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EVENING PUBLIC LEDGER PHILADELPHIA', THURSDAY, JANUARY 9, 1919
V
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BUSINESS NOTES
The Allegheny Steel Company hat
quired the former Western Tool and
Forge. Company In Harrison township,
Allegheny County, for 1125,000.
Tha 182-Inch plate milt of Drier Illll
Steel Company, Youngstown, O.. has
started. It Is a companion mill of the
84-Inch mill of tho corporation which was
started a few weeks ngo. Tho two mills
give the corporation an annual plate
capacity of about 350,000 tons. They were
erected at a cost of about $6,000,000 to
help meet tho plato needs of the Emer
gency Fleet Corporation. The company Is
booking new business and officials mani
fest, optimism over the outlook.
J. 3, Stream, chairman of the food
administration, coarse grain division,
when In Chicago declined to discuss the
Argentine corn Importation problem, but
added that the cram situation looked all
right, while the most scHoub feature of
tne xooa qucawuji ivua ma Heartily oi
fats.
,
The board of directors find executive
rommlttco of the National lletnll I,um
her Dealers' Association Inn arranged
for a Jplnt meeting of tho retail lumber
dealers and manufacturers to be hold
In Chlearo next Week. The conference
l.i to discuss returning to old terms of
purchasing lumber.
The Increase of loaded ears oter rail
roads of all Itlnds of coal during 1918
oer 1017 was 670,677,
LOCAL MEAT MARKET
The, following report of tho fresh meat
trade In Philadelphia Is furnished by the
local 'live stack and meat office of the llu
rcau of Market!, United States Department
of Agriculture!
ritKSH UCEr Itecelpta light: frozen
stocks offered; market strong; demand ac-
STEErttf Receipts light; tnark'ct strong at
(2il to 130: demand active
COWS Receipts limited; market strong at
$17 to 123, demand Rood.
VKAI. Mupply mostly frozen calves: nual.
ltv uneven; market strong; demand fair.
POIIK Receipts light: market atronc at
(3J to 183' demand brisk.
I,AMti .Receipts very light- market on
frci.li nlork strong at 181 to 183; froien, CO
to (2R; demand active.
MUTTON Receipts limited! market strong
at (17 to (24; demand good.
Increase in Ginned Cotton
Washington. Jan. 9. The Census
Bureau In a report Issued today placed
amount of cotton ginned from the
growth of pro)) of 1915 to January 1.
1919, lit 10,761.278 bales, counting round
baler as half hfileff. compared with 10.
431,852 In 1918 and 11.039.491 In 19)7.
Number of round hales Included this
vear Is 145.712, against 184,104 In 1918
and 1BS.052 In 1917. Number of Sea
Island halfa Included this car I 36.270.
compared with 86.93G bales In 191R and
11,1,343 In 1917, Numhcr of American
Egyptian bales Included this year is
17,570 bales. I
NEWS OF THE PORT
TODAY'S ALMANAC
Nnn and Tides
Sun rites... 7:03amlSun ants,..,. 4:S2pro
riiiLAtjKt.riiiA
High water, 1:1ft a mlltlgh water. 2:31 pm
Low water.. 1:48 a ml Low water.. .-1 pm
RKKDY ISLAND
High water. .1'4I a mltilah water, 4.03 pm
Low water. .10:5(1 a mILow water.. 11:13 p m
MtnAKWATErt
High water. 1:2rt a mllllah water. 1:31 pm
Low water.. 7:41 a mlLow water.. 8.U1 p m
, ARB1VKD
. Str Drltlsh Deacon (Ur). Ilcssand, London,
ballast, H 1, Utirgess & Co. .
, Mr Joseph J Ouneo (Nor). Aamodt. Port
Antonio, fruit. Atlantic Trult Co
. htt Oulroll. Blgona. Tort Arthur, petro
leum, toning barge Shenango, from Tort
Arthur, petroleum, tlulf ftenmng Co.
Ktr Pawnee. Rich, New York, mdst, Clyde
S H Co.
ftr. Krlceson. MrNamee, IUltlmore, pata
anu muse, i.ncsson Line.
ci.niRr.i)
Sir Sterling, for . master
Hlr Gloucester, Nlckerson, lioston. pans
and mdse. Merchant 6 Miners' Trans Co.
