0 21,535, $32,975,0 84,046,0 616,000,0 24,037,0 134,308,0 162,541,0 447;400,0 3,478,0 613,470,0 44,293,0 53,591,0 2,358,0 17,558,0 73,507,0 46,289,0 27,218,0 Total. $32,975,0 84,321,0 609,450,0 24,466,0 129,226,0 183,890,0 453,776,0 3,457,0 621,123,0 29,660,0 47,787,0 2,169,0 16,909,0 66,805,0 47,498,0 19,367,0 *Cash In vault is not counted as reserve for F. R. bank members. -Following is the report made to the Clearing House by clearing nonNon-Member Banks and Trust Companies. member institutions which are not included in the "Clearing House return" on the preceding page: RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE. Net 1 Capital. 1 Profits. Loans, Reserve National Discounts. Bank with Legal Legal Nat. banks June 29 Investments, et Federal &e. Gold. Tenders. Bilver. . Reserve DeposiState banks June 20 Week Ending Aug. 31 1918. { Mlles. Notes. Trust cos. June 20 • Average. Average. Average. Average. Average. Average. Members of II $ $ $ $ $ $ Federal Reserve Bank S 97,000 1,097,000 15,000 38,000 11,000 501,000 9,373,000 400,000 Battery Park Nat. Bank ___. 585,000 3,000 44,000 127,000 31,000 204,600 3,539,000 200,000 New Netherland Bank 965,000 2,000 3,000 664,500 6,853,000 500,000 W.R.Grace & Co.'s bank- _ 641,000 65,000 14,000 7,000 104,000 300,000 665,000 7,290,000 First Nat. Bank, Brooklyn... 733,000 21,000 77,000 109,000 1,000 603,900 6,340,000 300,000 Nat. City Bank, Brooklyn_ 210,000 883,000 40,000 81,000 177,000 400,000 1,308,200 8,437,000 First Nat. Bank. Jersey CRY 140,000 259,000 5,000 68,000 64,000 250.000 785,100 4,603,000 Hudson Co. Nat.,Jersey City CLEARING NON-MEMBERS. 37,883,000 2,368,000 1,200,000 230,000 371,000 70,000 355,000 662,000 155,000 2,000 269,000 125,000 25,000 5,000 295,000 128,000 126,000 35,000 616,000 423,000 254,000 730,000 448,000 333,000 253,000 411,000 57,000 952,000 204,000 211,000 487,000 103,000 528,000 573,000 1,185,000 1,428,000 242,000 237,000 139,000 Total _ Trust Companies. Not Members of the Fe, rat Reserve Bank. Barn . on Trust Co.,Brooklyn Mechanics' Tr. Co., Bayonne Total Grand aggregate Comparison previous week.. Excess reserve Grand aggregate Aug.24---.. Grand aggregate Aug.17.... Grand aggregate Aug. 10........ flrand saaresrate Ausr. 3 4,200,000 4,481.200 75,282,000 1,663,000 310,000 230,000 259,000 123,000 534,000 316,000 817,000 2,299,000 2,975,000 4,829,000 1,781,000 2,105,000 10,263,000 12,163,000 5,114,000 7,123,000 8,1,18,000 23,81)7,000 4,427,000 362,000 167,000 71,000 02,000 400,000 73,120,000 1,062,000 • . 500,000 1,012,400 200,000 368,600 7,954,000 7,623,000 700,000 1,381,000 15,577,000 7,250,000 10,654,500 137,300,000 -3,501,000 decrease $37,330 7,595.000 11,569,700 140,801,000 7,595.000 11,466,300 142,476,000 7,595,000 11,468,300 154,991,000 7.595.000 11.346.600 153.897.000 a U. S. deposits deducted, $4,878,000. Nations Bank Mattalion. 748,000 5,162.000 5,038,000 205,000 11,000 46,000 110,000 338,000 12,000 Net Time Deposits. 450,000 547,000 2,982,000 612,000 2,350,000 4,792,300 46,441,000 Average. $ 230,000 217,000 Net Demand Deposits. _ Average. Average. damage. S $ $ 7,291,000 80,000 195,006 3,842,000 92,000 5,112,000 720,000 5,684,000 548,000 293,000 5,481,000 459,000 120,000 7,022,000 394,000 3,451,000 469,000 198,000 State Banks. Not Members of the Federal Reserve Bank. 478,000 2,368,000 100,000 Bank of Washington Heights.. 500,000 1,040,300 9,696,000 Colonial Bank 627,100 13,897,000 1,000,000 Columbia Bank 168,800 5,350,000 500,000 International Bank 554,800 7,846,000 200,000 Mutual Bank 573,900 7,549,000 100,000 Yorkville Bank 833,900 23,496,000 Mechanics' Bank, Brooklyn_ 1,600,000 204,600 5,080,000 200,000 North Side Bank, Brooklyn Total Additional Deposits with Legal Depositartar. 369,000 18,000 13,000 29,000 18,000 105,000 91,000 143,000 290,000 394,000 345,000 145,000 5,706,000 1,124,000 4,375,000 3,255,000 387,000 42,000 123,000 234,000 684,000 490,000 10,171,000 4,370,000 2,255,000 1,089,000 2,793,000 3,957,000 10,675,000 7,309,000 a121,174,000 7,809,000 1,200,000 +829,000 +59,000 -7,000 -37,000 -234,000 -3,000 -1,000 -6,000 -301,000 2,261,000 1,390,000 2,794,000 3,964,000 10,712,000 2,295,000 1,038,000 2,660,000 4,160,000 10,639,000 2,329,000 1,511,000 3,064.000 3,997,000 11,115,000 2.760.000 844.000 2.915.000 3,944,000 11,282,000 7,543,000 a120,345,000 7,750,000 8,159,000 a121,107,000 7,715,000 8,047,000 al26,149,000 13,783,000 8.847.000 a126,620.000 13,983.000 1,203,000 1,204,000 1,505,000 1,523,000 THE CHRONICLE SEPT. 7 1918.] Vaulters" Ii azette. 985 to 102.00, L. L. 1st 4s at 94.42 to 95.10, L. L. 2d 4s at 94.12 to 94.60, L. L. 434s at 94.46 to 95.10, L. L. 2d 434s at 94.12 to 94.58, and L. L. 3d 434s at 94.94 to 95.80. For to-day's prices of all the different issues and for the week's range see third page following. -The stock market Railroad and Miscellaneous Stocks. has been decidedly more active than for some time past. It was buoyant early in the week on the favorable news from abroad and expectation that the railroad-contract matter will be settled this week. Practically all active railway shares moved up from 1 to 23/i points and many industrial stocks made a similar record. On Thursday the tendency was reversed, but the reaction was then comparatively unimportant and the volume of business declined to about the recent average. Under the influences noted above and publication to-day of a letter from the "Money Committee" showing its opposition to any enlargement of bank loans for Stock Exchange operations the market to-day was by far the most active in recent months and of a list of 15 prominent issues all except one declined from 1 to 432 points. This leaves the result of the week's operations a good deal mixed-that is, while a majority of the stocks are lower than last week, several are substantially higher. In to-day's session Canadian Pacific dropped 41% points and General Motors 4, the latter closing 7 points lower than last week. On the other hand, St. Paul shows a net gain of 234 points and several issues are fractionally higher. U. S. Steel has again been very much the most active stock traded in. It advanced 53/i points early in the week and lost heavily to-day, now showing a net gain of fractionally more than a point. For daily volume of business see page 994. The following sales have occurred this week of shares not represented in our detailed list on the pages which follow: Wall Street, Friday Night, Sept. 6 1918. -There The Money Market and Financial Situation. has been somewhat more animation in Wall Street this week and the business there less routine and monotonous, especially at the Stock Exchange, than for some time past. This change began with the sharp upward movement in U. S. Steel shares noted last week. There were then suggestions of an old time general advance in market values, but failure of the money market to respond to a demand for call loans thus created and further discussion of the undesirability of additional loan expansion, even if such a thing were possible at the present time, proved too much for the enthusiasm of those who would have been pleased to see the movement go forward. The result has been a declining market, beginning on Thursday and cOntinuing to-day. Other factors than those mentioned have, however, contributed to this result. Even a casual reading of the new War Tax Schedules shows that the measure is the most drastic ever adopted in any country and suggests the possibility of a more or less severe paralysis of business. Then the Government report on the cotton crop indicates a shrinkage of condition to 55.7% for the whole country, as against an estimate of 73.6% in August. In Texas the damage has been most severe, leaving the condition for that State at only 43%. Following this report cotton advanced in this market to 38.20 cents per pound. Reports from the iron industry show that the output for August Range since Jan. 1. Range for Week. Sales STOCKS. was almost exactly 1,000 tons per day less than in July, for Sept. 6. Highest. Lowest. Highest. Lowest. notwithstanding the steadily increasing demand therefor. Week ending Week. On the other hand news of the military operations in Par. Shares $ per share. $ per share. $ per share.8 per share. Jan 80 5 100 France are decidedly favorable for the Allies-the long Adams Express pf.100 100 514 Sept 5 51% Sept 4 50% Aug 103 June Jan 81 100 88 Sept 4 88 Sept Am Sumatra Tob, Aug Apr 65 200 62% Sept 6 64 Sept 3 54 100 delayed railroad contract is believed to be approaching a Associated 011 July 1034 June 100 954 Aug 31 934 Aug 31 8 satisfactory adjustment-foreign Government and foreign Atlanta Birm & At1-100 100100 Sept 5100 Sept 5 9934 _June 102 June Barrett, preferred_ _100 134 Mar Mlning____20 200 134 Sept 3 134 Sept 3 1 City bonds have substantially advanced in this market Batopllas Terminal_100 700 1234 Aug 31 13 Sept 3 634 Jo, 1634 June Ja. Brunswick 200 834 Sept 4 83( Sept 4 754 May 1134 Feb 100 the foreign exchanges have moved steadily in favor I3utterick and May 100 70 Sept 4 70 Sept 4 6334 Jan 71 Calumet & Arizona_ __10 Mar 4154 Apr 100 32 Aug 31 32 Aug 31 26 of New York. Central Foundry_ _ 100 Mar July 110 26 105 Sept 6 105 Sept 6 103 & So Am Teleg_100 The local money market was reported easier on Wednesday Cent Interstate Call__10 360 10 Sept 5 10 Sept 5 734 Apr 13 June Cons Mar 4 July ay has been at the old rate of 6 to 63/g% for call Continental Can, p1_100 500100 Sept. 4 100 Sept31 99 May 105 July but to-d 8 454 100 734 Aug 31 734 Aug Duluth S S& A, pref.100 Jan 3034 Aug 50 300 2734 Sept 6 29 Aug 31 22 loans. Elk Horn Coal. Jan 4334 Aug 6 4254 Sept 3 27 39 -Sterling exchange has been main- Federal M dr 5, pref_100 1,700 100 Sept 4100 Sept 4 9934 June 10334 Jan Sept Foreign Exchange. 250 Gen Chemical, pref._100 Jan 6 4954 Sept General Cigar, Inc. week, without, however, developing any Int Harvester Corp .100 1,600 48 Sept 6 6334 Sept 4 34 Ma 58 June Feb 72 tained during the 6 53 100 600 6234 Sept particularly new features. In the Continental exchanges Int Harv Corp, pref _100 100 10634 Sept 4 10634 Sept 4 95 May 10634 Sept Mar 100 92 Sept 4 92 Sept 4 8834 Ma 98 Int Nickel, pref 100 Mar Jul 90 100 83 Sept 4 83 Sept 4 82 100 Laclede Gas weakness in neutral bills has been evident. 100 10254 Sept 6 10234 Sept 6 10034 June 10734 Mar Liggett & Myers, pf_100 Mar To-day's (Friday's) actual rates for sterling exchange were Lorillard (P) 581 147 Sept 6148 Sept 5 14454 Aug 200 100 Jan 5434 Apr 6 54 Sept 6 47 Stores... May 4 73@4 7334 for sixty days, 4 75 7-16@4 753/i for checks Minn Dept& S S M .100 300 5354 Sept 3 94 Sept 3 8034 Jan 94 Sept 106 94 Sept St P 100 Jan 4 200 50 Acme and 4 7655@4 76 9-16 for cables. Commercial on banks, National& Mex v t c_100 1,000 3134 Sept 6 3134 Sept 6 2654 Ap 33 May 2454 May 24 Sept 3 17 22 Sept N 0Tex Ja i sight 4 75@4 7534, sixty days 4 71%@4 71%, 90 days New York Dock, pref100 100 46 Sept 4 46 Sept 4 42 Sept 48 May Mar 79 100 70 Sept 3 70 Sept 3 70 Norfolk 4West, pref.100 4 70@4 70% and documents for payment (sixty days), Nova Scotia S & C__100 700 66 Sept 5 67 Sept 4 5654 July 70 Aug 4134 3 200 4234 Cotton for payment 4 75@4 7534 and grain Ohio Fuel Supply 25 1,500 65 Sept f 4234 Sept 4 5534 Mar 4654 June 4 71(l4 7134. Jan 7034 Aug 6954 Sept 3 Sept Owens Bottle-Mach 25 Aug 100 109 Aug 31 109 Aug 31 107 May109 100 Preferred for payment 4 75@4 7534. % July 234 Aug 100 234 Aug 31 234 Aug 31 Pacific Mail rights Jan To-day's (Friday's) actual rates for Paris bankers' francs Peoria & Eastern__ _ _100 300 534 Aug 31 I. Sept 3 454 Apr 6 Sept June 5454 5 5454 Sept 6 On Ch & St L_100 3 were 5 5432@,5 55% for long and 5 47g@5 503% for short. PittsS Fran prof A...100 250 54 Sept 3 2834 Sept 3 2574 'AD 30 Jan 21 100 2834 Sept St L Au Aug 300 Germany bankers' marks were not quoted. Amsterdam Sears, Roebuck, pref.100 1,000 116 Sept31 120 Sept 4 116 June 120 Sept 734 Aug 6 674 Sept 3 4 534 ToI St L & W trust recta_ Aug guilders were 47 13-16@46 11-16 for long and 12 Sept 5 12 Sept 5 834 Ma 16 100 bankers' Preferred trust rects Feb Jul 112 200 107 Sept 4 107 Sept 4 104 Underw'd Typew, pf.100 short. Mar 47 15-16(346 15-16 for Jan 50 100 48 Sept 4 48 Sept 4 46 _ United Drug, 1st pf. _50 Exchange at Paris on London, 26.10 fr.; week's range, Vulcan Detln'g, pref_100 120 42 Sept 5 42 Sept 5 2534 Ma 42 Sept 26.10 fr. high and 26.14 fr. low. -One day's trading this week was pracOutside Market. Exchange at Berlin on London, not quotable. tically like another-business limited to few transactions and price changes within a narrow range. To-day's market The range for foreign exchange for the week follows: Checks. Cables. Sixty days. took a weaker turn on a somewhat increased business. Sterling, Actual4 76 9-16 4 75% week___4 73 High for the Motor stocks were about the most active issues. United 4 75 7-16 4 7655 Low for the week__ _4 73 Motors from 323 advanced to 3338 but reacted to 3134, with % Paris Bankers' Francs 5 47 5 46 week_ __5 53 High for the the close to-day at 313%. Chevrolet Motor rose from 129 5 50 5 49 Low for the week_ --5 543i to 131 and fell back finally to 127. Standard Motor ConAmsterdam Bankers' Guilders 50% 51 % % High for the week__ _ 50 5-16 struction sold down from 123 to 125 . Aetna Explosives, 47 473 Low for the week_ _ _ 46 11-16 Ice % % -Chicago, par. Boston, par. St. Corn. weakened from 113 to 103 . Burns Bros. Domestic Exchange. corn., after an early rise from 383% to 39, declined to 373%, Louis, 25c@150. per $1,000 discount. San Francisco, par. then recovered to 387 . To-day's business was down to % Montreal, $20 00 per $1,000 premium. Cincinnati, par. 363/3. A few shares of General Asphalt coin. changed hands at the down from 3134 to 30. Keystone Tire & Rubber corn. lost Railroad Bonds. -Sales of State bonds State and Board are limited to $220,000 Virginia 6s, def. tr. rects., at a point to 17. Submarine Boat improved at first from 18 to 183/2 but lost a point subsequently and closed to-day at 57% to 65. 5 The market for railway and industrial bonds has been dull 17%. Wright-Martin Aire. corn. went up from 8% to 8% and neglected, attention having been absorbed by enormous and declined during the week to 8, to-day's business carry3 Loan and foreign issues, both of ing the price down to 7%,the close being at 7%. Oil stocks dealings in the Liberty were extremely quiet. Houston Oil corn, dropped from 79 which have been in request and have advanced. Of the railway issues Lehigh Valley 6s, w. i., have been to 78 and to-day to 753%, with a recovery to 77 at the close. failed to maintain the price at Island Oil & Trans. improved from 334 to 33% but reacted by far the most active, but 3 which they closed last week. They are, however, only finally to 3%. Sinclair Gulf Corp. lost about a point to 16. % point lower. Interboro Rap. Transits are conspicuous Mining stocks without material change. Bonds in fair defor an advance of 1% points. Rock Island 4s and So. Pac. mand and show fractional improvement. Ruskian Govt. cony. 4s are fractionally higher. On the other hand, as 6%s advanced from 59 to 63 but reacted finally to 59%. against these, in a list of 15 representative bonds dealt in The 53/28 after an advance of half a point to 583% dropped 11 have declined and one-Steel 5s-is unchanged. to 55. A complete record of "curb" market transactions for the -Sales of Government bonds at United States Bonds. 994. •the Board this week include only Liberty Loan 33/26 at 101.50 week will be found on page 986 New York Stock Exchange-Stock Record, Daily, Weekly and Yearly OCCUPYING TWO PAGES For record of sales during the week of stocks usually inactive, see preceding Page. HIGH AND LOW SALE PRICES -PER SHARE. NOT PER CENT. Saturday Aug.31 Monday Sept. 2 Tuesday Sept. 3 gednesday Sept.4 Thursday 1 Sept. 5 Friday Sept. 6 Salesfor the Week Shares STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range since Jan. 1. On basis of 100 -share tots. PER SHARE Range for Previous Year 1917 Lowest. Highest. Lowest. Highest. $ per share $ per share $ per share $ per share Railroads Par $ per share. $ per share. $ per share $ per shard 8718 88 87 87 4 86 87 3 8514 861 7,700 Atch Topeka & Santa Fe_ _10081 Mar23 88 May15 75 Dec 107.2 Jan *8118 8218 81 8112 80 4 80 4 *8012 8112 3 3 400 Do pref 100 80 Jan30 85 June26 75 Dec 10012 Feb 9834 983 *97 4 99 *97 99 *94 98 600 Atlantic Coast Line RR 100 8938 Apr22 983 Sept 3 x797 Deo 119 Jan 4 8 57 573 4 563 5714 55 564 575 4 563 19,000 Baltimore & Ohio 4 100 49 Jan24 5734 Sept 4 3814 Dec 85 Jan 5534 56 5534 5534 *55 56 55 55 400 Do pref 100 53 Apr25 -574 Jan 5 4814 Dec 767 Jan 3818 385 8 39 40 *3814 3914 39 39 960 Brooklyn Rapid Transit 100 36 June26 4814 Jan 2 36 Dec 82 Jan 164 1647 1623 16414 1623 16418 1591 1643 14,300 Canadian Pacific 8 4 4 8 100 135 Mar25 1727 Aug24 126 Dec 10738 Mar 583 598 59 4 593 4 5838 588 5712 588 8,000 Chesapeake & Ohio 100 4934 Jan15 60 8 Mar14 3 42 Nov 6534 Jan 8 8 7 4 818 *712 814 3 600 Chicago Great Western 100 712 712 6 Apr 9 834 Jan 2 6 Dec 1418 Jan 2478 25 245 25 25 251 2412 2412 900 Do pref 100 1813 Apr 9 2518 Aug29 1718 Deo 4134 Jan 513 5214 515 5218 5138 52 4 50 54 40,020 Chicago Milw & St Paul_ 100 3714 Apr22 54 Sept 6 35 Nov 92 Jan 80 4 8118 8012 8034 80 3 81 78 80 7,600 Do prof 100 664 Aprll 8112 Sept 3 6218 Dec 12518 Jan 943 948 943 95 4 95 9514 9414 95 4 1,234 Chicago dc Northwestern...100 8912 Mar25 9514 Sept 6 85 Deo 12414 Jan *129 137 *129 137 *129 137 *130 137 Do pret 100 125 July15 137 Jan29 13718 Deo 17218 Feb 2812 2714 2638 2714 2634 274 2513 263 19,700 Chic Rock Is!& Pao temp Ws. 4 18 Apr22 2712 Sept 5 18 Dee 3813 June 8118 82 8114 8214 79 4 813 82 813 4 5,000 7% preferred temp ctts____ 563 Jan15 8214 Sept 5 4 44 Dec 8414 Apr 6812 6914 683 69 6818 6878 6734 683 4 4 8,100 6% preferred temp ctts___ 46 Jan15 6914 Sept 3 3534 Dec 71 Apr 7 38 35 *35 36 *35 36 33 33 500 Clow Cin Chic & St Louls-100 26 Feb21 38 May14 24 Nov 51 Jan *67 80 *65 80 *60 80 *68 80 Do pret 100 583 May 7 67 Aug28 4 613 Oct 80 Jan 4 2218 23 *2234 2312 22 22 *22 23 600 Colorado & Southern 100 18 Apr22 2314 May29 18 Nov 30 Jan 51 51 *5012 68 *5012 60 *51 56 100 Do 1st prof 100 47 Apr 3 51. Sept 3 447 Nov 5718 Jan 44 44 *44 47 *44 47 *44 47 200 Do 2d pref 100 40 Apr 4 45 Mar14 41 Sept 46 Mar *107 110 110 110 *10912 111 *10912 11212 100 Delaware & Hudson 100 10013 Aprll 11518 Feb 1 87 Nov 15178 Jan 183 183 185 185 *182 195 *182 185 300 Delaware Lack & Western.-50 160 Apr17 185 Sept 4 18711 Dec 238 Mar *4 5 *4 5 413 412 *4 6 100 Denver & Rio Grande 100 214 Jan 4 6 Jan 3 6 Dec 17 Jan *II 7 7 74 *63 4 714 *63 4 74 500 Do prof 100 97 Dec 41 5 Apr23 1338 Jan 2 Jan 157 1612 164 163 4 1614 1638 1512 1614 19,000 Erie 100 14 Apr17 17 May15 / 1 4 1318 Deo 3434 Jan 33 333 4 3334 34 3312 3312 3118 3338 7,500 Do 1st pret 100 231s Jan16 35 May14 183 Dec 494 Jan 4 *2314 23 4 24 3 *2312 24 2312 2312 24 500 Do 2d pret 100 1812 Jan25 2434 May14 1518 Dec 3934 Jan 9314 9312 93 9312 9314 934 9214 93 2,200 Great Northern pret 100 86 Jan15 9312 Aug27 794 Dee 11814 Jan 33 3314 33 3312 33 3338 3218 33 11,700 Iron Ore properties_No par 2518 Jan15 343 May16 8 223 Nov 381s Mar 8 97 97 9614 964 *9512 9612 9614 964 300 Illinois Central 100 92 Jan 7 9818 Aug13 853 Dec 10638 Jan 4 *63 4 714 7 7 14 714 714 714 714 1,100 Interboro Cons Corp__No par 6 4 Mar25 3 912 Jan 3 53 Dec 1718 Jan 4 *32 333 3318 3312 33 4 3314 34 33 1,000 Do pref 100 33 Sept 6 4713 Jan 3 3912 Dec 7214 Jan 193 20 8 1918 19% 1918 1912 1814 187 8 3,100 Kansas City Southern... 100 1518 Apr17 20 May16 1312 Nov 2578 Jan 54 54 *53 554 *53 55% *53 55 100 Do pret 100 45 Jan 5 5518 Aug14 40 Nov 5818 Jan *7 10 *812 10 *812 10 8 4 83 3 100 Lake Erie & Western 4 712 Aug22 104 Feb19 100 812 Nov 2514 Jan *20 22 23 23 22 22 20 20 300 Do pref 100 Apr23 23 Sept 4 18 23 Oct 5334 Jan 603 613 4 4 6114 613 4 61 6138 6078 61 3,700 Lehigh Valley 50 55 Jan15 627 Marll 8 50 8 Dee 7912 Jan 3 *115 11612 116% 11612 *1154 1174 *115 11612 600 Louisville dc Nashville_100 110 Jan 2 118 Mar14 103 Dec 13334 Jan 1114 118 113 117 *10 4 113 *103 1114 2,400 Minneap dc St L (new)._ _100 4 8 3 4 4 712 Apr17 117 Sept 3 8 678 Dec 3214 Jan $12 0 8 6 6' 2 03 4 618 $I,L 634 7,400 Missouri Kansas & Texas_100 43 Jan 5 612 Jan 2 312 Dec 11 Jan 1018 1114 113 12 *1112 12 4 1114 1112 700 Do pret 100 612 Jan29 12 Sept 4 7 Nov 20% Jan 247 2618 2512 26 2538 2618 2418 2538 43,800 Missouri Pacific tr otts 100 20 Jan15 264 Sept 5 197 Nov 34 Jan s 59 59% 5813 593 4 5814 5814 58 58 2,600 Do prof tr etre 100 Jan15 593 Sept 4 41 4 3712 Dee 61 Jan 745 7612 7538 7612 7514 76 8 7314 7538 32,909 New York Central 100 6718 Jan15 7612 Sept 3 6212 Dec 103% Jan 443 4518 4438 45 8 433 454 433 4518 69,300 N Y N II & Hartford-A0° 4 4 27 AprIl 457 May29 2112 Sept 527 Jan 22 227 2212 224 22 2214 22 22 4,200 N Y Ontario & Western-100 1814 Jan22 23 July 9 17 Nov 294 Jan 1077 1077 10713 10712 10638 10638 106 10614 1,500 Norfolk & Western 8 s 100 102 Jan24 1083 May14 3 925 Dee 13858 Jan 8 907 9118 903 9114 9038 91 9018 9038 5,400 Northern Pacific 4 100 813 Jan24 9112 Sept 3 75 Deo 11014 Jan 44 4414 44 4414 4418 44% 4378 444 13,322 Pennsylvania 50 4314 June27 4714 Jan 2 4014 Deo 573 Jan 143 153 4 154 15% *151 16 137s 147 8 2,700 Pere Marquette v t 0 ____100 912 May 1 1614 June27 12 Dec 36% Jan -- ---61 61 *5918 62 4159 62 61 61 300 Do prior pref v t c___100 5218 Apr 3 01 Sept 3 45 Nov 7318 Jan ---- --- *40 *3818 41 41 *3818 40 Do prof v t o 100 30 Apr 5 40 Aug13 37 Oct 57 June 544 ifili g 3618 37 3534 3618 35 *3614 37 36 2,100 Pittsburgh & West Va._ _100 2258 Jan 2 3812 June21 18 4 Dec 3534 June 3 4 .78 7914 0 *78 80 *78 7918 7912 78 80 78 300 Do prof 61 100 Jan10 81 Aug13 5338 Apr 68 Jan 9012 91 9018 9112 904 92 9013 913 92 4 89 79,600 Reading PI 50 7018 Jan15 95 June27 604 Nov 10414 Jan *3512 3818 *35 3912 *35 40 *35 40 4135 40 Do 1st pret 50 35 Jan12 39 May15 34 Nov 45 Jan <4 *37 39 39 *37 3912 *37 *37 3912 *37 39% Do 2d pret _5 35 Mar30 40 July 6 337 Dec 4512 Jae ,-1 *1112 12 1218 12 1214 1214 1212 1212 *12 12 400 St Louis -San Fran tr ctte_100 93 Apr 3 14 Jan 2 s 12 Dec 2638 June *19 223 4 I *19 223 *2014 223 *204 2234 *2014 223 4 4 St Louis Southwestera__100 4 191 Mar12 2314 May15 22 Deo 32 Jan *3112 3712 p *3112 3712 *3113 3712 *3118 37% *3113 37 2 Do pref , 334 Aug13 4012 Jan 3 100 34 Dec 53 Jan 73 8 8 918 83 4 93 s *813 9 738 838 13,750 Seaboard Air Line 100 7 Apr17 I.1 O's Sept 3 714 Deo 18 Jan 2034 2112 2118 23 2213 2212 22 22 2014 2218 8,900 Do prof 100 1518 Apr19 23 Sept 3 167 Dec 3912 Jan 8 8714 877 s ' 7 87% 88 873 8812 8738 88 8512 87 22,425 Southern Pacific Co 4 100 804 Jan24 893 Aug26 8 753 Deo 9812 Mar 4 o 2538 2638 27 2814 273 283 4 8 267 277 8 2538 2714 94,860 Southern Railway 100 20 8 Apr30 283 Sept 4 3 8 2112 Dee 3338 Jan 68 6137 11 P-1 6712 6812 6314 694 6858 69 674 6818 7,250 Do pret 100 57 Jan21 6914 Sept 4 5138 May 704 Jan 1458 1438 0 1518 1512 157 1612 *157 163 s 8 4 157 157 3,200 Texas & Pacific 100 14 May 4 197 Feb20 8 1138 Nov 1934 Jan *43 45 *43 45 43% 4314 45 *4212 45 .43 100 Twin City Rapid Transit_ 100 3918 June13 6514 Jan31 62 Deo 95 Jan 12814 129 41 z12612 1273 127 1284 12658 12718 12218 127 4 30,400 Union Pacific 100 1093 Jan15 129 Aug31 10114 Deo 14918 Jan *71 713 4 *695 70 8 0 41693 7012 *69% 70 6938 69% s 100 Do pret 69 Jan 3 744 Marll 100 6914 Deo 85 Jan *8 84 812 82 *8 43 Jan15 12 June27 812 8 8 *8 812 400 United Railways Invest_100 414 Dec 1138 Jan X *13% 15 15 1512 *1412 15 2 *144 15 700 Do , pret 100 iota Apr 9 20 May 7 14 14 1114 Dec 2334 Jan 97 -'1 9,2 93 10 4 93 10 4 91s 912 6,000 Wabash 955 9% 100 7 Apr26 113 July 8 4 7 Nov 153 Jan 3918 393 pi 3934 40 397 40 40 4038 3834 40 8 7,60C Do prof A 100 37 Aug 2 4412 Jan 2 3614 Dec 58 Jan *2312 25 8 2414 247 s 2414 2414 1,300 247 247 2438 24' 100 Do pret B 2014 Jan15 2612June26 C.) 18 Dec 3012 Jan *143 15 3 15 153 8 143 1514 154 1538 15 15% 2,000 Western Maryland (new)..100 4 13 Jan15 174 Feb15 12 Dec 23 Apr X 4127 30 *27 30 *29 30 *29 30 *29 30 Do 2d pret 20 Jan29 32 June22 100 20 Dec 41 Mar *18 187 8 44 19 19 1914 192 4118 20 *18 20 300 Western Pacific 100 13 Jan 2 2412 June20 1012 Dee 1812 May *8012 615 8 613 613 4 4 62 62 *6114 63 *61 63 400 Do preferred 100 46 Jan 3 64 June27 3512 Dec 48 July w *818 012 9 9 9 914 94 914 *9 914 1,000 Wheeling & Lake E Ry_100 8 Apr22 1014 Jan 2 712 Deo 227 Jan *18 20 o *1812 21 *18 2012 *18 *19 20 Do 204 preferred 171 Apr17 223 Feb18 100 4 185 Nov 50% Jan 8 *36 39 *36 39 *36 39 *38 39 *36 39 Wisconsin Central 34 May 2 3912 Jan 3 0 100 33 Dec 544 Jan Industrial & Miscellaneous *165 1753 8 t: *1658 1738 *1658 1738 163 1634 16 4 100 500 Advance Rumely 1638 11 Jan19 18 July18 712 Nov 1812 Jan *48 473 4 *40 `" 48 47 47 47 47 4818 461 400 Do pret 257 Jan 9 48 Aug28 8 100 19 Oct 3718 Jan -----. _---__ ____ _- ____ ____ ___ __ Ajax Rubberino 49 Jan 2 6514 July18 "4518 Dec 80 Jan 50 318 318 3I8 318 318 31s 34 314 3 318 2,300 Alaska Gold Mines. 14 Apr27 10 438 July 5 1 Deo Ills Jan *178 2 17 1% 2 1% 2 17 178 1% 3,400 Alaska Juneau Gold Min'g-10 14 Apr 1 318 June21 818 Mar 13 Deo 4 *3234 33 33 33% 3258 3314 3212 323 4 314 3212 7,300 Alits-Chalmers Mfg v t 0_100 173 Jan15 37 May24 15 Dec 3238 May *8312 8412 *8312 8418 *8312 8418 8414 8414 84 8414 800 Do preferred v t o____100 7214 Jan 4 8812 May24 65 Dee 867 Mar 8 *98 100 4198 100 98 9812 9713 9712 *95 99 300 Amer Agricultural Chem..100 78 Jan 2 99 Aug23 72 Dec 9513 May 4190 94 *90 94 *90 94 *92 94 .92 94 Do pret 8918 Jan17 101 Aug27 100 91 Deo 10312 Jan 70 70 7018 7012 7018 7013 6918 70 6812 70 1,400 American BeetSugar 100 64 June10 84 Feb27 63 Deo 10218 Feb 4182 95 *82 95 *82 95 *82 95 *82 95 Do prof. 100 83 June22 9112 May 8 7812 Deo 98 Jan 47 47 47% 473 4 4713 477 8 467 4712 46 473 8 7,900 AmericanCan 100 345s Jan15 503 May17 4 2018 Nov 53 May *93 94 3 *93 94 *93 94 94 94 *933 94 4 200 Do pret 100 894 Jan23 97 Apr30 87 Dec 11112June 853 867 * 412 88 8 s 8614 8712 8814 87 1 871 800 American Car & Foundry.100 6814 Jan14 87.2 Sept 4 57 Feb 8038 June 4 1093 110 *109 11118 *109 111 --------250 100 106 Jan 3 1108 May 1 100 Nov 1183 May __ Do pret 4 43 43 4314 433 *43 4338 423 43 42 4312 4,500 American Cotton 01 100 25 Jan16 43 Aug20 3 21 Deo 504 Jan *77 90 *77 90 *77 90 *77 90 *77 90 Do prof 100 78 Mayl , 84 May22 80 Dec 10112 Jan 1914 193 3 20 2138 213 221 8 207 213 30,700 American Hide & Leather.100 s 11% Jan10 2218 Sept 4 4 1912 207 8 10 Feb 174 Mar 8714 8818 89 933 4 917 93 8912 9112 88 90 15,700 Do pref 50 Jan 2 9418 Aug24 100 4314 Deo 75 Jan *3218 33 • 33 33 3278 327 31 8 3118 32 31 500 American Ice 100 1118 Jen 2 358 Aug13 87 July 167 Aug 8 8 *49 5012 50% 503 4 5012 5018 51 5112 *49 51 1,300 Do preferred 382 Jan16 53 May13 100 35 Dec 55 July 5414 5414 544 5412 51 544 5438 541 533 5418 1,600 Amer International Corp..100 4 52 Apr25 5812 Feb 1 46 Oct 6234 Aug 414 4112 4112 4118 413 417 42 4114 423 8 42 4 6,300 American Linseed 100 27 Jan 7 43 Aug10 153 Feb 291s Aug 4 *773 78 2 4 , 7818 7814 7814 7814 78 783 4 7812 797 4,100 100 Do pret 6914 Jan 7 8112 Jime13 48 Fob 75 Nov 6018 6818 664 6712 6714 677 6612 6734 8,600 American Locmotive .. s 6714 68 5318 Jan15 713 May16 100 4 4638 Dee 823 Jan 4 4198 99 *9713 98% *9718 99 *97 100 *971 99 Do prof 100 z95 Jan 4 100 Feb18 93 Deo 106% Jan *5 54 *5 3 6 *5 54 3 54 518 200 American Malting 518 54 5 July16 1318 Feb 6 100 84 Dee 19% Mar *42 44 . *42 45 *42 44 *42 437 4141 43 Do 1st pref 4212 Apr25 581s Feb 6 100 50 Deo 711 July : *126 140 *126 130 *12612 140 *12612 140 *12812 140 American Shipbuilding_ _100 90 Feb21 144 May14 88 Nov 93 Nov *77 78 *7712 7812 783 7955 7918 805 4 s 7812 80 4 23,800 Amer Smelting & Renntng.100 3 73 May28 8618 Feb10 6738 Dec 1123 June 4 *10414 105 *10412 10512 *10412 10512 104 104 10312 10418 300 Do prof 10Q 103.8 Sept 6 1063 Mar 2 z994 Nov 11718 Jan 4 7855 78% 7912 813 81 4 813 83 827 4 8 81 823 15,100 Amer Steel Foundries_ ..100 58 Jan15 83 Sept 4 5018 Dec 75 June 110 3 111 3 z109 110 8 1087 10912 108% 10918 1077 109 s 98 Jan10 116 May15 6,400 American Sugar Refining WO 89% Nov 126% June *1094 11212 *106 112 *107 10712 *107 10718 10812 10812 100 Do pret 100 10814 Mar23 11312 May 8 100 Dee 12112 Jan 125 125 125 126 12212 124 1221 123 12011 12412 13,600 Am Sumatra Tobacco..... O° 3 00 Jan 5 145 May24 30 May 6212 Dee 9818 *97 98 9814 977 983 s s 93 9812 9755 983 4 4,500 Amer Telephone & Teleg-100 9058 Aug 5 10914 Feb 1 953 Dec 12812 Jan 4 1624 16214 164 1648 1623 163 161 16214 *160 163 1,100 American Tobacco 100 14012 Jan 5 170 May13 123 Dec 220 Mar *93 96 95 95 *94 98 *94 95 *93 94 100 Do pret (new) 100 93 May27 99 Feb23 89 Deo 1093 Jan 4 *5814 5818 *5718 5812 573 6838 5712 5712 5712 58 1,300 Am Woolen of Mass 100 Jan15 607 May24 4438 8 3718 Feb 583 June 4 9512 9512 *95 96 95 95 95 953 *943 95 4 4 4 3 400 Do pret 92 Jan 4 957 Mar12 100 s 87 Nov 100 June *3612 38 3734 33 14 38 38% *36 38 3412 37 4,100 Am Writing Paper pret_100 ' 2014 Aprll 393 Aug28 17 Nov 514 Mar s *17 1712 17 17 174 1718 1718 1718 1614 17 2,200 Am Zinc Lead & S 25 127 Jan18 213 July 3 s s 1012 Dec 41% Jan *4912 52 51 52 *4913 51 51 51 51 51 500 Do pref Jau 2 5314 July 1 25 41 3912 Dec 7212 Jan 68 883 8 684 683 6838 6914 69 6978 67 693 60,800 Anaconda Copper Mining_50 x5913 Jan18 7112 May16 4 5118 Nov 87 May 10318 1033 4 10412 10112 103% 10412 *10318 105 10214 10314 2,400 All Gulf & W I 88 Line___100 975 Jan 5 12014 Feb18 8738 Sopt 12112 Jan 4164 65 *6318 65 *64 65 *64 65 *64 05 Do pref 100 68 Jan 5 65 July 9 54 Feb 66 Jae 93% 94 9234 9478 9338 9431 9314 9414 91 9514 47,100 Baldwin Locomotive Wks 100 5618 Jan15 10134 May18 43 Fob 7612 July --___ *100 102 *1014 202 ___ Do Vet 100 93 Jan 2 10058 Aug 8 03 Deo 10212 Jan .;iii" li*91 94 *93 9418 *93 944 933 IN s 4N Barrett Co (The) 85 Jan 4 05 June29 100 82 Dec 13(1 Jan 85 8612 8612 87 8618 8612 8412 85 1,100 Bethlehem Steel Corp____100 7414 Jan15 00 May18 0814 Dec 515 Jan -ilia iiii 847 86 8 4 853 8738 8512 8678 837 864 57,500 Do class B common. 100 7238 Jan15 94 May16 z6618 Dee 156 June 10418 10414 1045 1015s 10112 10412 10418 10438 8 9812 Jan15 1067 Apr29 800 8 93 1)00 10118 Oat Do cum conv 8% prof__ -271, -273; 273. 271, 263i 2711 27 26 0, 27 2s4 6.000 Booth Figherles 21 Jan21 2812 Soot 5 Ns par •Bid and asked priceir no sales on this day. I Er-rights. 4 Leds.thau 100 shares. a Its-div. and /Uhl& a Bs -dividend. b Before payment of first installment. $ per share $ per share 8718 8712 8134 813 4 97 98 56 5612 *55 553 4 *3814 39 16318 1643 4 58 583 4 *712 8 *24 25 513 517 4 8018 81 *94 95 *130 135 26 267 7914 80 4 3 87 4 6814 3 35 35 .60 80 *2112 23 *484 5012 *42 44 *108 11038 *18112 182 *4 5 *64 7 153 153 8 4 3218 33 *23 233 4 *9212 934 3258 323 4 *96 97 .0% 718 413218 34 1878 193 3 *5218 54 *814 10 *20 22 6018 60 4 3 116 116 11 11 512 52 *10 1012 24 247 58 58% 7414 75 44 443 4 214 2218 *104 10718 9014 9038 >4 437 441 5 ., 4 New York Stock Record-Concluded-Page 2 987 For record of sales during the week of stocks usually inactive, see second page preceding. -PER SHARE, NOT PER CENT. HIGH AND LOW SALE PRICES Monday Sept. 2 Tuesday Sept. 3 Wednesday Sept. 4 Salesfor the Week Shares STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range since Jan. 1. On basis of 100 -share lots. PER SHARE Range for Previous Year 1917 Thursday Friday Sept. 5 1 Sept. 6 Lowest. Highest. Lowest. Highest. 1 Industrial&Mise.(Con.) Par $ Per share. $ per share. $ per share $ per share per share 5 per share $ Per share $ per share $ per share • IS per share 14812 1483 14812 149 4 148 14812 1473 14812 1431 14714 5,400 Burns Bros 4 100 108 Feb 5 149 Sept 4 / 4 89 Jan 12514 Apr 11 / 4 1118 111 11 *11 *107 1112' 8 11121 11 1118 1,000 Butte Copper & Zinc v t c_.5 8 87 Apr 25 1278 July10 2578 2612 257 2638 2614 273 8 2612; *26 4,100 Butte & Superior Mining__10 3 26 27 1612Jan 2 3312 May14 123 Dec 5214 Jan *4013 42 California Packing____No par *4112 4212! *4012 413 *4012 4112 41 3612Jan 3 4512 May10 3334 Nov 4214 Aug 2012 2014 2058 195 2012 3,100 Californai Petroleum 2012 -iii- 16 " 20 *19 8 100 12 Jan 7 2138 Junel 104 Dec 30 Jan / 1 / 1 4 6312 64 63 63 Do pref 1,100 64 4 64331 6312 64 *-- 633 38 Jan 5 6438 Sept • 100 2912 Nov 62 Jan / 1 4 6934 7033 6914 7014 69 7014 70 100 693 8! 674 698 9,100 Central Leather 61.2Jan 15 7338Feb 27 55 Dec 10112June *103 105 pref *103 105 --- - *104 106 ,*103 106 Do 100 10212 Mar14 z107 Mar 8 97 Dec 11578 Jan 341 341 -3414 3412 3433 3412 3412 3412 1,850 Cerro de Pasco Cop__ No par / 4 3418 3414 2914 Mar 6 3512 May16 25 Dec 41 Feb 8812 87 87 *87 88 *86 6814Jan 2 95 Feb 25 100 87 8814 1,900 Chandler Motor Cat881/ 1 88 3 56 Nov 10434Mar 1614 1614 1618 1614 163 1612 161 1614 2,000 Chile Copper 161 1614 / 4 1412 Apr 4 175 / 25 4 3 8Jan 2 1114 Nov 2752 Mar 3934 397 40 4014 40 8 4058' 393 3014 2,900 Chino Copper 3 4 5 393 3934 4 / 1 4 36.33 June10 47 May16 3512 Nov 633 Mar 348 Jan 29 5412 May24 475 4918 4812 493 / 1 4712 4712 5 4714 48 1 468 474 8,200 Colorado Fuel & Iron__ _100 2034 Nov 58 June 3 3514 3533 347 3514 3,600 Columbia Gas &Elec 3518 3533 3533 353 2834 Mar25 374 Aug 21 100 8 3 3514 35 4 / 1 2558 Nov 477 Apr *8912 90's 893 90 90 90 00 1 8933 898 1,000 Consolidated Gas( N Y)._100 4 4 823 July15 9212Feb 7 90 7612 Dec 13435 Jul 500 Continental Can. inc 71 713 *715 72 3 *701 72 / 4 8 7014 6778 May10 95 Feb 19 70 100 *7014 72 76 Nov 10314June 8 435 444 433 4413 4318 4312 42 8 8 433 18,900 Corn Products Refining 100 / 1 43% 435 8 2978 Jan 15 458 July18 18 Feb 37 July / 1 4 Do prof *10018 10012 *100 1003 •100 1003 *100 1003 *100 100% 4 100 z9012Jan 7 102 July 2 4 4 8812 Nov 11238 Jan 69 3 6912 6812 6912 68 6712 6812 663 683 10,900 Crucible Steel of America_100 458 Dec 917 4 69 52 Jan 12 747 May16 8 0olt 100 *9012 91 Do prof 91 91 *90 *90 91 91 91 *90 100 4 86 Jan 31 913 June 4 83 Dec 11734 Jan 3158 31 31 3 311 313 / 4 3133 307 3114 301s 308 12,700 Cuba Cane Sugar____No Par 8 2712 Apr 10 337g Feb 20 2478 Nov 55 Jan / 1 4 2,600 8112 8012 81 Do pref *8012 82 *8012 82 100 80 80% .80 / 1 4 78 Mar25 83 Feb 18 747 Dec 944 Jan / 1 5712 25,300 Distillers' Securities Corp_100 z33 Jan 2 643 May24 5814 59 58 583 4 563 588 565 5714 55 4 11% May 4414 Oct • *83 4 4,300 Dome Mines, Ltd 912 93 4 9% 4 93 s 93 6 June19 10 Jan 4 918 9% 9 9 10 612 Nov 243 Jan *2812 2912 / 4 2834 29 8 2912 2958 2912 291 1,300 Gaston W & W Ine__No par 2634June19 39 Feb 13 2913 295 28 Feb 4113 Aug 800 General Electric 14614 14614 14714 14714 148 14833 14714 14714 147 14712 100 1273g Jan 7 153 May16 118 Dec 1713 Jan 8 8 127 130 1 1247 1313 10,710 General Motors Corp *130 136 126 133 12212 126 100 1063 Jan 15 164 Aug21 7412 Nov 14618 Jan s 400 79 8 783 78%' *78 78 Do 78 .7812 80 7812 78 prof 100 78 Sept 3 88 Feb 1 723 Dec 93 Jan 4 8 463 4612' 46 46 *4412 453 *45 453 *45 4 4 47% 2,900 Goodrich Co (B F) 38 Jan 2 z5014 Feb 5 100 3214 Dec 6114 Jan *993 10018 100 1001 10012 10012 *933 10018 / 4 4 800 • Do Prof *9934 10018 96 Jan 10 10012 Sept 5 39138 Dec 112 Jan 100 1,100 Granby Cons MS & P---100 82 84 1 82 82 83 83 83 *82 83 *82 Jan 25 84 Sept 5 74 65 Nov 9238 Jan 2,500 Greene Cananea Copper 100 4535 4478 45141 443 447 45 45 45 / 45 1 4 45 38's Jan 17 4535 Sept 4 34 Nov 47 Jan 4' 823 84 .2,800 Gulf States Steel tr etts 100 8434 843 8412 87 80 4 8112 3 85 84 / 4 7912 Aug 27 1111 Apr 25 77 Nov 137 Jan _ 10212 10212 *---- 10212 Do 1st pref tr ctts *____ 10212 *____ 10212 * 10_ 9912Aug 1 102 Jan 10 10112 Nov 110 June 46 4 4538 46 1 45 4614 463 48 1,400 Haskell & Barker Car .No par *46 *4614 4712 34 Jan 5 49 July30 / 1 4 2712 Nov 40 June 5378 5414 533 5412 5212 5435 20,500 Inspiration Cons Copper_ 20 5314 54 533 5312 8 4233 Jan 15 563 May16 4 38 Nov 6612June 1712 *16 *1613 1712 *1612 17% *16 1712 *16 Internet Agricul Corp___ _100 1714 10 Jan 8 19 June20 7 4 Nov 217 3 13Mat 8 6214 6214 625 6253 6218 6218' *6112 62 63 700 *62 Do prof 38 Jan 5 65 June18 26 Nov 6012July 100 / 1 4 127 127 *126 128 1 127 127 *126 128 *12612 1273 300 Intern Harvester of N J 100 11112Jan 2 1313 May 8 100 4 Nov 123 Jan 4 4 3 283 4 2734 2812 2712 28 28 2612 28 2818 28% 12,800 Int Mercantile Marine. 10O 21 Jan 15 313 Feb 23 1718 Dec 367 Mar 8 1023 103% 10238 10312 102 1023 993 10318 55,000 4 102% 10314 Do prof 83 8Jan 2 10912June 1 3 6233 Feb 10612 Oct 100 8 2934 30 2912 295 2912 293 4i 2914 2934 3,000 International Nickel (The)25 4 29% 293 8July 8 27 Jan 15 315 24 Dec 473 / 1 4 2Mar 36 36 *3512 3612' 344 35 3518 3512 3514 / 1 35 2,100 International Paper 100 241s Jan 15 4512 May15, 1812 Nov 4953 Jan 6012 6012 62 60 59 62 1 *61 62 60 60 500 Do stamped pref 58 Jan 22 6512 Jan 3: 5014 Nov 77 100 12.111no 48 *47 48 *47 *47 4812 473 473 48 *47 4 100 Kelly-Springfield Tire___-25 41 Apr 2 513 July30; 367 Dec 6415 Jan 4 8 337 34% 337 3435 343 347, 34 3 34 34 345 12,000 Kennecott Copper____No par 8 29 Mar25 347 May101 26 Nov 501gMat 857 86 8 86 85 8512 857 *84% 84% 8' 84 854 4,800 Lackawanna Steel / 1 100 sJan 12 9133 May16' 68 Nov 10378June 733 2014 *1912 21 20 2018 2033 *1912 2012 20 20 600 Lee Rubber dr Tire__ _No par 12 Apr 2 225 July30 1033 Nov 30 Jan 2812 *28 *28 284 28 / 1 28 2812 *28 28 400 Loose-Wiles Biscuit tr ctfa_100 28 17 Jan 8 31 Aug 11 121 Nov 274 Jan 12 / 4 1)1 . / 1 4 77' 61 , 2 *7712 81 *7712 81 *7712 81 *7712 81 Do 2d prof 100 53 Feb 15 75 July30 55 Jan 64 Jan *75 79 *75 79 *75 79 79 *74 *7412 79 Mackay Companies 4 713 Junel8 7812 Feb 28 100 70 Nov 893 Feb 4 A *6412 654 *6412 6512 *6412 69 *6412 65 / 1 *8312 64 Do pref 57 Jan 4 65 May28 100 5714 Dec 6712 Jan *2512 27 2613 2612 267 27 *2634 2714 8 / 265 2818 3,000 Maxwell Motor, Inc 1 4 8 23's Jan 15 32's Feb 19 100 1918 Nov 6184 Jan t14 *563 58 4 574 57 / 1 / 573 583 1 4 *563 5712 4 4 4 59 Do 1st prof 5934 2,000 51 Apr 24 64s Feb 8 100 49 Dec 7418 Jan *20 21 *20 0 2012 20 21 / 21 1 4 *20 2053 22 Do 2d prof 1,400 19 May27 28 Feb 5 100 13 Nov 40 Jan 101 102 102 1043 103 10412 10131 10412 77,300 Mexican petroleum 8 100% 100% 79 Jan 5 10412 Sept 5 67 Dec 10612 Jan 100 97 *95 9512 9512 *94 Do prof 100 97 8478 Nov 0778June 87 Jan 15 96 July10 100 28 2812 -iii8 -- 1- -ii4 -2-- 2812 2918 1,800 Miami Copper 21 2 28% 2818 i i 267 June 7 331s Jan 31 s 25 Nov 43 Apr 5 / 1 4 533 544 53 5353 54 / 1 54 53% 5312 5212 5314 20,700 Midvale Steel & Ordnance_50 4314 Mar23 61 May16 3912 Dec 6712June 693 693 *68 4 4 71 71 70 / 7012 7012 71100 64 June25 73 Jan 4 x583 Dec 10914 Jan 1 4 *68 ontana Power 4 *10114 ____ *1011 ____ *10114 ____ *10114 / 4 *10112 __-----------Do prof 9512 Dec 11712 Mar 95 Mang 10112 July26 100 16 16 161 1614 16 / 4 16 16 16 16 16 iiio Nat Conduit & Cable No par 8July 5 1312 Apr 8 213 1312 Dec 39 June 52 52 5213 52 52 523 *5112 5212 4 5114 5214 2,400 Nat Enam'g & Stamp's- _100 3714 Jan 7 5412 May20 24 Feb 463 Oct co *95 100 *95 100 *95 100 100 *95 *95 100 Do prof 9412 Jtmel8 9912 Feb 20 100 9012 May 993 Jut" 4 0 *5814 5912 *5814 5912 59 59 59 59 *5812 594 / 1 300 National Lead 4314 Jan 7 613 Apr 4 4 3778 Dec 63 Mar 100 / 1 4 _ *102 10212 102 102 *10114 102 *10133 10212 Do pref 100 4 993 Mar 2 10512 May18 99 Dec 114 Jan 100 0 "iois Icai nos 207 8 2014 21 8 2034 205 205 207 8 8 8 1,300 Nevada Consol Copper.-_-5 4 173 Mar25 217 May16 16 Nov 2638June 124 12414 12414 125 *122 130 *127 12914 122 12414 1,300 New York Air Brake 98 Nov 156 Mar 100 1171sJan 12 139 May22 39 40 40 40 *38 41 41 *37 *39 4212 800, North American Co 37.2 Aug16 4612Feb 23 39 Dec 7238 Mar 100 377 3814 377 3814 38 3 38 0 37% 3778 8,800 Ohio Cities Gas (The) 4 3835 37 354 Mar25 423 May16 317 Oct 143713 Apr / 1 8 25 10 *95 10 10 10 1014 10 4 93 4 93 103 8 2,2001 Ontario Silver MinIng 4's Jan 22 13 June17 35 Nov 2 100 734Sept *313 33 4 *311 321 3212 3212 323 33 / 4 3212 3212 / 4 600 Pacific Mall SS 18 Feb 3012June 2312 Jan 21 3314 Aug 3 5 *92 9312 *92 9312 93 9312 *93 03 *92 9312 100 Pan-Am Pet dr Trans. pref-100 86 Jan 8 96 Feb 27 87 Nov 98 Jan 4512 *4412 4512 45 *44 1111 47 45 *44 453 4658 1,200 People's G L & C (Chic)__100 4 2Jan 2 55 Jan 31 395 35 Dec 10614 Jan 2912 29 293 28 29 29 *2812 29 2712 273 4 3,000 Philadelphia Co (Pittab)__50 21 Apr 12 31 May24 2412 Dec 42 Jan 375 3814 *38 .3712 39 39 38 *38 3814 3978 3,800 Pierce-Arrow M Car__.No par 34 Jan 16 431s Mar 1 25 Dec 4134June *961 98 / 4 98 98 *96 98 *96 9812 9812 98 Do prof 300 893 Jan 26 9812 Sept 6 88 Nov 9812 Aug s 100 / 1 1714 1612 174 16% 1612 1558 1614 14,400 Pierce 011 Corporation 17 171 17% / 4 1558 Sept 6 1712 Aug 29 25 5112 501 51 4 51 513 51 / 4 50 5114 *50 51 2,000 Pittsburgh Coal of Pa...100 42 Jan 15 58's Feb 28 3712 Dec 5412Sept *8212 84 8273 827 *8213 84 *8212 84 8 *8212 84 Do' pref 100 74 Dec 90 Aug 798s Jan 2 84 Feb 19 100 71's 71 7112 703 7112 68 7114 703 7118 4 49 Dec 8314 Jan 567 May28 73 Aug13 100 708 2,900 Pressed Steel Car 98 *95 98 *95 *95 99 *95 *95 98 Do pref 99 93 Apr 27 100 Aug 5 z90 Nov z107 Jan 100 ____ 95 95 *9312 97 89 Aug 13 10912 Mar 5 100 Public Serv Corp of N J 100 99 Dec 131 Jan 111%112 111.2 11112 11112 1111 ; n 1? 2 I '11113 11214 600 Pullman Company 100 10018Jan 7 119 May10 10614 Dec 16712 Jan 03 69 70 70 4515 Jan 7 704 Aug 28 69 6853 695 8 66 683 683 / 1 4 69 3614 Nov 58 June 5,900 Railway Steel Spring 4 100 *101% --__ *102 _--- *102 ____ *100 ____ *10212 _Do pref 95 Jan 2 10212 Aug 29 8812 Dec, 101 Jan 100 *24% 2414 2418 2438 2412 241 24% 2418 2235 Jan 15 2614 May16 2414 243 - Y,96() Ray Consolidated Copper_10 1912 Nov, 3214 Apr 9312 9414 8 927 94 9212 927 3 32,300 Republic Iron & Steel----100 37252 Jan 15 98 May16 60 Feb 9412June 102 102 *102 105 *101 9334 4.1921A 102% 9278 0 0 9 96 *101 104 3Jan 2 102 Sept 3 925 Do prof 100 100 89 Dec 105 2MaY 7 100 100 100 100 *100 104 *100 104 / 1 *98 104 704 M ar23 117 June17 200 Royal Dutch Co ctts dep__ _ _ 59 May 73 Not / 1 4 *6 7 612 01 *0 / 4 *618 612 43 Aug22 11 Jan 31 4 7 / 1 4 57 8 5 200 Saxon Motor Car Corp- _100 473 Nov 68 Jan 139% 140 13934 140 140 140 / 1 13913 1394 139 139 4 .100 1333 June 8 156 Feb 15 12312 Dec 2384 Jan '1,100 Sears, Roebuck & Co... / 1 / 4 1512 151 1514 1514 1514 1514 *15 *15 1514 Aug 27 18 Feb 19 1512 / 1 4 15 Dec 293 Mar 400 Shattuck Ares Copper_ _10 1535 8 33 315 3212 323 3312 3214 6318 313 3253 17,300 Sinclair Oil es Ret'g-No par 32 2514 Apr 11 39 Feb 5 32 2514 Dec 593 Mar 4 4 6112 6212 *61 63 *61 *6012 6113 39 Jan 24 7114 May24 3312 Nov 743 Mar 500 Sloss-Shettield Steel dr Iron100 4 *6012 6212 443 441 4634 4553 4758 10,800 Studebaker Corp (The) / 4 4312 44 43 *4234 44 337 Apr 24 56's Feb 19 2 ._100 3333 Nov 11012 Jan 90 *81 *83 90 90 *81 90 *82 801s July 3 95 Feb 6 Do prof *83 85 Nov 1085 Jan 100 90 8 43 43 *43 *4235 44 434 4112 427 43 / 1 4314 / 4 341 Mar25 4553 May 3 3014 Nov 513 600 Superior Steel Corp'n___ _100 4June 98 *94 *94 98 08 98 *94 *34 *94 Do 1st pref 95 Feb 16 95 Feb 16 96 Dec 10212July 100 98 19 1834 19 19 19 187 195 3 19 8 1838 1914 3,100 Tenn Copp & C tr otts_No par 127 8Jan 2 21 July 6 11 Nov 1912June 158 15912 1554 159 154 15712 15712 160 1533 1533 4 4 4Feb 2 1143 Dec 243 Jan / 1 18,450 Texas Company (The)-.....100 13612Jan 7 1603 4 / 711 7233 717 7212 6735 717 17,800 Tobacco Products Corp_.100 / 4 72 71 3 707 70% 8 4812 Mar25 72% Aug14 4212 Dec 80 8 Aug 5 *96 0712 sows 9712 07 *96 97 9712 Do met 9618 961 200 100 38714 Mar19 98 Aug 1 z86 Dec 105 Mar 7512 7512 *74 78 *74 75 *74 75 725 7253 65 Jan 24 80 May13 8 300 Union Bag & Paper Corp_100 5958 Dec 112 Jan .38 35 / 38% 387 1 4 8 385 3834 3812 3D *37% 387 8 37 Jan 2 4412 May10 3412 Dec 4932June 600 United Alloy Steel_..No par 4 103 105% 103 1043 10312 10412 101 1035 18,700 United Cigar Stores 10212 102% 83% M ar28 10512 June24 8112 Nov 1277 Aug 100 8 *100 120 *101 115 *101 115 *101 115 *101 112 Do prof 9814 Dec 1203 Mar 100 10114Jan 5 110 July18 4 13112 13112 131 131 12 13014 13214 *130 134 134 *13014 100 116's Jan 16 133 Feb 18 z105 Dec 1543 Jan 800 United Fruit 8 *1312 15 §14 14 *1312 1412 *1312 1412 *1312 15 1118 Apr 6 19 May 7 20 US Cast I Pipe & Fdy_-100 10 Nov 2412June *40 44 44 *41 *39 44 44 *41 *39 41 Mar26 473 4Feb 1 Do wet 42 Dec 63 Jan 43 100 123 12414 122 123 *123 124 *123 124 11812 12234 6,500 U 8 Industrial Alcohol...100 114 Jan 5 137 May24 981s Nov 17112June 97 947 May 1 99 Mar21 *94 98 *94 *94 97 98 *04 *94 Do prof 88 Nov 106 June 100 97 6314• 64 6312 64 63 633 4 63 6312 61% 627 8 51 Jan 15 643 Aug 29 45 Dec 67 Aug 8 3,000 United States Rubber 100 104 1041 104 104 *10212 10412 / 4 *102 104 •103 10412 / 4 91 Dec 114% Jan Do 1st preferred 100 z95 Jan 15 1061 July13 500 / 4 *413 4313 *4314 431 43 4 / 4312 4212 4212 1 4 *4214 4313 3212 Apr 12 48 4 Feb 19 40 Dec 67 4 Jan 3 600 U S Smelting Ref dr M 50 3 / 4 *428 4412 *421 433 •423 4412 *423 43%50 4235 Apr 12 453 Feb 1 8 *42 4412 Do prof 433 Nov 52 Jan 8 e / 1 4 1143 1153 1133 1153 11018 114% 774,900 United States Steel Corp_100 4 4 1117 116 8 8612 Mar25 11612 Aug 28 11018 1113 4 7912 Dec 13658May 11012 111 111 111 110 11012 11018 11033 2,300: Do prof 100 108 Mar25 11233Jan 31 1023 Dec 12114 Jan 8412 8414 85 .83 84 8312 84 5 -1-8512 83 2 76% Mar25 87 2 May16 7014 Dec 1183 10 13 4 4,600 Utah Copper 4Mal 1 142 843 4 1212 ;212 4 *1112 1312 123 123 1312 •12 1112Jan 2 1512 Feb 18 918 Dec 243 Jan 200 Utah Securities v t c 100 5433 5512 543 558 5412 545 8 5312 543 4Jan 2 5612 Aug 26 5413 5412 333 26 Nov 48 May 4 4,900, Virginia-Carolina Chem 100 105 10512 106 100 *105 10612 *105 108 *104 108 97 Dec 11214 Jan 98 Jan 16 109's July 6 100 prof Do 300 74 *70 72 *71 72 73 *71 71 72100 50 Jan 5 7312 July27 46 Feb 77 Mar 74 300 Virginia Iron C & C 85 85 8514 8414 8412 8412 8412 85 7714 Aug 2 955 Apr 15, z76 Dec 99% Jan 8414 8414 3 900 Western Union Telegraph_100 3 44 4414 44 44 438 4418 43 3812Jan 17 4712 May161 43% 433 4 333 Dec 56 May 44 5,900 Westinghouse Mee & mlg-50 65 *60 65 *60 65 *60 65 *60 59 Jan 11 641± Feb 201 5214 Dec 704 Jan *58 63I Do 1st preferred 50 / 1 46 46 46 4612 4612 46 4612 4612 36 Jan 2 4673 Aug 28 4612 46% 33% Nov 5212 Jan 50 800 White Motor 1918 19% 1914 1912 198 20 197 2012 26,500 Willys-Overland (The)._ 25 16's Jan 15 22 Jan 31 1918 lilts 15 Nov 3812 Jan *82 4 4 823 83 4 823 8312 *80 831(new) 823 *82 8312 Do prof 00 75 Jan 3 83 July231 69 Nov 100 Mar 300 58 58 *5712 58 *5712 59 42 Nov 8414 Mar *5713 59 4514 Jan 2 6612 May24 57 577 400 Wilson & Co, Inc, v t c__ _100 g *11112 113 *11112 113 *11112 113 *11112 113 997 Dec 151 Jan *11112 113 100 110 Mar25 12012Jan 3 1001 Woolworth (F W) *112 116 114 114 *114 116 sJunel3 1143 Ma.y17 113 Dec 1261 Jan *112 116 4 *112 116 Do prof / 4 100 1133 34 _Ian 4 69 Aug 28 6618 6612 663 67 67 234 Feb 3733June / 1 66 4 65 4 673 673 6612 1,600 Worthington P & M tr t c_100 89 *88 *891 9112 *90 / 4 01 11Feb 5 9112 Apr 61 88 Nov 9714June 501 91 853 D o prof A *88 91121501 100 *69 70 *69 70 70 50 May 63 June *69 70 70 1 59 Jan IS 7035 July26 38 *69 100 De prof 13 170 Saturday Aug.31 *Bid and asked priced; no sales on this day. Ex-tilvidend. 1.039 than 100 sharoi. I Ex-lights. a Ex-d1v. and rights. b Par 110 per share. n Par $100 per 3a.tre 988 New York Stock Exchange-Bond Record, Friday, Weekly and Yearly In Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"-except for interest and defaulted bonds. BONDS N. Y.STOCK EXCHANGE Week Ending Sept. 6. kt. Price Friday Sept. 6 Week'sT3 Range or Last Sale <1.4 Range Since Jan. 1 High No, Low High Ask Low Bid U. S. Government. Sale 101.50 102.00 2920 97.20 102.50 U S 33is Liberty Loan__1932-47 J D 101.84 48 converted from 1st Lib1932-47 J D 95.02 Sale 94.42 95.10 197 93.00 98.40 erty Loan U S 4s 2d Liberty Loan 1927-42 MN 94.34 Sale 94.12 94.60 2496 93.00 97 98 U S 44is converted from 1st 1932-47 J D 95.10 Sale 94.46 95.10 269 93.90 95.10 Liberty Loan U S 44is converted from 2d N 94.32 Sale 94.12 94.58 4715 93.10 94.53 1927-42 Liberty Loan U S 43s 3d Liberty Loan__1928 MS 95.72 Sale 94.94 95.82 10925 94.76 99.10 99 4 97 -- 983 Aug'18 98 U S 2s consol registered__ d1930 Q 8 9718 987 7 d1930 Q J 98 -- - - 93 8 U S 28 consol coupon 9912 --- 991z Maylif -- 99 k1918 Q F U S 3s registered 9918 May'18 -- 987 993 2 4 k1918 Q F U 5 38 coupon 4 1925 Q E 10612 _-- 1063 Aug'18 -- 105 107 U 5 4s registered 10612 Aug'18 105 107 1925 Q F 10612 _ U 5 4s coupon 98 _ _ 98 June 18 98 U S Pan Canal 10-30-yr 2s_k1936 Q F 98 9718 99 U S Pan Canal 10-30-Yr 2s reg '38 Q N 93 --__ 99 July'18 85 85 U S Panama Canal 38 g----1961 Q M 85 ---- 85 June'18 83 May'18 83 81 1961 Q M 85 Registered 100 Feb '15 -U S Philippine Island 48_1914-34 Q F Foreign Government. 4 1919 F A 973 Sale 97.2 98.4 684 Amer Foreign Scour 5s 9534 2255 Anglo-French 5-yr 53 Exter loan_ A 0 9518 Sale 95 8518 8518 Aug'18 -Argentine Internal 53 of 1909___ - M S 85 973 252 4 4 Bordeaux (City of) 3-yr 6s 1919 M N 963 Sale 9812 701 70 Aug'18 4 Chinese (Hukuang Ry)58 of 1911 J D 68 Cuba-External debt 53 of 1904_ M S _-__ 98 .93 Aug'18 -Miter dt 58 of 1914 ser A 1949 F A ____ 9318 9214 July'18 ---8114 84 Apr '18 ---1949 F A 80 External loan 4%8 9518 12 8 1921 A 0 9518 955 94 Dominion of Canada g 5s 9114 7 1926 A 0 9114 Sale 9312 do Do 9118 41 Sale 9212 1931 A 0 94 do Do 100'8 1753 10018 Sale 99% French Repub 5%s secured loan_ 8 8 Japanese Govt-£ loan 4%8_1925 F A 8538 877 877 Aug'18 1925 J J887 8914 86 Aug'18 _ Second series 4%s 8014 8012 12 Do do "German stamp"_ 737 June'18 8 1931 Sterling loan 4s 9712 345, g;le 96 1919 N 96 Lyons (City of) 3-yr 6s 9734 285 Marseilles (City of) 3-yr 68._1919 M N 9614 Sale 9612 4012 Juue'18 - Mexico-Exter loan .£ 5s of 1899 Q J,: 42 33,8 Den '17 40 1954 • D; 31 Gold debt 4s of 1904 9478 185 -year 8s.... 1921 A 01 9118 Sale 9334 Paris (City of) 5 82 80,8 Aug'18 7V1S1 8CI Tokyo City 5.9 loan 01 1912 99% Aug'18 _U K of Gt Brit & Irel 2-yr 5s 1918 M 9912 913 N 993 Sale 99 8 1919 3 -year 5%% notes 9718 857 1921 NI N 9614 Sale 9 's 6 -year 5)4% notes 5 9958 537 Convertible 55.5% notes 1919 F A 98% Sale 98% _These are prices on the basis of 45:01 State and City Securities. N Y City-458 Corp stock 1960 4441 Corporate stock, 1964 1006 43 -is Corporate stock 1985 434s Corporate stock 1983 440 Corporate stock 1959 4% Corporate stock 1958 4% Corporate stock 1957 4% Corporate stock 4% Corporate %took reg 1958 1957 New 43.53 444% Corporate stock_1957 , 334% Corporate stock __ _1954 1961 N Y State-Is Canal Improvement 4i._A961 Canal Improvement 45_1962 1960 Canal Improvement 4s Canal Imoroyenaent 44-4s_1964 Canal Improvement 43j8_1965 Highway Irnprov't 434s_1963 Highway Improv't 4348_1965 Virginia funded debt 2-3s_ 19M 88 deferred Brown Bros ctts___ 9412 9S1 ' A4 4 8814 953 78 8512 84 973 4 5312 70 9012 100 9014 9114 84 80 9314 963 4 91178 9534 8878 9413 94 10014 8012 9212 8 8318 927 81 77 8 737 76 84 9712 84 97114 8 425 40 8 815 95 68 8212 97 100 9514 9912 915 9718 8 917 100 8 3 873 982 4 9514 943 8 9458 95 9478 ____ 9458 Aug '18 -- 4773 9614 9434 9514 94-14 Aug'18 ---- 877 96,4 8 5 9314 10178 10018 Sale 10018 10018 100 Sale 993 4 10018 57 93 1017/4 9112 9033 91 8912 Aug'18 ---- 85 90 Aug'18 ---s5 9() 91 913s 9118 9)'8 ____ 9014 Aug'18 ---- 85 89 90 8914 Aug'18 9034 45 10018 10012 9912 93s8 10178 100 10018 10012 10018 10 5 9312 10112 75 817 8112 July'18 8 8212 76 99 98 99 July'18 99 9812 July 18 ---- 9414 9812 98 101 93 ____ 9312 Aug'18 ---- 98,2 9812 98 -___ 95 Niay'18 9414 96 108 113 10812 Aug'18 ---- 105 10812 19112 10112 98 103 101, June'18 2 10312 ____ 105 Apr '18 - - - 10412 10712 98 _ _ 100,8 June'18 ---- 10018 10114 __- 787 74 Dee '17 8 64 Sale 5712 65 22041 -jr; BONDS N. Y. STOCK EXCHANGE Week Ending Sept. 6. Price Friday Sept. 6 Week's Range or Last Sale '41 Range Since Jan. 1 High No. Low High Bid Ask Low Chesapeake tic Ohio(Con)78 7718 32 72 2 1992 Ng s 755 7612 7538 General gold 444s _ -- - - _ 8614 Mar17 Registered 7714 12 6512 7714 1992 M S 3 20 -year convertible 4%8_19 0 P A fi Sale 77 8238 Sale 81 8153 121 70 -year cony secured 55...1916 A0 81 30 84 Apr '17 Big Sandy 1st 48 S D 6814 78 ---- 8512 No016 95 4 Coal River Ry 1st gu 48_ 1944 S D 963 Feb '16 .4 1910 J J Craig Valley 1st g 55 --843 Jan '13 4 1946 S i Potts Creek Br 1st 45 ____ 79 73 Noc'17 It & A Div 1st con g 48_1989 J J 73 6218 81 71 Oct '17 2d consol gold 43 1989 j _ 8812 Sep '16 Greenbrier Ity 1st gu g 48_1940 M N 65 -- -Warm Springs V is! g 58_1941 M s -- -- 9712 11314 Feb '15 52 50 51 Aug'18 Chic Sc Alton RR ref g 3s 1949 A 0 5112 54 Sale 37 3814 28 3514 4712 1950 j 38 Railway 1st lien 334s Chicago Burlington Sc Quincy 9918 July'18 s 975s 997 1922 F A 9914 101 Denver Div 45 72 71%8 76 ,5 1949 5 j 72 Sale 72 Illinois Div 3Ms 8012 8713 8012 8178 817 Aug'18 8 Illinois Div 45 9912 98 Iowa Div sinking fund 519 9 A 0 9914 ___ 98 MAY 18 3_ 194 1 97 98 Sinking fund 48 1919 A co 9712 ____ 98 Aug'18 Joint bonds. See Great North. 8 9012 9453 Nebraska Extension 4s 1927 M N 897 9114 9012 Aug'18 91 91 91 Marls 1927 M N Registered 7 79 8412 Sale 79 80 General 4s 1953 eg s 79 30 2812 2912 30 Aug'18 25 Chic & E Hirer & ImP 4s 8-1955 J .1 30 2812 2912 29 29 22 U 5 Mtg & Tr Co ctfs of dep_98 101 *10012 100 June'18 1st consol gold Os 7112 72 Aug'18 72 72 1937 A 9 1 M 6 General consol 1st 5s 3 - 1.1 70 _-_- 7112 70 Fel, '18 70 US Mtg Sc Tr Co ctfs of dep. --_- 85 76 Jul. 1 ' Guar Tr Co ctfs of dep 4 Purch money lot coal 53._1942 Al 58 ___ 973 Feb '13 12 _- -32 Mar'17 Chic Sc Ind C Ry 1st 5s___1936 J J s 6014 Chicago Great West 1st 48_1959 M S 567 Sale 5612 5714 26 54 9 8 100.2 100 10012 9912 Aug'18 Chic Ind Sc Loulsv-Ref 68_1917 j Refunding gold Si 1947 5 j 10 ____ 10012 Apr '17 8112 Apr :17 Refunding 48 Series C 1947 _ 70 Nov'15 Ind & Louisv 1st gu 45 1956 j __ 9612 Jan '17 Chic In I & Sox 50-yr 4i 1956 5 .1 7012 97.18 Dee '16 Chic L S Sc East 1st 4 As 1969 J D -Chicago Milwaukee Sc St Paul1 703 79 Sale 71 71 2 Gen'l gold 4s Series A__.._e198 Jl 5 71 e, c 3 9 0 923s Feb '16 2_ Registered 5 if111 8312 83 -. . l'ermanent 4s 1925 .1 D 133 Sale 82 6434 70 Gen Sc ref Ser A 434s a2014 A 0 6712 Sale 6712 705 . , 74 8 84 20 80 Gen ref cony Ser B 5sa2014 F A 783 S_a_l_e 7782% Aug '17 Gen'i gold 3%4 Ser B e1939 5 J 3 go Sale 80 8112 80 e1989 J J 80 General 4%8 Series C 8 72 7012 Aug'18 --- -1 4387 74 5 Dj 1934 5 2 71 5 -year debenture 41 23 7114 78 78 78 Sale 7714 Convertible 4 %/4 97 is '18 -_- 97 97 2 Chic Sc L Sup Div g U....1932 j .1 9514 98 19 1 9334 92 July'18 -- 92 94 1 215 5 , Chic Sc Mo Riv Div 58_1926 5.1 91 9614 97. 9614 July'18 --- 95i2 9812 % Chic & P W tat g 58 14 75 7412 July'18 -- 7418 747 8 C NI Sc Puget Sd 1st gu 48_1919 J J 70 _ 9712 Aug'18 ---- 9712 0912 Dubuque Div 1st 8 f 68...1920 5 J 9744 10118 Sopt'171. Fargo Sc Sou aisum g 65..1924 5 J 97 10314 98 Jan 13 - 93 9 La Crosse Sc D 1st 55 2 95 100 95 1 967 95 8 Wis Sc Minn Div g 55 1921 5 5 95 9 19 J - 9713 977s __ 9778 May'18 Wis Valley Div let 63 1920 5 J 971a 85 Milw Sc Nor 1st ext 4448...1934 J D 82 _ __ 85 July'18,---- 45 8: : 4 2 i660 8114 8114 Cons extended 4348 1931 S D _t)114 :g413 49 _ 81 F Chic Sc Nor %Vest Ex 49 1886-1928 F A 891/4 __5 8314 .1r III::: 50 _ 8512 Aug'18 _- 8512 8512 Registered 1836-1926 F A 851 _ 67 9 6734 Aug'18 ---- 8712 7318 General gold 3348 1937 M N .... 9 8112 Oni 16 ---Registered p1987 Q F 99 797 8 General 48 1987 NI N 83 _ Sal: 8312 8' ' 3' 1 .. 81 July3 8 ---7 81 81 Stamped 4s 1987 M N 8213 Aug'18 _-__ 9912 103 General 58 stamped 1987 NI N May'18 Sinking fund 65 104 101 1879-1929 A 0 ioi Registered 1879-1929 A 0 4 July'18 Sinking fund 58 91'g 948 1879-1929 A 0 -I/ i1- lt) 109:'11 .AjA : i8 )1 i 3 rl 4 ir Registered 1879-1929 A 0 93 ,1 2 - 0612 9612 102 9518 May'18 Debenture 5s loo loo Registered 1921 A 0 --,... 97 100 Pli. I ., 95 93 Aug'18 93 97 Sinking fund deb 5s 1933 M N 92 97 9412 May'18 9112 9412 Registered 1933 M N 92 _. 10112 Oct 16 Des Plaines Vol 1st gu 444/3 '47 M S 77 s lot 105 Frem Elk Sc Nlo V 1st 69_1933 A 0 1033 110 105 Apr '18 88 Jan '17 Man G l4& NW lst 3%5_1941 .1 .1 Mliw Sc S I, 1st gu 3448...._1941 J J . i 6 2 98 10Z1Mil L & West 1st g 63_1921 M S 19 , .___ 10012 Aug'18 95'18 98 Ext Sc imp s f gold 5s 1929 F A 9512 ____ 96 Aug'18 . 2 ______ 11178 Dee id 40 ..... .. Ashland Div lit g 65_1925 M S jail iOirs s 10213 May'18 Mich Div 1st gold 68_192-1 J J 73 7618 Mil Spar & N %V let gu 48.1917 M S 74 __ 73 July'18 92 Aug'18 St L Peo & N W 1st gu 58-1943 J J ---- 92 92 93 Chicago Rock 181 Sc Poe 8 73 773 4 Railway general gold 45 1938 J J 7318 765 76 Aug'18 713 May'18 8 Registered 10885 J 8 713 713 8 6 .174 gle 69 9 1931 A 0 -- 6212 05Refunding gold 4s 8018 80 8 Aul , Aug'18.... 66 il 78 1932 J J 20-year debenture 5s -673 6612 Aug'18 (1712 112 RI Ark Sc Louis lit 4348_1934 14 5 66'a ; 98 Feu '18 Burl C R & N 1st g 53......1931 A 0 --- 96 06 96 9712 jimel7 s..... 93 C It IF&NW 1st gu 5s 1921 A 0 • .95 100 •____ 'J7 May'18 Choc Okla & gen g 58.._(i1919 J J 93 93 Consul gold 5s 1952 M N -..,.- 92 'Cl May'18 63 1 67 161,8 084734 08a 4 , 1S851e Keok Sc Des Moines 1st 5s 1923 A 0 63 A ug:18 ---- 59 Au 8 1 69 St Paul & K C Sh L 1st 4449'41 F A 102 10812 Chic St P &0cons 6s 1930 J D 10667321' 79 ___ 8112 June'18 81'2 8512 D Cons 6s reduced to 310_1930 , 907g 9078 May'18 1930 M S 88 8 Debenture 58 8518 907 _ North Wisconsin lit Os,,..1930 J J 10018 ____ 118 Nov'16 8 997 10014 3 1919 A 0 9934 10018 997 Aug'18 St P 5 City 1st g 6s 93 May'I s 95 95 Superior Short L 1st Si g_c1930 M S 813,4 06 58 July'18 Chic T II Sc So East 1st 55..1960 J D 5314 67 54 58 103 105 Chic Sc West Ind gen g 68_71932 Q M 103 105 105 July'18 4 84 653 s Consul 50-year 48 1952 J J 65 6538 6533 6613 69 ____ 99 May'17 Cln It Sc D 24 gold 434s.1037 J - ---- ....- 88 Mar'll C Find Sc Ft W 1st go -le g 1923 MN 96 Jan 17 Day Sc Mich 1st cons 4 Sis 1931 J J 753 6 6312 6212 Aug'18 ___. 59 641s Cloy Cin Ch Sc St L gen 45...1993 J D 1931 J J 7613 7712 7712 Aug'18 _-- 8514 7712 20-year deb 4348 85 8614 Aug'18 __-- 80 8614 1993 J D 75 General Sc Series B 74 837 Ma '17 s 1939 J J 63 - -Cairo Div 1st gold 43 62 65 Cin W & NI Div Ist g 48_1991 J J 6218 8278 62 June'IS 8314 6i June'18 63 68 St L Div 1st coil tr g 43_1990 M N 06 7313 10n-'17 Spr & Col Div 1st g 48___1910 M S 6314 55- 16 1_. g1 Nov'16 . W W Val Div 1st g 48.-1940 J 10211 Oct '17 C 1 St L & C consol 6o____192 M N 1st gold 48 k1936 Q F 7618 8112 87 Dee '17 k1936 Q F Registered .-58 : 88 vt . 5 ' Cin S & CI cons lit g 5s__1923 J J -80 - -.:-. 1024 Jan 17 10118 ____ 107,8 Apr '17 CCC& I gen cons g 63_1931 1 Ind B Sc W let pref 4s___1910 A 0 6738 --- - 91 July'08 0 Ind Sc W 1st pref 5s_d1938 Q J 8 "io Peoria Sc East 1st cons 48_1940 A 0 523; 531; -E0113 Sale 13 13 1212 13 1990 Apr Income 4s 00 8 Cleve Short L 1st gu 440....1981 A 0 83l2 883 88 July 18 -- g5 8512 10 823 8814 8513 4 1929 F A 85,2 87 Colorado Sc Sou 1st g 4s 7338 9 88 7318 73 7312 1935 M N 73 Refund Sc Ext 434i 98.2 8 96 Aug'18 96 Ft %V Sc Den C 1st g 68....1921 J D 955 98 Conn Sc Paa RAvs let g 46_1943 A 0 85 - - -61" Cuba RR let 50-year 5s g._.1952 J J ---- 85 . - Del Lack Sc Western 8 7412 717 Aug'18 -- 7318 751s Morris Sc Egg let gu 3348_2000 J D 71 8 19215 J 10312 103 101 July'18,___ 1003 10212 NY Lack & W 1st 63 98 95 96 95 Aug'18 . 1923 F A 05 Construction 53 4 4 0334 Jan '18 -- 933 933 Term Sc Improvt 4s___1923 M N 8818 _ 10218 Feb '08 Warren let ref gu g 3343_2000 F A 1--- ____ 104 Railroad. 5113 5514 511s July'18 -- 5113 59 Ann Arbor 1st g 4s 81995 Q Atchison Topeka & Santa Fe 1995A 0 8014 Sale 80 81 76 80 853 s Gen g 4s 8012 At) 18 --- 80 80 80 , 1995 A 0 Registered 74 7413 Aug'18 ---- 7134 76 69 81995 Nov Adjustment gold 48 81995 Nov -- ---- 7312 June 18 ---- 7312 7312 Registered 7314 7312 3 81995 M N 7312 5 713 78 Stamped 7278 84 Junc" 18 1955 J D 4112 $7 Cony gold 48 1 Q2 86 8586 8714 19605 D 82 Cony 48 issue of 1910 1923 M S 813 9112 9112 Aug'18 --- 9112 9112 4 East Okla Div 1st g 4s .... 79 79 June 18 -- - - 79 79 Rocky Mtn Div 1st 45_ _1965 J J 783 7613 Aug'18 ---- 7613 8013 4 Trans Con Short L 1st 49_1953 J J 77 -1 8312 July'18 .._ ..-„.i. 75 .. ... : 9 85,5 42 Cal-Ariz lit 5z ref 434s' A"1962 M S 1942,M S 8212 100 I 9934 July 17 S Fe Pres & Ph 1st g 5s 8 3 80 Atl Coast L 1st gold 4_.,h1952M S 7934 797 797 -- f- -gi 4 i 31964 J D 7618 78 76 Aug'18 Gen unified 434s 9514 Aug'18 -.- 95 8 953 Ala Mid 1st go gold 5d__ A928 M N 9514 99 , 4 45 Sow '17 -- . _ _ _ . • Bruns & W 1st gu gold 48_1938 J J 7514 78 Charles & Say 1st gold 78_1936 J J 148 _-__ 129's Aug '15N 72 Sale 72 01952 7212 12 70 - -737 . 8 L & N coil gold 4s Sav F & W lst gold 5s____1931 A 0 101 107 115 July'17 --1931 A 0 9514 --_- 105 July 15 let gold 5s 9912 May 14 -:.---SR Sp Oca & gu g 43__1918 J J 1925 J .1 "fiffi "Bale 8712 Balt & Ohio prior 3448 877 8 5 h1925 Q J 857 --- 9012 Sept'17 Registered s 81948 A 0 74 7434 46 -year gold 48 Sale 74 1st 50 81918 Q J 721 t ___ 9214 Mtr'17 Registered 77 40 -ii- -. 614 11 1933 Sale 751i 10-yr cony 414e 77 1 7912 7 77.1 8312 Refund & gen 58 Series A.1995 791 4 Sale 7911 9718 ____ 112 Jan 12.... 1922 J Pitts Juno 1st gold 6s 82, Aug'18 -_- -iiir, s P Juno dc M Div 1st g 3%s 1925 M N 82 4PLE&W Va Sys ref 48 1911 M N 7434 75 7418 June'18 72 76 9 81 J 82 83 Southw Div 1st gold 3348_1925 J 83 8334 85 ......._ Cent Ohio R 1st c g 4%3_1930 M S 83,2 - _ 100 Apr 17 _ 9312 Aug'18 Cl Lor & W con 1st g 5s_1933 A 0 9312 __ -ti3 1- -8 -8 2 ; Motion River 1st gu g 58....1919 F A 10114 Nbr '16 • _ .... -Ohio River RR 1st g 5/4_ _1936 .1 D 9112 99,4 Oct '17 -- .. . -83 1937 A 0 . 88 88 May'18 General gold 59 88 88 99 3 1.1 u.'14 Pitts Cley & Tol 1st g 68..1922 A 0 99 __ 9918 99,8 Buffalo R& P gen g 58 1937 M S 9912 107 99. June'18 8 957 8 99 1957 M N 8712 9912 0912 Oct '17 Consol 4%s ._. _ _ _ _ 3 All & West 1st g 48 gu......199, A 0 7414 .. __ 97 Nov'18 1031s F. '16 Clear & Mali 1st gu g 5s 1943 J J -lb - - 7: ::_-_Roch & Pitts 1st gold 641_1921 F A 1007 ___ 101 May Is 8 Int 103 1922 J D 10078 __ Consul 1st g 68 10312 Apr 1,, 9912 1033 8 ,14 12 Canada Sou cons gu A 58_1962 A 0 81353 873 867 867 8 10 4 8 41 Car Clinch & Ohio 1st 30-yr 5s'38 J D 78 44 Da '17 , 4 Central of Ga 1st gold 5&.. p1945 F A 973 99' 98 Aug'18 4 -6(11- -98 2 Consul gold 58 1915 Nt N 87 .. 8912 9 0 78 A ig :II 0 Aug 6 5 25 9() Chat! Div pur money g 48 1951 .1 D Mao & Nor Div 1st g 55_1916 J J 85 ._ _ 90 May'18 ,3 66 -lid- - Mid Ga & Atl Div 58 19175 J 8514 10112 97s igne'17 Mobile Div 1st g 58 1948 J J 8112 87 8112 Aug'18 2 -ii1- -8114 Cent RR & B of Ga colt g 58_1937 M N 82 84 83 June 18 Cent of N J gen gold 58 1987 J J 10012 Sale 10012 8) 83 10012 4 i(S) 101 Registered /11987 Q J 101 101 July'18 ----1 100 8 101 , Am Dock & Imp gu J 9312 10018 9912 Aug'18 ---. 98 9912 Leh & Ilud Illy gen gu 58 '20 J J 9514 10114 100 ‘ t i _-_- 100 100 0, N Y & Long Br gen g 48_1941 S 93 ___ 10012 i,,/, i 4 ____I _______ Cent Vermont let gu g 4s ....e1920 Q F 68 ____ 67 Aug'18 ____, I 5 8714 Chena & 0 fund de impt 53 _1929 J J ---- -- -- 903 Aug'18 __-' 80 94 1st consul gold 58 1939 MI N 9512 Sale 9512 9512 2 9118 100'8 Registered........_.....1939 M N s____ 93 10112 Ja i '17 ._ _ _I ___ *No price Friday: latest Ulia week, a Duo Jan. a Due Aped. e Due May. p Duo June. 8 Due July. k Due Aug. 0 Due Oct. p Due Nov. q Due Dee. S Optlousale. 831; SEPT. 7 1918.1 BONDS N.Y.STOCK EXCHANGE Week ending Sept. 6 989 New York Bond Record-Continued-Page 2 Price Friday Sept. 6 Week's Range or Last Sale Range Since Jan, 1 BONDS N. Y. STOCK EXCHANGE Week ending Sept. 6 Price Friday Sept. 6 Week's Range or Last Sale 111 Range Since Jan, 1 High No. Low High Ask Low Bid High No. Low High Ask Low Bid 102 102 Leh V Term Ry lst gu g 53_1941 A 0 ---- 100 102 Mar'is Delaware & Hudson 113 Mar'17 2 9314 94 1941 A 0 _ 94 Sale 94 s94 1922 J J 8 985 136 -fig - 99 Sale 98 98 let lien equip g 41is 2 80 8612 li Val KR10yr coil 6s--n1928 LeRegisteed 80 1943 M N 80 Bale 80 9604 101 99 Aug'18 9714 103 1st & ref 4s Leh Val Coal Co lot gut g 53-1933 85.2 90 4 / 4 / a 1935 A 0 857 861 861 July'18 20 105 Oct -year cony 50 1933 J J it 76 Registered 1946 A 0 7034 7214 7214 Aug'18 _ Alb dr Susq cony 34s 1933 J J 7714 reduced to 4e let int _ 10112 Aug'18 10112 10112 10112 70 70 1 / Renss & Saratoga let 75-1921 M N 1945 M S 724 ____ 70 July'18 Leh & NY let guar g 4s _ Denver & Rio Grande 10 6012 69 1945 M S Registered 67 1936 J J 67 Sale 67 96 Apr 'IS 1 / 914 95 1st cons g 413 1 31 Q 6193 Q 7152 8. Long told 1st cons gold 5s__6 714 Aug'18 1 / 73 1936 J J 72 941 June'18 4 / 4 / 811 87 Consol gold 410 lot consol gold 4e 7614 70 is 12 70 1 / 8 705 Sale 704 74 Improvement gold 5s.... 1928 J D 7178 Aug'18 -- 715 7212 8 1938.5 D 72 7 4814 56 General gold 4s 56 551. 5478 1955 F A 55 _ 90 JO)) 1: ----' 90 lot & refunding 5s M I3 1922 j D 85 Ferry gold 4e 37 Aug '17 95 9914 Oct 'ru; Rio Gr June let gu g 5.1-1939 J D -_1932 Gold 45 6114 Apr '11 1940 J J Hi 1 / 7118 Aug'18 71 141 S 1949 j D 714 78 Rio Or Sou let gold 45 Unified gold 4s . - 39 July '17 _ _ 8612 97 Jeu '18 1940 J J 97 97 Guaranteed 15 63 6712 Debenture gold So 64 64 64 71 75 6858 72 Aug'18 -- 70 Rio Or %Vest tot gold 48_1939 J J 63 55 -year p m deb 5s 20 55 50 50 July'18 5034 7218 Aug '18 ---- 72 75 4 1 / 4 1 / 79 Mtge & coil trust 4s A 1949 A 0 ___- 78 "S 1199339 19447 IN N 71 Guar refunding gold 4B 82 be, '16 95 JILL,'II - Det & Mack-lot lien g 48..1995 J D __ 89 1949 1W S Registered 7512 J115 16 1995 J D 103114 Apr 'Is _- - Gold 4s 7712 NYB&MBleteong5s..1935 A 0 95 -73 Ms 7518 Aug '18 72 1 / 924 9212 Det RI v Tun Ter Tun 4143_1961 r,1 N 9114 1927 M S 95 -- 9212 Apr '15 NY&RB lst gold 53 9634 9712 4 1 / 96 June'18 Dul MIssabe & Nor gen 50_1941 J J Nor Sla B let eon g gu 55_01932 Q J 82 __ -- 100 Aug '16 97 97 97 May'18 1937 A 0 90 3 8714 90 90 90 Dul & Iron Range lot 55 1927 M S 8512 1st g 5s Louisiana & Ark 10512 Mar 08 1937 A 0 4 1 / 8 Registered 1107 July'18 -- 109 110 82 - 87 Louisville dr Nashv gen 621_1930 J D 10578 87 Mar in 1937 J J 1 / Dul Sou Shore & AU g 5s _ 9318 July'18 - 934 941$ 1937 IN N 93 9312 90 Gold 53 93.2 June'18 6 83 Elgin Jollet & East let g 5s....1941 iW N 871/4 4 1 / 84 8812 1940 J J 8334 Sale 8312 Unified gold 4s 100 101 4 / -lo 1001 July'18 1920 M S Erie 1st consol gold 75 1 / 964 Jae '17 -- -79 178 1940 J J Registered 78 Apr '18 4 99 N Y & Ede 1st ext g 423-1947 M N 7818 _- 9818 June*18 1 / 1931 M N 93 -953 96 July'18 --- 96 934 9814 Collateral trust gold 5s 1919 M S 93 -.2d ext gold 5s 1 / 1004 100 4 1 / - IVO% Aug'18 10014 E if & Nash lot g 65 9312 95 9312 Jan '18 1923 M 8 86 3d ext gold 415s 87 87 9 19 M N 1931 5 D 9014 9512 87 Apr 'lb L Cita & Let gold 410 9912July'17 9458 96 1920 A 4th ext gold 5s . 9434 "'Joy'15 1930 J J ha 112 106 Aug '17 N 0& ht 1st gold 6s • 1928 J D 5th ext gold 4s 1041 Feb '17 4 / 4 1 / -1930 J J 93 _ 4 / 2d gold (1/4 1 / 1004 1001 8 1003 July'18 001, 4PT 1? NY LE&Wletgfd 78_1920 M S 7212 89 69 65 Paducah & Mem Div 4s...1946 F A 60 4 - 66 6 0 2 Erie 1st cons g 4s prior...1996 J J - - -1- -663 84 Dee 18 10018 10112 10112 Aug'18 10014 St Louis Div let gold 6s 1921 M . 1996 J J Registered 4 / 571 July'18,---- 5718 5814 1980 M 2d gold 3s 49.2 571 t 4 1 / 53 53 4 1 / 1st consol gen lien g 46 1996 J J 53 Sale 7.3 June'16 1 / 804 74 78 Aug'18 8 Atl Knox & Cin Div 4s.__1955 1W N 743 77 -1996 .1 J Registered 1 / 4 / 4 1 / Atl Knox & Nor let it 5s-1946 J D 93 ____ 951 July'18 --- 9518 954 7.514 79 7812 7912 7811 Aug'18 Penn coil trust gold 45__1951 F A 2 901 1 102 10313 14 42 03: 50 Render Ildge let s f g 6s 1931 M S 190 Sale 10312 10312 49 49 Sale 49 50-year cony 4s Ser A__1953 A 0 4 1 / 7:4 74 3 15 4212 4972 7712 74 4 Aug '18 75 49 Kentucky Central gold 49_1987 J 1953 A 0 49 Sale 4812 do Series B__ 96 Aug'18 -..1 90 Lex de East 1st 50-yr 5s gu 1965 A 0 5212 56 4813 56 52 Sale 51.2 Gen cony 49 Series D___I953 A 0 ___ 91 4 1 / 1 / 834 83 1 / 1 / 874 93 L&N M &M letg410 1945 M S 8014 85 834 Aug '18 90 July'18 Chic & Erie tot gold 524-1982 M N 6714 1 6714 6812 L & N-South M joint 46_1952 J J ---- 70 6714 4 1 / _ 108 Jan '17 Clev & Mahon Vail g 5.1_1938 J J -6312100 61952 Q J Registered 8 _ 997 100 May ix s I 6s___1955 J 4 -I 95 -663 Erie dz Jersey 1st 5 A 95 FeU 1 Aug'18 1937 F A 9018 ___ 9 ', N Fla & 8 Ist gu g 5s 93 96 4 1 / 96 Aug '18 96 103 Genesee River lot of Os___1957 J J 10018 __ 11012 .N.4,17 .1%1.3'16 4 N & C Bdge gen gu g 4%0_1945 J J 793 ____ .77 Long Dock consol g 6s____1935 A 0 4 / 103 103 Pensac & Atl lot gu it 6s...1921 F A 1001 ____ 101.2 July'18 - I Ruh 103 Jan Is 68_1922 M N 99 99 Coal & RR lot cur gu 1.Juiy•t7 19:16 F A 9314 __ 99 Apr 1, 8 & N Ala cons gu g 5s 1943 J J 8218 ___ 10212 Jon Dock &'met lot ext 5s 9312 9312 9312 hr. '18 -year 5s_1963 A 0 84 Gen cons gu 50 80 ____ 85 N Y & Green L gu g 5.3_1946 M N 70 80 60 60 July'18 --- 60 4 / _ I. & Jeff Bdge Co gu g 4s.....1945 IN 13 611 71 80 75 July'18 J 1_ N Y Susq & W 1st ref 53_1937 S 1936 Pd N Manila RII-Sou lines 4s 1937 F A 2d gold 434s Mai; Max Internat lot cons g 43..1977 M S 61 0 1 u‘ ) 4'14 J'e e:118 60 n 59 1940 F A 75 Nov'ln' General gold 5s Stamped guaranteed -• - • 108 Jau fl Terminal 1st gold 53-1943 M N 7614 ._. 108 Jan "S 9112 June'17 1 25 Midland Term-let s f g 56_1977 J D Mid of NJ 1st ext 5s..._1040 A 0 86 Minneapolis & St Louis 6812 62 66 53_1042 J D 6512 Bale 6512 Wilk & East 1st gu g 101 ____ 101 July'18 --. 101 104 1st gold 7s 2.4.2 Jan '17 - • - -- Ev & Ind 1st cons go g Os...1926 J J -id- -97 - 97 Nov'i 7 103 rug '16 -1927 AO 1921 S D Pacific Ext 1st gold 6s Evansv & T II 1st eons 613_1921 J .1 *5114 ___. 