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firtatitinf
The
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 109
brontde'
Electric Railway Sectiol
State and City Section
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, SEPTEMBER 13 1919
Tiu Tinaniti
PUBLISHED WEEKLY.
Terms of Subscription-Payable In Advance
NO. 2829
Week ending Sept. 6.
Clearings at
1919.
Inc. or
Dec.
07
.o
+18.9
+1.0
+24.2
+35.0
+10.4
+16.3
+23.0
+41.6
+7.8
+11.9
+3.0
-1.4
+17.7
+88.3
+42.6
+23.0
+49.9
+14.0
+71.3
+43.2
+47.9
+37.7
+40.5
+40.1
+9.0
+13.3
+0.6
+75.6
+10.3
-15.7
+40.0
+11.1
+19.9
1917.
I
1916.
$
liA
Chicago
344,010,366
Cincinnati
29,920,400
43,050.734
Cleveland
39,967,426
Detroit
17,692,233
Milwaukee
12,231,000
Indianapolis
Columbus
7,647.900
7,757,208
Toledo
Peoria
4,000,000
Grand Rapids_
3.713,733
Dayton
2,906,258
Evansville
1,904,630
Springfield, Ill
1,500,000
Akron
3,700,000
Terms of Advertisind-Per Inch Space
1,542,571
Transient matter per inch space(14 agate lines)
$4 20 Fort Wayne
1,123,483
Two Months
(8 times)
33 00 Rockford
528,375
rrIx
ir
44 00* Lexington
Ordinary Business Cards
836,969
75 00 South Bend
Youngstown
2,430,941
___
_
Twelve Months(52 times)
130 00
Bloomington
986,235
011ICAGO OFFICE-39 South La Salle Street,Telephone Majestic 7396.
Canton
2,275,903
LONDON OFFICE-Edwards & Smith, 1 Drapers' Gardens, E. C.
Quincy
916.818
Springfield,
1,191,894
WILLIAM II. DANA. COMPANY, Publishers,
Decatur
685,326
Front, Pine and Depeyster Sts., New York.
Mansfield
657.831
Danville _
578,366
Published every Saturday morning by WILLIAM B. DANA COMPANY. Lima
685,000
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vico-President and Lansing
962,016
Secretary. Addresses of both, Office of the Company.
Jacksonville, IlL _
482.786
Owensboro
482,601
Ann Arbor
195,077
CLEARING HOUSE RETURNS.
Adrian
50,943
The following table, made up by telegraph, &c., indicates that the bank total
Tot
.
M
.West
.
536,615,023
United
States
for
the
week
the
ending
houses
of
to-day
clearings of all the clearing
have been $7,752,024,807, against $6,875,207,220 last week and $6,303,865,115
85,051,482
San Francisco__ _ 131,011,471 104,839,554 +25.0
52,499,383
the corresponding week last year.
43.275,000
22,623,000
26,063,000 +66.4
Los Angeles
18,279,165
37,484,252
36,027,175 +4.0
19,521,402
Seattle
14,404,908
Per
Clearings- Returns by Telegraph.
32,135,942
26,088,126 +23.2
13,000,000
Portland
11,344,456
1919.
Week ending Sept. 13.
1918.
Cent.
10,992,382
7,573,816 +45.1
4,900,000
Spokane
4,022,274
14,637,783
11,506,417 +27.2
10,616,799
Salt Lake City__ _
8,794,223
$3,409,721,037 $2,705,500,667 +26.0 Tacoma
New York
4,358,688
4,642,144 -6.1
3,321,899
1,805,182
519,303,653
390,000,000 +33.2 Oakland
Chicago
7,920,712
6,464,829 +22.5
4,594,970
3,422.804
Philadelphia
352,169,547
316,494,630 +11.3 Sacramento
3,867,701
3,513,245 +10.1
3,162,625
2,772,062
281,779,834
229,945,461
Boston
+22.4 San Diego
1,975,453
1,878,272 +5.2
1,833,440
1,961,546
._ _
240,997,173
186,147,634 +29.5 Fresno
Kansas City
3,158,033
2,897,259 +9.0
1,529,161
1,207.099
148,362,396
127,355,662 +16.5 Stockton
St. Louis_
2,389,415
1,759,763 +35.8
1,623,500
1,404,595
122,117,841
66,360,759 +84.0 San Jose
San Francisco
1,932,710
1,192,232 +62.1
1,185,346
693,879
122,505,406
93,617,315 +30.9 Pasadena
Pittsburgh
1,195,338
740,296 +61.5
943,329
837,371
60,662,698
Detroit
51,570,773 +17.6 Yakima
1,902,735
700,000 +171.8
777,499
576,231
58,911,979
Baltimore
49,885,949 +18.1 Reno
823,937
669,915 +47.2
500.000
421,764
54,978,884
New Orleans
50,231,84Q
+9.4 Long Beach
1,679,309
946,007 +77.5
716,923
466.811
300,740,881
Pacific
237,392,050
+26.7
175,901,375
Total
124,913,753
Eleven cities, 5(lays
$5,371,510,448 $4,267,110,672 +25.9
Other cities, 5 days
975,247,618
830,194,639 +14.7
223,732,158 190,232,047 +12.4 130,100,508
Kansas City
91,014,357
45,646,362
31.396,526
41,485,935 +10.0
25,395,045
Total all cities,5(lays
56,346,758,066 $5,097,305,311
+24.5 Minneapolis
61,468,993
30,991,713
55,076,705 +11.6
22,830,101
All cities, 1 day
1,405,266,741
1,206,560,204 +16.5 Omaha
17,577,639
13,139,801 +33.8
13,876,154
12,833,280
St. Paul
20,768,042
17,059,887
22,932,389 -9.7
11,581,250
Total all cities for week
$7.752.024.807 56.303.865.115 4-230 Denver
13.686,075
14,585,085 -6.2
11,035,900
St. Joseph
8,464,769
The full details for the week Oovered by the above will be given next Saturday. Des Moines
11,934.178
9,429,736 +26.6
7,749,547
6,171,530
We cannot furnish them to-day, clearings being made up by the clearing houses Sioux City
(9,900,000
8,346,621 +18.6
5,884,503
3,905,931
at noon on Saturday, and hence in the above the last day of the week has to be in Duluth
6,809,482
4,897,047 +39.0
5,076,122
5,216,121
all cases estimated, as we go to press Friday night.
15,349,441
Wichita
8,499,318 +80.8
5,803,617
5,471,543
Detailed figures for the week ending Sept. 6 show;
5,650,143
4,435,470 +27.4
3,560,771
Lincoln
2,403,667
3,230,435
2,707,425 +19.3
2,547,696
Topeka
1,772,912
2,399,508
2,204,232
1,919,786 +25.0
1,617,264
Cedar Rapids
Week ending Sept. 6.
2,976,674
1,361,189 +118.7
1,524,555
Clearings at1,461,024
Fargo
984,917
751,277 +31.1
836,739
953,271
Colorado Spring
Inc. or
600,526
624,438 -3.8
519,983
1919.
478,489
Pueblo
1918.
Dec.
1916.
1917.
1,008,202
743,034 +35.7
462,198
Fremont
502,436
1,500,000
1,258,185 +19.2
1,984,034
•
$
Waterloo
1,576,604
2,043,304
1,893,716 +7.9
3,826,699,121 3,210,960,481 d- 19.2 3,111,000,064 2,453,722,352 Helena
1,584,006
1,484,374
New York
375,760,128 363,348,001
1,880,426
Philadelphia
1,756,329 +7.1
759,327
1,142,559
+3.4 275,846,197 209,310,530 Aberdeen
109,403,909 110,867,921 ---1.3
916,397
661,567 +38.5
437,251
448,263
Pittsburgh
60,277,726
49,212,148 Hastings
75,350.493
1,248,974
658,989
65,576,546 d-14.9
1,077,628 +15.9
1,069,977
Baltimore
37,266,353
35,339,445 BillIngs
28,719,890
21,611,762 dr 32.9
Buffalo
14,547,080
13,108,317
451,311,866 387,814,728 +18.4 276,859,490 206,979,535
0th.
West
Tot.
4,000,000
4,164,596 -4.0
4,200,213
Albany
4,132,202
13,400,739
13,400,164 4-0.0
9,819,949
7,522,766 St. Louis
Washington
+5.6 107.982.392
136,239,088 128,963,897
83,112,712
8,966,697
6,575,923 d- 36.4
6,284,059
Rochester
5,131,941 New Orleans__ _
45,362,976 -1.2
27,885,387
44,837,735
22,354,139
3,876,719
3,478,272 d-11.4
3,091,115
Scranton
2,719,649 Louisville
13,548,267
19,079,000 -29.0
15,266.469
14,548,087
3,566,879
4,100,000 ---13.0
3,893,656
Syracuse
2,783,201 Houston
17,726,118
18,943,927 -6.4
13,599,099
11,410,442
2,367,064 ---2.7
2,302,161
2,099,777
Reading
1,723,056 Galveston
7,945,482
6,928,994 +15.0
4,900,000
5,107,743
3,060,091 d- 27.4
3,900,000
2,588,455
Wilmington
2,147,267 Richmond
50,730,971
42.106,429 +20.5
24,897,893
15,122,152
1,800,000 dr 30.2
2,506,264
1,864,836
Wilkes-Barre
1,583,677 Fort Worth
13,250,691
11,611,497 +14.1
9,525.979
7,743,597
2,828,098 +41.9
4,013,190
3,162,275
Wheeling
2,598,491 Savannah
6,856,045
9,248,482 -25.9
9,622,845
9,456.893
2,747,714
2,862,687
+4.2
Trenton
2,127,416
1,553,348 Atlanta
47,664,123
37,866,064 +25.9
25,459,309
17,261,048
1,110,223
1,355,249
d22.1
York
062,626
864,440 Nashville
12,714,025
13,291,430 -4.3
8,834,331
6,399,059
1,812,915
1,857,545
d-2.5
Erie
1,737,104
15,142,025
1,090,009 Memphis
9,488,956 +59.7
6,331,511
8,138,832
933,033 -3.5
900,000
Greensburg
770,000
700,000 Norfolk
7.733,877
6,651,177 +16.3
3,790,751
5,063,122
882,817
721,000
+22.3
Altoona
700,000
558,642 Birmingham
12,066,963
5,642,356 +114.0
3,206,034
2,099,165
715,900
668,400 +7.1
Binghamton
853,900
698,900 Augusta
4,021,660
3,946,106
2,764,577
+1.9
2,876.214
1,058,781
1,513,731 -29.9
Chester
1,030,055
1,073,727 Knoxville
3,200,000
2,328,686
1,845,942
2,968,304 +7.8
2,350,000
2,342,446
+0.3
Lancaster
2,078,791
1,666,668 Jacksonville
3,316.353
7,051,159
2,398,373
5,110,059 +38.0
380,975
279,106 +36.2
Montclair
378,985
383,549 Chattanooga
4,839,764
3,072,125
2,306,826
3,921,503 +23.4
2,080,419
2,550,000
2,018,741
2,300,000 +10.9
Total Middle 4,474,830,144 3,826,267,487 +18.9 3,546,580,632 2,799,624,325 Charleston
3,120,388
7,101,349
2,828,283
4,596,393 +54.5
Little Rock
1,000,000
1,942,698
267,506,783 244,152,983 +9.6 188,666,759 147,700,040 Mobile
1,555,041 +24.9
1,151.126
Boston
6,925.169
11,738,062
8,132,236 +44.3
8,907.400
8,936,800 -0.3
4,168,247
Providence
7,792,700
6,409,100 Oklahoma
7,520,847
2,000,000 +275.0
1,522,273
8,726,694 +9.4
7,360,248
5,322,199
Hartford
6,056,452
6,145,428 Macon
1,431,507
3,411,551 -53.0
3,500,000
4,661,819 +7.6
5,017,443
2,800.000
Now haven
4,407,589
3,530,694 Austin
329,022 -5.8
247,149
309,999
269,835
2,100.000 +1.0
2,121,000
Portland
2,200,000
2,143,272 Vicksburg
794,010 -25.2
593,804
435,174
478,788
3,209,227 +11.1
Springfield
3,566,954
3,072,627
2,900,013 Jackson
6,254.491 +34.4
8,405,189
5,197,489
2,751,836
2,825.902 +12.4
Worcester
3,176,068
2,775,688
3,121,341 Tulsa
1,920,270 +39.3
2,674,936
1,004,680
1,340,466
1,580,333 +2.4
1,618,937
Fall River
1,178,098
1,151,386 Muskogee
21,000,000 +22.7
25,776,018
12,378,776
10,779.727
1,248,566 +30.6
1,630,187
1,174,494
New Bedford...
967,288 Dallas
3,095,165
2,577,820 +20.1
1,200,000
652,408 +15.0
662,248
Holyoke
594,584
748,062 Shreveport
1,015,252 -19.1
Lowell
821,953
961,898
747,684
478 707 567 425,991,991 +12.4 314,813,738 247,536,11e
Total South
680,528 -2.4
Bangor
664,176
750,381
550,000
8.875,20,220 5,878 023 384 +17.0 5,177,049,770 4,091,803,064
Total all
Tot. Nov/Eng. 303,053,307 277,790,512 +9.1 219,631,268 176,114,308
Outside N. Y 3.048.508.099 2.667.062.8.3 +14.3 2.066.049.706 1.638.070.708
For One Year
sio 00
For Six Months
ti 00
European Subscription (including postage)
13 50
European Subscription six months (Including postage)
7 75
Canadian Subscription (including postage)
NOTICE.-On account of the fluctuations in the rates of exchange,
li0
5
remittances for European subscriptions and advertisements must be made
In New York funds.
Subscription includes following SupplementsBANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(semi-annually)
RAILWAY EARNINGS(monthly)
ELECTRIC RAILWAY (semi-annually)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
Ai 170mnIV118 (13=0%1
$
521,719.328
53,887,648
95,134,872
74,068,348
25,817,272
15,690,000
12.531,500
11,667,961
4,459,807
5,419,771
4,400,000
4,243,600
2,634,034
6,474,000
1,526,438
2,120,000
1,500,000
1,140,000
4,604,340
1,852,137
4,500,000
1,863,154
1,642,873
1,461,663
1,252.304
800,000
1,195,165
1,362,000
775,170
500,000
420,000
100,000
866,563,385
1918.
$
438.997,555
53,380,765
76,567,183
54,885,289
23,376,356
13,491,000
10,190,500
8,240,914
4,136,875
4,843,549
4,273,580
4,304,198
2,237,962
3.438,000
1,070.355
1,715,697
1,000,376
1,000,000
2,686,362
1,293,493
3,042,166
1,353,914
1,169,186
1,043,513
1,149,472
525,000
1,188,206
775.760
702,806
593,534
300,000
90,000
722,766,596
$
407.022,193
37,257,868
63,383,671
40,967,600
21,116,773
11,985,000
10,102,800
8,123,538
4,378,953
3,833,992
2,551,458
2,382,483
2,110,473
6,140,000
1,121,183
1,534,620
907,087
1,017,198
3,314,443
1,357,943
4,493,740
1,130,686
1,117.812
1,105,088
783,050
575,000
750,000
1,120,795
517,067
596,178
391,492
72,175
643,263,269
1008
THE CHRONICLE
[VoL. 109.
only 53 days instead of six days of eight hours each.
The further wage demands are no longer put solely
THE FINANCIAL SITUATION.
the ground of higher living expenses, though this
on
rapidly
Labor troubles continue to spread and are
is
advanced in partial justification. The theory
the
of
asatTfrg an acute form. After the issue
that enormous wage increases are being
President's statement from the White House on seems to be
, why then should not the
Aug. 25 urging that "all wage earners of every kind obtained in other pursuits
movement, and be
upward
postpone questions of this sort [that is demands printers share in the
workers. On
fellow
their
with
equality
an
for wage increases] till normal conditions come placed on
probably not
printers
ng
employi
the
ce
with
conferen
again and we have the opportunity for certain calwas pur(which
increase
week
a
$14
of
the
whole
the
culation as to the relation between wages and the
margin
ample
an
allow
to
as
so
large
made
posely
cost of living" it seemed for a time as if labor leaders
ly
gracious
by
and
on
insisted
be
will
down)
scaling
for
prove
and the rank and file of wage earners would
showbe
will
of it these workers
responsive to the President's wishes and that strikes waiving a small part
and conciliatory spirit. The
mous
their
magnani
ing
obeyin
held
be
would
eases
and demands for wageincr
insisted upon, and when a
be
to
ance at least for a few months. But this week's de- shorter hours are
it will probably be found
reached
nt
is
velopments have made it plain that labor having final settleme
after the demands of
even
basis,
wage
new
the
that
found it so easy to gain advantage for itself during
will show an advance
down,
scaled
been
have
men
the
and
pay
higher
the last two years in the shape of
of the war.
outbreak
the
since
more
or
100%
of
the
along
proceed
to
ed
shorter hours it is determin
gathering
been
have
The coal miners on their part
same course and to demand further increasesin wages,
ting
promulga
are
and
week
this
on
only on a greatly enlarged scale, as likewise further in annual conventi
coal
which,
obtain
to
failing
,
demands
own
reductions in working hours. Labor sees or rather their
length
the
ut
througho
d
suspende
be
to
is
mining
thinks it .sees opportunity by coercive measures to
dispatches on Tuesextort additional concessions for itself and hence and breadth of the land. Press
s from the
delegate
2,000
about
that
stated
day
•
from
its
it
is determined not to let anything swerve
were in
Canada
and
States
United
the
of
collieries
cumubeen
has
point
that
path. The evidence on
ion
Convent
ional
session at Cleveland at the Internat
lating in every quarter.
being
,
this
America
of
On Wednesday announcement came that the con- of the United Mine Workers
g of that organization.
templated strike against the United States Steel the 25th consecutive gatherin
Secretary-Treasurer
ional
Internat
Corporation had been definitely decided upon, the William Green,
new wage demand
the
that
stated
tion,
strike to be inaugurated on Sept. 22. This decision, of the organiza
of the 8 hour day;
instead
day
hour
six
a
cover
would
it was stated, had been reached at a meeting of
at the same time
and
six,
of
instead
week
five-day
a
and
unions
twenty-feur Presidents of steel workers'
40%. The first
to
25
from
of
wages
in
increase
an
nothing
that
made
the further announcement was
has already
now could avert the strike except compromise on two of these propositions the convention
wage
father
the
of
extent
precise
the part of the Steel Corporation. On Tuesday approved. The
of
many
now
Even
fixed.
be
to
remains
practically the entire police force of Boston went on increase
day.
a
$15
making
be
to
said
are
miners
the
strike, and since then the city has been the scene of
The miners, like the railway employees, are trying
grave disorders. Last Sunday there was a meeting
fool the public with talk of how loyally they supto
covertrades
of the workers in the printing and allied
during the war, adducing
ing the metropolitan district for the purpose of decid- ported the Government
should have extra liberal
they
ing the course to be pursued with reference to the that as a reason why
are working under a
they
say
new wage proposals in these trades. The request of treatment now. They
November, 1917,
in
ton
Washing
in
made
the workers is for an increase of no less than $14 a contract
that the Washon
impressi
the
create
to
try
they
and
week in the case of every branch and subdivision of
bargain with
hard
awfully
an
drove
es
authoriti
ington
these trades, and this is coupled with an imperative
the
bituminous
is
fact
.
The
occasion
that
on
them
per
hours
demand for a reduction in the number of
1917 (it is
in
big advances in wages
week from 48 to 44. The typographical union— miners got two
referring)
are
we
which
us miners to
Big 6—usually acts independently in such matters, the bitumino
which
contract
a
under
were working
but on this occasion it is acting in conjunction with though they
, too,
supposed
was
It
run.
to
time
the pressmen, the feeders and various other classes still had a long
the
for
il
only,
provision
be
would
s
advance
these
of employees, patterning its action on that of the that
of
coming
the
with
followed
be
to
war,
the
of
period
railroad workers, the steel workers and other classes
scale
wage
lower
and
old
the
to
return
a
by
peace
more
the
t
of employees so as to make the movemen
still higher wage basis as now proformidable and thereby compelling the employing again, instead of a
anthracite regions still another increase
printers to yield. If no agreement is reached, the posed. In the
them to the basis prevailing in
adjust
whole body of employees will quit their jobs on in wages—to
as granted in 1918, making
field—w
us
bitumino
Oct. 1, stopping the publication of nearly all the the
after the entry of the
increases
ous
tremend
three
weekly newspapers and monthly magazines. As a
But the anthracite
war.
the
into
States
United
precautionary measure, work on the monthly magamaking the same demands as the soft coal
zines, all of which go to press long in advance of the miners are
they want a six-hour day and a fivedate of publication, is being rushed so as to be pre- miners, namely
day week, with a further increase in wages of not less
pared for the eventuality of a strike.
They, too, talk of the propriety with
As illustrating the radical nature of the demands than 60%.
d themselves during the war—
conducte
they
the case of the compositors may be taken. During which
they operated so that no
restraint
great
what
under
the last two years the ordinary compositor has had
the poor consumer.
upon
fall
should
burden
undue
is,
his wages increased from $24 a week to $36—that
householder who is now paying $12 a ton for his
his pay has been raised from $4 a day to $6, or 50%. The
$7 or $8 before the war will know
Now it is proposed to add $14 more per week, giving coal as against
the claim of consideration for the
him $50, and at the same time to limit his work to how to appraise
SEPT. 13 19191
THE CHRONICLE
1009
public welfare. If the demands now made are granted
But there must now be an end to such proceedings,
it will not be long before the suffering house- for it is self-evident that when men in one industry
holder will be called upon to pay $20 a ton or may after another ask for wage increases of 50 to 100%
be $25.
and threaten as an alternative to paralyze the counWhat action the anthracite miners contemplate, try's industrial activities, it is out of the question to
should their further demands be turned down, has yield to them any longer. The President, by reason
not yet been definitely declared—though an un- of his uniform advocacy of the cause of labor, has
authorized strike at the mines of the Delaware & had great influence with the wage earners, but the
Hudson and the Lackawanna Cos. has broken out experience of the last few weeks goes to show that
the present week, involving altogether 48,000 men— they will follow him only so long as he goes in the
but the bituminous miners in convention at Cleve- same direction with them—that is, gives them all
land make no concealment of what action they will they ask for. It must be evident to him that by
take should the operators resist the movement to his course during the whole of his administration he
enforce a 6-hour day, a 5-day week and 25% to 40% has unchained forces which he can no longer control
increase in wages. We are often told that union and which threaten to involve the whole country in
leaders are more conservative than the rank and file ruin.
of union membership. But in the case of these
The time for truckling to the labor cause has
bituminous miners it is clear that the executive passed. Timidity and cowardice can no longer be
heads of the organization are determined not to be tolerated. The employer and the public, too, must
outdone by the members. In his report to the con- change their attitude. Instead of allowing themvention this week, acting President John L. Lewis selves to be held in abject subjection to the fear of a
recommended that the contract made in Washing- strike, they must accept the challenge and let the
ton in November, 1917, and which was to last until strike come, preparing beforehand in the best way
March 311920, or "until the expiration of the war" possible for it. If labor is bent on stopping all inbe terminated not later than the coming November dustrial activity there is no help for it and we must
1; that in the event of no satisfactory basis of agree- all take the consequences. Starvation will come to
ment being reached by that date there be no sec- the wage earner as soon as to the rest of the public
tional settlements, by districts, but that there be "a and if that will not show him the folly and futility of
complete cessation of mine operations throughout our his course nothing will.
entire jurisdiction." Thus we have here the prospect
With a continuance of the old policy, new demands
of a general coal miners' strike in addition to a strike by labor must continue to follow in quick succession
•of the railway employees, for the railway shop men since the cost of living under unending wage advances
are again becoming restive and it is by no means must rise higher and still higher, and furnish a
certain that they will yield to the President's de- basis for further demands in a never terminating
sires and hold off from enforcing their demands until series. In other words, demands for new wage init can be seen whether the President's efforts to re- creases will never cease until it becomes plain that
-duce the cost of living are going to prove efficacious. they will be resisted, even if strikes and the tying up
They note that every one else is getting wage in- of industrial activities result.
creases and they cannot perceive why they should
In the case of the Steel Corporation, the argument
be left out in the cold.
against yielding to the terrorism of a prospective
It is obvious from the foregoing that the labor strike is all the stronger. Here no question of wages
situation has reached a pass where it presents some is involved, while the allegations of harsh or unfair
very grave aspects and affords ground for serious treatment may be dismissed as utterly baseless. 14apprehensions as to the future. If there were not deed, the Steel Corporation has a record for considerconstant interference on the part of the Government ate treatment of its employees which is not surpassed
the trouble might be left to work out its own *cure. by that of any other corporation in the land. In
But labor has learned from experience that Govern- numerous different ways special measures have been
ment is always on its side, whether it be the Federal devised to promote the interest and welfare of the
Government, the State Government or the local employees. As for wage advances, these have been
government. The first mistake was made when the made over and over again during the last two years,
President in 1916 in conjunction with Congress and all of them voluntarily—that is, without promptallowed the railway brotherhoods to force the enact- ing or request from the men themselves. As a result
ment of the Adamson eight-hour law on the threat of these successive advances the wages of the emof the brotherhoods that they would tie up the entire ployees have more than doubled. Figures in support
railroad system of the country if this piece of legisla- of this statement can be found in the last annual retion was not enacted. The threat has been re- port of the company, published at length by us in
peated Many times since then and has always been our issue of April 5 1919. The table appears on page
effective.
1402 of that issue, and shows that whereas in 1914 the
The labor leaders in other industries have been average annual earnings for an employee was $905,
quick to see the advantage- in this, and hence they, and in 1915 $925, in December 1918 this average was
too, keep running to the Government and ask it to no less than $1,950.
interfere on their behalf. The argument is always
In brief, the Steel Corporation employees are
the same, namely the awful consequences that must getting a thousand dollars a year more now than they
follow in the event of such a strike. The labor, did before the war. Men who have been accorded
leaders pretend it is impossible for them to yield, such treatment have no occasion to strike and it is
since the men are getting out of hand, and will not not to be supposed that they want to strike. If,
brook delay, so pressure is brought to bear upon the nevertheless, yielding to the influence of a troubleemploying concerns, and in the end labor is always breeding outside body (which is seeking to persuade
successful in obtaining the greater part of its de- them that it knows better than they do what is good
mands, no matter how unjust these may be.
for them and is bidding for the privilege of being
1010
THE CHRONICLE
[VoL. 109.
allowed to "organize" them on that idea), they and only on about half a dozen occasions have the
should succumb to the desire to indulge in the strike liabilities been as low as those now in evidence.
The number of mercantile defaults for August
craze, in order to see whether the Steel management
will not weakly surrender control into their hands— is reported as only 468 with the liabilities $5,932,393,
the same as has been done in similar circumstances as against 720 for $7,984,760 last year, 1,140 for
by those directing other industrial concerns when $18,085,287 two years ago, 1,394 for $20,128,709
confronted by demands of their employees—in that in 1916 and 1,272 for 433/ millions in 1914. Segreevent the Steel Corporation should not fail to accept gating the insolvents into classes the most satisthe issue and stand unmoved in face of the strike factory exhibit is in the trading division, the aggregate volume of debts at $2,077,093, being little
threat, bidding the steel workers to do their worst.
Very likely the strike will prove a fizzle, as did the more than half that of the period in 1918, and actelegraphers' strike afew weeks ago, where an outside tually the smallest in August of any year since
organization made similar boasts of being able to tie records were first tabulated in their present form.
up the whole telegraphic system of the country, but In manufacturing lines, too, the showing is very
where when the test came it was found the outside good, the liabilities at $3,150,514 being the lowest
body controlled only a beggarly few of the employees. for the period since 1906. Furthermore, brokerage,
Even, however, if the strike should become general &c., defaults were not only much fewer, but covered
the duty of the steel management will be no less plain. at $704,786 the least total of indebtedness in AuThey owe it to themselves and a long-suffering public gust for eight years.
For the eight months of 1918, needless to say,
to maintain their stand. No doubt the President
the
showing is very satisfactory. The insolvencies
his
from
recede
to
will endeavor to get Judge Gary
only 4,383, against 7,395 last year, 9,774 in
total
outsiders.
these
with
parley
a
into
position and enter
12,096 in 1916, with the liabilities respec1917
and
on.
counting
are
proponents
strike
the
what
is
That
They know that their case is lost except for such inter- tively $80,150,289 and $105,567,894 and $130,046,vention. The President, reflecting his own fears, will 987 and $143,047,368. Trading defaults involved
tell Mr. Gary that labor is in an ugly mood and that but $24,763,530, against $39,741,457 last year and
something must be done to placate it. He will stress $49,026,023-Ind $68,082,814 the two years immethe public calamity that would be_involved-irra-gen- diately preceding; manufacturing indebtedness
eral strike of the steel workers. But even in face of reached $38,531,841, against $42,832,987 and $53,pressure from such a high source,thp Steel Corporation 977,191 and $53,767,348, and liabilities of brokers,
cannot shirk its duty. It cannot afford to surrender. &c., at $17,034,918 make much the same relative
The world will not come to an end, even if all the steel showing.
The Dominion of Canada also showed an increase
employees in the country leave their jobs. And if
in
the number of business casualties in August, but
the men do go out, the responsibility will rest upon
at that the aggregate was much below the
even
grievance.
single
them. They will quit work without a
In August there were 51 defaults for
average.
Federation
American
the
of
charges
The trumped-up
against 40 for $517,840 in 1918 and 76
to
$816,180,
meant
are
treatment,
oppressive
alleging
Labor,
of
deceive and are not worth a moment's consideration. for $960,409 in 1917. For the eight months ended
In these circumstances the Steel management Aug. 31, however, the mercantile disasters numwill be rendering a public service—aye, too, a service bered only 478, against 595 in 1918 and 765 in 1917.
to misguided employees everywhere—if it accepts But due to a few heavy failures in manufacturing
the issue, and lets the strike come. If once there branches the indebtedness at $10,441,308 was some
is defeat in such a signal case as that of the steel $772,633 greater than last year, though $1,784,177
workers, strike threats, and even actual strikes, will less than two years ago. Traders' debts summed
thereafter lose much of their terror. And when up $2,812,875, against $3,389,497 a year ago, those
the strike weapon is no longer effective, it will no of manufacturers $6,855,541, against 85,804,819
longer be employed. Not until that point is reached, and brokers, &c., $771,892, against $474,459.
will there be a possibility of a return to normal conJudging from the dispatches received from several
ditions in the labor world—which makes it evident
shall
European centres, the Austrian Cabinet did not take
how important it is that the Steel management
very long to consider the final Peace Treaty offered
path.
right
the
from
not allow itself to be swerved
to it. Berne heard from Prague Saturday morning
A slight increase in the number of mercantile that already it had decided to recommend its acceptdefaults in the United States in August 1919, as ance by the National Assembly. Vienna reported
compared with the preceding month, and a con- that Dr. Karl Renner, head of the Austrian peace
current very moderate augmentation in the volume delegation, had made it known in that centre that he
of liabilities is the result disclosed by the latest com- was planning to return to St. Germain the next day
mercial failures statement, issued by Messrs. R. G. and would sign the treaty during the week. AnDun & Co. It is to be presumed that this arresting nouncement was made in Paris at about the me
of the downward progression in failures statistics time that "the signing of the treaty has been fixed
that had been constant since the opening of 1919, for Wednesday morning at 10 o'clock at St. Gerconstituting a series of remarkably favorable ex- main." Evidently the Vienna papers did not take
hibits, is simply the reflection in business circles very kindly to the treaty. The "Arbeiter Zeitung"
of the disturbing influences recently at work—high spoke of the terms as "bitter, spiteful and unjust,"
cost of living investigations, traction strikes and and added that "the Entente is using its power in the
labor unrest in general. But, by and large, the most shameful manner to ill-treat and outrage a
occurrence is not of enough importance or signifi- defenseless people with a peace based on might."
cance to call for any explanation, especially as the Editorially the "Tageblatt" said: "In vain do we
aggregate of insolvencies for the month is, with the search for a sign of justice, regard for our utter inexception of that for July, the smallest on record capacity to fulfill, or consideration for the principle
SEPT. 13 1919.1
THE CHRONICLE
10
of self-determination for peoples." A week ago to- J. J. Bratiano, Rumania
n Premier, to Nicholas
day the National Assembly of Austria voted by 97 Misu, Rumanian represen
tative in Paris, in which
to 23 to sign the Peace Treaty. A dispatch from he directed that the attentio
n of the Supreme Council
Vienna stated that the German Nationalists in the be called specially to "the
dangerous and pernicious
Assembly voted against the treaty in a body, "while character of the policy
it had adopted toward Rusome members of the South Tyrolese Party abstained mania." The Premier was
reported to have confrom voting." The vote was not taken until a firmed to some extent the
fears of the Supreme Counresolution prepared by the Christian Socialist Hauser cil.that the Rumania
n Government would withdraw
had been adopted, in which vigorous protests against its troops from Budapes
t and leave that part of the
some of the most important features of the treaty country to probable chaos.
On Sunday the statewere voiced. Peter Eichoff, one of the members of ment appeared in a special
Paris cablegram that the
the Austrian peace delegation at St. Germain, sent French were opposed to the
sending of Sir George
a letter to the Peace Conference authorities Satur- Clark, but that the undertaking
had the support of
day evening, giving notice of the action that had been the British and American
delegates to the Peace Contaken by the National Assembly earlier in the day, ference. The belief
was expressed that his personand also announcing that Dr. Renner already had ality, backed by the
Supreme Council, would be
left Vienna and would be on hand to sign the treaty sufficient to sway
the Rumanians from the aggraWednesday morning. Preparations for that event vating and serious
attitude that they had assumed
were taken up at once and it was made known that toward the leaders
of the Peace Conference. Paris
it would be much less formal and elaborate than the sent word on Monday that
6,000 Hungarian freight
signing of the German treaty at Versailles.
cars, loaded with material seized by the Rumanians,
The signing took place in the Stone Age Hall, had crossed over the
Tisza River and were en route
and much the same procedure was followed as in the to Rumania. By stopping
munitions from going
presentation of the original treaty to Dr. Renner into Rumania
the Supreme Council was said to belast June in the same place. The latter was reported lieve that "the Buchares
t Government will be curbed
to have displayed a cordial attitude throughout the in its hostile tendency toward
the Serbs in the Temisproceeding, in which he alone represented his Gov- var region and
that at the same time the Rumanians
ernment. Dr. Renner, it was reported, bowing will be rendered
less dangerous if the Bolsheviki
graciously to Chairman Clemenceau, followed him gain control of
the country." Vienna sent word to
"to the signing table in the centre of the room, where Paris that a report
was•in circulation in the former
he attched his signature four times to the Treaty." capital that Dr. Stephen
Friedrich, Premier of HunReturning to his seat he was said to have been much gary, had proposed a
separate peace with Rumania
at ease while he waited for the representatives of the and even an eventual
union of Hungary and Ru25 other Powers to -affix their signatures. The only mania.
nations that did not sign were Jugo-Slavia and
On Monday it became known through advices from
Rumania. The former was expected to indicate Paris
that "the Supreme Council had informed Ruits approval of the Treaty before the end of the mania that she
must sign the Peace Treaty with
week, but it was doubted if the latter nation would Austria without
reservations or abstain altogether
do so as soon.
from signing." At that time it was stated that "the
Word came from Vienna early in the week that Rumanian peace delegati
on has not yet reached a
the Austrian railway strike had come to an end decision in the matter."
It was understood that the
and that service had been resumed on the Southern fiumanians' objectio
ns to the treaty were based on
and Eatern divisions. Included in the terms of "the clause guarante
eing protection to minority
settlement was said to have been an advance in National
ists in the territories detached from the
wages of 50% to meet the increased cost of living, former
Austrian Empire." Serbia objected to this
effective through September and October.
clause also. The point was made in a special Paris
dispatch that "if Rumania stays out she forfeits her
Paris advices last Saturday stated that "good pro- share of reparation
provided in the Austrian treaty."
gress has been made in formulating the terms to In still other
advices from the French capital on
Hungary." Definite intimations were said to have Tuesday it was claimed
that "a commercial blockade
come from Peace Conference circles that "if the pres- of Rumania
was virtually established to-day [Monent Heinrich Government in Budapest is able to day] with full
vigor." Allied forces were said to be
maintain itself, it will be satisfactory to the Peace "policin
g the frontiers to prevent goods from enterConference to negotiate with it in the matter of the ing the
country and Allied naval forces are patroling
Hungarian treaty." Evidently the Entente authori- the Bosphor
us, arresting all vessels bound to the
ties were still apprehensive as to what Rumania Black Sea
port of Constanza." Tuesday afternoon
would do next in Hungary. One cablegram stated it became
definitely known in Paris that the Ruthat "the thing now feared is that Rumania, having manian peace
delegation had informed the Peace
removed vast stores, will withdraw her troops from Conferen
ce authorities that it would not sign the
Hungary, leaving it in danger of violent disorder." Austrian
Peace Treaty and that it would give its
Paris understood that Sir George Clark, High Com- reasons for
this decision. It was then considered
missioner of the Supreme Council, would leave that improbable
that Jugo-Slavia would sign either. On
centre last Saturday for Budapest to present person- Thursday
the report came from Paris that the Rually to the Rumanian Government the ultimatum manians' refusal to sign
the Austrian treaty was "a
"prepared by the Allies by Foreign Secretary Balfour." part of her policy of
defiance of the Supreme Council,
This step on the part of the Supreme Council, it was which began with her
plundering of Hungary." The
believed, would result in "the Rumanian issue being further suggestion was
offered that Premier Bratiano,
decided this week at the latest." The position of the "wants to be continue
d in power and to have his
Rumanians in Belgium appeared to have been still Government's policies
indorsed by an overwhelming
further complicated by a communication sent by vote of the people."
On Thursday the announce-
1012
THE CHRONICLE
ment was made in a cablegram from St. Germain
that Jugo-Slavia would be given until to-day to state
its intentions about signing the Austrian treaty.
The Rumanian situation was still further complicated by the report Thursday evening that "the
Bratiano Cabinet in Rumania had fallen." This
development was said to be believed in Vienna "to
foreshadow a change in the Rumanian policy respecting the Hungarian occupation." It was reported that
a new Cabinet was being formed by T. Jonescu.
The Peace Conference heard at about the same time
that the Serbian Government had fallen also.
Another milepost wa.s reached by the Supreme
Council a week ago yesterday afternoon when announcement was made in Paris that it had finally
completed the Bulgarian treaty and had sent the
manuscript to the printer. It was stated, however,
that the troublesome Thracian question had not
been settled, and that it might "be embodied in the
Turkish treaty." Announcement was made at
St. Germain on Wednesday, following the signing
of the Austrian treaty, that the Peace Conference
authorities expected to hand the proposed treaty
with Bulgaria to her delegates yesterday at the
French Foreign Office. It seems that those who
direct the Peace Conference had planned no ceremony in connection with the presentation. The
Bulgarian delegates, however, suggested that they
would like to have some sort of ceremony, and consequently it was decided to have the presentation
take place in the French Foreign Office. Advices
yesterday morning indicated that it would not
actually occur until to-day, while Paris sent word
last evening [that, because of protests by the Greek
and Rumanian delegations, probably the treaty
would not:bed,handedeto the peace delegation until
next Tuesday. It was expected that 21 days
would be allotted for "observations on the treaty."
In some circles the granting of a brief vacation
to Peace;Conference delegates and workers during that interval was urged. A special cablegram
from Paris yesterday morning declared that, with
the presentation and signing of the Bulgarian treaty
and one with Hungary and the effecting of a settlement with Rumania, the work of the Peace Conference would be practically completed and that it
might remain in session no more than ten days before
taking final adjournment.
In a special cablegram from Berlin to a New York
newspaper ,the question was raised: "Is the German
Government proposing to come to terms with the
Russian Soviet Government?" The advices frdm
that centre from time to time during recent months
have indicated that that question was lurking in
the minds of students of German and Russian affairs.
From various messages received and published in
the German capital regarding the activities of the
Bolsheviki on several fronts, the Berlin dispatch in
question stated that "the general impression is that
Germany must and shall withdraw her troops from
the Baltic provinces and that Germany can expect
nothing from a continuance of the state of war between herself and Russia." "Vorwaerts," now set
down as a Government organ, in discussing the situation, significantly observed: "We have much less
cause than the Poles to advance upon Moscow.
Much more is it time for us to enter into negotiations
in order to ascertain how far Germany is threatened
[VOL. 109.
by the intentions of the Soviet Government, and
there is ground for belief that the stopping of fighting
would be to the interests of both Germany and Russia." Through still another Berlin cablegram • it
became known that the German Government had
sent a note to the Peace Conference authorities
expressing regret "that the evacuation of the Baltic
provinces, which has been ordered by the Peace
Conference, is impossible owing to the insubordination of the German troops still in Courland."
Another interesting development became known
here about the same time that the advices noted
above were received, through a cablegram direct
from Helsingfors, which said that "the Esthonian
Government has opened negotiations with the Bolsheviki for peace." Tha terms proposed by the
latter were said to provide for "the recognition of
Esthonia's independence and the inviolability of the
ethnographic boundaries and the return of Esthonian
property stolen by the Bolshevists, on the condition
that Esthonia will not allow enemies of the Bolshevists, the British and Russians, to use the country
as a base." According to the dispatch, the Esthonians at first were disposed to reject the terms, but
were persuaded by a British Bolshevist "to commence
serious negotiations with the Bolshevikifor peace."
For some months the opinion has been expressed
in Great Britain, France and the UnitediStates that
the Germans should furnish the men to rebuild the
devastated sections of France. Tuesday Berlin
sent word that "Vorwearts" had announced that
"400,000 German workmen had volunteered for the
work of the restoration of Northen France."
All week there were daily discussions by the
Supreme Council on the form of note that:should be
sent to the Germans in reply to the demand of the
Council that the German Government change
Article 61 of its new Constitution relative to the
admission of Austrian representatives tolthe Reichstag. At Tuesday's session of the Council it
was reported that Premier Clemenceau presented
a note, which already had received the indorsement of Marshal Foch, stipulating thatIthe:German
reply was unsatisfactory, and that if within115 days
the Constitution was not changed, "Allied troops
would begin marching further into Germany, occupying Frankfort, Essen and other towns." Assistant Secretary of State Polk was reported to have
refused to agree to such a communication and to
have demanded that he be permitted to draw a
milder one. A report was received from Berlin
last evening that "the National Assembly will meet
next week to consider the revision of the Constitution in accordance with the Allied demand."
I(
Evidently France has not been accustomed to a
working day of 8 hours. Judging from Paris advices about a week ago her people do not know
whether they want a day of that length as "provided
in the international labor charter embodied in the
Treaty of Peace." It was even claimed that "a
considerable wave of apprehension is sweeping over
France, lest full recognition of the principle of 8
hours may plunge the country into a statelofjeconomic lethargy from which it never would recover."
This apprehension was said to have been intensified
by knowledge of the fact that "for patriotic reasons,
SEPT. 13 1919.]
THE CHRONICLE
1013
the Germans had consented to work 12 hours a day." a direct question that reservations such as had been
This, it was feared, would place France at a distinct prepared by the members of the American Senate,
disadvantage "in its race for commercial supremacy would be regarded as equivalent to amendments,
on the Continent." The assetion was made in and,furthermore, that those reservations would have
Paris advices, however, that "the outcry against to be accepted by all the signatories before they would
the 8-hour law comes chiefly from the small bour- be valid as applying to American membership in
geois and the commercial and industrial classes," the League of Nations.
and that the larger commercial interests were not
Paris had a strike on Wednesday of the clerks
opposed to it, the latter pointing out that the adop- under civil service. Announcement was made on
tion of the 8-hour day "was the prevention of two the other hand of the settlement of the theatre strike.
serious and nation-wide strikes."
The convention of the Socialist Party in France
A feature of the Lafayette birthday celebration in began its sessions Thursday morning in Paris "to
France was "the laying of the cornerstone of a monu- choose candidates for the coming elections." It
ment commemorating the landing on the spot of the was reported that "prospective candidates must
first contingent of American troops in 1917." The affirm their opposition to the ratification of the
ceremony took place at Pointe de Grave. Many treaty with Germany and their refusal to vote credits
prominent Frenchmen and Americans were present to the Government, and to pledge themselves to
and took part in the exercises. President Poincaire maintain an attitude of friendly neutrality towards
and American Ambassador Hugh C. Wallace made the various revolutions which are now in progress."
appropriate addresses. Among the'other Americans
present were Frank L. Polk, Assistant Secretary of
Word came from Rome yesterday morning that a
State, General Tasker H. Bliss and Brigadier General general election for Italy to be held during the second
W. G. Connor, now Commander of the American week of November "is considered practically certain
forces in France. President Poincaire said. "Do here." The people were said to be puzzled as to the
not allow France and America to estrange themselves platform on which Premier Nitti would conduct the
one from the other. Do not draw apart the hands campaign, "it being remembered that his desire was
which are now joined. Separated you will be again to form a Cabinet including both Catholics and Soquickly exposed to the offensive return of violence. cialists." It was said to be "an old idea of Nitti
Side by side the people who have won the war will that the difference between Catholics and Socialists is
be strong enough to make such war impossible." very slight." He has introduced in the Chamber of
Ambassador Wallace in his address declared that Deputies a bill providing for the assignment by King
"among the glories of France none was comparable Victor Emanuel of all the crown properties for the
with that given her by the battle of the Marne, which benefit of the fighting men, and also reducing the
saved the world."
civil list by $600,000. This action was taken following an announcement by the King recently that he
The Paris "Matin" has opened its columns for a would give up the lands for the benefit of the common
symposium on the general question of how to reduce people and returned soldiers, and that the buildings
the cost of living. Its readers are urged to con- thereon would be used as hospitals.
tribute. Among the broad questions for discussion
that are suggested by the paper are the following:
On Monday afternoon a London cablegram came
The finding of a new basis of co-operation between to hand which said that Colonel E.
M. House had
labor and capital; the finding of a middle course that decided to postpone his return to America
indefinitely
will benefit alike the public, capital and labor; the because of the receipt of an
urgent request from
finding of the best way to spend money to restore and President Wilson. Instead of
coming home, it was
develop further the industries of the country; the stated that he would return to Paris,
"where the
finding of a happy mean between the importation of sittings of the Allied Mandate Commission
will be
food products to reduce prices at home, and the resumed." It became known here Thursday
mornnecessity of protecting French interests against foreign ing through a special cablegram from
Paris that
capital; the finding of a way to increase the trans- Colonel House had sent word to Frank L.
Polk,
portation facilities of France so that it will not be Assistant Secretary of State, that
he was "returning
necessary to pay Great Britain so much for overseas to Paris as a member of the American
Peace Mission."
service, and finally, the finding of a way to reduce Even Mr. Polk, it was declared,
did not know how
the inflated circulation of paper money, which it is long Colonel House would remain
in the French
believed "is at the bottom of the depreciation of the capital, but the statement
was made emphatically in
French currency." In a word, by way of summary a Paris cablegram that the former
"would remain the
and reiteration, the "Matin" declared "that the actual, as well as the theoretical head
,
of the mission
whole economic and financial policy of France re- and will continue to direct the
negotiations."
quires revision."
That the campaign for economy that is being waged
Prominent French Government officials were de- both by the British Governmen
t and its opponents
clared in a special Paris dispatch on Wednesday to is bearing fruit would seem to be apparent
from the
be following President Wilson's tour with great statements in London advices last Saturday
that
interest, although it was admitted that "foreign already the budget had been reduced to the
extent
commentators do not know enough of American of $100,000,000. It was added that "before
the
political conditions to hazard a guess as to the out- end of the year the reduction will be much greater."
come." Premier Clemenceau was reported as not Thomas J. MacNamara, Financial Secretary of the
being inclined "to give any encouragement to those Admiralty, was quoted as having
announced that
in the French Chamber who are advocating reser- "the daily expenditure of the Navy
is half what it
vations." Another high Government official was was the day that the armistice was
signed," and that
quoted as having expressed the opinion in reply to the personnel of the Navy has been
reduced from
1014
THE CHRONICLE
[VoL. 109.
a sum400,000 men to 110,000." Announcement was made and for 1918 £66,712,904. The following is
year
this
of
August
for
returns
trade
the
of
mary
since
craft
that work had been stopped on 584 naval
of
1918,
month
ng
correspondi
the
with
compared
large
a
in
resulting
the signing of the armistice,
1 to Aug. 31
saving of money and men. Nearly 100 of the older and also for the eight months from Jan.
ng period of last year:
ships had been sold, while 1,500 trawlers "had been compared with the correspondi
Jan. 1 to
August
Ave.13
118.
1919.
1918.
British Foreign Trade— 1919. •
restored to their original uses." s In a London cable- Imports
£871,637,935
£1,020,149,195
.C110,235,141
£148,832,000
333,999,284
474,844,257
43,522,237
74,774,000
gram on Monday the statement was made that work Exports
£545,304,938 £537,638,651
£66,712,904
£74,058,000
had been stopped "on the construction of airships Excess of Imports
on Tuesday
London
in
made
was
ent
Announcem
which
in Bedfordshire, Scotland and Yorkshire,
bonds
Victory
and
loan
funding
in
the
trading
that
$250,to
0
are worth anywhere from $125,000,00
be
will
former
The
Monday.
next
begin
would
forward
brought
was
t
000,000." This developmen
issue
latter
the
while
1,
Nov.
due
div.,
ex.
quoted
Govthe
which
to
extent
the
of
as further evidence
£2
ernment was going in its campaign for economy, but will be "cum. div., due March 1 at the rate of
made
was
statement
The
bond."
broad-minded observers were disposed to believe 11s 2c1. per £100
that the stopping of work on the airplanes would in the financial district of London that up to that
for
prove a poor form of economy, particularly as it was time brokers had not reported any buying orders
some
were
there
that
stated
was
it
but
issue,
either
Gereven
and
France,
understood that "America,
it
many, have their air program in hand, and that selling orders in the market. As a consequence
Monnext
open
Germany already had begun to run airships for was expected that the bonds would
the
commercial purposes." Tuesday it was reported day below the subscription prices, which, for
75.
issue
Victory
the
for
and
80
was
in a special London dispatch that at a meeting held funding bonds
British revenues for the week ended Sept. 6 inthe day before of those interested in the construction
some expansion, though still running below
dicated
tary
Under-Secre
of aircraft, Major-General Seeley,
expenses. Expenditures were £39,ordinary
the
the
when
that
announced
of the Air Ministry,
£40,777,000 for the week ending
(against
929,000
within
perhaps
somewhat,
cleared
political situation
Treasury
a month's time, "the Admiralty would be able to Aug. 30): while the total outflow, including
was
items,
other
and
give a definite reply as to the number of airships bills and advances repaid,
the
0
£156,766,00
with
compares
and aerodromes it would require in case of an emer- £91,629,000, which
amounted
all
sources
from
Receipts
gency." He further stated that "the Air Ministry previous week.
and Admiralty would then offer existing machines to £91,563,000, as contrasted with £156,285,000
and those in various stages of construction to indi- a week ago. Of this total, revenues contributed
viduals who would undertake the formation of a £23,463,000, against £17,086,000, savings certificommercial air scheme," and added, furthermore, cates £900,000, against £860,000, and advances
that "the Government's assistance would include £12,000,000, against £37,000,000 in the week prethe use of wireless stations." The scheme was de- ceding. The new funding loan brought in £3,306,clared to have received the approval of leading air- 000, against £14,000, and the Victory bonds £1,craft interests who attended the meeting and it 009,000, against £27,000 last week. Sales of Treaswas accordingly decided "to form a committee of ury bills were smaller than those of a week ago,
leading financial representatives to discuss details reaching only £50,885,000, against £94,632,000.
The total repaid was only £11,401,000, so that the
with Air Ministry officials."
volume of Treasury bills outstanding was further
and is now £856,961,000, which compares
expanded
The statement was made in a London cablegram
0 the week previous. Net tem£817,725,00
with
deliver
yesterday morning that Lloyd George would
are reported at £367,077,000, a
advances
porary
the
of
behalf
an address in the Guildhall Oct. 1 on
for the week.
of
£20,500,000
decline
this
that
also
said
League of Nations Union. It was
campaign
a
of
beginning
the
address would mark
No change has been noted in official discount
"which is to be carried on throughout the country
during the autumn, ending Nov. 11, with demon- rates at leading European centres from 5% in Lonstrations in every town and city in the United King- don, Paris, Berlin, Vienna and Copenhagen; 5 2Y0
dom." It is believed that the movement will be in Switzerland; 6% in Sweden, Norway and Petroextended to other countries and that Nov. 11 will be grad, and 43% in Holland and Spain. In London
designated as "League of Nations Day," which is the private bank rate continues to be quoted at
also "Armistice Day." Among those who are ex- 3 7-16@33/% for sixty days and 3 9-16@3%% for
pected to take part in the campaign in the British ninety days. Money on call in London is still reNo reports have been received by
1
Isles are Lord Robert Cecil, Sir Robert Ashton Lister ported at 3.4%.
discount rates at other centres.
market
of
open
cable
and Sir William H. Seager.
Arthur Henderson, former Labor member of the
Lloyd George Cabinet, has been elected a member
of the House of Commons by a vote of 11,404 to
10,417, defeating F. M.B. Fisher, Coalition Unionist
and Government candidate. Mr. Henderson was
chosen from the Widnes Division of Lancashire.
The August report of the British Board of Trade
shows that the imports into the United Kingdom
during the month were £38,596,859 larger and the
exports £31,251,763 larger than for August 1918.
The excess of imports over exports thus remains
heavy—in fact £7,345,000 heavier than for August
of last year, the figures for 1919 being £74,058,000,
A further small gain in gold of £13,000 was shown
by the Bank of England in its weekly statement,i c
although total reserves were again decreased, this
time £317,000, as a result of a further increase in
note circulation of £330,000. The proportion of
reserve to liabilities, however, owing to a heavy
contraction in deposits, was increased to 22.80%,
as against 20.42% a week ago and 17.20% last year.
Public deposits showed a falling off of £1,438,000,
while other deposits declined no less than £12,950,000,
- Loans
and Government securities £15,834,000.
(other securities) were augmented £1,761,000. Gold
holdings now on hand in the English Bank I have
SEPT. 13 1919.]
THE CHRONICLE
reached a total of £88,265,360, which compares with
£70,703,391 last year and £54,234,804 in 1917.
Reserves agregate £25,587,000, as against £30,097,786 in 1918 and £32,150,724 the year preceding.
Loans now stand at £83,297,000. This compares
with £98,392,678 and £92,149,595 one and two
years ago. Circulation has reached a total of £81,127,000. Last year it was £59,055,605 and in 1917
£40,534,080. Clearings through the banks for the
week amounted to £574,140,000, in comparison with
£357,590,000 last week and £388,441,000 a year ago.
We append a tabular statement of comparisons:
1015
Note circulation totals 28,062,983,000 marks, as
against. 13,639,100,000 marks in 1918 and 9,337,100,000 marks the year preceding.
The most notable feature of last week's bank statement of New York Clearing House members, issued
on Saturday, was an increase in loans of $105,600,000,
which brings the loan item up to $5,095,870,000, or
the largest total (with the exception of the weeks of
June 7th and 14th) ever recorded. This was accompanied by a substantial expansion in net demand deposits, $50,057,000, and undoubtedly reflects the
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
recent activity on the Stock Exchange as well as prep1919.
1918.
1917.
1916.
1915.
arations for payment of the third instament of income
Sepl. 10.
Sept. 11.
Sept. 12.
Sept. 13.
Sept. 15.
taxes. Net demand deposits now stand at $4,087,Circulation
81,127,000 59,055,605 40,534,080 36,121,435
31,515,345
Public deposits
23,077,000 36,127,488 42,589,662 59,146,591
121,574,686 217,000 (Government deposits of $253,840,000 deOther deposits
89,363.000 138,924,292 121,345,893 96,383,386
90,168,083
ducted). The latter item represents an increase of
Govern't securities. 21,657,000 64,643,714 57,767,320 42,187,546
34,418,357
Other securities._ _ 83,297,000 98,392,678 92,149,595 04,460,298
144,954,906 nearly $48,000,000 for the week, while
net time deReserve notes & coin 25,587,000 30,097,786 32,150,724
37,024,518 50,672,492
Coin and bullion.— 88,265,360 70,703,391 54,234,804 54,695,953
63,737,837 posits expanded $1,060,000, to $218,344,000. Cash
Proportion of reserve
in own vaults(members of the Federal Reserve Bank)
to liabilities
22.80%
17.20%
19.61%
23.80%
23.87
Bank rate
5%
5%
5%
5%
5% gained $5,393,000, to $98,431,000 (not counted as
reserve). Reserves in the Reserve Bank of member
The Bank of France, in its weekly statement, shows
banks were increased $5,101,000, to $552,339,000,
another gain in its gold item, the amount being
and the reserve in other depositories (State banks and
313,999 francs. The total gold holdings, including
trust companies), $677,000, to $11,513,000; although
1,978,278,416 francs held abroad, now amount to
reserves in own vaults (State banks and trust com5,572,853,524 francs, comparing with 5,436,899,129
panies) were reduced $261,000,to $10,431,000. There
francs last year and with 5,315,715,136 francs the
was an increase in the aggregate reserve of $5,517,000,
year before (both these latter amounts including to
$574,283,000, which compares with $557,481,000
2,037,108,484 francs held a.broad). During the week in the
same week of 1918. Surplus, however, owing
advances were increased 14,144,210 francs, while to an
increase of $6,527,270 in reserve requirements,
Treasury deposits were augmented to the extent of showed a
loss of $1,010,270, thus reducing the total
20,041,294 francs. On the other hand, a decrease of to
$32,026,200, as against $58,715,440 held a year
1,018,000 francs in the silver item was reported, bills ago.
The figures here given for surplus are on the
discounted fell off 169,375,530 francs, and general
basis of 13% legal reserves foi member banks of the
deposits disclose a decline of 84,367,624 francs. An
Federal Reserve system, but do not include cash in
expansion of 225,493,075 francs occurred in note
vault held by these banks, which on Saturday last
circulation, bringing the total amount outstanding up
amounted to $98,431,000. The bank statement will
to 35,317,715,015 francs, comparing with 29,763,- be found
in more complete form on a later page of the
683,425 francs in 1918 and with 20,837,170,440 francs
"Chronicle."
in _1917. On July 30 1914, just prior to the outbreak,
of war, the total outstanding was but 6,683,184,785
There were only slight changes in the local money
francs. Comparisons of the various items in this
market throughout the week until yesterday when a
week's return with the statement of last week and
more abundant supply of both call and time funds
corresponding dates in 1918 and 1917 are as follows:
was reported. As was the case several months ago,
BANK OF FRANCE'S COMPARATIVE STATEMENT.
both bankers and brokers stated that the greater part
Changes
Status as of
for Week.
Sept. 111910. Sept. 12 1918. Sept. 13 1917. of the new money that had come into sight within
Gold haStings—Francs.
Francs.
Francs.
Francs.
the last day or two was for the account of interior
In France
Inc.
313,999 3,594,575,108 3,399,790,644 3,278,006,651
Abroad
No change
1,978,278,416 2,037,108,484 2,037,108,484 financial institutions.
Whereas it had been expected
Total
Inc. • 313,999 5,572,853,524 5,436,899,12
9 5,315,716,136 that they would draw steadily upon their New York
Silver
Dec. 1,018,000
234,747,000
319,739,820
259,615,935 correspondents until after the
Bills d isc punted...._Dec 169,375,530
bulk of the crops has
882,251,657
812,268,998
546,972,782
Advances
Inc. 14,144,210
831,729,895 1,119,342,474 been moved it was stated that money was coming
Note eiroulation__Ine.225,493,075 35,317,715,015 29,763,683,4
25 20,837,170,440
Treasury deposits_Inc. 20,041,294
from interior sources in larger volume than had been
39,651,541
345,318,296
14,869,099
General deposits. —Dec.84,367,624 2,773,087,168
3,089,988,909 2,629,378,050 anticipated. In explanat
ion of this somewhat surprising development it was claimed that such large
The Imperial Bank of Germany in its statement as sums in the aggrega
te had been realized by manuof August 30, showed a reduction of 1,526,000 marks facturer
s and commercial interests throughout the
in total coin and bullion and 1,324,000 marks in West that there
was more money than is required to
gold. Treasury notes were augmented 79,795,000 handle
the crops, and that as the prevailing rate at
marks, while bills discounted registered another this
centre on both time and call loans is about 6%,
huge increase, viz., 2,723,613,000 marks. Note naturally
the money is seeking employment here.
circulation advanced 238,707,000 marks and de- The demand for
money for Wall Street purposes has
posits no less than 2,765,683,000 marks. Invest- not been abnorma
lly large in recent weeks. While
ments gained 15,611,000 marks. Among the de- the Stock market
has been irregular there has been
creases were 754,000 marks in notes of other banks, an increasi
ng demand for bonds both on the Stock
6,098,000 marks in advances and 175,053,000 marks Exchange and
"over the counter" in financial inin other liabilities. Gold stocks as reported by the stitutions.
The results of the New York City bond
German Bank have been reduced to 1,103,252,000 sale were regarde
d as satisfactory, in view of existing
marks. This compares with last year's total of conditions. The
announcement of Secretary Glass
2,348,100,000 and 2,4(0,000,000 marks ill 1917. rerzardinz the position
of the Federal Treasury
THE CHRONICLE
1016
[VOL. 109.
discounted bankers' acceptances maturing within 15 days, 4%; within
Minneapolis.
New York.
I Rates for
60 days, 43-4%, and within 61 to 90 days, 444%.
naturally was received with gratification. Bankers 16 toApplies
only to member banks' collateral notes; rate of 441% on customers'
conmonetary
easy
y
paper.
relativel
g
predictin
here are
Rate of 434% on member banks' collateral notes.
1. Acceptances purchased In open market, minimum rate 4%.
ditions during the coming week. The corporations Note
higher
Note 2. Rates on paper secured by War Finance Corporation bonds, 1%
meet
than on commercial paper of corresponding maturities.
-day
15
of
renewal
are doing only such financing as is necessary to
for
banks
member
Note 3. Whenever application is made by
for 90-day
paper, the Federal Reserve banks may charge a rate not exceeding that
maturing obligations and actual developments in Paper
of the same class.
paper
for commodity paper have been merged with those for commercial
their business. While various theories are being ofRates
corresponding maturities.
advanced as to how the financial requirements of
A more hopeful feeling pervaded dealings in the
Europe can be best taken care of, very little of a
sterling exchange market this week. In the initial
definite character in that direction is being done.
transactions good buying developed which, coupled
call
with higher cable quotations from London, brought
Referring to detailed money rates, loans on
@
A
41
against
about a recovery of about a cent on the pound. On
have covered a range of 5@7%, as
7%,
was
high
the
Wednesday, following the action of the Senate in
6% a week ago. On Monday
s
Tuesday'
the Edge Bill, further improvement was
532%.
passing
rate
renewal
and the low and
the
at
d
demand bills moved up to 4 16%, an
negotiate
and
shown
renewals
with
@6%
2
53/
range was
higher figure. Wednesday being a holiday on the advance of 2 cents. Trading throughout was active
Stock Exchange (Pershing Day) there were no and the volume of business transacted reached fairly
official rates for call money. On Thursday 6A% large proportions. At the close there was a further
as
was the maximum, the low 6% and this was also upward spurt and the quotation went as high
6%
range,
no
was
4.17%.
there
Friday
the ruling rate.
Undoubtedly the unexpectedly rapid passage of
being the only rate quoted, and the high, low and
ruling for the day. The above figures apply to Senator UffekritOtiftby the Senate had much to do
mixed collateral and all-industrial loans alike, rates with the improvement shown in sterling, but whether
having been similarly quoted the whole week. In this latest development will prove anything more than
time money the situation remains without appre- a passing influence on market rates it is too soon to
ciable alteration. Trading was light, and confined predict. Exchange experts and bankers in the main
for the most part to the shorter periods. Quota- are practically unanimous in their approval of the
tions continue at 5%@6% for sixty days to six measure, the feeling apparently being that it is an
months' funds on regular mixed collateral and 6% important step in the right direction and in fact
on all-industrial money. A year ago all maturities constitutes the first concrete move made by the
Washington authorities toward providing adequate
were quoted at 6%.
ss.
featurele
financial support for our foreign trade. In the
Mercantile paper was quiet and
a
was
there
though
opinion of bankers the adoption of the Edge Bill,
Offerings continue light and
of
volume
the
names,
best
the
designed to enable the co-operation of banks in
'brisk inquiry for
ninety
and
Sixty
small.
financing, and modification of the requirewas
foreign
d
transacte
business
days' endorsed bills receivable have not been changed ments governing the $1,000,000,000 fund of the
from 514@532% and six months' names of choice War Finance Corporation is really all that is needed
to start the machinery going for the establishment
character, with names less well known at
at
firm
ruled
es
of foreign credits. As the fund now stands it is
Banks' and bankers' acceptanc
of
out
and
Local
current.
y
handicapped by the provision that the bank from
at the levels previousl
a
and
buyers
as
market
the
in
were
whom the exporter obtains accommodation, besides
town bankers
Demand
reported.
was
business
of
putting up the collateral offered with the War Finvolume
fair
loans on bankers' acceptances remain as heretofore ance Corporation, must give its own endorsement.
Bankers, it will be remembered, consistently fought
at 4%%. Quotations in detail are as follows:
Delivery
Spot Delivery
this provision when the bill extending the powers of
within
Thirty
Sixty
Ninety
Days.
30
Days.
Days,
the Corporation was under consideration and still
Days.
bid
4%@4% 454434% 4%,(414
Eligible bills of member banks
requirement should
4% bid firmly adhere to the view that the
X,, 4%@4% 4',4@)4
Eligible bills of non-member banks__ 4%@4,
bid
6
5%(44%
d. Should
541(44444
eliminate
wholly
53l@4%
or
bills
changed
Ineligible
either be
this be done, it is argued, arrangements could be
No changes in rates, so far as our knowledge goes made for carrying on the export trade without the
have been made the past week by the Federal necessity of awaiting the time of.ratifying the Peace
Reserve banks. Prevailing rates for various classes Treaty.
of paper at the different Reserve banks are shown
On the other hand, while bankers heartily endorse
in the following:
Government co-operation in whatever arrangement
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
is made for foreign credits, many of the larger export
i
concerns take an opposing view, on the ground, not
0
•?:
CLASSES
4 V.
.!.
i
that the matter can be better adjusted by
only
OF.
4
i
DISCOUNTS AND LOANS. .i
!
1 i 4-private initiative, but that the invoking of Governi
Ii
.1
_
ment aid is open to the danger, ultimately, of GovDiscounts—
Within 15 days,Incl. mernbe
ernment control of exports, a consumuntion not
434 434 434 434
43i oi 44 4% 4
4 4
4
banks collateral notes
434 5
16 to 60 days' maturity_ 434 434 434 434 434 434 434 434 434 5
at all to the liking of business men generally. How61 to 90 days' maturity_ 43-4 4% 4% 434 43-4 434 43-4 43-4 5 5 5 5
Agricultural and live-stockever, practically all interests are a unit in declaring
53-4 5 5 534 534 554 534 534 544
paper,91 to Lq)days Incl._ 5 5 5
Secured by U. S. certificat,
something must be done without further loss
that
of indebtedness—
Within 15 days, including
if irrevocable losses in America's export
time,
of
member banks' collateral
4 4 4 4 4 4 4 4 434 trade are to be avoided. In proof of this it is cited
4 4 4
notes
Secured by Liberty bonds and
Victory Notes—
that quite recently a $10,000,000 ship building order
Within 15 days, Including
member banks' collateral
to American ship434 4 434 for French interests has been lost
4 4 4 4 43-4 4 oi 4 4
notes
Secured by U.S. Government
in francs and
al
weakness
sensation
yards owing to the
war obligations16 to 90 days' maturity
43-4 43-4 43-4 4% 434 43-4 434 43-4 434 434 43-4 4%
t in
settlemen
to
make
s
purchaser
the inability of the
Trade Acceptance:
434 43-4 434 434
4 4 4 4% 434 43-4 434 4
15 days maturity
434
sale
434
4;1
the
44
proposed
44
that
44
44
436
it
is
learned
44
414
444
while
434
I 9 to 90 days' maturity
dollars,
SEPT. 13 1919.]
THE CHRONICLE
by the Shipping Board of approximately $100,000,000 of its vessels to the French Government has been
put off indefinitely because of the unsettled condition of the exchanges.
Details of the British Board of Trade's credit plan
to facilitate exports to the new States of Europe
made public early this week indicate that Great
Britain is prepared to make advances up to 80%
of the cost of the goods contracted for, although
before making advances the• Board of Trade will
require a guarantee from an approved bank in the
country of purchase that it will undertake to deposit
and maintain sufficient currency at current exchange
rates to cover the cost of the goods plus a 15% margin. Applications for advances accompanied by a
banker's guarantee of sterling payment at maturity
of bills, are to receive preferential consideration. If
with all these safeguards the seller fails to obtain
full payment at maturity, the Board will bear the
proportion of the loss represented by its advance on
the transaction. It was later explained that the
proposed scheme could not be looked upon as a
Government guaranty in the ordinary sense of the
word, but simply as the accepting of business which
banks, because of the political risks involved, could
not afford to entertain.
The Bank of Montreal announces that the latest
sale of 4,000,000 rupees on Calcutta for account
of the Indian Government has resulted in tenders
for over 7,100,000 rupees. The average rate bid by
successful tenderers was over 42 cents per rupee.
Dealing with the day-to-day rates, sterling exchange on Saturday of last week was weak and further declines were recorded, to 4 139.@4 13% for
demand, 4 143/@4 14% for cable transfers and
4 11%@4 113/2 for sixty days. On Monday buying
by a prominent international banking concern induced a slight rally and prices recovered about one
cent in the pound over Saturday's figures; demand
bills ranged between 4 143@4 143
%, cable transfers
at 4 153@4 153/2 and sixty days 4 123/
2@4 123
%.
Trading on Tuesday was active and, under the stimulus of continued buying, quotations again advanced
fractionally to 4 143/
2@4 15 for demand, 4 153@
4 159 for cable transfers and 4 123/
2@4 13 for sixty
days; the passage by the Senate of the Edge Bill exercised a sentimentally favorable influence in the upward movement. On Wednesday, owing to the more
or less general observance of the holiday in honor of
General Pershing and the First Division, business was
dull and limited in scope; the undertoe, however,
was firm and demand moved up to 4 153/
2@4 163
%,
cable transfers to 4 163@4 173/
2 and sixty days
4 143/@4 14%. Operations on Thursday again
broadened out, but the tone wag easier and there was
a reaction downward to 4 163/
2@4 169 for cable
transfers, 4 15%()4 16 for demand and 4 133
%@4 14
for sixty day bills. On Friday the market was strong
and there was a further advance in demand to 4 163
%
@4 17%, and to 4 173/
2@4 183/2 for cable transfers
and 4 149@4 15% for sixty days. Closing quotations were 4 153 for sixty days, 4 173 for demand
and 4 18 for cable transfers. Commercial sight bills
finished at 4 17, sixty days at 4 153,, ninety days
at 4 13 8, documents for payment (sixty days) at
4 143 and seven-day grain bills at 4 163/
2. The
week's gold movement comprised $480,000 for shipmentito South America, $219,000 in gold coin to England, $5,000 for Canada, $1,300,000 in gold bars for
1017
India,$31,000 for Belgium, all from the.Sub-Treasury
at New York. By way of Sanffrancisco, arrangements were made for the transfer of $2,500,000
to Japan, making a total for the week of $4,535,000.
A transaction rather unprecedented in character is
the arrival this week of a shipment of $500,000 in
gold from the Belgian Congo. Exchange bankers
are unable to recall ever having witnessed a movement of the yellow metal to the United States
from that quarter before. An official dispatch from
San Salvador states that the Congress of the Republic
of Salvador has passed a measure establishing a gold
standard. The free importation of gold coined in
North America, which is to be the legal tender, is
provided for.
In Continental exchange the outstanding feature
of the week has been the heavy selling in Reichsmarks, which for a time attained almost sensational
proportions and resulted in forcing the price of
Berlin checks down to the wholly unprecedented
figure of 3.70, a drop for the week of 70 points and
representing a discount of approximately 85%, the
greatest discount on marks ever recorded. Some
of the selling was against shipments of foodstuffs,
but a• considerable proportion was attributed to the
operations of speculative interests who are accredited
with the intention of reducing quotations to still
lower levels. Some buying was noted, largely for
speculative account, but also by persons confident
of the ultimate restoration of the value of marks.
The prediction has been made by some local bankers
that within a year at most German marks should
be worth about 8 cents, which would even then be
only about one-third of their normal value. Before
the close improved buying developed and prices rallied about 20 points. Rumors were in circulation in
the financial district that a substantial credit had
been granted to Germany by the Guaranty Trust
Co., but they were subsequently denied by that institution.
Aside from the outburst of activity in German
exchange, trading was relatively, quiet, particularly
during the latter part of the week, when the observance in this State on Wednesday as Pershing
Day served to check trading to some extent. French
francs ruled weak throughout, and after hovering
alternately above and below last week's closing
figures, reached another new low point-8 353/2 for
checks, which compares with 8 373/2, the previous
record. Dealings in lire were smaller than has been
the case lately and quotations were maintained at a
small fraction below the recent low point of 9 75,
until Friday,when there was a drop to 9 78 for checks.
Belgian francs and Austrian kronen followed the
course of the other markets, and new low levels were
established in each of these exchanges.
Announcement that the Senate had passed the
Edge bill, while hailed with almost universal satisfaction by bankers and financiers, was entirely
without effect upon actual rates, so far as the Continental centres were concerned.
The official check rate in Paris closed at 35 55, as
against 34 70 a week ago. In New York sight bills
on the French centre finished at 8 553/2, against
8 373/2; cable transfers at 8 543/2, against 8 353/2;
commercial sight at 8 573/2, against 8 393/2, and commercial sixty-days at 8613/2,against 8433/2 last week.
Belgian francs closed at 8 53 for checks and 8 513/2
for cable transfers, which compares with 8-56 and
1018
THE CHRONICLE
[voL. 109.
The following table indicates the amount of bullion
8 54 the previous close. Quotations on German
reichsmarks finished at 3 85 for checks and 3 95 for in the principal European banks:
cable transfers. A week ago final rates were 4 40
Sept. 12 1918.
Sept. 111919.
and 4 45. Austrian kronen closed at 1 80 for checks Banks of
7'otal.
Silver.
Gold.
Gold. ' Sitter. i Total.
and 1 85 for cable remittances, as against 1 873/ and
E
70,703,391
88,265,260 70,703,391
_ 88,265,260
1 95 the week preceding. Lire finished at 9 78 for England_
France a__ 143,783,004 11,760,000 155,543,004 135.991,625 12,760,000 148,751,625
975,950 56,138,550 117,413,400 5,931,800 122,345,200
Germany 55,162,600
bankers' sight bills and 9 76 for cable transfers. Russia _ 129,650,000 12,375,000 142,025,000 129,650,000 12,375,000 142,025,000
Aus-Hun.c 10,927,000 2,352,000 13,279,000 11,008,000 2,289,000 13,297,000
This compares with 9 73 and 9 71 last week. Ex- Spain
96,232,000 25,786,000 122,018,000 87,187,000 25,073,000 113,160,000
2,976,000 35,180,000 37,226,000 3,077,000 40,303,000
Italy
change on Czecho-Slovakia closed the week at Nethernis 32,204,000
000,000 59,616,000
489,000 53,709,000 59,016,000
53,220,000
600,000 15,980,000
Net. Bel. h 10,641,000 1,346,000 11,987,000 15,380,000
15,375,000
3 35@3 25, against 4 05; on Bucharest at 4 60 Switz'land. 18,696,000 1,596,000 20,292,000 15,375,000
14,287,000
16,690,000 14,287,000
Sweden__ 16,690,000
131,000 10,624,000
10,493,000
against 4 80@5 00; on Poland at 4 20@4 10, against Denmark _ 10,410,000 157,000 10,567,000
6,755,000
8,170,000 6,755,000
Norway..__ 8,170,000
4 85@5 00, and on Finland at 6 40@6 30, against
Total week 674,050,864 59,812,950733,863,814 710,485,416 63,730,800 774,222,216
6 85@7 00. Greek exchange remains as heretofore Prey. week 674,091,375 59,863,050 733,954,425709,840,487 63,801,650773,642,137
a Gold holdings of the Bank of France this year are exclusive of £79,131337
at 5 52 for checks and 5 50 for cable transfers.
held abroad.
No figures reported since October 29 1917.
the
adjust- c Figures
Trading in neutral exchange pending
for 1918 are those given by "British Board of Trade Journal" for
7 1917.
ment of our foreign trade problem and the ratifica- Dec.
h Figures for 1918 are those of Aug. 6 1914.
tion of peace, continues at a low ebb and.while some
irregularity was noted, fluctuations in the main were GERMAN TESTIMONY ON EVENTS IN THE
WAR.
within narrow limits. Guilders were somewhat
firmer, though Swiss francs showed an easier tenWe hazarded the prediction, when the war was
dency. The Scandinavian exchanges closed at a slight terminated by the armistice, that personal revelanet advance, while Spanish pesetas were firmly held tions regarding the part played by one or another
and finished at a material advance for the week.
Government in the great struggle, and in particular
Bankers' sight on Amsterdam closed at 373/8, regarding outstanding episodes, policies or events
against 37; cable transfers at 37 5-16, against37 3-16; which had been a focus of controversy, would come
commercial sight at 37 1-16, against 36 15-16, and into public print far sooner than after other wars.
commercial sixty days at 36 11-16, against 36 9-16 Heretofore such facts have been authoritatively dison Friday of last week. Closing rates for Swiss closed only after lapse of many years. It was, for
francs were 5 60 for checks and 5 58 for cable re- instance, fully a quarter of a century before readers
mittances, which compares with 5 68 and 5 66 the of history obtained the real truth regarding the
week previous. Copenhagen checks finished at immediate cause for declaration of war in 1870. It
22.00 and cable transfers 22.15, against 21.50 and was fully as long after our own war of secession
21.65. Checks on Sweden closed at 24.35 and cable before the authentic facts were published bearing on
transfers 24.50, against 24.10 and 24.25, while President Lincoln's personal part in the diplomacy
checks on Norway finished at 22.95 and cable trans- of the period and on General McClellen's personal
fers at 23.10, against 22.20 and 22.85 last week. relations to the Administration and to the campaign.
Spanish pesetas closed at 19.10 for checks and 19.15 It was nearly half a century after Waterloo before
for cable remittances. The final figures of a week the publication of certain posthumous memoirs
ago were 18.90 and 18.95.
settled the controversy as to why the expected reinAs to South American quotations, a firmer ten- forcements had failed to reach Napoleon in that
dency has been noted, so far as Argentine rates are battle, with the resultant downfall of his Empire.
concerned, and the check rate closed at 423. and
If one were to sum up the principal matters of
% and historical controversy in the great war just ended,
2, in contrast with 413
cable transfers at 423/
42 a week ago. For Brazil the rate for checks is we suppose the list would include the exact character
2, unchanged. of the communications which passed between the
still 259 and cable remittances at 253/
Chilian exchange continues to be quoted at 9% and German and Austrian Governments in July of 1914;
Peru at 50.125@50.375.
the full explanation of the precipitate and panicky
Far Eastern rates are as follows: Hong Kong, retreat of the German Army after the first battle of
84@84%, against 86@8634; Shanghai, 131@1313/
2, the Marne;the reasons why the German fleet did not
against 1303@131; Yokohama, 50%@51, against fight except in the single accidental engagement near
2@503; Manila, 48%@50, (unchanged); Singa- Jutland; the real motive for the disastrous policy
503/
pore, 50@503,(unchanged); Bombay, 433@4332, adopted by the Entente statesmen toward the Balkan
against 43%@44, and Calcutta (cables) at 433@ States in 1915; the reasons for the equally disastrous
433/2, against 43%@44 at the close of last week.
military policy of Germany in the Verdun campaign
of 1916 and in the later unrestricted submarine warThe New York Clearing House banks, in their
Along with these questions would come the
fare.
operations with interior banking institutions, have
interesting inquiries: When did the real conequally
gained $6,422,000 net in cash as a result of the curpowers of Germany admit to themselves that
trolling
12.
Sept.
rency movements for the week ending
Their receipts from the interior have aggregated the war was lost? What were their own expectations
$11,259,000, while the shipments have reached as to tangible results from the great military offensive
$4,837,000. Adding the Sub-Treasury and Federal in the West in 1918? What did they recognize as
Reserve operations and the gold exports which to- the military alternative when they surrendered under
gether occasioned a loss of $84,255,000, the combined
result of the flow of money into and out of the New the armistice?
In the personal narratives of General Ludendorff
York banks for the week appears to have been a loss
Grand Admiral Von Tirpitz, already published
and
of $77,833,000, as follows:
Germany and now in course of publication by inin
Net Change in
Out of
Into
Bank Holdings.
Banks.
Banks.
stallments at New York, several of these mysteries
Wait ending Sept. 12.
34,837,000 Gain $6,422,000 are solved.
$11,259,000
The first Marne is still unexplained from
Banks' interior movement
Sub-Treasury and Federal Reserve
22,473,000 100,728,000 Loss 84,255,000 the German side; von Kluck is apparently the only
operations and gold exports
333,732,000 $111,565,000 Loss 377,833,000 German general who can adequately explain it.
The
Total
SEPT. 13 1919.]
THE CHRONICLE
1019
Entente's misadventure in the Balkans could be exLudendorff is exceedingly frank about the motives
plained by Lord Grey; who, however, being still in for the German offensive of March 1918. Even in
public life, is unlikely just now to speak. The pres- the darkest days of the Allied fortunes during that
ent German Government has apparently been hesi- campaign, there were a few shrewd observers in our
tating whether or not to publish the actual Berlin- own country who insisted that the German attack
Vienna correspondence of 1914. But the reminis- was a counsel of desperation, foredoomed to failure
cences now coming into print throw great light on through the inevitable exhaustion of the German
some other questions.
arms, men and resources in a campaign so wildly
General Ludendorff frankly declares that, as mat- wasteful of man power and munitions—an exhaustion
ters stood at the end of 1916,"we calculated that the probable if no new antagonist were added to the conQuadruple Alliance [Germany, Austria, Bulgaria and flict, and certain if the American troops came in.
Turkey] must be defeated in 1917." The army could Ludendorff's own testimony now confirms this judgnot stand continuance of "the Somme pounding"; but ment. The March offensive was, indeed, a counsel
nevertheless, in declarations to the enemy or to the of desperation. Unless the German Army were made
German public, "our position compelled us to adopt to attack, and notwithstanding the defection of
a tone of confidence." Here is absolute confirmation Russia, that army was "bound gradually to succumb
of the belief entertained by those who, at the time of to the ever-increasing hostile superiority in men and
Bethmann-Hollweg's appeal for peace in December material." The troops "no longer displayed their
1916, declared that, notwithstanding the Chancellor's old stubbornness in defense." The submarine caminsistence that Germany was victorious, his attitude paign, of which so much had been expected, had
amounted to a signal of distress. Von Tirpitz goes failed of the predicted results on England, and by
considerably further, describing how "the arresting New Year of 1918 "I felt obliged to count on the new
of our forward movement at the Marne [in 1914] was American formations beginning to arrive in the spring
a terrible blow to the army leaders, and left them of 1918." That is to say, tha assurances which were
stunned and baffled." In other words, the trench put out broadcast in Germany, to the effect that the
warfare of 1915 meant that the German military pro- Americans had not arrived and could not arrive,
gram had been completely wrecked and that the army represented merely the Government's plans to dewas standing thereafter on the defensive, with the ceive the German public; the commanders were not
prospect of ultimate defeat growing constantly deceived at all.
clearer.
But even without the Americans, the experiment
It was in the frame of mind described by Ludendorff of the German commanders was a venture with the
that Germany,.in the middle of 1917, began discus- chances against it.
sion of the submarine campaign. Von Tirpitz claims
Of the attack of 1918 in the West, Ludendorff now
that his own advice was ignored in that discussion; admits that he believed at the start that it "would
that he had urged either an attack on the English be one of the most difficult operations in history,"
fleet by the German fleet, or else a gradual extension and that "the German nation would have to give it
of the submarine campaign in which all protests,from all that it had." But he misjudged the will or capacthe United States or anybody else, should be brushed ity of the people. "The loss by desertion was unaside. But the Kaiser "was not willing to risk the commonly high; the number that got into neutral
losses which others advised him must result from my countries ran into tens of thousands." Recruiting at
plan of offensive sea warfare," and the Foreign Office home was difficult; which is surely not surprising
persisted in deferential excuses and apologies to the when it is kept in mind that the German
people
neutrals. All this, however, opens up three ques- must by that time have been beginning to recognize
tions which will, of necessity, forever remain control the hopelessness of the outlook, and that they
had
versial topics—whether or not the German fleet full information of the immense loss of life in Ludenwould have been destroyed in a final trial of strength dorff's attacks. Success, so Ludendorff says,
he
with that of England; what would have been the influ- told the Kaiser in February 1918, would be possible
ence on the war if that had happened; and whether "only if the very last man is employed in the decisive
a still earlier declaration of war by the United States conflict." But this was asking too much of human
would have followed outright defiance by Germany nature. The great offensive was a final and
desperon the submarine issue, at the start.
ate gambler's stake, and the stake was lost.
Ludendorff had doubted the claims as to probable
We now know, therefore, on the best authority,
results of this submarine warfare; but the insistence that Germany's real military program was
comof the Government, backed up by "high economic pletely shattered in September 1914; that she reexperts," that it would starve out England in six garded herself as defeated in 1917, and that the
months had led him to the belief that, in twelve "Ludendorff offensive" of 1918 represented the
months, at any rate, the campaign would have "decis- deliberate throwing into the scale of Germany's
last
ive effect." He believed that, since five million tons resources. If it failed, the end had
come. As we
of shipping would be needed to transport a million had occasion often to remark while that campaign
American troops to Europe, the submarine attacks was going on, just such a desperate
yet seemingly
would create a situation where such a fleet "could not irresistible attack, with just such consternation
creabe spared even temporarily." We now, however, ted on the other side, has been an almost invariable
know how hopelessly all these calculations missed the occurrence, in the last days before the final collapse
three cardinal points in the situation—the invention of a defeated army in all prolonged and exhausting
of instruments to destroy the submarines, the im- wars.
mense activity of England and America in construcOf the cynicism with which Tirpitz comments on
tion of new ships, and our wholly unexpected success the sinking of the Lusitania and Ludendorff on the
in promptly equipping the interned German vessels German Government's attempt to incite Mexico
for transport service. It was a memorable instance against the neutral United States, one need hardly
of the miscalculations of war.
speak; we had enough and to spare of this attitude in
1020
THE CHRONICLE
VoL. 109.
Meanwhile Frederick William IV,seized the opportunity in 1847 to summon the provincial Prussian
States to follow his lead in supporting the liberal
German movement, and eventually to take out of
the hands of Austria and the smaller courts the
direction of the national movement in Germany.
The French monarchy fell at the very hour when the
danger was most imminent. The Republic reappeared and the crowd of Parisians and refugees, gathering on the 4th of March, 1848, before the Madeleine, "hoisted the great flag of Germany, so noble
(black, red and gold), the holy flag of Luther, Kant
and Fichte, Schiller and Beethoven and beside it the
charming tricolor green of Italy."
Then came Napoleon III, promising to carry out
THE PASSING OF EUROPE—CAN THE UNITED
the ideas of the people. Meanwhile Bismarck had
STATES SAVE THE DAY FOR DEMOCRACY.
When the news of Sedan and the fall of France forced his policy upon King William and grasped the
before Germany reached Rome, that astute diplo- helm of Germany. Events followed rapidly. In
matist, Cardinal Antonelli said "There is no longer 1859 France, in support of united Italy, joined her
a Europe." The supreme guarantees of Europe against Austria, and Bismarck, rejoicing, said "If
against the dominion .of force disappeared with the Italy did not exist, we should invent her." In
1864 Germany persuaded Austria to join in freeing
rise of the German Empire.
When in the years immediately preceding the Presi- Schleswig-Holstein from the dominion of Denmark;
dential election of 1860, Abraham Lincoln. against France and England remaining passive under that
the advice of his:friends, saying he was ruining his explanation; only to see the two provinces gathered
political career, persisted in his denunciation of into Germany. In 1866 Austria was in turn atslavery, he said compromise was impossible, because tacked, and with the battles of Konigsgratz and Sathe contest was one of principle; the South held that dowa her leadership was destroyed and she was made
slavery was right, and he held it to be wrong. There subservient to the fast growing dominion of Prussia.
French public opinion said "France should remain
could be no middle ground.
The age-long contest over the right of force to faithful to the predominance of Protestant Prussia
dominate reached its:present stage;with the Congress in Europe." "The unity of Germany, like the unity
of Vienna in 1815. Prussia, a Slav country con- of Italy, is the triumph of the Revolution." "In
quered by Teutonic Knights, eventually was taken Germany's triumph we see the very views which
into Germany and gave the title King of Prussia to France has maintained." To be with Prussia in
the ruler of Brandenburg, the leading German 1866 was esteemed to be with the democracy.
1870 brought Sedan, the crowning in the palace of
principality, and with the rise of the Hohenzollern
rulers, entered upon the struggle for a Germanic Versailles of King William as Emperor of Germany,
Empire against France and the Hapsburgs. Fred- and the assembly in Frankfurt which completed the
erick thelGreat gave it bodily form and extensive creation of the great Empire, with whose dominant
power, which Napoleon broke, and aimed effectually military prowess and now accepted policy of might
to overthrow with the re-establishing of the smaller the old order passed, and Europe ceased to exist.
kingdoms, upon the existence of which, since the The supreme guarantees against the abuse of force,
treaties of Westphalia, in 1648, the peace of Europe with the last trace of the treaties of Westphalia and
Vienna, 'disappeared. No vestiges remained of
had depended.
With Napoleon's defeat the Congress of Vienna the ancient system by which Europe had organized
aimed to avert the peril which it saw as the outcome against the possible excesses of the strongest. Equiof the rising democratic movement widely spreading librium disappeared; with Germany established not
and which would surely give rise to great dominating only did the reign of force become supreme but
nationalities. It sought to establish under the pro- a great nation came under the dominion of a printection of a balance of power the existing states, ciple, taught in its schools, accepted universally by
its people, glorified in its literature and its art, all
small and large.
Beyond a very few leading statesmen the nature but deified in the person of its Emperor, holding
of the contest was little understood. The demo- that God is on the side of the heaviest battalions,
cratic movement which arose with the French and that the world owes allegiance to the State
Revolution was spreading everywhere. The King- whose people esteem themselves especially endowed
dom, re-established in France with Charles X, soon to rule the world.
This was the situation in August 1914. The war
went down before the new movement, though the
King himself, with enlightened wisdom, strove to that began then was the renewal of the age-long
lead the nation into safety. The Revolution of contest, this time the going forth of the protagonist of (<
1830 destroyed for France the work of fifteen years, Force, armed cap-a-pie, commissioned to execute
and put France back in the critical position of 1814. the decree of the God of Battle, witnessed in the
Louis-Philippe, the new King, was able to make the panoply of his armies and the cumulated series of
"last gift of the monarchy" in securing the guar- his victories.
Slowly the peoples awoke to their danger. Belanteed neutrality of Belgium, which saved France
was already trampled in•the dust, France was
gium
in
turn,
was
he
years,
eighteen
after
to-day. But
his heel, but his advance was stayed at the
under
not
did
understand
which
radicalism
a
by
aside
cast
the danger and had no other policy than to disregard Marne. At last the tide effectually turned. Chatthe lessons of history and to overthrow the existing eau Thierry, St. Mihiel, the Argonne soon followed;
then the Armistice, and the Conference in Paris
order.
war time. Tirpitz, with whom the mood of hunting
for other culprits than himself seems always to be
uppermost, tells us that Zimmermann's Mexican exploit was vigorously opposed by himself, by Bailin,
by the German Embassy at Washington, and even
by Albert, head of the German propagandist bureau
in the United States. Ludendorff, however, is
merely grieved because the conspirators at the Berlin
Foreign Office had on that occasion, and despite his
warning, used for its messages to Bernstorff and
Mexico an "old code" which was more easily decipherable than the new one. This, surely, is one highly
interesting way of fixing the responsibilities of history.
SEPT. 13 1919.]
THE CHRONICLE
with the Treaty rebelliously and protestingly
signed.
Has the situation really changed? Do age-long
contests end in an hour? Does the heart of man
abandon a policy that has long been accepted and
brought many advantages, now that for an hour it
is defeated? Is liberty to die under a new tyranny?
Can the United States by now taking sides in these
age-long contests, through the covenant of the League
of Nations, and throwing the weight of its great
power and resources against the old danger, save
the day for Democracy? Can it effectually prevent
the reappearance of any all-controlling State, or will
our participation simply mean the continued embroilment of this country in the European entanglements
without Europe being the gainer thereby? That is
the issue prasented in the Treaty discussion at
Washington to-day.
1021
the police the resistance is even more necessary, for
yielding to such an attempt would invite chaos.
The guardians of order in Boston having deserted, disorder succeeded; the under-world came
to its opportunity, rioting became general, daylight
and publicity having ceased to restrain. Stores
forced and looted; windows broken, out of the primitive fury for destruction; women passing along the
streets halted and then stripped of money and some
outer garments; a gang of youths hauling a safe out
of a store and shoving it along the walk until they
reached an electric lamp, under whose glare they
pounded the safe with axes in the effort to get it
open, while a crowd of men looked on or offered
various comments—such are some of the incidents
reported. Voluntary aid by citizens and by Harvard students as temporary guardians of order,
arrival of militia, and training of machine guns, are
parts of the dark picture.
BOSTON POLICEMEN'S AND PROPOSED STEEL
The bold movement of the Federation upon the
STRIKE—QUESTION OF ALLEGIANCE.
steel industry is a part of the same attempt to cenThe strike of the Boston policemen which has tralize industrial control. It began, several weeks
brought on that ancient city, this week, a startling ago, with a request to the U. S. Steel Corporation
reversion to savagery includes a movement for in- for "recognition," not of collective dealing and
of
creased pay but is really independent of that and unions, but of the outside organization as the ultiinvolves a question far deeper and more lasting: the mate authority. Judge Gary declined to meet the
question of allegiance. The same pestilent meddlings outsiders, because the Steel Corporation stands for
from outside organizations that have caused the open shop and for the principle that employers
such repeated troubles here were at their work in and employees are competent to settle their own
Boston, where the patrolmen were induced to form arrangements and have the right to do so. He cora union under and as a part of the ever-aggressive rectly reminded the would-be intervenor, "ChairAmerican Federation of Labor. This was in viola- man" Fitzpatrick, that in all matters such asthe rate
tion of an order of the head of the police department, of wage, in the conditions of work and living, in care
and he suspended, preparatory to sentence, certain for life and health, and in promoting in every manmen who had become officers or members of this ner the welfare of employees and their families, the
prohibited outside union. Then the patrolmen, Corporation and its subsidiaries "have endeavored
under the sympathetic impulse to stand by their to occupy a leading and advanced position among
comrades and the unfounded notion that their own employers." This is strictly true, and the endeavor
personal liberty was at stake, deserted their posts.
has been more than an endeavor, it has been sucThis question of paramount allegiance does not cess. Mr. Gompers has long disapproved the
need argument. The soldier's duty is primarily and Corporation's methods, for the reason (obvious to
wholly to his own country; he cannot know any •all well-informed persons and quite conclusive
for
other, and the conception of a central body of men himself) that it had no use for him and its
plan left
to whom all the soldiers or all the sailors of the world no room for him in industrial economy.
should accord obedience is clearly preposterous.
Sq the issue has been more publicly drawn, and
The conception of a central and small body of men, we are told, in the usual threatening manner, that
to whom all industrial workers in this country should "a nation-wide strike of iron and steel workers has
be first responsible,and whose orders should be para- been called for Sept. 22 by the 24 affiliated
unions
mount, is hardly less preposterous. Laborers are of the steel industry," unless Judge Gary
surrenders.
naturally and primarily responsible to the source The statement given out is as bold in
its falsificaof their employment, from whom comes their wage tions as in its threats. It offers as the casus belli
and with whom they share, in greater or less degree, the refusal of the Corporation to even discuss "the
the rewards and the responsibilities of the work. intolerable and brutal conditions under which the
Moreover, the need and the service of policemen men are compelled to work;" it declares that Judge
and firemen are peculiarly local. They -are guar- Gary's refusal to talk with outsiders whose right
dians of the public peace where they live, and no- to represent or act for the employees he could not
where elie. To their own city and public their admit is "an absolute denial to his employees of the
allegiance is due, both first and finally, subject only right of collectve bargaining;" and it makes the
to the law and welfare of the whole country. They wild assertion that the right of free speech and free
have no concern with outsiders, and outsiders have assembly has been denied to the unions, even
alneither any genuine interest in them nor any right leging that "thousands of our members have
been
to intervene or interfere in the smallest degree with discharged for no other reason than having become
them or their duties. Their work,1 their welfare, members of our union."
their wage, and all relating to them are the affair
Freedom cif speech and assembly have not been
of their own city; all questions are for adjustment denied, anywhere. Collective bargaining is not in
there and with no outside meddling. When "or- the remotest degree impaired or questioned by
ganizers" come to gather local traction employees refusal to treat with the Federation. If union men
into a union to be managed from some distant cen- have been discharged (as in Boston, for example)
tre, it is bad enough and is necessarily to be re- it is because no man can serve two masters; no e'ty
sisted; when such attempts are made with respect to can allow its local public utilities or the mainten..ace
1022
THE CHRONICLE
of the peace within its jurisdiction to be under control of outsiders, nor can any industrial concern
permit its business to be run by some "federated"
body, even though its employees may be cajoled
or scared into consent. In this instance, there is
no evidence of such consent on their part, but all
signs are to the contrary. If the workers in the
Steel Corporation are oppressed they have not discovered it, and the professed rescuers from the outside may protest to the utmost, without being able
to conceal the fact that what they are seeking is
to gather the country's industries ito their own
grasp.
It is not to be assumed, and perhaps it need not
be feared, that the threatened order to call out a
half-million of iron and steel workers will be obeyed.
The question of paramount allegiance and ultimate
control of industries (even extended, now, to the
peace and internal life of cities) cannot be waived
or trifled with. The position of Judge Gary and
the Steel Corporation is not and should not be a
matter of dignity; it is and should be a stand upon
principle, and the principle is fundamental. By
taking the line of least resistance; by choosing present
ease and convenience without considering the future;
by repeated cowardly surrenders to organized labor
making threats, we Americans have been sowing
the wind, and now the whirlwind is giving us a few
premonitory touches. Shall we surrender anew,
and call it compromise? Shall we continue to invoke the law upon business, while we parley with
malcontents who would put themselves above law
and courts and beg them to wait until we can get
together for another little truce? Or shall we rise
to our feet and give them distinct warning that they
have reached their limit and can go no farther? The
issue is plainly drawn, and the time for dodging it is
nearly past.
In his incidental denunciation of the Boston
police as having committed "a crime against civilization," the President may be quite correct, although
he appeals to the police of Washington and to the
conspirators who threaten a stoppage of the steel
and iron industries not to be precipitate but wait
until a general talk-fest of concession can be reached.
Parleying with men who threaten to disrupt peace
and industry has been tried too long, and no one
has been so prominent in that as himself; the situation now reached requires a sterner method.
WITH GOVERNMENT MEDDLING A BANE
TRADE COMMISSION AGAIN SEEKS POWER.
Like bodily disorders, the demand of Governmental
officials for more and still more powers grows in persistence by each fresh yielding to it. Only a few weeks
ago, as a hasty jump towards doing or seeming to do
something for reducing a sudden ebullience of organized labor against the high cost of commodities, the
President asked some amendments to the Lever Law
of 1917, notwithstanding that is still as good as it ever
was and conferred on him, so far as statutes can confer it, a power which is almost literally without any
restriction and might, if pushed to the limit, touch
every consumable thing and every exercise of human
industry. And now it is the Trade Commission which
comes forward, not for the first time, to ask for further powers. For a more effective campaign against
high prices, Commissioner Victor Murdock tells the
House Judiciary Committee, more powers are needed.
Section 5 of the Commission law broadly declares
[Vol, 109.
"that unfair methods of competition in commerce
are hereby declared unlawful." Mr. Murdock would
insert in this the words "or unfair acts in commerce or
affecting commerce." But any added words are unnecessary, because anything and everything relating
to the carrying on of commerce are included in the
two words "unfair methods;" that .being a general
term, it needs no enumeration of acts or conduct that
might be used to the end of unfairness. He also suggests an amendment thus:
"Whenever from any investigation ordered to be
conducted under this Act the Commission shall have
reason to believe that any person, partnership, or
corporation engaged in commerce has been or is, in
its organization, business conduct, practices, or management, violating the anti-trust acts, or that the
same will substantially lessen competition or tend to
create a monopoly, it shall issue and serve upon such
person, partnership, or corporation a complaint stating its charges in that respect, and shall proceed in
reference thereto in all respects as provided in Section 5."
Then the proposed amendment adds that if on the
hearing the Commission is of the opinion that the
investigated business concern is guilty of prohibited
acts or is tending to create a monopoly, it shall make
a report and shall order the offender to desist and
cease to do ill.
This sounds important, when one looks over it, and
seems to indicate that now the repressive law of five
years ago may have some teeth set in it; but that
law required the Commission to order a hearing—
not merely when somebody had complained but whenever the members "had reason to believe" somebody
was using unfair methods—and then an order to do
differently could be issued after the hearing. This
means that the Commission could investigate anybody and anything, from the biggest business in the
country down to the humblest, whenever it took the
notion to do so. The suggested amendment therefore adds nothing.
Yet Mr. Murdock does ask for something specific.
He would like power to investigate voluntary trade
organizations which have grown up; that is, the large
number of associations of producers and dealers in
a great range of commodities, organizations which
are not themselves in trade but serve only the purpose of aiding their members in dealing, intelligently
and fairly, with the problems which surely were never
so many and so perplexing as now. Mr. Murdock
asks leave to not merely harass and accuse individual
business concerns but to do the same with arrangements for talking over problems and furthering business in the lines covered.
He is troubled about "commercial bribery of employees or officials of one company by other companies
to obtain business," and he says the Commission now
has "a complaint that one corporation paid out in
three years $1,200,000 in bribes." "A complaint?"
Very likely; the air has reeked for many months with
"complaints," and the Commission itself has been for
more than a year past accusing the Chicago packers
of a long series of crimes which it has not made a serious attempt to.prove. It is little more than a year
since the Commission made some quite too sweeping
statements about the prevalence of commercial immorality and asked for a law specifically forbidding
bribery, as though that offense were not already included in the "unfair methods" which the enabling
law aimed to discover and suppress. It is hardly nine
months since the Commission recommended establish-
SEPT. 13 1919.]
THE CHRONICLE
1023
ing an agency (presumably itself) for controlling all Governmental commission that professes to be serious
re-sale prices, which means an unlimited control of all and sane. "The classic one," among the dominating
prices. And now Mr. Murdock would like to sup- and all-extending combinations, he says, is, "of
press giving "guarantees against price declines by course, the meat packers' business," and, "compared
manufacturers," and says some soapmakers have been with the new principle," Standard Oil "is a twogiving such. "If the price declines" he says, "the cylinder and out-of-date trust."
manufacturer must pay and he naturally keeps up
It would matter less if such language were used in
the price; it's a cinch for the jobber, because he can't normal times, but in the situation of to-day it is like
lose and he takes all the profit in a price increase." throwing oil upon a conflagration Now we need
The jobber, and also the retailer, would hardly accept calmness, thought before speaking, careful avoidance
this imputation of getting all the profit when prices of accusatory language; we need forbearance, recogrise; and how can there be a greater effort and ten- nition of a common interest and of a common call and
dency to hold prices up if the producer takes the loss duty to share and bear the common trouble. We
upon himself than if it is left to lie on jobber or need hands joined in amity, hands grasping the tools
retailer?
of industrial production. We need self-restraint, and
Just about four years ago, the Commission on In- language which tends to restraint and not to violence
dustrial Relations came to an end, after three years' and rioting.
existence, by the limitation in its enabling act. A
Judgments differ on some of the public questions
third of the nine members were required to be repre- most talked of, and they may honestly differ; but-.
sentatives of organized labor, at least another third there is no Worse enemy of the country and the race:
were to be employers, and the remaining third, un- and the world than he who now strives to embitter
specified, were to be—good citizens? The ostensible man against man and to foment hatreds. Regulapurpose was to cause a getting together and an exam- tion? We have tried it, these many years, and more
ination of agreements and differences, that the former and more; and its results are with us. It has certainly
might be fixed and enlarged, and the latter gradually not brought men together and produced an increase
smoothed out. For expenses in the first year, the of general prosperity and contentment; for men are
enabling act authorized $100,000, and one of the not together, and contentment is
lacking.
members said that $500,000 had been spent. The inWhat course can be so sane, so practical, and so
vestigations made were like the investigators, and the promising of improvement, as to bid
Government, in
results were of the sort which they had intended to unmistakable terms, to stop
meddling and to take off
reach. The attempt to get together on a common its interfering hands?
ground was committed to persons determined that
no such ground shall be discovered, but that "class"
CONSTRUCTIVE ENTERPRISE IN THE
shall continue and capital and labor shall be kept
"NEW ERA."
apart. The head of this band of inquirers held sitThe Chicago"Tribune"has set for itself the task of
tings here, professedly to investigate mining troubles advocating
large internal improvements, chief among
in Colorado, and began his inquiry by issuing a bit- which
is improved waterway connections between the
ter personal tirade against the Rockefellers, men who Lakes and the Gulf.
In some such way might a New
have abundantly proved their desire and determina- York City newspape
r devote itself to the cause of
tion to find the common ground for capital and labor better harbor
facilities and better means of access
and to bring about the practical union and working from the continent
al interior to one of the greatest
of both as actual partners in industrial production.
ports in the world. Of the physical components of
It was therefore not strange that the "final" report these
vast projects we do not now speak. On examinrequired by the enabling law became several reports, ation it may be
found that there is a certain harmony
and that through them ran denunciation of large for- of interest between
sections of which these two cities
tunes and the notion that Government ought somehow are the chief exponent
s. Certain it is that, as our
to promote general contentment by an enforced divi- largest centres of
population,Chicago and New York,
sion. The string of suggestions made read, even in with all their
commercial and civic problems,we shall
these days, like wild visions. Among them were: always
have with us. No other cities are likely to
Governmental assumption of the telegraph,,a consti- supercede them
in growth and importance. Save
tutional amendment "specifically preventing the for the splendid
outlook of so many interior cities,
courts from declaring legislative acts unconstitu- these two
might be said to dominate in domestic
tional," prevention of State constabularies; legalizing and foreign
trade.
the secondary boycott; denunciation of the "FoundaCities may or may not grow too great in size.
tions" which a few very wealthy men have established They are inevitable
consequences of commercial
for the benefit of mankind; and a compulsory restric- expansion, links in
the chain of material civilization.
tion of work-time to 48 hours weekly, this being now They are not of first
importance in internal improvebeaten by later suggestions.
ments, though constant beneficiaries of the growth
We turn back to this perhaps forgotten attempt of the country. They
have not always been located
to bring peace where one side is determined no peace with foresight, and
have therefore constituted in
shall come except by surrender to it, for the purpose many instances a drain
upon surrounding territory
of meeting Mr. Murdock's declaration that since "we for their upkeep. Conseque
ntly it may be found,
cannot break up the big business organizations" the as all the intensive resources
are developed, that
only public protection can come when the "Govern- there will be changes in
the order of their precedence,
ment exercises greater regulation of business." a greater equality in their
influence on industry,
Chairman Colver is no less wild and extravagant, de- and a real sympathy between their
endeavors. Thus
nouncing what he calls "the 1920 model Trust," canals and rivers, in the "new
era", may serve to
which he says is keeping up prices by strangling all banish futile rivalries and
cement common interests,
competition. • His language better fits the ordinary and we may return in spirit to
the national value of
ranter from the soap-box stand than thelhead of a such enterprises as the
original Erie Canal, which
1024
THE CHRONICLE
[VOL. 109.
was to bring the old Northwest to the seaboard at prove a tremendous gain. With unparalleled equipment, our self reliance will grow. We shall no longer
New York.
We look with intense favor upon constructive depend upon artificial agencies to increase the public
policies for the people now being projected. They welfare. Busy at home, we shall have fewer class
present many difficulties. We are heavily bur- contests, and we shall look upon world trade as the
dened with debt. What shall be done by nation, means of international comity and unity. We shall
States, municipalities, and private interests presents have less time to devote to national and racial
ground for ever-varying discussion and calm judg- readjustments, conscious that the intercourse of
ment. But that our national resources, of which we trade will shape a better destiny for all. And enhaveso often boasted,may not deteriorate,and our so- gaged in domestic endeavors, our progress and
called national income diminish, we must keep the prowess will sufficiently establish our influence for
huge plant thriving, up-to-date, and efficient, good upon the world, and render feasible and forcible,
harmonious in its parts, capable not only of supply- as time goes on, any agreements we may enter into
ing an increasing domestic trade, but of seeking the for good-will and peace. After all, our dependence
shores of the world with its grains and goods. These is in ourselves. Developing a spirit of unity at
tasks, which we may reasonably endeavor, are tre- home we shall spread its influence and example
mendous in themselves. They serve not only to abroad. As we forget classes and sections in comunite and expand in a physical way but to centre the mon interests and improvements, as we enlarge the
public mind on common objects to common benefits. spheres of labor and of capital, we will forget contests
And they turn us away from the huge destructive and coercion, and advancing together, attain to a
glorious prestige in the world as a people united and
processes in which we have lately engaged.