Htr. r.rlcsson. McNamee. llaltlmoro. pass
and mdec, Urlcsson Line.
English Dank Statement
Tnndon, Jan. 9. The weekly state
ment of tho Dank of Kngland follows:
Total resene 38, 829,000, Increase 693,.
000! circulation 70,141,000, decrease
49,000; bullion 80,820,000, Increase
544,000; other securities 85.493,000,
decrease 20,979.000; other deposits,
140,187,000, decrease. 74,707,000; pub
llo deposits 28,163,000, Increase 1,357,
000 ; Government securities, 71,877,000,
decrease 62,426,000.
he proportion of tho bank's rcsorvc to
liabilities Is now 17.10 per cent, against
11.70 per cent last week, nnd compares
with an advnnco from. 16,30 to 19.71 per
cent this week last year. Clearings
through London banks for week were
566,680.000. against 294,760,000 last
week and 436,050,000 this week last
year.
GOSSIP OF THE STREET)
FUTURE OF ROADS
PUZZLES BANKERS
for. Amount due on allotments will bo
payable nt office of J. 1'. Morgan & Co .
In New York, funds on date of payments
to be specified In notices of nllotment
against delivery of J. 1. Morgan & Co,
trust receipts or of temporary notes ex
changeable for definite notes when re
ceived from the company.
If tho payment be called prior to Feb
ruarv 1. discount rntn of G tier rent on
principal amount of notes nllottcd wilt .
Financial Interests Closely Wntdit b?u1arw,',, ,rom 3Mo of mtnl
ing Every Development in
Cnvrinr cSitiintinti Bend market conditions were some-
carrier Situation tthM ,mprovrd yeBterday. particularly
whatever discussion there was In the with respect to New York traction Is-
flnanclal district yesterday was almost ' sues, which were materially higher than
vpit!ui .,.., I-- .. .rf..innmn "l0 Iow leveta recorded last week. This
exclusively regarding the developments . . ,, ,...,
PHILADELPHIA MARKETS
LIVESTOCK QUOTATIONS
t hlraro, Jan. !. IIOOS Itecclpts. 6.1.000
bead. Weak, lne lower than jesterday'a
average. Hulk, I17.r,317 H,1: heavy butch,
on, l7.8ofi 17.111: medium and light batch
ere, (I7.ij(f 17.1)0: light, good end choice,
(17.20W17..S1: heavy packing. (1717.3u:
medium and mixed packing, I17.4ii4f 17.00:
throwouts. (10010.90; plg. (10.23017.
CATTL11 Receipts. 20.000 head. Steady.
Reef cattle, good, choice and prim. (10. tuf
20: common ' and medium, S:.7.1HO 4n;
butchers stock, helfera, IS. 23014 2.1; cow.
ISM 13.30. stockcrs nnd fe'dera. good,
choloo and fano, I10r,i)14t Inferior, com.
mon and medium,' IbWtU.IU; calves, S17W
17 r,0.
SHRIIP Receipts, 0 OOil head; alow,
scattered, early aales ateady. '
ntltbiirgli, Jan. O. 1IOQS Recelpta. GS0O
hed; 2.1 to SBc lower. Heavy mixed and
heavy vorkcra, f 17.75f017.H3t light vorkera.
ltT.nnai7.73; plga. S17l$17 23; packers.
(11.(010(13.
CATTLE Recelpta, none. Steady.
PHREP nerelpte, lonn head, Bteady and
active. l)et h'j'P. J15.M): Iambi. 17.TB.
CALVK3 Receipts, light; steady at (21.
Kansna City, Jan. 0 CATTLE Recelpta,
linos Recelpta ia.r.00 head. Kteadv,
fill i:CP Receipts, O00U bend. Market IPc
lower.
Ponth Omnlm. Jan. !).
14.3DO head. Few ateady
CA1TI.C Receipts, 7000 head
bnUKi' neceipia. h.kpu neau. nieady.