8512 Jitne'17 4 793 79 Aug '18 74 795* 3 1, 4 1349 M N 71 let consol gold 5s A 0 1942 8 41 4534 let general gold 5s 4518 46 46 S 45 & refunding gold 4s let 108 5,10e'1 Mt Vernon let gold OB....1923 A 0 441 Aug '18 -- 40 46 4 / 48 Ref Az ext 50-yr 5.1 Ser A 1962 Q F 47 95 June'12 55-1930 A 0 Sun Co Branch lot g 60 set. -_ -Des M & Ft 13 1st gti 48_1935 S J 8112 July'18 8112 81 7414 82 Florida E Coast 1st 414e...._1959 J D 4 1 / 5 75 78.2 5 D 7812 Sale 7813 Iowa Central 1st gold 5s._1938 92 Aug •10 32 4012 4614 Fort St U D Co lst g 410._1941 J J 46 4534 4812 4538 1951 M Refunding gold 4s 56'Oet .17 1 8112 86.2 Ft Worth & Rio Or 1st g 48-1928 J 8112 8512 J une'16 88 MStP&SSMcong4sintgu.1938 J 1 8112 Bale 8112 1933 A 0 Gely Eons & Hen 1st 5s 92 Jon I. . . 161 92 -647(2 94 lot Chic Term s f 4s 4 1 / J 93 Bale 9312 Great Nor C B & Q coll 4s 1921 1 / 854 Nov'17 4 96 M N _ifs; 873: AugAug'18 931 4 4 1 / SSM &A iota 4s intgul'21 JJ 88 73 9134 93 h1921 Q J Registered _ . 94121 95 Dee '16 8614 90 1949 J J Mississippi Central let 53 1st & ref 41.is Series A _1961 J J 96 June 114 Missouri Kansas & Texas 1961 J J . Registered 10 6018 644 82 1 / 21 J A 1990 F D 6212 637 6112 6 8 2 1st gold 4e 8618 - - 11933 J J 8414 -- -. 8912 Apr '1:3 35 St Paul M & Man 48 3034 34-2 3013 Aug '18 ---- 28 g1990 2d gold 45 108 108 10215 113 108 Apr '1:, 1933 J J 1 32 let consol g 63 32 32 32 Bale 32 118 Apr •17 let ext gold 53 1933 J J 991. Registered 40 40 Aug '18 40 45 & r let 4 913 Aug'18 9114 92 9114 95 efunding 4s Reduced to gold 4143_1933 J J 2 42 19.02 M/f, 16 . _ _4 1 _9 Trust Co cerds of den 29944_ MM NS 38' ____ 42 ma,'In -- 41 4 1 / 1933 J J 85 Registered 2612 10 2514 34 1 / 264 si Gen n ng fund 4%0_1936 i" ki 2714 30 El; 8312 1 811286 83.2 8312 ext lot gold 40_1937 J Mont _ 3712 40 No, In 2 St Louis Div let ref g 4e 2001 A 0 1937.5 D 80. ____ 9512 Mar iti Registered 40 5% secured notes "ext"..'16 -- - 30 85.2 Nov'15 - - •- Pacific ext guar 4s E___1940 J J -6913 Apr '17 801 Dec '17 4 / Dell & Waco let gu g 53 1940 M E Minn Nor Div let g 411_1948 A 0 .58 58 68 Jan '18 60 4 / 1001 May'18 Kan City & Pac let g 4s 1990 F A 58 1001, : 1070411 1922 J J Minn Union let g 6s 37 36 8 1942 A 0 361 ____ 36 Apr '18 5s 4 / Mo K & E Ist gu g 105t8 10518 1937J J 1035s --- 1051 July'18 Mont C lst gu g fle 5514 hue 1 13614 Mav'06 M K dr Okla let guar 5s 1942 Pd N 58 1937 J J Registered -49 4 1 / 5212 4912 Aug '18 95 1 -fri5i, 95 M K & T of T 1st gu g 53_1912 M S 49 95 1937 J lot guar gold 513 51 1Pet '16 5 99 4 8 Sher Sh & So 14 gu g 5s 1942 J .D ___- 60 923 10 3 Aug •16 : Will & S F 1st gold 5s 1938 J D 40 40 4 1 / 7914 69 Doe '18 Texas dr Okla lot gu g 5s._1943 M S 30 ____ 40 Jan 'IS Feb Green Bay & %V deb ctfs 712 812 712 Aug'18 (reorg Co) Missouri Pacific 7 918 Feb Debenture etfs "B" 88 29 8334 84 Aug'18 76 Aug'18 75 let & refunding Es Ser A 1965 F A 81 83 & t g 513_01952 J J 7412 76 Gulf & S list ref 92 90 Aug'18 -.- !•11 .1923 F A 8934 91 75 Aug'18 _ 77 74 1st & refunding fis Ser Do. 4 1 / 78 5 8514 90 Hocking Vol 1st cons g 43.4s 1999 J J 75 8712 8 7312 June'18 ---• 7312 7312 let & refunding 5s Ser C 1926 F A 8672 Sale 867 1999 J J Registered 53 I 169 Ars1, 594 4 1 / 6734 sale 57 1 / 8712 8214 Aug 17 1975 M _ _ General 4e 4s__1948 A 0 -.164 Col & It V 1st ext g 4 9812 9912 883 Aug'18 Missouri Poe lot cons g 68-1945 m N 9812 99 1920 M s 6712 7i; 1955 F A vos ..-- 75 Feb '18 Col & Tol let ext 4s _ 58 ____ 60 Joiy'1; 9318 Apr '17 ....-. ---95 2 87 -year gold loan 4s 40 Belt & Term let 5/3 1937 J J so!, 93 89 Houston 82 Apr '17 90 3d Ts extended at 4%. _ _I938 M N 95 Illinois Central 1st gold 4s._1951 J J 8212 _ 4154 Feb '13 92 Beet 1 7 Boonv St L & S 1st 53 gu..1951 F A ----1951 J J Registered 70 9712 1 frr '13 . 63 Cent Br U P let it 48 77 1951 J J 631s ---- 77 July'18 -- 77 lot gold 34s 4 / 791 July'18 7812 80 33 F A Pac R. of Mo 1st ext g 48_ 1948 S D 79 83 4 / 1951 J J 611 --- 84 NIIV*15 Registered 4 1 / 100 Al)' '18 --1938 J -- 80 Jutie'17 2d extended gold 5s • • --Extended lot gold 310.-1951 A 0 6318 -. "66; -9515 391 St L Ir M 4128 gen con g 58_1031 A 0 s 1151 A 0 615 Registered Is ; 80 J it 1755 Gen eon stamp gu g 58_1931 A 0 -713 -7 1951 M let gold 3s sterling 9- .2 5 2 116 A l ' 5 : ) 18 •-! 72l 7634 75311 9- ; 172322 Snug31 Unified & ref gold 4s-1929 J 1951 M 8 Registered .. 701 sz i5 88 ot tl7 777 -f74 1 / Registered 75 7211 7814 1952 A 0 Collateral trust gold 4s .2 7112 Aug'18 -- -661 72 71 3 29 IN S 9 &0 Div let g 4s-19 3 S N 70 Riv 1 / 954 Set/012 Registered 4 1 / 77 4 1 / Verdi V I & W 1st R 5s-1926 M S 775$ 83 1955M N 773 7712 77 let refunding 4s 100 102 101 Aug '18 ---- 105 10213 2 71 May 18 -1927 Q Mob dr Ohio new gold 6s___6,7 J 70 71 J 6418 68 1952'J Purchased lines 31s 95 g 92 1 91/ ____ 824 1067 89a5 72 72 io 7118 7612 1st ext gold es LNO& Texas gold 4s___1953113,4 N 72 Sale 72 Fel. '18 85 6,5 Aug'18 1933 M S 84 General gold 43 72 72 1053.M N *70 Registered. ) ._ Montgomery Div let g 5s-1947 F A 83'* ____ 93 Jou 7314 7612 89 Apr 'i 7 Cairo Bridge gold 4e. 1950J D 84 ____ 90 Aug '17 79 Feb '14 St Louis Div 5s Litchfield Div 1st gold 373_1951 J J 584 ..-__ 6618 July'18 8.5 77 Dee '17 (42 L & Cairo guar g 4e 927 J .1 1931 S 0 73 / _ 6418 Louley Div & Term g 310 1953 J J 661 ---- 83 AU14 .12 2 07' 101 7 8 : 9,4 312 11, Neshy Chatt & St I. let Se...1928 A 0 955 1100098: June'18 1953 J J ---- -Registered Mar Jasper Branch let g 63_1923 J J 8 71 1921 F A 955 -- 102 June'I6 Middle Div reg 5s 30 May'17 su 1 / 584 Apr '11; Nat Rys of Met pr lien 430_1957 J 5814 5814 gold 3s...1951 F A 5414 -. Omaha Div let 35 Aug '16 1977 A 0 -__ 30 Guaranteed general 4s Ai 62 Mor'144 so 82 62 St Louis Div & Term g 3s-1951 J J 80 4 / 961 Feb '13 Nat of Met prior lien 43413_1926 J J 63 4 1951 J J 655s ---- 8514 Aug'18 653 Gold 314s 21 51 953 A 0 21 __ 21 Aug'18 -- 21 let consol 4 1 / 6612 /40 June' 1951 J J 62 Registered 64 _ 63 Aug '18 -.. 60 4 1 / 80 Nov' n New OrleansTerm let 4s 1J J 6218 451 Spring( Div Ist g 3%0.-1951 J J ____ 7914 78 9414 92 1925 J D 9214 9212 9212 Aug'18 4 1 / Aug'18 N 0Tex & Mexico 1st 6s 4 1 / 785 79 8 lines 1st g 4s____1951 F A --- 78 Western 4978 16 40 49 92 Nov•10 Non-cum Income 55 A...1935 A 0 48 Sale 43 1951 F A Registered New York Central RR 11712 Mny'10 1923 5 D Bellev & Car let Cs 9414 124 9112 95 ' / 4 1 4 1 / 90 Jan '17 Cony deb Cs1535 1W N 93 Sale 93 -Shaw 1st gold 4s__1932 M Carb & 9 69 75 70 4 / 8 667 70 691 97 134nr18 Como! 48 Series A 96 97 Chic St L & N 0 gold 5s__1951 S D 98 4 1 / se 1 79 4 1 / 79 4 1 / 79 1013 F A 2998 A O 7712 80 Ref & imp 434e "A" 1951 J - - • 114 Feb '11 Registered 6512 July'18 Now York Cent & Hud itly1 6513 654 / 1 / 1951 J D 634 Gold 34s 7012 11, 6938 7404 7 jiw .1 19347 .1 4 70 Sale 70 Guar 334e 1951 J • Registered 4 1 / 6658 71 1 / 664 Aug '18 4 1 / 66 68 mut Sale "8513 Registered 13 85 91 4 1 / Joint 1st ref 5s Series A_1963 J D 4 / 7712 Aug '18 ----' 74.4 811 4 / 771 78 791 Nov'17 4 / Debenture gold 4s D 6812 ---Memph Div 1st g 4s___1951 J I , - .2 De 16 _ 65 Nov'17 Registered 1951 J D Registered 2' 61 4 1 / 65 61 6514 61 98 1994 Lake Shore coil g 314s--1 3 F A 61 80 80 4 1 / gu g 48_1931 M S 76 -- 89 Feb '18 St Louis Sou 1st 61 81 _ 6112 01 Mu '18 1993 F A Registered 4 / 1950 J J 741 -- 89 Apr '17 Ind 111& Iowa 1st g 4s 4 1 / Ws 62 70'2 63.z Aug'18 2 - 9312 Mich Cent eon gold 310 1998 F A 61 90 9312 Int & Great Nor 1st g 69-1910 M N 90%8 957 821 May'Is 4 / 691 7a Mar 17 4 / June'I 7 Registered _ J D 80 -James Frank & Clear 1st 48_1959 8 1989 F A Battle Cr & Star 1st gu 36_199 J D 4 / 6212 58 5914 611 60 Aug'18 Kansas City Sou let gold 33 1950 A J i -961$ 63 Om Ito Beech Creek let gu g 46..1936 J J 81 _ 1950 A 0 Reglstered 954 Nov•16 1 / --• 1936 J J 7852 Registered 1 / 774 78 7334 -W. ' J 77 Apr 1950 J Ref & lmpt 55 4 1 / 84 92 104 MaY*16 1936 J gold 58 2d guar 73 73 7212 78 Kansas City Term 1st 16_1960 1 J 73 Sale 834 19'36 J J Registered 1 / June'18 78 92 4 1 / 58_1(137 J .J 83 85 Lake Erie & %Vest lot g Beech Cr Ext let g 334s_b1951 A 0 7'7 4 1 / 80 Feb '17 80 1041 J J 2d gold 5s g 1981 J D 685 Cart & Ad 1st go g 43 8914 1%1;0'17 81 _ North Ohio let guar g5 3_1945 A 0 Gouv & Oswe 1st go g 56_1942 J D 85 14 4 8412 89 85 July'18 3Leh Val NY lstgug4l4e 1940 J , Mal Ist gu g 43_1991 M S 7012 ---- 73 - Aug Moh dr Oct'17 1940 J J 8018 -- 89 Registered NJ Juno It guar let 48_1986 F A 68 -- 8912 Ceti Of 74i 78 75 Aug'18 Lehigh Vol (Pa) cons g 48_2003 M N 7418 80 N Y & Harlem g 3143._2000 M N 6614 -- 80 Mny'17 88 Aug'18 87 9012 2003 1W N 8218 88 General cons 4s 8 951 June'18 4 1 / N Y & Northern let It 56_1923 A 0 92 o Due Oct. 8 Option sale. and asked this week. a Due Jan 8 Due Feb. g Due June. 6 Due July. n Due Sept. * No price Friday: latest bid 14 New York Bond Record-Continued-Page 3 990 BONDS N. Y.STOCK EXCHANGE Week Ending Sept. 6. i ti ,..,4 4 Price Friday Sept. 6 Week's Range or Last Sale l'ts A Range Since Jan. 1 High No. Low High Bid N Y Cent dr H li RR (Con.)Ask Low N Y dr Pu 1st cons gu g 43_1993 A 0 6718 ____ 7412 Mar'18 _-.. 7218 7412 Pine Creek tog guar 6s___1932 J D 101 ____ 113 May'15 .-.. ____ ____ R W de 0con let ext 55_81922 A 0 9612 98 93 July'18 --- 96 / 9814 1 4 Rutland 1st con g 4s__1941 J J 681 ___ 6714 June'18 / 4 - 6714 6714 Og de LCham 1st gu 48 _1918 J J 60 ___- 60 June'18 __-- 60 63 Rut -Canada 1st gu g 48_1949 J J 55 ____ 70 Jan 18 ..-- 70 70 St Lawr & Adir 1st g 53___1996 J J 82 --- 101 Nov'16 .--- ____ ____ 2d gold 65 1996 A 0 .....- -- 103 Nov'16 _ _ ___ Utica Se Blk Riv gu g 4s 1922 J J 91 _-- 94 Apr '13 __ 92 ___9178 Lake Shore gold 314s 1997 .1 D 72 _-_- 7012 Aug '18 -- 70 75 71 1997 J D 65 73 May'18 --- 7212 73 Registered 8518 1928 M S 8518 Sale 8518 Debenture gold 48 1 42 8712 84 25 1 8134 8612 -year gold 45 1931 M N 8458 817 84 8 8 Registered 1931 M N ---- --_- 837 Nov'17.-___ _ _ _ Ka A & G R lat gu c 55-1938 J 3 -_- -,. _-_- -. - _ ---_ Mahon C'l RR 1st 5s 1934 J J 90 _...,_ 1044 Deo '15 -- ____ _ _ __ Pitts & L Erie 2d g 58___a1928 A 0 9118 ____ 103 May'17 ___ __ _ / 4 / 4 Pitts McK de Y 1st gu 6s 1932 J .1 1011-- 1301 Jan '09 ____ _ _ / ...312d guaranteed 6s 4 1934 J J 1011 _..__ 12314 Mar'12 --__ __ ___ _ Michigan Central 5s ..-- 9915 Aug '17 1931 M S* 89 Registered 92 Apr '18 ..... 92 9 98 1931 Q NI ---- . 2 43 7412 Aug '18 .... 1940 J J ' - 7415 '75 Registered ...1940 J J ---- ---- 87 Feb '14 ..._ ___ _ J L & S 1st gold 310_1951 M S -..- 90 June'1 8 -- ___ ____ , 1st gold 30 1952 M N 70 - 797 July'17 1 8 4 20 1 723 8012 -year debenture 4s 80 7712 7712 1929 A 0 7712 77 Aug '18. NA'Chic Sc St L 1st g 4s _1937 A 0 77 78 '12 82 Registered 1937 A 0 7512 ---- 85 Nov'17 -------- -64 64 Debenture 4s io it 1931 111 N 63 65 68 . West Shore 1st 4s guar...2361 J J 7312 Sale 7314 7312 8 73 80 7112 Aug '18 _-- '7118 '7634 Registered 2361 J J 7112 74 N Y C Lines eq tr 5s__1918-22 M N --- 100 10012 Jan '17 ___ _ _ _ __ _ Equip trust 410_1919-1925 J J --_- -- 981 July'17 / 4 N Y Connect 1st gu 410 A 1953 F A 7718 851 8512 May'l,-_ 8512 88 ; NYNH& Hartford 1947 M S --------55 Sept'17 Non-cony deben 48 __ 59 50 Oct '17 _-_ _ Non-cony deben 310 1947 M 8 55 _ 62 Non-cony deben 3148....._1951 A 0 59 Sale 59 11 go, .6i . Non-cony deben 48 1955 J J -___ 5978 59 Aug'18 __ 52 6118 1956 MI N 60 65 59 Aug'18 __5518 61 Non-cony deben 4s 53 Cony debenture 310 ao ii 6118 60 1956 J J 55 59 1948 J J 90 Sale 8812 Cony debenture 58 90 6 82 90 Cons Ry non-cony 4s 1930 F A 55 .. _ 50 Oct '17 --__ ___ _ _ _ _ 911 Jan '12 / 4 _ Non-cony deben 4s 1954 J J --_- 56 1955 J J _-__ 56 60 July'18 -_- 60 60 Non-cony deben 4s Non-cony deben 4s 1955 A 0 _-_- 56 ---- ..... --- ____ ---Non-conv deben 4s 1956 1 J ----.- ---- _ .. 9 Harlem ft-Pt Ches 1st 48_1954 M N 73 Aug'18 7_3 BdNYAirLine1st4s.._1955F A -------- 7913 Dee '17 -__ ____ _ - - ._-6_0_ 7() '74 Apr '17 ____ ___ _ _ _ _ Cent New Eng 1st gu 48 1961 J J 60 Hartford St By 1st 4s_..__1930 M S -- -....-_... ; Uousatonie It cons g 53 1937 M N 89 --__ 1061 May'15 ___ _ __ _ _ _ _ Naugatuck RB, 1st 4s 1954 M N .-__ --- 87 July'14 ____ ____ _ _ _ _ N Y Prov & Boston 4s.._1942 A 0 --_. --- 83 Aug '13 NYW'ehes&B lstser14101946 J .1 55 Sale 5212 60 41 -45 - -60 Boston Terminal 1st 48 1939 A 0 ---- . - ---- -_ __ _ _ _ _ _ New England cons 53.... 1945 J J -_Consol 4s 1945 J J ---------70 Sept'17 ---- _ _. _ _ Providence Secur deb 4s.._1957 M N ---- 47 -_ _ _ _ 57 Apr '113 Prov de Springfield 1st 53_1922 J J .- _ __ 997 Dec '13 8 Providence Term 1st 45.....1956 WI S ---- __-_ 88 Feb '14 _ __ ___ _ _ _ _ / 1 4 __ W & Con East 1st 410_1943 J J N Y0 dr W ref 1st g 4s_ __g1992 M 5 6312 657 6318 2 6312 1 -631- -6312 2 .g1992 M S 63 __ 9213 June'12 .___ ____ _ Registered $5,000 Only. 1955 J D 63 65 60 Apr 'Is __ 60 60 General 4s Norfolk Sou 1st de ref A 55_1961 F A 6514 Sale 6514 655 8 4 60 6552 8112 8412 / 1 4 1941 M N 82 _ 8158 June'18 Nonf de Sou 1st gold 5s Nonf dr West gen gold 6g 1931 PA A 105 106 10514 July'18 _-- 10514 106 Improvement & ext g 68_1934 F A 102 1067 122 Nov 16 ____ ____ _ _ _ _ 8 _ 10718 Oct '17 ........ __ New River 1st gold 6s 1932 A 0 10214 __ _ N Sc W Ry 1st cons g 45_1996 A 0 8038 8112 8014 8012 3, - - -85 80 _ 9312 Dee '16 -___ __ Registered 1996 A 0 __ __ Dly'l 1st lien de gen 348.1944 J J 78 ___ 78 Aug '18 ____ 71 73l8 1932 J D ... 123 May'17 --__ ___ / 1 4 10-25 year cony 4s 10 -20-year cony 45 1932 M S -------- 11714 May'17 10-25-year cony 410_1938 M S 10014 ____ 10318 July'18 ---- 10312 10512 Pocah C & C joint 4s_ 194I J D 78 83 7818 July'18 --._ 78(2 8518 / 1 4 C C de T 1st guar gold 58_1922 J J 95 103 Sept'16 ._ ____ __ __ Selo V de N E 1st gu g 43..1989 M N 713 __- 7712 Aug '13 _-__ 77 4 7712 / 791 1 4 / 4 Northern Pacific prior lien 8112 81 railway de land grant g 48_1997 Q J 81 813 4 24 79 8414 Registered 1997 Q J -„- 7958 7814 July'18 ....,.. 7834 80 General lien gold 39 a2047 Q F 58 Sale 577 8 58 14 563 6112 3 6114 June'17 _._ 3 Registered a2047 Q F 523 58 2047 J J Ref & imp 410 ser A / 1 8212 83 July'18 -- 83 854 St Paul -Duluth Div g 48 1996 J D 74 8112 74 Aug '18 -- 74 75 / 4 St P & N P gen gold 68_1923 F A 10118 105 1011 July'18 --- 10038 103 8 4 Registered certificates_1923 Q A 1003 104 1033 Sept'17 ....... St Paul & Duluth 1st 53..1931 F F 9314 _ _ 107 Oct '16 ---- __ ... _ 1st consol gold 45 887 Mar'17 1968 ./ D 6714 83 3 Wash Cent 1st gold 48 1948 Q 51 61 3612 Dec '16 __ . .. 85 . Nor Pao Term Co 1st g 68-1933 J J 1051 10812 1063 July'18 -- 1563 1081 / 4 4 4 / 4 7214 72 Oregon-Wash 1st & ref 48_ 1961 J J 72 72 2 71 75 Pacific Coast Co 1st g 5s.. 1946 J D --- 8378 8415 May'18 ---- 82 95 Paducah &Ills 1st s f 410_1955 J J ---- 100 10018 Feb '17 --__ __ __ __ Pennsylvania RR 1st g 48_1923 M N 9313 _ 93 July'18 ---- / 1 4 9314 9312 Consol gold 58 1919 M S 9738 _- 100 Aug '13..100 100 Registered 1919 Q M 9712 ---- -,-- , -_-- -- --Consol gold 45 1943'M N 83 8414 88 July'18 gi Consol gold 4s 84 8413 84 1948 M N 84 1 84 99 9458 941 / 4 9458 11 944 99 Consol 410 1960 F A 94 / 1 1965 J D 87 Sale 8612 General 410 8718 43 861 92 / 4 Alleg Val gen guar g 4s...1012 M 5 82 8638 8912 Nov'17-__._ 844 Sep '16 --__ __ ___ / 1 D R RR& B'ge lstgu4sg 1936 F A 8118 Filth' Bait de W 1st g 4s 1913 M N 82 .._ 92 Aug '17 -....-___ ___ _ Sodus Bay & Sou 1st g 53_1924 J J _ _ ___ _ 102 Jan '93-__ _,.. Sunbury & Lewis 1st g 48_1936 J J 7814 ---- -----..- ---- --- --. U N J RR & Can gen 48_1944 M 5 8138 ___ 92 Dee •17 Pennsylvania Co / 1 Guar 1st gold 410 1921 J J 964 97 9612 Aug'18 __ 0618 9853 9612 9715 July'18 Registered 1921 J J 95 - 9534 9'712 Guar 330 coil trust reg A.1937 M S 76 ___ 87 Fob '17 -.. ____ ___ Guar 330 coil trust ser 13.1941 F A 7314 7518 78 July'18 ---- 70 78 Guar 310 trust ctts C 1942 J D 74 8114 July'17 --- ..... 73 Guar 330 trust ctfs D 1944 J D 7418 86 373 Dee '164 .... _ 0 8213 86 Guar 15 -year gold 4s 1931 A -25 8218 July'18 --- 8318 84 40 -year guar 48 ctfs Ser E_1952 M N 78 ___84 June'18 --- 84, 84 Cln Lob Sc Nor gu 48 g__ _1942 M N 80 873 86 Oct '17 __ ___ _ 71 CI Sc Mar 1st gu g 4148.....1935 M N 85 __ 9614 May'17 _ _ ... __ _ _ Cl Sc P gen go 410 ser A_1942 J J 93 ___ 9634 May'18 __- 963- 9634 4 Series B __1942 A 0 8912 104 Dee '15 Int reduced to 310_1942 A 0 8612 ___ 961 Feb '12 / 4 -Series C 310 1948 M N 8012 __ 9018 Oat '12. Series D 3345 1950 F A 8012 __ _ 8812 Feb '17 Erie & Pitts gu g 3108 1910 J 1 8314 ..._ 88 Apr '17 ... _., Series C 1940 J 1 8314 _9018 July'12 Gr R Sc I at 1st gu g 4143_1941 J J 81 89 81 Aug '18 __ 81 81 Ohio Connect 1st gu 4s. _ _1943 NI S 744 ___ 93 May'14 / 1 . _ _. . Pitts Y Sc Ash 1st cons 5.8-1927 NI N 93 ____ 93 May'10 _ .__. ..... Tol W V Sc 0 gu 4145 A 193I J J 87 ___ 9834 Apr '17 - _ . _ ...... ._. / 1 4 1933 J J 871$ __ 92 Dec '17 .. -------Series B 430 Series C 48 1942 M S 7718 ____ 881 Sept')? / 4 . . PC C Sc St 13 gu 410 A-1940 A 0 9012 9134 9134 1 9113 9212 Series B guar 1942 A 0 901 100 / 4 9112 June'18 911 9112 / 4 Series C guar 1942 M N 9018 ___ 99 June'i 7 ____ -----Series D 4s guar 1945 M N 90 90 Aug '18 s 9 Series E 310 guar gold_1949 F A 9012 .._ _ 891 Aug '18 ._ 87 / 4 90 Series F guar 4s gold 1953 J D 90 _.. 8512 May'17 _ . __ Price Friday Sept. 6 BONDS N. Y. STOCK EXCHANGE Week Ending Sept. 6. [Vol, 107. Week's Range or Last Sale S , "" Range Since Jan. 1 Bid Ask Low High No. Low High PCCdc St L (Con.) 9612 90 Aug '18 --- SS% 90 Series GI 48 guar 1457 M N 90 / 4 Series I cops gu 434s.,,1063 F A 9018 93 921 Oct '17 -.-' ____ _ _ _ _ 0 St L Sc P 1st cons g 58_1932 A 0 9718 ____ 10012 Niay'13 --.- 100 10012 Peoria & Pekin Un Ist 65 g 1921 Q F 00 June'17 -_--_2d gold 4145 ----51921 M N ---------87 Mar'16 --i ..i642 _i_ 31 , .. a , 7 31 Pere Marquette 1st Ser A 5819 0 -__ - 81 Sale 803 1 0 6 5 6312 ____ 6412 Aug'18 ---- 62.2 66 1st Series B 4s 45 July'18 _---, 41 Philippine Ry Ist 30-yr 8 f 451937 i -.I ---- 50 50 90 Pitts Sh Sc LB 1st g 5s 1940 A 0 96 __._ 91 Jail '13 ____ 99 1st consol gold 53 1943 J .1 90 __ ._ 9714 1)(io '17 --_Reading Co gen gold 48-1997 J J 8214 Sale 817 8 82141 5 -81- -gli 8212 812 June'18 --- 811 8112 1997 J J 80 Registered / 4 8112, 1 III I, 80 / 4 Jersey Central coil g 48 1951 A 0, 811 Sale 811 I Atlantic City guar 4s g_.10511J 11 ------------ __---, _ St Jos & Green Isl 1st g 4s 1947 J J 60 ____ 63 Aug'18'...._ St Louis Sc San Fran (reorg Co)Prior lien Sot A 40 / 4 511 62 512 / 41 1950 J .1 5914 Sale 591 61 7312 51 66 8 Prior lien Ser B 5s 19501J J 727 Sale 7212 75 Cum adjust Set A 3s___81955 A 0 70 Sale 6812 70 92 60 70 53 Sale 5112 Income Series A 6s 51 234 44 81960 Oct 54 3 St Louis Sc San Fran gen 63_1931 J J 1003 __ 10012 July'18 -- -- 10012 10114 General gold 5s St L & :3 F RR cons g 45-1991 S J i -_----- _97 96 May61 __ -6 _6632. -6681 -.- 78 ' 95 6: 1 . 1 6 -1 91_78 : 193 J -l 9: Southw Div 1st g 5s 1947 A 0; 80 ---- 90 Mav'17 ---- -- iiiir. X C Ft S de M cons g 63_1928 M N,' 9912 ---- 100 I 100 100 X C Ft S Sc M Ry ref g 481933 A 01 65 6518 65 X C Sc M R Sc B let gu 53-1929 A 0 87 ---- 851 Aug '18 -- , 8518 8518 / 4 St L 8 W 1st g 4s bond at:3_1939,M N 05 1 66 6512 6512 2d g 4s income bond etts.p198911 .1 ---- 547 55 Aug '13 --,.. 5012 55 8 Consol gold 4$ 60 Ist terminal & unifying 58_1952'2 D 59 577 57 5 52 4 5 7 6412 59 1932 J J 5018 80 8 _ _ Gray's Pt Ter 1st go ti 53_1947 J D ---- -- 9812 Jan '14 S A Sc A Pass 1st gu g 4s__ 1943 J J55 65 55 517 S F Sc N P 1st sk fd g 58.-1919 J J ---- ----100 June'18 ---8;47; 11 612 . 5; 1 0 0; 1 Seaboard Air Line 3 4s 67 July 0 7 '18--- 1 7115 1 0/ 7 2 1950 A 0 -, 80 1 4 4 Gold 4s stamped 1950 A 0 671- 7214 70 5 5 Adjustment 53 5 0 57) 019 9 F 0 5014 Sale 1 4 A A 61'4 Aug '18--..' 49 57 Refunding 4s -6 2 57; 77) All Birm 30-yr 1st g 4.8..e1933 NA 5 63 76 7:i 75 Mar'18 75 Caro Cent 1st con g 48 75 June'14 1349 .1 J ---- 78 75 77 Fla Cent Sc Pen lot g 58.....1915 J 9914 Jiltkt 17 , 1st land grant ext g 58 1930 J J 90 _ _ 101 Doe 'L' 1643 g J 9212 ___ 9314 June'18 Consol gold 5s 93) :i, 5 -1 - 93¼ Gs. Sc Ala Ry 1st con 5s_o1945 J J 9012 1001 9012 Juno'18 / 4 9012 9015 Ga Car Sc No 1st gu g 58_1929 J J 891 94 / 4 94 June'13 / 011 011 944 954 / Seaboard Sc Roan 1st 58..1926 J J 87 95 9114 June'18 Southern Pacific Co / 4 Gold 4s (Cent Pee coll)__k1941) J D 701 7234 72 7218 0. 70 76 Registered k1949 J D 6912 ___ 00 Feb '14 --7914 34 -75t2 -W s 20-year cony 4s 01929 M 5 7918 Sale 7818 20 4 92 -year cony 53 76 8618 95 1934 J D 913 Sale 9112 / 77 1 4 Cent Pao 1st ref gu g 4s 765 Aug'18 -- 76 8 1949 F A 76 / 82 1 4 1940 F A -...... -- 8712 8ept'16 .... _ _ , ___ Registered Mort guar gold 330_81929 J D 85 87 86 July'18 ---, 86 88 Through St L 1st au 48_1954 A 0 70 76 747 8 74 / 1 4 1 71 96 OH / 4 1st 53..1931 M N 901 100 100 Oct '17 ....... d exte' 2&SAn51stPr 9(33 Jan '14 - . -9133 - 4 4 a 1931 J J ---- 97 4 663Gila V 0de N lot gu g 53-1924 M N ....- 95 10014 Jan '16 --._ ---- ---Hous E ScW T 1st g 53-1933 M N 84 95 8512 July'18 ---- 8512 8512 92 101 Oct '16 ---- ---- ---1st guar 5s red 1933 M N 85 H &T C Ist g 5s lot gu I937 J J 9214 104 10313 Aug '17 --__ Gen gold 4s Int guar 92 May'18 --- 192I A 0 8914 92 if - 2. E1Waco & N W div 1st 138 '30 M N --------10912 Nov'15--A Sc N %V 1st gu g 55 - - -- - - 1941 J .1 -__- 93 10112 Dec '16 ---- -------/ 4 Louisiana West 1st Os 1921 J J 981 ____ 10014 Oct '17 Morgans La & T 1st 68_1920 J J ---- 1045 100 Apr '18 -- 106 - 100 8 No of Cal guar g 58 1943 A 0 9213 97 1021 Oct '17 -/ 4 Ore Sc Cal 1st guar g 53_1927 .1 J 9138 __ 0614 1,ob l% _._. iii -9612 So Pao of Cal-On g 53_1937 M N 0218 ____ 10711 Senn() ---So Pao Coast lot gu 48 g_1937 J .1 90 --- 9312 Aug '17 __-- -_------ - -San Fran Tenni 1st 4s 1950 A 0 ---- 7714 73 Aug '18 -- 73 811 / 4 Tex Sc N 0 con gold 5s 1913 J J -- -- 45 95 Nov'16 -So Pee RR lot ref 48 4 1955 J .1 7712 Sale 763 7712 14 7612 8258 Southern-Ist cons g 53 1991 J J 88 Sale 18) Aug ,38 -. - 83 04 / 8 1 4 8 10 .4 9 2 9314 Registered / 4 Develop Sc gen 48 Ser A 1956 S 0 - -2 2 -friarle 621 991 A j 6 -163 84 - - '64' 59 Mob Sc Ohio coil tr g 4:5_1938 M S 63 65 651 Aug '18 -- 65 / 4 6812 Men, Div 1st g 4343-53....1995 J J 81 _ _ 92 July'18 ---- 8718 92 1051 J ,11 6518 (3678 6112 Aug'18 --- 64 St Louis div 1st g 4$ 6912 Ala Cent 1st g 63 1918 .1 J -- ..___ 1021 Sept'16 / 4 Ala Gt Sou 1st cons A 53 1943 J 12 ---- .- - 87 Mar'18 -- -tiiii -877 / 1 4 8 All Sc Charl A L 1st A 4101941 J J 79 87 .90 July'17 -- .. 1st 30 9134 91 Aug '18 ---- 91 -year 5s Set 13____1944 J J 91 9.5 Atl Sc Danv 1st g 45 . Mar'18 1948 J J - .. - -_- 7Mar'18___. 7014 704 / 1 2d 4s 1948 J J -.- RO 8112 Marla-- _ _ . All Sc Yad 1st g guar 18_1944 A 0 .... . . 75 Feb '17 -.. E T Vs Sc Oa Div g 58._1930 J .1 923 9918 96 5.1ar'ici ___ 8 Cons 1st gold 58 1956 M IA 8912 9412 9212 Aug '18 ---- -611:.6 9 9 6 6712 E Tenn reorg lien g 58 88 1933 111 5 85 86 Aug '18 - - 86 86 63 Ga Midland 1st 3s 1946 A 0 45 ..._ 51 marig __51 Ga Pao Ry 1st g 68 / 1 1922 5 J 1004 103 10012 Aug '18 ---- 10012 10012 Knoxv Sc Ohio 1st g 6s_....1925 J J 100 101 101 July'18 9458 10114 Mob Sc Bir prior lien g 53_1945 J J ___ 95 106 Sopt'16 - . 5J J Mortgage gold 48 7212 68 Jan '14 68 68 Rich & Dan deb 53stmod_ 1937 A 0 89 05is slaenvot:811i233 1) 8 1 1. Rich Sc Meek 1st gu 43-1948 M N - - ----73 So Car Sc Ga 1st g 53 66 1919 M N 17/118 -i - 678 '9812 95 05 Virginia Mid Ser D 4-53_1921 M S 93 --10212 Jun,'Il ....... Series E 5s 1926 M 5 92 ____ 93 Apr '18 93 03 . ., Series F 58 1926 M S 91 ..__ 10112 Don '16 1936 M N ____ ____ 94 July'18 General M . 98 9412 Va Sc So'w'n 1st gu 58_2003 1 J 813 ---- 105 Mar'17 4 1st cons 50 -year 53_1953 A 0 6714 82 6714 671 / 4 1 -671:1 '7212 W 0 Sc W 1st cy gii 4s 1924 F A-934 Mar'17 / 1 _Spokane Internal 1st g 53_1955 J .1 ---- 4 --- 953 Mar'17 Term Assn of St L 1st g'434s.1992 A 0 83 9912 80 July'18 f1672 "g1st cons gold 58 1394-14 F A 8212 89 94 95 Feb '18 95 95 Gen refund s 1 g 4s 73 1953 1 J 60 743 4 743 4 1 7434 82 / 1 4 St L M Bridge Ter gu g 58_1930 A 0 ____ 9915 11512 July'17 Texas Sc Pao 1st gold 53___2000 J D 8115 81 82 Aug'18 8678 82 2d gold income 55 45 801 Feby 18 464 ma : 8 / Q2000 Mar 41 461 4618 / 4 La Div B L 1st g .53 93 W Mm W Sc N W lstgu 531°3 *I Aj ..--- ........ 10(312 Nov'04 1931 F 0 Tol Sc Ohio Cent 1st go 58_10 5 J 0J 9 5A 3 - - -iii 06 _8 _ 8 9912 100 Jan :11 74 _8 ' 9 Western Div 1st g 5s (3 93 Apr 1 General gold 53 193 S D 6814 8 9 0 A O 73i- 80 95 Kan Sc NI lot gu g 48 8 % 6 99 Aeg 48 -.." --8: 6 0 F ub 7 6 : 8.66 3d 20-year 55 1927 J J ___ 85 913 Doe '17 4 Tel P Sc %V 1st gold 43 1917.7 J 35 59 52 Aug '17 Tol St L Sc W pr lien g 3348_1925 J J 76 80 7713 July'18 ___. --2 'no . i - - - -(ii150-year gold 48 1950 A 0 48 ---- 48 48 45 53 Coll trust 4s g Ser A 1917 F A ___ 32 1838 Mar'05 _ .. ...... Trust co etts of deposit__ Tor Ham Sc Buff Ist g 48_81946 4 0 Apr '17 ._ _ -Ulster Sc Del 1st cons g 58_1928 J D ._ _ ---9823 ) 1 Ist refunding g 45 1057 J 0 8644 s2l0 9 12 A 5 -7- 797 Union Pacific 1st g 48 9131 €11N7)%7 2 21 -1 8 / :11177 '804 8 : 4 -/:49 ..Registered 1917 J J 811 8-4 / 4 83 Aug'18..- 83 86 20 -year cony 45 1927 J J 85 8612 8512 85 / 1 4 5 8234 89 1st Sc refunding 48 0 008 M S 79 Sale 787 9 8 79 16, '75 8134 Ore RR Sc Nay con g 48_1916 J D 7873 797 78 Aug'18 -- 7838 8212 8 / 1 4 Ore Short Line 1st g (3s__ _1922 F A 10078 Sale 10078 10118 2 100 104 / 1 4 1st consol g So 1946 J J __ 98 95 July'18 ____I 941 9712 / 1 4 / 4 Coat refund 48 1929.7 0 8114 8178 82 82 25 81 8512 Utah Sc Nor gold 53____19213 J J 9012 98 94 Dee '17 .. ___- --_1st extended 48 1933 J J 8018 89 89 Feb '13 _ -9 , 89 Vandalla cons g 48 Set A___1955 F A *77 __ 80 Jan '13 . SO 80 Consols 40 Series B 1957 M N 791 __- 80 Jnne• 1 4 _ _ _ _ MS 8013 / 4 / 1 4 Vera Cr116 Sc P 1st gu 1348.._1934 J S...,_- 35 Sept'17 an1 askel. a Due Jan. 5 Due Feb. g Due Jane. 5 013 lily.k Dms 1,g;. o Die Oat. p Due Nov. Q Duo Dee. a Option sale. Y - g -.-_ iii * No price Friday: laten M.... -- 3r" iii :::: 7 BONDS N. Y. STOCK EXCHANGE Week ending Sept. 6. 991 New York Bond Record—Concluged—Page 4 SEPT. 7 1918.] r," ':' a , 1, •-•05 !Price] !Friday Sept. 6 Virginian 1st Os series A____1902 M N 1939 M N Wabash 1st gold bs 1939 F 2d gold 5s 1939 J .JDebenture series B 1921 M S 1st lien equips Id g 5s 1954 J J 1st lien 50-yr g term 4s 1911 J .1 Det & Ch Ext 1st g 5s Des Moines Div 1st g 45 1939 J J 1941 A 0 Om Div 1st g 3As 1941 M S To!& Ch Div 1st g 4s 1945 F A Wash Term! 1st gu 3Ms 1945 F A 1st 40-yr guar 48 1952 A 0 West Maryland 1st g 4s West N Y & Pa 1st g 5s__1937 J J 1943 A 0 Gen gold 4s p1943 Nov Income 5s Western Pan 1st ser A 5s___1946 M S Wheeling & L E 1st g 5s__1926 A 0 Wheel Div 1st gold 5s_......1928 J J Exton .3s Impt gold 58____1930 F A Refunding 434s series A_ A966 M S 1949 M S RR 1st consol 4s Winston-Salem 8 B 1st 4s1960 J J 1949 J J Wis Cent 50-yr 1st gen 4s Sup & Du!div & term 1st 48'36 M N High No. Low High Ask Low Bid 93 2 85 87 Sale 85 87 2 12 90.2 9558 91, 91 Sale 9058 86.2 21 82 Aug 'isL__ 82 81 90 90 -------- 90 Aug '18 _ 11 96 10014 93 98 9618 98 __ 78 May'17 ---- -__ ..66 871z 1172 9912 Sopt'171-- __-_ . _ _ _ 80 Aug '12 --- -- — --_- 77 75 Apr '17 - - 70 ----8414 Jan '17 ---- - -..- --_- 80 76 Dec '17 ---- - _. - -:. 80 70 82 80 __. _ 82 Aug'18 ____ 82 82 8 13, 58 585 5812 Sale 58 99 99 Jan 'Ix _-__ 99 9512 100 70 60 ____ 60 Aug'18_-_- 00 30 Oct '17 ___— _ _ _ _ _ _ ---- 45 5 7914 84 81 8012 8134 81 8318 93 10034 Apr '17 ...._ ____ _ _ _ --- 9934 100 Feb '17 _-__ _ _ __ _ _ 8 4 ---- 983 995 Mar'17 60 60 July'18 --__ 60 5614 75 5 5512 60 59 1 6212 59 59 6714 Aug '18, __ 671., 6714 6712 72 69121-- 2 6914 73 7012 6912 70 7714 76 May'18 --..- 72 0912 76 Street Railway Brooklyn Rapid 'Iran g lis_ _1945 A 0 J 1st refund cony gold 4s..._2002 J 1918 J J -year secured notes 5s 6 J Otis 3-yr sec 7%notesop-A1921 J J Otis 3-yr sec 7%notes op 111921 J 3-yr 7% secured notes__h1921 __ __ J Bk Cty 1st cowl 4s__1916-1941 J Bk Q Co & S con gu g 5s-1941 M N J 1941 J Bklyn Q Co & 8 1st 5s 1950 F A Bklyn Un El 1st g 4-5s 1950 F A Stamped guar 4-58 Kings County E 1st g 45.._1949 F- A 1049 F A Stamped guar 4s Nassau Elea guar gold 48_1951 J J 1927 F A Chicago Rys 1st Os Conn Ry & L 1st & ref g 4;01951 J J 1951 1 J Stamped guar 40 Dot United 1st cons g 4;0.._1932 J J 1936 M S Ft Smith Lt &Tr 1st g 55 1957 F A Flud & Manhat Os ser A 1957 Adjust income Os 1932 1 -A N Y & Jersey 1st Os Interboro-Metrop coil 4;0_1950 A 0 Interboro Rap Tran 1st 58_1966 J J Manhat Ry(N Y) cons g 48_1990 A 0 1990 A 0 Stamped tax-exempt Manila Elec Ry & Lt s f 55 1953,51 5 Metropolitan Street Ity— Bway & 7th Av 1st c g 58_19431J D col & 9th Av 1st gu g 5.9.._1993 M S Lox Av & P F 1st gu g 5s.._1993 M S Met W S El (Chic) 1st g 4E3_1938 F A Milw Elec Ity & IA cons g 5s 1026 F A Refunding & exten 410....1931 S J Minneap St 1st cons g 05.. 191.),..1 J J Montreal Tram 1st & ref 58_19411J J New Or! Ry & Lt gen 43.0_1935 J Munich) Ity 1st s f 5s A 1966 J J NY J N Y Rys 1st R E & ref 4s__ _1942 J a1942 A 0 -year adj Inc Os 30 State 'Lys 1st cons 40_1962 M N NY Portland ity 1st & ref Os____1930 M N Porthi Ry Lt & P let ref 58_1942 F A J Portland Gen EU° 1st 58_1935 J St Jos Ry L II & P 1st g 5s__1937 M N St Paul City Cab COM g 5s.._1937 .7 J J 1960 J Third Ave 1st ref 45 a1960 A 0 Adj income 58 J 1937IJ Ry 1st g 53 Third Ave Tr -City lty & Lt 1st 8 f 5s 1923 A 0 1933 J J Undergr of London 4MS _ 1948 Income Os -United Rys Inv 55 Pitts iss 1926,M N United Rys St L 1st g 48-19341J J _ St Loubi Transit gu 5519241A 0 19271A 0 United RIts San Fr s f 4s J Va Ity & Pow 1st & ref 5s....1934 1J Gas and electric Light 1947 J Atlanta G L Co 1st g 5s Bklyn Un Gas 1st cons g 58_1945 M Buffalo City Gas 1st g 55...A947 A Cincin Gas & Elm Ist&ref Os 1956 A 1927 J Columbia 0& E 1st Os Columbus Gas 1st gold 55_1932 J 1920 Q Consol Gas cony deb 65 Cons Gas EL&P of Balt 5-yr 55'21 M Detroit City Gas gold Os......1923 J Detroit Edison 1st coil tr 58_1933 J h1910 M 1st & ref Os ser A Eg 0 L N Y 1st cons g 08_1932 M Gas & Elm Berg Co c g 5s....1949 J Havana Mee consol g 5s____1952 F _1949 M Hudson Co Gas 1st g 5sKan City (Mo) Gas 1st g 58_1922 A Kings Co El L eic P g 5s____1937 A 1997 A Purchase money 68 1925 M Convertible deb Os Ed El III Mtn 1st con g 48_1939 J Lac Gas L 01St L 1st g 58.._e1919 Q 1934 A Ref and ext 1st g 5s Milwaukee Gas L 1st 48..... A927 M 1048 J Newark Con Gas g Sc 1948J N V G B L II&Pg5s 19491F Purchase money g 48 Ed Elec III 1st cons g 5s 19951J NY&Q El L&P 1st con g 58_1930 F Pacific 0& El Co—Cal G & E— Corp unifying & ref 53_1937 M Pacific G & E gen & ref 5s 1942 J Pao Pow & Lt lot & ref 21)--yr bs International Series.. 1930 F Pat & Pa.ssalc 0 & El 5s........1949 M Poop Gas & C 1st cons g 08_1943 A 1947 M Refunding gold 58 Ch G-L & Coke 1st gli g 59 1937 J Con 000 of Oh let gu g 581938 J 111,1 Nat Gas & 01130-yr 551936 M Mu Fuel-Gas 1st gu g 58....1947 M 1919 F Philadelphia Co cony 53._ 1922 M Cony deben gold Os Stand Gas & El cony s I 65_1928 J Syracuse Lighting 1st g 58....1951 J Syracuse Light & Power bs_1954 J Trenton 0 & El 1st g 5s__ _ _1919 M Union Elm IA & P 1st g 5s-1032 M Refunding & extension 58_1933,M United Fuel Gas 1st s f Os_1938'5 Utah Power & IA 1st 5s.......1944 F 1950 .1 Utica Elea L & P 1st g 5s 1957 J Utica Gas & Eke ref 5s tom .1 Wnatnhomtor T.to oniti as Range Week's"' Since _15,2 Range or ' Jan. 1 Last Sale , 1 7978 833 82.2 4 813 8312 8212 69 65 July'18 ____ 65 65 -__ 8 ; 4 953 967 957 Aug '18 ___- 9214 9812 97 90 --_- 9614 Aug '18 . - - _ 90 -------- 9012 July'18 __-- 9612 9012 8 52 9518 96 955 9512 Sale 9512 94 Oct '17 __ .. __ _ __ ___- 92 80 May'12 _.-. ____ ___ _ -.._. 90 00 101 May'13 _.. .._ _ _ ___ _ , _ 1 78 82121 8712 8618 8218 85 85 ____ 7918 July'18 ---- 7812 8512 66 66 May'18—.. ---- 68 66_ __ _ _ 78 July'17 ___ _ 5618 73 5978 Aug '18 —_- 55 67 60 61 8212 8312 8212 Aug '18 ---- 81 : 861 . _ ____ 8512 86 10018 Feb '17 85 8512 -- 85 Apr '18 ____ 85 10 68 70 4 693 6958 71 '77 _ __ --.. _ - - 84 Jan '14 __ _ _ 8571e 5914 5914 5912 79 4578 (ii,. 2014 103 1434 25 20 Sale 20 ___. 9212 90 July'18 ____ 90 90 5014 Sale 50 5012 90 60 571: 8078 79 7738 85 7912 Sale 79 77 76 75 July'18 _-__ 745 801: 8 7518 7612 7618 Aug'18 __ __ 7455 82 77 ____ 80 July'18 ____ 80 80 76 7878 7878 Aug '18 ____ '7614 85 ___ 85 95 May'17 ___ _ _ _ --__ '75 80 ti• pt'17 ----------_--__ 30 Mar'14 __. ____ _- — _-_-_ 92 ___ 10012 June'17 8112 ---- 5112 July'18 ____ 81.12 811] ____ . 9834 Aug '17 ___ ___ _ _ _ ____ 9012 9712 Juiy•17 ____ 78 74 Aug '17 ____--__ -- ... ---— 99 May'17 8712 94 4834 43 46 46 46 48 54 2014 Sale 1912 2038 26 172, 24 8 '70 - --- 627 68 July'18 --__ 156 __ 1812 Ney'10 99 71 72 65 67 Aug'18 -___ 8212 68 ------ 9012 Feb '17 ......_ __ _ : 95 3 95 July'17 ___ _ _ _ -_ -_ -_ --------1021, Mar'12 5612 58 57 5818 20 5212 59 Sale 33 33 85 65 2712 381: ---_ 104 90 Aug'18 ---- 9018 95 91 9312 91 96 Aug'18 ---- 91 76 -,- 76 Mar'18 _-__ 78 80 53 hti 00 54 Aug'18 ____ 56 ---- 69 59 Aug '18 --__ 58 60 --- 52 51 July'18____ 5012 551., . _ ., 50 June'17 ---. 69 ' ir; 25 ___ 28 25 May'18 801, SO 77 7712 Aug'18 —_ 77 D 9313 .---- 103 Roprio 953, 87 Juiy,18 ____ 87 887 N 85 [ 54 Joue,13 ____ 0 -- - 89 0 85 9112 20 June'18 ---- 8912 905: J 7918 81 7918 80 3 75 80 J -------. 97 Feb '15 F 9912 Sale 9914 9912 35 00 102 9112 Aug'18...... 0112 921, N _-__ 93 2 J 9413 9555 9418 Aug '18,_....- 94 951: 98 8 J 817 -„- 9478 July'18 ._. 92 2 S ___- 9112 9112 Apr 18 ___. 91, 9211 94 94 S -------- 94 Feb '18 ._. . 100 Feb 13 __ _ _ D — 0058 9218 Nov'17 ___. _ - _... -_ -_ -_ . A 00 N ..,, ---- n61.1 Dee '17 .-- _ 8 0 SO; -- -- 907 Dec '18 ___ -- 0 .17 ...' 0 8612 ____ 90 1), 97 fAug'18 -. -Iii- - - 1 0 94.2 100 66 S 98 100 110 June'17 _ _ . 77 76 N..) 17 _ --- -_--- ---_-73 J . 4 9818 -12 -971- -920, 9818 9758 F — a 89 Aug'18 ---- 8878 94 , , 0 00.2 93 1 8512 June'18 ...... 86 N 8CA ---- ---- 10412 Apr'17 . .. D .. . -873 8712 4 D 86 8712 1 -88- -90 6812 69 A 6812 '73 4 68 69 J ____ 93 10.512 June'17 ___ A ____ 101 9612 Aug '17 .. - ---- -- --N J A S 0 S J J N N A N D D J S S N J A J J D 4 873 92 77 79 88 78 88 7812 I 8634 921: 803, 6 78 9 95 Jan '17 _--- __ -------- 100 July '17 _— _-_.. _ -_- -_-_-_: 96 --__ 100 July'18 ---- 981 100 ; 1 '7112 81 727 - 8 747 8 8 747 __— 957- 96 Sept'17 __-_ ____ _ - 8 7 00 Apr '17 ._ -- ------------- -----89 Mar'17 — .. ____ ___-. _ 93 94 July'17 .-._ ____ ____ grz --__ 9914 Nov'15 — - -- 78 78 . 80 gi 2 ig 78 8912 90 90 June'18 -- -- 00 91 8014 U... 9712 May'17 _.. ___ _ __ _ _ ____ 7518 84 July'17 _ _ '70 8 ---- --- 983 Oct '17 — . --__ --_- 9234 Sept'i, ____ _ _ ____ 8 --- 85 1016 Ne'v'16 ____ ____ 9218 92 Aug'18 __ 9155 971; 17 81 Aug'18 ---- 8C11,1 84, ____ ____ --------- 101 June'l 1 ..-- 8912 96 Aug '17 90 105 Mar'17 BONDS N. Y. STOCK EXCHANGE Week Ending Sept. 6. On Price Friday Sept. 6 Week's Range or Last Sale Range 2 ' Sin4 . ce Janl 4 665 4 1 High NotLow Hfgh Ask Low Bid Miscellaneous 64 64 S 63.2 65 1948 Adams Ex coil tr g 4s 18 30 25 Aug'18 1925 MS 2818 30 Alaska Gold M deb 6s A 28 18 25 Aug'18 26 1926 MS 23 Cony deb 65 series B 96 ____ 1920 M N Am SS of W Va 1st 59 8714 11 8112 Sale 827g ---gY Armour & Co Ist real est 4;0 '39 J D 83 90 90 90 Feb '18 1926 AO *---- 89 Booth Fisheries deb s f 6s 93 92 Sale 92 92 Braden Cop M coil tr s f 65.. 1931 FA 9 71 8 8 /74 83 83 1952 AO 8014 ____ 83 Bush Terminal 1st 45 11 7518 841z 7518 751s 1955 J J 751t, 80 Comet 5s 81 1r 74 81 1960 * 0 8012 8212 81 Bldgs 5s guar tax ex 58 90 58 85 58 Mar'i Chic C & Conn Rys s .59 _ 1927 AO 82 85 Aug'18 85 1963 J J Chic Un Stat'n 1st gu 430 A 1043 10512 1043 4 4 10512 11!,1O238 10814 Cidle Copper 10-yr cony 7s_ 1923 M 7814 105 73 4 Sale 77 803 Rects (part paid) cony Os ser A * 0 77 8 787 79 Aug'18 7712 8012 Coll tr & cony 6s ser A.._ 1932 * 0 78 8 8 6 7812 83 805s Computing-Tab-Rec s 1 65._1941 Si 805 Sale 805 98 Aug '18 97 -_ Granby Cons MS& Peon 68 A '28 4 9614 083 95 Apr '18 Stamped 1928 vi 9 923s 88 9112 Aug '18 95 , 098 1 90 :9, 12 194 Great Falls Pow 1st s I Os 1910 51 99 -i5i Sale 98 Int Mercan Marine s f Os 1941 k 0 98 2 , (;: 9 87 873 8714 Aug '18 4 Montana Power 1st Os A 1943 90 July'17 Morris & 001st s f 43 -is_ 1939• J ---- 75 J 83 Apr '14 Mtge Bond (N Y)4s ser 2_ 1906 A0 94 June'16 10-20-yr 5s series 3 1932 J J 1 65 67 67 N Y Dock 50-yr 1st g 4s._ . 1951 FA -66- 67 9112 9112 1 9112 9812 93 Niagara Fails Power 1st bs 1932 J J 91 _ Ref & gen Os a 1932 AO 98 10012 10512 Oct '16 Niag Lock &0 Pow 1st 5s__ 1954 7%1 N --__ 931, 8912 001 '17 -8518 -87112 s 8 7 8518 Aug '18 Nor States Power 25-yr 5s A 1941 AO 86 8012 86 Aug'18 -.-- 8612 8712 Ontario Power N F 1st 5s___ 1943 FA _ _ 95 84 June'17 Ontario Transmission 5s_-.. 1945 MN .. . 2 -7312 -8212 77 Sale 77 Pub Sera Corp N J gen .5s__1959 A0 77 , 9312 95 94 Aug'18 Tennessee Cop 1st cony 09_1925 MN 0 93 88 9014 Aug '18 -------- 9 34 9 0% Wash Water Power 1st 551_1939 J J 4 2 9078 <963 92 8 Sale 907 Wilson & Co 1st 25-yr s I 68_1941 * 0 92 Manufacturing & Industrial 4 953 9618 Aug'18 ...- 9212 10012 Am Ag Chem 1st c 5s 1928 A 0 94 2 9014 100 99 99 , Sale 97 2 Cony deben 55 1924 F A 83 80 82 July'18 ---- 82 82 Am Cot 011 debenture 5s 1031 M N 14 9814 101 101 8 Am Hide& L 1st s f g 6s 1919 M S 10058 Sale 1005 8738 18 8614 8912 4 803 Sale 8634 Am Sm & R 1st 30-yr 5s ser A d 8 1 967 9938 9938 8 Am 'Thread 1st coil tr 4s 1919 5 J 9914 993 9938 '47-117 May'18 --- 117 117 Am Tobacco 40 -year g 6s 1944 A 0 117 0 0 . 7 8712 74 ' 8 18 . 71 6 7 12 i 7112 '712 8158 July7 _2 Gold 4s 1951 F A 8055 Sale Am Writ Paper 1st s I Os_ J J 9912 10114 8 i3aldw Loco Works 1st 5s 1940 M N ---- 997 9912 Aug '18 8412 84 1 80 Cent Foundry 1st s I Os_ _1931 F A ____ 8412 84 9714 9414 43 93 Sale 9312 Cent Leather 20-year g Os...1925 A 0 94 ---- 8012 81 Marls Consol Tobacco g 4s 1951 F A 9912 Aug'18 ----c ,958 9714 11912 Corn Prod Ref s I g 5s 1031M N 9912 9912 ____ 992 7 95 99.2 1st 25 -year s f 5s 1934 M N 88 15 '75 86 2 Distil Sec Cor cony 1st g 53_1927 A 0 8512 86, 8512 E I du Pont Powder 43.0_ 1936 J D ---- 100 104 May'17 75 -- 75 General Baking 1st 21-jr(38_1936 J D *---- 9612 75 May'18 74 6'8 73 July'18 ---- 71 73 Gen Electric deb g 355s..1942 F A 4 9712 1 943 100 Debenture Os 1952 M S *so 100 7'2 1110 OCt97113 Ingersoll-Rand 1st 5s 1935 J J 73 Sale 751s 21 6812 7512 fat Agricul Corp 1st 20-yr 58 1932 M N 73 Int Paper Ca— 9355 _ 9614 June'18 ---- 9514 99 Consol cony s f g 55 1935 J J Liggett & Myers Tobac 78_ _1944 A 0 10712 10934 109 Aug'18 ---- 109 117 90 97 6 - ,8 90 Aug'18 —3110534 105 1951F A 55 5 109 85 , 85 , 08 87 Lorillard Co (P) 78 1944 A 0 107 189 109 Aug,18 ___2 1109 113 5s 1951 F A 107 Mexican Petrol Ltd con 6s A 1921 A 0 106 109 107 16 106 108 108 lot lien & ref 6s series C 192I A 0 107 10712 107 98 '18 ---- 95 98 97 Nat Enam & Stpg 1st Os 1929 J D 90 9114 9214 Nat Starch 20-yr deb Os.. _1930 J J 93 ____ 94 Aug '18 -9712 99 97 Aug '18 ---, 93 9712 1952 M N National Tube 1st 5s 21 98 100 98 N Y Air Brake 1st cony 6s_1928 1111 N 9012 9778 98 9514 97 Pierce Oil 5-year cony 6341920 62 8312 85 85 8412 Sale 8312 10-year cony deb 63_ _ _h1924 2 9618 1047 10478 s . A () Railway St Spring 1st s 5s_1931 - - - 10478 Sale 10478 Sinclair Oh l & Refining 0712 9712 1501 86 9634 Sale 9612 1st s f 7s 1920 warrants attach 9418 67i 8412 9418 9334 Sale 9314 do without warrants attach _ 9 14 __Standard Milling 1st Os........1930 M N 8918 ____ 98 June918 18 14 1 . 58 9914 99 The Texas Co cony deb Os 1931 J J 99 87 4 9078 823 Aug '17 --------Union Bag & Paper 1st Os....1930 J J 87 83 Aug '18 --- - 83 83 04 1930 J J Stamped Union 011 Co of Cal 1st 58_1931 J J -gia:t — 4 45 -ifi US Realty & I cony deb g 58 1924 J .1 -El2 100 101 Sale 100 . 100 U S Rubber 10-yr col In 08 1918 J D 100 92 76 81 81 1st & ref Os series A 1947 J J 8055 Sale 8012 9218 98 94 Sale 94 94 U S Smelt Ref & M cony 68_1926 F A 9312 9414 Aug'18 ----I 90 14 97 V-Car Chem 1st 15-yr Os_ _1923 3 D 93 3 9455 9834 9614 e1024 A 0 9614 97341 9814 Cony deb Os 98 West Electric 1st Os Dec_ ___1922 J J 9514 9555 9512 Aug'18 ____ 95 ) 8 ( 5334 Coal, Iron & Steel 1928 J Beth Steel 1st ext s 1 53 1st & ref .59 guar A 1942 M 20-yr p m & imp s f Os_....1936 J Buff & Susq Iron s f Os... ..1932 J a1926 M Debenture 58 Cahaba C M Co 1st gu 68..1922 J 1943 F Col F & I Co gen a 7 5s Col Indus 1st & coll 58 gu.. _1934 F Cons Coal of Md lst&ref 58_1950 J Elk Flora Coal cony Os 1925 J Cr Ittv Coal & 0 1st e 6s--h1919 A III Steel deb 450 1940 A Indiana Steel 1st 53 1952 M Jeff & Clear C & I 2d 5s......_1920 J Lackaw Steel 1st g 5s 1923 A 1st cons Os series A 1950 M Midvale Steel &0 cony s 1 5s1938 M Pleasant Val Coal 1st s f Os..1928 J Pocah Con Collier 1st s f Os..1957 J Reoub I & S 10-80-yr 5s s 1_1940 A St L Rock Mt ttc P 5sstmpd_1955 3 Tenn Coal I & RR gen 5s 1951 J U S Steel 0orp—leoup___d1963 M s f 10-00-yr 5s,reg _41963 M 1931 M Utah Fuel 1st s 1 58 1953 .7 Victor Fuel 1st 5s Va Iron Coal & Coke 1st g 55 19-19 M Telegraph & Telephone Am Telep & Tel coil tr 48___1929 J 1936 M Convertible 4s 1933 M 20-yr convertible 430 1916 J 30-yr temp coil tr 5s Sub rects full 0,1 corn 65_1925 J Cent Dist Tel 1st 30-yr 5s 1943 Q Commercial Cable 1st g 48...2397 Q 2397 J Registered 1937 J Comb T & T 1st & gen 5s Keystone Telephone 1st 5s 1935 F Mich State Teleph 1st 53_1924 81 N 'V & N J Telephone Os g_1920 M N Y Tele') 1st & gen 81 4;0_1919 M 1937 J Pacific Tel & Tel 1st 68 South Bell Tel & T 1st s f 58.1941 J 1938 J West Union roll In cur Os 141 and real est g 430 _ _ _ _1950 M 194I M Niut Un Tel gu ext 5s Northwest Tel gu 410 g I931 J J N J D S D A A D D 0 0 N D 0 61 4 8 9 4 9131 9 14 86334 Sa3 863 8 9 4 8 : ' 86132 8214 33 8214 Sale 8112 90 May'18 1.6 9112 8014 July'18 101 Dec '14 8312 ---- 8312 July'18 4 7412 7358 75 74.2 , 85 2 ____ 87 Aug'18 95 ____ 95 Aug '18 ---. 94 Feb '18 1 82 82 8118 82 5 9.11 9418 Sale 941 9518 --------------4 95 95 Sale 95 5 91 91 9012 92 8 88 8712 Sale 8712 S S J 7614 87 J 8 38 ---0 9 4 Sale 83 77 J 95.2 9612 J N 9812 Sale N _ 4634 N - 75 J 855 S - 8 8618 1 S S D D J J J J A N N N J J J N N J 4 773 78 _-_- 82 8312 84 89- 5 8934 5 9412 Sale ___ _ 10012 158.4 --_--_- ____ 87 SO ___ 9012 -853 90 4 95 ____ 85 84 8755 89 8712 Sale 88 87 8112 .0 8712 99 .J---------9314 9314 31 ' AU Apr 18 951z Aug'18 98 91 987,3 July'18 80 Dec'16 8534 Aug '18 9318 86 7812 00 85 99 9318 8312 00 861 83 71 ,414 95 94 81 94 88 76 110 95 94 8512 97 4 6E1; 953 9612 88 8012 92 851; -. 43 9214 9814 80 80 9213 97 12 70 9612 100 8 9634 997 83 78 4 6 7755 773 8512 Feb '18 ___ 8134 82 Aug'18 _-__ 82 89 8934 28 86 9178 824 933 9414 4 9938 May'18 ____ 9818 73 Nov'17 -fig.; 6812, Jan '18 " 8 85 87 86 98 Apr '16 ___ 8514 Aug '174__ 1-gE14 97 97 Aug '18 _ _ 16 85 85 85 3 87 8712 8712 3 86 87 12 87 90 Aug'18 ____I 90 2 80 8114 8114 10112 Sept'17 94 Nov'lli .. 1 -_-_-_-_ 80 8318 85.z 9112 9518 9518 9912 _ ___ 681s 931e 90 ---98 89 9258 95 9312 88 -_-_-_-_ Due Oct. p Due Nov. g Due Dec. a Option sale No price lorlday; latest bid and asked. a Duo Jan. 4 Due Aprll. e Due May. g Duo Juno. h 13.13 July. k Duo Aug. e BOSTON STOCK EXCHANGE-Stock Record ...BNO Z:age 992 [VOL. 107. Range Since Jan. 1. Range for Previous Year 1917 SHARE PRICES -NOT PER CENTUM PRICES. Saturday Aug.31 Monday Sept. 2 Tuesday Sept. 3 Wednesday 1 Sept. 4 Thursday Sept. 5 1 Friday Sept. 6 Salesfor the Week Shares. STOCKS BOSTON STOCK EXCHANGE Lowest. Highest. Lowest Railroads 100 12212 Apr17 135 June24 120 Dec 130 130 I 130 130 130 130 I 130 130 1 ___ ___-31 Boston & Albany 27 Dec 100 37 Jan 2 7612 May29 • 7018 7014 447 Boston Elevated 7014 7012 7012 705 8 7014 703 7014 4 70 100 80 Julyll 100 Jan 2 7012 Dec Boston & Lowell *87 90 1 90 *87 *87 90 Last Sale 87 Aug'18 15 Dec 100 19 Jan23 3712 July20 38 36 37 36 37 3612 947 Boston & Maine 3612 3612 353 3714 4 100 150 Apr15 170 Aug 9 150 Dec Boston & Providence *160 170 *160 170 *160 170 Last Sale 170 Aug'18 2 July 2 Ja1126 3 June 5 Boston Suburban Elec_no par Last Sale 3 June'18 9 June no par 1014 Mar 1 15 June17 Do pref *14 ___ *14 __ Last Sale 1412 July'18 Boston & Wore Elea _no par Last Sale 412 Nov'16 30 Aug no par 25 July19 30 Mar 6 *2612 *2612 ____ *2612 Last Sale 25 July'18Do prof Chic Juno fly & U S Y____100 138 July 2 147 Apr17 148 Nov *138 14 -i *138 145 *138 145 Last Sale 140 Aug'18 8312 Dec 100 8212 Apr18 85 Jan30 *83 84 83 83 20 *83 84 *83 841 _ ___ ____ 100 104 Feb19 120 Mar 6 10212 Nov Connecticut River Donn P Co *108 114 *108 114 *108 115 Last Sale 110 Aug'18 100 53 Jan22 65 Jan 3 44 Dec Fitchburg pref *6012 6212 Last Sale 6212 Aug'18 *61 6212 *6012 62 *110 11414 Georgia fly & Elea stampd 100 11112 Aug29 11614 Jan 9 116 Dec *110 11112 Last Sale 11112Aug'18 100 7738 Aug 8 81 Feb25 83 June *7612 50 Do pref 807 80714 8 100 7712June18 85 Jan 3 78 Dec Maine Central *80 -- -81 ;89- If- ;ill If Last Sale 81 Aug'18 712 May16 I Dec 134 Sept 6 100 *212 278 212 212 17 a 23 4 2 2 1 4810 Mass Electric Cos 134 13 812 Jan22 33 May16 6 Dec 100 16 16 1512 16 13 1514 1338 14 1212 1312 1,375 Do pref stamped 213 Sept 4 100 27 Feb25 46 May29 44 4458 4414 4518 4412 45 44 45 44 45 1,659 N Y N H & Hartford 9012 Oct Northern New Hampshire_100 90 Jan10 90 Jan10 * 80 . 80 ____ *80 Last Sale 90 Jan'18 85 Dec 100 28812June14 99 Sept 3 *97 - 91 99 - 9999 99 *96 99 1 ___ ____14 Old Colony 1612 Dec 100 20 Jan 2 25 Jan 8 *2214 23 100 Rutland, pref 23 23 *23 24 *23 24 I 23 23 83 Dec Vermont de Massachusetts_100 80 Aug 6 88 Apr18 *80 95 *80 95 .80 " 95 Last Sale 81 Aug'18 34 Dec 50 37 Feb20 50 July 5 4914 4914 49220 West End Street 4914 4914 49 49 49 49 49 50 47 Jan16 62 Apr 1 x45 Dec *5514 5614 265 Do pref 5614 5614 5614 5614 5614 5614 5612 5612 Miscellaneous 1007812 Jan 2 10012 Aug27 73 Dec 98 99 142 Amer Agricul Chemical 995 8 98 9912 9912 99 98 9812 9812 8 88 Dec 100 885 Jan 2 9512 May21 93 139 Do prof 93 92 9212 9212 9212 913 9212 92 9212 4 213 Mar 2 1 Dec .40 July 1 Amer Pneumatic Service- 25 *3 4 1 *3 4 1 Last Sale 1 Aug'18 *3 4 1 8 412 July13 155 Mar 4 713 Dec 50 *412 5 5 5 200 Do pref *412 5 *43 4 5 I ---- ---90 Nov 100 99 Jan 2 11512May15 184 Amer Sugar Refining 10812 10812 11014 1101,1 10914 10912, 10912 10912 108 10958 4May 9 105 Dec 100 107 June 4 1133 10814 10814 109 10912. 110 110108 Do pref *108 109 100 903 Aug 5 109 Feb 5 4 96 Dec 9712 98 9812 97 98 9814 98 9812 9712 935 Amer TeleP & Teleg 9812 5 387 Nov 11 *58 5812 47 American Woolen of Mass.100 4512 Jan 8 60 8 May24 58 585s .5714 58 i .57 .58 59 58 100 90 Jan 3 963 Mar12 28714 Dec 4 953 953 4 4 4238 Do pref 9538 9534 9514 953 4, 9512 953 4 955 953 8 60 Dec 295 Amoskeag Manufacturing__ 6012 Jan 2 80 Aug23 *74 76 76 76 *74 76 *77 79 I 79 80 76 Jan 7 82 June 5 75 Dec *80 83 80 80 *80 83 __- _-_-20 Do pref 6 Dec 200 Art Metal Construe Inc__ 10 11 Feb21 18 July 8 *15 *15 1512 *15 1512 16 *14 16 15 15 88 Sept Atl Gulf & W I 85 Lines_100 98 Jan15 12014 Feb16 *10312 105 *104 105 *10312 10412 Last Sale 105 Aug'18 5512 Feb Do pref 100 5812 Jan17 64 July19 *63 64 *63 64 1 Last Sale 6234 July'18 *63 64 Jan25 2812 Sept 5 no par 21 273 273 8 4 2738 2734 267 27141 2678 2812 263 28149,650 Booth Fisheries 8 4 1314 137 8 1412 1418 1438 137 1414 3,521 Century Steel of Amer Inc_ 10 1014 May18 1412 Aug19 133 1414 14 4 s 9 Dec 10 12 Jan21) 1712 May 1 Cuban Port Cement *1212 1312 4 *1214 1234 *1214 123 Last Sale 1312 Au '18 53 May15 4 37 Dec s East Boston Land 43 4 43 4 47 8 478 43 4 43 4 *478 512 ------2510 4 Jan31 65 Edison Electric Illum...._100 134 June21 15412 Jan 2 13318 Dec 14812 14812 149 149 149 149 148 149 __.... ____ 25 2712 June27 5514 Aug30 5438 55 3,218 Fairbanks Co 5514 5312 5412 54 543 4 5412 5234' 5334 128 Jan16 15134 May16 1183 Dec 4 100 *146 14612 24 General Electric 1471s 14718 *14712 14812 *147 148 1473 1477 8 8 50 27 Aug29 35 Aug30 3278 3312 5,261 Gorion-Pew Fis lerles 323 3318 3114 3212 3112 323 4 s 3012 32 5 Apr 3 612 Feb 6 4 Dec Internat Port Cement__ 10 *414 514 *412 6 *412 6 Last Sale A'1 10 Dec _50 12 Apr23 18 July19 *1612 1712 17 *1612 ---- ----- ---17 *1612 17 10 Do pref 318 Aug23 518 Mar18 318 31, ._ Island Oil & Trans Corp_ 10 312 312 *318 338 33 8 312 33 8 312 2,075 McElwain(W H) 1st pref_100 89 May28 9212 Feb28 9212 Dec .90 *9012 ___ *9012 Last Sale 9012 Aug'18 71 Dec 119 Massachusetts Gas Cos_ _ _100 £7714 Jan15 91 May16 *82 - 81 *83 14- 84 84 84 84 84 84 100 62 June17 70 Jan 3 63 Dec I Do pref .63 66 ___ _ 63 63 *63 __- *64 Mergenthaler Linotype__ _100 107 Junell 124 Jan31 110 Dec . 112 115 s: : . 1-1-3-115 Last Sale 114 Aug'18 35 Jan New Eng Cotton Yarn____100 88 Jan15 8912 May16 *8812 95 *8812 95 *8812 95 Last Sale 8812 Aug'18 60 Jan Do pref 100 -.88 *88 88 Last Sale 9212 Aug'17 8812 8fli 93 Dec 8612 - 95 New England Telephone_ _100 8212 July30 100 Jan 3 89 863 87 4 8712 8812 89 Nova Scotia Steel & C__100 56 July 5 69 Jan 2 x59 Nov 68 68 *66 *66 *66 68 Last Sale C712-Au -ii -g 100 102 Jan 7 11912 May16 107 Dec •111 11212 112 112 101 Pullman Company .112 112 112 112 11134 11134 29 Dec 50 29 Jan 3 3612 Sept 6 *34 35 715'Plinta Allegro Sugar 3612 35 35 35 14 3514 3512 3512' 36 10 11 Jan29 137 Mar16 8 10 Dec 1 Reece Btu ton-Hole *1212 1314 .1212 1312 *1212 1312 *1212 1312! 12 12 100 102 Aug30 14614 Apr 9 116 Nov Swift & Co 1023 1033 4 4 103 10478 1041,1 105 104 10458 10334 1043 4 2,536 40 Nov 25 45 Jan2() 5218 Aug 7 52 52 52 52 115 Torrington 52 52 52 52 1 52 52 100 11512 Jan17 133 Feb18 x1.05 Dec 593 United Fruit 13012 13012 131 13212 131 13112. 130 131 13034 131 3712 Dec 4014 4012 5341United Shoe Mach Corp.._ 25 3812 July 9 4812 May16 40 4078 405 40.3 4014 40781 4012 4034 s 7 4 25 243 Aug 9 2612 May28, 25 Oct 2512 253 26 2512 2512 26 4 26 174 Do pref 262558 255 8 11014 11112 1117 11534 1143 1157 1133 11514 11012 11412 8,507Y S Steel Corporation......_100 87 Mar25 11612 Aug28' 795s Dec 8 4 8 4 100 108 Mar25 11214 July17 1033 Dec 4 151 Do pre *11012 11112 3 *111 11114 1105 1105 111 111 1 8 83 Aug 9 4 414 Dec 5 Jan 2 Ventura Consol Oil Fields_ 5 718----------*67 7 7 8 714 • 7 7 7 Mining 3801 13 Jan25 4 1 Oct 200Adventure Con *.60 1 .88 .88 ' *.60 .80 0.60 1 1 *.60 .80 1 83 Jan 3 70 Dec Ahmeek *7512 77 *7512 77 *76 78 Last Sale 7512 Aug'18 412 July 5 13 Apr25 8 1 Deo 10 55 Alaska Gold 338 *3 *3 318 318 313 3 314! *3 314 .45 May13 14 Sept *.30 .40 1. *.30 .50 '.30 .40 4 1001Aignmab Mining ..30 .40; .30 .30 45 Dec x47 1512.11 54 Feb27 751 Allouez 50 50 50 50141 503 503 *5014 503s' *50 8 s 51 8 11 Dec 601Amer Zinc, Lead & Smelt_ 25 125 Mar23 2114 July 3 *17 173 17581 1712 1712 1712 1712 *1614 1714 4 *17 54 July 6 40 Nov 22 50 Do pref ____ *5014 _ _ _ _1 ____ *49 50 497 50 8 1614 Aug24 818 Nov 1578 16 I 1512 16 1578 16 1534 157 8' 1558 153 4 2,660'Arizona Commercial .45 Jan 7 .25 Dec .22 Sept 3 32 • 25 . 32 180.Butte-Balaklava Copper 10 . *.25 .30 .22 .35: ..25 .32 4..25 . 1238 Dec 10 17 Mar25 33 May14 101Butte & Sup Cop (Ltd) *2512 27 1 2012 *2512 2612 .2512 2612, 263 263 .26 4! 4 55 Doe 387,Calumet & Arizona 10 6212 Jan15 7312 May16 6834 683 4 4 693 4 683 6912' 6912 70 I 26712 6712 69 25 427 Feb28 465 May27 411 Dec *465 475 455 455 I 455 455 '&150 455 10 Calumet & Hecla z450 455 4 11 Dec ;Centennial 25 103 June27 1412 Feb19 *12 1212 1212 .12 13 .12 Last Sale 1218 Aug'18 8 3914 Dec 25 435 Mar25 50 May16 250 Copper Range Co *4612 4712 47 4718 4714 48 4712 4712 48 1 47 23 Sept 3 4 112 Apr 112 AprIO 20 212 212 212 234 *212 23 970 Daly-West 258 258 4 258 258 Mar 8 610 Days D l C i -ay Copper 314 Nov *514 512 53 s 5s , 514 514 533 512 53 s 512 1012 Jan 2 678 814 Dec 315 East Butte Copper Min__ _ 10 10 .10 1018 10 1018 10 10 ! 934 978 6 Feb18 4 Dec 3 June21 1Franklin 25 414! *4 *4 412 *4 414 Last Sale 4 Aug'18 3 66 Dec 20:Granby Consolidated 100 7312Junel4 83 4 Sept 5 .80 83 1 81 81 1 ---- -- -- 833 833 *80 83 4 4 8May 0 100 39 Jan17 445 35 Nov 1Greene Cananea *4412 4512 *45 46 *447 453 8 .1 Last Sale 4412 Aug'18 8 53 June21 101.3 Jan 2 7 Dec 25 6 Hancock Consolidated 612 .6 *6 612 *6 614 6 6 1 *6 612 1 Jan 3 .40 July23 IIndiana Mining 25 3 Dee 4 ..50 .80 *.50 .80 ..50 .80 Last Sale .60 Aug'18 52 Nov 1 50 Jan14 70 May15 64 64 64 *63 64 • *63 *6314 64 6234 631274 Island Creek Coal 1 80 Jan24 84 Feb18 80 Nov 351 Do prat 80 80 *8018 81 *8014 84 *8012 81 *8012 81 1912 Jan14 29 July 3 20 Dec 25 . 26 27 20 Isle Royale Copper *2612 27 27 27 27 27 *2512 2612 6 Feb19 5 Jan 2 414 Apr 5 5 8 558 5 50 Kerr Lake *512 57 . *AI 6 8 *53 4 6 *53 4 6 114 June 13 May15 4 .99 Jan24 25!Keweenaw Copper 25 ..80 13 .---- 14 ..80 1 s 1/ 1/ 18 16 1 ..80 114 83 May14 4 5 Mar25 5 Oct 25 130 Lake Copper Co 512 *5 514 514 518 51s 512 512 514 514 314 Mar 5 114 Dec 2 Jan 2 25 1La Salle Copper .214 3 .214 3 1 *212 3 Last Sale 278 Aug'18 6 Feb13 5 37 July 8 8 418 Nov 'Mason Valley Mine *312 4 *312 4 *314 4 Last Sale 4 July'18 7 Jan 2 5 Nov 412 Aug22 25 *412 5 340 Mass Consul 434 5 412 47 8 434 434 *412 5 1 Nov 312 July 8 Mayflower-Old Colony__ 25 .65 Mar26 214 214 212 214 212 218 214 *214 214 23 4 1,255 23 July 8 4 .40 June28 15s Aug 25 'Michigan *212 3 *212 3 *23 4 314 Last Sale 214 Aug'18 57 Dec 25 55 Aug20 6612 May16 63!Molawak 56 56 *5612 57 57 57 1 56 57 *5612 57 16 Nov 5 1812 Jan30 2012 May14 1Nevada Consolidated *2014 21 *2012 21 *2038 21 Last Sale 1934 Aug'18 212 July 1 112 Dec 114 Aug29 17 8 178 310 New Arcadian Copper-- 25 178 17 s1 4 3 13 4 134 134 *112 2 10 Nov New Idris Quicksilver__ 5 1314 Jan 2 1714 Mar 7 *14 1512 1514 *---- 1514 Last Sale 15 Aug'18 22 Jan 100 12 Aug29 20 Jan 2 New River Company *12 15 I *12 15 I *12 15 Last Sale 12 Aug'18 100 65 Aug29 80 Jan31 65 Dec 70 12 Do prat 70 *66 70 *66 70 68 68 97 April 8 5 8% Janll 63 July 4 *812 87 858 83 4 4 8 834 83 834 8%1 --742 Nipissing Mines 15 1312 Apr17 173 May16 3 113 Oct 4 North Butte *1412 15 1 460 1412 1412 1414 143 4 1412 1412' 1414 141 1 .95 Mar19 .25 Feb14 .30 Nov 25 !North Lake *.60 .80 *.50 .80 *.60 .80 Last Sale .60 Aug'18 112 Mar30 23 .98 Dec 01lbway Mining 4 1 Last Sale 34 *3 4 1 .3 4 1 I .*3 Aug'18 4512 Jan 3 33 Nov 1400Id Dominion Co *3912 40 *39 40 40 4014 4012 4012 .40 41 1 5312 Dec 25 4612 Junel1 65 Jan 9 52 228'Osceola 52 52 54 5412 55 53 1 54 55 1 x53 2014 Feb20 16 Nov Pond Creek Coal 143 *1812 187 1838 1838 17 s 183 4 1812 1812. 1812 1812' 78 May16 . 2 60 Nov 2 *68 6912 *68 69 68 6912 £6612 67 i *6612 6812 101 4 4 20 Nov yj 1 Ralneonsolidated Copper.. 10 213 Mar22 253 May23 *24 243 *24 243 *24 4 4 243 *2414 25 1 2438 2434 4 48 Dec 25 4612Junell 57 Jan 2 52 *49 4812 4812 49 49 150 St Mary's Mineral Land 49 1 49 49 I 12 June21 .58 Dec 114 Feb21 10 50 Santa Fe Gold & Copper *.60 .75 ..60 .75 .65 .65 ..65 .75' •.60 .75 518 Oct 53 Jan 2 4 355 Shannon 338 358' 4 4 1 *312 334' 3 •• 33 4 34 34 33 *312 3 .89 Dec 1 J u1 1 A1 ? 2 Jan 3 1South Lake .1 112 *1 112 *1 112 Last Sale 1 Aug'18 .10 Dec .20 Jan 8 5 .11 Jan23 'South Utah M & S ..12 .18 *.12 .18 ..12 .16. Last Sale .16 Aug'18 612May15 25 4 Feb19 314 Dec 70,Superior 534 6 1 *534 612' *53 4 612 534 6 1 *5 4 6 3 418 Aug29 114 Aug13 35 Dec 8 Copper.. 10 3 8 312 3 312 3 4 3 3 314 33 31s 3' 313 3141 2,160 Superior & Boston 544 412 Feb131 234 July20 3 Nov 25 3 3 ix. 1,730,Trinity *3 314 3 318 3 318 3 3 I May .85 May 1 1% Aug20 1 250jTuolumne Copper *1 114 1 1 I 1 *.9334 118 *.93 1181 Apr13 4914 Feb19' 4015 Dec 3061U S Smelt Rein & Min.._ 50 36 *4214 43 43 41 I 4212 4312' 4314 4314 4314 4314: 4312 Nov 50 42 July24 46 Jan 2 1121 Do pref 4358 4358 423 43 : *43 4 4334 *43 44 4314 4334 25 Feb 8 8 114 May31 17 Mar 5 8 178 I% *134 1% 178 1% *13 113( 4 8 178 2 I 1,235.1Itah-Ape2 Mining 834 June25 12 Jan16 5 912 Dec 5511Itah Consolidated *978 1014 10 1014 10 10 1 10 1012 *10 1011 71 Dec 10 7712 Mar23 85 Feb19 Co 101Utah Copper *83 *833 8412 *84 4 8312 8412 *8414 843 41 8412 8412 / 218 Dec 15s June 5 31 6 Apr 8 1 *178 2 2 2 i 470,Utah NIetal & Tunnel 2 1 1% 1% 17 8 2 2 3 Jan 3 2 Oct 218 A11g26 25 !Victoria / *214 23 Last Sale 212 Aug'18 4 *212 3 I *28 4 3 I Jan10 2 Jan 3 2 Oct 1 25 Winona *___ _ 114 *._ _ •114 -114 Last Sale 114 Aug'18 31 Dec 25 22 Aug10 36 Jan 3 2861Wolverine 24 24 24i 2438 2412 25 24 25 : 25 I 25 .15 Aug .40 May19 1/ Mar 7 14 4.11 1 25 IWyandott *12 1 1 *12 1 I Last Sale 12 July'18 Er-rights, g Ex-dividend. to Half-paid. •Rld and asked prices. a Ex-dividend and rights. e Assessment paid. b Ex stock dividend. A u jn 3 g 7,12June27 n 11 L . an 2 1_ 2.2 Jan N 3,,,Aianye2t1 g le.get2t, N Highest 175 Jan 79 Jan 133 Mar 45 Mar 213 Jan 3 July 30 July 38 Feb 150 Jan 108 Jan 140 Mar 7812 Mar 133 Jan 9212 Jan 10018 Mar 63 sJune 3114 July 5234 Jan 105 Apr 135 Jan 8412 Feb 110 Jan 5612 Mar 74 Jan 943 May 4 10312 Jan 238 Jan 14 Mar 12614 June 12112 Jan 12814 Jan 58 June 10014 June 75 July 9712 Jan 143 Dec 4 12112 Jan 66 Jan 2018June 10 Jan Jan 226 17014 Jan 1812 Jan 3312 Jan 102 Jan 10012 Mar 81 Mar 169 Jan 95 Mar 9212 Aug 12412 Mar 112 Jan 16614 Jan 46 Jan 16 Mar 16278 Apr 68 June 15512 Jan 5814 Jan 3018 Mar 135 May Jan 121 8 8 Jan 7 414 Jan 108 Jan 1112 JIM 11, Jan 70 Mar 4114 Jan 73 Jan 1514 June 214 Jan 52 Jan 8514 Jan 590 Feb 2714 Jan 68 Jan 3 Jan 714 Jan 16 Jan 9 Mar 92 Jan 4612 Jan. 2012Jan 4 Mar 7612 June 94 Apr 36 Jan 6 Aug 434 Jan 18 Jan 5 Jan 3 8 8 Aug 1512 Jan 3 May 512 Mar 98 Jan 2612 Mar 6 Jan 1712 Apr 30 Mar 9214 Mar 95s Sept 2414 Mar 234 Jan 278 Jan 6734 Mar 95 Mar 2834 June 9412 Feb 3218 Apr 8934 Mar 2 Jan 19 Jan 614 Jan .31 Jan 165 Mar 8 814 Jan 812 July 2',4 Jan 673 Jan 4 5212 Jan 378 Sept 2112 Feb 11838 May 65s Jan 6 Jan 518 Jan 5313 Mar 218 _ jam 993 THE CHRONICLE SEPT. 71918.] Outside Stock Exchanges Friday Last Week's Range Saks Sale. I of Prices. I for Price. Low. High. Week. Bonds Range since Jan. 1. -The complete record of Chicago Stock Exchange. Stock Exchange from Aug. 31 transactions at the Chicago to Sept. 6, both inclusive, compiled from the official sales lists, is given below. Prices for stocks are all dollars per share, not per cent. For bonds the quotations are per cent of par value. Stocks- Za463 Friday Last Week's Range for Week. of Prices. Sale Par. Price. Low. High. Shares. Amer Shipbuilding___100 100 Preferred Booth Fish corn new _no par Chic City & C Ry pt sh corn Preferred Chicago Elev Ry prof Chic Pneumatic Tool_ _100 Chic Rys part etf "2" Commonwealth-Edison 100 Cudahy Pack Co corn_ _100 100 Deere & Co pref 100 Diamond Match 100 Hartman Corn Hart Shaft & Marx corn 100 100 Preferred 10 Lindsay Light National Carbon pref_ _100 People's Gas L & Coke_100 Quaker Oats pref._ _ -100 Sears-Roebuck corn. 100 100 Preferred Stewart War Speed corn 100 100 Swift & Co cash Swift & Co ex-div & ex priv Union Carb & Carb_no par United Paper Bd com_100 Ward, Montg & Co pref._ Wilson & Co common_ _100 450 11 460 200 15 15 397 5 188 17 30 75 85 364 50 350 85 125 104 169 204 770 50 7,995 5,441 600 13 10 130% 130% 133 873. 873l 28 27 28 % % 16 16 18 18 7034 69 69 12 12 101H lot ji 104 112% 1123 93% 93% 106 110 46 46 46 57% 56 56 103 103 17 17 17 114 115 46% 45 97 96 97 139 140% 140 115 115 56% 5731 57 116 116 1033 10231 105 57% 5671 5834 1971 1034 103 103 57 57 57 9634 06 mu 8571 59 59 8254 8271 83% 76 76 8834 883's 101.22 101.22 94.10 94.10 93.90 94.20 93.96 94.10 94.70 94.86 573.1 5736 7634 75 7471 7436 9031 00 90 9634 Jan 102.40 Aug 97 93 June 97.90 Jan 92.80June 97.60May 94.30 Sept 98.52May 7734 Mar 82 9834 Sept 101 6834 Sept 7334 Sept 74 69 4734 Jan 5934 98% Sept 98% 9934 Mar 101 8654 Aug 92 NH Sept 893.4 Marl 7354 70 Apr, 95 87 Sept 95 95 8971 Sept 96 July 97 93 8134 Apr 85 July 101 99 Apr 60 54 6034 Sept 64 Jan May May Jan Aug Sept May Jan Jan May Aug Sept Jan May Jan Feb Jan July -The complete record of Pittsburgh Stock Exchange. transactions at the Pittsburgh Stock Exchange from Aug. 31 to Sept. 6, 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. Range since Jan. 1. Low. Jan 87 84% Mar 18% Jan % Aug 12 June 12 Apr 47% Jan Jan 8 100 June 107% Jan 92 June Jan 102 30 Jan 53 Jan 103 Sept 17 July Mar 107 40% Apr 92% Aug 133 June 115 June Jan 47 Aug 116 Aug 102 473( Apr 14% Feb Aug 100 46 Jan $4,000 4,000 3,000 14,000 1,000 4,000 50 300 900 1,900 3,450 2,000 5,000 10,000 16.000 Saks Friday Last Week's Range for Week. of Prices. Sale Low. High. Shares. Par. Price. High. 144% May 934 May 28 Sept 2% June 18% July 18 Aug 71% Apr 16 June Feb 108 115 June 97 Jan May 114 46 Aug Feb 67 Feb 108 28 Jan 115 Sept Jan 55 Jan 100 Feb 157 1203 Mar 60 July Aug 116 Apr 146 59 July 2271 May Feb 110 6571 May Bonds Armour&Coeon deb(is 1921 Chicago City Ry 5s_ _ _1927 Chic City & Con Rys 5s'27 1927 Chicago Rye 58 Chic Rys 5s series"A"5s..1943 Commonw-Edison Liberty Loan 3348_1932-47 Lib Loan 1st 4s..1032-47 Lib Loan 2d 4s_ _1927-42 Lib Loan 2d 4345.. _1927-42 Liberty Loan 3d 434s.1928 Metr W Side El lst 4s_1938 1945 Ogden Gas 5s Peep Gas L & C ref g 5s-'47 1044 flurlft .6. On 1 sat a An High. I Low. US Lib Loan 33.46_193247 101.94 101.20 101.94 $23,150 94.70 94.70 2,000 1st Lib Loan 48_1932-47 -Transactions in bonds at Bos2d Lib Loan 48.. _1927-42 94.20 94.10 94.40 4,600 Boston Bond Record. 3d Lib Loan 454s....1928 95.40 94.30 95.40 7,250 American Gas & Elec 5s ton Stock Exchange Aug. 31 to Sept. 6, both inclusive: 100 80 80 2007 small 6,000 9834 99 Baldwin Locom 1st 58.1940 99 6834 6831 6,000 4s_1945 Friday Elec & Peop tr cgs Range since Jan. 1. 800 69 69 1945 small Last Week's Range Sales do for 5,500 56 of Prices. 55 Sale Lake Superior Corp 58 1924 High. Low. 98% 98% 59,000 High. Week. Price. Law. Lehigh Valley 6s w 1..1928 Bonds 9971 997-1 3,000 Lehigh Val Coal 1st 58 1933 $24,050 96.52 Jan 102.50 Aug Pennsyivania gen 47181965 4,000 87 87 S Lib Loan 3348_1932-47 101.64 101.34 101.90 16,350 93 June 98 Jan 1943 8334 8354 8371 2,000 Consol 4s 1st Lib Loan 4s_1932-47 94.42 94.14 94.64 25,750 92.84June 97.90 Mar 6,000 70 70 Peoples Pass tr ctfs 4s.1943 Loan 48_1927-42 94.10 93.84 94.40 2d Lib 9,550 93.64 July 95.90 July 11,000 95 95 1st Lib Loan 4%81932-47 95.10 94.14 95.10 16,600 93.04 July 94.10 July Philadelphia Co 1st 56.1949 95 1,000 95 95 Registered 2d Lib Loan 4%s 1927-42 94.14 93.84 94.54 53,350 94.54 Aug 101 May 8971 9034 18,000 3d Lib Loan 4%s_ _1928 95.34 94.84 95.70 5,000 94% Sept 94% Sept Phi's Electric 1st 58_ _1966 100 95 95 94% 94% 1966 small do Am Tel dr Tel cony 68_1925 1,000 82 82 73% 73% 2,000 72% Apr 74 May Reading gen 4s 1997 Chic Jet & U S Y 4s_ -1940 99 9934 3,000 86% 8634 5,000 84% Aug 91% Feb Spanish Amer Iron 68_1927 N E Telephone 55.._ _1932 Apr United Rys Invest 58_1926 1,000 3,000 77 May 81 58 80 58 80 Punta Alegre Sugar 68.1931 6034 6371 2,000 West NY dr Pa gen 48.1943 96 Sept 9671 Sept 8471 Jan 8831 Apr 52 Jan 6271 Aug 82 June 8871 Apr Apr 76 Aug 83 88 Aug 9454 Mai 94 Aug 101.22 Sept 93.30June 97.50 Jar 93 June 97.52 Jar 93.76 Sept 98.10May 94.70 Aug 94.86 Aug 45 Apr 58 Ju15 75 June 80 Api 7434 May 8154 Fel Stocks- American Sewer Pipe_ _100 Am Wind Glass Mach_100 100 Preferred 50 Bank of Pittsburgh Columbia Gas dr Elec._100 Harb-Walk Refr, com_100 100 Preferred _50 Indep Brewing, corn 50 Preferred La Belle Iron Wks,com100 100 Lone Star Gas 50 Mfrs Light & Heat Nat Fireproofing, corn._50 50 Preferred 1 Ohio Fuel 011 25 Ohio Fuel Supply Oklahoma Natural Gas_25 _50 Pittsb Brewing, pref Pittsburgh Coal, corn._100 100 Preferred Pittsb Jerome Copper__ _1 Pittsb & Mt Shasta Cop_ _1 Pittsburgh 011 & Gas_ _100 Pittsb Plate Glass, corn 100 .5 Riverside East Oil, pref. 1 San Toy Mining 100 S Glass U S Steel Corp, corn.._100 West'house Air Brake_ _50 West'house Elec & M fg _50 14 66 76 99% 5% 175 47% 42% 27% 6 50 83 25e 30e 7 114% 93 43% Range since Jan. 1. High. Low. 45 12% *Jan 13% 14 Jan 64 6734 1,489 40 60 74% July 7534 76 Sept 10 125 125 125 100 28% Mar 35% 35% Feb 10 120 120 120 40 99% Sept 99% 99% 1% Jan 50 1% 1% 5% Sept 232 5% 5% Mar 75 106 112% 112% Jan 25 95 175 178 419 46% Sept 46% 48% Jan 3 720 5% 5% 7 June 465 12% 13% 60 14 July 15 15% Mar 617 41 42% 42 July 1,417 23 27% 29% Sept 6 489 6 6 Jan 200 45 5134 50 40 79% Apr 82% 83 24c 250 15,200 24c Aug Jan 2,000 21c 28c 30e 5% Jan 170 7% 7 Sept 110 107 107 107% 2% Apr 60 2)4 234 7c Aug 8c 1,000 Sc 10 34)4 June 37% 37% 279 87)4 Mar 111% 11534 199 92% Aug 93 93% Jan 320 39 4334 44% 15% Jan 67% Sept 9634 Jan Sept 125 36% Aug Feb 130 102% Feb 3% Aug 9% Jan Feb 115 Aug 197 Jan 53 5% Aug 13% Aug Jan 16 46% June 3134 Aug Jan 13 58% Feb May 84 Feb 1 48e Mar Mar 734 Jan 117 2% Feb 16e Feb 37% Sept Aug 116 9734 May 47 May Bonds. 38 95 _1955 Indep Brewing 6s Pittsburgh Coal deb 5s1931 38 95 $1,000 1,000 34 95 Apr Sept 40 99 Jan Mar -Complete record of the Baltimore Stock Exchange. transactions at the Baltimore Stock Exchange from Aug. 31 ante _Tar Stems 00 to Sept. 6, both inclusive,- compiled from the official sales lists, is given below. Prices for stocks are all dollars per the quotations are per cent Philadelphia Stock Exchange.-The complete record share, not per cent. For bonds of transactions at the Philadelphia Stock Exchange from of par value. Aug. 31 to Sept. 6, both inclusive, compiled from the Sales Friday. official sales lists, is given below. Prices for stocks are all Range since Jan. 1. Last Week's Range for Week. of Prices. Sale dollars per share, not per cent. For bonds the quotations Low. High. Par. Prim. Low. High. Shares. Stocksare per cent of par value. Sept Jan 40 50 40 Stocks- Sales I Friday Last Week's Range for of Prices Week. Sale Low. High. Shares.i Par. Price. American Gas of N J._100 10 American Milling _100 American Railways, pf. Baldwin Locom, prof._100 50 Cambria Iron Elec Storage Battery-100 100 General Asphalt 100 Preferred Insurance Co of N A _10 100 J 0 Brill Co _50 Keystone Telephone Lake Superior Corp... _100 50 Lehigh Navigation 50 Lehigh Valley Midvale Steel & Ord- _50 50 Pennsylvania • Philadelphia Co (Pitts)-50 Phil() Electric of Pa..._25 Phlla It T vot tr rects_50 Philadelphia Traction_ _60 50 Reading Tone Belmont Dovel_ _.-1 1 Tonopah Mining 50 Union Traction 100 United Cos of N J 50 United Gas Impt 100 II 13 Steel Corp 100 Preferred Warwick Iron & Steel_ _10 W Jersey & Sea Shore-50 Wm Cramp dr Sons_ _100 51 51 11 11 59% 59% 100% 10034 39 39 54 53 53 32 • 31 67 67 26% 26% 25 25 7 7 18 18% . 18 6934 69)4 69% 61% 60% 62 53% 54 44% 44% 44 26% 2634 24% 25% 25 27 28 6734 67% 89% 89% 92 2 13-16215.16 2% 213-16 37% 38 38 185 185 64% 65 65 110% 115% 111 110% 110% 8% 8% 8% 41 41 41 8134 81% 51 33 42 11 10 175 820 346 60, 25, 100 3,640 311 220 110 1,248 3; 683 1,0511 31 645 288 250 185 6 855 8,180 3 250 31 20 1 Range since Jan. 1. Low. 50 Aug 9)4 Jan 5934 Sept 95% Jan 38 July 48 Mar 14% May 47. Jan 24 Jan 18 Jan Aug 7 12 Jan 61% Jan 55 Jan 43% Jan 43% June 21% Apr 24 June 23% Mar 66 Apr 71 Jan 2% July 234 July 36% Aug 182% Aug 64 July 8634 Mar 109% Jan 7% Apr 39 May 74 Jan High. Jan Aug Feb Sept Mar July July July July July Jan July July Mar May Jan July May Jan 7134 Feb 94% June 334 Mar 4 Jan 4234 Jan Feb 195 72% Jan 116% Aug 110% Sept 8% Mar 48 Mar 9534 June 89 11% 80 100% 43 55% 36% 71 27% 27 9 21% 70 .63 59% 47% 2934 26 30 Arundel Sand & Grave1.100 Atlan Coast L (Conn)_100 10 Atlantic Petroleum Baltimore Tube, pref__100 Consol Gas, E L & P._100 Consolidation Coal_..100 5 Cosden & Co 5 Preferred Davison Chemical._no par Elkhorn Coal Corpn_ _ _ _50 Houston Oil trust ctfs-100 Preferred trust ctfs_-100 Mer & Miners Trans_-100 Mer dr Min Trans V T_100 Mt V Woodberry Mills voting trust receipts_100 Norfolk Ry & Light.. _100 Penn Water & Power_ _100 United Ry & Electric.. _50 Wash Balt & Annap_ _ _ _50 50 Preferred 98 634 334 3636 2734 79 1774 20 72 3171 3854 8334 234 85 97 86 634 3% 36 2734 79 75 65 65 8336 271 85 98 86 634 3% 3934 29 79 76 65 68 30 200 1 26 15 236 470 939 380 22 52 7 131 3171 80 234 83 94 8354 654 334 30 2231 40 64 58 6234 May 90 July 374 Aug 86 Jan 102 July 106 Sept 834 4 Jan Jan 3934 Jan 3034 Jan 86 Apr 8034 Jan 92 Aug 90 Jan Feb Apr Feb Jan Jan Jan Aug Aug June June Jan Mar 17 20 6834 2034 3031 40 1734 20 72 2034 3171 40 41 20 200 175 245 5 1431 20 60 1774 24 353-4 June Sept Jan June Jan June 1734 20 72 2454 3131 413.4 Feb Sept Sept Feb Sept Jan 8534 90 79 9134 8134 8031 9531 8534 $1,000 1,000 90 6,000 79 9171 6,200 8134 1,000 81 18,000 3,000 96 8534 90 7854 90 77 78 9371 Sept Mar Aug June June June Aug 8534 9331 84 95 8234 8334 9834 Sept Jan Feb Jan Feb Jan Jar 9634 96 71% 5334 92 8134 9634 10,000 4,000 96 7134 4,000 5334 4,000 1,000 92 8134 1,000 9534 96 7134 52 913-4 80 Apr Sept Sept Aug June Jan 9874 99 7734 5834 96 8331 June Jar Feb Jar Feb Feb Bonds. Annap & Portsmouth 5s_ _ Balt Spar Pt & C 4%8.1953 Consol 0,E L dr P 434s'35 5% notes Cosden St Co ser A 68_1932 1932 Series B Os Elkhorn Coal Corpn 651925 Kirby Lumber Contract 1923 Os Norf & Carolina 1st 5s 1939 Ry & Elec 4s_ _1949 United 1949 Income 4s 6% notes Wash Bait & Annap 581941 8554 8031 5354 • 994 THE CHRONICLE Volume of Business at Stock Exchanges TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY, WEEKLY AND YEARLY. Week ending Sept. 6 1918. Stocks. Shares. Saturday Monday Tuesday Wednesday Thursday Friday Total Sales at New York Stock Exchange. Railroad, dhe.. Bonds. Par Value. 168,800 $16,233,000 512,394 558,500 392,800 532,226 49,502,400 52,523,000 35,8b7,000 48,663,600 $581,000 HOLIDAY 1,243,000 1,470,000 1,569,000 1,201,000 2.164,720 $202,794,000 1917. 0. 8. Bonds. 8571,000 $2,763,000 2,786,000 1,540,000 1,619,000 1,654,000 4,376,000 4,915,000 4,566,000 4,087,500 $6,064,000 88,170,000 820,707,500 Week ending Sept. 6. 1918. Stale, Man. & Foreign Bonds. Jan. 1 to Sept. 6. 1018. 