We are constrained to view the "labor problem," free, united because we are free, and free because we
now apparently at its climax, as intimately connected are united.
with the "city problem." Manufacture is but one
SUPPOSE WE WERE ALL TO STRIKE?
phase of industry. Agriculture precedes it. And
If the bill introduced in Congress to declare
yet the interplay makes for unity. The development
conspiracies were to pass, it would not inter"strikes"
its
influence
of waterways, if it does no more, by
individual's right to quit work for proper
the
with
fere
rivalry
the
on transportation, ought to serve to lessen
s and notice.
and power of terminal points, not always happily cause, and under reasonable condition
production,
collective
our
placed with reference to production. And in doing Emphasizing the need of
the indito
home
bring
to
serve
so there should result a closer union between country however; it must
aid in
to
duty
social
and
civic
his
and city and a better distribution of population vidual worker
s.
condition
all
under
and
_times
all
at
toil
between the two, thus giving to labor greater oppor- general
by
ot
collective
strike—n
to
all
were
we
Suppose
tunity while at the same time lessening its coercive
our own personal
power. Watching the lazy current of a broad river action, but as individuals, and for
ment with an
or standing at the harbor side looking upon a shifting reasons! In other words, disagree
work is not
of
s
condition
and
sail moving a barge, one may be impressed with the employer over wages
of
cessation
for
cause
e
reasonabl
a
thought that as small a thing as the wind upon the of itself always
the
of
citizen
the
society,
of
member
The
water may be of national concern. Utilization and labor.
laws of general welfare to
use of this great heritage of ours, this wonderful State, is bound by the
work. If, even as an indiat
continue
to
and
work,
domain fronting two world-oceans, how much this
unquestioned personal right, he
may engage our interest and ability without harm vidual, exercising an
quits work, he is bound to take up immediate emto anyone!
token ought not to quit
And with what general enthusiasm we may greet ployment, and by the same
employment.
new
of
the "new era," knowing that, though we labor until he feels assured
ed. There is an.
maintain
be
The State must
sorely under a burden incurred by war, that though
billion debt is to
thirty
probable
A
we shall make mistakes, our interests are one, and income tax.
citizen must earn
good
Every
heads.
our
over
our efforts never misapplied when directed toward hang
nce of State and
maintena
in
aid
thus
and
income
construction as opposed to destruction. We have an
even
worse to waste
is
It
debt.
its
of
on
liquidati
the
become educated in the use of vast credits; we are no
labor than to waste the earnlonger startled as we once were by the mention of labor and the power to
is the foundation of all inbillions; we are not unmindfusl of the insidious waste ings of toil. Since labor
man, regardless of his
n,
each
of extravagant living, and the seductive oppor- crease and productio
worker. We do not
personal
a
be
should
tunities for grafting in great enterprises; but when capital,
for years—we refer
ent"
"retirem
of
course,
of
speak,
we lend ourselves to the bonding of commercial
contribution to general proenterprises on a large scale, and to the improvement to a required personal
really idle rich, and the lazy,
and enlargement of our national plant, we know that duction. Here, the
very close together. Every
we shall make new fields for labor and conserve our shiftless poor, come
too, should engage in some
resources against the days of adversity as well as man, and every woman,
never was this economic
And
prosperity. Beside these things, the coercive mea- useful employment.
And if we do not
now.
than
t
importan
sures we now witness in unions and strikes must law more
duty to be eml
individua
the
earnestly
appear as obstacles,not benefits, the temporary and consider
n, we fail
productio
of
share
a
up
keep
to
and
ployed,
arbitrary attempts to bring about •"good times,"
State.
the
and citizens of
that can only come when all our increasing population as members of society
acquisition need be entered
mere
of
defense
No
e
is employed in increasing natural and profitabl
here. It may and does sometimes grow to avarice.
endeavor.
acquire" is inborn, and has
To have turned away from war and the prepared- But the "propensity to
of production, but a vital
ness for war will have become a marvellous advance. not only been a mainstay
the individual in his
What
To have centred our aspiration, hope, and en- component of advance.
consider is the
now
must
lity
responsibi
deavor on constructive policies and processes, must personal
SEPT. 13 1919.]
THE CHRONICLE
economic condition of society. War has wasted the
world's substance, and it must be replaced. Each
man must do his share of work. He must see a duty
newly arisen, that while not interfering with the
motive of acquisition, gives it a broader purpose, and
if the term may be used, a more sacred mission.
For years to come no man can shirk a share in production without continuing by that much the miseries
of mankind. So imperative is the duty that if, owing
to the turmoil, he cannot have conditions wholly to
his liking or wages commensurate with what are his
dues, still he must work on, that production increase
and prosperity the sooner come to all.
If this be true of the individual in the exercise of
personal liberty and rights, how much more unjustifiable must be these collective "strikes" that
have been defined as conspiracies against the public
welfare. A billion dollars a year in interest to pay,
to be derived from the labor of citizens, and countless
labor unions promoting "strikes" over the country
in almost every industry. A suffering world to be
fed, clothed, and sheltered, and "unions," organizations for the promotion of the interests of the laboring man, counselling and countenancing "strikes"
to secure arbitrary wage-scales. If each man in this
extremity must work, be conditions what they may,
must not all work? And if each and all must work,
then must not each and all be bound to continue
that work, be bound not to strike and lessen production, until at least the world is again "on its feet"?
And if 2% of labor may strike, would not 100%
be justified in striking?
Now if every worker in the United States were to
go on strike, individually or collectively, for two
weeks, the bubble called "the high cost of living"
would burst,and there would be little need to talk of
regulation or of depreciated dollars. When production ceases price ceases. When price ceases, the
measuring dollars have no function to perform.
When the bubble inflation bursts it vanishes utterly.
What then is the effect of these countless strikes?
Certainly lessened production, more want, and increased price, to a proportionate degree. And,
therefore, more toil for the remainder of workers,
less sustenance, and proportionate higher cost of
living. Thus the few make the many pay. And
they open the way (themselves having disregarded
the moral and civic obligation to continue at productive employment in the world's greatest need-time)
to that disintegration of the sense of fairness and
justice, that reckless selfishness, which looks complacently on "profiteering."
Knowing not yet the outcome of the life of republican States recently set apart, realizing the stern
conditions the treaty of peace imposes, not unanimously agreed as to the contents of the League of
Nations constitution, ourselves daily cognizant of
the fierce eagerness of class desire and force, are we
becoming somewhat doubtful that we have succeeded
in democratizing the world? Let the answer be as
it may, we are not mistaken in the economic effects
of the unparalleled war. They are here and now. Is
it a time to trifle or to palter, or to idle, or indeed to
"strike"? Work, and still more work, this is the
penalty we have laid upon ourselves. Is he a patriot
who takes advantage of such a situation, to charge
more for his labor or his goods, and to quit cold,
whether individually acting or collectively? Surely
not. Surely now the law of life is something higher
than acquisition, though that is fundamental. No
1025
one would dare to defend a universal strike of all
workers.
Who then can defend these sporadic strikes? Who
can believe that the individual may unduly speculate,
or refuse to work under the terrible stress? Who can
doubt that the universal redemption is in labor? Saving and thrift logically follow. But beneath all is
production—men and women working to rehabilitate
a suffering and torn world, to pay an almost incalculable debt,to replace that substance which has been
wantonly destroyed, and to make a national income
something more than a vainglorious high-sounding
phrase. Liberty, fraternity, democracy—for what?
—if it be not to cease from quarreling over political
and economic theories, to avoid extravagant living,
and to settle down individually and collectively to the
daily toil and business of production, that having
more we can live for less, exchanging labor for goods?
FIRST LIBERTY LOAN SECOND CONVERTED
4317
0 BONDS—REASON FOR RELATIVELY
HIGH MARKET VALUE.
Many requests have come to us for an explanation
of the difference between the market value of the
"First Liberty Loan second converted 43% bonds
of 1932-47" (quoted at 100.60 bid) and the "Fourth
Liberty Loan 43,i% bonds" (quoted at 93.28 bid,
93.32 asked). Both issues carry identically the same
tax-exemption features and, per se, there seems no
reason for this difference of over 7% in the price.
The first-mentioned bond, as would be judged by
the name, is a bond of the First Liberty Loan converted into a later issue bearing a higher rate of
interest. Upon the issuance of the Fourth Liberty
Loan a conversion privilege arose with respect to the
First Liberty Loan 33/2% bonds, which privilege was
described and the terms with reference thereto set
forth in "Treasury Department Circular No. 123—
Loans and Currency"—dated Oct. 24 1918. The
bonds resulting from such conversion (1st 3s into
Fourth Loan 43s) were officially designated "First
Liberty Loan second converted 44%
1
bonds of
1932-47." The conversion privilege expired April 24
1919, and a statement issued May 26 1919 by Secretary of the Treasury Glass, and published in the
"Chronicle" of May 31, page 2195, shows the amount
of such converted bonds outstanding April 24 1919
(when the conversion privilege expired) to have been
only $3,385,250.
It would appear to be the relative scarcity of these
bonds, by reason of the small amount outstanding,
and the fact that they are a necessary component for
obtaining the maximum total of the different bond
issues that can be held carrying exemption from the
excess profits taxes, the war profits taxes, and the
surtaxes, that explains the higher price. Apparently
for this reason alone, and not becuase they have any
advantage over the Fourth Liberty LoanP/
i% bonds,
they command the better figure.
A circular prepared by the Treasury Department,
and published in the "Chronicle" May 24 1919,
page 2080, shows that it is possible for any one holder
of Liberty bonds to obtain exemption from surtaxes
and excess profits taxes, /Sm., with respect to the
interest received from an aggregate amount of $160,000 face value, exclusive of Victory notes, for a period
of two years after the termination of the war. In
order to obtain this maximum exemption it is necessary to include $30,000 par value of First Liberty
Loan second converted 43,is. A certain demand for
1026
the bonds seemingly exists for just that purpose,
namely, to hold to an amount of $30,000 in combination with the bonds of other issues, making an aggregate of $160,000. Accordingly, as the bonds available to meet this demand are extremely few—only
$3,385,250 were issued, as already noted—the price
rules so much above the parity of the Fourth
Liberty 41/0.
THE DECLINE IN GRAIN PROSPECTS.
The grain crop situation in the United States with
the advance of the seasons has undergone a quite
decided change, the deterioration in some of the
leading cereals, wheat in particular, as a result of
adverse weather conditions, having been much
greater than the average. With the planting of
winter wheat very extensive last fall-15.9% heavier
than in the preceding year—and the condition May 1
very high,it was expected that a.yield closely approximating, if not exceeding, 900 million bushels would
be secured, but weather developments later were so
unfavorable that now the outlook seems to be for a
total nearly 200 million bushels less. Spring wheat,
too, has suffered severely from drought and other
unfavorable factors,so that now production, which on
June 1 appeared to promise an outturn of almost
record proportions, is estimated as little over 200
million bushels. The result is that spring and winter
wheat combined is now counted upon for a yield of
only 923 million bushels (a fair proportion of that of
poor quality) or but a small fraction more than in
1918, and 103 million bushels under the record crop
of 1915, whereas on June 1 the estimate was practically 13 billion bushels. Oats likewise, and barley
and rye, as well, now promise much less bountiful
harvests than were looked for a couple of months
ago. Corn in fact is the only leading cereal that has
held its own latterly, and even of that the current
estimate of production is some 207 million bushels
less than that of 1917. Altogether then, the present
forecast of yield for the leading grains is for an aggregate 98 million bushels under the total of last year,
284 millions less than in 1917, and 607 millions beloiv
the record total of 1915.
The crop report of the Department of Agriculture
for the first of September, made public on Monday,
made the condition of spring wheat quite a little
lower than on August 1-48.5% comparing with
53.9%—and much less favorable than a year ago,
when 82.1% represented its status as officially announced. Condition now is, in fact, the lowest of
which we find any record for that date. The Department following its usual method arrives at but
9.2 bushels as the probable average yield per acre,
and this on the 22,593,000acres to be harvested would
give a total product of 208,000,000 bushels, this
contrasti4 with 358,651,000 bushels last year. As
if this were not unfavorable enough, there are reliable private reports to the effect that some of the
spriffg wheat weighs as low as 3732 lbs. per bushel,
making it practically unfit for milling. It can,
therefore, be used only for feeding purposes. Combining the indicated spring wheat crop with the
preliminary winter wheat approximation of 715,
301,000 bushels, we have an aggregate of 923,301,000
bushels for 1919, which while exceeding 1918 by
6 million bushels is 103 million bushels below the
1915 high-water mark.
The deterioration in the condition of corn during August was very moderate on the average, the
[VOL. 109.
THE CHRONICLE
status of the crop September 1 at 80 comparing with
81.7 a month earlier, 67.4 a year ago and a ten-year
average of 73.6. But while the drop on the average
is only 1.7 points, there was marked deterioration
during August as a result of drought in such important producing States as Kansas and Nebraska. Last
year, however, dry weather was a more drastically
operating adverse factor than this,as is evidenced by
the fact that in the States already mentioned, and
Oklahoma, Missouri and Texas as well, a more or
less decided increase in production is forecasted.
On the other hand a decreased yield is indicated in
several of the Southern States and in Illinois and
South Dakota. On the basis ofthe average condition percentage Sept. 1 an estimated yield of 27.8
bushels per acre is figured out which foreshadows
an aggregate crop of 2,858,000,000 bushels or some
275 million bushels over the production of 1918 but
207 million bushels under the record harvest of 1917.
For oats the condition on Sept. 1 is given as 73.1
against 76.5 a month ago, 84.4 a year earlier and the
ten-year average of 81.8. The yield per acre is
officially estimated as 28.9 bushels, and the total
production 1,225,000,000 bushels against 1,538 million bushels in 1918 and 1,593 millions in 1917, the
latter the record total. The barley estimate, now
announced, shows a decrease from that of a month
earlier, but the figure for rye is unchanged. The
following furnishes a summary of the five leading
grain crops:
Estimated.
1919.
Production—
(000.0005 omitted.) Bus.
Winter wheat
715
Spring wheat
208
2,858
Corn
Oats
1.225
195
Barley
85
Rye
Total bushels
5,286
1918.
Bus.
558
359
2,583
1,538
256
90
1917.
Bus.
413
224
3,065
1,593
212
63
1915.
Bus.
655
357
3,055
1,540
237
49
5,384
5,570
5,893
High
Records.
Bus.
685 (1914)
359 (1918)
3,065 (1917)
1,593 (1917)
256 (1918)
90 (1918)
6,948
Aside from the above we note that a decreased
production of white potatoes, tobacco, and apples is
forecasted, and that rice, sweet potatoes and hay
promise additions to the yield.
In contrast with the situation in the United States,
reports this week indicate the wheat outlook in Canada to be much more promising than had been anticipated. In fact, it is intimated that the threshing
returns from Manitoba, Saskatchewan and Alberta
seem to warrant the conclusion that the yield of
wheat will be appreciably greater than the estimates
recently current, although no figures are given.
CANADIAN SOLDIERS SEEKING GRATUITIES.
Ottawa, Canada, Sept. 12 1919.
A problem of first-rate importance has suddenly
thrust itself upon the Dominion Government and the
business interests through a closely-organized campaign of nearly four-hundred-thousand returned veterans to obtain a special gratuity of $2,000 each from
the public treasury. Mass meetings, parades, and
even more vigorous evidences of the soldiers' determination to exact their new demands have given the
Prime Minister and his Cabinet uncommon anxiety.
Should the present or any Government accede to the
soldiers' manifesto, there would be added td the country's debt $800,000,000, which in the expressed view
of the Prime Minister would force insolvency or
benumb all efforts at national financial recovery.
The total cost of the war to Canada up to November 1918, was $1,086,000,000. Up to the present
time, that sum has been added to by $300,000,000,
largely because of the generous post bellum gratuities
(running up to $600 and $700 to privates) provided
SEPT. 13 1919.]
TIIE CHRONICLE
by the Dominion Treasury for every man who served
overseas. By far the greater number of all returned
men are in positions, most of them comfortably off.
The Soldiers Settlement Board, created to place returned men on the land, will need about $130,000,000
more. To fully pay the country's war bills will require probably another one or two hundred million
dollars, thus giving Canada, with a population of less
than eight million people, a national debt of two billion dollars. At the commencement of the war,it was
$336,000,000. Should the demands of the gratuity
seekers be met, there would be placed on the head of
every man, woman and child in Canada an annual
tax of $75.
Sir Robert Borden has answered the returned men's
requisition by a very frank and firm refusal. He
points to „the program already accomplished for reestablishment of the soldiers which exceeds anything
done by others of the belligerents. The Canadian
press is strongly inclined to question the commonsense of the men in asking as soldiers what they will
be compelled to refund as citizens.
1027
careful investigation of the Whitley scheme has been
made in preparation for the conference here. British
and United States advisers will be present.
RAILROAD GROSS AND NET EARNINGS FOR
JULY.
Our compilation ofithe gross and net earnings of the
railroads of the United States for the month of July
calls for no extended comment. The comparison
with last year is of the same character as for so many
months in the past. Great augmentation in expenses
is still the dominant feature of the returns, and this
time there is a further unfavorable development in a
diminution in the gross earnings. In brief, gross
earnings as compared with July last year record a
falling off of $14,658,220, while expenses have risen
no less than $40,694,188, the two combined, therefore, producing a loss in.net of $55,352,408, or over
36%. In other words, net earnings the present year
before the deduction of taxes, are only $96,727,014•
as against no less than $152,079,422 in July last year
as will be seen by the following:
July.
Inc.(-I-)or Dec.(—).
201 Roads—
1919.
1918.
Amount.
%
STRIKES UNSUCCESSFUL IN CANADA.
Miles of road
226,654
226,934
—280 0.12
Gross earnings
5454,588,513 5469,246,733 —314,658,220 3.13
Operating expenses
Ottawa, Canada, Sept. 12 1919.
357,861,499
317,167,311
+40,694,188 12.83
One of the remarkable sequels of the labor ferment Net earnings
896,727,014 3152,079,422 —355,352,408 36.40
following the armistice has been the inglorious failure
As modifying somewhat the unfavorable character
of most of the strike movements in Canada. The of this exhibit, it is only proper to say that in comlast effort of organized labor to force international paring with July last year, we are comparing with
control on a Dominion industry was the walk-out of unusually favorable totals. July 1918 was the
the miners in the Cobalt and Porcupine districts of month when the higher freight and passenger rates
northern Ontario. The men have now returned to put in effect at the close of June counted for the
work, after abandoning every article in their first con- first time to their full extent, and when, moreover,
tention and turning their backs upon the demand for advances in wages (which have operated so largely
Western Federation supremacy in all dealings be- to swell the expense account, under Government
tween bosses and men in Canadian mines. Of course, control) had not yet been carried to the extremes
there have been the usual mutual losses,running above reached in later months. Consequently, this
exhibit
$1,500,000,and the delays in resuming work due to for July 1918 was an exceptionally good one, our
comthe flooding of mine shafts.
pilations then recording $117,661,315 gain in gross
It is noteworthy, too, that the street railway em- earnings, or 34%, and also $34,466,131 gain in net
ployees'strikes in Toronto,Ottawa and other centres earnings, or somewhat over 31%. It happens, too,
have petered out into complete surrenders. Efforts that the July results in the two previous years were
to induce municipal employees, as policemen, fire- quite good. In the following we furnish the July
men and others to disregard public safety by a strike comparisons back to 1906. For 1910, 1909 and
1908
for higher wages have, with hardly an exception, we use the Inter-State Commerce totals, but for
preknuckled down to indignant public sentiment as ex- ceding years we give the results just as registered by
pressed through resolute authorities. Metal workers our own tables each year—a portion of the railroad
at Ottawa, Toronto, Kingston and other cities, after mileage of the country being always unrepresented in
enduring strike conditions for weeks and sometimes the totals, owing to the refusal of some of the roads
months, have given in and have accepted the em- in those days to furnish monthly figures for publicaployers' conditions.
tion.
This development, following close upon the superGross Earnings.
Net Earnings.
confident assertions of labor leaders, has had a re- Year.
Year
Year • Increase (+)
Year
Year
Increase (-I-)
markable tonic effect throughout the country. In
Given.
Preceding. or Dec. (—). Given.
Preceding. or Dec. (—).
place of hardening the spirit of employers and develop- July.
$
$
1906 -- 129,386,44 114,556,367 +14.830,073 42,808,2
36,718,41 +6.089,834
ing a reactionary attitude to union demands,the very 1907
—_ 137,212,522 118,666,092 +18,546.43 41,891,837 39,448,771 +2,443,066
1908 --- 195,246,13 228,672,2 —33,426,11 67,194,321 75,679,80 —8,485,484
opposite viewpoint has been engendered. How far 1909 _- 219,964,739 195,245,65 -1-24,719,084 78,350,772 67,267,352 +11,083,420
230,615,776 217,803.3 +12,812,422 73,157,547 77,643,30 —4,485,758
1910
the employers of Canada will be willing to go in in- 1911 _ 224,751,083 226,306,73
--1,555,652 72,423,469 72.392,0"
+31,411
1912 .._ 245,595,532 222,587,872 +23,007,66 79,427,56 70,536,977 +8,890.588
dustrial co-operation, the sharing of business respon- 1013 _ 235,849,764 223,813,52 +12,030,238 64,354,37 67,620,157 —3.265,787
252,231,248 261,803,011 --9,571,763 75,349,466 76,358,377
1914
—998,911
262,948,115 260,624,
1915
+2,324.11 87,684,98. 77,833,74 +9.851,240
sibility and profits, will appear at the Industrial Con- 1916
_ _ 308,040.791 263,944,649 +44.096,142 108,709.496 88.421,559 +20,287,937,
353,219,982 306,891,957 +46,328,02 111,424,542 108,293,94 +3,130,597
1917
ference, called by Premier Borden for Monday next. 1918
--- 463,684,172 346,022,857 +11766131 144,348,682 109,882,551 4-34,466,131
It is already taken for granted, in advance of dis- 1919 -- 454,588,513 469,246,73 14,658,22 96,727,01 152,079,422 —55,352,408
1906 the number of roads included for the month of July was 90;in 19076
cussion, that the Government will enact a statutory 82;Note.—In
in 1908 the returns were based on 231,836 miles of road; in 1909, 234,500; in 1910.
238,169; in 1911, 230,076; in 1912, 230,712: in 1913, 206,084; in 1914, 235,407;
in
eight-hour day for the Dominion,subject to modifica- 1915, 243,042; in 1916. 244,249; in 1917,245,699;in 1918,231,700;In 1919,226,654.
We no longer include the Mexican roads or the coal-mining operations of the anthrations which may be essential for occupations governed cite
coal roads in our totals.
by seasonal conditions.
In the case of the separate roads the showing is the
The Whitley Plan of joint industrial councils, which same as for the general totals, that is, losses in
gross
is making marked progress in Great Britain is at earnings are quite common and in the great majority
present favored by members of the Dominion Gov- of cases they are attended by augmented expenses:
ernment as applicable to domestic conditions. A A conspicuous instance is the Pennsylvania Railroad.
1028
[VoL. 109.
THE CHRONICLE
On its lines directly operated east and west of Pittsburgh it reports $4,408,988 decrease in its gross earnings, and this was increased to a loss of $9,141,395
in the net because of a concurrent augmentation of
$4,732,407 in expenses. Not all roads, however, have
suffered a loss in gross receipts. The New York
Central is one of the exceptions; it reports a gain in
gross of $1,902,057. In the net, nevertheless, there
is a decrease of $275,401 for this road, by reason of
the swelling of the expense account. In the following
we show all changes for the separate roads for amounts
in excess of $100,000, whether increases or decreases
and in both gross and net. It will be observed that in
the case of the net there are only six roads with increases, while the list of decreases is a long one and
many of the decreases are heavy.
When the roads are arranged in groups or geographical divisions, two of the divisions, namely that composed of the roads in the Southwest and that composed of the roads on the Pacific coast, show enlarged
totals of gross. In the case of the net, however, every
division records diminished totals, and the losses are
heavy both in ratio and amount. Our summary by
groups is as follows:
SUMMARY BY GROUPS.
Gross Earnings
1918. inc.(+)or Dec.(—).
1919.
Section or Group.
July—
19,211,094
Group 1(8 roads), New England
Group 2 (37 roads), East & Middle 126,692,213
56,921,220
Group 3 (29 roads), Middle Wost
Groups 4 & 5 (36 roads), Southern__ 58,624,509
Groups 6 & 7 (30 roads), Northwest. _ 99,001,517
Groups 8 & 9 (49 roads), Southwest 68,474,082
25,663,878
Group 10 (12 roads), Pacific Coast
20,138,858
135,421,366
60,868,910
62,768,718
100,397,624
64,282,481
25,368,773
—927,764
—8,729,153
—3,947,690
—4,144,209
—1,396,107
+4,191,598
+295,105
4.67
6.45
6.49
6.60
1.39
6.52
1.16
454,588,513 469,246,733 —14,658,220 3.13
Net Earnings1918. Inc.(-I-) or Dec.(—)
1919.
-Mileage—
$
$
1919. 1918.
July—
7,302 7,329 2,768,035 5,136,306 —2,368,271 46.11
Group No. 1
28,344 28,614 24,402,104 40,983,158 —16,581,054 40.46
Group No. 2
21,756 21,781 13,054,795 20,930,229 —7,875,434 37.63
Group No. 3
Groups Nos. 4 & 5__ 78,730 38,788 11,189,884 20,355,887 —9,166,003 45.03
Groups Nos. 6 & 7__ 59,143 59,136 23,334,776 35,154,056 —11,819,280 33.62
Groups Nos. 8 & 9._ 54,404 54,767 14,713,731 20,062,108 —5,348,377 26.66
16,471 16,519 7,263,689 9.457,678 —2,193,989 23.20
Group No. 10
226.654 226.934 96,727.014 152,079,422 —55,352,408 36.40
Total
NOTE.—Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX.combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory. Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana: and that portion of
New Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona anti the western Dart of New Mexico.
Total (201 roads)
PRINCIPAL CHANGES IN GROSS EARNINGS IN JULY.
Decreases.
Increases.
b$1.902.057 Duluth Miss & North____ $633,004
New York Central
613,803
Chic Rock Island & P (2)_ 1,023,224 Louis & Nashville
607.850
945.156 Buff Roch & Pitts
Great Northern
566.337
Wabash
785.419
Southern Pacific (8)
718,269 Central RR of New Jersey 490.229
Texas & Pacific
445.540
713,343 Chic & East Illinois
Union Pacific (3)
441.481
St Louis—
Minn St Paul & S S M..__- 566.751 Nash Chatt &
435.557
Hartford
Colorado & Southern (2)_.. 439.576 N Y N H &&
398.414
East
Chic & North Western_ _ _ 433,133 Elgin Joliet
373,870
Denver & Rio Grande..__- 394.443 El Paso & Southwestern—
373.715
Range
Iron
iz
Dul
387.528
Marquette
Pere
356,177
St Louis San Fran (3).-.... 331,570 Boston & Maine
332.445
266.837 Atlantic Coast Line
New On Tex & Mex (3)—
307,589
Ohio
&
Chesapeake
250.831
Tex....
of
Mo Kan & Texas
204,696 Bessemer & Lake Erie_ _ __. 255.951
Northern Pacific
284,937
203.765 Cin New On & Texas PacMichigan Central
274,922
167.404 Bingham & Garfield
Kansas City Southern_
261.006
164,803 Toledo & Ohio Central-Central of Georgia
260,425
Mich
&
Kanawha
161.749
(3)..
Fe
Atch Top & Santa
25/.332
St Louis Southwestern (2)... 155.304 Chic Burl & Quincy
237,882
144,735 Erie (2)
Chicago Great Western_ _ _
226.088
Valley
Hocking
140,075
Minn & St Louis
Rich Fred & Potomac__ _ - 138,208 Chic Terre Haute & S E.... 216.092
210,301
136,148 Western Maryland
Seaboard Air Line
189,829
Internat & Great North_ - 129.630 New York Chic & St L.—
169,513
125,637 Birm Southern
Wichita Falls & Northw__
162,286
Central
Maine
115.530
Florida East Coast
158.445
Lehigh & New England—
Wheeling & Lake Erie.... 155.424
Representing 42 roads
154.017
Paul
St
&
Milw
Chic
in our compilation_ _$11.145.811
149.584
Georgia
143,935
Virginian
141.991
Chicago & Alton
120,553
Decreases. Tol St Louis & Western—
112.495
Ohio
&
Mobile
a$4.408.988
(3)
Pennsylvania
110,088
Philadelphia & Reading__ 2.234.346 Monongahela Connect_ _ _
105.992
1,628.004 Lake Erie & Western...Illinois Central
105,089
Western
&
Lack
Del
1.353,892
&
Baltimore Ohio
104.410
1,345,744 Tennessee Central
Norfolk & Western
103,210
1,041,792 Pitts & West Virginia._ _ _
Southern Railway
998.868
Lehigh Valley
Representing 52 roads
Cleve Cin Chic & St L . 828,990
in our compilation_ _$25,718,445
800.003
Pitts & Lake Erie
returns filed
Note.—All the figures in the above are on the basis of the
Where, however, these
Commission.
Commerce
e
with the Inter-Stat
svarate
combined
returns do not show the total for any system, we havepossible tothe
those given
roads so as to make the results conform as nearly as
themselves.
companies
the
in the statements furnished by
the Pennsyla This is the result for the Pennsylvania RR. together with
& St. Louis, the
vania Company, and the Pittsburgh Cincinnati Chicago
ComPennsylvania
the
decrease,
Pennsylvania RR. reporting $4,115.547
8542,723 decrease.
pany $249,282 increase and the P. C. C. & St. L.
Central
York
New
the
of
operations
the
merely
cover
figures
b These
roads, like the
itself. Including the various auxiliary and controlled
Michigan Central, the "Big Four," &c., the whole going to form the
$137.085.
of
loss
a
is
result
the
New York Central System,
PRINCIPAL CHANGES IN NET EARNINGS IN JULY.
Decreases.
Increases.
$328.902 St Louis San Francisco(3) $418.212
Pere Marquette
383,920
278.146 Long Island
Denver & Rio Grande_ _ _
380.111
216.693 Michigan Central
Great Northern
370.259
169,820 Duluth & Iron Range_ _ _
Colorado & Southern (2)
267,037
121,250 St Louis Southwestern (2)
Carolina Clinch!& Ohio_
365.879
Central
Maine
106.840
New On Texas & Mex (3)
362.656
Northern Pacific
345.820
Toledo & Ohio Central _.
Representing 9 roads
__
339.367
in our compilation__ $1,221,651 Elgin Joliet & Eastern
332.088
Decreases. Mo Kan & Texas of Texas
Om
&
Minn
313.418
Paul
St
Chic
a$9.141.395
(3)
Pennsylvania
275.870
Chicago Milw & St Paul_ 3.032.589 Buffalo Roch & Pittsb_
b275.401
Atch Top & Santa Fe (3) 2,725,971 New York Central
270.880
Georgia
2.487.155
Baltimore & Ohio
267.525
2.204.673 Kanawha & Michigan
Illinois Central
252.110
2.137,981 Union RR of Penn
Southern Railway
243.396
Philadelphia & Reading_ 1,972,648 Erie (2)
_
224.337
1.648.023 Bingham & Garfield_
Southern Pacific (8)
207.553
1.595.288 Delaware & Hudson.....
Chicago Burl & QuineY
205.438
1,448,935 N Y Chicago & St Louis_
Norfolk & Western
201.033
Louisville & Nashville_ _ _ 1.442.492 Chic Terre Haute & S E..
199,364
1.411,032 Lehigh & New England
Clove Cin Chic & St L
192.398
1,193.678 Chic R I & Pacific (2)
Union Pacific (3)
192,366
1,090.993 Hocking Valley
NYNH& Hartford
187.885
1.047.547 Wheeling & Lake Erie...
Wabash
Vali
182.813
991,114 Yazoo & Mississippi
Atlantic Coast Line
166.361
906,792 Toledo St Louis & West_
Lehigh Valley
164.513
870.926 Missouri Kansas & Texas
Delaware Lack & West
155,317
865.090 Bait Ches & Atlantic....
Central RR of Now Jers_
Lino
Air
130.734
846,273
Seaboard
West
North
Chicago &
122,040
829,459 Central of Georgia
Chesapeake & Ohio
118,941
717,771 Western Pacific
Missouri Pacific
North
Great
&
112,885
Internat'l
650,338
Boston & Maine
112,498
622,304 Duluth South Shore & Atl
Chic & Eastern Illinois
Wharf
109.505
Galveston
600.196
Erie
Lake
&
Pittsburgh
100,470
569.353 Lake Erie & Western_ _ _ _
Nashv Chatt & St Louis109.253
523,271 Tennessee Central
Duluth Missabe & North
106,223
499.849 Virginian
Chicago & Alton
478.700
Cinc New On & Tex Pac
Representing 87 roads
469.903
Bessemer & Lake Erie_
in our compilation...$53,980,566
465,971
El Paso & Southwestern-
It i3 evident from the falling off in the gross earnings
that the volume of traffic moved in July this year was
not equal to that of last /ear. It is well known that
the coal traffic was on a greatly diminished scale and
that in the iron and steel trades, as well as in some
others, this year's product was on a much smaller
basis than in 1918. As far as the movement of leading
staples is concerned, the Western grain movement
fell below that of a year ago,while the cotton movement in the South ran somewhat heavier. Wheat
receipts at the Western primary markets for the four
weeks ending July 26 were somewhat larger than in
the corresponding four weeks of 1918,and in the barley and rye receipts there were also increases. On
the other hand, the corn receipts and the oats receipts were on a considerably diminished scale. As a
consequence for the five cereals combined the receipts
this year for the four weeks were only 71,835,000
bushels as against 73,945,000 bushels in the same
four weeks of last year. In the following we give the
details of the Western grain movement in our usual
form.
WESTERN FLOUR AND GRAIN RECEIPTS.
Rye.
Barley.
Oats.
Corn.
Wheat.
Four weeks Flour.
(bush.)
(bush.)
((tush.)
(bush.)
(bush.)
end.July 26. (bbls.)
Chicago341,000
1919._ 539,000 5,017,000 4,394,000 9,152,000 2,582,000
134,000
424,000
1918____ 340,000 4,007,000 9,282,000 12,079,000
Milwaukee-131,000
525,000 2,139,000 1,460,000
147,000
55,000
1919____
120,000
21,000
784,000 2,547,000
78,000
31,000
St. Louis
97,000
35,000
1919.... 187,000 5,988,000 1,088,000 2,060,000
11,000
10,000
1918____ 154,000 6,867,000 1,379,000 2,376,000
Toledo372,000
59,000
871,000
1919_
209,000
258,000
890,000
1918_
Detroit162,000
80,000
73,000
9,000
1919....
274,000
173,000
1918...73,000
Ckreland1919_
6,000
453,000
201,000
70,000
29,000
1918..___
Peoria9,000
140,000
748,000
315,000 • 917,000
1919.... 18b,000
45,000
0,000
229,000 2,522,000 1,133,000
94,000
1918..—
Duluth271,000
1,203,000
2,196,000
348,000
191932,000
10,000
8,000
1918_
Minneapolis818,000
3,704,000
2,000,000
454,000
3,217,000
1919._
88,000
679,000
635,000 1,388,000
2,024,000
1918
Kansas City673,000
788,000
28,000 8,704,000
1919._ _
564,000
11,P28,000 5,175,000
1918
a This is the result for the Pennsylvania RR. together with the Pennsyl- Omaha rt Indianapolis3,978,000 2,819,000 1,760,000
1919
vania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
1,625,000 2,327,000 1,001,000
1918_
Pennsylvania RR. reporting $7,014,881 decrease, the Pennsylvania Company $782,313 decrease and the P. C. C. & St. L. $1,344,201 decrease.
b These figures merely cover the operations of the New York Central Total of A111919._ 1,003,000 28,658,000 11,124,000 19,337,000 10,179,000 2,537,000
itself. Including the various auxiliary and controlled roads, like the
259,000
1918---- 648,000 27,509,000 22,736,000 22,056,000 1,295,000
Michigan Central, the "Big Four," &c., the result is a loss of $3,456,371.
SEPT. 13 1919.]
THE CHRONICLE
The Western livestock movement was smaller than
a year ago. At Chicago the receipts for the even
month comprised only 24,117 carloads, against 24,392
carloads, and at Kansas City 11,080 carloads, against
13,509, though at Omaha the receipts were 11,020
cars, against 9,886 cars.
In the South the shipments of cotton overland in
July 1919 were 114,498 bales, as against 98,468 bales
in July 1918 and 131,883 bales in July 1917. At
the Southern outports the receipts were 492,930
bales, against 134,309 bales in the month of 1918
and 166,846 bales in July 1917, as will be seen by
the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JULY AND
FROM
JANUARY 1 TO JULY,31 1919, 1918 AND 1917.
July.
Ports.
1019.
Galveston
Texas City, .fic
New Orleans
Mobile
Pensacola, Stc
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News, Acc
1918.
Since January 1.
1917.
1
1919.
bales_ 168,048 29,502 48,588 1,017,446
17,944
621 3,282 132,929
101,126 40,560 29,347, 801,095
10,775 3,522 6,419; 78,401
473 1,600
200
8,186
107,291 47,154 47,080 595,306
33,000 5,000 15,706 119,230
16,735 1,080 2,4521 118,708
Total
12,928
24,610
1,711
4311 94,275
3,559 13,3471 180,734
I
1,329
1918.
1917.
567,220
73,443
824,562
38,082
23,037
453,854
46,100
46,988
895,294
64,811
515,080
36,334
24,533
211,754
81,370
41,793
36,792
109,459
3,035
9,440
191,004
3,738
492,930 134,300 166,846 3,268,242 2,223,472 2,076,051
cttrrent goents and otscussions
1029
The purpose of this resolution in regard to loans to foreign Governments
is to serve notice to the world that public sentiment in the United States
is emphatically in favor of mutual disarmament as one of the most effectual
safeguards against international wars, and is emphatically opposed to a
resumption by the nations of Europe of the race in armaments which waslargely responsible for the conflagration of 1914, and which, if resumed in
accordance with the now and terrible methods of long-distance warfare
now known to military science, will compel this nation to adopt a military
policy of vast proportions in self-defense.
TENDERS FOR RUPEES ON ACCOUNT OF INDIAN
GOVERNMENT.
Tenders were this week again asked, up to Sept. 10 by
the agency of the Bank of Montreal, at 64 Wall Street,
for the purchase of immediate telegraphic transfers in
rupees on Calcutta on account of the Indian Government.
The request, it is stated, resulted in the receipt of tenders
for a total of 7,100,000 rupees. The average bid by successful tenderers was over 42 cents per rupee.
SOUTH AFRICAN GOLD SHIPMENT TO UNITED
STATES.
According to a London cable printed in the New York
"Evening Post" last night, Sept. 12 gold valued at £850,000,
which, it is stated,is half a shipment just received from South
Africa, has been sold for shipment to America, the price,
including the commission, being 90 shillings, 4 pence, halfpenny per ounce. This, it is noted, is 15% above the Bank
of England's ordinary buying rate. Regarding this "Financial America" of last night said:
Foreign exchange experts explain the shipment of $4,250,000 South
African gold to New York as due to the desire of the gold producers to obtain more than the fixed price of the Bank of England for the metal. By
selling the gold to New York, sterling can be purchased at the discount now
prevailing and remitted to London, thereby returning to the producers
15% above the Bank of England's ordinary buying rate for the yellow
metal.
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury bills
GERMAN GOLD SHIPMENT TO ENGLAND.
was disposed of this week by J. P. Morgan & Co., on a disLondon advices, Sept. 12, appearing in the "Evening
count basis of 53'%,the rate recently prevailing. The bills
Post" last night (Sept. 12), states that it is reported that
are dated Sept. 8.
£4,500,000 in gold has reached London from Germany. A
portion is said to be already on the way to Canada in payCONTINUED OFFERING OF FRENCH TREASURY
ment for foodstuffs.
BILLS.
Another block of the French Treasury bills, offered in
GOLD STANDARD FOR SAN SALVADOR.
the market up to an amount of $50,000,000,as market conAccording to press advices from San Salvador, Sept. 10,
ditions justify and on much the same scheme as the British
Treasury bills, were disposed of by j. P. Morgan & Co,this the National Congress has passed the measure establishing
week. The offering in any one week is limited to $5,000,000. a gold standard for this Republic. The bill, it is stated, also
The rate on the bills is 5
Those in this week's offering provides for the free importation of gold coined in North
America, which will be legal tender.
are dated Sept.12.
RESOLUTION OF SENATOR WALSH PROHIBITING
LOANS TO ALLIES IF USED FOR ARMAMENTT
PURPOSES.
A resolution which would prohibit the United States from
advancing any further credits to foreign Governments except
upon satisfactory evidence that no part of such funds are to
be used for the increase of armaments or for any military
purpose, was introduced in the Senate on Sept. 11 by Senator
Walsh of Massachusetts. The resolution, which was referred
to the Committee on Foreign Relations, reads as follows:
Whereas,The credits established by the Secretary
of the Treasury in favor
of foreign Governments at tho close of business Sept.
2 1919 had reached
a total of $9,684.272.567, divided as follows: Belgium.
$343,445.000;
Cuba. $10,000,000; Czecho-Slovakia,$55,330.000; France
$3.047.974.777;
Great Britain. $4.316,000,000; Greece, $48,236,629; Italy,
$1.618,775.945;
Liberia, $5.000,000; Rumania, $25,000,000; Russia. $187,729,750;
Serbia,
$26,780.465; and
Whereas. It is anticipated by the Treasury Department
that further
credits will be required for the purposes of enabling certain of
those Governments to meet their commitments already made in this
country in connection with the prosecution of the war; and
Whereas, The President in a recent address expressed the
opinion that an
estimated loan of four or five billions as the additional
sum which the
United States will be called upon to advance for the rehabilitation
of credit
and industry on the other side of the water is a reasonable and
conservatie
estimate; and
Whereas, in the opinion of the Senate the rivalry of nations
in the increase of armaments is a most prolific cause of war, and a continuance
of
such rivalry at the present time is totally subversive of the principles and
theories upon which the Senate is urged to ratify the League of Nations
covenant and the treaty of peace, and therefore such increases 91 armaments
should not be aided or made possible by loans of the resources or credit
of the United States; therefore, be it
Resolved, That it is the sense of the Senate that no further advances of
the money or credit of the United States should be made to any foreign
Government except upon satisfactory evidence that no part of such advance and no part of the funds of the Government soliciting them is being
used or to be used for the increase of armaments, or for any military purposes aside from a reasonable and publicly declared provision for security
against international violence and disorder, or for carrying out the military
obligations incurred in the war against Germany and her Allies.
In explaining the purpose of the resolution Senator Walsh
said in part:
REMITTANCES THROUGH AMERICAN RELIEF ADMINISTRATION TO GERMANY.
In reply to queries from individuals and banking institutions in the United States concerning the non-payment of
remittances sent from this country through the American
Relief Administration to persons in Germany, the New
York office of the Administration makes public the following
cable which has just been received from the London headquarters:
For the delay of payments in Germany only the German Government is
to be blamed. They first purposely delayed all payments after July 1 and
then refused to pay all remittances to individuals for $500 and over. The
reason given in a letter from the German Government was that such payments were for speculative purposes. Only when convinced that such
payments were for relief and when persuaded by us, did they start July 15
to pay all remittances to individuals up to and including five thousand
dollars. Receipts from the Hamburg Mission arrived only yesterday
(Sept. 8) and will be sent immediately to New York.
BRITISH BOARD OF TRADE TO EXTEND EXPORT
CREDITS.
With regard to,the plans of the British Board of Trade for
the furnishing of credits to assist in exports the London
"Financial News" of August 23 said:
The Board of Trade announces that an office will shortly be opened, under
management appointed by the Board, or! urnishing sterling credits in accordance with the scheme for assisting the exportation of goods to certain
disorganized parts of Europe, which was referred to by the Prime Minister
in the House of Commons last Monday.
The credits will be based on bills drawni n this country by the seller of the
goods and accepted by the buyer, and will be subject either (a) to the
deposit with an approved bank in the country of purchase of currency to
an amount required by the office, or (5) to a guarantee of currency of a required amount by an approved bank,or (c) to arrangements for the handing
over of produce of the buying country, or (d) to the deposit of securities with
the approved bank or the office under the scheme. The office will fix
periodically the amount of currency required to be deposited per £100
sterling, and will have power to vary its charges according to the nature of
each transaction.
The credits will continue for such periods as the office may determine in
each case, having regard to the economic prospects of the country con-
1030
THE CHRONICLE
be
sic and the character of the business, but the maximum period will
a rising
three years. The charges for each period of six months will be on
scale in order to induce early liquidation.
The office will be entitled:(a) To take over and liquidate collateral pledges;
; and
(b) to have recourse against the acceptor of the bill for any deficiency not
will
(c) to have recourse against the guarantor. The credits furnished
and
freight
plus
sold,
goods
Ea rule exceed 80% of the prime cost of the
howinsurance (including the charge made by the office). In special cases,
increased,
ever, at the discretion of the Executive, the amount may be
(inbut in no case will it exceed the prime cost plus freight and insurance less
are
bill
the
of
proceeds
the
If
cluding the charge made by the office).
charge made
than the prime cost plus freight plus insurance (including the
between
by the office), the loss represented by the difference will be divided
s to onethe office and the drawer of the bill in the proportion of four-fifth
fifth.
banks,
Business will be taken only through banks and on the reports of
00.
and tho aggregate amount of credit to be granted will not exceed £28,000,0
settled
be
will
relates
scheme
the
which
to
The area and classes of goods
either
from time to time by the Government, but credits will not be furnished
Government
for the export of raw material or for tho sale of stocks held by
[VOL. 109.
W. G. McADOO TO ASSIST ATTORNEY-GENERAL IN
DEFENDING FEDERAL FARM LOAN ACT.
The appointment is announced of William G. McAdoo as
special assistant to U. S. Attorney-General Palmer to represent the Government in defending the constitutionality of
the Federal Farm Loan Act. As we reported in our issue of
July 26, page 331, proceedings to test the validity of the Act
were instituted in the Federal Court at Kansas City on July
21 in behalf of the Kansas City Title & Trust Co. Mr.
McAdoo was the Secretary of the Treasury when the Act
became effective and is familiar with its provisions. It is
stated that Mr. McAdoo will receive $1 for his services for
the Government in this suit, because a Federal law makes it
impossible for him to give his services free to the Government.
departments.
N. Y. FEDERAL RESERVE BANK'S SPECIAL CONBAN ON COAL EXPORTS FROM BELGIUM TO PROTECT
TRACT STATION FROM P. 0. DEPARTMENT.
INDUSTRIES.
In announcing that a contract station of the Post Office
To insure sufficient supply of coal for the operation of
ent would be opened on Sept. 2 on the 24th floor
Departm
exports
Belgian industries, a ban has been ordered on coal
of 120 Broadway for the exclusive use of the
2463)
(Room
from that country. Antwerp press dispatches of Sept. 4 said:
ons of Federal Reserve Bank of New York, a bulletin issued by the
M.Jasper, Minister of Economics, announced to-day that exportati
taken to safe- bank Aug. 28 said:
coal from Belgium had been strictly prohibited, the step being
guard Belgian industries.
BULGARIA PUTS BAN ON IMPORTS—HOLDS RIGHT
TO DETERMINE HOW EXPORTS
SHALL BE PAID FOR.
In making known that Bulgaria had put a ban on the
importation of all imports and had placed restrictions on
exports, Vienna dispatches of Sept. 4 by the Associated Press
appearing in New York papers of Sept. 6, said:
inBulgaria has issued a decree forbidding importations of all luxuries,
tobacco,
cluding liquors and furniture, and permitting the export only of
advices received
attar of roses, lamb and goat skins and wool, according to
right to deterby newspapers here. The Bulgarian Government reserves the
es.
mine whether these exports shall be paid for in money or commoditi
RESOLUTION CALLING FOR COMMITTEE TO CONSIDER STABILIZATION OF GOLD DOLLAR.
A resolution providing for the appointment of a special
committee to inquire into plans for stabilizing the purchasing
power of the American gold dollar and to report such measures as it may deem advisable to effect such stabilization,
was introduced in the House on Sept. 3 by Representative
Husted. The resolution was referred to the Committee on
Rules. Representative Husted,it is said,is in favor of a plan
of Prof. Irving Fisher of Harvard University to make the
number of grains of gold in a gold dollar conform monthly
with an index number which in turn would indicate the
average price of a wide range of commodities. The resolution
reads as follows:
This station will receive first class, registered and parcel post mail matter
from the departments of the bank for forwarding. It will not sell stamps,
stamped envelopes, post cards or money orders.
will
On the same day the several outgoing mail departments of the bank
stamping
be consolidated with the contract station, and all enclosing and
will hereafter be handled in the contract station.
t the
Mail will be collected by messenger at half-hour intervals throughou
requested
day with a final collection at file o'clock. Each department is
the
that
so
point
to place all mail matter in a box Zr basket at some specific
nts
collections may be made automatically without delay. Departme
before the final
should enveavor to have as much mail as possible ready
o'clock Saturcollection, which will be made at five o'clock daily and three
the following
days. Important letters upon which delivery to the addressee
collection
final
the
for
time
in
morning is particularly desired must be ready
at five o'olock.
be delivered
After five o'clock daily and three o'clock Saturdays, mail must
to the contract station by the respective departments.
mail
receive
to
duty
on
be
will
clerk
Registered Mail.—A certified registry
will be issued for
for registration. Regulation postal registration receipts
numbers will
all registered matter deposited. Departments using cycle
must be delivered
continue to do so until further notice. Registered mail
to the contract station.
regulations and in
The contract station will be/tudor strict Government
nt heads must
order to secure full benefit of/the service offered, departme
comply with all instructions
has steadily
Whereas, The purchasing power of the American gold dollar
extent that statistics
and rapidly decreased during recent years to such an
purchase as
compiled by the Department of Labor show that 67 cents would
, in the year 1896
large a quantity of the same necessities of life, at wholesale and one dollar
the
1918;
year
in
purchase
as one dollar and 96 cents would
necessities of life in the
would purchase at wholesale, as much of the same
in the year 1918, and
year 1913 as one dollar and 96 cents would purchase
is due to
Whereas, It is alleged that such decrease of purchasing power
marked decrease in
its
and
value
of
the instability of gold as a standard
increased
purchasing power during the recent years is due to the largely
of currency and
supply of gold held by the United States and the inflation
credit rendered necessary by war conditions, and
to stabilize
Whereas, A plan has been suggested by an eminent economist
all times and
the purchasing power of the American dollar, so that it will at
of the
under all circumstances purchase approximately the same quantity
s,
necessities of life, and such plan has been approved by eminent economist
socieand
ons
organizati
scientific
and
bankers, business men and business
ties; and
in
Whereas,It is believed to be highly desirable to effect such stabilization
that the
purchasing power, if it can be practically accomplished, in order
conas
remain
may
prices
and
salaries
and
price
ratio between wages and
stant as possible; now, therefore, be it
is hereby
Resolved, That the speaker of the House of Representatives
of seven
authorized and directed to appoint a special committee composed
plans as may be
members of the House of Representatives to considor such
gold dollar
presented to it to stabilize the purchasing power of the American
as it may
and to report to the House of Representatives such legislation
purpose.
deem advisable to accomplish the aforesaid
PURCHASES OF GERMAN MARKS BY AMERICANS
IN NEUTRAL COUNTRIES.
A special cable to the New York "Times"from The Hague,
Sept. 3, said:
of marks are
The Frankfurter Zeitung says that enormous purchases
to Berlin banks.
being made by Americans in neutral countries and remitted
in specuThe Zeitung is uncertain whether these sums are merely invested
and
lation or whether American trade Is getting ready to resume business
as at some banks
wishes to have credit in marks, which appears probably,
Americans' credits in marks run into the millions.
vely little
The Zeitung notes the fact that these sums represent comparati
In dollars at the present rate of exchange.
EDGE BILL FOR FINANCING EXPORTS PASSED BY
SENATE.
The Edge bill, providing for the creation of large corporations to finance foreign purchases of American goods and
products was passed by the Senate on Sept. 9 by a viva voce
vote. The bill, as noted in our issue of July 26, page 331,
was reported favorably to the Senate on July 25. Before
reporting it to the Senate the Banking and Currency Committee adopted several amendments to the measure suggested
up
by the Federal Reserve Board. When the bill was taken
for action by the Senate on Sept. 6, its sponsor, Senator
Edge, made the following statement in explanation of it: of
ies
This bill is the natural and logical result of the greater opportunit
prepared by the Federal
our country because of the war. The bill has been
the
relieve
to
proposes
it
Reserve Board, or by their counsel. Briefly,
tion of banks to engage
situation in this manner:It provides for the incorpora
on and control of the
in foreign business,to be entirely under the supervisi
system, to be in no
Federal Reserve Board, just as is our national banking
but simply to be
nt,
way guaranteed or underwritten by the Governme
producer or manusupervised by the Government. When an American
, as we well
facturer sells a bill of goods abroad under present conditions
as the average
know, the credit demanded is practically impossible, so far
will be
situation
individual producer or manufacturer is concerned. That
be no monoprelieved through the incorporation of these banks. There will
approval of the
oly in them;any number may be incorporated that meet the
are now conFederal Reserve Board and meet the conditions of the bill we
securities ofthe
take
to
sidering. These banks will then be in a position
ho can turn the
fered to the American manufacturer or producer, so that
conditions and form.
securities into the Dank under regular ordinary banking
that would otherOn those securities he receives the amount of the bills
like normal
anything
were
s
condition
wise be paid him abroad if credit
kinds, and
The bank in turn, of course, will hold the securities of various
n of the Federal
they will be permitted under the act, under supervisio
public or
American
the
s,
to
Reserve Board, to issue bonds or debenture
them. So that
to anyone who, after investigation, may care to purchase
of the greater
It is simply the natural evolution, the natural development,
opportunities and demands incident to present conditions.
tal necesfundamen
one
I think we shall all agree, Mr. President, that the
encouragement
sity in this country which touches many of our products is the every proper
production in
of production. Certainly, we must encourage
completed a wonderful
and legitimate direction. We have practically
merchant marine is
merchant marine. The solo purpose, of course, of that
back goods that
to transport goods to all parts of the world and to bring
to broaden Amerwe all need as return cargoes. We,then, must endeavor
think, that America
ica's markets. It can not for one moment be argued, I
of products—
can consume all its own products. There may be certain types
an embargo should
food products of certain kinds—upon which at times
proposition cerbe laid because of domestic conditions, but as a general
and American
tainly we must broaden the market for American producers
the 100% maxipossible
as
manufacturers if we are going to reach as nearly
mum of production.
SEPT. 13 1919.]
THE CHRONICLE
1031
In my judgment, national content and national happiness are practically
transaction of the business of banking or other financial operations
in the
based upon national prosperity; and national prosperity, of course, means countries,
colonies, dependencies, or possessions in which it shall transac
thriving, energetic, successful business. This is not an altruistic scheme a;,
- business and not inconsistent with the powers specifically granted
herein.
all; it is not a matter of charity; our business men selling goods abroad, of
(b) To establish and maintain for the transaction of its business branche
course, are making profits on the sales.
or agencies in foreign countries, their dependencies or colonies, and
in the
To-day we well know that the rate of exchange is practically prohibitive
dependencies or insular possessions of the United States, at such places
as
for further American exportation until something is done to correct the
may be approved by the Federal Reserve Board and under such rules
and
situation. This bill is designed to contribute in that direction, and,I think,
regulations as it may prescribe; and to establish and maintain
such addiin a few words I can explain how it will. In yesterday's papers I noticed—
tional branches or agencies as the Federal Reserve Board may from
time to
and all Senators have probably read similar articles—that the rate of
time authorize even in countries or dependencies not specified in
the origina
exchange in France for an American dollar was 8 francs and a fraction; in
organization certificate.
other words, one dollar and sixty-odd cents for an American dollar. A
(c) With the consent of the Federal Reserve Board to purchase and
Frenchman, as a practical illustration, if he bought a consignment of cotton
hold
stock or other certificates of ownership in any other corporation
organized
from the South, the Amer.can selling price being $1,000,000, would be comunder the provisions of this section, or under thelaws of any foreign
country
pelled to pay $1,600,000 under the present rate of exchange for the consignor a colony or dependency thereof, or under thelaws of any State,dependency
ment of cotton. So A goes in the case of all other commodities. In Italy
or insular possession of the United States, not transacting business
in the
th rate of exchange is even greater.
United States, except such as in the judgment of the Federal Reserve
There are only three ways of which I have heard by which that situation
Board
may be incidental to is international or foreign business: Provided, howcan be stabilized or an effort be made to stabilize it. One is by the importation of gold. That, however, is practically impossible under present con- ever, that no corporation organized hereunder shall invest in any one corditions abroad, as we must all recognize. Another is the importation of their poration an amount in excess of 10% of its own capital and surplus, except
in a corporation engaged in the business of banking, when
goods; and the report of the Department of Commerce for the last
15% of its capital
month
demonstrates that the importation of foreign goods is now ascending, while and surplus may be so invested.
the exportation of our goods is going down, as it naturally will under
In addition to his statement quoted above, Senator'773
the
present rate of exchange. They bough:, from us very liberally for a
few in a further statement on Sept.
9 said:
months after the war because of necessity, they had to buy our goods,
and
it made little difference what the price was; they had to have our sukiplies;
The main object I wished to accomplish was the acceptance of the prinbut as conditions become more normal it is perfectly obvious that they
are ciple that the national banking system should be expanded to recognize
not going to pay a dollar and sixty cents for a dollar's worth of American the necessity of co-operating in
the question of export financing. This will
products, whatever they may be.
be fully accomplished by the enactment of the bill, which now has been
The third method by which to stabilize exchange is by purchasing
their passed by the Senate. I would have preferred to have secured the waiver
securities. The importation of gold, the gathering of imports, and
tne pur- of the double liability clause, as I do not feel these corporations are in that
chasing of their securities are the three methods indicated. This
bill is de- respect in the same position as national banks; at the same time this amendsigned to take over their securities, which the cotton man or the
manufac- ment has the value of assuring the public that investments made therein
turer of agricultural machinery or the manufacturer of some other
commod- are secured to that additional extent and, if the bill fin
passes the House
ity will take in exchange for his goods. He himself can not financi.
the of Representatives and becomes law, I am positi
many banks will be
transaction, but he goes to yhe bank in the natural, orderly way,
and the incorporated under its provisions, and its enac
nt will result in greatly
bank finances it. In taking the securities over we are equalizing
matters helping tho serious situation it is designed to
oviate.
and thus not adding to the great credit balance now in our favor,
which, of
course, entirely regulates exchange. It is a perfectly simple business
proposition.
Our banks at the present time are not in a position to finance foreign
ILL ALLOWING
sales, HOUSE AND SENATE PASS P.
and it is necessary, in the wisdom and judgment of the Secretary
of the
NATIONAL BANKS TO 7
5%
Treasury and of the Federal Reserve Board, that we supplement the
bankIN EXPORT CORPORATIONS.
ing system in this carefully protected manner, so that our business
men may
have full opportunity to sell their commodities, and so that labor
may be
The Platt bill, amending the Federal Reserve Act so as
continuously employed, and bring about, as nearly as possible,
a 100%
production. That is the entire object of the bill.
to permit national banks to invest 5% of their paid-in capital
I have had several amendments suggested in order that the b!ll
may not and surplus in stock of corporations organized to promote
in any way be misinterpreted. The Senator from North Dakota
[Mr.
Gronnal, who is now out of the Chamber, has prepared some amendments, foreign trade was passed by the House of Representatives
and I see no reason why most of them can not be accepted, although
one or on Sept. 3. This bill is a substitute for one offered in the
two I will probably discuss briefly. I think we have met every condition Senate
by Senator McLean and passed by that body on
to insure safety, because the only possible object of this measure is to
moot July 14, as announce
d in our issue of July 26, page 331.
the situation which I have endeavored briefly to explain.
We have loaned in round figures to the allied nations some
$9,000,000,000, The bill as amended and passed by the House, was conas I recall. I think it is generally recognized that in order to
rehabilitate curred in by the Senate on Sept. 5, thereupon going
to the
Europe in a way, as we must, not only from a humanitarian standpoint
but President for
from the standpoint of the ordinary exchange of business, perhaps
his approval. The bill in the form in which
two or
three billion dollars more will be required. Mr. President, is it
not a per- it has passed both branches of Congress reads as follows:
fectly clear business proposition that it is very much better for us
to send
That Section 25 of the Act approved Dec. 23 1913, known as the Federal
abroad goods on which our business men make profits rather than
to send Reserve Act, as amended by the
Act approved Sept. 7 1916, be further
cash, on which we must charge some form of taxation?
amended by the addition of the following paragraph at the end of subThe bill provides for the formation with the approval paragraph 2 of the first paragraph, after tho word "possessions:"
"Until Jan. 1 1921 any national banking association, without regard to
of the Federal Reserve Board of corporations having a capiamount of capital and surplus, may file application with the Federal
tal of not less than $2,000,000 by not less than five persons. the
Reserve Board for permission, upon such conditions and under such reguAn amendment to the bill adopted by the Senate on Sept. lations as may be prescribed by said board, to invest an amount not
ex6 requires all members of the board of directors of the cor- ceeding in the aggregate 5% of its paid-in capital and surplus in the stock
one or more corporations chartered or incorporated under the laws of the
poration, instead of a majority as originally proposed, to be ,of
United States or of any State thereof, and, regardless of its location, prinAmerican citizens. The Senate also amended the bill on cipally engaged in such phases of internationa
l or foreign financial operathe 6th so as to require the corporations to engage solely tions as may be necessary to facilitate the export of goods, wares, or merchandise from the United States or any of its dependencies or insular posin foreign banking and other financial operations instead sessions to any foreign country: Provided,
however,
in no event
of "principally" as the bill had previously stipulated. The shall the total investments authorized by this seetion byThat
any one national
Senate also adopted on Sept. 3 an amendment by Senator bank exceed 10% of its capital and surplus."
2. That paragraph 2 of said section be amended by adding after
Gronna, prohibiting corporations formed under the Act from theSec.
word "banking," in line three,the words "or financial,"
that the
engaging in commerce or trade, or interfering with the sentence will read: "Such application shall specify the name so
and capital
freedom of competition in the sale of commodities. Another of the banking association filing it, the powers applied for, and the place or
places where the banking or financial operations proposed are to be carried
amendment by Senator Gronna providing that no corpora- on."
tions formed under the bill shall invest in any one corpora$ec. 3. That paragra'ph 3 of said section be amended by striking out the
wads "subparagraph 2 of the first paragraph of this section" and inserting
tion an amount exceeding 10% of its capital and surplus, in
lieu thereof the word "above," so that the paragraph will read:
except in a corporation engaged in the banking business
"Every national banking association operating foreign branches
shall
when 15% of its capital and surplus may be so invested was be required to furnish information concerning the condition ofsuch branches
to the Comptroller of the Currency upon demand, and every member
likewise adopted on the 6th. On the 9th, the day of the Investing
bank
in the capital stock of banks or corporations described above
passage of the bill by the Senate, two other amendments shall be required to furnish information
concerning the condition of such
proposed by Senator Gronna were adopted. One of these banks or corporations to the Federal Reserve Board upon demand; and the
Federal Reserve Board may order special examinations of the said branches,
aniends the bill so as to impose double liability upon share- bquks,
or corporations at such time or times as it may deem best."
holders
-
of corporations formed under the Act; the other
makes the corporation subject to the same taxation as
national banks. At the instance of Senator Owen the
provision exempting the corporations from the Clayton antitrust act was stricken out. The powers conferred under
the bill as passed by the Senate are set out as. followb:
Each corporation so organized shall have power, under such
rules and
regulations as the Federal Reserve Board may prescribe:
(a) To purchase, sell, discount and negotiate notes, drafts, checks,
bills of
exchange, acceptances, including bankers' acceptances, cable
transfers, and
other evidences of indebtedness; to purchase and sell scurities,
obligations of the United States or of any State thereof; to including the
accept bills or
drafts drawn upon it subject to such limitations and restrictions
as the Federal Reserve Board may impose; to issue letters of credit; to
purchase and
sell, exchange, coin and bullion; to borrow and to lend money
on real or
personal security; to receive deposits; and generally to exercise
such
as aro incidental to the powers conferred by this Act or as may powers
be usual
in the determination of the Federal Reserve Board in connection
with the
rho Edge bill, providing for the organization of corporations designed to finance foreign purchases of American
goods was passed by the Senate on Sept. 9, and is referred
to in another article in to-day's issue of our paper. Besides
the bill of Representative Platt which has just passed Congress, there was passed by the House on July 31 another
measure, sponsored by him, which would amend the National Banking Act so as to permit national banks to lend
25% of their unimpaired capital and surplus, instead of
10% as now. At the time of the passage of the bill by the
House Chairman Platt was credited with stating that while
the measure was drawn with the purpose of relieving a pressing situation in financing cotton, the majority of the inquiries regarding the bill had come from cattle raisers. INo
action has been taken 011 this bill by the Senate.
1032
THE CHRONICLE
STOCK EXCHANGE INDORSES PURPOSES OF ANTI
STOCK SWINDLING LEAGUE. •
The Board of Governors of the New York Stock Exchange
of
adopted on Sept. 11 a resolution endorsing the purposes
to
the Business Men's Anti-Stock Swindling League formed
combat the stock swindling evil. The following is the resolution adopted by the Exchange:
nt war loans
WHEREAS the great army of investors created by governme vendors of
unscrupulous
are being defrauded of tens of millions of dollars by
•
worthless stock and
capital; unemployWHEREAS the consequent depletion of the country's
of the people turning
ment; reduced buying power and reaction in the minds
of our institutions
them from patriotic thrift into dissatisfaction and distrust
business and
and of public securities is of vital concern to all reputable
business associaWHEREAS a movement has been initiated to organize
tions to combat the stock swindling evil and
a movement',
WHEREAS Secretary of the Treasury Glass said of such
" and Mr. Hamlin,
that it "will not only be desirable but almost essential
the probelieved
he
Chairman of the Capital ISSUES Committee wrote that
PoSed plan "will go far toward checking the evil," be it
the purposes
RESOLVED that tho New York Stock Exchange endorses
enrollment as a
of the Business Men's Anti-Swindling League and requests
[VOL. 109.
exceed disbursements by approximately $500,000,000. He
also reports that there will be no semi-monthly issue of
Treasury loan certificates before October 15 and that the
interest on one of two new issues of Treasury tax certificates
now being offered will be 4Yi%. This, it is noted, is the first
time in more than a year that Government obligations have
been offered at less than 432%. Secretary Glass in his statement says that the aggregate amount of Treasury certificates
outstanding August 30 of the several series called for redemption on September 9 and September 15 was $1,799,041,500
and that the entire sum is provided for from cash in bank and
taxes due September 15, leaving an ample balance in the general fund. The following is his statement:
Washington, D. C., Sept. 8 1919.
certificates of inDear Sir:—The third semi-monthly issue of Treasury
outlined in my
debtedness, Series C, 1920, in pursuance of the progran't
ment made on
letter of July 25 1919, was, in accordance with the announce
institutions of the
August 25 1919, offered without asking the banking
felt confident
Treasury
The
country to subscribe for any specified quota.
sufficient to meet
that these certificates could be sold in amounts more than
usual quota to
the reduced needs of the Government without assigning the
individual banking institutions.
certificates of
The
co-operating member.
event.
the
by
This confidence was amply justified
September 2, and subscriptions closed on SepMyron T. Herrick of Cleveland is Chairman of the Business Series C, 1920, were dated
es of this
3, the following day. The aggregate amount of certificat
greater by about
Men's Anti-Stock Swindling League. The following circular tember
subscribed for and allotted was $573,841,500, a sum
series
the two preceding
was sent out by the League on July 8 to all business organ- $40,000,000 than the amount subscribed for eithertsofand
remained open
which had definite quota assignmen
izations—Chambers of Commerce, Boards of Trade, etc.—in issues, each of
a week after the date of issue.
:
District
Reserve
of the TreasFederal
nts
requireme
York
e
the New
This aggregate was in excess of the immediat
ons and
all subscriptions
A meeting of business loaders representing various associati
but allotment was nevertheless made in full upon
ury,
e, to consider
not to disappoint
branches of industry was hold at the Chamber of Commerc
made on the date of issue and the day following, in order
evil.
ions with reasonable
the extent and consequences of the stock swindling
those subscribers who had presented their subscript
e
r 15 the
experienc
the
Septembe
within
on
redeem
instances
to
the
The evidences presented together with
promptness; and the opportunity was taken
es
growth of the stock
es of Series VK,maturing October 7 1919(the last of the certificat
of many of those present forced the conclusion that the
certificat
on of these coswas draining from
swindling industry and the huge and growing sums it
issued in anticipation of the Victory Loan). The redempti
and
y
payments
prosperit
the largo
the people's savings was becoming a menace to the nation's
tificates should haves beneficial effect in connection with
be taken with
well being. It was unanimously decided that action should
of income and prof its taxes due on September 15.
campaign
a
ess still outin
indebtedn
country
of
es
the
of
certificat
le
interests
Treasury
responsib
a view to uniting the
The aggregate amount of
presence; exposing
or called for redemption
against the stock swindlers by warning the public of their
standing on August 30 of the several series maturing
that
so
ses
entire sum (which
their methods and earmarking them and their florid prospectu
September 9 and 15 1919, was $1,799,041,500. This
that they on
ons) is provided
they will be recognized and treated as the sinister public enemies
has'since been reduced by exchanges and cash redempti
Sept. 15, leaving
are.
from cash in bank and income and profits taxes duo
for
major business
The subscribed committee, broadly representative of
an ample balance in the general fund.
for prior to 1920,
above mentioned.
There remain no maturities of certificates to provide
divisions, was then formed to organize for the purpose
ridding
of
task
the
covered by the income
of
e
The Committee at once realized that the magnitud
the certificates maturing Dec. 15 are more than
as
on tho people's
society of the fraudulent stock swindlers who are fattening
and profits tax installment due on that date.
disbursements exIn the month of August just past ordinary and special
.savings required:
the
of
ons
In September, because
First—The enlightened support of the business associati
ceeded ordinary receipts by less than $500,000,000.
their
in
receipts should
ed
ordinary
represent
ments
payment,
.country and through them, the business establish
of the income and profits tax installment
000.
ordinary and special disbursements by approximately $500,000,cash
membership, and
exceed
the fortunate
experience in
The success of recent issues of Treasury certificates,
Second—An organization of experts, equipped with long
demand
ent
reinvestm
position of the Treasury at the moment and the
running down financial frauds and exposing their methods.
can be relied
amount of certificates on
It is believed that the intelligence of American business
which will result from the payment of so large an
when
t
movemen
be availed of to make
the
should
of
which
support
situation
united
of
a
requisite
create
15
r
or before Septembe
upon to supply the first
s is put plainly
growing out of the war.
an important step forward in financing the debt
the effect of the unchecked defrauding of their customer
which
that the Treasury
capital
nation's
In my letter of July 25. above referred to, I indicated
before them. Accumulated savings build up the
provide the purchasing certificate program might be varied at opportune times by the substitution
employs labor and pays wages. Wages in turn
of the swindler
opportune time, and acof Issues of tax certificates. This obviously is an
power upon which business thrives. Thus the operation
foundation upon which cordingly the Treasury is offering two series of so-called tax certificates, both
in draining the people's savings undermines the
small
and
15 1920, and boarin
large
March
business,
maturing
dated September 15 1919, Series T-9
prosperity rests and upon which the success of all
ss to business in the interest at the rate of 4 3 %,and Series T-10 maturing September 15 1920,
alike, depends. In addition and of equal seriousne
of confidence in our and bearing interest at the rate of 4%%, payable semi-annually. It is
depressing effect of the discouragement and loss
nt felt by tho millions not possible to say definitely when semi-monthly issues of loan certificates
Governme
our
against
reaction
the
and
ns
institutio
patriotic self-denial so will be resumed nor upon what terms they will be issued; but such issues will
of innocent victims who were taught to practice
abandoned to tho wiles certainly not be resumed before October 15, and the minimum amount
that they might lend to the Government and then
most valuable asset of offered should not exceed $250,000,000. In view of the important fact that
of swindlers. Good iil which is recognized as tho
Series TO, maturing
now for the first time in over a year certificates (of
respectable business is generally impaired.
to make effective the March 15) are offered at a lower rate titan 4) %,I deem it proper to say
The second requisite of a competent organization
arranged for through that, it' hereafter certificates maturing on or before March 15 1920, should
mobilized forces of business is already at hand and
Advertising Clubs of the be issued bearing interest at a higher rate than 4 %,certificates of Series
the working arrangement with the Associated
t stock promotions T-9 will be accepted at par with an adjustment of accrued interest in payWorld which has systematically waged war on fraudulen
this organization in driving ment for certificates of such series which may be subscribed for and allotted.
for the past seven years. The achievements of
in the -United States will
ries a number of the most
I hope that each and every banking institution
from the field and into the courts and penitentia
whom were the promoters not only subscribe liberally for one or both issues of the certificates now
successful and notorious stock swindlers among
fraud, Bidwell's Auto- offered, but also will use its best endeavors to procure the widest possible
of the Emerson Motors swindle. the Ford Tractor
the co-operation of the redistribution of such certificates among investors. The certificates, almobile League and others, testify to the value of
effective weapon with though acceptable in payment of income and profits taxes payable at maAssociated Advertising Clubs of the World as an
to prosperity and turity, are, as you know, payable in cash when they mature, and should
which to destroy the stock swindler who is the enemy
valuable exempmake a wide appeal to investors generally because of their
to all legitimate business.
membership with tions from taxation and attractive maturities. The success of these issues
Your organization is cow invited to accept co-operative
the war debt in
its purpose.
will be an Important advance in the process of financing
this Committee, and in so doing to formally endorse
operations, by
MYRON T. HERRICK, Chairman.
such a way as to avoid the necessity for groat refunding
dling
out of tax receipts.
Business Men's Anti-Stock-Swin
spreading maturities and meeting them,so far as may be.
deposiqualified
not
are
which
s
League.
Incorporated banks and trust companie
like others, may partortes are urged to become such in order that they, issues.
OP ticipate in the temporary deposits growing out of these
RESIGNATION OF GEORGE 1V. ELY AS SECRETARY
which tho banieng instituThe patriotic, loyal and enlightened support
the darkest days of the war
NEW YORK STOCK EXCHANGE.
tions of the country gave to the Treasury during
through the perhaps more difficult period after tho cessation
George W. Ely, who will he eighty years of age in January and continued
at their peak, justifies the Treaof hostilities, when war expenditures were
Stock
York
New
the
of
ry
of the
Secreta
as
d
resigne
next, has
g to them this confident appeal now that the turn
addressin
in
sury
by
Cordially yours,
Exchange. The resignation was accepted with regret
tide has come.
CARTER GLASS.
11. Mr.
the Board of Governors of the Exchange on Sept.
Ely became a member of the Exchange in 1869 Ii.nd had SUBSCRIPTIONS TO THIRD ISSUE OF TREASURY (c
served as Secretary since 1883, except for the period from
CERTIFICATES ACCEPTABLE FOR
1898 to 1905. E. V. D. Cox has been elected to succeed
GOVERNMENT NOTES.
Mr. Ely as Secretary of the Exchange.
Subscriptions of $573,841,000 to the third offering of
ates of Indebtedness (Series C 1920) acceptSTATEMENT OF SECRETARY GLASS REGARDING Treasury Certific
of Government notes was announced by
t
paymen
in
RATE
able
OWER
CES—L
FINAN
URY
TREAS
y Glass on September 7. As stated
Treasur
the
of
ry
.
Secreta
ICATES
ON TREASURY CERTIF
page 830, there was no fixed mini30,
August
of
in our issue
An indication that the Government's finances were being
which is dated September 2 1919
issue,
this
for
amount
mum
nt
a
stateme
in
ed
restored to a more stable basis was furnish
with interest at 4M%. The
1920
2
y
Februar
payable
is
and
issued on September 8 by Secretary of the Treasury Carter
Secretary Glass in an an3.
ber
Septem
offering was closed
Glass, who reports that ordinary receipts this month should
SEPT. 13 1919.1
THE CHRONICLE
nouncement on September 8, which we give under another
heading, indicates that the semi-monthly offering of loan
certificates will be abandoned for the time being, and will
not be resumed before October 15. The following are the
subseTiptions by Federal Reserve Districts to the third offering of loan certificates.
Federal Reserve District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Subscriptions
Allotted.
$45,765,500
252,679,000
27,155,000
39,088,500
10,493,500
19,312,000
63,193,500
17,759.500
16,000,000
16,000,000
23,179,000
43,000,000
*Quota.
$43,300.000
169,600,000
35,300,000
45,300,000
17,300,000
14,600,000
70,000,000
20,000,000
17,300,000
20,000,000
12,000,000
35,300,000
1033
they will be worth $5. Third Loan coupons can be exchanged for War Savings Stamps at any .post office of the
first or second class or at banks which are agencies for the
sale of War Savings Stamps.
CLOSE OF TRANSFER BOOKS OF FOURTH
LIBERTY LOAN.
A statement issued on Sept. 10 by the Federal Reserve
Bank of New York, said:
The transfer books of the Fourth Liberty Loan (4 j% bonds of 1933-38)
will be closed at Washington on Sept. 15 1919, and will remain closed until
the opening of business on Oct. 16 1919
Attention is called to the fact, therefore, that all applications submitted
to the Federal Reserve Bank of New York for transfer of registered bonds.
exchange of registered for coupon bonds, or of coupon for registered bonds
of the Fourth Liberty Loan must be in the possession of the Federal Reserve Bank of New York three days before the closing date, namely, Sept.
12 1919.
HERBERT HOOVER CONCLUDES FOOD RELIEF WORK
ABROAD.
Herbert Hoover, Director-General of the Inter-Allied
Relief Organization, is due to arrive in the United States
to-day
(Sept. 13) on the steamer Acquitania, which left
OFFERING OF TREASURY CERTIFICATES T-9 AND T-10
London on *Sept. 6. Before his departure Premier Lloyd
IN ANTICIPATION OF TAXES.
George sent Mr. Hoover the following message:
An offering of Treasury Certificates of Indebtedness, in
At the moment you are relinquishing your official duties and returning
two series, acceptable in payment of taxes, was announced to the United States, I wish to express to you in behalf of the British Government warm thanks and great appreciation for the work you have done
by Secretary of the Treasury Glass on September 8. Both for
the Allied and Associated Powers. The fidelity and energy you have
these issues will be dated September 15, 1919, Series T-9 shown in directing the economic relief of
the populations stricken by the
war has been of inestimable value
being payable March 15, 1920 and bearing interest at
43% tude of the peoples of Europe. and has earned for you the lasting gratiper annum, and the certificates of Series T-10 being payable
With the closing of its Paris office on Aug. 23 the AmeriSeptember 15, 1920 and bearing interest at 4%%. The
certificates of Series T-9 will have one coupon attached pay- can Relief Administration formally ended its work in Europe.
able March 15 1920, and the certificates of Series T-10 two Concerning Mr. Hoover's work abroad Edgar Rickard of the
interest coupons attached payable March 15 and September American Relief Administration at 115 Broadway, who has
15 1920. The certificates will be issued in denominations of been associated with Mr. Hoover in his war work, said on
$500, $1,000, $5,000, $10,000 and $100,000. In its an- the 3d inst.:
Mr. Hoover sailed for Europe immediately after the signing of the armisnouncement concerning the offering the Federal Reserve tice
in November, and as Director-General of Inter-Allied Relief and head
Bank of Now York says:
of the American Relief Administration, has directed the distribution of
Total
$573,841,000 $500,000,000
* Although no quotas were assigned, for purposes of comparison a column
has been added showing what the quota of the several districts
would have
been for an issue of $500,000,000.
Subscriptions are now being received by the Federal Reserve Bank of
New York as fiscal agent of the United States to the current issues of "tax"
certificates of indebtedness, namely, Series T-9 and Series T-10 both dated
and bearing interest from September 15 1919, the certificates T-9 carrying
4)i% being payable on March 15 1920, and the certificates of T-10 carrying 4;i% being payable on September 15 1020.
The attention of banking institutions and prospective subscribers is particularly called to those issues of Treasury Certificates which are acceptable
in payment for the two now current tax series.
The official offering of tho Secretary of the Treasury provides that
"Treasury Certificates of Indebtedness of any issue maturing on or after
September 15 1919, and now outstanding (with any Immatured coupons
attached) will be accepted at par with an adjustment of accrued interest
in payment for any certificates of the Series T-9 and T-10 now offered which
shall be subscribed for and allotted." Certificates so acceptable in payment are as follows:
Series.
Issued.
Maturing. 'Series.
Issued.
Maturing.
V IL_ May 1 1919 Oct. 7 1919 T 8
July 15 1919 Mar. 15 1920
'I' 4
Juno 3 1919 Sept. 15 1919 A-1920....Aug. 1 1919 Jan. 2
1920
a. 5
June 3 1919 Dec. 15 1919 13-1920....Aug. 15 1919 Jan. 15 1920
'76
July 1 1919 Sept. 15 1919 0-1920.. Sept. 2 1919 Feb. 2
1920
'77
July 11910 Dec. 15 1919
474
REDEMPTION OF TREASURY CERTIFICATES OF
INDEBTEDNESS.
It was announced on Sept.8 that Secretary of the Treasury
Glass had authorized the Federal Reserve banks, on and after
Sept. 9, and until further notice, to redeem in cash, before
Sept. 15, 1919, at the holder's option, at par and accrued
interest to the date of such optional redemption, Treasury
certificates of indebtedness of both the series which mature
on Sept. 15 1919 (with the coupons maturing Sept. 15 1919,
attached), and of Series VK, which have been called for redemption on said date.
THIRD LIBERTY LOAN COUPONS DUE SEPT. 15
Subscribers to the Third Liberty Loan are reminded by
the Federal Reserve Bank of Now York that they can cash
their interest coupons on and after next Monday, Sept. 15.
Failure to do this will mean loss to subscribers, for the
coupons have no earning power. The interest due Sept.
15 on Liberty Bonds of the Third Loan will be $88,750,983, as the rate was 4Yi% and the total amount subscribed
was $4,176,516,850, it was announced. There were 18,308,325 individuals who bought Third Loan bonds. Money
that will be paid to those cashing coupons should be reinvested in War Savings Stamps so that the patriotic subscribers to the Third Loan will reap full benefit, officials
of the Federal Reserve Bank declare. Cash earned by
Third Loan Liberty Bonds will earn 4% interest, compounded quarterly, for War Savings Stamps may be bought
this month,(Sept. 1919) for $4 20 and these miniature discount:bondslincreaksteadily in value until Jan. 1 1924, when
3,219,896 tons of foodstuffs, valued at $770,795,000, and comprising over
600 complete steamer cargoes. Mr. Hoover will remain in New York only
long enough to attend a dinner and reception given in his honor under the
auspices of the American Institute of Mining and Metallurgical Engineers
on Sept. 16. He will then proceed directly to California for a long-deferred
return to his home at Palo Alto. He is a trustee of Stanford University,
which undertook a complete and successful reorganization prior to the war
under Hoover's direction.
It seems fitting that this resumption of private life after five years of
public work should begin with a reception given by members of his profession. Mr. Hoover's mining interests extended all over the world, but
he completely eliminated himself as the head and leading spirit of these
many enterprises in August 1914, and has given his entire time and energy
to war work for five years. In selecting his associates he has drawn largely
on the engineers, particularly in the Belgian relief work which was rendered
almost wholly on a volunteer basis. The measure of this voluntary assistance is indicated in stating that the cost of administration, including overhead expense of the Commission for Relief in Belgium has been less than
34 of 1%, and the administrative expense of the European relief affected
since the armistice will show much the same satisfactory management.
The Food Administration, in a like manner, was marked by a volunteer
service, as there were approximately 4,300 men and women in the United
States who gave their entire time to the Food Administration without
financial remuneration of any character. Calculating this service at
standard Government pay, it represents a personal service gift to the
Government of over $9,000,000 per annum. Personally Hoover has not
only refused any remuneration but has paid all his travel and other expenses.
Mr. Hoover's war work has now been completed. The offices of the
American Relief Administration in Paris are closed and it only remains
to write the history of this gigantic task. The Food Administration exists
only technically, and ceased active control in March, having gradually released its rules and regulations from the time the armistice was signed
The United States Grain Corporation and the Sugar Equalization Board
created by Mr. Hoover are now functioning separately and not under
direct control of the Food Administrator.
Mr. Hoover, however, retains the Chairmanship of the American Relief
Administration European Children's Fund, a private organization (as
distinct from a Government department) set up to carry on the work
Initiated by the Government for providing the children in Europe with a
supplementary meal. The latest cabled advice states that there were being
fed in July, in Finland, liberated Russia, Esthonia, Latbia, Austria, JugoSlavia, Rumania, Lithuania, Czecho-Slovakia and Poland, over three
million children and in August this number was largely increased. Mr.
Hoover has set up in each country strong committees, and the only reason
for continuing American supervision is the earnest desire of the people
themselves that they should be given time to perfect these organizations
of their own people before undertaking the children's problem without
exterior aid.
The headquarters of this organization are in New York, and the many
committees of foreign-born in the United States are operating through the
New York office in providing funds to continue the children's feeding.
Mr. Hoover will be the only speaker at the dinner of welcome to be tendered him next Wednesday at the WaldorfAstoria under the auspices of the American Institute of
Mining and Metallurgical Engineers. The dinner is to be
preceded by a reception. Those on the executive dinner
committee are W. L. Saunders, Chairman; Charles F. Rand,
E. P. Mathewson, A. C. Ludlum, Edward B. Sturgis, B. B.
Thayer, Horace V. Winchell, A. R. Ledoux, J. Parks Channing, E. E. Olcott, Arthur Williams, Mark L. Requa, E. G.
Spilsbury and Edgar Rickard.
•
•
1034
THE CHRONICLE
FRENCH FARMERS' CONFERENCE DENOUNCES PRICE
FIXING AS MEANS OF LOWERING LIVING COSTS.
In making known their opposition to all "measures for
fixing prices, real or disguised," and declaring that the
farmers should be represented on committees dealing with
the determining of fair retail prices equally with the public,
the delegates, representing 110,000 farmers in Central and
Western France in session in Blois, on Sept. 4 protested
against "arbitrary measures to reduce the cost of living of
which the farmers are alone the victims." This incident and
others connected with the conference of the farmers' delegates were reported in press dispatches of Sept. 4 from
Blois, which said:
[VOL. 109.
between the heads of the U. S. Steel Corporation and of the
unions involved." President Wilson had sent Mr. Gompers
a previous message on Sept. 5 (evidently informing him that
he could not say immediately when a meeting with the Steel
Corporation could be had). The statement giving notice
of the strike call was issued at Washington on Sept. 10.
It said:
to the
The twenty-four international unions in the stool industry affiliated
and posAmerican Federation of Labor, having exhausted every honorable
Corporasible means of securing a conference with the United States Steel
conditions
tion for the purpose of discussing the intolerable and brutal
failed in these
under which the men are compelled to work, and having
Sept. 22.
efforts, have decided by unanimous vote to cease work Monday.
the last four
The representatives of these international unions have for
with Judge
months tried every conceivable means to secure a conference
letter
Gary, representing the United States Steel Corporation. A'personal
on. a
Later
ignored.
totally
was
Gary
Gompers to Judge
France,
President
from
andrWestern
Central
in
farmers
110,000
Delegates representing
upon Judge Gary in New York and were refused an audiIn session here to-day, protested against "arbitrary measures to reduce the committee waited
all ence. Subsequently, they were advised through a letter signed by Judge
cost of living of which the farmers areralone the victims:" denounced
not deal with union labor representatives which is an
"measures for fixing prices, real or disguised," and asked that on all com- Gary that he would
to his employees of the right to collective bargaining.
mittees charged with establishing selling prices of foodstuffs farmers should absolute denial
the
The Executive Council of the American Federation of Labor brought
have the same representation as consumers.
Executive of this nation, President Wilson, for the
The delegates condemned any limitation of the hours of work in farming, situation to the Chief
until
Up
conference.
a
limitation purpose of securing his co-operation in arranging
advocating unremitting toil to increase prouction, ard the
the committee has not been advised that the efforts of the
of selling prices of crops to a strictly equitable remuneration to farmers the present time
of President have been any more successful than the efforts of President
defense
for their exacting work. The meeting decided to organize in
sociations, Gompers and the committee representing the employees.
farmers' interests by co-ordinating the work of all agriculturaCas
outrageWhile we were engaged in these efforts, the most un-American,
which will be federated in regional committees.
Western
ous and unlawful tactics were employed to destroy our unions. In
Pennsylvania, we were denied the right of free speech and free assembly.
gathering
Owners of meeting places were prevented from permitting our
In their halls. Mass and street meetings were broken up under the pretext
SEES SOLUTION OF HIGH SHOE PRICES IN
it was
that we did not have permits for the same, in spite of the fact that
who
EMBARGO ON LEATHER IMPORTS.
impossible to secure such permits from the steel mill town officials
been
have
and soul by the steel interests, our organizers
James S. Coward, one of the large shoe manufacturers and are owned body
meetings
Our
members.
our
palled and fined for attempting to address
retailers in this city, commenting on the problem of high shoe have been picketed by hundreds of gunmen. thugs, and company officials
on
said
having
as
"Sun"
Y.
N.
the
in
in an effort to browbeat and intimidate the workers from meeting together to
prices, was quoted
discuss their grievances. Thousands of our members have been discharged
Sept. 4 that "the condition produced by foreigners bidding for
no other reason than having become members of our union.
our
against each other for our sole and upper leather is principally
All of this, with the cold-blooded and brutal murder of several of
gunmen during the last
responsible for the present cost of footwear in this country." organizers by steel mill guards andtoprofessional
restrain the employees any longer.
days, has made it impossible
He says (speaking of the shoe manufacturers): "We have to few
In view of the stubborn and uncompromising attitude of the steel trust
pay prices fixed by foreign competition"; therefore, he favors officials, there is no alternative left to the committee except to comply with
workers for relief and to declare a strike, to be"an embargo,oiat least a heavy export duty,on all leathers." the demands of the steel Sept.
22.
said: come effective Monday,
As further quoted by the "Sun" of Sept. 5, Mr. Coward
Let me start with an illustration. Not long ago a quantity of sole leather
was offered to us at 95 cents a pound. I told the buyer at the factory to take
it all. He tried to do so, but found that a French buyer had come along
and bought the leather at $las a pound. This is a sample of what is happening every day. Why can't the Government stop this supplying of
Europe with our hides and making us pay for it.
The condition produced by foreigners bidding against each other for our
sole and upper leather is principally responsible for the present cost of footwear in this country. Upper leathers have risen almost beyond the reach
of American manufacturers, who would rather shut up shop than cheapen
quality.
Labor is one of the factors, yes. Costing from 18 to 22 cents an hour
four or five years ago, it now costs from 65 to 75. But the main factor is
that American leather that ought to be available to American manufacturers
is going abroad and if we get any of it we have to pay prices that are fixed
by foreign competition.
The result is that we, who would prefer to sell shoes to the public at $5
or $6 a pair, as we used to do,have to charge $15 or $16,and are not making
a cent more profit than we did at the low price.
I favor an embargo, or at least a heavy export duty, on all leathers. In
view of the prevailing uncertainty and cost of replacements, I don't know
that I blame the members of the leather trade for putting leather away and
holding it for whatever price they can get. But I do say this: You stop
Europe from carrying away our leather and we'll be able to charge you less
for shoes than we do now.
PRESIDENT WILSON URGES STEEL MEN TO DEFER
ACTION ON STRIKE—NATION-WIDE
WALKOUT PLANNED SEPT. 22.
President Wilson, on Sept. 10, in a message to Samuel
Gompers, President of the American Federation of Labor,
urged that the proposed nation-wide strike of workers in
the steel industry be postponed until after the industrial
conference which the President has called to meet in Washington on Oct. 6. Having been unable to arrange with the
U. S. Steel Corporation for a conference with the Executive
Committee of Iron and Steel Workers of the Federation of
Labor, the President, through Secretary Tumulty, sent the
following wire to Mr. Gompers on Sept. 10:
Hon. Samuel Gompers, President of the American Federation of Labor,Washington, D. C.:
In view of the difficulty of arranging any present satisfactory mediation
with regards to the steel situation the President desires to urge upon the
steel men,through you, the wisdom and desirability of postponing aetion of
any kind until after the forthcoming industrial conference at Washington.
J. P. TUMULTY.
Shortly before receipt of the President's message,the presidents of 24 unionsin the steel industry affiliated with the American Federation of Laborin conference at Washington on Sept.
9 and 10, voted on the latter day, unanimously, for a strike,
the date for which was set Sept. 22. The President's message was sent in reply to a wire from the union heads on
Sept. 9 "requesting a more definite statement as to the possibility of an early conference being arranged by youeefforts
This statement was signedl by John Fitzpatrick, M. F.
Tighe, William Hannon, John J. Purell and William Z.
Foster, who compose the special committee of five which will
put in motion the actual strike call.
The steel unions' message to President Wilson on Sept. 9
referred to above, was made public on Sept. 10, as follows:
Secretary Tumulty's telegram of Sept. 5 to Samuel Gompers was read
to-day at the meeting of the Presidents of the twenty-four international
unions in the steel industry and given the most careful consideration.
After a long and earnest discussion the undersigned were instructed to
wire you requesting a more definite statement as to the possibility of an
early conference being arranged by your efforts between the heads of the
United States Steel Corporation and of the unions involved. The conditions
in the industry are steadily growing worse, with largo numbers of union men
being discharged and otherwise being discriminated against and abused, and
it will be impossible to hold our men much longer from defending themselves by striking unless some genuine relief is vouchsafed them.
Our meeting will remain in session here for forty-eight hours awaiting
your reply before taking final action.
At a conference in Youngstown, 0., it was asserted on
Aug. 20 that a strike vote of steel workers who are members
of unions affiliated with the American Federation of Labor,
jii7=8% of the worlierskfavored a walkout in the industry.
Reference to events leading up to the latest action of the steel
unions will be found in the "Chronicles" of Aug. 30, pages
835 and 836, and Sept. 6, page 936.
John Fitzpatrick, in charge of the meetings of steel unions'
representatives at Washington, was quoted as saying on
Sept. 11 that the President's request to Mr. Gompers to
defer action on the strike question was not received till
several hours after the meeting, at which the strike decision
was voted, had been held. He said the steel unions' presidents would meet at Pittsburgh, Sept. 17. Mr. Gompers
on Sept. 11 was quoted as saying with respect to the Pr,Isident's message that "we are all desirous of aiding President
Wilson in his efforts to bring about industrial peace, but
before I can answer this telegram I will have to give it more
serious thought." The strike appeal to the non-union
workers was issued on Sept. 11 at Pittsburgh from which
place it is intended the strike will be handled. Press dispatches of Sept. 11 from that city said:
Iron, steel and blast furnace workers of the United States, not working
under union agreements, are requested not to go to work Sept. 22, in an
appeal issued hero to-night by William Z. Foster, Secretary-Treasurer of
the American Federation of Labor National Conunittee for Organizing
Iron and Steel Workers.
The appeal, translated into seven different languages, and addressed not
only to the United States Steel Corporation employees, but to workers of
independent companies, will be sent immediately to the 300,000 employees
of the various concerns.
The statement, signed by the National Committee, was issued shortly
after the arrival here from Washington of D. J. Davis, Edward J. Evans,
and William Hannan, three of tho six members of the Strike Committee,
of which John Fitzpatrick and Samuel Gompers are members.
SEPT. 13 1919.]
THE CHRONICLE
RESOLUTION FOR NATIONALIZATION OF BRITISH
COAL MINES.
By a vote of 4,478,000 to 77,000 the Glasgow Trades
Union Congress which opened on Sept. 8 passed a resolution
on Sept. 10 favoring the nationalization of the British coal
mines. The resolution pledges insistence by the Congress
• (which represented above 5,000,000 workers and is said
said to have been one of the most momentous of its kind
ever held in Britain) that the Government adopt the majority report of the Coal Commission presented last June,
known as the Sankey report. This provides for State
ownership of the mines and joint control of their operation
in which the miners would have an effective voice. The
resolution adopted by the Trades Congress declares that:
"In the event of the Government still refusing, a special
congress shall be convened to decide what form of action
shall be taken to compel the Government to accept."
The motion was introduced by Robert Smillie, the miners'
leader. There were at the Trades Congress, it is reported,
850 delegates from various trades unions throughout the
country. As was noted in our issue of Sept. 6, page 936,
the British -Miners Federation in conference in London on
Sept. 3 voted to reject the Government's plan for operation
of the mines, set forth by Premier Lloyd Geroge in his recent speech to Parliament, and at the same time the Miners'
Federation decided to agitate for nationalization of the
mines at the Glasgow Trades Congress, which has now
endorsed the miners' stand. In reporting the action of the
Congress on the subject, Glasgow dispatches of the Associated Press on Sept. 10 in part said:
By an overwhelming vote the Trades Union Congress at to-day's session
passed a resolution favoring the nationalization of the coal mines. The
motion, presented by Robert Smillie, the miners' leader, was carried by a
vote of 4,478,000 against 77,000.
The result of the vote was to throw virtually the entire Congress solidly
behind the coal miners' demands for the nationalization of their industry.
The resolution rejects the proposed alternative scheme of the Government as "contrary to the best interests of the nation" and as creating "the
distinct trustification of the coal industry."
Mr. Smillie, in advocating the passage of the resolution, declared that
labor's fight for the nationalization of all industries would not cease with
the gaining of its demand for State purchase of the coal mines.
The desired end would be achieved through "the common sense realization of the justice of our claims," Mr. Smillie continued. He said he knew
the hardship that strikes caused, but there were times when it was criminal
for labor leaders not to call strikes to enforce justice. The mines, he declared, were really fighting for all organized labor. The highest output
was impossible, he insisted, under the present working conditions and the
lack of modern machinery and equipment.
James Henry Thomas, General Secretary of the National Union of Railwaymen, in seconding Mr. Smillie's motion, said the question had come to
the point of a definite decision. He exhorted the delegates to be sure they
saw clearly where they were going.
Joseph Havelock Wilson, President of the International Seamen's Union,
in opposing the resolution, was pointing to the failure of State-controlled
enterprises when he was interrupted with a shout of, "What about the
war?"
DEATH OF JOHN MITCHELL, LABOR LEADER.
John Mitchell, President for ten years of the United Mine
Workers of America, a former Vice-President of the American Federation of Labor and one of the best known labor
leaders of the country, died at the Post Graduate Hospital in this city on Sept.9 at the age of 49. When informed
of his death Governor Smith made the following statement:
Pf The State of Now York has lost a great citizen in the death of John
Mitchell. He was a vigorous character, self-educated, a man of wonderful
natural ability. He wont to work at the age of 10 and died at the age of
49. For 39 years he worked hard. His work of recent years undermined
his constitution and he evidently could not stand the shock. I shall miss
him and regret his death more than I can saY.
John Mitchell gained great popularity through his efforts
in helping to settle the great anthracite coal strikes of 1900
and 1902 during the Presidency of Theodore Roosevelt.
The strkes, through the former's influence and good judgment were brought to a close by arbitration. He was
President of the United Mine Workers from 1899 to, 1909;
Second Vice-President of the American Federation o Labor
from 1900 to 1914; a member of the New York Statl Workmen's Compensation Commission in 1914-15, and in 1915
was appointed Chairman of the New York State ndustrial
Commission. He had also served as President ofIthe New
York State Food Commission, Chairman of tl43 Federal
Food Board for this State, President of the New lork State
Council of Farms and Markets, and member of the Federal
Milk Commission for Eastern States.
His death was due to pneumonia.
COMMITTEE OF STATE FEDERATION OF LABOR IN
DEFENSE OF ITS ADVOCACY OF SUSPErgrtrr
OF UNNECESSARY STRIKES.
The Commitee on the High Cost of Living of the New
York State Federation of Labor, which was removed from
1035
authority on Sept. 3 following the publication of its report
on Sept. 1 recommending suspension of unnecessary strikes
for six months, replied on Sept. 5 to James P. Holland,
President of the Federation, and reiterated the views expressed in the report. The committee, composed of John
F. Pierce and Isadore Epstein, was discharged, it will be
recalled, by President Holland, who turned down the report
on the ground that the committee had overstepped its
bounds. Suspension for six months of all strikes not "imperatively necessary" and increased production were the
chief recommendations of the report, which was given in
full in last week's "Chronicle," pages 935 and 936, with
Mr. Holland's letter to the committee and a statement made
by Mr. Holland on Sept. 2.
The committee in its reply said: "We yield to your
authority, Mr. President, with no feeling of personal resentment, . . . and for the man who disagrees with us
because his conscience dictates that course we have nothing
but respect." The committee then states: "Our report of
Sept. 1 was based on a study of existing economic conditions.
We could see no other way out of the difficulties that beset
the country than by the declaration of a truce to all industrial
warfare, and uniting with the President of the United States
to lower the cost of living and restore the country to a sound
business basis." After quoting the appeal issued by President Wilson to the public on Aug. 25—that part in which
the President said the cost of production must be kept on
its present level and actual production must be increased
if we are to expect "large decreases in the burdensome cost
of living"—the committee answers Mr. Holland by saying:
"We regard this as a summons from the Commander-inChief of all of the people of the United States to labor
and capital, to cease their comparatively petty bickerings
and unite to intensively increase production", adding:
To this summons from the Nation's Chief we responded As quickly and
willingly as we responded to his wishes during the war. In our turn we
called upon organized labor to march under the standard which the President
had raised. We retract no sentence, word, syllable or punctuation mark
of our Sept. 1 report. We stand upon it without excuse or apology to
any man. We insist with all the force we possess that there should—nay,
must—be a complete cessation of unnecessary strikes and increased production, or the effort of President Wilson to effect a reduetion of the cost
of living and place the country on a sound business basis will certainly fail.
It is up to labor. . . .
The sole object of our report which you have repudiated was to relieve
the country of the complications caused by many unnecessary, unjust and,
under trade union laws, illegal strikes that are in progress, or which might
hereafter be precipitated by reckless or self-seeking leaders. . . .
There should be a higher power within the ranks of organized labor clothed
with authority to make a final decision before a strike may be ordered.
The letter of the committee which was made .public
Sept. 6 follows:
New York, Sept. 5 1919.
Mr. James P. Holland, President New York State Federation of Labor.
Dear Sir and Brother:—Your letter notifying the undersigned of their
removal from the committee appointed by you to devise plans for reducing
the cost of living was received by Mr. Epstein at 1 o'clock on the morning
of Sept. 4. On the same day we notified the Merchants' Association Committee of your action. and that we no longer had authority to act for the
New York State Federation of Labor or its President.
We yield to your authority, Mr. President, with no feeling of personal
resentment. We still retain our respect and affection for you, and our
admiration for your qualities as a loyal leader of organized labor, the ablest
champion of the rights of toilers among the trade unionists of New York
State, and a patriotic American citizen.
We reiterate the congratulations that we extended on your recent reelection as President of the State Federation, and we congratulate the convention on its wisdom in selecting you once again to lead the hosts of labor.
Your able work during the many years that you have devoted to the cause
of labor and the achievements that are written on your record are proof
that you have done what you thought was best for the interests of organized
abor in repudiating our report of Sept. 1, and for the man who disagrees
with us because his conscience dictates that course we have nothing but
respect.
But,sir, though you have silenced us as members of your committee, we
cannot and will not be silenced as trade unionists affiliated with the State
Federation and with the American Federation of Labor. Our conscience
pleads with us to go on with the work we have begun, and we will do so
as members of the rank and file of organized labor, making appeal to our
brothers of the rank and file.
Our report of Sept. 1 was based on a study of existing economic conditions.
We could see no other way out of the difficulties that beset the country
than by the declaration of a truce to all industrial warfare, and uniting
with the President of the United States to lower the cost of living and
restore the country to a sound business basis. In his message of Aug. 25
President Wilson wrote:
"It—the cost of living—will certainly be lowered so soon as there are
settled conditions of production and of commerce. Only by keeping the
cost of production on its present level, by increasing production, can we
hope for large decreases in the burdensome cost of living which now weighs
us down."
We regard this as a summons from the Commander-in-Chief of all of the
people of the United States to labor and capital to cease their comparatively
petty bickerings and unite to intensively increase production. To this
summons from the Nation's Chief we responded as quickly and willingly
as we responded to his wishes during the war. In our turn we called upon
organized labor to march under the standard which the President had
raised. WI3 retract no sentence, word, syllable or punctuation mark of
our Sept. 1 report. We stand upon it without excuse or apology to any
man. We insist with all the force we possess that there should,—nay, must
—be a complete cessation of unnecessary strikes and increased production,
or the efforts of President Wilson to effect a reduction of the cost of living
1036
THE CHRONICLE
and replace the country on a sound business basis will certainly fail. It
Is up to labor.
To those critics of our report who state that we favored stopping all
strikes we call attention to this quotation:
"Your committee earnestly recommends that tho Executive Council
take steps to cancel and suspend all strikes now in progress in New York
State, and to use their influence to prevent the calling of future strikes,
except in such circumstances as, in tho opinion of the Executive Council,
render it imperatively necessary to use the strike weapon."
In all fairness we ask, Mr. President, is there anything in that paragraph
which denies the right to strike? We simply recommended that the Executive Council exercise the power to decide which strikes are necessary and
which are not. The chief of the Executive Council is James P. Holland,
President of the New York State Federation of Labor. In the wisdom of
the Council presided over by our wise and honored State leader we sought
to have the final decisions lie. Surely no well-meaning trade unionist
could find fault with that proposal. Least of all could the Executive Council or the President of the State Federation raise a sound objection to the
recommendation.
The highest organized labor authority In the land is pursuing that very
policy at this moment. The steel industry labor leaders and the railway
brotherhoods are shaping their course according to the judgment of Samuel
Gompers and the Executive Council of the American Federation of Labor.
The beneficial result of following that policy has already been seen in
averting the disaster of a railway shopmen's strike. Surely the Executive
Council and President of the New York State Federation ought not hesitate
to adopt the precedent set by the Executive Council and President of the
American Federation of Labor.
The sole object of our report which you have repudiated was to relieve
the country of the complications caused by the many unnecessary, unjust
and, under trade union laws, illegal strikes that are in progress, or which
might hereafter be precipitated by reckless or self-seeking leaders. We
hope to see the day very soon when no trade or industry will be allowed to
order a strike without permission of the Executive Council. It is a power
too great to be left in the hands of men who sometimes exercise it for reasons
not altogether for the benefit of the rank and file whose will they are supposed to, but often do not, represent. There should be a check placed upon
such men. There should be a higher power within the ranks of organized
labor elothediwith authority to make a final decision before a strike may
be ordered. There could be no better authority for that purpose than the
Executive Council.
The undersigned do not intend to lower the colors they have raised.
They intend to have much more to say on this general subject in the future.
You have debarred them from addressing you with authority as your representatives and have thus left them with only one recourse, an appeal to
the rank and file.t We will address our future appeals to the 900,000 men
and women who compose the organized army of New York State.
We will use our utmost efforts to rally the many thousands of honest,
loyal, constructive trade union members to a movement for changes in the
fundamental laws of the Federation which will deprive false leaders of
power to cause untold misery. There should be a new concept of the relations of trade unions with their fellowmen. Archaic customs, traditions
and laws whiCh clash with the spirit of the times should be swept aside.
We realize that it is no puny battle which we have undertaken, but we are
ready for whatever may come.
Our hope is, Mr. President, that you yourself will lead us. But with
you or without you we will go on.
Believe us, dear sir and brother, as ever,
Fraternally yours,
JOHN F. PIERCE,
ISADORE EPSTEIN.
Mr. Holland's repudiation was indorsed by the opinions
of Thomas Curtis, Deputy Commissioner of the Workmen's
Compensation Board, and a Labor Party candidate, and
Ernest Boehm, Secretary of the Central Federated Union,
here, according to the New York "Times" of Sept. 7.
GOVERNOR SMITH CALLS CONFERENCE TO CONSIDER
MEANS OF PREVENTING STRIKES—ALSO
COST OF LIVING CONFERENCE.
Two conferences have been called for this month by
Governor Smith to take up:(1) the labor question and means
of preventing strikes; and (2) means of co-ordinating the
work of State and Federal agencies in reducing the cost of
living. Both will be held in the Executive Chamber at
Albany. The former was called by Governor Smith at the
recommendation of the State Reconstruction Board, whose
letter on the subject was referred to in these columns on
Sept. 6, page 936. The conference, which will be held on
Sept. 16, will be made up of prominent financiers, labor
leaders, manufactures and public-spirited men and women.
Among other things, it is planned that a labor board, representative of capital and labor, will be created at this conference. In a letter sent out by Governor Smith on Sept. 8
to those asked to attend the labor conference, the purpose of
the meeting was set forth as follows:
[VOL. 109.
Bernard Baruch, financial adviser to the American Peace
Commission; Samuel Gompers, President of the American
Federation of Labor; Mortimer L. Schiff, of New York;
Charles P. Steinmetz, of Schenectady; Abram I. Elkus,
Chairman of the Reconstruction Commission; members of
the public service and State industrial commissions; Nicholas
F. Brady, of New York; George E. Evans, of Schenectady;
Henry P. Davison, Frank A. Vanderlip, Edwin W. Rice,
President of the General Electric Co..; Miss Mary Dreier,
Chairman of the Women's Joint Legislative Committee;
James E. Holland, President of the State Federation of
Labor, and Peter J. Brady, of New York.
The conference on the high cost of living, to be held on
Sept. 17, the day following that on the labor question, was
called at the instance of the State Food Cost Investigating
Committee, whose preliminary report was presented to the
Governor the latter part of last month. Attorney-General
Palmer is expected to address the conference. In his letter
to persons invited to the conference the Governor said that
the high cost of living is the most serious problem of the
present period. Those to whom the letter was sent were:
Lieutenant-Governor Walker; Attorney-General Newton;
District Attorneys of all counties; Ex-Governor Martin H.
Glynn; John H. Finley, Commissioner of Education; Abram
I. Elkus, Chairman Reconstruction Commission; Dr. Hermann M. Biggs, State Commissioner of Health; Charles E.
Tremain; Arthur Williams; Dr. Charles S. Wilson, Commissioner Foods and Markets; Henry A. Girder, Assistant
United States Attorney; John T. Dooling and Alfred J.
Talley, Assistant District Attorneys, Now York County;
Fair Price Milk Committee, New York City; Mrs. Belle R.
Moskowitz; George Gordon Battle; and Charles E. North,
Motor Transport Committee.
FARM INTERESTS CONDEMN LABOR'S DEMANDSFOR
WAGES NOT ACTUALLY EARNED.
A statement declaring that "when a class of men demand
a higher wage, although their labor does not earn it . .
they become dishonest profiteers" and setting forth that
strikes have been in a large measure contributory to the high
cost of living, was issued by the N. Y. State Grange at
Albany on Sept. 9. The Grange represents, it is said,
125,000 farmers. The statement quoted issued under its
name was signed by Sherman J. Powell, Master of the
Grange, and W. N. Giles, Secretary. This statement in
referring to the importance of labor strikes in the cost of
living question reiterates the sentiments of the National
Federation of State Farm Bureaus—a national farmers'
organization—whose delegates went before President Wilson
on Aug. 14 and said:"Every labor strike that shuts down any
plant engaged in the preparation of foods or the making of
clothing, that shuts down a mine or a mill, adds to the high
cost of living." (Chronicle, Aug. 30, page 832). The statement issued by the Grange on Sept. 9 was quoted in press
dispatches of that date from Albany which said:
Officials of the New York State Grange, representing 125.000 farmers,
in a statement Issued here to-day, placing responsibility for the high cost of
living upon labor, declared that "an economic adjustment must be made if
the world Is to be fed and agriculture preserved." The indictment of all
workers except those engaged In agricultural pursuits,is made by Sherman J.
Powell and W. N. Giles. master and secretary, respectively, of the Grange.
who allege that strikes have been an important factor in raising the price of
food, clothing and shelter.
"The first factor in a happy life is three meals every day," says the statement. "The next is adequate clothing and housing to keep the body warm.