1 rt Ilnffalo. Jan. P. 1IOC1S Receipts,
COO held
CATTLE Recelnte, r.HO head
SHEEP Receipts, fioao held
Bankers Banquet Tonight
Tromlnent guests will attend tonight's
"Victory Dinner" of Group 1, Penn
sylvania Bankers' Association, In tho
Bellevue-Stratford. More than COO
bankers art expected to attend and there
will be nt tho handsomely decorated ta
bles representatives of financial Insti
tutions with total resources of about
(3,500.000,000. Frank A. Vnnderllp. for-1 Federal
mer assistant secretary or tno unitm i to see
In tho railroad situation, nnd oven that the possibility of a seven-cent fare be
was lara-elv coin over the eamo old Ing granted for all of tho street rail
ground again. One banker closely as- ways of that city. In high banking clr-
soclated with some railroad interests, cies tne opinion was expresen mat wun
and whoso views have been noted at,"10 ,c'ty authorities thoroughly aroused
arlous times In this column, still tho Importance of lending a helping
holds to the opinion that eventually tlw . no time will bo lost In endeavoring
Mhnt i ...in , ..nun ,m n to promote measures that will afford the
basis similar to the working, of the . SSS. & 8 l.I1"'tln?
Ileserve system. He claims
this Idea taking tangible
far
sm oti-v.
vimc, on
ii. ' companies, xne intcrDoroug i and n,
vmtti.B . m . , ., ., , .
. a wihihh an ui-umyeu funs:ueraDlo
'a'??.T"..u."- I- ?, Wit Cuylor. form ln the nnndunccment of tho recom-, " l""h d ?' ' ?. ;
chairman of the Association of Ilallroad
Executives: tho Hev. ur. Hooert jiac.
Gowan. of Pittsburgh, and Thomas
Skeyhtll, of Australia, will respond to
toasts.
even though only half session of trading
Financial Briefs
11003 Recelpta.
mostly Bo to loc
Steady to
BAH SILVER
Last llllu-
Todny Yes Thurs. High t,nw
N Y 1; (cta).inii; lmu mm nipt s-,n
I London (Pi'.l 48,', ISA 48,'. 4(lVi 42lj
...,-. , - i , l ., .it... , .,,,,ii,fl v.vu iiiuuRii uiuy litiii neas
"""""""J w . " . . ---,.. n tool '' n '" l'0"'1' which closea at
have decided to make to Congress as 12.30' 0-cock otIt of respect of the tlcath
S.'M.KiSltKf' Colon" Theodore Hoosevclt.
state Commerce Commission. He said Foreign government bonds were active
,k.. 1., . 1 - ..kin., ,n,r,,hr and strong, with prlcci slightly higher.
! designated as 'secretary of transporta- J?1" B,9llw" SJnln ealKia
Hon did not appeal to him. W.lle It Is f?1!"" alJ?Jj;. .Vil -i.5ns.,?"abl?
Itetlrlng directors were re-elected at true, he Paid, that In some Luropean
the nnnual meeting of the United Se- countries the director general of rail- d d(,mand
curlty I.lfo Insurance nnd Trust Com- roads 1ms In the past held a cabinet IUUroad bo-nds wt,r(S more notlVo
VW- I position, It was principally In those on BevCrai previous days, although prices
Tho New York Stock Kxchange has ' & 'VZ'nZZL Tcrl" iSSaS'" 'rm yCi"
llgTS&M&SuXtA vernment. Iteturnlng of the roads Urtel Uds 'S aulct and
S10.000 as a stSck dividend 1 and ta prUate-ownership, he said, at any featureless. Tho market as a whole
(2. 100,000 on official notice of Issuance , particular date was a secondary matter, displayed a mm tendency, with a fairly
and payment In full ; Oklahoma rro- ' to the proper organization of the future satisfactory demand from Individual In
ducing and Ileflnlng Company, $10,000,- I operation nnd control He slid It was vestora which resulted In bringing about
000 capital stock and Bush Terminal lgnlflcant that virtually nil the sugges- n aubstnntUl olume of transactions
yu"'". - . tions irom tno various sources onwie both on tho hoard and over the rniintor
subject Included the regional Idea, which 1
he considered very Important. , u )g eencrnlI. bcIlcved , flnancla,
"" " (Circles hero that tho proposed legislation
Although some of the Investment jby Congress aimed to prevent fraudulent
houses were much Interested In tho two stock Issues will accomplish tho puriwso
offerings of American Telophone and, if the suggestion of bunkers to Secre-
Telegrapli Company debenture bonds, 'tary of the Treasury Gs Is retained
nono of those uslted had received any "phla suggestion Is that severe penalties
Tho N'ew York Subtreaaury lOBt CO - particulars. It was the general opln- In the phapo of fines ho provided for all
000 to" tho banks yesterday, reducing Ion yesterday that thero would be an 'promoters who fall to comply with the
the cash net gain slnco Fiiday to oversubscription of both Issues, which requirement calling for full details of
$0,257,000. I aggregate $05,000,000. tho new security Issues being placed on
I The subscription books were opened file for the Information of the public.