1917. Stocks -No.shares.._ 2,164,720 3,410,150 91,102,837 130,263,755 Par value $202,794,000 $323,113,500 $8,504,486,165 811,974,512,755 Bank shares, par $600 $17,200 $15,400 $78,600 Bonds. Government bonds $20,707,500 86,551,000 8715,700,500 $60,400,250 State,mun.,&c.,bonds 8,170,000 3,531,500 153,223,000 231,704,000 RR. and misc. bonds_ 6,064,000 5,043,000 186,735,500 363,815,000 Total bonds 834,941,500 $15,125,500 $1,055,659,000 $655,919,250 DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND BALTIMORE EXCHANGES. Boston. Week ending Sept. 6 1918. Philadelphia. Baltimore. [VOL. 107. Friday Soles Last Week's Range for Sale. of Prices. Week. Price. Low. High. Shares. Former Standard 011 Subsidiaries. Illinois Pipe Line 100 Standard Oil (Calif)_r_100 Standard Oil of N J_r_100 520 Standard 011 of N Y_r_100 146 215 518 258 146 215 521 259 Other 011 Stocks. Amer Ventura Oil r 1 70 6o 80 Barnett 011 dc Gas r 1 Boston-Wyoming 17o 170 Cosden & Co common r_13 6% 6% 6% Crystal Oil & Ref r 1 Elk Basin Petroleum_r_5 5% 5% Esmeralda Oil Corp 30 30 40 Federal Oil r 5 2g 1g 2g Glenrock Oil r 10 3 3% 3% Globe 011_r 1 14 1 1K Houston 011 corn r_-_-100 77 7531 79 Imperial Con 0111.. r..__.1 13-32 7-16 Internet Petrol_r fl 13 13 13% Island Oil & Trans r 10 3K 3% 3% Kinney Oil r 1 H Merritt 011 Corp_r 10 21g 21% 22 Metropolitan Petroleum-5 1H 1H Midwest Oil com r 1 940 930 970 Mineral Wells Petroleum_l 3 2g 3% Northwestern Oil corn r-1 530 550 Oklahoma Prod & Ref_ _5 6% 6% Okmulgee Prod & Ref.. ..5 2g 2% Omar Oil & Gas corn 1 28o 26o 28o Red Rock 011 & Gas_r_ _1 500 50e Sapulpa Refining_r 5 (3% Security Prod & Refg _5 Sequoyah 011 & Ref 1 9-16 9-16 9-16 Sinclair Gulf Corp_ r 16 (t) 16 17 Sinclair Oil warrants 30 31 33 Southwest 011 r 410 45c 1 42o Stanton 011..r 1 In 1% 1% Texana 011 & Ref_r 1 13-16 13-16 1 'Isuxpam Star 011_r 1 2o lgo 2go United Western 011, new_r g 1 Victoria 011.r 10 2% .2% 2% Shares. 'Bond Sales. Shares. Bond Sales. Shares. Bond Sales. 10 10 55 20 Range since Jan. 1. Low. 146 210 510 252 Sept Juno Mar Jan High. 192 237 579 285 Jan Jan Feb Feb 5,500 6o Jan 210 June 1,600 % Aug 1 3-16 Jan 1,000 160 Aug 330 Jan 5,100 *(34 July 8% Feb 2,395 1 June 1% July 600 5% July 7 Feb 7,700 30 Sept 5-16 Jan 8,500 1H Aug 4 Feb 6,800 3g Jan 5 Jan 1,900 15-16 Aug •lg June 1,800 39g Jan 864 June 2,300 % Aug K June 900 12g Feb 14'4 July 14,250 1K Jan 54 Mar 850 % May 1 , Apr 250 17% Mar 29% June 14,440 1% July K Jan 9,000 870 Apr 1.24 Jan 4,100 1% Jan 3g Sept 6,000 52o Aug 890 Feb 800 (Ig Apr 8 May 17,400 24 Jan 11K Mar 4,600 210 Apr 40o Jan 400 1 Jan K July 300 6% Aug 10K May 11,000 A Sept g Sept 4,900 % July 1% Mar 900 15 Jan 23% Feb 90 26 June 40 Mar 6,800 320 July 58o June 13,100 1% Mar 2% Mar 16,650 30c July 1% May 30,000 lo June 220 Mar 4,300 K Aug 2K Feb 3,800 2% Aug 6H Mar Mining Stocks. Alaska-Brit Col Metals-1 45e 420 500 17,000 5-16 Apr 700 May America Mines_r 1 810 78e 820 8,400 340 July 82c Sept Amer Tin & Tungsten_r_l 34,457 33,150 7-16 10,500 5-16 May 11-16 June 456 22,200 Arizona Bing Cop 5 16,407 5% 5g 5,300 62,700 6 July 6 Aug 810 7,000 Atlanta Mines 1 17,037 4o 434o 4o 28,300 3,500 30 July 130 Feb 943 15,000 Big Ledge Conner 5 13-16 15,683 27,400 K 13-16 16,100 % Jan 1% Mar 543 25,000 Booth _r 1 1 40 4e 1,000 3e Jan 6o Apr Boston & Montana Dev 5 Total 450 50e 68,000 410 91,1921 $164,800 19,604 $173,600 Jan 900 Mar 3,361 870,200 Butte-Det Cop & Zino-1 460 70 llo 28,500 7o Sept % Mar Caledonia Mining 42o 450 20,950 390 May 560 1 Jan Calumet & Jerome Cop_r 1 • 1 14,500 • Aug 14 Mar Canada Copper Co Ltd..-5 1% 2 5,500 2H Jan 14 Apr New York "Curb" Market. -Below we give a record of Candalaria Silver_r 1 410 420 21,900 370 Aug 430 Aug Cash Boy 1 50 50 2,000 34o Jan 190 Feb the transactions in the outside security market from Aug.31 Lerbat Silver M dr M_r 1 1 000 420 Jan 1% July Coco River alining 1% 2 to Sept. 6, both inclusive. It covers the week ending Consol Arizona _ r 1 14 Sept 500 2% Jan Smelt_ _5 100 1 5-16 Feb l%1% 24 Jan Consol Copper Mines_ _ 5 Friday afternoon. 54 5% 2,200 5% 4H Aug 4.7g May Cresson 1 5 3,300 Mar Jan It should be understood that no such reliability attaches DenbighCons Gold MdcM 1 4% 4g 21-10 9,000 4g Sept 5% July MInes_r 1 1 1 2g El Salvador Silver_r 1 14 1,500 550 Mar to transactions on the "Curb" as to those on the regularly Eureka Croesus Mm r.......1 1% 1 1'4 Aug 1 1% 4,600 % Feb 24 June Fortuna Cons_r 1 450 400 450 organized stock exchanges. 9,200 300 June 46o Aug Gibson Cons Copper_r_l 24 3 2% 15,500 1% Aug 3 Sept On the New York Stook Exchange, for instance, only Golden Rule Mines_r 1 9-16 9-16 9-16 1,665 54 June % May Goldfield Consolidated_10 200 22e 1,300 June 7-16 Jan members of the Exchange can engage in business, and they Hattie Gold Min_i_r__1 740 700 860 10,600 3-16 June 860 Sept 330 Hecla Mining 25c 413-16 4% 4% 2,895 2% . Jan 5% Aug are permitted to deal only in securities regularly listed-that Jim Butler_r 1 550 54o 550 6,300 54o Sept 900 Jan Jumbo 1 90 100 4,000 Sc July 240 Jan is, securities where the companies responsible for them have La RoseExtension Consol Mines_ 5 7-16 40e 5,300 25e Jan 11-16 Apr Liberty Silv (prosp)__r- _I 510 56o 8,600 28c Feb 620 July complied with certain stringent requirements before being Lone Star Consol_r 1 4o 44o 14,000 le May 330 July 1 25o 250 admitted to dealings. Every precaution, too, is taken to Magma Chief _ r K Apr 100 May Magma Copper 5 30 30 314 1,3C0 27 May 42 Jan insure that quotations coming over the "tape," or reported Mason Valley 5 4 4 4 331 Aug 1,200 6K Jan McKinley-Darragh-Sav.._1 450 400 8,800 37o Apr 600 Jan in the official list at the end of the day, are authentic. Mother Loder 1 340 330 350 7,300 250 Jan 600 Apr Mutual Min & Leas pf r 1 2% 2g 6,400 1 2g Sept Feb On the "Curb," on the other hand, there are no restrictions Nat Zino & Lead_r 1 160 150 18o 6,900 13c July 38o Feb New Cornelia.r 5 18% 18g 18g 110 15% Jan 20 May whatever. Any security may be dealt in and any one can Nipiasing Mines 5 8g 8% 8 300 Jan 9 May Nixon Nevada 1 330 330 430 8,300 330 Sept 1 Mar meet there and make prices and have them included in the Ohio Copper.r 1 13-16 1 % June 14,200 1% July Onondago Mines r 1 234 3% 29,300 3% 6 Jan 2 July lists of those who make it a business to furnish daily records Pacific Tungsten_ r 1 1 9-16 1 9-16 1% 16,500 1 3-16 June 2K July Ray Hercules MinIng_r of the transactions. The possibility that fictitious transac- Rochester Combined_ 5 4% 4g 4% 2,600 3% Jan 4% Jan r 1 36o 360 300 350 Aug 430 July Rochester Mines 1 360 tions may creep in, or even that dealings in spurious securi- San 340 350 7,700 270 Jan .54e May Toy Mining 1 70 2,100 180 Jan ties may be included, should, hence, always be kept in mind, Seneca Cop Corp_(no par) 11'4 7og 740 1,000 7% Sept 12% May 11 Jan 12g Silver Canon Mining....._1 670 600 670 particularly as regards mining shares. In the circumstances, Silver lime Silver_ r_.1 15-16 15-16 15-16 7,100 60o Sept 670 Sept 5,300 1 Aug K Mar Silver King of Arizona. l A 17-32 7,000 7-32 Apr June It is out of the question for any one to vouch for the absolute Sliver Pick Consol_r 1 40 40 1,000 3o July 70 Feb Standard Sliver-Lead , 1 6-16 trustworthiness of this record of "Curb" transactions, and Stewart • % 2,800 g Apr K Aug 1 130 120 130 14,500 110 Aug H Jan Success Mining 1 1134o 114c 2,000 we give it for what it may be worth. 70 Jan 160 Apr Tonopah Extension 1 14 1% 3,350 1% 1K Jan 1% Jan Tonopah Mining 2% 2g 2% July 850 4 Jan Troy-Arizona r 70 100 90 1,500 70 Sept 240 May Friday Sates Tuolumne Copper 1 1 1 1 500 May 1'4 Mar Week ending Sept. 6. Last Week's Range for United Eastern Mining...1 Range since Jan. 1. 3% 3% '41-16 4,360 3 July isg Feb Sale. of Prices. Week. United Verde Exten_r_50c 37% 374 38 1,200 35 July 504 Mar StocksPar. Price. Low. High. Shares. United Lead dr Zino I Low. High. 210 220 220 6,000 90 Feb 60e Mar Ward Min & llo 120 120 40 May 25o June 5,000 Aetna Explos_r_-_(no par) 10% 10% 11 g 9.800 6% Feb 16( May West End Consolidated 5 1 1-32 1 11-32 3,500 650 Jan 1% June Am Writing Paper com 100 4H 34 4g 2,200 2 Jan 4H Aug White Caps Extension_10o 30 30 3o Aug 180 Feb 1,000 Brit Am Tob ordinary S1 18 18 100 14g Apr 18% Aug Wnite Caps Mining...10o 16o 15o 18o 40,100 13o Aug % Jan Ordinary bearer El 18 17% 18% 2,300 14% Apr 18% July Wilbert Mining 1 (10 90 80 Feb 14o 500 Jan Burnr1te Coal Briq_r __I 3g 3% 5% 41,875 1g Aug Bonds 54 Sept Burns Bros Ice r 100 36% 36% 39 3,300 18g June 39g Aug Am Tel & Tel 1-yr 68 r1919 99% 99% 89,000 98% Aug 99% May Chevrolet Motor 100 127 127 131 4,600 100 6s J PM recelpts_r Jan 144 June 94H 95% 6,000 94 Aug 964 Aug Columbiaville Woolen.r_10 11 104 11 2,350 103 Sept 11 Sept Armour & Co deb 63r 1919 99% 99% 99% 27,000 90 June 100g July Cuprite Sulphur r 1 9-16 % 1,500 Debenture Os r__1920 4 May 2( Feb 97% 97% 3,000 973t July 98 June Curtiss Aeropl & M corn (t) 36 36 100 25 Debenture 6.s_r____1921 96% 96g 96% 51,000 96 Jan 42 June Aug 96% Sept Emerson Phonograph_ _5 1H 1H 150 Debenture 68_r 1 Aug 44 Jan 1922 96 40,000 954 July 96 June 95'4 96 General Ashpalt,com_r100 30 30 31K • 600 23K June 37 Debenture 6s-r--1923 July 95g 95K 1,000 95 June 95% June Grape Ola com 1 13-16 11-16 13-16 9,600 Debenture 68 r.. _1924 g June % Aug 95y, 964 3,000 95 June 964 Sept Preferred 1 2% 24 2% 17,200 14 June 24 Aug Beth Steel ser 78_r 1919 1004 100% 1004 2,000 98K July 101 Aug Keyst Tire & Rub com-10 17 17 18 000 12g Jan 20% June Serial 7s_ r 1920 100H 99 1004 17,000 98% July wog Aug Marconi Wirel Tel of Am_5 34 3% 3g 2,600 Serial 75_c 2% July 3% Mar 1921 99H 99g 99% 3,000 98 July 100 Aug Maxim Munitions 10 % 35 % 16,000 Serial 7s_r g Juno 1 Jan 1922 98% 98% 98% 120,000 97 July 99K Aug N Y Shipbuilding-(no Par) 100 39 Serial 7s_r 463( 46K Feb 47g Aug ,1923 984 984 08% 155,000 96% July 09'4 Aug North Am Pulp & Pap (t) 3 3g 1,700 2 Apr 4% Aug Canada (Dorn of) 5s__1919 97% 97% 97H 96,000 94% Jan 97H Aug Penn Coal dr Coke_r___50 • 29 *28g *32 875 28g Juno 34 Cudahy Packing 78 w I '23 July 974 97% 63,000 97% Aug 98 July Role Equipment r 10 123i 11% 12g 3,330 104 July 12g Sept Federal Farm Loan 58 -- 105 105 1053i 153,000 101g June 1064 Aug Smith Motor Truck r_10 7-16 6,700 % g Sept A 2% Apr Russian Govt OKs r__1919 59% 59 63 101,000 38 Mar 644 Aug Standard Motor Const.r.10 12% 12K 12K 5H8 r 200 8% Jan 13g!June 1921 55 55 58 52,000 32 Apr 62 Aug Submarine Boat v t o (t) 17% 17% 18% 3,000 11% Mar 20g May Sind Gulf Corp cony Os'27 81 80H 81% 32,000 76 June 801 June Thiogen Co of Amer r___5 54 5% 5% 3,230 4 Mar fig July Union Pacific 63 10134 101g 101H 135,000 97% Juno 101% Aug United Motors r _(no par) 31% 31g 33H 11,800 19% Jan 34g June •odd lots. t No par value. I Listed U S Steamship 10 6A 64 6g 6,300 4g Jan 74 May as a prospect. I Listed on the Stock ExWright-Martin Airo r--(t) 7% TH 8% 8,700 04 Jan 11% Mai change this week, where additional transactions will bo found. o New stook. Drafarrnal r inn RA inc Inn 48 Feb RA June r Unlisted. u Ex-cash and stock dividends. to When Issued. z Ex-dividend. c Ex-rights. :Ex-stook dividend Saturday Monday Tuesday Wednesday Thursday Friday 7,608 $13,250 1,592 $25,000 HOLID AY. 7,087 28,150 4,969 54,350 3,086 53,100 2,870 13,000 609 $1,000 H THE CHRONICLE SEPT. 7 1918.] CURRENT NOTICE Co. of Illinois, -A banking syndicate headed by the Central Trust Stewart Manufacturing 125 West Monroe St., Chicago, is offering $500,000 gold bonds dated July 1 1918, at prices Corporation first mtge. 6% serial 1 1920 to July 1 1924, ranging from 983 to 95A, maturing serially July first and only mortgage yielding 7% income. The bonds are secured by recently completed in upon the company's modern manufacturing plant liabilities are $466,244. Chicago. Surplus of current assets over current from $45,926 in 1911 The annual net sales of the company have increased $450,000 8% cumulative to $1,881,079. Boston interests have purchased no par value, will be stock and the 45,000 shares of the common stock, that the company listed on the Boston Stock Exchange. It is understood its large earnings. has large war orders in hand which will insure indefinitely 995 New York City Realty and Surety Companies All prices now dollars per share. Bid Ask Bid -Ask Bid 87 Realty Assoc 65 Lawyers Mtge 80 Alliance Why 55 (Brooklyn)_ 60 83 56 Mtge Bond_ 80 53 Amer Surety_ Bond & M G.. 178 183 Nat Surety__ 187 195 U S Casualty. 175 (113 Title Guar 35 75 N Y Title & Casualty Co_ 60 West & Bronx 60 fi- 19 Mtge City Investing Title & M G 150 70 Preferred__ 65 Ask 65 190 40 170 Quotations for Sundry Securities All bond prices are "and interest" except where marked • V'. RR. Equipments-PerCt.Basis 0 .. 850 41 6 44 6 8. Baltimore & Ohio 434s Buff Roth & Pittsburgh 430 8.40 5 60 6.40 560 Equipment 4e 6.70 6.00 Canadian Pacific 434e . 7.50 6.50 6 751 6.00 Caro Clinchfield & Ohio 5e Central of Georgia 5e 6.75 6.00 Equipment 434s 7.50 6.50 Chicago & Alton 44 0 7.50 7..0 Chicago & Eastern ill 5341... 7 01 7 0 7.50 7.00 Equipment 434s 6.60 6 00 Chic Ind & Louise 4A s____ 6.25 5.75 Chlo St Louis & N 065 6.05 5.65 Chicago & N W 434s William R. Compton Co. of New York, St. Louis and Chicago, R I & Pao 434a__. 7.50 6.50 Chicago of St. Mercantile Trust Co. of St. Louts, and Kauffman-Smith-Emert E orado & Southern 58.-- 8.5 5.75 Colorado u -day's issue $1,028,000 6.76 6.00 Louis, are Jointly offering and advertising in to 675 6.00 of Palm Beach County, Florida, Serial 6% Equipment 4345. Lake Worth Drainage District 6.75 6.00 Equipment 45 serially from Dec. 1 1922 to 1944, inclusive, at 100 and bonds maturing 6 50 800 Hocking Valley 4s H Federal income taxes. 6 50 800 accrued interest. These bonds are exempt from Equipment 55 advertisement. 6.25 590 Minas Central 5s Full particulars of the offering appear in the 6.25 5 90 Equipment 43413 St., this city, 7 00 6.00 -At 97A and interest, Montgomery & Co., 14 Wall Kanawha & Miohigan 4)4s new issue of $1,6.15 5 65 Loulevtile & Nashville U.__ and 133 South Fourth St., Philadelphia, is offering a 6.50 6 00 secured gold notes, due Michigan Central 55 -year 7% 500,000 Pennsylvania Electric Co. 5 6.50 600 Minn St P & S S M 434s request. See to-day's advertisement in the July 1 1923. Circular upon Missouri Kansas & Texas 155. 7.50 0.50 7.50 6.50 de for full details. Missouri Pacific) "Chronicle" 6.70 8.00 Mobile & Ohio Si York Stock 6 70 6.00 -Holmes, Bulkley & Wardrop, 2 Wall St., members New Equipment 4345 with the Equitable New York Central Lines 5s._ 6.50 600 Exchange, announce that Jay Edson Eddy, formerly 6 50 6.00 their firm. Equipment 43411 Trust Co., has been admitted to partnership in 6.75 6.00 • N Y Ontario & West 434s-for the Buffalo 6 05 585 , Norfolk & Western 434s.-. D. C. Knickerbocker has been appointed Manager 6 05 5.85 Equipment 45_ ...u. place of J. B. McCreary, who has office of Liggett & Drexel, taking the 6.10 5.60 Pennsylvania RR 434a____ England. 6.10 5.60 entered the Rod Cross service to work in Equipment 4s Iron Mt & Sou 5a... 7.50 6.50 St Louis St Louis & San Francisco 5s. 7.50 6.50 7.50 6.50 Seaboard Air Line 5s 7.50 650 Equipment 434s -The July 1918 number of the Hand-Book of Securities, Southern Pacific Co 434 a _. 6.12 5 65 -Per bare Ordnance Stocks a_ _ _ _. 6 25 5.75 Issued July 31 by the publishers of the "Commercial and Aetna Explosives INTL.-100 64 68 Southern Railway 414 45.... 7 00 8.00 3 6 Toledo & Ohio Central American & British Mfg..100 Tobacco Stocks-Per aa re 100 20 35 Preferred Chronicle," contains a monthly range of prices Financial Atlas Powder common.._100 189 173 0 118 A3 : a 00 :0 : 1.80. 10s 9 10 8 rerlca r C 100 10712191 Am refernotigar common-P: B1:712290 Preferred for the year ended July 1 of stocks and bonds sold at the 100 80 & 100 in New York, Boston, Philadelphia, Chi- Babcock W)Wilcox 0 00 Amer Machine & Fdry.._100 60 80 Co common. 50 *3! Bliss(E Stock Exchanges i Britls y Foie con eh-A m lr Tobao ord__£1 .1712 lei2 50 .75 Preferred cago and Pittsburgh. There is also a yearly range of prices Canada Fdya & Forginge.100 200 i6.5- Ordinary. bearer and stocks sold on the New York Stock Exchange Carbon Steel common...100 117 121 Johnson Tin Foil & Met_100 60 90 for bonds 100 92 98 1st preferred 100 160 170 2d Preferred for the past 6 years and a yearly range for 33 years of Bos- Colts Patent Fire Arms100 67 72 MacAndrows & Forbes. 100 85 95 Preferred 25 .59 62 Reynolds(R J) Tobacoo 100 260 280 Mfg Philadelphia prices. In addition, the book contains ton and 100 205 225 cor stock rev iTed duPont(E I) de Nemours 100 100 103 9512 8 P 85 88 100 2 8 2 & Co common elaborate tables with details of securities, together with the 95 98 A dividend scrip 100 Debenture stook 94 98 B dividend scrip earnings and fixed charges of the respective companies, and Eastern Steel 100 90 95 100 110 135 the surplus available to meet Empire Steel & Iron corn-100 ---- 45 Young (.1 SI Co 0 0 dss. 105 showing as nearly as practicable preferred 100 77 81 Preferred -Per Short-Term Notes 1 charges and dividends. There is a table of dividend pay- Hercules Powder oom.......100 233 240 Am Cot 011 5s 1919 _ __M&S 9712 97% 100 107 110 Preferred 6$ 1919_ F&A 99% % 9812 ments for 93/i years. The book contains 216 pages. Price Niles-Bement-Pond oom_100 120 123 Amer Tel&Tel5s 1919 ___J&J 981499 100 94 97 Salto & Ohio Preferred 54 Beth Steel 55 1919.._F&A 15 997 or to "Chronicle" subscribers 75 cents, including Penn Seaboard Steel (no par) .51 280 Canadian Pao(1s 1924_M&S 2 98 8 10018 one dollar, 8 985 270 100 Phelps-Dodge Corp 405 West Ind Os' 18.M&S postage. Copies may also be had at the "Chronicle" office, Soovill Manufacturing _ _100 .45 425 Chic &Hudson Si 1920 FAA -97 - i'134 „ 55 50 575 625 Del & 5s 1919_ Thomas Iron s A-0 9612 967 Erie RR 39 South La Salle Street, Chicago, or from Edwards & Winchester Repeat Arma.100 100 51 ---- Fed Aug Rfg 58 1920.._Jda Ms 97 Woodward Iron Smith, 1 Drapers Gardens, London. J&J 100 10014 Gen Eleo Os 1920 6% notes (2-yr) '19. J&D 10018100% 8 Rubber Genet or5a l925e0 1918.J&D 998 997 Grea Pu‘lic Utilities Nor Amer Gas & Eleo oom- 50 9 % 971 8 M N 97 79 0 50 :3812 481 Hooking Valley 691918 M: 99 97: Preferred 4 3 8 Amer Lt & Trao oom_ _ _100 181 184 K C Term Ry 434s•18_M&N 993 99 j&J 9312 95 ayis 1921 100 92 94 Preferred 9822 All prices now dollars per share. Amer Power & Lt corn. 100 39 44 Laclede Gas L 5a 1919....F&A 98 .... 100 68 70 Morgan& Wright 55 Dec 1 '18 9912 Preferred Bid. Ask. Trust Co's. Bid, Ask. Amer Public Utilities oom100 _ _ __ 20 N Y Cent 55 1919_ __M&S15 9784 98 Banks. Banks-N.Y. Bid. Ask. 280 300 New York. 100 34 39 Penn Co 434s 1921...J&D 15 9512 9814 480 495 Lincoln Preferred A weriea 97 215 220 Manhattan'. 163 169 Bankers Trust 360 370 Cities Service Co corn. ..100 211 213 Pub Ber Corp N J 5a •19.M&S 95 99 Amer Exch 175 Mech & Met_ 287 295 Central Union 383 388 167 100 72 74 Rem Arms U.M.0 Sa•19F&A 9812 Preferred Atlantic. 21 23 Southern Ry 5s 1919__M-13 2 9812 9834 247 253 205 Merchants._. 123 128 Columbia_ flattery Park _ 190 Com'w'Ith Pow Ry & L 100 40 42 __ Metropolitan* 165 175 Commercial__ 100 100 d87 89 Utah Sea Corp 6s'22.M-S 15 851s 87 Bowery •_. Preferred _ _ Empire 375 200 la" Eleo Bond & Share pref._100 W•house El& M Os '19_F&A 9912 99% 150 200 Mutual* Bronx Hero* 4005 7 10 Winches RepArms78'19.131&S 9914 99 s _ _ 150 185 New Nen*. 200 216 Equitable Tr. 330 340 Federal Light & Traotion.100 Bronx Nat_ _ New York Co 138 _ Farm L & Tr. 355 375 100 36 41 Preferred Bryant Park* If _ Fidelity 205 215 23 - Industrial 0- New York... 425 Great West Pow fes 1948.J&J 73 77 Butch & Drov 18 135 14 and Miscellaneous Fulton 1 345 360 Pacific• 225 255 Mississippi My Pow corn..100 42 46 Chase 5 4 20 3 31 22 495 510 Guaranty Tr. 317 320 American Braes 100 Chat & Phen _ 240 250 Park Preferred 111 55 prefert: --__ People's'... 5 . 135 145 70 7 Hudson J&J 43 42 Ameriea ec hiole oom Chelsea Ex • 120 First Mtge 55 1951 395 Prod Exch... 200 Irving Trust ISee Irving Nortb•n States Pow 00w.100 Chemical _. 385 7 8 125 8 1g 1 25 123 1 200 210 220 Public 'Nat Bank 100 81 83 American Hardware Citixens Preferred 39 450 470 Law Tit & Tr 92 98 385 392 Seuboard North Texas Elm Co corn 100 60 65 Amer Typefoundere oom_100 38 83 City 6 80 92 9 400 425 Lincoln Trust 95 105 Preferred 100 70 75 Preferred Coal & Iron.. 205 215 Second 199 Sherman - 125 135 Mercantile Tr 1400 Colonial Pacific Gas & Eleo corn..100 34 35 Borden's Cond Milk aora_00 100 108 & Deposit .190 200 Preferred 100 70 50 let preferred Columbia... 160 170 State* -- _ 23d Ware__ 115 130 Metropolitan_ 300 310 t175 Commerce Puget Ad Tr L & P oom_100 10 13 Celluloid Company 492 7) 163 4896 ( 150 160 Mutual(West100 42 46 coltuabta Graphoph Mfg1190 .4 167 Preferred Comml Ex*. 390 410 Union Exch 100 (12 65 United States* 600 ehester) _ 105 125 Preferred ... Republic Ry & Light..._100 19 21 CommonN Y Life Ins 100 67 58q Freeport Texas Co9 31 ... 180 190 Wash Irts•. _ 275 Preferred wealth• 3 & Trust.. _ 876 900 . .100 76 7812 Havana TobaccoCo......100 *21 South Calif Edison corn. Continental• 102 108 Westch Ave*_ 160 175 5 2 100 Preferred 1275 325 N Y Trust._ 590 605 100 94 97 Preferred Corn Exch*.. 315 322 Yorkville' 1st g 5e June 1 1922_ _J-D /38 43 6 Scandinavian 260 270 95 Cosmoplitan • 86 Standard Gas & El(Del) 50 *4 8 7 175 Brooklyn. Title Cu de Tr 243 253 .22 23 Interoontinen Rubb oom_100 50 Preferred Cuba (Bk of). 100 160 ---3 Internet Banking Co 18 Coney Island* 140 155 Transatlantic 2 175 Tennessee Ry L & P corn 100 East River... 15 260 270 USMtg &Tr 400 410 100 ---- 60 100 12 14 International Salt Fifth Ave*.... 1800 2200 First Preferred 150 A-0 66 6812 Flatbtush United States 875 895 let gold 56 1951 7 5 215 230 Fifth United Gas & Elea Corp 100 100 41 45 International Silver pref-10010 885 925 Greenpoint _ 150 165 Westchester. _ 130 140 1st preferred First 88 110 120 Brooklyn. 7 10 Lehigh Valley Coal Sales- 60 i _ 170 185 Hillside 100 Garfield 2d preferred 52 . 110 Brooklyn Tr_ 490 510 200 225 Homestead • Clothatn United Lt dr Rya corn.,..100 29 3012 Otis Elevator oommon_100 48 76 100 74 62 Franklin 230 240 Preferred 100 60 62 Greenwich' 335 355 Mechanics' *. 57 1st preferred 95 Hamilton _ 240 280 12 14 Remington Typewriter Montauk *-655 --__ Hanover Western Power aommon 100 100 22 23 200 207 Kings County 820 650 Common 100 49 51 235 245 Nassau Preferred Harriman_ 5 8 6 7 0 9 12 7 0(01 9 10 151 preferred 475 490 National City 133 138 Manufacturers 160 Imp & Tract 268 Side.. 175 200 People's North tIrving (tr 130 140 Queens Co... 65 r e ae Y tp f g itn arerefrrred sio grel l king Pow oom._100 121 124 76 certificates) 272 277 People's 300 405 Liberty ----• 9 63 99 5 100 197 190 100 900 1915 Tex Pac Coal & 011 • Banks marked w th a (*) are State banks. t Sale at auction or at Stock Ex* change this week. t IasiuIss oao-third share Irving Trust C. 1 New stoc k. *Per share. S Basis. d Purchaser also pays accrued dividend. e New stook. (Flat price. n Nominal. x Ex-dividend. y Ex-rights. (t) Without par value. Ex-rights. announce Haskins & Sells, the well-known firm of public accountants, Building), Boston. This the opening of an office at 84 State Street (India organization has grown firm was established in 1895. Since that time the principal cities of the into one of international scope, with offices in the London, Eng., which United States. In addition, there is an office in accountants looks after the foreign practice. In common with the other Sells organization of the country, many of the members of the Haskins & in assisting the Government during the are devoting their entire energies present crisis. New York City Banks and Trust Companies Standard 011 Stocks Pe rSlars n14 Par Bed.4 Ask Anglo-American 011 new £1 100 945 965 Atlantic Refining 100 450 470 Borne-Sorymser Co Buckeye Pipe Line Co_ 50 .88 90 MIR new...100 325 345 Cheeebrough 100 10 40 Colonial 011 100 415 430 Continental 011 Crescent Pipe Line Co_- 50 .32 35 Cumberland Pipe Line...100 135 145 Eureka Pipe Line Co._ _100 180 190 Galena-131gnal 011 corn......100 104 108 100 110 115 Preferred old 100 105 Preferred new _ .._ _100 145 150 Illinois Pio, Line 88 134 Indiana Pier Line Co..... 50 :1314 92 International Petroleum_ £1 National Transit Co_12.50 •12 13 New York Transit Co.._100 185 195 Northern Pipe Line Co..100 100 102 25 305 310 Ohio 011 Co 25 .28 32 Penn-Mex Fuel Co 100 500 510 Prairie 011 & Gas 100 258 263 Prairie Pipe Line 100 295 305 Solar Refining Southern Pipe Line Co 100 165 170 100 250 255 South Penn 011 Southwest Pa Pipe Linee_100 90 94 Standard Oil (California)100 214 218 Standard Oil (Indiana)._100 605 615 Standard Oil (Kansas)....100 430 450 Standard 011 (Kentucky)100 315 320 Standard 011 (Nebraska) 100 425 450 Standard Oil of New Jer..100 518 522 Standard 011 of New Y'k 100 260 263 100 400 410 Standard 011 (Ohio) Swan& riroh 100 95 100 Union Tank Line Co....100 06 99 100 327 332 Vacuum Oil _ 11) *34 38 Washington 011 996 vol.. 107. THE CHRONICLE butestutent anti gailroafi gutting/out. RAILROAD GROSS EARNINGS. The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns can be obtained. 'The first two columns of figures give the gross earnings for the latest week or month, and the last two columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways are brought together separately on a subsequent page. Latest Gross Earnings. ROADS. Week or Month. Current Year. Previous Year. Jan. 1 to Latest Date. Current Year. Latest Gross Earnings. Jan. 1 to Latest Date. ROADS. Previous Year. $ $ Alabama & Vielimb_ July 170,159 170,661 1,259,283 1.133.536 Ann Arbor 3d wk Aug 67,187 68,591 2,023,753 2,001,964 Atch Topeka & S Fe July 14897206 11690820 87,319.566 78.889.003 Gulf Colo & S Fe July 1,569,782 1.426,017 10,443,195 9,453,090 Panhandle & S Fe July 498,841 623,936 3,350,495 3,893,318 Atlanta Birm & Atl July 418,539 325,935 2,423,308 2,221,749 Atlanta & West Pt.. July 220,388 135,956 1,325,341 928,702 Atlantic City June 394,990 312,059 1.500.854 1,202,220 Atlantic Coast Line July 4,945,137 3.141.755 31,171,372 25,262,998 Atlantic & St Lawr_ May 159.044 125.905 788,749 804,565 Baltimore & Ohio July 17674458 11920443 86,666,074 73,090,791 13 & 0 Ch Ter RR June 173,680 177.817 821,776 980,179 Bangor & Aroostook July 374,150 269,653 2,607,201 2,664,900 Belt By of Chicago.. July 385,393 325,734 2,209,736 2,213,236 Bessemer & L Erie.. July 1,719.599 1,549.713 6,707,515 6,418.850 Bingham & Garfield June 299,832 294,8811 1,597,913 1,512.857 Birmingham South.. July 212,227 95,015 921,098 663,708 Boston & Maine July 6,900,939 5,217.679 37,151,596 33,267,298 Buff Roch & Pittsb 4th wk Aug 696,682 508,621111,869,989 9,937,417 Buffalo & Susq RR_ July 205,056 146,7011 1,284,058 977,012 Canadian Nor Syst_ 4th wk Aug 1,341,700 1,134,400 24,266,500 26,863,300 Canadian Pacific 4th wk Aug 4,130,000 4,018,000 95,805,883 95,466,646 Caro Clinch & Ohio July 441,666 302,880 2,498,346 2,290,496 Central of Georgia_ .July 1,765,420 1,342.540 11,316,515 8.519,313 Central RR of N J_ July 4,842,290 3,397,293 23,928,463 20,956,713 Cent New England.. July 629,262 426,116 3,392,272 3,144,351 Central Vermont July 464,066 389,862 2,801,011 2,503,383 Chariest & W Gar June 183,478 1,320.551 1,078,233 Ches & Ohio Lines_ July ,972,840 4,441,55107,013,814 30,473,764 6 Chicago & Alton__ _ July 2.362,887 1,780,238 12,481,618 11,511,100 Chic Burl & Quincy July 13325718 10110005 75,423,314 68,979,208 Ch Det & C 0 Trk_ May 132,914 98,663 473,933 497,182 Chicago & East Ill_ May 2.070,185 1.767,630 9,047,246 8.249.484 Chicago Great West July 1,712,830 1,378,105 10,123,320 9,212,982 Chic Ind & Louisv. July 1,087,873 747.272 5.661.080 5,139.500 Chicago Junc RR July 336,878 262,283 2,068,175 1,869,174 Chic Milw & St P July 12599858 10195754 67,671,988 62,478,111 Chic & North West July 12888465 9.474,420 64,747.985 59,278,225 Chic Peoria & St L.. July 196,480 163,573 1,234,512 1,206,951 Chic R I & Gulf July 322,958 283,919 2,447,914 2,122,321 Chic R I & Pacific.. July 8,875,684 6.929,529 52,706,667 47,270.288 Chic St P M & Om.. July 2.312,485 1,783,627 12.965,344 11,653,073 Chic Terre H & S E July 555,285 334,131 2,548,645 2,065,115 Cin Ind & Western.. July 265,986 212,388 1,716,205 1,561,597 Coal & Coke July 121,609 113,607 764,182 748,567 Colorado Midland_ June 123,838 117,429 792,472 Colorado & South.. _ 4th wk Aug 442,606 351,727 7,951,750 7,017,556 Ft W & Den City July 585,978 511,340„ 9 .3,434,365 Trin & Brazos Val July 93,057 68,969 637,828 531,711 Colo & Wyoming.... June 92,642 112,511 540,792 607,937 Crip Crk & Col Spgs July 84,312 36,602 546,700 647,887 Cuba Railroad June 1,063,018 815.773 7.093,581 3.286,184 Delaware & Hudson July 3,334,144 2,700,505 18,459,351 16,684,310 Del Lack & West July 6,447,132 4,939,157 36,295,569 32,677,726 Deny & Rio Grande July 2,446,227 2,105,132 16,965,472 15,595,437 Denver & Salt Lake July 260,530 215,806 1,137,788 1,113,387 Detroit & Mackinac 3d wk Aug 35,695 25,874 890,042 834,657 Detroit Tol & Iront May • 232,864 295,190 805,556 1.043.167 Det & Tol Shore L_ July 156,143 157,526 1,102,537 1,093,347 Duluth & Iron R July 1,692,531 1,033,375 4,499,385 3,295,046 Dul Missabe & Nor July 3,975,900 2,250,666 9,567,786 6,415,351 Dul So Shore & All 3d wk Aug 97,804 86,012 2,728,915 2,697,718 Duluth Winn & Pac June 141,349 131,367 848,927 1,122,716 East St Louis Conn July 99,877 91,933 590,488 597,295 Elgin Joliet & East.. July 2,097,872 1,445,755 10,159,607 9,085,195 El Paso & So West.. July 1,270,027 1,084,939 8,581,990 8,343,225 Erie July 7,950,515 6,318,186 44,038,598 39.715,590 Chicago & Erie.... July 1,001.585 g09,901 5,549,899 5,018,013 Florida East Coast.. July 588,004 525,803 5,618.542 5.389,090 Fonda Johns & Glov July 97,963 96,205 616,952 607,305 Ft Smith & Western July 97,756 83,406 695,882 571,454 Galveston Wharf__ June 73,947 69,540 519,366 598.234 Georgia Railroad.._ July 634,562 291,779 3,377,238 2,033,753 Grand Trunk Pac__ 1st wk Aug 99,207 118,728 3,394,785 3,178,534 Grand Trunk Syst_ 4th wk Aug 2,238,804 1,555,987 45,714,134 41,082,168 Grand Trunk By 1st wk Aug 1,237,190 1,055,261 33,070,967 30,005,261 Grand Trk West.. 4th wkJuly 346,664 200,615 5,934,121 5,492,503 Det G H & Milw_ 4th wkJuly 69,104 87,244 1,747,500 1,936,984 Great North System July 9.281,590 8.200,256 48,339,016 48,202,743 Gulf Mobile & Nor.. July 200,069 226,792 1,318,564 1,247,279 Gulf & Ship Island_ July 274,014 210,246 1,489,820 1,184,034 Hocking Valley____ July 1,548,034 1.031,618 6,726,090 5,747,818 Illinois Central_ _ __ July 10654111 7,334,961 58.175,231 48,954,124 Internet & Grt Nor July 1,042,560 886,139 7,277,122 6,526,583 Kan City Mex & On July 686,494 115,740 113,076 669,022 KO Mex &0of Tex June 92,227 119.671 498.893 550.160 Kansas City South.. July 1.118,610 1,000,164 8,334,875 4,887,812 Texark & Ft Sm.. July 101,987 102,153 630,323 681,355 Kansas City Term_ May 109.441 93,986 468,289 466,677 Lehigh & flud Riv_ July 255,063 192,544 1,284,290 1,298,918 Lehigh & New Eng.. July 471,175 344,695 2,223,777 2,044,703 Lehigh Valley July 6,730,464 4,958,932 33,925,985 30,394,749 Los Ang & Salt L July 1,327,585 1,009,787 7,887,140 7,298,936 Louisiana & Arkan_ June 127.065 133,848 850,013 695,411 Louisiana Ry & Nay June 197,607 176.414 1,381.519 1,083.945 Louisville & Nashv_ July 9,508,722 6,576,474 52,503,516 42,472,815 Lou Hand & St L.._ July 230,812 195,218 1,490,005 1,232,335 Maine Central July 1,684,843 1,212,382 8,753,001 8,037,072 Midland Valley July 292,907 270,247 1,891,394 1,593,122 Mineral Range 3d wk Aug 23,561 764,199 22,379 704,764 Minneap & St Louis July 988,856 924,960 6,354,275 6.065,835 Minn St P & S S M June 2,469.273 3.302,933 13.537.588 16,000,907 Mississippi Central_ July 148,207 449,344 71,673 718,944 Missouri Kan & Tex July 2.939.907 2,152,045 17.132,226 14,255.920 MoK&T Ry of Tex July 1,775,074 1,258,958 10,524,844 8,286,056 Mo & North Arkan July 126,218 113,470 809.041 795,997 Mo Okla & Gulf July 170,070 170,623 1,030,117 1,081,597 Missouri Pacific July 7,727.501 6.554.948 47,826,455 44.083.550 Week or Month. Current Year. Previous Year. Current Year. Previous Year. $ Monongahela July 299.928 181,738 1,648,246 1,229,615 Monongahela Conn. July 245,127 130,386 1,302,331 1,118,385 Nashv Chatt & St L July 2,119,002 1,194,500 11,173,656 8,310,176 Nevada-Cal-Oregon 3d wk Aug 162,778 208,855 7,625 7,618 Nevada Northern July 216,345 208,149 1,429,331 1,387,897 Newburg & Sou Sh_ July 563,095 149,394 92,624 ' 674,992 New Or! Great Nor_ July 226,939 195,747 1,234,528 1,029,425 New On & Nor East June 481.148 415,827 2,876.993 2,294,876 N 0 Tex & Mexico.. July 786.084 119,400 121,703 1,167,346 I3eaum S L & W.. July 83,938 71,146 827,017 549,455 St L Browns & M July 343,165 239,835 2,153.756 2,314,237 New York Central.. July 26282974 21192032 149012328 133672145 Boston & Albany April 2.045,392 1.872.719 6,997,425 6.755.467 Lake Erie & W.._ July 898,560 679,634 4,982,975 4,696,213 Michigan Central July 6,450,467 4,300,696 35,809,134 29,246,620 Cleve 0 C & St L July 7,084,144 4,462,951 36,385.712 29,040,302 Cincinnati North. July 269,125 203,574 1,435,222 1,324,089 Pitts & Lake Erie July 3,265.198 2,352,774 17,245,208 14,189.427 Tol & Ohio ContiJuly 1.189,991 791,687 5,199,030 4.200,872 Kanawha & Mich July 653,017 325,361 3,014,379 1,965,164 N Y Chic & St Louis July 1,994,332 1,450,404 11,062,683 9,636,993 NYNH& Hartf July 10048099 7,294,550 54,581,099 48,444,227 N Y Ont & Western July 1.314,416 958,072 6,090,513 5,067,709 N Y Susq & West July 344,724 316,830 2,193,415 2,065,908 Norfolk & Western.. July 7,731,013 5.821,890 42,700,441 36,623,829 Norfolk Southern July 508,532 428,294 3,144,887 3,119.801 Northern Pacific.. July 8,475,040 7,658,428 50,498,274 49,806,751 Minn & Internet_ July 661,035 107,079 85,123 644,243 Northwest'n Pacific July 649,844 504,250 3,050,059 2,616,277 Pacific Coast Co.. June 239,267 338.059 Pennsylvania RR July 37836003 25747219 189204651 163778173 Bait Ches & Atl_ _ July 177,744 154,555 621,941 659,080 Cumberland Vall. July 524,562 466,342 2,784,518 2,755,964 Long Island July 2,734,092 1,870,347 12,113.878 8,934,255 Mary'd Del & Va July 139,603 108,135 510,062 495,266 N Y Phila & Nod July 787,518 576,112 3,855,864 3,069,744 W Jersey & Seasn July 1,291,458 1,072,328 5,266,033 4,610,793 Penn Western Lines July 10094822 7,188,125 47,838,130 43,682,559 Grand Rap & Ind July 733,402 576,335 3,862,489 3,648,350 Pitts 00 & St L.. July 8.898,933 6,445,727 46,049,901 42,100,940 Penn System Lines East May 34178634 28200869 137033977 126673981 Lines West May 15109 144 14030 228 62,878.383 61,431,347 Lines E & Mayl 49287779 42231 098 199l2360 188105327 Peoria & Pekin Un_ July 112,575 105.007 695,922 725,882 Pere Marquette...... July 2,673,972 1,902,563 14,867,616 13,315,651 Pitts & Shawmut_ _ July 136,095 100,622 657.245 753,926 Pittsb Shaw & Nor_ July • 120,788 720,822 97,618 782,080 Plttsb & West Va__ July 208,591 140,463 1,065,307 Port Reading June 244.870 169,256 1,046,721 927.182 Reading CoPhila & Reading.. June 7,068.636 5,921,789 35,572,544 32.354,642 Coal & Iron Co._ May) 4.543.357 4,175,608 21,411,789 18,757,138 Total both cos May 11462818 10062833 50,263.813 45,511.853 Rich Fred & Potom Junel 642,089 430,967 2.844.886 2,374,740 Wash Southern.... Junell 336,386 210,545 1.581,606 1,185,973 Rutland July 396,406 375,836 2,496,163 2,439,775 St Jos & Grand Isl.. July 235,177 182,378 1,526,908 1,376,276 St Louis-San Fran_ July 6,510,177 4,855,413 36,671,345 31,462,677 Ft W & Rio Gran Julyi 94,489 79,42,7 486,617 614,563 St L S W of Texas July 112,183 92,894 661,246 833,662 St Louis Southwest 2d wk Aug 410,695 314,072 11,918.858 9.961.501 St LS W of Texas July 687,546 449,888 3,846,319 2,933,035 San Ant & Ar Pass.. July 353,150 340,738 2,261,959 2,118,096 Seaboard Air Line July 3,470,525 2,117,441 20,908,487 17,153,761 South Buffalo July 139,684 88,055 750,194 900,111 Southern Pacific...... July 14064272 11165053 80,964,418 71,703,997 Arizona & July 398,827 321,887 2,578,392 2,674,056 Galv Hous & S A.. July 1,826,768 1,453,231 11,767,440 10,915,350 Hous & Tex Cent July 732,137 594,720 4,868,105 4,192,430 Hous E & W Tex_ July 138,551 141,240 1,114,754 1,025,973 Louisiana West July 397,522 260,153 2,412,200 1,914,155 Morgans La & Tex July 703,376 497,431 4,499,629 3,665,564 Texas & Now On July 663,608 507,095 4,190,812 3,487,675 Southern By Syst July 12362233 7,269,592 66.496.843 48,724.147 Ala Great South.. July 847,477 605,747 4,751,923 3,886,610 Cin N 0 & Tex P July 1,453,328 1,113,427 8,057,446 7,426,913 New On & Nor /II April 503,175 361,002 1.922,185 1,477,628 Mobile & Ohio July 1,353,270 1,148,904 8,038,856 7,791,188 Georgia Sou & Fla July 290,026 213,408 1.974,823 1,573.723 South Ry in Miss July 107,460 99,199 663,277 730,595 Spokane Internat'l_ July 95,870 80,657 503,549 564,179 Spok Port & Seattle July 738,963 645,712 4,544,909 3,765.975 Staten Island R T._ June 191.294 133,747 706.364 763.126 Tenn Ala & Georgia 3d wk Aug 3,883 2,364 79,915 79,343 Tennessee Central.. July 304.116 138,757 1,540,463 993,165 Term Assn of St L.... July 316,852 322,767 2,062,252 2,242,842 St L Mer Bdge T July 334,076 251,624 1,942,049 1,744,366 Texas & Pacific........ July 2,266,304 1,692,334 13,915,574 12,235,569 Toledo Peor & West July 152.397 98,788 850,997 726,165 Toledo St L & West July 783,920 644,543 4,346,837 3,935,836 Ulster & Delaware.. July 136,246 124,866 550,505 556.116 Union Pacific July 8,732,058 6.439,189 48,760,658 40,267.761 Oregon Short L.... July 2,873,405 2,469,824 18,028,712 16.947.199 Ore-Wash RR&N July 2,330,270 1,813,784 13,959,017 12,238,025 Union RR (Balt).- March 178,987 173.599 482.099 476.971 Union RR (.Pa) July 781,801 595,388 3,631,410 3,230,239 Utah July 129,024 731,303 Vicks Shreve & Pac July 167.400 151,954 1.343,916 1,135.852 Virginian RR July 1,175,053 903,463 6,242,709 5,964,141 Wabash RR July 4,781,053 3,370,503 24.641,083 22,653.640 Western Maryland_ July 1,415,524 1,208,962 8,046,491 7,527,940 Western Pacific_ _ _ - July 1,042,517 820,588 6,024,795 5,267,668 Western By of Ala.. July 183,718 127,365 1,319,203 871,715 Wheel & Lake Erie.. July 1,559,024 1,100,618 7,091,764 5,802,447 Wich Falls & N W_ July 76,909 81,395 548,883 581,126 Yazoo & Miss Vall_ July 1,914,784 1,474,860 11,669,005 9,628,579 AGGREGATE OF GROSS EARNINGS-Weekly and Monthly. * Weekly Summaries. Current Year. Previous Year. Increase or Decrease. % * Monthly Summaries. current Year. Previous Year. Increase or Decrease. % $ Mileage. Cur. Yr. Prey. Yr. $ $ $ $ $ 2d week June (20 roads)--_ - 10.904.800 10.410.847 +493.953 4.74 September-245.148 243.027 364.880,086 330.978.448 +33.901.638 10.24 3d week June (21 roads)......._ 11,307,025 10.285.268 +1.021.757 9.93 October .._.._247.048 245,967 389.017.309 345.079.977 +43.937,332 4th week June (20 roads)...... 14.504.177 13.642.174 +862.003 6.32 Noyember__242.407 241.621 360.062.052 326.757.147 +33.304,905 12.73 let week July (18 roads)..___ 9,109.887 8.722,454 +387.433 4.44 December -.247.988 247,265 343.875.052 317,836.386 +26.038.666 10.19 2d week July (17 roads)____ 9.723.974 8.778,254 +945,720 10.77 January---240.046 239,885 282.394.665 294.002.791 -11.608.126 8.18 3.95 3d week July (19 roads).- 9.777.522 8,935.100 +842.422 9.43 February-230.336 228.835 362,761.238 312,276.881 +50.484.357 16.22 4th week July (11 roads)........ 8.715.679 7.973,165 +742.514 8.17 March 238.891 237.463 285.776,203 260.627.752 +25.148.451 9.65 1st week Aug (12 roads)......_ 5,812.844 5,045.973 +766.871 15.19 ?tint! 233.734 232,255 369,409,895 319.274.981 +50.134.914 15.70 2d week Aug (15 roads)........ 6,168,850 5,610,287 +565,260 9.96 May 230,355 228.892 374.237.097 342,146,096 +32.091.001 9.38 3d week Aug (14 roads)..--- 6,102,758 5,299,050 +803,708 15.17 June 220.303 219.294 363.165.528 323,163.161 +40.002,412 12.38 4th week Aug ( 8 roads)........ 8.849.792 7.568.735 4.1.281.057 16.93 July 41.580 41.083 37.756.880 34.755.322 4-3.001.558 8.84 a Method of reporting changed figures are now for the Colorado & Southern RigliV117 Company only. THE CHRONICLE SEPT. 71918.] -In the table which Latest Gross Earnings by Weeks. follows we sum up separately the earnings for the fourth week of August. The table covers8 roads and shows 16.93% increase in the aggregate over the same week last year. Fourth Week of August. 1918. 1917. $ 508,621 1,134,400 4,018,000 351,727 696,682 Buffalo Rochestor & Pittsburgh 1,341,700 Canadian Northern 4,130,000 Canadian Pacific 442,606 Colorado & Southern Grand Trunk of Canada 2,238,804 1,555,987 Grand Trunk Western Detroit Grd Haven & Milw_ Canada Atlantic Total (8 roads) Net increase (16.93%) Increase. Decrease. $ I 188,0611 207,300 112,000 90,879 $ 682,817 8,849,792 7,568,735 1,281,057 For the third week of August our final statement covers 14 roads and shows 15.17% increase in the aggregate over the same week last year. Third lVeek of August. 1918. 1917. Increase. Decrease. $ I Previously roportod (12 roads)_ 6,063,180 5,270,812 25,874 Detroit & Mackinac 35,695 2,364 Tennessee Alabama & Georgia 3,883I $ 793,772 9,821 1,519 1,404 6,102,7581 5,299,050 805,112 803,708 1,404 Total (14 roads) Net increase (15.17%) -The table Net Earnings Monthly to Latest Dates. following shows the gross and net earnings with charges and surplus of STEAM railroad and industrial companies reported this week: -Gross Earnings--Net Earnings Previous Current Current Previous Year. Year. Year. Year. $ 72,127 July 333,204" 278,955 101,333 Ann Arbor 1,845,725 1,807,173 126,072 428,139 Jan 1 to July 31 Atch Top & Santa Fe System 531,371 July 1,569,782 1,426,017 480,576 Gulf Colo & S 10,443,194 9,453,089 2,569,723 2,575,769 Jan 1 to July 31 623,936 126,585 Panhandle & Santa Fe.July 498,841 282,359 3,350,495 3,893,319 657,516 1,510,862 Jan 1 to July 31 325,935 20,181 Atlanta firm & AtlJuly 418,538 47,521 2,423.307 2,221,749 def140,816 Jan 1 to July 31 350.916 135,956 Atlanta & West Point July 220,388 80,709 38,304 1,325,341 928,702 Jan 1 to July 31 415,227 249,318 Atlantic Coast LineJuly 4.945,137 3,141,755 1,398,744 626,338 31,171,372 25,262,999 7,433,968 8,175,963 Jan 1 to July 31 269,653 Bangor & Aroostook__July 374,149 34,187 45,250 2,607,200 2,664,900 Jail 1 to July 31 307.263 869,523 July 385,393 325,734 69,881 Belt Ry of Chicago 105,096 2,209,735 2.213,236 Jan 1 to July 31 149,711 609,671 95,014 Birmingham Southern ..July 212,226 96,657 3,446 921,097 663,706 Jan 1 to July 31 155,494 29,149 146,701 10.961 Buffalo & Susquehanna_July 205,055 31,184 1,284,058 977,011 55,014 Jan 1 to July 31 179,769 116,283 def25,997 def2,199 Can Pac Lines in MeJuly 130,381 1,447,084 1,627,377 def159,754 to July 31 Jan 1 403,005 302,880 98,838 Carolina Clinch & Ohio_July 441,666 111,488 2,498,346 2,290,496 582,799 Jan 1 to July 31 973,828 July 4,842,290 3,397,293 1,949.601 1,240,293 Central RR of N J 23,928,463 20.956,714 4,284,936 6,584,411 Jan 1 to July 31 389,861 July 468,065 46,271 Central Vermont 77,464 2,801 011 2 503,383 def148,215 Jan 1 to July 31 481,700 Ohlo__July 6,972,839 4,441,551 2,407,242 1,167,683 Chesapoako & 37,013,813 30,473,763 7,425.433 8,839,057 Jan 1 to July 31 163,572 12,026 Chic Peoria & St Louis _July 196,480 17,385 1,234,512 1,206,951 def114,576 Jan 1 to July 31 207,695 Chic Rock Isl & Pac System 283,918 July 322,058 72,585 Chic It I & Gulf 94,772 2,447,914 2,122,321 669,578 Jan 1 to July 31 661,212 334,131 197,530 Chic Terre Hauto & S E_July 555,284 105,567 2,548,644 2,065,115 104,904 Jan 1 to July 31 557,537 212,388 8,259 Cincin Ind & Western_July 265,985 45,015 1,716,205 1,561 596 34 488 Jan 1 to July 31 346 959 428,134 Cincin New Orl & Tex P.July 1,453,327 1,113,426 408,060 8,057,446 7,426,912 1,577,687 2,455,175 Jan 1 to July 31 113 607 def94 261 July 121 608 Coal & Coke 23 016 748,566 def137,223 764 182 Jan.1 to July 31 103,711 917,527 277,620 Colorado & Southern___July 1,046,213 358,863 6,779,350 6,009,335 1,645,471 2,231,339 Jan 1 to July 31 511,339 159,820 Ft Worth & Den City.July 585,978 203,461 4,097,929 3,434,363 821,591 1,276,308 Jail 1 to July 31 68,969 def31,351 def28 154 93,056 Trinity & Brazos Val_July 637,827 531,711 def155,673 def228,571 Jan 1 to July 31 84,311 36,601 Cripple Crk & Col Sprgs.July 46,031 15 958 546,699 647,888 to July 31 Jan 1 221,908 328,0 3 3 Denver & Rio GrandoJuly 2.446,227 2.105,131 461,597 620,180 15,965.472 15,595,437 3,196,356 5,038,600 Jan 1 to July 31 215,806 Denver & Salt Lake____July 260,529 11,619 18,850 1,137,787 1,113,386 def273,433 di:A73102 Jan 1 to July 31 . 119.970 Detroit & Mackinac____July 145,726 28,819 27,853 856.980 757,509 Jan 1 to July 31 70,970 169,324 157,526 62,828 Det & Toledo Sh Line July 156,143 80,006 1,102,537 1,093,347 Jan 1 to July 31 474,736 585,645 Duluth & Iron Range_ July 1,692,531 1,033,374 1,225,030 513.244 4,499,385 3,295,046 1,883,363 Jan 1 to July 31 990,614 Duluth Missabo & Nor_July 3,975,899 2,250,666 3,111,251 1,484,398 9,567,785 6,415,351 5,296,637 2,881,391 Jan 1 to July 31 99,876 91,933 East St Louis ConnectJuly def1,006 24,531 590,488 597,296 def112,207 Jan 1 to July 31 139,025 980,261 Elgin Joliet & EasternJuly 2,097,872 1.445,754 485,380 10,159,607 9,085,194 2,457,141 2.498,377 Jan 1 to July 31 97,962 96,205 37,144 Fonda Johns & Glovers_July 43,903 616,952 607,305 243.378 Jan 1 to July 31 260,60 97,755 83,406 16,346 Ft Smith & Western_ _ _ _July 8,719 695,882 571,454 60,347 Jan 1 to July 31 41,735 291,779 July 634.562 357,462 Georgia 69,734 3,377,238 2,033,753 1,131,714 Jan 1 to July 31 507,326 226,791 31,188 Gulf Mobile & NorthJuly 200,068 78,918 1,318,563 1,247.278 234,886 Jan 1 to July 31 380,362 210,246 July 274,014 109,681 Gulf & Ship Island 82,747 1.489,820 1,184.033 379,407 Jan 1 to July 31 377,991 July10,654,110 7,334,4)61 3,437,587 2,012,898 Illinois Central • 58,175,231 48.954,124 9,040,055 14,146,055 Jan 1 to July 31 886,138 140,561 Internat & Grt North__July 1,042,559 226,858 7,277,121 6,526,582 1,008,059 1,790,474 Jan 1 to July 31 113,015 def6,783 Nan City Mex & Orient.July 115,739 8,886 669,021 def201,820 def30,041 686,493 Jan 1 to July 31 ' Roads. 997 -Gross Earnings--Net Earnings Current Previous Current Previous Year. Year. Year. Year. $ $ $ $ Kansas City Southern__July 1.118.610 1,000,164 282,625 371,850 Jan 1 to July 31 8,334,874 6.887,811 2,476,223 2,653,527 Texark & Ft Smith__July 101,987 102,152 39,571 51,754 Jan 1 to July 31 681,356 630,322 196,049 296.671 Lehigh & Hudson River_July 255,062 192,544 82,984 64.262 Jan 1 to July 31 1,284,289 1,298,918 227,359 440,291 Lehigh & New England_July 471,175 344,694 243,419 145,965 Jan 1 to July 31 2,223,777 2,044,702 633,394 775.000 Los Angeles & SaltLake_July 1,327,584 1,009,787 483,127 377,467 Jan 1 to July 31 7,887,140 7,298,935 1.775,912 2,880,940 Louisville Hend & St L_July 230,811 195,217 84,083 62,317 Jan 1 to July 01 1.490.004 1.234325 378,613 448,905 Louisville & NashvilleJuly 9,508,722 6,576,473 3,065,437 2,007,010 Jan 1 to July 31 52,503,516 42,472,814 11,091,873 13,141,150 Midland Valley July 292,907 270,246 87,717 103.170 Jan 1 to July 31 1,891,394 1,593,122 578.689 425,026 Mineral Range July 98,0446,975 3,269 Jan 1 to July 31 636,130 676,1 6 0 22,464 def3.487 Minneap & St Louis_ _ _ _July 998,856 924,959 96,577 271,463 Jan 1 to July 31 6,354,275 6,065.835 296,867 1,708.944 Mississippi Central July 148,207 71,672 67,088 16,519 Jan 1 to July 31 718.944 419.344 204.700 94.284 Mo Kan & Tex of Texas_July 1,775,074 1,258.958 316,434 187,297 Jan 1 to July 31 10,524,844 8,286,055 300.084 441.882 Missouri & Nor Ark____July 126,217 113,469 23,235 15,377 Jan 1 to July 31 809,041 795,997 63,827 154,564 Missouri Okla & Gulf_ July 170,069 170,622 def12,006 46,751 Jan 1 to July 31 1,030.116 1,081.596 def202,667 187.407 Monongahela Connectg_July 245,126 130,385 46,114 def50,087 Jan 1 to July 31 1,302.330 1,118.384 159.036 140,585 Nashv Chatt & St Louls.July 2,119,002 1,194,499 793,074 243,611 Jan 1 to July 31 11,173,656 8,310,176 2.265,797 1.923,274 Nevada Northern July 216,344 208,148 105,705 121,117 Jan 1 to July 31 1.429.330 1,387,897 707,774 811,654 Newburgh & So Shore_ _July 149,393 92,624 36,145 def1,375 Jan 1 to July 31 674.991 563,095 73,538 def9.707 New Orl Great North ..July 226,939 195,746 84,906 64,163 Jan 1 to July 31 1,234.528 1,029,425 355,202 354,362 New On Tex & Mex_ _ _ _July 119.399 121,703 9,347 36,270 Jan 1 to July 31 1,167,345 786,084 320,767 238,511 Beaum Sour L & WJuly 83,937 71.146 7,908 17,078 Jan 1 to July 31 827,016 549,454 280,647 178.943 St L Brownsv & Mex_July 343,165 239.835 104,574 64,266 Jan 1 to July 31 2,153,755 2,314,236 504;382 920,772 New York Central System- • Cincinnati Northern_ _July 269,124 203,573 92,745 54,499 Jan 1 to July 31 1,435,221 1,324,089 186,492 303,830 Cleve 00 & St Louis_July 7,084,144 4,462,950 2,964,215 1,312,625 Jan 1 to July 31 36,385,712 29,040,302 8,841,152 7,893,638 Indiana Harbor Belt_July 545.950 416,992 48,632 105,627 Jan 1 to July 31 2,996.580 3,070,299 def361,043 756,172 Kanawha & Michigan July 653,016 325,360 303,157 114,664 Jan 1 to July 31 3,014,377 1,965,163 896,338 546,616 Lake Erie & Western_July 898.559 679,634 158,229 177,961 Jan 1 to July 31 4,982,875 4.696,213 597,802 1.398,875 Michigan Central: __July 6,450,466 4.300,695 2,477,546 1.287.653 Jan 1 to July 31 35,809,133 29,246,320 7,982,350 7,173,462 N Y Susq & Western_ __July 344,724 316.829 31,767 78,243 Jan 1 to July 31 2,193,415 2,065,908 84,044 516,458 Norfolk Southern July 508.531 428,294 18,076 151,532 Jan 1 to July 31 3,144.887 3.119,801 357,114 1,031,728 Northern Pacific July 8.475,039 7,658,428 2,886,674 2,995,551 Jan 1 to July 31 50,498.274 49,806,751 11,979,153 20,128,609 Minnesota & Internat July 107,079 85,123 14,654 20.595 Jan 1 to July 31 644,243 661,035 79,582 235,872 Northwestern Pacific ___July 649,844 504.250 315.183 239.186 Jan 1 to July 31 3,050,059 2.616.277 973,033 837,726 Pennsylvania SystemJuly 177,743 Balt Ches & Atl 154,555 35,795 24,032 Jan 1 to July 31 659,080 621.941 def17,185 58,489 Cumberland ValleyJuly 524,561 466,341 220,127 233,136 Jan 1 to July 31 2,784,518 2,755,964 895,857 1,344,065 Grand Rapids & Ind_July 733,402 576,334 207,363 132,801 Jan 1 to July 30 3,862,489 3,648,349 392,937 586.675 Maryland Del & Va__July 139.603 108,135 26,576 17,208 Jan 1 to July 31 495.266 510,062 def47,643 59,524 Monongahela July 299,927 181,738 143,322 76,519 Jan 1 to July 31 1,648.246 1.229,615 496,154 538,824 N Y Phila & Norfolk_July 787,517 576,112 258.486 227.385 Jan 1 to July 31 3,855,864 3,069,743 617,192 815,554 Toledo Peoria & West.July 152.396 98,788 19,600 2,751 Jan 1 to July 31 850,997 726,164 def26,927 58,058 Union RR of Penn ...July 781,800 595,387 319,677 77,344 Jan 1 to July 3 3,631,410 3,230,239 def25.012 145.342 W Jersey & Seashore_July 1.291,458 1,072,327 448,684 427,626 Jan 1 to July 31 5,266,033 4,610,792 245,448 841,243 Pittsb Shaw & North___July 120,788 97,617 def78,235 def17,324 Jan 1 to July 31 782,079 720,822 def296,422 def111,309 St Jos & Grand Island July 235,177 182,377 40,438 8,786 Jan 1 to July 31 1,526,908 1.376,275 133,091 192,308 St Louis-San Francisco_ July 6,510,177 4.855,412 2,331,872 1,825,593 Jan 1 to July 31 36,671,345 31,462,677 6,977.739 10,772,556 Ft Worth & Rio Gran.July 94,488 79,426 33.624 21.649 Jan 1 to July 31 614,563 486,617 49,106 26,468 St L-San Fran & Tex_July 112,182 92,894 16,954 18.933 Jan 1 to July 31 833,661 661,246 185,293 51,022 St Louis Southwestern System St L. So West of Tex_July 687,545 449,888 98,795 51,774 Jan 1 to July 31 3,846,319 2,933,035 45,218 181,132 San Ant & Aransas Pass.July 353,149 340,737 12,071 37,423 Jan 1 to July 31 2,261,958 2,118,095 def125,442 81.988 Seaboard Air Line July 3,470,524 2,117,441 860,711 441,766 Jan 1 to July 31 20,908,487 17,153.761 3,692,367 5,086,864 Southern Pacific July14,064,271 11,165,063 4,954,447 4,734,495 . Jan 1 to July 31 80,964,418 71,703,996 17,608,621 27,004,871 Arizona Eastern July 398,827 321,886 63,411 150,250 Jan 1 to July 31 2.578.392 2,674.056 915,303 1,396,214 Galv liarris & San An.July 1,826,767 1.453,230 768,234 525.650 Jan 1 to July 31 11,767,439 10,915,349 3,679,990 3,995,831 Hous & Texas Cent__July 732,137 594,720 241,798 206,724 Jan 1 to July 31 4,868,104 4.192,430 1,305,673 1,389,116 Houston E & W Tex:_July 138,551 141,240 39,686 44,569 Jan 1 to July 31 1,114.754 1,025,973 290,367 400,715 Louisiana Western__ _July 397,521 260,153 215,733 133,881 Jan 1 to July 31 2,412,200 1,914,151 1,170,881 963,617 Morgans La Tex RR_July 703,375 497,431 303,633 189,598 Jan 1 to July 31 4,499,629 3.665,564 1.661,755 1,490,409 So Pac Co Atl SS LinesJuly 834,261 1,042,344 36,694 308.742 Jan 1 to July 31 5,136,388 6,864,568 140,184 1,597,085 Texas & New OrlJuly 663,607 507,095 1252,166 237,843 Jan 1 to July 31 4.190,810 3.487.674 1,223,621 1,325,455 Roads. [vol.. 107. THE CHRONICLE 998 Net Earnings Previous Current Year. Year. -Gross Earnings Previous Current Year. Year. Roads. Southern Ry System 220,521 267,667 605,747 Alabama Gt South.._ _July 847,476 4,751,922 3,886,610 1,256,290 1,248,101 Jan 1 to July 31 32,229 35,274 213,408 Ga Southern & Fla__ _July 290,025 280,743 272,581 1,974,822 1,573,722 Jan 1 to July 31 7,791,188 July 1,353,270 1,148,904 8,038,855 Mobile & Ohio 421,630 2,056,703 252,122 205,613 Jan 1 to July 31 19,225. def2,869 99,198 South Ry in Mississip.July 107,459 123,181 26,182 663,276 730,759 Jan 1 to July 31 28,327 41,003 80,656 95,869 Spokane International_ _July 143,130 189,822 503,548 564,178 Jan 1 to July 31 345,018 352,735 649,712 Spokane Port & Seattle_July 738,963 to July 31 4,544,909 3,765,976 2,020,763 1,988,122 Jan 1 83,922 25,984 138,757 July 304,116 Tennessee Central 213,177 213,668 993,164 1,540,463 Jan 1 to July 31 141,227 80,530 322,766 Term RR Assn of St L_ _July 316,852 312.453 1,126,658 2,062,251 2,242,843 Jan 1 to July 31 60,356 62,946 251,624 St L Mer Bdg & Term July 334,075 51,514 471,247 1,942,048 1,744,365 Jan 1 to July 31 468,541 679,364 July 2,266,303 1,692,333 Texas & Pacific 13,915,573 12,235,568 2,863,358 3,529.726 Jan 1 to July 31 64,532 34,152 124,866 July 136,245 Ulster & Delaware 129,523 556,115 def12,613 550,504 Jan 1 to July 31 Union Pacific System 595,816 745,606 Ore Wash RR & Nav_July 2,330,269 1,813,783 13,959,017 12,238,024 3,364,757 4,163,958 Jan 1 to July 31 73,224 July 129,024 Utah Railway 388,213 731.302 Jan 1 to July 31 394,796 207,869 July 1,415,523 1,208,981 Western Maryland 148,418 2,114,588 8,046.491 7,527,939 Jan 1 to July 31 294,830 425,275 820,588 July 1,042,517 Western Pacific 6,024,794 5,267,668 1,866,614 2,035,051 Jan 1 to July 31 30,020 38,852 127,365 Western RR of Ala_ _ _ _July 183,718 344.465 204,446 1,319,204 871,715 Jan 1 to July 31 12,223 81,395 def37,354 76,908 Wichita Falls & No W_ _July def5,133 581,126 def185,166 548,882 Jan 1 to July 31 731,366 395,841 Yazoo & Miss Valley_ __July 1,914,784 1,474,860 11,669,005 9,628,579 2,549,144 2,724,174 Jan 1 to July 31 Fixed Other Balance, Total Net after Gross Income. Charges. Income. Surplus. Tares. Earnings. S . Fonda Johnsville Gloversville RR. 47,314 32,945 14,399 39,704 7,640 98,205 July '18 32,626 7,419 40,015 32,645 7,400 97,953 '17 14,081 19,584 249,875 235,794 7 mos'18 607,305 230,311 230,451 232,080 dell 626 18,576 211,878 '17 616,952 Sarp.after Clip3.Net--Grass 1917. 1913. 1918. 1917. 1917. 1918. $ s $ 3 Pittsburgh & West Virginia and West Side Belt (combined) 87,884 77,891 303,535 July 743,094 257,889 7 mos 1,536,279 Chicago Great Western 125,946 351,295 86,821 307.276 July 1,712,829 1,378,105 740,504 828,224 2,160,221 def736,485 7 mos 10,123,320 9,212,981 Latest Gross Earnings. Name of Road or Company. May Phila & Western Portland Gas & Coke July Port(Ore)Ry.L&PCo. June Porto Rico Railways.. July g Puget Sd Tr, L & P June pRepublic By & Light July Richmond Lt & RR.. May St L Rock Mtn & Pac June Santiago El Lt & Tr.. June Savannah Electric Co July Second Avenue (Roe) May Southern Boulevard May Southern Cal Edison.. July Staten Isl Midland__ May Tampa Electric Co.... July Tenn By, Lt & P Co.. June Texas Power & Lt Co July Third Avenue By...... May DDEB&BRR_May 42dStM&StNA By May UnionRyCo(NYC) May Yonkers Railroad_ May N Y City Inter Ry May Belt Line By Corp.. May Third Avenue System July Twin City Rap Tran_ July Virginia By & Power_ July Wash Halt & Annap_ June Westchester Electric.. May York Railways'hil y Youngstown & Ohio.. June j Name of Road or Company. Week or Month. Alabama Power Co__ July Amer Power & Lt Co June Atlantic Shore Ry___ July Bangor By & Electric June Baton Rouge Elec Ry July Blackstone V G & EL July Brazilian Trac, L & P June Brock & Plym St By.. June Bklyn Rap Tran Syst May Cape Breton Elec Co July Cent Miss V El Prop.. July Chattanooga By & Lt June Cities Service Co.__ _ July Cleve Painesv & East June g Columbia Gas & El June Columbus(Ga) El Co June Colum (0) By,P & L June Com'w'th P. Ry & Lt June ConnecticutPowerCo July Consum Pow (Mich)_ June Cumb Co(Me)P & L June Dayton Pow & Light July g Detroit Edison.. ___ July gDetrolt United Lines July Duluth-Superior Trac July East St Louis & Sub._ June Eastern Texas Elec__ June El Paso Electric Co.._ July a Federal Lt & Tree__ June Ft Worth Pow & Lt.. July Galv-Hous Elec Co.._ July Georgia Lt Pow & Rys June Grand Rapids By Co June Great West Pow Syst May Harrisburg Railways. June Havana El By,L Sc•P June Honolulu R T & Land June Houghton Co El Co.. July Houghton Co Tr Co., July b Hud & Manhat RR May Illinois Traction_ __ _ July Interboro Rap Tran_ May Jacksonville Trac Co July Keokuk Electric Co.. July Key West Electric Co July Lake Shore Elec By.. June Lewlst Aug & Watery June Long Island Electric_ May Louisville Railway__ May Manhat Bdge 3c Line May Milw El By & Lt Co_ July Mliw Lt, lit & Tr Co July Nashville By & Light June Newp NMI Ry,G&E June Nevada-Cal El Corp.. July N Y & Long Island__ May NY & North Shore__ May N Y & Queens Co__ _ May New York Railways_ May Niag LocIcp't & Ont.. June Northampton Trac.... April Northern Ohio Elec__ June North Texas Electric June Ocean Electric (L I)_ May Pacific Gas & Electric May Pacific Pow & Light_ July g Paducah Tr & Lt Co July Pensacola Electric Co July ISMIla 15a,dr1 Trftnelt. Tula' Current Previous Year. Year. Current Year. Previous Year. $ $ $ S 262,596 174,952 1,615,508 1,127,282 1029,205 860.265 6,410.710 5,541.570 98,600 152,547 20,097 23.326 441,121 416,385 73,723 65.662 132,692 147,822 21,578 19,993 201,055 155.180 1,332,3061,109,310 19087000 f7642000f49693,000 144646.000 48,849 54,614 9,918 11,103 2761,039 2607.401 12,466,574 12,201,995 252,462 278,459 44,532 40,500 173,802 190,036 28,981 26,196 864,827 149.073 128,805 674,819 1789,252 1365,312 13,265,501 10,186,108 243,321 256,193 50,170 47,431 783.150 762,992 6,096.57:3 5,707.430 592,028509,699 95,152 83.127 349,168 311,975 2,124,532 1,919,346 1831,428 1550.770 10,338.999 9.272,736 484,245 540,125 78,499 68,636 536,256 459,187 3,053,537 2,756,259 278,214 244,435 1,466.691 1.406,983 175,829 129,772 1,297,154 1,028,162 1029,512 877,283 7,722,345 6,874,787 1680,380 1557,665 10,693,170 10,110,586 003,179 989,566 142,904 140,740 318.857 296,753 1,915,940 1,744,494 458,067 538,121 102,080 80,026 744,877 730,202 99,958 103,172 271,226 206,827 1,728,476 1,345,732 100,550 79,980 251,824 175,144 1,489,020 1,115,108 509,480 589,417 95.163 81.960 645,244 627,472 103,195 104,828 339.755 323.929 1,727.952 1,637.440 623.768 560,149 117.572 99.664 666,817 554,982 3,920,085 3,251,042 346,942 348,658 67,737 60,182 240.310 235,603 30.779 29,667 194,114 202,187 29,510 31,927 421.724 366,582 2,073,755 1,858,718 1189,276 1073,653 8,283,416 7,563,113 3524,432 3511,496 17,539,100 17,585.883 399,878 500,717 71,731 54,322 139,045 148,738 23,086 21,442 79,666 106,028 18,423 12,092 813,922 958,841 186,673 152,996 399,267 386,802 86,482 75,669 80,330 88,297 19,131 21,111 328.156 268,675 1.465,288 1.271,788 50,817 57,575 12,417 10,542 700,671 614,717 - 5,021,413 4,497,725 281,950 210,455 1,598,631 1,232,512 238,570 194,493 1,311,731 1,203,175 944,848 553,647 196,481 111,929 211.603 219,461 1,285,688 1,149,974 166,154 159,837 40,928 36,654 60,954 54.141 13,618 14.525 358,846 490,349 83,921 97,584 •• 1017,842 1045,802 4.679,714 5,042,054 251,264 192,839 1.497,502 1,134,729 68.193 70,687 17.678 17,334 593,513 527,232 3.468,309 3,121,605 259.163 179,406 1.560,931 1,064,226 11.854 10,134 36,896 34,856 1696,260 1568,814 154,809 139,597 178,254 175,695 26,548 25,180 270,142 191,643 44,388 32,947 079R 9612 9.4'17 2435 151 120 In 1/ 1.2.2 ea., Previous Current Year. I Year. 52.109 144,119 632,552 87,255 939,382 453,489 39,705 409.047 55,718 97,977 77,890 , 807,210 25,600 86,826, 525,836 234,4911 330,733 40,461 149,763 237,919 72.069 60.725 54,282 888,579 816,958 706.809 242.955 50,632 86,586 32,575 47,778 117,812 490,652 84,791 755,872 388,002 36,881 341,143 47,040 78,073 69,222 , 719,114 29,128 78,624 470,261 185,971 350,327 37.730 150,474 250,676 72,489 64,502 60,290 983,315 858,177 561,753 93,503 44,570 83,717 29.228 $ • 3,657,639 594,001 5,608,092 3,261,633 167,111 2,548,396 325,078 653,205 312,004 83.010 4,366,489 104,205 604,106 2,863,060 529.771 4,549,689 2,617.469 563,598 1,784,400 266,990 530,038 313,010 86,764 4,560,011 122,195 593,574 1.503.223 189,439 658,863 1,047,046 323,046 280,371 250,417 3,907,722 5,664.531 4,580,007 1.199.668 217,326 1,705,118 180,225 715,193 1,165,959 315,513 307,661 287,556 4,187,820 6,034.122 3,628,567 494,989 204,998 104,505 163,971 Electric Railway and Other Public Utility Net Earnings.-Tho following table gives the returns of ELECTRIC railway and other public utility gross and not earnings with charges and surplus reported this week: --Net Earnings -Gross Earnings Previous Current Previous Current Year. Year. Year. Year. Companies. 357,212 303,315 July 1,189,276 1,073,653 Illinois Traction_ a 8,283,416 7,563,113 2.284,195 2,672.531 Jan 1 to July 31 28,083 30,725 37,316 39,219 __June Western Pow of Can.. 309,552 314,515 432.540 447,679 June 1 to June 30 a Net earnings here given are after the deduction of taxes. Balance. Fixed Net after Gross Surplus. Charges. Taxes. Earnings. 814,286 811.331 231,425 196,588 July '18 2,726,263 '17 2,437.394 1,045,715 1,007,919 Gross Phila Rap Trans 1918. [Jan. 1 to Latest Date. Jan. 1 to Latest Date. Current Previous Year. Year. a Now covers only the lines east of York Beach. Me.: in the first four months of 1917 covered also the lines west of York Beach, Me. 8 Represents income from all sources. c These figures are for consolidated company. f Earnings now given in mike's. g Includes constituent companies. ELECTRIC RAILWAY AND PUBLIC UTILITY COS. Latest Gross Earnings. Week or Month. Net- Surplus after Charges1917. 1918. 1917. 1917. 1918. $ Baton Rouge Elect 5,391 9,567 9,415 19,993 21,578 July 74,346 114,996 119,128 224,723 12 mos 247,095 Blackstone Val G & Elect 35,332 61,488 41,195 155,180 201,055 July 366,855 681,543 678,746 12 mos 2,214,840 1,864,697 Cape Breton Elect 3,162 15,207 9,607 40,500 44,532 July 62,722 174,006 141,122 433,185 12 mos 490,080 Central Miss Val El Prop 3,826 7,957 6,698 26,196 28,981 July 91,863 52,735 84,967 300,373 327,864 12 mos Connecticut Power 1,233 31,554 21,765 68,636 78,499 July 140,518 403,740 370,942 831,773 12 mos 926,502 Brockton Edison Ilium Co of 9,744 16,661 16,156 56,019 65,759 July 255,471 203,987 271,945 685,749 12 mos 766,285 Elec Lt & Pow Co-2,532 3,049 3,313 17,235 18,950 July 42,753 46,642 48,646 204,621 12 mos 214,630 El Paso Elect 21,954 36,460 29,003 103,172 99,958 July 352,685 431,039 476,500 12 mos 1,263,850 1,243,515 Galv-Houst Elect 52,421 58,823 91,974 175,144 251,824 July 395,913 060,487 862,564 12 mos 2,462,035 1,962,080 Haverhill Gas Lt Co 4,718 2,824 3,076 24,329 26,991 July 31,540 83,629 34,374 301,227 12 mos 316,756 Houghton Co Elec Lt Co 584 0,900 29,667 7,397 30,779 July 66,904 196,890 146,911 415,848 12 mos 415,846 Houghton Co Tract Co 3,761 14,801 10,779 31,927 29,510 July 29,554 139,604 114,128 340,202 12 mos 335,059 Jacksonville Tract Co 17,935 def2,674 13,867 54,322 71,731 July 43,105 230,961 • 217,270 659,770 12 mos 798,960 Keokuk Elect Co-6,821 2,783 5,499 21,442 23,086 July 35,040 65,702 74,507 241,301 12 mos 258,240 Key West Elect Co 6,739 4,158 9,212 12,092 18,423 July 36,113 44,035 65,465 129,846 172,448 12 mos Co Lowell Elect 14,398 19,158 15,283 51,791 72,279 July 235,262 268,170 248,278 684,506 12 mos 779,745 Misslasippl River Power Co 31,053 139,564 151,596 168,876 191,147 July 267,580 12 mos 2,137,303 1,808,858 1,717,742 1,404,551 Paducah Tract & Lt Co 5,941 dof2,804 5,460 25,180 26,5I8 July 81,847 def18,180 77,255 308,694 12 mos 307,239 Pensacola Elect Co 4,416 14,674 12,669 32,947 44,388 July 60,130 130,612 155,924 309,397 12 mos 428,959 Savannah Elect Co F2,489 24,529 27,985 78,073 97,977 July 58,485 301,845 355,538 897,534 12 mos 1,091,341 Sierra Pacific Elect Co 22,129 29,101 28,964 58,192 60,429 July 297,872 305,823 380,765 649,935 12 mos 715,562 PI Tampa Electric Co-29,253 33,488 34,341 78,624 86,826 July 359,990 454,910 421,406 12 mos 1,011,845 1,001.735 6,019 72,641 16,085 379,866 8,652 95,275 5,645 66,425 13,827 204,963 12,447 229,847 2,732 44,063 31,520 416,006 21,630 217,344 4,713 83,011 3,739 123,662 7,717 54,428 2,206 30,191 4,561 49,139 1,671 13,928 18,469 259,866 17,959 196,000 def1,605 def5,657 6,868 37,511 177 16,873 22,319 284,131 29,118 402,082 SEPT. 7 1918.] THE CHRONICLE 999 (I) Decreases in Interest Charge Aggregating $98,604 On account of Two-Year 6% Gold Notes retired Aug. 1 1916...._ _$87,500 9,600 On account of equipment trust notes retired 1,500 On account of retirement of 6% notes hold by Am. Locom. Co 4 On Refdg. & Ext. bonds acc't requirement of one bond in 1916._ (2) Less-Int. on equipment trust notes Series "E," issued $69,889 Feb. 1 1917(V. 104, p. 952) -There was a decrease of $264,357, or 102.88%, in Hire of Equipment. the hire of equipment balance, resulting in a net credit balance for the year of$7,410, due to more efficient handling offoreign cars, aided very materialy General Gas & Electric Company. by the acquisition of 1.000 new box cars in August and September and 500 Estimated Gross Revenue for August. Inc.(-1-)orDec.(-) new gondola cars in October and November, 1917. The extreme car short% Amount. age prevailing during the latter part of the year in the territory served by 1917. 1918. System6.5 your company made it impossible to retain a normal number of home car $48,091 $45,155 +$2,936 Rutland 32,614 +11,386 34.9 on the line. 44,000 Northwestern Ohio 38,208 -5,409 14.2 Capital Expenditures. -Expenditures were made for additions and bet32,799 Sandusky +6,047 21.1 terments, aggregating (net) $2,325,093, viz.: 38,615 34,662 Binghamton +2,314 28.6 Roadway, track and appurtenances $217,697 8,103 10,417 Sayre +6,281 32.8 Buildings, structures and appurtenances 94,189 19,168 25,449 Now Jersey +153 13.5 Equipment: 1,000 box cars,40-ton capacity,$1,339,343; 500 gon1,139 1,292 Interurban Gas 2,127,581 dola cars, 50-ton capacity, $708,275; improvements, $79,963 $114,375 -Cost of equipment vacated during year $196,710 $173,002 +$23,708 13.7 Less Total -Conditions under which your road was operated during the General. Eastern Power & Light Corporation. major portion of the year 1917 were very abnormal. Previous to the entry Estimated Gross Revenue for August. of the United States into the great world war there had been a concentraInc.(+)orDec.(-) tion of cars in Eastern territory due to the demand for materials to be % Amount. 1917. 1018. used in the manufacture of munitions and supplies for various European System$336,607 $280,809 +$55,798 19.9 nations and duo to the demand for cars for the carrying of grain and grain Reading 96,459 +35,253 36.5 products to the seaboard for export. This created a condition of car short131,712 Pennsylvania Utilities 82,903 +13,927 16.8 age which was not relieved during the year. The winter of 1916-1917 was 96,830 West Virginia +9,982 37.9 the most severe experienced in a great many years in the territory served 26,274 36,256 Claremont by your lines. The fall of snow was so great that all previous records were $601,405 $486,445+3114,960 23.6 eclipsed. The result was that operating conditions over a very consideraTotal ble portion of your lines, particularly during all of January and February and the foropart of March, were very bad. The line west of Watertown was practically closed the entire month of February. This condition caused a serious reduction in your revenues during the months of Feb. and March, and particularly the month of Feb. During the -An index to annual reports of steam miles north of year the Government established at Camp Dodge, about 11 Annual Reports. Des Moines, Im., on the line of the Inter-Urban Railway Co.. railroads, street railways and miscellaneous companies which a cantonment of sufficient size to accommodate approximately 40,000 men camp is about 30,000 horses. and a have been published during the preceding month will be given locatedremount station designed for of Perry, Iowa, on your Thisand your line about 18 miles from the City on the last Saturday of each month. This index will not company has during the year handled a large number of drafted men and thereto. considerable freight include reports in the issue of the "Chronicle" in which it is others and a year a now shaft was tonnage destined Hocking Coal Co. and put down by the During the published. The latest index will be found in the issue of development entries are now being driven. By the fall of 1918 this new mine, known as No. 5, should be producing a fair tonnage and this producAug. 