The war has only hastened what every thinking agriculturist has soon for
years was surely coming. Rural workers have not received the support and
encouragement which the urban workers so easily obtained in the form of
better schools, roads, churches, houses, shorter hours and higher wages for
work under more favorable conditions.
"This had the result of steadily drawing from the:country its population:to
an alarming degree. Now, instead of going into a study of our situation
and developing a remedy, our laboring brothers Of the city purpose to remedy our trouble by arbitrary measures without any real knowledge of the
cost of producing the necessities of life.
During the war period the Federal Government, through the War Labor
(
No class of Americans with red blood in their veins will stand being told
Board, was very successful in settling differences between employers and they must labor long hours at inadequate pay in order that another
employees. It has been suggested to me by the Reconstruction Commisclass may have shorter hours and higher wages. Even the faithful farmer,
sion that there is urgent need in the State at this time for a similar board.
who has always produced sufficient food for all, fools he has about reached
In order that such a board may be created, I am asking for a conference
the limit, and that no laboring man of the city should find fault if ho applies
of representative employers, workers and public-spirited men and women. the same rule that his city brother has taught him.
The purposes of this conference will be the preparation of a program and
"Why is it that over half our farms have mortgages on them,and that twothe appointment of a labor board of both employers and employees, in an
thirds are worked by renters? When a class of men demand a higher wage
effort to stop strikes and to keep the wheels of industry moving.
•
although their labor does not earn it, some one else must pay, and they beThe great need of this State at this time is a continuous maintenance of come dishonest profiteers.
production and a continuous employment of labor. I know your interest In
"We here challenge the city laborer to a cost accounting that all the world
this matter, and I, therefore, request you to become part of the conference, may see whor,earnkhis wage. Lot there be an authoritative cost accounting
which will take place in the Executive Chamber at Albany on Tuesday,
of farm products and a wage scale for labor the base of which shall be its
Sept. 16, at 12 o'clock.
earning power.
All of the members of the State Reconstruction Commission
"When wheat was $1 a bushel, one bushel paid for a day's work. Wheat.
have been asked to attend the conference. Among the by Government fiat, is now $2 26 a bushel, and it now requires from two to
bushels to pay labor for one day's work. Again, when wool was 30c.
seventy or more other persons who have been invited are: athree
pound, allowing four pounds for a stilt of clothes, the farmer received for
Charles S. Sabin, President of the Guaranty Trust Co.; the product $1 20. Figuring the cose:of a:sult of clothes.:at_$30. thirteen
SEPT. 13 1919.1
THE CHRONICLE
1037
days' labor at $1 50 per day paid for a suit. To-day wool is 65c. a pound.
four pounds bringing $2 60, the amount received by the farmer. The same
suit of clothing is now $40 and the laborer can obtain a suit by eight days of
labor at $5 per day. Those comparisons will hold good with every farm
product."
PRESIDENT WILSON TERMS POLICEMEN'S STRIKE
IN BOSTON A CRIME AGAINST CIVILIZATION.
The strike of the policemen in Boston was declared by
That the farm interests are opposed to needless and un- President Wilson to be "a crime against civilization," in a
merited strikes was indicated in a message wired to President speech which he delivered at Helena, Mont., on Sept. 11.
Wilson by the Indiana Federation of Farmers' Associations In his reference thereto the President said:
I want to say this, that a strike of the policemen of a great city, leaving
on Aug. 6, at the time the railroad shopmen in and around that
city at the mercy of an army of thugs, is a crime against civilization.
Chicago had quit work and threatened to tie up the railroad
In my judgment, the obligation of a policeman is as sacred and direct
systems if wage increases were not conceded to them. The as the obligation of a soldier. He Is a public servant, not a private employee,
the whole honor of the community is in his hands, lie has no right to
Indiana farmers' message to the President said it was their and
prefer any private advantage to the public safety.
purpose to withhold farm products from the markets if the
I hope that lesson will be burned in so that it will never again be forgotten
trainmens' strike—subsequently terminated—continued. It because the pride of America is that it can exercise self-control.
said
The Indiana Federation of Farmers' Associations, a groat conservative PRESIDENT WILSON URGES POSTPONEMENT OF
body, condemns veiled threats of a revolution. If the railroad strike conDECISION IN POLICE SITUATION IN WASHtinues, we seriously contemplate advising all of our members to hold farm
INGTON—POLICE UNION OPPOSED IN
products until the strike ends.
We believe in such arbitration as will result in justice and fairness to
SENATE RESOLUTION.
all concerned, with work to bo resumed pending a decision in the matter
Following the action of the police of Washington, D. C., in
found.
The Indiana Federation of Farmers' Associations represent, recently joining a union affiliated with the American Federation,on account of which action the police had been threatit is estimated, upward of 100,000 farmers.
ened with dismissal from service, President Wilson on Sept.
10, through Secretary Tumulty, sent the following wire to
GOVERNOR COOLIDGE OF MASSACHUSETTS ASKS the Commissioner of the District of Columbia urging postponement of any definite action until after the Industrie,
FOR FEDERAL AID TO CURB
Conference called by him for Oct. 6:
BOSTON RIOTS.
Hon. Louis Brownlow, Commissioner of the District of Columbia, WashFollowing the action of 1500 policemen in quitting their
ington, D. C.:
The President suggests the great advisability of postponing any issue
posts at Boston on Sept. 9 and the consequent mob violence
regarding the police situation until after the forthcoming industrial conin that city on the two succeeding days resulting in. 7 deaths ference at Washington, and hopes that the postponement can be effected.
J. P. TUMULTY.
and more than 50 persons injured, Governor Calvin Coolidge
A resolution was introduced in the Senate on Sept. 8 by
of Massachusetts, on Sept. 11, asked the Federal Government to be ready to furnish troops if he was unable to restore Senator Myers of Montana, to cut off the pay of policemen
order with the State forces which he had called out. The who joined the union. In reporting the resolution and the
policemen's strike was precipitated by the suspension of 19 remarks of Senator Myers thereon, Washington press diem
patrolmen found guilty by Police Commissioner Curtis of patches of Sept. 8 said:
Citing the recent affiliation of the national capital's police force with
violating the department order against joining a labor union.
the American Federation of Labor, Senator Myers, Democrat of Mentanas
At the present time the whole force of policemen who have called
on Congress to check what he characterized as a general plan by labor
gone on strike demand that they be recognized as a union to "sovietize" the industry of the nation and proposed a resolution to cut
off
the
pay of a policeman who joined the union.
affiliated with the American Federation of Labor. On
Recent acts of railway _workers, postal employees, and other Government
Sept. 11 the Central Labor Union in conference at Boston, workers were
deplored in the discussion which followed, in which Senator
took a vote on the question of calling a general strike of all Thomas, Democrat. of Colorado. defended Postmaster-General Burleson!
organized labor to support the demands of the policemen,
and a committee of 17 was appointed to collect a vote of RAILWAY
EXECUTIVES' ARGUMENT
AGAINST,
those unions which had not made known their attitude on
CUMMINS BILL FOR RETURN OF RAILROADS.
—
such a strike. Previously on the same day Mayor Peters of
Thomas DeWitt Cuyler, Chairman of the Association
Boston met the members of the Central Labor Union in his
office and asked them to aid him in maintaining order. of Railway Executives, which represents approximately
Mayor Peters, it is stated, was asked by M. J. O'Donnell, 93% of the mileage and 93% of the earnings of Class 1
President of the Union, and James T. Moriarity, its counsel, American railroads, on Sept. 10 filed with the Senate
to recognize the policemen as a body affiliated with the Committee on Interstate Commerce an argument against
American Federation of Labor. Mayor Peters, in reply was the proposal of the Committee's Bill, presented by Senator
Cummins, which undertakes to limit the amount which a
quoted as saying:
railroad company may earn by good management, effiI shall never agree to the affiliation of the police of Boston with the A. F'
of L. It may mean that by this decision I am bringing down bloodshed and ciency and service out of rates which are themselves preterror. But there is a great principle involved. I cannot accede to your scribed and regulated by the public authority. The
proposition.
Association's point is that limiting earnings and taking any
Governor Coolidge on Sept. 11 issued the following proc- excess over them diminishes, if it does not entirely remove,
the incentives to competitive • effort and efficiency, and
lamation:
forecloses
any hope of attracting to railroad expansion for
The entire State Guard of Massachusetts has been Called out. Under the
Constitution, the Governor is the commander in chief thereof, by an author- the future the adequate capital which it needs.
ity of which he could not, if he chose, divest himself. That command I
Prior to the filing of the letter on behalf of the Associamust and will exercise.
Under the law, I hereby call upon all the police of Boston who have tion of Railway Executives special meetings of the railroad
loyally and in a never to be forgotten way remained under duty, to aid me heads were held during the past week—in Washington, on
In the performance of my duty, of the restoration and maintenance of order Sept. 4 and 5, and in New York
on Sept. 8—to discuss
in the CM., of Boston, and each of such officers is required to act in obedience
to such orders as I may hereafter issue or cause to be issued. I call on every it is understood the Cummins bill, the Warfield plan and
other proposals suggesting a division of profits above a fixed
citizen to aid me in the maintenance of law and order.
CALVIN COOLIDGE.
per cent. The letter of the Association filed with the Senate
According to Washington dispatches of Sept. 11, Assistant Committee by Mr. Warfiold this week, says:
Secretary of the Navy Roosevelt had wired on that day to To the Honorable Committee on Interstate Commerce of the Senate:
responsibility for the improvement and development
Governor Coolidge that the Navy would co-operate with the ofGentlemen:—The
railroad facilities, and of raising the money from time to time needed to
Army in carrying out any orders the President might issue. finance the same, rests upon the boards of directors and the stockholders
Governor Coolidge's message to the Secretaries of the Army of the Railroad Companies, of whom the Railway Executives are the authorized representatives and for whom they are the authorized spokesmen.
and Navy referred to above said:
In view of this responsibility, the Steering Committee of the A.ssociat ion
The entire State Guard of Massachusetts has been called out. At the
present time the City of Boston is orderly; there are rumors of a very general
strike. I wish that you would hold yourself in readiness to render assistance
from forces under your command upon application which I may be compelled to make to the President.
CALVIN COOLIDGE.
The State branch of the American Federation of Labor
voted on Sept. 10 at its annual convention in Greenfield,
Mass., to give its "full moral and financial support" to the
Boston Central Labor Union and the Boston Policemen's
Union, a resolution to that effect being adopted by the convention.
of Railway Executives (which Association represents approximately 93%
of the mileage and of the earnings of Class 1 railroads) appointed especially
for the purpose of seeing that the facts and the circumstances affecting
the railroad problem are properly presented to your Committee and to the
corresponding Committee of the House of Representatives, without undertaking at the moment to review in detail the provisions of Senate Bill
2906, presented by Senator Cummins, deems It an imperative duty to call
special attention to one feature which,in its Judgment, seriously endangers
the transportation interests of the country and the Constitutional protection of all property.
Wile adopting the alternative of private ownership and operation, and
relying upon private capital, rather than upon Government ownership,
to provide the transportation facilities which the country requires, this
bill, for the first time in the history of our legislation, undertakes to limit
the amount Which a company, by good management, fortunate location,
1038
THE CHRONICLE
[VOL. 109.
efficiency, and other lawful means, is able to save out of the rates which Committee, as well as by Governor Smith, Mayor Hylan
the Government itself prescribes or regulates. The bill provides that, if and other public men. The first one officially to welcome
any company shall receive from operation, during any year, more than
General Pershing was Secretary of War Baker, from whom
"a fair return," to be determined by the Interstate Commerce Conunission, on the value of its property, the excess above such "fair return" he received the commission of General of the Armies of the
shall be paid over to the Government within the first four months of the U. S., a rank of similar kind it is said not having been held
succeeding year.
Following the presenIt ought to be borne in mind that the earnings of the companies are to since the death of General Sheridan.
be made from rates, fixed or authorized by the Commission. Inasmuch as tation of the commission to General Pershing, at the pier
the Congress has no right to authorize the collection of unreasonably high at Hoboken, Secretary Baker read a message addressed to
rates from the shippers who happen to need the services of a particular
him, in behalf of
road, or to make rates higher than is reasonable for the service, it must be the former from President Wilson bidding
presumed, as against the rate making power, that the rates which it pre- the country an affectionate welcome. The president's
scribes or authorizes are reasonable. It follows that any earnings which a message was as follows:
company makes will be derived from reasonable rates. Otherwise, the
My dear General Pershing, I am distressed that I cannot greet you in
Shippers, or those on some roads, Would be over-charged and grossly
person. It would give my the greatest pleasure to grasp your hand and
wronged. There is no such thing as unreasonable earnings from reasonable
say to you what is in my heart and in the hearts of all true Americans
rates, and, therefore, if the rates are not more than reasonable, as would
return to the home land you have served so gallantly.
be presumed if lawfully made, it is impossible to conceive of there being as we hail your
my physical absence, may I not, as your Commander
an excess of earnings over a fair return. Returns cannot be more than fair Notwithstanding
of our fellow-countrymen, bid you an affecspokesman
as
and
Chief
in
if provided by reasonable rates. The only use made in the law of the
welcome—a welcome warmed with the ardor of
terms "fair return," is to establish a test below which the legislature may tionate and enthusiastic
deep admiration? You have served the country
not without confiscation reduce earnings from rates. It is, we think, mani- genuine affection and
and admirable efficiency, fn a war forever memorable
fest, that a company is entitled, as a property right, to all it can save from with fine devotion
world's triumphant protest against injustice and as its vindication
reasonable rates, and to deny it this right would be to deny it the right of as the
the liberty of peoples and of nations.
Constitutional protection for its property. The attempt to do this, no of liberty,
We are proud of you and of the men you commanded. No finer armies
matter how high the purpose, would be the beginning of a fatal policy
indomitable strength and unconquerable spirit against
their
set
ever
Which would tend to the removal from all property of its Constitutional
the forces of wrong. Their glory is the glory of the nation, and it is with
protection.
profound pride that we greet you as their leader and commander.
Moreover, to take from a company a part of its net earnings derived from a thrill of
from the sea and from the care of the men of the navy,
reasonable rates, not only diminishes, and, in some cases removes, the in- You have just come
the achievements of our arms on land possible, and .who so galmade
who
centive to competitive effort, efficiency and economy, but forecloses the
the seas of their lurking peril. Our hearts go out
hope of success as an attraction to capital. This limitation, together with lantly assisted to clear
to see you home again, well and fit for the
the necessity of constantly expending substantial sums from the apparent to them, too. It is delightful
we are done with our welcome. I will
net earnings in renewals and replacements incident to maintenance of road- fatigues you must endure before
on the other side of the sea. It will be
Way and equipMent,would,in our judgment, seriously impair the ability of not speak now of our associates
speak their praise. I speak now only of
the railroads, upon which the country is dependent for handling its busi- delightful on many occasions to
our personal joy that you are home again and that we have the opportunity
ness, to finance the necessary additions, betterments and equipment.
of our affectionate welcome.
Instead of attracting private capital and establishing the credit of the to make you feel the warmth
Secretary Baker in presenting the commission to General
railroad companies, which all seem to agree to be necessary at this time, this
provision in, our judgment, by denying Constitutional protection to this Pershing said:
class of property, by removing from it the reward ofsuccess, and by seriously
General Pershing:
complicating the question of keeping the property up, would repel capital
About two-and-a-half years ago, by the President's direction, I had the
and tend to impair the credit of the railroads generally. Investors will hesi- honor of designating you to lead the armies of the United States in France.
be
tate to go into a business in which, not merely the rates which may
To-day you return, your mission accomplished, with victory written on
charged are prescribed by law, but the amount saved by good management, the banners of the greatest army the nation has ever had,and with the pricethrift, economy and efficiency is to be taken and appropriated for the benefit less foundations of liberty and freedom saved for us and for the world as the
of others, or for some Governmental purpose, to such extent as a Govern- result of our participation in the world war.
ment body,in its unlimited discretion, shall deem fair—a proceeding which, • The task entrusted to you required all the imagination, all the energy and
In the common judgment of mankind until now, has boon regarded as plain
all the genius of a great commander. From the first, you had the complete
confiscation.
confidence of the President and the Secretary of War. This confidence reWe have no hesitation in urging the above mentioned view, notwithstand- remained unshaken to the end.
instituand
men
ing the apparent support of this provision by some business
From the beginning, you had all the support the people of the United
tions who, we fear, approach the subject too much from the standpoint of
States could give. You and your great army embodied for them their
bondholders. The problem must be considered from the standpoint of country and their country's cause. They worked with devotion and selfstockholders as well as of bondholders. Bond interest comes before divi- sacrifice to sustain and supply you with troops and equipment. Their
dends on stock, and a limitation of net earnings ample to provide interest,
hearts were overseas with you and their prayers for your welfare and that
might still ruin the stockholders; whereas the stockholder cannot protect his
of your men were constant. Doubtless the confidences and affection of
holdings without, at the same time, protecting the interests of the bondyour fellow citizens were an inspiration to you in the hours of preparation
holder. A limitation on earnings which a bondholder could perhaps regard
and in the hours of battle, as the superb exploits of the army under your
stockholders.
the
of
interests
the
of
with equanimity might be destructive
command were in turn an inspiration to our national effort.
The limitations provided for in the bill, would,in our judgment, effectually
The great victories are now won. Your magnificent army has returned.
defeat the apparent desire of Congress and of Railroad economists, to finance
The soldiers who once marched through the thickets of the Argonne are
railroad improvements partially by the sale of stock rather than solely by
citizens again, filled with high memories of great deeds, and carrying into
bonds, since it requires the stockholder to take all the risk of the business,
life the inspiration which membership In that great company and sacrifice
while denying him the right to profits made from reasonable rates, thus
for that great cause engendered. Your return closes the history of the
making his return uncertain in bad years, and yet little, if any, greater than
American Expeditionary Forces. The President had hoped to be here
the return on bonds in good years.
personally to speak on behalf of the nation a word of welcome. In his
By order of the Steering Committee,
enforced absence, he has directed me to speak it.
THOMAS DE WITT CUYLER, Chairman.
I bid you welcome, gratefully, on behalf of the country you have served
In addition to Mr. Cuyler, the Steering Committee con- and on behalf of the people whose sons you have lead. The confidence
there is
sists of Robert S. Lovett, President of the Union Pacific Rail- with which we sent you away you have sacredly kept. Whereverwherever
soldier or a friend of a soldier, wherever there Is a lover of liberty,
road Co.; Howard Elliott, President of the Northern Pacific athere
is a heart which rejoices at the deliverance of mankind from its hour
Railway Co.; Samuel Rea, President of the Pennsylvania of peril, you and your great army are remembered and loved. You return
Railroad Co.; A. H. Smith, President of the New York not only to American soil, but to the heart of the country.
In turn former Secretary of the Treasury McAdoo, chairCentral Lines; Julius Kruttschnitt, President of the Southern
of the committee of welcome of New York, made a brief
man
ToPacific Co.; S. T. Bledsoe, General Counsel, Atchison
peka & Santa Fe Railway Co.; and Alfred P. Thom, Gen- panegyric speech,followed by Senator James W.Wadsworth,
and Representative F. W. Mondell. Then General Pershing
eral Counsel of the Association of Railway Executives.
said:
Fellow soldiers and friends:—If this is to be continued, I believe that before
COMMITTEE OF LAWYERS TO REPORT ON LEGAL many
days are passed I shall wish perhaps that the war had continued. To
ASPECTS OF RAILROAD EQUIPMENT
say I am happy to be back on American soil would merely be to waste
words. I am overwhelmed with emotion when I think what this greeting
FINANCING PLANS.
means.
The special committee of lawyers appointed at the conMr. Secretary, you have been extremely complimentary in your referRailroad
the
of
ences to my part in the war. The part of which you speak is only one, beference on August 23 of representatives
of the united effort of the nation. The Army depended on the morale
Administration and interests in the Association of Railway cause
of the people, and the morale of the American people was never shaken.
Executives to report on legal phases of the plan for the The American people faced its task with a courage and enthusiasm it would
financing of railroad equipment through the proposed be difficult to describe.
I trust that those we left behind will receive the attention of a grateful
National Equipment Corporation, includes Sanford H. E. people
and that those graves we left over there will be decorated and kept
Cravath
Administration;
Railroad
the
Freund, representing
clean and eternal in the millets of the people at home so that those places
patriotism anew.
& Henderson, 'representing the bankers' committee; and where they are buried will be a place to go and learnme
since he elected me
I wish to thank the President for his confidence in
Hornblower, Miller, Garrison & Potter, representing the Chief
of the Army, and I thank you, Mr. Secretary, for your confidence in
Association of Railway Executives.
me. This has made my task easier.
General Pershing was then escorted in open parade from
Battery to City Hall amid what is admitted to have been
the
GENERAL
OF
IN
HONOR
CELEBRATION
one of the greatest demonstrations ever witnessed in New
JOHN J. PERSHING.
Mayor Hylan said to
General John J. Pershing, Commanding General of the York. In his address at City Hall,
Pershing:
American Expeditionary Army in the World War, arrived in General
As Mayor I deem it a privilege and a great honor to extend to you on
this country on Sept. 8 from France where he had directed behalf of the City of New York a most cordial and sincere welcome. The
the activities of the military forces for more than two years. people of our state and nation and all the free peoples of the civilized world
you and the invincible soldiers of the American expeditionary forces
Sailing from Brest, Sept. 1, on the transport Leviathan, a salutehave
acquitted themselves so nobly in the world war by not only halting
who
former German vessel, he landed at Hoboken a week later, the Prussian hordes on their march toward Paris, but in successfully driving
where he was greeted by a specially constituted Congressional them bcek to the Rhine.
SEPT. 13 1919.]
THE CHRONICLE
We congratulate you, General Pershing, on the remarkable achleve5
ments which you accomplished as the commander of the largest military
force ever put under arms by this nation. The time allowed for the perfecting of our military organization was short, and the need of its being
ready to engage in major operations, even though only partially trained,
was imperative. The job was a tremendously big one, and the eyes of our
people were turned to you for its accomplishment. The signal events of the
war prove how skilfully, rapidly and efficiently you performed this colossal
task. And the hearts of our people are filled with never-ceasing gratitude.
We are also honored to welcome to our city the gallant 1st Division of
the American army.
General Pershing replied to Mayor Hylan as follows:
It would be difficult, indeed, for me to describe the feelings of emotion
and pride which fulfil my heart on this occasion. Emotion after returning
home, emphasized by the cordiality of your reception, mingled with pride
in the achievements of the American army, which has represented you in
this war.
The personal compliments that you have paid to me, sir, are far greater
than my humble services deserve. To receive at your hand the freedom
of this great metropolis which we all claim as ours and which we love so
well, is in itself a peculiar distinction. The circumstances that prompt
this action have their foundation on foreign battlefields, where American
manhood gloriously fought for the principles of right and justice.
To-day our minds are filled with the thrilling incidents of these fields.
Eager to serve the cause, filled with confidence in their own superiority,
our young American army passed out through your gates on their way to
their mission across the seas. Your enthusiasm for them and the warm
hospitality you gave them and your godspeed as they sailed away added
new courage to their task.
When they returned home the victorious welcome of your people has
spoken louder than words the gratitude of the nation for duty well done.
New York City's part in the war has been a great one. Your patriotic
people have sent forth their gallent sons, all of your citizens have generously contributed funds for the comfort of their boys, and the country
has always relied on your patriotism to carry through the country's loans
triumphantly.
New York City's attitude has been accepted everywhere, at home and
abroad, as that of the whole people, and your acts have always encouraged
the Allies and have always disheartened the enemy. Out of your patriotism, your support and your confidence in our success there has grown up
between the people of this city and our citizen army a mutual affection that
makes for better citizenship, and affection that will grow with time and
become a lasting souvenir in the hearts of all those that learn to know and
love you.
Your honor, I dare not trust myself to express in this presence my personal feelings and can only say to you and through you to the people of the
City of New York that I thank you from the bottom of my heart for myself
and for those whom I represent.
1039
there is Rumania, there is Jugoslavia, there is broken Turkey, and then
Persia and Bagdad. We have undertaken to say this route is closed.
Our own business? Is there a merchant present here,or any
manufacturer, or any banker that can say that our interests are separate from the
interests of the rest of the world commercially, industrially, financially?
And when he draws a picture to himself, if he is frank, of what some gentlemen propose, this is what he sees: America minding her own business,
and
having no other. Despised, suspected, distrusted. And on the
other
side of the water the treaty and its operation interrupted? Not at all.
We are a great nation, my fellow-citizens, but the treaty is going to
be
applied just the same, whether we take part in it or not.
The reparation commission,created by the treaty, was created for the purpose of seeing that Germany pays the reparation. Not only that, but some
of you gentlemen know we used to have trade with Germany. All
of that
trade is going to be in the hands and under the control of the reparations
commission.
I humbly asked leave to appoint a member to look after our interests
and
was rebuked for it. I am looking after the industrial interests of the United
States; I would like to see the other men who are. They are forgetting the
industrial interests of the United States and they are doing things that
will cut us off and cut our trade off from the normal channels, because
the
reparation commission can determine where Germany buys, what Germany buys, and how much Germany buys.
Now, is it minding our business to keep out of that? On the contrary, it
is handing our business over to people who are not particularly interested in
seeing that it prospers. The broader aspects of this subject are seldom
brought to your attention; it is the little picayune details here and there.
In seeking to refute the idea that the League of Nations
represents a combination of the world for war, the President
declared that on the contrary "it is a combination of the world
for arbitration and discussion." Turning to the Shantung
settlement, the President in this speech said:
It was very embarrassing, my fellow-citizens, when you thought you
Were
approaching an ideal solution of a momentous question to find that
some
of your principal colleagues had given the whole thing away.
And that leads me to speak just in passing of what has given a great
many people unnatural distress. I mean the Shantung settlement—the
settlement with regard to a portion of the Province of Shantung in China.
Great Britain and others, as everybody knows, in order to make it
more
certain that Japan would come into the war and so assist to clear
the Pacific
of the German fleets, had promised that any rights that Germany
had in
China should, in the case of the victory of the Allies, pass to Japan.
There
was no qualification in the promise. She was to get exactly what Germany
had. And so the only thing that was possible was to induce Japan to promise
—and I want to say in all fairness, for it wouldn't be fair if I didn't
say it,
that Japan did very handsomely make the promises which were requested
of
her—that she would retain in Shantung none of the sovereign rights which
Germany had enjoyed there, but would return the sovereignty
without
qualification to China and retain in Shantung Province only what other
nationalities had elsewhere—economic rights with regard to development
and administration of the railroad and of certain mines which had
become
attached to the railway.
That is her promise. And, personally, I haven't the slightest doubt
that
she will fulfill that promise. She cannot fulfill it right now because
the
thing doesn't come into operation until three months after the treaty
is
ratified, so that we must not be too impatient about it. She will fulfill
those promises.
And suppose that we said we wouldn't assent. England and others must
assent, and if we are going to get Shantung Province back for China and
those gentlemen don't want to engage in foreign wars, how are they
going
to get it back?
Their idea of not getting into trouble seems to be to stand for the
greatest
possible number of unworkable propositions. All very well to talk
about
standing by China. But how are you standing by China when you withdraw
from the only arrangements by which China can be assisted?
If you are China's friend, but don't go into the council where you can act as
China's friend; if you are China's friend, then put her in a position where
these concessions, which have been made, need not be carried out; if you
are China's friend, scuttle and run. That is not the kind of American I am.
General Pershing was the city's guest for four days. On
Wednesday, Sept. 10, a great parade was conducted in his
honor and it was led by the General himself, marching at
the head of the men of the First Division, the soldiers that
sailed with him for France more than two years ago. The
day had been officially designated a city holiday by a resolution adopted by the Board of Aldermen on Sept. 5, when
the Board also voted an appropriation of $100,000 for the
entertainment.
In leaving France, Sept. 1, high tribute was paid him by
Marshal Foch, commander of the Allied forces in the world
war, by Premier Clemenceau of France, Andre Tardieu,
head of the general commission on Franco-American war
matters and other prominent military and public men.
The bill authorizing the appointment of General Pershing
to the rank of permanent General was signed by President
Wilson on Sept.3. The nomination was unanimously confirmed
Declaring "we are partners with the rest of the world in
by the Senate on the following day by a rising vote. The bill
(H. R. 7594) passed the House on Aug. 28 and the Senate respecting the territorial integrity and political independence
on Sept. 2. It was announced by the John Pershing Com- of the others" the President, in offering an explanation of
mittee of the Senate and House (created by a joint Con- Article X, said:
Article X cuts at the very heart and is the only instrument that will
cut to
gressional resolution) that a gold sword would be presented ill° very heart
of the old system. We are partners with the rest of the world
in respecting the territorial integrity and political independenc
to General Pershing on Sept. 18 in the House chamber.
e of the
others.
PRESIDENT WILSON ON "MINDING OUR
BUSINESS"
—"CONTEMPTIBLE QUITTERS"—SHAN
TUNG
SETTLEMENT.
President Wilson has this week continued his tour begun
ast week in the interest of the Peace Treaty and the League
of Nations. Two of his speeches, those at Columbus, Ohio,
• and Indianapolis, on the 4th, when his speaking campaign
was opened, were referred to in our issue of Saturday last,
page 942. On the 5th, the President delivered two speeches
at St. Louis, and in one of these before the Chamber of Commerce, he undertook to answer those who are contending that
"it is not our business to take care of the weak nations of the
world" by saying:
I hear some gentlemen who are themselves incapable of altruistic
purposes
say, "Oh, but that is altruistic. It is not our business to take
care of the
weak nations of the world." No, but it is our business to prevent
wars, and
if we don't take care of the weak nations of the world there
will be war.
Let them show me how they will keep out of war by not
protecting them.
Let them show me how they will prove that having gone into an
enterprise
the yaro not absolutely contemptible quitters if they don't see
the game
through.
What was the old formula of Pan Germanism? From Bremen
to Bagdad,
Wasn't it? Well, look at the map. What lies between Bremen
and Bagdad? After you get past the German territory there is Poland,
there is
Bohemia. Which we have made into Czechoslovakia; there
is Hungary;
Which is now divided from Austria and does not share Austria's
strength,
They are all under solemn bond themselves to respect and preserve those things; and if they don't preserve them, if they don't
respect
them and preserve them, what happens? The Council of the League
then
advises the several members of the League what it is necessary
to do.
Well, but somebody says, suppose we are a party to the quarrel.
I cannot suppose that, because I know that the United States is not
going to die.
regard the territorial integrity or political independence of any
other
nation. But they insist upon the argument. What these gentlemen
are
afraid of is that we will get into trouble. If we are a party, we are
in
trouble already. And if we are not a party, we control the advice of the
Council by our,own vote. And, my friends, that is a little like an openand-shut game, and I am not afraid of advice which we give
ourselves.
And yet that is the whole of the bugaboo which these gentlemen
have.
been parading before you.
Let me stop a moment on the words "external aggression." Why
were
they put in? Because every man who sat at that Board held that the
right
of revolution was sacred and must not be interfered with. Any kind of
a
row can happen inside and it is nobody's right to interfere.
The only thing that there's any right to object to or interfere with is
external aggression by some outside power undertaking to take a piece of
territory or to interfere with the internal political arrangements of the
country which is suffering from the aggressions; because territorial integrity
does not mean that you cannot invade another country.
It means that you cannot invade it and stay in it. I haven't impaired the
political integrity of your backyard if I walked into it; but I very much
impair it if I insist upon staying there and won't get out.
And the impairment, the integrity contemplated in this article, is
the
kind of integrity which Is violated if there is a seizure of territory, if there
is an attempted annexation, if there is an attempted continuing domination
either of the territory itself or the methods of government inside of that
territory.
Some of the other striking utterances by the President in
others of his speeches are referred to in articles immediately
following.
1040
THE CHRONICLE
[VOL 109.
this document discusses
I dare say that everybody you have heard about
HIP" Article X. Well, there are twenty-five other articles in it, and all of them
"ARMED ISOLATION OR PEACEFUL PARTNERS
are about something else.
ALTERNATIVES OF U. S. ACCORDING
can get out of it. Well, I
They disauss how soon and how quick we
ON.
as soon as we want to, but
T
WILS
IDEN
PRES
TO
am not a quitter, for one. We can get out just
in.
alterthe
were
p"
we don't want to get out Just as soon as we get
ershi
partn
ul
peacef
or
ion
isolat
"Armed
h at the
natives pictured by President Wilson in his speec
Peace PRESIDENT WILSON SEES GIBBET FOR LEAGUE
St. Louis Coliseum on Sept. 5, made in support of the
the
by
h
speec
er
Anoth
ns.
Natio
of
e
Leagu
OPPONENTS—DANGERS OF SPREAD OF
Treaty and the
to in the
BOLSHEVISM.
President in St. Louis on the same day is referred
eum he said
Colis
the
at
ks
remar
his
In
e.
articl
acceptance of the Peace Treaty and
the
for
ding
l
prece
In his appea
hes both
in part:
the League of Nations President Wilson in speec
ed to the
referr
6
Sept.
on
s
Moine
Des
tand
and
unders
City
ice—to
s
t
prejud
Kansa
at
withou
I have sought—I think I have sought
opposing the treaty and the developments in Russia; in Des Moines, in declaring that
the point of view of the men who have been
whose judgmen
are
them
of
Many
s.
Nation
of
covenant of the League
desperately in need of the settled conditions
omed to admire and respect. "the world is
ment of a patriotic feeling I have been accust
hard
not wait much longer," he declared that
very
is
it
it.can
that
ymen,
of peace and
And yet I must admit to you, my fellow-countr
accidental
logical
its
to
g
thinkin
of
lino
their
d
"what happened in Russia was not a sudden and
for me to believe that they have followe
reflect upon their position it
e the poison
Europ
of
parts
and necessary conclusion, because when you
other
in
that
ing
Assert
to
."
ought
thing
we
her or that
is either that we ought to reject this treaty altoget
poison
ry to reopen negotiations spread—the poison of disorder, the poison of velot, the
change it in such a way as will make it necessa
peace in many essential
the
of
ents
settlem
the
der
with Germany and reconsi
of chaos, he added in part:
, that none of that poison
particulars.
And do you honestly think, my fellow citizens
will not join us in doing
not know that the world
We cannot do the latter alone, and other nations
has got in the veins of this free people? Do you
or
of
s
some
what
do
to
and
peace
the
whispering gallery? These antennae of the wireles
single
one
it. The only alternative is to reject
now
all
is
to do: Stand alone in the world.
symbols of our age.
the
are
fellow countrymen have been advising us
ph
telegra
and
revived
her industries are
out upon the air and reach to
Germany can't pay for this war unless
All the impulses of mankind are thrown
sion, known as the Repara- •
and the wireless and the tongue
the treaty of peace sets up a great commis
the ends of the earth. With the tongue
a
membe
should
there
that
d
r are spread through the
intende
was
thin Commission, in which it
the telegraph all the suggestions of disorde
is deposited by
other countries, and the busi- and
money coming from nobody knows where
And
ber from the United States as well as from
world.
ny
Germa
of
to see that the industries
used for the propaganda of
ness of this commission will be in part
millions in capitals, like Stockholm, to be
the
to
owes
she
and men
which
world,
debt
this great
hout the
are revived in order that Germany may pay
r and discontent, and dissolution throug
of
can determine the currents of alsorde
in America and say they are for that sort
face
the
in
civilization. That Reparation Commission
calmly
you
look
by terror,
credit; it can determine how
sort of revolution means Government
that
trade, the condition of credit, of international
when
ion,
revolut
going
it
is
to buy, and how
much Germany is going to buy, where it is going
by force, not Government by vote.
es, contribute to the financial Government
scale we will throw that
to pay for it, and if we must, to save ourselv
How long are we going to debate into which
ship
partner
thLs
of
s
member
being
t
to us? How long shall we be kept
belongs
that
se
rehabilitation of the world, then withou
equipoi
cent
magnifi
who want to get the markets
may trust us or despise us?
we must put our money in the hands of those
waiting for the answer whether the world
that belong to us.
They have looked to us for leadership.
,
indeed
is,
It
hand.
lone
a
They have built their peace upon
That is what these gentlemen call playing
They have looked to us for example.
that is frozen out. We must
That great volume that contains the Treaty
ions.
suggest
playing a lone hand, it is playing a hand
our
of
basis
the
are to use in order to rehabililaid down by the American
contribute the money which other nations
Peace is drawn along the specifications
because the authority in
must make them our antagonists and of
and now the world stands at amaze
tate their industry and credit, and we
ment
Govern
man,
s
busines
any
to
proposition
an American document or not.
rivals and not our partners. I put that
America hesitated whether it will endorse
r
whethe
and
it,
likes
he
how
my fellow countrymen,
him
Why,
ask
is.
young or old,in the United States and
You know what the necessity of peace
take
States to stand alone.
only when there is peace. Social reform can
exist
can
he considers that a useful way for the United
liberty
l
politica
not,
or
, whether we will
of every question that
We have got to carry this burden of reconstruction
when there is peace. The settlement
only
place
for
,
ions
anyhow
ng
ruined
delegat
be
receivi
it and
daily life waits for peace. I have been
or be ruined, and the question is, shall we carry
rily
every point we shall be em- concerns our
in the service of the Government tempora
d
engage
men
that is what these gentlemen propose, that at
of
gton
Washin
in
world being in the hands of
and I have had to say to them,"My
barrassed by the whole financial affairs of the
in the administration of the railroads,
until commerce is restored
other nations.
cannot tell what the railways can earn
I
,
friends
ts
interes
selfish
the
tand
unders
the railroads can earn, I canwhat
tell
can
I
Until
The men who propose these things do not
course.
normal
of the picture: Hot rivals, to its
pay will be. I cannot
of the United States. Because here is the rest
the wages that the railroads can
mad a everywhere if possible not tell what
rates will be to meet these
burning suspicions, jealousies, arrangements
what increase of freight and passenger
suggest
out.
shut
be
to
ought
we
ed. I cannot tell yet whether
in as equals
to shut us out, because if we won't come
in wages, if the rates must be increas
ody, unless you can afford to increases
rates or not, and I must ask you to wait."
the
e
increas
to
ry
You can't afford to be unfriendly to everyb
necessa
be
will
it
have come to see me. There are
have everybody unfriendly to you.
But they are not the only people that
war. It was not a political
y, I have asked represenThis war was a commercial and industrial
of adjustments necessary in this countr
sorts
all
rivals
hostile
the
be
and
apart
Washington next month and confer,
war. Very well, then; if we must stand
tatives of capital and labor to come to
phybe
must
we
else,
ing
someth
present. That is to say,
do
at
the fundamental thing of our life
of the rest of the world, then we must
have a great standing army. confer about
labor.
of
sically ready for anything to come. We must
ons
conditi
the
must
a is trained to arms. We
6 the President anWe must see to it that every man in Americ
In his Kansas City address on Sept.
enough for an army. That
see to it that there are munitions and guns
Nations covenant
of
in
e
up
laid
Leagu
only
not
the
are
of
arms
that
critics
swered the
means a mobilized nation. That means
ready to use
are
they
that
case of put up
so
a
is
date
to
"it
up
kept
that
are
store but also that they
as in an earlier speech,
not save the
"will
,
added
tomorrow.
he
"
tion,
con"Nega
the
only
Not
up."
No.
or shut
And what does that mean? Reduction of taxes?
It
ition is the
ng.
Oppos
taxes?
nothi
present
ucts
the
of
e
constr
increas
the
world. Opposition
tinuation of the present taxes but
than that.
vistically inclined." He
Bolshe
are
who
those
means something very much more serious
of
lty
specia
keep
to
e is concerned, If we care
We can stand that so far as the expens
other luxuries that we have recently also said:
up the high cost of living and enjoy the
comparing any of my respected colleagues
, we have got to have the sort
Again I assure you I am not
enjoyed. But what is much more serious
pointing out that the Bolshevistic spirit
handle
can
merely
that
am
I
ation
but
iki;
organiz
of
Bolshev
kind
only
to
ed
of organization which is the
German Govern- lacks every element of constructive opposition. They have destroy
the
of
please
we
what
say
may
We
armies of that sort.
.
citizens, but it was the only sort everything, and they have proposed nothing
fellow
my
ed,
destroy
been
I
has
l
vism,
that
ment
abhorrence for politica Bolshe
nation. You can't handle an
And while there is a common
of government that could handle an armed
thing grow up in our country as international
such
dmeois
it
if
any
be
nation
not
armed
will
an
there
handle
can't
hope
armed nation by vote. You
the constructive work of men
that way. You have got to Bolshevism, the Bolshevism that destroys
feeling of the great
cratic, because democracies don't go to war
of government to run a nation who have conscientiously striven to cement the good
have a concentrated, militaristic organization
peoples of the world.
of that sort.
ing of the opunassisted eye. You have
In the same speech in picturing the gibbet
And you can't watch other nations with your
everywhere. And let me tesplanted
s
agencie
said:
secret
dent
by
Presi
them
the
watch
got to
Treaty
did not know it until we got into ponents of the
that Treaty, is to impair one of the first
tify to this, my fellow-citizens, I not only
To reject that Treaty, to alter
told that it was true. Germany
question
this war, but I did not believe it when 1 was
d. And yet there are men who approach the
y
mankin
Every countr
s of
.
charter
service
secret
a
ned
maintai
that
y
, and party passion, who think only of
passion
was not the only countr
private
with
spring
,
y's
passion
with
to be ready for German
fellow.
in Europe maintained I., because they had
age to themselves or to a group of their
n the German secret service and some immediate advant
ed eyes of their
upon them, and the only difference betwee
who look at the thing with the jaundic
and
more
out
found
ymen,
service
countr
secret
n
Germa
the
in
annals
the
last,
e of their own. When at
the other secret services was that
who have some private purpos
will regret that the gibbet is so high.
they
than the others did.
d,
gibbete
are
they
d,
industhe
mankin
ours,
be
hip will
of
Under the League plan, the financial leaders
cial advantage will be ours, and
s City speech the Presitrial supremacy will be ours, the commer
looking
are
say,
I
In still another part of his Kansa
shalt
and
us,
to
look
will
world
regard to Russia:
the other countries of the
with
nts
comme
dent made the following ably in control of the affairs of Russia
to us,for leadership and direction.
critics of this League and of
men who now are measur
The
Very well, then, if I am to compete with the
again and again been chalsay I want to get in and get in as quick represent nobody but themselves. They have
this treaty, as a selfish American I
to
convention. They have again and again
help
and
is
run,
thing
utional
the
constit
how
know
a
and
call
lenged to
as I can; I want to be inside
of a mandate, even from
armed isolation or peaceful part- been challenged to prove that they had some kind
t it; they
run it, so that you have the alternative—
fellow-citizens. And they dared not attemp
their
of
class
single
a
.
nership
can any sane man ask the have no mandate from anybody.
and
choice,
the
to
as
e
than
hesitat
more
were
man
sane
there
Can any
them, I am told, and
There are only thirty-four of
mquestion, which is the way of peace?
control the destinies of Europe from Wilhel
to
used
who
nt
men
covena
four
the
that
thirtyg ignorance
w than
I have heard some men say with an amazin
monopoly of power in Petrograd and Mosco
closer
a
is
The
There
well.
.
Very
strasse
war.
for
ement
the thing that is intolerable is not that the Rusof the League of Nations was an arrang
ement for peace,for kind- there ever was in Berlin, and
that another group of men more cruel
other arrangement, what would it be? An arrang
people are having their way but
to their markets?
sian
us
beckon
ody
everyb
Would
ation?
ling the destinies of that great people.
liness,for co-oper
control
is
himself
Czar
the
I have reached years of than
now that I am against the control of any
I cannot bring my credulity up to that point.
And I want to say here and
men who know a great deal
ic history and what have you
discretion. and I have met some very young
re. Search your own econom
anywhe
y
minorit
in
g
meanin
l
doubtfu
of
phrase
again you have said there were small groups
more than some very old men. There isn't a
been uneasy about? Now and
industry and, therefore the developthe whole document.
capitalists who wore controlling the my fellow-citizens, if that is so (and
nt of the League of of
States. Seriously,
United
the
of
And what is the meaning? It is that the covena
ment
ion. Had anybody ever
it was) we must break up that monopoly.
Nations is a covenant of arbitration and discuss
I sometimes have feared that
told you that before?
SEPT. 13 1919.]
THE CHRONICLE
I am not now saying that there is any group of our fellow-citizens who
are consciously doing anything of the kind and I am saying that these allegations must be proved. But if it is proved that any class, any group
anywhere is without the suffrage of their fellow-citizens in control of our
affairs, then I am with you to destroy the power of that group.
We have got to be frank with ourselves, however. If we do not want
the minority government in Germany we must see to it that we do not have
it in the United States. If you do not want little groups of selfish men
to plot the future of Europe, we must not allow little groups of selfish men
to plot the future of America. Any man that speaks for a class must
prove that he also speaks for all his fellow citizens and for mankind; and
then we will listen to him.
The President concluded his Kansas City speech by
saying that the cause was greater than the Senate, greater
than the Government, and that, like his ancestors, he was
a covenanter. His words were:
I have not come to fight or antagonize any individual or body of individuals. I have, let me say without the slightest affectation, the greatest
respect for the United States Senate, but, my fellow-citizens, I have come
out to fight for a cause. That cause is greater than the Senate; it is greater
than the Government. It Is as great as the cause of mankind, and I intend,in office or out, to fight that battle as long as I live.
My ancestors were troublesome Scotchmen and among them were some
of that famous group that were known as the Covenanters.
Very well, there is the Covenant of the League of Nations. I am a covenanter.
PRESIDENT WILSON SAYS RESERVATIONS CHANGE
LANGUAGE OF TREATY WITHOUT
CHANGING MEANING.
In a discussion of reservations in a speech at Omaha on
Sept. 8 President Wilson held that "the reservations come
down to this—that they want to change the language of
the treaty without changing its meaning." "Having gone
through the mill on the existing language," the President
stated that he did not want to go through it again on changed
language. On the subject of reservations the President
said:
I didn't come here this morning so much to expound the treaty as to talk
about reservations. A reservation is an assent with a "but" to it. "We
agree, but."
Now I want to call your attention to some of these "buts." I will take
them as far as I can in the order in which they deal with the clauses of
the League itself.
In the first article of tue Covenant it is provided that a nation can withdraw from the League on two years' notice, provided that at the time of
tbls withdrawal, that is to say, at the expiration of the two years, it has fulfilled all its international obligations and all its obligations under the Covenant.
But some of our friends are very uneasy about that. They want to sit
close to the door and with their hand on the knob, and they want to say,
"We are in this thing, but we are in it with infinite timidity, and we are
in it only because you overpersuaded us and wanted us to come in, but we
are going to sit here and try this door every once in a while and see if it
isn't locked, and just as soon as we see anything we don't like we are going
to scuttle."
Now, what is the trouble? I want you to put this to every man you
know who makes this objection. What is he afraid of? Is he afraid that
when the United States wishes to withdraw it will not have fulfilled its
international obligations? Is he willing to bring that indictment against
this beloved country?
My fellow citizens, we never did fall to fulfill any obligations we
have
made. And, with God to guide and help us, we never will. And I,
for
one, am not going to admit in any connection the slightest doubt that
if
we ever choose to withdraw we will not have fulfilled our obligations. Because if we make reservations, as they are called, about this, what do we do?
This covenant does no set up any tribunal to judge whether we have fulfilled our obligations at that time or not. There is only one thing to restrain us, and that is the opinion of mankind. Are these gentlemen such
poor patriots that they are afraid the United States will cut a poor figure
in the opinion of mankind? And do the think that they can bring this
great people to withdraw from that League if at that time their withdrawal
would be condemned by the opinion of mankind?
We always have been at pains to earn the respect of mankind, and we
shall always be at pains to retain it. I, for one, am too proud as an
American to say that any doubt will ever hang upon our right to withdraw upon
the conditions of the fulfillment of our international obligations.
We cannot live without taking sides. We devoted ourselves to
justice
and liberty when we were born and we are not going to get senile and forget
it.
Are there any patriotic Americans that desire the method changed?
1041
If reservations were put in, the President went on, all that
the Senate had written in would have to go back for the consent of Germany.
Do they want me to ask the Germans if I may read
the treaty to them
expressed in the words the United States Senate thinks
it ought to have
been written in?
So, you see, the reservations come down to this, that
they want to
change the language of the treaty without changing
its meaning. And
let me say there are indications (I am not judging from
official dispatches,
but from the newspaper) that people are not in as good
a humor over In
France now as they were when I was there, and it is going
to be more difficult to get a new agreement from now on than it was
before, and after dealing with some of those gentlemen I found that they
were as ingenious as
any American in attaching unexpected meanings to plain
words. I do
not want, therefore, having gone through the mill on the
e.cisting language,
to go through it again on changed language.
But I must not turn away from this great subject without
attention to
the Shantung clause, the provision with regard to the transfer
of certain
German rights in that Province of Shantung, China, to Japan.
I frankly
said to my Japanese colleagues at the conference—therefore I can
without
Impropriety say it here—that I was very deeply dissatisfied with
that part
of the treaty.
But, my fellow citizens, Japan agreed at that very time, and
as part
of the understanding upon which these clauses were put into the
treaty, that
she would relinquish every item of sovereignty that Germany
had enjoyed
to China, and that she would retain what other nations have
elsewhere
in China—certain economic concessions with regard
to the railways and
the mines, which she was to operate under a corporation
and subject to
the laws of China. As I say, I wish she would have done
more, but suppose, as some have suggested, that we dissent from that clause in
the treaty?
You can't sign all of a treaty but one part, my fellow citizens.
It is
like the President's veto; he can't veto provisions of a bill;
he has got either
to sign the bill or veto it. We can't sign the treaty with the
Shantung
provision out of it, and if we could, what sort of service would that
be doing
China?
If I felt that I personally in any way stood in the way of this
settlement
I would be glad to die that it might be consummated, because I
have a
vision, my fellow citizens, that if this thing should by some mishap
noi: be
accomplished there would arise from that upon the fair name of this
people
a stain which never could be effaced, which would be intolerable
to every
lover of America, intolerable to every man who knew
America and was ready
with stout heart to uphold it.
I said just now, before opening, that I was happy to
forget on a campaign
like this what party I belong to, and I hope you will not
think I am recalling
what party I belong to if I say how proud I
have been to stand alongside
of Senator Hitchcock in this fight. I would
be just as glad to stand by
Senator Norris if he would let me.
The heart of America beats in these great prairies
and on these hillsides;
sometimes in Washington you seem very far away.
The voices that are
most audible in Washington are not voices that anybody
cares to listen to
for very long, and it is refreshing to me to get out among the
great body of
my fellow citizens and feel the touch of the hand and contact
of the shoulder
and the impulse of mass movement which is going tomake
conquest,spiritual
conquest of the world..
PRESIDENT WILSON SEES PRO-GERMANISM
ASSERTING ITSELF.
A wa fling tha., the pro-German element was again asserting itself was contained in a speech by President Wilson,
delivered at Des Moines on Sept. 8, in which he declared
that the choice of the people "is between the League of
Nations and Germanism," adding: "I have told you what I
mean ,by Germanism—having a chip on your shoulder."
In what he had to say concerning the reappearance of proGermanism, the President said:
So what I want to point out to you is that we are making a fundamental
choice. You cannot have a new system unless you supply a substitute,
an
adequate substitute for the old, and I want to say that When certain
of our
fellow-citizens take the position that we do not want to go into it
alone, but
want to take care of ourselves, I say that is the German position.
Germany, through the mouth of her Emperor, through her writers, and
through every action, said: "Here we stand ready to take care of ourselves.
We will not enter into any combination. We are armed for self-defense
and we know that no nation can compete with us." That appears to
be the
American program in the eyes of some gentlemen, and I want
to tell you
that in the last two weeks the pro-Germanism element has lifted
its head
again. It says: "I see a chance for Germany and America to
stay out and
take care of themselves."
There wore passions let loose on the field of the world at
war which have
not grown quiet, and which will not for a long time. Every
element of
disorder is hoping that there will be no staying hand from
the Council of
Nations to hold the order of the world steady until we can
make the final
arrangements of justice and peace.
Quoting Article X. of the League Covenant, Mr. Wilson
On the same subject, the President, in addressing a
said that any one who understood the English language gathering at
Minneapolis, on Sept. 9, said:
must admit that when it said the League could "advise" it
I want to testify to you here to-night, my fellow countrymen,
I
meant "advise," and not compel. He characterized the have the means of information, that, since it has seemed to be because
uncertain
whether
we
are
going
to
play
this
part
of
leadership
in the world, the old
League as "the only possible guarantee against war," and intrigues
have started upon in the country again.
said we feel recreant to those who fought the war if he did
That hyphen which looked to us like a snake, the hyphen
between
German and American, has reared its head again. You hear the
not urge its adoptign.
hiss of its
purpose, and what is that purpose? It is to keep America out of the
It was not an "absolute guarantee," he added, because cert of nations
conin order that America and Germany, being out of the conthere was no absolute guarantee against human passion.
cert, may some time in their mistaken dream, unite to diminate the
world,
Those who wanted a reservation to Article X., Mr. Wilson or at any rate the one to assist the other in holding the nations of the
off while its ambitions are realized.
continued, simply didn't want to come in now, but wanted world
There is no conjecture about this, my fellow-citizens. We know
the
to be "late joiners."
former purposes of German intrigue in this country, and they are being
Any reservations regarding the Monroe Doctrine, he revived. Why? We haven't reduced very materially the number of the
German
Germany remains the great Power of Central Europe.
declared, was unnecessary, because the doctrine has been She has people.
more than 60,000,000 people now. She had nearly 70,000,000
sinker,"
"swallowed, hook, line and
by the Peace Conference before Poland and other provinces were taken away.
You cannot change the temper and expectations of a people by a
and had been authenticated by the big Powers of the world
five
years' war, particularly by five years of war in which they are not
yet
for the first time.
conscious of the wrong they did or the wrong way in which they did it; and
So far as reservations about domestic questions were con- they are expecting the time of the revival of their power, and along with
the revival of their power goes their extraordinary capacity, their unparalcerned, he said, it would be a work of supererogation,
leled education, their great capacity in commerce,finance
and manufacture.
1042
THE CHRONICLE
The German bankers, and the German merchants, and the German
manufacturers did not want this war. They were making conquest of the
world without it. They knew that it would spoil their plans, not advance
them.
of
There can be only one intelligible reason for America's staying out
some
this, and that is, that she does not want peace, that she wants war
now
time, and the advantage which war will bring to her. I want to say
and here that the men who think that by that thought they are interpreting
for
useful
be
will
it
America are making the sort of mistake upon which
them to reflect in obscurity for the rest of their lives.
[VOL. 109.
PRESIDENT WILSON ON LEAGUE OF NATIONS AS
GUARANTEE OF PEACE.
In his speech before an audience at the St. Louis Auditorium, on Sept. 9, referred to more at length in another
item, President Wilson made the following remarks with
reference to the League guaranteeing peace:
PRESIDENT WILSON ON LIVING COSTS DEPENDENT
DUSTRIAL PROBLEMS—
ON SETTLEMENT OF IN.
LABOR'S DISSATISFACTION.
Speaking at a joint session of the Minnesota Legislature
which is considering the living cost problem,President Wilson
on Sept. 9 stated that "until the industrial world is put on
its feet you cannot finally handle the question of the cost of
living." According to the President, "we have got to see
that our own production and our own methods of finance and
our own commerce are quickened in every way possible, and
then we, sitting in Legislatures like this, and in the Congress
of the United States, have to see to it, if you will permit a
vulgar expression, that no one monk ys with th machinery."
Turning to the dissatisfaction existing between capital and
labor the President spoke as follows:
We might as well sit up straight and look facts in the face, gentlemen
with
The laboring men of the world are not satisfied with their relations
distheir employers. Of course, I do not mean to say there is universal
satisfaction, because there are situations in many instances of satisfaction
labor.
but I am speaking of the general relations between capital and
Everywhere there is dissatisfaction, much more on the other side of the
water than on this side.
set
One point I wish to make is that the world is looking to America to
the standards with regard to the conditions of labor or the relations between
promore
been
have
capital and labor, and it is looking to us because we
gressive in those matters. We have got to have a constructive program
strain of
with regard to labor, and a method by which we will relieve the
what you can call the cost of living.
I know
that
presume
I am not dogmatic about this matter. I can't
how it should be done. I know the principle upon which it should be done.
The principle is that the interest of capital and the interest of labor are not
different, but are the same.
to
You can't any longer regard labor as a commodity. You have got
production
regard it as a means of association, and when that is done the
of the world is going to go forward by leaps and bounds.
Why is it that labor organizations seriously limit the amount of work
bargains.
they have in hand to do? It is because they are driving hard
labor
They don't feel that they are your partners at all. And so long as
and capital are antagonistic production is going to be at its minimum.
abound,
Just so soon as they are sympathetic and co-operative it is going to
and that will be one of the means of bringing down the cost of living.
I hear opponents of the League of Nations say that this does not guarantee peace. No, nothing guarantees us against human passion and error.
But I like to put this business proposition to you—if it increases the probability of peace by. let us say, 10%, don't you think it is worth while?
And in my judgment it increases it about 99%.
TREATY ISSUE PEACE OR WAR,PRESIDENT WILSON
DECLARES.
At Bismarck, No. Dak., President Wilson on Sept. 10
stated that the issue involved in his speech-making tour for
the Treaty was "a question of war or peace." There was
only one way in which peace could be maintained, he said,
and that was by such a concert of nations as was proposed
in the League. Referring to proposals to separate the peace
terms from the League covenant, the President said that the
covenant had been put first in the Treaty because without
it the rest of the Treaty would be worthless. That conclusion, he is reported as saying, was reached unanimously
at Paris, because the Peace Conference realized that, having
set up a peace settlement, there must be some way of enforcing it. The President also said, among other things:
There is no more danger of the American people staying out of this
great thing than there is of our reversing all the precedents of our history,
forgetting all the blood that has been spilled, so much precious blood to
the State. But in the meantime the delay is endangering the whole world,
and us, of course, along with the rest, because we are, from the beginning,
in my opinion, instrumentally an important part of the world.
TEN POINTS IN PEACE TREATY DEFINED BY
PRESIDENT WILSON.
Ten points in the Peace Treaty were defined by President
Wilson on Sept. 10 as the fundamental principles on which
he is asking its acceptance by the United States. Press
advices coming from President Wilson's special train on the
10th state that it was made known through the newspaper
correspondents the platform which the President desires to
place before the people in his plea for the Treaty's acceptance.
The ten points in which he epitomizes the Treaty provisions
are, according to the press dispatches, are as follows:
1. The destruction of autocratic power as an instrument of international
the
at
delivered
9,
Sept.
on
Paul
St.
at
speech
In another
control, admitting only self-governing nations to the League.
United
he
I
of
a
duty
it
was
Auditorium, the President said
2. The substitution of public discussion and arbitration for war, using
States to lead the way in "peaceful production" and that the boycott rather thanofarms.
the world under constant international oversight
3. Placing the peace
could be done best under the labor section of the treaty. in recognition of the principle that peace of the world is the legitimate
e
conferenc
labor
nal
Under that section a great internatio
immediate interest of every State.
4. Disarmament.
would be held in Washington in October, whether the treaty
5. Liberation of oppressed peoples.
had been ratified or not.
6. Discontinuance of annexation and substitution of trusteeship with
responsibility to the opinion of mankind.
Invalidation of all secret treaties.
PEOPLE OF WORLD TIRED OF EVERY "EXPERIMENT" 7.
S. Protection of dependent peoples.
EXCEPT -LEAGUE OF NATIONS COVENANT,
9. High standards of labor under international sanction.
10. International co-ordination of humane reform and regulation.
SAYS PRESIDENT WILSON.
Referring to the state of revolution in which the world is toES "IT IS THIS TREATY OR NO
day held, President Wilson, in an address at the Minneapolis PRESIDENT DECLAR
NAL COURT PROPOSED
RNATIO
"—INTE
world
TREATY
the
of
Armory on Sept. 9, declared that "the people
APPROPRIATION BILL.
NAVAL
IN
one
the
except
t
experimen
of
kind
other
every
of
are tired
The declaration that it is a mistake to debate the peace
we are going to try." His remarks on this point follow:
the world treaty as if it were an ordinary treaty was made by President
We must realize in this broad country of ours the fact that
that it is
is in revolution. I do not mean in active revolution. I mean
Wilson in an address delivered at Billings, Mont.,on Sept. 11,
in a state of mind that may bring about the dissolution of government his remarks on this point being as follows:
a world settlement.
f we do not bring about
the
The great peoples of the world have been asleep, but, God knows,
other nations have not been asleep. There was no place in the world where
Blood
where they dared to speak out, and now the catastrophe has come. made
they
had been spilled in rivers and nations have been destroyed, and
s
Government
the
if
again,
up their minds that rather than have this happen
cannot get together, they will destroy the Governments.
is
But in the meantime look at the things that are happening. There
things the
not a day goes by that my heart is not heavy to think of the
and
order,
without
and
form,
people in Russia are doing. They are without
it that in this counthe danger is to the world. We must absolutely look to
be set up here
try that form of government of a minority of men shall not
and elsewhere.
thing
disastrous
most
the
that
I am not speaking revolution. I believe
to the man
that can happen to the under man, to the man who is suffering,
it
who has not had his rights, is to destroy public order, for that makes
certain he never can get his rights.
of
people
the
that
this:
I am far from intimating that, but I am intimating
one we
the world are tired of every other kind of experiment except the
that it is,
are going to try. I have called it an experiment; I frankly admit
statesman in
but it is a very promising experiment, because there is not a
the world who does not know that his people demand it.
to
We have either got to be provincials or statesmen. We have either got
I see
be ostriches or eagles. The ostrich is being overdone all around.
sees that
gentlemen bury their heads in something and think that nobody
mean by
they have submerged their thinking apparatus. That is what I
being an ostrich.
Now what I mean by being an eagle—I needn't describe it. I mean leav1 ng the mists lying close to the ground, getting upon strong winds into
the affairs of
those spaces where you can see all the affairs of mankind, all
America, seeing how the world appears.
We are making a mistake, I take the liberty of saying, in debating it as if
it were an ordinary treaty with some particular country, a treaty we could
ourselves modify without conflicting with the affairs of the world, whereas,
as matters were, it is not really a treaty with Germany. Matters were
drawn Into this treaty which affected the peace and happiness of the whole
continent of Europe. America, and the furthermost populations in Africa,
the peoples we hardly know about in the usual affairs of our country, where
the influence of German policy had existed and everywhere that influence
had to be guarded, had to be rejected, had to be altered.
This settlement the President described as "the first international settlement intended for the happiness and safety of
men and women throughout the world." He declared it to
be "indeed and in truth a people's treaty" and said:
It is the first people's treaty, and I venture to say that no Parliament or
Congress will attempt to alter it. And it is this treaty or no treaty. It is
this treaty because there can be no other.
It is a people's treaty, notwithstanding the fact that it is also a treaty
with Germany, and it is not an unjust treaty with Germany, as some have
characterized it.
Repeating as in a previous speech that the chance is now
there "to accept this treaty or play a lone hand" the President
in his Billings speech observed that "if you are going to play
a lone hand, the hand that you play must be upon the handle
of the sword. The lone hand," he continued, "must have a
weapon in it, and the weapon must be the young men of the
country, trained to arms, and the business of the country
SEPT. 13 1919.]
THE CHRONICLE
must be prepared for making armament and arms for the
men." The President also declared in his Billings address
that "the fact that the world is in a state of unsettled unrest
is not due to the extreme conditions arising out of the war
and the extraordinary circumstances." Continuing he said:
It is due to the unusual effect of the conditions under which men live and
labor which now exist. That is the condition all over the world. There is
no use in talking about a political democracy unless we also have an industrial democracy.
There can be no democracy with the control of a few of whatever kind or
class. And we have not yet finished with the monopolies. The world is
finding that out, like what is responsible for conditions in Russia.
Referring to the proposed conference of capital and labor
which he has called, the President stated that "the only way
to keep men from agitation against a grievance is to remove
the grievance." He added:
But as long as things are wrong I do not intend to ask men to stop agitating. I intend to beg that they Will agitate in an orderly fashion. Otherwise we will have chaos.
That fault is being found with the League of Nations is because, apparently. the gentlemen who are discussing it unfavorably are afraid we will
be bound to do something we do not want to do. Now, the only way in
which you can have an impartial determination in this world is by consenting
to do something you do not want to do.
I find that the two houses of Congress suggested there be an international
court. And they put it in a place where you would not expect it; they put
it in the Naval Appropriation bill. And now they have it, they do not
want it. It came much sooner than they expected,and apparently took them
so much by surprise that it confused their minds.
If we are headed toward peace, then, we must take the necessary steps to
secure it and we must make the sacrifices necessary to secure it and not only
discuss it.
INEVITABLE THAT AMERICA SHOULD BE INTRUSTED WITH PEACE OF WORLD,
SAYS PRESIDENT WILSON.
In alluding to "the splendid achievement of our boys On
the other side of the sea" who he unhesitatingly said, "saved
the world," President Wilson, in addressing a gathering at
Helena, Mont., on Sept. 11, said that "notwithstanding the
noble things that they did, their task is only half done, and
it remains for us to complete it. If," he said, "we left the
thing where it is and did not carry out the program of the
treaty of peace in all its fullness men like these would have to
die to do the work over again and convince provincial statesmen that the world is one, and that only by an organization
of the world can you save the young men of the world."
Among other things the President also said:
America has, if I may take the liberty of saying so, a greater interest in
the prevention of war than any other nation. America is less exhausted by
war—she is not exhausted at all. America has paid for the war that has
gone less heavily in proportion to her wealth than other nations. America
still has capital—capital enough for its own industries and for the industries
of the other countries that have to build their industries anew; and the
next war would have to be paid for in American blood and American money.
The nation, of all nations, that is most interested to prevent the recurrence of what has already happened is the nation which would assuredly
have to bear the brunt of that great catastrophe.
Who is going to take care of the growth of this nation? Who is going
to shape the accumulation of physical power of this nation if you choose to
put it in that form? Who is going to change the circumstances that we
largely feed the rest of the world? Who is going to change the circumstances that many of our resources are unique and indispensable? America
is going to grow more and more powerful, and the more powerful she is the
more inevitable it is that she should be intrusted with the peace of the
world.
THOMAS W. LAMONT URGES RATIFICATION OF
PEACE TREATY—EFFECT OF DELAY.
Concern over the delay in accepting the Peace Treaty
is expressed by Thomas W. Lamont of J. P. Morgan & Co.
and who served as financial adviser to the American Commission to Negotiate Peace, in a statement issued on Sept.
7. Mr. Lamont urges that "since it became evident to the
world of commerce that the action of the United States
Senate might nullify the treaty there has been an alarming
fall in the rates of foreign exchange," and no remedy for
this can be had, he contends, as long as the delay continues
at Washington. "It is hard to conceive," he says, "the
attitude of mind that insists upon such calamitous fumbling
with the most critical situation that the world has ever
seen." The strongest part of Mr. Lamont's statement,
however, is in the stand he takes against so amending the
treaty as to make it necessary to re-submit it to the signatory powers and—worst of all—to Germany itself. Here
he presents the arguments against such a course with greater
cogency and force than anything on the subject that has
yet come to our notice in any of the public discussions.
Whether one is inclined to side with him or not, Mr. Lamont's statement deserves to be pondered and studied.
We give it in full as follows:
Since my return from Paris, where I spent five months in work with the
American Commission to Negotiate Peace, I have, until now, in response to
frequent urgings, declined to comment upon the existing situation with
respect to the treaty and to the industrial problems that are hanging upon
the ratification of it. I am a member of the Republican party, and have
confidence that the Republican Senate majority, whose patriotismcannot
1043
be questioned, would, after the careful investigation and consideration
which it was its duty to give, vote an early ratification of the treaty. But
I, in common, I believe, with the country at large, have become greatly
disturbed at the continued uncertainty and delay—a delay which, in my
judgment, is already responsible for having rendered social and industrial
conditions in both Europe and America distinctly worse.
The whole world is crying for peace, for a chance to renew its normal
life and work; and America. by constant inaction, refuses to grant her
consent,to the settlements necessary. Since it became evident to the world
of commerce that the action of the United States Senate might nullify the
treaty, there has been an alarming fall in the rates of foreign exchange.
For this no remedy can be had as long as the delay continues at Washington; no plan for the extension of foreign credits, so necessary to ma.ntain
America's export trade, can be evolved. It is hard to conceive the attitude
of mind that insists upon such calamitous fumbling with the most critical
situation that the world has ever seen. The only explanation is that there
is still almost incredible misunderstanding, both of the treaty provisions
themselves And of the manner in which the affairs of the world await America's assent to peace.
One point should be cleared up now, and that is the misapprehension
existing in many quarters as to President Wilson's attitude at Paris. I
hear It repeated that he was unwilling to take counsel with his delegation.
That is untrue. He constantly and earnestly sought the advice of his
associates. I hear it said that in fighting for the League of Nations he
yielded up vital points in the main treaty. In the Shantung settlement
perhaps Japan's attitude as to the League was a consideration. Aside
from that, I know of no clause in the treaty that was tempered or modified
at all by Mr. Wilson's solicitation for the League. President Wilson,
being a human being, undoubtedly lAs certain defects; but, as a member
of the opposite political faith from his, and as taking a continuous, albeit
unimportant,part in the work at Paris, I am in all fairness bound to say
that throughout the complexities and anxieties over there President Wilson acted with moderation, common sense, and great patience; he played no
politics and, what is more, he showed constantly extraordinary courage in
fighting for the idealism that we call American. His course there was such
that it should command the admiration of his fellow-citizens regardless of
party.
As to the treaty itself, the situation, then, is this: America played an
enormously important part in the war. Without her co-operation it could
not have been won. In the same way, in making peace her allies and
associates in the war looked to her for leadership. It was the effort of the
American Mission at Paris to give to the settlement of peace the same unselfish,just and generous effort that America had shown in the war. Working steadily upon these principles for months at Paris, the American Commission was active in negotiating a treaty which commanded the approval
of our own and of the delegation of twenty-two other powers.
Admittedly, the treaty is not a perfect document. By no theory is it
ever possible, among a score of divergent interests, and in a chaos of States
confused politically and half paralyzed economically, with the whole social
structure tottering, with a half-score of nationalities torn, bleeding, saddened, and dazed by the sufferings and horrors of war—in no way, I say,
can perfection in the drafting of a human document be attained under such
conditions. Compromises ought to and must be made. They were made
by all parties to the treaty—less, as a matter of fact, by the American
delegation than by the others, although the material interests of our
country were far less involved than those of the other powers; and though,
on the theory of maintaining an unselfish attitude, we could have been excused for conceding at least as much as any of our allies. As Senator Knox
well put it years ago in a speech favoring international co-operation:
"Every material and moral advance in the sodality of nations, for universal, as distinguished from local or domestic, purposes, is achieved by
concessions restraining to a greater or less degree the liberty of action o
individual States for the benefit of the community of nations and in obedience to the demands of an international public opinion."
The American delegation in the main, then, carried through its ideas,
and was enabled to do so because there was openly accorded to it a position
of arbiter of justice. Repeated instances arose where the other commissions requested the American delegation to prepare a solution, which in
effect the others would indorse in advance. I point out these facts to
emphasize that, even with the compromises that were evidently essential
to make, to America was granted, in large measure, a position of guidance
and leadership. It is not true that the United States was "hooked" by
the other powers, in either the main clauses of the treaty, or in the League
of Nations Covenant.
This peace settlement, then, upon which all Europe has been hanging for
months, for which all industry (employer and employee alike), all restoration and return to a life of order, have been waiting, is brought to Washington for ratification or rejection. It is plain that, despite the attitude
of certain Senators, the majority of the Senate is disinclined openly to reject
the treaty.
It is equally plain that some Senators are contemplating its rejection by
the much more objectionable method of making certain alterations in it,
none of them of great importance, but with a net result of compelling us
to go back to Germany and ask her to have the grace to execute a new treaty
with us. This we cannot do without also begging our own allies to reopen
negotiations with Germany and to assemble their own Parliaments (which
in the case of England, of Belgium, and of some other States have already
approved the treaty) to argue for perhaps further long months over the
proposed American alterations.
Close examination of the points which are styled as dangerous by those
Senators who desire to amend the treaty falls to disclose any perils whatsoever. President Wilson in his meeting with the Foreign Relations Committee on Aug. 19 went with great care into these points.
Why reopen the whole peace negotiations; why let Europe go from bad to
worse while we are discussing a condition that does not exist and that was
never even contemplated at Paris? Minor though these points at issue are,
there is no reason why any one of them should not be brought up, and, if
need be, clarified at the initial meeting of the League of Nations in Wash"
ington next October. We should appreciate that the covenant of the League
is not a rigid, but a mobile, instrument. Hardly more than the rough
machinery for the workings of a Society of Free Nations was set up. At
Paris it was expected that the perfection of the instrument would take years
to bring about; that meantime there would be almost constant changes proposed and made.
As to the main treaty, the clause about Shantung is the only one exciting
controversy. Well, nobody likes that clause—President Wilson, as he has
intimated, as little as any one. But it is one thing to dislike that clause
and another thing to bring about an hnmediate change in it. Japan drove
the Germans out of Shantung; and back in the earlier days of the war, before America had come in, at a time when things were going badly, and
when Japan's support was sorely needed, Great Britain and France promised Japan, in response to her demand that, so far as they were concerned,
Japan should inherit Germany's position in China. Now, when three years
later the question came up at Paris, perhaps it might have been possible
for President Wilson to say in effect to Lloyd George and Mr. Clemenceau.
1044
THE CHRONICLE
[VOL. 109.
"You made a poor bargain with Japan, and you must tell her I won't let treaty, which was in two languages and filled 537 quarto pages. The
you carry it out." But how could Mr. Wilson have actually taken such a treaty, therefore, was not in the possession of the committee for action until
position? Fortunately, his decision was rendered somewhat less difficult July 14 1919. The report upon the treaty was ordered by the committee
by reason of the fact that the Japanese delegation solemnly and repeatedly on Sept. 4. Deducting Sundays and a holiday, the treaty has been before
stated its intention to make early modification of the Shantung settlement. the Committee on Foreign Relations for forty-five days. The committee
I, myself, b-illeve that in this we must rely upon two things: First, upon met on thirty-seven of those working days, sitting whenever possible both
Japan's good faith, and, second, if that should fail, which I can hardly con- In the morning and afternoon. The eight working days upon which the
ceive, then upon the effective workings of the League of Nations. But committee did not sit were lost owing to unavoidable delays in securing
as to Shantung, just how our Senate to-day can by amendment to the treaty the presence of witnesses summoned by the committee. In view of the
force England and Franco to go back on their agreement with Japan and just fact that six months wero consumed by the Peace Conference in making
how we can say to Germany, who has accepted the loss of her position in the treaty, in addition to a month of work by the various delegations
China,that we want her to withdraw that acceptance and consider some new before the assembling of the conference, the period of six weeks consumed by
plan, it is impossible to conceive. Meanwhile, certain of our Senators con- the committee in considering It does not seem excessive.
These facts are mentioned because there has been more or less clamor
tinue grossly to question the good faith of Japan, to insult her, and to render
infinitely more difficult the settlement of other momentous questions that about delay in the committee. This demand for speed in the consideration
of the most important subject which ever came before the Senate of the
have to do with the whole future of the Far East.
Finally,the treaty that was evolved imposes justly severe terms upon Ger- United States, involving as it does fundamental changes in the character
not,
Gerare
they
If
at
of our Government and the future of our country for an unlimited period,
many. Those terms should be put into effect once.
many will be able to evade her obligations, and the American people will in was largely the work of the Administration and its newspaper organs and
every way suffer serious loss. Senator Knox declares that those terms are so was so far wholly artificial. Artificial also was the demand for haste
hard on Germany that the whole treaty should be rejected. Doss he favor disseminated by certain great banking firms which had a direct pecuniary
treating Germany in a way to encourage her to start another war? Do-he interest in securing an early opportunity to reap tho harvest which they
and those of his colleagues who are trying to defeat this treaty forget that expected from the adjustment of the financial obligations of the countries
It was Germany who plunged the whole world into darkness and woe, in a which had been engaged in the war.
The third element in the agitation for haste was furnished by the unstruggle that brought death to at least 10,000,000 beings, incapacity to
20,000,000 more; the breakdown of law and order; the wasting of over thinking outcry of many excellent people who desired early action and who,
$200,000,000,000 of treasure, and calamities from which the world can for the most part, had never read the treaty or never got beyond the words
hardly recover within a hundred years? The aim of the nations assembled "League of Nations," which they believed to mean the establishment of
at Paris was to draft a treaty that was just, but so framed as to prevent eternal peace. To yield helplessly to this clamor was impossible to those
to whom was intrusted the performance of a solemn public duty.
Germany or any other nation from repeating such crimes as these.
The responsibility of the Senate in regard to this treaty is equal to that of
To this end the treaty sets up the initial machinery for a league of free
nations. The United States Senate cannot pull apart that machinery with- the Executive, who,although aided by a force of 1,300 assistants, expert and
out making the whole treaty void. Any such action as that will spell re- otherwise, consumed six months in making it, and the Senate and its Comnewed Bolshevist effort throughout Europe, spreading, as there is already mittee on Foreign Relations cannot dispose of this momentous document
evidence. to America; will mean continued chaos among those newer nation- with the light-hearted indifference desired by those who were pressing for
alities that America has helped establish; worse than all else, will bring starv- hasty and thoughtless action upon it. The committee was also hampered
ation this coming Winter over there, not to thousands, but to millions of by the impossibility of securing the full information to which they were
human beings.
entitled from those who had conducted the negotiations. The committee
No one will object to clarifying interpretations, even though they are un- was compelled to get such imp rfect information as it secured from press
necessary. But, if the United Staths insists today upon sending the treaty reports, by summoning before it some of the accessible experts who had
back with changes and reservations, we shall certainly witness the calam- helped to frame the complicated financial clauses, and certain outside
ities that I describe; and,furthermore, by continued delay, we shall probably witnesses.
As an illustration in a small way of the difficulties in securing information
postpone action until finally we shall have the United States entering the
League of Nations hand in hand with Germany, novitiates together in this it may be stated that no provision had been made to supply the Senate with
war.
of
slavery
from
the
the maps accompanying the treaty, and it was necessary to send to Paris to
wonderful enterprise that is to set the world free
That may be what the American people want, but I don't believe it.
procure them. The only documents of the many asked for by the committee
which were furnished by the Executive were the American plan for the League
of Nations, submitted to the commission on the League covenants, and the
draft made by experts of that commission.
PEACE TREATY REPORTED TO SENATE—MAJORITY composite
The treaties with Poland and with France, as well as the Rhine protocol,
REPORT.
all integral parts of the treaty with Germany, were obtained by the Senate,
prior to their transmission by the President, from the documents laid boThe Peace Treaty with Germany, as amended by the fore
the House of Commons and the Chamber of Deputies early in July by
Senate Committee on Foreign Relations and with the four the Prime Ministers of England and France. The records of the Peace Conrepresentatives of the five great powers
reservations proposed to the League of Nations Covenant, ference and of the conferences of the
were asked for by the committee and refused by the Executive. The comwas reported to the Senate on Sept. 10 by the Committee. mittee
had before them the Secretary of State, who was one of the American
In presenting it to the Senate, Senator Lodge, Chairman delegates, and a signer of the treaty, and they also had the privilege of a
the White House, which they had themselves
of the Committee, submitted the majority report in which meeting with the President at
The testimony of the Secretary of State,and the conversation of
in answering the charges that the Committee was dilatory requested.
the committee with the President, published in the record of the committee
in disposing of the document, he stated that deducting hearings, have been laid before the country by the press, and It is not
anything further in regard to them because the people themSundays and a holiday the Treaty had been before the necessary to say
selves know how much information in regard to the treaty was received by
Committee but forty-five days. "The responsibility of the committee upon those two occasions.
The character of the clamor for speedy action is well illustrated by the fact
the Senate in regard to this Treaty," says the report, "Is
it was directed solely against the Senate of the United States and its
equal to that of the Executive, who although aided by a that
Committee on Foreign Relations. The treaty provides that it shall go into
force of 1,300 assistants, expert and otherwise, consumed force when ratified by Germany and by three of the principal allied and
France, Great Britain,
six months in making it." The President's contention 'that associated powers, which are the United States,ratified
at once, but no
Italy, and Japan. Great Britain very naturally
prompt ratification of the Treaty was necessary in order one
of the other four has yet acted. Persons afflicted with inquiring minds
to renew our trade with Germany is answered by the report have wondered not a little that the distressed mourners over delays in
at the like shortcomings on
with the declaration that we have been trading with Ger- the Senate have not also aimed their criticism
the part of France, Italy, and Japan, an act of even-handed justice In faultmany ever since the armistice. The report characterizes finding
which they have hitherto failed to perform.
the Covenant of the League of Nations as "an alliance
Perhaps it is well also to note and to consider for a moment one co
was to the effect that
and not a league," this, it is stated, being "amply shown reasons given for the demand for hasty action,inwhich
order to renew our trade
was necessary to have prompt ratification
by the provisions of the Treaty with Germany which vests It
with Germany, for even the most ardent advocate of unconsidered action
all essential power in five great nations." The belief is was unable to urge that the channels of trade to the Allied countries wore
of this particular plea for haste, now rather
expressed by the Committee that "the League as it stands not open. The emptiness
faded, is shown by the fact that we have been trading with Germany over
also
They
peace.
securing
of
instead
wars
will breed
since; he armistice. Between that event and the end of July we have
June
believe that the Covenant of the League demands sacrifices exported to Germany goods valued at $11.270,624. In the month oforders
more to Germany than we did to Spain. In July, by
of American independence and sovereignty which would we exported Trade
Board, the provisions of the Trading with the Enemy
of the War
in no way promote the world's peace, but which are fraught Act were set aside by the authorization of licenses to trade, and exports
with the gravest dangers to the future safety and well to Germany for the month of July amounted to $2,436,742, while those to
and Hungary were $1,016.518.
being of the United States." Stating that "we have heard Austria
the
It is an interesting fact that the exports in June in Germany, before
it frequently said that the United States 'must' do this relaxation of the Trading with the Enemy Act, were much larger than after
indicaan
and do that in regard to this League of Nations and the that relaxation, brought about by allowing licenses, was ordered,
undoubted truth that our trade with foreign countries is not
terms of the German peace," the majority declares "there tion of the
affected by the treaty, but is governed by the necessarily reduced purchasby
used
of
is no 'must' about it. 'Must' is not a word to be
ing power of all countries in Europe engaged in the war. As a matter
it Is a mere delusion to
foreign nations or domestic officials to the American people fact, therefore, we are trading with Germany, andratification
treaty,
the
of
the
until
Germany
that we cannot trade with
or their representatives." The report observes that "at say
because in order to do so we require a now treaty of amity and commerce,
this moment the United States is free from any entangle- and the re-establishment of our consular system in that country. The
in Germany by
ments or obligations which . . . would compel her to United States, following the usual custom, was represented
both in the consular and in the diplomatic service, after the outbreak
Spain
to
the
or
conscience
of
the
dictates
to
do anything contrary
through the
of the war, and we can transact all the business we may desire
freedom and the interests of the American people." "To good offices of Spanish consuls until a new consular treaty with Germany
preserve American independence and American sovereignity and thereby best serve the welfare of mankind,"
the proposed amendments and reservations, the report
states, are offered. The minority report was presented on
Sept. 11; it is referred to in another article. The majority
report in full follows:
The treaty of peace with Germany was laid before the Senate by the
President on July 10 1919. Three days were consumed in printing the
has been made.
Mr. Lloyd
Before leaving this subject it may not be amiss to remark that
appreGeorge has recently made two important speeches expressing grave
now
hensions as to the social and political unrest and the economic troubles
however,
out,
point
prevalent in England. He seems to have failed to
by
Nations
Groat
of
League
the
that the ratification of the covenant of
He was apparBritain had relieved the situation which he had described.
eWequally remiss in omitting to suggest that prompt action by the Senate
t7irt1 United States in adopting the covenant of the Leauge of Nations
would immediately lower the price of beef.
SEPT. 13 1919.]
THE CHRONICLE
1045
In reporting the treaty for the Senate for action the committee propose No American soldiers or sailors must be sent to fight in other lands at the
certain amendments to the text of the treaty and certain reservations to be bidding of a League of Nations. American lives must not be sacrificed
attached to the resolution of ratification and made a part of that resolution except by the will and command of the American people acting through
their Constitutional representatives in Congress.
when it is offered.
This reservation also covers the subject of mandates. According to the
In regard to the amendments generally it should be stated at the outset
that nothing is more groundless than the sedulously cultivated and con- provisions of the covenant of the League, the acceptance of a mandate
stantly expressed fear that textual amendments would require a summoning by any member is voluntary, but as to who shall have authority to refuse
of the Peace Conference, and thereby cause great delay. There will be no or to accept a mandate for any country the covenant of the League is silent,
necessity of summoning the Peace Conference, because it is in session now in The decision as to accepting a mandate must rest exclusively within the conParis, with delegates fully representing all the signatory nations, as it has trol of the Congress of the United States, as the reservation provides, and
been for six months, and it seems likely to be in session for six months must not be delegated, even by inference, to any personal agent or to any
more. Textual amendments, if made by the Senate, can be considered in delegate or commissioner.
"3. The United States reserves to itself exclusively the right to decide
Paris at once, and the conference would be at least as usefully employed in
that consideration as they now are in dividing and sharing Southeastern what questions are within its domestic jurisdiction and declares that all doEurope and Asia Minor,in handing the Greeks of Thrace over to our enemy, mestic and political questions relating to its affairs, including immigration,
Bulgaria, and in trying to force upon the United States the control of coastwise traffic, the tariff, commerce, and all other domestic questions, are
Armenia, Anatolia and Constantinople through the medium of a large solely within the jurisdiction of the United States and are not under this
Treaty submitted in any way either to arbitration or to the consideration of
American army.
Still more unimportant is the bugbear which has been put forward of the the Council or of the Assembly of the League of Nations or to the decision or
enormous difficulties which will be incurred in securing the adhesion of recommendation of any other Power."
The reservation speaks for itself. It is not necessary to follow out here all
Germany. No great amount of time need be consumed in bringing German
representatives to Paris. The journey is within the power of a moderato tortuous windings, which to those who have followed them through the
amount of human endurance, and it is also to be remembered that Germany labyrinth disclose the fact that the League under certain conditions will have
is not a member of the League and need not be consulted in regard to the power to pass upon and decide questions of immigration and tariff, as well
terms of the covenant. When Germany enters the League she will take it as the others mentioned in the reservation. It is believed by the Committee
that this reservation relieves the United States from any dangers or any
as she finds it.
The first amendment offered by the committee relates to the League. It obligations in this direction.
The fourth and last reservation is as follows:
is proposed so to amend the text as to secure for the United States a vote
"4. The United States declines to submit for arbitration or inquiry by the
in the Assembly of the League equal to that of any other Power. Groat
Britain now has under the name of the British Empire one vote in the Council Assembly or the Council of the League of Nations provided for in said Treaty
of the League. She has four additional votes in the Assembly of the of Peace any questions which in the judgment of the United States depend
League for her self-governed dominions and colonies, which are most upon or relate to its long-established policy, commonly known as the Monproperly members of the League and signatories to the treaty. She also roe Doctrine; said doctrine is to be interpreted by the United States alone,
has the vote of India, which is neither a self-governing dominion nor a and is hereby declared to be wholly outside the jurisdiction of the said League
colony, but merely a part of the empire, and which apparently was simply of Nations and entirely unaffected by any provision contained in the said
put in as a signatory and member of the League by the Peace Conference Treaty of Peace with Germany."
The purpose of this reservation is clear. It is intended to preserve the
because Great Britain desired it. _
Great Britain also will control the votes of the Kingdom of Hedjaz and Monroe Doctrine from any interference or interpretation by foreign powers.
of Persia. With these last two voted, of course, we have nothing to do. As the Monroe Doctrine has protected the United States, so, it is believed
But if Groat Britain has six votes in the League Assembly, no reason has by the Committee, will this reservation protect the Monroe Doctrine from
occurred to the committee, and no argument had been made to show why the the destruction with which it is threatended by Article XXI in the Covenant
United Stateh should not have an equal number. If other countries like of the League and leave it, where it has always been, within the sole and
the present arrangement, that is not our affair, but the committee failed to complete control of the United States.
This Covenant of the League of Nations is an alliance and not a League,
see why the United States should have but one vote in the Assembly of the
as is amply shown by the provisions of the Treaty with Germany, which
League, when the British Empire has six.
Amendments 39 to 44, inclusive, transfer to China the German lease and vests all essential power in five great nations. Those same nations, the
rights as they exist in the Chinese province of Shantung, which are given by principal Allied and Associated Powers, also dominate the League through
the treaty to Japan. The majority of the Committee were not willing to the Council.
The Committee believes that the League as it stands will breed wars
have their votes recorded at any stage in the proceedings in favor of the consummation of what they consider a great wrong. They cannot assent to instead of securing peace. They also believe that the covenant of the
taking the property of a faithful ally and handing it over to another ally in League demands sacrifices of American independence and sovereignty
fulfillment of a bargain made by other Powers in a secret treaty. It is a which would in no way promote the world's peace, but which are fraught
record which they are not willing to present to their fellow citizens or leave with the gravest dangers to the future safety and well-being of the United
States. The amendments and reservations alike are governed by a single
behind for the contemplation of their children.
Amendment No.2 is simply to provide that where a member of the League purpose, and that is to guard American rights and American sovereignty,
has self-governing dominions and colonies which are all members of the the invastion of which would stimulate breaches of faith, encourage conLeague the exclusion of the disputants undet the League rules shall cover the flicts, and generate wars. The United States can serve the cause of peace
aggregate vote of the member of the League and its self-governing dominions best, as she has served it in the past, and do more to secure liberty and civiland parts of the Empire combined, if any one is involved in the controversy. ization throughout the world by proceeding along the paths she has always
The remaining amendments, with a single exception, may be treated as followed and by not permitting herself to be fettered by the dictates of other
one, for the purpose of all alike is to relieve the United States from having nations or immersed and entangled in all the broils and conflicts of Europe.
representatives on the commissions established by the League, which deal
We have heard it frequently said that the United States "must" do this
with questions in which the United States has and can have no interest, and and do that in regard to this League of Nations and the terms of the German
States
United
has
evidently been inserted by design. The peace. There is no "must" about it. "Must" is not a word to be used by
in which the
exception is Amendment No.45, which provides that the United States shall foreign nations or domestic officials to the American people or their reprehave a member of the Reparations Commission, but that such Commissioner sentatives. Equally unfitting is the attempt to frighten the unthinking
of the United States cannot, except in the case of shipping, where the inter- hi suggesting that if the Senate adopts amendments or reservations the
ests of the United States are directly involved, deal with or vote upon any United States may be excluded from the League. That is the one thing
other questions before that Commission except under instructions from the that certainly will not happen. The other nations know well that there Is
Government of the United States.
no threat of retaliation possible with the United States, because we have
The Committee proposes four reservations to be made a part of the reso- asked nothing for ourselves and have received nothing. We seek no
lution of ratification when it is offered. The Committee reserves, of course, guarantees, no territory, no commercial benefits or advantages. The other
the right to offer other reservations if they shall so determine. The four nations will take us on our own terms, for without us their League is a
reservations now presented are as follows:
wreck, and all their gains from a victorious peace are imperilled. We exact
1. The United States reserves to.itself the unconditional right to with- nothing for ourselves, but we insist that we shall be the judges, and the
draw from the League of Nations upon the notice provided in Article I of only judges, as to the preservation of our rights, our sovereignty, our safety,
and our independence.
said treaty of peace with Germany."
At this moment the United States is free from any entanglements or
The provision in the League covenant for withdrawal declares that any
member may withdraw provided it has fulfilled all its international obliga- obligations which legally or in the name of honor would compel her to
stens and all its obligations under the covenant. There has been much do anything contrary to the dictates of conscience or to the freedom and
dispute as to who would decide if the question of the fulfillment of obligations the interests of the American people. This is the hour when we can say
was raised, and it is very generally thought that this question would be precisely what we will do and exactly what we will not do, and no man can
settled by the Council of the League of Nations. The best that can be said ever question our good faith if we speak now. When we are once
caught
about it is that the question of decision is clouded with doubt. On such a In the meshes of a treaty of alliance or a League of Nations composed
of
point as this there must be no doubt. The United States,.which has never twenty-six other Powers, our freedom of action is gone. To
preserve
broken an international obligation, cannot permit all its existing treaties American independence and American sovereignty, and
thereby best serve
to be reviewed and its conduct and honor questioned by other nations.
he welfare_ of mankind, the Committee prepose these amendments and
The same may be said in regard to the fulfillment of the obligations to the eser vationT.
League. It must be made perfectly clear that the United States alone is to
determine as to the fulfillment of its obligations, and its right of withdrawal
MINORITY REPORT ON PEACE TREATY WITH
must therefore be unconditional, as provided in the reservation.
GERMANY.
United
States
declines
to
The
"2.
assume, under the provisions of Article
Following the presentation to the House on Sept. 10 of
X, or under any other article, any obligation to preserve the territorial integrity or political independence of any other country or to interfere in the majory report on the German Peace Treaty,
theminority
controversies between other nations, members of the League or not, or to
employ the military or naval forces of the United States in such contro- report, signed by all the Democratic members of the Comversies, or to adopt economic measures for the protection of any other mittee on Foreign Relations except Senator Shields, who has
country, whether a member of the League or not, against external aggres- declared himself in favor of
reservations, was submitted to
sion, or for the purpose of coercing any other country, or for the purpose of
intervention in the internal conflicts or other controversies which may arise .the House on Sept. 11. The minority report urges the early
in any other country, and no mandate shall be accepted by the United ratification of the Treaty without amendments and without
States under Article XXII, Part 2, of the Treaty of Peace with Germany, reservations. As a result of the
delay the minority states,
except by action of the Congress of the United States."
This reservation is intended to meet the most vital objection to the League "the industrial world is in ferment, the financial world in
covenant as it stands. Under no circumstances must there be any legal or doubt, and commerce halts." The reservations, the report
moral obligation upon the United States to enter into war or to send its contends, are in fact alterations
of the Treaty; presented
army and navy abroad, or, without the unfettered action of Congress, to
impose economic boycotts on other countries. Under the Constitution of as parts of the resolution to ratify the Treaty they would,
the United States the Congress alone has the power to declare war, and all if adopted, it is claimed, result in its defeat. Contrary to
bills to raise revenue or affecting the revenue in any way must originate in the conclusions of the majority
report that the Covenant
the House of Representatives, be passed by the Senate, and receive the signature of the President. These Constitutional rights of Congress must not of the League of Nations "will breed wars instead of securbe impaired by any agreements such as are presented in the treaty, nor can ing peace" the minority report holds that "it is the only plan
any opportunity of charging the United States with bad faith be pormitto d proposed to redeem the
world from wars, pestilence and
1046
THE CHRONICLE
[VOL. 109.
Fifth--Germany's agreement with us that the United States shall have the
privilege of reviving such of the treaties with Germany as were in existence
prior to the war as we may alone desire.
Sixth—Germany's promise to us to restore the property of our citizens
seized in Germany or to compensate the owners.
Seventh—Germany's very important agreement validating all acts by the
United tates and by the Alien Property Custodian by which we seized and
liquidated $800,000,000 worth of property in the United States belonging
to German citizens.
Eighth—Germany's agreement that the proceeds of the sale of these properties may be used to compensate our citizens in Germany if Germany fails
to do so, or to pay debts which Germany or Germans owe to American
citizens, or to pay American pre-war claims against Germany for property
destroyed and lives taken similar to the losses because of the destruction
of the Lusitania.
Ninth—Germany's agreement that she will compensate her own citizens
for property, patents, and other things belonging to them in the United
States seized during the war by our Government.
Tenth—Germany's agreement that no claim can be made against the
United States in respect to the use or sale during the war by our Government,
or by persons acting for our Government,of any rights in industrial, literary,
or artistic property, including patents.
Eleventh—Germany's agreement that the United States shall retain over
500.000 tons of German shipping, seized in American ports, which must
in
unite
Committee,
Relations
the
Foreign
of
The undersigned, members
more than compensate us for shipping lost during the war.
urging the early ratification of the pending treaty of peace without amendTwelfth—We would lose our membership on the reparations commission,
ments and without reservations.
which will be the most powerful international body ever created and which
We deplore the long and unnecessary delay to which the treaty has been
will have enormous control over the trade and commerce of Germany with
subjected, while locked up in the committee whose majority decisions and the rest of the world for years to come. It not only supervises the use of
recommendations were from the start a foregone conclusion. They could German economic resources and the payment of reparations, but it can rehave been made in July as well as in September, and would have been the strict or expand Germany's imports and distribute much of her desirable exsame.
ports, including dyes. In no way can the United States assure itself against
The industrial world is in ferment, the financial world in doubt, and comdiscrimination in German imports and financial policies, unless we have a
merce halts, while this great delay in the peace settlement has been caused member upon this great reparations commission
by the majority of a committee known to be out of harmony with the
There are some, but by no means all, of the valuable concessions which
majority of the Senate and the majority of the people. This is government the United States would inevitably sacrifice by falling to ratify the treaty.
minority.
a
by
as
well
as
obstruction
by
This failure would be just as complete if we adopt an amendment to it as
Our export trade already shows the undeniable effects of delay and doubt if we rejected the treaty absolutely. In either event, we would find ourfolin treaty ratification and peace settlement. For the first seven months
per selves at the end of the war, it is true, but without any peace or terms of
lowing the armistice our exports averaged almost seven hundred millions
peace with Germany. We would have abandoned our disgusted associates
dollars.
of
millions
seventy
end
hundred
five
to
fell
they
July
in
but
month,
a
in full and we would be reduced to the necessity of seeking negotiated peace with
Europe undoubtedly wants our products, but can only take them
be willing to accord.
over the an angry Germany on such terms as she would
quantity if our financial institutions provide the credit to bridge
against
,
amendments.
qualifications
We are, therefore, without any
This
period necessary to restore European industry to productiveness.
We are aware that the claim has been set up that one of the proposed
settlepeace
the
as
long
as
furnished
be
not
will
and
cannot
credit
private
amendments, which relates only to the League of Nations, does not require
ment is in doubt. A public credit has heretofore carried this great balance the assent of Germany. This is based on the fact that Germany is not yet a
to
of trade. Since the armistice was signed our Government has advanced
which was member of the League of Nations and may not be for several years.
European Governments nearly two and one-half billion dollars,
The answer is, however, that the League covenant is a part of the treaty,
period.
months'
eight
the
during
trade
of
balance
the
cover
to
almost enough
its authority and the League, which is mentioned in many places in the treaty, has much
Our Government, however, has about reached the end of
is not a member. Geron, If we are to do with German affairs, even though Germany
given by Congress and will advance but little more. From now
to the provisions of the covenmust furnish the many,in agreeing to the treaty, has assented
to keep up our commerce with Europe, private enterprise
be
only
amended by the action
can
it
that
is
provisions
the
of
started and are ant, and one
credit to cover the trade balance till European industries get
para- of the League, which has not yet started, ratified by all the members of the
able to pay us with their goods. Peace settlement delays and doubts
Council, which has not yet organized, as well as by a majority of the
lyze this revival. If uncertainty continues, depression is inevitable.
over members of the Assembly. It is obvious, therefore, if it is to be amended in
The claim by the majority of this committee that we have exported
and any other way, Germany's assent will be just as necessary as to any other
eleven million dollars' worth of goods to Germany since the armistice
the article of the treaty.
Without a peace settlement is no doubt true. To other countries during
The reservations proposed by the majority of this Committee are of such
What
same period we exported over five thousand million dollars' worth.
a character as at once betray their authorship. They are the work of Senwas exported to Germany, as stated by the majority report, was practically ators organized for the purpose of destroying the League and, if possible,
person in
nothing. It is only 14 cents' worth of American products for each
defeating this treaty. Their phraseology is such as make this purpose
Germany in seven months, or 2 cents per person per month, yet the majority plain. They are in no sense interpretative reservations, to be used to make
delay.
treaty
of
spite
in
revival
report boasts of it as evidence of trade
that it is a clear language in the treaty that might be considered doubtful, but they are
The same statesmen gravely assure us that the figures prove
settlement is so framed as to receive the support of Senators who desire the defeat of
mere delusion to say we cannot trade with Germany till a peace
the treaty.
Germany.
made. Two cents per month per capita is hardly trading with
While masquerading in the guise of reservations, they are in fact alterawe unite in
Referring to the action of the majority of the Committee,
tions of the treaty. They have all the vices of amendments and the addiamendtextual
to
as
both
ons
recommendati
the
opposing and condemning
textual. tional vice of pretending to be what they are not. Presented as parts of
ments and as to proposed reservations. As far as the proposed
character at the resolution to ratify the treaty, they would in fact, if adopted, result in
amendments are concerned we see no reason to discuss their
good, bad, its defeat. All of them apply to the League of Nations section of the
length. In our opinion they have no merit, but whether they be
effect treaty. Those who oppose the League of Nations realize that it is Inpossible
no
have
Senatecan
the
by
adoption
or Indifferent, their
it by this indirection.
in the Treaty. None vincible on a square fight and they hope to destroy
States
United
the
of
participation
the
defeat
to
except
The League of Nations has stood the test of world-wide criticism and unnations asof them could by any possibility be accepted, even by the great
could by any limited attack. It stands to-day as the only hope for world peace. After all
sociated with the United States in the war, and none of them
them, therefore, the assaults of many months its purposes and provisions stand out clearly
possibility be dictated to Germany. To adopt any one of
defined, unaffected by criticism, and unyielding to attack.
is equivalent to rejecting the Treaty.
The League of Nations proposes to organize the nations of the world for
Conference is still in
The suggestion of the majority report that the Peace
to the Treaty peace whereas they have always heretofore been organized for war. It prosession in Paris and could consider any textual amendments
of force.
s could be brought poses to establish the rule of international justice in place
made by the Senate. and that German representative
It proposes to make a war of conquest impossible by uniting all nations
of the situation.
misconception
total
a
indicates
purpose,
that
to Paris for
Treaty. Great Britain against the offender.
The Peace Conference has acted finally upon the
It is the first international arrangement ever made by which small and
action of one other
has ratified: France is about to do so, and with the
even before weak nations are given the organized strength of the world for protection.
power It will in all human probability be in actual operation
It is a covenant between many nations by which each agrees not to do
the Senate of the United States reaches a decision.
to "bring certain things which In the past have produced wars and to do many things
Moreover, the Peace Conference possesses no further power
has been which have been found to preserve the peace.
German representatives to Paris." The power of compulsio4
It is a working plan for the gradual reduction of armament by all memto sign and when
exhausted. Germany was told where to sign and when
ratifying. bers simultaneously in proper proportion and by agreement.
by
and
signing
by
chapter
the
closed
has
Germany
to ratify, and
It sets up arbitration as a friendly method of adjusting disputes and indifferent with regard
Germany cannot be compelled to do anything more or
whether once quiry when arbitration is not agreed to. In both cases it provides a coolingto this Treaty by being confronted with an amended treaty,
may be adjusted.
ultimata in a treaty off period of nine months, during which the differences
a month, day, or week. There must be a finality to
It preserves the territorial Integrity and political independence of each
then
Germany,
by
signed
not
is
treaty
amended
an
If
by compulsion.
member and leaves to each the exercise of its sovereign rights as a nation.
it is none of its parts binding on her.
It will
It will save the world from wars and preparations for wars.
that the United
To adopt an amendment or to reject the Treaty means
reduce armies and navies and taxes.
dica
by
Germany
from
secured
concessions
the
of
States will sacrifice all
It will help to remove the discontent with Government in all countries, by
as those which other
tated peace. While these concessions are not as large
its revenues to constructive
are nevertheless of making Government beneficent and devoting
nations associated with us secure in reparations, they
dictated peace. rather than to destructive purposes.
tremendous importance and could only be secured under a
world
from wars, pestilence,
the
redeem
to
proposed
It is the only plan
sacrifice by the
Among the concessions which the United States would
can be redeemed from
a
may be included and famine, the only one by which stricken world
adoption of any amendment or the rejection of the Treaty
the disasters of the late war and the dangers of impeding international
the following:
chaos.
her
First—Germany's acknowledgment of responsibility for the war and
Those who daily and delay as they seek With microscopes to find some
from it.
promise to make restitution for damages resulting
impose petty flaw in its structure have nothing themselves to propose. They have
Second—Germany's promise to us in the Treaty that she will not
goods than those charged appealed to every prejudice and resorted to every desperate method of
higher or other customs duties or charges on our
restrict or discriminate attack to destroy this great international effort to establish peace, but
to the most favored nation and will not prohibit or
they suggest nothing in its place.
against imports directly or indirectly from our country.
no disThey denounce the public demand for energetic action as "clamor." They
Third—Germany's promise to us in the treaty that she will make
flag, and that our rail at the President who with the representatives of many other nations
crimination in German ports on shipping hearing our
as Ger- has devoted months of hard work to a groat constructive effort to settle
shipping in German ports will be given as favorable treatment
the terms and reorganize the world for peace. Finally, unable to stem the
man ships receive.
Nations, they resort to so-called
customs tide of public demand for the League of
Fourth—That for six months after the treaty goes into effect no
destroy by indirection whatthey have
States except the reservations in the hope that they can
duty will be levied against imports from the United
attack.
found unassailable by direct
1914.
lowest duties that were in force for the first six months of
famine, the only one by which a stricken world can be redeemed from the disasters of the late war and the dangers
of impending international chaos." In opposing and condemning the amendments and reservations the minority
recite some of the "valuable concessions" which they declare" the United States would inevitably sacrifice by failing
to ratify the treaty." This failure, the report adds, "would
be just as complete if we adopt an amendment to it as if we
rejected the Treaty absolutely." While stating that the
claim of the majority that we have exported over 11 million
dollars worth of goods to Germany since the armistice and
without a peace settlement is undoubtedly true, the minority
contends that this "was practically nothing," representing
"only 14 cents worth of American products for each person
in Germany in seven months, or 2 cents per month per
person in Germany." The minority report was presented
by Senator Hitchcock; we print it in full as follows:
SEPT. 13 1919d
THE CHRONICLE
We renew our recommendation that the work of the Peace Conferecne be
confirmed, the will of the people fulfilled, and the peace of the world advanced by the ratification of the treaty—"the best hope of the world"—
even if, like all human instrumentalities, it be not divinely perfect in every
detail.
GILBERT H. HITCHCOCK,
JOHN SHARP WILLIAMS.
CLAUDE A. SWANSON,
ATLEE POMERENE,
MARCUS A. SMITH,
KEY PITTMAN.
SIGNING OF PEACE TREATY BETWEEN ALLIED
POWERS AND AUSTRIA.
The Austrianlpeace,treaty, the second great document
formulated by the Peace Conference at Versailles, and which
seals the fate of the old Austro-Hungarian monarchy, was
signed on Sept. 10 at St. Germain, France. The treaty was
signed, alone for Austria, by Dr. Karl Renner, Chancellor
and head of the Austrian peace delegation. If, was signed by
all the Allied and Associated Powers except Jugo-slavia and
Rumania, which latter were awaiting orders from their respective Governments and whose objections to the treaty it
is understood were certain clauses respecting the protection
of minorities within territories detached from the former dual
monarchy. Neither Lloyd George, the British Premier, nor
Col. House, of the American delegation, wa present at the
signing, which took place at thelStone-Age Hall. In contradistinction to the signing of the German treaty,at Versailles
on June 28, the ceremony at,St. Uermain on Sept. 10 was
devoid of elaborateness as well as
contusion attendanTco
the former. It was notable also that Dr. Renner at the signing cheerfully affixed his signature to the document, which
he had on previous occasions declared was impossible of
acceptance. "The dignified good natu,e he displayed
throughout the day's ordeal, when he alone lac. d the Peace
Conference and signed the document" said the Associated
Press accounts,"proved the great feature of the ceremcny and
excited the admiration of all the allied delegates and spectators." China, the only country that failed to sign the
German treaty, signed the Austrian treaty. The signing of
the Austian t eaty caused a feeling of relief in Peace Conference circles, it is said, because there had been great uneasiness lest the Austrian Government should fall before the
completion of the treaty. For America, the Austrian treaty
was signed, directly after the Austrian Chancellor had signed
it, by Frank L. Polk, who recently replaced Secretary Lansing
and is now head of the American delegation, and by Henry
White and by General Bliss. Then followed the English
signers, the representatives of the British colonies, the
Frencn, lb/J.111M, Japanese delegates and those of the lesser
States. In all 12 documents,interrelated with the several provisions and parts of the Austrian treaty, were signed along
with the latter. Dr. Renner left St. Germain after the ceremony with a copy of the signed treaty for Vienna "in an
endeavor to brace up the unstable Government." Before his
departure he issued a statement praising France as a magnificent country and referring to the future of Austria as
dependent on the Czechs and Poles and other nations for industrial aid and commerce. The statement was quoted and
summarized by the Associated Press as follows:
"If France lends us aid the name of St. Germain will soon
evoke in our
hearts feelings which will alleviate the bitterness of the hour
we have just
passed."
The head of the Austrian delegation began by praising France
as a magnificent country. What ho admired most was,first, the French peasant;
second,
the French press, and he continued:
"Austria cannot hate. It always respects the man with
whom it has to
fight. We are the conquered. Yet misfortune has given us
liberty, freed us
from the yoke of a dynasty, whence for three generations no
man of worth
has sprung, freed us from bonds with nations which were never in
understanding with us, nor with themselves."
Pointing out Austria's needs in coal and raw material, he said:
"We are
independent, with an independence which cannot be alienated.
Yet we
depend on the Czechs and Poles for coal, on Banat for cereals, on
Italy for
maritime commerce."
Details incident to the signing of the treaty were given in
Associated Press Paris dispatches of Sept. 10 as follows:
Chancellor Karl Renner, head of the Austrian peace
delegation, affixed
his signature to the Austrian treaty this morning. This action and
his
departure for Vienna, in an endeavor to brace up the unstable
Government,
have caused a feeling of relief in Conference circles, where,
there has been
great uneasiness lost the Austrian Government should fall before
the completion of the treaty.
Dr. Renner's cheerful acceptance of the treaty, which he had
frankly
denounced as impossible of acceptance, and the dignified good nature
he
displayed throughout the day's ordeal, when he alone faced the Peace Conference and signed the document which seals the fate of the old
AustroHungarian Empire and precludes the union of the remaining fragment
of
the Dual Monarchy with Germany, proved the great feature of the
ceremony and excited the admiration of all the Allied delegates and spectators.
The feeling of friendliness among Austria's former enemies, inspired
by
Dr. Renner's sportsmanlike conduct, augurs well for Austria and is generally commented upon as assurance that Vienna, with its two millions
of
people, and the four millions in the remaining bit of old Austria, comprising
1047
the present Austrian Republic, may reasonably expect amelioration of the
treaty terms in the near future, if they make an honest effort to live up to
them.
The representatives of the various Powers, with the exception of Rumania
and Jugoslavia, affixed their signatures to the treyty. Jugoslavia is expected to attach its signature before the end of the week, but Rumania probably will not reconsider its decision not to sign, at least for the present.