Following the annual meeting of the . today nt 10 o'clock nt the ofTIco Otherwise, It Is believed tho law would
of J. P. Morgan & Co., Jv'cw York. It not Intimidate the unscrupulous J.'or a
was said jesterday that there would bo 'long time It has been urged that some
no commissions for any sales outside tho law with "teeth" In It should be enacted
syndicate. to protect the public against such fraud-
Itlght Is reserved to reject nny and ulent Issues, and It would now teem
all applications, nnd also In nny case that this desirable accomplishment In ln
to award smaller amounts than npplled sight.
stock.
During December thero was an In-1
crease In Federal Reserve Dank notes '
In circulation from $86,954,730 to $128,
143,530. Of the $1 denomination the
Increase was from $43,510,740 to (62,
3RC.30O, and of tho $2 notes from $12,-1
076,050 to $17,372,160. '
Columbia Avonuo Trust Company, Jo
seph n. Montgomery, assistant secre
tary, whs also appointed nsslstant treas
urer; ltobert II. Fabian, formerly as
sistant title officer, was mado title offi
cer, and William R Ilurkhart, nsslstant
trust officer, was also appointed assist
ant title officer.
The market vvns uuli-t ami inri- "
llheral offering t revised 'lK"r".ft .
tlona: To orrlve. P'r liw ll. . In 1 1"
sinks Winter, straight. HI) 21(lu 40
G1UIN AND FLOUU
WlinAT-Reeelpta, 284.440 ;uhfls The
market ruled Arm.. Ttve following wj-re the
quotations! Tar lota In export ""'"
uovertiment atandard Inspection, ttandara
prlcea No. 1 red winter. 2.3. No.
1 northern eprlrg. l.Mi No, 1 bard
wlnt.r. J2.3-): No. 1 red ,ln'rvB,',,J.lcr,'ll
(2.S7: No, 1 red. smutty. 12.30. No. .red
winter. li.SO: No. 8 northern ""''"g. (;;
No. 2 bant winter. (2 30 No. 2 red ""
Karllcky. 12 34: n'o. 'J red. smutty. I2."i
No 3 red winter. 12 82: No. lih!,
spring. 12.12. No. fl bard winter. 12. 3S:
3 red winter, garlicky, 12 ;: Jjo. J";
smutty. f2 2: No, .1 red, :.3 ,5. 4, gar
llekv. 2.2Si No, 4, smutty, -'i N,?; ;'
garlicky, amutty. 12 20. No r. red. i'-r.l'
No. B. garlickv. 2.2: N". r.. smutty. (5
No. ft. garlicky, amutty, 12.24 ..,...,
CORN Thero waa no stack received
today, but liuiera were holding on
and values were a shade easier. We quote
yellow In e.vr lots for locnl rjdc. na l
quality and location, at (t.Uitf 1 s:r tuah..
tho latter for choice eld., , , . m..
OAT3 ReclKs. In3.4fll bnabels, The
tnirlt.l una dull un,l a lower with inodor-
ato hut ample orterlnga. Ouptallons.
lota as tu loiallon N. - while, si'
standard write. SlU Kl'Je, Ny. .1 vv
Ki7.V..A.r,,.,"r:. Jni'an ll, 'In ssrka
The market was uuii-tVnd' there were fairly
lb. Into
0 Kan-
Kns. eirnisiiL. ,v,ti"M .....
tin.Tr.iSiii .nrlng. short patent, iiu ioyii.
do, Mtent. 110 00 W 10.75, ilo,
"'"'''".... ..... .., .,.V,n.l V
ivk: 1 1 iiiit wni uuu nii'i ui se.-..
quota nt ls.73WU.23 per uarrei. in c,
aa to quxllty.