30. The next will appear in that of Sept. 28. tion will steadily increase for a considerable period of time. Union Pacific Railroad. ROLLING STOCK OWNED-BRIDGES, BALLAST, RAILS, DEC. .31. -Freight Equip- Work Pass. -L1comotives(21st Annual Report-Year ending Dec. 31 1917.) No. Cap.(tons). Equip. Tractive Power. Equip. No. On subsequent pages will be found the remarks of Presi- 1917 372 8,809 313,405 142 6,555,770 lbs. 229 344 233,000 144 7,475 6,646,430 lbs. 232 Seger, in addition to comparative income ac- 1916 dent C. B. 309 7,183 139 218,705 6,112,470 lbs. 223 1915 balance sheet for two years. counts and -PRODUCTS OF (TONS). CLASSIFICATION OF FREIGHT INCOME ACCOUNT FOR CALENDAR YEARS 1915 TO 1917 AND Forests. Manufac. Miscel. Agriculture. Animals. Mines. YEAR ENDED JUNE 30 1914. 1,706,310 261,019 2,301,134 398,135 938,156 1,002,890 1017 Dec. 31 '17. Dec. 31 '16. Dec. 31 '15. June 30 '14. 1916 Years ending957,650 1,883,959 293,803 2,112,774 354,595 899.624 7,987 7,933 7,597 1915 7,858 Average miles 787,301 2,060,363 271,890 1.690,244 350,159 789,711 130,101,864 114,412,607 91,952,244 92,115,332 OPERATIONS, REVENUES, EXPENSES, INCOME ACCOUNT AND Operating revenue GENERAL EXPENSES. Operating exp. & taxes.. 85,746,849 69,355,937 58,791,940 60,489,118 Dec. 31 '17. Dec. 31 '16. Dec. 31 '15. June 30 '16. Years ending44,355,015 45,056,670 3:3,160,304 31,626,214 Net revenue 1,648 1,646 1.647 1.647 rents,&c_ 1,378,994 1,258,501 1,083,795 Average miles operated_ 1,481,516 Other income, 2,544.856 2,543,180 2,457,856 9,258,794 No. passengers carried__ 2,217,112 4,669,494 4,500,124 Divs, on stocks owned...,. 4,362,242 Pass. carried one mile.... 88,013,326 92,842,539 91,707.405 92,672,422 Int. on bonds, notes and 2,883,791 Rate per pass. per mile.._ 2.218 cts. 2.133 cts. 2.072 ors. 2.105 cts. 6,532.203 6,898,338 equip. trust certifs__ _ 6,751,289 5.949.668 6,194,332 6,502,405 Revenue freight tons_ _ _ 6.607.644 Int. on loans & open ac1,023,688 979.958 1,060,813 619,560 996,028 4,209,339 Rev.frt. carr. 1 m.(000) 1,119,921 725,311 counts income.._ 58.275 Rate per ton per mile_ _ _ 0.744 cts. 0.790 cts. 0.799 cts. 0.798 cts. 46,768 49.337 Miscellaneous $1.01 $1.02 $1.02 $1.06 mile 57,525.376 58,562,142 46,812,361 49,061,933 Earns.per pass.train mile income Total $2.77 $2.63 $2.91 per frt. train $3.00 16,000,501 15,390,356 15,237,751 15,967,989 Earns.earns, per mile__ Fixed charges $6,267 $6.512 $6.677 $8,683 Gross 4,367,075 1,083,459 Add'ns and betterments 15,313.973 382.53 404.54 427.66 464.18 3,981,740 3,981,740 Tons per train mile.. _ _ _ 3,981,740 dividend (4%) 3,981.740 Preferred $ 8 EarningsCommon dividends_ _ _ _ 22,229,160 17,783 328 17,783,328 19,780,778 Passenger 1,899,865 1,951,088 1,980,351 1,952,182 (10%) (A%) (8%) (9%) Freight Per cent on com. divs_ 8,377,174 7,828.515 8,166,056 8,332,446 None 17,039,643 590,829 637,698 604,369 720.435 8,726,083 9,331,426 Mail, express, &c Balance, surplus Total opor. revenue._ 11,005,063 10.995,223 10,319,210 10,721,512 DIVIDENDS ON STOCKS OWNED CREDITED TO INCOME ACCOUNT. Expenses 1917. 1916. 1915. 1,146,254 1,269,091 1,116,265 $72,240 $72,240 $72,240 Maintenance of way,&c. 1.535.250 Balto. & Ohio RR. preferred stock.._ 1,525,268 1,641,245 1,373,961 179,705 179,705 common stock__ 179,705 Maint. of equipment_ _ _ 1,270,519 do do 3,880,973 3,859,813 3,896.217 302.409 281,309 281,309 Transportation expenses 4,575,866 Chicago & N. W. By.common stock.. 212,151 211.857 213,672 215,074 129,150 129,150 129,150 Traffic expenses Chicago Milw.& St. Paul pref. stock_ 259,074 272,196 283,367 272,482 1,462,500 1,125,000 General, &c Illinois Central RR.capital stock_ _ _ _ 1,575,000 469,903 508,243 437.325 542,801 1,000,000 1,000,000 Taxes Now York Central 11R. capital stock_ 1,037,500 7,796,591 7,288.284 7,492,001 540,000 8,411,992 Co. cap. stock.. exp. & taxes.. Total 540,000 M0,000 Pacific Fruit Express 3,030,925 3,198,632 3,229,511 500,000 1,000,000 Net operating revenue.._ 2,593,071 1,000,000 Union Pacific Coal Co. capital stock_ 45,462 11,169 63 30,022 26,239 4,500 172,720 Interest on bonds Affiliated companies' capital stock..__ 24,144 4,144 78,461 24,144 Divs. on stocks owned Total as per income account above.. $4,362,242 $4,669,404 $4,500,124 Net rent,lease of r'd, &c. 31.252 65.314 163,023 43.836 ON BONDS, NOTES AND EQUIPMENT TRUST CERTIFIINTEREST 3,279,259 3,131,783 3,327,513 Total net income_ _ - 2,834.618 CATES OWNED, CREDITED TO INCOME ACCOUNT. Deduct 1917. 2,143,803 2,092.504 2,149,928 1916. 1915. Interest on funded debt.. 2,063,789 34,142 81,488 61,827 949 Int., disct. & exchange.. B. & 0. RR. Ref. & Gen. M. 5s and $270,000 420,035 109,032 145,547 126.239 $200,279 Miscellaneous charges.. _ $254,373 S. W. Div. 33s 235,163 42,659 354,481 256,948 Gr7,410 205,000 Hire of equip., balance.. 235,492 Chicago & N. W. By. Gen. M.4s & 5s 225,028 353,451 225,235 Chic. Milw.& St. P. By. various bds_ 2,687,985 2,675,268 2,529,141 Total fixed, &c., chgs. 2.183,567 180,000 180,000 Balance, surplus 180,000 Denver Union Term. Ity. 1st M.4}4s 443,708 750,118 652,245 651.051 Illinois Cont. RR.& Ch. St. L. & New 250,000 250,000 -V. 107, p. 697, 603. 250,000 Orleans joint 5s Lake RR. 1st M.4s.. 1,151,040 1,138,760 1,141,040 Los Ang. & Salt Now York Central RR. Cony. 6s and American Public Utilities Co., Grand Rapids, Mich. 615,000 737,567 626,667 Ref. & Irnpt.4s Pacif16•Great Northern Northern (Report Made at Annual Meeting Aug. 19 1918.) 165,280 115,587 162,418 (C. B.& Q.coll.) joint 4s , 225,000 The report read at annual meeting Aug. 19 saysinsubst.: Pennsylvania Co. Gold Loan 436s...._ 45,000 219,063 RR. Consul. 40 and Pennsylvania -Every utility company of importance Extraordinary War Conditions. 175,950 225,459 In the country has had to undergo, during the last half of 1917 and the first 167,500 Gen. Mtge. 4%s 536,010 536.010 half of 1918, a period of hardship before new conditions could be set up 536,010 Southern Pacific Co. various bonds.._ 582,720 1st & Ref. 4s_ 582,720 under which the returns from operations would be equal to or greater than 582,720 Southern Pacific RR. 606,800 590,663 the costs thereof. Your directors during the year 1917-18 decided:(1) That 598,262 Utah Lt. & Traction 1st & Ref. M.53 1,737,842 all expenditures should be solely in the direction of the most economical 1,353,423 Miscoll. bonds, notes & equip. trusts.. 1,533.298 Total as per income account above.. $6,751,289 $6,532,203 $6,898,338 service for business already engaged; and for completing projects already under way; (2) that the net cash income of the properties should be kept 7 -V. 107, P. 69 . in hand for payment of fixed charges and current necessities, and to avoid recourse to the public markets for funds for permanent investment. Minneapolis & St. Louis Railroad. The Results.-IIappily, during the past fiscal year our subsidiaries, notably, (Report for Fiscal Year ending Dec. 31 1917.) the Wisconsin-Minnesota Light & Power Co., have more fully than heretorero realized income from large investments made in them at earlier dates. Chairman Charles Hayden, New York, July 15, wrote in The grass sales of all the companies for the year aggregated $4,452,125, against $3,819,820 for the previous year, being an increase of approxisubstance: of growth made in the two preceding -The total gross revenues and the total freight tonnage moved mately 16.6% in excess of the showingamount when the constantly increasResults. in actual very during the year were the largest in the history of the company. The total years and upon much greater which increase was realized is taken into consideration. increased $9,840. Receipts from freight traffic do- ing base operating revenues the increased investment in the properties of the subsidicreased $44,728; receipts from passenger traffic decreased $28,169, or Notwithstandingthe $632,305 increased earnings for the last fiscal year ary companies, 1.42%; all other revenues increased $82,737, or 12.97%. from freight traffic is attributable to the were $11,438 less than the increased costs of operation, leaving fixed charges The decrease in the receipts added investments to be borne by the companies. car shortage in the territory served by your company, which prevailed of thethe whole, we feel that the company has so far come through the On during the last five months of the fiscal year. The increase hi freight difficulty occasioned by war conditions as well as could tonnage moved is duo to a heavy increase in coal tonnago, which more than present period of have been expected. offset the decrease in the tonnage of other commodities handled. -During the last fiscal year several applications were made for being 7.97%; taxes increased Rates The operating expenses increased $580,843, which, when granted, were found inadequate by reason $34,559, or 6.80%. The net operating revenues over expenses and taxes advances in rates, of costs during the period of investigation and deterof the advancement decreased 3605,562, or 18.93%. Before and since June 30 1918 we have been authorized to mination. The surplus for tho year after payment of interest on funded debt and Increase rates charged by subsidiaries in Wisconsin and Indiana which all other fixed charges amounted to $651,050, a decrease of $99,068 as Promise to add approximately $750,000 to the gross earnings of these comcompared with the preceding year. advances about $300,000 were realized during the past There is charged to the year's income $111,024 for amortization of dis- panies. Of these a substantial additional amount of increase to apply to fiscal year, leaving count on funded debt. in interest on funded debt of the present year's earnings. An advance authorized by the Utah Public -There was a net decrease 1 4Funded Debt. Utilities Commission in gas rates charged by the Utah Gas & Coke Co. is $28,715, resulting from: Fixed Chgs. Bmance, Net GrOSS Earnings. Earnings. & Taxes. Surpass. $ $ $ $ 181,760 x149,548 360,550 July '18 1,680,380 Detroit United 143,894 z187,579 360,614 '17 1,557,665 Lines 7 mos '18 10,693,170 2,544,309 1,557,036 z1,230,621 '17 10,110,586 2.735,674 1,387,293 x1,551,954 x After allowing for other income received. FINANCIAL REPORTS 1000 THE CHRONICLE [VOL. 107. calculated to add $80,000 to gross earnings of that company as compared BALANCE SHEET OF AMERICAN PUBLIC UTILITIES CO. JUNE 30. with the last fiscal year. These increases will, it is hoped, be a substantial 1918. 1917. 1918. 1917. offset to the enhanced costs of operation. AssetsLiabilities$ $ Holland City Gas Co. -After vainly endeavoring to secure from the pub- Stocks owned____10,812,236 9,430,642 Preferred stock___s4,965,900 4,965,900 lic authorities of the city of Holland, Mich., an adequate rate for gas ser- Bonds owned 77,300 Common stock_ _ _ 2,905,000 2,995,000 vice rendered by Holland City Gas Co., the directors took steps during the I3ds.dep.as collat. 1,439,250 2,930,300 2,950,300 893,300 Bonds latter part of the fiscal year which put that company into bankruptcy. Preferred stock__ _ s350,000 350,000 Secured notes 6%_ 489,000 American Public Utilities Co. is the owner of the bonds and stock of this Diset, on sec., Ste_ 126,480 411,015 Pref. div. scrip company and its principal creditor, but since Feb. 1 1918 has not operated Miscellaneous _ _ _ _ 1,427 19,256 Accrued bond, dm., the property. By agreement between the receiver and the city authorities Cash interest _ _ 84,129 45,105 y596,7701 122,021 an advance from 90 cents to $1 25 per 1,000 feet was made in gas rates, Acc'ts receiv'le J 1,337,402 Acc'ts and notes putting the property on a basis where it is earning its operating costs. Ins. dept. cash & payable 997,500 1,367,516 Your directors are hopeful that a purchaser will be found for this property, 10,745 sects receivable Insurance reserve_ 24,735 24,735 which will release the investment therein and make it available for more Undistributed sur505,169 Surplus 585,374 remunerative employment in some other division of the co.'s activities. plus, sub. cos_ 204,788 Dividends 'in Scrip. -For the purpose of conserving its cash resources during this emergency, the directors of the company have deferred the payTotal 13,224,418 12,845,725 13,224,418 12,845,725 Total ment in cash of the preferred stock dividends of April 1 and July 1 of the current year; and believe similar dividends hereafter accruing should be x The item preferred stock $4,965,900 includes 5,000 shares, par $100 deferred until such time as better conditions ensue. These dividends have each, owned by the company and carried by it among its assets at $70 per been paid in scrip, bearing 6% interest. share, or $350,000, as above shown. Growth of Revenue. y Includes accounts and notes receivable due from subsidiary companies, -Gross earnings for years ended June 30 were: $545,091, and miscellaneous cash and accounts receivable, 451,679.912. 1913. 1914. 1915. 1916. 1917. 1918. V. 107, p. 907. $ ,738,192 1,981,321 2,319,595 2,932,070 3,309,586 3,819,821 4,452,125 Wisconsin-Minnesota Light & Power Co. -The installation of generating machinery at Wissota Dam has been completed during the year by the addition of three 7,500 h. p. turbines and generators. The company has acquired the lighting business of Thorpe, Stanley, Bloomer and Glenwood City during the year. The transmission line from Winona to Nelson has been completed, providing for the supply of LaCrosse with electric energy generated at Wissota. Substantial gas main extensions have been made at Winona, Eau Claire, Chippewa Falls and LaCrosse. The gas-producing capacity at LaCrosse has been increased. The gross income for the past fiscal year was $1,773,874, as compared with $1,532,347 for the year 1916-17. Orders made by the Wisconsin Railroad Commission during and since the end of the fiscal year provide for increased rates affecting various Wisconsin communities served by the company.. These, taken with advances of rates affecting Minnesota properties, are expected to provide additions to gross income for the fiscal year 1918-19 amounting to approximately $275,000. Only a small portion of this increase was reflected in the income of the past fiscal year. Merchants' Heat & Light Co. of Indianapolis. -The gross income for the year ended June 30 1918 was $1,557,921, as against $1,225,543 for year 1916-17. The physical condition of the property has been bettered by the installation of two 800 h. p. boilers, two more of the same capacity having been contracted for; four 500 h. p. Westinghouse stokers, and the completion of the installation of one 5,000 k. w. generator of the turbine type. The situation for fuel supply has been strengthened by the control of the output of the Ayrdale Coal Co., with a mining capacity of 240,000 tons per year, the present consumption of the company being 225,000 tons per year. Revisions of rates by the Indiana Commission promise to add approximately $200,000 to the gross earnings for the fiscal year 1918-19, to that extent offsetting the advanced operating costs. Utah Gas & Coke Co. -The lack of manufacturing capacity has been corrected by the addition of six new benches, nearly doubling the productive capacity of the coal gas plant. Six old benches have been refilled. The Utah Public Utilities Commission has authorized an increase of 20 cents per 1,000 feet for gas, indicating additional revenue for the current fiscal year of approximately $80,000. Jackson (Mich.) Light c% Traction Co. -Difficulties in relation to the necessity for higher rates have been experienced, which have resulted in litigation now pending in which the company is enjoined from raising its rates and the city from setting up a scale of unsatisfactory rates. Albion Gas Light Co. -Gross earnings gained 3.2%. Net fell off 14.1%. Elkhart Gas & Fuel Co. -Gross earnings increased 11.7%. Net earnings fell off 10.6%. Two benches were refilled. Valparaiso Lighting Co. -Gross earnings increased 2.7%. Net earnings fell off 5.4%. Boise Gas Light & Coke Co. -Gross earnings increased 6.3%. Net earnings fell off 23.2%. Financial Transactions During Year. -An increase in American Public Utilities Co.'s obligations outstanding in the form of Two-Year 6% Secured Notes, in the amount of $489,000, collateral being bonds of Wisconsin-Minnesota Light & Power Co., which it was deemed inadvisable to market under existing conditions. [These notes, forming part of a total authorized issue of $1,000,000 dated Sept. 1 1917, were offered by Bioren & Co. of Philadelphia at 98 and int. They are due Sept. 11919, but are callable at 101 and int. Denom. $500 and $1,000. Trustee, Logan Trust Co., Phila. Interest M. & S. Penn. State tax of 4 mills refunded. Collateral for all notes issued or issuable, First & Ref. Mtge. 5% bonds of Wis.-Minn. Lt. & P. Co. at 75% of their par value. -Ed.] An increase of $66,500 Elkhart Gas & Fuel Co. 1st & Ref. M.5% bonds outstanding on account of general construction. An increase of $15,000 of Jackson Light & Traction Co. 1st M.5% bonds, for general construction. An increase of $387,500 Merchants' Heat & Light Co. bonds and of $178,000 of its common stock for general construction. All of the common stock was purchased by American Public Utilities Co. at par (V. 106, p. 1799). $20,000 Utah Gas & Coke Co. bonds, retired by sinking fund. An increase of $790,000 of pref. stock of Wisconsin-Minnesota Light & Power Co.(see V. 106, p. 1797), and of $1,509,500 of the bonds of the same company, the proceeds of which were devoted, as to $1,035,500, to general construction; as to $1,150,000 to expenditures on Wissota Dam;as to $102,500 to acquisition of new properties, and as to $10,500 to the retirement of underlying bonds. Chippewa Valley By., Lt. & Power Co. bonds, $8,000, exchanged for Wisc.-Minn. Lt. & Power Co. bonds. A decrease of $2.500 of 0. I. Newton's Sons Co., Sparta, Wisc., bonds. Outlook. -The discussion of the necessity for higher charges may prove a blessing in disguise, by educating the public to consideration of the elements of operating costs. The rate advances already secured by the management give promise of enough additional income to enable the company to conserve its properties, meet its fixed obligations and take care of current necessities. More than this need hardly be expected until the return of peace puts finance and industry on a stable footing once more. EARNINGS OF SUBSIDIARY COS. FOR YEAR ENDING JUNE 30. Gross Earnings1917-18. 1916-17. 1915-16. 1914-15. Albion Gas Light Co_ _ _ $45,341 $43,839 $45,224 $ 40,278 Boise Gas L. & Coke Co. 63,935 59,889 58,969 65,086 Danville L., II. & P.Co. 32,344 (Purchased in 1916-170 34,365 Elkhart Gas & Fuel Co_ 121,277 136,550 118,912 109,100 Holland City Gas Co_ __ x31,941 46,854 42,664 37,131 Jackson Lt. & Trac. Co_ 331,093 314,281 288,043 291,795 Merchants' lit. & L.Co_ 1,557,922 1,225,542 1,118,226 879,776 Utah Gas & Coke Co_ _ _ 378,125 344,543 323,477 347,683 Valparaiso Ltg. Co.._ _ _ 98,979 98,903 87,420 78,281 Wisc.-Minn. Lt. & P.Co. 1,773,874 1,532,347 1,226,651 1,082,939 Gross earnings $4,452,125 $3,819,820 $3,309,586 $2,932,070 Operating expenses_ _ _ _ 2,794,743 2,151,001 1,842.801 1,618,239 Net earnings $1,657,382 $1,668,819 $1,466,785 $1,313,831 Other income 80,703 100,355 81,743 25,930 Gross income $1,738,085 $1,769,174 $1,548,528 $1,339,761 Expenses 111,580 80,765 39,437 38,101 Net income $1,626,505 $1,688,409 $1,509,091 31,301,659 Int. on underlying secur:•$1,143,893 $1,025,165 $993,859 $862,300 Int. on coll, trust bonds_ 172,815 172,858 64,867 34,667 Int. on 2 -year notes_ _ _ _ 21,225 Interest on gold notes_ _ 48,549 11,183 Miscellaneous 38,921 19,448 6,743 43,958 Pref. dividends(6%)_ _ _ Y267,954 255,897 234,840 234,840 Total deductions_ _ _ _ $1,644,808 $1.473,368 $1,348,858 $1,186,948 Balance, surplus def.$18,303 $215,041 $160,233 $114,711 x Seven months to Feb. 11918. Since Feb. 1 1918 the Holland City Gas Co. has not been operated by American Public Utilities Co. y This item of dividends paid includes two cash dividedns of 13i% each, two scrip dividends of the same amount, the July and April 1918 dividends having been paid in 6% 5 -year scrip, owing to war conditions. Certain-teed Products Corporation. (Reportsfor Cal. Year 1917 and Half -Year 1918 as Amplified by Statement to New York Stock Exchange April 11918.) For the half-year Pres. Geo.M.Brown reports in substance: For the first six months of 1918 our business shows a very substantial increase in amount of roofing and paint sold over a like period last year. This increased volume of business was secured (with general building construction greatly curtailed and with practically no Government business taken) at very heavy expenditures for selling, warehouse and other expenses tending toward building our regular business and resulting in a reduction of net earnings. These net earnings, however, are In excess of the dividends on the outstanding pref. stocks and the sinking fund requirements for that period. After providing for all these items, there is still a small balance remaining to the credit of the common stock. We found much difficulty in running our plants, getting raw materials In and finished goods out, fuel, Sm., especially during January and February. Our losses on account of shutdowns, delays and embargoes wore very heavy, but conditions are now more nearly normal. On account of delays in shipping, we have boon forced to carry much more than our usual amounts of both raw and finished products. Those, however, are inventoried at substantially lower values than it would cost to replace them to-day. With their increased values, they have caused us to borrow more freely than we anticipated. We anticipate, however, a reduction to more nearly normal holdings of both raw and finished goods before Dec. 31. We have always found that the earnings of the business are larger for the second half of the year than the first half. We have paid out and charged off the largest amounts for advertising that we have over charged off in the first half of any year. We have also charged off more for depreciation and repairs and, while tho net earnings have decreased, we feel that our company is more firmly established than over before. We are not anticipating any further developments in the way of new plants or extensions of old plants. President Brown in annual report Feb. 25 wrote in subst: Results. -All of our business estimates for 1917 were surpassed by the actual records. The volume of sales and earnings was very satisfactory. Expense accounts of every kind and description were at high-water mark, wages and salaries being advanced freely, except for the higher paid. In the old lines of roofing, building papers and insulating papers, we have received much encouragement. Barracks, hospitals, warehouses -all kinds of buildings have used these materials for keeping out dampness, cold and discomfort and keeping in warmth and comfort. While business In many lines has changed largely to some form of "war business," our regular business showed a nice gain for the year over the Previous year. Shipments for war purposes were not an important part of our busness. Before arriving at the net profits secured, we charged off the expense of our biggest advertising campaign for the upbuilding of future business. In addition to making all necessary repairs, a reserve was set aside for obsolescense and depreciation. The final net profits were greatly reduced by heavy war taxes. We feel gratified with our final net profits when we consider the heavy increases in taxes and all kinds of expenses during the year. -The $150,000 first preferred stock needed Dividends and Sinking Fund. for cancellation by the sinking fund on or before April 1 1918 was purchased [for $137,858] out of the year's net earnings. All first and second preferred dividends were paid promptly and a cash dividend of $4 per share on the common stock was paid in January of this year, out of last year's earnings. The common stock was not placed on a regular dividend basis because of the business uncertainties of the times, the directors thinking It wise to delay such action until a very ample reserve can be set aside to Insure dividends on the first and second preferred, with ample provision to take care of our sinking fund over any reasonable period of depression. -During the year we completed our new plant at Niagara, New Plants. so that it makes practically all of our lines except paints and varnishes. We expect our new felt and paper mill to be finished on the Pacific Coast previous to July 11918. The plant built during 1916 for making roofing, insulating paper, &c., at Richmond, Cal., just across the bay from San Francisco, has proved to be entirely satisfactory. We plan to build a new paint and varnish plant in St. Louis, and have recently acquired a well-located tract of land on Union Ave., north of Natural Bridge Road,for that purpose. As the roofing factory at Niagara Falls was not completed until Sept. 1917, and as other improvements and additions were not made until later in the year, increased production resulting from such improvements should show up better in 1918 than in 1917, other things being equal. Proposed Developnzent of Paint and Varnish Business. -During the year we secured much valuable information in the paint and varnish division, and it is our unhnimous opinion that we should in time be able to make the paint and varnish division large enough in volume to pay its expense accounts and then leave net profits equal to those in the roofing division. The profits on these new lines to date have been comparatively small, because considerable expense has been incurred in laying foundations. The outlook is most satisfactory. Foreign Business. -We have incurred considerable expense in the foreign field, where ability to do business has been small, due to shipping troubles, but we look for substantial yields in future. Financial. -The company did not have to borrow a dollar last year for the carrying on of its regular business. It did borrow temporarily for handling some Government bonds and its sinking fund, but every dollar of this was paid off previous to Dec. 1 1917, when the company did not have a dollar borrowed for any purpose, although we were nominal borrowers on Jan. 1 1918, due to delay in collecting Government accounts. Outlook. -We expect our business to grow substantially again during this year, although we have found it most difficult to do business recently because of coal, transportation and other troubles. We are not planning to Increase the size of our company in the immediate future, as we have the highest credit and can use that in a way to cover the increases which we expect in the business during the coming season. Our plants are in prime condition, and as tho style of our products does not change with the seasons, nor deteriorate in storage, we can make them up and store them as opportunity permits. We can see no reason why we should not have a steady future growth, which should equal, at least, anything done in the past. Warehousing. -Our warehouse service is being used continually by the trade, and our plans along this lino have worked out hi a very practical and satisfactory manner. [All of the stocks are listed on the St. Louis and N. Y.stock exchanges.] Description of Properties. -All located on real property owned in fee excepting plant No. 5 at Niagara Falls, N. Y., which is located on leased properties. The corporation owns and operates the following described plants (buildings being of brick and concrete): SEPT. 7 1918.1 THE CHRONICLE Property Asphalt Acres Acres PaperMach. Owned by Company. Valued. .Capac. Land. FloorSp. Daily Cap. Roof Location. 50 tons 200 sqrs. hrly. $653,441 2.63 1. 17th St., St. Louis_ _ _6.63 60 tons 200 sqrs. hrly. 764,173 3.58 8.50 2. Marseilles, Ill 2,300 h. is. water power leases from Marseilles Land & W. P. 289,630 Co., 87-90 years to run 45 tons 200 sqrs. hrly. 455,354 2.70 6.56 3. York, Pa 30 tons 200 sqrs. hrly. x507,755 1.17 Cal 8.32 4. Richmond, 30 tons 200 sqrs. hrly. 454,443 6. Niagara Falls, N. Y._5.25y 3.08 8. Union Ave., St. Louis (no particulars furnished). Mound City Paint & Color Co. Leased to Gregg Varnish 0.41 0.45 6. St. Louis 50,854 Co.(see below) (capacity 8,000 gals, paint 1.40y 1.61 7. St. Louis 72,155 daily) 1001 The Casein Co. of America (of Delaware), N. Y. City. (Report for Fiscal Year ending Dec. 31 1917.) Pres. George J. Gillespie, May 15, wrote in substance: Of the outstanding capital of the New Jersey Casein Co. of America (10,000 shares of pref. and 54,920 shares of corn. stock), 10,000 shares of pref. and 53,905 shares of corn. stock were owned by your company on Dec. 311917, against which stock there had been issued 21,077 and 3,960 shares ($2,107,739 60) of the capital stock of your company. During 1917 two new factories, one at Charlotte, Wis., and one at Pennellville, N. Y. were erected and put in operation. They cost $198,881. The buildings are of concrete and represent up-to-date mill construction. Trade conditions in 1917 were somewhat disturbed, but on the whole did not seriously affect our business, the falling off in sales in some departments being offset by increased sales in others. High prices, however, had to be z Including $275,000 (est.) for work under construction Feb. 1 1918. paid for the raw materials. Taking all conditions into account, the earnings of our various departments (as a matter of convenience in separate 11 Held under lease. subsidiary companies) were satisfactory. We are endeavoring to put the The plant at 17th St., St. Louis, includes a tar distillation plant with business on a sound basis so that unusual conditions may be met without crude tar capacity of 5,000 gallons daily. loss in the aggregate of sales or shrinkage in the normal earnings. The Certain-teed Products Corporation of Missouri holds the legal title A in fee simple to two pieces of ground comprising approximately 6.34 acres, PROFIT AND LOSS ACCOUNT OF THE CASEIN CO. OF AMER (OF DELAWARE). recently purchased as a site for a new paint and varnish plant for $37,071. 1917. 1916. 1915. Mound City Paint & Color Co.(1) owns in fee simple and rents to Gregg x$184,7631 3200,680 Varnish Co., which owns the machinery and equipment, plant No. 6, Previous surplus 85,6805 $3,298 Gregg Varnish Plant, corner of East Grand Ave. and McKissock Ave., Income for year St. Louis, equipped to produce approximately 1,000 gallons of varnish per and 11th $3,298 5270.443 $200,680 Total day. (2) Operates under lease plant No. 7, corner Mullanphy 2,560 Sts., St. Louis, equipped to produce approximately 8,000 gallons of paint Less expenses (4%)84,150 (1%)20,940 per day. The leases on the ground and buildings expire Nov. 30 1919. Less dividends The annual rentals under the leases are $7,140. Provision has been made $738 $179,740 $186,293 Balance, surplus or a permanent plant for the Mound City Paint & Color Co., through the purchase by Certain-teed Products Corp. of Missouri of real property in x Surplus as of Dec. 31 1916, $179,740; assessments paid during 1917, St. Louis, hereinbefore referred to. Neither the corporation or any of its subsidiaries have any funded debt. $5,023; total, $184,763. -This Delaware corporation, the parent company, has paid regular Note. None of the subsidiary corporations, except as hereinbefore mentioned, own or operate any manufacturing plants, being organized principally for quarterly dividends of 1% from Nov. 10 1916 to Aug. 1918. both inclusive. selling purposes. Casein Co. of America (of N. J.) and of Its Subsidiary Companies. OUTPUT OF THE CORPORATION FOR THE YEAR END.DEC. 311917. PROFIT AND LOSS ACCOUNT FOR CALENDAR YEARS. 436,954 pounds Pitch 39,022 tons Dry felts 1914. 1917. 1916. 1915. 335,059 gallons Gross sales, sub companies Paints (liquid) 10,300 tons Building papers.. _ _ $1,516,64531,274,941 5,201,734 squares Paints (paste)_ - _ - 340,081 pounds Earnings and income, sub. cos.. _$388,881 $425,615 Roofing 140,83S 109.333 1,802,442 pounds Depreciation & acc'ts written off_ 63,476 Putty 17,940 tons Tarred felts 42,063 41,649 59,898 897,847 Cans" 87,771 rolls Insulating papers 150,000 gallons • Plastic cement_ _ _ _ 635,360 pounds Varnish Net earnings $67,270 599.189 $325,405 $365,717 gallons Creosote & light oils 176,582 Less: Divs. on pref. stock_ __ _(8%)80,000 Divs. on Dry Milk Co.stk. 5,098 2,079 2,079 INCOME ACCOUNT FOR 6 MONTHS ENDING JUNE 30 1918. Balance 367,270 594.091 $243,326 5363.638 $1,344,267 Gross income from operations 397.699 5208,889 *5141.619 $446.936 1,122,599 Surplus of previous year Depreciation, reserve for taxes, &c Adjustments 850 deb14.400 deb8.687 deb196,595 $221,668 Payment of judgment in full_ Not income 187,250 Dividends: On 1st pref. stock, $119,875; 2d prof., $67,375 Surplus $691,112 $446,937 $97,698 $208,889 * After deducting adjustments. $34,418 Balance (inserted by Ed.) -The Casein Co. of America (of N. J.), all of whose $1,003,000 Note. 8% cum. pref. stock and $5,390,500 of whose $5,492,000 common stock is INCOME ACCOUNT FOR CALENDAR YEAR 1917. owned by the Casein Co. of America (of Del.), paid regular dividends of Earnings for the year 1917, as certified by chartered accountants, 4% (340.000) yearly on its pref. stock until and including May 1912; after providing for reserve for depreciation of physical properunder plan of March 12 1915 the accumulations then aggregating reserve for income taxes $76,079; and also after ties $97,818 and 24% were discharged by an issue of that amount ofstock ofthe Delaware co. charging off advertising $294,226, and repairs and maintenance Thereafter the pref. div. remained unpaid until Feb. 1917, when quarterly $1,446,562 distributions of 2% each were begun and have been continued till and over $236,000 the 1st and 2nd pref. stocks (see below) -Dividends on Deduct % on May 1 1918, this extra including Aug. 1918, with an extra % 349,370 being on account of the accumulated dividends of 36% (4% years, 1912 to amounting to (6.44%) 137,858 1917). reducing same to 35% %• Purchase of $150,000 first preferred stock for redemption 9,201 Organization expenses Casein Co. of America (of Delaware). Parent Holding Co. $950,133 Balance surplus as per balance sheet BALANCE SHEET DEC. 31. Further Deductions (Inserted by Ed.) Liabilities1916. 1916. 1917. 1917. Assets240,000 Dividend No. 1 on common shares $4 each paid in Jan. 28 1918_ _ Cap.stock, issued.$2,106,600 $2,102,200 401,999 Casein Co. of Am. plants and equipment Additions to 1,140 1,503 (N. J.) stock...52,107,740 52,103,703 Scrip Notes payable_105,092 U.S.L1b.Loan bds. 111,800 Balance surplus for year subject, however, to the War Excess 6,864 1,899 130,000 Aasessm ts acc ts_ Notes receivable__ 110,000 Profits taxes payable in 1918 _(estimated at $210,000 but 179,740 186,293 7,074'Surplus 54,062 $308,134 Accounts recelv'le. actually we learn 3297,825-Ed.) 49,530 17,42? - Cash Dividends Paid on $3,500,000 1st Pref. and $1,925,000 2nd Pref. Stock. and 2nd pref., $1 19 per share Apr. 1917; No. 2 1st pref. No. 1 1st pref. $2,401,024 $2,290,307 Total 52,401,024 52,290,3071 Total and 2nd prof., 31 75 per share July 1917; No. 3 1st prof. and 2nd pref., pref. and 2nd $1 75 per share Oct. 1917; No. 4 1st were paid April pref., $1 75 per share CONSOL. BAL. SHEET OF CASEIN CO. OF AMERICA (OF N. J.) AND and July 1918.-Ed.1 Nos. 5 and 6 SUBSIDIARY COMPANIES. Jan. 1918. [Dividends Also paid on 60,000 shares of common stock $4 00 per share Jan. 28 1918. 1916. 1916. 1917. Assets1917. of Casein Co. SUBSIDIARIES EXCEPT LONDON CO. Land, buildings, CONSOL PROFIT ACCT..INCL. America (of N. machinery, &c.. $646,079 $485,049 J.) corn. stock_ _55,492,000 $5,492,000 Pat'ts, trade-mks., (For 1914 to 1916 are shown combined results prior to merger.) Preferrel stock_ 1,000,000 1,000,000 &c__ _ 5,741,001 5,321,829 1915. 1916. 1914. 1917. Calendar YearsDry Milk Co. pref. Invested in stocks $2,945,877 $3,757,963 $5,289,512 $9,375,918 Grass sales 29,699 29,699 stock 617,586 198,844 of affiliated cos_ 81,394 76,157 96,558 160,571 Experim'ts & dev. Notes payable_ __ _ 110,000 Discounts & allowances130,000 5,106 Accounts payable_ 229,445 72,034 533 of new products. $2,869,720 $3,676,569 $5,192,954 39,215,347 Cash Net sales 329,614 Surplus 446,936 91,214 691,113 2,530,031 3,546,435 2.047,707 6,043,563 Acc'ts & notes rec., Cost of goods 213,736 252,781 net $822,013 $1,146,538 $1,646,519 $3,171,784 Inventories, raw Gross profit 686,273 950,964 571,058 1,725,221 Expenses 193,343 materla's & sup.. 600,127 15,679 4,406 Maur. prom's., &c. $450,265 $695,555 $1.446.563 $250,955 Net profits 57,532,257 57,170.670 Total $7,552,257 $7,170,670 Total BALANCE SHEET. COMPARATIVE -V. 106, p. 2232. .1'ne30'18. Dec.31. J'ne30'18. Dee.31'17 1 17 1 LiabilitiesS 3 $ Taylor-Wharton Iron 85 Steel Company. Assets$ sReal estate, &C._ _13,198,20512,685,669 First pref. 7% stock _3,350,000 3,500,000 (26th Annual Report-Year _ended Dec. 31 1917.) l 289,630 2d pref. 7% stock__ _1,925,000 1,925,000 *Water pow. rightist 249,949 235,622 Common stock-no Cash President Knox Taylor, March 5, wrote in brief: par val. declared7,1411 Customers' notes_ _ 11,203,1441 ! 60,000 sh. at $30_ _1,800,000 1,soo,oco -The improvement in our business for 1916 has been conOperations. Accts. receivable-1,226,649 5,000 sh. at 540... 200,000 tinued and greatly increased in 1917. We have again broken all records at Cust'm's',Ies.sres.j 'Notes payable 1,685,000 200,000 Tioga and High Bridge, making truly a remarkable showing at both places. Subsid. & attn. 58,232 Accounts payable... 513,741 378,315 The most notable advance, however, has been a realization of the promised cos.!lids° improvement at our Ea.ston plant, where all divisions of work show a good 04,553 Res. per bai accts_ . 21,557 Salesmen&employ. 250,577 26,068 Preferred dividends_ 92,313 Miscell. accounts_ 94,938 record, except the street railway department. Labor continues scarce and 18,710 86,150 much of it is inefficient: The securing of materials is an increasingly diffiRaw mat'ls, &c._.2,292,976 1,678,228 Accrued taxes 29,390 Surplus paid in and 712,145 cult problem, and the money requirements to carry our stocks of materials Exp. paid in adv____ 113,381 10,000 accretions and supplies, as well as to take care of the rest of our business, have inInvest. in other cos_ 10,000 1,232,8844 ' Y950,133 creased much more rapidly than the business itself. Bk. fd. let pf. stock_ 107,078 :137,858 Surplus earnings__ _ -Owing to our pressing needs for money, we have been Additions, .1c. 1 Good-will, trade-mks., most stringent in restricting property expenditures, but it has been essen3,297,631 3,297,031" Patents, &c tial, with the continued operation at full capacity and high pressure, to 24,600 Loan Liberty spend some money to retain our competitive position and to relieve con10,838,200 9,046,681' Total 10,838,200 9,640,681 gested departments; to give us facilities for the employment of women, Total and to protect us with some factor of safety in the power plants at Tioga * Based on appraisal made by American Appraisal Co. as at Doc. 311916. and High Bridge. The progress made by the electric furnace and the competitive need for plus, in case of plant and equipment, sundry additions made since 1916, it in our business, brought forth a most urgent recommendation for the less reserve for depreciation. sucfor and shares of preferred stock, since deducted from amount out- purchase of two units. One unit has been installed, paid schedulewas the x 5,000 for cessfully started before Dec. 31. The second is on the standing, reducing it to $3,350,000. first half of the present year. In order to find space for the Government preferred dividends and proportion of organization plant, which is mentioned in the next paragraph, and to provide room for y After deducting expenses, but before payment of excess profits tax, common dividend additional buildings, if needed, for the expansion of our regular lines of and additions to plant during calendar year 1917. forging work at the Tioga plant, in Philadelphia, we acquired $150.000 worth of adjoining land, paying $30,000 in cash and are carrying $120,Although the corporation was organized Jan. 30 1917, it took over the on a ground rent. assets, liabilities and business of the General Roofing Mfg. Co. as of Jan. 1 000 Besides turning over the capacity of all our plants to producing as far therefore, shows operations of the cor1917. The general balance sheet, as possible, either directly or indirectly, Government material, the Adminisporation for the entire year. tration at Washington desired us to manufacture heat-treated gun forgings. Directors.-Cleorge M. Brown, C. C. Collins, George L. Edwards, Philip We therefore undertook the construction of a Government plant on our B. Fouke and W. A. Layman, all of St. Louis, Mo.; and Walter Birge and now property next to the Tioga works in Philadelphia where we will manuElisha Walker, both of N. Y. City. facture these forgings. The plant has been completed, and we are about -President, George M. Brown, St. Louis; Vice-Presidents, to begin the production work. Officers. -Taking our business as a whole, Outlook for Dividends on Common Stock. C. C. Collins, Audenriod Whittemore, John C. Collins, J. S. Porter of St. Louis, and Smith E. Allison of New York; Sec. and Treas.; Robert we have had by far time most profitable year in our history, but owing to the questions in connection with the excess profits tax we can only esti-V. 106, p. 2232. M. Nejson, St. Louis. 1002 [VoL. 107. THE CHRONICLE mate the earnings at approximately 20% on the common stock, after having provided for taxes, liberal charges to reserves and the payment of all of our fixed charges. It is the desire of your directors, who own, or personally and directly represent, thousands of shares of the common stock, to resume common dividends as soon as conditions warrant. It is believed, however, that we owe•it to the banks upon whom we have been obliged to call for such liberal accommodation that we should first be in a position to reduce our indebtedness to them. Furthermore, it is our part not only to furnish sinews of war, but also provide taxes in big measure to help pay the cost of this terrific conflict. The common stockholders are, therefore, called upon to be patient yet a while longer. The value for their stock is there and increasing, although nothing is being distributed in dividends. Dividends amounting to $174,020, aggregating 7%, paid in 1917, 1916, 1915, 1914, 1913 and 1912; 1911, $173,950; 1910, $173,906; 1909, $173,600. and in 1908 and 1907, $173,602, charged to undivided profit account. There was also provided out of the earnings $160,181 for depreciation and accruing renewal fund, from which was deducted $15,869 for expenditures .leaving $630,292-V. 106, P. 609. for replacements, &c. Arkansas Natural Gas Co., Pittsburgh, Pa. (8th Annual Report-Year ended Dec. 31 1917.) Pres. J. C. Trees, in the report issued several months ago, says in substance: STATEMENT OF EARNINGS FOR YEAR ENDING DEC. 31 1916. During tee year 1917 the company retired, by purchase from the sinking fund,$119,000 General Mtge. bonds of 1916 and $20,000 First Mtge. bonds' Earnings after deducting operating and general expenses, in-. also out of general funds, $3,000 Pine Bluff Natural Gas Co. bonds, a total $1,619,570 eluding repairs, maintenance and depreciation redeemed and retired, and in addition, 211,053 of $142,000 of par value bonds, and accounts payable $184,358. Deduct -Bond and loan interest 131,341 reduced the amount of the notes Dividends on pref. stock of the Taylor-Wharton Iron & Steel Co_ The general mortgage sinking fund was credited from May 1 to Dec. 31. 410,000 Provision for war, excess profits and income taxes in year 1917 with $82,670, and the First Mtge. sink458,363 1916 with $41,240 and from March 1 to Dec. 311917. Reserve for removal and other contingencies ing fund with $22,500 The total number of consumers supplied in December 1917 was 18,397, $408,813 Surplus for calendar year 1917 an increase for the year of 1,631 consumers. The earnings from gas sales CONSOLIDATED BALANCE SHEET DECEMBER 31. during 1917 were $1,360,495, an increase of $344,648 over 1916, the highest previous year. 1917. 1916. 1916. 1917. The company holds leases on 177,611 acres, of which 16,287 acres are 3 Assets $ Plants and proper7% cum. pf. stock 1,876,300 1,876,300 operated and 161,324 acres are unoperated. Of this acreage the company ties _x 5,814,015 5,333,590 Common stock___ 1,600,000 1,597,000 owns oil and gas rights in 155,394 acres; gas rights only in 8,211 acres, one-third of oil and gas rights in 14,005 acres. Sinking fund for T. -W. I. & S. Co.: On Dec. 31 1917 the company owned and operated 28 wells in Louisiana, Taylor-Wharton First mortgage_z1,856,000 2,000,000 first mortgage 731 97,500 Convertible bds. 800,000 800,000 of which 23 are gas wells and 5 oil wells. During the year 11 wells were drilled -5 of which were productive of gas and 6 were non-productive. 5,416 Invest'ts, less res_ 3,801 Phila.Roll.& Mach to the wells owned 240,500 Six wells were drilling as of Dec. 31 1917. In addition front 13 other proInventorie.s,less res 2,881,993 1,637,136 Co. 1st M. bds_ 240,500 Notes and accounts Real estate mtge__ 138,500 18,500 and operated by the company, we are purchasing gas ducing companies. receivable, less 528,500 Notes payable__ 1,221,100 During 1917 the company laid 19,120 ft. of various sizes of pipe in the reserves 1,884,053 1,249,152 Accounts payable_ 1,138,865 530,086 field and 17,642 ft. of various sizes of pipe in the plants. It reclaimed 4,749 Cash 253,276 189,902 Bond int.accr.&res ft. of various sizes of pipe from the field and 7,521 ft. of various sizes of Deferred charges_ 113,306 76,045 89,995 76,844 for div. declared pipe from the plant. U. S. Lib. bonds y212,853 Res. for removal of A new schedule of rates was adopted, effective Jan. 1 1918, which will 273,471 plant & conting_ 717,953 bring a material increase from all consumers using more than 100,000 Res.for war taxes_ 410,000 645,925 cu. ft. per month. 1,076,560 Surplus From the present outlook we are assured an ample supply of gas for Total 11,165,733 8,587,120 11,165,733 8,587,126 the coming year and winter. Total x Includes plants and properties, Jan. 11917, $5,969,477, and net addiINCOME ACCOUNT FOR YEARS ENDING DEC. 31. tions during year, $741,094, less $896,556 accum. reserves for deprec'n, &c. 1914. 1915. 1916. 1917. Contingent liability on notes receivable discounted, $18,000. $942,277 $847,850 $1,360,495 $1,015,847 y U. S. Liberty Loan bonds, $250,000, less $37,147 payments by employ- Gas sales 9,318 6,796 19,608 87,808 Oil, &c., sales ees. z Taylor-Wharton Iron & Steel Co. 5 -year convertible bonds, due 1932, $951,595 $854,646 $1.448,303 $1,035,455 Gross earnings $2,000,000; less $144,000 held by trustee for sinking fund. 808. Gas purchased -V. 107, IL $120,840 $211,172 $260,806 $350,067 Plants and Properties. -(1) Taylor-Wharton Iron & Steel Co., High 96,701 17,886 64,004 97,460 Bridge, N. J.; (2) Wm. Wharton Jr. & Co., Inc., Easton, Pa.; (3) Phila- Production expense_ _ _ _ 132,689 226,565 231,874 302,569 delphia Roll & Machine Co. Philadelphia; (4) Tioga Steel & Iron Co. Miscellaneous 79,441 • 46,407 39,828 56,034 Taxes (forge and gun plants), Philadelphia; (5) Manganese Steel Safe Co., Plainfield, N. J.; (6) Hunterdon Electric & Power Co., High Bridge, N. J.:. $429,671 $502,030 $596,512 $806,130 Total expenses, &c_ _ _ (7) Jersey Electric Co., High Bridge and Clinton, N. J.-V.106,p.1466, 714. Not earnings $521,924 $352,616 $438,943 $642,173 $243,105 $242,925 $173,145 $156,624 Bond interest 77,726 73,751 71,998 24,330 Other interest Chicago Railway Equipment Co. Field developm't work, (25th Annual Report-Year ended Dec. 31 1917.) adj. & uncollect. gas 35,687 30,951 74,638 23,949 accts. charged off_ __ _ President E. B. Leigh, Feb. 5, wrote in substance: General. -Of the total output of steel and iron in the United States, the railways, directly and indirectly, consume from 40% to 50%-this in normal times. It has been reliably estimated within the past month that over 75% of the iron and steel production is now being used directly or indirectly for war purposes. This is significant, as not only indicating the almost complete change in economic conditions and influences, but also in its adverse effect upon our railways themselves, as well as their needs, in view of the unprecedented demands brought upon them by war conditions. The history of the railways for the last ten years leaves no room to doubt the almost insuperable handicap under which they have operated. The advent of Government control brings a quickening sense of appreciation of what our railways really mean to the people, while the lack of equipment and rolling stock, long a sore trial to railway managers, has been brought to the doorstep of the householder in a deprivation of his coal supply and in other restrictions. What will be the status of the railways at the close of the war it is difficult to prophesy. All conditions point clearly to the wisdom of continuing your policy of conservatism, conserving your resources so as to insure the stability of your company in any period of stress or in any storm. Business. -The large volume of railway business on our books Jan. 1 1917,together with the fair share of new business obtained during the year, has placed this branch upon a very favorable basis. Nevertheless, the earnings from railway business were again relatively small as compared to our total earnings. And they would have boon much less Bad we been obliged to pay to others the higher prices for the material and parts which we ourselves have manufactured. Your other departments have again made unusual profits; participating in the advantages of the extraordinary conditions prevailing throughout a large part of the year. Thus the aggrgate net earnings of all your plants for 1917 exceed those of any other year within the history of your company. Properties. -The Franklin plant is again in the front rank as a contributor to your earnings. The Franklin brake-beam plant, handling a largo volume of both foreign and domestic business, has also played a substantial part in its earnings. The Marion malleable plant has handled a large volume of business, and with earnings considerably in excess of those of any previous year. This plant is not only doing a larger variety of work in its field, but has added a number of specialties which are proving both desirable and profitable. A new foundry has been completed and several additional buildings are under way. Substantially all the steel work for these buildings has been designed at your Chicago plant, tolled at your Franklin plant and fabricatd at your Detroit plant. The management a your Grand Rapids plant, your model plant, deserves the highest praise for most excellent work, and at times under discouraging conditions, due to the scarcity of its special quality of coal and to location in a community largely devoted to "non-essential" work. This plant, while continuing to carry the burden of the greater part of your work, has been a splendid contributor to profits, and closes the year with its earnings the largest in its history. The track department, operated as the "Positive Rail Anchor Co."has keenly felt the discouraging position of the railways during the past year; ' however, it has maintained itself very creditably. Some valuable devices have been added to its list, and when railways are more freely rehabilitating, this department should render a good account of itself. Stockholders. -The total number of shareholders is 713, a decrease of 7. Of this number 364 are women, an increase of 11. The price of the stock throughout the year has ranged between $110 and $120 per share. Of the 713 shareholders of your stock, 187 hold 5 shares or less, 3:31 hold 10 shares or less, 503 (70%) hold 25 shares or less, while 661 or 93%, hold 100 shares or loss. Diridends.-On Dec. 31 1917 we paid our 85th dividend, being the 82d consecutive quarterly dividend paid, without reduction. From 1895 to Jan. 1 1918 your company has paid in cash dividends a total of$3,355,702. , BALANCE SHEET DEC. 31. Liabilities-Assets 1917. 1917. 1916. 1916. Real estate, buildStock outstanding.$2,486,060 $2,486,000 ings, &c $2,131,343 $2,099,070 Acc'ts pay'le, &c.. 318,312 198,642 Patents, good-will. 793,225 766,758 Div. pay'le Jan. 1.. 285 Material on hand_ 782,887 819,505 Reserves Ior Investments.. 3,476 3,726 Inventories. &c_ 153,021 153,021 Depr. & renew_ 630,292 Accounts and bills 484,638 recely. & cash_a 1,120,208 988,556 General reserve_ _ _ 750,000 750,000 Undivided profits_ 1,244,174 U. S. Lib. bonds_b 749,749 606,083 412 1,053 Deferred charges.. Total $5.581,790 $4,678,668 Total $5,581,799 24,678,668 a In Chicago, Detroit, Grand Rapids, Marion, Franklin and Montreal. b Includes 4% Treasury certificates at par, less payments by employees 1,triptions. Total deductions Balance, surplus $204,903 x$437,270 $319,781 $119,161 $347,627 $4,989 $356,518 $165,406 x Against this surplus of $437,270 for 1917 there was charged off profit and loss deficit and depreciation $318,246, leaving a profit and loss surplus as per balance sheet of $119,024. BALANCE SHEET DEC. 31. 1916. 1917. 1916. 1017. $ Liabilities$ a Asses$ 12,643,649 12,655,997 Common stock.... 7,500,000 7,500,000 Investment 52,541 19,890 Preferred stock... 2,365,600 2,365,000 Cash • Bonds outstanding 2,538,000 2,680,000 Accounts rece v'le. 652,973 Bills and accounts 32,632 payable (net).... 522,120 13,349,163 12,675,887 119,024 def20,907 119,162 Surplus Deduct-Depree'n. 305,019 13,044,144 12,556,725 Balance -V. 106. P. 013. 'Total 13,044,144 12,556,725 GENERAL INVESTMENT NEWS RAILROADS, INCLUDING ELECTRIC ROADS. Advances to Railroads by United States Government. -Payments to -Amounts Advanced in August and SinceJan. 1. -Director-General McAdoo of the Railroad AdGovernment. ministration in a statement given in detail under "Current Events and Discussions," on preceding pages in this issue makes public the total advances to railroads under the Administration from Jan. 1 up to Sept. 1, as being between $800,000,000 and $900,000,000. The total for August amounts to $38,137,370, while the amount for the period from April 1 • to Sept. 1 is $241,851,420. The total amount of money turned over to the DirectorGeneral April 1 to Sept. 1 by roads reporting surplus earnings, was $62,845,699, but of the amount thus turned over, $29,200,399 was returned to roads temporarily making the deposits, these same roads having subsequently called upon the D rector-General to advance to them considerable sums in addition to the return of the deposits which they had temporarily made with the Railroad Administration. The railroads or systems which have deposited funds with the Director-General and have not asked for the return of any portion of the funds thus deposited are listed on pre-V. 107, p. 180. ceding pages. Alabama & Vicksburg Ry.-Payments to U. S. Govt. See "Government Advances to Railroads' etc. above and also "Cur-V. 107, p. 904. rent Events and Discussions" on a preceding page. -Payments to U. S. Government. Ann Arbor RR. See "Government Advances to Railroads" above and also under "Cur-V. 107, p. 904. rent Events and Discussions" on a preceding page. Atchison Topeka & Santa Fe Ry.-Payments to Govt. See "Government Advances to Railroads" above, and also under "Current -V. 107, p. 603. Events and Discussions" on a preceding page. -Payments to Government. Atlantic Coast Line Co. See "Government Advances to Railroads" above and also under "Current -V. 107, p. 180. Events and Discussions" on a preceding page. -Jurisdiction Extended. Baltimore & Ohio RR. The jurisdiction of A. W. Thompson Federal Manager for the Baltimore & Ohio RR.(east of Parkersburg and Pittsburgh), Cumberland Valley RR., Western Maryland RR., Coal & Coke RR., Cumberland & l'ennsylvania RR., and Wheeling Terminal RR., has been extended over the Gettysburg is Marrtisbura HR.. and over that portion of the Philadelphia & Reading SEPT. 7 1918.] THE CHRONICLE 1003 time for putting the new rate into operation. The change in rate of fare schedule is fixed at 34 of 1 cent at a time, so that if, at the end of the first three months, it is found that there is a deficit tno rate will be advanced -cent to 5 cents., Should a deficit continue two months thereafter, the 6 Advances by U. S. Govt.— rate will go into effect at the expiration of the third month. On the other see "Goverrunent Advances to Railroads" above and also under "Cur- hand, the fare will be reduced automatically M of 1 cent each time, when it is shown that an unnecessary surplus is accumulating. rent Events and Discussions" on a preceding page.—V. 107, p. 500. For regulating the fare a reserve fund of $400,000 is provided for, into Bay State Street Ry.—Reorganization Matters.— which will bo paid all surplus remaining after the payment of operating expenses, taxes and returns on investment and for rentals. When this See Massachusetts Electric Companies below.—V. 106, p. 694, 500. fund shall have reached $650,000, the fare is to be reduced to the next Bessemer & Lake Erie RR.—Payments to Government.— lower rate. It is provided that when the income is insuffident to meet the See "Government Advances to Railroads" above, and also under "Current expenses and payments mentioned, the deficiency shall be made up from the reserve fund. When the fund reaches a minimum of $250,000, the Events and Discussions" on a preceding page.—V. 107, p. 80. fare shall be advanced to the next higher rate. The company must proBuffalo Rochester & Pittsburgh RR.—Advances.— vide the minimum of $250,000 and the amount must remain above this See "Government Advances to Railroads" above and also under "Cur- to preserve the initial rate. As an incentive to lower fares, when the rate of fare is 5 cents or less, rent Events and Discussions" on a preceding page.—V. 107, p. 802. 557 of the surplus gross receipts is to be paid to the reserve fund and 45% Canadian Northern Ry.—Notes Paid in Cash.—An- to the company. When the rate is 5M cents, 70% is to go to the reserve company. When it will go to nouncement is'made that the $10,000,000 notes due Sept. 1 fund and 30% to the to the company and is 6 cents, 80% is above 6the rewhen the rate cents, serve fund and 20% have been paid off in cash at the office of the Columbia Trust all the surplus receipts are to be paid into the reserve fund. the new Provisions in the former revision ordinance York ,City, trustee. We are authoritatively in- ordinance include the universal transfer system, and embodied in and fireCo., New privilege of police formed that no new issue is to be made or is contemplated in men to ride free, rental of viaducts, an increase in the annual franchise tax payable to the city from $325,000 to 350,000, payable quarterly, with this payment.—V. 107, p. 290, 180. connection amortization of the reducible debt of 4,000,000. annual rental to be paid the Cincinnati Street RR. Co., retention of routes, inclusion of tne Mill Central of Georgia RR.—Income Interest.— months creek Valley lines as a city route, and the right of the city to purchase, Announcement has been made that full interest of 5% for the 12 ended June 30 on the First, Second and Third preference income bonds either by condemnation or at the valuation of $26,238,950. Compare will be paid by the Guaranty Trust Co. of New York, and the Chatham V. 107, p. 802, 905. Bank of Savannah on Oct. 1.—V. 107, p. 694, 603. Cleveland Cincinnati Chicago & St. Louis RR.— E. M. Costin, Federal Manager of this company, has had his jurisdiction Central New England RR.—Advances by U. S. Govt.— "Cur- extended to cover the Chesapeake & Ohio RR. of Indiana (V. 107, p. 2559), Sec "Government Advances to Railroads" above and also under which property has been joined to the Big Four for administration purposes. rent Events and Discussions" on a preceding page.—V. 106, p. 2755. —V. 107, p. 905, 695. RR. from Shippensburg, Pa., to Harrisburg, Pa., which lines have been released from the jurisdiction of C. H. Ewing, Federal Manager; effective Sept. 1. Chesapeake & Ohio RR.—Advances by U. S. Govt.— Sec "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page.—V. 107, P. 603. Chesapeake & Ohio RR.of Indiana.—Federal Manager. See Cleveland Cincinnati Chicago & St. Louis RR. below.—V.106,p.2559. Chicago Burlington & Quincy Ry.—Payments to U. S. and also "CurSee "Government Advances to Railroads" etc. above rent Events and Discussions" on a preceding page.—V. 107, p. 802. Chicago & Eastern Illinois RR.—Payments to Govt.— ' See "Government Advances to Railroads, above, and also under "Currne Events and Discussions" on a preceding page.—V. 107, p. 180. Chicago Great Western Ry.—Advances by U. S. Govt.— Colorado & Southern Ry.—Payments to Government.— See "Government Advances to Railroads' etc. above and also "Current Events and Discussions" on a preceding page.—V. 107. p. 401. Denver Tramways Co.—Fare Ordinance Passed.— The Denver (Colo.) City Council on Sept. 6 passed an ordinance for a six-cent fare on city lines. Strike Postponed.— Following a meeting of representatives of the company and of the Employees' Association, an agreement was reached to await action by the War Labor Board in the wage dispute, the threatened strike of about 1,000 car men being postponed in the meantime.—V. 107, p. 401. Detroit United Rys.—Fare Litigation.— Chicago Terre Haute & S. E. Ry.—Advances by U. S. The city of Detroit has filed its answer to the petition of the company to the U. S. Supreme Court for an order restraining the enforcement of the 5 cent fare ordinance. Supreme Court Justice William R. Day will hear the argument at Canton, Ohio, on Sept. 10. Compare V. 107, p. 802, 905. Chicago Milwaukee 86 St. Paul RR.—Advances by U.S. See "Government Advances to Railroads" above,and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 176. See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 694. See "Government Advances to Railroads" above and also under "Current Events and Discussions' on a preceding page.—V. 107, p. 82. See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 905. Chicago & North Western Ry.—Dividends on Common and Preferred Stock Provided Sufficient Money is Received from RR. Administration—Payments to Govt.— This company has declared the usual quarterly dividends of $2 a share on the preferred stock and $1 75 a share on the common stock, both payable Oct. 1 to holders of record Sept. 5, "provided that the company shall have then received from the Federal Administration of Railroads sufficient money therefor either by way of advancement on just compensation or otherwise." See "Government Advances to Railroads" above, and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 694. Duluth & Iron Range RR.—Payments to Government.— Duluth Missabe & Northern Ry.—Payments to Govt See "Government Advances to Railroads" above, and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 181. East St. Louis & Suburban Ry.—No Federal Contract.— This property has been released from Federal control.—V. 107, p. 695. Elgin Joliet & Eastern Ry.—Payments to Government.— See "Government Advances to Railroads" above, and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 696. El Paso & Southwestern RR.—Payments to Government. See "Government Advances to Railroads" above,and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 691. Erie RR.—Advances by U. S. Government.— Chicago St. Paul Minn. & Omaha RR.—Advances.— See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 901. ---315,000,000 MaChicago & Western Indiana RR. tured Notes Unpaid.—The issue of $15,000,000 One-Year 65 Collateral Trust Notes of this company, due Sept. 1, remain unpaid, no funds having been received with which to meet either the principal or semi-annual interest on this obligation. The following statement from the New York "Times" of Sept. 4, while not officially confirmed for the "Chronicle," is understood to be substantially correct: See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 396. See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 905. Florida East Coast Ry.—Advances by U. S. Government.— Ft. Dodge Des Moines & Southern (Elec.) RR.— This company's property has been taken over and is operated by the United States RR. Administration.—V. 106, p. 395. Ft. Smith & Western Ry.—Releasedfrom Federal Control. This co's. property is no longer under Federal control.—V. 106, p. 2757. Ft. Worth & Denver City Ry.—Payments to Government. See "Government Advances to Railroads" above,and aLso under "Current It had been expected that the Railroad Administration would furnish the necessary funds out of the Revolving Fund at its disposal, but despite Events and Discussions" on a preceding page.—V. 106, p. 2559. the efforts made to obtain assistance, no money has come forward. It was Georgia Ry. & Power Co.—Injunction Proceedings.— suggested that a bank loan be arranged for the period of one year at 6%. The city of Atlanta in the Fulton Superior Court on Aug. 29 instituted This proposal, it was said, did not meet the approval of the bankers. Co., and the By. & It was also thought hopeless to sell the public a note at 6% when equally injunction proceedings against both the GeorgiaGeorgiaPower Commission, RR. the good railroad short-term securities were being offered on a more attractive Atlanta Gas Light Co., and also against which were ordered, effective basis. It appears that the Administration declined to grant permission seeking to stay the proposed increases action of the Commission to be to float a loan at a rate higher than 6%. One of the diffieulties in the way Sept. 1, and asking that the court decree the of financing was the fact that tho railroad contract has not yet been signed null and void. Compare V. 107, p. 802. and the road has no assurance in respect to its future earnings. Grand Rapids 86 Indiana Ry.—Payments to Government. The notes of the company are secured by $21,000,000 First and RefundSee "Government Advances to Railroads" above, ari't also under "Current ing bonds, which enjoy a first lien upon extensive freight-terminal property in and around Chicago which is used by the Pennsylvania, Atc„hison, Erie, Events and Discussions" on a preceding page.—V. 107, p. 905. Wabash, Chesapeake & Ohio, and other roads. Grand Trunk Ry.—New Director.— It is understood that under the terms of the indenture, the Bankers Announcement is made that Lord Southborough has been named a Trust Co. of New York. which is the trustee. may sell the security behind for the benefit of the noteholders five days after the payment director of this company.—V. 107, p. 696. the notes has been defaulted. Grand Trunk Western Lines.—Advances by U. S. Govt. The $15,000,000 of one-year notes were offered to the public at 99Y, by See "Government Advances to Railroads" above and also under "Current a syndicate Composed of J. 1'. Morgan & Co., the First National Bank, the National City Company and Harris, Forbes & Co. (See offering, &c., V. Events and Discussirs" on a preceding page.—V. 106, p. 2559. 105, p. 388, 176.) Gulf Mobile & Northern.—Advances by U. S. Govt.— Committee.—Arrangements are being made by the Bankers See "Government Advance to Railroads" above and also under "Current Co., as trustee, it is understood, for the formation of Events and Discussions" on a preceding page.—V. 107, p. 802. Trust a protective committee for holders of the$15,000,000 notes.— V. 107, p. 695,603. Cincinnati Northern.—Advances by U. S. Government.— See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page.—V. 106, p. 2345. Hudson & Manhattan RR.—Payments to Government.— See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 603. Illinois Central RR.—Advances by U. S. Govt.— See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 802. Cincinnati(0.)Traction Co.—Service-at-Cost—Ordinance Illinois Terminal RR.—Federal Manager.— Expiring in 1931.—The revised traction ordinance as passed • The jurisdiction of Federal Manager C. G. Burnham has been extended the by the Common Council of Cincinnati on Aug. 23 by a vote over this company and370. Missuori & Illinois Bridge & Belt RR.(V. 103. p. 2156).—V. 101, p. of 23 to 3 will become binding Sept. 23 unless stopped by Indiana Harbor Belt Ry.—Advances by U. S. Govt.