To carry out the technical arrangements under the treaty Dr. Renner
actually signed twelve documents, as follows:
First, the Treaty with Austria; second,the protocol of the Treaty; third. a
declaration regarding prize court decisions; fourth, a declaration regarding
the blockade of Hungary and agreeing to furnish the Allies with all possible
Information regarding shipping destroyed by the Austrians during the war;
fifth, a protocol of signature; sixth, the Czechoslovak Treaty regarding
minorities; seventh, the Serbian Treaty regarding minorities; eighth, annex
protocol to the arms convention; ninth, annex protocol to the liquor convention; tenth, revision of Berlin and Brussels acts; eleventh, financial
arrangement with Italy; twelfth, financial arrangement with the States
inheriting parts of the Austro-Hungarian Monarchy.
The twelve-mile automobile ride from Paris through the bright, calm.
warm autumn morning put all the participants in a good mood for the ceremony, which was singularly without formality and seemed much like a
neighborhood gathering.
There was no hostility of any kind evinced when Dr. Renner smilingly entered the small Stone-Age Hall. He nodded politely as he took his seat
at the end of the U-shaped table about which the delegates were grouped,
There was no harshness in the voice of M.Clemenceau as he announcedin a
few words the purpose of the meeting, saying:
"The sitting is opened. The negotiations to establish an agreement
between the Allied and Associated Powers and Austria for the conclusion
of peace are ended. I have signed the documents attesting that the text
about to be signed conforms to that delivered to the Austrian delegation
in the name of the Allied and Associated Powers. I invite Chancellor
Renner to be so kind as to sign the Treaty."
Dr. Renner rose while M. Clemenceau's remarks were being translated
Into German, and then, bowing graciously, followed the 'master of ceremonies to the signing table in the centre of the room, where he attached his
signature four times to the Treaty. He then returned to his seat at the
end of the hall, where he remained quite at ease while representatives of
•twenty-five Powers attached their signatures.
Frank L. Polk, who succeeded Secretary Lansing as head of the United
States delegation, signed after Dr. Renner, and was followed by Henry
White and General Bliss.
There was no hesitation on the part of Dr. Renner in signing the Treaty.
He rose from his seat on the left wing of the table after M. Clemenceau's
opening address had been translated into German and immediately walked
to the signing table and signed the document.
As the French delegation went to the signing table and passed Dr. Rem.
nor's chair the latter rose and bowed very politely to M. Clemenceau, whO
returned the salutation.
M. Clemenceau entered the room at exactly 10 o'clock, being saluted by
the guard of honor. He took his place at the table with Frank L. Polk on
his right and A. J. Balfour, British Secretary of State for Foreign Affairs.
on his left.
Mr. Polk was accompanied by his wife. After the other American delegates were seated, Ignace Jan Paderewski. the Premier of Poland, entered
the room, his arrival provoking a flurry of conversation.
The signing of the Treaty was finished at 11.15 o'clock. M. Clemenceau then made a brief announcement that the session was closed. The
signatures, after that of Dr. Renner, were affixed in the following order:
United States—Frank L. Polk, Henry White, Gen. Tasker H. Bliss.
Great Britain—Arthur J. Balfour, the Foreign Minister; Andrew Bonar
Law, Viscount Milner, George Nicoll Barnes; Canada, Sir Edward Kemp;
Australia, G. F. Pearce, the Minister of Defense; South Africa, Viscount
Milner; New Zealand, Sir Thomas Mackenzie, High Commissioner in
London for New Zealand; India, Maharaja Sir Ganga Singh, Bahadur.
Maharaja of Bikaner.
France—Premier Clemenceau, Stephan Pichon, Foreign Minister; Louis
IClotz, Finance Minister; Andre Tardieu, Jules Cambon.
Italy—Tomaso Tittoni, Viterio Scialcia, Carlo Ferraris, Minister of Industry, Commerce, Labor and Food; William Marconi, Dr, Silvio Clrespi,
Japan—Viscount Chinda, K. Matsui, II. Ijuin.
Belgium—Paul Hymens, Jules van den Hemyel .
China—Lou Teseng-Tslang.
Cuba—Antonio Sanchez de 13ustamente.
Greece—Nicolas Politis, Minister for Foreign Affairs; Athos Romance,
Minister to France.
Nicaragua—Salvador Chamorro.
Panama—Antonio Burgos.
Poland—Premier Paderewski, Roman Dmowski. Portugal—Dr. Alfonso Augusto da Costa, Augusta Luiz Vieira Soares.
Siam—Prince Charzon, Minister at Paris.
Czecho-Slovakia—Karl Kramarz, Premier; Eduard Benes, Foreign
Minister.
The final revised text of the terms was handed to tire
Austrian delegation at St. Germain, on Sept. 2, precisely
three months after the first draft had been submitted to
the delegation at that place on June 2. The revised terms,
in French, English and Italian, were presented by Paul
Dutasta, General Secretary of the Peace Conference and
were accompanied by a covering letter which among other
things reiterated the charge that Austria had precipitated
the world war in sending an ultimatum to Serbia which was
manifestly impossible of acceptance. The letter is given
further below. At the same time the Austrian delegation
received the reply of the Allied Powers to c ounter-proposals
submitted by it on Aug. 6. Dr. Karl Renner, Austrian
Chancellor and head of the peace delegation, a few hours
after the presentation, left St. Germain with the documents,
for Vienna. He was reported to have intimated at that time
that he would ask for an extension of time, as the Austrian
General Assembly would meet on Sept. 6 and 7 to discuss
the terms.
The first draft of the peace terms, presented on June 2,
was incomplete, lacking certain clauses on the military
reparation, financial and boundary conditions. A summary of it was given in the "Chronicle" of June 7, page
10 8
THE CHRONICLE
[Vol,. 109.
monarchy was animated; had they made any effective protest against the
war, or refused to assist or support their rules in prosecuting it, some
attention might now be paid to this plea. But the fact that the war was
acclaimed on its outbreak in Vienna, that the people of Austria were its
ardent supporters from start to finish, and that they did nothing to disuntil
sociate themselves from the policy of their Government and its allies
to any
they had been defeated in the field, makes it clear that, according
responsiof
measure
canon of justice, they must be held to bear their full
bility for a crime which has brought such misery on the world.
There is, however, a further fact to which the Allied and Associated
essence
Powers feel bound to point. The Hapsburg system became in its
peoples
a system maintaining the ascendancy of the German and Magyar
Monarchy.
arian
Austro-Hung
the
of
over a majority of the inhabitants
was mainThis ancient and effete autocracy, with its militarist traditions,
of Austria
tained in existence through the vigorous support of the inhabitants
economic
and
and Hungary because it gave to them a position of political
domination over their fellow subjects.
people of
It was a policy of racial ascendancy and oppression to which the
of
The allied powers have studied the frontiers of the future Republic of Austria gave their steady support, which was one of the deeper causes
of
frontiers
the
along
Austria from a historical, geographical, ethnological, economic, and political the war. It led to those irredendist movements
It led to
point of view, and, with the exception of one point, no modification has Austria and Hungary which kept Europe in a ferment of unrest.
consequently
been made in regard to frontiers.
the growing dependence of Austria-Hungary on Germany, and
In defining the boundary of Czecho-Slovakia, it is pointed out, they have to the subordination of the Austro-Hungarian policy to the German plans
tried to assure this State a complete system of communications, and have of domination, and, in the end, it led to a situation in which the rulers
their
therefore departed from the historical frontier of the crown of Bohemia to of the Austro-Hungarian monarchy could see no other way of preserving
small
assure west and east communications of Southern Moravia, and in the own power than to set to work deliberately to destroy the liberty of
their
among
liberty
Gmund region to give Bohemia a junction of the two large railroad lines and dependent nations, which kept alive the vision of
le and the
supplying this province.
oppressed brethren and which blocked the way to Constantinop
With respect to the frontiers between Austria and Hungary, the allied East.
Powers, it is
and associated powers have desired to guarantee access to the sea of the
In the opinion, therefore, of the Allied and Associated
people of
Czecho-Slovak State and have therefore provided that Pressburg should impossible to admit the plea of the Austrian delegation that the
provoked
have its access to the sea assured by transit across Hungarian as well as Austria do not share the responsibility of the Government which
reparation to the
Austrian territory.
the war, or that they are to escape the duty of making
they
Concessions are granted to Austria in connection with the Serb-Croat- utmost of their capacity to those whom they and the Government
upon which the
principles
Slovene State in so far that Radkersburg is given to the Austrians; also the sustained have so grievously wronged. The
basin of Marburg, in Styria, is attached to the Serb-Croat-Slovene State, draft treaty is based must therefore stand.
will remain, an
as previously determined.
Until the signing of peace, the people of Austria are, and
whom the
The period within which Austria is obligated to give favored nation treat- enemy people. Upon its signature they will become a State with
relations.
friendly
ment in its commercial relations with the allied and associated powers is re- Allied and Associated Powers hope and expect to maintain
arrangements
duced by the treaty from five to three years.
The Austrian delegation have further protested against the
relations with the new States formed
The covering letter to the revised terms presented on under the treaty governing their monarchy.
of the late Austro-Hungarian
that the disSept. 2 goes at length into the contentions of the Austrian outThe
Allied and Associated Powers feel bound to point out
the provisions of
delegation that: Austria should not be treated as an enemy abilities from which Austria will suffer will rise, not from which
its people
mainly from the policy of ascendancy
State because it is no longer a member of the Austro-Hun- the treaty, but
gary been one of
have pursued in the past. Had the policy of Austria-Hun
to
have
be
made
might
not
should
Austria
States
that:
and
garian monarchy;
liberty and justice to all its peoples, the upper Danube
As it was, the policy
assume responsibility for reparation to which the Austro- remained in friendly economic and political unity. of
the late war, when
pr )duced one of the cruelest tragedies
Hungarian monarchy as such would be liable. After re- of ascendancy
driven, under pain
millions of the subject peoples of Austria-Hungary were
in
bringing
people
was being used to
viewing the part played by the Austrian
of death, to fight against their will in an army which
about the war and the fact that the ultimatum which was perpetuate their own service (servitude?) as well as to compass the destrucof liberty in Europe.
its direct cause was sent to Serbia by the "Government tion
their protests
Many of these peoples protested against the war, and for
more, who were
at Vienna" the Allied note says:
suffered confiscation, imprisonment, or death. Many
Had the people of Austria in the years preceding endeavored to curb captured or escaped, joined the armies of the Allies and played their part
and
the militarist and domineering spirit by which the Government of the Haps- in the war of liberation. But they aro now, one and all, determined,
will
burg monarchy was animated, had they made any effective protest against rightly determined, to set themselves up as independent States. They
inevitable
the war, or refused to assist or support their rulers in prosecuting it, some trust Vienna no more. The policy of ascendancy has borne its
root of
attention might now be paid to this plea. But the fact that the war was fruit in the fact of partition, and it is this partition which lies at the
acclaimed on its outbreak in Vienna, that the people of Austria were its Austria's troubles to-day.
Empire.
the
of
ardent supporters from the start to the finish and that they did nothing to
Vienna was made the economic and political centre
and
dissociate themselves from the policy of their Government and its allies until Everything was artificially concentrated there. Outlying districts
they had been defeated in the field, makes it clear that, according to any railways wore starved in order that the capital might thrive. The breakin
filaments
canon of justice, they must be held to bear their full measure of responsibility up of Austria-Hungary, cutting those centralized economic
upon the State of Austria
for a crime which has brought such misery on the world.
two, can hardly fail to inflict the severest blows
monarchy with its consequences
The covering letter was addressed to Dr. Karl Renner, and its capital. But the dissolution of the domination
for which the people
outcome of that fatal policy of
direct
the
is
by
signed
was
and
,
head of the Austrian Peace Delegation
of Austria are themselves principally to blame.
no wish to add to the
Premier Clemenceau as President of the Supreme Council
The Allied and Associated Powers, however, have
On the contrary, they are anxious to do
of the Peace Conference. It was transmitted from Paris by hardships of Austria's position.people
to accommodate themselves to their
all in their power to assist her
the Associated Press under date of Sept. 2 as follows:
always that it is not
position and to recover their prosperity, provided
new
n
careful
most
consideratio
The Allied and Associated powers have given
late Empire.
at the expense of the now States formed out of the
difficult problems
to the observations of the Austrian delegation on the draft treaty of peace.
The break-up of the monarchy has given rise to many
treaty, are its
The reply of the Austrian delegation objects to the draft treaty on the
between the now States, which, under the
relations
the
in
between the
grounds that, in view of the dissolution of the Austro-Hungarian monbeen recognized as reasonable that the relations
has
It
heirs.
all,
that,
and
at
in certain respects
archy, Austria ought not to be treated as an enemy State
citizens of the succeeding States should be regulated
inheritor
way
those of
special
and
in
any
made
be
in consequence, she ought not to
of Austria
differently from the relations between the citizens
observations of
of responsibilities, in regard to reparation to which the Austro-Hungarian
Allied and Associated Powers, and in view of the
other
the
Powers, while adhering
monarchy would undoubtedly be liable, did it still exist.
Austrian delegation, the Allied and Associated
modification in
As those observations point to a fundamental misconception of the re- the
the general lines of the treaty, have made considerable
to
feel
Powers
Associated
and
Allied
the
of
Austria,
sponsibilities of the people
economic provisions.
it necessary to state as briefly as may be the principles which they consider its
Allied Powers
the
to
coded
The property of Austrian nationals in territories
must bo applied to the settlement of the late war so far as Austria is conliquidation or bans
is to be restored to its owners free from any measures of
from seizure
cerned.
forbidden since the armistice, and is guaranteed similar freedom
The people of Austria, together with their neighbors, the people of Hunnationals and
liquidation in the future. Contracts between Austrian
maintained
gary, bear in a peculiar degree responsibility for the calamities which have or
are
nationality
persons who acquire, under the treaty, an allied
befallen Europe during the last five years.
option of cancellation.
without
Govby
the
Serbia
to
presented
an
by
ultimatum
The war was precipitated
from Czocho-Slovakia
Provision is made to insure Austria supplies of coal
ernment at Vienna and requiring acceptance within forty-eight hours of a
is dependent,in return for reciprocal obligations
she
which
upon
Poland,
and
series of demands which amounted to the destruction of the independence of
affecting nationals
certain raw material. Outstanding questions
a neighboring sovereign State. The Royal Government of Serbia accepted to supply
and its inheriting
Austria, which require settlement between Austria
of
the
involved
those
which
except
the
all
demands
time
within the prescribed
and these convenneighbors, are to be regulated by separate conventions,
virtual surrender of its independence.
will be admitted
are to be drawn up by a conference to which Austria
Yet the then Austro-Hungarian Government, refusing all offers of a tions
the other States concerned.
with
equality
of
footing
a
on
opened
conference of conciliation on the basis of that reply, immediately
annexed reply.
Details of these and other concessions will be found in the
hostilities against Serbia, thereby deliberately setting light to a train which
to carryout tho
Finally, the Reparations Commission will be instructed
led directly to a universal war.
have due
confided to it in a strictly humanitarian manner. It will
it is now evident that this ultimatum was no more than an insincere duties
community and will permit any mitigathe
of
interests
vital
the
to
regard
at
excuse for beginning a war for which the late autocratic Government
it may consider required by the food situation in Austria.
Vienna, in close association with the rulers of Germany, had long prepared tions which
of Austria.
As regards the territorial limits established for the Republic
and for which it considered the time had arrived. The presence of Austrian
s in
and Associated Powers are unable to admit any modification
guns at the siege of Liege and Namur is further proof, if proof were required, the Allied
arrived at
were
decisions
already communicated. These
of the intimate association of the Government of Vienna with the Govern- the decisions
the
by
furnished
observations
careful examination, and the
ment of Berlin in its plea (plot?) against public law and the liberties of after months of
delegation have been found to contain no arguments which had
Austrian
Europe.
by the conference.
The Austrian delegation appear to think that responsibility for these acts not been considered
of
The Allied and Associated Powers endeavored to determine boundaries
rested solely on the Hapsburg dynasty and its satellites, and that by reason
Austro-Hungarian monarchy in such an equithe
of
out
formed
States
the
the
Allies
the
of
victory
the
through
of the dissolution of that monarchy
to bring a lasting peace to Central Europe. Thus, they have
people of Austria can escape responsibility for the deeds of the Govern- table way as
kia the historic frontiers of the Crown of Bohemia
ment, which was their own Government and which had its home in their drawn for Czecho-Slova
this frontier
so far as Austria is concerned. They have only departed from
capital.
where the economic interests of the new State apHad the people of Austria in the years preceding endeavored to cure the in two minor instances
Republic.
of
the
Austrian
claims
the
outweigh
to
militarist and domineering spirit by which the Government of the Hapsburg peared and still appear
2296. The remaining sections of the treaty were presented
to the Austrian delegation at St. Germain on July 20, together with sections previously presented and subsequently
revised as a result of certain well-founded objections made
by the Austrian Delegation in notes to the Peace Conference. (Reference to presentation of the final sections will
be found in the "Chronicle" of July 26, page 342). The
Peace Conference further modified and revised the peace
terms after it had received the counter-proposals submitted
by Austria on Aug. 6.
Commenting on the important features of the revised
treaty, Paris dispatches of the Associated Press on Sept. 2nd,
said:
SEPT. 13 1919.]
THE CHRONICLE
1049
In the case of Jugoslavia tho Allied and Associated Powers have,so far
as
was possible, followed the admitted linguistic boundary, As regards Hun- Powers'financial control, but she expects the repatriation committee will
gary, they have included within Austria certain German-speaking districts act with the consideration demanded by her desperate position and grant
German Austria the necessary credits to obtain raw materials and foodhitherto included within the Hungarian frontier.
They believe that the frontiers now arranged are those which will best stuffs...!
The note urges amendment, with a view•to investing a commission with
guarantee the existence of all the peoples concerned, including
Austria, plenary powers regarding all economic
and financial peace conditions. It
without exposing them to anarchy or internecine competition.
argues at length regarding "the unjust and unequal division of old
then
As regards Tyrol, the Allied and Associated Powers have been impressed
Austria's
debts
among
the
States
which succeeded it and the injustice of
by the fact that for decades the Italian people have suffered from a menace
stipulations regarding war loans."
deliberately directed at their heart by the retention in Austro-Hu
ngarian
"It seems self-evident," the note continues, "that all States in what
hands of military outposts commanding the Italian plains.
In these cir- formerly was Austria-Hungary should
divide the debts of the old monarchy.
cumstances they have thought it best to accord to Italy the natural
frontier Apart from the bank note debt, clauses in the Peace
Treaty show a burden
of the Alps, which she has long demanded.
German
debt
of
for
Austria
of
some
40,000,000.000 marks. Thus twoThe Allied and Associated Powers would further remind the Austrian
dele- thirds of the entire debt of the Austrian States, without
the note debt, is
gation that the Treaty of Peace makes special provisions for the protection
of placed on the shoulders of one-fifth of the former population
."
small communities, such as new Austria. It will no longer be
possible for
The
note
proposes,
as
in
the
case
of pre-war debts, that all debts shall be
powerful empires to threaten with impunity the political
and economic life divided by the Reparations Commission according
to
the
ability
ofindividual
of their lesser neighbors.
States to meet them. A similar proposal is made regarding AustroThe clauses relating to ports and waterways guarantee
to Austria under Hungarian bank notes held abroad.
international sanction access to the sea by land
and water. The labor
The note concludes with a reference to settling accounts between German
clauses will help to preserve the right and raise the
standards of life for the Austria and other States of the former monarchy,
declaring that stipulations
working population. The minority treaties will safeguard
the political. not capable of fulfillment must be removed and these
questions regulated
religious, and linguistic rights of the Republic's
minorities transferred to by the Reparations Commission in order not
to prolong the peace negonow sovereignty under the Treaty of Peace.
tiations.
The League of Nations is not the only protector
of Austria's rights. The
"It would be of indisputable value for all parties," the note adds, "if
League, to which the Allied and Associated
Powers hope that Austria will the members of the German Austrian deputation
were heard and called
be admitted at an early date, will not only protect
the rights of all signatories upon to give oral explanations before the committees."
to the treaty, but creates a moans whereby
such adjustments as facts or
The
note
accompani
is
ed
extensive
by
proposals
on territorial and political
changing circumstances may prove to be necessary,
if the peace settlement questions.
itself can be peacefully and lawfully made.
These features of the settlement proposed should not be forgotten.
ACTION OF AUSTRIAN NATIONAL ASSEMBLY ON
In conclusion, the Allied and Associated
Powers wish to make it clear that
the modifications which they have now
TREATY OF PEACE.
made in the draft treaty are final.
They wish further to state that if they
have not replied specifically to all the
Austrian
The
Peace
points in the reply of the Austrian
Treaty, as noted elsewhere in these
delegation, it is not because they have
not taken them into careful considerat
ion, nor must the absence of any columns to-day, was signed at St. Germain on Sept. 10.
reply be taken as acquiescence in or
approval of these contentions, nor It was the subject of negotiation for over three months.
must the present reply be taken as
authoritative interpretation of the text
The decision to sign the treaty was reached by the National
of the treaty.
The text of the treaty, which we send
you to-day,following upon that of Assembly at Vienna on Sept. 6, the vote being 97 to 23.
July 20 last, which had already undergone
considerable changes since the Preceding the acceptance of the Treaty the National Assemoriginal text of June 2, must be accepted
or rejected in the exact terms in
bly adopted a resolution protesting against the "violation
which it Is now drafted. Consequen
tly, the Allied and Associated Powers
require from the Austrian delegation
within a period of five days, counting of Austria's right of free disposal of herself." With referfrom the date of the present communica
tin, a declaration informing them ence to this resolution and the vote
on the Treaty, Vienna
that they are prepared to sign this
treaty as it now stands. So soon as
their declaration reaches the Allied
dispatches of the Associated Press dated Sept. 6 reported:
and Associated Powers, arrangements
will be made for the immediate
The German Nationalists voted against signing the Treaty, while some
signature of peace at St. Germain-on-LaYe.
In default of such declaration within
members of the South Tyrolese Party abstained from voting. The vote
the period above stipulated, the
armistice concluded on Nov. 13 1918
shall be considered as having ter- was taken after adoption without dissent of the Government's resolution
minated, and the Allied and Associated
of protest, presented by the Christian Socialist Hauser, declaring that the
Powers will
may judge necessary to impose their conditions take such steps as they territorial clauses of the Treaty violated grossly the national claim to self.
determinat
ion and the basis on which the armistice was concluded.
Inability of the members of the Supreme Council
to reach
"We raise once more our voices," says the resolution, "against a peace
agreement on all the terms.of the final draft of the
on brute force. As one man we decline the dividing up of our peotreaty, founded
delayed the final presentation to some extent.
ples into free and unfree, as is done by this peace. We further declare that
One inci- the 4,000,000
Germans forced under foreign rule will for all time insist on
dent was the opposition of Viscount Morley,
British delegate, self-determination as the only possible basis on which the modern State
may
to the severity of the economic and financial
be
founded."
clauses. Paris
dispatches by the Ilavas News Agency under
The resolution also declares that ultimate union with Germany is an abdate of Aug. 21 solute necessity and expresses the hope that when the
hatred of the war dies
said:
down this union will be consummated. It ends by placing responsibility
At the meeting of the Supreme Council
of the Peace Conference on Tues- for steeping Europe in revolution and confusion on the shoulders of the
day (Aug. 19), Viscount Morley, one of
the British delegates, declared it Entente and looks to the League of Nations to repair the wrong done.
to be in the interest of the Allies to
alleviate the burden on Austria, and
The Austrian Cabinet's decision to recommend signing
asked for a revision of the economic and
financial clauses of the treaty with
that country, according to the "Echo do
Paris." Foreign Minister Tittoni, of the Treaty to the National Assembly was unanimous.
of Italy, protested, it is said, declaring
that efforts making for the restoraThe Peace Conference was informed that the Treaty had
tion of the former Austrian Power
would injure Italian interests.
been accepted and would
As noted further above, the counter
-proposals of the
Austrian delegation to the final sections
of the treaty
were submitted on Aug. 6. They were
received at St. Germain by the Allied mission.
The Austrian delegation headed by Dr.
Karl Renner,
appealed for an oral discussion of the Treaty,
saying that they
believed such a discussion would result in a more
complete
• understanding of the conditions imposed
. This appeal,
however, was not granted. The counter-proposa
ls eiterated
the claim of sonic, of Austria's statesmen that
she is firmly
convinced the economic burdens imposed upon
her cannot
really be carried out. They urged amendme
nt
to investing a commission with plenary powers with a view
economic and financial conditions, and that regarding all
all States formerly constituting Austria-Hungary,should
share the debts
of the old monarchy, proposing therefor that
all debts be
divided by the Reparations Commission
according to the
ability of the individual States to meet
them. The note
also said Austria expected the League of
Nations to hoar
her in her hour of distress A summary of
the counterproposals received from Vienna at Copenha
gen was given
in Associated Press dispatches (delayed) from
the latter
place dated Aug. 7 as follows:
If German Austria's territorial demands are fulfilled
to the minimum
extent maintained for in the appendix to the note
German Austria will
make efforts to believe she can live independently and
in peace in this
territory. She expects the League of Nations will hear
her in her hour
of distress.
On the other hand, German Austria still is firmly
convinced that tho
economic burdens imposed upon her by the peace treaty
cannot really
be carried out, and that if they are not substantially
lightened she is bound
to collapse.
be signed on the same day the vote
on acceptance was taken. Paris press dispatches of the
following day (Sept. 7) said:
The notification was sent to the Peace Conference Saturday evening in a
letter signed by Peter Eichoff, one of the members of the Austrian delegation. It announced that the National Assembly had authorized Dr. Renner to sign the Treaty.
Two documents were attached to the latter. The first, dated Sept. 6
said the National Assembly had declared that Austria must bow before
necessity. The second constituted a protest to the National Assembly by
representatives of countries detached from Austria—Bohemians, Germans,
Karolyians, Corinthians and others.
Dr. Karl Renner was credited with having expedited
the action of the Austrian Government on the Treaty by
saying when he reached Vienna with the terms on Sept. 5
that he intended to return to St. Germain on Sept. 7 with
the answer. When he presented the terms, it was said,
he drew attention to the change in spirit of the conditions
in the first draft and the definite Treaty. He declared the
right of free disposal ofiithe Germans in Austria had failed,
and asked thatthe,ffreaty be signed "to end the present state
of things."
The time limit for presenting Austria's decision on the
Treaty was extended by the Supreme Council on Sept. 4
two days, thus granting the request made by the Austrian
peace delegation to change the original date from Sept. 7
to Sept. 9. This extension,however,as indicated by the fact
that the Council received,the answer before Sept. 7, was
unneeded.
The terms of the revised Treaty were published in the
Vienna newspapers on Sept. 3 and evoked expressions of
disappointment and dissatisfaction. The press comment
was quoted by the Associated Press in Vienna dispatches
of Sept. 5 which said:
Dealing with the economic and financial clauses of
the Peace Treaty,
the note continuos:
The peace terms handed Austria by the Allies at St. Germain were
"It will be impossible for the next few months to
printed
deliver milking cows In Wednesday morning's_newspapers accompani
and cattle, as German Austria's children are perishing for
ed by editorial expressions
lack of meat and of protest and despair. The "Arbeiter Zeitung"
milk. German Austria must allow herself to be placed
characterizes the term
under the Entente as "bitter, spiteful and unjust." It adds:
"The Entente is using its
1050
THE CHRONICLE
defenseless peopower in the most shameful manner to ill treat and outrage
tt" says:
ple with a peace based on might." The "Tagebla
incapacity
utter
our
for
regard
"In vain do we search for a sign of justice,
self-determination for peoto fulfill or consideration for the principle of
must begin its work by
ples." It adds that the Reparation Commission
constituting itself a revision commission.
In consequence of the severity of the Austrian Treaty
the Renner Ministry is expected to fall, according to Vienna
The
advices received by the Associated Press at Geneva.
4
Sept.
of
date
under
Press
ted
Associa
the
dispatches of
said:
with the greatest
The Austrian peace terms have been received in Vienna
here. ItAs believed
surprise and indignation, according to advices reaching
Monarchist circles
that the Renner Ministry will fall as a consequence.
of the return of th
hope
tconsider that the terms have definitely killed any
[vol. 109.
given
Johnson in a "swing around the circle" in 1867, was
of
out on Sept. 6 by Representative S. D. Foss, Chairman
nt
stateme
The
tee.
Commit
sional
Congres
can
the Republi
of Representative Fess said:
the first of its kind.
President Wilson's swing around the circle is not
first instance where
Andrew Johnson in his contest with Congress was the
subordination to Executive
the Executive undertook to compel legislative
decree.
, as displayed in
After a contest which was marked by some bitterness
the veto power quite
public utterances on both sides and the exercise of
publicly declared he
freely, President Johnson in the city of Washington
1867, just fifty-two
would carry the contest to the country. In September
to great crowds
years ago, he started on his famous trip, making speeches
on the way.
d the reported utterSince President Wilson left Washington I have re-rea
as actuated by perances of President Johnson. He referred to Congress
. His language
prejudice
and ignorant
bitterness
Hapsburgs.
sectional
pique,
sonal
Paris after the
assurance
Former Emperor Charles, who received the news from
statement dogmatic. He spoke with the air of
his
and
was
caustic
decided
Commission, has
not arrogance. He
reply of the Allies was handed to the Austrian
of his ground that at times approached egotism, if
right.
was
because he
to leave Switzerland.
assured the country that his position must win
opponents, some
At Chicago he minimized the opposition and referred to
interests of their
ignorant of the real issue and others disloyal to the best
SAMUEL GOMPERS, IN BEHALF OF LABOR, URGES as
country.
Y.
TREAT
PEACE
which at places
ADOPTION OF
Everywhere he traveled he was greeted by great crowds
of
utterances increased in acrimony with the
League
His
the
tive.
of
nt
demonstra
Covena
wildly
the
were
of
behalf
in
An appeal
d of the popular
progress of the tour. The friends of the President, convince
Nations, which he describes as holding "the first world justification of his position, anxiously pushed him forward as the standardbeen
has
that
agreement among the nations to keep all
bearer of their views.
not unlike, except
Thus far the two famous "swings around the circles" are
obtained for labor and to make the standards already gained
on the question of
Johnson's contest was with the House of Representatives
Samuel
by
made
was
ng"
improvi
elections of its own
universal, advancing and
that body's authority over the qualifications over
to it.
Gompers, President of the American Federation of Labor, members, which the House claimed belonged
the Senate over the
On the other hand, President Wilson's contest is with
in a statement issued on Aug. 30. The adoption of the part
to be played by that body in the making of treaties.
urged
was
delay
without
of wide discussion
Covenant and League of Nations
Both were constitutional in character and admitted
Executive in each case proposed to carry
by Mr. Gompers who in voicing his disapproval of changes upon fundamentals, in whicha the
since under our
the contest to the people as method of personal approval
therein, stated that "any amendment to this treaty will system
the contest must be final with votes of each House.
ed,
bitterness
concern
send it back to all the twenty-seven nations
In the Johnson case the difference reached the point of extreme following
that
ing
people. The climax was reached in tho
contend
the
in
to
s
taken
was
Gomper
it
before
Mr.
d."
include
y
German
e would be
"It is true that cases may occur in which the Executiv
regardless of all con"the world needs to be made safe for labor as well as for sentence:
compelled to stand on his rights and maintain them
starved
democracy," stated that "under-paid, over-houred,
sequences."
than the usual interest
Quito naturally the country will read with more
labor will always be seeking the land of better conditions."
accorded tho
of President Wilson and note the demonstrations
speeches
the
is
argued,
he
re,
anywhe
tour is staged, lends
The only sure protection for labor
head of the nation. The entire setting upon which the
nt
to it all the glamor of the tournament.
"universal justice to all labor everywhere. The Covena
relations which
The Johnson issue involved the vital question of Federal
and Treaty delayed so long in the Senate proposes to gain
onal reguladomestic. The Wilson issue involved internati
ely
distinctiv
was
follows:
as
and independence.
this." In full Mr. Gompers's statement is
tions and the preservation of American sovereignty
of
Peace,
of
Treaty
the
The Covenant of the League of Nations and
agreement
which it is a part, negotiated at Paris, hold the first world
labor and to
RESIGNATION OF DR. PAUL S. REINSCH AS
among the nations to keep all that has been obtained for
and improving
make the standards already gained, universal, advancing
AMERICAN MINISTER TO CHINA.
is not yet
for all men, for all women and for all children. This agreement
the
and
covenant
the
had
has
S. Reinsch, American Minister to dhina since
States
Paul
Dr.
United
the
of
in force. The Senate
e.
treaty for eight weeks, during all of which time it has been in committe
resignation from that post has been accepted
and treaty 1913, whose
Until it is ratified by a two-thirds vote of the Senate, the covenant
Wilson will leave Pekin for the United States
nt
nt
Preside
by
amendme
Any
it
to
a
party
not
is
are not safe and the United States
d, on Sept. 15. In making known this fact on Sept. 3 the
concerne
nations
even
twenty-s
the
all
to
back
it
send
will
to this treaty
Germany included.
at Washington announced that his sucbe adopted State Department
This first international charter for the rights of labor should
been appointed. It was announced on
yet
of
not
task
had
sublime
cessor
and
great
the
nations
the
without delay. It begins among
workEvery
over.
had submitted his resignation beworld
the
Reinsch
labor
of
s
Dr.
that
condition
27
the
of
Aug.
raising the level
long, whose pay
man in the world, wherever he may be, whose hours are
stand- cause of ill health.
is inadequate, whose conditions of labor are dangerous and whose
early an age
ard of life is low, Is put in peril. Every child at work at too
labor of childmakes it more difficult to maintain the age standards for the
NTION OF THE AMERICAN
be sixteen. THE COMING CONVE
hood. This is fourteen years in many of our States. It should
ASSOCIATION.
RS'
the
BANKE
to
keep
and
improve
to
Children working at a lower ago make it harder
toiling twelve and
American Bankers' Convention
the
of
present child standard. So with women. Every woman
opening
the
With
working eight hours
fourteen hours a day renders it harder for every woman
29, that city will become the
Sept.
of
week
the
Louis
at St.
a day. Their working day should be six hours.
y. The
interest for the bankers of the country. The city
of
centre
The world needs to be made safe for labor as well as democrac
labor. A world umworld cannot be safe for democracy until it is safe for
of two previous conventions of the assomust be safe in al- has been the scene
safe for labor never can be safe for democracy. Labor
is attached to
wholly secure ciation, in 1896 and in 1906. Unusual interest
lands or it is safe in none. Even American labor cannot be
in wages to a just
by St. Louis bankers and business men
meeting
year's
this
until labor everywhere is raised in hours,in conditions, and
labor will all
and universal standard. Under-paid, over-houred, starved
annual election of the association,.
protection for in connection with the
ways be seeking the land of better conditions. The only sure
well-known St. Louisan, will be
Hawes,
S.
re.
Richard
everywhe
since
all
labor
to
justice
is
universal
anywhere
labor
to gain
the organization in accordance with the
of
nt
Preside
The covenant and treaty delayed so long in the Senate propose
elected
it the right and
ranking officers. He is now
this. They declare labor is not a commodity. They make
s anywhere prevailing custom of promoting
duty of every land to bring before a world tribunal condition
international First Vice-President. Mr. Hawes is First Vice-President of
which are perilous to its own labor. They create a central
as to
labor bureau to learn what these conditions are and whether laws
First National Bank in St. Louis, and is affiliated
t with the new
labor are enforced. Every country binds itself to make no agreemen
us civic and community activities. Robert F.
numero
with
any other country lowering the standards of labor.
sea can be Maddox of Atlanta, Ga., is the present President. The
The covenant provides a marine commission by which labor at
of
watched and the sailor protected against unfair and underpaid compe- St. Louis Clearing House Association and associated banks
treaty looks to
for
the
care
to
tition. An international union card has long existed. The
ments
arrange
ve
extensi
making
all lands and to that city are
raising labor conditions to their highest present level in
so that there welfare of the delegates and their families. Special trains
ending the competition of unfair conditions in the future,
onal cards.
as
well
as
internati
s
shall be an international standard of condition
and Chicago will bring members from eastern
is possible to from New York
This cannot come in a day, in a year or in a decade, but it
being chartered to carry
command of "For- States and special Pullman cars are
turn the world of nations in this direction, to give the
end is won. This delegates from nearly every State in the Union. Officers
ward, March." to keep the world moving until this great
Fall of New
cannot be done if the treaty is amended or delayed. Senator
the general offices of the American Bankers'
treaty be cut out and others from
Mexico, already has proposed that the labor articles of the
Association in New York City, will leave the Pennsylvania
under the pretense that they level down. They do not.
all nations Terminal in New York Thursday afternoon, Sept. 25, arrivThe article of the treaty creating a conference of labor in which
ed in accordance
are represented, provides that the article shall be interpret
on of the next day. Bankers from
asked or ing in•St. Louis the afterno
with tho following principle: "In no case shall any member be
or draft con- Philadelphia, Baltimore, Washington and other eastern
dation
recommen
any
of
adoption
the
of
result
a
as
required
by its existing
vention by the Conference to lessen the protection afforded
cities will probably join the train at their respective cities
the treaty were
e of
degislation to the workers concerned. The labor articles of
and arrive in the convention city several days in advanc
rawn by labor men for labor men. They will stand.
special trains from
PRESIDENT WILSON'S APPEAL TO PEOPLE LIKENED
TO THAT OF PRESIDENT JOHNSON.
A statement comparing the appeal to the people now being
made by President Wilson to an appeal made by Presiden-
the opening sessions. There will be two
Chicago. The trains will operate under the committee on
transportation headed by Arthur Reynolds of the Continental
and Commercial Banks. The night train will leave Chicago
Saturday night, Sept. 27, at 11:30 o'clock, and the day train
U
SEPT. 13 1919.]
THE CHRONICLE
will leave Sunday, Sept. 28, at 12 noon. The Hotels Statler,
Jefferson and Planters have been designated as "Headquarters Hotels." The general convention sessions will be
held in the Shubert-Jefferson Theatre.
L. D. WOOD WORTH SUCCEEDS MILTON HARRISON
AS SECRETARY OF SAVINGS BANK
SECTION OF A. B. A.
The Savings Bank Section of the American Bankers'
Association announces the appointment as Secretary of
Leo Day Woodworth, having accepted with regret the resignation of Milton Harrison, who after five years' of efficient
service for the section, becomes Executive Manager of the
New York State Savings Banks Association. Mr. Woodworth for the past two years has been Secretary of the Advisory Council of Real Estate Interests, composed of the
principal real estate lending and owning interests of New
York City of which the Chairman is Alfred E. Marling,
President of the Chamber of Commerce of the State of New
York. He is a member of the American Economic Association, National Tax Association, Academy of Political
Science, National Housing Association, American Conference on City Planning; is Secretary-Treasurer of the New
York State Tax Association; member of the special committee on taxation appointed by the New York State Conference of Mayors, and member of the New York State
Committee on Amortization of Mortgage Loans, appointed
by the Savings Bank Section, Amenean Bankers' Association and has written on subjects relating to the security of
investments, taxation, cost of government and business
methods for real estate brokers and agents.
1051
William L. Schneider, for many years Assistant Secretary, has been
made Secretary.
Henry C. von Elm has been promoted from Assistant Secretary to Vice.
President, in charge of the office at Eighth Avenue and 34th Street, Manhattan.
Reuben W. Shelter has been promoted from Assistant Secretary to Vice.
President, in charge of the office at Broadway and Berry Street, Brooklyn.
Frederick W. Bruchhauser has been promoted from Assistant Secretary
to Vice-President.
Peter J. Keenan has been made an Assistant Secretary.
These changes were'recommended by President Nathan
S. Jonas in view of the increased business of the company,
deposits having practically doubled in a little over one year
and the total resources now reaching over $45,000,000.
On Sept. 2 the Manufacturers Trust Co. opened a restaurant for its employees on the top floor of the building at
776 Broadway which adjoins the main office building of the
bank. The food, we understand, will be furnished at cost,
the institution paying for service and cooking. The first
floor of the new building, the whole of which has been fitted
up as an extension to the main bank building, is given over
to the Liberty Loan and the safe deposit departments, the
second floor will house the new business department, a library in process of organization and a rest and cloak room
for the ladies and the third or top floor in addition to the
restaurant will contain a smoking room for the male employees.
M. Esaki, agent of the Bank of Taiwan, Ltd., 165 Broadway, announces receipt of cable advice from his head office
that on Sept. 1 the bank's capital was increased from yen
30,000,000 to yen 60,000,000, in accordance with the shareholders' vote at the fortieth semi-annual meeting held at
Tokio; also declaration by the President of a 10% dividend
of its stock, yen 500,000 being reserved and added to the
surplus;total surplus now yen 7,080,000. Undivided profits of
ITEMS ABOUT BANKS, TRUST COMPANIES, &c. yen
978,000 were carried forward to the next term. The net
No bank or trust company stocks were sold either at the profits for the last half year ending June 30 were yen 2,Stock Exchange or at auction this week.
880,000. The resignation of one of the directors, I Sada,
was accepted; T. Ikeda, former secretary to the President,
The New York Stock Exchange was closed on Wednesday being appointed as successor.
last (Sept. 10), the day of the parade, held in New York,
in honor of Gen.Pershing,and the First Division. The day's
The Mercantile Bank of the Americas announces the opencelebration is referred to in another part of to-day's issue of ing of a branch in New Orleans. The establishment of
our paper. The other local exchanges were also closed for this additional office it is announced was decided upon in
the day. The day was also observed as a holiday by the order better to serve the business interests of the Mississippi
Boston, Philadelphia, Baltimore, Pittsburgh, Cincinnati Valley, especially in connection with their export trade.
and New Orleans stock exchanges. In Chicago the Stock It is also announced that the Guardian Savings & Trust
Exchange was also closed, but it happened that the day was Company of Cleveland has become associated, as shareprimary day there.
holder, with the Mercantile Bank of the Americas, thus
bringing the latter bank in even closer touch with the comAt a special meeting of the stockholders of the Liberty merical
interests of the Middle West.
National Bank of this city, to be held on Oct. 11, action will
be taken on the question of increasing the capital from
The International Banking Corporation of this city an$3,000,000 to $5,000,000 through the issuance of 20,000 nounces
the opening of a branch at Sanchez, Dominican
new shares, 10,000 to be offered to the shareholders at $100
Republic, on Sept. 1. This institution has four other
per share and 10,000 at $385 per share, the new stock to be
branches located in that country, and 22 branches in other
subscribed and paid for by Oct. 15. At the same meeting
countries.
be
will
asked
bank
to ratify the prothe stockholders of the
ceedings looking to the acquisition of the Scandinavian Trust
Lazard Freres & Cie., Paris, have opened an agency in
Co., to which we referred in our issue of Aug. 30. It is also Mayence, Germany, which will be conducted under the name
proposed to act on the question of increasing the board of of Patto & Sauphar, at 25 Kaiserstrasse, Mayence.
directors of the Liberty National from twenty-three to thirty
members.
The sense Of loss suffered in the death of Eben B. Thomas,
Chairman of the Board of Directors of the Lehigh Valley
The National City Bank,of this city, has opened four new
RR. Co. and member of the board of the United States
branches in Cuba, at Bayamo, at Cruces, at Placetos del
Mortgage & Trust Company of this city, is expressed in a
Norte, and a fourth at Sancti Spiritus. The bank has also
resolution adopted by the directors of the Trust Company
opened a branch at Porto Alegre, Brazil, South America.
on Sept. 8. Mr. Thomas, whose death occurred on Sept. 4,
Owing to the rapid growth of the American Trust Co. and had been a member of the Company's directorate since
the New York Title & Mortgage Co., it has again been found March 10 1898; he had also served as a member of the Execunecessary to enlarge the Brooklyn organizations. Henry S. tive Committee and of various sub-committees.
Acken, Vice-President, announces that the staff has been
The American Exchange National Bank of this City, on
strengthened by securing for the trust company, as VicePresident,the services of U.Condit Varick,formerly Assistant September 9 adopted resolutions attesting to the worth of
Secretary of Lawyers Title & Trust Co. Mr. Varick was a John Scott Browning, a director of the bank since Jan. 1916,
national bank examiner of the Metropolitan district from whose death occurred on Aug. 31, the fifty-sixth anniver1901 to 1903, and was previously employed with the Fourth sary of his birth.
National Bank. From 1903 to 1906 he was Cashier of the
It is announced that interests identified with the American
old Sprague National Bank of Brooklyn, retaining the posiTrust
Company, of this ,city, have acquired control of the
tion after the bank was merged with the Mechanics Bank,
stock of the Queens County Trust Company, and that it
until 1906, when he became an officer of the Lawyers' Title
is the intention of the American Trust Company to take over
& Trust Co.
tho banking and trust business of the Queens County Trust
The Manufacturers Trust Co. of Brooklyn announces the Company at its offices, both in Jamaica and Long Island
City. It is reported that the deposits of the Queens County
following promotions and changes in its list of officers:
James H. Conroy, who has been Secretary of the institution since its Trust Company, at the present time, amount to about three
organization, has been promoted to the position of Vice-President, in charge and a half million dollars.
of the institution in the absence of the President.
[VOL. 109.
THE CHRONICLE
1052
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers are in all cases omitted.)
MERCHANDISE.
The Swedish-American National Bank of Jamestown,
N. Y., has increased its capital from $100,000 to $200,000.
Approval of the action is announced by the Comptroller of
the Currency.
Bruce D. Smith, a Vice-President of the Northern Trust
Co. of Chicago, severed his connection with that institution
on Sept. 1, greatly to the regret of his associates. In 1906
Mr. Smith entered the employ of the Northern Trust Co.
as a clerk. Five years later he was made an Assistant Cashier and in 1918 was elected a Vice-President of the institution. Mr. Smith, we understand, will enter the commercial field.
Announcement is made by the directors of the Chicago
Trust Company, of Chicago, of the election as an active
Vice-President of John W. O'Leary. Mr. O'Leary, it is
stated, brings to the management of the bank broad experience in mercantile and manufacturing lines.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 211919:
Imports.
Exports.
1918.
1919.
$504,797
411,362
522,900
500,443
550,925
483,799
507.468
527,014
550,396
501.861
522,236
565,886
$622.553
585.097
603.142
714,800
603,958
918,693
570,083
January
February
March
April
May
June
July
August
September
October
November
December ____
$613,325
467,648
553,986
529,928
549,674
573,467
372,758
488,656
454,507
542,101
487.328
600,100
$233,942
207,715
242.162
278.981
322,853
260,350
241.878
273,003
261,669
246,765
251,008
210,887
$212,993
235.124
267,596
272,957
328,926
293.067
344,572
Imports.
Exports.
1918.
1919.
$3,746
5.084
2,810
3.560
3,599
2,704
7,200
3.277
2,284
2,178
3,045
1,580
$3,396
3.110
3,803
1,770
1,956
82,973
51,673
January
February
March
April
May _
June
Judy
August
September..._ _
October
November _ _
December
$241,794
109,480
270,257
253,936
280,727
306,623
225,926
267,855
230,197
221,227
220,535
227,911
$3.031,213 $2,952,468
$6.149,097 $6,233,478
GOLD.
Total
1017.
1918.
1919.
1917.
1917.
$20,720
22,068
17,920
15,965
57,698
67,104
69,052
46,049
31,333
11,154
7,223
4.538
1917.
1918.
1919.
$4,404
2,549
1,912
2,746
6,621
31.892
2,597
1,555
2,611
1.470
1,920
1,766
$2,113
3.945
10,481
6.692
1,0791
26,134
1,846
$58,926
103.766
139,499
32,372
52,262
91,339
27,304
18,692
4,172
4,150
2,906
17,066
GOLD.
$62,043 $552,454
$41,070 $371,884
Total
The Bank of England gold reserve aganist its note issue is £86,187,540,a
with last week's return.
compared
SILVER.
slight increase of £16,735 as
Gold to the value of 31,825.000 has been shipped or engaged to bo shipped
Imports.
Exports.
from the U. S. A., of which $1.606,000 is for France, $133,000 for Canada,
$54.000 for South America, and $32,000 for England.
1917.
1918.
1919.
1917.
1918.
1919.
The West African gold output for June 1919 amounted to £106,612 as
$3,346
$5,998
$5,1578
$5,887
$6,628
319.615
compared with £120.273 for Juno 1918 and £100,827 for May 1919.
January
2,478
4,449
6.757
7,694
6,519
33.100
The Transvaal gold output for July 1919 amounted to £3,081,713, as February
6,963
2,977
8,198
5,556
13,432
23.106
March
compared with £3,127,174 for July 1918 and £2,983,515 for June 1919.
2,376
7,067,
5,081
4,353
12,251
25,077
April
7,298
4,741
7,913
6,272
During the month ending July 31 1919 the following gold movements May
46,381
28.598
5,351
2,235
7,079
8,965
8.56(3
12.603
June
took place to and from the United Kingdom:
3,420
5.220
5,528
5,538
40,686
8.262
Exports. July
Imports.
5,681
7,257
7,504
20,549
£1,120 August
• 5,796
Sweden
7,172
10,465
10,340
September
5.050
6,766
12.286 October
6,983
32,038
France
9,086
5,490
4,789
7,150
November _ _ _ _
£12,000
Spain and Canaries
6,155
4,330
10,125
48,306
December
167,452
West Africa
*164,328
$53,341
$71.375
United States of America
$84.131
3252.846
Total
4,412
Indies
Central America and West
EXCE81S OF EXPORTS OR IMPORTS
900
Egypt
392.187
Rhodesia
Slicer.
Gold.
Merchandise.
a150,000
Cape of Good Hope
1919. I 1918.
1919. I 1918.
1917.
1918.
3,377,226
1919. f
Transvaal _
1,342,515
British India
$
$
1
$
$
3
I
$
$
45,623
Straits Settlements
-658 +14,039
+030
Jan__ +409.560, +270.855 +371,531 +1,283
20 Feb_ _ 4-350.973; +203.647 +268,168
-835 +2,535 +26,343 +2,070
Canada
+898 +14,008 +6,489
4,280 Mar - +335,546; +280,738 +283.729 -6,678
6,773
Other Countries
SILVER.
£5,513,416
£167,706
There has been a good inquiry during the week from the trade and from
abroad. Tho marked weakness of the American exchange has mado that
country a rather reluctant seller, although the price in Now York has fallen
with each drop in the exchange. To-day's price-6034-Is a record since
October 1872.
INDIAN CURRENCY RETURNS.
July 31. Aug. 7.
(In lacs of rupees)-
Notes in circulation
Silver coin and bullion in India
Silver coin and bullion out of India
Gold coin and bullion in India
Gold coin and .bullion out of India
Securities (Indian Government)
Securities (British Government)
16711
4940
1913
1608
8250
16831
4981
75
1914
3
1608
8250
Aug. 15.
16839
4968
90
1914
9
1608
8250
The coinage during the week ending the 15th inst. amounted to 103 lacs
of rupees.
The stock in Shanghai on the 18th inst. consisted of about 18,000,000
ounces in sycee and 11.400,000 dollars, as compared with about 17.200.000
ounces in syceo and 11,200,000 dollars on the 9th inst. The Shanghai
exchange remains unchanged at 5s. 10d. the tad. Quotations for bar silver
per ounce standard:
Cash. 2 Mos.
Cash. 2 Mos.
60Xd.
58Nd.
57%d. Aug. 21
59d.
Aug. 15
59.604d. 58.104d.
59%d. 57%d. Average
" 16
5%
59%d. 57%,d. Bank Rate
" 18
59d. 58 qd. liar gold per oz. standard _77s. 9d.
" 19
59%d. 584d.
" 20
• The quotations to-day for cash and forward delivery are 1%d. and 1%d.
respectively, above those fixed a week ago.
* Of which £8,963 U. S. coin. a Sovereigns.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past'week:
Sept. 6. Sept. 8.- Sept. 9. Sept. 10. Sept. 11. Sept. 12.
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
603
614
61
60
61
d. 60S4
Silver, per oz
5034
5031
5034
Holiday 50%
5034
Consols, 234 per cents
9434
9494
91%
Haliday 9434
9434
British, 5 per cents
• 87
87
87
87
Holiday 87
British, 434 per cents
61.40
61.40
French Rentes (in Paris)_ Jr.
90
90.15
French War Loan(in Paris)fr:
London,
Week Ending Sept. 12.
April_
May.
June_
July _
Aug
Sept.
Oct _
Nov
Dec_
+441,843,
+275,032
+625,626,
+225,511
+221,462
+228,072
+223,449
+265,594
+251,014
+288.727
+255,006
+271,228
+351,999
+814 +18,010 +7,170
+275,992 -4,922
+877 -3,022 +20.685 +39,083
+268,917
+266,844 +56,839 -29,188 +5,529 +3,215
+(16,832 +52,827 +4,603 +2,734 +35.466
+13,292
+1,722
+220.801
+3,168
-327
+218,310
+25,272
+708
+320.874
+1,660
+1,128
+266,793
+43,976
-186
+372,189
-20,973
_14-3.118,032 +3,281,010
- Imports
Total
4- Exp irt4
+181,471
Totals for merchandise. gold and silver for seven months:
7
Mos.
(000.1
omitted).
Gold.
Merchandise.
Excess
ExIm-of
ports. Exports. ports.
Exports.
Excess
Exof
ports. Exports ports.
s
3 1
1 $
1919 _ 4,618,327 1,955,2342,663,093 151,682 52,292; 09,390,150,368
1918 _ 3,481,094 1,787,88111,693,813 28,702 52,337.*23,635'134,608
1917 3,660,786 1,778,74311,882,043.271,5875o5,46923 882 44,265
1916 2,925,335 1,467,820 1,457,515 75,801 249,037i*173286 35,379
1915 1,970,277 1,008,9091 960,878 9,774 162,1871*152413 28,815
1914 _ 1.209.982 1.140,593. 60.389.117.644 34.135' 83,509 29,463
* Excess of imports.
Excess
of
Imports. Exports
$
48,118 102,250
40,354 94,254
21,572 22,693
17,838 17,541
18,745 10,070
13.930 15,633
Similar totals for the six months since Jan. 1 for six
years make the following exhibit:
6
Mos.
(0005
omitled).
Merchandise.
Exports,
$
1919 _ 570,083
1918 - 507,468
1917 - 372,758
1916 _ 444,714
1915. 268,469
1914. 154,139
* Excess of in
Intports.
I
s
344,571
241,878
225,925
182,723
143,215
159.677
ports.
Excess
Exof
Exports. ports.
Gold.
Silver.
Excess
Exof
Im,
ports. Exports ports.
Excess
Jotof
ports. Exports
$
$
$
$
225,512 54,673 1,846 52,827
265,590 7,199 2,213 4,986
146,832 69,052 27,301 41,7481
261,991 9,395 62,108*52,713.
125,224 2,192 17,27315,0711
*5,538 33,669 3,391 30,278
$
8,262
40,830
5,538
4,337
3,966
3,953
$
$
5,528 2,734
5,214 35,616
3,420 2,118
2,426 1,911
3,003
963
1,240 2,713
TRADE AND TRAFFIC MOVEMENTS.
ANTHRACITE COAL SHIPMENTS.-The shipments
of anthracite coal August 1919, as reported to the Anthracite
Bureau of Information at Philadelphia, Pa., amounted to
6,144,144 tons. This contrasts with the record movement
of 7,180,923 tons established in August 1919. Compared
in the anthracite
The price of silver in New York on the same day has been: with August 1916, the latest normal year
trade, the current shipments show an increase of slightly
112
Holiday 113
11234
11234
Silver in N. Y., per oz._ _cts.111%
over 600,000 tons. The shipments for the first five months
of the coal year (began Aprl 1) aggregate 28,752,699 tons, as
IMPORTS AND EXPORTS FOR JULY.
against 34,388,996 tons for the corresponding period last
The Bureau of Statistics at Washington has issued he years. Below we give the shipments by the various carriers
statement of the country's foreign trade for July and from for the month of August 1919 and 1918, and for the respective coal years to Sept. 1.
it and previous statements we have prepared the following:
1053
THE CHRONICLE
SEPT. 13 1910.]
August
5 Mos.Coal Yr., A to.31
1918.,
.
1919.
Roadtons_1,142,713 1,408,501
5,559,11.0
6,764,504
Philadelphia & Reading
5,220,22(3
6,520,373
1,171,026 1,350,331
Lehigh Valley
560,331
644,186
2,593,506
3,003,598
Central Railroad of New Jersey
936,212 1,048,346
4,619,134
5,143,966
Delaware Lackawanna & Western
716,333
846,788
3,380,415
4,038,552
Delaware & Hudson
501,367
2,093,557
438,214
2,433,488
Pennsylvania
847,169
678,437
3,161,576
3,884,200
Erie
182,450
170,313
838,500
87,639
New York Ontario & Western
1,706,496
318,428
300,922
1,350,615
Lehigh & New England
6,144,144
Total
7,180,923
28,752,699
34,388,996
The destination of these exports for the week and since
July 1 1918 is as below:
,
Exports for Week
and Since
July 1 to-
Flour.
Week
Sept.6
1919.
Corn.
Wheat.
Since
July 1
1919.
Week
Sept. 6
1919.
Week
Sept. 6
1919.
Since
July 1
1919.
Since
July 1
1919.
Bushels. Bushels.
Bushels.
Barrels., Barrels.
Bushels.
356,000
United Kingdom.. 9,000 2,958,110 1,453,417 9,614,559 149,000
183,7411 2,447,395 3,013,881 22,115,843
191,000
Continent
169
11,673
155,614
So.& Cent. Amer.. 33,11081
284,332
41.927
52,583! 226,090
West Indies
13rit.No.Am.Cols
!
40,517
300
1,090
Other Countries._ 11,340,
UNFILLED ORDERS OF STEEL CORPORATION.The United States Steel Corporation on Tuesday, Sept. 9
1919, issued its regluar monthly statement showing unfilled
orders on the books of the subsidiary corporations as of
844,05
Total __ ._ ._ ._ 290,572 5,827,720 4,467,298 31,730,402 191,456
05.022
805.662 1.069.396 7.020.406 223.554 1.030.930
Aug. 31 1919, in the amount of 6,109,103 tons. This com- Total 1914
pares with 5,578,661 tons at the close of July and with
The world's shipments of wheat and corn for the week
8,759,042 tons on Aug. 311918. The latest figures are the ending Sept. 6 1919 and since July 1 1919 and 1918 are
largest reported since Jan. 31 1919. In the following we shown in the following:
give comparisons with previous months:
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
Deo. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Dee. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May :11
April 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
Tons.
1919._ 6,109,103
1919_ 5,578,661
1919._ 4,892,855
11119._ 4,282,310
1919.... 4,800,685
1919_ 5,430,572
1919_ 6,010,787
1919_ 6,684,268
1918_ 7.379,152
1918_ 8,121,66:3
1918- 8.353,298
1918- 8,297,905
1918- 8,759,042
1918._ 8,883,801
1918.... 8,918,866
1918- 8,337,623
1918-- 8,741.882
1918._ 9,056.401
1918_ 9,288,453
1918._ 9,477,853
1917_ 9,381,718
1917_ 8.897,106
1917_ 9,009,675
1917_ 9,833,477
1917_10.407,049
1917..10,844,164
1917...11,383,287
1917..11,486,591
1917_12,183,083
1917_11.711,644
1917_11,576,697
1917_11.174,054
1916_11,547,286
1916_11,058.542
1916-10,015,260
1916_ 9,522,584
1916_ 9,660,357
Tons.
1916_ 9,593,592 June 30
1916- 9,640,458 May 31
1916-- 9.937,798 April 30
1916_ 9,829,551 Mar. 31
1916_ 9,331,001 Feb. 28
1016- 8,568,966 Jan. 31
1916... 7,922,767 Dec. 31
1915- 7,806,220 Nov. 30
1915_ 7,189,489 Oct. 31
1915_ 0,165,452 Sept. 30
1915_ 5.317,618 Aug. 31
1915_ 4,908,455 July 31
1915- 4,928,540 June 30
1915._ 4,678,196 May 31
1915- 4,264,598 April 30
1915_ 4,162.244 Mar. 31
1915- 4,255,749 Feb. 29
1915_ 4,345.371 Jan. 31
1915- 4,248,571 Dec. 31
1914_ 3,836,643 Nov. 30
1914_ 3,324,592 Oct. 31
1914_ 3,401,097 Sept. 30
1914_ 3,787,667 Aug. 31
1914_. 4,213,331 July 31
1014._ 4,158.589 June 30
1911... 4,032,857 May 31
1914_ 3,998,100 April 30
1914_ 4,277,068 Mar. 31
1914_ 4,653,825 Feb. 28
1914- 5,026,440 Jan. 31
1914._ 4,613,680 Dee. 31
1913_ 4,282,108 Nov. 30
1913._ 4,396,347 Oct. 31
1913... 4,513,767 Sept. 30
1913_ 5,003,785 Aug. 31
1913_ 5,223,4438 July 31
1913- 5.399.356
July 31
June 30
May 31
April 30
Mar. 31
Feb. 29
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
1913_
1913-1913_
1913_
1913_
1913_
1912_
1912_
1912_
1912_
1912_
1912_
19121912._
1912_
1912_
1912_
1912_
1911_
1911_
1911_
1911_
1911._
1911_
1911_
1911_
1911_
19111911_
1911._
1910_
1910_
1910_
1910_
1910_
1910_
Tons.
5,807.317
6.324.322
6,978,762
7,468.956
7.656,714
7,827,368
7,932,164
7,852,883
7,594,381
6,551.507
6,163,375
5,957,073
5,807,349
5,750.986
5,664,885
5,304,841
5,454.201
6.379.721
5,084,765
4,141,958
3,694,327
3,611.315
3,695,985
3,584.088
3.361,087
3,113.154
3,218,700
3,447.301
3,400.543
3,110,919
2,674,750
2,760,413
2,871,949
3,148,108
3,537.128
3,970.931
(Commercial andratscellanconsg(tivs
-Breadstuffs figures brought from page 1093.-The
statements below.are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
I
Oats.
Barley. I
Rye.
bbls.1!)edbs. bush. 60 lbs.bush. 56 lbs.!bush. 31 lbs.bush „ISlbs;Intsh.56lbs.
215,000 4,302,000 1,718,000' 2,327,000
Chicago
78,000
344,000,
5,301,000
129,000
713,000
Minneapolis....
488,00W, 337,000
200,000
26,000
Duluth
152,0001 771,000
Milwaukee..__
12,001
525,000
582,000 1,010,000
:396,000
73,000
Toledo
26,000
145,000
307,000!
Detroit
69,000:
40,000
40,000
1013,C01
259,000
621,000
St. Louis._ __
1,569,000!
48,0001
33,000
Peoria
78,00
110,000
225,000
149,000
1,0110
37,0001
173,000
Kansas City
95,000
3,747,000
Omaha
349,000
353,000
1,829,000
398,000
459,0001
310,0001.
Indianapolis-1
Total week '19
411,00. 18,279,000 3.882,000 5,963,000 1,405,000 1,293,000
Same wk. 'IS
321.004! 17.605,000! 5,301,0001 10,66:1,000 1,672,000 (377,000
Same wk. '17
786,000
288,00
4,188,000 1344 000 8,045,000 2,693,000
1
'
Since Aug. 11919
2,204,000 100,407,000, 13,688,000! 30,931,000 9,270,000, 4,520,000
1918
1,808,00 104,038,0001 23,571,0001 57,61:1,000 5,638,000, 2,525,000
1917
1,521,000 27,038,000' 15.375,000! 44,276,000, 8,783,000 2,260,000
1
Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 6 1919 follow:
Receipts at-I Flour.
New York _ _
Philadelphia__
_
Baltimiire
Newport News
New Orleans.*
Galveston_
Montreal
Boston
1Vhcat.
I
Corn.
I
Ows.
I
Barley.
Rye.
I
Barrels.
Bushels. I Bushels.
Bushels.
Bushels. Bushels.
179,00
2,740,000,
1,000,
625,000
278,000,
48,004) 1,075,000;
14,0001
230,000
34,000 "iii,olio
49,00
442,006
31,000!
2,000
164,000
5,000
101,0001
102,00
181,000
935.0001
29,0048
168,000
130,000. .
18,0(1
354,0001
134,00(
1,000
497,000
252,000
24,000
368,0001
275,000
17,000
1,1)00
735,00g1 6,19:1,000
Total wk. '19
Since Jan.11025,985,00 144,635,000
70,000 1,959,000
:38,000
612,001)
0,147,000 54,731,00053,384,00024,607,000
128,000 1,955,000
Week 1918_
282,000 3,737,000,
59,000
44,000
Since .1:1)1.1'18 16,710.000 38,410,000 16,018,000: 72,550,000 7.028,000 3.091.000
*Receipts do not include grain passing through New Orleans for foreign ports
on through hills of lading.
'reek
Sept. G.
Wheal.
Corn.
Flour.
oats.
Rye.
Barley. i
Peas.
Bushels. Bushels. Barrels. Bushels. I Bushels. Bushels. Bushels.
88,572 909,579
15,456
_.._ _
Now York_ _ _ _ 1,805,29
17,588
49,606
70,000
51,011
Boston
. 42,000
90,000
49,000
374,00
Philadelphia
6,00(4 174,000 111,000
Baltimore__ __ 552,011
17,000
102,000
Newp't News_ 104,00
42,000
2:1,000 :34,000
New Orleans__ 403,00
27,000
460,000
Galveston.. _ _
414,000
----- 2.)5,000
i.
71,000
Montreal
- 764, 11 100,000
26.000 828,000
Total week.. 4,467,20 . 191,456 290,572 1,352,579 137,000 1,438.606
17,588
22.992 229,953
Week 1914_ _ _ 1.669.39, 223.554
1.786
3.210
1918.
Since
July 1.
1919.
11'eek
Sept. 6.
Since
July 1.
1918.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
154,00
359,00
North Amer_ 6,541,000 76,167,000 :11,298.000 Bushels.
Russia.
Danube_
Argentina__ _ 5,17:1,000 33.559,000 41,225,000 3,294,000 23,918,00
Australia ___ 2,456,000 19,727,000 7,640,000
2,520,000
India
83,000 1,065,00
330,000
872,000
89,000
0th. countre
Total
Bushels.
3,919,000
2,981,000
450,000
11.259.000 130,325,000 83,013,000 3,531,000 25,342.000
7,350.000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheal and Flour.
United
Kingdom. .Continent
Total.
Bushels.
Bushels. I Bushels.
Sept. 6 1919._ 15,920,000 51,456,000 67,376,000
Aug. 30 1919_ 15,872,000 58,432,000 74,301.000
Aug. 23 1019_ 14,568,000 58,937.000 73,505,000
Aug. 10 1919__ 16,254.000 52,976,000 69.230.000
" Including f ir "Orders."
United
Kingdom. .Cor,tir,entl
Bushels.
4,424,000
3,964,000
3,952,000
3,200.0110
Total.
Bushels. I Bushels.
12,640,000 17,064.000
12,128.000 16,096,000
10,872.000 14,824.000
8,898,000 12.094,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Sept. 6 1919 was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston_
Buffala
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneap ills
St. Louis
Kansas City
Peoria
Indianapolis
Omaha.
On Lakes
On Canal and River_
GRAIN STOCKS.
:C
i.0
0ron0
.
Oats.
Wheal.
bush,
bush.
bush.
603,000
4,314,000
222,000
304,000
19,000
265,000
2,391,000
180.000
3,049,000
56,000
300,000
122,000
739,000
2,144,000
47,000
49,000
2,538,000
8,242,000
21,000 2,280,000
14,000
100,000
1,011,000
65,000
115,000
46,000
12,518,000
167,000 7,189,001)
93,000 1,134,000
657,000
321,000
156,000
5,000 :3,717,000
2,061,030
137,000
3,639,000
15,000
13,6813,000
292,000 1,114,000
453,000
12,000
69,000
171,000
602,000
288,000
586,000
4,062,000
198,000
633.000
800,000
Rye.
buslz.
264,000
79,000
33,000
326,000
23,000
1,006,000
234,000
100,000
2,411,000
209,000
2,093,000
5,306.000
74,000
248,000
31,000
65,000
Ba,
ley.
bush.
543,000
218,000
63,000
201.000
150,000
2,197.000
197,000
442,000
4,000
274.000
328,000
533,000
052,000
2,000
36,000
153,000
Total Sept. 6 1919...A33,309,000 1,333,000 20,559,000 13,212,000 6,343,000
956,000 19,411.000 12,327,000 6.534,000
• Total Aug. :10 1919_ _ _ _56.818,000
56,011,000 5,235,000 21,897,000 1,612,000 1,717,000
Totn1 Sept. 7 1918
Total Sept. 8 1917.. _ _ 5,680,000 2,127.0(X) 8,967,000 1,186,000 4,125.000
Note.-13ontiel grain not inclwled above: Oats, 57,000 Boston: total, 57,000,
against nil in 1918; anti barley, 30,000 New York, 2,000 Duluth; total, 32,000,
against 1,000 in 1918.
Canadian 209,000 1,294,000
18,000
703,000
Montreal
031.000
272,000
1,015,000
& Pt. Arthur_ 1,272,001)
Ft.
57,000
326,000
652,000
Other Canadian
Total Sept. 6 1919.... 2,855,000
2,348,000
Total Aug. 30 1000_
Total Sept. 7 1918_ _ 3,263.000
1,920,000
Total Sept. 8 WEL
SummaryAmerican
____ _ _ __ _63,309,000
2,855,000
Canadian
18,000
114,000
122,000
19,000
2,019,000
2,213,000
7,370,000
4,43(3,000
209,000
293,000
2,000
1,623,000
1,760,000
337,000
103,000
1,333,000 20.569,000 13,212,000 6,343,000
209,000 1,623,000
18,000 2,019,000
Total Sept. (1 1919
66,164,000 1,351,000 22,618,000 13,421,000 7.9014,000
Toti:1 Aug. 30 1019_ _ _ _59,176,000 1,074,000 21,624,000 12,620,000 8,294,000
Total Sept. 7 1918„....50,275,000 5,357,000 29,267,000 1,612,000 2,101,000
714"X1,000 2.1)6,000 13,403,000 1,188,000 4,228,000
Total Sept. Fs 1917.._
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Bonds and Legal Tenders
on Deposit for--
Circulation Afloat Under-
1918-19.
The exports from the several seaboard ports for the week
ending Sept. 6 are shown in the annexed statement:
Exports from--
Corn.
Wheat.
1919.
Exports.
Bonds.
Aug. 30 1919...
July 31 1919_
Juno 30 1919..
May 311919..
Apr. 30 1919._
Mar. 311919..
Feb. 28 1919...
Jan. 311019..
Dec. 311918...
Nov. 30 1918..
Oct. 311918..
Sept. 30 1918._
Aug 31 1918._
694,621,710
69.3,343,210
692,252,950
691,052,300
689,878.300
688,183,250
683.342,450
633,004,450
684,648,950
684,464,950
684,446,440
643,026,300
642.411,730
Legal
Tenders.
35,328,665
34,629.207
36,190,333
37,152,677
38,973,647
40,194,752
42,080,347
41,903,027
39,867,332
40,421,622
41,833,562
43,467,307
44.104,182
Bonds.
689,235,005
686,278,555
683,086,600
685,612,243
686,157,475
684,202,440
679,799,125
680,025,471
683,661,878
676,431,533
679,637,575
678,465,863
640,210,470
Legal
Tenders.
35,328,665
34,629,207
36,190,333
37,152,677
38,973,647
40,194,752
42,080,347
41,903,027
39,867,332
40,421,622
41,833,562
43,467,307
44,108,182
7'otal.
724,563,670
720,907,762
719,276,933
722.764,020
725,131,122
724,487,192
721,879,472
721,928,498
723.529,210
716,853,155
721,471,137
721,933,170
724.316,652
$231,567,200 Federal Reserve bank notes outstanding Sept.2. all secured by bonds.
The following show the amount of each class of U. S.
bonds held against national bank circulation and to secure
public moneys held in national bank depositaries on Aug. 30.
U. S. Bonds Held Aug. 30 to SecureOn Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Bonds on Deposit
Aug. 30 1919.
Total
Held.
$
$14,129,000
2,593,000
404,500
285,300
220,275,000
$
$565,095,850
56,999,800
47,563,640
24,962,420
$
$580,224,850
59,592,800
47,968,140
25,247,720
220,275,000
$237.686,800
$694,621,710
$932,308,510
2% U. S. Consols of 1930
4% U. S. Loan of 1925
2% U. S. Panama 01 1936
2% U. S. Panama of 1938
2% U. S. 1-yr. CUs. of Indebtedness
Totals
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Aug. 1 and
Sept. 1 and their increase or decrease during the month
of August.
National Bank Notes-Total AfloatAmount afloat Aug. 1 1919
Net amount issued during August
$720,907,762
3,855,908
Amount of bank notes afloat Sept. 1 1919
Legal-Tender NotesAmount on deposit to redeem national bank notes Aug. 1 1919
Net amount of bank notes issued in August
$724,563,670
$34,629,207
699,458
Amount on deposit to redeem national bank notes Sept. 1 1919_ _ _ _ $35,328,665
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Shares. Stocks.
225 Tar laid. Producing & Ref_ _$5 lot
50 The Engineer Co., pref_ _5105 lot
Bonds.
77 Bethune Realty, common_ _1
I $5 $3,000 Ga. Coast & Piedmont RR.
29 Rams Films, Inc
$13 lot
1st 5. 1. 5s, certf. of dep
$1,161 Receivers' certf. of claims lot
$6,200 Elko Realty & Devel. bonds
agst. 1st Nat. Bank °II
Jan. 1912 coupon on __ _$110 lot
Bayonne 70% paid
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
3 Webster & Atlas Nat. Bank_ _220
55%
7-U. S. Worsted 2d pref
6 Salmon Falls Mfg., common_ _ _114
98
50 Bigelow-Hart. Carpet, pref_ _
6 Androscoggin Mills
20034
$ per sh.
410
87
91
5534
205
118
13934
17734
85%
139%
Shares. Stocks.
$ per sh.
3 Taunton & N. Bed. Copper__ _182%
30
50 Pemberton Bldg. Trust
$2 lot
100 Bozark Zinc, $10 each
10 Saintol Chem. Labor., $10 ea_$2 lot
200 Lone Star Cons.Copper,$10 ea _ $4 lot
4 Wrigley Co-oper. Plan, recta.,
$2 lot
$10 each
Per cent.
Bands$1,000 Ariz. & Bost. Smelting &
$6
Reduc. 1st 6s, etf. dep
By Messrs. Barnes & Lofland, Philadelphia:
Per cent.
IS per sh.
Bonds.
Shares. Stocks.
10 Bank of America
295
7,000 United Gas & Elec. coll. tr.
70
65, ser. A, 1945
141-145
10 Logan Trust Co
100 Empire Title & Tr., $25 paid__ 21% 1,000 N. 0. Ry. & Light ref. &
41%
gen. 55, 1949
1 Provident Life & Trust
42734
61
3,000 Lehigh Power Securities
17 Reliance Insurance, $50 each
72
Corp.6% notes, 1927_ _
33 Pottsville Water, $25 each _ _ _ 68
48
10,000 Waterloo C. F. dr Nor. Ry.
10 Mutual Trust
40%
1st 5s, 1940
Bonds.
Per cet8. 3,000 Lehigh & N.E. RR.gen. 55,
1954
96%
$1,000 Denver Gas & Electric 1st
ref. 55, 1951
80% 10,000 Bergner & Engel Brewing
75%
1st 6s, 1921
7,000 Dul. Rainy Lake & Winnipeg Ry. 1st ext. 58, 1921_ 9434 4,000 Detroit Toledo Sr Ironton
13
1,000 East'n Petroleum 1st ss,'27 90
RR. adjust. 58, 1954
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
For organization of national banks:
Picture Rocks National Bank, Picture Rocks, Pa
Correspondent, H. W. Burrows, Picture Rocks, Pa.
The First National Bank of Frankell, Tex
Correspondent, Walter Nance, Ranger, Tex.
The First National Bank of Delta, Utah
Correspondent, W. R. Walker, Delta, Utah.
Farmers National Bank of Tazewell, Va
Correspondent, R. C. Chapman, Tazewell, Va.
For conversion of State banks:
The Farmers National Bank of Kilkenny, Minn
Conversion of the Kilkenny State Bank.
Correspondent. II. D. Michael, Kilkenny.
The First National Bank of Murfreesboro, N C
Conversion of the Citizens Bank, Murfreesboro.
Cqrrespondent, Citizens Bank, Murfreesboro.
Total
CHARTERS ISSUED.
Original organizations:
The Jennings National Bank, Jennings, La
President, D. C. Ritchie; Cashier, Edw. F. Follett.
The First National Bank in Fort Payne, Ala
President, Chas. A. Lyerly; Cashier
The First National Bank of Desdemona, Tex
President, W. M. Robertson; Cashier, L. Crook.
The First National Bank of Chesaning, Mich
President, Wm. F. Lutz; Cashier, II. N. Slack.
The First National Bank of West Columbia, Tex
President, 0. B. Gaddis; Cashier, J. E. Farmer.
Succeeds, Private Bank of C. B. Gaddis, West Columbia.
$25,000
25,000
30,000
100,000
25,000
25,000
$230,000
$100,000
50,000
25,000
50,000
25,000
$250,000
CHANGE OF LOCATION AND TITLE.
The Farmers National Bank of Arapaho, Okla., to "The Farmers National
Bank of Clinton," Okla.
INCREASES OF CAPITAL.
The First National Bank of Lemmon, So. Dak. From $25,000
to $50,000
$25,000
The Peoples National Bank of Rocky Mount, Va. From $25,000
to $75,000
50,000
First National Bank of Tillamook, Ore. From $25,000 to $50,000- 25,000
First National Bank of O'Fallon, Ill. From $50,000 to $100,000
50,000
Swedish-American National Bank of Jamestown, N. Y. From
$100,000 to $200,000
100,000
Total
VOLUNTARY LIQUIDATIONS.
$250,000
Capital.
$30,000
The Cordell National Bank, Cordell, Okla
Liquidating Agent, J. M. Armfield, Cordell.
Succeeded by the Cordell State Bank.
The First National Bank of Lexington, Nob
Liquidating Agent, J. B. Wood, Lexington.
Absorbed by the Dawson County State Bank.
50,000
$80,000
Total
Canadian Bank Clearings.-The clearings for the week
ending Sept. 4 at Canadian cities, in comparison with
the same week in 1918, show an increase in the aggregate
of 17.4%.
Week Ending Sept. 4.
Clearinos
- at1919.
Inc. or
Dec.
1918.
1917.
1916.
Canada$
$
$
$
%
93,706,196 82,569,230 +13.6 70,290,231 60,680,178
Montreal
Toronto
69,958,562 62,894,392 +11.2 51,389,714 39,867,004
33,279,803 24,000,281 +38.7 26,544,266 32,262,494
Winnipeg
11,924,964 11,471,498 +3.1 8,067,512 6,181,647
Vancouver
7,821,339 6,441,430 +21.4 5,430,213 6,718,039
Ottawa
Quebec
5,284,534 4,280,087 +23.5 3,954,687 3,800,401
Halifax
4,107,178 3,536,377 +10.2 2.569,339 2,526,534
5,231,615 4,316,568 +21.2 4,830,832 3,164,930
Hamilton
St. John
2,617,40,
3 2,200,964 +18.9 1,663,415 1,536,279
Calgary
..
6,265,635 5,073,122 +23.5 4,493,014 3,827,467
Victoria
2,200,000 2,351,705 -7.5 2,027,763 1,326,460
2,940,986 2,234,459 +31.6 2,367,856 1,506,103
London
4,291,785 3,014,269 +42.4 2,201,455 1,627,730
Edmonton
3,412,271 2,398,590 +42.3 2,325,041 2,037,963
Regina
655,673
433,191 +51.4
527,489
648,120
Brandon
627,309
501,525
725,732
751,336 -3.4
Lethbridge
1,770,228 1,257,523 +40.8 1,429,474 1,039,323
Saskatoon
1,433,138
992,907 +44.3
897,254
794,424
Moose Jaw
941,704
726,198 +29.7
824,023
513,501
Brantford
566,236
548,754 +41.4
Fort William
785,061
475,380
New Westminster
576,832
505,895 +14.0
373,600
269,171
355,010
304,526 +16.6
380,385
287,317
Medicine Hat
524,371 +27.6
511,284
407,823
Peterborough
669,386
610,549
433,203
870,523
895,744 -2.8
Sherbrooke
539,701
421,739
Kitchener _______ _ _ _ _
750,000
530,555 +41.4
1,798,937 1,010,234 +78.1
Windsor
248,075
214,091 -15.9
Prince Albert
Mr11,1 Onnarla
$ per sh.
Shares. Stocks.
147
10 Ludlow Mfg. Associates
30
25 University Associates
10 Draper Corporation, ex-div__ _ _140
50 Saco-Lowell Shops, common.._ _185
257%
28 Nat. Shawmut Bank
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
3 American Trust
1 Dartmouth Mfg., pref
3 Fairhaven Mills, pref
IOU. S. Worsted, 2d pref
6 Pepperell Manufacturing
8 Acadia Mills
14 Mass. Cotton Mills
2 Gillette Safety Razor
27 Waltham Watch, pref
6 Draper Corporation
[VoL. 109.
THE CHRONICLE
1054
951 599 c711 SO: 170 907
.1.17 .1 100 445 409 171 ORS 1100
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.
Railroads (Steam).
Ashland Coal et Iron Ry. (attar.)
Beech Creek (guar.)
Buffalo & Susquehanna, corn.(guar.)._ Common (extra)
Canadian Pacific, common (quar.)
Preferred
Chicago Burlington & Quincy (guar.)
:Chicago & North Western, corn. (qu )_
Preferred (wisr.)
:Delaware & Hudson Co. (quar.)
Fonda Johnstown & Glov., pref. (quar.)
Great Northern ((luar.)
Lackawanna RR. of N. J. (guar.)
fLehigh Valley, common (quar.)
Preferred (mew.)
Minn.St. P.& S. S. M.,corn. & pref_
Newark &Bloomfield
New York Central RR. (guar.)
N. Y. Lackawanna & Western (quar.)_ _
Norfolk & Western,common (quar.)_ _
Northern Pacific (guar.)
Pittsb.Bessemer et L.Erie,common
Pittsb.Ft. Wayne et Chic.,corn.(quar.). _
Preferred (guar.)
St. Joseph South Bend & Sou., common_
Preferred
Southern Pacific (quar.)
Union Pacific, common (quar.)
Preferred
United N. J. RR. et Canal Cos.(guar.). _ _
Warren RR
West Jersey de Seashore
Wisconsin Central, preferred
Per
When
Cent. Payable.
Books Closed.
Days inclusive.
Sept.2 5
Oct. 1 Holders of rec. Sept. 19a
Sept.30 Sept. 16 to Sept.30
Sept.30 Sept. 16 to Sept.30
Oct. 1 holders of roe. Sept. 20
Oct. 1 Holders of rem Sept. 2
2
Sept.25 Holders of rec. Sept. 10a
1% Oct. 1 Holders of rec. Sept. 48a
2
Oct. 1 Holders of rec. Sept. :8a
234 Sept.20 Holders of rec. Aug. 28a
134 Sept. 15 Holders of rec. Sept. 10a
Nov. 1 Sept. 18 to Oct. 9
134 Oct.
1 Holders of rec. Sept. 8a
8734c Oct. 4 Holders of rec. Sept413a
$1 25 Oct. 4 Holders of rec. Sept.:13a
3% Oct. 15 Holders of rec. Sept. 19a
Oct. 1 Holders of rec. Sept.22a
3
134 Nov. 1 Holders of roe. Oct. la
1% Oct. 1 Holilers of rec. Sept. 13a
134 Sept. 19 Holders of reo. Aug. 30a
Nov. 1 *Holders of rec. Oct. 4
750. Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. be
1% Oct. 7 Holders of rec. Sept. 10a
1' Sept. 15 Sept. 11 to Sept. 15
2% Sept. 15 Sept. 11 to Sept. 15
1% Oct. 1 Holders of rec. Aug. 30a
2% Oct. 1 Holders of rec. Sept. 2a
2
Oct. 1 Holders of roe. Sept. 2a
Oct. 10 Sept. 21 to Sept. 30
$1 75 Oct. 15 Holders of rec. Oct. 4a
*31.25 Oct. 1 *Holders of rec. Sept. 15
Oct. 1 *Holders of rec. Sept. 18
*2
50c.
50e.
13(
34
234
Street and Electric Railways.
Arkansas Val. By.,T.. & Pow., pref.(qu.) 134 Sept. 15 Holders of rec. Aug. 30
1% Oct. 1 Holders of rec. Sept. 16
Asheville Power & Light, re.I.(quar.)_ _ *1%
Oct. 1 *Holders of rec. Sept. 17
Boston Elerated By., cam.(guar.)
1% Oct. 1 Holders of rec. Sept. 15
Brasilia,Ti., L. et Power, pref. ((marl_ _
Oct. 1 Holders of rec. Sept. 16
Carolina Power et LOU. pref. (guar.) _ A Oct. 1 Holders of roe. Sept. 15a
Cities Service, corn. & pref. (mthly.)
Oct. 1 Holders of rec. Sept. 15a
Common (payable In common stock)_ ft
51 Nov. 1 Holders of rec. Oct. 15a
Common and preferred (monthly)_ _ _ _
Nov. 1 Holders of rec. Oct. 15a
11
Common (Payable In common stock)_
51c Oct. 1 Holders of rec. Sept. 15a
Citles Service. Bankers'shares(monthly)
1
Oct. 1 Holders of rec. Sept. 16
Duluth-Superior Tract.. Pref. (guar.)Sept. 15 Holders of rec. Sept. 2a
El P^so Electric Co., common (quar.)_
Oct. 1 Holders of roe. Sept. la
Frankford & Southwark Pass. Rv.(qu.)Sept. 15 Holders of rec. Sept. 3
Galvestnn-H.nstnn Flee. Co , pref.__ _ _
Oct. 1 Holders of rec. Sept. 15
(sar.)
Oct. 1 Holders of rec. Sept.22a
Manila Elec. RR. db Lte Corp. (year.)_
Oct. 1 Sept. 11 to Sept. 30
Philadelphia Traction
Sept. 15 Holders of rec. Aug. 30
Son Joaquin Lt.& Pow. Corp., pref.(qu.)
Oct. 1 Holders of rec. Sept. la
Seeon'l .4 Thi.. S's psss. Ry.(guar.). _
Oct. 1 Holders of rec. Sept. 15a
Springfield (Mo.) Ry.& Lgt., pref. (qu.)
Oct. 1 Holders of rec. Sept. 15
Twi. City Rap. Ti., Minneap., pf. (qu.)
Oct. 1 *Holders of recoSept. 15
United Light & Rys., common (guar.)__ _
Oct.
1 *Holders of rec. Sept. 15
First Preferred (guar
Oct. 1 *Holders of rec. Sept.20
Wash. Bait. et Annan. El. RR., corn.(qu.) *51
'134
Oct.
1 *Holders of rec. Sept.20
(suer.)
Preferred
Oct. 1 *Sept.21 to Oct. 1
West End Street Ry., Boston, common. *$1.75
1% Oct. 1 Holders of rec. Sept. 16
Yadkin Ricer Power, pref. (guar.)
Banks.
4
Chase National (guar.)
4
Chatham et Phenix National (guar.)
2
Coal et Iron National (guar.)
234
Commerce. National Bank of (a ear.)- _ - *5
First National (guar.)
*5
First Security (guar.)
$1
Mechanics (Brooklyn) (guar.)
Oct.
Oct.
Oct.
Oct.
Oct.
Oat.
Oct.
Trust Companies.
Franklin (Brooklyn) (guar.)
Guaranty (attar.)
Lawyers Title & Trust (quar.)
Manufacturers, Brooklyn (guar.)
Sept.30 Holders of rec. Sept, 20a
Sept. 30 Holders of rec. Sept. 19
1 Sept. 14 to Oct. 1
Oct.134
Oct. 1 *Holders of rec. Sept.20a
3
5
*2
Holders of rec. Sept.'23a
Sept.21 to Sept.30
Holders of rec. Sept. 10a
Holders of rec. Sept.20a
*Holders of rec. Sept.30
*Holders of rec. Sept.30
Holders of rec. Sept. 200
Ct
SEPT. 13 1919
THE cHRON1CLE
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
134 Oct. 1 Holders of rec. Sept. 15a
Advance-Homely. preferred (quar.)_
$1
Ahmeek Mining (quar.)
Sept.30 Holders of rec. Aug. 30
1
Ajax 011, Class A (monthly)
Sept. 15 Holders of rec. Sept. 5
Ajax Rubber, Inc., common (guar.).- $1.50 Sept. 15 Holders of rec. Aug. 30a
1% Oct. 15 Holders of rec. Sept. 30a
Allis-Chalmers Mfg., pre..(quar.)
h% Oct. 15 Holders of rec. Sept. 30a
Prof. (acct. accumulated dividends)
American Bank Note, pref. (quar.)_
75c. Oct. 1 Holders of roe. Sept. 15a
American Beet Sugar, pref. (quer.)_ _ _ _
134 Oct. 2 Holders of rec. Sept. 13a
American Bosch Magneto (quar.)
Oct. 1 Holders of rec. Sept. 15a
82
Amer.Brake Shoe & Fdy.. corn.(quar.).. _
1% Sept.30 Holders of rec. Sept. 19
3
.Preferred (guar.)
Sept.30 Holders of rec. Sept. 19
1% Oct. 1 Holders of rec. Sept. 16a
American Can, preferred (quar.)
American Car & Foundry, corn. (guar.). 3
Oct. 1 Holders of rec. Sept. 15a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15a
American Chicle, preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 20
American Cigar, preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15a
American Coal
Sept. 9 Holders of rec. Sept. 8
$2
American Druggist Syndicate
400. Sept.15 Holders of roe. July 31a
American Express (quar.)
134 Oct. 1 Holders of rec. Aug. 30a
American Fork & Hoe,common (quar.)_
1% Sept. 15 Holders of rec. Sept. 5a
Preferred
334 Oct. 15 Holders of rec. Oct. Sc
American Gas & Electric-Common (payable in common stock). 1254 Oct. 1 Holders of roe. June 20
Amer. Gas & Elec., common (guar.)
234 Oct. 1 Holders of rec. Sept. 19
Preferred (guar.)
134 Nov. 1 Holders of roe. Oct. 17
Amer. Hide & Leather, pref.(quar.)
13j Oct. 1 Holders of roe. Sept. 13a
Preferred (extra)
2
Oct. 1 Holders of rec. Sept. 130
Amer. Internat. Corp., com. & pf. (qu.) $1.20 Sept.30 Holders of rec. Sept. 15a
American Locomotive, common (quar.)_
134 Sept.30 Holders of rec. Sept. 13a
Preferred (quar.)
134 Sept.30 Holders of rec. Sept. 13a
Amer. Public Service, pref. (quar.)
Oct. 1 Holders of rec. Sept. 15
American Radiator, common (quar.)__
3
Sept.30 Sept.23 to Sept.30
American Sewer Pipe (gear.)
A Sept.20 Holders of rec. Sept. 10a
American Smelt. & Refining, corn. (qtr.) 1
Sept. 15 Aug. 30 to Sept. 7
Am.Smelters Securities, pref. A (guar.)_
134 Oct. 1 Sept. 13 to Sept. 21
Preferred B (quar.)
134 Oct. 1 Sept. 13 to Sept.21
American Snuff, common (quar.)
3
Oct. 1 Holders of reo. Sept. 13a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 13a
Amer. Steel Foundries, corn.(guar.)._ _ _ 75c. Oct. 15 Holders of rec. Oct. la
Preferred
Sept.30 Holders of rec. Sept. 15a
American Sugar Refining, corn. (quar.). 134 Oct. 2 Holders of roe. Sept. 2a
Common (extra)
2 Holders of roe. Sept. 2a
Oct.34
Preferred (quar.)(No. 111)
134 Oct. 2 Holders of reo. Sept. 2a
American Telep. & Teleg. (quar.)___.
2
Oct. 15 Holders of rec. Sept.20a
American Tobacco, pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 15a
Amer. Type Founders,common (guar
_ *1
Oct. 15 *Holders of rec. Oct. 10a
Preferred (guar.)
*134 Oct. 15 *Holders of rec. Oct. 10a
American Woolen, corn. & pref. (quar.).
Oct. 15 Sept.d16 to Sept. 25
Ames, Holden, McCready, Ltd., pf. (qu.)_ *134 Oct. 1 *Holders of rec. Sept.19
Argonaut Cons. Mining (guar.)
5c.
Sept.26 Holders of rec. Sept. 11
Armour & Co., pref.(quar.)
*134 Oct. 1 *Holders of rec. Sept. 15
Associated Oil (quar.)
'134 Oct. 15 *Holders of rec. Sept. 25a
Atlantic Refining (quar.)
Sept. 15 Holders of rec. Aug. 23
Auto Sales Corporation, pref. (quar.)_ _
750. Sept.30 Holders of rec. Sept. 15
Preferred (extra)
25c. Sept. 30 Holders of rec. Sept. 15
Avery Co., pref. (quar.)
*134 Oct. 1 *Holders of rec. Sept. 19a
Barnhart Bros. & Spind. 1st & 2d pl.(qu.) *134 Nov. 1 *Holders of rec. Oct. 25a
Barrett Co., common (guar.)
2
Oct. 1 Holders of rec. Sept. 17
Preferred (quar.)
Oct. 15 Holders of rec. Sept.25a
Belding Paul Corticelli, Ltd., preferred. 334 Sept. 15 Holders of rec. Sept. 1
Bethlehem Steel, common (quar.)
13j Oct. 1 Holders of roe. Sept. 15a
Common B (quar.)
134 Oct. 1 Holders of roe. Sept. 150
Non-cumulative preferred (quar.)_
134 Oct. 1 Holders of reel. Sept. 15a
Cumulative convertible preferred (qu.) 2
Oct. 1 Holders of rec. Sept. 15a
Bingham Mines (quay.)
250. Sept.30 Holders of rec. Sept. 20a
Blumenthal(F.) Co cam.and pref.(guar.) *134 Oat. l *Holders of reo. Sept.30
Booth Fisheries, 1st preferred (quar.) __
134 Oct. 1 Holders of rec. Sept. 15a
Borden's Condensed Milk, pref.(quar.)_
134 Sept. 15 Holders of ree. Aug. 300
Preferred (quar.)
134 Doe. 15 Holders of roe. Doe. la
Borne, Scrymser Co.(annually)
Oct. 15 Sept. 14 to Oct. 14
20
British-American Tobacco, ordinary._ _
e
Sept.30
See note is below
Preference
234 Sept. 30 Holders of coupon No.32
Brunswick-Balke-Collender, pref.(gear.)_ _ *134 Oct. 1 *Holders of rec. Sept. 20
Buckeye Pipe Line (quar.)
$2
Sept. 13 Holders of rec. Aug. 23
Buoyrus Company, pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 20
Buffalo General Electric (quar.)
Sept.30 Holders of reo. Sept.20
2
California Packing Corp., corn. (quar.)_ $1
Sept.15 Holders of rec. Aug. 30a
Preferred (quar.)
1% Oct. 1 Holders of roe. Sept. 15a
California Petroleum, pref. (guar.)
134 Oct. 1 Holders of rec. Sept.20a
Pref. (account accumulated dividends)._
234 Oct. 1 Holders of rec. Sept.20a
Calumet & Arizona Mining (quar.)
Sept.22 Holders of rec. Sept. 5a
$1
Calumet & Hecla Mining (guar.)
Sept.20 *Holders of rec. Aug. 25
*35
Cambria Iron
Oct. 1 Holders of rec. Sept. 15a
$1
Cambria Steel (quar.)
750 Sept.15 Holders of rec. Aug. 30a
Extra
250 Sept. 15 Holders of rec. Aug. 30a
Canada Steamship Lines, corn.(quar.)_
Sept. 15 Holders of roe. Sept. 1
1
Preferred (quar.)
134 Oct. 1 Holders of roe. Sept.15
Canadian Car & Foundry, pref. (quar.)_
Oct. 10 Holders of ree. Sept.26a
134
Pref.
.(extra, on acct. accum. divs.)_ _ 1.134 Oct. 10 Holders of rec.
Sept.26a
Canadian Crocker-Wheeler.common (qu.)_ *134 Sept.30
Preferred (gttar.)
*134 Sept.30
Canadian General Electric, corn. (qu.). 2
Oct. 1 Holders of roe. Sept.13
Preferred
334 Oct. 1 Holders of rec. Sept.13
Carbo-Hydrogen Co. of Amer., pref.(qu.) .0834c Sept.30
Cardenas-Amer. Sugar, pref. (guar.)._
134 Oct. 1 Holders of rec. Sept.22
Case (J. I.) Threshing Mach., pref.(go.) 134 Oct. 1 Holders of rec. Sept. 15
Celluloid Company (guar.)
2
Sept.30 Holders of rec. Sept. 16a
Central Aguirre Sugar Co. (guar.)
234 Oct. 1 Holders of rec. Sept.20
Extra
10
Oct. 1 Holders of rec. Sept.20
Central Leather, preferred (gum'.)
134 Oct. 1 Holders of roe. Sept. 10a
Central Petroleum, Preferred
Oct. 1 Holders of rec. Sept. 19
234
Central States Elec. Corp., pref.(quar.)_
134 Oct. 1 Holders of rect. Sept. 10
Certain-teed Products Corp., 1st pf. (qu.)_
134 Oct. 1 Holders of rec. Sept.20
Second preferred (guar.)
I% Oct. 1 Holders of rec. Sept.20
Chandler Motor Car (gear.)
*6
Oct. 1 *Holders of Teo. Sept. 19
Chesebrough Mfg. Co., Cons'd (quar.)_ _ 3
Sept.20 Holders of roe. Aug. 30a
Extra
50
Sept.20 Holders of roe. Aug. 30a
Chicago Telephone (quar.)
2
Sept.30 Holders of roe. Sept.29a
Chino Copper Co. (mar.)
750 Sept.30 Holders of rec. Sept. 16
Cincinnati Tobacco Warehouse
1
Oct. 15 Holders of rec. Oct. 4
Citizens Gas of Indianapolis
$1.25 Sept.29 Sept. 14 to Sept.28
Cleveland Worsted Mills (guar.)
134 Sept.30 Holders of rec. Sept.20
Cluott, Peabody & Co., pref. (quar.)_ _ _
134 Oct. 1 Holders of roe. Sept. 20a
Colorado Power, preferred (quar.)
134 Sept.15 Holders of rec. Aug. 300
Columbia Graphophone Mfg.,corn.(qu.)
25c Oct 1 Holders of roe. Sept. 100
Common (payable in common stocp)_ _ (x) Oct. 1 Holders of
rt.'. Sept. 10a
Preferred (quar.)
134 Oct. 1 Holders of rect. Sept.100
Computing-Tabulating-Recording (qu.)_
1
Oct. 10 Holders of rec. Sept.25a
Consolidated Gas(N. Y.) (quar.)
13( Sept. 15 Holders of rec. Aug. 12a
Cons'd Gas,E. L.& P., Bait., corn.(qu.) 2
Oct. 1 Holders of roe. Sept.154
Consumers Power (Mich.), corn. (quar.).
2
Oct. 1 Holders of rec. Sept. 19a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 19a
Continental Can,Inc., common (guar.)._ _
134 Oct. 1 Holders of rec. Sept.200
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept.20a
Continental Motors Corp., pref. (guar.)
134 Aug. 30
Aug. 5
Continental Oil (quar.)
*3
Sept. 16 *Holders of rec. Aug. 26
Copper Range Co. (guar.)
50c. Sept. 15 Holders of rec. Aug. 20a
(guar.)
Line
Crescent Pipe
75o. Sept. 15 Aug. 24 to Sept. 15
134 Sept.30 Holders of roe. Sept. 16a
Crucible Steel, preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15a
Cuba Cane Sugar, pref. (quar.)
Cuban American Sugar. common (guar.) 254 Sept.30 Holders of reo. Sept. 15a
Preferred (quar.)
134 Sept.30 Holders of reo. Sept. 15a
134 Oct. 6 Sept.26 to Oct. 5
Cudahy Packing, common (par.)
Diamond Match (quar.)
2
Sept.15 Holders of rec. Aug. 304
Dodge Mfg., common (guar.)
1 Holders of reo. Sept.27a
Oct.134
Common (extra)
1
Oct. 1 Holders of rec. Sept.27a
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept.22a
Dominion Foundries & Steel, common_ _
1
Aug. 30 Holders of roe. Aug. 26a
Preferred
2
Aug. 30 Holders of rec. Aug. 254
Dominion Glass, common (quar.)
1
Oct. 1 Holders of roe. Sept.15
k.Preferred (quar.)
134 Oct. 1 Holders of roe. Sept. 16
134
134
.)__
134
134
1055
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Dominion Iron & Steel, pref.(quar.)_ _ _ _
134 Oct. 1 Holders of roe. Sept.13
1
Dominion Power dr Trans.,corn.(gum'.)_
Sept. 15 Sept. 1 to Sept. 15
Dominion Steel Corp., Ltd., corn. (qu.) 134 Oct. 1 Holders of rec. Sept. 5
Dominion Textile, Ltd.,common (quar.) 2
Oct. 1 Holders of rec. Sept. 15
Draper Corporation (quer.)______ _ _ *3
Oct. 1 *Holders of rec. Sept. 6
duPont (E.I.) deNem.& Co., corn.(qu.) 434 Sept. 15 Holders of rec. Aug. 30
Debenture stock (gear.)
154 Oct. 26 Holders of rec. Oct. 10
duPont (E.I.) deNem.Powd.,corn.(qu.) *134 Nov. 1 *Holders of rec. Oct. 20
Preferred (gum'.)
*134 Nov. 1 *Holders of rec. Oct. 20
Eastern Steel, corn. (in 4th L. L. bonds) 1234 Oct. 15 Holders of rec. Oct. la
First and second preferred (gear.)_ _ _
134 Sept.15 Holders of rec. Sept. 2a
Eastman Kodak. common (quar.)
214 Oct. 1 Holders of rec. Aug. 30a
Preferred (guar.)
134 Oct. 1 Holders of rec. Aug. 30a
Edmunds db Jones Corp., common (guar.) *50c. Oct. 1 *Holders of rec. Sept.20
Preferred (guar.)
*134 Oct. 1 *Holders of rec. Sept.20
Eisenlohr (Otto) & Bros., pref. (guar.)___
134 Oct. 1 Holders of rec. Sept.20
Elec. Storage Bat., corn. & Prof.(qu.)- • 2
Oct. 1 Holders of rec. Sept. 15a
Fairbanks Company, pref. (guar.)
2
Oct. 1 Holders of rec. Sept. 200
Famous Players-Lasky Corp. (guar.)
Oct. 1 Holders of rec. Sept.22
E2
Farrell (William) & Sons,Inc., pref.(qu.) $2.33 Oct. 1 Holders of roe. Sept.200
Federal Mining & Smelting, pref.(quar.)
A Sept.15 Holders of rec. Aug. 25a
Firestone Tire & Rubber,corn. (quar.) _
134 Sept.20 Holders of rec. Sept. 100
Firestone Tire dt Rubber, pref.(guar.)_ _ _ _
134 Oct. 15 Holders of rec. Oct. 1
Foundation Co., common
Oct. 15 Aug. 9 to Aug. 14
$5
Galena-Signal 011, old & new pref. (qu.) *2
Sept.30 *Holders of rec. Aug. 30
General Baking, pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 13
General Chemical, preferred (quar.)_ _
134 Oct. 1 Holders of rec. Sept.176
General Electric (guar.)
2
Oct. 15 Holders of reo. Sept. 15a
Globe Oil (quar.).
4At.. Oct. 1 Sept. 16 to Sept.30
Globe Rubber Tire Mfg.,corn. (quar.)_ _
134 Sept. 15 Holders of rec. Aug. 31a
Globe Soap, common, first, second and
special preferred stocks (guar.)
*IA Sept.15 *Holders of rec. Aug. 30
Goodrich (B. F.) Co.,common (guar.)._
1
Nov. 15 Holders of rec. Nov. 54
Preferred (War.)
154 Oct. 1 Holders of rec. Sept. 19a
Goulds Manufacturing, common (guar.)_ _
134 Oct. 1 Holders of rec. Sept.20a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.200
Grant Motor Car Corp., common (guar _
100. Sept. 1 Aug. 21 to Aug. 31
Gressel!' Chemical, corn. (guar.)
134 Sept.30 Sept. 16 to Sept.30
Common (extra)
A Sept.30 Sept. 16 to Sept.30
Preferred (guar.)
13-4 Sept.30 Sept. 16 to Sept.30
Gray & Davis, Inc., preferred (quar _ _ _ *134 Oct. 1 *Holders of rec. Sept. 20
Great Western Sugar,common (guar.)___ _ *134 Oct. 1 *Holders of roe. Sept.15
Common (extra)
*10
Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
*134 OcZ.. 1 *Holders of rec. Sept. 15
Guantanamo Sugar (guar.)
$1.25 Sept.30 Holders of rec. Sept. 17a
Harbison-Walker Refrac., pref. (quar.). 134 Oct. 20 Holders of rec. Oct. 10a
Hart, Schaffner & Marx, Inc., pref. (qu.)
Sept.30 *Holders of rec. Sept. 20
Haskell & Barker Car (quar.)
Oct. 1 Holders of rec. Sept. 15a
Helme(Geo. W.) Co.,common (quar.)_ _
234 Oct. 1 Holders of rec. Sept. 12a
Preferred (gear.)
134 Oct. 1 Holders of rec. Sept. 12a
Hercules Petroleum, Class A (monthly)- 1
Sept.15 Holders of rec. Sept. 5
Hercules Powder, common (quar.)
2
Sept.25 Sept. 16 to Sept.24
Common (extra)
2
Sept.25 Sept. 16 to Sept.24
Homestake Mining (monthly)
50c. Sept.25 Holders of reo. Sept. 20
Huntington Devel. & Gas, pref. (qu.)_ _
IA Oct. 1 Holders of rec. Sept. 15
Hupp Motor Car Corp., pref.(quar.)--- *I% Oct. 1 *Holders of rec. Sept. 20
Imperial Tobacco Co. of Canada, corn._
134 Sept.26
Preferred
3
Sep c130
Independent Brewing, common (guar.). *50c. Sept. 15 *Holders of rec. Aug. 29
Independent Pneumatic Tool (guar.)
*5
Oct. 1 *Holders of rec. Sept. 20
Indiahoma Refining (monthly)
Sc. Oct. 1 Holders of roe. Sept.21
Extra
10c. Oct. 1 Holders of rec. Sept.21
Indian Packing Corporation (qu.)(No. 1).
25e. Oct. 14 Holders of rec. Sept.30
Indian Refining, common (quar.)
3
Sept. 15 Holders of rec. Sept. 54
Preferred (qua.),
134 Sept. 15 Holders of rec. Sept. 5a
International Banking Corporation
*3
Oct. 1 *Holders to rec. Sept. 20
Interned. Buttonhole Sew. Mach.(guar.). _
10c. Oct. 1 Holders of rec. Sept. 15
Internal. Harvester, common (guar.)
134 Oct. 15 Holders of rec. Sept.25a
International Salt (quar.)
134 Oct. 1 Holders of rec. Sept. 154
Isle Royale Copper Co.(guar.)
50c Sept 30 Holders of roe Aug 30
Jewell Tea, Inc., pref. (gear.)
*134 Oct. 1 *Holders of rec. Sept.20
Kaufmann Department Stores, pref. (qu.) 134 Oct. 1 Holders of rec. Sept.20
Kelly-Springfield Tire, pref. (guar.)
154 Oct. 1 Holders of rec. Sept. 15a
Kennecott Copper Corporation (guar.).
250. Sept.30 Holders of rec. Sept. 54
Capital distribution
250. Sept.30 Holders of rec. Sept. 5a
Kerr Lake Mines, Ltd
$1
Sept.22 Holders of rec. Sept. 13
Keystone Tire dr Rubber. common
fl5
Sept.15 Holders of rec. Sept. 2a
Common (quar.)
30e. Oct. 1 Holders of roe. Sept.19a
Kolb Bakery, pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 13
134 Oct. 1 Holders of rec. Sept. 15a
Kresge (S. S.) Co., pref. (guar.)
Kress (S. H.)& Co., corn.(guar.)
1
Nov. 1 Holders of rec. Oct. 200
Preferred (gear.)
134 Oct. 1 Holders of rec. Sept. 200
La Belle Iron Works, common (guar.)._
134 Sept.30 Holders of rec. Sept.15a
Preferred (guar.)
2
Sept.30 Holders of rec. Sept.15a
Lackawanna Steel, common (quar.)_ _ _ _
134 Sept.30 Holders of rec. Sept. 100
Laurentide Co. (guar.)
3
Oct. 1 Holders of rec. Sept. 22
Lehigh Valley Coca Sales (guar.)
$2
Oct. 1 Holders of rec. Sept. 18
Liggett & Myers Tobacco, pref. (gum'.). 134 Oct. 1 Holders of rec. Sept. 15a
Lindsay Light, preferred (quar.)
154 Sept.30 Holders of roe. Aug. 300
Livingston Oil Corp. (guar.)
3c. Oct. 1 Holders of rec. Sept.20
Extra
20. Oct. 1 Holders of rec. Sept.20
2
Lone Star Gas(guar.)
Sept.30 Holders of rec. Sept. 100
Lorillard (P.) Co.,common (gear.)
3
Oct. 1 Holders of roe. Sept. 154
134 Oct. 1 Holders of rec. Sept. 15a
Preferred (quar.)
154 Sept. 1 Holders of rec. Aug. 21a
Louisville Gas & Electric, prof.(gear.) _ _
134 Oct. 1 Holders of rec. Sept. 6a
Mackay Companies, common (guar.)__
Preferred (guar.)
1
Oct. 1 Holders of rec. Sept. 6a
134 Oct. 1 Holders of roe. Sept. 15
Manati Sugar, pref. (quar.)
1
Manhattan Elec. Supply, corn. (guar.).
Oct. 1 Holders of rec. Sept.200
134 Oct. 1 Holders of rec. Sept.200
First and second preferred (quar.)___ _
134 Oct. 1 Holders of rec. Sept.20
Manhattan Shirt. Preferred (Mar.)
134 Oct. 1 Holders of rec. Sept. 114
May Department Stores, pref. (quar.)_ _
1% Oct. 1 Holders of rec. Sept.20a
McCrory Stores Corp., pref.(gear.)
Merck & Co., preferred (gear.)
2
Oct. 1 Holders of rec. Sept. 17
Mergenthaler Linotype (guar.)
234 Sept.30 Holders of rec. Sept. 34
Mexican Petroleum, common (guar.)_ _ _
234 Oct. 10 Holders of rec. Sept. 15a
2
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 154
Michigan Light, preferred (guar.)
i34 Oct. 1 Holders of rec. Seln. 150
Michigan Sugar, pref. (gear.)