PROVISIONS
The m-vrket waa quiet nnd barely atsadj.
The. quotations were City Wef. ln ts.
smoked nnd nlr-rtrled. 47c: western beer.
In nets, smoked. 47e; city.veef. knuckles and
tenders, smoked and nlr-drled, 4fc. western
hef. knuckles nnd tanders. ."m'".. "
he.r hams, ton pork, family. (.100 SI. hams.
S V rurcd looae. ailfalHe. ' u skinned,
loose. 3'i fini'io: do. do. smoked, ASH IP
S04e, other hams, amoked eltv cured, as
to brand and avernge. a'tftStHie; hams,
smoked, western cured, .IDSfS'l'lii . . do. trtlled,
twneless ri2e. pirnlo ahoulders 8 r eured,
loose. 2'ie, do. smoked. Hue, bellleJ. In Pli:1ir'
loose. Jlc, breakfast Kicon eltv cured, 10c;
brenkfnat lMeim, western eured. 4le: lard,
western, reiined, 27Cf2itr laid, pure city,
kettle rendered. 27W27Vjc
REFINED SUGARS
Oftfrliiffii were lijht ami tho market rulej
firm on a basis of Oc for flne Binnulated.
DAIRY PRODUCTS
CHEnK- Thn market rulcil ntront nt th
latr ntUaiire with iUmnn.1 rpaJllv fltuorh
luff tho llinltetl offrrinto Thn quotatiorir er
as follows Np York, whole-milk, fuiiry,
frrBh, ;iMfj3S-si: upecialn hihr; Npw York.
whol(mllk. fair to booU, irgh, S7WB7-i ,
HVlnconiin, wholf-mtlk fancy. SSSCHc.
IlLTTIill ivman.i wan more ortio una
tho market rulnt nrm. wit). Mipiillta irll
nnlr control. roltowliiK wtrv the quo
tulionn Hollit-lMrknl troftinti xtin.
Tne hlfihrr rrurliiK cooUs. "IvTHc. thf
titter for Johhhii: atrs ptra t.rt OSW
I oo e flrt inCiuUr. rifcrnrli, rn T j fancy
linnd of nrlnta Jot bint; at TlCFTtic. fair ta
I u'f. tlt.ff 7.1c
lXUIP- Hoih frrsli anil toraKO prs ruU-i
, firm with ilnnanil attorbIntr tho llmttcJ of
' fprlnffs. The followtdtf were tho quo
I tat.imrt Kro cwm, nearln irrr, $iH. to
per irate: current reetMnti $10 80 per cast;
I western rxtra rtrsts, $0.10 per case flrcts.
NEW YORK DUTTER AND EGG?
. Nevr
in.giiu
5s rmlttered 1930 ,,
2a coupon ln3o
4 recistered 1D2J ,.
4a coupon lnji
alrahk-aUed stock sold, ! '"'''"Jn,'"4''
under llitht oflerlnas. ' J," '""r-oii loin
the MMil.llnn.' Tur- !.""" - re lm
1'anama i's re ln.ls
Panama aa re IPflt
Panama 3a coupon
(ID SO per ensei Inferior lots loweri atorae;
rKas. lr,fr lil.V'1 per easel selected fresh
Jobbing at 73073o per dozen
POULTRY
I.tVK Hecelpta wero moro llheral and
prlrea of towls eased off lo vinder a less
aetlro demand Fowls, according to size
and quality. a1037c: sprlns chickens, ac-cerdlna-
to quality, m37c: roosters, 21 if
22c: ducks l'ekln, 35ttnei do, Indian ltun
ner. 3JffHc: aeesc. S2t3(!c: lurkejs. 3e;
4Urt autneas, yonnr, per pair, wclichlni: l'i
2 lba apiece, II tl 1.10: smaller sizes, Oiltt
K.,oi vulneas, old, per pair, 73Ve()c; plfenns,
old, per pilr. 3JQ33o; do. ouhir. Per pair,
DIIKSSED Mno del
f.itflv nnd rnle.l rtrm
Tho follorlnr werrt the dilatations! 'fur
kea, fanry. nearby, 4lsT4iJei do. western,
fancy, 4UM.V. do, fair to good, 30it43ci do.
common, 304733c; old toms, 38040c:
old hens. 8oMlc: fowls, fresh killed, dry
picked. In bozea weiahlne v, lbs. and over
apiece, 3(Ve: nelrhlnr 4 lbs nrlrce, 34e,
smaller sizes 2(i(f3lc: fresh-killed fowls.