— referendum proceedings (possible only on petition by 10,000 See "Government Advances to Railroads" above and also under "Current voters), and will remain in effect until the expiration of the 6 Events and Discussions" on a preceding page.—V. 107, p. 696. revision period April 27 1931. The original draft was Interborough Rapid Transit Co.—Offering of $33,amended in numerous minor particulars. The principal 400,000 Three-Year Convertible Notes.—A syndicate composed amendment adopted with the approval of the company sub- of J. P. Morgan & Co., First National Bank, New York, stitutes an initial fare of 5 cents for one of 6 cents, as pro- National City Co.,New York, Harris Trust&Savings Bank, vided in the original draft. Chicago, Lee, Higginson & Co., Kissel, Kinnicutt & Co. -cent rate will continue three mentos, after which readjustThe initial 5 ment will be made every two months, with one month additional each and Halsey, Stuart & Co., have purchased from the corn- 1004 THE CHRONICLE [Vol,. 107. pany an issue of $33,400,000 Three-Year 7% Secured ConMissouri & Illinois Bridge & Belt RR.—Federal Mgr.— vertible Notes, dated Sept. 1 1918, due Sept. 1 1921. See Illinois Terminal RR. above.—V. 103, p. 2156. The notes are to be redeemable at 103 and int. during their Missouri Kansas & Texas of Tex.—Advances by United first year, 102 and int, during their second year, 101 and int. States Government—Jurisdiction Extended.— during their third year. Notes in temporary form for See "Government Advances to Railroads" above and also under "Current J. P. Morgan & Co. trust receipts will be ready for delivery Events and Discussions" on a preceding page. Federal Manager L. Kramer has had his jurisdiction extended to include about Sept. 16. A circular shows: the Kansas City Clinton & Springfield By., effective Aug. 10.—V. 107. Collateral.—These $33,400,000 notes are to be secured by pledge under p. 802, 697. a collateral indenture to be executed by the company with the Bankers Trust Co., as trustee, of $52,187,000 Interborough Rapid Transit Co. Missouri Pacific RR.—Advances by U. S. Govt.— First & Refunding Mortgage 5% bonds (the bonds being thus pledged at a See "Government Advances to Railroads" above and also under "Current price of 64%), and to carry the privilege of conversion into such bonds at Events and Discussions" on a preceding page.—V. 107, p. 182. 87%, with adjustment of interest. Monongahela Valley Traction Co.—Offering of General Earnings for Year Ended June 30 1918. Gross earnings $40,497,728 Mtge. 7% Bonds.—The National City Co. is offering at 97 Income available for charges on company's bonds 9,428,756 and int., yielding over 7.75% $5,500,000 General Mtge. Charges for interest and sinking fund payable out of income_ __ _ 4,765,998 7% Five-Year gold bonds, dated July 1 1918, clue July 1 Balance $4,662,758 The figures for 1918 do not include about $2,500,000 for the partial 1923. Int. J. & J. Redeemable all or part at 101 and ,nt. operation of new lines in 1918 for which the company under its contract at any time on four week's notice. Total autli.$15,000,000. with the city is entitled to be reimbursed with interest out of future earnPurposes of Issue.—For the retirement ings before making payment of interest to the city on its investment, which notes duo Fob. 1 1919 (V. 106, p. 396)of $2,829,000 One-Year 6% gold and to complete a construction already exceeds $60.000,000, and which it is estimated will approximate program including the new Rivesvillo power plant which will cost $2,000,000, $100,000,000 upon the completion of the Interborough subway. the Lymn producer plant, new transmission lines, now cars, extensions to the gasolene extraction plant, development of.gas acreage, the cost of Wage Increase Granted.— now coal tracts, &c., &c. Effective as of' Sept. 1, employees of this company are to receive a wage Earnings (Including Kanawha Traction et; El. Co.) for Years ended May 31. increase totaling, about $3,000,000, or amounting, in fact, to an increase of about $1 a day per man. It is understood that the new agreement *1917. 1918. Gross earnings $2,618,271 $3,708,168 abolishes the bonus system and gives a straight increase in wages. Under the new agreement the men will get an increase of 40 cents a day Not, after maint. and taxes (excl. deproc' n& dop'n)_$1,327,226 $1,573,718 provided they work 25 days in a month. In addition they are to receive Annual interest on funded debt, incl. the present issue 842,500 a 20% increase in wages and this will make their increase about $1 a day. Balance The top rate for station department men is now 33 1-3 cents an hour and $731,218 • for transportation men 41 cents an hour.—V. 107, p. 501, 401. * Earnings from coal property included for only 6% months. See "Electric Ry." Section, page 42, for further data: Compare V. International & Great Northern Ry.—Payments to Govt. See "Government Advances to Railroads" above,and also under "Current 106, p. 396.—V. 107, p. 501. Events and Discussions" on a preceding page.—V. 107, p. 802. New Orleans Ry. & Light Co.—Wage Decision.— Jersey Central Traction Co.—Fare Increase.— • The War Labor Board has decided that the application of the new wage The New Jersey P. U. Commission has granted this company permission scale recently awarded employees of this company must be based on the to charge 6 cents in zones where a 5 cent fare is now the rate. The com- length of service of the individual. The decision upholds the interpretation pany therefore applied for a 7 -cent fare in each zone with an additional placed on the award by the street carmen. Under the ruling, employees charge of 2 cents for each transfer. No additional charges for transfers in the service of the company less than three months will receive 38 cents will be permitted.—V. 105, p. 1309. an hour; for the next nine months they will receive 40 cents an hour; and thereafter they will get 42 cents an hour. Most of the men have been in Kankakee (Ill.) Electric Ry.—Fare Petition.— the employ of the company for a year and will get the 42 -cent wage.— This company has filed a petition with the Illinois P. U. Commission V. 107, p. 697. asking for an increase in fares from 5 to 6 cents.—V. 81. p. 725. • Kansas City Mexico & Orient Ry.—Advances by U. S. See "Government Advances to Railroads" above and also under Events and Discussions" on a preceding page.—V. 107, p. 905. Kansas City Rys.—Fare Decision.— New York Central RR.—Sub. Co. Compensation.— See Mahoning Coal RR. above.—V. 107, p. 803, 604. New York Ontario & Western RR.—Advances by U. S. See "Government Advances to Railroads" above and also under Events and Discussions" on a preceding page.—V. 106, p. 2649. Justice Mason in the Kansas Supreme Court at Topeka on Aug. 28 reversed the decision of Judge E. L. Fischer of Division No. 1, Wyandotte County District Court, and rescinded the injunction granted by Judge Fischer enjoining the Public Utilities Commission from hearing this company's application for a 6 cent car fare on the Kansas side.—V. 107, p. 905, 402. See "Government Advances to Railroads" above, and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 697. Kansas City Southern Ry.—Advances by U. S. Govt.— This company has filed notice of an increase of fares from 6 to 7c. for local traffic, and an advance in freight rates.—V. 102, p. 345. See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 802. Kansas Electric Utilities Co., Lawrence, Kan.—Fares. This company has announced a proposed application for an increase in fares to 7 cents.—V. 102, p. 899. Lehigh & New England RR.—Payments to Government.— See "Government Advances to Railroads" above, and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 603. Lewis County Ry.—Tenders.— The National Trust Co., Ltd., as trustee, will until Sept. 12 receive tenders for the sale of $348,900 First Mtge. 5% gold bonds at par and int. Mahoning Coal RR.—Compensation.— Norfolk & Western Ry.—Payments to Government.— Northampton (Pa.) Traction Co.—Fare Increase.— North3rn Iti1iatr, Ry., South B 3nd, Ind.—Wages.— This company has ncrea sed wages as follows: The interurban scale. formerly from 26 cents to 35 cents an hour, has been increased to 33 cents to 40 cents an hour. The city scale, now from 25 cents to 30 cents an hour has been increased to 28 cents to 33 cents an hour.—V. 103, p. 2420. Northern Pacific Ry.—Payments to Government.— See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 679. Northwestern Elevated Ry., Chicago.—Fares.— See Metropolitan West Side Elevated By. above.—V. 103, p. 2273. Ottawa Electric Ry.—Possible City Operation.— The shareholders will vote Sept. 27 on ratifying and approving the amount of compensation to be received annually by the company for the possession and use of its property, either from the New York Central RR. or the Federal Government during the period of Federal control.—V. 106, p. 2560. Mahoning & Shenango Ry. & Light Co.—Cost Plan, The City Council of Youngstown. Ohio, on Aug. 16 adopted the report of the Street Railway Committee, which recommended that the Cleveland plan be applied in Youngstown in operating this company's lines. The plan calls for a cost basis plus a fair return on the investment.—V. 106, p. 2229. Massachusetts Electric Cos.—Reorganization.— This company has offered the suggestion, because of its difficulties with its employees, that the properties be taken over by the city of Ottawa. The franchises expire on Aug. 13 1923. The "Monetary Times" in this regard gives the following: "Even if the City Council and the company were willing to do so, it would, of course, be some months before the transaction could be completed. It is expected, however, that the strikers, in the event of such a transaction being agreed upon, would be willing to go back to work, trusting to receiving favorable consideration from the city. The award of the Board of Conciliation and Arbitration, which the company' was willing to accept, although it involved additional expenditure of $140.000 per annum, was turned down by the men. The company is powerless to increase rates excepting to charge five cents straight instead of six for a quarter, but the city would have the power to charge any rates it thought fit. It is very probable, of course, that difficulty would be experienced in finding a value of the assets and franchise which would be satisfactory to both the company and the city." • Earnin-s Showinj Growth of Business Since 1892. Year— 1892. 1912. 1016. 1917. Gross receipts_ _ $71,699 $310,192 $934,398 $1,154,912 $1,240,627 10 2. 0 Total expenses*. 45,200 223,657 578,541 776,588 830,961 Net income $86,534 $355,857 $378,325 $409,666 $26,499 Pass'gers carried 1,520,405 7,097.232 21,815.798 27,033.778 29,347,692 * Including mileage payments, taxes and interost.—V. 106. p. 2229. The Massachusetts Electric-Bay State Street Railway reorganization plan will probably call for an assessment of $10 a share on Massachusetts Electric preferred and $5 a share on the common. In all of the discussion on plans of reorganization, assessments at these rates have been considered. Whetherto give the shareholders bonds or preferred stock in the new COM; pany for the assessment has not been decided. Inasmuch as there are 241,303 shares of preferred and 142,931 shares of Massachusetts Electric common outstanding, assessments of $10 and $5 per share, repsectively. will, if paid by all the stock, produce a total of $3,127,685. The number of classes of securities interested in the Massachusetts Electric-Bay State system explains the apparent delay in completing a plan of reorganization. Tho task of the reorganizers is to reconcile the Pennsylvania RR.—Philadelphia Terminal Manager.— conflicting claims of the leased line securities, prior lien bonds, equipment notes, refunding bonds, bank loans. Massachusetts Electric notes and preErnest J. Cleave, Supt. of the Philadelphia Terminal Division of this ferred and common stocks of bot the operating company and holding com- company, has been appointed Terminal Manager, under the United States pany. "Boston News Bureau."—V. 116. p. 2345. Government, and will have charge of this company, the Resting Co. and the Bait. & Ohio RR. Co. within the so-called Phila. Terminal District. Metropolitan West Side Elevated Chicago "L" Lines Ask Fare Increase.— co., Chicago.— This company, the Northwestern Elevated Ry., Chicago, and the South Side Elevated RR. and Samuel Insull as Receiver for the Chicago & Oak Park Line have filed an application with the Illinois P. U. Commission for permission to increase fares from 5 to 7 conts.—V. 106, p. 2272. Michigan Central RR.—Jurisdiction Extended.— Federal Manager E. D. Brenner has had his authority extended over the Grand Rapids & Indiana By., effective Aug. 15.—V. 106, p. 2560.VIS Michigan Ry.—Strike Called Off.— Pending the submission of the wage dispute to the National War Labor Board, the threatened strike of the employees has been called off.—V. 107, p. 697, 181. Middlesex & Bostop Street Ry.—Strike.-Because the company refused to submit the wage dispute with its employees to the National War Labor Board, a strike was called Aug. _29 bringing service practically to a standstill.—V. 107, p. 181. Minneapolis Northfield & Southern Ry.—Licensed.— Advances by U. S. Government—Stockholders.— See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page. The report of the Secretary shows that there are now 104,228 stockholders and that they own an average of 96 shares apiece. The number of stockholders has increased 9,979 in the last year and the average holding has decreased 10 shares. Of the total stockholders, 51,439 are women and their average holdings are 57 shares apiece. They are the owners, altogether, of nearly $146,500,000 in par value of the stock. The company has gained 4,454 women stockholders in a year.—V. 107, P. 906, 697. Peoria & Pekin Union RR.—Federal Manager.— W. G. Bierd has had his jurisdiction as Fedora! Manager extended over this company and thp Peoria By. & Terminal Co. (V. 105, p. 1708.) —V. 106, p. 1231. Peoria Ry. & Terminal Co.—Federal Manager.— See Peoria & Pekin Union RR. above.—V. 105, p. 1708. Pere Marquette Ry.—Payments to Government.— See "Government Advances to Railroads" above, and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 906. This company, successor to the St. Paul Rochester & Dubuque Electric. Traction Co., Dan Patch lines, incorporated under South Dakota laws on Philadelphia & Reading RR.—Advances by U. S. Govt.— Aug. 7, was licensed for business in Minnesota on the filing of incorporaSee "Government Advances to Railroads" above and also under "Current tion articies with the Secretary of State. Compare V. 107, p. 697. 501. Events and Discussions" on a preceding page.—V. 107. p. 292. _ - Minneapolis 8t St. Louis RR.—Advances by U. S. G;17---1r - See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page.—V. 107. p. 697. Pittsburgh & Shawmut RR.—Advances by U. S. Govt.— See "Government Advanses to Railroads" above and also under "Current Events and Discussions" on a preceding page.—V. 107, p. 599. SEPT. 7 1918.] THE CHRONICLE Puget Sound Traction Light & Power Co. -Lease Proposal Rejected. -Following conference between represen- tatives of this companyand the city of Seattle,the company rejected the city's offer to lease the traction company's property, but stated that it (the company) would consider a bona fide proposition to sell its lines. Counter Proposition Made to the City. -The company on Aug. 28 subm.tted to the Seattle authonties a proposition for the settlement of the existing fare controversy based on an offer to sell its traction lines to the city at some future date at a price to be mutually agreed upon, the difference in the earnings of the company under the proposed agreement and the earnings for. the five-year pre-war period to be deducted from the sale price. The Seattle "Post-Intelligencer" of Aug. 29 says: 1005 Seaboard Air Line RR. -Advances by U. S. Govt. See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page. -V. 107, p. 803. Southern Pacific RR. -Payments to Government. See "Government Advances to Railroads" etc. above and also under "Current Events and Discussions" on a preceding page. -V. 107, p. 697. Southern Railway. -Advances by U. S. Government. See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page. -V. 107, p. 604. South Side Elevated RR., Chicago. -Fares. See Metropolitan West Side Elevated RR. above. -V. 105, p. 2273. Spokane Portland & Seattle Ry.-Payments to Govt. See "Government Advances to Railroads" above, and also under "Current Events and Discussions" on a preceding page. -V. 107, p. 697. Topeka Railway, Topeka, Kan. -Fares. This company has applied to the Kansas P. U. Commission for permission to establish a 6 -cent fare in Topeka and Oakland. -V. 104, p. In its offer the company asked that the city grant: (1) Straight 6c. fare for continuous ride, with lc. additional for transfers. 74: V. 103. p. 62. (2) Prohibition of the operation of jitneys over the streets occupied Union Pacific RR. -Payments to Government. by the street railway company. See "Government Advances to Railroads" above, and also under "Cur(3) Waiving of all paving or other construction requirements not essenrent Events and Discussions" on a preceding page. -V. 107, p. 697. tial to public health and safety. (4) Adoption of skip-stop system, as recommended by superintendent United Railways Co., St. Louis. -6 -Cent Fare Annulled. of public utilities. Judge J. G. Slate in the Cole County (Mo.) Circuit Court at Jefferson 5) Right to eliminate operation over certain short lines. City on Aug. 31 annulled the 6 -cent street car fare recently granted the 6) Right to operate additional one-man cars of large type. company by the Missouri P. S. Commission. The case will go now to the (7) Regulation of parking of automobiles on downtown streets. Missouri Supreme Court for final disposition, and unless supersedas bonds 8) Relief from further payment of gross earnings tax. are filed, the company will be enjoined from collecting the extra I cent fare. 9) Elimination of charge for crossing policemen. Attorneys say the 10) Use of 15th Ave. northwest bridge, city to waive payment for use to issue receipts bonds will be filed. The company then will be required to all passengers for each fare. The Court held that the of this bridge and Fremont bridge during term of agreement. Commission was without jurisdiction under the State constitution to pass In return for the benefits outlined above, tho company agreed "to pro- on the application of' the company. -V. 107, p. 907, 697. ceed in good faith to join with the representatives of the city and of the Rainier Valley company in putting into effect such plan of operation inVicksburgh Shreveport & Pacific Ry.-Payments to volving common use of tracks, interchange of rolling stock and universal transfers as will best serve the traveling public and preserve the interests Government. See "Government Advances to Railroads" etc. above and also "Current of all three parties." The company also agreed to construct a single-track railway lino on Avalon Way, when its application now pending before the Events and Discussions" on a preceding page. -V. 107. 1:). 182. U. S. Shipping Board is favorably acted upon. Wabash Ry.-Advances by United States Government. Tho company's letter further says: "Pending the consummation of the See "Government Advances to Railroads" above and also under "Current sale of the company's street railway system, the company will retain only the same street railway not earnings, after payment of taxes, as for the Events and Discussions" on a preceding page. -V. 107, p. 605. average over five years ending Dec. 31 1917, plus interest, depreciation and Wages. -United States and Canadian Rail Wages. insurance on now property added since that date, plus an amount necessary Director-General McAdoo has approved increases ranging from about to make the cost to the street railway system 1% per kilowatt hour for all power used in operation of tho system, with the understanding that if the 10 to 30% for nearly 1,000,000 men employed as track laborers, watchmen, earnings aro less than the pre-war earnings, with the above necessary addi- other maintenance of way employees, clerks, station agents and other tions, further relief will be granted up to the date of passing title to the classes of employees drawing relatively low pay. It is understood that the property. Any balance in excess of the above will be turned over by the new wage order will add nearly $100,000.000 to the annual railroad pay roll. After an agreement effected in the Dominion of Canada on Sept.3 between company to the city toward a fund to be used for the purchase of the company's street railway system, this amount to be turned over when nego- the Canadian War Board and representatives ef the Railroad Shopmen's Federation, wage increases amounting to $15,000,000 annually will be tiations are finally consummated. "This agreement is to remain in effect during the period of the war, sub- granted to 30,000 men in railroad shops throughout Canada. -V. 107. ject to the obligation on tho part of the city from time to time to co-operate p. 907, 403. with the company in securing such increase in fares or other relief to enable Waterloo Cedar Rapids (Elec.) Ry.-Federal Control. it to meet demands for service and increasing costs if such further help This company's property has been taken over by the United States RailIs necessary, provided, however, that it will be terminated if and when the , road Administration. cautirchases the railway property of the corneany. ..Selleiglssipt.lsoba.v. , -V. 106, p. 398. Government Representatives Insisting on ettlement.- Looking to an immediate settlement of the transportation problem in Seattle, J. P. Blain, district officer of the U. S. Shipping Board Emergency Fleet Corp., and Edward A. West, Pacific Coast representative of tne Passenger Transportation and Housing Division, on Aug. 29 sent a letter to the Mayor and City Council, stating that it is imperative that steps bo taken immediately to put into effect the following operating agreement between the city and the Puget Sound Traction, Light dr Power Co. and Seattle & Rainier Valley By for the period of the war or as hereafter noted: -(1) That so far as service to the shipyards is concerned, the Operation. lines be unified for op9ration to the extent that through a proper committee certain cars of each of the three systems be permitted to operate over existing and proposed trackage serving the shipyards. It is suggested that this committee be composed of an operating official of each of the two traction companies interested and the Commissioner of Public Utilities. That the three interested elect one of their number as Chairman of the committee. It will be the duty of this committee to work out the scnodulos, routes and a proper proportion of the expenses between the parties concerned. Fare. -(2) That each of the parties concerned be authorized to charge a 6c. faro for a straight ride with lc. additional charge for transfers. That this method of operation under the control of this committee be begun at once and continued for a period of 90 days after the beginning of operation over the elevated lino, during which time the adjustment of all other questions between the city and the company shall be worked out. (3) If a satisfactory adjustment cannot be made within this period of 90 days aforesaid, the city shall be free to withdraw from this agreement. -(4) If the foregoing principles are put in effect, the above-named Loan. Government representatives will recommend a loan on an equitable basis sufficient to complete the existing projects connected with the necessary service to shipyards for both trackage and cars provided satisfactory security can be obtained. Will further state in event of failure on the part of those concerned to take the necessary stops, some drastic action by the -V. 107. p. 906, 604. Government will be taken. Quebec Railway Light & Power Co. -New Director. A. E. Labolle has been elected a director of this co. -V. 103, 13• 1119. Rapid Transit in New York. -Clark Street Tunnel. It is stated that construction work on the Clark St. tunnel between Manhattan and Brooklyn is to bo completed by Oct. 1 and the operation of the Brooklyn end of the "H" system will begin as soon after as signal systems. Arc.. can be Installed. -V. 107, p. 502, 292. - - rdiM70.--7trzsdiction Extended. 1"e 'rho Jurisdiction of C. H. Ewing. Western Maryland RR. -Advances by U. S. Govt. See "Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page. -V. 107, p. 698, 403. Wheeling & Lake Erie RR. -Advances by U. S. Govt. See -Government Advances to Railroads" above and also under "Current Events and Discussions" on a preceding page. -V. 107. p. 285. INDUSTRIAL AND MISCELLANEOUS. Air Nitrates Corporation.-Governnzent Control. - Announcement is made that the United States Government has taken over the entire construction of the air nitrates plant at Toledo, Ohio, which the corporation was to build and operate in the Govt.'s behalf. -V. 107. p.605. Alaska Gold Mines Co. -Ore Milled Tons, 1918 -Aug. -1917. Decrease. 1918-8 Mos.-1917. 179.150 96,250 82,900 I 950,013 1,529.728 -V. 107, P. 907, 605. Decrease. 579.715 Albion Gas Co. -Earnings, &c. See American Public Utilities Co. under "Reports" above. -V.86, p. 170. Allis-Chalmers Mfg. Co. -Div. on Accumulations. The directors have declared a dividend of of 1% on account of accumulations on the preferred stock, payable Oct. 15 to holders of record 434%, A like amount Sept. 30. Accumulations at present amount to was paid for the last three quarters. -V. 107, p. 605. 403. Amalgamated Petroleum Corp. -Stock Increase. This company has filed notice in Delaware of an increase in its authorized capital stock from $2,125,000 to $2,250,000. American District Telegraph Co. -President Resigns. Wm. L. Jacoby, President, has resigned from that position, it is said. -V. 106, p. 1579. American Factors, Ltd., Honolulu, T. H. -Offering of Stock Trust Certificates. -The Trent Trust Co., Ltd., Federal Manager for the Philadelphia Honolulu, between Aug. 5 and Aug. 20, received subscrip& Reading Ry., Central RR. of New Jersey, New York & Long Branch tions at $150 per share for stock trust certificates of this RR., Atlantic City RR., Port Reading RR. and Philadelphia Belt Lino RR. (north of Port Richmond yard), has been extended over the Staten Island company which has been formed by the Americanization of Rapid Transit RR. which line has been released from the jurisdiction of H. Hackfeld & Co., Ltd. Federal Manager X. W. Thompson, effective Sept. 1. Organization. -In accordance with the reorganization plan proposed by See Baltimore & Ohio RR. above. -V. 107. . p,..(123. 402. the Alien Property Custodian and adopted by the stockholders of H. Hackfeld & Co., Ltd.. a corporation has been organized in the Territory W(Pa. Transit & Light Co. -Fares.- --This company has given notice that it intends to ask another increase in of Hawaii known as the American Factors, Ltd., having a capital stock fares from 6c. to 7c. in Reading and Lebanon. Faros on the remainder of ($5,000.000), fully paid, par $100. for the purpose of taking over the entire business and property of H. Hackfeid & Co., Ltd. system have been increased to 8c. the -V. 107, P. 182. , Ilrtirresiv-. -All of the 50,000 shares will be transferred to seven trustees, Trusteeship. Arai nrchmond & Chesapeake Bay RR. namely: George Sherman, R. A. Cooke, F. C. Atherton, C. R. Hemenway, -No Sale.ThLs property was offered for sale on Aug. 28 at Richmond, Va., but Richard II. Trent, A. W.T. Bottomley and G. P. Wilcox, all of Honolulu, the liquidation trustees refused an offer of $90,000 made by B. Coblitz, under a trust agreement to continue during the present war with Germany a junk dealer of Chicago. It is the hope of the trustees that the property and thereafter for a period of three additional years, under which agreement trust certificates will be issued by the trustees in lieu of the 50,000 shares may be sold to a purchaser who will continue its operation. of stock, which trust certificates will entitle the holders to all of the benefits Richmond Fred. & Potomac RR. -Payments to Govt. - of stockholders, except the privilege of voting, which will be exercised See "Government Advances to Railroads" above, and also under "Cur- by the trustees, and except that sales or pledges may be made only with rent Events and Discussions" on a preceding page. the approval of the trustees. Holders of trust certificates will receive -V. 107, p. 697. payments equal to the dividends, if any, collected by the trustees upon a -San Francisco RR. Payments to Government St. Louis See "Government Advances to Railroads" etc. above and also "Current like number of shares. -The enterprise will conduct a general agency business, repBusiness. a preceding page. Events and Discussions" on resenting plantations, fertilizer works, insurance companies, and manufacturers, and will have agency contracts with many large sugar plantations. Interest Payment. Statement of Assets and Liabilities. This company will nay on Oct. 1 an annual installm&t of 3% on its adAssetsLiabilities justment bonds and 6% on the income bonds. -V. 107, p. 604. Cash in bank & on hand.. $1.410,874 Preferred stock $300.000 St. Antonio Uvalde & Gulf RR. Advances by U. S. Govt. Bonds and stocks 5.235,374 Common stock 3,700.000 See "Government Advances to Railroads" above and also under "Current Real ext. and invest.. &c_ 1,612,489 Undiv. profits & reserves 3,924,994 Merchandise inventories_ 1,232,400 Agency & personal accts. Events and DISCUsSIOns" on a preceding page. -V. 107, p. 402. Loans receivable and trade creditors__ _ 4,527.666 722,616 Scranton (Pa.) Railway. New Fare Tariff. Notes receivable 146,041 Sundry credit balances__ 56.899 This company has filed with the Pennsylvania P. S. Commission a new .Agency & personal accts. (Total each side) $12,509,560 in all zones from 6c. to 8c. tariff calling for an increase in fares rec. and trade debtors.. 2,121,716 I -V. 107, p. 502. Other assets 28,050 I THE CHRONICLE 1006 [VoL.107. .11.10•11 Co. Since 1910. -Bonds. Statement of Earnings and Dividends of II. Hackleld China Mail Steamship Corporation. 1917. 1916. 1915. Cal. Yrs.- 1910. 1912. 1914. It Is understood that the entire issue of $1,750,000 7% bonds of this Net earns_ _ _5718,063 $864,894 $590,979 $840.306 $1,491,780 $1,661,624 company, recently offered by Blyth, Witter_& Co., has been sold. See 955,000 offering, V. 107, p. 698. Divs. paid__ 511,000 548,000 326,000 474,000 770,000 $934,945 Average net earnings, eight years $548,000 -Sub. Co. Notes. Average annual dividends paid eight years Commonwealth Edison Co. of Chicago. -V. 106, p. 922. -George Sherman, Chairman; R. A. Cooke (V.See Midland Counties Coal Co. below. Directors (Officers). J. Lowrey, Pres.), Richard H. Trent, A. W. T. Bottomley (Pros.), F. -The courts of -Receivership. Connecticut Brass Corp. R. C. Walker (Treas. & Asst. Mgr.), F. C. Atherton, C. R. Hemenway (V.-Pres.), W.P. Dillingham, G.P. Wilcox (Sec'y & Asst. Mgr.), Norman Connecticut and Delaware have appointed Wm. H. Cover-V.107, p. 804. Watkins. corporation. A -Board Increased. American Hide & Leather Co. Henry Evans, Thomas B. Yuille and Melt C. Branch have been elected directors of this company, increasing the board from 14 to 17 members. - 107, p. 804. V. -No Action on SecAmerican Pneumatic Service Co. ond Preferred Dividend. The directors have declared the regular semi-annual dividend of 33. ($1 75 per share) on first pref. stock, payable Sept. 30 to holders of record Sept. 14, while no action was taken on the $6,328,000 outstanding second preferred stock dividend. Compare V. 107, p. 907. American Snuff Co. -Common Dividend Decreased. The directors, it is said, have declared a quarterly dividend of 2% on the $11,000,000 outstanding common stock, along with the regular quarterly disbursement of 1%% on the preferred stock, both dividends being payable Oct. 1 to holders of record Sept. 14. Record of Common Dividends. Year'03-'06. '07. '08. '09. '10. '11. '12. '13. '14. '15-'17. 1918. Common % 10 y'ly 10% 13 19 20 20 12% 12 9 12 y'ly 2, 3, 3, 2 do extra 3 3 2% 9 4 - 106, p. 1227. V. dale receiver to administer the affairs of this report recently made by the present receiver says in part: When the Connecticut Brass Corporation and the Pilling Brass Co. were merged last November working capital was provided based upon statements of the management as to the amount of money necessary to complete the several units which were then in the process of construction to care for the increased production resulting therefrom. It was found necessary to spend more than $200,000 in excess of the amount figured upon to complete these units, and due to priority orders of the Government and various other causes beyond the control of the management the increased production was delayed several months. The products of the plant were sold ahead based on the expected increase In production last January. The result, on account of the delayed construction, was to find the company facing a sales situation which was intolerable, the production of the plant being oversold several million pounds. A noteholders' and creditors protective committee has been formed to protect the various interests involved, composed of Henry E. Cooper, Vice-Pres, of the Equitable Trust Co., as Chairman; George F. Naphen. of Liggett & Drexel. and Arthur J. Skinner, Pres. of the Commercial Trust Co., of Springfield, Mass. The holders of the 6% notes and the general creditors are asked to deposit their claims with the committee at the Equitable Trust Co. The Equitable Trust Co. has been named as depositary, and Murray, Prentice & Howland are the counsel for committee. -The committee Committee. Call -Extra Liberty Bond Div. named for Deposits by Protective on another page invites the American Steel Foundries Co. above by advertisement holders of the Two-year 6% Convertible gold notes and all other creditors of the corporation to deposit their notes or -V. 106, p. 89. claims with the depositary. for New Tobacco Co. -Financing-Permission American -New President. Crew-Levick Co. Issue Delayed by Capital Issues Committee. -This company, President to succeed William Muir. J. which has maturing on Nov. 22 bankers' acceptance credits -V.C. McDowell has been elected 103, p. 1034. amounting to $25,000,000, has had under contemplation -Earnings, &c. Danville Light, Heat & Power Co. the replacing of the same by a like amount of serial notes. See American Public Utilities Co. under "Reports" above. was made yesterday that the Capital IsAnnouncement -Liberty Bond Dividend. Eagle & Blue Bell Mining Co. sues Committee has refused permission to the company to The directors have declared a dividend of 10c. per share on the $893,Loan the present time. The Tobacco 146 outstanding capital stock, par $1, it is said, payable in Libertyrecord sell the $25,000,000 notes at of bonds or War Savings stamps, on Sept. 20 company, however, is permitted to renew its request for the 4Yi% 10, out of reserve for depletion. A like amountto holderson June 10 was paid Sept. necessary Government sanction at a future date. Atm 111110.1111S1111 -V. 106, p. 2013. last. While no time has been set, it is regarded as probable that it will bellie -Production (Lbs.).East Butte Copper Mining Co. in October, after the closing of the forthcoming Liberty Loan offering. The directors, it is said, have declared an extra dividend of 1U% along with the reguiar quarterly dividend of 1%%, both payable Sept. 30 to holders of record Sept. 14. The extra dividend is payable in Liberty Loan -V. 107, 13• 604. (4%) bonds of the second Issue. A syndicate headed by the Guaranty Trust Co., Chase Securities Co. and Kidder, Peabody & Co. was formed about one year ago to purchase the -day notes of the company, which notes were accepted by $25,000,000 90 a group of banks and trust companies and distributed among financial institutions. Under the terms of the arrangement, the members of the syndicate arranged for renewals of 90 days, each, the life of the credit being 12 months. It is understood that the same group of bankers was arranging for the new financing. -V. 107, p. 604. Increase. 1918-8 Mos.-1917. Increase. 1918-Aug.-1017. 37,998117.104,358 11.822,040 5.282.318 1,676,360 1,714,358 operations were resumed in Aug. 1917 after 1% months' shutSmelter -V. 107, p. 608, 184. down. -Earnings, &c. Elkhart Gas & Fuel Co. -V.78, p. 231. See American Public Utilities Co. under "Reports" above. -Output of Automobiles in Last General Motors Corp. -Prices Fixedfor New Woolen Clip. Half of 1918 Limited to 25% of 1917 Output. American Woolen Co. See page 854 In last week's issue. -V. 107, p. 804. American Zinc, Lead & Smelting Co. -Price Continuance Approved. See page 858 in last week's issue. -V. 107, p. 908, 804. -Output (in Lbs.).Anaconda Copper Mining Co. 1918-Aug.-1917. 24,900,000 11,175,000 Increase. Increase. 1918-8 Mos.-1917. 13,725,0001208,084,000 186,225,000 21,859,000 New President. C. F. Kelley, formerly Vice-President, has been elected President to succeed John D. Ryan, resigned. -V. 107, p. 804, 606. -Note Extension. Appalachian Power Co. We are informed that this company's issue of $2,170,700 7% notes, due Sept. 1, has been extended through the issuance of a like amount of 7% notes dated Sept. 11918. due Jan. 311920. Compare V. 107, p. 804. -Debenture Conversion-Listed in Chicago. Armour & Co. The Continental & Commercial Trust Savings Bank and Halsey, Stuart & Co., Chicago, announce that Interim certificates calling for delivery of 6% debentures may be converted at the option of the holder, par for par, commencing Sept. 3, into interim certificates for 7% Cumulative preferred stock. Permanent stock certificates will probably be ready on or about Dec. 1. The Chicago Stock Exchange has admitted to regular list this company's $60,000,000 7% cumulative preferred stock, par $100, issued in exchange for 6% Convertible debentures, on and after Sept. 1 1918.-V.107, p. 804,606. Binghamton Light, Heat & Power Co.-Bonds.Tho New York P. S. Commission has authorized this company to sell $100,000 5% 30-year First Refunding & Impt. bonds, under a petition filed early in 1917.-V. 106, p. 2453, 931, 299. -Stock. Blaw-Knox Presesd & Welded Steel Co. This company has increased its authorized capital stock from $2,000,000 to $3.000,000. Boise Gas Light & Heat Co. -Earnings, &c. See American Public Utilities Co. under "Reports" above.-V.93,p.1536. Buffalo Mines, Ltd. -Capital Reduced. Issuance of letters patent by the Province of Ontario reduces the capital stock of this company from $750,000, divided into 1,000.000 shares of 75c. each, to $500,000, divided into 1,000,000 shares of 50c. each. V. 105, p. 718. -Earnings. Canada Bread Co., Ltd., Toronto. 1918. 1917. June 30 Years. 1918. 1917. Total profits $226.206 $212,812 Pref. divs. (7%).... $87,500 $87,500 71,028 Common div__(2%)50,000 Bond interest, &c_ 68,938 1,500 12,522 Patriotic fund Bond redemption_ 12,500 Balance. surp_ 41,762 5,768 Total profit and loss surplus June 30 1918, $153,523.-V. 105, p. 2186. -Production (in Lbs.).Cerro de Pasco Copper Corp. ...MD -1917 -Aug. 1918 6.036,000 5,786,000 -V. 107, p. 698, 184. .1•••••••••=1.M. Increase. Decrease.' 1918-8 Mos.-1917. 250,000148,112,000 45,534,000 2,578,000 .4'IN kti 4iN REM Asa See page 857 in last week's issue. Possible Distribution of Stock. -V. 107, p. 908. 805. See Chevrolet Motor Co. above. • -Earnings. General Petroleum Corp., San Francisco. Earnings for Years ending June 30 (Incl. General Pipe Line Co.). 1917-18. 1916-17. 1917-18. 1916-17. Gross profits.._ _8,183.106 4,884,889 Other deduc'ns_ 459,338 407,691 Net earnings......7,212,295 4,278,042 Pref. diva. (7%) 224,851 224,851 94,143 Com. div.(l0%)1,349,018 118,694 Other Income__ Prov.for Fed.inc. &exc.prof.tax.1,097,520 Gross income_7,330,989 4,372,185 Int. on fund. dt_ 341,273 314,870 Bal., surplus_2,188,621 2,118,816 Depr. on equip_ 804,588 647,794 Exh. of oil lands 865,780 658,163 Tot. p. & I. sur_4,382.090 2,479,345 -V. 107, 1). 295 . -Bonds Retired. Gillette Safety Razor Co. -year 6% It is announced that this company has retired $700,000 of its 5 -V. 107, p.699. notes. making $1,900,000 of this issue already called. -The offering -Further Data. Gorton-Pew Fisheries Co. by Richardson, Ilill & Co., Boston, of this company's 8% cumulative pref. stock was announced by advertisement in a recent issue of the "Chronicle" (stock now all sold). ata from Letter of Pres. Benjamin A. Smith, Dated Aug. 20 1918. Capital. (on Completion of Present Financing)- Authorized. Outstand'g. $2,000,000 $2,000,000 8% cumulative preferred stock, par value $100 3,260,000 3,250,000 Common stock, par value 350 -]Formerly a Maine corporation for 10 years, was incorOrganization. porated in Mass. in Dec. 1916 and is the largest producer of salt fish in the United States. The company owns extensive plants at Gloucester.. Mass., on the water front, including docks, warehouses and factories en gaged in the curing of all kinds and grades of salt codfish, pickled mackerel' smoked herring, finnan haddies and the canning of various kinds of fish. These factories are equipped with the most modern machinery for preparing, packing and canning fish. Its principal plants were equipped about a year ago with a sprinkler system for fire protection. The company also operates a canning plant at East Boston, a sardine plant at Stockton Springs, Me., and three other branch factories in Newfoundland. The total number employed in both its main and subsidiary plants is approximately 1,400 persons. The company's fishing fleet consists of 88 vessels, including two beam trawlers, fully covered by marine and war risk insurance; cargo insurance is also carried. Nearly all of these vessels are equipped with auxiliary power, greatly increasing their efficiency. Approximately 1,600 persons are engaged in the vessel service on a profit-sharing plan. Distribution.-Chlefly from the Gloucester headquarters, through its selling organization. In addition distributing branches are maintained in New York, Chicago, Milwaukee and San Francisco. The company also exports to Mediterranean ports, Cuba, Brazil and the Argentine, through reputable merchants established in the United States. Consolidated Income Account for Fiscal Year Ending March 311918. $9,376,821 Total sales of manufactured products 1,251,761 Total income Amount available for pref. dividends after deductions for war -Sale at Auction. Champion Lumber Co. $813,971 taxes, interest charges, &c A. B. Kimball and Henry B. Stevens, as commissioners, will sell as an -Beginning with 1919 fiscal year, for the retirement of the Sinking Fund. entirety at public auction to the highest bidder at the Court house in pref. stock. 5% annually of all pref. stock issued, without deductions for Waynesville, N. C., on Sept. 23, the property, &c., of this company. stock purchased, redeemed or retired. -V. 103, p. 1033. -No now prior stock or mortgage, except with Preferred Stock Provisions. consent of two-thirds of the pref. stock outstanding. No dividend on the -General Motors Stock. Chevrolet Motor Co. common stock if such dividend will reduce the net quick assets, incl. as A marked decline In the price of the shares of the General Motors Co. quick assets vessels and securities of companies owning vessels to an amount Is explained as due to the report that the directors of the Chevrolet Motor leas than 125% of all pref. shares outstanding. Holders of pref. stock shall have no voting power unless: (1) Four suoCo. have practically decided to distribute to the holders of that company's $64,004,800 stock, probably by Oct. 15. the 732.684 shares ($73.268.400) cessive quarterly dividends upon the pref. stock or payments to the sinking General Motors Corp. held in its treasury (see fund shall have accrued and shall not have been paid; or (2) any other of of the common stock of the V. 106, p. 824), amounting to 1 1-7 shares of the latter for each share of the terms, conditions and restrictions concerning the pref. stock shall -V. 107. p. 504. have been violated. Chevrolet outstanding. SEPT. 7 1918.1 1007 THE CHRONICLE -Benjamin A. Smith, Pres.; Thomas J. Carroll, Officers and Directors. V.-Pres. & Gen. Mgr.; John J. l'ew, Chairman of Board; Wm. T. Gamage, Mgr. Canning Dept.; Chas. A. Andrews, Treas.; Chas. H. Gamage, Sec.; Thomas S. Gorton, James E. Lenheart, J. William Darcy, Charles B. Wiggin, Daniel W. Gurnett, Jos. 0. Procter Jr., Walter I. Bigelow, -Compare V. 107, p. 805. William F. Moore, Frederick H. Tarr. Listed in Boston. The Boston Stock Exchange has admitted to list the 65,000 sonunon -V. 107, p. 805. shares, par $50, of this company. 8% $500,000 7% Convertible notes, maturing $100,000 in 1919, $200,000 in 1920 and $200,000 in 1921. The entire capital stock of the company is owned by the Commonwealth Edison Co. of Chicago. Further data should appear another week. -V. 105, p. 75. -Eddystone Rifle Output. Midvale Steel & Ordnance Co. It is reported that the output of rifles from this company's Eddystone -Bonds Called. (A. P.) Green Fire Brick Co. This company has called for payment on Oct. 1, at par and int., 14 of its 6% First Mtge. ($1,000) gold bonds, due Oct. 1 1919, Nos. 37 to 50, incl., and bonds numbering from 51 to 100, incl., of $1,000 denom., but due Oct. 1 1920 at the St. Louis Union Trust Co., St. Louis, Mo. -Stock Increase. Haverhill (Mass.) Electric Co. has received notice The Massachusetts Commissioner of Corporations of an increase in this company's authorized capital stock by $175,000 bringing the total capital to $945,900.-V. 106, p. 767. -Extra Dividend. Hercules Powder Co. The directors, it is said, have declared an extra dividend of 2% on the regular disburse$7,150,000 outstanding common stock along with the Sept. 15. ment of 2%, both payable Sept. 25 to holders of record Record of Common Dividends Declared. 1918. 1913. 1914. 1915. 1916. 1917. 8 2, 2, 2,8 8 8 3 Regular (%) 2, 2, 2,3934 14 8 0 Extra, cash (%) Extra, Red Cross (%) -V. 107, p. 295. -Earnings, &c. Holland City Gas Co. Soo American Public Utilities Co. under "Reports" above.-V.106,p.611. -Annual Earnings. Hupp Motor Car Corporation. plant during Aug. was 103,000 pieces, compared with 130,000 in July, thus bringing the total production by the company for the United States Government to the end of August up to 937,000.-V. 107, p. 610. -Earnings. Mining Corporation of Canada, Ltd. Year ending June 301918. Gross income $3,964,494 Net profits 2,604.434 Dividends from Cobalt 223,114 Red. Co., Ltd 103,274 Interest Deduct -Gen. exp., &c___ Dividends* Surplus for year Previous surplus 1918. $373,730 1,556,297 1,000,795 2,447,583 Total p. & I. surplus $3,448,378 June 30 1918 Total net income $2,930,822 * The dividends above, amounting to $1,556,297, consisted of: No. 6, 1234c. plus 25c. bonus, paid Mar. 15 1917: No. 7, 1234c. plus 6Yic. bonus, paid June 15 1917: No. 8. 1234c. plus 6 V,e. bonus, paid Sept. 15 1917; No. 9. 1234c. plus 63.4c. bonus, paid Dec. 15 1917. Capital stock. fully paid, $8,300,250; par $5 a share. -Stock Increase. Minute Tapioca Co., Orange, Mass. This company has received permission from the Capital Issues Committee to increase its stock by $200,000, consisting of $50,000 common stork and $150.000 preferred. The company petitioned for an increase of $300,000. -Sales. Montgomery Ward & Co., Chicago. Press reports state that gross sales for August show an approximate increase of 35% over August 1917.-V. 106. p. 933, 825. Results for Periods ending June 30 (Incl. Amer. Gear & Mfg. Co.). Six Mos. ending Year ending -Financing. June 30'18. June 30'17. June 30'J7. June 30'16. Murray-Kay, Ltd., Toronto. $337,009 $300,371 $271,479 $836,691 Net profits The shareholders of this company will vote on Sept. 16 on a plan of re45,777 49,173 organization and issue of $250,000 additional capital stock. 91,554 -V.103, p. 243. 91,553 Prof. divs. (7% p. a.) $291,233 $179,925 $251,198 $745,138 Balance, surplus -Rate Increase. New Jersey Gas & Electric Co.(Dover). The balance sheet of June 30 1918, contrasted with that of June 30 1917, The New Jersey P. U. Commission has granted this company permission shows: Cash, $731,166, against $339,256; bills and accounts receivable, to increase its rates for gas. The rate per thousand for the first 3,000 $748,051, against 3591,673; materials and supplies, $1,834,786, against Cu. ft. will be $1 60, as compared with $1 25 at present. A sliding scale $2,093,441; preferred stock purchased for retirement, $99,710 (out of is provided for increased consumption. -V. 104, p. 2016. $1,307,900 outstanding): current liabilities, $749.646, against $858.700; total profit and loss surplus, $1,176,263, against $431,124. The $200,000 -Stock Increase. Northwestern Knitting Co. -V. 106, P. 713. purchase of Am. Gear & Mfg. Co. has been paid. due on Referring to the recent notice of the increase in the authorized common $1,600,000, we are informed of this company from $1,500,000 to Hydro-Electric Commission of Ontario.-Acguisition. stockthe increase in the outstanding amount has been made from $1,500,000 Negotiations have been instituted with the Windsor Essex & Lake Shore that to 81,537,000. No change has been made in the issue of the preferred. Re. for the purchase of that company's system, which operates between stock. Officers of the company are: F. M. Stowell, Pres.; Franklin ChatWindsor and Kingsville and Leamington. The price asked by the com- field, V.-Pres.; Milton B. Kerr, V.-Pres.; John R. Van Derlip, Sec.; Chas. L. pany is said to be about $1,000,000.-V. 106, p. 1581. Pillsbury, Treas.-V. 107, p. 807. -Rate Increase. Imperial Valley Gas Co.,Redlands, Cal. The California RR. Commission has granted this company,the Modesto Gas Co., the Turlock Gas Co. and the Needles Gas & Electric Co. permission to increase their rates, so as to permit the earning of a fair return -V. 94, p. 211. on the investment. -Production, &c. Ohio Oil Co. President J. C. Donnell is quoted in substance as saying that durinT1917 the company drilled and purchased 920 wells, end on Jan. 1 1918 its production showed a decrease of 2,300 bbls. a day, compared with Jan. 11917. Notwithstanding the large amount expended in drilling and purchasing 7% -Production (in Lbs.).- now production, actual oil receipts thus suffered a decrease of aboutfield Inspiration Consol. Copper Co. a day. The Ohio Oil Co. has entered the North Central Texas 1917. I 1918-8 Months 1918. Aug. 1918 through its subsidiary, the Mid-Kansas 011 & Gas Co. The Ohio Oil Co. 67,400,000 is one of the largest dividend payers in the Standard Oil group. At the end (Strike)167,750,000 9,000,000 -V. 107, p. 608, 185. of 1917 it had a surplus of $65,950,000 and its cash, accounts receivable and merchandise totaled $68,180,000, with accounts payable of 34,533,000. -Contract. Island Oil & Transport Co. reported that a contract involving over 1,000.000 bbls. of oil has -V. 106, p. 2344. It is corporation with one of the Standard Oil subsidiaries, Just been closed by the -Stockholders Oklahoma Natural Gas Co., Tulsa, Okla. the oil to be llelivered at Gulf ports in the Transport Corporation's own equipment. Deliveries, it is reported, are to begin in Oct. It is also re- of Record Sept.5 Offered Right to Subscribe at Parfor $1,356,500 made a contract with one of the Now York ported that the company has of present holdings) at Tulsa on or refining concerns for a substantial amount of oil to be delivered aboard the New Stock (about 16% -Proposed 30% Dividend in Stock of New refining company's tankers at the Island Oil Corporation's Palo Blanco Before Sept. 10 -V. 106, p. 2653. terminal. Will Own Oil Leases and Interests and Gaso- -Earnings, &c. Jackson Light & Power Co. -V.105, p. 1104. See Am. Public Utilities Co. under "Reports" above. Subsidiary Which -President G. T. Braden in circular dated at line Plants. Tulsa Aug. 24 says in substance: -Bonds Called. The authorized capital stock is $10,000,000; there are now outstanding Knoxville Gas Co. leaving in the treasury 54.260 Five ($5.000) First Mtge. 5% gold bonds, Nos. 10, 15, 264, 268, 367, 345,740 shares of $25 each (38.643.500), present time a floating debt of have been called for payment on Oct. 1 at 103% and int. shares (or $1,356,500). There is at the due Oct. 11933, It has been decided to issue the treasury 107, P. 85. -V. approximately 31,120.000. at the U. S. Mtge. & Trust Co. stock at par, first offering it to stockholders of record Sept. 5 pro rata -Interest on Income Bonds. at par4n amounts equal to 15.6938% of present holdings [omitting amounts Lake Superior Corp. be considered]. This corporation has announced that interest will be paid on its income less than one share which will not stockholders has The portion which may been underwritten and bonds at 5% on Oct. 1 1918 in respect to the coupons due that date. This not be subscribed by the present par. Subscriptions must reach the office the fiscal year ended June 30 1918. Coupons will will be sold to the underwriters at represents interest for -V. 105, p. 952, 806. of the company in Tulsa, Okla., on or before Sept. 10 1918, covering full be paid at the First National Bank, Philadelphia. shares only. Subscriptions are payable 25% cash [certified check] and -Earnings. the balance upon delivery of a certificate for the stock allotted. Laurentide Company, Ltd., Montreal. The company intends to convey its oil leases and interests and its gaso1916-17. 1917-18. 1916-17. June 30 Year: 1917-18. line plants to another corporation which is to be capitalized at $3.000.000. $2,220,660 Dopr. of bldgs. Total profits_32.593,835 and plants_ $271,883 $116,670 which is 30% of the entire authorized capital stock of this company. After Bond int., &c_ $227,296 3115,797 268,182 Dividends_(10%)960,000 (9)864,000 the treasury stock has been sold, the $3.000,000 capital stock of the cor240,000 War tax Bal., surP-- $744,655 $856,011 poration to which is to be conveyed the oil and gasoline properties is to be Empl. pen. fd. 150,000 Total profits in 1917-18 include mill net from ground wood, sulphite distributed to the stockholders of the Oklahoma Natural Gas Co., each of paper, &c., $2,311,800; profits from lumber, &c., $148.122, and from whom is to receive in stock of that company 30% of his holdings in the pulp, • investments, $133,914. Total p. & I. surplus June 30 1918, $2,425,548. Oklahoma Natural Gas Co. -V. 105, p. 1205. Detailed Inventory and Appraisal.-Hagenah & Erickson, -Litigation. Louisville Gas & Electric Co. In the ca.se of the city of Louisville against the company to recover from the company $250,000 on a bond executed for the faithful performance of its contract, Judge Chas. T. Ray has ruled that the company cannot rely on an act of God or an order of the United States Government as an excuse for its failure to comply with the provisions of the franchise ordinance to -V. 107, P. 185. furnish natural gas to the Louisville public last winter. -New Stock Main Belting Co. The stockholders will vote on Oct. 8 on increasing the capital stock from $100,000 to $1,300,000, of which increase $600,000 shall be common stock and $600,000 6% cumulative preferred stock par $100. -First Preferred Dividend Maxwell Motors Corp., Inc. Subject to the Approval of the Capital Issues Committee. This company has declared a dividend of 31 75 on the first preferred stock, payable in first preferred dividend certificates on Oct. 1 1918 to shareholders of record Sept. 10, "subject to the approval of the Capital Issues Committee." Compare V. 107, p. 909, 806. Merchants' Heat & Light Co., Indpls.-Tax Settlement. This company and the city of Indianapolis have reached an agreement whereby the company will pay to the city one-half of the city lighting contract tax and the city will pay the company for service given to the city since the January,.minus the surcharges asked by to company. the company because the comThe city has been holding up payments not paid its contract tax of 5% of the gross revenue from the pany had street-lighting contract. Earnings, &c. -V. 106, p. 1799. See Am.I'ublic Utilities Co. under "Reports" above. -Output. Miami Copper Co. 1917. 1918. 1916. 1915. 250,000 4,698,795 4,038,000 Output, month of August_ _ _ 5,374,198 39,260,585 30,161,611 34.461,792 20,701,292 months Output, eight -V. 107, p. 506, 185. -Note Offering. -Peabody Midland Counties Coal Co. Houghteling & Co., Chicago, are offering at a price to yield engineers, as of Aug. 17 report in brief: The inventory was made in great detail to serve as the basis for a more subdivided appraisal at a later date, and also to form the basis for a system of property records. Every part of the property was visited, inspected and classified as to character and physical condition, in order to determine the normal reproduction cost and the reproduction cost new less the then existing depreciation on a basis of costs for labor and material as reflected by the level of commodity prices as of 1916. We have made an allowance for the cost of establishing the business, ba.sed on the conclusions of public service commissions and courts in the case of similar items for other companies: also an allowar ce for overhead charges to the amount of 12% designed to cover engineering, interest, taxes, legal and administrative expenses during construction, &c. This 12% allowance has not been applied to the company's appraised value of leaseholds and oil wells and gas wells. The value of the latter classes of property was determined by appraisers selected for such purpose by the company, whose conclusions we have adopted and incorporated in our report without change. Summary Showing as of July 1 1918 (1) the Reproduction Cost of the Property New and (2) the Reproduction Cost New Less Existing Depreciation. (1) Reproduction (2) Present Value. Cost New. $6,359,271 $6,359,271 Production property 11,257,326 10,156.184 Transmission system 1,153.226 1,409,264 Local utilities 185,511 211,642 Gasoline plants 35,332 50.378 Utility equipment 34,360 39.795 Furniture and fixtures 821,444 912.716 Material and supplies Total physical property Cost of establishing the business Working capital, cash and cash items only $20.240.392 $18.745,328 1,296,640 1,296.640 426,000 426,000 321.963.032 320,467.968 Total According to the above table, the reproduction cost new and the reproduction cost new less existing depreciation, or the so-called "present value." were $21,963,032 and 320,467.968, respectively, and we hereby certify that on the basis herein set forth, the above results are true and accurate and reflect the fair value of such property as of July 1 1918.-V.106. p. 2762. 1008 THE CHRONICLE Ottawa Light, Heat & Power Co. -Sub. Co. Stock. - The Private Bills Committee of the Legislature at Ottawa has allowed this Ottawa Gas Co., a subsidiary, to increase its authorized capital stock to $3.500.000. the new stock to be sold at par. -V. 107, p. 186. Oval Wood Dish Co. -Note Offering. .-Lyon, Gary & Co., Chicago, are offering, at 98.67 and mt., $450,000 7% Collateral Trust gold notes, due Aug. 1 1921. Digest of Letter from W. C. Hull, Vice-President and General Manager, Tupper Lake, N. Y., June 27 1918. History. -The business was originally established at Delta, Ohio, in 1883, manufacturing the "oval wood dish" (the first article of its kind). The main business has been the manufacture of wood dishes or containers and clothes pins. Security. -A closed issue, the direct obligation of the company and collaterally secured by pledge of $538,400 of our First Mtge. 6% gold bonds (due serially 1923 to 1928, incl.) out of an authorized and dead first mortgage issue of $1,000,000. The notes provide that the principal and interest are payable without deduction for any income or other taxes which the maker or the trustee may be required or permitted to pay or deduct, which provision under the present law obligates the company to pay the normal 2% income tax. Security for Pledged Bonds. -The 1st Mtge. bonds pledged, coupled the $461,600 of outstanding bonds are a first mortgage upon all of thewith real estate, timber (approximately 49,842 acres), plants and machinery owned in fee simple in the Upper Peninsula of Michigan and in N. Y. State, and by a first mortgage upon all the real estate and timber owned under contracts subject to payments due in installments extending over several years. (See V. 105 p. 1003.) Plant. -The new' manufacturing plant at Tupper Lake, N. Y., is of modern fireproof concrete and steel construction. Aside from appurtenances the plant departments consist of a sawmill, dry kilns and box factory; separate units for the manufacture of oval dishes, wire end dishes, clothes pins and pie plates, veneer department with steam vats, &c., and all necessary tramways. The entire plant is motor-driven. Ample fire protection is afforded through the company's own water-works system, also connection with the city water mains. An automatic sprinkler system is installed. Valuations of Property. -We have had our timber estimated and appraised and together with the cash cost of the remainder of the property, we have the valuation of the property specifically mortgaged as $3,066,262. Financial Statement as of April 20 1918, Including Present Financing and Issue of $250,000 Pref. ,Stock Purch. with Cash by Stockholders on May 22. Assets (Total Each Side, $3,925,203) Cash, $163,813; bills and accts. receivable, less reserve, $97,810; merchandise inventory, $261,193 $522,815 Manufacturing plants and sawmill, $1,116,913; wood equip• ment and railroad equipment, $169,928 1,286,843 Upper Peninsula timber lands, $986,151; N. Y. State timber lands owned in fee, $427,018; timber and timber lands in N. Y. State on contract (less 5,100,000 feet removed at $5 per 1,000), $599,500; stump and timber lands and real estate in lower Michigan, $92,630 2,105,209 Land contracts 7,193 Insurance premium prepaid 2,752 Miscellaneous stocks and bonds 300 Liabilities Bills payable, $33,700; accounts payable, $127,476; accrued interest, &c., $8.112 $169,288 Lands and timber purchase contracts 358,750 Funded debt (bonds and collateral trust notes) 911,600 Prof. stock, $250,000; corn. stock, $l,000,00(; sum., $1,235,564_ 2,485,565 -H.S. Hull, Pres.; S. M. Longnecker, Sec.-Treas.; W. C. Hull, Officers. Vice-Pros, and Gen. Mgr. -V. 105, p. 1(03. [VOL. 107. Phelps Dodge Corp. -Copper Output (in Lbs.).1918-Aug.-1917. 17,101,261 15,760,727 -V. 107, p. 611. Increase.' 1918-8 Mos.-1917. Increase. 1,340,5341148,521,621 133,798,842 14,722,779 Portland (Ore.) Flouring Mills Co. -New Control. - Announcement has been made that financial control of this company has passed from the Wilcox Estate to Max H. Houser, V.-Pres. of the Grain Corporation, and associates, for an amount said to be about $10,000,000. The purchase involves control of the Portland Flouring Mills Co., Puget Sound Flouring Mills Co., Puget Sound Warehouse Co., Pacific Coast Elevator Co. and subsidiary corporations. The company owns and operates 11 mills in the Northwest having an aggregate capacity of more than 11.000 barrels of flour daily. --V. 92, p. 1037. Queens Borough Gas & Electric Co. -Rate Denied. The New York P. S. Commission has denied this company's application for permission to increase the price of gas from $1 15 per M.cu. ft. to $1 40, and the price of electricity from 12 to 14c. per k. w. h. -V. 106, p. 2457. Rochester (N. Y.) Ry. & Light Co. -Notes. - This company has applied to the New York P. S. Commission for the authority to issue $3,900,000 2 -year 7% notes. -V. 107, p. 611. Rochester (N. Y.) Telephone Co. -Merger Approved. - Consolidation of competing telephone systems in Rochester has received the Government approval, although the consummation of the proposals must also have approval of the city and State through the P. S. Commis4.on.-V. 100, p. 479. St. Louis County Gas Co. -Rate Increase. The Missouri P. S. Commission has granted this company an increase of from 18 to 30% in gas rates for lighting and cooking. An increase of 100% in the rates for industrial gas was also granted, both increases effective Sept. 1.-V. 104, p. 1805. St. Maurice Lumber Co. -Bonds Called. This company has called for payment on Sept. 20 at par and int. at the New York Trust Co., 15 of its 5% bonds, ranging from No.8 to 300, filch Sears Roebuck & Co. -Appeal -Sales. Attorneys for this company have appealed from the Federal Trade Commission's recent order requiring it tb "cease and desist from unfair and misleading advertising." 1918 -1917. -Aug. Increase. 1 1918-8 Mos.-4917. Increase. $13.974,722 $11,399,184 $2,575,5381$115,930,320$107,924,385$8,005,935 -V. 107, p. 508, 86. Shasta Land & Timber Co. -Mortgage Foreclosure. - Through friendly proceedings in the Superior Court by the Mercantile Trust Co., San Francisco, the mortgage on this company's property, Redding, Cal., has been foreclosed, the judgment calling for the sum of $189,213. It is stated that the Trust Co. desired foreclosure because of a prospective purchaser for the properties. The Mercantile Trust Co. was trustee of the company, which sold $250,000 bonds issued in April 1911. -V. 106, p. 1132. Shell Transport & Trading Corp. -Capitalization of Reserve Fund. - Holders of share warrants to bearer are informed that on July 30 1918 it was resolved to capitalize part of the reserve fund by distributing among the holders of the issued ordinary shares new ordinary shares credited as paid up at the rate of three such now ordinary shares of Ll each for every five issued ordinary shares of £1. each. Share warrants to bearer must 130 deposited at the Capital & Counties Bank, Ltd., 39 Threadneedle St., E. C. 2, or abroad with any Pennsylvania Electric Co. -Offering of 5-Year 7% Se- abovein respect of warrants held either case sign anapproved agentaof the named bank, and must in application in form cured Gold Notes. -Montgomery & Co. are offering by adver- that will be supplied for the purpose. Warrants must not be transmitted to the Capital & Counties Bank, Ltd., must be the tisement on another page at 97M and int. a new issue of lodged personally or through a banker. throughshare post, butbe not so If any warrant $1,500,000 Five-Year 7% Secured gold notes, to be dated deposited on or before Oct. 15 next or such later date as the board may in allow, may July 1 1918. Due July 1 1923. Authorized, $2,500,000; any case shares the new shareswill Inbe sold and the net proceeds divided. The new when allotted due course be registered and may be to be presently issued, $1,500,000. exchanged later on if desired for bearer warrants upon payment of the "Passed by the Capital Issues Committee as not incompatible with the usual fee and stamp duty. Bearer and registered shares cannot be added national interest, but without approval of legality, validity, worth or se- together for allotment purposes. Allotment letters to registered shareholders will be posted as soon as printed matter can be prepared -V curity. Opinion No, A 1266." Interest J. & J. without deduction of normal Federal income tax of 2%. 107, p 808, 86. Pennsylvania personal property tax of 4 mills refunded. Callable in whole Southern California Edison Co. -Extensions. on 30 days' notice, or in part for the sinking fund at 101 Y6 and int. until The California RR. Commission has granted this oompany permission to July 11920, and at 1003 and int. thereafter. Denom. $1,000 and $500 c*. provide an appropriation of $223,793 for extensions to its hydro-electric Bankers Trust Co., trustee. power plants in the Big Creek section, with a further fund of t842,000 for Digest of Letter of 1i. J. Walbridge, Dated Aug. 23 1918. the construction of two additional power plants. -V. 107, p. 508, 186. Company. -Chartered in Del. in March 1913. It controls, through Southwestern Telephone & Telegraph Co. -Valuation. ownership of substantially all of the common stocks, (a) Citizens' Light, The County Commissioners at Fort Worth, Tax., on Aug. 26 increased Heat & Power Co. of Pa., (b) Penn Public Service Co., (c) Penn Electric Service Co., and (d) public utility companies operating in Clearfield, the valuation of the property of this company to $1,500,000, compared ith the last year's valuation of $995,000.-V. 106, p. 2763. Indiana, Cambria, Westmoreland, Somerset and Centre counties, Pa., serving about 390,000. Spring Valley Water Co.