134 Sept. 15 Holders ol rec. Aug. 31a
Middle States 011 CorporationMonthly (No.24)
lc. Oct. 1 Holders of rec. Sept.204
Midland Securities (guar.)
234 Sept.30 Holders of rec. Sept. 5a
Mill Factors Corp., Class A (quar.)
2
Oct. 1 Holders of rec. Sept. 20
Montana Power, common (guar.)
54 Oct. 1 Holders of rec. Sept.13a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.130
Montgomery Ward & Co., prer. (guar.) .134 Oct. 1 *Holders of rec. Sept.20
Montreal Cottons, Ltd., corn. (quar.)_ _
134 Sept.15 Holders of rect. Aug. 31
Preferred (guar.)
134 Sept.15 Holders of rec. Aug. 31
Muskogee Gas & Elec., Prof. (guar.)_ _ _ _
134 Sept.15 Holders of rec. Aug. 30
Narragansett Electric Lighting (guar.)._ $1
Oct. 1 Holders of rec. Sept. 13a
National Aniline & Chemical, pref. (qu.) 134 Oct. 1 Holders of rec. Sept. 15a
National Biscuit, common (guar.)
134 Oct. 15 Holders of roe. Sept. 300
154 Oct. 1 Holders of rec. Sept. 15a
Nat. Breweries, Ltd., corn. (guar.)_ _
National Cloak & Suit, common (quar.)__
134 Oct. 15 Holders of rec. Oct. 8a
Nat. Enameling & Stpg., pref. (guar.)._
154 Sept.30 Holders of rec. Sept.100
National Grocer, common (gum'.)
2
Sept.30 Sept.20 to Sept.30
National Lead, common (guar.)
134 Sept.30 Holders of rec. Sept. 12a
Preferred (guar.)
134 Sept.15 Holders of rec. Aug. 22e
National Licorice, pre erred (guar.)
154 Sept.30 Holders of rec. Sept.23
National Oil of N. Y., pref. (quar.)_
20e. Oct. 15 Holders of rec. Oct. la
Nat. Paper dc Type, corn. & pref. (gear.).. *2
Oct. 15 *Holders of rec. Sept. 300
(guar.)
Refining
National Sugar
154 Oct. 2 Holders of roe. Sept. 8
National Surety (guar.)
3
Oct. i Holders of roe. Sept. 19a
National Transit (extra)
E2
Sept. 15 Holders of rec. Aug. 300
Nevada Consolidated Copper (gear.)
*373.4c Sept.30 *Holders of rec. Sept. 16
New York Air Brake (guar.)
254 Sept.26 Holders of rec. Sept. 3a
New York Transit (quar.)
4
Oct. 15 Holders of rec. Sept.20
1
Niagara Falls Power, corn. (guar.)
Sept. 15 Holders of rec. Sept. 10
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 30
Nilee-Belmont-Pond, common (quar.)_ _ 2
Sept.20 Holders of rec. Sept. 20
Nipiesing Mines Co., Ltd.(quar.)
25c. Oct. 20 Oct. 1 to Oct. 16
.)_
.)_
*134
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
1J( Oct. 1 Holders of rec. Sept. 15a
North American Co. (ouar.)
Sept. 15 "Holders of rec. Sept. 12
$3
Northwestern Yeast (guar.)
Sept. 15 *Holders of rec. Sept. 12
*3
Extra
13.4 Oct. 1 Holders of rec. Sept. 15a
Ohio Cities Gas, pref. (guar.)
$1.25 Sept.30 Aug. 31 to Sept.24
Ohio Oil (guar.)
52.75 Sept.30 Aug. 31 to Sept.24
Extra
13.4 Sept. 15 Holders of ree. Aug. 30
Oklahoma Gas & Elec., pref.(quar.)_
Sept.30 Holders of rec. Aug. 30
(quar.)
$1
Osceola Consolidated Mining
Owens Bottle Machine. common (guar.)._ "75e. Oct. 1 "Holders of rec. Sept. 21
Oct. 1 *Holders of rec. Sept. 21
I'M
(guar.)
Preferred
134 Sept. 15 Sept. 7 to Sept. 16
Pabst Brewing, pref. (quar.)
13.4 Sept.15 Holders of rec. Aug. 30a
Packard Motor Car, pref. (oliar.)
Pan-Am. Petr(1. & Transp., corn. (qu.)_ $1.50 Oct. 10 Holders of rec. Sept. 15a
13.4 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.).
Pennsylvania Rubber, common (guar.). 134 Sept.30 Holders of rec. Sept. 15
13.4 Sept.30 Holders of rec. Sept. 15
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 19a
Pennsylvania Water & Power (guar.)._ _
1 1% Oct. 1 *Holders of rec. Sept.20
Pettibone, Mu!liken Co., first pref.(qu.) ..
"1.54 Oct. 1 *Holders of rec. Sept.20
Second preferred (guar.)
*234 Oct. 2 *Holders of rec. Sept 22
Phelps, Dodge Cmporation (guar.)
43.75e Sept. 15 Holders of rec. Aug. 20a
Philadelphia Electric (guar.) _
Oct. 1 Holders of rec. Sept. 15a
2
Pierce-Arrow Motor Car, pref. (quar.)
50c. Sept. 15 Holders of rec. Aug. 30a
Pittsburgh Brewing, common (quar.)
Oct. 1 Sept. 16 to Sept. 30
2
Price Bros. (guar.)
Oct. 1 Holders of rec. Sept. 15
1
Prost +dal Paper Mills, Ltd.,cam.(quar.)_
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Oct. 15 Holders of rec. Oct. In
3
Quaker Oats, common (guar.)
1
Nov. 29 Holders of rec. Nov. In
Preferred (guar.)
$1
Sept.29 Holders of rec. Sept. flu
Quincy Mining (guar.)
Sent.30 Holders of rec. Sept. 16a
Railway Steel-Spring, common (quar.)_ _ 2
Preferred (guar.)
134 Sept.20 Holders of rec. Sept. 13a
50c. Sept.30 Holders of rec. Sept.16
Ray Consolidated Copper (quar.)
30c. Oct. 1 Holders of rec. Sept. 15
Reece Button Hole Machine (guar.)
10e. Oct. 1 Holders of rec. Sept. 15
Reece Folding Machine (guar.)
1 g Oct. 1 Holders of rec. Sept. 15
Remt gton Typewriter,first pref.(guar.)_ _
Oct. 1 Hollers of rec. Sept. 15
2
Secout preferred (guar.)
25e Oct. 1 Holders of rec. Sept. 15a
Reo Motor Car (guar.)
13.4 Nov. 1 Holders of rec. Oct. 15a
Republic Iron & Steed, corn. (quar.)__.._
13( Oct. 1 Holders of reo. Sept. 15a
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 20
Reynolds(R. J.) Tobacco, corn.(guar.)- 3
3
Oct. 1 Holders of rec. Sept. 20
Common Class B (quar.).
134 Oct. 1 Hollers of rec. Sept. 20
Preferred (guar.)
Riordon Pulp & Paper, Ltd., pref.(qu.)- 134 Sept.30 Holders of roe. Sept.24
Sept.30 Holders of rec. Sept. 15a
Royal Baking Powder, common (quar.) - 2
134 Sept.30 Holders of rec. Sept. 15a
Preferred (guar.)
ti Oct. 1 "Holders of rec. Sept.15
Safely Car Heat .12 Lighting (guar.)
25e. Sept.20 Sept. 10 to Sept.21
St. Joseph Lead (guar.)
St. Louis Rocky Mt.& Pac., Co., pref.(gu.) • ln Sept.30 Holders of rec. Sept.20
Santa Cecilia Sugar Corp., corn.(No. 1) is Nov. 1 Holders of rec. Oct. 25a
134 Nov 1 Holders of rec. Oct. 25a
Preferred (quar.) (No. 5)
Savage Arms Corp., common (guar.).-- 13.4 Sept. 15 Holders of rec. Aug. 30a
13( Sept. 15 Holders of reo. Aug. 30a
First preferred (quar.)
134 Sept. 15 Holders of rec. Aug. 30a
Second preferred (guar.)
15c. Sept.25 Holders of rec. Sept. 15
Savoy Oil (guar.)
Sc. Sept.30 Holders of rec. Sept. 30
Seamans Oil (guar.)
pref.
134 Oct. 1 Holders of ree. Sept. loa
(guar.).
Sears, Roebuck & Co.,
Shaffer Oil & Refining, Pref. (gu.)(No. 1) "1 g Oct. 15 "Holders of rec. Sept.30
*27c. Oct. 20 *Holders of rec. Sept.30
Shattuck Arizona Copper (guar.)
Sherwin-Williams Co.of Can., pret.(qu.) 1% Sept. 30 Holders of rec. Sept. 15
Sloaa-Shefileld Steel dr Iron, pref.(guar.) 134 Oct. 1 Hollers of rec. Sept. 13a
Sapt.30 'Holders of rec. Sept. 12
*5
South Penn 011 (guar.)
Oct. 1 Holders of rec. Sept. 15a
South Porto Rico Sugar,common (guar.) 5
Oct. 1 Holders of rec. Sept. 15a
2
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 15
3
_
(guar.)._
Lines
Pipe
Penn.
West
South
• 20c Sept.25 Hollers of rec. Sept. 15a
Spe cer Petroleum Corp. (monthly)
Sept. 15 Holders of rec. Aug. 30a
Standard Gas & Electric, pref. (guar.)._ 2
Sept. 15 Holders of rec. Aug. 30a
Preferred (payable in common stock)_ 113
234 Sept. 15 Holders of rec. Aug. 15
Standard 011 (California) (guar.)
3
Sept. 15 Aug. 19 to Sept. 18
Standard 011 (Indiana) (guar.)
3
Sept. 15 Aug. 19 to Sept.14
Extra
3
Sept. 15 Holders of rec. Aug. 30a
Standard 011 (Kansas) (guar.)
Sept. 15 Holders of rec. Aug. 30a
3
Extra
Ott. 1 "Sept. 16 to Oct. 1
"3
Standard 011 (Kentucky) (guar.)
Sept,. 15 Holders of rec. Aug. 19a
5
Standard 011 of New Jersey (guar.)
15 Holders of rec. Aug. 22a
Sept.
4
New
York
of
Oil
(guar.)
Standard
3
Oct. 1 Aug 30 to Sept. 17
Standard Oil (Ohio)
Oct. 1 Aug. 30 to Sept. 17
1
Extra
134 Oct. 1 Holders of rec. Sept.20a
Standard Parts. preferred (guar.)
6
Oct. 1 Holders of rec. Sept. 13a
Standard Screw, common (guar.)
Oct. 1 Holders of rec. Sept. 15
2
_
_
_
.)
(guar
corn.
Products,
Textile
Standard
134 Oct. 1 Holders of rec. Sept. 15
Preferred, Classes A and B
Oct. 20 Holders of rec. Oct. 4
3
Steel Products,common (guar.)
Oct. 1 Holders of rec. Sept. 17a
51
Stromberg Carburetor (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 17a
Stutz Motor Car (guar.)
Oct. 1 Sept. 11 to Sept. 30
2
Swift & Co. (guar.)
234 Sera.30 Holders of rec. Sept. 12a
Texas Co.(guar.)
13.4 Sept.29 Holders of rec Sept. 15a
Texas Pacific Coal & Oil (guar.)
11
Sept.29 Holders of rec. Sept. 15a
Special
Oct. 1 Holders of reo. Sept. 20a
4
Thompson-Starrett Co., preferred
Sept.30 Holders of rec. Sept. 16a
2
Tide Water Oil (guar.)
30 Holders of rec. Sept. 16a
Sept.
2
Extra
in Oct. 1 Holders of rec. Sept. 19
Tobacco Products Corp., pref.(guar.)
20 Holders of rec. Sept. 6a
Sept.
$1.75
(guar.)
Corp.
Shipyards
Todd
5
Oct. 1 Holders of rec. Sept. 10a
Tonopah Extension (guar.)
Oct. 1 Holders of rec. Sept. 10a
5
Extra
134 Sept. 13 Hollers of rec. Aug. 30
Tooke Bros., Ltd., preferred (quar.)___
4175c. Oct. 1 "Holders of rec. Sept.20
Torrington Co., common (quar.)
"25c. Oct. 1 'Holders of rec. Sept.20
Common (extra)
Oct. 1 Holders of rec. Sept. 5a
2
Underwood Typewriter, corn. (quar.)
134 Oct. 1 Holders of rec. Sept. 5a
Preferred (guar.)
134 Sept.15 Holders of rec. Sept. 5a
Union Bag & Paper Corp.(guar.)
$1.25 Oct. 1 Hollers of rec. Sept. 12a
Union Carbide & Carbon (guar.)
.134 Sept.25 *Holders of reo. Aug. 29
Union Tank Car (guar.)
134 Sept. 15 Holders of rec. Aug. 29a
United Cigar Stores, preferred (guar.)._
134 Oct. 1 Holders of rec. Sept. 15a
United Drug,common (guar.)
8734c. Nov. 1 Holders of rec. Oct. 15a
First preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 13a
(quar.)...
corn.
Corp..
United Dyewood
134 Oct. 1 Holders of rec. Sept. 13a
Preferred (guar.)
23-4 Oct. 15 Holders of rec. Sept.20
United Fruit (guar.)
Oct. 15 Holders of rec Sept. 30
51
(quar.)
Improvement
United Gas
134 Oat. 15 Holders of rec. Oat. its
United Paper Board, preferred (guar.)_ _
Oct. 4 "Holders of rec. Sept. 16
United Shoe Machinery, common (quar.) *51
373-fe Oat. 4 *Holders of rec. Sept. 16
.
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 10a
U. S. Bobbin de Shuttle, common (guar.)._
5
Sept.30 Holders of rec. Sept. 10a
Common (extra)
134 Sept.30 Holders of rec. Sept. 10a
Preferred (guar.)
U.S. Cast Iron Pipe & Fdy., pref. (qu.) 134 Sept. 13 Holders of roe. Sept. in
154 Sept.30 Sept. 16 to Sept.30
U. S. Gypsum, preferred (ouar.)
Sept. 15 Holders of rec. Sept. 2a
U. S. Industrial Alcohol, corn. (guar.)._ 4
13.4 Sept.29 Aug. 30 to Sept. 2
common
Corp.,
(guar.)
Steel
S.
U
Sept.30 Holders of rec. Sept. 16a
$1.50
Utah Copper (guar.)
134 Sept.27 Holders of rec. Sept. 17
Utilities Securities, preferred (guar.)
Holders of rec. Sept. 13
234
(guar.)
common
Valvoline Oil,
Oct. 15 *Holders of rec. Sept.30
Victor Talking Machine, common (guar.). "35
*15
Oct. 15 *Holders of rec. Sept.30
Common (special)
.134 Oct. 15 "Holders of rec. Sept.30
Preferred (guar.)
Oct. I Holders of rec. Sept. 16a
Virginia-Carolina Chemical,com.(extra) 2
Oct. 2 Holders of rec. Sept. 13
2
(guar.)
Cotton
Wabasso
2
Sept. 15 Sept. 5 to Sept. 15
_
Western Canada Flour Mills (guar.)
Sept. 15 Sept. 5 to Sept. 15
2
Bonus
$2.50 Sept.30 Holders of reo. Sept.23a
Western Electric Co., corn.(quar.)
1% Sept.30 Holders of rec. Sept.23a
Preferred (guar.)
*13 Oct. 15 "Holders of rec. Sept.20
Western Union Telegraph (guar.)
Oct. 1 Holders of ree. Sept. 15a
214
Weyman-Bruton Co., corn. (guar.)
134 Oct. I Holders of reo. Sept. 15a
Preferred (guar.)
30 Holders of roe. Sept. 15a
Sept.
$1
(guar.)
White Motor
134 Oct. 1 Holders of rec. Sept. 19
Willys-Overland Co., pref. (guar.)
50c. Oct. 1 Holders of rec. Sept. 13
Wolverine Mining Co., (guar.)
Woolworth (F. W.) Co.. pref. (quar.).... 134 Oct. 1 Holders of ren.Sept. 10a
Worthington Pump & Mach., pf. A (qu.)_ .134 Oct. 1 "Holders of rec. Sept. 20
*134 Oct. 1 "Holders of rec. Sept. 20
Preferred B (guar.)
woL. 109.
THE CHRONICLE
1056
• From unofficial sources. t Declared subject to the approval of Director Genera)
of Railroads. f The New York Stock Exchange has ruled that stock will not be
quoted ex-dividend on this date and not until further notice.
a Transfer books not closeu for this dividend. b Less British incense tax. d Cor
rection. e Payable in stock. !Payable in common stock. g Payable In strip
it On account of accumulated dividends. f Payable in Liberty Loan bonds. 1 Red
Cross dividend. m Payable in U. S. Liberty Loan 434% bonds.
n Less 4 cents per share for counsel fees in connection with tax eases.
z One-twentieth of a share of common stock.
y Payable to holders of Coupon No. 74: all transfers received in order in London
on or before Sept. 10 will be in time to be passed for payment of dividend to transferees.
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 Sept. 6. 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 RETURNS.
(Stated in thousands of dollars-that is, three ciphers 1,0001 omitted.)
Loans,
Reserve
I Net
Nat'l
CLEARING I
Net
with
Time Bank
,Captial.,Prolits. Discount, 1.413/t
HOUSE
InvestLegal Demand
in
De- CircuMEMBERS
(,000 omitted.) Nat'l, June 30 ments, Vr ult. Deposi- Deposits, posits. lation.
tories.
dbe.
Week endingState, June 30
Sept. 6 1919. ,Tr.Cos, June 30
Average. Average Average Average. Average Avge.
Members of
S
$
Fed. Res. Bank
5,867
448 4,884
54,384
33,879 3,104
742
2,0001
NBA
Y,
Bk of N
74,137 1,482 18,206
77,140
42
Manhattan Co_ 2,5001 7,640
34,344
546 3,243
23,774 1,881 1,772
Merchants' Nat f3,000(f3,041
152,357 3,525 2,000
Mech & Metals.. 6,0001 12,392 159,635 9,492 21,234
30,488
980 3,096
1,500 6,937
24,199
Bank of Ameni
National City_ 25,0001 54,313 551,127 14,938 77,339 "598,521 29,087 1,426
9,850 89,678 1,615 9,856
434
63,736 6,578
Chemical Nat__ 3,00
971
400 2,276
136
520
16,682
20,175
Atlantic Nat__ 1,000
125
4,975
299
100
3,387
358
3001
Dr
Nat Butch &
90,051 5,347 4,929
Amer Exch Nat 5,0001 6,317 119,606 1,437 13,69
272,531 4,664
Nat Bk of Comm 25,0001 20,840 387,831 2,911 34,874
19,666
6001 1,164 22,503 1,267 2,766
50
Pacific Bank...
94,698 10,011 2,858
Chath & Phenix h7,0001 h6,500 131,475 5,639 12,622
3,000
4,564
134,203
18,118
20,195
129,711
150
Nat..
Hanover
998 4,977
307
37,092
978
Citizens' Nat.._ 2,550 3,275 45,377
2,111 2,531
4,046
47,689 2,18
4
29,591
Metropolitan_
137,764 4,280
Corn Exchange.. 4,200 8,319 136,350 5,704 19,935
44,437
634 3,184
51
550
24,266
Imp & Traders_ 1,501 8,164
159,465 3,088 4,852
National Park.... 5,000 19,999 211,438 1,417 20,838
606
1,00.1
9,033
430 1,192
9,120
401
50
East River Nat.. 1,4
4,139
793 2,372
22,040
16,486
636
Second Nat.......
1,269
33.348
19,445
10,00
316,473
3,974
150,863
8,068
_
National_
First
111,999
986 1,421
Irving National 16,000 17,553 123,645 3,749 15,054
414
645 1,571
13,497
12,947
198
570
N Y County Nat 1,000
1,06
171
719
1,000
8,037
6,657
Continental Bk.
288,024 21,211 1,100
Chase National. 10,000 18,478 321,167 7,597 42,193
060 g2,227
22,287 1,107 2,418
18,329
Fifth Avenue..
886
336 1,016
8,454
7,114
200
Comm'l Exch._
748
416
8,654
064
400
8,509
Commonwealth
20,005 1,526 2,657
19,772
15
210
LineolnNational 1,000 2,118
13,332
11,854
39
391 1,564
396
Garfield Nat_ __ 1,000 1,377
398
285 1,044
10,648
250
8,219
247
365
Fifth National..
3,971
51,882
1,063
52,684
8,088
1,000
70
Nat.
Seaboard
98,705
551 9,997
3,000 4,737
73,833 13,227 1,972
Liberty Nat __
25,077
928 2,01)4
429
16,255
415
Coal & Iron Nat 1,500 1,388
17,005
587 2,01
451
17,128
398
Union Exch Nat 1,000 1.288
45,461
26,937 5,942
898 3,833
Brooklyn Trust 1,500 2,473
249,340 12,757
988 33,165
Bankers Trust.. 15,000 17,766 305,058
4,500
67,405
50,91s 6.132
648 7,281
U S Mtge & Tr.. 2,000 29.479
535,109 3,512 55,415 "479,998 29,587
Guaranty Trust 25,000
10,755
465
14,382
354 1,438
1,000 1,300
Fidelity Trust_
83,124 1,131 9,511
74,676 6,989
Columbia Trust 5,000 7,037
30,911 1,035 2,969
28,348 1,939
1,200 1,600
Peoples Trust..
506 7,081
90,806
58,895 2,178
New York Trust 3,000 11,009
27,368
18,265 1,882
505 2,467
Franklin Trust.. 1,000 1,389
19,851 1,322
729
22,503
539 2,695
1,000
Lincoln Trust_
31,701 1,289
624 4,003
45,239
Metropolitan Tr 2,000 4,440
11,125
16,518
368 1,188
1,000 1,242
750
50
Nassau N,
61,662 1,887
59,531 2,117 8,550
13,000 11,428
Irving Trust..
Farmers L & Tr 5,000 12,246 125,712 4,240 15,668 *147,100 9,784
16,511
433
732
18,980
680 2,005
Columbia Bank 1,000
Average
207,600384,151 4.877,094 96,741 549,679 c3,944,448 198,091 35,850
Totals, actual condition
Totals, actual condition
Totals,actual condition
Totals,actual co udition
Sept. 6 4,1)22,223
Aug.304.819,132
Aug.234,805,034
Aug. 16 4,840,579
98,431 552,339 c3,962,300 198,351 35.882
93,0:38647,238 3,912,243 197,997 36,197
97,446 598,905 3,882,144 181,854 36,154
94,381 569,408 3,933,377 188,286 35,868
State Banks. Not Me mbers of Federal Re serve Sank
500 1,592
16,910 2,175
805
Greenwich
313
250
829
635
5,388
Bowery
24,921 2,561 2,180
N Y Prod Exch. 1,000 1,346
2,000 1,031
57,5701 3,630 2,521
State
17,078
5,220
26,106
42
32,916 18,345
4,799
81,320 18,387
Average
3,750
104,789
9,001
5,009
Totals,actual co ndition Sept. 6 105,769 8,057 6,455
Totals, actual co ndltion Aug.30 103,772 9,058 5,018
Totals, actual co nuition Aug.23 103,359 9,036 6,113
8,753 6,823
Totals,actual co ndition Aug. 16 103,50
--Trust Compan ies. N of Members of Federal Re serve Ba nk
0561 3,082
43,472
Title Guar & Tr 5,000 12,464
788 1,884
24,222
Lawyers T & Tr 4,000 5,417
Average
9,000 17,881
67,694
1,7441 4,066
82,324
82,016
82,120
83,235
18,600
17,961
17,213
16,709
__-
26,861
15,318
42,171
1,346
42,593 1,384
Totals,actual condition Sept. 6 67,878 1,774 5,058
42,001 1,326
Totals,actual condition Aug.30 67,366 1,634 4,918
44,345 1,4741
Totals, actual condition Aug.23 68,532 1,788 4,913
42,680 1,033!
67,752
67,752, 1,608 4,875
Totals,actual co'ndition Aug. 16
--a.'
1
217,82435,856
d4,067,947
560,554
107,486
5,050,477
406,833
avge,220,350
Gr'd aggr,
+74.592-1,261+20161 +57,075+ 105861 -162
Comparison, pre V. week
Gr'd aggr, act'l;cond'n Sept. 6 5,095,870 108,862 563,852 e4,087,217 218,344 35,882
+105600+5,132+6,778 +50,057+1,060 -315
Comparison, preiv. week
====
Gr'd aggr, act'l cond'n Aug. 30 1,090,270 103,730 55,074 e4,037,160217,284 38.197
4,008.609 200,541
Gr'd aggr, act'l cond'n Aug.234,976,925 108,270519,931 4,059,292 206,008 30.154
35,808
Gr'd aggr, stall cond'n Aug. 16 5,011,836 101,742 581,106
Gr'd aggr, actleond'n Aug. 9 1,966,173 105,174 578,385 4,051,199 210,139 35,995
•Includes deposits In foreign branches not Included in total footings, as follow s
National City Bank,$95,739,000: Guaranty Trust Co.,$45,819,000; Farmers' Loan
& Trust Co.,$35,178,000. Balances carried in banks in foreign countries as reserve
for such deposits were: National City Bank, $27,308,000: Guaranty Trust Co.,
$16,497,000: Farmers' Loan & Trust Co., $3,922,000. C Deposits In foreign
branches not included. d U. S. deposits deducted, $247,865,000. e U. S. deposits
deducted, $253,840,000. Bills payable, rediscounts, acceptances and other liabilities, $844,523,000. f As of July 3 1919. a As of July 11019. h As of July 16
1919. I As of July 24 1919.
SEPT. 13 1919.]
THE CIIRONICLE
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
1057
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY
State Banks.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank _
State banks*
Trust companies...
Total
Total
Total
Total
Sept. 6
Aug. 30
Aug. 23_
Aug. 16_ _
Reserve
Depositaries
Total
Reserve.
Sept. 6
1919.
a
Reserve
Required,
Surplus
Reserve.
$
9,001,000
1,744,000
549,679,000 519,679,000 518,720,970 30,958,030
5,909,000 14,910,000 14,637,600
272,400
4,966,000 6,710,000 6,326,850
383,150
10,745,000
10,995,000
10,735,000
10.546,000
560,554,000 571,2.99,000 539,635,420
540,403,000 551,398,000 532,027,700
544,188,000 554,923,000 5:14,012,280
569.545.000 580.091,000 534,501,340
Cash
Reserve
in Vault.
Reserve
in
Depositaries
31,613,530
19,370,300
20,910,720
45.586,160
Actual Figures.
Members Federal
Reserve Bank
State banks*
Trust companies*
Total
Total
Total
Total
Sept. 6_
Aug. 30
Aug. 23
Aug. 16
Total
Reserve.
Trust Companies.
IVeek Eaded Sept. 6.
Averages.
Reserve
Required.
Surplus
Reserve.
-$
552,339,000 552,339,000 521,019,530 31,289,470
8,657,000 6,455,000 15,112,000 14,818,321)
293,630
1,774,001) 5,058,000 6,832,000 6,388,950
443,050
10,431,000 563,852,000 574,283,000 542,256,800
10.692,000 558,074,000 568,766,000 535,729,530
10.821,000 519,931,000 530,755,000 531,567,690
10,361,000 531,106,000 591,467,000 538,371,290
32,026,300
33,036,470
del.812,690
53,095,710
* Not members of Federal Reserve Bank.
a This 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:
Sept. 6, $5,912,730; Aug. 30, $5,651,370; Aug. 23. $5,570,610: Aug. 16, $5,700,330.
b This Is the reserve required on net demand deposits in the ease 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:
Sept. 6, 55,950.550: Aug. 30, 55,939,910: Aug. 23, $5,455,620! Aug. 16, 85.647.980,
State Banks and Trust Companies Not in Clearing
House.-Tho State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Figures Furnished by State Banking Department.
Differences from
Sept. 6.
previous week.
Loans and Investments
5813,691,300 Inc.834,778,000
Specie
7,459,100 Inc.
70,900
Currency and bank notes
16,343,200 Dec.
116,800
Deposits with Federal Reserve Bank of New York
68,880,200 Inc. 1,189,600
Total dcp !sits
855,964,400 Inc. 14,852,700
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City, exchanges and U.S. deposits 780,178,200 Inc. 7,156,300
Reserve on deposits
141,438,300 Inc. 8,457,900
Percentage of reserve, 20.4%.
RESERVE.
--State Banks
-Trust CompaniesCash in yaults
573,012.700 13.67%
. 522,006,000 14.13%
Deposits In Insults and trZst cos_ _
9.34%
14,5.18,400
31,811,200
5.95%
Total
536,554,400 23.47%
S101,833,900 19.62%
Capital as of June 30_
Sarplus as of June 30_
Loans & investments_
Specie
Currency & bk. notes
1)eposits with the F.
R. Bank of N. Y._
Deposits ___
_
Reserve on deposits_ _
I'. C.reserve to dep. _
Differe,
ces from
previous week.
Sept. 6
1919.
Differe ces from
previous week.
$
S
$
26,000,000
105,550,000
45,70.3.300
175,548,400
660,620,800 Inc. 13,241,300 2,119,809,900 Inc. 23,455.600
7,363,200 Inc.
155,800
10,833,100 Dec.
44,300
26,537,400 Dec.
675,700
20,803,800 Inc.
46.300
68,732,000 Inc. 13,535,400 218,525,900 Inc. 3,717,700
761,033,300 Inc. 48,219,000 2,175,881,400 Inc. 30,118,400
123,452,100 Inc. 15,107,200 301,654,700 Inc. 7,517,800
22% hoe.
1.8%!
17.3% Inc.
0.2%
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the
"Clearing House Return" on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [0001 omitted.)
1
Net Loans,
'
CLEARING !Cat/UW.1 Profits.! DisReserve
NON-MEMBERS,
!counts Cash
with
. iNat.bks.June3Orivest
in
Legal
Week ending Statebksine 30: merits. Vault. DeposiSept. 6 1919. Tr.cos. June 30, &c.
tories.
Members of
Fed'i Res. Bank.
Battery Park Nat_
Mutual Bank
New Netherland
W R Grace & CO.8
Yorkville Bank
First
Jer Cy
Total
$
1,500
200
300,
50(8
2001
400
_3,1)1
State Banks
Not Members of th
Feci'l Reserve Bank
Bank of Wash lits
Colonial Bank....
International Bank
North Side, Bklyn
Total
Total
!Average Average Average Average Average Average
$
264 1,711 11,931
116
183
207 1,472 10,775
350
1,13
193
6,857
110
15
963
4,970 1,609
350 1,100
6,458 5.075
580
744
6,492
232
387
1,538 15,641
608 11,959
319 8,882
954 7,671
651 11,567
1,324 8,907
5,396 64,627
1,618
7,125
47,486
7,552
450 2,947
100
t600 t1,096 12,476
500
233 6,714
200
233 5,325
337
1,434
741
410
164
1,071
668
294
2,713
12,923
6,412
4,705
347
323
2,922
2,157
26,758
670
509
254
303
443
6,070
4,427
1,023
4,383
763
746
10,497
5,406
1,406
Trust Companies
Not Members of the
Fed'I Reserre Bank
Hamilton Tr,BkIn.
Mech Tr,Bayonne.
500
200
2,007 27,462
1,076
408
8,037
9,067
700
1,485 17,154
Grand aggregate__ 5,200
Comparison previo us week
8,880109,243
+813
Gr'd
Gr'd
Gr'd
Gr'd
agar, /tog. 30
aggr, Aug. 23
aggr, Aug. 16
aggr. Aug. 9
Net
Nat'l
Time
Bank
CircuDeposits. lation.
5,1001 8,980108,430
5.100'8,980 107,318
5.100, 8,980105,367
5,100! 8,980(04,848
5,303 10,028 .84,741 13,628
+464
+58 +242
+84
5,245 9,786
5,202 9,979
5,352 10,353
5,266 9,457
81,177
83,057
85,181
80,674
570
570
-14
13,544
12,734
12,790
12,741
584
574
563
578
* U. S. deposits deducted, $2,653,000.
Bills payable, rediscounts. acceptances and other liabilities, $7,688,000.
Excess reserve, $120,630 increase.
Banks and Trust Companies in New York City.-The
t As of Sept. 3 1919.
averages of the New York City Clearing House banks and
trust companies combined with those for tho State banks
Boston Clearing House Banks.-We give below a sumand trust companies in Greater Now York City outside of mary showing the totals for all the
items in the Boston
the Clearing House, are as follows:
Clearing House weekly statement for a series of weeks:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
•
Week EndedMar. 15
Mar. 22
Mar. 29
April 5
April 12
April 19
April 26
May 3
May 10
May 17
May 23
May 31
Juno 7
Juno 14
June 21
Juno 28
MY 5
July 12
July 19
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Loans and
Investments.
5,649,123,500
5,698,070,800
5,633,730,000
5,596,229,300
5,630,305,500
5,730.276,600
5,894,610,000
5,735,152,000
5,817,606.300
5,830,948.700
5.750,364,000
5,708,665,600
5,377,228.'200
5.929,099,200
5,817;358.200
5,7:32,766.300
5,804,258,400
5.820,469,000
5,804,693.200
5,698.786,600
5,690,625,100
5,785,809,200
5,741,263,8013
5,819,688,000
5.751,798,300
5,864,168,300
Demand
Deposits.
4,633,702,000
4,733.613,800
4,618,029.500
4,747,993,000
4,722.746,700
4,689,495,300
4,736.482,100
4,773,617,400
4,822,202,600
4,873,611,200
4,861,516,200
4,885,307.200
4,904,243.900
4,880,382,900
4,846,699,100
4,759,196,800
4,860.090,300
4,804,154,700
4,872,061,700
4,810,097.600
4,819,601,900
4,842,504,500
4,827,551,800
4,829,754,500
4,783,893,900
4,848,125,201)
*Total Cash
in Vault.
132,655,200
130.91)5,000
134,14:3.000
130,736,900
135,497,500
131,131,300
136,428.700
139.041,500
134,432.800
141,466,960
136,791,200
133.474,700
136,873,600
137.691,300
134,955.500
134,566.800
131,398.30(1
144,478,700
142.504.200
145,461.400
133,989,100
132,963.800
133,441.000
131,568,000
132,595,200
131,288,300
Sept. 6
1919.
Reserve in
Depositaries
658,275,500
692,405,000
627,395,900
682,805,200
651,649,200
672,170,700
682,036.200
665,625,800
677,399,900
671,089,000
689,984,100
676,577,800
691,657,300
671,663,300
670,991,600
665,490,300
684,4:11,000
649,207,500
688,980.600
658,572.500
674,886.200
896,304,800
685,210,1100
658,155,000
649,535.200
678,190,000
* This Item includes gold, silver, legal lenders, national bank notes and Federal
Reserve notes.
New York City State Banks and Trust Companies.In addition to the returns of "State banks and trust companies in Now 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 institution 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).
BOSTON CLEARING IIOUSE MEMBERS.
Changes from
previous week.
Aug. 30
1919.
Aug. 23
1919.
$
$
$
$
Circulation
4,757,000 Inc.
27,000 4,730,000 4,687.000
Loans, disc'ts & investments_ 569,966.000 Inc. 24,178,000 545,788,000 543,991.000
Individual deposits, incl. U.S. 121,372,0011 Inc.
646,000 420,726,000 464,676,000
Due to banks
111,982,000 Inc. 5,236,000 106,746,000 107,324,000
Time deposits
11,473,000 Inc.
72,000 11,401,000 11,637,000
United States deposits *
50,033,000 Inc. 16,733,000 33,355,000
Exchanges for Clear. House__ 17,610,000 Inc. 1,853,000 15,757,000 15.495.000
Doc from other banks
70,289,000 Inc.
823,000 69,461,000 81.886,000
Cash In bank & in F. R. Bank
65,083 Inc.
1,644 63,439,000 64,651,000
Reserve excess In bank and
Federal Reserve Bank
20,193,000 Inc. 1,321,000 18.872,000 16,840.000
* Formerly includel under the head of "Individual Deposits."
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending Sept. 6 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. 'Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
ivea ending Sept. 6 1919.
Two ciphers (00) omitted. Members of
F.R.System
Capital
Surplus and profits
Loans, disc'ts & investmls
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not Included)
Res've with Fed.Res.13ank
ReteVe with legal deposit's
Cr..sh In vault*
'iota' reserve & cash held_
Reserve required
T.'•r news pm. A, nom). In v Anil'
530,275,0
82,573,0
785.471,0
24,963,0
112,699,0
141,027,0
512,824,0
6,034,0
659,885,0
Trust
Cos.
83,000,0
7,784.0
29,780,0
717.0
,
260,0
21,840,0
22,100,0
55,002,0
13,599,0
68,601,0
51,799,0
in son A
2,738,0
853,0
3,591,0
3,205,0
3811 0
Aug. 30
1919.
Aug. 23
1919.
Total.
533.275,0
90,357,0
815,251,0
25,680,0
112,713,0
141,287,0
534.664,0
6,034,0
681.985,0
30,464,0
55,002,0
2,738,0
14,452,0
72,192,0
55,004,0
17 188 0
$33,275,0
90,351,0
810,009.0
23,203,0
109.033,0
138,636,0
528,378,0
6.015,0
673,029,0
25,603,0
54,415,0
2,308,0
14,024,0
70.747,0
54,695,0,
111 080 0!
$33,275,0
89,937,0
804,446.0
21,741.0
115,338,0
143,350,0
522,616,0
6,099,0
672,065,0
28,080,0
54,655,0
2,995,0
14,015,0
71,665,0
54,11A ,C
17 ncl 11
* Cash in vault is not counted as reserve for Federal Reserve bank members.
iVoL. 10V.
THE CHRONICLE
1058
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
in the statement were given in the statement of Dec. 14 1917 published in the "Chronicle" Dec. 29 1917, page 2523.
AND OTHER
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
SELECTED CITIES AS AT CLOSE OF BUSINESS AUG. 29 1919.
Reserve bank
the
in
Federal
banks
the
shown
for
being
increase
larger
a
and
securities
Government
of
holdings
the
In
Further moderate reduction
of war paper accompanied however by commensurate increases in accom- cities.
holdings of Government war securities and war paper were
Aggregate
Board's
modation at Reserve Banks is indicated by the Federal Reserve
3411.1 millions, as against 3459.3,millions the week before, and constitute
statement of condition on Aug. 29 of 773 member banks in leading cities. 22.8% of the total loans and investments of all reporting banks, as against
Holdings of U. S. bonds declined during the week 5.8 millions, those of 23.1% the week before.
Net withdrawals of Government deposits are given as 49.7 millions, other
Victory notes, 5.7 millions, and those of Treasury certificates, 29.9 millions,
demand deposits (net) fell off 4.4 millions, while time deposits show a gain
a total reduction in U. S. securities of 41.4 millions. War paper on hand
the week of 19.1 millions. Reserve balances, all with the Federal Refor
fell off 6.5 millions, largely at the member banks in New York City, while serve banks, increased by 37.8 millions, while accommodation at the Federal
loans secured by stocks and bonds declined 28.4 millions, larger liquidaReserve banks, as measured by the total of collateral notes and customers'
tion under this head by member banks in F. R. bank cities being offset paper discounted for reporting banks, increased by 32.2 millions, of which
somewhat by increases shown for the banks in the less important centres. 27.5 millions represents the increase in accomodation secured by member
Other loans and investments show an increase for the week of 63.9 millions banks in New York City.
1. Data for all reporting banks in each district. Three ciphers (000 omitted.
Boston. New York Philadel. Cleveland. Richned. Atlanta. Chicago. St.Lottis. Minneap. Kan. City Dallas. San Fran.
Three ciphers (000) omitted.
Total.
773
56
$34,605 $269,252
635,140
44,306
319,282
10,919
56,539 1.154,375
Number of reporting banks
U. S. bonds to secure circulation
Other' U. S. bonds*
U. S. Victory notes
U. S. certificates of indebtedness
46
$14,508
17,302
10,433
50,048
100
$20,583
46,986
50,530
197,605
35
$17,255
15,525
10,692
34,287
35
$7,120
10,731
6,373
31,041
76
$14,320
22,035
10,858
39,586
43
$18,723
20,238
5,087
39,260
Total U. S. securities
Loans secured by U. S. bonds, Aro
Loans secured by stocks and bonds_
tit other loans and investments
,c.eserve balances with F. R. bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Bills payable with F. R. bank
$92,291 $926,294 $119,014 $235,956 $125,735 $113,955 $315,704
95,512
29,017
43,138
61,556 708,459 165,804 105,864
45,887 304,626
202,602 1,388,617 201,612 289,208 101,822
607,878 2,988,372 463,636 780,196 299,384 282,513 1,211,245
29,889 170,568
35,491
91,096
69,615
73,071 658,371
66,163
13,275
15,976
29,988
16,062
22,712 117,527
1,318,792
253,703
333,351
809,961
664,273
742,420 4,899,838
93,049 116,224 456,362
21,783 296,600
111,405 348,747
56,101
15,013
12,297
44,935
32,213
46,580 236,675
57.787 115,405
76,076
98,814
16,479 507,137 143,968
14_2111
7.128
16960
14 544
9A 1R0
as sin 117897
$77,759
28,082
142,342
275,601
39,341
9,559
330,120
101,004
17,701
24,656
$55,265
12,961
31,652
243,231
24,350
8,575
262,458
56,466
13,666
10,680
$87,399
18,012
71,851
440,353
46,210
14,813
462,670
79,130
25,494
33,153
$83,308 $146,369 $2,379,049
26.075 1.301,334
6,854
25,027 107,212 2.912,458
165,558 601,730 8,359.697
63,680 1,324,374
22,692
345,529
21,129
9,741
194,344 518,309 10,790,239
30,552 208,583 1,919,905
9,694
13,145
523.514
30,987 1.121,709
16,567
12_045
4111
11.710
11111a railtarn0ntad with F li_ hank
109
$48,060
297,423
129,788
451,023
56
$11,597
33,870
16,437
57,110
88
$41,801
61,265
39,110
93,780
82
$25,834
37,085
15,456
47,360
47
$14,840
28,774
13,599
56,736
11167
2. Data for Banks in Federal Reserve Bank and Branch Cities and All Other Reporting Banks.
All Other
All F.R.Bank Cities. F. R. Branch Cities. Reporting Banks.
Chicago.
New York.
Three ciphers (000) omitted.
Aug. 29. Aug. 22. Aug. 29 Aug. 22. Aug. 29. Aug. 22. Aug. 29. Aug. 22. Aug. 29. Aug. 22. Aug. 29.
Number of reporting banks
U. S. bonds to secure circulation_
Other U. S. bonds*
U. S. Victory notes
U. S. certificates of indebtedness
70
$38,363
267,927
111,375
417,181
71
$38,363
268,089
115,141
428,800
44
$1,419
15,869
24,023
113,586
261
260
44
$1,420 $103,114 $103,115
18,424 377,034 382,027
24,440 183,159 188,405
115,892 751,692 764,214
171
$63,177
116,757
72,012
241,779
11.112
147 42a
Total.
Aug. 22.
Feb. 28.
771
775
773
342
342
172
$63,067 $102,961 $102,777 $269,252 $268,959 $263,523
695,678
642,182
636,140
117,791 142,349 142,364
324,955
319,282
64,476
64,111
72,074
254,918 160,904 165,184 1,154,375 1,184,316 1,998,658
$834,846 $850,393 $154,897 $160,176 $1414999 $1437761 $493,725 $507,850 $470,325 $474,801 $2,370,049 $2,420,412 $2,957,859
Total U. S. securities
70,805 1,044,544 1,053,384 134,073 133,071 122,717 121,417 1,301,334 1,307,872 1,174,124
69,010
Loans secured by U.S. bonds,ea. 663,159 669,272
2,912,458 2,940,868
Loans secured by stocks and bonds 1,269,054 1,291,741 231,561 251,831 2,176.023 2,209,468 360,749 357,801 375,686 373,599 8,359.697
8,295,762 10,039,003
5,287,986 5,218,983 1,482,614 1,484,501 1,589,097 1,502,278
660,708
2,661,690 2,635,179 674,905
All other loans and investments
1,324,374 1,286,616 1,253,166
Reserve balances with F. It. bank 621,602 578,000 115,526 118,486 986,965 949,317 172,433 171,129 164,976 166,170
337,698
350,507
345,520
84,206
82,430
58,788
60,364
37,014 202,726 207,513
37,949
106,050 110,376
Cash in vault
4,487,636 4,467,089 877,521 895,076 7,643,831 7,619,822 1,480,664 1,488,027 1,666,744 1,686,811 10,790,239 10,794,660 9,988,464
Net demand deposits
271,438 261,666 168,625 168,328 829,098 821,083 562,174 111,406 528,633 518,227 1,919,905 1,900,776 1,646,174
Time deposits
680,105
573,213
523,514
70,490
66,198
64,407
60,427
45,020 396,889 438,316
40,521
222,531 247,364
Government deposits
57,291 776,313 746,226 193,184 193,819 152,212 146,296 1,121,709 1,086,341 1,157,121
53,135
454,757 425,720
Bills payable with F.R.bank
290,586
316,738
287,428
45,546
46,568
32,695
33,052
9,765 207,808 212,345
9,110
Bills rediscounted with F.R.bank 103,071 104,651
Ratio of U.S. war scours. and war
27.3
23.1
228
19.3
19.2
23.3
22.8
24.1
23.7
20.1
19.7
27.2
26.9
Dauer. total loans & Invest't. %
* Including Liberty bonds.
on Sept. 5:
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Boardmillions,
as against
Following a practically steady decline in gold reserves since the removal
on June 9 of the gold embargo the Federal Reserve bank statement issued
as at close of business on Sept. 5, for the first time shows a slight gain in
gold and total reserves, the amount of gold deposited during the week by
the Treasury exceeding the amount withdrawn for export. The total
gold reserves shown are exclusive of 107.1 millions of gold "in transit or in
custody in foreign countries," the amount of gold received in payment for
food supplied to the German Government. This gold, when received
and held''earmarked" for Federal Reserve banks by the Bank of England,
will increase the gold reserves of the Federal Reserve banks and thus bring
about a rise in their reserve percentage.
War paper holdings of the Reserve banks went up 25.9 millions, those of
other discounts 6.4 millions, while acceptances on hand show a decline for
the week of 8.5 millions. Net investments in Treasury certificates aggre-
gated 6.8 millions, increasing the total holdings to 250.2
223.6 millions of Federal Reserve bank notes in circulation. War paper
holdings of the Chicago, St. Louis and Minneapolis banks include 56.8
millions of bills discounted for other Federal Reserve banks, as against
53.7 millions the week before, while acceptance holdings of the Kansas
City and San Francisco banks are inclusive of 51.2 millions purchased from
other Federal Reserve banks.
Government deposits are shown 4.6 millions and reserve deposits 27.7
millions larger than the week before. On the other hand, the "float"
carried by the Reserve banks was 38.6 millions more. The result is seen
in a reduction of net deposits by 5.7 millions. As against this slight reduction Federal Reserve notes in circulation show an increase for the week
of 31.1 millions. The reserve ratio of the banks accordingly declined from
50.7 to 50.4%.
for seven preceding
Thefiguresfor the system as a whole are given in thefollowing table,and in addition we present the resultsliabilities
separately
weeks,together with those of corresponding week of last year. The second table shows the resources and
regarding transactions
for each of the twelve banks. The Federal Reserve Agents'Accounts(third tablefollowing)gives detailsFederal
Reserve banks.
in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS SEPT.5 1919.
Sept. 5 1919. Aug.29 1919. Aug. 22 1919. Aug. 151019. Aug. 8 1919
RESOURCES.
Gold coin and certificates
Gold settlement fund, F. R.Board
Gold with foreign agencies
$
$
243,238,000 $244,231,000
542,310,000 563,040,000
$
260,507,000
579,480,000
$
250.651,000
591,206,000
$
262,745,000
618,636,000
Aug. 1 1919 July 25 1919. July 18 1919. Sept. 6 1918.
$
2113,275,000
641,896,000
$
270,601,000
591,532,000
$
273,810,000
591,190,000
$
383,228,000
496,531,000
5,830,000
Total gold reserves
Legal tender notes,sliver, do
865,000,000 885,589,000
785,548,000 807,871,000 839,987,000 841,857,000 881,381,000 905,171,000 862,133,000
1,087,760,000
1,172,168,000 1,142,589,000 1,127,028,000 1,118,894,000 1,084,047,000 1,071,307,000 1,108,051,000 1,134,173,000
112,927,000
43,634,000
124,967,000
111,997,000
119,328,000
109,336,000 116,328,000 107,270,000 121,836,000
2,112,100,000 2,016,983,000
2,067,052,000 2,066,788,000 2,074,285,000 2,082,587,000 2,084,756,000 2,088,475,000 2,095,151,000
53,511,000
65,872,000
65,381,000
67,852,000
67,362,000
69,136,000
68,416,000
69,188,000
69,818,000
Total reserves
Bills discounted:
Secured by Govt. war obligations
All other
Bills bought in open market
2,130,870,000 2,135,976,000 2,142,701,000 2,151,723,000 2,152,118,000 2,156,327,000 2,161,023,000 2,177,481,000 2,070,494,000
1,007,366,000
1,635,233,000 1,609,206,000 1,563,048,000 1,522,992,000 1,608,583,000 1,012,639,000 1,616,210,000 1,579,728,000
248,347,000 534,608,000
212,185,000 205,838,000 211,262,000 220,347,000 225,535,000 235,300,000 251,392,000 372,353,000 233,766,000
375,556,000
374,791,000
381,241,000
354,667,000 363,138,000 362,911,000 374,375,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total bills on band
U. S. Government bonds
U. S. Victory Notes
U. S. certificates of indebtedness
All other earning assets
2,202,085,000 2,178,272,000 2,137,221,000 2,117,714,000 2,215,359,000 2,222,730,000 2,243,158,000
27,086,000
27,094,000
27,095,000
27,098,000
27,098,000
27,096,000
27,096,000
280,000
280,000
280,000
274,000
209,000
198,000
197,000
212,028,000
217,032,000
295,727,000
229,724,000
237,847,000
250,223,000 243,411,000
2,200,428.000 1,775,740,000
27,084,000
29,768,000
363,000
209,941,000 *28,030,000
75,000
2,437,816,000 1,833,613,000
2,479,601,000 2,448,977,000 2,402,375,000 2,440,813,000 2,472,458,000 2,408,086,000 2,482,558,000
Total earning assets
-11,784,000
11,737,000
11,801,000
11,805,000
11,806,000
11,806,000
42,796,000
12,815,000
Bank premises
Gold in transit or in custody in foreign
85,258,000
89.631,000
107,119,000 107,119,000 102,748,000
countries
t
Uncollected items and other deductions
642,377,000
827,845,000 816,513,000 763,179,000 838,399,000 708,043,000 739,617,000 690,495,000 857,194,000
from gross deposits
1,313,000
10.613,000
10,077,000
10,735.000
10,803,000
11,313,000
11,382,000
11,580,000
11,160,000
5% redemp. fund agst. F. R. bank notes
12,076,000
10,100,000
9,898,000
9,386,000
9,816,000
9,503,000
9,005,000
9,995,000
9,511,000
All other resources
4,559,873,000
5,584,921,000 5,435,837,000 5,444,096,000 5,553,188,000 5,450,301,000 5,395,952,000 5,366,371,000 5,504,405,000
Total resources
LIABILITIES.
82,958,000
78,359,000
83,317,000
83,532,000
83,807,000
84,400,000
84,730,000
84,926,000
84,996,000
Capital paid in
1,134,000
81,087,000
81,087,000
81,087,000
81,087,000
81,087,004
81,087,000
81,087,000
81,087,000
Surplus
197,32'5,000
137.090.000
116,038,000
68,357,000
108,686,000
58,590,000
103,330,000
54,494,000
59,110,000
Government deposits
1,712,796,000 1,465,102,000
1,757,641,000 1,729,950,0001,679,834,000 1,778,365,000 1,756,807,000 1,742,478,000 1,718,396,000
Due to members, reserve account
651,735,000 461,640,000
643,194,000 563,387,000 605,812,000 670,539,000 555,485,000 581,232,000 535,178,000
Deferred availability items
98,098,000 109,210,000 107,882,000 113,731.000 117,444,000 125,069,000 119,960,000
98,479,000
99,136,000
Other deposits, incl. for. Govt. credits
2,487,056,000 2,626,690,000
2,559,081,000 2,446,310,000 2,487,074,000 2,616,704,000 2,528,860,000 2,505,798,000 2,504,497,000 2,512,048,000 2,244,027,000
Total gross deposits
2,611,697,000 2,580,629,000 2,553,534,000 2,540.904,000 2.532,057,000 2,500,820,000 193.849,000 186,911,000 2,180,679,000
F. It. notes in actual circulation
23,964,000
200,945,000
205,318,000
209,709.000
215,795,000
219,815,000
!lab.
circulation-net
in
223,565,000
F. R. bank notes
16,565,000
14,711,000
31,710,000
17,770,000
20,384,000
19,172,000
21,876,000
23,070,000
24,495,0430
All other liabilities
5,366,371,000
4,559,873,000
5,504.405,000
5,395,952,000
5,450.301,000
5,553.188,000
5,444,096,000
5,435.837,000
5,584.921,000
Total liabilities
•Includes One-Year Treasury Notes.
SEPT. 13 1919.]
THE CHRONICLE
1059
Sept. 5 1919. Aug.29 1919. Avg. 22 1919. Aug. 151919. Aug. 8 1919
Gold reserve against net deposit liabil_
Gold res. agSt. F. it. notes In actual ciro'n
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
Ratio of total reserves to net deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes In
circulation after setting aside 35%
against net deposit liabilities
Aug. 1 1919 July 25 1919. July 18 1919. Sept. 6 1918.
48.1%
48.7%
48.3%
49.1%
47.8%
48.2%
48.1%
48.0%
47.9%
43.9%
48.7%
49.3%
53.3%
50.4%
50.7%
51.3%
50.9%
50.9%
50.5%
50.2%
50.9%
51.7%
47.8%
48.7%
47.3%
48.8%
48.5%
47.5%
51.3%
47.2%
47.9%
49.2%
48.9%
49.6%
55.3%
51.9%
60.1%
60.7%
61.7%
61.4%
61.4%
61.4%
61.2%
62.0%
69.2%
-Distribution by Maturities—
8
$
$
$
$
$
1-15 days bills bought in open market
S
87,511,000
95,517,000
94,915,000
93,784,000
93,019,000
74,344,000
74,463,000
88.278,000 t1159 716,000
1-15 days bills discounted
1,517,103,000 1,519,814,000 1,438,314,000 1,439,073,000 1,541,882,000 1,521,353,000
1,532,918,000 1,528,103.000 f
1-15 days U. S. certif. of indebtedness
28,686,000
24,743,000
22,839,000
87,338,000
23,823,000
19,229,000
16,601,000
16,388,000
5,388,000
1-15 days municipal warrants
16-30 days bills bought in open market
103,119,000
79,732,000
72,696,000
87,549,000
91,369,000
85,446,000
81,152,000
58 957.000 t 144,517,000
16-30 days bills discounted
54,803,000
53,870,000
47,316,000
63,535,000
53,405,000
88,439,000 103,924,000
88,-.1,000 f
16-30 days U. S. certif. of indebtedness._
10,536,000
12,066,000
11,751,000
6,146,000
5,000,000
6,015,000
4,111,000
92,000
3,722,000
16-30 days municipal warrants
31-60 days bills bought in open market
103,354,000 137,296,000 145,246,000 154,529,000 152,212,000 165,047,000 146,190,000
123.987,000 k 248,307,000
31-60 days bills discounted
147,354,000 152,545,000 141,035,000
99,241,000
97,738,000
103,937,000
99,788,000 132,487,000 f
31-60 days U. S. certif. of indebtedness_
24,777,000
21,999,000
19,875,000
23,497,000
22,713,000
28,233,000
13,801,000
13,981,000
1,046,000
31-60 days municipal warrants
41,000
61-90 days bills bought in open market
40,663,000
45,577,000
50,051,000
38,533,000
44,641,000
49,951,000
73,751,000 101,131,000 t 207,398,000
61-90 days bills discounted
91,790,000
79,889,000
84,993,000 129,709,000 127,428.000 115,283,000 109,773,000
58,502,000 5
61-90 days U. S. certif. of indebtedness_
15,532,000
16,034,000
21,608,000
23,606,000
22,484,000
36,314,000
20,103,000
28,936,000
61-90 days municipal warrants
1,527,000
Over 90 days bills bought in open market
10,000
15,020,000
5,016,000
Over 90 days bills discounted
1 15,302,000
0,365,000
9,016,000
9,652,000
11,781,000
13,665,000
18,927,000
21,199,000
22,842,000 f
Over 90 days certif. of indebtedness
170,692,000 168,569,000 158,776,000 155,140,000 155,599,000 128,191,000 157,412,000
150,544,000
Over 90 days municipal warrants
16,347,000
Federal Reserve Notes—
16,000
Outstanding
2,794,100,000 2,767,166,000 2,748,740,000 2,734,254,000 2,725.263,000 2,715,374,000 2,723,601,000 2,728,902,00
Held by banks
0 2,319,772,000
182,403 000 186,537,000 195,209,000 193,350,000 193.206.000 208,554,000 210,104,000
216,854,000 139,093,900
In actual circulation
2,611,697,000 2,580,629,000 2,553,534,000 2,510,904,000 2,532,057,000 2,506,820,000 2,504,497,00
0 2,512,048,000 2,180,679,000
Fed. Res. Notes (Ageuts Accounts)—
Received from the Comptroller
5.122,941,000 5,077,520,000 5,019,040,000 4,972,780,000 4,912,140,000 4,864,540,000 4,829,860,000 4,811,300,00
0 3,057,280,000
Returned to the Comptroller
1,937,783,000 1,906,862,000 1,872,902,000 1,831,709,000 1,787,679,000 1,741,197,000 1,700,712,000
1,670,622,000 520,568,000
Amount chargeable to Fed. Res. agent 3,185,158,000 3,170.658,000 3,146,138,00
0
3,141,071,000 3,124.461,000 3,123,343,000 3,129,148,000 3,140,678,000 2,536,712,000
In hands 01 Federal Reserve agent
391,058,000 403,492,000 397,398,000 406,817,000 390,198.000 407,999,000 405,547,000
411,776,000 216,940,000
Issued to Federal Reserve banks
2,794,100,000 2,767,166,000 2,748,740,000 2,734,254,000 2,725,263,000 2,715,374.000 2,723,601,000
2,728,902,00
0 2,319,772,000
How Secured—
-—
—
—
By gold coin and certificates
230,248,000 236,248,000 226,248,000 227,248,000 223,243,000 221,248,000 221,248.000 223,598,000
By lawful money
219,240,000
By eligible paper
1,621,932,000 1,624,577,000 1,621,712,000 1,615,360,000 1,641,216,000 1,644,067,00 1,615,550,000
0
1,594,729,000 1,232,012,000
Gold redemption fund
144,217,000
94,160.000 104,350,000
87,962,000
84,764,000
81,549,000
84,912.000
89,745,000
61,690,000
With Federal Reserve 13oard
791,703,000 812,181,000 796,430,000 803,684,000 770.035,000 768,510,000 801,891,000
820,830,000 806,830,000
Total
2,704,100,0002,707,186,000 2,748,740,000 2,735,254,000 2,725.263,00 2.715,374,00 2,723,601,00
0
0
0 2,728,902,000 2,319,772,000
Vliolliin nor rfolloorod tn IP a .. nnnt
4 11(7 'UM nnn 9. 181611)1 nnn 9 0:to 9nr, nnn 2 037.463
nnn 2 lfin 2(11 OM 9. 14(1 onn_non 2.171.374.000 2.112.717.000 1.719.554.000
WEEKLY STA'FEMltNf OF RESOURCES AND 1.1ABli 'TIES OF EACI1
OF
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SLPT 5 1919
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City.
Dallas. San Fraz.
Total.
RESOURCES.
$
$
$
$
$
$
$
$
$
$
$
Gold coin and certificates
I
5,893,0 149,830,0
756,0 17,239,0 2,345,0 7,813,0 23,830,0 2,495,0 8,394,0
191,0 8,853,0 15,549,0 243,238,0
Gold Settlement Fund, F. It. 13'd 56,983,0
98,347,0 42,236,0 60,391,0 28,252,0 9,927,0 110,837,0 19,675,0 36,592,0
38,360,0 7,497,0 35,213,0 542,310,0
Total gold held by banks
62,876,0 246,177,0 42,992,0
Gold with Federal Reserve agents 75,858,0 291,659,0 75,245,0 77,680,0 30,597,0 17,740,0 134,667,0 22,170,0 44,986,0 38,551,0 16,350,0 50,762,0 785,548,0
1:31,239,0 27,763,0 41,542,0 276,711,0 56,292,0 32,560,0 41.585,0 17,297,0 104,417,0
Gold redemption fund
1,172,168,0
10,755,0
25,000,0 11,586,0
868,0 6,288,0 4,883,0 33,670,0 5,234,0 1,189,0 3,828,0 2,550,0
3,485,0 109,336,0
—
Total gold reserves
149,489,0 562,836,0 129,823,0 209,787,0 64,648,0 64,185,0 445,018,0
83,696,0
78,735,0
83,964,0
36,197,0 158,664,0 2,067.052,0
Legal tender notes, silver. Ate—
7,013,0
51,577,0
183,0
756,0
493,0 1,339,0
843,0 5,031,0
59,0
150,0 2,013,0
281,0
69,818,0
Total reserves
156,502,0 614,413,0 130,006,0 210,543,0 65,141,0 65,504,0
445,891,0
88,777,0
78,794,0
84,114,0
38,240,0 158,945,0 2,136,870,0
Bills discounted: Secured by Government war obligations (a).. 112,074,0 672,070,0 175,974,0
114,897,0 75,143,0 77,635,0 192,490,0 59,552,0 31,390,0 36.917,0 35,687,0 51,404,0
All other
1,635,233,0
7,441,0
52,791,0 16,830,0 9,601,0 14,841,0 15,766,0 '21,965,0 10,768,0 4,233,0 23,784,0
Bills bought in open market (b)_ 46,330,0
14,609.0 212,185,0
71,177,0
843,0 37,853,0 7,254,0 3,923,0 43,067,0 15,274,0 20,283,0 25,046,0 19,556,0
742,0 82,875,0 354,667,0
—
—
Total bills on hand
165,845,0 790,038,0 193,647,0 162,351,0 97,238,0 97,324,0 257,522,0 85,594,0
55,906,0 85,747,0 55,985,0 148,888,0 2,202,035,0
U. S. Government bonds
539,0
1,257,0 1,385,0 1,093,0
1,234,0
376,0 4,477,0 1,153,0
116,0 8,868,0 3,966,0 2,632,0
U. S. Government Victory bonds
27,096,0
13,0
50,0
5,0
129,0
U. B. certificates of indebtedness 21,436,0
197,0
67,333,0 27,181,0 21,402,0 8,995,0 12,970,0 34,835,0 17,068,0 9,506,0 13,268,0
6,700,0 9,520,0 250,223,0
—
—
Total earning assets
187,833,0 861,678,0 222,213,0 184,84(3,0 107,457,0 110,684,0 296,834,0 103,815,0 65,657,0
107,883,0 66,651,0 161,040,0 2,479,601,0
Bank premises
1,764,0
3,994,0
500,0
875,0
441,0
472,0 2,936,0
691,0
402,0
Gold in transit or In custody in
340,0
400,0
12,815,0
Foreign Countries
107,119,0
Uncollected items and other de107,119,0
ductions from gross deposits
5% redemption fund against 62,897,0 202,367,0 72,723,0 67,137,0 67,085,0 33,146,0 105,857,0 51,429,0 15.746,0 75,787,0 32,936,0 40,735,0 827,845,0
Federal Reserve bank notes_
1,072,0
2,371,0
1,322,0
933,0
428,0
688,0 1,619,0
746,0
350,0
703.0
473,0
All other resources
450,0
11,160,0
281,0
2,240,0 1,091,0
826,0
660,0
339,0 1,569,0
560,0
111,0
515,0
509,0
810,0
9,511,0
Total resources
410,349,0 1,707,182,0 427,825,0 465,160,0 241,222,0 210,833M 851,706.0 245.018.0 160,653,0 269,439,0 139,149,0
362,380,0
5,534,921,0
LIABILITIES.
Capital paid in
7,034,0
22,058,0 7,757,0 9,343,0 4,224,0 3,351,0 11,939,0 4,004,0 3,026,0 3,900,0 3,295,0 5,015,0
3urpluri
84,996,0
5,207,0
32,922,0 5,311,0 5,860,0 3,800,0 2,805,0 9,710,0 2,589,0 2,320,0 3,957,0 2,029,0 4,577,0
Government deposits
81,087,0
3,744,0
15,890,0 2,642,0 5,474,0 1,235,0 2,514,0 4,183,0 4,914,0 2,268,0 5,741,0 1,846,0 8,629,0
Due to members, reserve account
59,110,0
110,119,0 714,730,0 107,550,0 130,163,0 55,594,0 42,337,0 256,613,0 63,714,0 53,038,0 80,362,0 46,082,0 97,333,0
Deferred availability items
50,934,0 155,064,0 57,441,0 55,495,0 55,391,0 23,727,0 79,150,0 40,927,0 10,727,0 60,023,0 25,763,0 23,502,0 1,757,641,0
411 other deposits
5,896,0
44,742,0 6,854,0 6,297,0 3,738,0 3,301,0 10,451.0 4,049,0 2,237,0 3,678,0 2,070,0 5,822,0 643,194,0
99,136.0
Total gross deposits
170,43,0 930 432,0 174,487,0 197,429,0 115,956,0 76,882,0 350,397,0 113,631,0 68,270,0 149,804,0 75,761,0
135,286,0 2,559,081,0
F. It. notes in actual circulation_ 203,986,0
758:794,0 212,863,0 231,449,0 107,702,0 114,807,0 444,845,0 108,532,0 79,191,0 93,724,0 48,417,0 207,387,0
F. R. bank notes in circulation
2,611,697,0
—net liability
21,416,0
44,383,0 25,588,0 19,399,0 8,398,0 12,031,0 34,981,0 16,350.0 7,197,0 16,759,0 8,798,0 8,265,0
All other liabilities
223,565,0
1,963,0
8,593,0
1,819,0 1,680,0 1,142,0
957,0 2,784,0
909,0
654,0 1,295,0
849,0 1,850,0
24,495,0
Total liabilities
410,349,0 1,797,182,0 427.825,0 465,160,0 241,222,0 210,833,0 854,706,0 246,018,0 160,658,0 269,439,0
Memoranda—Contingent liability as °tutors
139,149,0 362,380,0 5,584,921,0
er on:
Discounted paper rediscounted
with other F. R. banks
21,816,0
25,000,0 5,000,0
5,000,0
Bankers' acceptances sold to
56,816,0
other F. R. banks
(a) Includes bills discounted for
other F. It. banks, viz
41,816,0 5,000,0 10,000,0
(b) Includes bankers' acceptances bought ft om other F. R. banks:
56,816,0
With their endorsement
Without their endorsement
25,023.0
26,139,0
51.162.0
*Includes Government overdraft of 8523,000.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS
SEPT. 5 1919.
S
--
S
--
nip.,
5
Two ciphers (00) omitted.
I Boston. New York. Phila. ClevelandiRtchmonal MlSOLO. Chicago. St. Louts. lifinneap.t1Can.CtIv.1
Dallas. San Fran.
Total,
Federal Reserve notes:
$
$
$
$
$
Received from Comptroller-1374,701,0 1,7:38,800,0 411,780,0 402,960,0
240,680,0 245.600.0690,100.0 233,500,0 137,380,0175,720,0
Returned to Comptroller
1113,555,0 776,0:12,0 192,247,0 128,694,0 102,004,0 6.5,538,0202,554,0 85,714,0 42,614,01 65,738,0 108,200,0 324,460,0 5,122,941,0
39,714,0 90,379,0 1.937,783,0
Chargeable to F. It. Agent--- 231,146,0
20,700,0
In hands of F. It. Agent
Issued to F. R. Bank,less amt.
returned to F. R. Agent for
210,446,0
redemption:
Collat
'
. security for outst'g notes:
Gold coin and ctfs. on hand..
Gold redemption fund
60,000,0
Gold Set'net Fund, F. R. 13'd_ 15,858,0
Eligible paper, min'm required 134,588,0
Total
210,446,0
Amount of eligible paper dollyered to F. It. Agent
1(15,845,0
F. R. notes outstanding
210,446,0
F. R. notes held by bank
6,460,0
F. R. notes In actual circulation_ 1203.986.0
962,768,0 252,533,0 274,266,0 138,676,0 177.062,0 493,606,0 147,786,0 94,766,01109,982,0 68,486,0
137,000,0 31,180,0 28,740,0 26,297,0 58,786,0 20,200,0 20,630,0 13,910,0 9,640,0 17,275,0 234,081,0 3,185,158,0
6,700,0 391,058,0
825,768,0 221,353,0 245,520,0 112,379,0 118,276,0 473,406,0 127,156,0 80,856,0 100,342,0 51,211,0
227,381,0 2,794,100,0
183,740,0
28,125,0
2,500,0
13,052,0
8,831,0
17,919,0 13,856,0 13,114,0 2,763,0 3,042,0 8,526,0 3,361,0 2,708,0 3,225,0 3,282,0 172:4-21:5 236,248,0
90,000,0 61,389,0 00,000,0 25,000,0 36,000,0 268,185,0 52,931,0 16,800,0 38,360,0 5,184,0 91,996,0 144,217,0
531,109,0 146,108,0 114,287,0 84,616,0 76,734,0 196,695,0 70,864,0 48,296,0 58,757,0 33,914,0 122,964,0 791,703,0
1,621,932,0
825,768,0 221,353,0 245,526,0 112,379,0 118,276,0 473,406,0 127,156,0 80,850,0 100,342,0 51,211,0 227,331,0
2,794,100,0
795,673,0 150,286,0 161,007.0 92,643,0 82,328,0 257,434,0 78,864,0 50,161,0 85,747,0 55,985,0 131,351,0
2,107,324,0
825,768,0 221,353,0 245,526,0 112,379,0 118,276,0 473,406,0 127,156,0 80,856,0 100,342,0 51,211,0 227,381,0 2,794,100,0
66,974,0 8,490,0 14,077,0 4,677,0 3,469,0 28,561,0 18,624,0 1,665,0 6,618,0 2,794,0 19,994,0
182,403,0
758.794.0 212,863,0 231,440,0 107,702.0 114,807.0 444.845.0 108.532.0 79.191.0 93.724,0 48.417.0 207.347.0
2.611.697.0
[VOL. 109.
THE CHRONICLE
1060
per $1,000
Domestic Exchange.-Chicago, par. St. Louis, 15E025c.
Montreal, $29.375 per
discount. Boston, par. San Francisco, par.
$1,000 premium. Cincinnati, par.
Vankerst Ij autte,
EXCHANGE CLOSED-HOLIDAY
State and Railroad Bonds.-No sales of State bonds
TVall Street, Friday Night, Sept. 12 1919.
been reported at the Board this week.
have
a
to
The market for railroad and industrial bonds has beenas
Railroad and Miscellaneous Stocks.-There seems
stock dull, negative affair. Only a few issues could be classed
have been reason enough for a decidedly irregularcourse,
to
market throughout the week. Every one was, of n, but even relatively active and nearly all of these have drifted
2 have
glad to give Gen. Pershing an enthusiastic receptioaffairs
a lower level. Of a list of 15 included in this class only
local
the process interfered more or less with routine ement made a fractional advance and 3 are unchanged. TheRapid
s have again been the weak features. Inter.
including business in Wall Street. Then the announc
traction
of
have lost 1% and Inter. Met's 1% points.
that the day had been fixed for the long talked of strike
ng in- Transits
& Tel.'s have been the most active bonds with
Tel.
Am.
steel employees all over the country was a disturbi
in
ton, Inter. Mer. Mar., Rubber and Steels
Burling
n,
fluence for a while; and the deplorable state of affairs
Atchiso
best
what, until recently, has been regarded as one Of the
g.
followin
at
governed and most orderly of our American cities, has had
United States Bonds.-Sales of Government bonds
,000 Pan. 2s reg. 1936 at 99%, $2,000
include
a depressing effect upon sentiment at least, if not upon
Board
the
actual business. Moreover the weekly weather report inat 99% and a liberal amount of the various Liberty
so 2s reg.
For to-day's prices of all the different issues and
dicates a still further shrinkage of the spring wheat crop,
issues.
Loan
that the total of both winter and spring wheat is now esti- for the week's range see fourth page following.
mated at 923,000,000 bushels, against the original forecast
Sept.11.Sept.12.
Record of Liberty Loan Prices. Sept. 6.Sept. 8.!Sept. 9.Sept.10.
of 1,236,000,000 bushels.
of Daily
crop
corn
a
is
for
now
prospect
the
hand
99.98 100.00
other
100.00
the
On
'High 99.98 99.98
Loan
U. S. First Liberty
99.90 99.96
99.90 99.86
70,000,000 bushels more than earlier figures, and the
3345, 15-30 year, 1932-47 (Low_ 99.90 99.94 99.96
99.98 100.00
99.98
d
(Clo.
increase
orders
unfilled
that
362
reports
766
tion
Corpora
767
Steel
445
82
Total sales in $1,000 units
close
a
to
93.14 93.14
draws
week
93.16
the
93.00
As
92.96
August.
High
in
1
tons
Loan
Liberty
530,000
Second
93.02
93.00
93.00
of
92.80
92.62
result
4s, 10-25 year cony, 1942 (Low.
93.08 93.10
there seems to be less apprehension of any serious
(Cb.se 92.74 92.98 93.12
restore order
465
281
328
506
356
a steel strike and measures are being taken toto
Total sales in $1,000 units
94.84 94.84
94.84
cent.
94.80
8 per
I II igh 94.54
Second Liberty Loan
in Boston. Call loan rates were quoted at 7
94.84 94.80
94.50 94.84
94.50
Low_
(
1932-47
,
4s,
convertible
easier
94.84 94.84
(Close 94.50 94.80 94.84
during the early part of the week but the market was
108
74
25
35
40
Total sales in 51,000 units
on Thursday and so continued to-day.
95.30 95.28
95.28
95.20
95.00
(High
Loan
has
Liberty
Third
95.16
95.10
95.12
94.94
94.90
All except one of the 14 most active railway stocks
(Low_
4)4s of 1928
95.28 95.24
the
(Close 95.00 95.20 95.28
declined an average of about a point within the week and
1,730 3,092
943 2,267 1,780
Of 30 Total sales in $1,000 units
95.30 95.30
94.91
94.88
one referred to, Chesapeake & Ohio, is unchanged.
I High 94.64
Liberty Loan
22 have Third
94.90 94.80
434s of 1st L L cony,'32-'47( Low_ 94.60 94.62 94.84
most prominent miscellaneous issues, however,, as
95.30 94.90
usual,
(Close 94.64 94.88 94.91
97
615
72
47
advanced and 2 are unchanged. These changes Mexican
28
Total sales in $1,000 units
93.28 93.28
High 93.02 93.30 93.30
I
Third Liberty Loan
show a wide range covered. In this movementgain
93.02
93.02
93.14
92.94
13,
of
92.92
4q s of 2d L L cony,'27-'42 Low_
93.24 93.18
Petroleum leads with a range of 19 points and a net
92.92 93.30 93.20
(do
Loco2,785 1,262
772 1,716 1,498
Crucible Steel has covered 17, net gain 143/2, Bald.
Total sales in $1,000 units
93.40 93.36
is
93.40
range
93.40
s
{High 93.30
Liberty Loan
motive's range is 14, net gain 8, U.S. Ind. Alcohol'is 7% net Fourth
93.18 93.18
93.24 93.24 93.26
Low_
of
1933-38
4%s
93.36 93.28
93.28 93.30 03.41
Clos
103/2, net gain 63/i and Am. Locomotive's range
4,073 3,458
1,544 3,444 3,054
Total sales in $1,000 units
gain less than 4.
100.62
High
Loan
Liberty
net
Fourth
-----.
On the other hand Chandler Motor's range is 27, andtant. 434s, 1st LL 2d conv,'32-47 Low_ 100.62 ---- ------(See explanation on p. 1025) Close 100.02 -decline 19; other net losses in the group are unimpor
1
units
in
$1,000
Total sales
GE
EXCHAN
78
.7
99
STOCK
siiiii
YORK
NEW
99:64
THE
AT
.64
99
TIONS
TRANSAC
Victory Liberty Loan
I High 99.58
DAILY, WEEKLY AND YEARLY.
Week Ending
Sept. 12 1919.
•
State, Mun.
& Foreign
Bonds.
Railroad,
itc.,
Bonds.
Stocks.
Shares.
Par Value.
U. S.
Bonds.
$165,000 $3,947,000
$820,000
369,150 $33,037,000
Saturday
365,000 13,607,000
1,174,000
676,920 60,106,300
__ _ _
Monday
572,000 9,747,000
1,317,000
1,213,910 111,500,250
Tuesday_
HOLIDAY
Wednesday
728,000 12,149,000
1,541,000
1,147,890 106,996,250
Thursday
263,000 13,124,000
1,179,000
771,802 70,415,700
Friday
$52,574,000
$2,093,000
$6,031,000
00
Total_ __ - - ._.- 4.179.672 $382,055,5
Sales at
New York Stock
Exchange.
Week Ending Sept. 12.
1919.
1918.
Jan. 1 to Sept. 12.
1919.
1918.
92,920,763
210,213,654
1,817,926
4,179.672
Stocks-No. shares___
$382,055,500 $168,466,850 $19,191,185,255 $8,672,953,015
Par value
$15,800
$47,200
$400
Bank shares, par
Bonds.
$743,380,500
,300
$1,658,610
0
$27,680,00
0
$52,574,00
_
bonds
Government
167,962,000
209,533,500
4,739,000
2,093,000
State,mun.,dm.,bonds
190,955,000
366,605,000
4,219,500
6,031,000
RR.and misc. bonds
,500
$60,698,000 $36,638,500 $2,234,748,801 $1.102,297
Total bonds
PHILADELPHIA AND
DAILY TRANSACTIONS AT THE BOSTON,
BALTIMORE EXCHANGES.
Boston.
Week ending
Sept. 12 1019.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
$10,000
3,383
$4,000
2,797
$29,350
10.039
6,464
65,000
21,600
3,198
32,300
17,961
25,900
6,910
29,800
11,680
86,150
20,256
HOLI DAY
8,616
34,200
23,300
5,550
88,950
18,832
HOLI DAY
15,000
8,476
32,000
15,977
83.065
6268.750
31.701
$93.700
25.373
$135,100
Foreign Exchange.-Sterling exchange showed some
to 3 points
improvement this week, and recoveries of from 2
was a,
were recorded. In the continental exchanges there
further downward reaction, and new low levels were established for marks, francs and lire. Neutral exchange was
dull and without essential change.
exchange were 4 MU@
To-day's (Friday's) actual rates for sterling
cheques and 4 1734 @)4 1834 for
4 1534 for sixty days, 4 1634 ©4 1734 for
, sixty days 4 14 U @
1734
16;104
cables. Commercial on banks, sight 4
for payment (sixty
4 1534, ninety days 4 12@4 1334, and documents@4 1734, and grain
4
1634
payment
for
Cotton
1
i43.4
days) 4 i334®4
for payment 4 16A 4 17A.
bankers' francs were 8 46@
To-day's (Friday's actual rates for Paris Germany
bankers' marks are
for short.
8 6154 for long and 8 53@8 5734 bills.
Amsterdam bankers' guilders were
not yet quoted for long and short
short.
for
1-16
37
and
long
for
36 11-16
range, 34.48 franc.
Excnange at Paris on London, 35.55 francs; week's
high and 35.60 francs low.
follows:
week
The range for foreign exchange for the
Cables.
Che ues.
Sterling, Actual- Sixty Days.
418
41 A
High for the week_ _4 1. 311
414
4 1334
Low for the weak_ _ _4 1134
Francs
Bankers'
Paris
8 29
8 31
High for the week_ _8 37
8 6434
8 5534
Low for the week_ _ _8 6134
Germany Bankers' Marks4 60
4 55
High for the week__ _ ____
3 76
3 70
Low for the week__ ____
Guilders
Amsterdam Bankers'
3754
3734
High for the week_ _ _ 36 13-t6
37 3-16
37 1-16
Low for the 'weak_- 36 9-16
434s, cony gold notes,'22-23 Low_
Close
Total sales in $1,000 units
( High
Victory Liberty Loan
334s, cony gold notes,'22-23( Low_
(Close
Total sales in $1.000 units
99.50 99.50
99.54 99.62
632 3,699
99.54 99.58
99.54 99.48
99.54 99.54
72 1.255
99.54
99.04
1,893
99.64
99.54
99.60
360
99.60 99.66
99.72 99.76
1,852 2,316
99.72 99.76
99.54 99.72
99.70 99.74
503 1.341
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Sept. 12.
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
per share.
Par. Shares $ per share. $ Per share. $ per share.$ 434 Sept
15,984 334 Sept12 434 Sept 9 334 Aug
Ajax Rubber rights
May
9 8234 Ap 103
Sept
87
Sept12
8334
200
101
Express
American
Sept
Sept
no par 3,600 2934 Sept12 30% Sept12 2954 A p 3034
Beth Motors
78 Juno
101 70 Sept 6 70 Sept 6 70
Buff& Susq v t c extd iii
Sept
10354 Jan 110
11
Sept
110
11
Sept
110
100
100
pref
Cluett,Peabody,
79 July
Ma
48
100 5634 Sept 6 56% Sept
100
Crex Carpet
Sept 8134 Aug
7654 Sept 9 77% Sept 9 76
3
Fairbanks Co (The)...25
Sept
Fe. 102
Sept 9 91
Sept 9 102
20 101
Fisher Body prot...101
Feb
108
10010354 Sept12 103% Sept12 10234 Jo 100
Gen Cnemical pref.- -100
Feb
Aug
Sept11 72
100 74 6ept11 74
Homestake Mining_ -100
Sept
60
Feb
53
8
Sept
60
8
60 Sept
1
International Salt_l
Sept
Jan
8934
Sept12 60
100 87 Sept12 87
Kress(S H)& Co- --100
Sept
Jan 110
Sept12 105
Sept12 110
100 110
100
Preferred
Apr
100 6534 Septll 65% Sept11 6154 July 8034 May
Marlin-Rock v t c_no par
Sept 10934
Sent 8 99
Sept 8 99
101 99
M8tP&S5Mpreflii
July
Sep
6054
59
11
Sept
69
11
Sept
100 59
Leased line stock-100
May
Sept 6103 Sept 6 10154 July 104
200 103
Owens Bottle pref._100
Sept
9234 Sept 8 98% Sept12 8534 Aug 9854 Sept
Royal Dutch(NY)tr rec 2.0
Aug
6
834
1134
Sept
10
Sept12
900 9
Stromberg Carb rights_
434 Sept
Sept 6 334 Sep
1,400 334 Sept12 4
Stutz Motor rights
Aug
Aug 19
9 Sept 8 10% Sept 6 9
93,45
Un Retail Store rights
14,535 1234 Sept12 14% Sept 11 1234 Sep 1434 Sept
S Rubber rights
Sept 234 Sept
Sept 6 1
0,401 134 Septll 2
Wilson dc Co rights
Outside Market.-"Curb" trading this week was withand
out special feature. The market was generally active with
strong most of the week but at the close became quiet
the undertone steady. Madison Tire & Rubber was conof
spicuous for an advance of 133/i points to 59. The stockand
Maxwell
the new company to be formed by merger of thetime,
"w.i.,"
Chalmers Motor Cos. was traded in for the first
y being at
down from 60 to 57 then up to 67, the close to-da
to 90.
62%. General Asphalt corn. gained 103/topoints
56 sold down
Allied Packers after early advance of a point and
39%, the
to 54. Coca-Cola fluctuated between 383. Tire w7,s
erratic
closing figure to-day being 38%. Colonial
to 17 and
and after a spurt of some 8 points to 25, fell back
2. Lima
to-day advanced to 20, the final figure being 193/
Otis Steel imLocomotive sold up some 3 points to 96. at
United
proved from 343/i to 383/2 and ends the week 38.
to 24.3/i and
Retail Stores Candy, advanced almost 4 points promine
nce.
sold to-day at 24. Oil stooks as a group assumed
points to 72,
Shell Transport & Trading sold up over.3advance
d over
reacting finally to 70%. Sinclair Con. Oil to
4 and Sinclair Gulf 23/i points 60%. Both
4 points to 593
and
reacted, the close to-day being 583/2 for the former
transac58% for the latter. Allied Oil on unusually large
24
tions rose from % to 1%. Merritt Oil dropped from
4. Middle States Oil, new,
to 233/s; closed to-day at 233
lost three points to 30, the final figure to-day being 31.
Bonds dull and little changed.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING THREE PAGES
1061
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 I
Sept. 0
Afonday I Tuesday
IVednesday
Sept. 10
Sept. 9
Sept. 8 I
$ per share $ per share $ per share $ per share
.00
9012 9014 91
90
9014
.8014 8178 *8012 817g *8012 8178
•10
1134
*10
1012
9012 92
*91
95
*91
94
4078 4118 4012 41
4034 41
5138 5138 51
5018 5014
51
2612 27
27
27
2712 27
.21
21
*20
2212 2212
23
15034 15034 15112 152
151 152
5034 57
56
5612 5578 50
.7
1012
*1234 1512 ____
1014 1014
Thursday
Sept. 11
Pr/day
Sept. 12
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basil of 100-share lots
i
!
PER SHARE
Range for Previous
Year 1918
Lowest
Highest
1
! Lowest
Highest
S per share Shares
Railroads
Par $ per share i 5 per share
$ per share $ Per shard
90
9018 2,600 Atch Topeka & Santa Fa. 100 88 Aug 8 101 May27
81 Mar 9934 Nov
8114 8158
300
Do prof
100 8018 Sept 3 89 Jan 4
80
Jan 9212 Nov
*8
1134
Atlanta Birin & Atlantic_100
6 Mar311 1512 July24
5 Dec 1012 June
02
92
500 Atlantic Coast Line RR _100 9012 Sept 6 107 May29
8938 Apr 109 Nov
40
40,4 5,900 Baltimore & Ohio
100 3914 Aug18i 5514 May27
4812 Dec 62 Nov
5112 1,000
*50
Do prof
100 50
Apr21
5912 May27
53
Apr 6412 Nov
2012 Mg 2,100 Brooklyn Rapid Transit_100 1833 Jan27 3318 July23
2538 Dec 4814 Jan
*20
23
200
Certificates of deposit
19-5* Mar21 2814 July23
151 15112 3,500 Canadian Pacific
100 15012 Sept 5 17072 July10 135 isa-ai: 17478 Oct
56
50
1,800 Chesapeake & Ohio
100 5312 Aug21 6812 May17
4934 Jan 6238 Nov
*7
1012
Chicago & Alton RR
100
714 Jan13 1212 May15
7
Apr
11 Nov
*1234 1512
Preferrei
100
1012 May 9 1712 July17
1014 Dec 18 Nov
Chicago & East Ill tr rects____
812 Aug 8 1312 July23
100
Preferredtr roots
10 Sept 2
1712 July24
1
-E1934 --678 -;6- 16- -91-8 914
9
9
*834 -23
;
700 Chicago Great Wes,ern___100
71g J18n21
12 July17
Apr, 11 Nov
6
.24
2414 2414
25
.24
25
*2312 2412
100
Do prof
100 2218 Aug21 3078 May19
1812 Apr 32 Nov
42.4 4214 12
-4.172 -43 - 4212 4212 3,000 Chicago Milw & St Paul_100
4214 42
433t
3412 Feb15 5234 July17
3714 Apr 5114 Sept
63
6314 6234 6414 63
63
64
63
63
63
1,300
Do prof
100 6018 Aug21
703 July17
6614 Apr 8638 Nov
95
95
*92
*9212 94
94
94
94
9378 9378
400 Chicago & Northwestern _100 91 Aug 8 105 May26
8912 Mar 107 Nov
•120 125 *120 125 *120 125
*120 125 *115 125
Do pref
100 12378 Aug21 133 Jan 17 125 July 137
Jan
2514 25,4 2412 25
2434 2478 2434 2134
2134 2478
900 Chic Rock Isl & Pao
100 2218 Jan21
3214 July17
18
Apr 3212 Nov
7414 7414 *74
7312 7312 *73
7412 7412
75
7412
900
7% preferred
100 6814 Aug 8 84 June 6
5034
Jan
88
Nov
.61
6212 61
60
6112
61
*5912
61
60
60
1,100
6% preferred
100 5514 Aug21 73 July17
16
Jan
75 Nov
_
7312 7334
600 Chic St P Minn & Omaha_ _100 6518 May12 82
Jan 7
69 Sept 82 Dec
_-_Clev Cin Chic & St Louis _ _100 32 Feb17 5178 June 6
26
Nov
Feb
40
-1-35- 133-- ____
100
Do pref
100 63 Septll
5334 May
74 July12
70 Nov
2214 2212
--_- ---7_0_0_ Colorado & Southern
100 1934 Jan22 3I1 May 5
18
Apr 2712 Nov
---Do 1st pref
100 4814 Jan 3 5812 July21
47
Apr 55 Nov
Do 2,1 pref
100 45 Feb 1 5112 May29
40 Apr 48 Dec
*If-1?3- 12 1-0-6- *iö
i6i '104 107 *jai- 1-67 - *la- 1-68-Delaware At Hainan
100 101
Jan20 116 May29 10012 Apr 11934 Nov
•175 189
*180 189
179 184 *179 186
200 Delaware Lack & Western_ _50 17212 Mar18 217 May 7 160
*9
11
Apr 185 Sept
*10
11
•10
11
*10
11
1 Denver & Rio Grande____100
334 Jan 8 1512 July14
214 Jan
-161-2 -1-6-12
7 Nov
1638 1838
16,2 17
1614 1714
1612 17
13,000, Do pref
100
Feb
61g
3
24
July14
Apr
1358 Jan
5
*95 105
*95 105
*95 105
*95 105
*95 105
1 Detroit Unitel RY
100 80 Feb24 105 May13
80
Apr 90
*4
412 *4
412 *4
Jan
412
4
4
*312 4
100 Dul ith S S & Atlantic
100
234 Febll
638 July15
212 Feb
*5
10
434 Oct
*5
10
*5
10
*5
10
*5
10
8001
100
53g Apr 8 117g July21
438 May
1578 16
812 Nov
1578 1578
1518 1578
*1534 16
1534 1534
Erie
100
15
Aug21
20(4
May19
14
2338 Nov
Apr
2478 2478 2558 2558 *25
26
2418 2412 2412 2412
900' Do 1st pre(
100 2312 Aug21 33 July10
2318 Jan
3612 Nov
•17
1834 *17
1812 *17
*1612 18
*17
18
1812
1
Do 2d pref
100 1634 Ang18 2334 July17
2714 Nov
1812 Jan
8612 8578 8634 81114 8034
86
86
8612 8578 8678 3,800, Great Northern pref
100
84,3
Aug
8 10058 May27
44
86
44
4312 4358 44
Jan 10612 Nov
4478
4312 44
4312 4414 5,100. Iron Ore properties_No par
3134 Jan 2 5234 July10
3412 Nov
2518 Jan
*8
10
*vs 10
*712 10
*712 10
Gulf Mob & Nor tr ct__100
714 Feb27
1278 July25
8 Mar
*35
10 May
38
*35
36
*35
38
*35
38
Preferred
100
3114 Jan16 4012 July18
27 Mar 3518 Dec
03
93
*9212 91
9312 93,2
200 Illinois Central
100 90 Aug21 104 May16
92
-12 - -03-4 *612 634
Jan 10512 Nov
612
- -0
012 612
612 634
3,000 Interboro Cons Corp _No Par
312
Mar24
918
June
•
2
434
Dec
2118 2234 2118 22
912 Jan
2112 2112
21
2114 21
2212 2,200, Do pref
;r4
100 1118 Mar29 3114 June12
1714 Dec 4712 Jan
Iowa Central
100
212
Feb13
934
2i8
„Jan
July21
Nov
512
187 -1178 ;1834 -1-01-2 ;15E4 -1-61-4
1 4 183-4 *18 19
200 Kansas City Southern__ _100 1634 Jan30 2514 May19
1518 Apr 2114 Nov
52
.50
5014 5014 *50
52
*50
*50
52
52
200
1)0
prof
100 4912 Jan21 57 May21
v912 12
5912
Nov
45
Jan
*912 12
y9t2 12
*912 12
1
*912 10 2
Lake Erie & Western
100
7 Feb26
714 Oct
14 July21
22
1178 Nov
*20
*20
22
*20
22
*20
*20
22
22
Preferrel
100
1612 Apr21
25 May19
Oct
18
*49
Apr 25
4934 4918 4914 *49
4914 4912 4012 4958
4912
800' Lehigh Valley
50 4778 Aug21 (10's June 2
Nov
•107 111
535
CD
8
Dec
6518
108 108 *107 110
*107 110 *108 110
100 Louisville & Nashville ____100 10178 Aug19 12234 May17
110
85
*75
Jan 12434 Nov
85
*75
*75
85
*75
85
Manhattan
1
Ity
guar
100 70 Mar28 88
Jan25
.1612 17
80 Dec 10018 Dec
1612 1612 1012 1612
*15
18
*15
17
200 Minneap & St L (new)
100
912 Jan21
2412 July17
1578 Nov
712 Apr
8512 8512 8512 8512
200 Minn 5th' & S S M
100 8512 Aug 7 9814 May29
9712 Nov
8018 Jan
1258 1278 1212 1234 -1.5E8 -13-3-8
-1218 1213 1212 1213 6,400 Missouri Kansas
& Texas 100
458 Feb10 1658 July22
438
634 Nov
Jan
*1712 19
•1734 19
*1712 19
18 A 18
200! Do prof
100
812 Jan13 2518 July18
012 Jan
1312 Nov
2712 28
27
2814 27 12778 4,600 1 Missouri Pacific trust ctfs_100
2712 2778 2734 2S3
2234 Jan21
3878 July 9
20
3158 Nov
Jan
4718 4718 47
4612 47
4712 *17
4618 L.46,2 1,1001
4812
Do pref trust Ws
100 4534 Aug20 5834 June 7
41
Jan 62 Nov
712 712 --------712 712
2001 Nat Rys of Mex 2d prof. _100
512 Feb 6 14 Mar10
458 May
1038 Nov
35'2 38
-5818 2812
800 New On Tea & Mex v t c100 2834 Apr10 45 July14
'721 74
17
3012 DO
Apr
7112 72
7212 733
73
71
73
72
2,700 New York Central
100
6914
Jan21
8334
June
Nov
.2513 29 *2512 29 *2512 29
6
6712
8158
Jan
26
26
*2512 28
100 N Y Chicago & St Louls_100 25 Apr19 3314
July10' 133a Oct 34 Nov
*60
06
*60
06
*60
*60
68
68
*60
68
1
First preferred
100 63 Apr15 70
Apr 2! 55 July 65 Nov
*4012 48
*1612 18
*4612 48
47
47
*46
49
100, Second preferred
100 4214 Apr19 5312 July 71
3238 32.5* 32
40
'3214 3112 321 1
Oct 48 Nov
31
32
31
31
5,500' N Y N H & Hartford__ 100 2534 Feb13 407
.20
21
8 July171
*20
2112 20
27
Apr '4578 May
20
*20
2112 *19
21
N Y Ontario & Western
100 1812 Jan21
2114 July18
1814 Jan
2438 Nov
Norfolk Southern
100 142 Aug20 20 May29
14 Nov
14 1-001-2 15038 1-063
2114 Dec
; 100- 1-66*0912 1-061-2 ';9t-i1-2 166.700 Norfolk & Western
100 9334 Aug 8 11212 May19 102
8678 8078 87
Jan 11214 Nov
8712 8058 87
8014 8658 8614 8612 5,700 Northern Pacific
100 84 Aug 8 9978 May27
4358 4358 4358 4418 4312 41
8118 Jan 105 Nov
43
4312 43
4318 6,000 Pennsylvania
50 4214 Aug27 1812 May19
*14
4314 June 5018 Nov
16
*14
16
16
*14
*14
16
*14
16
Peoria & Eastern
100
134 Nlar26 20 July17
4111 Apr
678 Nov
1811
1712 1712 1758 1758
18
*1814 19
700 Pere Marquette v t c
100 1218 Jan21
2614 Junel 1
9l May
187 Nov
617s 6178
6212 6212 63
63
300
Do prior pref v t o
100 56 Mar27 6734 July15
0
5212 Apr 64 Nov
Do
prof
vtc
100 39 Apr 7 49 May21
30 Apr 50 Nov
;F,:-3- 60
-f-35r4 1614 -65- -67-800 Pitts Cin Chic & St Louis._100 44 Apr29 70 June 7
2578 June 5812 Nov
3214 33
3214 3214
3314 3313 3318 3318 *3318 34
2,600 Pittsburgh & West Va
100 3012 Aug21 4434 June 9
2258 Jan 4038 Nov
*78
82
*78
82
82
*78
*79
82
*79
83
Do
prof
100 7812 Aug18 8412June 7,
61
7734 7914 7712 7878 7812 701 1
Jan 82 Nov
7734 79
78
7814 9,800 Reading
50 7478 Aug 8 9358 June 6
36
36
7018 Jan 9614 Oct
.34
36
*34
*34
36
30
*34
30312
100
Do 1st pref
50 3412 Aug19 3812 Feb 4
_ - *3712 39
35
Jan 39 May
*3712 39
37
37
*37
30
100
X
Do 2d prof
5 36 Apr30 3912 May16
19
19
35 Mar 40 July
1818 1914
18
18
1812 19
1818 1812 2,600 St Louts-San Fran tr ctfs__100
1034 Jan21
2734 July17
1714 Dec
932 Apr
Preferred
A
trust
etts_100 22
Jan27 37 May 2
•14
15
21
Apr 3312 Nov
*1413 -fg15
-_--_-_
15
15
300 St Louis Southwestern____100 1418 Aug13 2338 June 9
'24 26 25 25 *2178 1619
Nov
C.)
Oct
25
29
25
25
1,900
Do prof
100 25 Aug./8 3778 Junel0
28
Oct, 4012 Jan
9,2 912
500 Seaboard Air Line
100
733 Feb13
12 July23
7 Apr, 12 Nov
Do prof
100
1534 Feb 3 2334 July17
100 1-66; 1(35- 1003 101 1-616-4
1518 Apr l 2514 Nov
-554 1-61-3.-4 115514 1-6634 31,200 Southern Pacific Co
100 9234 Aug Q 115 June 2
25
2514 2412 25
8012 Jan1 110 Nov
25
25
2412 25
2434 25
3,100 Southern ItallwaY
100
23
Aug
33
8
.00
May19
2038
02
Apr, 3178 Nov
*6011 6012 *6012 63
*60
61
6012 6012
200
Do pref
57
100 5934 Aug21
72t May27
4812 4934 4712 4912 50
Jan' 7514 Nov
5134
40
50
4834 4934 18,600 Texas & Pacific
100 2712 Jan21
7012 July 2
2078 21
14 May 2912 Dee
2114 2114 *2012 22
*20
22
21
21
400 Third Avenue
100
131g
Jan
255*
4
July23
*9
E.
12
1214
2134 Jan
*9
Doc
12
*6
*9
12
12
*10
12
Tol St L & W trust receipts__
5 May 1
1312 July29
7l Aug
4 June
•19
26
*19
25
*15
*19
25
25
*19
25
Preferred certificates deP2512 July25
10 Mar 4
.40
49
16 ,Aug
*49
812 Mar
49
*40
49
*10
49
*40
49
Twin City Rapid Transit_ _100 38
Jan16
60
June
3
32
121 123
Jan
122 12234 122 12234
6514
Dec
12114 12218 121 12114 5,400 Union Pacific
100 1191s Aug 8 13'312 May29 10934 Jan 13712 Oct
*6712 0812 6812 69
*0814 6834
.6812 69
60
69
400
Do prof
100
6812
Sept
7434
5
Mar
5
*10
12
69
Nov
*10
7034
12
*10
Jan
12
10
10
*10
12
100 'United Railways Invest. 100714 Jan 9 1573 July 1
23
*22
434 Jan
23
12 June
25
*22
23
22
22
22
22
200
1)0 prat
100 15
Jan13 3434 July 1
1012 Apr 20 May
10,4 1034 1012 1012 10
1012
10
10
2,600 Wabash
100
734 Jan20 1338 July23
3034 3034
7
31
31
1134 July
Apr
3012 3012 -30- 201-2 3,200
Do pref A
100 30 Aug20 38 May19
3078 Dec 4112 Jan
Do pref 11
10
19
Jan23 2512 July 9
-Hitt 12-5-8 'TA 1.2
1918 Dec 2612 June
7
4 -1212 -12-5
;
12
1214 -12- -1214 _ -1-,i65 Western Maryland (new).._ 100
9513 Apr21
1478 July17
.22
25
10 Dec 1734 Feb
*22
*20
25
24
*22
24
*20
23
Do 2d pref
100 23 June19 3012 July 9
23
2314 2218 2218 *22
20
Jan 32 June
2512
22
22
*21
23
400 Western Pacific
100 17 Feb 3 26 July14
.52
54
13
*52
5112 *52
Jan
2434 Nov
5112
*53
55
53
53
100
Do prof
100
1518 16
1412 1538 1414 WI
46
Jan 66 June
14
15
1334 1412 20,900 Wheeling & Lake Erie Ry_100 5218 Feb20 6112Jan 9
734 Mar 5 1758 Sept 5
2438 2412 *23
25
1234 Nov
8 Apr
24
2434 247s
25
*23
25
1,100
Do prof
100 17
Jan30 26;k4 Sept 5
.30
40
1712 Apr 26 Nov
*30
40
40
*30
*30
40
*30
40
Wisconsin Central
100 3014 Jan22 411s Mayln
2978 Dec 3934 Oct
Industrial
&
Miscellaneo
us
*40
44
I
43
43
43
43
4012 4012 40
40
600 Adams
100 2952 Apr26 64 May23
41
40
42 Dec 80
3818 3912 '3834 3834
37
3838 3734 3812 2,600 AdvanceExpress
Jan
Rumely
100 21
Jan21 5878 July 3
73
*71
11
72
72
2634 Nov
Jan
*711g 73
71
7114 .70
72
700
Do
prof
100 5612 Jan20 76 Juno 9
90
90
2578 Jan 6278 Nov
8938 91
8912 92
9078 0134 80
8978 4,500 Ajax Rubber Inc 11
50 66
Jan13 113 July14
3
234 3
314
234 3
49
Jan 7214 Dec
234 3
*234 3
2,700 Alaska Gold Mines
10
212 Aug 9
414 Jan 15
218
214 214
218
114 Apr
533 Nov
2
214
218
218
2
218 3,300 Alaska Juneau Gold Min'g_10
134 Jan 2
314 July14
4418 4512 4:312 4412 4414 4512
312 June
112 Apr
4218 4412 4234 4478 16,200 Allis-Chalme
rs Mfg
100 30 Jan21 50 July 7,
94
*92
1734 Jan 37 May
*93
04
94
9434 *94
95
300
Do
pref
100 817g Jan23 9612June 2
96
9614 0614 *9712 100
96
7214 Jan 8612 May
965g 9718
800 Amer Agricultural Chem_100 87 Sept 2 11334 May 1
•
98 *_ _ 9:8 *____ 98
78
Oct
Jan 106
•____ 98 *---- 98
Do prof
100 9712 Sept 4 108 Mar15' 8918 Jan 101 Aug
;Til
47
47
*45
45
45
4614 4614
200 American Bank Note
50 33 Jan25 55 July15
3112 Mar 351 May
*48
50
.48
50
Preferred
50 42
Jan 2 4812 June30
4134 June 4212 Aug
.86
.812 -8-01;
8734 85
85
8612 -8
85
-8-514 -81;
1 _ -2-,66,5 American Beet Sugar
100 62 Jan 3 9812 July10
48 Nov 84
Feb
•90
94
94
*90
04
01
*00
94
*8812 94
100
Do prof
100 8134 Jan13 95 May29 z82 Sept 9112 May
112 112
100 Amer Bosch Magneto _ _No par 8413 May 7 126 July24
- _
___
Amer Brake Shoe & Fdry 100 90 May13 97 JulY171
90 July 90 July
_
100 160
Jan 2 176 Sept 4 160 Dec 175
-537s -5178
- -5512 /5-1; -.as 5514
Jan
5234 55
5-h'8 11-78 '21),ioo American
merican Can
100 42e Febl 1 63 July 71
•103 105 *101 105 •103 105
3458 Jan 5034 May
*10112 105
105 105
250
Do
prof
100 9878 Jan 6 10753Junel6
13312 13558 135 13738 13614 13778
8914 Jan 99 Dec
13312 13673 135 13612 29,400 American
Car & Foundry_100 8418 Feb10 13858 Sept 4' 6814 Jan 93 Deo
11718 11718 11718 11718 .117 119
200
Do prof
100 113 Jan18 119 July111 106
*---- 56,2 *50
Jan 115 Dec
-Zo- 1057
*55
57
id" 1,100 American Cotton Oil
100 3952 Jan 2 6714 July14
25
Jan 4434 Oct
'
91
03
Do
pref
100
88 Jan 7 93 Apr 3i
1114 11 14
1114 11)4 -ii- 11-1;
78 May 88 Dec
11
11
iirg
11-3; _ 72;000 Amer Drugglets Syndicate_10
105* Jan24 1414 Mar 71
2514 3638 3478 361, 35
34
3018
3578 36
3634 10,800 American Hide & Leather_100 1318 Jan 4 431g July31
127 12812 12612 129
-1178 -.11-in -221; Sept
127 133 212714 12914 13,800
12714 12914
Do pref
_
100 714 Jan 2 13634 July14, 60
Jan 947g Aug
• Ilid and asked prices: no gale. On tat/ day. I Ex-rights.
I Loss than 100 shares. a El-div. and:rights. x Ex-dividend.
¶ For fluctuations in rights, see page 1060
S per share
90
9038
81
81
*10
11
*91
91
40
4014
5018
50
2614 2634
*1912 22 I
151 15238
5534 5578
*7
1012'
*1234 1512
1
1
1
-8.6-
1062
d-Page 2
New York Stock Record-Uontinue
see second page preceding.
For record of sales during the week of stocks usually inactive,
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Friday
Wednesday Thursday
Tuesday
Monday
Saturday
Sept. 12
Sept. 11
Sept. 10
Sept. 9.
Sept. 8
Sept. 6
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1918
Lowest
Highest
1 pep share $ per share
$ per share
per share Shares Indus. 8c MIscell.(Con) Par $ per share
Oct
49
1112 Jan
$ per share $ per share $ per share 3 per share $ per share $
100 3712 Aug21 7612.1 une 6
48300 American Ice
*45
Oct
49
*45
3834 Jan 61
6
June
45
45
7614
Jan20
4
543
100
Do pref
6812
--- -04-- 68
6812
*68
5112 Sept 6013 Oct
69
*68
International Corp...100 5233 Feb 8 11513 July1 1
Amer
76,000
8
5
1
4
1033
101
10512
27 Jan 4713 Dec
10112 10312 loiEg 1-6314 10212 105
100 4418 Mar 1 82 July 7
72348,500 American Linseed
7218 7218 72
7312
72
8914 Jan 92 Dee
7234 73
72
72
100 85 Mar 1 9838 Apr 15
Do prof
97
*96
97
*98
97
9712 .95
*96
97
5312 Jan 7134 May
*96
Septll
10114
Jan21
58
100
Locomotive
American
106,100
10012
298
94 10114
10238 Dee
9514 9458 9712
J
935s 9412 94
100 100 Jan14 10934 July 2 295
10513 10678 *103 107500 Do pref
10512 10512 10558 106
Aug 3
*10512 107
56
600 Amer Malt Oc Grain....._No par 5334 July24 63
5514 5612 56
5613 5618
56
56
6
Sept
41
*5514 58
Septll
3734
par
no
Corp_
Comm
&
Ship
Am
3734 3873 3812 3912 38,200
Nov
3914 4018
3938 41
3812 41
Am Smelt Secur pref ser A-100 88 Sept 2 0412 Junel2 -66- 174i-iir -5690
*85
89
73 May 9434 Oct,
*85
7534 lig._
7634 7738 12,300 Amer Smolting & Refining.100 8213 Feb 6 8934 July16
ii.1
Sept 11014 Nov
103
July17
8
1095
Aug19
10212
7618 7714 7512 7614 7614 79
100
pref
Do
200
*104 10513
85 Oc 107 Dee
10353 10358 10378 10378
100 105 Janll 130 May 5
100 American Snuff
*121- 1-2413 *117 12412
12034 1-2111,i
*120 123 *120 122
100 93 July10 99 Jan16 185 Au 185 Aug
Do preferred
*9413 100
*95 100
*95 100
*95 100
*93 100
7
July
47
May10
3314
ctfs-3318
tern
Found
3934 4034 3914 4012 6,300 Mn Steel
4114
40 4012 3934 4014 40
No par 9412 Aug19 0613 Aug14
300 Frei temp etre
9558 9558 --955s 9558 9534 9534
July 7 -98 . -Jan 116- May
127- 1-3-63-4 4,300 American Sugar Refining_100 11114 Jan21 142
12512 127
128 12812 12812 129
*126- 129
0 11311 Jan 6 119 May24. 10814 Mar 11412 Dee
100 Do pref
118 11810
145 May
*115 118 *11612 119 *11612 119
6034 Ja
Aug21 12012June12
73
Tobacco_100
Sumatra
Amer
17,700
86
4
873
0
-.