In bbls , fancy, dryplcke.l, selected. 334 e,
welehlnc 4V4 lbs. vnd over apiece. 33ei
welshlnp 4 lbs. apleee, 33ei small sizes, 270
20e: old roosters. dryrlcked. 27o: rosstlne
chickens, western, dryplcked, in boles,
weighing 4 '4 lbs. arleee, 37e; weighing 4
lbs apiece, flflc weighing- 3'4 lbs apiece,
3(V33e. weighing 2li Its lbs. apleee, H20
P3c rnastln chickens western. In bMi
weighing 4 lbs and over apiece. 3flCj weigh
loc 3V lbs. apleeo, S4c: vselghlng 2'iW.I
lbs apiece. .'HHfaSc; broiling chickens.
weighing l4(s:2 potinda apiece.
oucks, western, 3HtT4UCI gees,
cnoice, au5jj2ej rair to coo
squdus,
912 lbs.
Ing 04HO lbs. ir dozen, $7O7.r,0, vthlte.
weighing 8 lbs. per dozen, lotto. r,0, do do,
7 lbs rer dnien I4.r.nffrl, do. do. flOAH
lbs. per dozen, 1304; dark, (t, .1002.00:
small and No 2. 1KI2.MI riulneaa, young,
per pair. 73C5JI1 21. old BOB'St.
FHKS1I rnuiTS
Apples of fine tiuillty sold fairly nnd
ruled firm Strawberries wer more plenti
ful and asier tuner fruits were generally
steadv outatlons follow- Appl. s, Nevv
York, rer birrei King. Jl.r.nsfl 10, Itild-,
win, (l1(0Si) Northern Sp (I Joail Hub.
Iiardsten, (Ifffl f.o. Oreenlng. f 4fC0 73 j '
various varieties I.1QS3. Apjlrs, lYnns Iva-
nla and Virginia, per Inircl -Ilcn luvls, f
(3..10t,1.S0. l.ano. (3 AiiVB ,10 Stajmnn
Wlnesiip. )4:,iKl7r,o York Imperial IIW
7 2.1. Homo Htuuty. fano. nf7 .", Apples
,er .-bushel Imsket, 1001(123, dj per
)Uehol basket Jlfl(2. Apples western per
box. (2C3 23 Lemons, per tox. ( JOT-4
oranges PlorMa, por crate, $2 .10tif4 3o I
Tangerines, riorldl. per strap. (3'ull (Irape-i
fruit, per box. (2.10tf4Sll l'lnenpples.
l'orto kico. ikt craie, u ;viiv j,n. urani'ef.
nes, jersey, iter misn. i,ox. j ,,'j'yu, no, no, i
p,-r barrel. Jir,i22 WrawberrttH riorlda, '
per quart, 70fu ie.
VEGETABLES
'lioiof sttx k was in fair iknui ! nnl
irtita of whlto potatoes nrul cahbuno witp
a BhiJc hlHhir. Ouotatlona Wtiitv luitntor-i
K.islHm Shorn. rr bbl No 1 f.ty;. ,".n,
N. S f-il- Wli.to potatoes. Norfolk
tur bnrre! $11 -" White pot nt nes Jct
lifp -tuuli'-l iMkket Nil 1 b1i!."e No L,
.M.41 in.'o Wliitw potatoes, lVnii" Uanla
No 1. per ion poumli, tZ Miff J White po
tatof, weitHrh x r ton Ibn anni tu
1 New York. Per 1UO lbt i'J aJn?f J n
.Sweet pot.it oi Jersey, .tier UlMei -No 1
nwtf. poia
No 1. J-iHY
lKitathoi Iel
uar iuM Maryland iMinri hninpers No i
J.''- '. No - ti Wifl tl't fnbtiaKt lati
lsh e'l tier ton, J.H)W4u do, tlom-stle per
ion Sift CM. Onions. ellow, per lntwi. batf
No. 1 Sl.PUilL L'0. No. 1 TuCsUll
JOrk. Jn o tlTTTMtssHsrs, n .