- Valuation. Capitalization (Completion ofPresent Financing)Auth. Outseg. Judge Frank Rudkin in the United States District Court at San FranFive-year 7% Secured gold notes due July 1 1923_ _32,500,000 $1,500,000 Preferred stock, 6% cumulative 2,000,000 1,100,000 cisco has refused the company's petition to retain $5,000,000 upon the Common stock 2,700,000 2,646,630 valuation of its properties fixed by the Court in the decision awarding Property. -The electric properties of the subsidiaries are operated as a $2,000,000 of impounded money to the company. Judge Rudkin also single system. Generating stations have an installed capacity of 28,000 refused to grant tne petition of the City of San Francisco to disialow costa k.w. Companies have a total of 352 miles of high-tension transmission lines. of $75,000. The Court ordered the city to turn over the impounded rate The company through its subsidiaries supplies natural gas to Johnstown, money to the company. Compare V. 107, p. 508. Pa., and the adjacent territory, and heat in Johnstown and the boroughs Standard Chemical, Iron & Lumber Co.-Div.Status.of Clearfield and Philipsburg, Pa., artificial gas service in Clearfield, Pa.. In connection with the declaration of a dividend of 33i% on account of and electric interurban railway service in the mining district north o Philipsburg, Pa. Through control of the sub. cos. the company supplies arrears (see V. 107, p. 910), President M. L. Wood announced: "Since the war commenced this company has utilized all its profits In electric light and power to over 50 communities and to 175 coal mines. Valuation. -Reproduction cast of all properties owned, on a basis of the improving its financial position and in extensions to its physical properties. average of prices of the past five years, is reported in excess of $10,500,000. The directors had a twofold object in view in improving and extending The total of First Mortgage bonds now outstanding in the hands of the its plants: (1) Some of our products being urgently required in the development of the aeroplane industry and other phases of the war, it was of the public and of this issue of notes will be $5,553,000. greatest national importance that our production should be increased as Combined Statement of Earnings of Pennsylvania Elec. Co. and Subsidiaries. much as possible. (2) Owing to the war it was necessary to place the com12 Months endedDec. 31 '16. Dec. 31 '17. June 30 '18. pany's plants on the highest possible basis of efficiency in order that the Gross earnings $1,627,579 $1.856.346 $2,082,490 company may enter the post-war period able to compete in foreign markets Net, after taxes $513,763 $507,627 $606,759 on even terms with the wood distillation industry in other countries. "It should be a compensating factor to the shareholders, in view of the Int. on bonds of sub. cos, in hands of the public 198,489 186,395 202,678 long postponement of dividends, to know that after working full capacity Annual int. on $1,500,000 notes_ _ _ _ 105,000 for four years the company's production and operating efficiency are at a higher point than ever before in its history." -V. 107, p. 910. Balance $327,368 $309,138 $299,081 Standard Steel Car Co. -Sub. Co. New Plant. Security. -The notes will be secured by deposit and pledge with the A press report states that this company's subsidiary, the Baltimore Car trustee of the following collateral, aggregating $2,000,000: Citizens' Light, Heat & Power Co. of Pa. 1st M.5s, duo 1934- - _ _$700.000 & Foundry Co., will establish a plant at Curtis Bay, Md., for fabricating Penn Electric Service Co. 1st M. 5s, due 1943 500,000 steel plates for Government ships. The investment in new machinery is placed at about $1,000,000.-V. 106, p. 2014. Penn Public Service Co. 1st M. 5s due 1962 500,000 Centre & Clearfield Ry. 1st M.5s, duo 1943 (guar. by endorsement Stewart Manufacturing Corp. -Offering of First Mtge. as to principle] and interest and all covenants of the mortgage, -The Central Trust Co. of Illinois, Chas. S. Kidder & by Penn Public Service Co.) 300,000 Bonds. Sinking Fund. -Not less than 6% per annum of notes outstanding, Co., Taylor, Ewart & Co. and C. W. Anderson & Co. are semi-annually from July 1 1919. Notes so purchased will be canceled. Additional notes may be issued against deposit and pledge of 1st M.bonds offering at prices ranging from 9834 and int. to 953/ and int., of the Citizens' Light, Heat & Power Co., the Penn Electric Service Co. yielding 7%, $500,000 First Mtge. 6% Serial Gold bonds, and Penn Public Service Co., on the basis of 75% of bonds pledged, pro- dated July 1 1918, due serially July 1, $100,000 annually viding net earnings of the companies whose bonds are pledged, together with those of the Pennsylvania Electric Co. (not incl. int. or diva, from 1920 to 1924, inclusive. (See also advertising pages.) subsidiaries whose bonds are pledged) are not less than twice the total "Passed by the Committee with Interest charges on all bonds of such subsidiary companies, and the notes national interest, Capital Issuesapproval of as not incompatible worth the but without elgality, validity, or of this issue outstanding and those to be security. Opinion No. A-1429." All, but not part, of any of the issues of bonds pledged as collateral issued* The bonds are motional at 100 and int. on any interest date may be released upon receipt in cash of an amount equal to 100% of the Trustee, Central Trust Co. of Illinois. The bonds are a first andInt. J. & J. only mortprincipal of bonds released. The proceeds will be used to retire notes gage on the company's modern manufacturing plant at Chicago, recently of this issue. completed. The company was originally incorporated to Franchises. -Without burdensome restrictions and the life of practically and special parts for the Stewart-Warner Speedometermanufacture dies Corp. Further all is without time limit. data should appear another week. Purpose of Issue. -Will provide funds for the retirement of floating debt Stewart and funds covering cost of extension and improvements to the proper-Warner Speedometer Corp. -Sub. Co. Bonds. ties of the subsidiary companies. See Stewart Manufacturing Co. above. -V. 107, p. 508, 409. SEPT. 7 1918.] THE CHRONICLE Stutz Motor Car Co. of America. -Earnings. 6 Mos.1918. 1917. 6 Mos.1918. Net sales_ _ _ _$1,935,957 $2,489,621 Sell., admin. Cost of sales__ 1,511,704 1,843,456 & gen. exp_ $35,374 Int. & disc't__ Cr.9,187 Gross profits_ 8424,253 $646,165 Net profit__ $398,066 Dividends for half -year ($1 25 per sh. quarterly)_($2.50)187,500 1917. $50,317 Cr.25,927 $621,775 187,500 Bal. after divs. as aforesaid, but before war taxes__ $210506 $434,275 No provision has been made for war excess profits and income taxes in the above figures. The total profit and loss surplus June 30 1918 was $2,947,034. This amount is shown in the balance sheet of that date after deducting $380,207 paid for 1917 war taxes, $12,000 for "war chest," and also $98.750 for July 1918 dividend (in addition to Jan. and July dividends charged in foregoing statement of earnings for the first six months of 1918 Ed. -V. 106, p. 821, 392. Union Tank Line Co. -"Private Car" Decision. - In the recent car decision of the "private car case," this company, which is the largest owner of tank cars in the United States, received an increase in its lines over railroads from of lc. to lc. per mile for the use of private tank cars, the new rate being effective Oct. 1.-V. 106, p. 1583. United Cigar Stores, Inc. -Sales. - Press reports state that sales in August exceeded $5,000,000, which is an increase of nearly $1,000,000 over August 1917. Total sales for the year 1917 aggregated, it is said, $43,000,000.-V. 107, p. 410, 86. 1009 peanuts or of copra produces much more oil than a ton consequently involves considerably more money in itsof cotton seed, and would the same amount of tonnage in cotton seed. manufacture than Your company has a continuously growing demand for its strictly prietary brand business, which applies not only to fertilizers, but procotton oil department as well. The indications at present point to the increased demand this year for fertilizers. The same may be said to an about the consumption of edible oils. Unless something unforeseen look for a good demand for all our products the corning year. happens, we We have not a plant in operation at present that is not short The labor is not only scarce, but inefficient. Your business is of labor. absolutely necessary for the production and manufacture of food products, hoped that the Government will come to the rescue and see thatand it is dustries have a reasonable supply and proportion of the labor. such inIt is also about as difficult to get ordinary supplies as it is to get labor, and there is nothing in sight that would indicate that these conditions will be improved. (Compare annual figures in V. 107, p. 498.) Virginia-Western Power Co. -Rate Decision. - The Virginia State Corporation Commission in the case of the Commonwealth of Virginia at the relation of the city of company, in a decision which in effect denies an Clifton Forge against the increase and power desired, ruled that it was without jurisdiction in rates for light to authorize the raising of rates for light, power, gas, water and other public utility companies, when such rates have been fixed in franchises granted the companies by cities or towns in which they operate. -V. 104, p. 499. Vulcan Detinning Co. -Earnings.- United Drug Co., Boston. -Earnings. - -3 mos. to June 30- -6 mos. to June 301918. 1917. 1918. Earnings for the Half -year ended June 30 1918 and the Entire Cal. Year 1917. Total sales 1917. $423,519 $262,256 $758,992 Year 1917. $514,861 Mos. 18. Year 1917. Other income 6 4,171 575 Net sales__ _$22,38i,42g $40,716,291 Deprec'n, &c_ $221,193 8399,364 Inventories 6,738 796 +5,643 +26.739 Mdse. profit_ 2,268,011 3,915,658 Doubtf'l accts. -10,075 +26,927 28,299 65,193 Other income_ 20,312 48,101 Current taxes ( ?) 232,874 Total $433,333 $289,570 8755,655 War inc. tax__ $542,584 319,663 110,322 Costs and general exp 322,333 240,325 Total net 565.022 457.287 Res'vefor. tax.,&c. depr., 65,000 profit 95,000 $2,288,323 $3,963,759 Bal., surp -$1,719,168 $3,156,006 Fed. taxes for yrs.'09-'13 4,645 The surplus for the year 1917 was subject to reduction by tho amount of excess profits tax for 1917, estimated in the annual report at $150,000. Net profit, surplus_ _ _ $45,999 $49,245 $90,987 $85,296 The company is paying dividends aggregating 7% yearly on $7,500,000 -v. 106, p. 2350, 1143. 1st pref. stock, 6% on $9,109,000 2d pref. stock and 5% on $20,050,000 Walworth Manufacturing Co. common stock. -V. 106, p. 2458, 2127. -Stock Listed in Boston. The Easton Stock Exchange has admitted United Metals Selling Co. -New President. this company's common stock, par $20.-V. to trading 200,000 shares of 107, p. 910. Percy Rockefeller has succeeded President John D. Ryan, resigned. V. 90, p. 788. Western States Gas & Electric -Financing. United States Rubber Co. - It is understood that negotiations are pending between the company and bankers with a view to provide for the $9,000000 General Rubber Co. debenture 5s, which fall duo Dec. 1 next. It is thought that an issue of $5,000,000 short-term notes may be sold to apply to this maturity, the balance to be paid out of earnings. Definite details, however, are not as yet available. -V. 107, p. 702, 187. -Conference to Consider InUnited States Steel Corp. creased Steel Output. See Page 857 in last week's issue. Neville Island Gun Plant. Announcement has been made by Assistant Secretary of War Crowell that the Neville Island ordnance plant now being built by the Steel corporation near Pittsburgh will cost $150,000,000. The plant will cover about 1,000 acres and tho product will be giant guns, the smallest to be 14-inch pieces and some 16-inch pioces.-V. 107, p. 910, 702. .United States Worsted Co., Boston. -Discharge of All Accumulated Dividends (36%%)on First Pref. Stock-Regular -The shareholders having voted on Cash Distributions Begun. on Sept. 3 to increase the authorized issue of 7% cum. pref. stock from $6,000,000 ($5,000,000 outstanding, par $100) to $7,000,000, the directors voted to distribute at par $1,837,500of the $2,000,000 treasury stock, as thus increased, in the form of a stock dividend of 363 % to holders of first 4 pref. shares of record Sept. 3, in payment of all accumulated dividends thereon up to and including the dividend accrued July 15 1918. The directors have also declared regular quarterly cash dividends thereon up to and including July 15 1918. The directors have also declared a quarterly cash dividend on the full issue of first pref. stock of $1 75 per share, payable Oct. 15 on stock of record Oct. 12. The balance of the new preferred stock, $162,500, will be distributed among the stockholders who desire to purchase it at par. "Boston News Bureau" Aug. 9 said in substance: "The next stop in the financial program is the payment in the near future of the $1,650,000 sinking fund 16% income] certificates which the bankers took when they came to the rescue of the company back in 1913. After that the second pref. I$3,882,200 6% non-cum., par $1001 and common stock [$817,800, par $10] will be in line for consideration. The 7% dividends on the $7,000,000 first pref. stock call for $490,000. Last year U. S. Worsted earned net after taxes in excess of four times this sum, and this year it should do better in view of the splendid record of the half -year to June 30. Devoting all the machinery suitable to war orders, the company is running between 70% and 75% on Government account; its military capacity is taken up to Jan. 1. From present indications the gross overturn of the entire system should be about $25,000,000, or roughly $3 of sales for every $1 of share capital. The net quick assets now exceed $7,000,000, while including fixed assets, the not tangible asset value is $176 a share on the first pref. stock." Compare V. 107, p. 702. Utah Gas & Coke Co. -Earnings, &c. - See American Public Utilities Co. under "Reports" above. -V.106,p.711. Co. -Offering of 5 -Year Coll. Trust Notes.-Blyth, Witter & Co.and the National City Co., San Francisco, Cal., are offering at 98 and int., to yield about 7%, $690,000 5 -year 63'% Coll. Trust notes dated Aug. 11918, due Aug. 1 1923, but callable upon any interest • date prior to Feb. 1 1921 at 102 ,thereafter, and prior to Feb. 1 1923 at 101, on Feb. 1 1923 at 100 "Passed by the Capital Issues Committee as not national interest, but without approval of legality, incompatible with the validity, worth or security. Opinion No. A1162, A1189." Interest F. & A. at the Union Trust Co. of San Francisco, trustee. Denom. $1,000 c*. Total authorized, $1,500,000. Federal income tax to the extent of 2% paid by the company. The company, incorporated in 1910, owns and operates power and gas utilities in Central and Northern California, hydro-electric more than 30 communities, including Stockton, Richmond which supply and Eureka, having a total population of about 90,000. Digest of Letter from Samuel Kahn, Dated Stockton, Cal., Aug. 6. CapitalizationAuthorized. Outeg. Amer. River El, Co. 5s due 1933 • Mtge. closed $307,000 First & Ref. Mtge. 55, due 1941 $10,000,000 4,413,500 % Collateral Trust notes, due 1923 1,500,000 690,000 6% gold notes, 1927 (unsecured) 5,000,000 1,564,000 Preferred 7% stock 10,000,000 2,303,000 Common stock s,00o,000 3,231,500 Security. -The notes will be at all times secured by sufficient Mtge. 5s to make them a legal investment for savings banks 1st & Ref. in Calif. Purpose of Issue. -The proceeds will retire floating debt tending system, and to provide funds for additions, incl. incurred in exwork on storage reservoirs on the American River. Properties. -The company owns and operates water-po gas utilities in Central and Northern California, and has wer, electric and water rights and partially developed storage reservoirs recently acquired on of the American River, together with approximately 200 the South Fork miles of diversion and irrigation ditches, the use of which will add greatly output. By increasing the storage capacity of theseto the annual k.w.h. lakes there will be provided a situation which will make possible an additional water-power development of approximately 30.000 h.p. Earnings for Year ended May 31. 1917. 1918. Gross earnings $1i295,224 $1,494,523 Net, after taxes. and maintenance 8620,185 $665,053 Annual interest charges on bonds (V. 102, p. 1544) 239,034 Annual int. charges on $690,000 Collateral Trust 44,850 Annual int. charges on $1,564,000 gold notes notes (this issue) (unsecured) 93,840 Balance $287,330 Statistics Showing Growth of the Company's Business as of Dec. 31. 1914. 1915. 1916. 1917. May '18. Electric customers 16,172 17,373 18,825 20,869 21,479 Gas customers 7,909 8,438 9,011 9,908 10,058 Total customers 24.081 25,811 27,836 Incandesc.lamps(16-c.p.equiv.)223,355 238,648 252,984 30,777 31,537 271,976 287,947 Municipal arc lamps 950 1,045 1,099 1,141 1,156 H. P. stationary motors served_ 23,722 24,103 28,089 31.421 K.W.lighting load 15,831 17,248 19,209 20,856 34,771 21,752 Total K. W. all purposes 33,974 36,653 42,275 45,676 49,013 -V. 107, P. 612, 187. Willys-Overland Co. -Price Advances. Effective Sept. 1, this co has made a general price advance as follows: New Price. Old Price. Advance. Light "four" $1,095 $895 $200 Light "six" Victor Talking Machine Co. -Government Contract. 1,495 1,300 195 This company, it is reported, is proceeding satisfactorily with the manu- Willys "six" 1,775 1,525 250 Willys-Knigh facture of aeroplane and hydroplane parts under a contract with the Willys-Knight "four" 1,925 1,675 250 t "eight" United States Government. 2,750 2,500 250 A press report states that the company has received a contract from tne -V. 107, p. 910, 298. Government to make rifle parts, including the wooden stocks to be manuWisconsin-Minnesota Light& Heat Co. -Earnings factured by the cabinet department and certain other parts to the manufacSee American Public Utilities Co. under "Reports" above.-V.107 ,&c. tured by the metal factory. The value of the contract is said to be $1,,p.516. 000,000.-V. 106, p. 2015. Yukon Gold Co. -Dividend Omitted. The dividend on the 817,500,000 outstanding capital stock (par $5) due Virginia-Carolina Chemical Co. -Annual Meeting.- Sept. 30 was omitted yesterday at the directors' meeting. Three months Pres. Morgan,at the annual meeting on Sept. 5,said in part: ago 234c. (34 of 1%) was paid. William Loeb Jr., President, had the following to say: The large increase in turnover for the year is accounted for not only by "This the higher prices existing for all materials that go into the cost of products, sources. action is absolutely necessary in order to conserve our cash reThe estimated income for but also on account of the larger tonnage in almost every branch of your been to all gold companies, die the year is a disappointment, as it has to the business, the total turnover this year being 8122,463,670. as against rising cost of labor, material, supplies abnormally hign and constantly and $83,774,580 the previous year. Your company has doubled its turnover wages paid to the miners of base metals, freight. Owing to the high efficient miners are attracted within the past five years. away from the gold mines, and the labor left in the gold mines is omy 60% The percentage of net profits to turnover is 6.85%, against 5.56% the efficient, and oven these are not obtainable in previous year and 6.64% in year 1915-16. This percentage cannot in our "Notwithstanding these increasing burdens on sufficient numbers. this industry the value of opinion be considered in any way excessive since for a largo amount of our product is stationary. .The gold companies of the different our business we have only one turnover in 12 months. The largo increase gold producing countries are petitioning their respective Governments for In profits is readily accounted for by the large increase in business and the relief and it is hoped that the very favorable inventory carried over from our last year's statement. a complete shutdown of gold showing that will be made of the danger of mining will induce the Governments to take The consumption of fertilizers and phosphate rock the past season was some kind of action to relieve the situation. much larger than during the previous two years. In fact the manufactured "In California, where this company operates several dredges, goods were the largest the company has ever produced. Utilities Commission has curtailed all electric power one-third, the Public due to the While the Southern Cotton 011 Co. did not crush quite so many tons of shortage of water, and this will correspondingly cotton seed as in some previous years, still the tonnage was materially "In view of the above it seemed to tne board reduce our output. that ordinary prudence increased this year by the crushing of beans, peanuts and copra. A ton of called for the action which it has taken." -V.107, p. 79. Valparaiso Lighting Co. -Earnings, &c. - See American Public Utilities Co. under "Reports" above. -V.83, p. 499. [VOL. 107. THE CHRONICLE 1010. gevorts anti Doranunts. UNION PACIFIC SYSTEM TWENTY-FIRST ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31 1917. New York, July 111918. To the Stockholders of the Union Pacific Railroad Company: The Board of Directors submits the following report of the operations and affairs of the Union Pacific Railroad Company for the calendar year ended December 31 1917, including the Oregon Short Line Railroad Company, whose entire Capital Stock is owned by the Union Pacific Railroad Company,and the Oregon-Washington Railroad & Navigation Company, whose entire Capital Stock is owned by the Oregon Short Line Railroad Company. For convenience, the three companies are designated by the term "Union Pacific System." TRANSPORTATION OPERATIONS. The results of Transportation Operations this year, compared with those of last yaer, were as follows: Calendar Year 1917. Calendar Year 1916. Increase. Decrease. Per Cent. .7 7,986.86 7,932.93 53.93 Operating Revenues Freight revenue Passenger revenue Mail revenue Express revenue Other passenger-train revenue Other train revenue Switching revenue Water line revenue Other revenue 393,347,832 38 25,207,229 20 2,666,383 91 3,263.570 74 2,081,469 53 52,360 05 623,268 21 169,002 16 2,690,748 08 $84,012,145 23 20,092,807 08 3,704,528 54 2,430,721 55 1,562.985 14 36,033 09 624,680 84 161,219 30 1,787,486 03 $9,335,687 15 5,114,422 12 7,782 86 903,262 05 11.1 25.5 28.0 34.3 33.2 45.3 .2 4.8 50.5 Total operating revenues $130,101,864 26 $114,412,606 80 $15,689,257 46 13.7 $15,348,222 37 15.812.79508 $14,405,827 75 13,171,652 78 $942,394 62 2,641,142 30 6.5 20.1 $31,161,017 45 2,355,942 91 37,728,206 07 154,257 73 2,511,801 26 4,035,470 37 651,537 52 $27,577,480 53 2,176,939 34 29,202,447 58 147,112 62 - 1,684,966 59 3,225,560 66 310,114 41 $3,583,536 92 179,003 57 8,525,758 49 7,145 11 826,834 67 809,909 71 341,423 11 13.0 8.2 29.2 4.9 49.1 25.1 --- $77,295,158 27 $63,704,392 91 $13,590,765 36 21.3 $52,806,705 99 $50,708,213 89 $2,098,492 10 4.1 $5,452,982 25 291,677 45 1.063,927 18 15,132 21 1,591.922 65 36.049 71 $4,540,935 79 $912,046 46 291,677 45 Average miles of road operated Operating Expenses Maintenance of way and structures Maintenance of equipment . Total maintenance Traffic expenses Transportation expenses-rail line -water line Transportation expenses Miscellaneous operations expenses General expenses -Credit Transportation for investment Total operating expenses Revenues over expenses Taxes State and County Federal capital stock Federal income Federal war revenue Federal war income Federal excess profits 1,110,607 74 832,849 19 518,484 39 16,326 96 $1,038,144 63 1,412 63 20.1 $46,680 56 15,132 21 1,591,922 65 36,049 71 4.2 - . ------49.5 $2,800,147 92 $8,451,691 45 Freight Traffic (Commercial Freight only) Tons of revenue freight carried Ton-miles revenue freight Average distance hauled per ton (miles) Average revenue per ton-mile (cents) Average revenue per freight-train mile $45,056,670 36 59.41 Operating ratio (excluding Taxes) $5,651,543 53 $44,355,014 54 Total taxes Net operating income 55.68 3.73 6.7 23,874,511 10,702,976,670 448.30 .851 $4 24 21,627,160 9,510,219,144 439.74 .856 $4 26 2,247,351 1,192,757,526 8.56 10.4 12.5 1.9 .6 .5 8,019,647 868,607,454 108.31 56.04 2.277 1,296,117 203,446,211 6.77 10.06 049 $.26 Passenger Traffic (Excluding Motor Car) 9,315,764 Revenue passengers carried 1,072.053,665 Revenue passengers carried one mile 115.08 Average distance hauled per passenger (miles) 66.10 Average passengers per passenger-train mile 2.326 Average revenue per passenger-mile (cents) $1 54 per passenger-train mile, passengers only Average revenue ,. Aopr.r. Mimi rsaleszAroo•Ar-train retvArilict nate rtn agxemonr-hrn in ,,4h.40 rv: 11 .3,1 $701,655 82 .005 $.02 1.6 16.2 23.4 6.3 18.0 2.2 20.3 1.1 '7 a OR MAINTENANCE OF WAY AND STRUCTURES. Calendar Year 1917. Superintendence Roadway and track-ordinary Extraordinary repairs of roadway and track Tunnels, bridges and elevated structures Ties Rails Other track material Ballast Fences, crossings and signs Buildings and other structures Signals and telegraph lines Removing snow, ice and sand., Paving and assessments for public improvements Roadway tools and supplies Miscellaneous Depreciation-miscellaneous structures Total Maintaining joint facilities-Credit Total Calendar Year 1916. Increase. $935,201 19 5,233,819 24 511,091 06 1,590,715 27 1,704,945 77 752,854 73 684,521 71 110,165 76 277.775 60 1,313,110 30 416,100 43 405,423 77 17,345 10 391,438 97 152.751 07 29,561 90 $231,940 05 369,400 61 $15,427.931 46 79,709 09 $14,526,822 77 120,995 02 $901,108 69 515.348.222 37 514.405.827 75 Decrease. 3942.394 62 $1,167,141 24 5,603,219 85 427,831 75 993,748 32 1,627,255 89 123,874 69 722,351 72 84,195 15 313,861 60 1,945,125 89 571,322 96 584.691 42 45.378 69 548,272 16 647,033 29 22,626 84 37,830 01 36,086 00 632,015 59 158,222 53 179,267 65 28,033 59 156,833 10 494,282 22 $83.260 21 596,966 95 77,680 88 628,980 04 25,970 61 Per Cent. 24.8 7.1 16.3 37.5 4.6 83.5 5.5 23.6 13.0 48.1 37.3 44.2 ;ff.I 6,935 06 n"..E. $41,285 93 6.2 ---6.5 incurred in the employment The increase in Miscellaneous Expenses was due principally to expenses of $436,413 17 existing war conditions. in guarding bridges and tunnels which was considered necessary under of special watchmen MAINTENANCE OF EQUIPMENT. Calendar Year 1917. Superintendence Shop and power plant machinery -repairs Steam locomotives Freight-train cars-repairs -repairs Passenger-train cars -repairs Motor equipment of cars -repairs Floating equipment Work equipment-repairs Miscellaneous equipment repairs Miscellaneous Maintaining joint equipment at terminals Totals, excluding depreciation and retirements Depreciation Retirements Total *Credit. Calendar Year 1916. Increase. Decrease. 14.0 26.9 36.1 18.8 10.9 12.2 76.7 36.7 $77,902 96 91,849 50. 1,866,157 42 545.150 76 102,391 50 10.093 43 7,238 38 79,875 75 879 86 10,058 80 21,206 31 $635,132 87 433,335 30 7,043,702 28 3,451,669 35 1,042.959 28 93,135 84 16,667 71 297,213 54 1,267 94 280,806 10 17,652 58 $557.229 91 341,485 80 5,177,544 86 2,906,518 59 940,567 78 83.042 41 9,429 33 217,337 79 388 28 270,747 30 *3,553 73 $13.313,542 79 2,491.586 32 7,665 97 $10,500,738 32 2.463,314 27 207,600 19 $2,812.804 47 28,272 05 515.512.795 OS 213.171.652 78 52.641.142 30 Per Cent. -1i -'a ---- $199,934 22 26.8 1.2 96.3 20.0 THE CHRONICLE SEPT. 7 1918.] 1011 TRAFFIC EXPENSES. Calendar Year 1917. Superintendence Outside agencies Advertising and industrial and immigration bureaus Miscellaneous Calendar Year 1916. Increase. Decrease. $194,500 43 1,102,541 88 554,864 40 204,036 20 $11,569 55 84,001 01 107,210 57 $2,355,942 91 Total $482,930 88 1,018,510 87 447.653 83 227.813 76 $2,176.939 34 Per Cent. $179,003 57 2.4 8.3 24.0 10.4 523,777 56 8.2 TRANSPORTATION AND MISCELLANEOUS OPERATIONS EXPENSES. Calendar Year 1917. Calendar Year 1916. Increase. Per Cent. Decrease. $1,370,197 40 4,339,735 72 2,986,461 01 1,101,196 20 174,779 52 440,890 78 4,837,713 22 10,406,632 88 913,412 58 1,543,997 81 4,737.728 98 1.814.137 1,814,137 72 1,062,069 09 1.804,129 20 195,123 96 $1,100,735 73 3,666,482 19 2,165,866 36 696,819 86 128,901 20 276,716 81 3,993,765 64 7,505,303 06 693,585 69 1,182,212 06 3,934,662 03 1,623,043 43 873,943 06 1,221,604 45 138,806 01 $269,461 67 673,253 53 820,594 65 404,376 34 45,878 32 164,173 97 843,947 58 2,901,329 82 219,826 89 361,785 75 803,066 95 191,091 29 188,126 03 582,524 75 56,317 95 24.5 18.4 37.9 58.0 35.6 59.3 21.1 38.7 31.7 30.6 20.5 11.8 21.5 47.7 40.6 $37,728,206 07 $29,202,447 58 $8,525,758 49 29.2 $154,257 73 $147,112 62 $7,145 11 4.8 Dining cars and hotels Other miscellaneous operations $2,445,810 33 65,990 93 $1,572,205 42 112,761 17 $873,604 91 55.5 41.5 Total Miscellaneous Operations Expenses Total Transportation and Miscellaneous Operations Expenses $2,511,801 26 $1,684,966 59 1 $826,834 67 49.1 1 $9,359,738 27 30.2 Superintendence and dispatching Station expenses Yard labor Fuel for yard locomotives Yard supplies and expenses Engine house expenses-yard Train enginemen and motormen Fuel for train locomotives Supplies for train locomotives _________ Enginehouse expenses-train _________ Trainmen - _ ----- _ ____________ Train supplies and expenses _______ Miscellaneous Loss, damage and casuaiiies Operating joint facilities ___ ----------------___ ____________________ Total Transportation Expenses-Rail Transportation Expenses-Water Lino $40,394,265 06 $31,034,526 79 $46,770 24 GENERAL EXPENSES. Calendar Year 1917. $2,135,019 84 184,443 85 316,535 68 192,662 26 296.539 56 898,546 03 11,723 15 . Total $2,000,552 37 162,604 23 324,553 77 171,254 51 226.453 89 320,916 64 19,225 25 $134,467 47 21,839 62 $4.035.470 37 Salaries and expenses of officers, clerks and attendants , General office supplies and expenses Law expenses Pensions Valuation expenses Miscellaneous _ --_ -------------------General Joint facilities Calendar Year 1916. $3.225.560 66 3809.909 71 Increase. Per Cent. Decrease. 6.8 13.4 2.4 12.5 30.9 180.0 7,502 10 39.0 $8,018 09 21,407 75 70,085 67 577,629 39 9A 1 Tho increase in Miscellaneous Expenses was duo principally to premiums of 8565,221 71 on life and casualty insurance for employees effective on January 1 1917. MILEAGE. Miles of Road. Total Mileage operated as of December 31 1917 Total Mileage operated as of December 31 1916 Increase in Mileage operated during the year Average Mileage operated during Calendar year 1917 Mileage maintained as of December 31 1917 Averavo Mileage maintained during Calendar year 1917 Miles of Miles of Second Main Yard Tracks Track. and Sidings. 8,002.65 7,962.38 1,265.96 1,136.19 2,724.63 2,575.97 40.27 7,986.86 7,715.82 7.698.00 129.77 1,171.15 1,116.90 1.020.0n 279 on 148.66 2,643.61 2,532.33 The Oregon-Washington Railroad & Navigation Company operates "Water Lines" over a distance of 187 miles. INCOME ACCOUNT. (Excluding all offsetting accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co. and Oregon-Washington Railroad & Navigation Co.) Calendar Year 1917. TRANSPORTATION OPERATIONS. Operating Revenues ------------------------------------------------- $130,101,864 26 77,295,158 27 Operating Expenses------------------------------------------------------------------------------------------Revenues over Expenses $52,806,705 99 -------------------------------------------------------------8,451,691 45 Taxes Operating Income---------------------------------------------- $44,355,014 54 Other Income. (Excluding Income from Investments, and Sources other than Transportation Operations.) Rents from use of road tracks, yards and terminal facilities Rents from use of joint---------------------------------Miscellaneous rents Miscellaneous income Total $75,014 36 1,095,785 11 68,502 24 139.691 94 Calendar Year 1916. Increase. $114,412,60680 63,704,392 91 $15,689,257 46 13,590,765 36 $50.708.213 89 5.651,543 53 $2,098.492 10 2,800,1 ±7 92 , $45.056.670 36 Decrease. $701,655 82 $71,190 22 991,452 28 65,401 45 130.457 29 $3,824 14 104,332 83 3,100 79 9,234 65 $120.492 41 $1,378,993 65 $1,258,501 24 $45,734,008 19 $46.315,171 60 $414.30340 1,335,423 92 115,390 90 131,12243 *880.725 79 1,263,182 51 106,975 92 191,901 09 $495,029 19 72.241 41 8,414 98 $1.996,24065 $1,481.333 73 $514.906 92 $43,737,767 54 $44,833,83787 $4,362,242 40 6,751,289 05 619,560 49 58.274 85 $4.669,404 00 6.532.202 54 996,027 54 49.336 52 Total $11,791,36679 512,246.970 60 $455,603 81 Total Income $55,529,134 33 $57.080.808 47 $1,551,674 14 $13,842,729 68 149,904 66 $13,826,196 73 71,20235 $16,532 95 78,702 31 $13,992,634 34 $13,897,399 08 $95,235 26 $41,636,499 99 543,183,409 39 Total Operating and Other Income Deductions. (Excluding Interest on Funded Debt,. and Miscellaneous Charges, other than Transportation Operations.) -balance-------------------------------Hire of equipment Rents or use of Joint tracks, yprds and terminal facilities -----------------------------------------------------Miscellaneous rents -----------------------------------------------Miscellaneous charges ---------------------------------------------------------Total Income from Transportation Operations Income from Investments and Sources other than Transportation Operations. Dividends on stocks owned Interest on bonds, notes and equipment trust certificates owned Interest on loans and open accounts-balance Miscellaneous income Deduct: Interest on Funded Debt Miscellaneous Charges, other than Transportation Operations Total ------------------------------------ Net Income from all Sources *Credit. $581,163 41 $60,778 66 $1,096,070 33 $219,086 51 8307,161 60 376,467 05 8,938 33 $1,646,909 40 1012 THE CHRONICLE [VoL. 107. INCOME ACCOUNT (Concluded). DISPOSITION OF NET INCOME FOR CALENDAR YEAR 1917. Dividends on Stock of Union Pacific Railroad Co.: Preferred stock: 2 per cent paid April 2 1917 2 per cent paid October 1 1917 Common stock: 23i per cent paid April2 1917 2l per cent paid July 2 1917 2M per cent paid October 1 1917 2M per cent payable January 2 1918 $1.990,870 00 h990,870 00- $3,981,740 00 $5,557,290 00 5,557.29000 5,557,290 00 5,557,290 00- 22,229,160 00 Total Dividends Appropriated for Additions and Betterments Sinking Fund Requirements $26,210,900 00 15,313,973 32 11,626 67 Total • $41,536,499 99 The decrease of $1,646,909 in "Net Income from All Sources" is more than accounted for by the increase in Taxes of $2,800,147, of which $1,919,649 represented Federal Capital Stock Taxes under the Act of September 8 1916 and War Income and Excess Profits Taxes under the Act of October 3 1917, all of which were effective with the calendar year 1917, there being no corresponding taxes for the previous year. liaNhe "Net Income from All Sources" for the calendar year 1917, after deducting all fixed and other charges, and dividend on preferred stock, is equivalent to 16.89% on the outstanding common stock, as against 17.64% for the calendar year 1916. The entire amount of the year's surplus income after appropriations for dividends was appropriated to cover a like amount of expenditures made during the year for purposes chargeable under the requirements of the Inter-State Commerce Commission, to "Investment in Road and Equipment Accounts." This appropriation was deemed expedient in view of the new 10% tax imposed by the Revenue Law of October 3 1917 upon the entire undistributed net income of corporations for each year unless invested or employed or retained for employment in the business or invested in Government bonds. An amount in excess of the whole surplus income of the year having been expended for property investment purposes, and there being no present intention of capitalizing such expenditures, it was considered that the year's surplus income should be specifically allocated to those expenditures by formal appropriation, thereby making the bookkeeping conform to the facts. The "Average Miles of Road Operated" during the year was 7,986.86. PROFIT AND LOSS ACCOUNT. (Excluding all offsetting accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., and Oregon-Washington Railroad & Navigation Co.) CREDIT. Balance, December 31 1916. as shown by Annual Report for year ended December 31 1916.. Proceeds from sale of bonds of Union Pacific Coal Co. to its sinking fund D fference between proceeds from sale of property and book cost thereof Liabilities written off, being unclaimed Miscellaneous credits 5138.739,916 74 $278,000 00 29,426 58 59.312 67 147,801 42 Total $514,540 67 DEBIT. Diffrence between cost of property retired and not to be replaced and net value of salvage r covered Uncollectible accounts Cost of surveys of projected lines not constructed, urveys abandoned Miscellaneous debits Reserve for depreciation of securities $241,183 14 7.559 17 61,231 06 8,431 56 14,581,94800 Total 14,900,352 93 Net debit during the year 14,385,812 26 -Credit Balance, December 31 1917 Profit and Loss $124,354.104 48 GENERAL BALANCE SHEET-ASSETS. (Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., and Oregon-Washington Railroad e. Navigation Co.) ASSETS. December 31 1917. December 31 1916. Increase. Decrease. Investments $632,813,456 53 8612,173,099 06 Road and Equipment $20,640,357 47 Less: Receipts from improvements and equipment fund $23,111,091 13 $22,611,091 13 I $500,000 00 Appropriations from income and surplus prior to July 1 1907, credited to this account 13,310,236 52 13,310,236 52 Total $36,421,327 65 I 835,921,327 65 $500,000 00 $596,392,128 88 8576,251,771 41 Investment in road and equipment 820,140,357 47 $7,696 42 Improvements on leased railway property 87.696 4'2 105,671 03 Deposits in lieu of mortgaged property sold 333,756 17 $228,085 14 Miscellaneous physical property 1,111,201 10 1,088,004 85 $23,196 25 $1,224.568 55 Total $1,429,457 44 8204,888 89 Investments injaffiliated companies: $13,221,685 47 813.099.798 24 $121,887 23 Stocks 37,861,586 55 36,124,631 24 1,736,955 31 Bonds and notes 13,072,894 31 Advances 11,411,850 10 1,661,044 21 864.156,16633 Total 860,636.279 58 $3,519,886 75 Investments in other companies: $90,477,274 90 $89,095,498 25 81,351,776 65 Stocks 114,130,544 61 107,935,216 10 6,195,328 51 Bonds, notes and equipment trust certificates 8204,577,819 51 8197,030,714 35 Total 87,547,105 16 $384,075 81 $354,880 9F 829,194 87 Sinking Funds 8866,734,759 08 8835,703,103 72 Total Investments 831,031,655 36 Assets: Current $6.741,726 58 $17,170,065 90 Cash $10,428,339 32 6,245,300 00 United States Liberty Loan Bonds $6,245,300 00 --11,000,000 oo Time deposits 11,000,000 00 250,668 10 212,678 23 Special Deposits 37,989 87 127,382 58 10,993,495 98 Loans and bills receivable 10,866,113 40 1,898,335 39 2,452,568 15 and car-service balances receivable Traffic 554,232 76 1,779,355 47 946,857 08 Net balance receivable from agents and conductors 832,498 39 5,467,006 05 Miscellaneous accounts receivable 3,248,564 32 2,218,441 73 supplies 21,440,077 43 Material and 11,784,199 93 9,655,877 50 2,340,507 29 Interest and dividends receivable 2,528,554 73 188,047 44 81,181 32 Rents receivable 67,976 71 13,204 61 Other current assets: Baltimore & Ohio Railroad Co. capital stock applicable to payment *429,078 20 of extra dividend 641,53820 212,460 00 Miscellaneous items 48,607 83 51.103 27 2,495 44 846,849,226 24 Total Current Assets 861,097,602 50 $14,248,376 26 Assets: Deferred $30,734 39 $28,397 79 Working fund advances 82,336 60 Other deferred assets: 543,006 49 597,562 53 Land contracts, as per contra $54,556 04 Miscellaneous items 1'4,900.327 16 2,480,671 69 2,419,65547 1,253,563 11,253,563 15 United States Liberty Loan Bonds subscriptions for employees Total Deferred Assets 86,727,631 19 $3,682,015 40 $3,045,615 71) Unadjusted Debits: 81,587 95 81,605 13 Rents and insurance premiums paid in advance $17 18 960,087 33 627,68205 8332,405 28 Other unadjusted debits 8961,675 28 Total Unadjusted Debits $629,287 18 8332,388 10 $921,273,291 79 8900,476,609 19 Grand Total $20,797,682 60 * On December 31 1917 there remained unpaid on account of the Extra Dividend on Common Stock declared January 8 1014, payable to stockholders of record March 2 1914, $467,824 18, which is carried as Current Liabilities under account 763. Of this amount 3429,078 20 is represented by $178,508 par value preferred and $311,165 par value common stock of the Baltimore & Ohio Railroad Company. The cash portion of the dividend unpaid amounted to $38,745 98 and is included in account 708, "Cash." t Includes $757,530 Demand Notes of The Chicago & Alton Railroad Company accepted in payment of interest on General Mortgage 6% Bonds. The amount was not included in Income Account, and, pending collection of notes, is carried in Account 778, "Contingent Interest." 1013 THE CHRONICLE SEPT. 7 1918.] GENERAL BALANCE SHEET—LIABILITIES. (Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line RR. Co.and Oregon-Washington RR. ee Navigation Co December 31 1917. December 31 1916. Capital Stock— Common Stock Preferred Stock $222,293,100 00 99.543.500 00 8222.293,100 00 99.543.500 00 Total Capital Stock Funded Debt $321.836.600 00 335,099.365 00 $321,836.600 00 334.967.305 00 $132,060 00 $656,935,965 00 8656.803,905 00 $132,060 00 81.137.430 21 10,872,678 57 8893.017 43 9.487.096 94 $244,412 78 1,385,581 63 6,444.352 15 814,191 95 6,499.007 22 168.913 55 645,278 40 547.844 05 3,785,106 40 399,015 65 3,784,373 40 148,828 40 733 00 LIABILITIES. Total Current Liabilities— Traffic and Car-Service Balances Payable Audited Accounts and Wages Payable Miscellaneous Accounts Payable: Due to Affiliated Companies Other accounts payable Interest Matured Unpaid: Coupons matured, but not presented Coupons and interest on registered bonds, due first proximo Dividends Matured Unpaid: Dividends due but uncalled for Extra Dividend on Common Stock declared January 8 1914, payable to stockholders of record March 2 1914, unpaid Dividend on Common Stock payable first proximo Funded Debt Matured Unpaid Unmatured Dividends Declared: Extra Dividend on Common Stock payable Jan. 15 1917 Unmatured Interest Accrued Unmatured Rents Accrued Other Current Liabilities Increase. Decrease. $54,655 07 153,266 00 114,623 50 *467,824 18 5,557.290 00 3,00000 699.073 73 4,445.832 00 3,00000 1.482,976 03 246,351 40 1.034.909 85 4.445,832 00 1.481.685 66 204.666 42 587.679 72 $32,547,220 79 $33,213.817 22 $543,006 49 1,660.000 00 636.568 44 4,926,779 86 $597.562 53 1,660.000 00 356.040 49 3,274.975 52 $7,766,354 79 85.888.578 54 31,877,776 25 $809.617 64 22,671,108 07 8840.583 49 20.853.540 06 $1,817,568 01 1,174,264 38 3,761,370 01 1,174.264 38 1.633.033 32 2,128.336 69 $28,416,360 10 $24,501.421 25 $3,914,93K85 8725.665,900 68 8720,407,722 01 85,258.178 67 820.764.507 35 50.000.000 00 91.300 14 397,479 14 85.450.534 03 35,418,052 00 91,300 14 368.084 27 815,313.973 32 14,581,948 00 $71.253,286 63 124,354,104 48 $41.327,970 44 138,739,916 74 $29,925,316 19 Total Corporate Surplus $195,607,391 11 $180,067,887 18 315,539,503 93 Grand Total *See explanation in foot- note of General Balance Sheet—Assets. 8921.273,291 79 8900.475.609 19 820.797.682 60 Total Current Liabilities Deferred Liabilities— Other Deferred Liabilities: Principal of deferred payments on land contracts, as per contra Contracts for purchase of real estate Ites Miscella Tax Liability Total Deferred Liabilities Unadjusted Credits— Insurance Reserve: Reserve for Fire Insurance Reserve for Depreciation Other Unadjusted Credits: Contingent interest Miscellaneous items Total Unadjusted Credits Total Liabilities Corporate Surplus— .Appropriated for Additions and Betterments Reserved for Depreciation of Securities Funded Debt Retired Through Income and Surplus Sinking Fund Reserves Total Appropriated Surplus Profit and Loss—Credit Balance 38,642 50 . 231,249 55 1,111.458 00 4,445,832 00 1,290 37 41,684 98 447,230 13 8666.596 43 $54,556 04 8280,527 95 1,651,804 34 . 830.965 85 829,394 87 14,385,812 26 increase in "Investment in Road and Equipment" is made up as follows: The Extensions and Branches------------------------Additions and Betterments, excluding Equipment Equipment Total Increase $1,004,998 64 13,729,473 16 7,539,845 15 $22,274,316 95 From which there was deducted: Cost of Property Retired from Service and Not to be Replaced, charged (less salvage) to Profit and Loss, in conformity 8314,442 64 with regulations of Inter-State Commerce Commission 84.881 87 Cost of real estate sold 1,234.634 97 Cast of equipment retired from service Amount received from the Trustee of the Union Pacific Railroad Co First Railroad and Land Grant Four Per Cent for expenditures for Additions, Betterments and Equipment 500,000 00 ' Mortgage in payment ____________________________________________________________________________________________ Total Deductions Net increase in "Investment in Road and Equipment" 2,133,959 48 $20,140,357 47 A reserve for depreciation of securities was set up in the fiscal year ended June 30 1913 by appropriation of surplus to the amount of $50,000,009. In the fiscal year ended June 30 1914, incident to the extra dividend on the Common Stock of the Union Pacifio Railroad Company declared January 8 1914, Baltimore & Ohio Railroad Company stock owned . by Oregon Short Line Railroad Company was transferred to Union Pacific Railroad Company and Illinois Central Railroad Company stock owned by Union Pacific Railroad Company was transferred to Oregon Short Line Railroad Company, in each case at substantially the then prevailing market prices and the differences between the prices at which these intercompany transfers were made and the cost prices at which said stocks had been theretofore carried on the books of the own ng companies were chard to the reserve for depreciation of securities, reducing the same to $35,418,052. In view of the market prices of securities owned, prevailing in the latter part of the calendar year 1917, it was deemed desirable to restore the reserve for depreciation of securities to its original amount of $50,000,000. Accordingly an additional appropriation of surplus of $14,581,948 was made and credited to said reserve account at the end of the fiscal year (see Profit and Loss Account and General Balance Sheet). By order of the Board of Directors. C. B. SEGER, Vice-President and Controller. SUPPLEMENTAL STATEMENT. . New York, August 15 1918. Federal Control of Railroads: . Changes in Corporate Organization: The President of the United States, by Proclamation on December 26 1917, took possession and assumed control of all systems of railroad transportation and the appurtenances thereof within the United States, effective at noon on December 28 1917, except that for accounting purposes the effective date was midnight on December 31 1917. In March 1918 Mr. Robert S. Lovett resigned the Chakmanship of the Executive Committee to accept the office of Director of Division of Capital Expenditures for the Director-General of Railroads, and Mr.C.B.Seger, the Vice-President and Controller of the System companies, was elected Acting Chairman of the Executive Committee. On or about July 1 1?18 the Director-General of Railroads designated Federal Managers for the conduct of the operations of the railroad lines in behalf of the Federal Government, and required the Federal Managers to resign any official positions held by them in the corporate organizations. All operating officers of the System companies who have accepted positions in the Federal operating organizations have tendered their resignations as officers of the System corporations and the same have been accepted. Thisfinal and complete elimination of the corporations from any connection with the operations necessitated the creation of a distinct organization to represent the corporate interests in the operating properties as well as to administer the extensive non-operating properties. Mr. C. B. Seger has been elected President of the three System companies. Mr..J. D. Farrell, formerly President of the Oregon-Washinggton Railroad & Navigation Company, has been elected Vice-President of the three System companies to represent,the corporate interests in the Westj C. B. SEGER, President. 1014 THE CHRONICLE The Tomux,ercial Times. COMMERCIAL EPITOME. Friday Night, Sept. 6 1918. The general business situation in this country is unchanged. That is to say, most businesses are overshadowed by the Godernment needs. The Government orders largely me, nopolize the productive power of the country in many different lines of industry. It is using most of the production of iron, steel and copper. Meanwhile, civilian trade goes as far as it can. Retail business is in the main satisfactory and jobbers are also doing a brisk trade wherever opportunity offers. The war news is attracting more and more attention, and recent developments encourage the hope, now widely entertained in this country, of peace along the right lines in the autumn of 1919. Violent fluctuations have occurred in cotton prices, the range being nearly 6 cents. A committee will be appointed by the War Industries Board to inquire into the feasibility and the desirability of stabilizing cotton prices and also providing for an equitable distribution among consumers, including the United States Government and the Allies. But it may take several months to bring about price-fixing, if it comes to this, as an exhaustive investigation will be made of the conditions existing in the trade in different parts of the country. President Wilson has renewed the Government price of $2 20 per bushel for wheat. Before harvest next spring, however, he will appoint a commission to report on the increased costs of farm labor and supplies to guide him in determining whether there shall be an advance in the price for the spring crop. Meanwhile there are predictions that the winter wheat acreage this fall will be greatly increased. Recent rains have greatly improved the soil. Some seeding has already begun in the plains States and in the Northwest;some wheat is actually up and looking well in Montana. Labor is growing scarcer all over the country. Complaint is heard from parts of the cotton belt of the scarcity of hands for the fields. Shipping men fear the effects of the draft. The widening of the age limits from 18 to 45 years will make men occupying essential positions subject to call. It is claimed that shipping workers should be exempt from the draft. They number about half a million. As a measure to conserve the labor supply retail interests represented at a conference called by the War Industries Board have agreed not to increase their working forces for normal hours for the holiday trade this year, and to urge in their newspaper advertisements that Christmas gifts, except in the case of children, shall be confined to useful articles. Merchants have also agreed to restrict deliveries and to urge customers to carry packages. Meanwhile in the Pittsburgh district alone the number of men employed in some 3,200 industrial plants including 2,000 engaged in war work, is said to be nearly 250,000, of whom 150,000 are said to be actively engaged in producing war material. The pay-roll in the Pittsburgh district is said to be not far from $2,000,000 a day. Naturally the labor"question there, as well as elsewhere in the country, is one of vital importance. Just how it is to be met remains to be seen. Certainly the labor situation in the iron and steel trade is of an importance that it would be hard to exaggerate. Shipbuilding is still being pushed. The program for the United States calls for 15,000,000 tons, enough to sustain 5,000,000 men in France. Seagoing shipping has expanded to nearly 8,000,000 tons. The American output of ships exceeds that of any other nation. It points to a rate of 500,000 tons a month by the end of this year. During the past year 277seagoing vessels have been built, according to the Chairman of the United States Shipping Board, totaling 1,710,121 tons deadweight completed, and only four of these vessels have been sunk. Twenty ships are now to be built for carrying locomotives, motor trucks, and possibly heavy guns abroad. In such ships a locomotive could be loaded in the hull without removing any part of the machinery and could be moved away from the dock in France under its own steam. Ship deliveries by American yards in August amounted to 66 ships of 340,145 tons dead weight, which is a new high record for this country and supposedly eclipses the previous records of Great Britain also. The British merchant ship building completed and entered for service in the month of August amounted to 124,675 gross tons. It is stated that the fact that the Allies are producing shipping faster than it is sunk by U-boats has become a permanent factor. The question is now being discussed at Washington of the possi. bility of the Government restoring to their original t. ..ade routes vessels diverted from American coastwise and Ceatral and South American trade to transatlantic war service. The coal situation, of course, still attracts wide attention. Meanwhile the Fuel Administration estimates that the "skip-stop"-system, expected to be adopted throughout the nation Sept. 15 by street railways will save 1,500,000 tons of coal annually. It requires, it is said, three times as much electric current to start a car as to run it a block. The cost of living is, if anything, increasing. Certainly during the month of July retail prices of food increased 3% over those for June, according to the Department of Labor. They were also 15% higher than in July last year. It is stated that the war now consumes 9732% of the copper supply. Gasoline is being saved by the Sunday curtailment suggestion. It was obeyed with remarkable unanimity on [Vol,. 107. Sunday, Sept. 1. Self-appointed committees held up would-be violators on the roads to Coney Island and other Long Island beaches, as well as to other pleasure resorts around New York, backed 14y public opinion. Of course, there was nothing mandatory in the suggestion of the Fuel Administration that this curtailment be practiced on Sundays. But the people acquiesced promptly, and the saving was enormous, estimated at about 1,000,000 gallons hereabouts in New York and vicinity, to say nothing of millions of gallons elsewhere east of the Mississippi River. Certain officials during the past week, curious as it may sound, arrested about 70,000 men in New York City and within a radius of about 10 miles of it as suspected draft evaders, but only a very small percentage proved to be such. Slackers are everywhere despised and nowhere more than in this country. Sharp comments have been made in the United States Senate on the fact that a great host of loyal men were treated as criminals. And, according to Washington dispatches, some of the officials who arrested, it is said, nearly 40,000 men in New York alone without warrants or legal process of any kind will be severely disciplined. In any case, the President has ordered an investigation into this none too creditable business. Thursday, Sept. 12, Registration Day for the coming draft in which it is supposed that some 12,000,000 men will be registered in this country, will be observed here by the closing of some of the Exchanges, including the Stock and Cotton Exchanges. STOCKS OF MERCHANDISE IN NEW YORK. Sept. 11918. Aug. 1918. Sept. 1 1917. '1. Coffee, Brazil 1,172,958 bags_ 998,513 1,364,406 mats.. 14,703 8,026 Coffee, Java 7.030 bags.. 629,110 681,527 Coffee, other 648,037 tons 55,356 129,525 Sugar 46,961 No.. Hides* Cotton.. bales.. 80,828 55,736 77,564 625 bales 3,000 Manilahemp Flour bbls_ 24,100 20,300 5,400 the war. * Not published during LARD higher; prime Western, 27.65@27.75c.; refined for the Continent, 28.50c.; South America, 28.900.; Brazil, 29.90c. Futures have fluctuated within very narrow bounds. They advanced slightly. Deliveries were rather small on September contracts. Also hog prices advanced. Finally the monthly stock statement was rather bullish. The stock of contract lard in Chicag on Sept. 1 was 16,096,402 lbs., against 18,011,643 lbs. on Aug. 1 .this year and .45,749,490 lbs. on Sept. 1 last year. The total stock of lard at Chicago was 34,722,929 lbs. on Sept. 1, 38,148,697 on Aug. 1 and 53,437,570 on Sept. 1 last year. To-day lard declined, but shows very little net change for the week. Lately spot lard at Chicago has been at a premium over September there. DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. Mon. Wed. Sat. Tues. Thurs. Fri. Holt- 26.92 27.00 27.00 26.75 cts_26.85 Sept. delivery day. 26.87 26.90 26.82 26.52 26.80 October delivery PORK firm; mess $49@$49 60, clear $48@$54. Beef products firm; mess $35@$35 50, extra India mess $57@$59. 4 Cut meats higher; pickled hams, 10 to 20 lbs., 287 @29%c.; pickled bellies, 37@)39c. The stock of bacon, short ribs, at Chicago was 14,115,616 lbs. on Sept. 1, as against 14,933,194 last month and 13,656,436 on Sept. 1 last year; stock of bacon, ex. S. C., was 7,066,913 lbs., against 11,137,421 on Aug. 1, and 1,504,609 lbs. on Sept.1 last year; total stock of cut meats 140,205,181 lbs., against 159,004,840 last month and 121,129,195 lbs. on Sept. 1 1917. To-day September pork was $41 45, showing a decline of $1 75 for 2 the week. Butter, creamery, 503'©51o. Cheese, flats, ic. Eggs, fresh, 51@52c. 22@)27Y COFFEE higher; No. 7 Rio, 93'c.; No. 4 Santos, 123o.; fair to good Cucuta,1154@120. Futures have moved within very contracted limits with little trading. At the same time Brazilian markets advanced. At one time Santos futures rose 975 to 1,100 reis. It is not altogether clear just what this meant. But the 1919-20 crop is estimated in some quarters at not over 4,000,000 bags. Also, though it is a rather long look ahead, it is asserted that the next two crops are likely to be much reduced, owing to cold weather early this summer. Later on Santos, however, turned downward, losing most of the sharp rise. Rio on the same day that Santos showed so marked an advance rose only 50 reis, later it rose 175 reis further. The trade is cautious as regards extremely low crop estimates, although the spot demand here is said to have improved. Receipts at Brazilian ports are 50% of the normal, but stocks at seaports are increasing. Including Government purchases they are 6,882,000 bags against 2,608,000 last year. To-day prices closed unchanged to 5 points lower. There is a trifling net decline for the week. Sept__ _ _cts_8.501 ___ January_ctx_9.059.10 April_-__cts-9.37 9.40 February _9.16 9.20 May 8.65 9.4709.50 October 9.5409.67 9.2709.30 June November _..8.80 _-- March July 9.6009.64 Decomber-_8.95 --SUGAR steady; centrifugal, 96-degrees test, 6.055c.; granulated, 7.500. Everybody is awaiting the new prices. That is, the price to be fixed on the growing Cuban crop and also the price of refined sugar to the jobber, manufacturer and the consumer. They will apply to all sugars held by refiners, beet or cane sugar producers. The International Sugar Committee has bought Porto Rico 96-degree test sugar for September shipment at 6.055o., c.i.f.; some Cuba, 96-degree test, at 4.985c., c.i.f., and San Domingo, afloat to New York, at 4.7990., c.i.f., for Canada. Exports from Cuba increased last week, the total being 70,066 THE CHRONICLE SEPT. 7 1918.1 tons, against 40,753 in the previous week and 72,966 last year; receipts, 27,361 tons, against 24,259 in the previous week and 14,321 last year; stocks, 556,251 tons, against 598,956 in the previous week and 232,000 last year. -Linseed firm; city raw, carloads, $1 90; fiveOILS. barrel lots, $1 90; Calcutta, $1 95. Lard, prime edible, $2 30. Cocoanut, Ceylon, bbls., 16 M @16Yo.; Cochin 17%@18c. Soya bean, 18@183'c. Corn oil, crude, bbls., . . 173 @,18c Spirits of turpentine, 66M @67c Strained % rosin, common to good, $12 90. Prime, crude, Southwest, 17.50c. PETROLEUM steady; refined in barrels, cargo, $15 50 @$16 50; bulk, New York, $8 25@$9 25; cases, New York, $18 75@$19 75. Gasoline firm; motor gasoline in steel barrels to garages, 243/20.; to consumers, 263/20.; 68 to 76 degrees, steel, 30M @33Mc.; gas machine, 41Mc. The scarcity of gasoline, especially Ile the East, is an important factor. It is being offset by the curtailment of Sunday auto pleasure riding in the States east of the Mississippi. It is estimated that this may save between 8,000,000 and 10,000,000 gallons for each day. Supplies are taxed heavily, of course, owing to export necessities. From one local port clearances from Jan. 1 to Aug. 29 amounted to 82,363,513 gallons as compared with 23,483,791 gallons for the same time last year. Meanwhile Texas field operations have been seriously curtailed by drought, but the Ranger field in Eastland County and the Burkburnett pool in Wichita County have been the scene of important operations. Pennsylvania dark $400 2 77 Cabell 1 40 Crichton 2 85 Corning 2 68 Wooster 2 25 Thrall 2 25 Stravrn 2 15 De Soto 2 38 North Lima $2 38 Illinois, above 30 South Lima 2 28 degrees Indiana $2 42 Princeton 2 42 Kansas and OklaSomerset, 32 deg_ 2 60 homa 2 25 Ragland 1 25 Caddo, La.. light- 2 25 2 25 Caddo, La.. heavy 1 25 Electra 2 25 Canada Moran 2 78 Plymouth 2 33 Healdton 1 45 Henrietta 2 25 -The ordinary trade of this time of the year TOBACCO. is in progress and prices show little, if any, change. In fact, there is a lack of new features. Naturally the consumption in these times is large and the general idea is that supplies will be anything but burdeRsome. During the past week the harvest of tobacco continued under generally favorable conditions; the crop is earlier than usual in New England. Late tobacco was greatly improved in the Ohio Valley and Tennessee by recent general rains. COPPER unchanged at 26c. Government needs are well supplied. Though the production has been interfered with by the shortage of labor it is still heavy. For the first six months of this year it was 172,000,000 pounds per month, as against 158,000,000 pounds last year and close to 160,700,000 pounds during the same time in 1916. The consumption, however, is necessarily heavy. Tin dull and easier at 80@81c. for spot at New York. London prices continue to decline. Buyers seem well supplied for the time being and are satisfied to await developments. In the local market Chinese tin is not in evidence; spot Banco,is offered at 80 to 803/2e. Straits for shipment from Singapore was quoted at 74Mc. Lead continues scarce and firm at 8.05(0.90c. Government contracts are, of course, first attented to; others must wait. Strictest economy is necessary. Spelter firm at 9.40@9.60c. with light offerings. The production of all grades of spelter during the week ended Aug. 24 was 9,986 tons, as against 10,085 tons during the previous week. PIG IRON output still falls below the demand. The August total was smaller than that of July. The "Iron Age" puts it at 3,389,585 tons, against 3,420,988 in July. But it was larger than in June when it was 3,323,791 tons, though smaller again than in May when it was 3,446,412 tons. In August last year it was 3,247,947 tons and in August 1916, 3,203,713. The trouble is that the demand outruns the production by far. Yet the current year may see a high record output. Certainly the number of blast furnaces is increasing. The situation is such, however, that only pressing Government orders can be filled. The production in the United States this year is estimated at about 40,000,000 tons;or an increase over last year of about 1,000,000 tons. In 1916 the total was 39,434,797 tons. On Sept. 1 there were 372 iron furnaces in blast with a daily capacity of about 112,390 tons, as compared with 363 furnaces on Aug. 1 and a daily output of 111,300 tons. Foundrymen are keeping their works going with the aim of securing as much Government work as possible. Naturally they hope for a fair distribution of Government orders and of raw material. There ought not to be any doubt about it. Every effort is being made to increase the output of pig iron. STEEL remains in much the same situation as heretotore. All departments of the trade are active. Work is being pushed. with feverish activity in mills and finishing shops. Getting raw steel, however, is hard, even for some preferred industries. Much of the output consists of plates. The Government is devising plans for an increase of production and its equitable distribution. The War Industries Board in conjunction with the Census Bureau will endeavor to ascertain the amount of steel stocks held by manufacturing consumers in the United States. A questionnaire will be sent to some 40,000 American manufacturers. The idea is to conserve steel as far as possible. And there will be a conference at Washington on iron and steel prices between the General Steel Committee and the War Industries Board on Sept. 18. 1015 COTTON. Friday Night, Sept. 6 1918. THE MOVEMENT OF THE CROP, as indicated by our telegrams from the South to-night, is given below. For the week ending this evening the total receipts have reached 89,652 bales, against 75,988 bales last week and 47,901 bales the previous week, making the total receipts since Aug. 1 1918 294,888 bales, against 407,447 bales for the same period of 1917, showing a decrease since Aug. 1 1918 of 112,559 bales. Sat. Galveston Texas City Port Arthur, &c_ NevrOrleans Mobile Pensacola Jacksonville Savannah Brunswick Charleston Wilmington Norfolk -- -N'port News, &c New York Boston Baltimore Mon. 4,601 ---3r,435 234 Tues. Wed. 9,278 16,112 -_--286 411 Thurs. Fri. Total. 6,492 8,359 49,928 ---2:842 297 ---1,220 100 5,086 ---2 148 100 -1§§ -1e5 3.304 12.936 1,376 2,518 -----------------------2 ___ ____ ___ ___ ___ 2 2,894 ____ 3,569 6,269 3,748 3,518 19,998 --_- 1,500 1,500 400 163 153 84 ------------ --- ----- 96 --------------------86 __ --------44 320 -iiii 138 _ _ __ ---354 46 -886 86 44 1,152 46 IVO.agithIsurIc. 11 A49 in OAQ 91 407 IA 0A1 11 527 15L055 R0.552 The following shows the week's total receipts, total since Aug. 1 1918 and stocks to-night, compared with last year: Stock. 1917. 1918. Receipts to Sept. 6. This Since Aug' This Since Aug Week. 1 1918. Week. 1 1917. Galveston 49,928 Texas City Port Arthur, &c_ 192 New Orleans____ 12,936 Mobile 2,518 Pensacola Jacksonville 2 Savannah 19.998 1,500 Brunswick 400 Charleston Wilmington Norfolk 850 86 N'port News, &c.. 44 New York 1,152 Boston 46 Baltimore Philadelphia 150,072 49,208 1,614 274 832 47,132 12687 7,694 5,679 142 350 63,852 35,167 7,300 2,000 2,481 615 29 423 4,102 696 359 113 1,340 2,338 7,524 1,268 415 1,142 278 886 59,617 11,512 1,155 1,070 98,547 25,000 5,041 724 21,580 382 8,639 15,287 11,366 1,267 89,652 294,888 112,138 407,447 Totals 145,374 1918. 1917. 184,652 6,504 111,406 90 72,567 229,392 11,634 11,552 110 10,300 3,000 155,371 66,753 7,000 3,000 27,750 3,498 27,364 • 41,324 57,239 53.934 86,324 15,467 6,768 4,825 49,563 7,947 21,801 3,728 823,313 457,550 In order that comparison may be made with other years, we give below the totals at leading ports for six seasons: Receipts at- 1918. Galveston ___ TexasCity,&c New Orleans_ Mobile Savannah Brunswick_ Charleston.&c Wihnington Norfolk N'port N.,&c. All others__ _ 49,928 192 12,936 2,518 19,998 1,500 400 Lot.this week Ainea All., 1 1917. 1916. 1914. 1913. 115,677 10.958 8,352 4,685 50,702 8,400 12,875 3,494 1,028 1,365 26,689 1,288 • 2,527 1,825 11,468 623 1,649 811 1,059 913 275 100,526 49,127 217,200 1915. 850 86 1,244 49,208 274 12,687 5,679 35,167 2,000 615 423 596 113 5,376 74,946 2,377 28,604 4,383 53,261 4.000 '5,056 2,177 10,501 741 970 36,854 4,753 10,218 1,931 37,694 500 2,385 508 4,318 89,652 112,138 187,016 1,029 904 AAR 407.447 559 nAR 952745 115 SIR 5911 177 The exports for the week ending this evening reach a total of 38,961 bales, of which 37,161 were to Great Britain, to France and 1,800 to the rest of the Continent. Exports for the week and since Aug. 1 1918 are as follows: Week ending Sept. 6 1918. Exported to Exports from-- Great Britain. France. Great Britain France. Other. Galveston__ 16,849 Texas City 14,3'7'7 New Orlea Mobile __ Savannah_ Brunswick _ 5,935 Wilmington New York_ _ Baltimore__ Pacific po From Aug. 1 1917 to Sept. 6 1918. Exported to - 16,849 16,849 Other. 34,284 4,910 5,935 40.224 20,000 14,377 41,655 12,200 17,928 31,594 9,425 5.646 41,546 5,935 23,020 2,232 17,772 1,800 1,800 Total. 58,504 12,200 92,436 4,910 51,594 5,935 5,646 73,991 2,232 17,772 1,800 38,961 87.230j 69,649 168,341 325,220 Total.- 37,161 Total 1917_ 46,093 5.020 6,514 57,627 296,666 48,646 58,671 403,983 Total 1916_ 65.632 3,083 14,717 83,432 217,1601 75,848 187,770 480,778 In addition to above exports our telegrams to-night also give us the following amounts of cotton on shipboard, not cleared, at the ports named. We add similar figures for New York. On Shipboard, Not Cleared for Sept. 6 at- GerGreat Other CoastBritain. France. many. Cont't. wise. Galveston ____ 32,931 New Orleans*_ 5,000 Savannah Charleston 7,006 Mobile Norfolk 5.000 New York * Other ports*.._ 4.000 8,000 500 8,000 20,000 4,000 3,000 Total 1918-- 53,937 12,000 Total 1917._ 39,251 2,000 Tntal 1015 52.157 5_713 * Estimated. Total. Leaving Stock. 