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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
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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
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0
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J
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N
A
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D
D
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77
79
88
78
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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'
,
'
@FedFRASER