.... ::- " m uicv oi
St S SSJr. clr.le,,JndB- flicooi Hmu dairy
0IwVr,iy (.rnJtllMon creamprr. 4048e.
eoSi i7-"rKI?" AW&l. ??, .i?a-
wc6nd."rtiitffli;:.v.x""r"r"..o.???i
r,2,tTBoe,Re'hciet1'rtLVt.M"-. 1: No- a.
i'elieS'?5rn.nl,ulneen whites, ea07Rol!l
lr.'5: -ot vvhltes. fioci nearbV wStt..'-
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$40,000,000
American Telephone & Telegraph Company
FIFE-YEAR 6 NOTES
Dated February 1, 1919. Due February 1, 194.
Interest payable February 1 and August 1, in New York and in Boston
Coupon Notes in Denominations of $1,000, 5600 and $100, regUterablt as to prmcipal.
BANKERS TRUST COMPANY, TRUSTEE
Redeemable, at the option of the Company, as a whole or in part, with accrued inter''
est, as follows:
At 105 if on or prior to January SI, 1920
" 10Wo if after January 31, 1920, and on or prior to January SI, 1921
" 103 " " " 31,1921, " " ' 31,1922
102 "
101
31,1922,
31,1923,
prior to maturity.
31,1923
From a letter of Theo. N. Vail, Esq., President, stating the particulars in regard to
the issue, we summarize as follows:
The notes are issued to retire an equal amount of 6 Bell System notes endorsed by
the American Telephone and Telegraph Company, maturing February 1, 1910.
The net earnings of the American Telephone and Telegraph Company and its dis
bursements for interest during the last eight years have been as follows:
Tear Ended December 31 Net Turnings Interest ""lane
1910 $31,933,214 $5,077,321 $26,855,893
1911 33,301,246 5,567,980 27,733,266
1912 37,907,644 5.844,699 32,062,945
1913 40,576,746 7,656,656 32,920,090
1914 40,557,977 8,223,163 32,334,814
1915 41,117,487 6,498,850 34,618,637
1916 44,743,376 6,730,099 38,013,277
1917 48,940,466 10,469,360 38,471,106
$25,000,000
NEW YORK TELEPHONE COMPANY
Thirty-Year Sinking Fund 6 Debenture Bonds
Dated February 1, 1919. Due February 1, 1949.
interest payable February 1 and August I, in New York City
C"oi;;o:t Bonds in denomination!! of $1,000, $500 autJ $100, rerjisterable as to jninnjial. Registered Bonds in denomina
tions of $10,000, $5,000 and $1,000. Coupon Bonds and Registered Bonds interchangeable.
Redeemable, at the option of tho Company, as a whole or m part, on any interest date upon 60 days' notice, at
110 aiui accrued interest.
GUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE
For the year 1918 it is estimated that net earnings will be over $51,000,000, interest
$10,365,000, and the balance over $40,635,000. During the last nine years the net earnings
of the American Telephone and Telegraph Company have averaged 5ij times the interest
charges.
Si7ice 1908 the amount of the company's debt outstanding has been increased only
about $20,000,000, while the capital stock outstanding ha3 increased about $28S,000,000
and the book value of the assets about $375,000,000. The company has paid dividends
at the rate of at least 7lo per annum on its capital stock since 1899, a period of nine
teen years. For the last" twelve years the rate has been uniformly 8 per annum.
On August 1, 1918, the Federal Government assumed control of the telephone sys
tem of the American Telephone and Telegraph Company. Under the government con
tract the license and rental contracts between the American Telephone and Telegraph
Company and the associated companies are contintied; the Federal Government is to
fully maintain the property; is to make provision for depreciation and obsolescence rela
tively equal to that of the past and in addition is to pay an annual cojnpensation suf
ficient to provide for the payment of the annual interest charges on all outstanding
securities of the Bell System in the hands of the public, dividends at the existing rate (in
the case of the American Telephone and Telegraph Company 8 per annum) upon the
sharo capital of the Bell System outstanding in the hajids of the public, all charges of
securing necessary additional capital, or for the discharge, conversion, rcncival or ex
tension of present obligations.