5,000 42,931 2,000 23,000 4,000 24,000 500 500 7,006 150 150 12,000 4,000 141,721 206,392 131,371 27,250 4,546 53,784 74,324 70,338 36,000 11,650 113.587 30,670 8,706, 80,627 25.277 R.5171 95.694 709,726 376,923 411.578 1016 THE CHRONICLE Speculation in cotton for future delivery has been more active at a sharp rise in prices. On the 3rd instant there was an advance of 230 to 270 points, owing to a Government report stating the condition of the belt at 55.7%, which was lower than expected. It means a crop, according to the Government estimate, of 11,137,000 bales of 500 lbs., or 4,098,000 bales, less than the Government forecast at the beginning of the season. The depreciation during August was 2,482,000 bales. The crop indicated is slightly smaller than those of the last three years. Last year the production, exclusive of linters, was 11,300,254 bales; two years ago 11,449,930 bales; three years ago 11,191,820 bales; and in 1914-15, 16,134,930 bales. In other words, the present crop will be the fourth semi-failure in succession. It is the lowest condition on record, comparing with 67.8 last year, 61.2 in 1916, and a ten-year average of 70.4. Texas is put at the unprecedentedly low figure of 43, and Oklahoma at 33. Some of the Texas crop estimates emanating from piivate sources are 2,000,000 to 2,500,000 bales. The belt as a whole suffered a decline dudng August of 17.9 points, equivalent to a depreciation in a single month of 24%. The principal cause of the deterioration was the extreme drouth, hot weather, boll weevil,red spider and rust. Drouth and hot weather did the most damage, especially west of the Mississippi, more particularly in Texas and Oklahoma. Liverpool prices have rapidly risen. Finally, the war news has been decidedly encouraging. To some this has seemed quite as stimulating a factor as the bad crop news. Liverpool has bought freely. So have American trade interests. Needless to say, shorts have covered hastily. Japanese interests of late have bought December and January freely. And as a rule there has been no great amount of Southern hedge selling. The West and Wall Street have bought heavily. Western traders were buyers for long account. Operators there are impressed by the unfavorable character of the crop news. On the other hand, some of the Wall Street element were short. So were not .a few local operators. On the other hand, Texas of late has had beneficial rains. So has Oklahoma;also States east of the Mississippi. Louisiana, Mississippi, Alabama, Georgia have all been benefited. And there are some hopes of a top crop in parts of Texas. The plant is growing and blooming again in Oklahoma, where it has been favored by sufficient rains. Last week Louisiana, on the whole, had favorable weather, and at least in some parts of that State the plant made a good advance. Picking and ginning are progressing rapidly everywhere. Mississippi last week had a more favorable condition. Boll weevil there were not active, and no great harm has come from rust and shedding. The late crop in the lowlands of Arkansas has been helped by recent rains, especially in the central and northern portions. In fact new squares have formed there. Tennessee also had a good week; bolls are opening rapidly and picking is making satisfactory progress. In the northern part of North Carolina satisfactory to good progress occurred last week, and bolls are opening rapidly. Intermediate and late cotton has been benefited in South Carolina, by good rains. Shedding there has noticeably lessened. In a word, good rains last week caused a certain amount of improvement in many localities, especially in North Carolina, Tennessee, Oklahoma, Louisiana and southern Alabama. It is hoped that with fairly good weather in September and a comparatively late date of general killing frost the damage done in August may be in a measure retrieved. But this is not being counted on by the Government. That is evident from the fact that Chairman Baruch of the War Industries Board is taking preparatory steps towards the stabilization of raw cotton prices and Government distribution of the staple if it should be found necessary to insure an adequate supply of cotton for war industries. It is stated that this action of the Board has resulted from the prospect of a short cotton crop and the problem of satisfying the needs of the United States, as well as those of the Allies, if such a prospect becomes certain. The Board will appoint a committee with the approval of the President, to study the present situation, with a view of ascertaining the true conditions. This committee will also take up the problem of distribution, the marketing of low-grade cotton and the desirability and feasibility of affecting a stabilization of prices. The committee will hold conferences at convenient places. All the parties in interest will have an opportunity to be heard. In other words, what has long been dreaded is now, it is supposed, impending, i. e:, regulation of prices for raw cotton, even though it may not come for some time. On the 5th inst. prices broke 215 to 235 points on the talk to the effect that the Government will stabilize prices of raw cotton. Good rains in Texas and heavy selling by Liverpool, Wall Street and the West, as well as more or less Southern selling, also contributed to the decline. Meanwhile exports are small. Stocks at Southern points are large. World's spinners' takings are running behind those of last year; also exports. Latterly Southern hedge selling has increased. If violent advances in prices are stopped it is supposed that this hedge selling will steadily increase. That would remove the chronic scarcity of contracts here which has been a sore point for over a year. Finally after a recent rise of about 13 cents a pound a reaction was due. Latterly prices have declined, although the net gain within a month is still enormous. But speculative shorts have been largely driven out. Latterly Liverpool has sold distant months to [VoL. 107. some extent and so have Wall St. and local interests. The scarcity of labor in this country is increasing. And the draft makes it certain that it will continue to increase. What with light exports and a curtailed domestic consumption many believe that there will be cotton enough. They figure that not improbably the season's supply will reach something like 16,500,000 bales, counting the carryover visible and invisible from last season, as well as the winter crop. The world's consumption of American cotton is estimated in some quarters at not over 12,250,000 bales. If these figures are anywhere near correct it would mean a carryover into next season of say 4,250,000 bales, with another crop then due. To-day prices advanced 90 to 95 points, but lost about two-thirds of this later on. But the market had become somewhat oversold and Liverpool, Japanese and other interests were buying. Mills bought rather more freely. Not a little of the buying was covering. Hedge selling was smaller. Finally there was less fear of price fixing in the immediate future. It may take a long time to bring it about. Prices, after showing an advance at one time of nearly 3 cents, dropped sharply later on and, in spite of to-day's advance, end lower for the week. Middling upland closed at 35.85c., a decline of 65 points for the week. The official quotation for middling upland cotton in the New York market each day for the past week has been: Aug. 31 to Sept. 6Middling uplands 1918 1917 1916 1915 1914 1913 1912 1911 Sat. Mon. Tues. Wed. Thurs. Fri. Hol. Hol. 38.20 37.00 35.55 35.85 NEW YORK QUOTATIONS FOR 32 YEARS. 35.85 22.20 15.80 9.85 1910..c 1909 1908 1907 1906 12.75 1905 11.75 1904 11.60 1903 14.25 12.85 9.30 13.50 10.00 10.75 11.10 12.50 1902_c 1901 1900 1899 1898 1897 1896 1895 8.88 8.62 10.12 6.31 5.75 7.50 8.50 8.25 1894_c 1893 1892 1891 1890 1889 1888 1887 MARKET AND SALES AT NEW YORK. Spot Market Closed. Saturday__ _ Monday __ _ Tuesday __ _ Wednesday_ Thursday _ _ Friday Futures Market Closed. 6.94 8.00 7.12 8.81 10.62 11.38 10.50 10.00 SALES. Spot. Contract Total. HOLI DAY HOLI DAY Steady, 170 pts. adv Barely steady_ _ Quiet, 120 pts. dee_ Barely steady_ _ Quiet, 145 pts. dee_ Barely steady_ _ Quiet, 30 pts. adv Barely steady__ 100 100 Total_ 100 100 FUTURES. -The highest, lowest and closing prices at New York for the past week have been as follows: Saturday, Monday, Tuesday, Wed'day,Thursd'y, Friday, Aug. 31. Sept. 2. Sept. 3. Sept. 4. Sept. 5. Sep'. 6. September Range Closing_ _ October - l. Range Closing_ _ November Range Closing_ _ December Range Closing_ _ January Range Closing_ _ _ February Range HOLIClosing DAY. MarchRange Closing April Range Closing_ _ May Range Closing_ _ July Range Closing_ August Range Closing_ Week. 36.24 .35 36.24-.25 36.15 -35.07 -,33.75 -34.09 -- I 34.85 j25 34.92 175 32.80 05 33.45-470 32.80-j25 36.15 .25 35.02 .05 33.75 .80 34.07-.10-- 36.40 36.40 35.70 -34.55 -33.33 -33.69 - - 34.55 150 34.30/85 32.05 175 33.00-415 32.05-150 35.55 .65 34.40 .42 33.18 .23 33.54-.56- - I 34.44 /35 34.15170 32.00 160 33.05-.00 32.00-135 35.45 .54 34.31 35 33.05 .08 33.42-.45- HOLIDAY. 35.35 -34.21 -33.00 -33.35 ---34.35 105 34.06162 31.95 145 32.97-.88 31.95-104 35.30 .35 34.17 .22 33.00 .06 33.30 -- 35.30 -34.15 -33.00 -33.30 -- - 34.40 100 34.03160 32.00 837.33.00-.84 32.00-100 35.27 .30 34.10 -,33.00 .03 33.26 - - -1 34.50 .49 34.00/48 31.85 130 32.95 -31.85449 35.20 -34.07 .09 32.90 -33.19 - -- 34.50 .55 32.80-.10 32.80-154 35.20 -34.07 -32.85 -33.09-.10--j37e. 136e. /35o. 134e. t 33e. QUOTATIONS FOR MIDDLING COTTON AT OTHER MARKETS. Week endin Sept. 6. Galveston New Orleans.. Mobile Savannah Charleston Wilmington.. Norfolk Baltimore Philadelphia Augusta Memphis Dallas Houston Closing Quotations for Middling Cotton on Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday. HOLTDAY Littla Rork 36.35 34.50 34.75 35.25 ____ HOLI- ____ DAY. 35.75 35.50 38.45 35.75 35.00 35.80 35.75 :15 nn 35.50 34.50 34.50 34.00 35.00 ____ 3o.50 36.50 37.25 34.37 35.00 34.65 34.65 q. .00 34.25 33.75 32.50 33.00 33.00 ____ 34.00 35.00 35.80 32.62 35.00 33.50 33.50 34.00 34.25 33.75 33.38 33.25 33.00 ____ 34.00 35.00 36.10 33.25 35.00 33.85 33.80 34.5(1 NEW ORLEANS CONTRACT MARKET. Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday, Aug. 31. Sept. 2. Sept. 3. Sept. 4. Sept. 5. Sept. 6. September October December January March May __I Tone - Spot Options HOLTDAY. 33.91 -32.57 -31.58 -31.91 34.45-.65 33.11-.19 32.12-.20 32.45-.49 34.45-.65 33.04-.09 32.00-.08 32.47-.50 HOLI- 34.50-.65 33.16-.17 32.15-.19 32.56 DAY. 34.62 -33.20 -32.08-.10 32.61-.64 34.67-.70 33.23-.27 32.10-.14 32.63-.66 Steady Easy Steady Steady Quiet Steady Very st'y Steady THE CHRONICLE SEPT. 7 1918] THE VISIBLE SUPPLY OF COTTON to-night, as made up by cable and telegraph, is as follows. Foreign stocks, as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures for to-night (Friday), we add the item of exports from the United States, including in it the. exports of Friday only. Sept. 6Stock at Liverpool Stock at London Stock at Manchester 1918. bales.. 204,000 20,000 56,000 1917. 243,000 22,000 18,000 280,000 283,000 101,000 1,000 21,000 10,000 144,000 3,000 78,000 10,000 678,000 1,429,000 *1,000 *1,000 *1.000 *11,000 189,000 218,000 10.000 7,000 52,000 84,000 136,000 137,000 *1,000 *1,000 133,000 235,000 OVERLAND MOVEMENT FOR THE WEEK AND SINCE AUG. 1. -We give below a statement showing the 'overland movement for the week and since Aug. 1, as made up from telegraphic reports Friday night. The results for the week and since Aug. 1 in the last two years are as follows: 1916. 1915. 621,000 1,154,000 32,000 72,000 25.000 68,000 Total Great Britain Stock at Hamburg Stock at Bremen Stock at Havre Stock at Marseilles Stock at Barcelona Stock at Genoa Stock at Trieste Total Continental stocks Total European stocks 413,000 India cotton afloat for Europe__ _ 18,000 Amer. cotton afloat for Europe 155,000 Egypt,Brazil,&c.,afloat for Eur'pe 59,000 Stock in Alexandria, Egypt 185,000 Stock in Bombay, India *641.000 Stock in U. S. ports 823,313 Stock in U. S. interior towns._ _ 628,183 U.S. exports to-day 20,312 390,000 459,000 518,000 1,068,000 1,753,000 22,000 23.000 70.000 277,000 300,543 149,914 32.000 10,000 17,000 54,000 8.000 102.000 880,000 461,000 557,000 457,550 607.972 761,443 253,166 325.618 454,818 28,243 6,947 3,301 Total visible supply 2,942,808 2,500,663 2,731,476 3,823.466 Of the above, totals of American and other descriptions are as follows American Liverpool stock bales. 82,000 143,000 494,000 900,000 22,000 11,000 56.000 Manchester stock 22,000 *115,000 *202,000 *294,000 *378,000 Continental stock 151,000 277.000 300,543 149,914 American afloat for Europe 457,550 507,072 716,443 823,313 U. S. port stocks 628,183 253,166 325,618 454,818 U. S. interior stocks 6,947 20,312 28,243 U. S. exports to-day 3,301 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 1,845,808 1,350,663 1,971,476 2,658,466 122,000 100,000 22,000 20,000 34,000 7,000 *18,000 *33,000 18,000 22,000 59,000 32,000 185,000 54.000 *641,000 *880,000 127,000 32,000 3,000 *96,000 23.000 10.000 8,000 461,000 254,000 72,000 12,000 81,000 70,000 17,000 102,000 557,000 1,097,000 1,150,000 760,000 1,165,000 1,845,808 1,350,663 1,971,476 2,658,466 2,942,808 2,500,663 2,731,476 3,823,466 Total visible supply 24.58d. 17.25d. Middling upland, Liverpool 9.38d. 6.12d. 35.85c. 21.35c. Middling upland, New York 15.25c. 10.10c. 33.92d. 29.75d. 13.43d. Egypt, good brown, Liverpool.. 8.65d. Peruvian, rough good, Liverpool_ 39.00d. 26.80d. 13.75d. 10.90d. 25.25d. 17.00d. Broach, Fine, Liverpool 8.90d. 5.75d. 25.50d. 17.18d. Tinnevelly, Good, Liverpool.. 8.92d. 5.87d. Total East India, &c Total American *Estimated. Continental imports for past week have been 55,000 bales. The above figures for 1918 show an increase over last week of 65,261 bales, a gain of 442,145 bales over 1917, an excess of 211,332 bales over 1916 and a loss of 880,658 bales from 1915. AT THE INTERIOR TOWNS the movement-that is, the receipts for the week since Aug. 1, the shipments for the week and the stocks to-night, and the same items foz the corresponding period of the previous year-is set out in detail below. Movement to Sept. 6 1913. Towns. Ship- Stocks meats. Sept. 6. Week. Season. Week. Receipts. Movement to Sept. 7 1917. Receipts. Week. I Season. Ship- Stocks ments.1 Sept. Week. 7. Ala., Eufaula_ 379 ---- 1,374 242 270 490 156 642 5,483 1,601 5,897 2,112 Montgomery _ 2,912 4,157 1,856 10,050 Selma 3,654 1,160 2,752 1,351 3,256 2,144 939 1,437 Ark., Helena_ 250 229 576 42 6 558 2,006 7,267 4,114 8,250 , Little Rook_ 710 47 704 1,295 4,670 Pine Bluff 864 14,191 55 334 154 307 1,140 4,414 483 1,158 1,502 Ga., Albany 1,018 678 3,407 906 1,623 210 11,841 Athens 1,461 832 540 1,500 800 926 5,732 1,291 16,778 Atlanta 1,103 544 7,754 2,381 12,894 Augusta 9,284 14,801 8,004 48,336 12,904 18,323 6,144 20,386 1,550 550 3,200 Columbus.--- 1,050 417 560 210 2,010 Macon 4,749 1,018 8,138 3,223 1,670 8,750 3,453 2,627 393 10 3,792 Rome 94 438 1,107 210 2,028 3,716 1,465 10,067 1,661 La. Shreveport 2,570 141 4,700 1,967 443 217 Mis;.,Columbus 443 517 569 900 550 550 16,000 Clarksdale 500 500 3,300 850 1,880 861 15,500 Greenwood700 400 1,360 900 4,000 923 1,203 4,029 Meridian 719 509 1,497 64 4,256 1,271 2,212 Natchez 959 282 916 , 926 513 903 528 534 1,717 443 Vicksburg-53 562 441 666 391 7,071 Yazoo City__ 479 232 267 926 606 Mo.,St. Louis 706 12,757 2,022 10,696 3,929 57,327 4,799 3,620 2,499 1,261 4,756 235 N.C.,Gr'nsbor 335 2,577 481 1,170 149--40 Raleigh 94 189 125 254 36 5,340 1,2 2 12,729 1,332 17,583 0 384 0., Cincinnati099 22,742 Okla., Ardmore .---- ---1,566 200 5,242 1,704 200 Chickasha __300 582 ---582 Hugo 582 ---. 800 Oklahoma 55 108 12 1,742 412 9,100 1,000 S.C.,Greenvill 5,250 900 6,684 218 2,82942 236 Greenwood... 218 45 42 575 Tenn.,Memphi 2,848 14,317 27,135231,759 2,210 22,205 13,356 71,861 _284 31 Nashville_ 99 63 Tex., Abilene_ 200 200 100 197 Brenham 2,500 11,047 2,300 3,007 2,000 9,120 1,400 2,037 75 1,060 985 Clarksville_ 1,060 791 6,181 6,191 10,290 2,9191 6,379 5,073 Dallas 3,177 880 1,921 2,801 Honey Grove 2,801 Houston 60,639 194,971 43,216148,093 71,550 246,215 64,1221 50,291 7,150 3,583 4,467 Paris 7,150 San Antonio.. 9,883 1,500 3,129 1,992 2,000 5,903 1,589 1,011 _ In 10 •nA Inn.... ..........., .... Total, 41 town ., oril .3, AQS2 III 1QR /194 14.1110 ann .10%,LUU .1.14,4:41,Z03,10d The above totals show that the interior stocks have increased during the week 1,538 bales and are to-night 375,017 bales more than at the same time last year. The receipts at all town have been 5,378 bales less than the same week last year. 1017 -1917 1918 Scpt. 6. Shipped, Via St. Louis Via Mounds, &c Via Rock Island Via Louisville Via Cincinnati Via Virginia points Via other routes, &c Week. 2,022 2,002 1,262 651 1,263 3,871 Week. 4,799 3,313 Since Aug. 1. 63,060 22,609 695 200 2,418 2,942 3,905 8,906 22,437 22,969 93,896 14,367 143,886 9,279 4,386 47,503 5,026 2,017 3,851 36,559 9,358 34,626 Since Aug. 1. 15,756 12,855 507 13,879 3,432 11,532 35,935 Total gross overland 11,071 Deduct shipments- • Pverland to N. Y., Boston, &c.._ 1,242 1,186 Between interior towns 5,230 Inland, &c., from South Total to be deducted 7,658 61,168 10,894 80,543 Leaving total net overland * 3,413 32,728 3,473 63,343 * Including movement by rail to Canada. The foregoing shows the week's net overland movement has been 3,413 bales, against 3,473 bales for the week last year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 30.615 bales. In Sight and Spinners' Takings. Receipts at ports to Sept.6 Net overland to Sept. 6 Southern consumption to Sept. 6a Total marketed Interior stocks in excess 1918-Since Aug. 1. 294,888 32,728 443.000 1917 Week. 89.652 3,413 85,000 Week. 112,138 3,473 88,000 Since Aug. 1. 407,447 63,433 487,000 178,065 1,538 770,616 203,611 z68,433 5,278 957,790 z101,776 Came into sight during week _179,603 Total in sight Sept. 6 702,183 Nor.spinners'takings to Sept. 6.... 20,483 110,746 208,889 856,014 36,035 186,706 x Less than Aug. 1. a These figures are consumption; takings not available. Movement into sight in previous years: Week1916 -Sept. 8 1915 -Sept. 10 1914 -Sept. 11 Bales. Since Aug. 1331,125 1916 -Sept. 8 198,869 1915 -Sept. 10 128,217 1914 -Sept. 11 Bales. 1,007,543 667,917 474,865 WEATHER REPORTS BY TELEGRAPH. -Our telegraphic advices this evening indicate that rain has fallen in most localities of the Southwest during the week, breaking the prolonged drought. Texas advices are to the effect that rain has fallen over the greater portion of the State except the Southwestern section, but it is a matter of conjecture as to the extent production will be benefited thereby. -Moderate to heavy rains occurred over Galveston, Tex. the greatest portion of Texas with the exception of southwestern section where the fall was scattered. To what extent these rains will benefit production is still a matter of conjecture, although in the event of a late frost and ideal crop weather much more growth would be assured. Picking and ginning is progressing satisfactorily:. It has rained on one day of the week, the precipitation being twelve hundredths of an inch. Average thermometer 79, highest 88, lowest 70. Abilene, Tex. -It has rained on four days of the week, the rainfall reaching forty-seven hundredths of an inch. The thermometer has averaged 79, the highest being 98 and the lowest 60. -We have had rain on three days of the Brenham, Tex. past week, the rainfall being forty-eight hundredths of an inch. The thermometer has averaged 84, ranging from 66 to 101. -There has been no rain during the week. Brownsville, Tex. The thermometer has ranged from 74 to 102, averaging 88. -Dry all the week. Average thermometer Cuero, Tex. 84, highest 100, lowest 68. -There has been rain on one day of the week, Dallas, Tex. to the extent of one inch and seventy-four hundredths. The thermometer has averaged 80, the highest being 98, and the lowest 62. Henrietta, Tex. -The week's rainfall has been one inch and eighty-seven hundredths on two days. The thermometer has averaged 85,ranging from 62 to 108. -There has been rain on two days during Huntsville, Tex. the week, to the extent of fifty-nine hundredths of an inch. The thermometer has ranged from 64 to 94, averaging 79. Kerrville,Tex.-The week's rainfall has been two inches and twenty-one hundredths on two days. Average thermommeter 81, highest 96, lowest 66. Lampasas, Tex. -It has rained on one day of the week, the rainfall reaching sixty-nine hundredths of an inch. The thermometer has averaged 82, the highest being 102 and the lowest 62. Longview, Tex. -We have had rain on three days of the past week, the rainfall being one inch and seventy-nine hundredths. Thermometer has averaged 81, ranging from 65 to 97. -There has been rain on two days during Luling, Tex. the week, to the extent of sixteen hundredths of an inch. The thermometer has ranged from 68 to 100, averaging 83. Nacogdoches, Tex. -It has rained on three days of the week, the precipitation being one inch and thirty-nine hundredths. Average thermometer 79, highest 96, lowest 61. Palestine, Tex. -It has rained on three days of the week,the rainfall reaching one inch and fifty-two hundredths. The 1018 THE CHRONICLE Cotton Takings. Week and Season. 1918. Week. I Season. 1917. Week. Season. Visible supply Aug. 30 2,877,547 2,492,260 Visible supply Aug. 1 3,027,450 2,814,776 American in sight to Sept. 6 179,603 702,183 208,889 856,014 Bombay receipts to Sept. 5_ __ _ b45,000 240,000 120,000 11,000 Other India shipm'ts to Sept. 5 b2,000 2,000 2,000 15,000 Alexandria receipts to Sept. 4 24,000 b6,000 10,000 5,000 Other supply to Sept. 4 * b3,000 11,000 2,000 17,000 Total supply Deduct Visible supply Sept. 6 Total takings to Sept. 6..a Of which American., Of which other 3,113,150 4,006,633 2,721,149 3,832,790 2,942,808 2,942,808 2,500,663 2,500,663 170,342 1,063,825 119,342 805,825 258,000 51.000 220,486 1,332,127 179,486 1,025,127 41,000 307,000 *Embraces receipts in Europe from Brazil, Smyrna, West Indies, tic. a This total embrace; the estimated consumption by Southern mills, -takings not being available 443,000 bales in 1918 and 487,000 in 1917 -and the aggregate amounts taken by Northern and foreign spinners, 620,825 bales in 1918 and 845,127 bales in 1917, of which 362,825 and 538,127 bales American. b Estimated. THE AGRICULTURAL DEPARTMENT'S AUGUST REPORT.-The following statement, showing the condition of cotton on Aug. 25, was issued by the Department of Agriculture on Sept. 3: The Crop ReportingiBoard of the Bureau of Crop Estimates of the United States Department of Agriculture estimates, from the reports of the correspondents and agents of the Bureau, that the condition of the cotton crop on Aug. 25 was 55.7% of a normal, as compared with 73.6 on July 25 1918, 67.8ron Aug. 25 1917, 61.2 on Aug. 25 1916 and 70.4, the average on Aug. 25 of the past ten years. A condition of 55.7% on Aug. 25 forecasts a yield per acre of about 145.2 lbs. and a total production (allowing 1% from planted area for abandonment) of about 11,137,000 bales, Last year's production was 11,300,254 bales; two years ago 11,449,930 bales; throe years ago 11,191,820, and four years 16,134,930 bales. Comparison of conditions, by States, follows: Aug. 25 July 25 -Aug. 25- 10-Yr. 1918. 1918. 1917. 1916. Aver. Virginia 75 84 76 84 90 North Carolina 77 87 69 65 75 South Carolina 67 80 74 57 73 Georgia 66 77 68 62 73 Florida 60 70 58 65 74 Alabama 66 78 65 45 69 Mississippi 67 81 75 69 49 Louisiana 53 65 75 64 65 Texas 43 61 66 55 68 Arkansas 52 71 77 79 74 Tennessee 68 86 80 80 80 Missouri 60 93 83 80 80 Oklahoma 33 84 75 56 69 California 92 95 90 92 *95 Arizona 96 95 89 --United States 55.7 73.6 67.8 61.2 70.4 * Eight-year average. MANCHESTER MARKET. -Our report receivedl by cable to-night from Manchester states that the market is very strongly held, but buying is disturbed by violent fluctuations in American cotton. The turnover is restricted in miscellaneous lines. We give prices for to-day below anp leave those for previous weeks of this and last year for comparison: 1918. July 19 4934 28 49 Aug. 2 4934 9 51 16 52 23 5234 30 5334 Sept 6 5434 1917. 83. lbs. Shirt Cot'a sags Common Mid. to finest. UPrs 32: Cop Twist. 0 00000 OD thermometer has averaged 81, the highest 96 and the lowest 66. Paris, Tex. -There has been rain on three days of the past week, the rainfall reaching one inch and thirty-three hundredths. The thermometer has averaged 82, ranging from 62 to 101. San Antonio, Tex. -There has been rain on five days during the week, the rainfall being two inches and forty hundredths of an inch. The thermometer has ranged from 66 to 98, averaging 82. Weatherford, Tex. -We have had rain on two days the past week, the rainfall being two inches and eighty-five hundredths. The thermometer has averaged 81, the highest being 100 and the lowest 62. Ardmore, Okla. -Rain has fallen on four days during the week, the rainfall being sixty-two hundredths of an inch. The thermometer has averaged 82,ranging from 62 to 103. Muskogee, Okla. -There has been rain on three days during the week, to the extent of three inches and forty-four hundredths. The thermometer has ranged from 59 to 94, averaging 77. Eldorado, Ark. -The week's rainfall has been one inch and twenty hundredths on two days. The thermometer has averaged 77, ranging from 57 to 97. Little Rock, Ark. -There has been rain on two days during the week, to the extent of forty-six hundredths of an inch. The thermometer has ranged from 61 to 90, averaging 76. Alexandria, La. -It has rained on two days of the week, the precipitation being three inches and thirty-three hundredths of an inch. Average thermometer 80, highest 91, lowest 66. New Orleans, La. -There has been rain on four days of the week, to the extent of three inches and eighteen hundredths. The thermometer has averaged 83. • Shreveport, La. -We have had rain on three days of the past week, the rainfall being eighteen hundredths of an inch. The thermometer has averaged 81, ranging from 67 to 94. Columbus, Miss. -It has rained on one day of the week the precipitation being fifty-one hundredths. Average thermometer 79, highest 98, lowest 60. Vicksburg, Miss. -We have had rain on one day of the past week, the rainfall being eleven hundredths of an inch. The thermometer has averaged 80, ranging from 63 to 93. Mobile, Ala. -Showers benefit young cotton. Picking is progressing satisfactorily. The demand for pickers is increasing. The week's rainfall has been sixty-six hundredths of an inch on four days. Average thermometer 81, highest 89, lowest 72. Selma, Ala. -The week's rainfall has been seventy-five hundredths of an inch on four days. The thermometer has averaged 81.5, ranging from 64 to 95. Madison, Fla. -We have had rain on two days during the week, the precipitation reaching thirty-nine hundredths of an inch. Average thermometer 80, highest 91, lowest 65. Atlanta, Ga.-We have had rain on four days of the past week, the rainfall being three inches and seventy hundredths. The thermometer has averaged 72, ranging from 60 to 84. Augusta, Ga.-Rain has fallen on two days during the week, to the extent of seventy-three hundredths of an inch. Minimum thermometer 67, maximum 91, mean 79. Savannah, Ga.-It has rained on two days of the week, the rainfall reaching one inch and three hundredths. The thermometer has averaged 79, the highest being 90 and the lowest 68. Charleston, S. C. -We have had rain on one day of the past week, the rainfall being six hundredths of an inch. Thermometer has averaged 78, ranging from 67 to 89. Greenwood, S. C. -Rain has fallen on two days during the week, the rainfall being sixty-three hundredths of an inch. The thermometer has ranged from 62 to 89,averaging 76. -There has been rain on two days during Charlotte, N. C. the week, the precipitation reaching seventy hundredths of an inch. The thermometer has averaged 76, the highest being 90 and the lowest 62 -Beneficial rains have improved crop Memphis, Tenn. conditions. Picking is progressing, but not yet general. Rain has fallen on four days during the week, the rainfall being one inch and fifty-three hundredths. The thermometer has averaged 75, ranging from 62 to 89. WORLD'S SUPPLY AND TAKINGS OF COTTON. [VOL. 107. d. s. d. a. d. 8. 52 25 14033 14 22.09 24 51% 25 1344433 14 20.63 24 32s Cop Twist. 834 lbs. Shirt Cot's lags Common Mid. to finest. Upi's fi. S 8. s. d. d. 44 2534 1310344418 0 19.00 44 25% 1310%018 0 19.15 52 25 14033 14 20.39 21 25% 1310%@18 0 53 25 134(433 134 21.46 25 0 26% 140 14186 54 253 @333 23.09 2534 26% 14114019 0 544 260 @346 23.97 25% 2634 140 44186 554 300 6438 74 25.10 25% 2634 140 @186 5634 30 3 038 1034 21.51 24 19.35 20.15 19.80 18.90 18.25 44 2534 13 9 017104 17.25 LIVERPOOL. -Sales, stocks, &c., for past week: Sales of the week Of which speculators took.. Of which exporters took Sales, American Actual export Forwarded Total stock Of which American Total imports of the week Of which American Amount afloat Of which American Aug. 16. Aug. 23. Aug. 30. 7,000 12,000 16,000 Sept. 6. 11,000 2,000 2,000 10,000 4,000 45,000 216,000 87,000 23,000 9.000 68,000 58,000 37,000 208,000 84,000 33,000 26,000 74.000 24,000 37,000 221,000 89,000 53,000 40,000 129,000 80,000 46,000 204,000 82,000 26,000 21,000 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: Spot. Saturday, Monday. Market, { 12:15 P.M. Quiet, Mid.Upi'ds Good Mid. Uplands HOLZDAY. Sales Friday. Quiet. Quiet. Quiet. Quiet. 25.03 25.03 25.88 25.27 24.58 25.66 25.66 26.51 25.90 25.21 3,000 2,000 2,000 3,000 3,000 Futures. Market } opened Very st'dy, Quiet, Easy, Quiet 10018 pts. 474455 pts. 72083 pts. 8-I-14 pts, advance. advance, decline. decline. Market, I 4 P. M. 1 Quiet, son pts. decline. Sat. Aug. 31 to Sept. 6. Tuesday. Wednesday. Thursday. Moh. Very st'dy, Unsettled, Sellers, Irreg. 1 pt. 446451 pts. 47052 pts. 100 points dec. to 7 advance, advance. decline. pts. adv. Tues. Wed. Thurs. Fri. 1234 124 124 4 1234 4 1234 4 1234 4 1234 4 p. m.p. m.p. m.p. m.p. m.p. ra p. m.p. m.p. m.p. m.p. m.p. m. New Contracts d. d. September_ __ October HOLINovember_ DAY. December,....... Jarman , d. d. d. d. d. d. d. d. d. d. __ __ 24.81 25.0625.3325.8925.8025.25 24.8021.51 24.87 _ __ 24.4824.7325.0325.58 25.5224.9524.5224.21 24.52 _ _ __ 24.1924.4624.7925.34 25.31 24.7224.31 24.01 24.30 _ ..24.0l 24.2524.6025.16 25.11 24.51 24.11 23.8e 24.12 __ __ 23.8324.0524.41 24.96 24.9324.3323.9323.76 24.00 BREADSTUFFS Friday Night, Sept. 6 1918. Flour has remained quiet. Receipts are large on old business and consumers seem to be carrying ample supplies. Mill offerings are large, but as already intimated the demand is indifferent. Yet it is said that mills are offering flour at prices not far from the cost of production. Probably trade in a couple of weeks will begin to increase. Old purchases are passing into consumption. Naturally, before long stocks will have to be replenished. On the other hand, however, some think that, for a time at least, buyers SEPT. 7 1918.1 THE CHRONICLE will purchase from hand to mouth, hoping for lower prices. Not much business has yet been done in spring wheat flour, any more than in winter wheat, although shipments of spring wheat to mills have recently increased very noticeably. Some of the Northwestern mills, it is asserted, have been offering flour in considerable quantities at below the cost of production, whatever this course may mean. Wheat continues at the old prices by the proclamation of the President. He intimates that next spring the subject may again be taken up after a commission has inquired into the question of the cost of production. On the whole tho wheat situation is better, taking the world over. That is, supplies are larger. Europe, however, will have to import freely, possibly 500,000,000 bush. The North American shipments last week were 3,298,000 bush. On the Pacific Coast threshing is progressing rapidly. The crop is turning out larger there than was at one time expected. In Washington spring wheat is heading out better. Prospects of a good crop are brightening. Meanwhile, fair arrivals of Australian wheat on the Pacific Coast are noted. They are being ground. Advices from the United Kingdom are to the effect that clearances of wheat from exporting countries show some slight falling off. It is expected,however, that shipments from North America will be maintained on. their present level and it is noticeable that a larger percentthe age of theshipments is now reaching England in. form of wheat, instead of flour as heretofore. In Argentina the outlook for growing crops has recently been excellent. Shipments of wheat, however, are expected gradually to decrease as more tonnage is given over,to the American trade. The supply of tonnage at Argentine ports is decreasing; fewer steamers are returning. Late Argentine advices, however, are to the effect that during the past few days the weather has been very changeable, first being warm and unsettled; this changed to coldness, after-having received good general rains over a wide area. Although there has been steady general rain over much of Argentina, it is also claimed that more moisture is needed in the north. Moderate absorption of wheat by foreign interests there has strengthened prices. News from the United Kingdom is that the wheat crop still shows the best promise of all cereals; cutting has made a good start and the harvesting area is gradually extending to the eastern and western counties. .In the south of England the ingathering of the wheat is being done under generally favorable conditions. In-France the results of harvesting are confirm some loss from favorable on the whole, .Reports. weather damage, but this is not serious. There is no doubt that France will ha,v9 more home-grown grain than last season. In Italy threshing results of the southern crop have not been so good as anticipated. A Rome correspondent affirms his belief that 164,000,000 bushels is a repsonable estimate for this year's wheat crop, but after all this quantity is about 24,000,000 bush. larger than that of last year. Harvesting in Northern Italy has made favorable progress, but the yields are disappointing. The latest news from Morocco is that the harvest in North Africa was particularly good; Algerian reports are also favorable. In Spain this year's wheat crop is reported to be of medium proportions. Its import requirements are still estimated at 8,000,000 bush. The crops in Sweden are expected to be about the average; it has improved. in Switzerland, but spring crops are below the average. Reports of beneficial rains continued to be received from Australia, and it is confirmed that the drought in New South Wales is now definitely broken. The general agricultural outlook is regarded as very favorable, although there has been frequent mention of a reduced wheat acreage. Good quantities of wheat still remain from preceding crops, but shipments continue to be maintained at comparatively fair . amounts, and construction of silos for the storage of grain is making rapid headway. Efforts are being made to prevent a recurrence of tho damage of last year from mice and weather, and it is claimed that the preventive measures are meeting with success. Shipments of wheat are being made in moderate quantities to the American Pacific Coast. In India the monsoon conditions have improved moderately but the fall of rain is still scanty in parts of the Punjab and the United Provinces, also in some regions of the centre and west. The Bombay monsoon current is still weak. Arrivals of wheat at East Indian ports have been very liberal recently which which indicates that shipments will improve shortly, provided tonnage s available. Holders appear less reserved. Autumn crops still promise well, but it is hoped that the rainfall will increase. The visible supply in the United States increased last week 6,646,000 bush.,as against an increase last year of only 739,000 bush. The total is now 48,821,000 bush., against 5,035.000 a year ago. The Canadian visible supply increased 883,000 bush., as against a decrease in tho same week last year of 515,000 bush. The total Canadian visible stock is 4,250,000 bush., against 2,819,000 a year ago. Partial returns on wheat exports for the week indicate 2,737,075 bush., against 3,546,352 in the previous week and 3,026,257 last year; total for ten weeks, 25,134,168 bush., against 50,825,431 for a like period last year. DAILY CLOSING PRICES OF WHEAT IN NEW YORK.' Sat. Mon. Tees. Wed. Thurs. Fri. cts_23734 Holt- 23734 23734 2373 23734 No. 2 red 24034 day. 24034 24034 24034 24034 No. 1 spring Indian corn declined at one time, but rallied later on reports of frost in northeastern North Dakota. Also the fact that no reduction has been made in the price of wheat had a more or less bracing effect for the time being. Clement, 1019 Curtis& Co.,moreover,estimate the crop at only 2,630,000,000 bush., or 359,000,000 bush. less than the Government estimate early last month. They put the condition of the crop at 66%, against 78.8 last month. Anxiety is now felt about the crop in the Northwest. It is hoped that it will escape injury by frost. Drought and heat did so much damage in the Southwest during August that the weather in the Northwest is of more than usual importance. Also the recent sharp decline of nearly 15 cents is regarded as having improved the technical position. The long interest has been greatly reduced. Possibly the short side had been overdone. On the other hand, however, the war news has been favorable. This is certainly regarded as a breaish factor. The war put up prices. What more natural than to suppose that peace would put them down? In any case this is the popular view. Besides the bulk of the crop is considered to be two to three weeks early. In another fortnight most of it will be out of danger from frost. All receipts are large and cash markets dull. On a single day Chicago's receipts were estimated at 750 cars. The industries have bought to some extent, but, on the whole, as already intimated, the cash demand has been sluggish. Some bad crop reports have failed to stimulate it. Argentina advices are that corn is being offered in large quantities. And, although the visible supply in the U. S. fell off 290,000 bush., it is still 5,232,000 bush. against 2,472,000 a year ago. Reports from the United Kingdom say that owing to recent storms some of corn has been laid. Argentina advices state that corn is still being offered freely and at slightly lower prices, exporters have absorbed but moderately. Today prices advanced. The cash demand at Chicago was good and some grades were 5 cents higher. Southwestern markets were very strong, September there being 6 to 732 cents above Chicago on nearby deliveries. This overshadowed everything else. Consignm'ent notices were light. • Prices are higher for the week. • DAILY CLOSING PRICES OF CORN IN NEW YORK. Sat. Mon. Tues. .Wed. Thurs. Fri. No. 3 yellow ets_1783( Hol. 17334 17334 17734 17734 DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. 15534 15534 15634 Sept.del.in elev.(new contract).cts.15334 Holi- 155 Oct. del. in elev.(new contract)___15534 day. 15734 156% 157% 15834 Oats prices have kept II itl in a narrow groove. The news has, in other words, has failed to affect prices much one way or the other. One thing, however, attracts attention. The thresl ing returns seem to promise a larger crop than had been generally expected. Not a few think that it will amount to 1,500,000,000 bush. which with ' two exceptions, that of last year and of 1915, would be the largest on record. That of last year was 1,587,286.000 bush.; that of 1915 was 1,549,030,000 bush. Leading cash houses have been large sellers. The Eastern demand has been slow. Reports that Government agents were buying cash oats had little effect. The visible supply in the United States last week increased no less than 4,281,000 bush., as against an increase in the same week last year of only 1,748,000 bush. This makes the total 19,309,000 bush., against 7,033,000 at this time last year. Canada has a visible supply of 8,403,000 bush., against 6,102,000 year ago. Advic3s from France report the potato crop as somewhat disappointing. The outturns of oats, rye and barley, however,are regarded as favorable. In Sweden the potato crop is said to be slightly larger than the average. The oats and hay crops are not in good condition, but the rye crop is expected to be about the average. The rye crop in Switzerland has improved. In Argentina prices have declined, due to the freeness of offerings, but fair purchases are being made at prevailing prices. On the other hand, the Government, as already stated, has been buying. Oats are regarded as relatively cheap by comparison with other grain, and therefore prices have been better mainta ned than would otherwise have been the case. To-day prices were higher, though they reacted towards the close. The firmness of corn had an effect, however. And the Northwest is selling to the Pacific Coast. The Southwest bought milling and feed barley at Chicago. Barley at Chicago advanced 1 to 2 cents; No. 3 white sold at 23/i cents under October. To-morrow a ballot will be taken at Chicago on the question of starting trading in barley futures with No. 4 as the contract grade, and No. 3 and better deliverable at 5 cents premium. Trading would be limited to 100,000 bush. for any one individual at any time. For the week prices are slightly highr. DAILY CLOSING PRICES OF OATS IN NEW YORK. Mon. Tues. Wed. Thurs. Fri. Sat. ets_8034081 Holt- 80081 8134 8134 8134 Standards 8134 8134 82 8108134 day. 81 No. 2 white DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. ,1 Sept.del.in elev.(new contract).cts_ 6934 Holt- 7034 7034 7034 703 7234 7234 7234 Oct. delivery in elev.(new contract) 7134 day. 72 The following are closing quotations: FLOUR. $10 90$11 25 Barley flour (to arrive)_ $8 6009 50 Spring DOTI! i025@10 50 Tapioca flour Winter $4 85035 10 10906111 25 Hominy Kansas 4 900 5 10 8 500 10 50 Yellow granulated Rye flour Barley goods—Portage barley: Corn goods, all sacks 100 lbs. *600 No. 1 $5 00 035 35 White 525 Nos. 2, 3 and 4 4 50 0 4 75 Bolted 6 0006 15 Nos.2-0 and 3-0 5 00 0 5 50 Corn flour 625 No. 4-0 per lb. nom Corn starch Oats goods—Carload,spot deRice flour, spot and to 0 52 .per lb. 1001034c. livery arrive 1020 WheatNo. 2 red No. 1 spring No. 1 Northern CornNo. 3 mixed No. 2 yellow No. 3 yellow No. 4 yellow Argentine THE CHRONICLE GRAIN. Oats $2 37% Standard _ 2 40M No. 2 white No. 3 white 2 393 No. 4 white nom. Barley 1 85 Feeding Malting 1 773 Rye nom Western THE DRY GOODS TRADE 813i 82 81 8034 $1 10@ 1 15 1 15i 1 20 1 72 WEATHER BULLETIN FOR WEEK ENDING SEPTEMBER 3. -The influences of weather on the crops as summarized in the weather bulletin issued by the Department of Agriculture for the week ending Sept. 3 were as follows: CORN. -The general rains that occurred during the week benefited corn in most sections east of the Mississippi River and from the central Missouri Valley northward. The growth was poor in North Dakota, however, on account of low temperature, and the crop made rather slow progress in Michigan. Otherwise the development was satisfactory, except in the Southwest. The crop is mostly matured in Oklahoma, and is in very poor condition. The bulk of the crop in Kansas is very poor, and can make no further growth. There was very little or no improvement in Missouri during the week, but the late crop made good progress in parts of Arkansas and Louisiana. The crop is quite variable from the Ohio River southward, but there was some improvement during the week except in limited areas. Corn is maturing rapidly and the bulk of the crop will be safe from damage by frost by Sept. 15 or 20. In South Dakota considerable is beyond frost damage at the present time, and most of the crop will be safe by the 10th. In central and southern Minnesota also a good part of the corn will be beyond danger by the 10th. In Nebraska, northern Illinois, and in two-thirds of Pennsylvania the 15th is given as the safe date. In Iowa 75% will be safe from frost damage by the 20th, and 88% by the 30th. The 20th is given as the safe date for most of the crop in Ohio. Some corn in southern Illinois and Indiana and the late crop in some other districts will need until the first part of October to mature properly. Cutting for fodder and ensilage is in progress over the Great Plains States as far north as Missouri and Nebraska and in the eastern districts as far north as Virginia and Maryland. Fodder pulling continues in the Southeast, where the crop is drying well. COTTON. -The temperature during the week averaged slightly above normal in the central and eastern portions of the cotton belt, and considerably above normal in the western portion. Rainfall was light in Louisiana, most of Texas, portions of Arkansas, and in a few localities east of the Mississippi River, but elsewhere moderato to fairly heavy rains were received. The rains caused sattsfactory advance in cotton during the week in many lqcalities, particularly in northern North Carolina, Tennessee, Oklahoma, Louisiana, and southern Alabama, but in /nest other places progress continued unsatisfactory. The crop is still mostly deteriorating in central and southern North Carolina, and is fruiting unsatisfactorily in South Carolina on account of irregular rainfall; there is, however, less shedding reported in intermediate and late cotton in South Carolina. The outlook continues poor in Georgia, but some improvement is noted in Mississippi, and there is not much damage reported from shedding and rust in the latter State. The week was generally favorable in Louisiana, but only slight improvement is noted in Texas, although the top crop is now promising in a few localities in that State. The recent rains have improved the Outlook in Oklahoma, but cotton continues in generally poor condition in that State on account of previous drought. Poor progress is reported from Arkansas, except that recent rains caused good advance on the lowlands of the central and northern portions. Bolls are opening rapidly throughout the belt and picking has become general to the northern limits, while ginning is progressing rapidly in the more nouthern districts. Picking is about completed in the southern portion of Texas and is well advanced in the Gulf Coast sections to the eastward. SMALL GRAINS. -The fair and warm weather the first part of the week was favorable for ripening late grains in the far Northwest, where they had been slow in maturing. The week was also favorable for small grain harvest in the late districts of the Northeast and in the higher elevations of the Western States, and this work is now nearing completion in these sections. The thrashing of all small grains made satisfactory progress during .he week where this work had not been completed, the yield continuing generally satisfactory. The harvest of a good crop of flax is well advanced in the Northwestern States. Recent rains have been of much benefit to buckwheat in the Eastern States, and this crop is filling nicely in the region of the Great Lakes; the outlook for buckwheat is promising. There was a continued improvement noted in the rice crop in Arkansas and harvest is progressing satisfactorily in that State, as well as in Texas and Louisiana. This crop is heading nicely in California; the yieds are fair to good in Texas and good in Louisiana. Recent rains have benefited the sorghum grains in the lower Groat Plains, but they continued mostly poor in Oklahoma. and some may not mature before frost in Kansas. The recent widespread rains in the winter wheat belt and more eastern States have greatly improved the condition of the soil for preparation of seed beds, and this work is now making rapid progress, with numerous reports of increased acreage. Some seeding has begun locally in the Plains States and in the far Northwest, while some wheat is already up and looking well in Montana. POTATOES. -Late potatoes were improved by rain in most northern districts. Sweet potatoes were improved in the South, also, wherever rains occurred, although this crop continues in poor condition in the Southwest, due to previous drought. For other tables usual given here, see page 978. The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard ports Aug. 31 1918 was as follows: United StatesNew York Boston Philadelphia Baltimore Newport News New Orleans Galveston Buffalo Toledo Detroit Chicago Milwaukee Duluth Minneapolis St. Louis Kansas City Peoria Indianapolis Omaha On Lakes GRAIN STOCKS. Corn. Wheat. Oats. bush. bush. bush. 807,000 2,441,000 382,000 337,000 18,000 16,000 2,467,000 52,000 267,000 2,935,000 125,000 631,000 175,000 602,000 2,937,000 109,000 335,000 3,104,000 2,000 2,069,000 366,000 966,000 985,000 37,000 1,200,000 21,000 50,000 189,000 14,269,000 1,930,000 8,839,000 1,229,000 112,000 836,000 17,000 95,000 924,000 120,000 34,000 192,000 3,514,000 30,000 560,000 1,350,000 8,159,000 875,000 32,000 155,000 282,000 232,000 835,000 741,000 3,457,000 435,000 150,000 243,000 Rye. bush. 43,000 72,000 13,000 40,000 Barley. bush. 74,000 24,000 78,000 9,000 776,000 9,000 2,000 82,000 16,000 27,000 44,000 127,000 570,000 236,000 21,000 365,000 21,000 13,000 98,000 9,000 59,000 5,000 Total Aug. 31 1918 48,821,000 5,232,000 19,309,000 1,325,000 1,510,000 Total Aug. 24 1918 42,175,000 5,522,000 15,028,000 990,000 1,290,000 Total Sept. 1 1917 5,035,000 2,472,000 7,033,000 725,000 3,206,000 Note. -Bonded grain not included above: Oats, nil, against 1,979,000 bushels In 1917; and barley, 1,000, against 588,000 in 1917. Canadian 1,373,000 126,000 2,725,000 Montreal 391,000 Ft. William Ar Pt. Arthur.. 2,767,000 2,1177,000 2,911,000 Other Canadian Total Aug. 31 1918 Total Aug. 24 1918 Total Sept. 1 1917 Summary American Canadian 48,821,000 5,232,000 19,309,000 1,325,000 1,510,000 126,000 8,403,000 4,250,000 391,000 Total Aug. 31 1918 Total Aug. 24 1918 Total Sept, 1 1917 53,071,000 5,358,000 27,712,000 1,325,000 1,901,000 45,542,000 5,655,000 24,077,000 990,000 2,412,000 7,854,000 2,483,000 13,135,000 727,000 3,309,000 4,250,000 3,367,000 2,819,000 126,000 8,403,000 133,000 9,049,000 11,000 6,102,000 [Vol,. 107. 2,000 391,000 1,122,000 103,000 New York, Friday Night, Sept. 6 1918. The acute situation in the raw cotton market has caused uneasiness throughout the dry goods trade as it has added to the 'many difficulties already confronting merchants. The Government report placing the condition of the cotton crop as of Aug. 25 at 55.7, indicating a yield of only 11,137,000 bales, has virtually assured the trade of another year of high prices for cotton and moderate supplies. It also brought to light the probability of mills having a very small supply of raw material to draw from should the war end before another crop is planted. Prices for raw material, as a result of the low condition report, advanced rapidly to new high levels and further inciNased the disparity of prevailing prices and those on which the fixed cotton goods prices were based for this period. The outlook now is that prices for dry goods will be revised sharply upward for the next period. During the week the committee appointed to adjust prices for goods named additional lists,so only a few classes of goods are now awaiting official prices. At the end of the current month new revisions will be made, but as the Government now has an established basis to work on, the re-adjustment for the next period will be a much easier matter and little delay is expected. Owing to the unfavorable crop conditions there is renewed talk of the Government stabilizing prices for raw material and controlling distribution before the current year ends. In fact, the War Trade Board has already appointed a committee to investigate the desirability and feasibility of affecting stabilization of prices as well as regulating distribution. As mills are so largely occupied with Government work, official distribution and price fixing of raw material, it is claimed, would be welcomed by manufacturers. Ordinary business during the week has continued comparatively quiet. Buyers have been in the market in fair numbers;and have been actively inquiring for supplies, but owing to the reluctance of mills to sell, actual orders placed have been of small volume. In many directions demand has been stimulated by the outlook for higher prices than those now prevailing. Nothing of special interest has developed in the export division of the market,but there continues to be a fair trade with merchants optimistic, particularly as regards South American trade. -As indications are DOMESTIC COTTON GOODS. that the next revision of fixed prices for dry goods will be upward, buyers of staple cottons have displayed more interest in the market during the past week. Mills, on the other hand, have not abandoned their conservative policy. In fact, they are becoming more reluctant to sell with the result that actual business passing for ordinary account continues small. Large Government orders nevertheles are being placed, and mills are well occupied with this class of work. Bleechers, finishers and printers have been notified by the War Trade Board to conserve chlorine, and it is estimated that available supplies of the chemical will be materially reduced. This will cut down the supply of bleached cotton, and it is advocated that colored goods will be taken as substitutes. Supplies of all kinds of goods are becoming more difficult to obtain, despite the fact that premiums are being offered in many instances. Demand for sheetings is active, and buyers are ready to make contracts as far ahead as mills will accept. Business in gray goods as well as in all staples is checked by the unwillingness of mills to sell. -Mills manufacturing woolens and WOOLEN GOODS. worsteds continue to divert their attention to the making of supplies for the Government, and according to reports, there is a. steady increase in the number of spindles so occupied. No wool has as yet been distributed to mills for the manufacturers of goods for civilian use, and they are obliged to draw upon their surplus stocks. In the men's wear trade, conditions are very quiet, and as a result of the continued large draft of men for the Army and Navy, prospects are for a very dull fall and winter trade. .There has been some improvement in demand for various dress fabrics, though most of the inquiry has been for additional supplies for fall. Indications are that there will be a much larger percentage of silks used in the manufacture of women's wear during the coming fall and winter than ordinarily. FOREIGN DRY GOODS. -Linens rthnain quiet, with buyers giving more attention to substitutes. A few small arrivals of pure linens have boon reported from abroad during the week, and they have passed rapidly into distributors' hands. There has also been some improvement in shipments of foreign substitutes for linens, but such fabrics are very high-priced as compared with domestic makes. According to advices from abroad, there is not much prospect of the situation impeoving as regards the manufacture of goods for civilian use, as the larger portion of the output is needed by the Go'vernment. It is also stated that foreign manufacturers are giving much of their attention to the harvesting of the flax crops, and that many of them have sent their mill operatives into the fields to help with the gathering. The market for burlaps continued to rule quiet, and in the absence of demand offerings were more liberal at concessions. Light weights are quoted at 18.00c. and heavy weights at 22.50c. PATE AND CITY 1021 THE CHRONICLE SEPT. 7 1918.] DEfA1rrivrENT6 York City's "general fund" bonds and also issues by Canadian municipalities are excluded. For the Month of For the Month of Eight Mos. August. August. Eight Mos. 516,124,577 $187,226,986 532,735,554 $200,630,742 1904 1918 7,737,240 102,983,914 32,496,308 346,903,907 1903 1917 8,009,256 108,499,201 25,137,902 346,213,922 1902 1916 84,915,945 15,430,390 22,970,844 379,789,324 1901 1915 93,160,542 7,112,834 10,332,193 394,666,343 1900 1914 PUBLISHED WEEKLY: 87,824,844 5,865,510 262,178,745 1899 19,822,191 1913 76,976,894 Terms of Subsvription—Payable in Advance 25,029,784 15,674,855 292.443,278 1898 1912 97,114,772 6,449,536 $10 00 22,522,613 288,016,280 1897 1911 For One Year 52,535,959 4,045,500 14,878,122 213,557,021 1896 6 00 1910 For Six Months 80,830,704 8,464,431 22,141,716 249,387,680 1893 18 00 European Subscription (including postage) 1909 82,205,489 7,525,260 7 50 18,518,046 208,709,303 1894 1on 1908 European Subscription six months(including postage) 37,089,429 2,734,714 22 14s. 1907 20,075,541 151,775,887 1F93 e Animal Subscript on in London (including postag) 57.340,882 4,108,491 2.1 114. 1906 16,391,587 144,171,927 1892 Months Subscription in London (including postage) Six $11 50 8,595,171 131,196,527 190.5 Canadian Subscription (including postage) Subscription includes following Supplements— Owing to the crowded condition of our columns, we are BANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(3 times yearly) ELECTRIC RAILWAY(3 times yearly) obliged to omit this week the customary table showing the RAILWAY EARvINGS(monthly) STATE AND CITY (semi.annually) BANKERS' CONVENTION (yearly) The (atonicIt. Terms of Advertisind—Per Inch Space Transient matter per inch space(14 agate lines) (8 times) Two Months (13 times) Standing Business Cards Three Months (26 times) Six Months I. Twelve Months(52 times) CHICAGO OFFICE-39 South La Salle Street,Telephone Majestic7396. LosnOm OFFICE—Edwards & Smith,1 Drapers' Gardens, E. C. WILLIAM B. DANA COMPANY,Publishers, Front,Pine and Depeyster Sts., New York. $4 20 22 00 29 00 50 00 87 00 month's bond sales in detail. It will be given later. -- NEWS ITEMS. Nevada.—Prohibition Proposition to be Submitted at General Election.—An Act, passed by the Legislature in 1917, to prohibit the manufacture, sale, keeping for sale, and gift, or malt, vinous and spirituous liquors, and other intoxicating drinks, mixtures or preparations; making the superintendent of the Nevada State Police ex-officio Commissioner of Prohibition, and defining his duties; and providing for the enforcement of this Act, and prescribing penalties for the violation thereof, will be submitted to the voters at the general election on Nov. 5. Oregon.—Proposed Constitutional Amendments and Measures.—At the general election on Nov.5 the voters will pass upon the following proposed constitutional amendments and referendum and other measures: MUNICIPAL BOND SALES IN AUGUST. The amount of long-term municipal bonds disposed ofin the United States during August exceeded any other total for that month. The aggregate, according to our records, was $32,735,554, making a total for the eight months of $200,630,742, compared with $346,903,907 for the same period in 1917,and $346,213,922in 1916. The sales in August Referred to the People by the Legislative Assembly. Establishing and maintaining Southern and Eastern Oregon Normal 1917amounted to $32,496,308and in August 1916 to $25,137, Schools—Purpose: To amend Article 14 of the constitution of Oregon by year $21,478,741 long-term bonds adding Section 4; appropriating $125,000 to establish "Southern Oregon 902. In July of this Normal School" at Ashland. and 8125,000 to establish "Eastern Oregon were placed. Normal School" east of Cascade Mountains; providing for maintenance of from funds procured by levying one twenty-fifty largest undertaking in the way of municipal each school respectively, of taxable property within the State, for Southern The mill tax upon each dollar was the sale by the city and Oregon Normal School, and a like tax for Eastern Oregon Normal School; financing last month -30- all funds hereby appropriated shall be expended by Board of Regents of county of Denver, Colo., of $10,800,000 432% 10 Normal Schools. children's Establishing dependent, delinquent (optional) water-plant-purchase bonds. The bonds propriating money therefor—Purpose:and defective the sum ofhome, apyear Appropriating $200,000, were taken by a syndicate, the leading members of or so mtich thereof as may be necessary to establish a Home to be known as "The Home for State Wards," for dependent, delinquent and defective which were Harris, Forbes & Co. and E. H. Rollins & children, who shall be committed to said Home by lawful authority of the to acquire a site and title to State; authorizing the State Board Sons of New York and the International Trust Co. real estate for said Home at someof Control the City of Portland, or point within within five miles from the corporate limits of said city, and and Boettcher, Porter & Co. of Denver, and sold to buildings, and provide encessary equipment therefor, includingto construct furnishings, investors at 9534 and interest, yielding 4.80% interest. lighting and heating. Referendum Ordered by Petition of the People. and important issues of municipal obligations Other large Prohibiting seine and set-net fishing in Rogue River and tributaries— disposed of in August were: Bayonne, N. J., $1399,000 5s Purpose: Declaring it unlawful (1) to fish for salmon or other fish in Rogue River or tributaries by means of seine or set-net'(2) at 101.786; Buffalo, N. Y., $308,750 4%s (3 issues) at other fish, except with hook and line, in Rogue Riverto fish for salmo nor or tributaries below h hest point of Doyles Rock, 100.333; Cleveland, 0., $330,000 5s at 104.736; $100,000 58 or west of line extending due south from of Pacific Ocean within a radius near mouth of Rogue River, and in waters (2issues) at 102.336 and $70,000 5s at 104.63; Cook County, of three miles of mouth of Rogue River; providing punishment for violation both; of Act Ill., $150,000 4s at 91.87; Dallas County, Tex., $250,000 currentby fine or imprisonment, orCourtsand giving Justices of Peace conof violations. jurisdiction with Circuit Closing the Willamette River to commercial fishing south of Oswego— Mich., $107,000 5s at 101.729; Lima, 5s at 100; Dearborn, Purpose: Closing Willamette River and tributaries, north of the south line 0., $150,000 5s at 100.681; State of Maryland, $2,500,000 of Section 11, Township 2, South, Range 1 East, to salmon fishing except with hook and line, from March 15 to May 1, and from June 15 to Nov. 1; 4328 at 100.43; Milwaukee, Wis., $750,000 5s (4 issues) at and above said line, at all times; forbidding any person catching more than day With hook and line in any portion of said river $475,000 53's at 101.40, $20,000 three salmon in one during closed season: forbidding sale of salmon taken 102.03; Portland, Ore., closed to net fishing lino during closed season; limiting number of trolling outfits at 102.19 and $5,00053s at 102.93; Rensselaer County, with hook and number of occupants. 53"2s in any boat to 4 N. Y.,$150,000 43 s at 101.635; Seattle, Wash.,$300,0005s Proposed by Initiative Petition. at 100.180; Terre Haute, Ind., $150,000 ss at 100.103; Delinquent Tax Notice Bill—Purpose: To repeal present laws requiring newspaper advertisement of delinquent taxes and in lieu thereof providing Trenton, N.J.,$144,0005s(2issues)at 100.653 and $482,000 that tax collector shall, after taxes become delinquent each year, mail by letter to each owner of real property at address furnished by him and noted 5s at 102.563. on rull, a written notice containing description, amount of taxes, rate of Tho above totals for August relate only to permanent interest, penalties and date on and after which certificate of delinquency providing for posting of delinquent lists and proof by certificate obligations. As far as temporary securities are concerned, shall Issue;and posting, making such certificate conclusive evidence thereof, of mailing and subjecting collector to damages sustained for failure to comply with Act. there were $21,830,000 of these negotiated last month, inFixing compensation for publication of legal notices—Purpose: Fixing summonses, citations, county cluding revenue bonds and bills and corporate stock notes compensation for publication of all notices, and all other legal advertisefinancial statements, reports, proceedings, issued by. New York City, amounting to $14,355,000. A • ments of whatsoever kind which now or hereafter may be required published; providing that newspapers may contract for lower rates; that publidescription of these is given on a subsequent page of this cation proof of such legal notices shall include amount charged for publication; that legal advertising required for irrigation, school, and road districts department. be published in local papers; amending Section 2903, Lord's Oregon Laws, In Canada $2,436,057 bonds and debentures were placed by classifying newspapers per circulation in counties of 150,000 or more inhabitants; repealing Section 2911 Lord's Oregon was Land Chapter 385, during August, including the sale of $1,750,000 bonds by Laws 1917. the Province of Ontario. South Dakota.—Proposed Constitutional Amendments.— A comparison is given in the table below of all the various At the general election to be held on Nov. 5 the following twelve proposed amendments to the constitution of South forms of securities placed in August of the last five years: Dakota will be voted upon: 1917. 1916. 1918. 1915. 1914. $ $ $ Permanent loans (U. S.).32,735,554 32,498,308 25,1:37,902 22,970,844 10,332,193 *Temporary loans (U.S.).21,830,000 46,816,460 34,827,887 28,466,044 6,086,608 821,567 1,525,063 Canadian loans (pornet). 2,436,057 4,840,738 228,000 None None 1.500,000 None Bonds of U.S. Possessions Nbne None 5,000,000 None None None Gen. fund bd.(N.Y.C.)- 57,001,611 85,653,506 63,787,356 52,961,951 10,646,801 *Including temporary securities issued by New York City, 514,355,000 in August 1918. $41,380,000 in 1917, $23,200,387 in 1916, $23,849,712 In 1915 and $3,298,408 in 1914. Total The number of places in the United States selling permanent bonds and the number of separate issues made during August 1918 were 234 and 280, respectively. This contrasts with 325 and 360 for July 1918 and with 462 and Q69 for August 1917. For comparative purposes we add the following table, showing the aggregates for August and the eight months for a series of years. In these figures temporary loans, New 1. An amendment to Section 2 of Article XI of the Constitution of the State of South Dakota empowering (1) the Legislature to classify for taxation purposes all property real and personal, including moneys and credits; and to determine what class or classes of property shall be subject to taxation and what class or classes of property shall not be subject to taxation. Under the Constitution as it now stands all taxes are required to be uniform on property of every kind. Under the proposed amendment taxes are required to be uniform only on property of the same class. (2) To empower the Legislature to impose taxes upon privileges, franchises and licenses to do business in the State, and to consider gross earnings and net incomes in taxing any and all property. Under the Constitution as it now stands gross earnings and net incomes are required to be considered only in taxing corporations. (3) To empower the Legislature to impose taxes upon Incomes and occupations. Under the Constitution as it now stands occupations may be taxed, but there is grave doubt whether the Legislature has authority to tax incomes. 2. An amendment to Section 7, Article V. of, the Constitution of the State of South Dakota. Section 7 of Article V of the Constitution, as it now stands, provides that a majority of the Judges of the Supreme Court shall be necessary to form a quorum or to pronounce a decision, but one or more of said Judges may adjourn the court from day to day or to a day certain. It is proposed to amend by adding thereto a further provision to the effect that when ally of the Judges may be disqualified for any reason from taking part in the decision of any particular action or proceeding, and the Court shall deem it necessary, some other person or persons shall be selected. in 1022 THE CHRONICLE such manner as the Legislature shall provide, to serve in place of the disqualified Judge or Judges, only for the purpose of deciding that particular action or proceeding. 