2
-663-4
8531 8734
86
103 June
8573 85
Ja
85
81
100 9212,Aug19 100 May12
Do preferred
9512
0512 *92
*92
9612
*92
10914 Feb
94
94
*93
Au
*92
3
905
Mar10
10858
9912 10133 10034 10114 19,200 Amer Telephone & Teleg...100 9634 Aug14 2557
19834 Dec
101 10134 9918 10078 9913 100
14012 Ja
July25
8
4
Feb
s
1917
100
Tobacco
American
1,900
225
225
4
223 2293
22234 22514
10012 Dee
*221 225 *222 225
Sep
9218
6
Jan
106
May14
9658
100
10012 10012 101 101500 Do prof (new)
*101 10212 *101 10212 *101 102
4478 Jan 8078 May
100 4514 Jan16 137 July16
Mass
of
Woolen
Amer
20,300
12112
119
4
1173
11312
113 11312 114 11812
Jan 9834 Dec
113 115
92
5
June
4
1103
8
Feb
3
943
100
prof
Do
500
10614 10814 1073s 10812
106 106 *106 108 *108 109
2014 Apr 3938'Aug
1,300 Amer Writing Paper prof...100 2753 Jan 2 6873 Aug 4
59
58
59
59
571t 58
58
58
11 Dec 2138 July
58
58
Jan31 29 July14
2212 2212 1,400 Amer Zinc Lead & Smelt__25 11
2278 23
2258 2312
2218 23
23
23
3834 Des 5314 July
July24
65
Jan21
40
25
pref
Do
100
6112
5914 5914 .58
62
*58
61
Dec z7414 Oct
*57
59
July16
8
777
6
Feb
5612
6738 6834 6753 6812 13,300 Anaconda Copper Mining _50
675 -665212 Nov
12 De
8 6714 68,2 6714 6918
534 Atig12
Jan 2
1
10
200 Assets Realization
23.1 234
1858 Dec
May
12
234 234
Aug7
59
6
Jan
1714
Goods......100
Dry
Associated
2
"531900
"LI iiti -532
Dee
63
ais 5312 5218 5214 5312 5312
May
51
Aug14
82
Mar19
61
100
300 Do 1st preferred
7714 7714
80
*77
79
*77
78
78
79
*77
3618 Jan 3618 Jan
100 681s Feb 8 8014 May13
Do 2d preferred
*7512 7612 *7512 7613
*7512 7612
Oct
80
71
*76
78
Apr
*78
54
8
May
0814
2
Jan
68
100
Oil
Associated
*..._ 9212 *____ 90
*8914 _- *____ 9212
9734 Jan 12014 Feb
2,900 Atl Gulf & W ISO Line_100 92 Feb 8 18812 June 7
15934 160
156 161
15512 15814 161 18112
*156 fiti
Jan 6753 Nov
58
Jan29 7612 May 8
64
100
pref
Do
74
*71
74
*71
74
*71
74
74
*72
*72
581s Jan 10134 May
118 13053 12714 13012 310,800 Baldwin Locomotive Wks_100 6473 Jan29 132 Sept 4
11618 11914 11612 11912 11878 12812
Jan 110 Dec
85
100 103 Jan 2 145 July 7
800 Barrett Co (The)
12812 12812 *126 12812
130 131
*125 130 *128 130
9912Jun 10718 Dee
May29
119
Feb10
110
100
preferred
Do
114
100
*113
114
*113
*112 114 *112 11314 11334 11334
May13
218
Jan20
114
20
500 13atopilas Mining
112 112
112 112
112 112
112 112 *112 184
1,200 Bethlehem Steel Corp-_100 5512 Jan20 10734 July15 -80- -De- -98 - Mii;
00
90
88
8653 8658 88
5934 Nov 04 May
- lif12 "tioig .-611-2 149,800 Do Class B common--100 5553 Jan21 11014 July15
15
94 Sept
8812 0053 8818 003s 8912 9438
84 De
100 9012 Jan30 108 July23
100 Do preferred
---- ---- --100 100
0612 Jan 10673 Apr
10113 Jan22 115 June 9
pref._
500
8%
8
Do
Cony
111cum
1
11418
_inis
11313 11312 11334 1-113-4 11414 11414
2812 Sept
Jan
21
July24
25
9
Sept
1714
par
No
Fisheries
2,600 Booth
18
18
1714 18
175s 18
18
18
100 97 Apr16 102 Aug 1
190 Brooklyn Edison, inc
98 *100 100
98
*97 101
*98 101
Aug
;
F2 1471
-9.
3
Apr
7784
-78
92
MaY29
100
7814
Gas
Union
Brooklyn
200
7814
7814
.
7814
84
*78
83
*78
74 Nov
;776- 83
62 Jun
100 71 Feb 5 11212 July16
200 Brown Shoe, Inc
---- --07
93
95 Jan 98 Apr
100 97 Aug18 101 May14
Do preferred
1618 June
613 Jan
812 Mar22 1518 Aug!'
;lo: 111-2 ;11 "fi" ------ Brunswick Term & Ry Sec_100
;Fora 1234 ;16- 12 ;HI If100 128 Aug21 166 Apr 23 108 Feb 6112 Oct
100 Burns Bros
133 133 *130 134
*130 136 •132 136 *132 134
518 D • 1278 July
Feb20 1412 Aug 1
518
0_5
t
y
Zino
&
Copper
Butte
2,700
8
117
8
115
1112
1112
1114 1112 1112 1112 1178 12
712 May 1812 Nov
100 16 Jan27 3914 July30
2634 2712 *2812 3012 1,400 Butterlck
27
2834
29
27
30
30
6112 Jan 331k May
2618 2,800 Butte & Superior Mining__10 1678 Febll 3712 July1 1
2612 2634 .26
2612 2712
27
27
26
27
May27
5414
Aug21
30
100
Ref.
Jr
011
Central
Caddo
13,000
3812
3712
38
3814
37
3814 3758 3014 3818 3934
2 -.111-11; -Eli" Nov
6912 6834 6834 1,200 California Packing_ ---NO Par 4814 Jan 2 7578 July24 -361
69
6933 6933 69714 6978
6914 70
Jan 2473 Nov
12
100 2038 Jan 2 5458 Sept12
5488 64,600 California Petroleum
53
53
51
52
5378
5134 5438 5118 53
Jan 7012 Dec
36
86
9
Sept
2
Jan
6413
100
pref
Do
3,900
8512 86
8378 85
86
8478 8478 85
85
84
71 May
Dec
61
July24
4
863
Calumet & Arizona Mining-10 5634 Mar15
76
*75
75
*73
75
75
78
*74
73 Jan 9212 Dec
200 Case (J I) Thresh M pt ctf-100 9112 Jan14 101 Aug19
10012 10012
Apr
4112
No
18
45
2012
July28
June20
100
310 Central Foundry
-ill' If" :::: ::::
jai" If
53 Apr
33 No
100 27 Apr 5 7414 July28
200 Do preferred
60
60
5434 Dec 7338 Feb
11612 July24
8
Feb
5612
100
Leather
Central
i
5
011
1
38,400
-E1918
2
.1
61
1
.-153
9734 -663-4 -51 9934 98 101
100 10412 Jan 7 114 July16 10112 Dec 108 Nov
100 Do prof
11018 11018 *107 1121
*107 112 *107 112 *105 112
2914 Mar 39 Nov
Jan22 6712 July1 1
5373 55I 7,000 Cerro de Pasco Cop-No par 31
56
53
5312 5412 5378 55
54
541
30 Oct 4012 Nov
par 3014 Apr12 5173 July16
Products_No
Certain-Teed
42a
500
-1
4112 42
_
Jan 109 Dec
6814
9
Sept
293
Jan18
103
100
Car
5,300 Chandler Motor
26L- 288- 28612 287
280 2891-2 1285 293
286 290
68 June 707s June
79
300 Chicago Pneumatic Tool_100 68 Apr10 8134 June27
79
.
79
79
1412 Apr 2434 Oct
2914
July14
Jan21
174
25
Copper
Chile
8,000
14
4
233
-22i8
8
/
23
4 "2578 2414
2378 2414 24 14-13138 Dec 47 May
5 3218 Feb 6 5078 July16
4414 4413 4438 4412 3,100 Chino Copper
4413 4412 4412 4514
4412 45
45 Jan 6514 Nov
81
200 Cluett, Peabody & Co....100 6038 Feb27 9513 July 2
81
8178 8178
88
80
.
3434 Jan 54 May
58 July14
Feb10
4
343
100
Iron
&
Colorado
Fuel
4414
1,400
44
447 45
4512 46
2834 Mar 4412 Dec
100 394 Feb 1 85 July 7
-6238 *6212 6278 . 3,600 Columbla Gas & Eleo
6312 6318 6334
-62- -633-8 63
30 Jan 3973 July
Jan 4 6334 July14
4
373
100
-Recording
Computing-Tab
*5512
59
1,000
58
5512
57
5'7
54
54
5112 51
June27
75
Aug18
54
par
Cigar____No
100 Consolidated
63
*59
6112
*60
6234 6234 --------67
*62
100 z78 Aug15 8688 Julyll
500 Do preferred
*78
78
8012
78
ia- 78
79
79
82
*78
8 Nov
.3.1-u1; 168
9414 9478
800 Consolidated Gas (N Y)._100 8718 Jan27 10633 July15 -613-4 95
95
96
*95
95
95
*9412 96
712 Sept 13 June
578 Apr23 2112 July31
Mg__10
1733 3,000 Cons Inter-State Call
1718 1712 17
1778 18
1812 1812 1712 18
6513 Oct 95 Feb
6512 Feb10 10334 June 7
100
Inc
Continental
Can,
4,300
9312
9314
9112
*9213
94
3
9418 9578
95
95
99 July 107 Dec
100 10414 Jan 3 110 June17
Do preferred
1114 Aug18 1478 Aug 7
-11E8 -1-2- -11E8 12- 12;650 ContinentalCandyCorp No par
9571
-123-8 1112 11"ilia 114.- -Fe -66" Dec
.
Jan 3 75 June12 -.1
58
25
Insurance
Continental
75
*72
75
*72
'72 75 '72 75 *72 75
2973 Jan 5018 Nov
Jan21 0534 July26
8753 43,400 Corn Products Refining-100 46
8512 8733 86
8512 8434 8713 8612 8838
84
100 102 Jan23 10978 July25 29012 Jan 04 Dec
pref
Do
105
600
105
10612
10612
106
106
110
*106
Jan 7478 May
52
180 18412 69,000 Crucible Steel of America-100 5218 Feb 7 19434 Sept 3
173 185
168 17234 173 fiiiCt
16712 172
Jan 9184June
86
Jan 2 105 July 3
100 91
1,500 Do pref
103 103 *104 106
105 105 *10312 10412 10412 10412
2712 Apr 84 Nov
No par 2033 Jan27 417s July 7
Sugar
Cane
32
Cuba
3214
3412
13,700
3112
3238
32
32
*3112
3158 32
7714 Dec 83 Feb
July 2
8712
1
Mar
_6912
100
prof
Do
81
791s
3,400
7912
4
783
7913 7912 7938 80
79
79
600 Cuban-American Sugar...100 150 Jan 8 269 Sept12 136 Aug 152 Jan
250 250 269 269
249 250
*230 249 *225 245
90 June 96 Feb
100 9384 Feb17 103 July28
100 Deere &Co pref
*100 104 *100 103
101 101
*100 104 *100 105
6 June 15 Nov
10 1038 Jan31 1814 May12
1312
1313
1312
1312
600 Dome Mines, Ltd
1358 1358
*1334 14
48 Apr 5814 Oct
100 55 Feb 8 9814 Aug28
Battery_
Flectrlo
100
Storage
*90
100
*90
100
*00
661
"
;56
*95 100
22 Jan 3114 Nov
50 27 Jana 43 July16
Corp
36
Coal
35
Horn
Elk
1,500
36
3412
36
35
3578 3578 3573 36
50 40 Sept 5 49 July23
37 Mar 4311 Nov
40
40
_ 47
300 Do preferred
40
40
42
*40
30
30
30
900 Emerson-Brantingham -_100 2818 Aug 8 43 June27 ---- ___ -_-- -30
30
29
561232
94 June13 101 June26 --- --- --100
Do
94
preferred
*90
95
*92
95
90
50 80 June30 12113 July31 ..-- -- ---- -2 104 104
.
1,050 Endicott-Johnson
IN- gf1
ioL 105
105 105
100 10178 Aug21 105 July17 ----- --- -Do preferred
92
.
95
93 Aug21 123 July17
par
No
Lasky
Players
ioo2
.
163" - -8;i6ii Famous
-69 1661
100 10134
98 103
102 103
9 Dec -fi- Oct
98 Feb20 2312 July15
16
200 Federal Mining & Smelting 100
15 .13
4'11
14
14
15
*13
31 Aug21 4814 July14
27 Jan 44112 Oct
100
preferred
Do
33
33
100
34
*32
34
*32
34
34 .32
*32
Jan 43 June
28
Sept12
135
8
Jan
3814
par
No
114 135
14,500 Fisher Body Corp
108 113
108 113
9514 0658 96 104
4213 Aug21 47 Sept 9 --- ---- - -- ---4478 4573 29.800 Fisk Rubber
4518 46
44
4478 4434 4633 4614 47
July14
8
6453
425
par
Aug18
--No
Texas
4712
Co
Freeport
48
48
5,400
4712
49
4812 48
4814 4912 48
253; Oct "ie.- Feb
30
3014 30
1,550 Gaston W & W Inc-No par 261s Jan21 3834 July 11
30
3038 3078 13058 3053 3014 3034
Jan 58 June
34
100 47 Jan 3 9573 July23
8112 8053 8278 10,500 General Cigar,Inc
80
7853 797s 7934 8138 8114 8212
4 Jan 15813 Oct
1273
July10
17378
3
14412
Feb
100
8
1663
General
Electric
18713
1,100
167
16618
16618 16618 163 160
167 167
3
Jan 164 Aug
Sept
1063
4
249
11811
Jan21
100
23513 23814 18,100 General Motors Corp
232 240
234 23578 235 23614 236 241
7533 Oct 88 Feb
100 82 Jan 6 95 Juno 3
9113
400 Do pref
9112 9112 91
9112 9112
92
.90
Apr14
9434
Feb17
8212
100
1,300
Do
8618
stock
Debenture
86
86
8534
86
86
8534 86
86
86
100 504 Jan10 8978 July 9 -38 - -.1in -iii Oct
8314 8012 83 49,000 Goodrich Co (II F)
80
7918 8238 8212 8458
7812 79
9558 Dec 104 Dec
100 102 Aug 7 10912 Apr 18
900 Do pref
10314 10412 105 105
10334 10434
10314 10314
74
Jan 88 Oct
64 Apr21 80 Jan 3
71
P_.__100
&
S
M
Granby Cons
_- -_ .67
71
*68
;66- 72
71
*68
3812 Jan 5814 Nov
100 387s Apr25 4712 July14
4213 4212
Copper..
4218
900
4218
Greene
Calmaea
42
42
42
*42
4234 4158
June 2
5854 Dec 11112 Apr
81
4912
8
Feb
otts_100
tr
Steel
States
Gulf
61
400
61
81
61
61
6118 6118 61
37 Mar 55 Dec
100 5414 Jan 8 9684 July16
Hartman Corporation
88 ;i8" ii*85
90
*85
90
*85
90
*85
Jan 4914 July
34
6438 6114 6284 12,700 Haekel dr Barker Car---No par 40 Feb 6 7188 July14
59
6212
6114 61
60
6018 61
July16
4118 Dec 5812 Oct
4211
6
Feb
3
687
-20
6013
Copper
6114
3
607
6018
Cons
13,400
InsPiratIon
603s 6114 6038 6034 6018 6134
Jan 19 June
10
July14
'2
3734
Jan
1012
100
26
400 Internet Agricul Corp....
2578 2573 26
2514 2512
*2612 27
*264 27
38 Jan 65 June
100 48 Jan 4 9158 July14
*8112 8312
300 Do pref
82
82
8134 8134 *8112 84
82
82
Cet 121 Nov
104
7
July
14958
Jan21
11018
100
(new)._.
13312
133
134
13378
3,100
Inter Harvester
13112 13514
13414 13414 133 134
100 Do Preferred, new_.-100 11414 Aug21 120 Jtme23 107 Oct 11458 Dec
116 118
121
Jan 33 Oct
July1
4
673
Jan31
2114
100
4
-1,
Marine
I1
-56i4
Mercantile
8
607
5834
Int
97,500
4
If3
Ws
8 "5914 6114'
-E67s -6-678333 Jan 12512 Nov
100 9284 Feb10 12812 May28
11813 12138 12012 12173 44,000 Do prof
11918 12034 11012 12134 12038 12134
27 Jan 35 Nov
8,800 International Nickel (The)-25 2412 Feb 3 3373 June26
2558 26
2558 26
2614 2638 2634
26
2612 28
2412 Jan 4512 May
July17
71
3
Jan
3014
100
4
Paper
563
5618
International
5712
4,700
5512
5534 5712
5512 56
57
56
58 Jan 6512 Jan
July22
80
Jan13
100 62
78
76
76
300 Do stamped prof
76
77
*75
77
*75
77
*76
27 Dec 4012 Nov
Aug29 48 Mar15
23
100
25
25
25
Inc
2413
Tea,
Jewel
800
26
26
26
*24
2612 26
88 Apr 9714 Jan
100 60 Aug29 91 Mar 6
70
*65
400 Do preferred
6313 65
65
85
*63 •75
65
*63
4
42 July 16
100 31 Junc26 14418
37
3834 37
900 Jones Bros Tea, Inc
37
*37
3714
37
37
37
37
Dec
Sept
-if-"Ai; --- -Jan21
88
25
Tire
13714
137
8
13518
1355
Kelly-Springfield
17,600
135 13814 138 13958 13812 14118
.
7.2_ 1
670 Temporary 8% Preferred 100 1027s Aug21 10612 Sept 4
110512 10512 1043.1 10512
10514 10514 110512 10512
39 Jen24 78 July25 , 2458 July -35 - -Oct
100
85
65
'
Ino
300
Wheel,
Kelsey
86
*60
66
*60
83
63
84
64
29 Mar 4114 Nov
3538 3578 3518 3512 6,000 Kennecott Copper-No par 2913 Feb13 43 July15
3612 3634 3634 3612 3512 3638
8778 61
6678 59,700 Keystone Tire & Rubber _10 56 Sept 4 12612 July14
65
6514 6812 6558 6812
6214 65
100 1061s Jan20 170 July25 -83 - June jot:" Nov
Kresge (S 8) Co
6512 Dec 915s May
100 621z Jan21 0314 July15
"ii" W. -13iiis IiI-2 ii;iiiii Lackawanna Steel
s -1;i- 8113 821 ;624 -Ws
'
-Eiji
T For fluctuations In rights lee
Lew than 100 shares.
Ex-rIghts. a Ex-dly. and rights. s Ex-dividend.
•Bid and asked prices; no sales on Ibis day,
*Gond page Dreoeding.
1853
-6218
10G3
New York Stock Record-Concluded--Page 3
For record of sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LO1V SALE PRICES-PER smug, NOT PER CENT.
PER SHARE
Range Since Jan. 1
STOCKS
Sates
On basis of 100-share tots
NEW YOGIC STOCK
for
EKCEIANGE
the
Highest
WeekLowest
Friday
Thursday
Sept. 12
Sept. 11
$ per share
$ per share S per share $ per share $ per share S per share $ per share Shares industrIalecallac.(Con.) Par $ per share
Jan21
Laclede Gas (St Lauls)____100 50 July 8 83
60
*40
60
*40
*15
60
60
*40
60
.40
Jan22 39 July14
3114 3114
1,500 Lee Rubber & Tire___,Vo par 21
32
*30
3112 3314
31
3 3034 31
30)
Apr15
201
25014
Tob
taco_
_100
Aug
8
&
Myers
Liggett
*220
700
*225
240
245
220 222
220 220
*215 245
100 107 Jan27 115 July16
*110 114 *110 114Do preferred
*110 112 *110 113 *110 114
erlscult tr etts..101 4012 Feb17 81 July14
2a
iles
prB
1200,
70
70
Los: W
7173 7338
*57
73
*68
71
103 93 Feb 5 120 June20
*107 118
*115 11712 .115 118 *107 118
100 14734 Apr15 245 July23
:115 22412 224 231
14,700 Lorillard (P)
210 220
214 214
214 214
Jan28 115 July29
109 107
*112 114 *112 114
Do preferrel
*112 114 *112 114
Jan22 797 May27
100 70
Mackay Companies
*7213 77
*7213 77
*7234 77
*72
77
*7212 77
100 363 June 6 66 Julyll
*64 67Do pref
*64
67
66
67
*63
6512 *64
*63
Aug
5 3312 July17
24
25
Manhattan
Shirt
3014
3013
3014
3014
300
*3014 32
100 2634 Jan22 61 July28
14,000 Maxwell Motor, Inc
4638 4734 4714 48
4713 4734 4712 491 1 -4753 -431-2
100 5032 Jan22 8413 July23
7914 80
7934 8014 7,600
Do 1st pref
8014 8033 8112 8014 8112
80
100 1914 Jan 2 4612 Juno 3
40
Do 2d pref
404 40
4014 6,100
3914 3912 3034 3238 4114 4178
Jan 4 10973 June28
100 60
100 10073 *09 100
300 May Departmeat 8torc
*100 10212 *100 10112 10112 10112
Jan 2 110 May 2
100 101
5
. .i_ 2_66_3_4 *10812 110
Do preferre 1
*10812 110 .10812 110 3'10312 110
_100 16234 Jan23 21214 Sept 9
20512 21178 223,600 Mexican Petroleum
19312 19638 19312 20012 20412 21214
100 105 Feb 7 112 Aug 3
Do prof
*107 115
•
- *106 115 *106 115
5 2134 Feb 7 3234 July17
274 2712 ...-7- -2-i- - ------- Mlaml Copper
- -2712 173-4 2773 28
5013 5173 51
5233 -5112 -53.1-I
5134 27,300 Midvale S'arl & Ordnance. 50 4014 Feb 7 6214 July14
5114 42:2 51
100 6133 Aug29 83 July29
*6312 61
1,700 Montana Power
6273 6273 36214 6214
6212 6312 6312 6312
50 2912 Jan 2 4312 July12
800 National Acme
3612 37
*36
33
3634 37
3612 3613 3612 37
47
4612 48
4814 4812 3,200 Nat Aniline dr Chem vte.ao par 46 Sept 9 4312 Sept 4
4712 4612 4712 46
47
00 8712 Sept 4 8914 Sept 9
700
Da preferre 1 v t c
*8712 8812 83
8312 8814 8912
89
8912 *89
90
100 107 Aug20 13334June12
300 National Blscult
11414 11414 11634 117
_
100 115 Aug19 x121 Mar14
Do preferred
Jan22 92 July26
100 70
-iio" 16- *79
I;r:;797 797 ;iii" 10 ---56 National Cloak .3r Sait
_
100 10312 Fea26 10314 May28
'103 107 *103 107
Do preferred
*103 107 *10312 112
14 Feb 8 2434 Jitly15
400 Nat Conduit & Cable-Aro par
16
16
16
16
"1612 1612
100 4512 Feb 8 8832 June 7
7634 77
7758 76
1,800 Nat Enam'g & Starnp'g
77
7473 753
76
77
75
Jan15 104 May27
100 93
150
Do pref
1102 102
*100 105 *100 105
10338 10314 *100 101
Janll
87 July14
100 64
600 Nation il Lead
79
7912 7912 7912 7912 80,4 8031
8012 8012 x79
102 106 *100 110
_____
100 102 Sept 8 112 JulY13
Do pref
1,100
107 107
103 105
*10312 110
1813 1813 1,700 Nevada Consol Copper- _ _ _5 1512 Mar18 217 July17
18332 1834
1814 1833
1834 1834
1812 19
100 9114 Feb 3 129 July15
111 111
1,000 New York Air Brake
11112 112
*110 113
109 110
100 1913 Feb 7 7034 July30
5,3
5- 5T8 15.13,500 New York Dock
5114 4712 53
8 5338 55
*55
54
100 4414 Mar13 75 July29
(16
*6312 70
65
200
*56
Do preferred
65
*60
*55
6312 6312
Janll 67 July28
47
6213
American
Co
100
1,200
60
*56
59
North
60
59
*56 . 59
5504 5`33t
Jan30 97 June 2
77
4,300 Nova Scotia Steel & Coal_100 46
76
7778 7512 7714 7712 79
743 7714 76
25 a3534 Feb14 617g July10
54
5314 5113 21,400 Ohio Cities Gas (The)
53
54
5112 5314 5112 54
55
*53
55
_ 25 43 Jan18 65 July25
1,200 Ohio Fuel Surmly
55
..33
55
*53
8 Feb 3 1312 May10
103 1034 1033 1072 24,800 Okl thoma Prod & R.efinIncr_5
10% 1034 1033 1034 "iais 165-4
*as, 738
512 Mar18 1012 May14
200
61,
67
8
4
,
Silver
Mining____100
Ontario
612
6'2
25 43 Mar 3 63 July29
55
500 Owens Bottle
55
55
55
55
55
2,800 Pacific G9.4 & Eleett10.- _ _ 100 6514 kug21 7514 July24
6714 68
6734 08
*-5
5*6
5
i12
R8 -:5T87f3-4 :55*
_5 2913 Feb 8 4253 JulY11
40
405 ;5i" -411 :
51: -35-877- - 3,700 Pacific Mall S3_
Jan21 205
100 Pacific Teleph & Telcg._ _ _103 22
40::
35
35
Jan21 12312 Sept 12
50. 67
11834 iii- Hii- 12-3-1-2 170,900 Pan-Am Pet & Trans
116 120') 11812 12314
11(174119
July24
Jan22
_100 117
Do pref
2712 Apr30 53 July18
4.334 44
4218 4212 _ 3,900 Pean-Seaboard St'l v t e /V)par
4212 43
":13E8 4138
- -44 147-3
7
14
57 May26
43
43
43
43
1,400 People's G L & C (Chic)._100 3) Aug21
44
44 .44
4512 *44
45
Jan 3 43 Apr 28
35
35
*3414 3512 1,1300 Phlialelphla Co (Pittsb)__ _50 30
35$3 3538 3112 35
3173 351 3
••4
56
59
57
5878 27,600 Plerce-Arrow M Cax__No par 3834 Jan22 6638 June 3
57
5833 5714 5312 53
5914
(1)
*106 108 *10(3 103
100 10114 Jan 3 110 May29
Do prof
.10613 108 .106 108 *106 108
Jan 2 3114 Apr 17
2114 22% 21
2178 11,700 Pierce 011 Corporat on__ ___25, 16
2212
2113 2158 2114 2212 22
6232 (348 :80
62
100. 45 Feb 3 7432 July29
6
8.8
4
4,600 Pittsburgh Coal of 1a
6112 6412 6234 6111 6:312 8412
o.4
Mar17
98 May28
8512
100,
Do
prof
100
93
*92
96
9012 93
*92
0234 9234
*923.3-Iiti100' 9012 Jan18 9912 May14
100 Pittsburgh Stool prof
.8934 95
*8834 95
*8934 95
10 1232 Feb 5 25 Septll
2234 25
2212 2412 25,100 Pon4 Creek Coal
23
1914 1934 201i 2118 21
Febll
95 Sept 4
8814 9233 90
9173 8,300 Pressed Steel Car
100 r59
92
89
83
90
8934 90
(I)
10114 10114
p
rof
Do
100 100 Mar 3 103 July16
200
101 101
54
9154
July24
Jan 7
90
;;
*82
3
2
80
9
100
96
15
Serv
Corp
o
N
J
.
Public
.;82
90
*82
120 120 *119 121
_____ _100 11178 Feb14 13213 July17
600 Pullman Company119 11934 11918 120
119" 119
Apr 4 72 July31
6633 668 667 7014 4,200 Punta Alegre Sug a
___._50 51
67
67
67
67
66
67
96
9712 97
100 6312 Feb10 101 Sept 4
1
97,2 93
972
4,600 Railway Steel String
96
9718 9553 96
*104 110 *10414 110
Feb 4 112 June 3
Da prof
100 101
•10414 110 .103 110 *10414 103
24
2414 24
2412 3,200 Ray Consoll fatal Copper.
2338 2353 2413 2411,
2373 2378
.101 19 Mar 4 2712 July17
73
*70
73
73
.70
73
72
72
300 Remington Typewriter v t a 1001 63 Aug IS 8534 July 3
75
.73
.99 101
*99 101
*98 101
Do 1st preferred v t e _ _100 9612 Ju31e28 101 July17
54
9533,
90
91.12 92
-A51.4 9278 -5534 Vi- 7ii,iioii Reo
are
Irfon Ac Steel_._100 7113 Jan18 10312 July1.5
8934 91
pu
oblip
Jan13 101312 July28
106 106 I
*10534 107
106 106
106 106
_100 100
400
•105 107
a.
4814 4814
4813 4812
200 epubito Motor Truck_Va par 4513 Aug21 6112 July10
9912 135,50C1 Royal Datch Co(N Y shires)_, 81 Aug 8 121 July17
-iiii2 9534 96
9434 9313 91.34 -51>T8 96-371!
93
*14
_10' 1312M ty27 17 July14
1434
*1414 1434 *1112 1434 *1414 15
St Joseph Lead
3.4
73
75
*70
73
77
- F71.4 -8
7414 75
.2-1-3 _ -2_____ Savage Arms Corp _____ __lila; 5313 J in 3 9138 July10
*70
2138
2218 4,100 Saxon Motor Car Corp_ _100
614 Mar21 29 Aug 5
2373 22
23
2412 2458 2118 21.4 24
20112 20412
20434 205
*200 208
*200 203 *20013 208
300 Sears, Roebuck & Co__ _101; 16313 Feb13 218 July16
147
1914 July25
1512 1512
1473 14%
_10: 10 Feb19
*1434 1534
1412 1412 14
1,500 Shattuck Arts Copper_
6134
60
5918 6078 5918 60
6114 235,900 Sinclair Oil & Rang__ Vs par 3314 Jan 2 693 May 8
5933 6132 60
777t2 July 8
7
65
66
66
*6312 6512 *61
6513 6512
700 8104.9 Mettle'I Steel & Iron 100, 4512 Feb10 9
6.334 65
04
*92
100 85 Marl 1
July 1
95
95
.92
95
.92
*90
95
Do preferre I
*92
95
Jan27 117 Sept 6;
100 So Porto Rico Sugar pref_100 107
117 117 *111 11118 *111 1111$
*111 11113 *111 118
Jan14 149
_ *129 135 *129 135
103 124
Apr 2
_ _ ____ ______ Standard Milling
*130 135
.85
93
1031 8512 Jan 2 9418Junel2
93
*85
93
Do preferred
*85
.13
154633
-ar2 -451
*64
*65
-1.
67
67
65
62
2 _ Yixiii Stromberg-Carburet 1 _No par; 364 Janie) 101 Jii1y24
100; 453 Jan22 12134 June 2
111733 1137 11214 114
11314 11714
11112 11738 11533 1175, 149,000 Studebaker Corp (The)
Jan22 103 July28!
102 102
Do prof
500
10112 10111
_1001 92
112 112
2,100 Stutratfotor Car of Arnarato par 4214 Feb14 12512 July21
11112 112
114 115
2 115 115
lii- 1-1-4-1Jan21 5178 June 3
4234 43
1,100 Superior Steel Corp'n_____100 32
4238 4238 4212 4212
4134 42
04
l3I
1714 May 5
1334
1314 5,200 Tenn Copp & C tr ctfs_No per 1213 Mar17
1314 13%
1:318 1333 13
1312 1334
Jan 2 292 May 9
263 26412 2(12 268
26514 268 3264 20712 13,400 Texas Company (The)._ _100! 184
268 271 i
3*1
Jan 3 253 May12
1013; 207
.237 245 .237 245
_ *237 245
Tidewater 011
*95
99
93-3 9734 9934 12,500 Tobacco Products Corp_1001 7253 Jan29 115 June30
97
.
08
98 1W61:2
-51- -9
100 99 July21 120 June30
102 102 *101 10412 *102 10113
200
103 103
Do prat
*102 109
4234 Aug21
5953 Sept 5
573a 5812 55
5(338 53
5612 5734 5713 58 103,500 Transcontinental Oil__ No par
5514
I)
3714 Janll 6873 July30
5612 Ws
900 Transue & Williams St...Vo par
58
58
5712 5712 58
58
Jan 8 187 May27
100 Underwood Typewriter...100' 115
*158
170 170
Jan 3 100 July10
91
•_ _ _ -9
Union Bag & Paper Corp_100 75
*82
91
;ii- li" *7_7_ Vi"
5353 July28
52
5112 5134 5214 5338
Vs par, 3732 Janll
52
51
5112
700 United Alloy Steel
5118 52
100; 10714 Jan 2 22313 Aug 1
*210 217 *170 199
100 United Cigar Stores
19934 19934
*____ 200 *190 200
100' 9012 Jan 6 17518 July29
•148 15212 *14934 15212 15214 15314
500 Unttod Drug
148 150 *145 15:3
200
*5214 52% 5212 5234 *5214 5234
Do 1st preferred ____ __50, 50 July IS 53's May 9
*5214 5234 *5214 53
Jan28 165 July29
152
100; 91
152
Do 24 preferred
*____ 152 *145 152
100' 157 Feb10 196 June 9
185 155
14;4 1-841-4 184 185
18434 18434
900 United Fruit
18434 185
99
9234 9514 9331 9614 96
9512 9912 9678 10133 170,500 (Lilted Recall Stores l'..Vo par 808 Aug21 11214 Attg13
3134 3212 3173 33
Jan15 588 Aug 7
100 14
.3112 32
3113 3134 3,800 US Cast I Neel& Fdy
31
32
100, 4212 Jan16 7434 July 7
6734 *65
200
6731
*6512 6712 *65
65
Do pref
6512 6518 65
2512 2612 *2514 28
28
*26
28
*26
*2612 28
100. 1334 Feb 5 3234 May24
400 U 8 Express
Apr 8 8838 July31
8112 8312 815 8273 13,500 U S Food Products Corp_1001 85
8014 3078 7978 8012 8014 8334
13212 1:37
13313 13413 47,200 U S Industrial Alcohol _._100 9714 Jan22 167 May27
12514 12678 12712 13334 132 133
105 105
*101 107 *104 107
*103 105 .103 108
Do prof
100 9514 Jan 2 111 May23
100
*43
45
*42
45
4518 *43
1714 Jan 3 5073 June 6
700 U A Realty & Imarovemant 100
45
45
12313 132
ii--1- 13012111234 115
12614 12838 127 130
51,100 Unite1 States Rubber 11_100 73 Jan21 13853 June30
135 115 .11412 116
115 116
100 109
Jan20 11912 July10
11512 116
700
•115 116
Do 1st pref_
*66
73 July17
6712 6612 6634
50 4314 Jan21
67
67
67
6812 2,100 U S SmeltIng Ref & M
4911 *4834 4913
*46
Jan18 50 Mar 2
.5() 45
4912 4912 4914 4912
300
Do prat
101 10438 10318 1015 503,300 Unitel States Steel Cop._ 100 8814 Feb10 11512 July14
1031 1-662 10234 10133 10314 10(13k
100 113% Feb10 11713 July17
11414 11434 11438 1143
11512 11512 11512 11512 115 11514
1,700
Do prat
85
86
85
8738
36
_10 6512 Feb 7 9712 July113
8512 8612 8512 8638 5,300 Utah Copper
85
Jan 2 2133 Junell
1512 1512
200 Utah SecurItlea v t a
*15
100 13
153.1
*1512 16
Feb10 9212 July14
8112 8112 -/-3.1 r2 -g.2-1-8
100 51
900 Virglnii-Ctrolina Chem
8312 8333 83% 81-14 82.1
.81
Jan 7 1155 July 3
11414 11412 11434 1143t
100 110
300
Do prof
•114 115 *114 115 *114 115
_
74 May29
100 Virginla Iron C Ac C......100 51 Mar31
60
60
5314 57
5773
Apr29 79 May23
58
1,000 Wells. Fargo ExPres4
58
53
100 53
*53
5834 57
5.338
8412 86
85
85
1,700 Western Union Telegraph.100 $313 Sept 8 9212'alay26
8313 8512 *3312 8512
86
86
11234 11234
*11134 11234 11134 114
300 Westinghouse Alr Brake____50 9412 Jan15 123 July 7
•11234 114
5118 5531
51
5513 54
5173 11,600 Westinghouse Elea & affg__50 4013 Jan21 597 June 9
541s 55
6312
50, 45
Jan 3 75 July 9
63
81
6433 63
65
7,890 White Motor_
62
(1113 6134 61
33
3:313 327 3314 21,1000 Willyi-Overland (The)___25 2314 Jan22 4014 Juno 2
:13
3333 3318 3312 3313 3112
97%
*94% 97
100 8734 Jan 7 93,4 May 9
*97
*95
97
Da prof (we)
*9438 97
86
8f1 841i
8.112 8412 8313 85
1,800 WIlsonAcCo,Ine. v t i:31 .Vo par 6512 Jan20 10173 July 2
3.312 81,2 85
100, 0612 Feb17 10112 fune15
200
Do °referral
9934 9978
12
.7- 1271-2 *H.,- 1-19- Feb 7 13638 alaY19
100 120
12
.(3- 128
Woolworth (F W)
.ii5" 1311 *125 130
100 114% Juae26 11712 July25
Do prof
'112
am.,.
,.. _
•l15
*115
*11314 ---- *11314 ---Feb13 877k July16
'4 _ _ lUO Worthington P & NI v t 43..100, 50
76
8173 8112 838 ,__
76 -82-75 -7-518 7418 76
Jan 9 98 Apr 21
94
no prof A
100 83
700
9312 9112
9113 9412 94
*9313 97
Jan 3 79 ailaeaa
74
771s 771s --------250
100 65
7,0
Da prof 13
74
Saturday
Sept. 0
onday
Sept. 8
Tuesday
Sept. 9
iVectnesday
Sept. 10
• Ma aad asked prim: no sales 00 this day
1 Less than 100 shares. :Ex-rights
PER SHARE
Rene for Previous
Year 1918
Lowest
Highest
$ Per share
82 July
Apr
12
16414 Aug
10012 June
1713 Jan
53 Feb
14412'Aug
Jan
98
70 Dec
Jan
57
a per share
90 Mar
24
Dee
210 Dec
110 Nov
4552 Dec
96 Dec
200 Mar
110 Nov
7812 Feb
65 May
2312 Jan 421 Nov
50 Dec 69% Nov
19 May 32% Nov
19 May 3233 Nov
47
Jan (3313 Dec
Oct
79
Jan 194
87
Jan 107 Dec
2214 Dec 3312 Jan
41
Dec 61 May
64 June 8112 Nov
2634 Jan 33 May
11012 Dec
114 Mar
6712 Dec
Dec
101
2132 July
May
542
9912 Feb
6934 Dee
10513 May
21% May
139 May
27 May
4312 Dec
5712 Nov
70 Aug
Oct
43
4612 June
-414 Jan
13 June
41 Dec 7014 Aug
90 'Aug
10614 Sept
55 Sept
100
Jan
13 Nov
3714 Jan
88 Nov
4314 Jan
99% Mar
1613 Dec
9813 Dec
1812 Jan
42
Jan
371 Aug
5212 Dec
35,8 Mar
40
Oct
2312
1814
6314
86
Jan "id" Dec
Oct
Dec 27
Oct 7214 Oct
Jan 12412 Oct
39% Jan
21
Apr
31
Jan
89% Jan
15 Sept
Jan
42
7914 Jan
90 Apr
15 Nov
5512 Nov
93 Apr
85
Oct
1001s Jan
61 Nov
3514 Oct
51334 Nov
Dec
104
1912 Oct
5834 Feb
1357$ Dee
98
Jan
20 June
73 Aug
100 Aug
10912 Mar
13214 Nov
7812 Deo
4512 Jan
95
Jan 10512 Dec
1914 Dee 2614 May
;fiats -En
92% Jan
96 May
10212 Sept
"Eiji Dec 8013 May
14
18 Nov
1
4 Aug
13334 June 7812 Dee
1814 Feb
z13 Dec
Feb
2514 Apr 39
7114 May
39
Jan
81
Feb 9314 July
102
Jan 110 Nov
81
Jan 120 Dec
Jan
80 June 89
3373
8013
37
3414
1254
13612
178
4812
38714
Apr
July
Oct
Mar
Dec
Jan
Jan
Mar
Mar
Nov72
100 Nov
55 Dec
45% May
21 July
Oct
203
20014 Dec
82% Dee
10478 Dec
3653 Oct 42 May
100
Apr 112 Dec
Jan 80 May
65
3678 Oct 4412 May
8334 Mar 10314 Doe
69 June 90% Dec
5012 Nov
46
Jan
77 June 8514 Dec
11614 Jan 16612 Dec
1112 Apr
19 May
41 Mar 4734 Feb
1812 May
1112 Apr
;
45
.(i Dec
91
Oct
8 Mar
51
Jan
395 . Jan
3212 Apr
4232 Apr
8611 Mar
108 Mar
7114 Dec
11 Sept
3334 Jan
93
Jan
50
Jan
6384 Sept
7714 Aug
95 Dec
3812 Jan
36% Jan
1512 Jan
75
Jan
4514 Jan
9012 Sept
110 Mar
Ill
Oct
Jan
31
85% Feb
59
Jan
137 May
99 Mar
Oct
26
8012 Dec
110 Dec
50% Oct
4734 Dee
11812 Aug
3 Dec
113,
Oct
93
to, Nov
6014 Nov
113% Dec
7312 July
8314 Jan
9552 Apr
95 Dec
4712 may
49 Nov
30 Nov
8914 Nov
7714 Dec
9912 Des
10812 Oct
115 Sept
89 Aug
Apr
91
7012 July
a El-dly. and delta. s Itt-dle. 1 For ilustuauons in rights see p. 1060.
and Yearly
Stock Excnange-Bond Re6ord, Friday, Weekly
1064 New York
interest and defaulted bonds.
Exchange nsethod of quoting bonds was changed and prices are now-"and interest' --except for
Jan. 1909 the
BONDS
If.Y.STOCK EXOHANGE
Week Ending Sept 12
i
tI
.
....4
4ss
Price
Range
Week'sa --.
4 Since
.
Range ora
Jan. 1.
'''
Last Said
Friday
Sept 12
BONDS
N Y. STOCK EXCHANGE
Week Ending Sept 12
-
tt
''
a_i
,..."
Price
Friday
Sept 12
Week's
Range or
Lass Sale
i3a62
'"
Range
Sims
Jan. 1
Bid
Ask tow
High No• Low HI
61
59 July'19 -- 59
___ 02
Cleat Vermont let gu g 48_61920 Q
92
8812 87 Aug '19 ---- 87
J 85
Cameo & 0 fund & 'must 58-1929 I F10 9312 99
95
1939 51 N ---- 947s 9412
1st mewl gold 58
____ 10418Jan '17 ....,„. __ .. --.
1939 all N
Registered
754 55 727 82
1992 M S 7514 Sale 74
General gold 4348
-_- .
1992 M S *___ 78
8634 Mar'17 -------Registered
7858 20 7734 8514
7814 7831 74
20-year convertible 4349-1930 F A
91
SO 84
86
Sale 85
30-year cony secured 55_1946 A 0 85
70
78 July'19 ---- 78
75
1944 1 D 68
Big Sandy 1st 4s
2
823
Coal River Ry 1st gu 4s 1945 J D 7418 8234 8234 May'19 -_.
__
'16
983
Feb
4
*7418
J
--------I
1940
Craig Valley 1st g 58
69
Potts Creek Br 1st 4s......_1946 J J 6714 ___ 69 June'19 ---- 69
1
7712 June'19 --R & A Div 1st con g 4s......1989 I J 74:4 76
1989 1 J 6955 ____ 71 Oct '17 ---------2d consol gold 4s
Greenbrier Ry 1st gu g 43-1940 NI N 7314 -__ 8812 Sept'16 ---- _-__ __.
Warm Springs V let g 58-1941 M 8 8212 ____ 113 Feb '15
52
50 Sept'19 _-__ 49
Chic & Alton RR ref g 39_1019 A 0 4934 51
6 3314 4C
1950 J J 3312 3378 3334
3378
Railway let lien 33'4s
Quincy
Chicago Burlington A
1922 P A ---- ____ 9918 Aug '19 ---., 0914 96
Denver Div 4s
74
2 714 71
7512
1949 J .1 7213 75
Illinois Div 35e
3 8012 85
8218
1949 J J 8078 8314 8013
Illinois Div 4s
9958 Aug '19 ---- 994 99
Iowa Div sinking fund 58_1919 A 0 994 100
99
1919 A 0 9938 ____ 993.3 Aug '19 ---- 99
Sinking fund 48
Joint bonds. See Great North.
6 0178 9354
9178
7 917a
Nebraska Extension 48_1927 51 N
Mar'18
-,-1927 MI N -------91
Registered
Foreign Government.
Sale 79
80
5, fi fTi
1958 M S 79
General 4s
97
9714 998 95% 9778
knglo-French 5-yr 68 Ester loan.. A 0 973 Sale
29
38
3214
27
J
Aug
'19 ----1 25
I
8
77
1955
g
93
III
48
&
E
ref
imp
&
78
Ohio
77
7812
78
Argentine Internal 6.3 of 1909_ M S
23
4
22
Sale
3634
29
dep-29
U 9 Nitg & Tr Co ctfs of
9978 38 9812 1024
Bordeaux (City of) 3-yr 6e_1919 NI N 9912 Sale 9913
98 July'19 ----I 98 104
493, 1- -0 _.7212
tst
gold
Consul
68
4
6178
59
59
6014
59
8
D
J
1911
of
58
32ineee(Hukuang Ry)
75
7658
80
7514
N
75
--M
Aug
'19
1937
5o
lot
consol
General
1
9213
93
100
93
95
93
3uba-External debt Le of 1904.. M 8
80 Aug '19 ---- 704 SO
US Mtg & Tr Co ate of dep. -- - --- 78
9112 9178 Aug '19 --,- 9014 9334
Ester dt 58 of 1914 ser A...1949 V A 91
78 Aug '19 ---- '75 '78
r
--- 75
85
Guar Tr Co ctfs of dep
8058 11 80
1949 F A 80 Sale 80
External loan 4348
4 Feb '13 ---- --- ....973
:f•-•
..
-.--1
A
5s_..1942
1st
Punch
coal
99
money
9014
11
8
,
98
Dominion of Canada g 58.-1921 A 0 9814 Sale 9314
-9 --,. 32 Mar'17
9858
Chic & Ind 0 Ry let 5s___1936 .1 J
18 94
95
_1926 A 0 9434 Sale 9434
do
do
5314
5818 16 57
5 5712 573-4 5734
M
9312
4s-1959
9812
let
33
9518
West
Great
Chicago
944
Sale
95
0
_.._1931 A
do
do
9812 Aug '19 --- 984 10312
5 834 9258
s314
Chic Ind & Loulsv-Ref 88-1947 J J 98713 103
8414 8314
lapaneseGovt--£ loan 4348-1925 V A 0 84
4
853
8514
853
4
J
4
3
85
83
June'19--1947 J
2 824 93
Refunding gold 5.3
83.2
1925 1 J I 8314 8712 8312
Second series 430
66:8 __. 844 Apr '17 .-. ____ ___
Refunding 4s Series C__1947 J J
8'358 70 83 89
do do "German starnp"_ __ __ 8312 Sale 8314 Sept'19 ---„_ 75
63
6018
--734
63
May'19
_
_„
J
1
1956
4s
1st
Ind
gu
&
Loulsv
804
7378 67
1931 J J 2 68
Sterling loan 48
7712 79 June'19 ---- 7934 81
1956 J 1 72
Chic Ind & Sou 50-yr 4s
9978 29 9778 10212
1919 MN * 9958 9978 994
Lyons (City of) 3-yr 88
D 80 __
8312 July'19 ---, 834 83
.1
1969
19
434s
Chic
L
let
&
S
9973
9812
East
10212
994
8
997
bdareelllee (City of) 3-yr 8.3_1919 NI N * 9958
76
2 68
4 68
6812
C13Ch Ni A StP gen g 4s ser A_e1989 1 J 68
794
5414 15 53
6114 53
hdexico-Exter loan £ 58 of 1899 Q J 2 51
9258 Feb .16 _ _
e1939 Q J
61
Registered
1954 J D 47 5238 49 Sept'19 ---- 49
Gold debt 4s of 1904
57
i
Ef
Sale
57
--,...57
J
10014
J
95
e1939
122
B
97
gold
33isSer
Gen'l
8
9115
1921 A 0 97 Sale
Paris (City of) 5-year 6s
84
3 75
764
I 7638 Sale 764
e1989 J
General 4 tie Series C
78 81 July'19 ---- 797s 83
M S 77
Tokyo City 5o loan 01 1012
74
157 1 19 65
a2014 A 0 65 Sale 65
Gen & ref Ser A 430
U K of Gt Brit & Ireland81
75
7512
73
Sale
8
A
7513
F
4,
,
100
5s.._a2014
B
ref
190
cony
Ser
Gen
100
9834
1919 M N 994 Sale 9973
3-year 534% notes
57, 7138 81
75
1932 1 D 7433 Sale 74
9378 276 9734 993(i
434s
Convertible
984
Sale
4
983
N
NI
1921
notes
5-year 534%
85
1 75
78
1925 J D 7614 784 73
904 124 9518 10134
Permanent 4s.
Sale 9572
20-year gold bond 530-1937 F A 96
73
7 68
Sale 69
1934 J J 70
70
25-year debenture 45
:These are prices on the basis of OW
Chic & L Sup Div g 5.3......_1921 J I ---- 03 9812 June'19 -- 9813 9813
92 Oct '16 --- ___ _J -..- 100
J
5.2.-1926
&
Mo
Ohio
Illy
Div
State and City Securities.
99
98
4' 97
9838
6 96
07.4
1921 1 I 974 9318 9712
Chic A P W let g 5s
9758 9712
5 Y City-43-is Corp nock_1960 M El 97
74
3 65
85
65
98
0 M & Puget Sd 1st gu 48_1949 1 I 6534 69
9713 9712 Aug '19 ---- 95
43is Corporate stock____1964 M S 97
99
9914
'19
--9914
Aug
---99
I
J
lets
611_1920
f
Div
Sept'19
Dubuque
---- 96
9914
9734 9734
Cis Corporate stock ___1966 A 0 97
0913 Aug '10 -- 9913 100
Fargo & SOU 118911M g 8.3 19'24 1 J 9873 102
- 10112 102 10178 Aug '19 ---- 10018 1034
4348 Corporate stock July 1987
10112
3 10012 1024
Milw & Nor let ext 430_1934 J D 79 ---- 89 May'19 ---- 884 89
J 13 10112 102 10112
1965 -4345 Corporate stock
82
8
787
82
. 80
80 Aug '19D
1
10112 Sept'19 ---- 100 10278
Cons extended 445-1934
4345 Corporate stoc _1963 51 8 10113 102
4 98
1921 J 1 -,-- 9858 974 July'19 ---- 96,
93 Sept'19 ---- 9034 934
Wis & Minn Div g 5n
1950 M N 924 93
6% Corporate stock
99
09
---June'19
8
997
---934
99
i
904
J
---6s____1920
'19
Wis
Valley
let
Aug
8
Div
927
93
4
1958 M N 923
4% Corporate stock
f/3
03 93 Aug '19 ---- 8'3
Chic & N'west Ex 49 _ _1836-'26 P A 89
9278 Aug '19 ---- 9018 934
1957 51 N 9212 93
4% Corporate stock
95 Deo '13 -..- __ ___
A 8413 89
F
.1886-1926
I
8
905
92
934
92
9258
Registered
92
N
M
reg_1956
.1%Corporate stock
71
8
637
--'19
Aug
64
661
N
M
13
10113
gold
General
334s___-1987
8
1013
10012 1024
1957 M N 10112 102
New 448
---7012 Apr '19 ---- 69
70
_._
p1937 Q F ----4 10038 1027a
10113
Registered
434% Corporate stock_ _1957 131 N 10118 1013.1 10113
82'
5 76
793t
7814
Sale
4
78
N
NI
1987
814
8314
---8314
48
General
June'19
83
82
N
FA
34% Corporate stock_1954
81
8172
-'18
-..-Oct
---,
N
NI
1987
98
9813
9813 Aug '19 ---Stamped 45
1961 M 13 9812
R Y State-48
97
1987 NI N 9713 98
3 9512 101
97,2
99 Aug '19 ---- 964 99
General 58 stamped
Canal Improvement 48- _1961 J 2 98.3 ____
1879-1929 A 0 102 109 104 May'19 --- 10158 104
Sinking fund 68
9812 ..ug '19 ---- 9814 994
Canal Improvement 4s. _19433 J 2 0813 ____
1879-1929 A 0 --. _.._ 10913 Apr '16
98.2 994 9634 Apr '19 ---- 9634 9834
Regletered
Canal Improvement 48......19.30 J J
903; 9714 gen0•10 ___ 0658 -if
1879-1929 A 0 90
10834
5.3
---10834
fund
10813
Sinking
July'19
10834
4
1073
J
J
430_1901
Improvement
Canal
___
1870-1920 A 0 024 ____ 90 Nny'18
_
___
.
---Registered
3
Dec
,
'1
10213
---J
Canal Improvement 4325.1965 J
96
93
964 Sept'19 --- 9618 98
0
A
1921
---- 10658 10814
Debenture 5s
Highway Improv't 434o-1963 M S 1073.1 1035; 103 Sept'19 -98
98 Mar'19 __- 97
__ _ _
1921 A 0 - 98
Registered_
Highway Improv t 448_1965 M 8 ____ __ 100:2 Juno'134
96'2
90102
2
90
N
Sept'19 ---- 00
M
1933
---'13
deb
5s
fund
Sinking
Dec
s
787
Virginia funded debt 2-38..1991 J J
1933 51 N 8814 90 97 Nov'18 -- _-- -.Registered
4
743ile deferred Brown Bros ctfa___ -- 62 63 63 Aug '19 ---- 63
Des Plaines Val let gu 4348 '47 M 8 8013..- 10112 Oct '16
.4 109
From Elk At 1%d o V lst 08_1933 A 0 10313 ____ 1074 June'19 --__ 105
Railroad.
53
53
Man 0 B & N W let 330.1941 1 I ---- ....- 88 Jan '17
6 53
5178
53
51995 Q J 51
Inn Arbor lot g 4s_
=
.
7
.
---1
J
330...1911
let
L
8
Milw
de
an
FeItebleon Topeka & Santa
2 10058 101
2
86t2
10058
7912 151 75
Mil L S & West let g 65-1921 M S 10913 ____ 199,
1995 A 0 7778 Sale 7734
Gen g 48.
99
Ext & imp s f gold 58_1929 V A -- ___- 97 Sept'19.._ 97
1995 A 0 *7778 __ 7618 Sept'19 ---, 7618 82
Registered_
M 8 100__ 104 Apr '19 ---- 104 104
68_1925
g
4
72
let
72
803
1
Div
72
08
72
Aehland
Nov
61995
Adjustment gold 4s
104
1
IOU
10178
ii52
J
--1014
Aug
'19
68_1924
Mle13 Div lot gold
7312 June'18 -- - _
61995 Nov *____ 86
Registered
3 754 78'4
78
'1612
MII Spar & NW let go 48_1947 M S ---- 8412 78
61995 54
Stamped
98
J ---- 9378 94 July'19 -- 93
7612
St L Peo & N W 1st 10 63 1948 J
73
11i35 1 D --_- 7278 73 July'19 -Cony gold 4s.
19 90 10214
Chicago Rock 151 & Pac91
1960 J D 91 10012 91
Cony 45'8812.3ot 1010
79'
7218 10 70
i '72.4 724
,
71
I
1
Is..._1988
2
gold
904
9078
general
Railway
8
907
9212
904
---3
M
1928
East Okla Div let g 4s
1988 J J ___ __
764 May'19 -- -i 7638 76,
76
74 July'19 ---- 74
Registered
7018 80
76,
Rocky Mtn Div 1st 4s_ _1965 J J
6932 169 66
1931 A 0 0834 Sale 6318
3 7514 81
76
Refunding gold 4s
7634 754
Trans Con Short L let 48_1953 J 1 76
l
704 70'
7012 Mar'19 --1932 1 J --__ _
20-year debenture 58
25
85 May'19 ---- 85
Ca -Aria let & ref 432s"A"1962 518 ____ 82
6234 24 6113 72
RI Ark A Louis let 430_1934 M S 82 -Sa173 6112
95 June'19 ---- 95 95
8 Fe Pros & Ph let g 5s_ -1912 M S ---- 97
98
90 Aug '19 ---- 90
1334 A 0 894 90
73i2 • 8 76 854
R
5s
Burl
N
g
C
&
7814
lot
7834
8
7813
NI
4s___61952
gold
L
let
Coast
III
I 8114 88
8111
C R I FAN W let gu 55_1921 A 0 521.1 Me 9714 Fen '19 -- 9714 9714
794 8114
1964 1 D 79
Gen unified 4348..
07
..._
____
-J
May'18
I
__ 9813 June'19 ---- 9613 9813
Cho Okla & CI gen g 68-41919
Ala Mid let gu gold 5s. _1928 NI N *914
May'18 ------1952 M N --------93
Consol gold 55
78 Oct '13 ---- --__ ____
Bruns & W lit gu gold 48_1938 1 J 8012 82
701
..... __ __
Kook & Dee Moines let 50 1923 A 0 ____ 0973 70 Aug '19 --- 65
Charles & Say lot gold 78_1938 J J 1144 ._ 12978 Aug '15 --,,
6812
9 55
71
22 8813 7812
St Paul & K CSh L let 4348'41 F A 682 Sale 67
72
7134
7112 73
L & N coil gold lo__ .-01952 51 N
1 104 108
10114
D
101
105
101
1
1930
P
&
St
NI
68
Goons
Chic
---105
10714
Aug
'19
105
10(3
____
0
A
Bay F & W let gold 5a.... _1934
8513
85
85
85
-D
June'19
I
330-1930
___
Cons 6.3 reduced to
1934 A 0 984 _ _. 105 July'15 -- ,, ....
let gold 58
97
91 Aug '19 ---- 91
1930 M S --__ 91
29i 834 8912
Debenture 5.3
86
Salt & Ohio prior 334s....-.1925 J / (1 1 Sale 3478
87
North Wisconsin let 613_1930 I J 101(3 __ 118 Nov'1.3 ..... ._
_ _ 87 Feb '19 -- -- 37
61925 Q 2 ---- Registered
-.. -.-.:.
_ 95 May'18 ____
7012
28, 6918 8218
Superior Short L let 55 g_e1930 M IS 9258
.1 70
So1
61918 A 0
let 50-year gold 4s
6712 June'll) -- 58 -671
Chic T II & So East let 5s....1960 J D 63 80 1034
___ 9258 Mar'17 ----I -- -61913 Q J ------Registered__
Sept'19 __ __ 10214 10414
Chic & West Ind gong 68_41932 Q M 10358 10512
4 80
7234 27i 70172
1933 - - 713i 72
10-yr cony 414s
65
21 61
63
1952 J J 6213 6313 6213
8213
Consol 50-year 4s.
7214 18 72
Refund & gen 55 Series A.1995 J D 7218 7214 724
_12 90 ~17 ..... ---RR
1
78
I
_1937
Sis__
4
25
0
gold
&
Cin
954
11
75,
964
s
Sale
9.53
964
90
J
J
1929
Temporary 10-yr tts
___
--__
.--I
88
Mar'l
..,
N
-,,...M
1923
_
g
____
48.
A
W
reu
Ft
----1
let
Find
C
'12
112
Jan
Pitts Juno let gold 8.1._ _ _1922 2 1 __ ____
874
., -1,16" 87i., 79 Nov.18 --Day & Mich let cons 434e 1931 1 J
3 82
8413
8112
P June & 51 Div lot g 3342 1925 NI N 817; 85
7 -,.6034 721
6418
78
Clev Cin Ch & St L gen 46_1993 1 D 6318 Sale 63
2 65
65
65
P L E & W Vii Sys ref 4s. _1941 NI N 65 68
841 2
1 70
7812
7818 79
7813
8814
20-year deb 4148...1931 1 J
8338 11 80
Southw Div let gold 330.1925 J 2 8214 Sale 8214
D
8212
80
87
1
8212
....
8213
Sept'19
10931
General 58 Series B
Cent Ohio II 1st c g 434s.1930 NI S 8738 .__ 87:4 Sept'19 ---- 8734 8934
3114
1 76
76
76
Sale
J
78
1
4.3_1039
let
gold
Div
Cairo
8
954
---,
957
____
July'19
2
0
957
A
68_1933
Cl Lor & W con let g
0978 70 June'10 ... i 6734 70
Cin W & Ni Div let g 41_1991 J 1 61
1 954 98
954
954
Ohio River RR 1st, g 5.3_1936 1 D 9534 96
4
70
2
70
7134
761
70
67
83 Aug '19 -_- 83 914
St L Div let coil tr g 48_1990 54 N
General gold 54._ ..._1937 a 0
...
Spr & Col Div let g 4s---1040 NI 5 73 __ 741s Jan '19 --__ 7418 741
Pitts Cloy & Tol lot..6.1...1922 A 0 ........99'e Mar'Ix ---- ... _ _
___
84
__
__
71
Novq11
2
J
45-1948
; 68
W W Val Div lot g
Tout Cin elly let ref 4o A _1959 J 1 5512 5078 604 Sept'19 ---- 1307
9934 July'19 ---- 9934 991
99
0 1St LA 0 consol6s____1920 51 N _-_- 100
Buffalo R & P en is 5e.....1937 NI 5 ___- 964 99 Mar'19 ---- 99
8214
4 8214 831
k1936 Q F 82.4 81
8214
let gold 48
1957 M N ____ 8678 87 Aug '19 ---- 8034 8814
Consol 4341...
k19313 Q F 8214 __... 8812 May'15 --- --_- --Registered
8458 July'19 ---- 8158 844
. go _ _1998 A 0 _-_- 837
g-4...
Ail & West let
93%
____
93
934 May'19
Cin 8 & CI cons lot g 58_1928 1 J 904 94
1034 Felt 16 --- ._. . . . _ . _ _
Clear & Mah let gu g 58..1943 J J 89 ,
0 C C & I gen cone g 8E3_1934 I J 102 ____ 104 Aug '19 -_- 10318 10'7
1 100's 101
10012
Roth & Pitts 1st gold 48._1921 V A 10018 Sale 10018
July'08
79l3
94
0
Ind B & W let pref lo____1940 A
Congo' let g is-. ._ .1922 J 0 100,4 10031 10014 Aug '19 ---- 100(4 102
0 Ind & W lot pref 5.3-41934 Q J 76
8912 364 Aug '19 -- -- 864 254
Janada Sou cons go A-54 .._1942 2. 0 87
82
Peoria & Emit lot cons 48_1940 A 0 514 5518 5158 Aug '19 ---, 50
Jar Clinch & Ohio let :31) yr 5o'38 1 0 __-- 8078 75 Aug '19 ---- 75
31
273% 33 12
26
2758 26
1990 Apr
Income 45
3entral of Ga lot gold 55.-pl945 F A 9612 - -- 9734 Aug '19 --_, 9731 10012
83. Aug '19,--_- 83 89
8
947
1
Cleve
8612
8678
Short L lot go 4345-1961 A 0 85 ___
864
gale
8678
Cowl gold 68 ___ . _1945 Ni N
891
8'3
____
8312
Sept'19
84
843;
A
F
48___1929
g
soil
111,
9612 24 9578 9914
Colorado
lot
9613 Sale 96
_
10-yr temp secur 63 June 1929
7831 21 7714 801
7844 Sale 78
1935 M N
• Refund at Ext 434s
7413 May'19 ---- 7418 7514
Chatt Div pun money g 44 1951 1_-0 7318 82
4
901
0834
J
Aug
8
D
987
0958
.....
984
g
'19
let
62.__1921
C
Den
,t
w
Fc
•
_
.
_
_
.._
.....
May'18
Mae & Nor Div let g 58..1948 J J 86 ___ 90
Conn & Pas Rivs let g 413_1943 A 0 _--- ___ _
___ _.. 974 Jone'17 ---- .. Mid Gs & At! Div Se _ ._.1947 1 J
85 - -8.6.3 - 2 -g5-- -;5-114
--85
I
I
1952
g
1st
58
34
RR
9134
91
50-year
Cuba
.....'19
Jan
9114
-90
____
J
1
1946
Mobile Div 1st g 55 _
Del Lack A Weatern90
3.3ntFtR & B of Ga coil g 58.1937 M N 8034 ___ 89 Aug' 10..-- 86
73
3 70
7012
19 100 105
Morel,& Ess let gu 3348-2000 J 0 ____ 7212 7012
3entof N J gen gold &I__ _ 1987 J J 1004 Sale 10912 101
1921 2 J 10018 1004 10078 June'19 -- 1007a 1001
N Y Lack & W lot (is
102
8
i003
---'19
Aug
102
10912
..........53987 Q J 100
.
Registered
9534
_..
9814
101
9618
__June'19
A
F
1923
Construction Be
1921 J 1 9912 097 100 Aug '19---- 99 100
- gi. 5e
)
Am Dock & (4:
Term & Improvt 48.__1923 al N *9113 __ 9358 Aug '19 -_ 9212 92
Leh & Hod Riv gen au 58.1920 J 1 964 ..... 100 Apr '18 -- _..._
1024 Feb '03-- -: _--- --Warrain lot rat aft rt 34ri_ _2000 F A ____
sz v A t...e Or gone to .1Q81 V 5 * SOIR _--- 1094 Jan '13 --.- -Des Nov. r Due Dee a Optloa sale
Oct
*No price Friday:latent tale week. •Die has. 4 D54 APNI. •Die May. cp Doe June. A:Due July. 8 Due Avg. e Due
Bid
Ask Low
High No• Low
High
U. S. Government.
•
First Liberty Loan
2422 03.20 103.00
330 1st 15-30 year__1932-'47 J D 100.00 Sale 99.80 100.03
9econd Liberty Loan
1st L L conv_...1932247 1 D 94.81 Sale 94.50 94.81 282 92.50 90.00
48
1927-42 M N 93.10 Sale 92.62 93.16 1936 92.10 95.10
2nd L L
4s
Third Liberty Loan
859 93.70 96.60
4;is 1st L L conv.....1932247 J D 94.00 Sale 94.60 95.30
93.30 8033 92.73 95.36
4s 2nd L L conv_1927242 M N 93.18 Sale 92.92 95.30 9812 91.70 00.60
Sale
91.90
1928 NI 5 95.24
430 3rd L L
Fourth Liberty Loan
1 95.42 100.62
100.62 100.02
430 1st L L2ndeonv 1932-'47 .1 D 100.60
1933-'38 A 0 93.23 Sale 93.18 93.40 15573 93.00 95.72
430 4thLL
_
s
4
Loan
Victory Liberty
1922-'23 J D 99.76 SAIC 99.48 99.78 10393 99.46 Hem
cony g notes
3i
Sale 90.50 99.78 3531 99.16 100.48
3Ms cony g notes-1922223 J D 99.74
2 974 9978
9934
d1930 Q J --------9934
28 eonsol registered
10014 Aug '19 ---- 93 10014
_
d1930 Q J
Is consol coupon
10578 10634 106 Aug '19 ....-- 1014 10414
1925 Q F ---le registered
10614 106 Aug '19 ---- 10114 10614
1025 Q F *
Is coupon
9814 Mar'19 -- 9814 984
k1936 Q F 9913
Pan Canal 10-30-Fr 28
99 July'18 ---- ___ _ .
___
88
N
Q
reg_1938
28
Pan Canal 10-30-yr
8318 Aug '19 ---- 8713 91
2
901
88
19:51 Q M
Panama Canal 38 g
91 Mar'19 --- 91
91.
1981 Q M --Registered
Feb '15 -__ ____ _ _ __
100
F
Q
1914-34
Philippine Island 413
SEPT. 13 1919.]
BONDS
15. V. STOCK EXCJHANGE
Week ending Sep% 12
• --
New York Bond Record-Continued-Page 2
111
tt
-.....
..,.,' °-
Price
Friday
Sept 12
Week's
Rang* or
Last Sala
in.,
Range
Since
Jan. 1.
Bid
Ask bow
High No. Low High
LIM rare & Hudson1922 J J 97
97 Sept'19
let lien equip g 4346
1J6
97
let & ref 4s
1943 41 N 7912 8112 8112 Aug'19
81
8514
9112
9112
1935 A 0 9012 92
20- rear cony lis
9053 9514
/
4 76 June'19 ---- 7334 7812
Mb & Suse cony 33is......._1946 A 0 6934 741
/
4 104 10234 Apr '19 _--- 10214 10234
Re
Renee & Saratoga lit 78-1921 M N 1021
Deny n. & Ftio Grande1936 J J 657,3 "Sale 6578
let cons g 46
661
/
4 11 65
7514
1935 3 J 6912 71
Co viol gold 434s
6914
69
6911
7612
80
80 May'19 -6
irovement gold 5s_ _1923 J D 75
-8
1 4
75
6
6
8,032
1955 F A 5812 60
5812
59
let & refunding 56
Rio(Jr Juno let gu g 5a-1939 J D ---- ---- 8734 Nov.16
6114 Apr '11
1940 J J ___ 38
R1 Or Sou lat gold 4s
---_1940 J J _-- ____ 39 July'17
Guaranteed
72 6418 Aug'19 ---- 63/
Or West let gold 46_1939 I J 65
1
4 7312
4 56
Sale 56
Mtge & coil trust 49 A .-1949 A 0 56
5614
60
82 Dec '16
Dot , Mack-let lien g 4s-1995 J D 65 78
_
1995 1 D 50 ---- 7512 July'16
Go
Gold 48
_
8018 77 Sept'19 ---- 77
Vet :iv Tun Ter Tun 430-1961 M N 77
8414
Vol flambe & Nor gen 58-1941 1 J 9312 -, - 9634 June'18
9312
4 91 -66
Vol ; Iron Range let 5s...-1937 A 0 9312 Sale 9312
1937 A 0 ..L.......,,,- 10512 Mar'08
Legistered
Doi Son shore & Am g 5s___1937 .3 J 78 83 83 JULA3.19
83
8112
iiigiu Joliet & East let g 56-1941 Ill N 8918 ____ 93
93
9914 93
1920 M s 99
Role lot cense! gold 70
99
I 98
114 10
90
67s
t & Erie let ext g 4s-1947 M N 82 --__ 781
/
4 Oct '18
_
1919 M S --_- ---- 9618 June'18
ad axt gold 58
11 -5i3; 92
1923 Rh S 92 ---. 91s6
3rd ext gold 410
92
1920 A 0 9( --_- 9011 July'17
ith ext gold 58
1928 J D ____ -- 913t Nov'15
6th ext gold 4e
9978 9812 Aug'19 ---- 9812 9812
Y L E & W let g fd 76.-1920 M S 99
11
1 J
le 6112
Ert a let cons g 4s prior.
621
/
4 23 61
7012
199a 1 J ---- ---Registered
-_- 84 Dec '16
Sale 51
let consol gen lien g 46-1996 J J 51
7 50
1
51
5712
1996 J J --Registered
. 55
73 June116
'enn coil trust gold 48_1951 F A 82
8512 82 Aug'19
-H53 83
0-year cony 46 Sor A 1953 A 0 43/
1
4 Sale 43/
1
4
4434 --2 4378 52
do Series B
1953 A 0 44
4514 44
45/
1
4 12 43
52
len cony 43 Series D
1953 A 0 4614 47
47.4
48
45/
1
4 55
Chi
Chic & Erie lot gold 5s-19U 01 N 8314 90
921
/
4 July'19 --1
-1 90 951s
Olev & Mahon Vail g 56_1938 J J 908 --..- 1067s Jan '17 -Erie & Jersey let a f 69_1955 J .1 96 100
9512 Aug'19
Ga lame River let a I 66___1957 J J 96 ___ 98 May'19 ---- 9573 101
1g Dock consol g 68-1935 A 0 10811 112 10312 Sept'19 --- 107 109
Long
Co
Coal & RR lot cur gu 66-1922 M N 93 --- 103 Jan '18
1k & Impt let ext 5a__1943 J J 9018 .--- 10212 July'17
-_
N xt & Green L go g 58_1946 114 N 8018 --- 85 Jan '18.NY Elusq & W let ref 50.._1937 J J 6414 7137 6434 7814
4 6412
6112
2d gold 4 .iff.
1937 F A ____ 55 10014 Dee '06.
-General gold 56
547s 60 June'18
1940 F A
'ermine! let gold 56-1943 rI1 N 88 --- 97 Dec'
18
Mid1 of N J let ext 56_1940 A 0 8212 .- .. 108 Jan '17
Witk & East let gu g 56..1942 J D 551 627 60 July'19
72
Ey & Ind lot eons gu g 68_1926 J J ---- ---- 2312.1312 '17
111Tan tv & T II lot cons 66-1921 J J 9514 97 951.4 Aug'19
"iilet general geld 15s
1942 A 0 701 ____ 7014 Aug'19
7014 7014
Mt Vernon let gold 68-1023 A 0 ---- ----108 Nev'll
Sul 1 Co Branch let g 56_1930 A 0 -_---__ 95 June'12
---!Plod a E Coast let 430-1959 1 D 78 8012 11012 Aug'19 --- 80/
1
4 85
Fort It U D Co let g 430-1941 J J ---- --- 92 Aug '10
_
_
it W
Worth & Rio Or let g 41_1928 3 J 57 --- 6012 July'19 -"--- 601s 6012
Daly Hem & Hen let 58.-1933 A 0 ---- 73 80 Dec '18
165
Great Nor 0 13 & Q cell 4a1921 J J 9514 Sale 95
9514
9431 11
Re
Registered
41921 Q J 9112 Salt 94.12
83
83 Aug'19 ---- 83 89
1st & ref 4lie Series A ____1961 J J 80
___
____ 96 June'16
1961 J J
Legistered
s ---- 8812 June'19 --, -88
1933 J J 791St Paul M & Man 4s
8812
1
4 101
101
let cense( g 6s
.1933 .1 J 103 101/
1
1 101 10812
____
____
Registered
118 Apr '17
1933 .1 1
91
Sale 9i
Reduced to geld 4349_1933 J 1 91
91
951s
Registered
.1933 J J ____ 99 10213 May'1685
84 . 84
Mont eat lot gold 48...A937 J D 1
ii"
ifi7
-8
1937 J D --------80 Sept'19 -- -- 80
Registered
80
'settle ext guar 4a £_ 1940 1 J _-__ ---- 81 June'19 ---- 81
81
E Linn Nor Div 1st g 48_1913 A 0 74 ---- 80 Nov'18
1922 .1 J 99 -- .. 99 Aug'19
Minn Union let g 69
, -116- -66Mo
Mont C let gu g 66-1937 J J 10 O 1051 104
104 .
:.-.
.i 103 10338
---- ---- 13614 May'06
Registered
1937 J
1
let guar geld 5s
1937 J J 9214 973-4 9334 June'19 -_-_-_-_ 78
-- -9
-9-12
1111 & S F let gold fis_ _1938 .11 D 90 ____ 10934 Aug '16
57 _i
Wale 55
Green Bay & W deb etre "A"____ Feb
57
l
l: -111Debenture etre "B"
10
1
4 10
De
10
9/
Feb
639 i0411 i S I let ref & t it W-41952 J 1 73
75/
1
4 7313 Aug'19 --_
7312 8212
Rocking Val lot cone g 434s 1999 J J ___ 73
71
71
71
83
Registered.
Re
1999 J J
__ _--- 7312 June'18
-Col & II V 1st ext g 4s.___1043 A 0 73 ___ 7312 Oct'18
Col & Tel let ext 46
1955 F A 7012 --- 7614 Apr '19 -..--- 7614 7614
Sous on Belt & Term let 58_1037 J J 80 --__ 85 Doe '18
4111nols Central let gold 46-1951 1 J 83 8514 8514 June'19 _
-- -Ei5l8 -fig1951 j j ____ 92 13ept'17 ....
Rm 'istered .
let geld 31-48
/
4 July'19 -..-...-..- 74
1051 J 1 'ilia ---- 751
76
1931 1 J _..._ 84 Nev'15
:egistered
Ex
Extended let gold 3yis___1951 A 0 723s _-__ 80 June'17 ._ -___ _.
:egistered
--------------- ....... ......
1951 A 0
let gold 3,sterling
1951 PA S ---- ---- - 80 July'09 .__.
Registered
-------------1951 M S -------.
Collateral trust gold 4s.. 1952 A 0 __ 7414 7412
7112
7412 79
Registered
1952 A 0 ____ __ 951s Rept'12 ....
ifit refunding 4s
761
79
/
4 Sept'19 ---- -ifF4 -gi,1955 M N 77
;
Pur
Purchased lines 3146......_1952 J J 6512 72
71
Aug'19 -;7
, 71
75
L N 0*Texas gold 46- 195'3 M N 6914 Sale 6914
7212 lu 69
7738
Registered
66 Aug '19 -- 60
85
1953 M N ___
7118
15- rear secured 5129
1934 J J 947; 9512 94
11 ---4
nil 7714
95
Cal
Cairo Bridge gold 4s
1950 .1 0 79 -___ 79 Aug'19 ---- 79 9
9
Lit !Wield fly lot geld 36 1951 1 J 56
Aug'19
61
61
-.
..
-.,:i 60
Sale 68
Let lisv Div & Term g 314s 1051 J J (38
68 :
1 (
818
1
__
_
83
Aug
J
._1053
J
.
_
Registered -------------1953
'12
.....
---- -102 June'16 1921 P A .9512
MI
Middle Div reg fort.
__ --Om
Omaha Div lat gold 3s. _1951 F A ___ ____ 5814 Sept'18 ____
St Louis Div & Term g 39.1951 J 1 5718 62 62 Oct '18 .... -__ _701
/
4 651s Oct '18 __
1951 J 1 65
Gold 3 e
1931 J J 68 ___ 80 June'16 .... --- -Registered
Sp Ingf Div let g 3348._1951 1 J ..,..-. 77 8053 Nov.16 _. .... _ . .
791
85
/
4 May'19 ---- 79/
4
W ;tern Limo let g 4a
1951 F A
1
4 7912
Registered....
1951 F A ---- ----92 Nov'to
Bellev & Car let fte_ _ ._ _1923 J D 943-4 ____ 11713 Nfity'10 --- -Car b & Shaw let geld 4s._1932 VI S 73 _- 73 Mar'19 -• 73
73
Ohio1 St L & N 0 geld tse._1951 J 13 89/
1
4 9158 97 July'19 -- 9413 9934
Registered
/
4 Feb '19 ---- 9513 951a
1951 J I) 8612 ......- 951
Gold 314s._.....___1951 J D 66/
1
4 --- 65'2 J111Y'18
--- --Registered
_ _
_ ___
1951 J 1) ____
J Ant let ref 54 Series A.1963 J D __
gi
85
85
_8
25
.....
95_.
(moth Illy let g 46_1951 J 0
/
4 Oct '18 --1 701
3Registered
1951 J D ---- ---___ 65 Nei'17 .--St .outo Sou let gu g 48_1931 M S 71 ____ 7712 Aug'19 ..--- 7712 791
/
4
156 Ill & Iowa let g -18
1950 J 1 7414 80
8138 July'19
8014 82
9112
Int & Great Nor lot g 66
1919 M N ___ 95
9412
93
96
James Frank & Clear let 411.1959 J D
8012 8014 Aug'19 80114 82
KIM 9 City Sou let gold 3s.1950 A
.1 54
5612 53/
1
4
5Pt
50 s 64%
Registered.
1950 A 0 -- _ 78 Oot '09
Ref & impt 5e..... _Apr 1930 J J
77 S;lo 77
771
/
4 '20 77
88
7412
Kane s City Term la-49. _1960 J J
7414 Sale 7414
17 7312 81
Lake Erie & West let g 56_1937 1 J _-__ 8813 3312
8313 ..
3 8312 00
3 1 geld ele.
78
1941 J J 65
80/
1
4 Feb '17 ..
Nor
North Ohio let guar g 56..1945 A 0 60 ___.. (15 Aug '19 -_. -6E" -iii7;
Leh V
Val N Y let gu g 446_1940 J J 803s 8112 80 Aug'19 --- 80
92
Reg
Registered
7R
1940 J J ____ 93
78
2 78
78
Vol(Pal cons g 46_2003 M N 71
71
71
72
(MAO III
k.7 gh
ant. ca.in kAl.
RAI.
Gen
Le
hi
2
--
-96fi -96(6i778-
--
41i3, Ills
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 12
Price
Friday
Sept 12
Week's
Range or
Last Sale
IT
Range
Since
Jan, 1,
Bid
Ask Low
High Noll Low 1
01:
11
0421
Leh V Term Ry let gu r 5s__1941 A 0 93 Sale 93
98
Registered
1941 A 0
100 113 Mar'17
Leh Val RR 10-yr ooll 6s_-n1928
101
Sale 101
2i' RTC iciti78
10178 --Leh Val Coal Co let gu g 5E4_1933
99/
1
4 100 100 July'190
9714 1 0
Registered
1933 .1 J -___ ---- 105 Oct '13
--- -....
let int reduced to 48
1933 J .1
---- ---Leh & NY let guar g 46
1945 M S -fd- "iil; -.76- ittriiTi
--- -Registered
1945 M S
Long Isld let cons gold 541_01931 Q J "9:118 1561-4 "iii- Jury-iii
-iii - -61712
let comet geld 46
7938 ____ 86 Aug'19
01931 Q J
86
86
General gold 4s
1938
D 7112 79
79 June'19
7814 80
Ferry gold 430
1922 M S 911
/
4 9512 861
8612 8612
/
4 Mar'19
Gold 43
85
1932 J D 75
9914 Oct '04
Unified gold 48
1949 Ill S 66
78
70 Sept'19
-.kr "7514
Debenture gold 50
1934 J D 7014 7478 81 June'19
76
84
20-year p m deb 58
19371W N 72
73/
1
4 7334 Aug'19
73
7712
Guar refunding gold 4s
6513 77
1949 IN
74 Aug'19
74
7'7
Registered
1949 M S ---- -..-- 95 Jan '11
N Y II& M B lat con g 5a-1935 A 0 87 ____ 92 Aug'19
-6i- -5iNY&RB 1st gold 5a
1927 M S 88
9412 92 Apr '19
92
92
Nor Sh B let con g gu 5s-01932 Q J 85
91
90/
1
4 June'19
Louisiana & Ark let g 5s
1927 M S s212 86/
1
4 87 Sept'19
8
92
018 8
98
112
Louisville & Nashv gen 6s-1930 J D ..--- -..-- 108 Feb '19 -I 108
97 100
812
Gold 55
9712 97
1937 M N 97
97
Unified gold 4e
1940 J .1 8212 Sale 8212
8212
7 82
8812
Registered.
---- ---- 96/
1
4 Jan '17 --- ---- ____
1940 J
Collateral trust gold 58.._ _1931 M N 90
97
9712 June'19 ---- 9712 100
L Cin & Lex gold 43411_1931 M N
8818 931g 9418 July'19 ---- 9318 94114
N 0 & M 1st gold 6s
19303 3
_ 1041 104 Apr '19 --- 10312 10512
2d gold 68
100 100 Jan '19 ---- 100 100
1930 J
Paducah & Mom Div 4a 1946 F A
78
3912 7912 Jan '19 -- 7912 79/
1
4
St Louis Div let gold 68..1921 M
10018 10114 July'19 __ 100 1011
/
4
21 gold 3e.
1980 M S 5138 53
5114
5114
3 511
/
4 57
All Knox & Cin Div 4a
72
1955 1W N
7212 74 Aug'19 -- 74
79
All Knox & Nor let g 56_1946 J D 9512
9512
9512
1 9512 95'2
. 100
',lender Bdge let a f g 6s 1931 M S
___ 10112 July'19 -- 10112 10111
Kentucky Central gold 48.1987 J .1 7114 -7558 73 Aug'19 ---- 73
8038
Lox & East 1st 50 yr 56 itti 1965 A 0 90
93/
1
4 95 Aug'19 ---- 921
/
4 9514
L&N&M&MIstg43461945 M S 80 ____ 86/
1
4 July'19 ---- 8558 8712
L & N-South M joint 4s 1952 J J 6212 65
6238
62/
1
4
3 62
'73
Registered
01952 Q J ---- .--- 95 Feb '05 .....- __ __
N Fla & S lst gu 58-__1937 F A ---- ____ 95 July'19 -- 95
95
N dr C Bdge gen gu g 4348_1945 J J 8312 __977 May'16 ---- _.-.Ponsac & All lot gu g 66..1921 F A
108 1011
/
4 July'19 --- 10114 101/
1
4
&N
eons gu g 56___1936 F A -9614 9734 961
/
4 June'19 .-_. 963s 9612
Gen cons gu 50-year 56-1963 A 0 88
90 83 Aug'19 ---- 88
93
L & Jeff BrIge Co go g 46___1945 M S ---- 70 60 July'18 --Manila RR-Sou lines 4s___1936 M N
Mex Intermit let cons g 46-1977 M S *---- 60
77 Mar 10Stamped guaranteed
1977 M S
---. 75 Nov'10
Midland Term-1st e f g 58_1925 J 0
9112 June'17
_
Minn St Louis lot 76
1927 .1 D'Mr
_ 101 July'19 -- 101 101
Pacific Eat let geld 66
1921 A 0 94 101
9712 Apr '19 ---. 9712 9914
let comet geld 56
7412 79
74
7558
7 74
80
let & refunding gold 4s-134
1
4 451
/
4 451
M N 45/
949 MS
/
4
45341
1 4112 49
Ref & ext 50-yr 136 Ser A 19132 Q F ---- 8
40
4
6
49
412 reb4.415!_3_ 44
49
Des M & Ft D let gu 4a-1935 J .1
76___
80_
Iowa Central 1st geld 56_1938 J D "fi" 7678 7618 Sept'19
-.76Refunding gold 4o
Sale 43
1951 14 S
45 I
8 42
4812
MStP&SSMoong4a1ntgu.19381 J 8112 82/
1
4 8412 Aug'19;..-- 8333 89
let cons 50
1938
9612 9634 July'19;-..-- 9634 9'734
let Chic Term
40
1941 14 N 88 --__ 92 Jan '171-MSSM& A Istg 4sintgu_'26 J J ---- 93
9353 June'19
-6i- -644
Miselesierd Central let 136
1949 J J 8118 90
95 Dec '16 ---Missouri Kansas & Texaslet gold 46
1990
D 64 rale 64
64
12 62
69
2d gold 41
3513 3713 3512
01990 F A
36
let ext gold ha
1944 M N 2234 35
2014 Aug'19 ---7 2
20
9
14
30
38
let & refunding 46
44
4012 Sept'19 ---- 4012 484
2004 hi S 39
Trust Co eertfs of dep
____ 44
44 Aug'19,---. 41
4612
Gen sinking fund 44e.. 19363 J
3012 30 Sept'19 ---- 29
34
3112 27 July'19 ---- 25
St Louis Div let ref g 46..2001 A 0
27
5% secured notes "eat" '16
---- 39
Dall & Waco let go g 5s_1940
-- .6-972 Ap-r- ---- -Kan City & Pao let g 46_1990 F A 53 -- 53
53
Mo & E let gu g 56-__1942 A 0 401
/
4 51
401s July'19,---i7---1 -i
40
j1;-50
EM K & Okla let guar 5s-1942 M N 6712 69
70 Apr '19
7112
70
MKATofTletgug5e 1942M S 52
5712 5513 Aug'19
5131
/
4 58
Sher Sh & So 1st go g 5e-1942 J D
74
51 Dee '16
Texas & Okla let gu g 58__1943 M S
40
50 July'19
-get- ii"
Misaouri Pacific (reerg Co)
1st & refunding 156 Her A__1965 F A 8318 83/
1
4 33/
1
4
83/
1
4
1 83/
1
4 8775
let krefunding 56 Her Ba 1923 F A 91
92
9113 Sept'19
9078 9478
let & refunding So Ser 0_192
m A 8478 Sale 817s
5 8478 92
76
5F
86
General 4s
58
Hale 58
1975 00
5914 78 57
6312
Missouri Pao let cone g 6a-1
9978 991
s 99
m N
25
0M
/
4
19
94
991
6 98 100
40-year geld loan 4s.
58 Oot '1 -3d 7s extended at 4%.,_.l9314 M N -fit; -ill 82 Apr '17 --- ---____ ---Boonv St T. de lit 5s gu_1951 F A
100 Feb '13
__ - Cent Br U P lot g 4a
6
-38 -1;11-2 68 June'19 :IT: 68
1948 J D -13.
68
Pac It of Me let site 46_193e F A 7834 -- 8034 A ug'19 ---- 8074 82
2d extended gold 541_1933 J J 8512 9434 89 May'19 89
89
St Lir 111 & S gen con g 5a 1931 A 0 93 Sale 93
9311 23 9214 9712
Gen con stamp go g 58_1931 A 0
102 July'14
Unified & ref geld 46
4 -f.64 74
19211 J J -741-.
10
5 _694 ..iiii
Registered
1929 .1 J
.
807s Oct '17---- -7
_3
_ - --2
gi1
Riv & G Div lit g 46_1933 1W N "gi" 693t 6934
69
7434
Verdi V I & W let g 56
1926 01 S 9058 - _ 92 July'19 -- 92
92
Mob & Ohio new gold 69
1927 J D 10314 103 10014
10014 10 10014 10514
let ext geld Ils
_ 9812 9812 July'19 ..-.1 9812 9812
01927 Q 3
General geld 46
89 68 July'19 ---- 68
68
Montgomery Div let g 56_1
8531 8312 Aug'19 ---- 8656 91
S
M A
38
7F
194
St Louis Div Se
87 Apr '19 ---- 867s 87
St & Cairo guar g 4s--192
4 -76r2 8012 July'19 ---- 8033 8112
1 13 -74.31
7 .1
Nashv Chatt & St L let 56_1928 A 0 97
9878 9912 July'19 ---- 9834 100
Jasper Branch let g 66....1923 J J 100 10114 11014 Mar'17 ---- _.
Nat Rya of Mex pr lien 43441.1957 J
50 Mar'19 ---- 50
9
Guaranteed general 4s
40
35 Aug '16 ---1977 A 0
Not of Me: prior Hen 410.1926 -1 J ---- ---- 967g Feb '13 ---- 1
-1
--5-..._.
._....
1st cense!
,
0
21 Aug'
18New Orleans465
-Eli -(ii" 65
Term let 4.1....1198531
e5
1 gi" 11814
N 0 Tex & Mexico let 68_1925 .1 D 94 9112 91 Aug'14 ---- 94
9712
Non-corn income 5s A _ _1935 A 0 56 Sale 55.4
5618 10 50
6213
New York Central RRCony deb 66
1035 M N 9534 Sale 9512
96
86 9512 10012
Como! 4s Hellos A
61112 Salei 6412
1993 F A
8
70
Ref & Imp 4%e "A" Illy_
33
2013 A 0
New York Cent & Hod
69
7Th 8%9:e
l 69
Mortgage 3lie.
7Th
..
70
714
'8
1241 7 's69
81 7
873
6
84
Registered
72/
3
J
1
4 683s July'19
Jm N
7 'i
99
3
94
19
Debenture gold 46
80
79
1934 M N 79
80
29 6
78858 8
76
1.
Registered
____ ...... 79 Nov'18 ---Lake Shore cell g 3146
1998 F A 62/
1
4 61
62 Sept'19 ---no
1998 F A
Registered
6278 59 Aug'19 ---- -5
1
629 -6
-1.Mich Cent cell geld 3;43._1998 F A 62 ---- 61 Sept'19 ---- 60/
1
4 70
Registered
1998 F A --- ---- 75 Mar'17
Battle Cr & Slur let gu 58.1989 3 D
_
Beech Creek let go g 40..1938 J
J 823s 8512 82 Aug'19 ---- 82
R2
Registered
1036
1
95/
1
4 Nov'16
2d guar gold Lis
J
1936 J
881s ---- 104 May'16
Registered
Beech Cr Ext let g 33.3
808
951
38 j
A
0 9
_ _
Cart & Al let go g 4s
1931
D 7534 ---- 49 Noeiti
Gem,& Oiwe let gu g 58_1942 J D 9112 -------------Moh & Mal 1st go g 48_1991 M S
80 May'19 ---- 80
80
N J June 11 guar let 41_1986 F A
--.... 8912 Feb '16
N Y & Harlem g 3146_ _2000 M N
80 May'17
,
ts VAr Northern let g 56_1923 A 0 72 --- 9814 Aug'19 ---- 9714 9814
s No price Friday: lateen bid and asked els week. S Du Jan, b Due Feb.
•Due June. a Due July.
1.2b
1065
a
Due Sept. •Due Oet.
S Option ea
BONDS
N.Y.srocK EXCHANGE
Week ending Sept 12)
fVoi.. 109
New York Bond Record-Continued-Page 3
1066
tt9
Price
Friday
Sept 12
Week's
Range or
Gast Sale
;
e t.t
Range
Since
Jan, 1
High No. Low High
Ask Low
Bid
N Y Cent & H R RR (Con)80
78
7814 Apr '111
76
Y Pu 1st cons gu g 49..1993 A 0
113 May'16
Mae Creek rag guar Os.....1932 J D 'Has
-561;
-gJuly'19
9918
_
_
9612
0
A
922
58_hl
eat
let
con
0
&
W
R
6 87 774
7012
7512 7012
Ratland 1st con g 4149_1941 J J 70
60 61%
60 Aug '19
Og &LCham 1st gu 48g-1948 I
'19
67 07
Feb
67
89
7
;
/4
J
J
45_1949
g
Rut-Canada 1st gu
---__
Nov'16
101
85 -114 Lawr Adir lat g 58__199,-, 3
103 Nov'16
159O A 0
2d gold Os.
-6'5'9
'19
1153
Aug
96
90%
J
Vtica & Elk ftly gu g 4s__1922
74
70
70 Aug '19
73
1) 70
1997
Lake Shore gold 3 cis
7332 Nov'19.74
1997
D 89
Registered
2 ell. 90
87
87
854
8.-4
1928 M S
Debenture gold 49
8 824 89
8358
1931 M N 834 83.9 83
25-year gold 4e
1931 M N --- 87 9372 Nov'17
Registered
_
Ka A & R lst gu o 59_1938 J J 7014
10112 Dec '15
1934 J
Mahon C'l RR 1st 53
103
May'17
Pitts & L Erie 2d g 58_a1928 A 0
1304 Jan '09
Pitts MoK & Y 151 gu 68-1932 J J
12314 hlar'12
1934 J I
2d guaranteed Os
- _ 994 Aug '17
1931 M S 914
Michigan Central 58
_934 Nov'18
1931 Q M 924
Registered
82 84
84 Mar'19
19403 3 74% 81
'14
Feb
87
1940 1 J
Registered
_ -- 90 June'08
J L tIcS 1st gold 310_ 1951 M S -fdi _81
7038 7414
1952 M N 61115 744 7414 Aug 19
1st gold 34s
804 85
_ 80 8014 July'19
20 year debenture 49_1929 A 0
81
80
80
80 80
N Y Chi & St L 1st g 48 _ _1937 A 0
ov:17
Nug3
75 A
83
1937 A 0
Registered
71 -fdi
1931 M N -fa- -HDebenture 4e
29
70 814
7212
71
West Shore let 45 guar_2381 J J 7212 75
704 784
724
71
2361 J 1 714 72
Registered
994 994
9912 Feb '19
994
N Y C Lines eq tr 5s..191922 M
9839 July'17
Equip trust 434s_1919-1925 3 .1
73 8838
358 8412 July'19
80 16
81
N T Connect let gu 410 A 1953 F A 9413
SITNHA Hartford'19
5518
564
Aug
53
S
M
1947
15
Non-cony doben
50 51
1947 M S 5014 -- 5012 July'19
Non-cony deben 3148
50 52
- 50 Aug '19
ISM A 0 5014
Non-cony deben 3149
63 56%
554 Aug '19
1955 J J 5212 55
Non-cony deben 49
55
594
49
Halo 55
1950 M N 55
Non-cony deben 49
494 52
5912 50 Sept'19
48
1958 1
Cony debenture 3 qi
88
78
80%
80%
793
9
7812
J
1918 J
Cony debenture as
50 Oct '17
Cone Ry non-cony 63____1930 F A
'12
9112
Jan
51
J
J
.1954
_
sa
deben
Non-cony
....- 60 July'18
JO5 J J
Non-cony deben 48Non-cony deben 1.___1955 A 0 -.•... -.- -gra Aug '19
50%
49
_
49
J
I
Non-cony deben 49____1958
- 7334 Dec '18
Harlem R-Pt Chea 1st 49_1954 M N 7179
B & N Y Air Line 1st 48_1955 F A 724 -- 794 Dee '17
-Ed- -dir
Cent New Eag 1st gu 49_1961 J 1 ---- 59'4 60 Aug '19
Hartford St fly let 49____1930 M S
miWig
88
N
M
59_1937
g
cons
Housatonic R.
87 July'14
Naugatuck RR 1st 48___1954 M N 65
Aug '13
/V Y Prey & Boston le1942 A 0 82 ___ 83
7 427 54
4612
404
4614
46
J
J
NYW'ehee&B 1st ser I 410'48
Boston Terminal 1st 45___1939 A 0
-904 ____
New England cons 58_ __1945 J
---fd"
1945 .1 J 73 Cense! 49_
3934 40 June'19 -- -id- -idProvidence Secur deb 491957 M N
-994
Dec
'13
80
J
J
58_1922
1st
Springfield
&
Prov
88% Feb '14
6739
Providence Term 1st 48......1956 M
W gc Con East 1st 4.4s._1943 I J
6013 -Jf18 4 -6OG -fd.97;17)
;
671
S
M
g
_41992
1st
48_
ref
NYO&W
921 June'12
____
Registered $5,000 only__g1992 M S --__ 70
8014 6012 60 Apr '18
1955 3
Geoeral _
3 -di" -gra
05
85
65%
65%
A
F
58_1981
&
A
Noefolk Sou 1st ref
88 89
88 Aug '19
1941 M N 8734
& Sou lst gold 58
10912 June'19
108 1094
1931 M A 101
Nod & West gen gold 65
122
Nov'16
_
102%
A
F
1934
Improvement & eat g 68
idirs
Aug '19 _
New River let gold 65_ _1932 A 0 10518 ---- 10612
9 73 864
79
Ry 1st coos g 49_1996 A 0 77 '7814 7812
N&
9312
Dee
'16
79
__0
1996 A
Registered
-fit; 82
7612 7414 Aug '19
-75
Dly'l lat lien & gen g 49_1944 J
844
84
8414 Fee '19
80
1932 J D
10-25-year cony 48._
11714
May'19
1932 M S
10-20-year cony 49
100 l041
100 Aug 19
10-25-year cony 4 ais__1938 M S
10112 16 103 1104
10412 gale 101
10-year cony 69(w 1)_1929
8314 Aug '19 ---- 834 88
Pocah C & C joint 48_ _ _1941 3 O 80% 824 97
97
Aug '19 -.-- 97
•o dt T 1st guar gold 56_1922 J
76 Sept'19 ---- 76 81
85
Solo V & N E 1st gu g 45_1989 M N 70
Nor Atern Pacific prior lien rail177
764 86
7812
774 Sale 7613
way & land grant g 45_1997 Q
794 82
75
7712 80% July'19
1997 Q
Registered
5712 48 55
814
02047 Q F 5638 8310 58
General lien gold 39
574 574
5538 5714 May'19
a2047 Q F Registered
84 90
3812 84 July'19
20473 J 82
Ref & Imp 410 egr A
76
78
76 May'19
80
St Paul•Duluth Div g 49 1996 3 0 76
10138 Aug '19
101% 10412
St P & N P gen gold 69___1923 F A 10058 102
10032 10019
5 May'19
Registered certificates _1923 Q A 9918 10134 1003
97 Feb '19
97 984
St Paul & Duluth let 5s-1931 F F 91.8 --7912 78 Dec '18
19683 D 76
let cowl gold 49.
60 _ _ 374 Dec '16
Wash Cent let gold 45._ __1948 Q FA 3064
_
1061 10735
10712 Sept'19
Nor Pao Term Co let g 69_1933 J J
7 69.4 79%
71
Sale 7012
Oregon-Wash 1st & ref 49___1961 J J 71
844 88
84 8412 Sept'19
Pacific Coast Co 1st g 58-1946 I D
__- 93 10018 Feb '17
Paducah & Ills let if 4148_1955 J
953.
9519 Apr '10
Pennsylvania RR 1st g 49 1923 M N 90 ___
1
99% 994
99 Apr '19
-1919 M S
Consol gold 59
994
994
9914
Feb
'19
1919 Q M
Registered
874 88
1943 911 N 834 95 8716 June'19
Ooneol gold 48
5 82 894
82
Sale 82
1918 M N 82
Cousol gold 49
1
934 9613
4
933
Salo
933
4
9334
1960 F A
Congo! 4 Xs
83% 43 81.4 8978
D 8212 Sale 824
1965
General 449_
198
91
894 974
9219
Sale
91%
19683
General 59
88% 874
_ 8712 Aug '19
Alleg Val gen guar g 49.__1942 al 8 84
:Sept'16
DR ERA B'ge let gu 49g 1936 F A 8534 - 841
8712 87l
874 Jan '19
Phil& Bait & W let g 49 1943 M N 82 102 Jan '93
&Kitts Bay & Sou 1st g 55_1921 J J
Sunbury & Lewis 1st g 46_1938 J J
7934 -- -id - Dee '17
17 N J RR & Can gen 49_1941 M
Pennsylvania Co9734
97
93%
Sale 9734
9734
J
4141........_1021
gold
let
Guar
964 98
98 July'19
1931 J J 95 97
Registered
87 Feu 17
Guar 314s coll trust rag A _1937 M S 7214 _
Jan '19
-fd- -fdGuar 3 3.4s colt trust ser 13 1911 r A 7414 86% 78
8114 Juir17
____
Guar 314a trust acts 0_1942 J D 7712 80
764 88 8634 Dec '16
Guar 3145 trust otts D_ _1914 J
8612
8338 8834
July'19
96
34
0
A
Guar 15-25-year gold 45..1931
854 87
40-year guar ts otte Ser E.1952 M N 79 88 854 Feb '19
414 82%
g _1942 l+.1 N 8139 -- 8239 July'19
Ole Leb & Nor gu
CIA Mar let gu g 449- _1935 94 N 834 95 9614 May'17
9634 May'18
Cl & P gen set 4140 set A _1912 J J 8914
104 Dec '15
19-12 A 0
Series B__ ....._
984 Feo '12
let reduced to 310_1912 A 0
- 904 Oct '12
1918 NI N 7718
Series03aia..
-.
8814 Feb '17
_
_
7718
A
F
1950
Series D 3148..
88 kor '17
79
76
Erie Cc Pitts gu g 314s B..1940 J
7934 -7914
7914 May'19
70 84
1940 J
Series C
47
87
8334
87 June'19
Or GA lea let RU R 145.1941 J
834 834
834 Apr '19
Ohio Connect 1st 1111 48_1913 NI S 8559 __
10
ay'
NI
93
N
NI
-9714
58.1927
eons
let
VA
Ash
Pitts
ice W V & 0 gu 4149 A._1931 .1 1 8812 93 4834 Apr '17
1933 J J 4812 9212 92 Dec '17
Series B 414s
1942 M S 80% - -- 88% Snot'17
Serlee C 19
-dirs
9112 Sept'19
A 1910 A 0 9112 95
P 0 & St L gu
924 924
924 Jan '19
_1942 A 0 9112 96
Series B
Juntel7
99
I942 ret N 9112
Series 0 gear.
8 -665;
9058 10 -66190%
1915 NI N 9058 93
Series 0 Is guar
Merles It 34i ems,en18 into r 4 9052 ____ 9012 Elept'18
'&7;
BONDS
N V STOCK EXCHANGE
Week ending S3pt 12
Price
Friday
Sept 12
I
I
Week's
Range or
Lao Sate
14.aRang.
Since
ig
Jae. 1.
1 al
If klls1 /go. Low High
Ask!Low
Bid
P.0.0.& St. L (Con.)series F guar 15 gold...1953 3D 90% ____ 91 Sept'18,-- _-- ---1957 MN 90% ____ 9035 Aug '19 ....__ 8312 01
Serlee 0 48 guar
91
91 Apr '191____ 91
Series I cons gu 414s.,1983 P A 9112 95
102
Cot L & P 1st cons g 59_1932 AG 998 10054 101 June'19 -___ 101
100 June'17.--- -- ---Peoria & Pekin Un 1st 656-1921 Q F
87 Mar'16 _-- ---31921 MN
24 gold 4149.
90
3 83
85
85
8412 86
Pere Marquette let Sec A 58-1956
6518 era 6878 Aug '19 ___i ‘
1214 5
3
,
7t4
1956
48
B
1st Series
49
49
49
43
Philippine Ry 1st 30-yr at 49 1937
1940 AG 96's....,, 99 Jan '18 -_-_- ____ ---Pitts Sh & L E 1st g 58
974 Den '17
99
1943 .1 J 94
1st consol gold 59
-:ii -id - -gii
83
8134 Sale, 8114
J
1997
Reading Co gen gold 48
814
1997 J J 7814 79381 78 Aug '19 --- 73
Registered
85
81
-._
'19
Aug
81
82
Jersey Central coil g 49-.1951 AO
J
Atlantic City guar 48 g-1951 J
68
-Hi
"Edi
-Hi
-678
-E61J
-1947
St Jos & Grand Lel 1st g 4a
St Louts & San Fran (reorg
64
84 57
59
Sale 5734
J 58
1950 J
Prior lien Oar A 48
79
4 74
7112
7112 714
J 71
1950 J
Prior lien Oar B Ires
86 6238 7135
01
Cum adjust Oar A 6e_....-h1955 AO 6212 Salo 4212
4012 56
81
4913
50
4
3
Sale
4918
Oct
51960
Os
Series
A
Income
102 106
J 9952 101.78 10318 June'19
St Louis & San Fran gen 66-1931 J
5 9138 9312
9138
913
1931 J J 9212 95
General gold 55
78
May'16
J
J
St LAS F RR cons g 49_1996
90 May'17
1947 AO
Southw Div let g 5s
1 -9612 10314
l0O1
K 0 Ft 8 & NI cons g 69_1928• N 10018 10112 10012
5 8378 7514
85
65
65
6434
AO
g
KC FtS&M Ryret 49_1930
1118
19
5
t'
Sepo
00
64
1
1
4
0
9
6
KO&MR&Bletgu 59-1929 A0
74
tit L W let g 4s bond ctf8-1989 MN
2d g 48 income bond W94)1989 J J _ 6338 63 Sept'19 ____ 574 63
'19
Aug
--6518
53
5712
60
Consol gold 48.......-1932 ID 56
5838 6412
1st termlnal & unifying 5e_1952 J J 5778 594 59 Sept'19
Jan
Gray's Pt Ter 1st gu g 5s-1947 J O
8 08
2 --id -41116714
64931:
4
,1943 J J -(41El A &A Pass let gu g 4s
72
70
7018 June'19
1950 * 0 6618 70
Seaboard Air Line g 49
66
74
---'19
66
Aug
8
635
66
AO
1950
Gold 48 stamped
447
534
39 44
01949 ▪ A 4434 Sale 4412
Adjustment 5e
60
51
1
52
52
5178
51
AG
1959
Refunding 49
80
774 77 June'19 --- 74
AU Birm 30-yr let g 49_91933 M
76
-- 76
Caro Cent let con g 49_1949 J J 731;--- 76 Apr '19.4
10414
1003
'19
Apr
10014
8
J
1017.
J
---Fla Cent & Pen 1st oat 69_1923
100 101 Den '15 --let land grant eat g 58 1930 J J
9212
9212 June'19 -- 90
83
1943 3
Consol gold 58
9278 93 July'19 --- 014 93
Ga & Ala Ry 1st con 59._01945 31
94
.9 934 --_- 9412 Apr '19 ---- 94
Ga Car & No lst gu g 59_1929
I
J
954 954 May'19 ---- 9514 9614
95%
Seaboard & Roan 1st 58_1926
Southern Pacific Co7112 55 63 7979
7112 Sale 707
Gold 45(Cent Pao coll)....k1949 J
82 Fob '14
90
k1949 J D
Registered
40 ii 871
Sale
8214 .
82
01929 M
20-year cony 48
1934 ID 103 Sale 10212 10312 140 9934 115
20-year cony 59
68
724 83
111
12
t4
7
4
7
8
sev7
2
le
al
n
S
_7_4
A
P
Cent Pao 1st ref gu g 45-1949
1949 P A
Registered
82
8534
3
824
84
8258
O
8238
J
Mort guar gold 3149_k1929
80
Through St L let gu 49_1954 AO 7018 7412 75 Aug '19 --:.I 75
Oot '18
011&SAM&Plet 581931 ▪ N 93 101 100
9634 Jan '18
1931 J J ___ 99
2d exten 59 guar
95 Nov'18
Gila V G & N let gu g 59...1924• N 9212 102
4 925
Hone HA WT let g 59_1933 MN 86 --- 9238 July'19ii111933 MN 86 -___ 100 Oct '16
let guar 58 red
9814
8 94
9118
97 94
_
& T C lat g 5e int gu1937• 1
9452
93
93 Sept'19
- 96
Gen gold 48 let guar__ _1921 A0 -9234
94
94
----I
Mar'19
94
-94
Waco & N W dlv lat g 69'30• N
93 Nov'18
8734 95
1941 J
A & N W 1st gu g 59
99% ---- 10014 Oct '17 --1921 J
Loutslana West 1st 6s
9958 Aug '19 ---. 9938 9938
Morgan's La & T 1st 68_1920 J J 994 102
1938 AO 9518 ___ 10218 Oct 'lb
No of Cal guar g 5s
-5;
29 92
91
934
;
994
931
9318
J
1
1927
Ore & Cal 1st guar g 59
5
9758
So Pao of Cal-Gu g 58_1937 MN 94% -- 97 July.19--1 9758
- 9212 June'19 ---,I 9212 93
So Pao Coast let gu 49 g 1937 .1 .1 90:12 92'8
7
737
73%
73
803
13,
75
72
A0
San Fran Terml let 49..._1950
85
85
..-- 85 July'19
Tea & N 0 con gold 55..._1943 J
78
118 T012 8312
7738 Sale 77
1955 J J
So Pao RR let ref 45
271
90
3812
96%
Sale
8312
8912
J
J
Southern-let cons g 5s.... 1991
9172 10014 Aug
1991 J J
.16 41' 8312 50
Registered
6412
2
637
Sale
4
4
.
AO
1956
A
Develop & gen 49 Oar
6834
64 Aug '19 ---I 04
61
Mob & Ohio colt tr g 48__A938 MS _
904 July'19
2 87
1996 J J 851Mom Div 1st g 4149-58
2
114
?1
6918
71
098
70
J
1951
St Louis city let g 48
91
9279 July'19 --- 9278 93
86
Ala Cit Sou let cons A 58.-1943 J
3712 8318
8214 8834 8814 June'19
All & Char! AL let A 4101944 J
2 9414 974
0014
1944 J J 8414 9012 904
let 30-year Sc Sec B
74
74 June'19---- 74
657 73
1948 J
All & Deny let g 49
Mar'10
814
J
J
1948
24 Is
75 Feb '17
Atl & Tad let g guar 49_1949 * 0 70 --__ 95
97
Sept'19 ---- 95
ET Va A Ga Div g 59_1930 J
_4_ 8978 97
1958 MM 90 Sal! 90
Cons 1st gold Se
954
92
92 July0'019,
E Tenn reorg lien g 59.___1938 MS
-g-1. 52 Jan '19 -1946 * 0
Gs Midland let 38
1
5212 10
52
1922 33 9614 1004 10012 Aug '19.-- 100
Ga Pao Ry 1st g Os
-97 _...,100 Oct '18 ---Knorr & Ohio 1st g 69-1925
'13,-914
Oct
854
J
Mob & 131r prior lien g 58_1945
65 Aug '19 ---- 65 65
70
_ 1915 J J 65
Mortgage gold 15.