The actual value of the Bell System's plant the oply value that can be used for rate
making is largely in excess of its book value. At December 31, 1917, the book value
of the assets of the American Telephone and Telegraph Company and its associated com
panies making up the Bell System was over $803,500,000 in excess of all liabilities and
capital stock outstanding. There has been paid in on account of capital stock of this com
pany $85,000,000 in excess of the par of that stock, that is, for every $100 share of out
standing stock moro than $108 in cash has been paid into the treasury. Adequate charges
against earnings have been made for depreciation and obsolescence.
The above notes are offered, subject to issue as planned, for subscription
at 99Vi anti interest, to yield ab,out 6.17
From a letter of Theo. N. Vail, Esq., stating the particulars in regard to the issue,
we summarize the following:
The New York Telephone Company, with its subsidiary and connecting companies,
constitutes the most important operating division of the Bell System, and its entire out
standing capital slock of $150,000,000 is owned by the American Telephone and Telegraph
Company. The Sew York Telephone Company and its subsidiary companies operate in
the states of New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, West
Virginia, in the District of Columbia and in jarts of Connecticut and Ohio.
The Debentures will be issued under a trttst indenture with the Guaranty Trust
Company, in which the Telephone Company will covenant that if at any time after the
issue of tho Debentures the Telephone Company shall create any mortgage or charge upon
all or any part of its real estate or telephone plant, or securities of subsidiary companies
held by it, the Debentures shall be secured by such mortgage or charge ratably with any
other indebtedness secured thereby.
The Telephone Company will covenant to pay $375,000 annually o the Trustee, to
be applied to the acquisition of Debentures at not exceeding the redemption price of
110 and accrued interest. The Debentures so acquired for the sinking fund will con
tinue to draw interest. This cumulative sinking fund will be more than sufficient to
redeem the entire isstic of $25,000,000 Debentures before maturity.
Hniled December 31 Net Karnlngs
1910 $14,496,714
1911 15,223,020
1912 17,313,170
1913 17,782,279
1914 16,175,741
1915 17,202,766
1916 20,607,254
1917 20,302,327
1918 (partly estimated)... 18,000,000
Interest
$2,150,714
2,395,826
2,951 JB4S
3,494,695
3,460,199
3,400,703
3,341,913
3,924,837
4,800,000
rtslance
$12,340,000
12,827,194
14,361,325
14,287,584
12,715,542
13,802,063
17,265,341
16,377,490
13,200,000
For the last nine years the net income of the New York Telephone Company has
averaged over 5 times the interest charges. The Company has paid dividends at the
rate of at least 6 per cent, per annum since 1896 and for the last eight years the rate has
been uniformly 8 per annum.
The actual value of the Neio York Telephone Company's plant the only value that
can be used for rate making is largely in excess of the book value. At Deceinber 31,
1917, the book value of the company's real estate and telephone plant wa3 over $194,
000,000, not including property of subsidiary companies, the securities of which are
carried on the books of this company at conservative valuations. The book value of the
New York Telephoyie Company's assets at the end of 1917 was over $80,000,000 i'ji ex
cess of all liabilities and capital stock outstanding.
The above Bonds are offered, subject to issue as planned, for subsciption
at 101 and interest, to yield about 5.93
Subscription books will be opened at the offices of the undersigned, at 10 o'clock A. M., Thursday,, January 9, 1919. The nght is reserved to reject any and all applica
tions, and also, in any case, to award a smaller amount than applied for. The amount due on allotments will be payable at the office of J, P. Morgan & Co., in New York funds,
on the date of payment to be specified in the notices of allotment, agaimt delivery of J. P. Morgan & Co. Trust Receipts, or of temporary certificates exchangeable for the defini
tive 8ecuritiea when received by us. If payment be called prior to February 1, discount at the rate of 6 on the principal amount allotted will be allowed from the date of
payment to February 1, .
Dated January 8, 1919
. P. MORGAN & CO,
FIRST NATIONAL BANK, New York
HARRIS, FORBES & CO. '
KUHN, LOEB & CO.
KIDDER, PEABODY & CO.
NATIONAL CITY COMPANY, New York
LEE, HIGGINSON & CO.
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