3. An amendment to Section 5, Article VIII, of the Constitution of the State of South Dakota. This section relates to the sale of school lands. The Constitution now provides that the purchaser of such lands shall pay one-fourth of the purchase price in cash, one-fourth in five years, one-fourth in ten years, and one-fourth in fifteen years, with interest payable annually, at a rate of not less than 5%; and that the purchaser shall have the right and option of paying the balance of the purchase price, or any installment thereof, at any time. The proposed amendment provides that the purchaser shall pay at least one-tenth of the purchase price in cash; the balance, with 5% annual interest, to be paid in partial payments, as the Legislature may by general law provide; but that the entire balance must be paid up within thirty years; and that the purchaser shall have the right or option of paying the balance, in whole or in part, on any interest-paying date, under such rules as the Legislature may provide. 4. An amendment to Section 2 of Article XXI of the Constitution of the State of South Dakota, relating to compensation of State officers. This proposed amendment would permit an increase in the salaries of several State and judicial officers above the amounts now permitted by the Constitution. 5. An amendment to Chapter 159 of the Session Laws for 1917 and proposing and agreeing to an amendment of Section 1 of Article VII of the Constitution of the State of South Dakota, relating to the right of suffrage. The purpose and legal effect of the proposed amendment are as follows: (1) To give to women the right and privilege of voting at all elections on equal terms with men. The constitutional provision now in force limits the right of suffrage, at all except school elections, to males. (2) To -extend the period of residence required of an elector in this State from one year in the United States, six months in the State, thirty days in the county and ten days in the election precinct, as the Constitution now provides, to five years in the United States, one year in this State, ninety days in the county and thirty days in the election precinct. (3) As to persons of foreign birth, it limits the right of suffrage to those who have actually become naturalized citizens; whereas the Constitutional provision now in force grants the right of suffrage to persons of foreign birth who have declared their intention to become citizens conformably to the laws of the United States upon the subject of naturalization. 6. An amendment to Article XIII of the Constitution of the State of South Dakota, authorizing the State to engage in the coal mining business and in the distribution and sale of coal. Article I of Chapter XIII of the State Constitution now in force prohibits the State from engaging in any work of internal improvement. This proposed amendment would modify that prohibition in the Constitution by adding to said Article XIII two new sections, numbers 14 and 15, which would authorize the State to engage in the mining, distribution and sale of coal, and for that purpose to acquire by purchase or appropriation all necessary lands, structures, easements, tracks, rights of way, equipment, cars, motive power, facilities, implements and materials. It provides, however, that no expenditure of money for these purposes shall be made except upon a vote of two-thirds of the members elect of each branch of the Legislature. The proposed amendment further provides that the State may pledge such plants and their accessories, and may pledge the credit of the State to provide funds for such purposes, any provision in the Constitution to the contrary notwithstanding. 7. An amendment to Article No. XIII of the Constitution of the State of South Dakota, authorizing the State to engage in works of internal improvement and repealing Chapter No. 162 of the Session Laws of 1917. Section 1 of Article XIII of the State Constitution now in force prohibits the State from engaging in any work of internal improvement. This proposed amendment would do away with that prohibition by adding to said article a new section to be known as Section 16, and would expressly authorize the State to engage in works of internal improvement, any provision or limitation in the Constitution to the contrary notwithstanding. The proposed amendment further provides that the indebtedness of the State for the purposes contained in this section shall never exceed Y of 1% of the assessed valuation of all property in this State, and that no such indebtedness shall be incurred nor money expended except upon a twothirds vote of the members elect in each branch of the Legislature. 8. An amendment to Section 1 of Article XIII of the Constitution of the State of South Dakota. This proposed amendment is designed to do away with certain restrictions and limitations imposed by the present Constitutional provision upon the power of the State to expend moneys or to contract indebtedness. It provides that, for the purpose of developing the resources and improving the economic facilities of South Dakota, the State may engage in works of internal improvement, may own and conduct proper 1311811108S enterprises, may loan or give its credit to, or in aid of, any association or corporation, and may become the owner of the capital stock of corporations organized for that purpose. It provides, however, that any such association or corporation shall be subject to regulation and control by the State as provided by law; that no money of the State shall be appropriated or indebtedness Incurred for any of the purposes mentioned in this section except by the vote of two-thirds of the members of each branch of the Legislature; and that the indebtedness of the State for the purposes contained in this section, other than for rural credits, shall never exceed of I% of the assessed valuation of the property of the State. 9. An amendment to Chapter 164 of the Session Laws for 1917 and an amendment to Article XIII of the Constitution of this State authorizing the State to take over, develop and operate water powers for electric power, heating and lignting purposes, by adding thereto Sections 12 and 13. Section 1 of Article XIII of the State Constitution now provides that the State shall not engage in any work of internal improvement. The proposed amendment would add to said Article XIII two new sections to be known as sections 12 and 13, and which would expressly permit and authorize the the State to engage in the manufacture, distribution and sale of electric current for heating, lighting and power purposes, and would empower the State to acquire by purchase or appropriation all lands, easements, rights of way, tracks, structures, equipment, cars, motive power, implements, facilities, instrumentalities and material incident or necessary to the owning, development and operation by the State of the water powers of the State; the proposed amendment provides, however, that no expenditure of money for the above mentioned purposes shall be made except by a vote of two-thirds of the members elect of each branch of the Legislature. Section 13 of the proposed amendment provides that the State may pledge such plants and their accessories, and may pledge the credit of the State, to provide funds for the above-mentioned purposes, and provision in the Constitution to the contrary notwithstanding. 10. An amendment to Chapter 165 of the Session Laws for 1917 and proposing an amendment to Article XIII of the Constitution of the State of South Dakota permitting the State to engage in the cement business and to manufacture, distribute and sell cement and cement products. This proposed amendment would modify the provision contained in Section 1 of Article XIII of the State Constitution, which prohibits the State from engaging in any works of internal improvement, by adding to said Article XIII of the Constitution two now sections, to be known as sections 10 and 11, which would authorize and empower the State to engage in the distribution and sale of cement and cement products, and for that purpose to acquire by purchase or appropriation all necessary lands, easements, rights of way, tracks, structures, equipment, cars, motive power, implements, facilities, instrumentalities and material; provided that no expenditure of money for these purposes shall be made except upon a vote of two-thirds of the members elect of each branch of the Legislature. The proposed amendment further provides that the State may pledge such cement plants and their accessories, and may pledge the credit of the State, to provide funds for the purposes specified in the amendment, any provision in this Constitution to the contrary notwithstanding. 11. An amendment to Article XXI of the Constitution of the State of South Dakota. This proposed amendment would add to Article XXI of tne Constitution a new section to be numbered section 8, which declares the providing of insurance against loss or damage to crops by hall to be a public purpose, and it would authorize the Legislature to levy an assessment upon agricultural land for such purpose, with such exemptions as may be provided by law. It provides for dividing the State into hail insurance districts and for the assessment of land within the different districts at such amount per acre as the Legislature may determine; such assessment to be uniform upon all land oX the same district that is similarly situated. It provides that the assessment for this purpose may be levied by the Legislature) direct, or by the corporate authorities of the various hail insurance districts, or by such other agencies as may be authorized by general law. [VoL. 107. 12. An amendment to the Constitution of the State of South Dakota, the purpose and legal effect of which are as follows: The Constitution now expressly prohibits the State from engaging in any work of internal improvement. This proposed amendment would modify that provision and would add to the Constitution a new article to be numbered XXIX, which would authorize the Legislature to provide by law and appropriate money for the purchase or construction and operation of elevators and warehouses within or without this State, for the marketing of agricultural products; it would further authorize the Legislature to provide by law and appropriate money to buy, or construct and operate flour mills and packing houses within this State, if in the future, and in the judgment of the Legislature, the public necessities may so require. Texas.—Proposed Constitutional Amendments.—Two proposed constitutional amendments will be voted upon at the general election in November next. The first of these proposes an amendment to Article 7 of the Constitution of the State of Texas by changing Sec. 3, providing for a 35 cent tax levy for the maintenance'of the public schools of Texas, and providing free text books in public schools of the State of Texas, and making an appropriation thereof. The second is to amend Section 10 of Article 1, of the Constitution of the State of Texas, providing for certain rights of accused persons in criminal prosecutions, and the manner in which the case may be prosecuted, and providing for the procuring of the testimony of the witnesses for both defense and prosecution. Wyoming.—Proposed Constitutional Amendments.—The following proposed amendments to the Constitution of the State of Wyoming will be voted upon at the general election on Nov. 5: 1. An amendment to Article XIX of the State Constitution so as to provide for the prohibition of the manufacture, sale and keeping for sale of intoxicating liquors. 2. An amendment to Section 15 of Article XV of the State Constitution authorizing a special tax upon livestock for stock inspection, protection and indemnity. 3. An amendment to Section 6 of Article V of the State Constitution so as to provide for the calling of a district judge to sit as a member of the Supreme Court in a cause in which a justice of the Supreme Court is unable to sit. BOND CALLS AND REDEMPTIONS. ---The City of Maisonneuve, Que.—Debenture Call. , Montreal hereby gives notice that $800,000 City of Maisonneuve bonds, which matured Jan. 1 1918, and $1,500,000 City of Maisonneuve bonds, which matured May 1 1918, would be redeemable at the Bank of Montreal, Montreal, or at their New York agency, 64 Wall Street, on Sept. 3 1918, with accrued interest at the rate of 6% per annum from date of maturity. G. De Serres, is City Treasurer. Spokane, Wash.—Bond Call.—The following specialimprovement bonds have been called for payment at the Treasurer's office: Name and Dist. No.— Pavement— Arthur St. 728 4th Ave. 790 3d Ave. 560 Grade— Ash St. 1018 Bernard St. 416 Falls Ave. 446 15th Ave. 591 To Be Paid Sept. 15. Up to and Name and Dist. No.— Grade (Continued)— Including Garland Ave. 604 54 Jefferson St. 607 89 Latawah St. 639 52 19th Ave. 546 36th Ave. 642 16 Sewer 41 18th Ave. 650 19 16 Up to and Including 68 108 13 29 32 34 BOND PROPOSALS AND NEGOTIATIONS • this week have been as follows: AJO SCHOOL DISTRICT (P. 0. Ajo), Pima County, Ariz.— BONDS VOTED.—At the election held Aug. 20 (V. 107, p. 713) the question of issuing $135,000 5% school bonds was favorably voted. Date of sale not yet determined. ARTESIA, Eddy County, N. Mex.—BOND SALE.—Reports state that an issue of $150.000 6% bonds was awarded to an Ohio company at par, plus a bonus of $500 and the printing of bonds. ATTICA, Fountain County, Ind.—BOND SALE.—J. F. Wild & Co. of Indianapolis have purchased $15,500 5% tax-free refunding bonds. Denom. $500. Date Aug. 1 1918. Prin. and semi-ann. int. (P. & A. payable at the City Treas. office. Due $2,000 yearly on Aug. 1 from 1923 to 1930 incl. Total debt (incl. this issue) $26,000. Assessed valuation, $1,375,000. Real valuation, $2,750,000. AUBURN TOWNSHIP (P. 0. Tiro), Crawford County, Ohio.— BONDS NOT SOLD.—The two issues of 5% road bonds, aggregating $10,000 and offered on Aug. 27 (V. 107, p. 713) were not sold. AUGLAIZE COUNTY (P. 0. Wapakoneta), Ohlo.—BOND SALE.— On Aug. 31 the $8,000 535% 1-4-year serial bridge bonds (V. 107, p. 918) , were awarded to Dude% Niles & Co. of Toledo at 100.16. Other bidders were: W. L. Slayton & Co., Tol..$8,009 60'First Nat.-Bk., Wapakoneta_$8,000 BELDEN, Cedar County, Neb.—BOND SALE.—The $4,000 5%% 5-20-yr. (opt.) electric-light bonds, mentioned in V. 106, p. 2772, have been awarded, according to reports, to local investors. BELL COUNTY (P. 0. Pineville), Ky.—BOND ELECTION.—In November next the voters will be asked to pass upon a proposition to issue $75.000 bonds, it is stated. BELLEVUE, Huron County, Ohio.—BOND OFFERING.—Additional information is at hand relative to the offering on Sept. 10 of the $12,000 -year fire dept. bonds (V. 107, p. 918). Proposals for those bonds 6% 12 win be received until 12 m. on that day by G. R. Moore, City Auditor. Denom. $1,000. Date July 11918. Int. semi-ann. Cert. check for 5% of the bonds bid for, payable to the City Treasurer, required. Purchaser to pay accrued Int. BINGHAMTON, Broome County, N. Y.—BOND OFFERING.—City Comptroller Harry H. Evans will receive sealed bids, it is stated, until -nun. % various improvement bonds. Int. semi Sept. 10 for $63,174 BOONE COUNTY (P. 0. Lebanon), Ind.—BOND OFFERING.— According to reports, proposals will be received until 10 a. m. Sept. 10 by J. L. Thomas, County Treasurer, for $18,500 5% 10-year highway impt. bonds. BOONTON, Morris County, N. J.—NOTE SALE.—An issue of $58,000 notes was awarded to J. S. Rippel & Co. of Newark at 5.45% int. The Farmers & Merchants Bank of Boonton bid 535% for $15,000 notes. , BUFFALO, N. Y.—BOND SALE.—During the month of August the Sinking Fund purchased $15,000 4% water refunding bonds. Denom. $1,000. Date Aug. 1 1918. Due Aug. 1 1043. BUTTE, Silver Bow County, Mont.—BOND SALE.—It is reported that the following two issues of bonds, aggregating $135,000 have been disposed of: $75,000 municipal impt. bonds to the Union Trust Co. 60,000 paving bond to Ferris & Hardgrove of Seattle. SEPT. 7 1918.] THE CHRONICLE 1023 Halsey, Stuart & Co. Chic_ _$28,112jHarris Trust 'St Savings Bank, $28,031 Milw. 28,047 Chicago ec Sond Ward Say. A bid of par less $596 was received from C. H. Coffin of Chicago. GROVE LAND SPECIAL TAX SCHOOL DISTRICT, Lake County, -The County Superintendent of Public InstituFla. -BOND OFFERING. tions (P. 0. Tavares) will receive bids, it is stated, until Sept. 16 for $7,000 6% bonds. Cert. check for 5% required. -BOND OFFERHAMILTON COUNTY (P. 0. Cincinnati), Ohio. -Additional information is at hand relative to the offering on Sept. ING. -house and jail bonds(V. 107, P. 919)• -year court 17 for the $500.000 5% 30 Proposals for these bonds will be received until 12 m. on that day by Albert Reinhardt, Clerk of )3d. of Co. Commsrs. Denom. $500. Date Sept. 1 1918. Prin. and semi-ann. int. (A. & 0.) payable at the County Treasurer's office. Cert. check for 5% of the bonds bid for, payable to Chas. Cooper, County Treasurer, required. Bonded debt (incl. this issue) $4,965,253 13. Sinking fund $15,280 09. Assessed and true valuation (approx.) $820,000,000. County tax rate 1917 2.75 mills. HARRISONVILLE RURAL SCHOOL DISTRICT (P. 0. Minford -On Aug. 26 the $15,000 670_ -BOND SALE. Scioto County, Ohio. school bonds (V. 107, p. 715) were awarded to the First National Bank of Portsmouth. Date Aug. 26 1918. Due yearly on Aug. 26 as follows: $100. 1919;$200, 1920; $100, 1921; 3200, 1922 to 1927, incl.; $300, 1928 and 1929; County CHESTER SCHOOL DISTRICT (P.0. Chester), Delaware following 3200, 1930; $300, 1931 to 1933. incl.; $400, 1934 to 1937, incl., and 5100. -We are in receipt of the Cert. check for 5% required. Pa. -FINANCIAL STATEMENT. 12 of 1938. financial statement issued in connection with the offering on Sept. debt. HAWLEY SCHOOL DISTRICT (P. 0. Hawley), Clay County, -V. 107. p. 918. Bonded the $370,000 434% tax-free school bonds -Proposals will be received until Sept. 23 -BOND OFFERING. Minn. $601,500. Sinking fund, $181,621 65. Assessed valuation, $24,289,215, by E. J. Morton, District Clerk, for $50,000 5)4% 15 -year school bonds. The official circular states that there has never been a default in the pay- Denom. $1,000. Date Sept. 3 1918. Int. M. & S. ment of either principal or interest. -BONDS DEFEATED. HILL COUNTY (P. 0. Hillsboro), Tex. -On Nov. 5 an election will be -BOND ELECTION. CHICAGO, 111. to issue $2,908,000 road bonds was defeated at the election held, it is stated, to vote on the proposition to Issue $3,000,000 street The proposition V. 107, p. 528. held Aug. 24. impt. bonds, mentioned in V. 107. p. 621. HILL COUNTY SCHOOL DISTRICT NO. 25 (P. 0. Cottonwood), -It is reported that -BONDS AUTHORIZED. CINCINNATI, Ohio. -On Aug. 10 the State Land Board of Montana -BOND SALE. -25-year (opt.) Mont. the City Council has authorized an issue of $4,100 5% 15 -20-year school bldg. bonds (V. 107, was awarded at par the $2,500 6% 15 -improvement bonds. street -It is P. 528). RIVER IRRIGATION DISTRICT (P. 0. Oak Grove), Hood -BOND SALE. CLARK COUNTY (P. 0. Arkadelphia), Ark. HOOD -Sealed bids will be received reported that Whitaker & Co. of St. Louis were recently awarded $100,000 River County, Ore. -BOND OFFERING. road bonds. until 2 p. m. Oct. 1 by F. Fenwick, District Secretary, for $167.000 6% J. Oct. 1 RURAL SCHOOL DISTRICT (P. 0. New general negotiable refunding bonds. Date must be 1918. Int. J. & CLAYTON TOWNSHIP unconditional. Car -Proposals will Due $8,000 yearly beginning 1924. All bids -BOND OFFERING. Lexington), Perry County, Ohio. payable to the above Secretary, required. The sale by 0. It. Griffith, Clerk of Bd. of Education, until 12 m. Sept. titled check for $5,000,subject to the approval of the Capital Issues Corn be received 16, it is stated, for $5,000 6% 1-5-year serial school bonds. Int. M. & S. and delivery of bonds mitteo. Cert. check for 5% required. HORSE HEAVEN IRRIGATION DISTRICT (P.O.Prosser), Benton COAL GROVE SCHOOL DISTRICT (P. 0. Coal Grove), Lawrence County, Wash. -BONDS NOT TO BE OFFERED UNTIL AFTER THE -year tax-free coupon -The $8,000 6%, 10 SALE. -BOND County, Ohio. on Aug. 28 (V. 107, p. 822) WAR. -The $277,200 (unsold portion of an issue of $500,000 6% irrigation refunding bonds, dated Sept. 5 1918 offeredBond Inc. of Chicago for $8,- bonds, mentioned in V. 106,p.949), will not be disposed of until after the were awarded on that day to the Hanchett war. 247 75, equal to 103.096. -BOND OFFERING.-Pro-BOND ELECTION. HOUSTON, Houston County, Minn. COLLIN COUNTY (P. 0. McKinney), Tex. sals will be received until 1 p. m. Sept. 21 by 0. G. Langen, Town Clerk It is stated, that a proposition to issue 375,000 Plano Road District bonds . 0. Route 1, Houston) for $3,000 6% school bonds. Denom. $500. to the voters on Sept. 28. will be submitted ue $500 yearly on July 1 from 1920 to 1925, incl. -BOND COWL ITZ COUNTY DIKING DISTRICT NO. 7, Wash. -On -BOND SALE. HOWARD COUNTY (P. 0. Kokomo), Ind. -Reports state that the Lumbermens Trust Co. of Portland has SALE. Aug. 31 the Fletcher-American National Bank of Indianapolis was awarded been awarded $30,000 dike bonds. at par the $22,305 5% 10-year ditch bonds (V. 107, p. 919). Date Aug. -BOND SALE. CRAWFORDSVILLE, Montgomery County, Ind. J. F. 8, 1918. An issue of $18.000 5% tax-free school bonds has been purchased by Prin. -A HOWARD COUNTY (P. 0. Fayette), Mo.-BOND ELECTION. Wild & Co. of Indianapolis. Denom. $1,000. Date Aug. 11918. -V. 106, p. 2471-will be issue the $700,000 road bonds the and semi-ann. int.(P. & A.) payable atincl.City Treas. office. Due 113,000 proposition to is stated, at an election to be held Sept. 14. it Total debt (incl. this issue), voted upon, yearly on Aug. 1 from 1925 to 1933 371,500. Assessed valuation, $6,047,660. HUGHESON UNION HIGH SCHOOL DISTRICT, Stanislaus -The $55,000 5% 1-25-year -BONDS NOT YET SOLD. WING COUNTY CONSOLIDATED SCHOOL DISTRICT County, Cal. CROW -BOND SALE. -The $25.000 % fund- serial bonds recently voted (V. 106, p. 840) have not as yet been sold. NO. 41 (P.0. Pequot), Minn. -have been disposed of, it is SCHOOL DISTRICT NO. 4 (P. 0. Cambridge), ing bonds recently voted-V. 107, p. 714 ISANTI COUNTY stated. -Recently Kalman, Matteson & Wood of St. -BOND SALE. Minn. -year school bonds, it is reported. -The voters, Paul purchased $30,000 15 DARIEN,'McIntosh County, Ga.-BOND ELECTION. -The following bonds according to reports, will have submitted to them on Sept. 11 a proposition -BONDS PURCIIASED BY STATE. KANSAS. $8,000 school bonds. to issue were purchased by the State of Kansas at par during the months of May. -BONDS AUTHORIZED. June and July: Montgomery County, Ohio. DAYTON, The City Commission has authorized. it is stated, an issue of $285,000 Bonds Purchased During May, Aggregating $174,500. Due. Purpose. general bonds. Amt. Int. Place Issuing Bonds. Inter'l Impt. May 1 '19-'28 -BOND SALE. -Newspapers $42,000 57 Belleville DRUMR1GHT, Green County, Okla. July 1 '19-'27 Building Jefferson Co. S. D. No.42 funding bonds has been sold. 9,500 state that an issue of $37.000 Inter'l Impt. Feb. 1 '26-'28 Kansas City 3.000 - 75,000 44 Liberty Loan -BOND OFFERING. Mar, 15 1928 War DUBUQUE COUNTY(P.O. Dubuque),Iowa. 43' Jan. 1 '19-'22 Building Sealed bids will be received until 2 p. m. Sept. 10 by John Inghram, County 2,000 6 Miami Co. S. D. No. 52 92 funding bonds, at not exceeding 5% int. Date Cos. Joint Rural Auditor, for $301,567 20,000 5% Morris & Lyon July 1 '19-'23 Building High Sch. Dist. No.3 Sept. 1 1918. Int. M. & S. Due part yearly from 1922 to 1937, incl. Financial Statement. 1,000 6% Seward & Haskell Cos. Joint Sch. July 1 '19-'23 property within entire county, 1917468,716.268 00 Building Dist. No. 8 Actual value of taxable Jan. 1 '19-'28 Building ---------------- 17,179,067 00 -Taxable value, 1917------ - -2,000 59' Summer Co. S. D.No. 117 1.872,282 00 Jan. 1 1938 Improv't value of moneys and credits, 1917 Actual 20,000 5% Wilson Actual value of taxable property within said county outside Bonds Purchased During June, Aggregating $16,900. 32.341,840 00 of City of Dubuque, 1917 Waterworks April 1 1943 Hays 8,085,460 00 $14,500 -, Taxable value 1917------- --Jan. 1 '19-'22 Building 1,200 5 Mitchell Co. S. D. No.97 816,650 00 Actual value of moneys and credits. 1917 County Jan. 1 '20-'25 Building Hospital 1,200 5 Morris Co. S. D. No. 14 Total bonded indebtedness (including 451,116 00 -- ------- Aggregating $264,680. - --------- --bonds) Bonds Purchased During July, kind, including the warrants Building Jan. 1 '20-'23 All other indebtedness of any $2,000 5 Anderson Co. S. D.No.20 301,567 92 Jan. 1 '20-'22 Building to be funded, Sept. 1 1918 1,500 5 Anderson Co. S. D. No.32 Jan. 1 '20-'33 Building Amount on hand for the purpose of redeeming outstanding 4,000 5 Brown Co. S. D. No.69 63,406 94 Elec. Light Jan. 1 '20-'28 bonds when due 5 Burn 9.000 Jan. 1 '19-'30 Building Population, State Census, 1915, 60.975; 1918 (est.), 62,000. 2,500 59f Butler Co. S. D.No.77 Jan. 1 '19-'33 Building -BOND SALE. 3,000 5 Cowley Co. S. D. No. 46 -On Aug. ERIE COUNTY (P. 0. Sandusky), Ohio. July 1 1933 Building 2,400 5 Cowley Co. S. D. No. 46 31 the $2,400 6% 1-5-year serial real estate impt. and stock const. bonds. Jan. 1 '19-'21 Building to the American Banking 1,500 5 Crawford Co. S. D.No. 16 107, P. 919) were awardedand dated Aug. 31 1918 (V. Water & Lt. July 1 '19-'48 int. There were no 15,000 59f Dighton & Trust Co. of Sandusky for $2,401 (100.041) Jan. 1 '21-'32 Building 31 1,200 5 Finney Co. S. D.No. other bidders. July 1 '19-'23 Building 2,500 5 Ford -BONDS AWARDED Jan. 1 '19-'29 Building FRANKLIN COUNTY (P.O. Columbus), Ohio. 5,000 5 Franklin Co. S. D. No. 22 July 1 '19-'28 Building issues of 5% coupon highway bonds aggregating -Of the three IN PART. 2,500 5 Graham Co. S. D.No.21 Jan. 1 '19-'23 Building $93,500 offered without success on Aug. 20 (V. 107. p. 919) $69.500 worth 1,500 5 Harper Co. S. D. No.48 Jan. 1 '20-'28 Building to Sidney Spitzer & Co. of Toledo at par, it is stated. Harper Co. S. D. No. 69 were awarded 1,800 57 750 5% Ho german Finney, & Gray Joint TOWNSHIP SCHOOL DISTRICT (P. 0. Conesville), FRANKLIN July 1 '19-'25 Building Sch. Dist. No. 34 z -The $6,000 % -BOND SALE Coshocton County, Ohio. July 1 '19-'23 Building 5,000 5% Jewell Co. Sch. Dist. No. 8 on July 8(V. 107, 1-6-ye l i serial school-bldg. bonds offered & Wolcott Co. of p. 97) wore awarded oir Jan. 1 '20-'24 Building 1,800 5 Jewell Co. S. D.No.34 Cleveland at 100.26. Tillotson Sept. 3, it is stated to July 1 '19-'22 Building 2,000 57 Jewell Co. S. D.No.54 Jan. 1 '19-'25 -BONDS VOTED. Building -T110 FREDONIA, Chautauqua County, N. Y. 1,500 57 Jewell Co. S. D.No.64 July 1 '19-'28 Building 2,000 5 Jewell Co. S. D. No. 108 proposition to issue $14,000 (not $7,000 as first reported) fire-dept. bonds -carried, it is stated, at the special election held recently. 3,000 5% Jewell & Republic Counties Joint 107, p. 528 Jan. 1 '19-'33 Building Sch. Dist. No. 4 -It is reported that -BOND SALE. FRESNO, Fresno County, Calif. Jan. 1 '19-'23 Building 2.500 6 Johnson Co. S. D. No.53 May 1 '24-'38 Building $5,099 6% impt. bonds have been sold. Junction City S.D 99,000 5 Jan. 1 '19-'29 Building -NO BIDS RECEIVED. 3,000 5 Kiowa S. D. No. 2 FULTON COUNTY (P. 0. Rochester), Ind. July 1 1933 Building % road bonds of22,500 5 Marshall Co. S. D. No. 29 were received for the $16,000 and $9,500 -No bids Jan. 1 '19-'33 Building 3,300 5 Nemaha Co. S. D. No.97 fered on Sept. 3.-V. 107, p. 822. July 1 '19-'23 Building 1,500 5' Neosho Co. S. D. No. 34 -BOND SALE. -On Aug. 31 July 1 '19-'30 Building GALLIPOL1S, Gallia County, Ohio. 6,000 5 Ness Co. S. D. No.55 -V. 107, p. July 1 '19-'25 Building the $7,000 6% 1-7-year serial refunding bonds$7,141. equal 621-were S. D. No.54 3,500 5 Ness Co. to 102.014. Jan. 1 '19-'29 Building awarded to Soasongood & Mayer of Cincinnati for 7,230 5 0 Ottawa Co. S. D.No.3 July 1 '19-'28 Building Other bidders were: 5 Reno Co. S. D. No.8 3.000 I Stacy & Braun, Toledo_ __$7,102 20 Jan. 1 '20-'27 Building Durfee. Niles & Co., Tol_ _$7,126 80[John Nuveen & Co., 2,800 5 Republic Co. S. D. No. 43 Chic,- 7.05600 Jan. 1 '20-'29 Building W. L. Slayton & Co., Tol__ 7,025 00 2.500 5 Republic Co. S. D. No.91 Jan. 1 '20-'24 Building IMPROVEMENT DISTRICT NO. 2 Rice Co. S. D. No. 13 3,600 5 GLENDALE MUNICIPAL July 1 '19-'23 Building -BONDS APPROVED. 2,200 5 Riley Co. S. D. No.80 (P. 0. Glendale), Los Angeles County, Cal. Jan. 1 '19-'28 Building Capital Issues Committee has approved the 2,200 5 Rush Co. S. D. No. 7 Newspapers state that the Jan. 1 '19-'26 Building 2,500 57 Russell Co. S. D. No. 45 issuance of $44,000 bonds. July 1 '19-'23 Building 2,500 59 Saline Co. S. D. No. 13 -BOND OFFERING. July 1 '19-'25 Building Saline Co. S. D. No.81 GOGEBIC COUNTY (P.O. Bessemer), Mich. until 9 a. 3,500 57 m. Sept. 10 July 1 '19-'33 Building The Board of County Supervisors will receive bids .7,50057 Sedgwick Co. S. D. No. 15 Denom. $1,000. Date July 1 July 1 '19-'30 Building for $50,000 5% coupon hospital bonds. payable at 2,400 5 Sodgwick Co. S. D. No. 32 County Treasurer's Jan. 1 '19-'26 Building 1917. Prin. and semi-ann. int. (J. & J.) 7,500 57 Shawnee Co. S. D. No. 3 Jan. 1 '19-'24 Building office. 1,3005%Smith Co. S. D.No.73 Jan. 1 '19-'33 Building -On Sept. 2 1,500 6 Trego Co. S. D. No.31 GRAND RAPIDS, Wood County, Wisc.-BOND SALE. Jan. 1 '19-'22 Building 700 5 Trego Co. S. D. No.37 the $28,000 5% park impt. bonds (V. 107, p. 919) were awarded to McOoy Jan. 1 '19-'33 1,600 57 Washington Co. S. D. No. 86.._ _ _Building equal to 100.61. Denom. 8500. Date & Co. of Chicago for $28,171, Jan. 11'19-'28 Washington Co. S. D. No.99_ _ _Building to 1933, incl. Other 2,000(17 July 11918. Int. J. & J. Due yearly from 1920 Jan. 1 '19-'28 Building 2,000 59 Wyandotte Co. S. D. No.31 were: bidders -TEMPORARY LOAN. CAMBRIDGE, Middlesex County, Mass. A temporary loan of $200,000, issued in anticipation of revenue, maturing Mar. 11919, was awarded on Sept. 6, it is stated, to S. N. Bond & Co. of New York at 4.25% discount plus a premium of $2 30. -On -BOND SALE. CARROLL COUNTY (P. 0. Delphi), Ind. -year road bonds were awarded to J. F. Wild & Aug. 27 $11,000 4A % 10 at par. Denom. $550. Date Aug. 6 1918. Int. Co. of Indianapolis M. & N. -On Sept. 3 the $10,-BOND SALE. CELINA, Mercer County, Ohio. % 5-15-year serial coupon debt extension bonds (V. 107, p. 714) 000 were awarded to Seasongood & Mayer of Cincinnati at 100.37. CHARLOTTE TOWNSHIP(P.O. Charlotte), Mecklenburg County, -Proposals will be received, it is stated, by -BOND OFFERING. N. C. for S. S. Stokes, Secretary of Board of Road Commissioners, until Sept. 27 -year serial road bonds. Int. semi-ann. $30,000 6% 1-3 -On SALE. CHESAPEAKE CITY, Cecil County, Md.-BOND Aug. 15 Townsend, Scott & Sons of Baltimore were awarded at 95 the $5,000 Denom. 5% municipal improvement bonds (V. 107, p. 621). 1932 and $500. 1937. Date July 11918. Int. J. & J. Due $2,500 on Jan. 1 in rP 5o 1024 THE CHRONICLE [VOL. 107. KANSAS CITY, Mo.-BONDS PROPOSED. -At the coming November TEMPORARY LOAN. -On the same date the temporary loan of $700,. election a proposition to issue $100,000 ice plant bonds may be voted upon, 000 maturing Mar. 5 1919-V. 107, -was awarded to Brown Bros p. 920 it Is stated. & Co. of New York at 4.18 int. Other bidders were: Interest. Premium. JACKSON, Hinds County, Miss. -BOND SALE. -During August J. S. Rippel & Co., Newark 4.34 _ __ _ 142,000 53.i% 20 -year funding bonds were awarded, it is stated, to local National Park Bank, New York ___ 4.35 banks at par. Blake Bros. & Co., New York 4.48 JAY COUNTY(P.O.Portland), Ind. 4.60 $71.§8 -BONDS AWARDED IN PART S. N. Bond & Co., New York -Of the $8,400 43 , 6% 1-10 -year serial tax-free Green Twp. gravel road NEW BEDFORD, Bristol County, Mass. -BONDS APPROVED.-The bonds offered without success on July 1 (V. 107, p. 98) $3,780 are offered Capital Issues Committee has approved of the issuance of $69,000 highwayto investors by J. F. Wild & Co. of Indianapolis. Denom. $420. Date improvement bonds. June 15 1918. Prin. and semi-ann. in (M. & N.) payable at the First National Bank of Portland. Due $420 each six months from Nov. NEWBURGH, Orange County, N. -BOND -Adto Nov. 15 1928. Total debt (incl. this issue) $42,710. Assessed15 1924 ditional information is at hand relative to Y. offering OFFERING. valuathe on Sept. 9 of the tion $1,270,190. 539,667 65 59' 1-20 -year serial registered impt. bonds -V. 107. p. 920. Proposals for these bonds will be received until 12 m. on that day by Henry JOHNSON CONSOLIDATED SCHOOL DISTRICT, Jones County, Wilson, City Manager. Denom.$1,000 and $667 Miss. -BONDS PROPOSED. -Reports state that an issue of $4,000 bonds Prin. and semi-ann. Int.(M.& S.) payable at the 65. Date Sept. 11918. office of the City Treas. s proposed. Cert. check for 2% of bonds bid for, required. LA FOURCHE PARISH (P. 0. Thibodaux), La. NEW CASTLE COUNTY (P. 0. Wilmington), Del. -BONDS VOTED. -BOND OFFERBy a vote of 31 to 14 the proposition to issue $35,000 5% 1-30 -Sealed bids will be received until 12 m. Sept. 10 by Thomas S. -year Road ING. District No. 2 bonds carried at the election held Aug. 27 (V. 107, p. 622)• Fouracre, Chairman Finance Committee, for all or any part of $180,000 Date of sale not yet determined. % coupon highway improvement bonds. Denom. $1,000. Date Jan. 1 1917. Prin. and semi-ann. int. (J. & J.) payable at the Farmers Bank LANCASTER, Fairfield County, Ohio. -BONDS AUTHORIZED. - of Wilmington. Due $15,000 yearly on In addition to the $15,000 5% coupon city hospital and nurses home bonds Cert. check for 2% of the face value Jan, 1 from 1930 to 1941, incl. of bonds bid for, payable to tne recently authorized (V. 107, p. 202) the City Council has authorized the County Treasurer, required. Bids made issuance of $3,000 bonds bearing the same rate of int. and for the same U. S. Mtge. & Trust Co. of N. Y. to be bonds on forms furnished by the The have purposes. Denom. $1,000. Date June 1 1918. Int. A. & 0. Due the supervision of the above trust company, which been prepared under has certified as to the April 1 1928. genuineness of the signatures of the county officials and the seal impressed BOND SALE. -The City Sinking Fund Trustees are reported as having thereon. Their legality will be approved by Caldwell & Marslich of N. Y., purchased at par $18,000 5% hospital bonds. Date June 1 Due whose favorable opinion will be furnished to the purchases. Bonded debt yearly on April 1 as follows: $2,000, 1923; $3,000, 1921 to 1918. incl. (excluding this issue), $2,086,000. Assessed valuation of taxable property 1926, $4,000, 1927 and $3,000, 1928. $132,138,306. Population 1910 (Census) 125,000; 1918 (est.) 175,000. NEW YORK CITY. -BOND SALE. -On Aug. 15 the City Sinking LEBANON SCHOOL DISTRICT (P. 0. Lebanon), Russel County, Va.-BOND OFFERING. -0. S. Burns, Clerk of School Board, is offering Fund purchased at par $350,000 3% assessment bonds, due on or after Jan. 2 1919. for sale $22,000 5% 20 -year bonds. TEMPORARY LOANS. -The following short-term securities, consisting LINDSAY-STRATHMORE IRRIGATION DISTRICT (P. 0. Lind- of revenue bonds and bills, tax notes and corporate stock notes aggregating say), Tulare County, Cal. -BOND ELECTION PROPOSED. -Petitions $14,355,000, were also issued during August: will be circulated shortly, it Is stated, calling for a special election to vote Revenue Bills 1918, Aggregating $10,000,000. upon the question of issuing $250,000 irrigation-completion bonds. Bonded Amount. Int. Rate. Maturity. Date Sold. debt Oct. 1917, $1,400,000. Assessed valuation, real estate, 1917, $1.- $2,750,000 4 1-5 Nov. 29 1918 Aug. 20 464,216. Total tax rate (per $1,000) 1917, $73 50. Population 1917 2,000,000 4 1-5% Dec. 27 1918 Aug. 20 (est.), 700. 250,000 4 1-59' Dec. 31 1918 Aug. 20 5,000,000 4 1-5% Dec. 4 1918 Aug. 27 LOGANSPORT, Cass County, Ind. -BOND SALE. -An issue of $100,000 5% tax-free funding bonds has been purchased by J. F. Wild & Special Revenue Bonds 1918, Aggregating 81,500,000. 30/ Co. of Indianapolis. Denom. $1,000. Date Aug. 28 1918. Prin. and $500.000 On or after Jan. 2 1919 Aug. 5 semi-ann. int. (J. & J.) payable at the City Treasurer's office. Due $5,000 1,000,000 On or after Jan.2 1919 3% Aug. 26 each six months from Jan. 1 1920 to Jan. 11929, incl. Total debt (incl Tax Notes, Aggregating $500,000. this issue) $186,000. Assessed valuation $11,233,650. $250,000 3 On or atter Jan. 21919 Aug. 1 MANKATO SCHOOL DISTRICT (P. 0. Mankato), Blue Earth 250,000 On or after Jan. 2 1919 3% Aug. 26 County, Minn. -BOND ELECTION. -Reports that state on Sept. 14 Corporate Stock Notes, Aggregating $2,855,000. the voters will be asked to vote whether they are in favor of issuing $100,000 Various Municipal Purposes. new school house bonds. $500,000 3% On demand Aug. 1 MANSFIELD, Richland County, Ohio. 500,000 On demand 39' -BOND OFFERING. Aug. 9 Sealed bids will be received until 12 m. Sept. 30, it is stated, by C. II. 400,000 39, On demand Aug. 26 Rhoades, City Auditor, for the following three issues of sanitary sewer Water. bonds, aggregating $10,250: $5,000 5%, $550 6% and $4,700 5% bonds. $100,000 On demand 3% Aug. 26 Date Sept. 1 1918. Int. semi-ann. Cert. check for 2% payable to the Rapid Transit. City Treasurer required. $250,000 3 On demand Aug. 5 450,000 3 On demand Aug. 15 MARION CITY SCHOOL DISTRICT (P. 0. Marion), Marion 155,000 On demand 4% Aug. 30 County, Ohio. -BOND OFFERING. -Proposals will be received by J. E. SWIM Clerk of Bd. of Education, for $45.000 54 refunding 'bonds. NILES, Trumbull County, Ohio. -BOND OFFERING. -Proposals Denom. $500. Date Mar. 1 1918. Int. M. & S. Due $1,500 each six will be received by Homer Thomas, City Auditor, it is stated, until 2 p. m. months from Mar. 1 1922 to Sept. 1 1936, incl. Cert. check for $1,000 Sept. 24 for $5,000 % water-works -extension bonds. Denom. $500. payable to Treasurer of Bd. of Education, required. Purchaser to pay Int. semi-ann. Cert. check for 1% required. accrued interest. OAKMONT SCHOOL DISTRICT (P. 0. Oakmont), Allegheny MARION COUNTY (P.0. Marion), Ohio. -BOND SALE. -BOND SALE. -The State County, Pa. -On Sept. 3 the $22,000 4(% 18 5 -year -6 Industrial Commission of Ohio has purchased, it is stated, $43,500 bridge aver. school bonds -V. 107, p. 920 -were awarded to A. B. Sperry of impt. bonds. Pittsburgh for $22,327, equal to 101.486. Denom. $1,000. Date Sept. 1 1918. Int. M. & S. Duo yearly on Sept. 1 as follows: $5,000 1929 and MAYFIELD, Santa Clara County, Calif. -BOND OFFERING. Proposals will be received by Sidney Cuthbertson, Town Clerk, for the 1934 and $6,000 1934 and 1944. Other bidders were: I West & Co., Pittsburgh_ _$22,212 67 $6,000 6% storm water bonds, recently voted (V. 106, p. 1710). Denom. Harris, Forbes & Co., New York $22,264 22 I Lyon-Singer Co., Pittsb__ 22,075 40 $300. Date July 2 1918. Int. J. & J. ORRVILLE, Wayne County, Ohio. -BONDS AUTHORIZED. -The MEETEETSE, Park County, Wyo.-BOND ELECTION. -The voters will be called upon Sept. 24, it is stated, to vote on the issuance of $7,500 City Council has authorized, it Is stated, the issuance of $9,000 waterworks refunding bonds. Due $500 yearly. water-pumping-plant-impt. bonds. OTSEGO COUNTY (P. 0. Cooperstown), N. Y. -BOND SALE. MERCED COUNTY (P. 0. Merced), Cal. -BOND ELECTION. -The proposition (which was to have been submitted to the voters on Aug. 27 On Aug. 31 the $50,000 4%7 coupon serial tuberculosis hospital bonds Geo. B. Gibbons & Co. of New York for -V. 106, p. 1380) to issue $1,250,000 highway-impt. bonds will be voted (V. 107, p. 920) were awarded $50,026, equal to 100.052. Due $5,000 yearly. upon at the general election on Nov. 5. OUTGAMIE COUNTY (P. Appleton), Wis.-BOND OFFERING. MIDDLESEX TOWNSHIP (P. 0. Butler), Butler County, Pa. - -Sealed bids will be received 0. 2 p. m. Sept. 27, it is reported, by until BOND OFFERING. -S. M. Leslie, Pres. Board of Supers., will receive William F. Wolf, County Clerk, for $272,000 5% highway bonds. Int. bids, it is stated, until 1 p. m. Sept. 14 for $37,500 5% 1-5-year serial road semi-ann. Certified check for 10% required. bonds. Denoms. $200, $500 and $1,000. Date Sept. 15 1918. Int. M.& S. OWENSBORO, Daviess County, Ky.-BOND SALE. -It is reported that an issue of $15,000 6% 1-10-year serial street-impt. bonds has been MILWAUKEE, Wisc.-BONDS APPROVED. -According to local newspapers the issuance of $250,000 5% municipal lighting bonds has been sold to local purchasers at par. approved by the Capital Issues Committee. PANA, Christian County, 111. -BOND ELECTION. -An election will MINFORD RURAL SCHOOL DISTRICT (P. 0. Minford), Scioto be held Sept. 10, it is stated, to vote on a proposition to issue $30,000 refunding bonds. • County, Ohio. -BOND SALE. -The First National Bank of Portsmouth has purchased an issue of $5,000 schoorbonds for $5,025, equal to 100.50. PASSAIC COUNTY (P.O. Paterson), N. J. -BOND SALE.-Geo 13. Gibbons & Co. of New York were awarded Sept. MONTICELLO, White County, Ind. -BOND SALE. -On Sept. 2 the (with privilege of registration) bonds on 107, 4 the 5% gold coupon -V. p. 824 -for $239.100 $8,000 6% 2 -year serial water-works bonds -9 -V. 107, P. 920 -were (101.31) for $236,000 bonds. Due $15,000 Aug. 1 1919, $16,000 yearly awarded to the State Bank of Monticello at 103.40. Denom. $1,000. on Aug. 1 from 1920 to 1932,incl., and $13,000 Aug. 11933. Other bidders: Date Sept. 2 1918. Int. J. & J. Due $1,000 yearly on Sept. 2 from 1920 Amt. of Bonds Amount to 1927. Incl. Other bidders were: Bid for. Bid. Meyer Kiser Bank, Indpls_$8,271 001Hanchett Bond Co., Chic_$8,187 75 Harris,Forbes&Co.andRomick, Hodges&Co.,N.Y.$239,000 00 $239,279 94 Lincoln Nat.I3k.,Ft.Wayne 8,242 90 Fletcher-Amer. Nat. Bank, B.J. Van Ingen and Wm.R. Compton Co., N. Y.. 237,090 00 239,058 00 J. F. Wild & Co., Indpls__ 8,202 80 Indianapolis 8,169 50 National City Co., New York 238,000 00 239,999 00 Pr MOORESVILLE, Iredell County, N. C. 238,000 00 239,888 00 -BOND OFFERING. -Pro- J. S. Rippel & Co., Newark meals will be received by E. Johnston, Town Clerk, and Treasurer, until R. M. Grant & Co., New York 239,000 00 239,956 00 8 p. m. Sept. 20 for $50,000 6% 20 -year street-impt. bonds. Denom. PATERSON, Passaic County, N. J. -BOND -Of the $1,000. Date Oct. 11918. Prin. and semi-ann, int. payalbe at the Amer- seven issues of 5% gold coupon (with privilege OFFERING. of registration) bonds ican Exchange National Bank of New York. Cert. check on an incor- authorized on Aug. 22-V. 107, -proposals will be received by p. 824 porated bank or trust company for 2% of the bonds bid for, payable to the John J. Brophy, Clerk of Board of Finance, until 4 p. m. Sept. 19 for above Treasurer, required. following issues not to exceed the amounts mentioned: MUSSELSHELL COUNTY SCHOOL DISTRICT NO. 28(P. 0., $14,505 97 special assess. street bonds. Denom. $1,000 (except 1 for $505 97). Due yearly on Aug. 1 as follows; $4,000 1919 to Wallum). Mont. -BOND OFFERING. -Reports state that Ruth M. Sill 1921, incl., and $2,505 97 1922. District Clerk, will receive bids until 3 p. m. Sept. 14 for $2,000 6% school bonds. Denom. $100. Cert. check for 5% required. 31,086 37 general impt. street bonds. Denom. $1,000, $500 (except 1 for 31,086 37). Due yearly on Aug. 1 as follows: $1.000 1919. NASSAU, Rensselaer County, N. Y. -BOND OFFERING. -Proposals $1,500 1920 to 1937, incl., $1,000 1938-1939 and $1,086 37 1940. will be received by James W. Becker, Village Clerk, until 3 p. m. Sept. 20 46,000 000 school repair bonds. Denom. $1,000 and $500. Due yearly for $3,900 5% registered water-works repair bonds. Denom. $300. Date on Aug. 1 as follows: $1,000 1919 to 1946, incl., and $1,500 Oct. 11918. Int. A. & 0. Duo $300 yearly on Oct. 1 from 1923 to 1935 1947 to 1958, incl. incl. 14,500 00 school land purchase bonds. Denoms. $1,000 and $500. Due $1,000 yearly on Aug. 1 from 1919 to 1932, incl., and NEWAGO COUNTY (P. 0. Newago), Mich. -BOND SALE. -The $500 Aug. 1 1933. Grant State Bank of Grant was awarded at par, according to reports. 5,000 00 high school bonds. Denom. $1,000. Due $1,000 yearly on $21.000 infirmary bonds. Aug. 1 from 1919 to 1923, incl. NEWARK, Essex County, N. J. -BOND SALE. -On Sept. 4 the 5% 2,500 00'school organ and book rack bonds for high school. Denoms. gold coupon (wit)i privilege of registration) Passaic Valley sewer bonds $1,000 and $500. Due $1,000 yearly on Aug. 1 in 1919 and V. 107, p. 823 -were awarded to a syndicate composed of J. S. Ripple & 1921, and $500 Aug. 1 1923. Co. of Newark, the Equitable Trust Co., Blodgett & Co.. and Merrill. Date Aug. 1 1918. Prin. and semi-ann. int. (F. & A.) payable at Oldham & Co. of New York for $1.725,843 50 (103.779) for $1.663,003 Hanover National Bank, New York, or the City Treasurer's office, as the the bonds. Due yearly on Sept. 3 as follows: $34,000 1919 to 1928, incl., holder may desire. Cert. check on an incorporated bank or trust com$39,000 1929 to 1938. incl.•, $46,000 1939 to 1943, incl.; $51,000 1944 to pany for 2% of the amount of bonds bid for, payable to the "City of 1956, incl.; and $40,000 1957. Other bidders were: Paterson," required. The above bonds have been approved by the Amount of Bonds Capital Issues Committee and the successful bidder will be furnished with Bid For. the opinion of Hawkins, Delafield & Longfellow of New York that the Amount Bid. Fidelity Trust Co., Newark $1,693,000 $1,725,691 83 issues are binding and legal obligations of the city of Paterson. The bonds Hornblower & Weeks will be prepared under the supervision of the U. S. Mortgage & Trust-Co. A. B. Leach & Co., Inc.,}NewTYork_ 1,690,000 1,725,152 00 of New York, which will certify as to the genuineness of the signatures7of Wm. R. Compton WC°. the officials and the:seal impressed thereon..Tee official advertisement i "4 : telit man • SEPT. 7 1918.] THE CHRONICLE 1025 11T4. Ind. Bids to state rate states that any bidder may condition his bid on the award to him of two or each six moniEs from Apr. 1 1923 to Oct. 1 bonds bid for, payable to the Cert. check for 2% of the more of said issues, but in that case, if there is a more favorable oidder for of int. desired. required. Bonds to be delivered and paid for within 20 City Treasurer. for which ha bids, his bid will be rejected. any one of the issues days from time of award at the City Treasurer's office. -BONDS NOT YET SOLD. PAULS VALLEY, Garvin County, Okla. SMITH TOWNSHIP (P. 0. Churnbusco) Whitley County, Ind. -year bonds, aggregat-No sale has yet been made of the three issues of 25 -It is stated that the 215,000 6,bonds, offered on May 18 BOND SALE. ing $49,000 offered without success on Aug. 5 (V. 107, P. 824). (V. 106, p. 1933). were disposed of during August to W. A. Waugh of -BONDS AUTHORIZED. Crawfordsville for 215,265, equal to 101,76. Date May 18 1918. Due PERTH AMBOY, Middlesex County, N.J. -An ordinance has been passed by the City Council authorizing the issu- . $1,000 each six months from July 1 1919 to July 1 1926. ance of $40,000 5 % 1-10-year serial street repavemont bonds, it is SOUTH SOLON VILLAGE SCHOOL DISTRICT (P. 0. Solon), stated. Denom. $1,000. Date Sept. 15 1918. Int. M. & S. Due Madison County, Ohio. -BOND SALE. -The $42,000 school bonds voted $4,000 yearly on Sept. 15 from 1919 to 1928, inel. some time ago (V. 106, p. 315) were sold during April. .......-..........., -On Aug. 30 the $15,000 -BOND SALE. PERU, Miami County, Ind. -BONDS AWARDED IN STAMDORD, Jones County, Texas. -were award-V. 107, p. 716 6% 1-3-year serial electric-light-impt. bonds -Of the $440,000 water works bonds, mentioned in V. 106, p. 2251, of Indianapolis for PART. ed, it is stated, to the Fletcher American Nat. Bank $240,000 bonds have been awarded to R. M. Grant & Co. of Chicago. $150,130, equal to 100.086. There were five other bidders. -year The remaining $200,000 water works and the $35,000 sewerage 5% 40 PETERSON INDEPENDENT SCHOOL DISTRICT(P.O .Peterson), serial bonds also mentioned in V. 106, p. 2251, will not be offered untilnext -The $27,000 bonds, mentioned in year. Denom. $1,000. Int. J. & J. -BOND SALE. Clay County, Iowa. V. 107, p. 716, have been sold. SYCAMORE TOWNSHIP SCHOOL DISTRICT NO. 2, Ohio. PHILLIPSBURG SCHOOL DISTRICT (P. 0. Phillipsburg), Mont- BOND SALE.-Seasongood Ss Mayer of Cincinnati have purchased, it is -The $50,000 school construc- stated,31,800 6% 9 -BOND SALE. -year school bonds. gomery County, Ohio. tion equipment and furnishing bonds authorized at the election held. -On -BOND SALE. TARBORO, Edgecombe County, No. Caro. July 23-V. 107, P. 311-have been purchased at par by the State InAug. 30 the $50,000 6% 1-20-year serial coupon electric light and power dustrial Commission of Ohio, it is reported. bonds, dated July 1 1918 (V. 107, p. 717) were awarded to Harris, Forbes -The & Co. at 102.59 and interest. Other bidders were: -BOND SALE. PLEASANT SCHOOL TOWNSHIP, Ind. -were Stacy & Braun $51,280 Seasongood & Mayer, Cinc..$50,555 $6,000 5 % coupon school bonds offered on July 26-V. 107, p. 203 Wm.R.Compton Co 50,256 awarded, it is stated, during August to J. M. Waugh of Crawfordsville for Graves, Blanchett & Thorn51,010 F. C. Hoehler & Co.,Toledo_ 50,207 36,160, equal to 102.66. Date July 15 1918. Due $500 each six months burgh from July 15 1919 to Jan. 25 1925, incl. & Co., Chic__ 50,630 0. W.McNear 50,556 -BOND OFFER- Durfee, Niles & Co POINSETT COUNTY (P. 0. Marked Tree), Ark. -The following bonds were registered -According to reports, E. Ritter, President of the Co. Commrs., ING. -BONDS REGISTERED. TEXAS. will receive bids until 10 a. m. Sept. 12 for $50,000 6% road bonds. Int. by the State Comptroller during the week ending Aug. 24: Registered, Due. semi-ann. Cert. check for $2,000 required. Amt. Place and Purpose. Aug. 20 5 -20-years 31,800 Morris Co. O.S. D.No. 12---- 5 -ProPOLK COUNTY (P. 0. Bolivar), Mo.-BOND OFFERING. Aug. 20 69,000 Collins Co. R.D.No.12 5% $2,000 yearly of County posals will be received until Sept, 9 by A. C. Slagle, President Aug. 20 $2,000 yearly 5 75,000 Runnels Co. R.D.No.1 Board, for $16,000 road and bridge bonds, according to reports. Aug. 20 -20 3,000 Johnson Co.0.S.D.No.10_ _ 5% 10 -years -On Aug. 31 the -BOND SALE. POMEROY, Maims County, Ohio. 8,000 Johnson & Hood Cos. 0. S. D. -were awarded to tho Aug. 20 5% 5 -V. 107, p 716 -40-years No.28 ° -year funding bonds 16,300 67 10 Aug. 23 570' $7,500 yearly 500,000 Jefferson Co. R. D.No.1 Hanchett Bond Co., Inc., of Chicago for $6,511, equal to 103.346. Other Aug. 26 57 3500 yearly 25,000 Electra Water Works bidders wore: 'Wm. R. Compton Co., Aug. 27 5° 10 years 1,000 Dawson Co. C. S. D. 7 Durfee, Niles & Co., Tel-26,506 80 26,433 33 Aug. 27 10-20 years 5 2,500 Dawson Co. C. 8. D. 13 W.L. Slayton & Co., Tol-- 6,495 93 I Cincinnati Aug. 27 20-40 years 5 Lubbock Ind. S. D 5 6,000 -At the elec-BONDS VOTED. PONTIAC, Oakland County, Mich. Aug. 27 10-20 years 3,400 Matagorda Co. 0.8. D. 12.-- 5 proposition to issue $60,000 fire-equipment bonds tion held Aug. 27 the Aug. 27 20 years 1,500 Montague Co. C.8. D.22........ 5 -carried by a vote of 1,600 to 414. Due $6,000 annually V. 107 p. 203 Aug. 27 40 years 3,500 Montague Co. C. S. D.69____ 5 beginning Sept. 15 1918. Aug. 27 20 years 1,500 Montague Co. C. S. D.9 ---Aug. 27 10-20 years Panola Co. C. S. D. 18 AND CUSTER COUNTIES JOINT SCHOOL DISTRICT 1,700 PRAIRIE -On Aug. 31 the 213,000 -BOND SALE. Aug. 28 20-40 years 5 6,000 Hall Co. C. S. D.9 NO. 5 (P. 0. Terry), Mont. Aug. 31 10-20 years 5 1,500 Eastland Co. C. S. D. 12 -10 5 -year (opt.) coupon refunding bonds dated Oct. 1 1918-V. 107, p. 921 Aug. 31 20,000 Waxahachie School Building_ 5% 31,000 yearly -were awarded to the State of Montana at par and int. for 6s. -BOND OFFERING-It is reported that TOLEDO, Lucas County, Ohlo.-BOND SALE. RED LAKE FALLS, Red Lake County, Minn. -30-year (opt.) park bonds, dated April 1 1918, offered Sealed bids will be received until 1 p. m. Sept. 23 by Joseph Perrault, City the 2100,000 5% 5 6% refunding bonds, it is reported. without success on July 22 (V. 107, p. 423) were awarded on Aug. 24 to Clerk, for 25,000 -BOND SALE. -On Aug. 31 Spitzer. Rorick & Co. of Toledo. RICHWOOD, Union County, Ohio. -On -V. 107, p. 623 -BOND SALE. -were awarded to TODD COUNTY (P. 0. Long Prairie), Minn. the $21,000 6% debt-extension bonds -year aver, drainage bonds were awarded to the Co. of Toledo for 322,113, ual to 105.30. Other bidders were: Aug. 29 $14,000 5% 8 Prudden & m.R.ComptonCo.,Cin_221,555 55 Minneapolis Trust Co. for 214,050, equal to 100.357. Denom. $1,000. F. O. Hoehler & Co., Tol_322,105 00 Hanchett Bond Co., Chic.. 21,874 75 Tillotson&WolcottCo.,Cin 21,544 40 Int. M. & S. Durfee, Niles & Co., Tol_ 21,714 00 J. C. Mayer & Co., Cin- 21,476 75 TOOMSUBA CONSOLIDATED SCHOOL DISTRICT (P.--0. wi;;i: Stacy & Braun, Toledo__ 21,709 38 Weil, Roth & Co., Cin...... 21,500 00 dian), Miss. -On Sept. 3 the $3,500 6% building bonds -BOND SALE. Sidney Spitzer & Co., Tol. 21,699 30 First Nat. Bank, Columb_ 21,709 38 V. 10, p...825 -were awarded to the First National Bank of Meridian. Co., Toi_ 21,686 70 W.L. Slayton & . = TOWNSHIP SCHOOL DISTRICT(P.O. Ridgewood) - VAN ZANDT COUNTY (P. O. Caliton), Ohio.-/rOND OFFERI RIDGEWOOD -BOND OFFERING). -Proposals will be received Proposals will be received by L. Davidson, County Judge, it is stated. until Bergen County, N. J. road bonds. Int. semi-ann. Cert. 11 a. by Hadley Ford Clerk of Bd. of Education, until 8 p. m. Sept. 10 for two check m. Sept. 9 for $226,666 5j% for 2% required. coupon (with privilege of registration) school bonds not ' issues of 5S5% -Pro' to exceed the amounts mentioned below: Sept. 1 as - WARREN, trumbuil County, 0hio.-.60ND OFFERING. on follows: $1,000 1920 posals will be received by Geo. T. Hecklinger, City Auditor, until 12 as. 235,000 Series A bonds. Due yearly 1943, incl. and 1921 and $1,500 1922 to Oct. 12 for the following 6% coupon sewer bonds: Sept. 1 ' 25,000 Series B bonds. Due yearly onto 1938, as follows: 31,000 1920 219,000 Sub-District No. 2 (city s portion) bonds. Due $6,000 yearly incl. to 1926, incl., and $1,500 1927 Sept. 1 1921 and 1922 and $7,000, Sept. 1 1923. 1 1918. Prin. and semi-ann. Denom. $1,000 and $500. Date Sept. Trust Co. of 70,000 Sub-District No.2(assessment) bonds. Due on Sept. 1 as follows: hit. (M. & S.) payable at the Ridgewood check on an Ridgewood. No 230,000, 1919 and 240,000, 1920. incorporated bank be considered. Cert. conditional bids will 4,000 Sub-District No. 1 (city's portion) bonds. Due on Sept. 1 as or trust company, for 2% of the bonds bid for, payable to the "Board of follows: 21,000, 1921 and $1,500, 1922 and 1923. of Ridgewood," required. Education of the 14,000 Sub-District No. 1 (assessment) bonds. Due $6,000 Sept. 1 bidders will be furnished with the opinion of The successful bidder or 1919 and $8,000, Sept. 1 1920. Reed, McCook & Hoyt of New York City that the bonds aro valid and bindDenom. $500. Date Sept. 1 1918. Prin, and-semi-ann. int.(M.& S.) ing obligations of the Board of Education of the Township of Ridgewood. payable at the Union Savings & TrustsCo. of Warren. Cert. check for Financial Statement. payable to the City Treasurer, required. $10,834,308 10 2500, Assessed valuation, real and personal property, 1918 Financial Statement, Aug. 22 1918. 462,500 00 Total assessed valuation for 1917: Bonded debt, including this issue Population (State Census), 1915, 6,429; 1918 (est.), 7,250. $14,622,710 Real estate 8,561,800 Personal property -Proposals will be received -NOTE OFFERING. ROCHESTER, N. Y. Quinby, City Comptroller, until 2:30 p. m. Sept. 9 for the by Henry D. Total • $23,184,510 following notes: Indebtedness 250,000 water-mint. notes. Payable 4 months from Sept. 12 1918, $595,400 General bonded debt Deliverable Sept. 12 1918. 405,500 100,000 school-construction notes. Payable 4 months from Sept. 16 1918, Special assessment debt 89,000 This issue Deliverable Sept. 16 1918. the Central Union Trust Co. of New York. Notes will be delivered at $1,089,900 Total debt, including this issue Bids must state rate of interest desired and to whom (not bearer) notes will Tax rate, 15.2 mills. Cash balance and investments in sinking fund, be made payable and denominations desired. $14,000. Population (last Census2 11,081* 1918 (est.), 25,000. _ -.-An ST. CLAIR COUNTY (P.O. Osceola), Mo.-BOND ELECTION. -BIDS. -The other bids 28, it is stated, to vote on a proposition to issue WATERBURY, New Haven County, Conn. election will be hold Sept. -30 received for the $175,000 4 % 25 -year serial coupon (with privilege $585,000 bonds. -BOND OFFER- of registration) high school bonds awarded on Aug. 26 to R. S. Griggs & COUNTY (P. 0. South Bend), Ind. ST. JOSEPH ING.-Addltional information is at hand relative to the offering on Sept. Co. and R. L. Day & Co., jointly, at 100.58 (V. 107, p. 921) were: $175,927 00 % coupon tuberculosis hospital bonds (V. 107, ri. Richter & Co. and Estabrook & Co., jointly 11 of the $70,000 175,656 00 825) Bids for these bonds will be received until 10 a. m. on that day by National City Co. and Friable & Co.,jointly 175.313 25 Arthur F. Wolf, County Auditor. Denom. $500. Date Sept. 16 1918. Merril, Oldham Co Principal and semi-annual interest(M. & S.) payable at the Chemical Nat. -BOND ELECTION. -An WAYNE COUNTY (P. 0. Detroit), Mich. Gank of New York. Due yearly on Sept. 16 as follows: $10,000 1920 election will be hold Nov. 5, it is stated, to vote on a proposition to issue and 1921; $5,000 1922 to 1924, inclusive, and $35,000 1925. Certified $100,000 county-poor-house bonds. a bank located in the above county for 3% of the bonds bid for, check on WEST UNITY SCHOOL DISTRICT (P. 0. West Unity), William payable to the County Commsrs., required. Bonded debt, $582,000. -The $80,000 53 % school impt. bonds -BOND SALE. County, Ohio. Assessed valuation, 1917, $58,845,420. -BOND OFFERING. -William H. recently voted (V. 107, p. 718) have been purchased at par, it is stated, by SALEM, Essex County, Mass. Rollins, City Treasurer, will receive bids until 12 m. Sept. 11 for the fol- the State Industrial Commission of Ohio. -BOND ELECTION. -An lowing two issues of 4 % coupon tax-free bonds, aggregating $67,000: WYANDOTTE, Wayne County, Mich. 1918 bonds. Date july 1 1915. Due election will be hold Sept. 23 to vote on the proposition to issue $280,000 $22,000 Street Paving Loan of from 1919 to 1940 incl. 31.000yearlsr on July 1 filtration-plant bonds -V. 107, p. 624. bonds. Date June 1 19181 Due yearly (not $175,000 as first reported) 45,000 Water Loan Act of 1913 YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 6 (P. 0. on June 1 as follows: $5,000 1919 to 1923 incl. and $4,000 1924 to -The $2,000 6% 5 -15-year (opt.) -BOND SALE. Comanche), Mont. 1928 incl. int. Denom. $1,000. Prin. and semi-ann. the (J. & D.) payable at the Mer- coupon school-house completion and furnishing bonds, dated Aug. 5 1918, office of the City Treasurer. offered on Aug. 5 (V. 107, p. 313), were awarded on that day to the State or chants' National Bank, Boston, the at supervision of and certified as to their Land Board of Montana at par. The bonds will be engraved under Boston, which company will Colony Trust genuineness by the Oldlegality of theseCo. of has been approved by issues Storey, that the further certify a copy of whose opinion will acThorndiko, Palmer & Dodge of Boston,the purchaser Provinces free of charge. All company the bonds, when delivered, to legal papers incident to these issues, together with an affidavit certifying to -W. J. BROOKE TOWNSHIP, Ont.-DEBENTURE OFFERING. will be filed with the above trust com- Weed, Township Clerk (P. 0. Brooke) will receive bids until Sept. 7 for the proper execution of tne bonds, pany, where they may be inspected. The bonds have been approved by 26,646 5% 5 instalments drainage debentures, it is reported. the Capital Issues Committee. -An issue of 32,300,000 MONTREAL. Que.-DEBENTURE SALE. SANDUSKY TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. 6% 5 -year debentures has been sold, it is stated, at 96.40. -BID. -A bid of Fremont R. F. D. No. 6), Sandusky County, Ohio. PARKLAND CONSLIDATED SCHOOL DISTRICT, Alta. -DEBENfor the 33,500 5% coupon school bonds offered par was received on Aug. 31 -It is reported that, W. Ross, Alger & Co. of Edmonton TURE SALE. on that date. -year serial school debentures. have been awarded $25.000 7% 40 -BOND SALE. -During January • SCOTT, Van Wert CoUnty, Ohio. -An issue of 354,407 6% ST. THOMAS, Ont.-DEBENTURE SALE. last the Farmers Savings Bank of Scott purchased 22,000 5% serial electric 10 instalment debentures has been sold locally, it is stated. bonds. Donom. $200. Date Jan. 15 1918. Interest January. -W. Ross, Alger & Co. SALE. Alta. -DEBENTURE SEDGEWICK, -BOND OFFERING. -Henry C. ShaSIDNEY,Shelby County, Ohio. fer, City Auditor, will receive bids until 12 m. Sept. 23 for $10,000 bridge of Edmonton have purchased, it is stated, $7,000 6% 10-year serial fire Int. semi-ann. Duo $2,500 equipment debentures. bonds. Denom. $500. Dato Apr. 1 1918. CANADA, its and Municipalities. THE CHRONICLE tngineens [VOL. 107. ifinantial M11111E0111711111111111f111111111111111111111111111111111101111111111M1111111111111111111111111111111111111M111111111111111111111111111111111111111111M1111111811111111111111111111111111111113111ENIZEM1111113M TFIE yGAVHITE COMPANIES Trustee for Institutions Purchasers Contractors Managers The Central Union Trust Company of New York will assume the duties of Treasurer, Assistant Treasurer, or Financial Agent for Charitable, Educational or Religious institutions, and attend to the safeguarding of securities and funds, maintenance of investments, collection of income, payment of bills, etc. Financiers Engineers Operators of Public Utility and Industrial Properties REPORTS—VALUATIONS—ESTIMATES 43 EXCHANGE PLACE, NEW YORK CHICAGO LONDON To the individual attention of the personal treasurer this Company adds the accumulated experience, financial knowledge and skilled organization of many years of successful administration of trusts. WILLARD CASE & COMPANY CONSULTING ENGINEERS Development of Central Union Trust Company Industrial Plants & Equipments Reports on OF NEW YORK Operating Methods & Conditions 8o Broadway Determinations of Worth of Established Properties NEW TORII 17 BATTERY PLACE Alex. C. Humphreys Alten S. Miller HUMPHREYS & MILLER Inc. •,__-F-. Ei -T-. f7 PLAZA BRANCH 786 Fifth Avenue 54 Wall Street 42N0 STREET BRANCII Madison Ave. dr 42nd St. 5TIt AVE. BRANCH 425 Fifth Avenue Capital, Surplus and Undivided Profits $29,000,000 ---_-•.-_. — _,. -.-... . ummilmlliltimilmimimiiiiiiiiiiiiimiliMilifilimiliminAMMIIIMitiliniMiiiiiiIiiiiiilimiiiiiiiiiiimiiiiimmilimuilimimmiumiumminiimimuninimminU ENGINEERS Power—Light—Gas NEW YORK 165 BROADWAY iUning Engineers H. M. CHANCE & CO. inning Engineers end Geoloiters COAL AND MINERAL PROPERTIES Examined, Memagsd. ppredeed PHILADELPHIA Drexel Bldg. NEW LOANS $200,000 City of Macon, Geordia GOLD BONDS Sealed bids will be received until 5 p. m. SEPTEMBER 17TH, 1918. at the office of the undersigned, which bids will be opened in open Council on the evening of the same day, for $55,000 00 Sewer bonds. $55,000 00 Auditorium bonds,$75,000 00 Hospital bonds, and $15.000 00 Park Building bonds, of the City of Macon, dated September 2nd, 1918, bearing interest at • % per annum; principal and semi-annual interest payable in gold at the City Treasurer's office. The sewer bonds and the auditorium bonds, each mature in installments of $2,000 00 annually from September 2nd, 1923 to 1942, Inclusive, and in installments of $3,000 00 annually from 1943 to 1947, both inclusive. The Hospital bonds mature in installments of$3.000 00 from September 2, 1923 to 1947, inclusive. The Park Buildings bonds mature in installments of $1,000 00 from September 2, 1923 to 1937, inclusive. Denomination $1,000 00. A certified check on a solvent bank or trust company, payable to the order of the City Treasurer, for 0 of the par value of the bonds bid for must accompany each bid, which must be upon blank forms to be supplied,by the undersigned. The purchaser or purchasers will be furnished without charge the approving opinion of Messrs. Caldwell & Masslich of New York City. Bids must be enclosed in sealed envelopes marked "Bids for Bonds. - Bonds are registerable as to principal. Delivery and payment may be made in Macon, New York or Chicago at bidders' option at 11 a. m., September 26th, 1918. The right to reject any and all bids is reserved. No bids for less than par value and accrued interest will be considered. Checks will promptly be returned to unsuccessful bidders. DAVID S. JONES. Clerk of Council. Macon. Ga. August 13, 1918. ATLANTIC MUTUAL INSURANCE COMPANY New York, January 25th. 1918. The Trustees,in conformity with the Charter of the Company,submit the following statement of its affairs on the 31st of December, 1917. The Company's business has been confined to marine and inland transportation insurance. Premiums on such risks from the 1st January, 1917, to the 31st December, 1917 $11.105,619.46 Premiums on Policies not marked off 1st January. 1917 1,135,785.43 Total Premiums $12,241,404.89 Premiums marked off from 1st January. 1917,to 31st December, 1917 311,1 1,853.93 Interest on the investments of the Companyreceived during the year $404,411.15 1213.991.53 Interest on Deposits in Banks and Trust Companies, et. 93,474.66 $ 624,877.34 Rent received less Taxes and Expenses Losses paid during the year $3,5fr,i3 5W) -5 Less: Salvages $336,896.32 503,857.68 $ 840,754.00 Re-insurances $2,672,899.20 Re-insurance Premiums and Returns of Premiums $T,913,710.65 Expenses, Including compensation of officers and clerks, taxes, stationery, advertisements, etc. $ 857,596.00 A dividend of interest of Six per cent, on the outstanding certificates of profits will be paid to th4, holders thereof, or their legal representatives, on and after Tuesday the fifth of February next. The outstanding certificates of the issues of 1915 and of 1916 will be redeemed and paid to the holders thereof, or their legal representatives, on and after Tuesday the fifth of February next,from which date all Interest thereon will cease. The certificates to be produced at the time of payment and canceled. A dividend of Forty per cent.is declared on the earned 918mlums of the Company for the year ending 31st December, 1917, which are entitled to participate in divIdehd,for which, upon application, certificates will be issued on and after Tuesday the seventh of May next. By order of the Board, G. STANTON FLOYD-JONES, Secretary. TRUSTEES. Arrrorr A. RAVEN, HERBERT L. GRIGGS EDMUND L. BAYLIES, JOHN J. RIKER, JOHN N. BEACH, SAMUEL T. HUBBARD, DOUGLAS R013INSON, NICHOLAS BIDDLE, LEWIS CASS LEDYARD, JAMES BROWN, WILLIAM H.LEFFERTS, JUSTUS RUPERTI WILLIAM JAY SCHIEFFELIN, JOHN CLAFLIN, CHARLES D. LEVERICH, SAMUEL SLOAN, GEORGE C. CLARK, NICHOLAS F. PALMER. FREDERIC A.DALLETT, WALTER WOOD PARSONS. WILLIAM SLOANE, CLEVELAND H.DODGE, CHARLES A.PEABODY, WILLIAM A./STREET. CORNELIUS ELDERT, WILLIAM R. PETERS, JAMES H.POST, RICHARD H. EWART, GEORGE E. TURNURE, Jr. GEORGE C. VAN TUYI, G.STANTON FLOYD-JONES. CHARLES M.PRATT, L'HILIP A.S. FRANKLIN, DALLAS B.PRATT. RICHARD H. WILLIAMS. • A. A. RAVEN, Chairman of the Board. CORNELIUS ELDERT, President. WALTER WOOD PARSONS, Vice-President. CHARLES E. FAY, 24 Vice-President. WILLIAM D. WINTER,3rd Vice-President. ASSETS. United States and State of New York $ 1,185,000.00 Bonds Stock of the City of New York and Stocks of Trust Companies & Banks 1,445,550.00 of Railroads 3,287,129.85 Stocks and Bonds Other Securities 305,410.00 Special Deposits In Banks and Trust Companies 3,000,000.00 Real Estate cor. Wall Street. William Street and Exchange Place_ 3,900,000.0u Real Estate on Staten Island (held under provisions of Chapter 481 75,000.00 Laws of 1887) 1,009,577.74 Premium Notes 1,038,460.86 Bills Receivable 6,122.26 Note Receivable Cash in hands of European Bankers to pay losses under policies payable 598,675.67 In foreign countries 2.187.198.87 Cash In Bank and in Office Statutory Deposit with the State of 4,765.00 Queensland. Australia $18,041,890.25 Balance brought down LIABILITIES. Estimated Losses and Losses Unsettled in process of Adjustment $ 4,432.959.0() Premiums on Unterminated Risks.— 1.069.550.98 Certificates of Profits and Interest Unpaid 301.408.75 Return Premiums Unpaid 121.989.98 500.000.00 Taxes Unpaid Re-insurance Premiums on Termi- nated Risks 365.867.87 Claims not Settled, including Compensation, etc. Certificates of Profits Ordered Redeemed, Withheld for Unpaid Premiums Income Tax Withheld at the Source.. 183.517.10 22.750.10 3,135.96 Certificates of Profits Outstanding—., 8,722.690.00 Balance 8.318.322.55 $18,041,890.25 $5,318,322.55 $ 75,724.00 Accrued Interest on the 31st day of December, 1917, amounted to $ 22.201.80 Rents due and accrued on the 31st day of December, 1917, amounted to Re-insurance due or accrued, in companies authorised in New York, on the 31st day of $ 583,487.ft December, 1917, amounted to Note: The Insurance Department has estimated the value of the Real Estate on Staten Island in excess of the Book Value given above, at $ . 63.70048 The Insurance Department's valuation of Stocks, Beads and other Securities exceeds the $2,303.887.87 Company's valuat1ou by , ne , ".'"*"1-•'''"' the balance would be 28,367,303.84 althe bald. .111 "7' , '