954 July'19
9538 9534
Rich & Dan deb 55 stmpd_1927 A 0 9312 102
71
69 June'19 --- es
6912
N
08
NI
Rich & Meek 1st g 59._ 1948
9912 Apr '19 ---- 94 100
1919• N 054
So Car & Ga 19t g 59
__ 10213 1une'll -Virginia MId Sec D 4-58_1921 MS
96% July'19 -9134 III
.6.371
-6
1926 M
Series E 59
312 D
04
10
6
ecy419
jui
.4
1114
90
1928 MS 9
Series F 5.1
-if-61iN
•
1930
General 59
Vs & So'w'n 1st gu 58_2083 J J 8218 9012 8152 Bet)VIS
75
1st cons 50-yese 50-1988 * 0
1% M
73
9
9:
NItYr:17
870°;;
W 0& W 1st ay gu 48--1924 P A
Apr '19
Spokane Internet 1st g 58_1955• J
r2
754 -75
9138
-7
i 8
18
4/
5' MA
79
79
Term Assn of St L lst g 4148.1939 AG 8114 9
9812
934 Sept'19 ---- 93
92
1891-1944 FA 90
let cons gold 59
77
89 Aug '19 ---- 69
75
Gen refund f g 49 _____ _1953 J J 72
92
9438 92 June'19 .... 92
St L NI Bridge Ter gu g 59_1930 AO
1,s
'9
21 A
uprgt..11
40
9
Asep
R7'2 93
1
1;
53
8
Texas & Pao let gold 59____2000 J
52000 Mar
2nd gold Income 59
La Div 13 L let R 59._ _ _1931 1 3
8512 ME
108
14
NN'04
W Min W & N W let gu 591930 P A
Tol & Ohio Cent 1st gu 501-1935 J
---- 8514 87
'19
13514
Aug
96
8012
0
*
1935
Western Div 1st g 58
8812 73 July'19 - 73 73
_1935 3D 70
General gold 59,....
7012 Aug '19 ---- 7012 784
1990 * 0 73 75
Kan & NI let gu g 49
1 88
92
92
02 Sale
1927 J
28 20-year 59
36
926 Feb '19 --- 36
5
Tol P & W 1st gold 19._____1917 J
2
1512
Sept'19
7512
---8
751J
W
pr
LA
St
lien
g 341/.1925
Tol
76148 (
1 8 ma5
1
5
r.316
3
55
3
4.11
56
1950 * 0
50-year gold 49
P A
-Coll trust 48 g Sec A _
20
IS Aug 'IS
Trust co ars of deposit..... -7112 80 Apr '17 --65
Tor Ham & Buff 1st g 19_41948 J
804 Dec '19
8059 85
Ulster & Del 1st eons g 58_1923 .1
-----------867
-_
8
58
Sept'17
0
k
let refunding R 4s__ _ _1952
4 -S972
8372 25 -8311947 J 1 8312 Sale 8314
Union Pacific lit g Is
8512 Oct '18
1947 J
Registered
28 -§i94
8312 Sale 83
1927 J
20-yeae cony 4g.,
7714 29 7512 8312
- e 7634
-;3.al92008 M
let & refunding 45
28, 102 106
1021
10214
9
1023
1o214
J
J
10-year perm secured 69.1938
5' 7638 36
7658
D 7618 7058 7638
Ore RR & Nev con g 48_1940
4 9978 10112
10012
Ore Short Line 1st g 69_1922 P A 9972 10014 998
Sept'1
___
03 9878
93
9314
9312
1
lst coneol g 59_...._1946 .1
8 s0% 88
823.4
8213
8212 84
_ _1929 J
Guar refund Is
0318
944 98
0614
9412
July'19
J
0
...192
59...
Utah & Nor gold
89 Feb '18
let extended 48.....1933 ii 8212 86
8012 Apr '19
-fiC11-2
Vandalla cons g 48 Sec A ___1955
804 June'18
Consols 42 Series B.___._1957 M▪ N
1 38 -.-- 35 May'19
Vera n. s4 P let an 414. 1014 1
00t. IP Due Nov. 4 Thie Dee.
• No prtce Friday:latest bid and asked. •Due An. IDUIFID. IDueiuni, h Due July. I Due Aug. 0 DUO
n
g'1 41
•0.1t.10/2 SOIL
•
SEPT. 13 1919.]
New York Bond Record-Concluded-Page 4
1067
--
N
BONDS
Y. STOCK EXCHANGE
Week ending Sept 12
7!
=a.
Virginian let 5s series A __IOU
Wabash let gold 55.
193
A
td gold 5s_
_1939
Debenture series B.___1939
1st lien equip 8 fd g 5s__ _1921
liit lien 50-yr g term 4s _ -1954
Det A Ch Ext Lit g 5s___1941
Des Moines Div tat g 4s_1939
Om Div 1st g 3
.___ _1941 A 0
To!& Ch Div let g 4s ____1941
Wa5h Term! 1st go 3)-s__1915
A
1st 40-yr guar 4s_
A
1945
West Maryland 1st g 45____1952 A 0
West N Y & Pa Lit g 5S_ -__1937
Gen gold 4s._1943 A 0
Income 5s.
D1943 Nov
Western Pao let ser A 5s-1946 MS
Wheeling & L E let g
-1926 AO
Wheel Dtv let gold 58._1928 J
J
Exton & Inapt gold 5s_...1930 FA
Refunding 4 48 levies A __1966 MS
RR let consol 4s
1949 MS
J
Winston-Salem S B tat 4s-1960
J
Wls Cent 50-yr let gen 45.-1949 J
Sup & Dul di",A term let 45'36 MN
Price
Priclau
Sept 12
'gees
Range or
Last Sale
.1.*
c,
4"
Bangs
:Anne
Jan. 1.
Bid
Ask Low
Hfah No. Low High
87% 8858 88
883t
5 85
9412
90
9212 91)
9018
3 8712 98
8118 Sale 8118
8218
2 8113 89
90 Aug '18 _
977 -- 0712 July'19
9712 9712
6518 --_- 65 Sept'18
91 ---- 8814 Feb '19
8814 8814
____ 7314 80 Aug '12
____ 66
67 Feb '19
67
67
72
_ _ 74 Jan '19
74
74
73
7218 July'19
77
7218 7512
7614 -- 82 Aug '18
_
56% 57
57
57
56
6.3
9258 93
9278
92%
3 923s 100
____ 85% 70 Dee '18
--- -- 36 Oct '17
8211 83
-1 81.2 8612
8:3
Si
9158 95
96 July'19 ---- 96
90
9112 93 100 Feb '17 -9038 Mar'17 - - - _
_ _ _ _ 70
58 Sept'19 -- -- 5613 64
6012 64
63 Aug'19 - - 5914 6512
6718 74% 76 June'19 -- 75
70
6844 70
6978
6978
5 84
80
68
7818 7514 June'19
7214 77
Railway
Brooklyn Rapid Trau g Eis__1915 AO
5418 55
54
51
53
76
J _-_
let refund cony gold 4s___2002 J
39% 45 Aug'19
43
53
J
J
3-yr 7% secured note
7338 75
75
75
75
86
Certificates of deposit.........
74% Aug'19
____ 73
74% 79
Certificates of deposit stmp'd
____ 70
7214 July'19
7214 7812
Bk City 1st coos 54_1916-1941
_ 92
92 Dec '12
Ilk Q Co S con gii g 55_1941 MN .-_ 70
80 May'18
Bklyn Q Co AS 1st 5s._ _1941
J
101 May'13
Bklyn tin El 1st g 4-Se..-1950 FA
721!
7314 74
7212
72
791 1
Stainped guar.4-5e._ ...JOS() FA
74
7712 7413 Aug'19
7134 791s
Kings county E 1st g 48_1949 FA
71
68
60
58
68
57
Stamped guar 48.
A
Esi 60 62 Jan '19
1949
62
62
Nassau Elea guar gold 45_1951 J
___ 40
50 June'19
50
55
Chicago Rya let Se
74
1927 FA
73
733.1 7338
81
7112
Conn Ry A L 1st & ref g 4401951
J
7012
7:3 -7012
7012 88
Stamped guar 44s
77
J
July'19
1951
73
7978
77
77
Del United 1st eons g 4)-4s.1932
711? 711
J
71
.
7212 i; 71
8112
Ft Smith Lt & Tr let g 5s .1031• S 63
- 84 Jan '14
to
Bud A Manhat 55 ser A_ 1057
A
5814
5634 5714 57
-A-- -6EAdjust income Se
171 14
1678
16
1612 1658
1957
191 1
N Y & Jersey 1st Se
___
90 May'19
90
1932 F
90
0012
Interboro-Metrop coil 43113-956
AO
3213312 14(9 277, 4:334
4 Sale 3112
1
Certifleatee of deposit
3112 Sale 3114
3214 53' 2934 41.1.
Interboro Rap Trail lit 51..1966
6414 Sale 6114
(3534 141 64
7512
Manhat Ely (N Y) cons g 18_1990 AO 05
68 Sept'19
68
6512 7214
Stamped tax-exempt
72
68
1990 AO 62
68
68
7412
Manila Elec Ry & Lt s 1 65_1953 M
75 ____ 77 Mar'19
77
77
Metropolitan Street RyBway A 7th Av letc g 5s_1943 JD 60
68
63
Aug'19
72
60
Col & 9th Av 1st go g 5s 1993 MS 58
Aug'19
53
68
68
58
Lox Av A P F let gu g 5s _ _1993 M
60 Sale 60
60
74
60
Met W 8 El (Chic) let g 49 1038 FA
51 Dec '18
Milw Elec Ely & Lt cons g 5s 1926 FA
10012 June'17
---Refunding A eaten 4338_1931 J
8112 Dec '18
----Montreal Tram let & ref 58_1941 J
9712 July'17
New Orl Ry & Lt gen 4 4s_ _1935 J
J
- 68
61 July'19
61 -ji
N Y Municip Ely 1st s f 55 A 1966 1
37 July'19
63
i 55
Y Rya let R E & ref 4e
738
-- 5
39
1942 J
47
0'38 38
49
33
3712
Certificates of depOsit
44
38
3712 12 3713 45
30-year a(11 Inc Se-------u1942 AO
17 1012 1612
1234 Sale 12
1251
Cest)ficates of deposit
1 1113 1612
1214 14
1214
1214
N Y State Rya 1st eons 4 444 1962 547-ti
5 52
5518 571.1 55
55
62
Portland Ry 1st A ref Si__ _ 1930 M N
75.4
7514 Aug'19
7514 7514.
forth) Ely Lt A P 1st ref 65_1942 FA
6558 _
_ 6558 Aug'19
6212
65'8
Portland Gen Eleo let 60.1935 J
J
9013 Feb '17
91
St 105 Ity I. 11 & P 1st g 56._1937 MN ____ 94
95 July'17
--__
St Paul City Cab cons g 55...1937 J J
9212 10212 Nlar'1.2
Third Ave 1st ref 45
18 50
1960 J .1
50
5:3
5238 5012
59- I
Ad)Income 5is
3414 Sale 3312
al960 AO
34% 92; 25
4212
93 Jun0'111
Third Ave Ely 1st g 55
____ 100
1937 J
89
93
Tr -city Ely & Lt lit s f 56-1923 AO 92
93% 93% Aug'19
97
9314
Undergr of London 4 48
70
1933 .1 2
9618 73 May'19
73
73
Income 65
70 _-_- 78 Sept'19
1948
6712 78
United Rya Inv 58 PIttalse_1926 MN
76 Aug'19
71% 76
70
76%
United Rye St L let g 4s _1934 J
11 4313 55
5:31 t
J
5344 56
5:314
St Louts Transit go Sc
AC ____ 50
50 June'17
United RKs San Fr s f 4e..1927 AO 31
3112
71 22
3112 31
iO7
Union Tr(NY)otts den
._
6 22
3012
3012
29% 31
3612
Equit Tr (N Y) inter etre._ .1 22
31
31
31
30
303t
Va Ely & Pow 1st A ref ISA__ -1934
7634 76 July'19
7478 79
---a
Gas and Electric Light
Atlanta U L Co 1st g 55._ -1947 J
-- 103 Set1C15 -95:4
Bklyn Un Gas let 001111g 65-1915 51 N
81112
807 8612
86
5 8612 95
Undo Gas A Mee IstAref 55 1956 A 0
9:3 July'19
93
93
Columbia U & E let 58
88
1927
8912 8914 Aug'19
J
9212
82
Columbus (b19 1st gold Sc . _1932
87 June'19 -- 87
87
11707
Googol Gas cony deb 644.___1920 Q
4 -El; 100
10014 79 100 10534
Cons Clas ELAP of Balt 5 yr 58'21 Ni N
9814 Sept'19
9618 99
Detroit City Gas gold 55._ A923
9613 Aug'19
9618 9634
Detroit Edison let coil tr 8.1933 J J
95 Aug'19
94
9612
let & ref 65 ser A ------51940 Ni
9334 Sept'll)
94
93
EQ (1 11N Y 1st cons g 5e _1932 FA 8
114 Feb '18
Gas & Elea Berg Co cg 58. _1940 J
887s 100 Feb '13
Havana Elee consul g
80 Aug'19
__1952 F A
7:i1.1 89
-gr 86
Hudson Co Gas let g 5s. .1949 51 N
8912 ___ 91
91
91
90
Kan City (Mo)(las 1st it 55.1922 A 0 9158
9213 May'19
9213 9212
Kings Co El I. & P g Se _____ 1937 A 0 95
- 85 Aug'19
94
35
Purchase money 6s.___ .-1997 A 0 90 1(55
9912 Aug'19
9913 105
Convertible deb 6s____1925 M
93 Apr '19
98
_
98
90
Ed El Iii Mtn 1st eon g 45_1939 J
8l38
- 80 Sept'11)
80
79%
84
Lao Gas L of St Lltef A ext 55'34 A 0 __ 93
93 Aug'lg
9218 97
A..
/12 90
Milwaukee Gas L let 4s._ _ A927 M N
8813 July'19
87% 39
Newark Con Gas g 59-._ -1948
10412 Apr '17
N Y
8612
8712 10 86- 04
P Fi 55 ._ ._1949 J
Purchase money g 4e _ A949 F
70
2 09
7012
7414
Ed Elee III 1st cons R 55.-1995 J
99 Mar'19
98 105
NY&(,) El LAP 1st con g 55_19341 F A
0612 Aug '17
82
Pacific 0 A El Co-Cal 0 A 1.1Corp unifying A ref Os
9114 Sale 90
91i4
17 89% 9618
_1937 M N
Pacific 0 & El gen A ref 51_ _1912 1 J
Sale 81
84
2 81
84
88
Pao Pow A Lt lit A ref 20-yr
Se International Healey ._1930 F A 87% 82 Apr '19
88
82
Pat A Passaic 0 A El Sc. _ _1949 M
100 July'17
Peop Gas A C let cons g 6e 1913 A 0 89 -118-12 97 Aug'19
97 101
Refunding gold Os
1947 M S 7012 Sale 70
71
4 6714 7712
Ch 0-L & Coke let gu g be 1937 J
J
8() 88 July'19
75
85
88
ConG Co of Ch let go g 5s1936 3 J ---- 94% 100 Apr '17
Ind Nat Gas A Oil 30-yr 531936 Ni N
---- 89 Nlar'17
Mu Fuel Oas let go g 6e. _1947 Ni N _-_
75 May'19
75 - 75
Philadelphia Co conv g ._192'2 M N
92
91
82
Aug'19
04
01
Stand Gas A El cony f 133 . _1926 J 0 91
9234 9113 Aug'19
96%
9112
Syracuse Lighting let g 58 _1051 J D
97-2 May'17
7414
Syracuse Light A Power 55-1954 J
J
70 Nov'19
Trenton (1 A El let g 5s._ 11149 M H
--- 9838 Oct '17
Union Elec Lt & P 1st g 5s_ A932 NI S __ 93
90 Mar'19
90
92
Refunding A extension 58_1933 M N _--82 July'19
82
1(2
United Fuel Gas let f 6s._.1036 J J
9712
9712 98
9712
1 94
93
Utah Power & 1.t list Ss _ _1944 F A
8578 Sale 85%
8678
3 85
90
Utica Mee L & P let g 58. _ _1956 J J
9514 -- 101 June'17
Utica Gas & Klee ref 55„.._1957 J J 87
90
90 Feb '19
90
9.)
Westchester Ltg gold Si._,,,1950 J D 8(3
88
90 May'19
92
90
97,2 100
-17c7-s
_ _
-g6,-;Sale
6813 79,.,
-0"
-
'No pales Friction latest Old awl asked
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 12
a Due .1aa
Price
Friday
Sept 12
Bid
Miscellaneous
Adams Ex coil tr g 48
1948 51
Alaska Gold M deb (Is A
1925 51
Cony deb
series 13
1926
Am SS of W Va let 5s
1920
Armour A Co let real Oct 44s'39
Booth Fisheries deb s f 6s_ _A9213 A
Braden Cop Ni coll tr s f 68_1931
A
Bush Terminal let 4s
1952 A
Consol bs
1955
Buildings Si guar tax ex_ A960 A
Chic C & Conn Rye s f 5s_ _ _1927 A
Chic Un Stat'n let gu 4)49 A 1963
Chile Copper 10-yr cony 78_1923
Recta (part paid) cony Os ser A A
Coll tr & cony 65 ser A _1932 A
Computing-Tab-Ree s f es_ _1941
Granby Cons M S & P con (3s A 28
Stamped
1928
Great Fails Pow lets f 55
1910
Int Mercan Marines f 68
1941 A 0
Montana Power 1st 5s A _1943
Morris & Co 1st s f 434s
1939
Mtge Bonds(N Y)4s ser 2_1966 A 0
10-20-year 55 series 3
1932
N Y Dock 50-yr let g 40_1951
A
Niagara Falls Power let 55..1932
Ref &gen 68
a 1932 A
Nlag Lock & 0 Pow let 5s__1954 Ni
Nor States Power '25-yr 5s A 1941 A
Ontario Power N F 1st 55..1943
A
Ontario Tranimisslon 5s____1945 51
Pan-A mPet&TrIst consuls'19-27
Pub Sony Corp N J gen 5s_ _1959
'Tennessee Cop 1st cony 65__1925 Ni
Wash Water Power let 5.5_1939
Wilson A Co 1st 25-yr s f 65_1941
0
10 yr cony s f (38
1928
8
0
West's
lianas or
Last Sale
Act Low
43.
g4
Range
Sines
Jan 1
High No. To;
_ 5812 5838
5838
1
2034 23
25 Sept'19 - - -20
228 2312 Sept'19 -- -98 .__
s1
9
9531 e1
5833 (37
20% 35
231. 35
-E1-3384
9
80
312 Feb8
418
'
-9434 9542 911_
2 9213 97
94I
8118 8178 8134 Aug'19 -- 8018 82
8114 8234 83
1 80
83
85%
7912 80
8112 Aug'19 -- 7913 83
4012 ___ 58 Mar'18
81
85
83 Sept'19
83
89
11738 119 118
11818!--15 10534 128
8914 90
90
90131 20 8212 95
41 8112 9134
Sale 90
90
088812
8234 89
Aug988708
1130a2le 91%
97
9812
96
98
97 Aug'19
95
98
92
94
9314 Aug'19 ---- 9:314 96
• 9678 Salo 9513
97
112 95% 10534
00
14 89
Sale 89
95%
____ 87
8512 S099
83
8812
1.9174
--__ 83 Apr '14
- - 94 June'16
69
69 Sept'19
-68- -.Fr
95
91
96 July'19 -- 9378 97
100:2 10178 10012 Sept'19
1001z 101%
9112 --.. 9212 Aug'19
9212 93%
8512 8512
8513
1 8514 90
89,14 ---- 9012 Sept'19.
9112
89
80
88
84 June'17
180 ____ 15512 May'19 -- 11214 155'2
14 7312 80
7312 Sale 7312
75
9312..,,, 94
3 91
94
96
91 ____ 90% July'19 ---- 90
95
100
Sale 9912
100
29 9658 10138
9714 Sale 9714
159 9518 10434
93
Manufacturing & Industrial
Am Agric Chem let c 5s_ __ _1928 A0 9512 9713
Sept'19
012
0112
98
7 112
Cony deben 58
Sale 10
92
7
10
---1
1924 FA 102
Am Cot 011 debenture 55_ _ .1931• N 86
89
Am Hide & L lit of g fie _ _1919 MS
_- 10
83
Am Sm A R lit 30-yr Si ser A '47 AO 8512 Sale 85
8512 38 8418 93
Am Tobacco 40-year g 6(3
119123Aug19 ---- 119 11912
1944 A0 119
Gold Is
75 ---- 78 Sept'19,---- 7212 9
8801.3
1951 P A
Am Writ Paper s I 7-6s_ _ _1939 J J
88%
88781
6 88
9012
1st s f Si etfs of deposit
90114 July'191----1 86
9014
Baldw Loco Works let 58_1940 MN
9912 _
10034 Sept'19',--- 100 10112
Cent Foundry let s f el__ _1931
86
8614 86 14 Aug
0
'
7119
2
78
8712
Cent Leather 20-year g 58..1925
96% Sale 9O 14
951,
97
C011901 Tobacco g 4s
74
80
7312 Dec '18 ---1951
Corn Prod Reg s f g 5s___ _1931
100% 10112 10018 Aug'19
10018 Salo 100%
1st 25-year s 1 Si
-9
176
911 1
16
00
f1;
100%
1934
Distil Sec Cur cony 1st g 5s_1927 A
8818 89
87 Aug'19 ---- 87
92.2
E I du Pont Powder 4 4s__ _1936
9312 104
9212 Aug'19 ---- 9213 94
General Baking let 25-yr 69_1936
8812 ____ 8812 July'19 ---: 88
8812
Gen Electric deb g 34s_ _ _ _1942
7214 73
70
A
O 7112 77
73
14 9514 101
Debenture 589514 Sale 9514
9558
1952
Ingersoll-Rand 1st Se
96 Nov'18
1935
Int Agrie Corp let 20-yr 55 1932
-gi38 82-14
8314
lot Paper cony s f g 58
98 -- 98 Aug'19 -__ -f
98
61-2 -(4
.
8
S14
1935
lit A ref ti f row/ 5s ser A_1947
92
89
7 Aug'19 ---- 8514 90
8
Liggett & Myers Tobac 75..1044
11078 11112 111
11211
13 120 1337
Si
9212 90
91
A
92
1051
7 90
93
Lorillard Co (P) 7s
110 111 11078
11114
1914 A
2 10934 11313
Si
90
A
9038 90 Aug'19 ---- go
94
1951
Nat Enarn A Stampg lit 55_1929
96
9712 96 Aug'19 ---- 95
98
Nat Starch 20-year deb 55..1930
9312 --_- 94
Aug'18 - --- ___ . -National Tube 181 Se
9534
9412
95.44
2 9378 9912
1942 51
N Y Air Brake 1st cony 118_1929 51
10118 103 105
1114
110
0114
2
1 9612 103
Pierce 011 5-year cony 61_41920
1051 1 120
8 10014 145
10 - year cony deb 6s__ _ .51924
10112 Sale 10433
10518 236 8334 11214
Sinclair 011 & Refining1st s I 7s 1920 warrants attach
A
---- 12312 Aug '19 ---- 9818 15212
do without warrants attach
A ____
997 July'19 ---- 95 100
937s 91
Standard !Wiling let Si. _1930
91
Aug'19 ---- 91
95
The Texas Co cony deb 6.5._1931
7 10012
103
Sale 10212
103
104
Union Bag & Paper 1st 58_1930
8813 8912 3112 Aug'19 ---- 8112 8911
Stamped
87 Dec '18 --- _ _ 1930
Union Oil Co of Cal 1st 5(1_1931
9414 95
U S Realty A I cony deb g 5s 1921
7518 Sale
U S Rubber 5-year sec Ts
1223 10438 10412 10
18
0
667
795
4
2
0:
i1
3
24 18
54
10
755
08
1923
10
794
4!
741114
2 3
1st dr ref fai series A
8714 Sale 87
1947
8712 94
Smelt Ref At Ni cony 138.1926 P A 10212 Sale 10212
103
Va-Caro Chem lit 15-yr 5s.1923 Jo 95Ji 9578
196
1:
1
71 9518 9312
96
658
..96:s3
Cony deb Os. _______ _ _e1924 AC 10178 103 .
10
4
11
80
1017
55
14
8
2 10
8
8
0:41:
07
Welt Electric lit 543 Dec
97
9718
1022 J
',Zu.::13 -_-_-__- N3., ii%22
Coal, Iron & Steel
Beth Steel 1st ext st5F1 ____ 1920 .1 2
961-2 98
4
9738
9712
let A ref Is guar A........1942 MN
Sale 89
5
89
89
20-yr p m & Imp sf 58_ _1936 J
J
8578 Sale 8531
33
8614
Buff Ac Sung Iron s f 5s___1932 J D
9134 9312 July'19
Sale 9()
Debenture Sc
_a1926 MO 90
90
Cahaba C M (30 let gu 6s...1922 J O
101 Dee '14
Colo F & I Co gen 5 f
FA
8914 92
9012 Aug'19
Col Indue lot & con 5s gu-1934 P A
7712 79
9
7734
79
Coils Coal of Md IstAref 50_1950 J
8312 88
8312 Sept'19
Elk Horn Coal cony (91
D
98 Feb '19
1925
Illinois Steel deb 4 411.
8512 -io'
1910 A0 8518 bale 851s
Indiana Steel let Ss
N
9112 Sale 9412
1952
9513 18
Jeff & Clear C & I 25 5s
D 96 -.1926
......
Lackawanna Steel 15t g 5s 1923 AO 9634 98
96%
97
let cons 54i series A
33
92
1950 MS 9244 93
93
Midvale Steel A 0 cony 81 53193)3 815 87
Sale 87
8738 26
Pleasant Val Coal lets f be 1928 J
J 8013 --Foote) Con Collier let s f 59_1957 S i 83
8478 88 June'19
Repot) I & 8 10-30-yr Se s f_1940 AO '3-1
8
9413
9138
St L Rock Mt A POe etnapd _1955
J ____ 79
8
90
434 Mar'19.
Tenn Coal I A RR gen 541_1051 J
8914 93 July'19 ---87
J
U S Steel Corp-)coup. _41983 M
99% Hale 9913
100'4, 87
Of 10-60-year Fullreg _ _ _41963 MN
10013 Aug'19'---Utah Fuel let s f 5e.
87 ---1931 Ni N
J
Victor Fuel lit 5 I 5s_
55
70 -7
-0
._1953 J
-Vs Iron Coal & Coke 1st. g Se 1949 MS 8418 8512 8418 Sept'19
9312
87
so
9312
90
91.2
92
8912
9012
91
88
7312
8212
95
8234
9412
92
81
90
9814
86%
9812
98
99
91
. -8714 8812
9217 9614
8031 8034
9138 93
99ii 10112
9914 10012
96
se
86
70
70
8418 87:i
Telegraph & Telephone
Am Telco A Tel coil tr 4s _1929 .1
Sale 82
1 82
82
82
17i 8012 86
Convertible 4s
_1936 M
80 May'19 --80
77
8712 87
20-yr convertible 4 tis _ _1933 MS 87
87
2 8512 91
30-yr temp coil tr be ,...1946 Jo 8758 Sale 8712
8814 124' 8342 94
7-year convertible es _ _ A925 FA 10078 Sale 10012
101 I 108' 100 104%
Cent Dist Tel let 30-yr 55. _1943 J O
9614 Aug'19
96
981s
Commercial Cable let g 4e. _2397 Q
73 Nov'171---Registered
_2397 Q
6818 Jan '18 ---1
J
Cumb T T let & gen Se ..1937
9l1 Oily 9212 Aug'19,
-El;
sill
1 -8
Keystone Telephone 1st 55. A935 J
J _69_85:
9-8
8-- 98 Apr
Mich State Teloph let 55
8118 Sale 8118
1924 FA
81181
1, "gil8 8312
NYANJ Telephone 54i g__1920 MN
9812 Apr '19 -- 9812 9813
88
6;83 WI; 8558
N Y Telep let & gen 1 f 44s.1939 MN 9
86
31 8458 9113
10
30-yr deben s f (3s __Feb 1949
0 Sale 99
100
93 9338 10112
Pacific Tel & Tel 1st 58
8a8le 90
8% S
1937 32 9
5 8912 9538
90
South Bell Tel & T let 5 f 58_1941 J
J
8738
4 85
9312
87
West Union colt In cur 58_1938 J
J
8613 8612
2 8612 94
86
Fund A real cat g 4 4s......1950
N
8412 8712 87
87
15 8512 92
Mut Un Tel ItU ext 5s._ 1941 MN
10112 Sept'17
Northwest Tel go 4 qs a 1934 J
J _ 94 Nov 16 ..--
Due AprIl. e Due May. g Due June, 5 Duo July. .t Doe Stag. o Due Oct.
D Due Nov. q Due Dee s Option sale.
BOSTON STOCK EXCHANGE-Stock Record „..7.7.0:.
1068
87ARM PRIC118-NOT Pill CIENT0211 PRIG'S&
Saturday
Sept. 6
Monday
Sept. 8
Tuesday
Sept. 9
1Vednesda3/
Sept. 10
121 121 .123 121
67
6712 67
.67
92
90
.90
90
_ _ .80
.80
3112 3112
.3213 33
- -140
'
Ho- 1-4-0- *:::: 140
.60
.
12
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7
*5
7
5,2 512 *5
20
•____ 20
20
.133
•133 136 .133
87 .85
*85
87 .85 -Z;i7312
ion- 166- *Hi)" 11i -.103 110
.5012 52 5012 51 .51 52
•10113 105 *10112 105 .10113 106
*7212 75
*7212 75
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70
69
.
70
70
3134 3134 .3134 3212 32 13-_ .8312 95
95 .83
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123
.
*67
91
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32
121
6714
91
85
32
V‘"
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20
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4112 41
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83
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134 .112
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812 812 *812 9
101 10158 9914 10114 9914 100
•125 130 .120 127 .120 125
.8014 82 .3014 87 .801
_
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.2012
21
2212 .20
.20
2212
2212 .20
•1034 11
11
1034 11
10
818
8
818 818
712 818
•1312 1414 .1313 15 .14
15
614 614
6
6
*614 612
1534 16
*1513 16
16
16
63 .60
•60
63 .60
63
•145 148 .145 147 .145 147
7618 77
7612 7734
77
77
*31
32
*31
31
31
3134
4114 42 .41
42
4113
41
5
5
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26
25
4712 48
47
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714
932
9
.
.9
•96
9612 .95
*6934 71
6912
63
6312 62
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5512 5714 5612
3212 3278
8934 8934
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.9
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141
5613
-3212 3212 .3213
89
89
8812
25
43
714
938
9612
7012
5312
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57
5l
26
47
714
938
9612
70
6312
141
5634
-33-1-2
89
-314 -39-- 3314 3938 -56- -4-0-I
-3
097
98 .96
98
9612 *97
*1514 1534 *1514 1512 *1514 1512
4112 4134 4114 4134 4112 4178
4912 4912 .4918 4914 50
5114
14312 145
145 14712 14713 14812
.
65
67
67 .65
6712
67
134
*114 134 *114 134 4114
5112 63
5234
52
5214 53
2678 27
27
27
27
27
1614 1614 157 1634 1633 17
•18% 18% 1814 19 .1878 19
.30
31
.
_ _ .31
33
21 -2-1-- 21 21
•207g 21
79 .75
.75
78 .75
78
70
69
.
69
6812 69 .68
•---- 79 .____ 79 ...--- 78
•113 2
.113 2
.112 2
81
*79
7912 7913 .
78
80
*.50 .80 ..50 .85 •.65 .90
•42
44
4114 4114
43
41
1514 1514
1514 1514 1514 1514
814 814 .8
834 .
8 ,84
•--.. .50
.40 .50
.50 .50 .
425 425 *420 425 .420 430
2414 2414 2414 2434 2414 2434
1858 19
1813 1812 *1712 1812
63
• 53
5212 5312 53
53%
.278 3
3,2 .2% 312
*3
1018 1014 10
10
10
1014
1758 18
1712 1778 1712 1758
*412 5
434 434 *413 5
7,4 *7
714 *7
*7
7,4
412 412
412 5
.134 5
*1% 112 *114
112 .133 11
4812 4812 4313 4834 4834 4334
86 .84
*84
86 .84
86
36
34
.
34
34
34
34
/
434 51
518
5
*5 1,1514
2
4
•13
134
134 .112144
614 .
6
6
6
614
6
412
*4
4
414
4
*1
*314 4
*314 4
.314 4
*714 73.1 *714 734
734 734
912 10
914 912
912
9
9
818 858
812 813
71
71
.71
72
7012 71
412 *4
.4
412 .4
412
2534 26
2534 2534 2518 2534
*1012 11
.1012 11
•1012 11
18
18 .17
18 .17
18
.75
80 .75
78
7734 .75
.10
10% 1018 104
912 1118
*1512 16
1512 1512 15
15,2
1,4 114 .118 114 .118 114
212 213
2
214 .
243 234
.42
41 .
41
44 .43
42
63 .61
61
.
61
61
63
1914 1912 20
2012 2012 2234
72 •69
70
.
70
70 .68
62 .60
.60
62
62 .60
.21
22
2114 *2014 2112
21
3
3
313
314 *3
3
212 213 .
233 234
234 314
•.30 .35
.30 .30 ..25 .35
.634 718
7
7
712
*7
*313 334
313 312
312 338
312
*3
113 212
212 3
178 1%
2
2
2
2
234 234 .213 214 .212 234
*101.4 1014 10
1014 1014 1014
334 3%
328 334
3% 3%
*312 4
312 312 *312 4
2
214
2
214
2
2
26
.
27 .26
27 .2578 26
.
112 .1
1
*I 112
112
*Bid ant as'cat
49 c-dIvldsnd
Thuriday
Sept. 11
Friday
Sept. 12
12213 12312
123 124
-- 6512 65
6512
.
.83 -_
Last Sale 85 Aug'19
32
3113 31
31
Last Sale 43 I Aug'19
Last Sale 139 Aug'19
..60
512 5,2
Last Sale 18 June'11)
Last Sale 134 June'19
Last Sege 87 LSopt'19
Last Sale 70 Aug'19
100 100
51
51
52
52
Last Sale 110 June'19
Last Sale 7212 EAug'19
_
69
69
3113 3014 3138
31
Last Sale 9913 Aug'19
Lag Sale 100 Aug'19
92
92
91
92
Last She 1738 Aug'19
91
*85
.4013 4112 4013 4013
49
49
50
.49
lalesfo
the
Week
Share,
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
100
101 Boston & Albany
100
40 Boston Elevated
100
10 Do pref
100
Boston & Lowell
100
33 Boston & Maine
100
Do pre
100
Boston & Providence
50 Boston Suburban Elec.._no par
40 par
25 DO pref
Bost & Wore Elea preLao par
Chic Juno ay & U S
100
prof
D
Concord & M ont 01.183 4...100
100
4 Connecticut River
100
42 Fitchburg pref
Georgia Hr & Elea stamp 1.100
100
prof
DO
103
107 Maine Central
221 N V N Ft & Hartford__ _100
Northern New Harap3hlre.100
Norwich & Worcester pref.100
100
25 Old C ,Iony
109
Rutland pref.
2 Vermont & Masi achusetts_100
251 West Eel Street
50
32 DO prat
Rano' Since Jan. 1.
Lowest
122 Sept 3
34 Aug 8
90 Aug28
85 %Feb 8
Jan30
28
43 Aug25
135 Aug12
505 Apr2,3
513 Sept 5
13 Junel3
134 Aort7
81 Febl3
Apr30
61
107 Sopt 6
50 Aug 5
99% M ar15
70 Mart5
61 Septll
257s Feb13
88 MaytO
95 Mull
91 Sept12
17% Atig18
87 Ang15
40 M tr21
49 S3pt12
Highest
145 Apr 3
8014 Apr 5
97
Jan28
Jan 3
95
3813 July29
50 Jan27
Jan 6
163
60e July 3
Jan14
11
30 Feb 7
Jan 4
135
90 June10
Jan 6
77
115 Apr 9
53
Jan 2
110 June24
7812 July29
83 Jan 6
40% July29
9912 Aug 6
101
Apr15
105 Jan 3
23 May27
300 Jan18
50 Apr 3
68 Junet3
[VOL. 109.
Range for Previous
Year 1918
Lowest
12212 Apr
37
Jan
91% Dec
80 July
Jan
19
27 Feb
150 Apr
.50 Dec
10% Mar
25 July
138 July
8213 Apr
73 Nov
104 Feb
53 Jan
106 Sept
Oct
70
7713 June
27 Feb
001
84
Jan
95
z88% June
Jan
20
80 Aug
Feb
37
Jan
47
Highest
146 Nov
80 Nov
98 Nov
104 Nov
40 Sept
60 Nov
170 Aug
3 June
15 June
30% Nov
147 Apr
8512 Dee
80 Feb
125 Nov
65 Jan
11614 Jan
81 Feb
88 Nov
46 May
95 Nov
100% Nov
11212 Dee
25 Jan
90 Oct
60 July
62 Apr
Miscellaneous
213 Mar
40 July
2 Angll
Amer Pneumatic Service_ 25 55e Jan 2
Last Sale 113 Sapt'19
4 Sept 1534 Mar
212 Apr 8
914 Aug14
13 DO pref
8 351
8
8
Oct
903
1098
Aug
103 97 Aug14 10413May27
9914 10111 10014 1011.3 1,511 Amer Teton & Tele;
10 Arnoskeig Manufacturing-- 79 Feb15 145 Jully12. 6011 Jan 92 Nov
125 125
.120 125
June
82
Jan
76
1
2
5
2
r
May
J,il
18
4
2
8
Selapnt191
9
Do
pref
____ __
8014 81
2
90 Anglo Arn C ornml Corp_no par 7
1881'2
19
19
1813 19
-s.-15e5
;II
11 Feb.
Art Metal Construe Inc-- 10 1713 Jan21 2218 May 6
Last Sale 21 Aug'19
553 Bigheart Prod & Refg____ 10 10 June16 13% May191
-_
- ---_
1013 11
--- -ii7; -130;
--- May
712 Aug22 1512 Mar171 -1014
2,935 Century Steel of Amer Ina_ 10
8
8
8
8
1781 May
1113 Nov
17 Cuban Po•tian1 Cement__ 10 10 Mar26 183 May 6
14
14
13
13
5% May
Jan
413 Jan 4
4
10
.638 612 ____ ____
6% June19
105 East Boston Land
13 Mar
6 Nov
25
6 Jan22 1913 July26
425 Eastern SS Lines Ino
15% 154 ---- -Mar
68
Oct
100
39
39
Aprlt
75
July26
Da
1
prat
6213
.60
100 145 Septll 172
Jan 2 134 June 186 Nov
73 E Ilion Electric Ilium
iii- ai146 148
Nov
25 5213 Jai:in 84 JulJuly2827% June
771 Fairbanks Company
7513 76
50 28 Apr1.1 38 May17
27 Aug 364514 ov
40 Gorton-Pew Fisheries
'76_
3134 _76__
.31
25 h37 Soptll 52 May19
3814 1,893 Gray & Davis Inc
37
38
337
3111 Aug
313 Mar
313 Ang29
412Junel2
Internat Buttonhole S M._ 10
Last Sale 313 Aug'19
713 Oct
414 I1,2 ar26
413 Oct
9% May 6
285 Internal Portland Cement_ 10
434 434
5
5
12 Apr 23 Nov
4 2
r20
n
,
Ja
9 m
9 M
48
50 18
3
ca6
maiv
25
7 DO pret
1,0115
25
par
no
Products
Internal
if
-.
.5
-:147
.44
Dee
6
Jan 2
318 Aug
933 Feb20
390 Island 011 & Trans Corp__ 10
7
'7
714 714
10 May
10 98
ni
eb
j8
058 F
0 9
17
1 m
534 Junet
1,
57
Jarinr2
15
20 Loew's Theatres
914 914 -- - ..,
Nov
93
_109
pref
1st
H)
McElwain(W
Last Sale 9513- Sep-t'19
-- - - --- - 91l
1t N
Nov
0v
838 Massachusetts Gas Cos__100 6)12 Sept 8 86 Jan 9 z7714 Jan
70
70
6912 70
100 62 Sept 8 71
62 June 71 Nov
Jan13
216 Do pref
6212
62
6214 63
Nov
147
June
3
0
3
15
J
2 ititiel;17
49
, 17
b 10
e0
Fu
A
21 mergenth tier Linotype...100
3 107
141 14114
-.7:
6- 770 Mexican Investment Inc.. 10 30
55
5614 "EC
.... _
10
July 1 33% Julyt 1
Bod
ref
min3p
no
Do
Last Sale 30 Aug'19
455
Y Carp _no par 3212 Sept 6 3912 Ang29
3434
33
33
.32
103,.. Oct
8211 July.
216 New Eagland Telephone 103 83 Soptll 96 M v.10
8812 8812
89
88
5 A
44
1 5
13
b21 188
eg2
44
Fu
.1u
3 130 Feb 160 Nov
1vt17
0,
5 Pacific Mills
172 172
3934 -39- 19-3-4 4,810 parish &1131agh tm C wp _no Par
39
100 93 Jan 6 99 Mar29
91 Aug 100 Feb
Plant(rini 0) pref
Last Sale 9514 Aug'19
Jan
10
Reece Button-Hole
Last Sale 15 Aug'19
5 Jtl
1i
3
J
6 M
13
1 4
y 3
an
6
10
Jul y10
11
134 Mar
4138 4114 4113 3,365 Root dr Van Dervoort Class A
41
ffi Nov
Oct -:416
3218
Jan23
5413
2,280
2
f"
4
Corporation....
July14
Z
0
Mfg
5014
Stewart
5014
5034 51
Aug
AugA 1
100 115 Jan30 150 May 5 1
Sw ift
12612 12714
d127128
n 56 Dee
3
25 5212 Jant3 68 May 2
3'316251 TorrIngtConj
68
67
6578 66
ayr
Ma
12m.,
0
25
5
0
4
6
r
a
ja
M
10
5
4
3
37
8
•NI
%
5
2
5
e
y
e
na
ul
m
D
J
,7
&
L
e
y
n
1
1
0
5
5
3
4
1
2
6
>poor
Sept'19
C
[Piton
138
Last Sale
3,198 UnIted Shoe Mach Corp.- 25
5112 5212 5112 52
23 25% Jan 2 31
417 DO pref
2434 Aug 26% May
Jan25,1
2634 2714 2678 27
Jan
July
4,015 Ventura C onsol 011 Fields_ 5
1613 1678 1634 17
634 Man
10 17
ja y2
18
1 9th3
11)
81
l y10
1858 1834 1,001 Waldorf System Doe
1834 19
100 28 Aug26 33 June161
20 Waltham Watch
31
30
31
*30
5 Sept
7 - Nov 29
19:
265 p7alworth Manufacturing_ 20 17 Nlar24 25 July2411 __
2078 21
1212 Feb
15 Feb14 83 July14
9 Feb
Bros
ren istprof
o
Last Sale 77-- Sep-t'19Wa100
20
Apr
42
Jan
Dee
37
2
100
7211
35
21
May
68
Do
68
69
*68
100 33 Jan23 80 July161
Do 2d prof
Last Sale 80 Aug'19
I
Mining
134 Jan
213 July25
11 June
20 Adventure Cansolidated- 25 60 Apr22
134
134
•113 2
25 6213 Mar22 91 Julv291 69 Des 86 Nov
50 Ahmeek
79
79
80
.78
May
.45
July
114
100
25
Apr30
.16
July30,
Mining
Algomah
Last Sale .95 11Sept'19
25 3313 May 1 52 July281 4013 Dee 54 Feb
130 Allouez
.4113 43
4114 42
Aug
1614
Jan
5
Fe028
4
101
18
11
July30
onmercial
C
1512
Arizona
416
*15181
151.3
15
1034 May
10
7 Apr 9 1012 May12
9 Nov
105 Bingham Mines
834
834 834 .8
10 20a Jan30 90e May 14
.48 Nov
.20 Oct
.50
803 Butte-B alaklaya Copper
.40 .40.__
25 350 Mar 14 480 July17 425 Dec 470 Dee
425 4258 Calumet & fleets
424 421
1 1214 May 5 257 Sept 5
2113 1,635 Carson 1Il11 Gold
2114 21
24
25 12 Mar2I 20 .July23 -1084 June -1413 Feb
lail
19
Ceonpt;Trna
c
*1712 1813 .18
25 39 Mar 5 62 I Jt3ty23
40 Dee 5113 Nov
23125
Co
5234 5234
5212 527
3 Sept
113 Apr
20
2 M aril
3
314 May1.4.
3
425 Daly-West
318
2
67s Mar
434 Dee
10
414 Folo13 1134 July25'
1018 1014 1012 1014 3,910 Davie-Daly Copper
Nov
12
Mar
813
8 Feb38 21 I Aug 9,
1712 2,003 East Butte Copper Min- 10
1712 .17
17
6 Feb
3 June
1 Is May 9
6141July26;
25
100 Franklin
514
.413 5
.45
4% Dec 1013 Jan
912 July281
4 May 1
7
25
714
7
550 Hancock Consolidate 1
7
734 May21
Set)
15c Mar 305
25 20s Feb 20
685,Helvetla
514
5
*518 5%
Jan
1
2 July26,
50a Mar 8
40 July
!Indiana Mining.
Last Sale 134 Aug'192
447 Dee 70 May
42 Apr1.6 5514 July28
1
4912 4912
560,Island Creek Coal
50
49
1 78 Apr 12 8812 July30
7913 Oct 84 Feb
o prof
I
Last Sale 8534 Sept'19D
25 24 Jan 2 41 July29' 19% Jan 29 July
470 Idle Royale Copper
3312 3318 3331
33
6 Jan
613 Oct
61s May 91
5
Jan17
4
6731Kerr Lake
4 if.
4
514 514
99e Mar 4
25
234 July31
134 May
.30 Sept
112
403,Keweenaw Copper
112
*113 134
3
8%
25
Jan23
Den
May
324
July28
4
1
/
7:
Co
Copper
870,Lake
534 6
5% 578
314 Mar
2 Apr16
25
512 July281
2 Jan
40 La Salle Copper
414 *334 5
4
6 Feb
5
218 Apr23
414 July25
23 Den
Last Site 334 Aug'19
1 M as on Valley Mine
Jan
7
4 Feb 7 10 July283
324 Sept
25
100,IM ass Consol
734 734
714 714
413 Nov
.65 Mar
2 Jan l3
1314 rune 21
918 913 1.312i M ayflower-Old Colony- 25
934
9
41 Oct
.40 June
25
213 Feb21 10 fuly25
tu
305miehig
,
.812 918 .812 918
50% Dec 65% May
25 4911 Feb 7 83 July28
2,311Mohawk
7013 7078 70% 7013
213 July
114 Aug
1 Mar 8
612 July231
25
44
412
.4
4
700,New Aradlan Copper
5 1414 Mar 5 2914 July311
48611 Now C ornella Copper
25% 2612 2512 26
4 -t,in;
-ii13;
1
4
-sisJuly31
1211
May 2
1012 11
1O3)1 New Edda Quicksilver__ 5 6%
.1012 11
Jan
37 Febll 2012 May22
12 Aug 20
109
18
13 .17
.17
151 New River Company
Jan
80
Dec
6313
May23
80
1
ar
M
6713
prof100
.75
75
o
1
73D
75
97 Apr
854 Jan
814 Jan15 1312 May12
5
810,NiptsslncE Mines,
___
111
11
1013 Dae 1734 May
9 Feb25 2018 July23
15
216, NT)rth Butte
3
4-1512 151
1518 1514
.95 Mar
.23 Feb
13 July30
25 25o Apr22
100 North Lake
114
114 *Ps
*118
134 Dee
12 fun*
414 July291
25 75c M 3r15
21
214
270 OIllowly Mining.
218 218
Jan
45%
Dec
5
5212
32
Mar
July28
30%
25
Co
41
Dominion
Old
.11
5
4114
4114
46% Jun* 65 Jan
25 15 NI art7 73 July28
6340Osceola
.60
61
61
1234 Dec 2014 Feb
10 1218 Feb 8 25 Septll
21
4,935 pond Creek Coal
23
2213 25
69 Dec 78 May
25 62 M tr22 83 July28
Aug'19
Last Sale 71
Q ilncy
33 Dee 67 lin
25 st Mary's Mineral Land_ 25 40 Mar 4 75 Jtily29
62
57 .53
57
13 lan22 2613 July29
7 Jan 1514 Dee
90 Seneca Copper Corp...nn pie
2134 2134
5% Jan
24 Dee
July30
414
ar15
M
112
10
318
3
314 314
615 Shannon
la Sept
2 Jan
312June 6
25 405 Jant3
.218 234 .218 234
40 South Lake
Dec
Jan
.20
.10
Ang14
50'
Paull
tic
5
._
.....
S
&
M
.35
600
Utah
*.25
.30
South
•.25
871 Nov
Feb
4
5
June
1114
4 M ar 8
25
70 Bwerior
734
71 a *7
7
4% Sept
114 Aug
414 June10
1 NI tr23
318 312
700 Superior dr Boston Coppar 10
312 334
21* Sept
413 Feb
514 June 2
1 12 Sept 9
25
134 2
4.995 TelnIty
112 2
.73 Den 1% Aug
2%4 July29
5 74, Apr 1
/8 2,810 Tuolumne C opper
(
214 21
I
2A
2
413 Nov
114 May
358 June 2
Pt May 9
5
85 matt-Apex Mining
2131 *213 .213 234
Jan
7 Dee 12
712 Jan18 1214 July29
1
165 Utah a msolid ate!
10
.10
104 10
1 Dee 31/j. Apr
5 July30
114 Jan28
1
334 3% 1,552 Utah Metal & Tunnel...
3181 R338
Jae
3
1S8 Dec
July28
414
Mir13
25
1
11
4
Victoria
50
.312
312 I
.
2 Jan
13 Nov
3 July23
25 51, Jan 9
1,370 Winona
2
2
214
2
Jan
18 Dso 36
23 15 Mar IS 31 July31
110 Wolverine
26
2578 26 .24
.4n ,,.... .,,. •...
ye. NI ••••,,
Wvaalvte... _ __.... . 25 401 54,ta
Last Sale 1141'Aug'19
t-e.4131a. a11:-.11vIdend. to Ilalt-patd.
ail ri;315. 6 1113110811 hilt. C 01-830311 dlyil 30 1.
a334
SEPT. 13 1919.]
THE CHRONICLE
1069
Chicago Stock Exchange.-The complete record of
transactions at the Chicago Stock Exchange from Sept. 6
Sept. 12, both inclusive, compiled from the official sales
Boston Bond Record.-Transactions in bonds at Bos- to
lists, is given below. Prices for stocks are all dollars per
ton Stock Exchange Sept. 6 to Sept. 12, both inclusive:
share, not per cent. For bonds the quotations are per cent
Friday
Sales
of par value.
Last Week's Range for
Outside Stock Exchanges
Sale.
ofPrices.
Price. Low. High
Bonds.
U 8 Lib Loan 3%8_1932-47
1st Lib Loan 4s_ _1932-47
25 Lib Loan 4s_ _1927-42
1st Lib Ln 4%8_1932-47
2d Lib Loan 4%s 1927-42
3d Lib Loln 4%s _1928
4th Lib Ln 4%0_1933-38
Victory 4Xs_ __1922-23
Am Tel & Tel colf5s_ _1946 87%
Atl G & W I SS L 5s_ _1959
Chic June & U S Y 40_1940
GM Nor-C B & Q 4s_ __1921
K C Mem & Mr 40._1934
Income 50
1934 70%
Mass Gas 454s
1929
Miss River Power 5s.._1951
N E Telephone 5s_ _._1932 8754
Pond Creek Coal 65.. _1923 92
Punta Alegre Sugar Os 1931 110
Swift & Co 1st 58
1944 93
US Smltg R & M cony (is__ 103
Western Tel & Tel_ _1932
99.64
94.04
92.64
94.04
92.74
94.74
93.04
99.34
87%
82
73
95
77%
70%
90%
76
87%
92
105
93
101%
RR
Week.
Range since Jan. 1.
Low.
99.98 $14,600
94.44 10,600
93.00 9,500
94.80 6,650
93.14 32,100
95.24 23,500
93.44 34,700
99.64 49,900
87% 1,000
82
14,000
73
3,000
95
3,000
7854 2,000
70% 2,000
90% 4,000
76
2,000
87% 1,000
93
5,500
110
18,000
93% 6,000
103% 16,000
RR 1,4 mono
High.
98.04 Feb 99.98 Sept
91.64 Jan 95.90 Mar
92.04 Jan 94.80June
93.24 Jan 96.50 Jan
92.64 Aug 95.90 Jan
94.40 Mar 96.50 Jan
92.84 Aug 96.50 Jan
99.34 Aug 100.04June
87% Sept 92
May
79
Feb 84 May
73
Mar
Sept 77
04% Aug 95% July
77% Sept 7854 Sept
70
Sept 75
July
8954 Apr 94
Mar
76
Sept 80
May
87% Sept 9354 Feb
92
Jan 98% May
87 May 114% JulY
92% Sept 98% June
99
Feb 105 May
RR
Aua 01
mar
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from Sept. 6
to Sept. 12, 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-
Sales
Friday
Last Week' Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Sewer Pipe
100
Amer Wind Glass Mach 100
Preferred
100
Ancansas Nat Gas com_100
Preferred
100
llarnsdall Corporation-25
Carbo-Hydrogen com_
5
Preferred
5
Consolidated Ice com_ -50
Harb-Walk Refract com100
Indep Brewing corn
50
Preferred
50
La Belle Iron Wks prof _100
Mfrs Lignt & Heat
50
5
Marland Petroleum
Nat Fireproofing corn_ 50
Ohio Fuel 011
1
Ohio Fuel Supply
25
Oklahoma Natural Gas-25
Mist) Brewing corn...,.-50
50
Preferred
Pittsburgh Coal Corn...._100
Preferred
100
Pittsb Jerome Copper_ ....1
Pittsb & Mt Shasta Copp-1
Pittsb Oil& Gas
100
Pittsb Plate Glass com_100
Riverside East Oil com..._5
Preferred
5
Riverside West 011 com_25
Preferred
25
Ross Mining & Milling_ _1
San Toy Mining
1
U it Glass
100
U S Steel corp corn
100
Preferred
100
West'house Air Brake_ _50
West'house E'er"& Mfg- _50
BondsArkansas Gas 6a
Indep Brewing Os
1955
124
3%
5%
10
53%
7%
2634
53
3434
651
,
50e
52c
14
134
554
4%
34
10c
113
100
2054 21
300
124 125
93
240
93
74% 79% 1,076
85
90
90
37
3851
505
90
2% 2%
1,175
3% 4
45
0% 6
28
120 120
4
434
310
10
60
10
123 123
10
402
52% 54
7
7% 14,738
50
9% 951
2554 2634
185
5234 53% 1,552
3434 1,400
34
634 7
200
16
16
100
63
65
20
9551 96
132
35c
51c 124,800
520
52c 8,500
14
1454
610
134 135
141
5
5% 6,540
4% 454
360
32% 34
3,307
23
23
48
70
8c 1,000
be
10c 6,000
3354 3334
60
102% 105%
450
115% 115%
65
113 114
80
5434 5551
372
g8
53
88
55
$5,000
6.000
Range since Jan. 1.
Low.
High.
16
Jan
79
Jan
77% Jan
53
July
75
May
32 June
2% Aug
3% Aug
3
Jan
112 June
1% Jan
5% Jan
122% July
48% Jan
6% Aug
5
Jan
16
Jan
42% Feb
2854 Jan
2
Jan
7
Jan
45
Feb
8534 Feb
8c
Jan
2I0
Jan
8
Jan
116
Jan
54 Feb
234 Jan
9 May
13% June
Sc
Jan
60 Feb
30
Feb
88% Feb
114
Mar
93
Jan
40% Jan
29% May
157
July
9454 July
78
Sept
90
July
41
June
2% July
4
Aug
8 June
120
Jan
7 May
16
May
123
Sept
56 May
7% July
11% May
31
May
54% July
3834 May
10% July
20 June
73
July
98 May
67e Aug
65c Aug
18% June
135
July
53( Sept
4% Aug
34
Sept
24
July
ge Sept
13e May
40 May
114% July
110 June
124% June
5934 June
88
36
Sept
Jan
88
55
Sept
MaY
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, Sept. 6 to Sept. 11, both inclusive, compiled from official sales lists:
Stocks-
Tnurs.
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High Shares.
Range since Jan. 1.
Low.
High.
Alabama Co
100
90
90
50 69
Feb 96
Aug
First preferred
100
83
48 80% July 86 June
83
Second preferred.....100
74
74
35 60
Feb 76 June
Arundel Sand & Gravel 100
4434 44%
185 60
Feb 76 June
Atlantic Petroleum
10
3% 4
1,025
Jan
2
454 July
Baltimore Tube
100 73
73
75
100 70
Jan 90 May
Preferred
100 87% 87% 8755
15 7134 Feb 93 June
Celestine Oil v t
4.00 3.95
4.35 13,0851.00
Mar 4.90
July
Chalmers 011 & Gas pref_ _5
3%
3% 334
35
334 Sept
3% Sept
Consol Gas E L & Pow..100 106
105 106%
337 103% Apr 111% May
Consolidation Coal_._ _100 85
85
87
150 78% Apr 92 June
5 10% 10% 11%
Cosden & Co
1,478
6% Feb
1254 May
434
Preferred ..... -- 5
454 4%
629
4
Jan
5 May
Davison Chemical _ _no par
33
36
1,210 30
Aug 40% Feb
50 34fl 3434 36%
Elkhorn Coal Corp
235 27
Mar 43
July
1
0B S Brewing .- - .- - -100
1
100
54 June
1% May
Houston Oil trust ctfs _100
110% 110%
100 72% Jan 142. May
Preferred trust Ws_ _100 90% 90% 9034
88 7254 Jan 101
May
Indianhoma Refining
10
9
10% 7,778
534 June 10% Sept
Mt V-Woodb Mills v t r100
4534 45%
14 16
Jan 51% Aug
100 95
Preferred v t r
95
95
160 71
Feb 100
Aug
Northern Central _ _ ._50 ._ ._ ._
71
71
65 71
Mar 80
Feb
Pennsyl Wat & Pow_..100 85
83
85
175 7754 Jan 88% May
_100
Engineering
&M
Poole
43
43
10 41
June 48
May
50 16%
United Ry & Elec
16
16%
320 15
Mar 20% Jan
50 25
24
25
Wash B & Annap
485 24
Aug 29% June
Bonds89
89
Alabama Coke C & I 581933
Augusta Ry & Elec 53_1940 83% 83% 83%
Cons Gas E L & P 450.'35 82% 82% 82%
93% 98% 98%
OP 5% notes
100 100
Consol Coal cony 6s__1923
Cosden dr Co ser A 6{1_1932 102% 101 102%
1. Series B 6s
1932 102% 101 102%
9854 98%
Elkhorn Coal Corp 68_1925
90% 90%
Lynchburg & Va 40_1938
Md Electric Ry 1st 51_1931 88
88
88
70%
United Ry & E 40.....1949 7051 70
Income 4s
52
52
1949 52
Fr Funding 5s small. 1936
68% 68%
Wash 11 A, A Rs
loai
79
70
$2,000
2,000
1,000
16,000
4,000
14,000
15,000
40,000
1,000
2,000
12,000
22,000
600
1.000
81
83%
82
9534
99%
84%
85%
98
00%
88
6834
48
6654
70
Feb 89
Aug
Sept 83% Sept
Aug 85% Jan
Jan 99% June
Jan 100% July
Jan 104
July
Jan 104
July
Feb 99% Juno
Sept 0034 Sept
Sept 89% May
Aug 76% Jan
Apr 5554 Mar
Aug 76
Mar
Sent 133“ Jan
Stocks-
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
American Radiator- _ _.100 295
Amer Shipbuilding- _100
Armour & Co preferred_ _ _ 104
BoothFishcom_new(nopar)
Preferred
100
Bunts Bros
Chic City & C Ry pt sh corn
1
Preferred
(no par) .,
Chic Pneumatic Tool--100
Commonwealth-Edison 100
Consumers Power pref....
Continental Motors com__
11%
Cudahy Pack Co c3111.-100
Deere & Co pref
100
Diamond Match
100 115
Hartman Corn
100
Hart Shaff & Marx corn 100 89
Holland Amer Sugar
Hupp Motors
1134
Illinois Brick
100 75
Libby(W I)
27
Lindsay Light
10 13
Preferred
10
Middle West Util com.100
Mitchell Motor Co
National Carbon pref_ _100
National Leather Co
Pub Serv of No Illcom_100
Preferred
100
Quaker Oats Co
100
Preferred
100
Reo Motors
(no par)
Republic Truck
Sears-Roebuck corn..__ _100
Preferred
100
Stewart War Speed corn 100 115
Stewart Mfg
(no par)
Swift & Co
100 125%
Rights
18
3
Swift International
574
Thompson(JR)common.... 39%
Preferred
Union Carb & Carb Co_(s) 80
United Paper 13d corn..l00 23%
Wahl Paper Baord
Ward, Montgom dr Co prof
Western Stone
Wilson & Co common_ _100
Preferred
100 9954
Rights
154
Wrigley Jr., common
7654
295 300
65
275
Apr
127 127
80 100
Feb
103% 104
3,179 98% Aug
18
18%
225 18
Feb
80
80%
115 78
Apr
10% 11
30
9% June
1
1,000
% Jan
134
14% 15%
400
654 Mar
78
79
135 60% Feb
109 110
133 107
Aug
8854 89%
25 86% July
11% 12
6,665
854 Apr
108 108%
555 10054 Feb
101 101%
131 78
Apr
115 116
215 101
June
215 543.4 Feb
8534 88
8854 89
120 68
Feb
16
17
510 1234 Aug
11% 1234
860 11
Aug
73
77
719 56
Feb
2634 2734 1,843 19% Jan
1234 16
3,575 1034 Aug
275
8 June
834 834
32
32
10 24
Feb
47
47
10 33
Apr
124 124
24 118
Apr
6,868 1934 Sept
1934 20
85
61 85
87%
Sept
90
90
69 89
Feb
250 250
30 250
Sept
99 100
595 99
July
30
31
520 2834 May
48
48
50 45 May
.205 20854
90 168% Feb
118 120
31 118
Sept
108 115
6,190 84
Jan
50 45
5134 51%
Apr
125% 148
12,430 115% Jan
18
1954 4,576
534 July
5751 5854 2,630 4151 Jan
37
42
6,680 34
Aug
109 109
50 107
Jan
7854 8154 19,063 56
Jan
277 1734 Jan
2334 2454
20
20
60 20
Sept
108 108
25 105
July
754 854
295
Jan
4
8534 8551
40 8254 Aug
68 95
9954 10054
Feb
134 1,168
134
151 Sept
76% 78
2,202 7651 Sept
BondsArmour & Co 4540_ _ _1939
Debenture 6s
1923
Booth Fisheries a fd Gs 1926
Chicago City Ry 5s_ _ _1927
Chic City & Con Rys 50_'27
Commonw-Edison 50_1943
Swift & Co 1st g 50_ _ _1944
8451
102
9254
7554
5154
90%
93
84%
102
92%
76
52
9054
9334
High.
325
July
135 May
10554 Aug
25
July
8354 June
15
July
Aug
2
18% Aug
82
July
118
July
90
Aug
13% JulY
123 May
105
July
120
Aug
97
July
97
July
21% July
17
Aug
77
Sept
34
Apr
25 June
1034 Apr
40 May
5534 July
124
Sept
25
Aug
953.4 Apr
96
July
300
July
105 May
3234 May
May
61
217
July
122
Apr
116% July
5434 July
14914 May
2154 Aug
Apr
65
42
Sept
109
Sept
8514 July
2954 July
20
Sept
11234 June
1254 Apr
104
July
104
July
234 Sept
80
Sept
$5,000 8451 Sept 88
Feb
9,000 10034 Mar 102% July
5,000 8954 Feb 95 May
7,000 7434 Aug 84
Feb
13,000 41
Apr 55
Aug
19,000 90
Aug 9434 .1813
15,000 9251 Aug 9834 Jam
•No par value.
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Sept. 6 to Sept. 12, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks--
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
American Gas
100 55
55
55
Amer Ship & Commerce_ _ _ 3934 38
41
American Stores_ _ _ _no par 3234 3234 3234
Baldwin Locomotive_ -100
117% 117%
Elec Storage Battery- _100 103
9651 103
General Asphalt
100 8954 82
90
Preferred
100 132
123 132
Insurance Co of N A.--10 30
30
31
Lake Superior Corp___ _100 21
21
22
Lehigh Navigation
50
6734 68
Lehig,Valley
50
49% 49%
Mine Hill & S H
50
5754 5734
0 Eisenlohr & Bros
60
60
Pennsylv Salt Mfg
50
80
8154
Pennsylvania
50 4334 43
4454
Philadelphia Co (Pitts)_50
3534 3534
Pref (cumulative 6%)_50 34
34
3454
Phila. Electric of Pa
25 2551 25
26
Phila Rap Trans v t r_ 50
25% 26
Philadelphia TractIon_ _ _50 6534 x6551 68
Reading
50
7734 7934
First preferred
50 37
37
37
Tono-Belmont Devel_._ _1 3 5-16 3 5-16 3 7-16
Union Traction
50 3831 38
3854
United Cos of N J
100 195
195 195
United Gas Impt
50 68
68
69
U S Steel Corporation.._100 104
102 10634
Westmoreland Coal
75
50
75
Wm Cramp & Sons_ _._100
170 170
5
1,800
95
100
9,174
1,576
439
241
845
166
158
12
100
15
1,854
10
260
8,455
1,811
30
115
4
735
226
10
648
2,930
3
50
Range since Jan. 1.
Low.
54
31
2054
65%
5134
39
76
2534
17
67
4754
50
56
80
4254
30
3134
2451
23
x6531
76
35
23.4
37
185
6754
8854
7254
-75
High.
Aug 74 June
Aug 4434 Aug
Apr 3754 July
Jan 12354 Sept
Jan 103
Sept
Jan 95
July
Jan 140
July
Jan 34 June
Jan 2534 July
Apr 73
Jan
Aug 6034 June
Jan 573.4 Sept
July 61
July
July 8431 Feb
Aug 4834 May
Jan 4234 July
Jan 3734 Apr
Jan 2634 May
Apr 2934 June
Sept 71
Jan
Aug 93% June
July 3834 Mar
Jan 3 15-16 May
Jan 41
May
Feb 195
Sept
July 7454 Jan
Feb 11554 July
Apr 75
Jan
Feb 209
July
BondsUS Lib Loan 3d 4345_1928
04.3695.00 $5,350 94.36 Sept 96.38 Jan
Lib Loan 4th 4 Lis_ _1938
93.20 93.'38 13,550 93.00 Apr 95.70May
Victory Notes 4%8_1923
99.30 99.60 4,200 99.30 Sept 100.04June
Amer Gas & Elec 58._2007 86
86
86
3,000 85
July 88
Jan
Small
83% 8334
2007
100 83 June 8854 Jan
Baldwin Locom 1st 58.1940
100% 10051 3,000 100
Apr 101
July
Elec & Peoples tr ctfs 4s_'45
68
6854 4,000 65
Mar 71
Jan
Harwood Electric 6s...1942
97
97
1,000 97 . Sept 9834 Apr
Lake Superior Corp 58 1924
6854 6854 2,000 58
Jan 74
Aug
Lehigh Valley call 60_1928 101% 10134 101% 5,000 10154 Jan 10234 Jan
t.ons31 registered 60_1923 10034 10034 10054 3,000 1004 Sept 102% Jan
Pennsylv RR gen 50_1968 9134 9154 92
9,000 9034 Aug 98
Jan
1960 9334 9334 9354 1,000 9354 Sept 9634 Feb
Consol 434s
Pa & Md Steel cons 63_1925
100 100
1,000 100
Sept 10254 Jan
Philadelphia Co cons & coil
1951
tr 5s stamped
80
1,000 80
80
Sept 8934 Feb
PULL Electric 1st 5s._1966 9354 93
Sept 96
9334 17,000 93
July
Small
94
1966
94
500 9354 May 9754 Jan
Pub Serf Corp NJ 50_1959
73
73
3,000 73
Sept 73
Sept
Reading gen 4s,
1997 8134 8154 83
3,000 8054 Aug 86% Jan
Spanish Am Iron Gs__ 1927
10054 10054 1,000 100
Aug 102
Aug
Welmbach Co 5s
98
1930
98
5.000 95
Jan 9834 June
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Sept. 6
to Sept. 12,both inclusive. It covers the week ending Friday
afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed-that
is, securitios where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the'tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand;there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Week ending Sept. 12.
Stocks-
1
2
Acme Coal..r
Aetna Explosives_ r(no par) 1034
Air Reduction r___(no par) 5835
(t) 54
Allied Packers_ r
Anglo-Am Com'lCorp r (t)
Austin,Nichols & Co.Ine(t) 2834
Benford Auto Products_ r_5
1BethlehemMotor r(no par)
Brit-Am Chem Corp_ 10
Brit-Am Tob ordinary_ L1
Li 2234
Ordinary bearer
10
734
Canopus Iron Corp
25
3%
Car mg& Power
Chalmers Mot Corp-r (t)
Chandler Motor w i_r_(t) 94
Cities Sera,Bankers abs (t) 4834
Clinton-Wright Wire_ r (t) 3334
Coca-ColaCo v t o r(no par) 3834
Colonial Tire &Rub-r--(t) 1934
ColumblaGraph Mfgav 1(t) 46 •
Cu Mor Chemical ......100
Dafoe-Eustice Co Inc_(t) 1231
_ _ _10 17
Delatour Beverage_r.
DurhamHosiery comB.r _ 50 4834
100 99
Preferred_ r
Excello Tire & Rubber_ -10
Farrell(Wm)& Son,Inc(t) 56
100
Preferred
General Asphalt corn r 100 00
100 134
Prefcrredr
4
General Tractor_r_(no par)
7A
_10
Grant Motor Car -----10
1 15-16
Grape Ola common
Preferred
1 1 7-16
Havana Tobacco pf_r_100
9
Heyden Chemical r(no par)
Hupp Motor Oar Corp_10 1134
Indian Packing Corp r (t) 2634
Intercontinental Rubb_100
Internat Prod (no par).r..
631
Knickerbocker Motorsr 100
Lime L000m com_r_ 100
MadisonTlre&Rub,com (t) 59
7
Marconi Wirel Tel of Mn.5
Maxw-Chalm.r..new stk wl 6234
Nat Fireproofing com_r_50
50
Preferred_ r
National Ice & Coal_r_100
10
National Leather_ r
7;1
Nat Motor BUS Corp_r_10
N Y Savold Tire r (no par)
N Y Shipbuilding_(no par) 58
534
Nor Am Pulp & Paper .(t)
20
Onio Savold Tire_r
Otis Steel com_r_ (no par) 38
10 21
Overland Tire
Parish&BinghamCorp.r (t) 3931
Parry (Martin) Corp-r _(t) 2734
Perfection Tire & Rubb _ rl
Pressman Tire & Rubb-10
o 55
EePublie Rubber r (no Par:
RookawayRolling Mills r(t) 11%
Root & Van Dervoort r 100 41
25
Savold Tire Corp
Shell Transp ez Trad_r_...C2 7034
100
Spicer Mfg. corn
Submarine Boat v t e_-(t) 1531
Sweets Co of America r 10 1234
Swift International_ r _ -15
Tobacco Products Exp (t) 37
Todd Shipyards Corp-(t)
Union Carbide & Garb r (t) 80
714
United Eyeglass Shops ..r.5
United Profit Sharing_ _25c
231
Un Retail St's Candy_ r_(t) 24
U Lt& Ht Corp corn_ r_10
2%
10
4
Preferred_ r
10
2%
U 13 Steamship
Vanadium Steel of Am r(t) 4034
100 70
Warren Bros_r
431
Wayne Coal
5
Weber & Ileilbr, com_r_(t) 21
WelchGrapeJulceCo-w-(t)
RightsCommonwealth Petrol'm_
U S Industrial Alcohol... _
1 US Rubber_r
Former Standard 011
Subsidiaries
Anglo-Amer 011.r
Li
Buckeye Pipe Line_ r_..50
Illinois Pipe Line_ r_ __.100
Indiana Pipe Line
50
25
Ohio 011.r
Prairie 011 & Gas _ r_ _100
Standard Oil (Calif)_ r_100
Standard 011 of NJ pf.r100
Standard 011 of N Y..:100
100
Vacuum 011_r
(Vol, 109.
THE CHRONICLE
1070
33
Range since Jan. 1.
High.
4,000
2
11)4 10,300
300
58%
8,800
56
100
18%
3,800
30
100
4
30% 11,200
9% 3,300
22% 2,400
2,900
23
8% 2,350
3,600
4
300
9
7,705
100
4931 17,500
35
1,600
39% 28,500
2,500
25
50
6,500
131 6,000
1334 3,300
17% 3,800
6,500
50
90% 1,150
150
7%
3,700
56
2,000
96
12,400
90
400
134
6,000
5
1,200
734 7%
15-16 15-16 5,100
500
1 7-16 1 7-16
100
11
11
8% 9% .32,400
11% 12% 9,200
25
3034 13,500
400
20% 21
45
4834 3,600
3,400
• 6% 7
910
92
96
39,300
45;4 59
71,500
634 7
4,000
67
57
200
9%
9
200
17
17
100
60
60
500
2014 20%
734 7% 10,000
600
20
20
700
56
60
5
5% 14,700
300
20
20
3414 38% 7,100
20
21
5,800
300
3931 39%
27% 29
500
1
1% 28,000
6% 10
4,000
6% 734 17,500
9,700
10% 12
41% 7,750
40
2434 2,700
18
(3834 72
12,500
450
76
80
5,400
1534 16
12% 12% 13,500
57
57
500
38
25,000
36
60
139 139
800
81
79
7% 7% 3,900
2% 2% 10,000
20% 24% 41,500
2% 2% 13,800
3% 4
2,100
2% 234 9,200
4031 41% 27,500
75
70
1,500
4% 5
24,700
21
21
200
4734 48%
500
Sept
Jan
June
Aug
May
Sept
Aug
Aug
Sept
Aug
July
Aug
Feb
Mar
Sept
Feb
Aug
Sept
June
tug
July
Aug
Aug
Aug
Sept
Sept
June
July
Jan
Jan
3% Sept
7% Sept
0-16 Apr
1 1-16 Apr
Jan
3
0 May
4% Jan
25 Sept
10% Jan
30% July
Aug
6
27% Feb
Aug
45
Ian
4
Sept
57
% Feb
13% Jan
Jan
47
Aug
20
7% Sept
Sept
20
Jan
25
2% Jan
Sept
20
Aug
34
1434 Aug
3634 Aug
Aug
25
34 Feb
6 Sep
5% Aug
10% Sept
Aug
37
17 Sept
Aug
66
5634 July
Feb
10
6% July
40% Jan
25 June
Feb
102
6034 Feb
5% July
7-16 Jan
19% Aug
154 Jan
2% Feb
2
Mar
3734 Aug
42% May
334 May
15% June
46% Sept
334 July
12% July
*85
May
6734 JUIY
25
July
Aug
38
434 Sept
31% July
11% July
27% May
28
May
831 Sept
5% July
15% May
100
Sept
4914 Sept
3734 June
45
Aug
45
July
52
Aug
1% Aug
14% Aug
25
Aug
50 Sept
99% Sept
14% July
62 June
Sept
96
July
95
142
Sept
934 Aug
734 Sept
15-16 Aug
1 7-16 Aug
25
July
10% Aug
1434 July
50% July
35
May
50% Aug
1034 July
98
Sept
50
Sept
Sept
7
67
Sept
12% May
24
May
8135 June
25
Aug
7% Sept
60
May
78
July
7% Apr
34
July
46
July
21 Sept
4134 July
3434 July
1% Apr
27
Aug
11
July
12
Sept
43
July
7731 Aug
7634 July
80 Sept
20% July
1534 July
6514 Mar
4014 July
153
Aug
86
July
July
8
3% July
30% Aug
3 June
331 Aug
5% Jan
4934 Aug
86
July
8)i July
26
July
61
Aug
1,700
3,800
3,200
Sept
5
23
Aug
834 Aug
Sept
8
3334 Sept
1534 Sept
1%
10%
58
54
18%
28
4
27%
835
2211
2234
7%
334
9
92
48%
3334
38%
17
46
1
12%
17
42%
98
7%
5534
93
79%
121
5% 5%
33%
27
1331 1535
2234 22
100
100
183
184
101
101
374
685
290
109% 109%
394
398
435
1%
6%
51
51
18
28
3%
2434
7%
20%
20
734
2
4%
92
35
30
38%
13%
43
%
12%
16%
38
98
7%
54
89
39
83%
23% 4,900 1634
20 91
100
100 164
188
101
10 99
25 315
375
10 630
685
208 253
297
111
12,080 109%
110 310
398
435
10 395
Jan 2614
Mar 101
Jan 197
Mar 107
Jan 404
Jan 800
Jan 319
Sept 118
Jan 430
Jan 490
May
July
May
Apr
Apr
May
July
July
July
May
Stocks.
Sales
Friday
Last Week's Range for
Week.
Sale.
ofPrices.
Par. Price. Low. High. Shares.
Other Oil Stocks.
10
Ajax 011 r
1
All:ed 011_ r
Amalgamated Royalty-r-I
Atlantic Petroleum_r_ _5
Barnett Olt& Gas_r
1
5
Boone Oil_ r
Boston-Mex Petrol
1
Boston-Wtoming Oil_ r 1
Brazos Oil Corp r (no Par)
Burknett Van Cleave 011_5
1
Can-Amer 0 & 0r
5
Circle 011_ r
Commonwealth PetroL.r(t)
10
Continental Refg
Cosden & Co. tom _ r.---5
Elk Basin Petroleam_ r _5
Ertel 011.r
Esmeralda 011 & Gas_r_ _ _ 1
Federal 011 Corp _r
5
Glenrock 011 Corp.r._-10
Great Western Petrol_r_ _1
Guffey-Gillespie 011-r_ (t)
Gulfport 011 & Ref_r_ _10s
100
Gum Cove 011_r
Harvey Cruder
1
Hercules Petrol Claes A r 10
1
High Gravity 011.r
Home 011.1c Refg _r .....10
Home Petrol of Denver_ 10c
Houston Oil corn_ r _..100
1
Hudson Oil r
Indiahoma Ref Co_ r_ _ _ _5
Internet Petroleum_r_51
Invincible 011.r
60
Island 011 & Transp_r-10
Lance Creek Royalties_r_l
1
Little Sioux 011.r
I
Livingston 011 Corp_r
Livingston Ref Corp pf_r(t)
5
Marland Petroleum
10
Merritt Oil Corp_r
Metropolitan Petroleum 25
Mexican-Panuco Oil____10
Middle States 011 Corp_r_l
10
New stock
50
Midwest Refining-r
Midwest-Texas 011-r _ _1
1
Morton Pet of Me_ r
North American 011_r...._ _5
1
Ohio-Ranger2
Okmulgee Prod & Refg_ _5
Omar 011 & Gas, com___1
Omar Oil& Gas new
Osage Nation 011 laynd-r-1
Pennok 011.r
10
Phillips Petrol com-r --(t)
Pittsb-Texas 0 &
10
Producers & ROLA'
1
Queen 011.r
Ranger 011.r
1
Red Rock 011 & Gas-r-100
10o
Rock 011.r
Ryan Petroleum r
1
Salt Crk Producers_ r_.-25
Sapulpa RefInIng _ r
5
Seaboard Oil & Gas_ r_ _..-5
Sequoyah 011 & Ref
Simms Petroleum r(no par)
Sinclair Cons Oil_ r
-(t)
Sinclair Gulf Corp_r---(t)
1
Southwest 011_r
Sou-hwest Prod & Rofg_r_5
Spencer Petrol Corp ___.10
Stanton 011.r
10
Star Tex Pet_ r
Texans 011 & Ref _r_
Texas Prod & Refg_r_-5
Texas-Ranger Prod & R--1
1
Tessa Steer 011.r
5
Tex Ken 011 CorP-r
1
Texon 011 & Land_r
1
Trinity 011 Corp_r
Union 011 of DeL r _(no par)
United Tex Petrol-r
1
Vacuum Oil& Gas
Valverde Oil Prop-r---(t)
10
Victoria 011_ r
5
Vulcan 011.r
Wayland Oil & Gas corn_ _5
West States0& Land _ r _ _1
White Eagle 011 & Ref r(t)
Woodburn Oil Corp.r.wl(t)
011 & Gas_ r
10%
134
1 5i
3-16
434
70c
134
31
534
51
11
831
54
5%
18e
21%
26e
1635
19%
36c
134
1034
3034
35
7
34
1
2%
8
23%
23•4
18
3%
31
175
34
3
734
1
7
34
1434
16
8%
10c
60o
5
5434
731
35
32
5334
58%
17%
154
1414
%
5
2%
34
1
134
39%
.34
5-16
10%
11%
334
24%
1034
1034 1034 3,600
% 134 317,500
134 16,000
134
900
3% 3%
34 3-16 10,500
8% 934 14,500
33.4 4% 9,800
68o 79c 59,700
2734 28% 3,700
800
135 1%
A
% 5,700
534 4,700
59/s
4,600
t'5054 59
6% 2,900
6
10% 1131 12,000
600
• 9
9
8
8% 7,500
N
% 14,850
9,500
234 3
534 534 10,100
1,000
18c 18c
2134 2254 4,000
24c 29e 12,400
95
210
95
400
31 15-16
18% 2,600
16
3,500
15c 18e
1835 2031 3,500
32c 380 30,700
200
112 11414
1
134 13,500
8% 1031 19,400
2,900
2911 31
10,000
33% 35
7
754 10,700
%
% 3,700
1
8,000
38,500
234 3
8
8%
500
734
1,000
7
2334 2414 2,500
254 2% 4,500
17% 1834 1,300
3
334 23,000
30
3334 2,025
2,200
173 178
y,
% 3,600
234 354 7,300
8% 21,100
73.
% 1
4,000
3,600
4
234
9,000
65c 67o
900
634 7
34
1
11,700
1431 14% 3,600
(50
62
4,000
15
16
21,900
854 8% 4,400
9c 10e
15,000
9-16 9-16 4,700
55e 60c
1,750
6,500
25c 300
434 5% 25,000
14,875
52
57
300
7% 7%
7
734 5,900
7-16 34 5,900
3031 32% 4,900
58
6094 24,800
5854 60% 29,000
22c 24e 25,000
231 4
2,800
16
1731 25,000
135 .17
/4 30,500
14
1435 2,100
31 7,250
%
5
554 3,700
134
29.4 13,700
1,200
35
34
4% 531 4,400
11-16 1 122,000
1% 1% 33,500
3931 41
7,500
11-16 31 47,300
% 5-16 13,100
8
ION
3,200
11/, 234 6,100
11% 119-4
900
100
4% 4%
334 3% 1,900
23
2436 8,300
10
1094 16,000
34
34 3,500
Mining StocksAlaska-Brit Col Metals_ _1 15 16
1
Alaska Mines Corp
31
Amer fond Min Corp w 1_1
1
America Mines_r
1
Arizona Silver_r.
45
.1
ktlanta Mines......
10c 400
Belcher-Divider
Belcher Extension_r___10c 25c
9-10
Big Ledge Copper Co._
7e
1
Booth_ r
Boston & Montana Dev_5 80s
1
Butte 3c N Y Copper
1 42c
Caledonia Mining
Canada Copper Co Ltd -6 1 9-16
Candelaria Bilver_r__ .1 1316
Carrie Sliver_r
100 15
6c
1
Cash Boy
134
Consol Ads Smelt
_5
Como! Copper Minos
234
Cresson Con Gold M & M.1
Divide Extension_ r
1 115-16
El S tIvador Sliver Min_..1
1%
Eureka Croesus Mln Co r I
First Nat Copper
5
Forty-nine Mining _ r
1
6 4%
Gadsden r
Golden Gate F,xplor'n_r -5
10 16c
Goldfield Censord
Goldfield Develop't.r _ -10e 16c
1
Goldfield Merger_ r
1 50e
Gold Zone Divide_r
Grand Pacific, Copper._.1 85e
1 2350
Great Beni_ r
1
Hamilton M & S
13o
1
Hasbrouck Divide r
25c
534
Heels Mining
'Howe Sound Co
1
Jim Butler_r
1 31e
Jumbo Extension
1
5
Kerr Lake
100
Knox Divide_r
5
La Rose Mines Ltd
1
Lone Star Consol.r
7-16
1
Louisiana Cons'd
MacNamara Crescent_ r _1 375
34 15-16
A 9-16
1% 1%
34 11-16
5 16 7-16
4c
4o
37c *45c
24c 26c
35
35
Cc
7c
78e 85e
35
35
42c 45e
134 1%
131
134
15
13
Co 6540
1% 11
6% 6%
131 2%
1% 2 1-16
334 3%
1%
I
1% 234
1;1 1 7-10
4
434
231 3
12c 16e
140 17s
40
40
42c 54e
83c 89e
230 234c
9.4
%
13e
lie
5 1-16 5%
414 414
300 310
9350 100
sg 5%
17o 20e
5-16 7-16
6340 634c
7-16 34
33e 390
Range since Jan. 1.
Low.
10
Aug
)4 July
1
Aug
234 Jan
34 Aug
Mar
3
3% Sept
180
Jan
Aug
26
1% June
% Aug
434 June
Mar
37
6
Aug
8% Jan
Jan
6
6% June
% Sept
Jan
2
3% Mar
18e Sept
Aug
18
20o Sept
95
Sept
N July
Mar
10
12c July
Feb
10
300 Aug
Jan
75
560 Feb
531 June
16% Jan
30)4 Aug
6;4 Jan
34 Aug
% Aug
1% June
Sept
8
554 June
Aug
20
2% Jan
10% May
1% May
30 Sept
Jan
124
% Aug
Mar
1
7% Sept
7s Aug
1% Feb
Jan
220
634 Sept
% Sept
11% Feb
Aug
58
8% Feb
Aug
7
80 Aug
;4 June
55c Sept
250 Sept
234 Apr
Mar
38
Jan
7
6% Aug
7-16 Aug
28% Aug
44% May
Jan
22
220 July
2% Sept
1314 July
% Mar
13% Sept
Jan
lo
Sept
5
1% Sept
34 July
331 July
34 June
134 Aug
39% Sept
500 June
3-16 July
6 June
17
4 Aug
11% Sept
3% Jan
3% Aug
2034 Aug
10
Aug
11 July
High.
10% Aug
114 June
2% Apr
434 July
5-16 Jan
1634 May
4% Aug
83e Sept
32% July
2% July
I% May
5% Sept
63 June
*184 June
12% May
11% May
11
July
1 1-16 Aug
Apr
4
814 Apr
18e Sept
25% July
50e June
June
131
1% Aug
2334 July
40o May
40)4 May
40c Aug
14414 May
5% Apr
10)4 Sept
35% July
July
39
9% Mar
2% May
1
Aug
4% July
Sept
10
7% July
May
35
4% Mar
18% Sept
3% Aug
37
Aug
May
190
134 May
531 Apr
934 Aug
2% May
3% May
300 Aug
Sept
7
2)4 Mal
17% Apr
Aug
82
Sept
16
9% June
Jan
300
234 May
70c Aug
2
Apr
7% May
65% July
May
9
8% July
1,4 May
34% July
8434 July
6434 May
85e June
7 May
17% Sept
*2% May
14% Sept
VA June
8% June
June
6
1)4 May
6% Aug
May
1
134 Aug
Sept
41
% Aug
5-16 Aug
10)4 Sept
Apr
6
13% Aug
July
5
10)4 May
July
26
1034 Aug
134 May
June
21,600 310 May
2
5,500 5-18 Aug 15-18 Juno
3,275
1
May
134 June
4,400
54 May 1 9-16 Feb
2,100
134 MuY
34 July
6,000
3c June 83-40 Mar
35o Aug
12,200
84o July
440 July
220 Aug
11,000
22,000
% Mar 15-18 Jan
2,500
8c Sept 36c Apr
16,000 420 Feb 930 July
34 Apr
400
31 May
Jan 45. Sept
12,600 270
1,500 1 5-16 Jan
234 Feb
Jan 2 340 Jane
19,000 52e
10,400 11
Aug 15
Aug
2,000
5c Feb 15%c Mar
Feb 1 916 Jan
3,600
1
3,000
831 June
434 Feb
234 Sept
5% Jan
23,100
134 Sept
9,000
3% July
3,700
134 Mar
534 May
45,300
1
Aug
231 May
1,480
194 Feb• July
3,600
1
June 1 15-8 Sept
634 Feb
3
Feb
3,800
4% may
10,600
234 Feb
Jan
5,400 Ile July 240
Jan
13,400 lie July 240
334c Aug
8o Mar
1,500
Apr
35,500 350 Aug 154
July
1
22,000 82e Aug
234c A eg
Jan
1,000
6e
7,700 410
Jan
434 Aug
7,000 lie June 470 Apr
3,105 4 1-16 Jan
634 June
1,300
354 Mar
554 May
2,500 30e
Apr 44e Feb
3,000 9340 Sept
16e Mar
500
May
6
414 July
33,500 15o June 37o July
5,800 15e
Apr
% May
1,000
50 Feb 30e Mar
34 Apr
5,500 1-16 Apr
108,000 240 June 400 July
SEPT. 13 1919
Min Ing-(Cona.)
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
MacNamara Mining r__1
63c
60c 66c
Magma Chief_r
1
Marsh 11Ining_r
I
12c
1255c
MeKtniey-Darragh-Sav
I
67c
65c 67e
Nat Tin Corp_r
500
4%
3% 4%
Nevada Ophir Min_r_ _10c 30c
25c 30c
Niplesing Mines
5 11%
10!..f 114
Nixon Nevada
1
24c
22c
25c
onondago Mines Corp_r _1
3% 3%
Pittsburgh & Jerome
Ray Hercules Min_r
5
2% 2%
Roper-Group M Co
1
%
1
1
St Croix Con Mines
% 11-16
Seven Metals Tlin_r
1
5-16
% 7-16
Silver Dollar Mr
1
1
1
1
Silver King of Arizona
1
1
1
1%
Sliver King Divider
14c
13c
1
15c
South Am Gold & Plat r 10
. 9% 10
Standard Silver-Lead_ _1
5-16
% 5-16
Stewart _r
21c
21e
1
22e
Sutherland Divider
12c
lie • 13c
1
eonopah Dlvide _ r
1
5% 6
5%
Tonopah Extension
1 2 9-16 2% 2 11-16
z4 7-164 9-16
United Eastern
1
14c z13c
183
U B Continental MInes_r 1
Victory Divide_r
26o
28c
1
28e
Ward Min & Mill_r
20c
1
24e
Wash Gold Quartz
86c 86e
1
West End Consolidated _ _6
1% 19-16
16c
White Caps Mining_ 100
15c
16e
Wilbert Mining
Sc
1 83ic
9e
1
Wilson Silver Mines_r
Yankee John
36c
1
35e
36c
Range since Jan. 1.
Low.
211,000 34c Mar
17,300 22e
Feb
11,700
Sc
Feb
5,500 45e
Jan
13,500
?tar
6,300 15c
Apr
6,000
8% Jan
7,900 170
Apr
3
1,000
Jan
% Sept
200
9,900
134 Jan
% Aug
75,100
1,650 9-16 June
19,900
% Aug
•A Aug
900
15,500 13-32 Feb
16,500 13c
Aug
500
9% Aug
2,800
;
,4 Jan
14c Mar
5,000
8,000
10c Aug
13,200 5c
Aug
4,010
JI113
6,100 3 3-16 Jan
7,800
Co
Jan
8,800 24c
Aug
5,000 20e
Apr
30e .71c
Apr
1,900
1
Mar
5,000 100
Jan
24,500
Sc
Jan
4,550 %
Aug
2,000 35c Sept
High.
lA May
% May
12%c Sept
68c Aug
4% May
60c May
15
May
48e
Jan
3% May
% Sept
3% July
1% Aug
Aug
1
% July
1% June
1% May
37c Mar
14% June
',
1 {8 May
34e Nlay
47c
Apr
•12o Apr
3% May
5% Mar
190 May
53c June
40e
Feb
Ole Mar
May
3
35c
Apr
13%c Aug
1% June
36e Sept
1071
New York City Realty and Surety Companies.
All prices now dollars per share.
Alliance R'Ity
Amer Surety_
Bond dr M C.
City Investing
Preferred__
Bid
60
70
240
35
75
Ask
70
80
250
40
85
Bid
Lawyers Mtge 130
Nitge Bond_ _ 94
Nat Surety__ 244
N Y Title &
Mortgage__ 123
Ask
138 ;II:fealty Assoc
99 I. (Brooklyn)_
250 1,U S Casualty_
I U S Title Guar
128 ',West & Bronx
Title & M G
Bid
Ask
110
120
185 200
60. 70
150
170
Quotations for Sundry Securities
All bond prices are "and interest" except where marked "f."
Standard Oil Stocks Pet Saar
RR. Equipments-PerCLIBas1.1
5
5 60
Pal Bid
Ask Baltimore & Ohio 434s
Anglo-American 011 new- £1 22 23 Buff Roch & Pittsburgh
4As 5.8
851 55
5.4
45
Atlantic Refining
100 1375 1400
Equipment 4$
Rights
•30 3'
Equipment 13ts
5.65 5 45
Pref. new.. _ _ _
107 110 Canadian Pacific 434*
6.00 5 60
Borne-Scrymser Co
100 z470 490 Caro Clinchfield & Ohio 5s_
6 50 5.75
Buckeye Pipe Line Co
50 .99 101
Central of Georgia 4 ha--6:0
50
50 550
6.00
Chesebrough Mfg new.....
_100 300 320 Chesapeake & Ohio
Continental 011
501 560 580
100
Equipment 5s
Crescent Pipe Line Co
.35 37 Chicago & Alton 434s
7
5:0
90' 5
6:00
59
Cumberland Pipe Line_ _100 170 180
Equipment 5s
7.00 6.09
Eureka Pipe Line Co_ _ _100 165 170 Chicago & Eastern Ill 534s
7.00 6 00
Galena-Signal Oil cotn__ _ 100 95 98 Chic Ind & Louisv
4
6
5.
.7
30
5 5.2
85
Preferred old
Chic St Louis dc N 0 5e____
5.80 6.35
Preferred new
1901
10
99
3 10
18
5 Chicago & N W 434s
Illinois Pipe Line
100 183 188 Chicago R I & Pao 4A a_ _
6.50 6.
6
$1:0
00
(10
Indiana Pipe Line Co_ _ _ 60.100
Equipment 58
International Petroleum_ £1 .30 31
Colorado & Southern
BondsNational Transit Co .l2.50 *2712 2812 Erie 56
0.50
Allied Pack cony deb Gs '29 91%
91
92 $26,000 91
Sept
94
Sept New York Transit Co.... 100 182 187
Equipment 43.4s
8.50 6.00
Aim T & T 0%notes r..1924
% 09% 8,000 9H3 Jan 1003.4 May Northern Pipe Line Co_ 100 108 112
5.95 5.50
Anaconda Cop Min 68 r '29
011
Ohio
•375
330
Co
25
98% 9834
3,000 973.4 Feb 100
May
HockingE
Equipment
q
nL
'anit leS
ys 41"
5.95 5.60
Canada(I)Om of) 5Aa_r '21 99% 901.4 99% 37,000 99% July 995% July Penn-Mex Fuel Co
5 Illinois Central Se
11852 6875
100
2 .7
5.70 6.35
1029 97% 9734 9734 136,000 96% Aug 9734 July
5 Ass
Prairie 011 & Gas
Equipment 4%,
5.70 6 35
C C C & St Louis 6s__1929 96
100 290 295
95% 96
12,000 94% Aug 08
KIIIMW1111 & Michigan 434s.
Aug Prairie Pipe Line
6
59
50 5.6
75
Con Met 6% notes_ _.1919
100 100
190 365 365
Mar 100% May Solar Refining
1.000 100
Louisville dc Nashville 5s....
5.70 5.30
interboro R T Ts
1921
84% 88
95,000 82
Aug 02% Feb Southern Pipe Line Co_100 164 168
Michigan Central 58
Laclede Gas Lt coil 7s_1929
100 330 335
July 101
9934 99% 10,000 99
Mar South Penn Oil
Equipment 88
5 90 5.65
Russian Govt 834is_r.1919 43
43
46 102,000 45
Aug
72
Feb Southwest Pa Pipe Linea _100 100 103
Minn St P & S M 4
5
7.00
75 6
6.00
40
1921 42% 4234 4234
1,000 42% Sept
72
Feb Standard,011 (California).100 290 295
Missouri Kansas & Texas 5s
St Paul Un Den 5%s_ _1923
99% 09% 10,000 97
May 095% Jan Standard 011 (Indiana).A00 715 725
Missouri Pacific Se
S nit hem Ity 6% notes1922 96%
2,000 96
Aug 995% Mar Standard Oil (Kansas)......100 570 590 Mobile & Ohio 5s
9135%
005%
6
7..3
13°
7 6
5.°°
75
Swedish Govt Os J'ne 15'39 98
9734 98% 116,000 97% Aug 100% June Standard 011 (Kentucky) 100 z455 105
Equipment 434s
8.
.37 5...75
Switzeri'd, Govt of. 5%s29 93%
9334 95 115,000 9354 Sept 96% July Standard 011 (Nebraska).100 525 550 New York Central Lines 15a.
5.90 5.65
(
i
g
l
(B
ar
htd
683
678
,
Jer.100
Oil
of
New
Equipment 434s
• Odd lots. t No par value.
Listed as a prospect. 1 Listed on the Stock
.012 954 N Y Central RR 412s
Exchange this week, whero additional transactions will be found. o New stock
115
)
Preferred wi
100 10934 110 N Y Ontario & West
6.50 6,75
e Unlisted. w When issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
4%s....
396
Standard
400
Y'k
Oil
New
of
10(.
Norfolk & Western 43.4*..
Dollars per 1.000 lire. flat.
5.7C 5.30
Standard 011 (Ohio)
101 520 530 Pennsylvania RR 4148
5.60 5.25
Swan & Finch
100 95 100
Equipment 4s
5 60 5.25
Union Tank Car Co__ _100 130 133 St Louts Iron Mt & Sou 5c. 7.00
CURRENT NOTICES
6.00
Vacuum 011
100 443 447 St Louis & San Francisco 5s_
7.00 6 00
---A. B. Leach & Co., Inc., 62 Cedar St., this city, comment interest- Washington Oil
le .40 45 Seaboard Air Line Ss
8.50 6.00
Ordnance Stocks-Pit share.
ingly on foreign trade and foreign investments in their monthly advertiseEquipment 43.4s
13.50 6.00
Aetna Exploalves pref___100 63 67 Southern Pacific
Co 43411--- 6
ment which is published elsewhere in the "Chronicle." The bankers point American
5..0
70
5 5.65
35
4 Sou
2
& British Mfg_100
cth
00ern
i0mI
,
I,itititlw
5say 434*
6.00
5.85
out the four ways to improve the foreign exchange situation and also the
Preferred
100 43 44
advantagus which foreign investments offer to American investors. In Atlas Powder common_....100 140
Toledo & Ohio Central 4s
8.6( 5.85
Preferred
addition to these inferences the bankers have prepared a circular ampli_
12
1
Babcock & Wilcox
145Al 96
fying their conclusions, furnishing several striking facts and figures rela- Bliss (E W)Co common_ 6(.325 375
Tobacco Stocks-Per Sh are.
tive to foreign exchange, foreign trade and Investments. The circular will
50• 60 75
Preferred
Pam Bid. Ask
Canada Fdys & Forgings.10( 190 195
be maned to interested inquirers asking for No. 0.-60.
American Cigar common..100 115 125
Carbon Steel common__ _10( 108 112
Preferred
100 85 95
-Slocum, Avram & Slocum Laboratories, Inc., Industrial engineers,
100 102 ____ Amer Machine & Fdry_ _101 90
1st preferred
explain the three phases of industrial economy in their monthly page
10e 70 80 British-Amer Tobac ord__ £1 .2212 105
2d preferred
adver23
tisement appearing opposite our weekly statement of Clearing House Colt's l'atent 1.1re Arms
Ordinary, bearer
El .2234 23
Mfg
21 .50 52 Conley Foil
returns. The three distinct phases in building any industrial enterprise
100 205 220
duPont(E I) de Nemours
Johnson
Tin Foil & Met_100 80 100
are defitaed in an informativb manner for the banker, manufacturer or di& Co common
100 312 316
MacAndrews & Forbee_101) 160 170
recting official. The S. A. S. factory and laboratories are located at
Debenture stock
100 8912 9112
Preferred
100 95 100
Eastern Steel
100 83 89 Reynolds (R J) Tobacco _100 400 500
Newark, N. J., for investigation, development and production in
indus- Empire Steel & Iron com_101) 28 33
B common stock
100 400 500
trial products of any character, and the executive offices of this
expert
Preferred
100 70 80
Preferred
100 112 115
organization are in the Woolworth Building, this city.
212 210
Hercules Powder com__ _1
A dividend scrip
97 100
Preferred
100 107 110
--W. L. McClure, for many years Cashier of the First National Bank
B dividend scrip
97 100
of Nileadlement-Pond com-100 117 122
Young (J S) Co
100 120 140
Danville. Pa., has become actively associated with McClure, Smith &
100
III
95
Preferred
Co.,
Preferred
106 95 110
dealers in investment securities, First National Bank Building,
100 260 80
Sunbury, Phelps Dodge Corp
10
Scovill Manufacturing....100 400
pa. Mr. McClure has had many years' experience in the banking
business Thomas
Iron
56 *28 34
Short Term Notes-Pit Cent
and the management of estates, &c. The firm, which is now beginning
its Winchester Co corn
100 370 00 Am Cot 011 Cs 1924_ _M&S 2 08,
ti 9834
second year's business, has recently opened a branch office
1$t preferred
in thq Struthers
100 92 95
Amer Tel & Tel Os 1924_F&A 9912 9978
Building, Warren, Pa., at which place it acts as
60 65 Canadian Pac 68 1924.1%13d32 9912
2nd preferred
correspondents of I tolmes,
9978
Woodward lion
lIttlicley 8z Wardrop, 61 Broadway, New York City.
100 54 58
Del & Hudson 5s 1920_ _F&A 9914 9912
80
Preferred _
- - Fed Sugar Rig be 1920_ _J&J 99 9914
Public Utilities
General Elec 68 1920_ _ __J&.1 1001.. lOON
24
Amer Gas & Elect corn__ _ 501'121
0% notes (2-yr) 1919 J&D
110014
50 .40 41 Great North 58 1920_ _M&S 100
Preferred
99 9938
Amer LtA & Tract coin_ „100 230 35 K C Term Ry 4 As 1921 _J&J
9612 98
All prices now dollars per share.
100 04 96
5s Nov 15 1923M&N lb 9912 9978
Amer
refPower & 1.1 corn_ _ _100 60 64
ped
Liggett&M ersTob(is'21J&D 100 10014
Banks-N Y Bid
Ask
Banks
Bid
Ask ....rust Co's
Bid
Ask
100 71
73 N Y Cent 68 1919_ _M&S 11
America.____ 590
Brvink (trust
9978100
; New York
Amer
'
lerr
10 Penn Co 4 ki s 1921_ _J&D 16
prefed
uhlic Utilities oom100
Amer Exek..... 265 275
certificates) 345 355 ,,Bankers Trust 450 455
100 24 28 Pub Sex Corp NJ 78 '22.M&S 9711 977s
185
Atlantic
'Liberty
9412 95
600 650 !Central Union 455 460
Carolina
Pow&Light
corn
100'
36 39 Sloss-S'ief S & I 6:3 '29.1,
Ilattery Park_ 215 225 'Lincoln
&S 9412 96
270 280 Columbia____
Cities
Co corn_ -100 475 480 Southern fly 68 1922_.. M&S 904 9714
_ Manhattan *_ 220 230 ,,Commercial_ 365 375
425
Bowery.
140
150
100
7612
Preferred
78
Swift&Co
140
150
Mech dc Met_ 405
Cs
Broadway Can
F&A 15 100
-_ _ '
, Empire
295 305
Colorado
or Power corn.- 100 20 23 Utah Sec Corp 6s'22.M &S 16 - - - - 10014
140 !Merchants
Bronx flora'.. 125
240 250 ' Equitable Tr_ 440 450
88
Preferred
97 102
160 !Metropolitan* 195
Bronx Nat _ _ _ 160
____ Farm L & Tr_ 445 452
Cop
25
22
referr
'w'th
e,
P
low
Ry
1
Lt
&
Mutual.
Bryant Park* 145
425
!'Fidelity
220 230
100 54 57
Industrial
New Neth..._ 215 225 ,, Fulton
Butch & Drov 27
250 275
Elm Bond & Share pref. 1001 492 95
and Miscellaneous
160 1-7-(i New York Co 135
Cent Mers
145 , Guaranty Tr.. 402 407
Federal Eight & Traction.10
12
10
American Bream
100 224 227
New York_ _ 450 470 ' Hudson
515
Chase
135
145 •
1
Preferred
48 52
American Chicle corn_ __ _100 91
95
135
Chat dr Pben. 300 310 Pacific •
Irving Trust..(See Irving Great West Pow Se
Preferred
194&J&Jl 85 89
100 82 86
740 i66
135 Park
Chelsea Bluth* 120
(Nat Bank
tasitteippi
Riv
Pow
coin _ 100 ,
4
1
.
_ 14_
American Hardware._
100 180 163
Choniteal
Law Tit & Tr 125
570 590 Prod Exch.__ 400
135
Preferred
Amer Typefounders corn_100 413
290 310
50
- !Lincoln Trust 175
Citizens
245 255 Public
185
First Mtge 58 1951._ _J&J 70 7812
Preferred
.10C 88 93
620
__ Mercantile 'Tr 235
440 445 Seaboard
City
Ntp
trrtef
h eern
rred
Ohlo Eke Corp_(t)•420 24
Borden's Cond Milk com_100 104 107
450 500 Metropolitan_ 360 370
Coal & Iron
240 250 Second
Preferred
100 98 100
150 160 • Mutual(WestState*
Colonial •_ _ _ 400
Ntrteti'
ten
rrStates
83 Carib Syndicate Ltd.
66
5 66
com_1
9e 6
100
25.1800 1700
Columbia•
23d Ward._ 115
190
130 ' cheater)
105
125
Preferred
1
90 92 Celluloid Company
188
100 130 140
Commerce.... 238 242 Union Exch
195 N Y Life Ins
Noprrtebferr
Teed
ras Elm Co corn 100 50 54 Columnt* Graphoph Mfg (t) *480 470
175
,Comm'l Ex*. 395 410 United States* 1165
& Trust
785 800
Preferred
Common.100 9212 9312
Wash
275
N Y Trust__ _ 020
Pacific G
Gas & Eleelst pref 10(
90 88
75 91
75 Havana Tobacco Co_ ...-100
wealtb•...... 210 220 Westch Ave._ 170
___ Scandinavian 400
pi 211
Puget
i
Sct
rre,
Tr
i L & P corn..
1134 1412
Preferred
101 10
Continental._ 115
125 Yorkville
300 325
16
Title Cu & Tr 395 405
54 57
1
let g be June 1 1922J-1) /54 - Corn Exch.__ 410 420
U S Mtg & Tr 430 440
Republic Ry & Light_ __It
1.5 Intorconttnen Rubb com_100 20 22
12
100
Brooklyn
Coamop'tan._ 05
!,United States 885 910
Preferred
52
1001
48
Internet Banking Co___ _101) 160
182 Coney Island. 140 155 INVeatchester„ 130
Cuba (ilk of).. 177
140
South Calif Edison com _ 100 89 92 International Salt
101 55 58
200 215
_ _ _ First
160
East River
Preferred
1
100 104
1st gold 5s 1951
A-0 71
150
721a
Europe
165
110 130 Greenpoint.
Brooklyn
Standard
preferrea
Gas
•34
35
(Del)_
&
El
,International Silver pref _100 92 95
110
120 Brooklyn Tr_ 495 510
Fifth Avense.1870 925 Hillside.
.41
43 Lehigh Valley Coal Sales. 50 •90 92
Fifth
80 , Franklin
220 235 Homestead..._ 70
230 240
Tennessee
6
4
eon:LI
Ry
L
&
P
Elevator
;Otis
common
100 114 117
85 Hamilton
First
1010 1050 Mechanics'._ _ 80
260 270
Preferred
17
14
1
Preferred
.100 88 90
Garfield
95 , Kings County 660 700
200 210 Montauk._ _ 85
United Gas & Elect Corp _100 ____ 3 Royal Baking Pow enm_ _ 100 140
150
205 215 Manufacturers 170
,Gotharn
190 200 Nassau
100
1st
17
preferred
22
I Preferred
100 97 1100
•Greenwiel
130 People's
380
.. National City 115
285 300
2d preferred
100 _ _ _ _
Singer Manufacturing.. _100 193 .197
Hanover
195 205 Queens Co... 70
790
(F1 North
80
United
Lt
&
Isom_
Rye
_100
45
42
Singer
Mfg
Ltd
£1
d31.1! 41s
Harriman__ 365 380 People's
137
147
let preferred
100 70 73 tTexas Pao Coal & 011_ _ 100 1700 11730
Imp & 'Israel__ 575 600
Western Power common_lno, 24 26 ,W•housoC,burebKerr&Co 100 57 1 63
Preferred..
• Banks marked with a (*) are State banks. t Sale at auction or at Stock Ex_
100, 76 78 ' Preferred
100 80 i 86
.ahatige this week. I Includes one-half share Irving Trust Co. 8 New stock
•Per share. b Basis. 4 Purchaser also pays accrued dividend. e New stock
.
ge-ritthta
f lint price. n Nominal. s Ex-dividend
y Ex-rights. (t) Without par value.
.7.2
New York City Banks and Trust Companies.
I
155 !
86
[VOL. 109.
THE CHRONICLE
1072
• butestutent anfi gairroati intelliffente.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
Gan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumris 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.
Week or
Month.
ROADS.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
234.609 22 ,432 1.566.343 1.304,982
Alabama & Vicksb_ July
Ann Arbor
4thwk.Aug. 144.602 113,085 2,727,730 2,193,738
Atch Topeka & S Fe July
14833620 14897205 93,250,466 87,319,566
1.740,137 1.569,781 10.596.970 10,443.194
Gulf Colo & S Fe_ July
553,819 498,840 3.055,108 3,350,495
Panhandle & S Fe July
449,934 418,538 2,853,192 2,423,307
Atlanta Birm & Atl_ July
215,620 220,388 1,550,968 1,325,341
Atlanta & West Pt_ July
July
570,708 477,324 2,496,594 1,978,178
Atlantic City
Atlantic Coast Line_ July
4,612,692 4,945,136 37,471,600 31,171,372
16320565 17674458 96,080,417 86,666,074
Baltimore & Ohio July
210,134 189,446 1,006,789 1,011,221
B & 0 Ch Term July
319.126 374.149 2,930.855 2,607,200
Bangor & Aroostook July
48,610
53,295
7,151
8,450
Bellefonte Contral_lJuly
355.156 385.393 1.943.229 2,209.736
Belt Ity of Chicago_ July
1.433,648 1,719.599 7,122,065 6,707,516
Bessemer & L Erie.. July
669.221 1.958,761
85.925 360.848
Bingham & Garfield July
921.097
347,453
42.714 212,227
Birmingham South_ July
,July
6,718,287 6,874,463 38,564,067 37,014,599
Boston & Maine
Buff Roch & Pittsb_ !1st wk Sept 278,524 415,925 9.353,534 12.967.974
224.345 205.055 1,231,096 1.284.058
IJuly
Buffalo & Su.sq
Canadian Nat Rys_11st wk Sept 1,737,454 1,504,832 57,679,323 50,938,303
131,290 130,381 1,703,389 1,447,084
Can Pac Lines in Me July
Canadian Pacific.. '1st wk Sept 3,599,000 3,053,000 107557000 97,899,000
541,427 441,665 3,306,194 2,498,346
Caro Clinch & 0.... July
1,930,223 1,765,419 12,034,782 11,316.515
Central of Georgia_ July
4,352,061 4,842,290 24,549,467 23,928,463
Central RR of N J.. July
594.330 629,262 3.651,730 3,392,272
Cent New England_ July
532.575 468,065 3,162.567 2.801,011
Central Vermont.. July
220,526 234.677 1.699,008 1,555,228
Charleston & W Car July
6,665,250 6,972,839 41,443,383 37,013,813
Ches & Ohio Lines_ July
July
2,220,875 2.362.867 14,301,866 13.481.618
Chicago & Alton
13068386 13325718 81,553,470 75,423,314
Chic Burl & Quincy_ July
2,154,409 2,599,949 13,664,945 13,850,186
Chicago & East Ill July
1,857,564 1,712,829 11,669,630 10.123,320
Chicago Great West July
1.052.074 1.087,872 6,656,402 5.661,080
Chic Ind & Louisv__ July
325,130 309,456 2,013,876 1,858,827
Chicago Junction.... July
12617448 12771465 81,710,902 68,688,222
Chic Milw & St Paul July
13321597 12888465 75,871,921 64.747.984
Chic & North West_ July
905,170 1,234,512
136.421 196.480
July
Chic Peoria & St
9,847,273 8,675,684 58,930,131 52,706.666
Chic R & Pacific.... July
374.592 322.957 2.551.097 2.447.914
Chic R & Gulf__ July
2,352,012 2.312.485 14,992,392 12,965,344
Chic St P M & Om_ July
July
339,192 555,284 2,186.489 2.548.644
&
Chic Terre
266,853 265,905 1,647,857 1,716.205
Cinc Ind & West__ July
1,168,390 1,453.327 9,472,090 8.057,446
Cin N & Tex Pac July
745,870 751,771 16,149,315 13,436,462
_
_
4thwk.Aug.
&
Southern_
Colo
977.488 585,978 5,967,404 4,097,929
& Den City July
Ft
637.927
686,156
93,056
98,592
Trin & Brazos Val July
634,231
653,418
93,439
84.031
Colo & Wyoming__ July
1,000,359 1,076,102 8,270,180 8,169,683
July
Cuba Railroad
3,258.572 3,338.008 19.197,558 18,491,919
Delaware & Hudson July
6,342,043 6.447,132 40.504.367 36,295,569
July
Del Lack & West
2.840.669 2,446.227 16,939,257 15.965.472
Deny & Rio Grande July
296,924 260,527 1,499,910 1.137,787
Denver & Salt Lake July
856,980
881,205
161.252 145,726
Detroit & Mackinac July
313,390 377,253 2,029,978 1,586,334
Detroit Tol & Iront July
209.760 156.143 1,330,671 1.102,762
Del & Tol Shore L__ July
1.318.815 1,692.531 4.658.573 4.499.385
Dul & Iron Range.... July
3.342.896 3.975,899 11.642,916 9,567,785
Dul Missabe & Nor.. July
Dul Sou Shore & Atl 4th wk Aug 167,501 250,395 3,038,045 2,979,310
977,033
148,679 128,105 1,113,163
Duluth Winn & Pac July
590,488
676,556
99,876
119,099
East St Louis Conn July
1,699,458 2,097,872 11,953,462 10.159,607
Elgin Joliet & East_ July
896,157 1,270,026 7.135,586 8,581,989
El Paso & So West_ July
7,868,833 7,950.514 49,700,457 44,038,597
July
Erie Railroad
855.384 1,011,585 5,807,845 5,549,899
Chicago & Erie July
703,534 588,004 6,094,263 5.618,542
Florida East Coast_ July
703.491
616.952
97,962
123,672
Fonda Johns & Glov July
695.882
834,116
97.755
130.284
Ft Smith & Western July
665,907
484.043
80,419 146,540
Galveston Wharf..__ July
3,377,238
3,439,198
634,562
July
484,977
Railroad___
Georgia
562.362
557.531
88.975 100,374
Georgia & Florida__ July
154.019 162,450 2,284.226 1.161.307
Grd Trk L in New E July
Grand Trunk Syst__ 1st wk Sept 1,422,955 1,346,636 43,745,864 36,754,691
1,878,23'7 1,874,295 12,111,080 9,850,066
Grd Trunk West_ July
102215746 9.281,590 57,498,930 48,339,017
Great North System July
251,377 200.068 1,495,379 1,318,563
Gulf Mobile & Nor_ July
1,368,093 1,489.820
237.417
Gulf & Ship Island_ July
1.321.945 1.548,034 5,850,239 6,726.090
Hocking Valley__ July
9,026,105 10664110 59,379,932 58.175.231
Illinois Central_ ___ July
1,172,190 1,042.559 7,929.953 7.277.121
Internat & Grt Nor.. July
686,493
683.271
137,297 115.739
Kan City Mex & Or July
585,278
675.461
94.625
98,732
K 0 Max & 0 of Tex July
1.286.013 1,118,610 8,243.195 8,334.874
Kansas City South_ July
792,146
681.356
121,262 101,987
Texark & Ft Sm__ July
748.690
691.250
123,112 115.368
Kansas City Term__ July
1,284,289
1.419.312
255,062
234,907
July
River
Hud
Lehigh &
312.729 471,175 1,904,237 2,223,777
Lehigh & New Eng.. July
5.731,596 6,730,464 35,056.879 33.925.985
July
Lehigh Valley
1,313,207 1,327,584 9,699,303 7,887,140
Los Ang & Salt Lake July
981,831
178.759 131.818 1,194,747
Louisiana & Arkan_ July
297,405 286,162 1,979,866 1.667.680
Louisiana Ry & Nay July
8,894,919 9,508.722 59,354,090 52,503,516
Louisville & Nashv_ July
234,334 230,811 1,667,980 1,490,004
Louisv Hend & St L July
1.522,556 1.684,843 9,679.022 8,753,001
July
Maine Central
319.086
71,706
Midland Terminal May
314,297 292.907 2,188,843 1,891,394
Midland Valley__ July
747,142
521,282
42,378
15,745
4th wk Aug
Mineral Range
1.128,932 988.856 7,150.685 6.354.235
Minneap & St Louis July
3,875.750 3.308.999 22,855,674 16.846.587
Minn St P & S S M.. July
718,944
578,515
103,604 148,207
Mississippi Central_ July
2,967.075 2,939,906 18,577,000 17,132,226
Missouri -Kan & Tex July
2.025.905 1.775.074 13.397,214 10,524.844
Mo K & T Ry of Tex July
809,041
838.156
134,808 126,217
Mo & North Arkan_ July
741.193 1.030.203
130.751 170.069
Mo Okla & Gulf_ __ _ July
I
_Latest Gross Earnings.
Jan. 1 to Latest Date.
L._
I
H SE
0
W
Week or
Month.
ROADS.
Current
Year.
Previous
Year.
Jan. Ito Latest Date.
Current
Year.
Previous
Year.
July
7.741.548 7,727.501 49,781.248 47.826.454
Missouri Pacific
July
320,724 299,927 1,896,509 1,648,246
Monongahela
967.707 1.302,331
135.039 245,126
Monongahela Conn_ July
675,750
695,906
July
136,762 156,248
Montour•
1.677,520 2,119,002 10.738,918 11.173.656
Nashv Chatt & St L July
173,347
197,309
10,062
8,963
Nevada-Cal- Oregon 4th wk Aug
952.210 1,429.330
131,950 216,344
Nevada Northern July
674,991
949,038
107.873 149,393
Newburgh & S. Sh__ July
240.333 226.939 1,295.219 1.234.528
New Orb Great Nor.. July
590,289 580,690 3,686.057 3.457.682
New Orb & Nor East July
171,488 119.399 1,060,637 1,167,345
N 0 Texas & Max... July
827.016
718.349
83,937
114,035
Beaum S L & W.._ July
527.816 343,165 2.987.984 2.153.755
St L Browns & M July
149012328
28185031 26282974 169998640
New York Central__ July
583,672 545,950 3,585.3781 2.996.580
Ind Harbor Belt.. July
792.568 898.559 5.222.301 4.982.875
Lake Erie & West July
6.654,232 6.450.466 41.737.799 35.807.036
Michigan Central July
6,255.155 7.084.144 28,560,154 36,385,712
CleveC C& St L_ July
244.912 269,124 1,654.382 1.435,221
Cincinnati North_ July
2,465,194 3,265,198 16,023,307 17,245,209
Pitts &Lake Erie.. July
928.985 1,189,990 4,899.442 5,199.029
Tol & Ohio &ent_ July
392.591 653.016 2.368.463 3.014,377
Kanawha & Mich July
1,804,503 1,994,332 13,635,026 11.062.683
N Y Chic & St Louis July
9.612.541 10048098 57.147,715 54,581,099
NYNH& Hartf__ July
1.369,302 1,314.415 5,979.3686,090,512
N Y Ont & Western July
336,526 344.724 2,171,350 2,193.415
NY Susq & West.. July
6,385,268 7,731,012 41,744,065 42,700.440
Norfolk & Western.. July
518.522 508,531 3.499.748 3,144,887
Norfolk Southern__ July
633,156
699.124
74,365 135,486
Northern Alabama_ July
8.679.735 8,475,039 54,249,960 50,498.274
Northern Pacific___ July
644.243
636.113
93,562 107.079
Minn & Internal.. July
694,787 649.844 3,436.286 3,050.059
NorthwesternPacific July
677,295
697,233
119,024 114,266
Oahu Ry & Land Co June
July
378,218 482.058 2.784,295 3,195,797
Pacific Coast
33753654 37869200 208379928 189992546
Pennsylvania RR_.. July
659,080
830,066
174,428 177,743
Bait Ches & Atl July
503,056 524.561 3,144,828 2,784,518
Cumberland Vail_ July
July
2,744,890 2,734.092 14,154,454 12,113,878
Long Island
495,266
716,662
156,635 139,603
Mary Del & Va.. July
824,958 787,517 4,517,671 3,855,864
N Y Phila & Nor_ July
850.997
912.019
126.454 152,396
Tol Peer & West_ July
5,266.033
1,372,040
W Jersey & Seash July
10344103 1'0094821 57,964,459 47,838,129
Pennsylvania Co.. Julyi
758,146 733,402 4,293,912 3,862,489
Grand Rap & Ind July
July
8,356,210 8.898,932 51.999.624 46.049.901
& St
Pitts
681.732
725.882
94,953 112,574
Peoria & Pekin Un_ July
3,061,499 2,673,971 18,699,575 14,867.616
Julyi
Pere Marquette..
534,529
612.608
July
101,416 111.609
Perkiomen
846.066
473.355
59.865 123,560
Julyi
Phila Beth & N
44.409.406
40,252.120
8.836,862
July
6.602,516
Phila & Reading __
753.926
630,084
94,110 136,094
Pittsb & Shawmut__ JulyI
782.079
600,686
112,569 120,788
Pitts Shaw & North July1
1,065,306
747,571
208,590
105,380
Pittsb & West Va_- July
July
197.537 255.032 1.457.128 1.301.752
Port Reading
568,837
591,996
92.433
87.973
July
Quincy Om & K
711,509 573,301 4.701,293 3,418,186
Rich Fred & Potom July
406,879 314,676 2,793,408 1,896.282
Wash Southern.._ July
420,696 396,405 2,622,128 2,496,163
July
Rutland
246,376 235,176 1,643,165 1.526.908
St Jos & Grand Isl d July
6,751.175 6,510,177 42,231,843 36,671,345
St Louis-San Fran.... July
614,563
792,544
94,488
124,457
Ft W & Rio Gran.. July
833,661
830.135
172,785 112,182
St L-S F of Texas.. July
1,030,172 1.088.563 7,158.918 7.274,127
St Louis Southwest_ Julyi
3.846,319
3,515,926
687,545
590,632
July
of
W
Texas
S
L
St
594,946
572,306
100,908 106,313
St Louis Transfer_ July
400,491 353,149 2.341.349 2,261,958
San Ant & AranPass Julyi
20.908,487
24.056,037
3.470.524
July
3.606,672
Seaboard Air Line__
900,111
636.666
82,140 139,684
Julyi
South Buffalo
14734601 14064271 90,736,529 80.964,418
July
Southern Pacific
2.204.805
398.827
329,133
2.578,392
July
Arizona Eastern..
1,929.826 1.826;767 12.041,982 11,767,439
Galv Harris & S A July
755.186 732;137 4,858.366 4,868.104
Hous & Tex Cent.. July
193,880 138,551 1.294,671 1.114.754
Hous E & W Tex_ July
368,960 397,521 2,338,369 2.412,200
Louisiana Western July
703,375 4,321367 4,499,629
676.707
July
La
& Texas
Morg
722.183 663,607 4,462,343 4,190.810
Texas & New Orb. July
11320 441 13362,232 70,372,554 66,496,843
Southern Railway July
906,083 847,476 0,653,540 4.751,222
Ala Great South. July
1.240,775 1,353,269 8,377.471 8.0.35.552
July
Mobile & Ohio
337.827 290,025 2,467,946 1.974.829
Georgia Sou & Fla July
730,756
951.226
133,185 107,459
South Ry in Miss.. July
564,178
578.012
95,869
112 883
Spokane Internat.... July
4,544,909
4,062.019
738,963
683,815
July
Seattle
Port!
&
Spok
980,091
218,134 216,964 1,291,413
Staten island R T.._ July
86 406
78,633
6,501
4,323
Tenn Ala & Georgia 4th wk Aug
199,706 304,116 1,441.665 1.540,463
Tennessee Central.... July
332,803 316,852 2,101.324 2,062,251
Ter RR Assn ofStL_ July
257,752 334.075 1,557,088 1,942,04g
St L MerBridgeT July
4th wk Aug 1,014,156 868,053 22,423,833 16,437,76g
Texas Pacific
663.367 783.920 4,116,245 4 346.837
Toledo St L & West July
583.944
122.226 136.245
550.504
Ulster & Delaware.... July
9,064.459 8,732.058 58,516,715 48.760,658
July
Union Pacific
3.152,983 2,873,404 20.208.926 18.028,711
Oregon Short Line July
2.431,632 2.330.269 15.196,784 13,959,017
Ore-Wash RR&N.July
696,018 781,800 4,453,654 3,631,400
Union RR (Penn)._ July
731.302
614.506
98,663 129,024
July
Utah
285,743 225,674 1.818.445 1,397.183
July
Pac_
&
Vicks Shreve
July
1,031,118 1,175,052 6.140.977 6,242.708
Virginian RR
4,214,715 4,781.052 26.945,56724.641,882
July
Wabash RR
1.205.223 1.415.524 7,968.386 8.046.491
Western Maryland.. July
1,096,800 1,042.517 6.455.185 6,024.794
July
Western Pacific
194,670 183,718 1.496.746 1,319.204
Western Ry of Ala July
1,403,599 1,559.023 7.089.876 7.091,763
July
Wheel & Lake Erie
76,906
202,543
.9.992
Wichita Falls & NW July
1.968.809 1.914,784 13.004.067 11.669.00 0
Yazoo & Miss Valley July
p
C0
L..
E.__
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
*Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
*Monthly Summaries.
Curr.Yr.
Mileage.
$
$
$
+370.656 5.31 ( September__232.186
2d week June (14 roads)-.....: 7.354.587 6.983.931
+43,806 0.62 ' October ____230.184
3d week June r4 roads)...... 7,051.650 7.007.844
—54,827 0.59 Novem bey _232,274
4th week June 14 roads)........ 9,255.407 9,310,234
+406,284 6.46 December _232,774
1st week July 12 roads)..__.. 6,660,394 6,254,110
11.29 January --232.655
+841,122
7.447.070
8.288.192
roads).....
(13
2d week July
February ___232,957
3d week July 114 roads)........ 7.858,562 6,844,374 +1.014,188 14.81
March
226.086
4th week July 11 roads)......_ 11,297.624 9,571,417 +1.726.207 18.03 April
_232,708
13.54
+990,491
7,316,424
8,306,915
14
roads)......
1st wk Aug
233,931
+941,001 14.06 May
2d week Aug 11 roads)____ 7,633,498 6,692,497
232,169
+625,991 8.87 June
ad week Aug (11 roads).....__ 7,683,102 7,057.111
226.6M
44156.737 R.20 Jul',
12 4OR RA3 11.537.1111
4th yr.* Aim. 114 rnsisiql
totals.
our
of
any
in
roads
Mexican
*We no longer include
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
Prev.Yr.
$
232.378 487.140,781 357.772.850 +129367.931 36.16
28.80
+106956.817
377.867.933
230.576 484,824,750
232.259 438,602,283 356,438,875 +82.163,408 23.06
232,399 438.365,327 335,607,571 +102757756 30.62
233.199 395,552,020 284.131.201 1111420.819 39.22
233.266 351,048,747 289.392.150 61,656.597 21.31
225,631 375.772,750 365.096,335 10,676.415 2.20
233,251 388,697.894 370,710,999 +17.986,895 4.86
234.339 413,190,468 378.058.163 +35,132,305 9.29
232.682 424.035,872 393,265,898 +30,769.974 7.83
226.934 454.588.513 469.246.733 —14.658,220 3.13
SEPT. 13 1919.]
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of August. The table covers 14 roads and shows 8.29%
increase in the aggregate over the same week last year.
Fourth Week of August.
Ann Arbor
Buffalo Rochester & Pittsburgh..
Canadian National Ry
Canadian Pacific
Colorado & Southern
Duluth South Shore & Atlantic_
Grand Trunk of Canada
Grand Trunk Western
Detroit Gr Hay & Milwaukee
Canada Atlantic
Mineral Range
Nevada-California-Oregon
Tennessee Alabama & Georgia_ _
Texas & Pacific
Total (14 roads)
Net increase(8.29%)
1919.
1918.
Increase. Decrease.
144,602
113,085
525,657
648,407
2,774,846 2,477,660
4,759,000 4,130,000
745,870
751,771
167,501
250,395
297,186
629,000
2,333,190 2,238,804
94,386
15,745
8,963
4,323
1,014,156
42,378
10,062
6,501
868,053
31,517
122,750
5,901
82,894
146,103
12,493,853 11,537,1161,198,192
956,737
26,633
1,099
2,178
241.455
Net Earnings Monthly to Latest Dates.-In our "Railway Earnings' Section or Supplement, which accompa
nies
to-day's issue of the "Chronicle," we give the July figures
of
earnings of all steam railroads which make it a practice
to issue
monthly returns or are required to do so by the Inter-Stat
Commerce Commission. The reader is referred to that Supple-e
mentfor full detiils regarding the July results for all the separat
e
companies.
•
Name of Road
or Company.
1073
Latest Gross Earnings.
Month.
Santiago El Lt & Tr_ June
Savannah Electric Co July
Second Avenue (Em)May
Southern Boulevard.. May
Southern Cal Edison.. July
Staten Isld Midland.. May
Tampa Electric Co__ July
Tennessee Power........ July
k Tenn By. Lt & PCo July
Texas Power & Lt Co July
Third Avenue System.. June
DDEB&BRR__May
42d St M&StN A Ry May
Union RyCo(NYO)May
Yonkers Railroad__ May
NY City Inter By.. May
Belt Line Railway_ May
Third Avenue
May
Twin City Rap 'Fran_ July
VIrgm.s. By & Power.. July
Wash Balt & Annap June
Westchester Electric.. May
• - ,11.11J VT al sm• s_oaaaw.. to uaac.
WIA.1.5
Current Previous
Year.
Year.
$
62,209
119,808
80,957
22,160
1009,541
30.788
100,043
160,561
503.642
259,792
1003.512
50,661
160.881
264.879
98.355
69,385
53,403
355,954
950,476
756,136
203,155
58.423
97 AAA
$
55.718
97,977
77.890
18.639
807,210
25,600
86,826
197.650
533.025
234,491
870.856
40.461
149,763
237.919
72.069
60,725
54,282
330,733
816,958
706,809
242,955
50,632
90,7M
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
365.713
793,033
327.578
94.998
5,883,651
122.926
713,856
1.282,841
3.654,230
1,881,508
5.343.071
235,887
718,728
1.133.435
382,228
299.080
244,199
1.651.857
6,293,157
5,148,653
1.175.052
245,346
$
325,078
bbd.205
312.004
83.010
4,905,754
104.205
604,106
1.212.336
3.379.744
1,715,063
4.844.892
189.439
658.863
1.047.046
323,046
280.371
250.417
1.593.223
5,664,532
4.580.009
1,199,668
217,326
10A xrm
000 a7o
a Includes Milwaukee Light, Heat & Traction Co. b Includes all
sources.
f Earnings given in milrels. g Includes constituent
subsidiary companies.
h Subsidiary companies only. 3 Lewiston Augusta or
& Waterville Street Ry.
earnings, expenses, &c.. not included in 1919. k Includes
Tennessee Ry..
Light & Power Co., the Nashville By. & Light Co., the Tennesse
e Power
Co. and the Chattanooga By. & Light Co. I includes
subway lines. jOt Abington and Rockland (Mass.). both elevated and
Electric Railway and Other Public Utility Net Earn-
-Gross Earnings--Net Earnings
- ings.-The following table gives the returns of ELECTRIC
Current
Previous
Current
Previous
railway and other public utility gross and net earnings with
Roads.
Year.
Year.
Year.
Year.
charges and surplus reported this week:
:3
3
16
$
Los Aug & Salt Lake_ b_July 1,313,20
7
1,327,58
4
251,404
483,127
Gross
Jan 1 to July 31
Net after
Fixed
Balance,
9.699,303 7,887.140 2.102,625 1.775.912
Earnings.
Taxes.
Charges.
Surplus.
Gross
Net after
Fixed
Balance,
$
Earnings.
Taxes.
Charges.
Bangor Railway & July '19
Surplus.
89,710
33,194
20.840
12,354
3
$
3
Electric Co
Bellefonte Central July f19
$
'18
77,978
29,153
19,884
8,450
9,269
983
94
889
12 mos '19
RB
992,385
349,336
244,778
'18
104,558
7,151
756
210
546
'18
917.483
7 mos '19
370.480
235,094
53,295
135,386
2,989
860
2.129 Chattanooga Ry & July'19
160,053
'18
35,110
48.610
5,569
21,165
1.470
13,945
4,099
Light Co
'18
145,541
Gross
30,062
22,996
Net after
Other
7,066
Gross
Fixed
Balance,
12
mos
'19
1,883,91
Earnings,
2
417,590
266,383
Taxes.
Income.
Income. Charges. Surplus.
151.207
Cuba Railroad- $
'18
1,558,279
179,157
342,493
$
163,336
$
$
$
8
July '19 1,000,359
Commonw Pow,Ry July '19 2,039,149
250,445
6,934
'257,379
643,042
544,956
99,350
98,086
158,029
& Lt Co System
'18 1,076,102
'18 1,793,536
387,097
19,719
406,816
575,171
105,970
506,737
68,434
300,846
12 mos '19 24,138,458 8,186,447 6,384,369 1,802,07
ELECTRIC RAILWAY AND PUBLIC UTILITY
'18 20,996,644 7.009,359 5,709,642 1,299,7178
COS. Consumers Pow Co July:19 625,804
175,303
115,292
60,011
211,416
116.719
94.697
Latest Gross Earnings.
Jan. 1 to Latest Date.
12 mos '19 7,558,218 2,871.607 1,464,139 1.407.46
Name of Road
8
'18
6,148,56
5
2,589,83
7 1.163,592 1.426.245
or Company.
Current Previous Current
Cumberland Co
Previous
July '19
258,217
98,473
55,723
Month.
Year.
42,750
Year.
Year.
Pow & Light Co
Year.
'18
313,326
119.563
71,342
48.221
12 mos '19 2,949,339
872,724
752,116
120,608
$
'18 3,146,389
Adirondack ElPow Co July
976,607
851,150
129,830 144,277
125.457
937,774
998,747
East
St L & Suburb July'19
Alabama Power Co.._ July
340.177
220,358 262,596 1,593,277 1.615.508
52,541
70,593 def18.052
Co System
hAmer Pow & Lt Co_ June
'18
377,497
1200.647 1029,140 7.648.840 6,410.64
106,562
67,445
39,117
3
Atlantic Shore Ry___ July
12 mos '19 4,332,775
21.891 20,097
817,011
830,167
def13,156
93.029
98.601
Aurora Elgin & Chic.. April
'18 3,927,213 1,064,383
192.792 156,937
804,305
756.377
260,078
594.018 Ft Worth P & L Co
Bangor Ry & Electric July
89,710 77.978
July '19
104,719
588,403
47.633
14,447
519,099
z33.674
Baton Rouge Elec Co July
31,239 21,578
'18
100.550
203,788
46.241
12,064
147,822
Blackstone V G & EL July.
34.177
208,813 201,055 1,423,043 1,332,30
12 mos '19 1.279.686
577.481
158.304 x426.866
bBrazillan Trae,L & P July
6
11070000f9465000 164033,000
'18 1,213.732
576.237
134,945
159158,000
Brock & Plym St By.. May
441,292
12.366
8.692
Huntingt
on
Devel53.186
July
'19
38.931
74,664
gBklyn Rap Tran Sys May
29,858
17.105
12.753
3213.402 2761.039 14,254,505 12.460.574
opment & Gas Co
'18
75,470
Cape Breton Elec Co.. July
35,918
15,987
19.931
48,749 44,532
326,162
12 mos '19
977,482
278,461
Cent Miss V El Prop_ June
441,258
193,843
247.415
34,523
28,767
199,257
'18
888,902
161.056
Chattanooga Ry & Lt July
429,430
194.768
234.662
160.053 145.541 1,050,383 1.010.36
Kans Gas &
July '19
Cities Service Co_ __ _ July
181.116
44.813
40,863
1583.722 1789,253 12,346,540 13,265,5038
x4,236
Elm Co
Cleve Painesv & East June
'18
136.352
42.673
29,500
63,131 50,170
13,173
306,652
256.193
Colorado Power Co.... June
12
mos
'19
2.452.57
0
757.394
460.668 x315,487
84,296
103,451
567,160
gColumbia Gas & Elm July
629.865
'18
1.883,80
3
585,631
335.298
797,349 789,710 6,905.505 6,884,824 Keystone
250.333
Columbus (Ga) El Co July
TeleAug '19
139,631
101,555 97,806
49,702
29,062
712,071
20,640
689,834
Com'w'th P. By & Lt July
phone Co
'18
130,597
2039,149 1793.536 14,352,932 12.132.534
52,128
28,437
23,691
Connecticut Pow Co_ July
8 mos '19 1,061,022
99,400 78,499
344,992
233,785
696,697
111.207
540,125
Consum Pow (Mich).. July
'18
1.067,55
8
443,322
625,804
519,543
229.182
4.523,196 3,573.082
214.140
fOumb Co(Me)P & L July
Nashville By &
258.217 313.326 1,502.455 1,780,017
July '19
261,471
68,103
39,655
Dayton Power &Lt__ July
28.448
Light Co
202.835 175.829 1,614.626 1,297.157
'18
248,491
87,556
40.372
gDetroit Edison_
47,184
July
12
mos
1224,606
'19 3,145,308
1029,513 9,061,666 7,722,345
864,496
474,699
gDetrolt United Lines July
389,797
2193,810 1680,380 13,115,278 10,693,170
'18 2,617,697
942,239
488,583
Duluth-Superior Trac July
453,656
169,469 142,904 1,103,233
185,911
East St Louis & Sub.._ July
989,567 Pacific Pow & Lt Co July '19
92.442
46.119
z47.162
340,177 377.497 2,410,326 2,293.43
'18
154.809
7
Eastern Texas Elec__ July
75,331
42.075
33.259
118,976
105,878
769,780
12
mos
'19
644,000
2.006.81
Edison El of Brock'n_ July
2
927.684
542,726
x395,606
79,947
65,759
609,328
'18 1,786,067
446,617
/Elm Light & Pow Co July
905.238
463,286
441.951
23,158 18,950
155,267
119,066 Portland Gas &
gEl Paso Electric Co_ July
July
'19
166.994
76,813
28,327
123,184 99,958
48.486
874,055
730,202
Coke Co
Fall River Gas Works July
'18
144.1.19
64.064
29,897
64,726 63,066
34,167
405,969
400.488
Federal Light & Trac_ May
12 mos '19 2.047,830
883,213
350.710
303,040 272,395 1.614.758 1,457,250
532.503
Ft Worth Pow & Lt.._ July
•
'18 1,566,908
707,238
349.730
104,719 100,550
357,508
712,085
737,559
Galv-Hous Elec Co.._ July
698,065
285,020 251,824 1.754,903 1,489,021 Portland Ry,Light July'19
264,725
193,450
71.275
g Great West Pow Sys June
& Power Co
'18
659,379
400,428
341,937
243,710
2,478,49
190,901
6
52,809
2,096.32
Harrisburg Railways.. June
7
12 mos '19 8,318,130 2.745,958 2,265,194
128,634 117,572
775,573
480,764
Havana El By,L & P June
623,769
'18 6,965,845 2,647,652 2,169,015
745,078 666,817 4.321.893 3.920,085
478,637
Haverhill Gas Lt Co_ June
29.389 25,436
160,561
177,246
66.720
159,914 Tennessee Pow Co July '19
Honolulu R T & Land June
53,999
12,721
68.045 64.540
'18
370.692
197,650
74,324
348,658
Houghton Co El L Co July
52,616
21.708
31.141 30,779
12 mos '19 2,307,657
250,609
885,528
235,603
Houghton Co Trac Co July
641,795
243,733
22,327
29,510
'18
173,238
2,065,956
765,472
194,115
b Hudson & Manhat_ May
630,757
134,715
511,509 421.724 2.533.146 2,073,75
Tennessee Ry,Lt July '19
b Illinois Traction.... July
503.642
172,941
129,487
43,454
1339,813 1189,276 9,595,911 8,283,4165
& Power &o
1 Interboro R9p Tran. May
'18
533,025
194.510
131,699
62,811
4019.001
3524,4:12
19.341.036 17.539.101
12 mos '19 6,421,055 2,204,863 1,541.775
Jacksonville Trac Co_ July
663,088
82,406 71,731
591,421
500,716
'18
Kansas Gas & Elec Co July
5,612,65
1
1,917,24
0 1,630.708
181,116 136,352 1,509,300 1,180,286 Texas
286,532
Keokuk Electric Co__ July
Power &
July '19
259.792
74.017
25,891 23.086
54,721
z19.440
176,651
Key West Electric Co July
148.739
Light Co
'18
234.491
19,006 18,423
68.117
54.728
13,389
131,995
106,028
Lake Shore Elec Ry__ June
12 mos '19 3.414.625 1,069,839
226,427
677.207
186.673
x398.893
1.190,19
7
958,842
Long Island Electric.. May
'18 2,946.071 1,060.400
23,008 19.131
616.063
86,820
444.337
80.330
Louisville Railway..__ June
z
After
allowing
for other income received.
346,565 314,432 2,014,593 1,780,161
Lowell Electric Corp.. July
73,255 72,280
557,916
Gross
461,053
Net
Manhat Bdge 3c Line May
Fixed Chgs. Balance,
13,706 12.417
64.153
Earnings. Earnings. ciL Taxes. Surplus.
57.575
a Milw El Ry & Lt Co July
1161,611 982,621 8,232,912 6,620,044
Mississippi Riv P Co_ July
196,693
191.141
1,308,54
3
Detroit
1,284,14
United By July '19 2.193.810
Na.shville By & Light July
374.326
251.712 x160.937
261,471 248.491 1.839,315 1.560.222
2
New England Power.. June
'18 1,680,380
360.550
245.352 x149.548
297.766 258.467 1.816.937 1,534.234
7 mos '1913.115,278 2,661,772 1,632,83
Newp N &II Ry, &E July
2 x1,257,710
262,538 204,947 1,584,384 1,149,79
6
'18 10.693.170 2.544.309 1.557.036 x1.230.5
New York Dock Co__ July
449,797 486,687 3,031,959 3,058,854
21
x After allowing for other income received.
N Y & Long Island__ May
51.333
40,928
216,743
166.154
N Y & North Shore__ May
14,031 13.618
59,783
54.141
N Y & Queens Co__ May
99.561 83.921
419,551
358.846
New York Railways_ May
1124.805 1017,842 5.177.210 4.679.714
FINANCIAL REPORTS.
Northampton Trac__ June
20,470 19,615
125,977
108,999
Northern Ohio Elec.._ June
746,220 593,513 4.312,935 3,468,30
North Texas Electric_ July
278,076 251,535 1,836,645 1.812,469
6
Ocean Electric(L I)__ May
Financial Reports.-An index to annual reports of steam
15.423 11,854
46.585
36,896
Pacific Power & Light July
185,911 154,809 1,183,512 1,035,63
6 railroads, street railway and miscellaneous companies
Pensacola Electric Co July
45,919 44,388
which
324,547
270,142
Phila & Western
July
64,447 57,704
407,695
341,373 have been published during the preceding month will be given
Portland Gas & Coke July
166,994 144,119 1,214,525
in
the
last
964,156
Saturday of each month. This index will not
Port(Ore)Ry,L&PCo July
698.065 659.379 4,968.020 4.317.01
Republic By & Lt Co.. July
include reports in the issue of the "Chronicle" in which
488.131 453,240 3.494,168 3.261.148
9
it is
Richmond Lt & RR May
47,268
39,705
publish
206.186
ed. The latest index will be found in the issue of
167.111
Rt T, Rneltv Mt Ar Par .10m,
340.325 400.047 1.073.901
2.54g.:106 Aug. 30. The next will
appear
in that of Sept. 27.
1074
THE CHRONICLE
Western Pacific Railroad Co.
(Third Annual Report-Year ending Dec. 31 1918.)
President Charles M. Levey, San Francisco, Aug. 1
1919, wrote in substance:
took possession
S
[voL. 109,
dividends on the preWhile the present report says nothing of further
payments have been conferred shares of the operating company, dividend
reduced from 1M to
being
tinued, the April 1919 distribution, however,
s; in July
1% and delayed till early in May 1919 by the Federal authoritie
V.
p.
2023)•
108,
(compare
last 1% was paid
Pacific
Western
(the
on
corporati
In Feb. 1918 the directors of the holding
dividends declared by the
RR. Corporation) declared out of the foregoing
327,own
its
on
6%
of
dividend
a
1917,
r
in
Decembe
operating company
pref. stock, payable in install500,000 outstanding 6% non-cumulative
15, April 1 to
Feb.
record
of
holders
to
20
1918
Feb.
on
each
%
A
1
of
ments
June 20, and Oct. 1
holders of record Mar. 20, July 1 to holders of record
1919, 13 % (see V. 106, p. 1797).
to holders of record Sept. 20; in Jan. its
due April 1
dividend
quarterly
paid
on
corporati
holding
the
In 1919
paid July 15
on May 15, the rate being reduced to 1%; a further 1% was
(V. 108, p. 2023).
YEARS.
CORPORATE INCOME ACCOUNT FOR CALENDAR Inc.(+)
or Dec.(-).
1917.
1918.
*Compens accrued under Fed. Con350
trol (on basis of Stand. Roturn)_ _ $1,900,350 33,016,231 +$1,900,
-3,016,231
Net income
+28,658
38,385
67,043
income
Miscellaneous rent
+3,788
8,174
11,962
Miscell. non-oper. phys. prop
--6,326
8,755
2,428 •
Income from funded securities
-29,423
384,300
354,877
accts._
and
Inc. from unfunded secur.
+60,610
60,610
Rev, prior to Jan. 1 1918
575
-$1,058,
5
$3,455,84
0
$2,397,27
Gross income
Deductions- _
-$403
$52,793
$52,391
Miscellaneous rents
-34
34
Miscellaneous tax accruals
+178,237
858,447
1,036,684
Interest on funded debt
-15,320
22,439
7,118
Interest on unfunded debt
+6,301
68,343
74,644
Amort. of disc, on funded debt
+46,783
46,783
General corporate expenses
+813
10,521
11,333
Miscell. income charges
+376,036
376,036
Expenses prior to Jan. 1 1918
+$592,413
$1,604,989 $1,012,576
Total deductions
$792,281 $2,443,269 -$1,650,988 .
Net income
+550,000
$50,000
fund
sinking
Applied to
See "Note"above $1,650,000 -1,650,000
Dividends(6%).a
-$50,988
$742,281 $793,269
Balance to profit and loss
nt is reached
* Subject to change when an agreement with the Governme
definitely fixing the amount of annual compensation.
BALANCE SHEET DECEMBER 31.
1917.
1918.
1917.
1918.
$
S
Liabilities$
$
Assets27,500,000
0
27,500,00
stock.
Road & equipmt 91,927,464 86,985,845 Preferred
stock_ 47,500,000 47,500,000
. in MM.cos. 1,741,182 1,752,987 Common
Inv.
1st M. bonds- 20,000,000 20,000,000
Invest, in phys140,381 Eqp.gold notes_ 3,000,000
118,191
ical property_
Non-neg. debt
86,246
Other investmts.
30,248
to MM. cos._
42,914
Special deposits_
358,445
25,356
563,580 Traffic,&c., bal.
380,466
Cash
738,866
56,877
wages_
de
Accts.
&
Demand loans
339,225
423,333
rts.
&
in.
Accrd.
11,469,016 12,417,888
deposits
42,914
423,066 Matured int._ _ _
21,931
Traffic, &c., bal.
1,381,187
131,500
_
ous
Miscellane
605,495
Agts.& conduct.
92,253
504
1,026,707 Accrued taxes__
Mate.& supplies
452,560
441,572
308,592 1,351,904 Accrd. deprec'n.
Miscellaneous .._
528,408
474,215
crdts.
UnadJust.
Disc. on fd. debt 2,038,393 1,998,540 Approp. sur...a 7,177,276 7,062,201
506,454
399,316
Unadjust. debits
U. S. Govt. del.
Due from U. S.
5,458,824
liab.
1,900,350
Govt.
9,782
Other def. Bab.deGovt.
U. S.
50,000
res...
fd.
Sinking
5,058,990
ferred assets
Profit and loss__ 2,564,645 1,819,701
115,493,051 107,772,848
115,493,051 107,772,848 Total
Total
surplus-investment in equipment, Re.,
a Includes as of Dec. 31 1917
through income
property
to
additions
property purchased, 37,168,851; and
and surplus, $8,425.-V. 109. p. 889.
States
Government Control.-The President of the United
at 12 o'clock noon, Dec. 28 1917,
and assumed control of your propertyeffective
date was made as of midalthough for accounting purposes the
night, Doc. 31 1917.
for the three
The average net railway operating Income of your company
as required by that
years mentioned in the Federal Control Act, adjusted
was $1,900,on,
Commissi
e
Commerc
te
Inter-Sta
the
by
certified
Act and
le as a fair measure of your
349 74. This average is plainly inequitab
From March 3 1915
company's just compensation under Federal control.
and in process of reorganito July 14 1916 the railroad was in receivership
res have been made for addization, and since July 14 1916 large expenditu
t, which were not
equipmen
for
and
lines
branch
for
ts,
bettermen
and
tions
for the 3-year test period.
reflected in the net railway operating income
Administration for special
A claim was filed with the U. S. Railroad
ons with representatives of the
contract and compensation. Negotiatias
in our reaching an
resulted
yet
not
Director-General of Railroads have
ent should pay per annum as just
agreement as to the amount the Governmcompany
use and managethe
of
your
deprived
having
for
compensation
p. 1612, 2023.)
ment of its property. (Compare V. 108,
and equipment for the year
Capital Expenditures.-The charges to road
-Niles-San Jose branch,
aggregated $4,941,618, as follows: Branch lines
branch, $5,049; additions and
$27,587; Reno branch, $323,986, and Tooele
me gondolas, 1,500
underfra
steel
(400
t
equipmen
$646,915;
ts,
bettermen
locomotives, &c., less adjustments,
steel underframo box cars and 5 Mikadowas
completed ready for operation
&c.), $4,038,081. The Reno branchcomplete
d in December 1917.
Feb. 3 1918; the Tooele branch was
.-The construction of the
San Jose Branch-Unified Plan of Shipmentsstopped
by direction of the
San Jose branch from Niles to San Joseaswas
in a letter written by
forth
set
McAdoo,
Director-General of Railroads
This letter read as
5
1918.
R. H. Aishton, Regional Director, on April determined
that he will not
follows: -The Director-General has definitely
time. He is very
present
the
at
line
this
of
ion
approve the construct
the Southbetween
as
tanding
anxious, however, that there be no misunders
the handling of the facilities at
ern Pacific and the Western Pacific as tothe
made via
be
may
s
shipment
plan
unified
San Jose, so that under the
as accorded shipments via the
the Western Pacific with the same facility
s should unquestionoperation
the
that
words,
other
In
Pacific.
Southern
under the Governably be as if the two lines were, which they are in effect,
ment control, one system.'
and other
grading
,
terminals
way,
of
right
for
expended
The company
The intention
work the sum of 3433,726 prior to date work was stopped.
was to complete the line in the spring of 1918. d for previous to Federal
Equipment -The following equipment contracte
, steel underframe, 100,000
control was delivered during the year: Gondolas80,000
lbs. capacity, 1,500;
me,
lb's. capacity, 400; box cars, steel underfra
power 60,200) 5.
(tractive
er
superheat
locomotives, heavy Mikado
U. S. RailroadAdminisIn addition to equipment above mentioned, the
5 light Mikado locomotives.
tration in July 1918 allocated to this company
locomotives were
This allocation was protested on the ground that the
not needed.
under Federal
revenues
operating
gross
-The
Results.
Federal Operating
of $1,179,926, or 11.9%.
management were $11,078,410, being an Increase
0, an increase of $1,703,825, or
The operating expenses were $7,893,88to
revenues was 71.25%,
27.5%. The ratio of operating expenses operating
revenue from freight traffic
an increase of 8.71% compared with 1917. The
and the revenue from
15.5%,
or
1,
$1,231,34
of
increase
an
was $9,200,062
$100,041, or 6.8%. The
passenger traffic was $1,373,496, a decrease of
3, or 32.73% of gross operatcost of conducting transportation was $3,626,43
in the previous year.
ing revenues, compared with $2,993,342, or 30.24%
an increase of 60.79 tons,
Average revenue tons per train mile was 662.48,
car was 19.95, a
freight
loaded
per
tons
revenue
average
The
or 10.1%.
with 1917. Average distance
decrease of 5.53 tons, or 21.7% compared
an increase of 6.02
haul of each revenue ton of freight was 514.37 miles,
miles, or 0.99%.
AR YEARS.
GENERAL STATISTICS AND EQUIPMENT FOR CALEND
1916.
1917.
1918.
125
129
Locomotives
Not
61
6
Passenger cars
Stated
3,454
5,345
Philadelphia Baltimore & Washington Railroad Co.
Freight cars
for Year
217
217
_
t_equipmen
&
maint.
ion
Construct
1916.
6
5
(Third Annual Report-Year Ended Dec. 31 1918.)
Other cars
3,808
5,702
Total equipment
193,679
Jan. 1 1918 this road, already a part of the Pennsyl
On
239,444
181,649
carried
Passengers
4
a leased line of the Penn.RR.Co.,
became
54,259,580 70,485,435 47,972,56
system,
RR.
vania
Passengers carried 1 mile
cts.
2.18
2.09 cts.
2.53 cts.
of 65 on stock.
Revenue per passenger per mile
1,777,682 which as part rental pays dividends at rate
2,689,388 2,329,118
Revenue tons carried
in subst.:
624
Rea, Phila., April 28, wrote
Samuel
1383344,248 1186336,845 1020082,cts.
nt
Preside
Revenue tons carried 1 mile
0.67
of liquidating your company's
0.67 cts.
0.66 cts.
New Stock and Bands.-For the purpose
Revenue per ton per mile
retirement
the
including
stated.
Not
res,
$10,264
expenditu
capital
of
indebtedness on account
Revenue per mile of road
obligations, and to provide for
of maturing securities and other capital
YEARS.
authorized (1) the issuance
ers
stockhold
the
future,
the
in
CLASSIFIED FREIGHT TONNAGE FOR CALENDAR
purposes
similar
(2) an increase in the comMisc.
Forest. Mfrs.
of $3,400,000 additional capital stock at par,
Mines.
Agricut. Animals.
00 over and above the amount
516,440 111,985 pany's funded debt to the extent of $33,115,0
291,854 91,663 1,486,780 190,766 667,272
ess to be made from
indebtedn
1918
the
in
increase
such
153,882
d,
heretofore authorize
929,930 148,719
97,584
331,731
1917
as the directors shall deem most
550,002 125,618 600,561 129,988 time to time when and in such manner
298,290 73,223
a mortgage to secure the
1916
(3) the execution and delivery of amountin
eous,
advantag
g to $3,000,000,
ACCOUNT FOR outstanding bonds known as 4% serial gold loan
COMBINED CORPORATE AND FEDERALT INCOME
YEARS.
in the aggregate $60,000,000 (of which
(4) an issue of bonds not exceeding
1918 COMPARED WITH CO. ACCOUN FOR PREVIOUS
of your company now outbonds
the
retire
to
reserved
be
shall
00
$26,885,0
1916.
1917.
1918.
loan), and the issue from
Revenuesor authorized and the said serial gold
$9,200,062 $7,968,721 $6,740,978 standing
shall prescribe, of such bonds for
Freight
1,047,995 time to time, when and as your dboard
1,473,538
.
1,373,496
mortgage
the
by
Passenger
authorize
object
481,289 any purpose or
456,225
504,852
the existing financial conditions,
Mail, express, Re
Your board has not, however, in view of
upon receiving Governmental
but
given,
so
authority
the
of
itself
availed
$11,078,410 $9,898,484 $8,270,262 approval proposes to issue $15,000,000 Ten-Year 6% Debenture Gold Bonds,
Total operating revenue
the Commercial Trust Co.,
Expenses, &C.
due Aug. 11928, secured by an agreement with
$2,034,765 $1,577,090 $1,188,935 trustee, authorizing a total issue of $33,000,000 of such bonds.
&c
way,
df
nce
Maintena
767,488
999,073
1,635,871
year aggregated $9,696,the
for
Maintenance of equipment
Road and Equipment -Thu expenditures
243,248
254,562
187,314
account, as follows: Investment in
Traffic
967, all of which were charged to capital
2,410,135
2,993,341
6; add acquisition
3,626,433
t,
$1684,29
equipmen
in
Transportation
224,129 road, $7,862,671; investment e
-274,312
254,193
& Delaware River RR. Co.. $150.000;
General
116,687 of property of the Eddyston
91,678
155,303
7.
Miscellaneous operations, Re
376,459 total in 1918, $9,696,96
492,297
600,976
account of additional tracks from
Taxes
These expenditures were principally on
592
196
1,759
branch from Phila. to Chester; 60th
Uncollectibles
Gray's Ferry Yard to 58th St. Phila.; with
Chester and Phila, branch, near
junction
to
St.
branch from 58th
Newark, Dela., to Elkton,
$8,496,614 $6,682,548 $5,327,673 Street
Total
Island shipyard; extension of track from
$2,581,790 $3,215,936 $2,942,589 Hog
to Iron Hill, Md., and at Bay
Dela.,
Newark,
from
Operating income
track
l
additiona
Md.;
0
track from Chase to
a1,900,35
Dela.;
road
Moor,
of
lease
Edge
from
at
Income
53,644 View Yard, Md.; new yard
engine
from Winans, Md., to SY tower;
Hire of equipment
40,399 Bengies, Md.; extension of track
57,929
Dela.; engine house, shop
131,542
on,
Wilmingt
at
Rentals, Re
facilities
l
additiona
house and
•
engine
144,758
384,300
facilities,
car
and
354,877
ve
&
accts_
locomoti
secur.
unfund.
Md.;
Income from
buildings, &c., at Perryville, improvement and enlargement of double
&c., at Thurlow, Pa.;
Station to Fulton Junction,
$4,968,566 $3,658.165 $3,181,389 house,tunnel
Union
of
Gross income
south
es
approach
and
track
clearances for larger equipment
DeductionsBaltimore, so as to provide the necessary
additions to
a1,900,350
Rent for leased road
n, and other improvements and locomotiv
$386,684 and afford better ventilatio
es,
$164,682
and freight
$5,872
passenger
67
including
Hire of equipment
t,
Your road and equipmen
90,135
90,431
90,251
cars.
passenger
Rentals
246,813 40 steel gondola cars and 2 combined
858,447
1,036,684
all expenditures for road and
lease
the
of
terms
Interest on bonds
the
ce
with
accordan
In
159
32,993
Pennsylvania
18,451
Other inttrsst, &e
your directors, will bo made by the
17.684 equipment, approved bycompany
68,343
74,644
will be reimbursed out of your treasury
Amortization discount, &c
RR. Co., lessee, which
company.
46,783
your
of
both,
or
bonds,
or
Maintenance of invest. organ
stocks
of
the
issue
or through
315,427
Items prior to Jan. 1 '18 (net)
of affiliated companies inInvestments.-Your investments in bonds
See "Note"(6)1,650,000(1 M)412.500
Preferred dividends
1917, due to the purchase of additional
creased $584,719, compared with
system.(notably $132,060
ania
s in the Pennsylv
$3,488,461 $2,684,896 $1,153,975 bonds of affiliated companieM.
Total deductions
4s, $152,000 Cambria & Clearfield Gen. M.
$793,269 $2,027,414 Allegheny Valley Ry. Gen.
$1,480,105
Corts.I.
Trust
Balance, surplus
Guar.
3;•6%
Co.
ania
4s and $239,000 Pennsylv
Pacific stock (aggre•
certified by the Inter-State
Your company disposed of its holdings of Southern
company also purchased
Your
a Represents Government compensation as
311917.
Dec.
the
value
with
t
par
at
0
agreemen
an
gating $1,848,70
ness during the year.
Commerce Commission, subject to change when
annual com- $500,000 U. S. of America 43- % Coats. of Indebted
4%
Government is reached, definitely fixing the amount of the
the payment at maturity of $500,000
The funded debt was reduced by Jan.
by the purchase of $3,000
pensation,
also
1918;
1
matured
which
gold bonds,
a
serial
(the
Californi
of
1
Co.
due
1926,
Jan.
RR.
Pacific
bonds
e
Western
debentur
.--The
Co.'s 4%
sur.-Thv1dends
dividend of 13i% Phila. Wilmington & Balt. RR.
4% bonds due Aug. 1
operating company) on Dec. 28 1917 declared an initial
Deposit Ry. Co. 1st M.and
for the quarter ending and $53,000 Columbia & Port
bills payable deon its $27.500,000 prof. stock, payable in Dec. 1917year
now held in your treasury. Loans
are
which
%,
15i
1940,
each
1917,
the
for
of outstanding
payment
dividends
l
the
to
Dec. 1916, and four additiona
with 1917, duo
in quarterly installments, creased $1,000,000, compared
payable is due chiefly to
accounts
eous
payable on the pref. stock during the year 1918
miscellan
in
increase
The
dividends notes.
the
are
These
%.
of
t.
7J.
total
a
year,
equipmen
that
and
for
6%
road
to
g
for
amountin
amounts advanced by the lessee
shown ia Le foregoing table under years 1916 and 1917.
SEPT. 13 1919.]
THE CHRONICLE
Acquisitions.-The property, rights and franchises of tho industrial rail-
road known as the Eddystone & Delaware River RR. Co., about 0.21 of a
mile in length, connecting with the railroad of your company in the borough
of Eddystone, Delaware County, Pa., were acquired on Aug. 31 1918.
AssetsRoad & equip% a
Improve'ts since
June 30 1907_
Misc. phys.prop.
Inv.in affll.cos.:
Stocks
Bonds
Notes
Advances_
Other investm'ts
Cash
Traffic,dec.,bals.
Agts. & condue_
Int. & diva. rec
Mateels & supp.
Miscellaneous __
Unadj.debits4c
Total
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
Liabilities$
$
98,748,365 89,051,398 Capital stock ___ 26,438,925
Funded debt _ _ _ 25,644,000
772,537
772,537 Mtgs.& gr'd rent
325,146
227,574
270,856 Loans & bills pay 7,227,773
Traftio,&o.,bals.
7,342,363
7,342,363 Acc'ts & wages_
584,723
3 Unmat'd int.,&o
166,556
203,001
203,001 Taxes accrued_
234,299
247,302 Mat'd int. unpd.
99,570
508,388
1,834,344 Mat'd fund.debt
140,150
2,268,507
1,085,872 Miscellaneous __ 10,229,116
797,866 0th. def'd items
648,745 Depreciation_ _ _ 3,295,161
137,682 Unadj. credits__
293,540
1,982,455 Add'ns to prop.
13,838
778,602
thro.inc.& sur. 23,258,964
696,593 Profit and loss_ _ b13,793,928
9,234
110,912,830 105,849,618
Total
1917.
26,438,925
26,200,000
325,146
8,227,773
165
1,850,275
193,871
681,745
100,020
140,150
1,236,655
58,378
3,295,101
346,305
23,254,888
13,500,160
110,912,830 105,849,618
a Includes in 1918 road, $83,913,708; equipment, $14,813,099, and general expenditures, $21,557. b/After adding $292,384 sundry (net) credits.
-V. 109, p. 578.
•
The Lake Superior Corporation.
(15th Annual Report-Year ended June 30 1919.)
The comparative income accounts for the corporation and
for its subsidiaries in combined form were given last week.
Under their own captions are given herewith the statements
furnished by the corporation for the Algoma Steel Corporation and the Algoma Eastern Ry.
President Wilfred H. Cunningham, Sault Ste. Marie,
Canada, August 1919, wrote in substance:
1075
BALANCE SHEET JUNE 30.
1919.
1918.
1919.
1918.
AssetsLiabilitiesInvest. & secur_47,837,832 46,997,979 Capital stock
40,000,000 40,000,000
Real estate, &c___ 315,861
307,786 First Mtge. bonds_ 5,294,000 5,294,000
Due by sub. cos__
776,357
297,739 Income bonds_ _
3,000,000 3,000,000
Accts.receivable__
7,905
275,408 Accounts payabls_
12,746
2,359
S. S. Marie Tr. Co a40,000
Accrued interest__
22,058
22,058
Proc. of sale of inv.
572 Coupons unpaid__
211,863
254,263
Cash
167,362
22,051 Reserve account_ 1,360,953
Mineral lands, &c_
48,810
48,773 Voluntary relief
Miscellaneous
4,019
29,355
fund
• 9,375
8,625
Accrued interest_
38,092
Income account__
441,107
57,621
Cash for unpaid
interest coupons
61,863
104,263
Div.rec'd sub.cos. 1,054,000
555,000
Total
50,352,102 48,638,926
Total
50,352,102 48,638,926
a Advance for which the Corporation will receive $40,000 capital stock of the
Traction Co.
The company had (as of June 30 1919) contingent liabilities on its guaranty
of
principal and interest of $10,080,000 bonds of Algoma Central & Hudson
Bay Ry..
$2,500,000 Algoma Eastern Ry., $15,691,900 Algoma Steel Corp., Ltd., 1st
Ref.
bonds, and $4,999,527 Algoma Central Terminals, Ltd., bonds. Interest&
fully paid by Algoma Central & H. B. Ry. and Algoma Central Terminals,is not
Ltd.,
from June 1 and Aug. 1 1914.
INCOME OF SUBSIDIARY COS.(EXCL. ALGOMA CENT. & H.
B. RY. CO.)
YEAR ENDED JUNE 30 1919 (Compare V. 107, p. 902.)
Net Earns. Interest,
Deprec., Dividends
Balance Total Surp.
Company. from Oper. Rentals, dcc. &c.(net).
Paid.
for Year. June 30'19
Alg. East. Ry. $206,846 $237,923 $218,695
def$249,772def$310,477
Br. Am.Expr.
2,336
Cr.180
a4,000
def1,484
2,602
Fiborn Limestone Co__ _
18,966
483
14,972
3,531
53,777
Cannelton C.
& C. Co._
107,058
32,442
59,495
15,121
220,879
Lake Superior
Coal Co__
67,875
Cr.134
24,551
43,458
182,089
Alg. Constr.&
Eng. CO...
1,780
1,780
5,408
Alg.Steel Corp 5,035,032
965,196 2,350,000 a1,050,000
569,836 1,433,876
S.S.M.Tr.Co_
1,680
446
1,234
1,234
Total 191835,441,575 $1,235,710 $2,668,158 $1,054,000
$634,960 $1,589,388
Total 1917_36,551,495 $1,315,041 $4,242,099 $750,000 $248,562 $668,292
Results.-The net earnings from operations of subsidiary companies of
the Lake Superior Corporation, excluding the Algoma Central
& Hudson
a Paid to Lake Superior Corporation.-V. 109. p. 977.
Bay Ry. Co., for the year, subject to deductions as under, were $5,441,575
Add balance brought forward from previous year
668,293
Adjustment of depreciation, &c.(Algoma East. Ry. Co.)_ _
Algoma Eastern Railway.
218,695
(Results for Fiscal Year ending June 30 1919.)
Total
$6,328,562
INCOME ACCOUNT FOR THE YEARS ENDING JUNE
Deduct-Int. on bonds of sub. cos. on bank and other advances
30.
(less interest earned on bank balances and investments)
1918-19.
1917-18.
Amounts set aside for sinking fund, &c., in respect of mining$1,235,710 Gross earnings from operations-railway
$925,510
$879,159
Operating
expenses-railway
properties and quarries
785.675
717,552
324,463
Appropriated as reserves for depreciation, renewals, &c., of
Operating income
special assets
$139.835
$161.607
260.000
Reserved against abnormal cost of new plant and equipment_ - 365,000 Deduct-Expenses for the year (incl. exp. fighting
fire in coal piles, on dock, &c.)
For general depreciation
3,460
43.783
1,500,000
Dividends to Lake Superior Corporation
1,054,000
Not earnings from railway operations•
$136,375
$117.824
Add-Ne
t
earnings
from
steamship
department__
Total deductions
_
70.472
66,406
$4,739,173
Carried forward by all companies
$1,589,388
Total net earnings from operations
$184.230
Algoma Steel Corporation, Output, Additions, Earnings, Balance Sheet, &c. Interest & rental charges for year on 1st M. bonds, $206.846
-See separate statement below.
$124,975; on equip. trust bonds & adv.,$14,376;
A dividend of 10A % has been received upon your Prof. stock holdings
adv. from Lake Superior Corp., $20.826; rental
In the Algoma Steel Corporation.
of terminal properties, $44,787; other rentals,
$4,854; skg. fd. to Mg. East. Ter., $9,000; other
Cannelton Coal & Coke Co.-For the year ended June 30 1919 production
interest, $19.104
was 580,737 net tons compared with 760,086 net tons for the previous'year.
237.923
225.345
for depreciation of rolling stock, bridges,
Tho decrease in output was caused by the dull coal market
during last Accruals
trestles, &c
winter and restrictions on shipments by Government zoning regulations.
89,499
The prospects for business during the coming winter at good prices are favorDeficiency for the year
able, as already contracts are being entered into for delivery after the close
$31.077
$130.616
Deficiency from previous year
of navigation.
$498.094
$26,795
Lake Superior Coal Co.-For the year ended June 30 1919 production was Depreciation on rolling stock, bridges, &c.,
not previously charged to income
226.878
224,375 net tons compared with 255,494 net tons for the previous year.
345,406
No difficulty should be experienced in disposing of the product of Lake
Superior mines at good prices.
$271,216
*372,201
Less-Other adjustments-credit
8,184
4,721
Algoma Central & Hudson Bay Ely. Co.-Tho first six
showed a
satisfactory gain In gross and net earnings, but since themonths
Total
armistice
of
No$279,400
$367,480
vember last the earnings have not compared favorably with the previous
year. The net earnings for the year, after depreciation, are $263,294 as
Total deficiency
$310,477
$498,094
compared with the sum of $439,219 for the previous year.
Prior to the
armistice a large portion of the company's freight traffic consisted
BALANCE SHEET-JUNE 30.
muniof
tions and raw materials for war supplies. The re-establishment of the
1919.
1918.
1919.
1918.
local industries upon a peace basis is expected in due course to compensate
Assets-.
$
Liabilities (Cont.)
$
$
$
for the loss of this munition business.
Property
15,547,127 5,488,216 Amount due on stk.
A certain amount of industrial development is taking place along the Equip .in trust (see
in
Sault
Ship.
Co.,
line in the shape of new saw mills and lumber operations. The railway lands
contra)
525,982 533,411 Ltd
247,500 275,000
have likewise been thrown open to prospectors on reasonable terms, and a Investments
276,400 276,400 Advances from Lake
number of claims have been recorded covering all classes of ore, including Material & supplies_ 156,541
74,053 Superior Corp____ 416,754 171,635
gold, silver, &c. Settlers continue to go upon the company's
lands and Accts. & bills reedy_ 115,767 154,153 Accounts payable___ 198,735 302,087
farms are being sold from time to time.
Cash in bank
83,337
89,421 Accr. int. on equip.
The projected development in the case of the Algoma Steel Corporation Fire loss moneys in
trust bonds
14,685
4,303
offers two exceedingly important traffic possibilities, one in the shape of ore
trust
1,126
1,784 Accr. int. on 1st M.
from the now Helen mine, the other structural and other steel from Sault Suspense accounts_
4,603
12,306 bonds
41,667
41,667
Ste. Marie. Recent finds of high-grade pyrites are further encouraging Income account__- 310,477 498,094
Accr. rent of term.
features.
Empl. Vic. Loan_ __
3,101
property
18,678
18,651
Algoma Eastern Ry. Co.-The accounts submitted show a deficiency for
Sault Ship. Co., Ltd_
14,133
Total
the year, after deducting depreciation, of $31,077 as compared with a defi7,024,461 7,127,838 Other rent accrued__
11,669
4,189
Liabilities-ciency for the year ending June 30 1918 of $130,615. The track and rolling
Accrued taxes
7,590
6,064
stock are in better condition than at any time in the company's history.
Capital stock, com__2,000,000 2,000,000 Accr. for deprec
274,497
429,672
But for the temporary shut down in mineral tonnage the company would Preferred
1,000,000 1,000,000 Suspense accounts__
2,481
29,496
for the year have shown satisfactory earnings. The mines
First Mtge. 5% bds-2,500,000 2,500,000
are now on a Equip,
peace basis preparing for the immediate resumption of operations
in trust (see
and
as
substantial tonnages are promised by the railway company's customers the
contra)
276,073 345,073 Total
7,024,461 7,127,838
results for the coming year, we believe, will be satisfactory.
x Property including cost of construction of railway lines, equipment and
Trans-St. Mary's 7'raction Co.-While no sale has been
the receiver has been discharged, and we are now in a position tomade,
expenditures, also land grant lands (500.114 acres). $7,088.sell the prop- miscellaneous
197, less subsidies (land grant and cash), $1.541,070.-V. 108,
erties free from encumbrances.
p. 1720.
Tentative Agreement.-A committee of your directors visited London
during July to confer with the bondholders' committee of the Algoma
Algoma Steel Corporation, Limited.
Central Ry. Co. and Algoma Central Terminals with a view to settling the
. (Report for Fiscal Year ending June 30 1919.)
obligations of the Lake Superior Corporation under its guaranty of the principal and interest of the 13onds of the above companies. This committee
The report of the Lake Superior Corporation cited above
reached Toronto on Aug.20 and was able to say that a tentative agreement
had been reached. Certain contingent details must be arranged to make says in substance:
the plan effective and this will require time.
Tonnage1917-18.1918-19.
Tonnage1917-18.1918-19.
Income Interest.-The full interest is being paid on our income bonds.
Coal imported
995,064 880,591 Pig iron
314,188 336,657
Investments.-Theso are practically the same as last year. Compare Ore imported
761,082 700,510 Steel ingots
499,712 414,932
V. 107, p. 902.
Limestone produced.321,485 296,812 Steel products
329,438 322.011
INCOME ACCOUNT LAKE SUPERIOR CORP. YEARS ENDING JUNE 30. Coke379,040.
406,398
The change from war to peace cond tions naturally resulted in a stoppage
1918-19.
1917-18.
of the manufacture of shell steel and steel for munitions purposes
Interest on Purchase Money bonds of Algoma Steel Corp.
generally.
Towards
of
end
year
the
the
the
mills resumed the rolling of normal products
($290,000), dividends on stocks of sub. cos. ($1,054,000),
In the shape of steel rails, rail fastenings, merchant bars, shapes,
other income ($49,758)
etc. Up
$1,393,758 $1,048,759 to the time of making this report business has
not
been
Deduct-Interest on 1st Mtge. bonds
264,700
264,700 last few months the mills have been operating at about plentiful and for the
half
capacity.
Interest on Income bonds
150,000
150,000
Structural Mill.-Engineering plans have been prepared for a new uniGeneral expenses
75,573
81,785 versal mill, consisting of a 40-inch blooming mill, 36
-inch rougher
three
stand 28-inch combination structural and rail finishing mills, and
all motor
Balance, surplus
$903,486 $552,274 driven. This mill,in addition to rolling beams and
Balance brought forward from previous year
57,621
4,541 will be able to roll a substantial steel rail tonnagechannels up to 24 inches,
to meet the increasing
demand for heavier and longer rails.
Total
$961,107 $556,815
Your directors believe that the new mills are vital to the continued success
Deduct-Ascertained loss on holdings in Trans-St. Mary's
of the Steel company. Canada imports all structural steel and shapes in
Traction Co.(in hands of receiver)
20,000
349,194 excess of 35 lbs. per yard. We hope at an early date to submit a plan for
Reserved against further depreciation in values and losses in
financing the proposed undertaking.
other investments
In the meantime we have approved a moderate expenditure on the present
500.000
150,000
rail mill to enable the Steel company to care for such structural steel,
up
Balance carried forward
041,107
$57,621 to and including 15-inch beams and channels, &c., as may be offering in
•
Wm,. 109.
THE CHRONICLE
for
Hupp Motor Car Corporation, Detroit, Mich.
the market during the interval (approximately 18 months) required
1076
completing the installation of a new mill.
additional by-product
It Additions During Year.-This work included 50
now in operation, also an
coke ovens of the latest pattern, all of which are
what is now
completing
thus
dock,
ore
the
to
additional 400-foot extension
on the Great Lakes.
one of the most modern and up-to-date ore docks done
the development
Iron Ore Properties -Considerable work has beenhave in
been substantially
of Helen siderite. The Diamond Drill reports
borne out by the actual development work.
has been
precaution
the
earnings
year's
the
with
dealing
-In
Inventories.
the difference
taken to reduce inventory values by $943,058 to represent
the war.
between actual war costs and the prices pertaining since
The
Sinking Fund etc.-The company's cash position is a strong one. First
first of the sinking fund payments due July 11919, in respect of the
& Ref. Mortgage Bonds was duly cared for.
ENDING JUNE 30.
INCOME & PROFIT & LOSS ACCOUNT FOR YEARS
1917-18
1918-19.
$5,035,032 $6,001,892
Net earningsfrom operations
45,000.
Co.).
Coal
Dividend (Lake Superior
$5,035,032 $6,046,892
Total net income
Deduct-Interest charges on purchase money M.5s,
$290,000; on 1st & Ref. M.5s, $784,595; on city
of S. S. Marie debentures, $13,266; total,
$1,087.861; less interest on investments, &c.,
965,196 1.058,052
$122,666
Set aside for skg.fund,&c., Helen & Magpie Mining
112,031
225,000
property
Int. during constr'n, previously chgd. to capital,
509,052
now written off
Ascertained loss on brick plant after dismantling
87,910
and sale of salvage
125,009
Provision for saw mill plant & equipment unsaleable
500,000
Rebuilding of coke ovens and by-product plant
100,000
100,000
Steel Hill Falls power plant, depreciation, &c.
45,000
Stock in Lake Superior Coal Co. written down
52,452
Income tax
00
0,0
e16
nac
blast
fur
Relining
and
plant
Reserved against abnormal cost" of new
365,000 1,000,000
equipment
1,500,000 1,500,000
For general depreciation
b700,000
al,050.000
Dividend on pref.stock for years, 1915-1916
$257,396
$669,837
year
for
Balance,surplus,
Add balance at credit of profit and loss account,
506,643
764,039
brought forward
$764,039
$1,433,876
Balance carried forward
a104%. b7%.
BALANCE SHEET JUNE 30
1918
1919
1918
1919
$
Ltablttles-Assets15,000,000
corn.
.15,000,000
stock,
Cap.
42,757,325
39,772,732
Property
Pref.7% cumul._y10,000,000 10,000,000
Moneys invest. in
Purch. money 5%
Imbed. & other
5,800,000 5,800,000
bonds
1,695,039
1,607,539
companies
1st & Ref. M.5%
Funds in trustees'
15,691,900
z15,691,900
bds
gold
206,619
812
hands
191,091 Deb. bonds of city
Products on hand.. 518,156
of S. S. Marie,
Matetial and sup162,229
152,929
Out.
7,373,144 6,208,440
plies
payable___ 1,178,243 2,288,202
Temporary invest. 3,132,361
.dividend,bal.
Prof.
19,397
Miscellaneous
550,000
1,050,000
unpaid
Advance paym'ts
123,672 Accrued int. on
84,051
on ore,&c.
221,625
221,547
bonds
3,213,237
2,384,747
_
debtors__
Sundry
167,993
342,383 1,410,820 Suspense account_ 1,180,808
Cash
88,596 Reserve for depre45,507
Suspense accounts
3,571,528 5,248,852
ciation,
Profit and loss,
764,039
1,433,876
surplus
55,814,839
55,280,831
Total
55,280,831 55,894,839
Total
Mortgage
y Dividends In arrears from Jan. 1 1916. z First & Refunding
g, $15,997,758,
5% gold bonds, authorized issue, $30,000,000; outstandin
1722.
p.
108,
-V.
less pledged as security for city debs.. 3305,858.
(Report for Fiscal Year ending June 30 1919.)
President J. Walter Drake says in substance:
cars had been
War Restrictions.-In July 1918 production of passenger
year s output. Later,
restricted by the Government to 50% of the previous
time of the armistice
production was again restricted to 25%, and at the
cars could be produced,
it was expected that by January 1919 no passenger allies.
excepting for the use of this Government or our
rapidly conWar Supplies.-Motor car manufacturers and their suppliers
supplies, and this
verted their entire capacity to the production of war department
s of the
various
corporation had on its books, contracts for the
taken the entire
Government which, if the war had continued, would have
of our
plants
the
and
plant
our
armistice,
the
capacity of our plant. After
car production; but,
suppliers were rapidly converted back to passenger necessarily
dedue to unfinished Government contracts, there were materials. many
lays and great difficulty in securing all the necessary increasing; but even
Output.-Production during 1919 has been gradually difficulty in getting
at the present time manufacturers are experiencing great higher than anticithe desired amount of material, and costs are necessarily
attain a fair
pated. In spite of all these difficulties, we have been able to production
output for the first six months of 1919, and the prospects are for
at an increasing rate from now on.
model, both at home
Demand-Additions.-The demand for our presentcapacity.
In order to
and abroad, has been beyond our expectations and to
add several departsupply this demand more readily we arc planningbuildings
machinery
and
land,
of
addition
the
by
ments to our plant; and
ing facilities.
to very materially improve and increase our manufactur
from time to time,
Preferred Stock.-As provided, we have acquired,
retirement.
Preferred stock to be held in the Treasury forin
this statement are after
Profits-Ta res.-The net profits as shown
year of 1918, and after
deducting excess profits taxes paid for the calendar
January to July for
from
reserve
setting up what we believe is an adequate
the 1919 taxes.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1916-17.
191'/-18.
1918-19.
$271,479
$836,691
$535,603
Net profits_ .
91,554
91.553
.79,030
annum)...
per
(7%
Preferred dividends
$179,925
$745,138
$456,573
Balance, surplus
Mfg. CO.).
CONSOL. BALANCE SHEET JUNE 30 (Incl. Amer. Gear &
1918.
1919.
Liabilities1918.
1919.
Assets$5,192,100
_$5,192,100
stock_
Common
Land,bldgs.,equip
1,307,900
1,062,500
_
stcck__
*$1,394,213 $1,576,423 Preferred
ment, &c
Current liabilities
Good-will, trade
749,646
1,366,52
due)
names, &c.. ___ 3,858,921 3,858,921 (not for
custom731,166 Res've
379,832
Cash
and
deposits
ers'
735,287
1998,446
Acc'ts receivable
12,764 redernp'n ot serv.
56,076
Bills receivable.__
215,911
1
coupon
Raw & worked maRes've for accrued) 490,2064
terial, supplies,
1
297,971
4
&o
1,721,378 1,834,786 Interest,
&c., at rest
16,583 Reserve for Federal
58,457
Prepaid Ina& taxes
99,710 and other taxes_ 539,055
Pref.stk. for retir't
1,660,236 1,176,263
Surplus
Inv. In stock De50,000
50,000
troit Shell Co..400
Inv .in sundry secs. 107,900
23,750
Inv.in Lib. bonds_ 175,400
U. S. certifs. and
finance notes__ 1,500,000
10,000
Can. Vict'y bonds..
$10,310,624 $8,939,790
$10,310,624 $8,939,790 Total
Total
$446,machinery,
$884.452;
buildings,
* Includes in 1919 land, $124,896;
and furniture and fixtures, $56.211;
990; factory equipment, $433,271;
n, $551,608; balance as above,
total, $1,915.821. less reserve for depreciatio
it is stated, was appraised as of
$1,394,213. The property investment,$762,741
more than appears on the
Dec. 311916, and has a sound value of
accounts receivable for cars protected
company's books. x Includes in 1919
deposits, $214,customers'
by
protected
by 1.3-L drafts. $662.015: for parts
total, $1,037,342, lass reserve for
856, and sundry debtors, $160,471; p.
984.
109,
V.
$38,896.doubtful accounts,
Pan-American Petroleum & Transport Co.
(Report for Fiscal Year ending Dec. 31 1918.)
Ohio Copper Company of Utah.
(Report for Fiscal Year ending Dec. 31 1918.)
Pres. Hubert E.Rogers, N.Y.,July 31, wrote in substance:
results of operations
CO'S.
Results.-The profit and loss statement shows the
RESULTS FOR CAL. YRS. FOR THE COMPANY & OWNED
of the copper produced,
for the year 1918, based upon the actual proceeds
1917.
1918.
as of Dec. 311918.
deficit
the
shows
I 4,111,278 and the general profit and loss account
Not
I
the year, for construction, the
Income from steamships
Additions.-There was expended during
401,372
J shown I
on the flotation
made
e
expenditur
Income from oil
the
g
representin
sume of $378.568,
this work has since been completed.
$7,332,308 $4,512,650 equipment in the mill;the
treasury stock was disposed of
Gross income
$25,000
period
-During
Securities.
1,916,560
3,808,233
the directors authorized the issuance
Depreciation & expeeses
at par, and under date of Sept. 20 1918Convertibl
e Notes, convertible into
-year Collateral Trust
$3,524,075 $2,596,090 of $250,000 3and
treasury capital stock, and all the
Net income
$250,000
by
secured
par,
at
1,247,800 stock
2,122,800
company. Thoso notes
the
by
owned
Mexican Petroleum Co. dividends received
1,232,264 Bingham Central Ry. Co. securities
882,164
proceeds wore used in liquidating
Co.'s proportion undivided prof. of sub. co's for yr
were disposed of at 05% and int., and theand
the poor operatthrough
also
work
n
constructio
$6,529,039 $5,076,154 debts incurred by our
Total income
ing conditions prevailing, which resulted in a loss for the year of $140,300,
Deductionsexplained.
is
later
which
$128,805
$363,954
fixing the price of copper,
Bond and miscellaneous interest
Late in December, after the Government ceased
145,621
248,358
there would be a considerable
Bond discount and expense
530,000 it became apparent from advices received that
1,250,000
considered it advisable
therefore
Increase and excess profits taxes
directors
Your
of
copper.
price
735,000 drop in the
720,311
Preferred dividends(7%)
of the company and recommended to the stock(5%)1,558,926 x1,067,160 to strengthen the resources
3 1919 that there be authorized
Jan.
Common dividend (cash)
held
meeting
annual
the
at
holders
(5%)1,558,926
Liberty bonds
do
bonds to be secured by a first mortgage
$500,000 7% 10-year Convertibleshould
also be authorized an increase in
there
$828,564 $2,469,568 on the property, and that
Balance,surplus
to $3,000,000; this increase of $500,000
$2,500000
from
stock
capital
$5,020,596 $5,010,164 the
Mtge. 7% bonds above menFirst
the
of
P.& L.surplus Dec.31
to be reserved for the conversion
while the bonds have been issued
x3%-V. 109, p. 976.
tioned. This authority was granted, and
but some have been used
sold,
been
have
none
1919,
1
of
Feb.
under date
for collateral purposes.
loss accountshows that the fire of
and
profit
general
-The
April
ending
Fire.
Year
by
Fiscal
Loss
for
Statement
(Financial
in 1918 of $104,233, a further sum
Aug. 10 1918 caused us a direct loss
in 1919 in rebuilding a portion of the mill
A financial statement published by Douglas Fenwick & of about $28,000 was expended
measurel.
be
cannot
loss
indirect
the
for
figures
destroyed,
1917-18
(The
Co. furnishes the following data.
year, of 3,362,119 pounds of
Copper Output.-The production of the pastprevious
year. was much loss
and 1916-17 inserted by Editor for comparison.)
copper, compared with 5,279,259 pounds the
as a result of tho fire
occasioned
was
but
anticipate,
END.
to
YRS.
CO.
APR.30
UM
reason
had
PETROLE
we
CENTRAL
than
INCOME ACCOUNT OF
control.
and other causes beyond our
1916-17.
1917-18.
1918-19.
from April 15 to May 6, for
Flotation Units.-The mill was shut down
$450,238
$504,808
$421,652
Dividends received
in the mill. The first and second
48,551 the purpose of arranging the equipment1918
34,340
28,603
results for May and
and
Interest received
units wero started on May 6 for thesethe
two months a recovery
$498,789 flotation
$539,148
$450,256
Total income
were highly encouraging, averagingslight
, as is usual witis.
difficulties
94,118 June
105,918
88,802
experienced
we
Expenses, incl. taxes and bond int__ 1918
In July
300,000 of 70%.
300,000
called in approved the installation
300,000
Preferred dividends(5%)
the start of all mills. The experts
by this method at least 75% of
recover
to
ability
our
of
$104,671
$133,230
$61,454
confident
are
and
Balance, surplus
the values.
1918 and we were well on the
CONSOL. INCOME ACCOUNT OF SUBSIDIARIES FOR APR. 30 YRS.
The third flotation unit was started in July
up, when the disastrous fire of
1916-17.
1917-18.
1918-19.
way of having our plant properly tuned
s.
calculation
$2,227,386
$2,603,406 $1,191,921
10 1918 upset all of our
Oil, gasoline and gas sales
1919.-During August
18,773 Aug.
71,021
12,851
Operations following Fire-Shut Down March. 10
Miscellaneous income
down completely On Oct. 1 we started up
$2,616,257 $1,262,942 $2,246,159 and September we were shut
Total income
Because of
of
limited
843,027 again, using a temporary crushing plant unable tocapacity.
450,627
1,097,688
Expenses, taxes and Interest
our ores under
787,845 this temporary inefficient plant we were the work oftreat
61.867
881,033
Oct. 1
Losses, depreciation and depletion
from
mill
the
that
so
experts,
by
450,588 the methods proposed
505,058
422,429
Dividends
al standpoint.
of no substantial value from a metallurgicdestroyed
by fire, began
$164,699 1918 was
$245,390
one
$215,107
the
replacing
Balance, surplus
plant,
crushing
coarse
now
The
operations Jan. 23 1919.
BALANCE SHEET CENTRAL PETROLEUM CO. APRIL 30.
completed on Feb. 23 1919 and
The fifth and last unit of flotation was1919,
1918.
1919.
1918.
because of the drop in the
1919.
immediately following this, on March 10
.3
$
Liabilities$
and the mill was closed
$
Assetsoperations
stop
Prof. stock
6,000,000 6.000,000 price of copper, it was decided to
Stock of sub.
down.
to
convince us that the
-down
cos. owned_ ....6,772.078 6,772,078 Common stock.. 900,000 900,000
shut
the
before
Enough work was done
120.000
3,320 Funded debt..
3,320
Vet. trust ctfs__
which will cost a comparatively small sum,
251 150,283 mill, with some slight changes and
Accts. payable...
per month, with an
ore
of
tons
Other investm'ts 30,000
90,000
75,000
between
74,850 should handle
14,603 Provis'l accts..... 72,000
505,175
Cash
of at least 75% of the value.
732,000 Profit and loss.._ 338,321 276,868 average recovery
results and the
Bills receivable..
Reserres.--,Development work has produced excellent
are estimated as 6,000,000 tons of ore, which wit
Total
7,310,572 7,522,001 proven ore reserves
7,310,572 7,522,001
Total
the development work in progress at the time of the; hutj
and
.8%,
average
-V. 109. p. 580.
Central Petroleum Company.
30 1919.)
SEPT. 13 1919.]
THE CHRONICLE
1077
down convinces us that we have another large block of ore in sight, which
Acquisition.-As stated in the last annual report, the Railroad Commiswill average 1%.
sion of California approved the purchase by The Southern Sierras Power Co.
Plan.-The groat decline in the price of copper during the first quarter of the properties of four subsid. companies-Corona Gas &
Elec. Light Co.,
of 1919 caused the company further losses and makes it necessary for us Rialto Light, Power & Water Co., Coachella
Valley Ice & Electric Co. and
to consider some plan of re-financing. At an early date a comprehensive Bishop Light & Power Co. This purchase or merger
was consummated
financial plan will be placed before the stockholders for approval.
as of Jan. 1 1918, The Southern
Power Co. acquiring all assets and
Outlook.-Notwithstanding the many serious set-backs of the past year assuming all liabilities, includingSierras
the bonded debt of these four companies.
we are firm in our opinion that this property will eventually become a steady, which ceased all business operations
and are in process of liquidation.
consistent and profitable producer.
During the year Hydro-Electric Co. was dissolved and the net proceeds of
its a.ssets were distributed to The Nevada-California Electric Corporation
PRODUCTION FOR CALENDAR YEARS.
as owners of the entire capital stock. Deseret Water. Oil & Irrigation Co.
1918.
1917.
was added to the list of subsidiary companies; that
Copper (lbs.)
3,362,119
5,279,259 debt and is operating on a small scale in Nevada. company has no bonded
Silver (oz.)
5,290.37
2,914.79
On Dec. 31 1917, combined property balances aggregated $24,144,242:
Gold (oz.)
731.371
1.162.956 net additions in the year 1918 were $1,171,094; total $25.315,336;
balance
reduction in book values at time of transfers between companies 31,042,338;
PROFIT AND LOSS STATEMENT FOR CALENDAR YEARS.
Dec.311918(depreciation reserves of$514,180 not deducted) $21,272,997.
1918.
1917.
Results.-The final net available surplus of all companies for the year
Value of-Copper,lbs
$797,201 $1,330,444 after
eliminating
transactions and after deducting all fixed
Silver, ozs
5,424
2,495 charges, &c., andinter-company
appropriating $91,843 for the Bond Redemption Fund.
Gold, ozs
14,585
23,279 was $213,890, as compared
with $336.217 for the year 1917.
Increased operating and general expenses are easily accounted for by the
Value metals produced
$817,210 $1,356,218 high
cost of supplies and wages. Increased interest charges against income
Cost of production
941,745
1,057,989 are explained
by capital needed for new construction. During the year
Rents, royalties, &c
2,999 Cr.36,217 there
was a substantial Increase in the amount charged off for dsicount on
securities
sold
and the policy was inaugurated of writing off the expenses
Total profit
(loss)$121,536
$334,446 of organization.
Surplus appropriated for the redemption of bonds inDeductionscreased
38,487.
Interest, taxes, &c
$14,602
$32,901
Renovation and experhnental expense
4,162
19,792
INCOME ACCOUNT FOR CALENDAR YEARS.
Organization expense, &c
10,269
1918
1917.
1916.
Operating earnings:
Net profit
(loss)$140,300
$271,485
Light
213,078
231,111
2A,457
Reserve for depreciation
6,261
$62,533
Power
1,591,012 1.461,871 1.232.125
Reserve for depletion
71,082 Ice, cold storage & water
255,180
216,431
11.935
Fire lass 1918
104,233
Miscellaneous
851.080
75,731
55.380
Total
operating
earnings
Balance,surplus
-2,is/,s49 1,985,150 1,526,897
(def.)3250.794
$137,870
Profit and loss surplus
896,791
(def.)3112,925
786,125
521,532
$137,870 General expenses
Taxes
130.419
128.594
88.244
BALANCE SHEET DECEMBER 31.
Operating
profits
1.1zu,p
2,
1
0
5
1,070.431
917.121
1918.
1917.
1918.
1917.
Other
income
(net)
7.661
20.917
Assets
-$
LtabilUies-$
$
Total income
Mill bldgs., equip. &
1.122,254 1.078.092
Cap. stk. outstdg*_ _2,225,625 2,190,625
938,038
Deduct82,096,793 1,712,810 3-yr. cony. notes_
ore prop
b250,000
Int. 1st M. bonds
Inveggm't in Singh.
234,183
Accrued payroll_-_ 14,140
248,531
322,052
327,820 327,820 Notes payable
Cent. RY
332,514
298,919
126,251
79,750
27,375 1st & 2nd Lien bonds
Cash,concentrates on
10-year cony. debts
Accounts payable__ - 62,500
59,382
68,75$
33,996
93,717
,
2-year secured notes
hand & In hands of
Copper advance_
55,545
85,'36 2
-year
.Sin
Co
convertible
17,855
Ref
.6c
notes
426,671 Smelter accts. Pay- Am
13,696
82,844
6,583
Accounts receivable_
64,772 Sundry reserves_ - _ - 44,718
227
5,576
18,833
23,518 Nevada-California Power Co. div. Sc.. _
Notes and accounts, &c.
Inventories
93,669 109,211 Profit & loss (sur.)_ _
20,908
21,024
27,449
137,370 Interest
earnings:
21,037
Prepaid ins., &c..
Notes, accounts, &c.
Profit and loas del_ _ _ 112,925
Cr.41,494 Cr.34,496) Or.64,995
During construction
Cr.39,351 Cr.58,536
Total
2 676,732 2,641,284
118,553
Total
110,547
95,370
2,676,732 2,641,284 Depreciation
Adjustments (net)
62,356 Cr.1,802
14,359
*Authorized stock, $2,500,000; in treasury, $274,375. a After crediting Bond redemption
91,843
83,354
71,204
$378,568 for new construction and deducting $128,200 for depreciation Preferred dividends declared
318,271
352,006
265,849
and depletion. b These notes wore sold in the fall of 1918 to an underTotal deductions
1,226,635 1,093.881
910,368
writing syndicate, payable viz.: 25% Jan. 15 1919, 25% April 15 1919, Previous surplus
x2,418,702 2,421,560 2,254,535
25% Sub, 15 1919 and 25% Oct. 15 1919; and the company borrowed the Total surplus
2,314.321 2,405,771 2,282,205
full amount of $250,000 from a Trust Co., pledging the notes and the underx Includes available surplus for the year, $213,890; surplus at the beginwriting. As each installment is paid by the Syndicate subscribers, 3-year ning of the year. $1,826,208; surplus appropriated for bond redemption,
7% Convertible notes are delivered, and the loan from the Trust Co. is $671,407; deficit of Hydro-Electric Co. at time of dissolution in 1918, Inreduced by a like amount. To date 75% or $187,500 of the 3-year notes serted for reconciling purposes, $158; surplus of Corona Gas & Electric
have been paid for and delivered. Comp. pending plan in V. 109, p.986. Light Co., Bishop Light & Power Co., Coachella Valley Ice & Electric Co.,
and Rialto Light, Power & Water Co., at time of amalgamating the properVirginia Railway & Power Co.
ties and securities of those companies in 1918 into the Southern Sierras
Power Co., inserted for reconciling purposes, $79,071.
(Results for Fiscal Year ending June 30 1919.)
COMBINED GENERAL BALANCE SHEET DECEMBER 31.
The "Chronicle" has been favored with the results for the
1918.
1917.
1918.
1917.
late year, which compare as follows:
Assets5
Prop., equip.,&c_ x24,272,998 24.144,242 N.-C. Elec. Corp.:
1918-19.
1917-18.
1916-17.
1915-16.
Fare passengers
Coming.
equity
In
Pref.
stock
82,645,749
6,046,800 6,046,300
69,807,331 67,226,456
91,556,392
Free passengers
bonds berroweoL
95,000
Common stock.. 8,518,100 8.529,900
597,891
645,950
714,733
699,156
Transfers
27:1,094
265.901 Sub. cos. cap. stk.
17,591,869 16,508,244 17.151,090 16,281,570 Investments
Special dep. & s. 1.
1,838
1,742 not held by N.-C.
4,656
10,881
376,511
Total passengers
310,811 N.-C. Elec. Corp.
109,746,152 99,799,943 87,673,154 84,207,182 Inventoi les
1C.w. hrs. output. com'1_121,965,030 108,620,075 95,068,363 75,409,277 Current assets_ __
415,250
433,789
1st Lien bonds__ 6,179,000 5,155,400
Gas sold, cubic feet
13,545
53,016 N.-C. Pow. 1st M. 1,889,000 2,023,000
452,886.600 475,881,800 426,911,700 394,961,300 Due on stk. subsc_
Gross earnings
So. Sierras Power
$8,429,283 $7,457,530 $6,044,495 $5,645,158 Due on Lib. bd.
Operating expenses
subs
19,323
Co. 1st M.bds._ 1,919,000 2,012,500
5,393,533 4,100,492 2,941,293
2,676,179
Due from con tr.cos 497,096
298,958 N.-C. El. conv.bds 988,900
990,800
Net earnings
82,445
73,361 Sec. dr convertible
$3,035,750 33,367,037 $3,103,202 $2,068,979 Prepaid insut aura _
Other income
note debt
115,865,
154,771
1,387,200
98,391
96,610 Prism. pd. on sec.&
unamorazed disComing. liab. bds.
Net income
count & expense 4,545.954 3,514,424
borrowed
95,000
$3,190,521 $3,472,902 $3,201,593 $3,065,589
Taxes, interest, &c
Current liabilities_ 646,501 1,395,668
32,104,700 $1,024,378 $1,817,057 $1,752,608
Preferred dividends_ _ _ _(3%)239,976(6%)479,952(6%)476,352(6%)472,752
Susp. credit items_
168
1,560
Common dividends_ _ _ _
Res've for deprec_ 544,180
469,344
x300.679(15,5)179,243 (3)358,482 (:1)358,482
do fire losses, &c.
54,620
53,707
Surplus for year
Surplus
2,314,321 2,405,771
3545,166
$549,702
$898,33Q
$491,687
Direct charges to p. & 1_
Dints. in bd. red..
6,717
120,077
2,805
144,732
192,448
68,804
Depreciation reserve_ _ _
469,802
505,757
*359,904
100,000
Total •
30,593,059 29,096,244
Total
30,593,059 29,096,244
Bal, to profit & loss_def.$105.323sur.3299,451 def.$2,650 sur.$322,883
Note.-Liabilities covering matured bond interest coupons, matured
x Represents 2.5158% in stock 01 Old Dominion Iron & Steel Corp.-Ed. Nevada-California Power Co. scrip and accrued interest thereon,Amounting
(V. 107, p. 1288).-V. 109, p. 372, 73.
to $300,274 and the offsetting deposits not included.
x Property, equipment, &c.. Dec. 31 1917, $21,144,242; additions and
Nevada-California Electric Corporation.
Improvements during year (net) $1,171,094; reduction due to net revaluation
of properties merged, $1,042,338.-V. 109, p. 892.
(Report for Fiscal Year
ending Dec. 31 1918.) .
See map, &c., on pages 178 and 179 of "Railway and
Industrial" Section.
President W. E. Porter, Denver, says in substance:
Earnings.-The results of the year's business considering the trying
period through which we have pa.ssed, are gratifying. The gross
revenues
show an increase, while added expenses, duo to abnormal conditions,
have
produced an available surplus loss than that of 1917, but nevertheless
of
a substantial amount.
the
California
1918
December
of
In
Commission authorized an increase
of rates effective for meter readings on and after Jan. 2 1019. The added
revenue from this source together with that from contracted new business
and the resumption of industries stopped by war necessity indicates considerably increased profits for the year 1919.
Digest of Report of William E. Humphreys, Certified Public Accountant,
Denver, June 14.
Organization.-All of the capital stocks of the subsidiary companies,
except directors' qualifying shares, aro now owned by your corporation,
and all of the bonds of all of the subsidiary companies are also owned by
your corporation with the exception of a portion of the First Mortgage
Bond Issues of The Nevada-California Power Co. and The Southern
Sierras
Power Co.
Bonds.-Tho trustee has certified on Dec.311918,31,020,000 of First Lien
6% Gold Bonds, Series "A," which were available for the use of the Corporation at that date. The subsidiary companies also held $632,200 First
Lien Bonds, snaking the available total $1,652,200 to be sold in due course
for working capital. No part of this $1,652,200 appears in either the assets
or liabilities of the combined balance sheet. Compare V. 109, U. 892,780.
The First Mortgage Bond Issue of The Nevada-California Power Co.
was $3,000,000, of which $625,000 have been redeemed and canceled
;12
the sinking fund and 1186,000 (par value) have been acquired by the throu
Electric
Corporation and deposited with the trustee as collateral for the First
Lien
Bonds,so that only $1,889,000 are outstanding in the hands of the public,
a
decrease of $134,000 in the year under review. This is a closed mortgage.
The First Mortgage Bond Issue authorized by The Southern Sierras
Power Co. was $5,000,000, of which only $2,650,000 was actually issued,
and through the operation of the sinking fund $15,000 of these have been
redeemed and canceled while $686,000 have been acquired by the Electric
Corporation and deposited with the trustee as collateral for the First Lien
Bonds, leaving only 31,919,000 outstanding in the hands of the public,
a
decrease of 593,500 in the year under review. This is a closed mortgage.
Brazilian Traction, Light & Power Co., Ltd.
(Sixth Annual Report-Year Ended Dec. 31 1918).
Secretary J. M.Smith, Toronto,July 3,wrote in substance:
The accounts in the balance sheet are classified in accordance with the
Dominion of Canada Companies' Act Amendment Act, 1917.
The following comparative statement shows the total gross and net earnings of the subsidiary companies in Brazil, the fixed charges and expenses
of the subsidiary companies and this company and the resulting net revenue
of this company, for the past four years:
Calendar Years1918.
1916.
1917.
1915.
Gross earn, from operation in Brazil (mil.)_ _ 101,894,163 92,200,309 84,942,232 77.119,208
Net earn, from operation in Brazil (mil.)__ 52,131,535 47,072,968 46,526,196 44,176,866
Approx. rate of each.
for remittances
12Xd.
12Ad.
12d.
12d.
Above not earn. in Canadian currency
$13.236,223 $11.693.988 $11,052,450 $10,499.821
Miscel. revenue
74,354
850,348
• 563,873
434,974
Tot, rev. of subs..._ _813310,577 $12,544.336 $11,616,323 $10,934,705
Bond int., gen. exp. &
other charges of subs.
co., excl. inter-company items
84.377.310 $5,084,846 $5,228,940 $4.973,393
Reserves for depr. amen. & S. F. of subs... 2,810,854
1,255,792
367,910
348,526
Total charges of subs.,
inter-co.
excl.
items
$7,188,164 $6.340,638 $5,596,850 $5,321,919
Bal., being gross rev. of
Brazilian Tree.. L. &
86,122.413 $6,203,698 $6,019,473 85,612,876
Power Co., Ltd.
Int. on invts., &c.
Cr.130.050
Gen. admini. exp. & int.,
incl. list. & charges on
3-y. gold notes since
832.791
Nov. 1 1916
937,180
344,831
218,074
Net revenue
$5,419,672 $5,266,518 $5,674,642 $5,304,802
1018
THE CHRONICLE
The gross and net earnings in Brazil for the year 1918, of each of the subsidiary companies exceeded those of any previous year, and increases are
shown in each department of the subsidiaries except in the gas department,
in which the expenses were greater than in any former year, chiefly due to
the higher cost of coal. The total amount of coal carbonized during the
year was 118,880 tons, the cost of which delivered in the works was approximately $3,920,000. The cost of the same amount of coal at prices prevailing for some years before the outbreak of the war would have been $1,068,800-a difference of $2,851,200. Some reduction in the cost of coal has
for.
already taken place and a lowering of freight rates during 1919 is hoped year
The average rate of exchange for 90-day drafts on London during the
under review was 13d. as against 12 13-16d. In 1917. Remittances were
made generally by cable sight transfers, which gave an average rate of approximately 1234d. for the year. Since the end of the year exchange has
risen considerably, and at the date of this report is 149gd. for 90-day drafts.
In order to ensure that the reserves are ample to meet the depreciation to
date, the sum of $5,000,000 has been added thereto from the surplus in
the profit and loss account of this company;$2,500,000 of which has been
allocated to The Rio de Janeiro Tramway, Light & Power Co., Ltd., and
the same amount to The Sao Paulo Tramway, Light & Power Co., Ltd.
Including these sums the total amount appropriated out of revenue from
•the inception of the companies to Dec. 311918, for depreciation and renewals of the plant (apart from sinking fund reserves) is $11,916,700, of which
t,here has been expended on renewals the sum of $2,275,996, leaving a
balance in these reserves of $9,640,704.
The following shows the balances as at Dec. 31 1918, at credit of the renewal, amortization and sinking fund reserve accounts:
$5,791,902
Rio de Janeiro Tramway Light & Power Co., Ltd.
3,717,589
Sao Paulo Tramway, Light & Power Co., Ltd.
131,213
Sao Paulo Electric Co., td.
$9,640,704
renewals
&
Total for depreciation
Brazilian Traction, Light & Power Co., Ltd. "general amorti1,000,000
zation reserve"
The Rio de Janeiro Tramway, Light & Power Co., Ltd. "sink3,249,219
ing fund.reserves"
$13,889,923
Total
The sum re-invested in the enterprise out of revenue since the inception
of the companies, amounted at the end of the year to $23,259,901, made up
as follows: Depreciation and renewal reserves, $9,640,704; amortization
reserve, $1,000,000; general reserves, $4,860,744; balance of unappropriated profits, $7,758,453.
The construction work carried out during the year comprised necessary
extensions, &c., to the light, power, telephone and other services; the total
expenditure on capital account for these purposes being $3,584,903.
Note Issue.-The note issue of $7,500,000 made in 1916 in connection
with the acquisitimt and development of the telephone enterprises matures
on Nov. 1 1919, and will be renewed unless financial conditions should
permit the sale before that date, of the Rio de Janeiro and Sao Paulo Telephone Company bonds held as collateral to the notes.
any deDividends.-The Board, for the present, are not able to make
the Ordinfinite announcement as regards the resumption of dividends on
issues
ary Share Capital. Until Government restrictions on new capital
no alterare removed and general conditions become more settled, there is
the capital
native but to continue to apply the surplus revenue in meeting companies,
expenditure necessitated by the growth of the business of the
including constructional outlay called for by the terms of their concessions,
and in liquidating the balance of the floating indebtedness.
suffered
Outlook.-As in previous years of the war. Brazilian trade hasreduction
through lack of shipping. One result, however, has been a great
in imports and consequent large trade balances in favor of Brazil, which,
The
from 1914 to 1918 inclusive, aggregated approximately £90,000,000.
than that
general commercial position of the country is good and much better
been estexisting at the ourbreak of the war. Many new industries have
comablished and it is believed that most of these will stand the test of
averaged for the
petition under new conditions. The value of the milreis reis
the dollar,
year for exchange on London 13d. and on New York 3,878 antoincrease
of
as again.st 12 13-16d. and 3.936 reis in the previous year,
1.5%.
Extracts from Report of Pres. Alexander Mackenzie, Rio De Janeiro,
April 1 1919.
I.-Rio de Janeiro Tramway, Light c% Power Co., Ltd.
princiTramways.-Track extensions of 1.06 miles were constructed,
the year,
pally in car barns and other properties of the company. During
motor
truck
single
10
and
cars,
trailer
-bench
10
vestibuled
first-class
29
delays in defreight cars were completed and put into service. Due toand
additional
liveries of equipment ordered for the new passenger motor
slow, but
trail cars commenced in 1917, construction has been necessarily passenger
the work is now well advanced on 10 13-bench and 15 10-bench
motor cars, and 25 10-bench trailers, all of which will be ready for service
during 1919.
During July a service of electric auto-buses on the Avenida Rio Branco
was inaugurated by the company, and the results have been most satisfactory.
for light and
Electric Light and Power.-There has been increased demand
new consumers
power, especially in the suburbs, and the addition of 8,694
there was
year
the
of
Is the greatest gain in one year since 1913. At the end
increase of 7,834
connected to the system 109,410 H.P. in motors, being anof
K.V.A.
2,400
substation
outdoor
H.P. over the previous year. An
Paracamby line
capacity was installed to supply power to the Mendes andstation
conwas
transformer;
outdoor
a
K.V.A.
2,400
and
volts
at 24,000
was 6,441,000
structed for this line. The power supplied over this line
be still'greater in
K.W.H. as against 3,291,350 K.W.H. in 1917, and will
additional
1919, a paper mill supplied by this line having already ordered an
1,500 H.P. to their installation.
241,153,490
The total output of the Lages Generating Station was
output
K.W.H.-an increase of 4% over 1917. The maximum hourly
The rainfall
increased from 42,500 K.W.H.In 1917 to 47,300 K.W.H.
experiFor
year.
preceding
the
for
inches
as
against
63.25
was 47.9 inches
mental purposes the reserve steam plant was started three times during the
year, a total of 11,240 K.W.H. having been produced.Janeiro). The comGas Service.-(Societe Anonyme du Gaz de Rio de
parative statement of service shows an increase of 5,806,700 cubic metres of
gas manufactured-or 17% over the production of 1917.
of 1917,
The operating expenses increased 2,764,485 milreis over those less
than
and although the coal carbonized in 1918 amounted to 4,354 tons
over 1917.
In 1917 the total cost of coal for 1918 increased 2,813,814 milreis
the
for
expenses
operating
in
increase
the
total
or 49,329 milreis more than
shale, wood,
year. In addition to the amount of gas coal carbonized, oil,
and even steam coal were employed to prevent a complete shutdown of the
plant.
for the year were
Telephones.-The gross earnings of the whole system
over the corresponding
9,551,946 milreis, an increase of 2,314,896 milreis
were 4,526,642
expenses
operating
earnings of 1917', or 31.99%. The
were 5,025,milreis, being 47.39% of the gross revenue, and the net earnings
of 44.5% •
increase
an
or
1917,
in
with
3,476,698
304 milreis as compared
practically 20%
The Increase in subscribers' instruments was 7,931 or of
telephones in
over 1917, and at the end of the year the total number
of the previous year.
service was 47,642 as compared with 39,711 at the endRio
de Janeiro during
The net gain in telephones installed in the City of
had
the year was 3,859,,a number which could have been greatly exceeded
it been possible to obtain the necessary material.
capaIn the City of Sao Paulo the new Braz Exchango, with a present
and 20 miles
city of 4,200 lines was completed, and 8.2 miles of underground
in the City of
of aerial cables were installed. An addition to the exchange
work exeSantos of 1,400 lines was made and the necessary construction
two cities. A
cuted to provide for a net gain of 2,909 telephones in these
the State of Sao
new concession was obtained from the Government of
held and
Paulo consolidating the various toll line concessions previously
and various
permitting the construction of toll lines over the entire State,
municipal concessions in the Company's standard form were obtained.
II.-Sao Paw° Tramway, Light 8:. Power Co., Ltd.
greater than in any
The gross and net earings were in every departmentreceipts
over 1917 of
previous year there being an increase in the tramway
905,189 milreis, or 8.34%•
or 7.7%.
H.P.
The increase in motors connected during the year was 3,450
lamps, or 13.3%
The increase in private lighting was 49,792 incandescent
and
lamps
incandescent
119
by
The public illumination has been increased
458 incandescent arc lamps.
60,092,300
was
station
generating
Parnahyba
of
output
The total
Sao Paulo Electric
K.W.H. In addition, the company purchased from the
K.W.H.,
Co., Ltd.. 70,015.700 K.W.R. making a total of 130,108,000
[VOL. 109.
as against 115,581,640 K.W.H. for the previous year, an increase of 14,526,360 K.W.H. The maximum hourly output at the Parnahyba Station
was 14,800 K.W.H. The rainfall was 51.8 inches as against 44.4 in the
previous year.
III.-Sao Paulo Electric Company, Ltd.
The gross earnings from electric light, power, and tramway services were
1,861,285 milreis, an increase of 393,292 milreis over those of the previous
year. The net earnings were 397,960 milreis more than in 1917.
The total output of the Sorocaba generating station was 77,645,720
K.W.H. of which 70.015,700 K.W.H. was sold to the Sao Paulo Tramway.
Light & Power Co., Ltd. The maximum hourly load was 22,100 K.W.H.
The rainfall was 53.26 Inches as against 44 inches in the previous year.
INCOME ACC'T OF BRAZ, TRAC.,LT. & POWER CO. FOR CAL, YEARS.
1915.
1916.
1917.
1918.
$6,122,413 $6,005,138 $5,764,764 $5,339,193
*Income on securities
273,683
254,709
198,560
130,051
Interest received
$6,252,463 $6,203,698 $6,019,473 $5,612,876
Total
Deduct-Gen. & legal exp. &
$158,2451 $937,180 $344,831 $218,074
admin. charges
Int. &c. on notes & loans_ _ _ 674,5461
600,000
600.000
600,000
Preferred dividends (6%).- 600,000
1,064,136 4,251,488 4,249,380
Common dividends
4%
4%
do rate
250,4a 500,000
250;666
Gen, amortization reserve_ _ _
$1,682,791 $2,851,316 35,696,319 $5.067.454
$4,569,672 $3,352,383 $323,154 $545,422
* Includes revenue from securities owned and under contracts with subsidiary companies.
Note.-The above earnings are given in Canadian currency.
Total deductions
Balance, surplus
STATISTICS AS TO PROPERTY AND
1917.
Tram.(Rio de J.Div.)- 1918.
*242.28
243.34
Miles of track
24,829,807 24,904,684
Miles run, all cars
220,037,370 207,925,034
Total pass. carried
Lt. & Power (Rio de J.Div.)888,323
931,147
Incandescent lamps
9,066
9,235
Arc lamps
101,576
109,410
Horse-power motors,....,
Rio de J. & Sao Paulo Tel. Co.39,711
47,642
Telephones
Gas(Rio de J.Div.) 1,000 cu.ft.34,217
40,024
Gas service
Tram Serv.(Sao P.Div.)143.37
142.85
Miles of track
10,218,314 10,351,057
Miles run, all cars
63,429,063 58,619,758
Total pass. carried
Lt. & Power S.(Sao P.Div.)373,568
423,360
Incandescent lamps
515
973
Arc lamps (public)
44,914
48,064
Horse-power motors_ __ _
34,084
40,712
Consumers-light
1,604
1,695
power
OPERATIONS.
1915.
1916.
237.02
237.15
24,667,154 24,409,259
198,677,975 191,556,302
836,269
10,860
97,858
800,802
10,882
93,892
31,551
26,490
32,762
34,658
140.00
141.10
10,153,657 9,425,231
55,154,564 51,574,145
332,392
497
40,191
28,757
1,494
272,905
497
38,896
22,414
1,439
* The Corcovado track-2.45 miles-previously omitted, is included in
this year's figures.
RIO DE JANEIRO TRAMWAY, LIGHT c*. POWER CO.
1915.
1916.
1917.
1918.
In Milreis:
28,720,392 26,628,755 25,538,667 24,608,003
Tramway
19,588,224 17,732,932 16,854,714 16,684,680
Light and power
13,164,524 12,271,895 10,838,309 9,484,108
Gas
9,551,946 7,237,050 *5,778,281 2,771,143
Telephone
71,025,086 63,870,632 59,009,971 53,547,934
Gross earnings
36,422,228 33,553,764 32,311,411 30,996,485
Net earnings
Sao Paulo
* The earnings of the Companhia Telephonica do Estado de
and the Companhia Redo Telephonica Bragantina appeared for the first
time in the accounts for the year 1916.
TOTAL GROSS AND;VET EARNINGS SAO PAULO DIV.(Bras. Currency).
1918.
1917.
1916.
1915.
In Milreis16,682,053 18,832,365 20,261,646 22,469,354
Gross earnings
14,981.896
13,315,816
12,326,782
10,617,586
Net earnings
CONSOLIDATED BALANCE SHEET AND SUBSIDIARY COMPANIES,
DECEMBER 31 1918.
Power Co., Ltd., Sao Paulo
[Includes Rio de Janeiro Tramway, Light &Paulo
Electric Co., Ltd.]
Co.. Ltd., and Sao
Power
&
Light
Tramway,
Assetscost, inat
expend.,
construction
equip.,
&
plant
Properties
$84,037,659
cluding interest during construction, &c.
conCost of securities and advances to companies ownedonor
shares
paid
prem,
including
trolled by subsid.companies,
79,960,862
of subsid. companies acquired
Rights, franchises contracts, good will discount on bonds, 50,487,824
share and bond issue expenses
Sinking fund investments (Rio de Jan. Tram., Light & Power 2.,814,242
Co., Ltd., 1st Mtge. bonds at cost)
5,476,634
Stores in hand and in transit, including construction material_
2,869,823
Sundry debtors and debit balances
cost)
2,800,000
at
securities,
Investments (Canadian Government
2,056,533
Cash in hand and in banks
$230,503,577
Total
LiabilitiesCanital stock-Braz. Trac. Lt. & Pow. Co., Ltd.-Author-$106,515,500
ized, $110,000,000; Issued
10,000,000
Authorized and issued, 6% cum. pref. shares
Shares of subsid. companies not held by Braz. Trac., Lt.& Pow.
26,900
Co., Ltd.
Funded debt-Braz. Trac., Lt. & Pow. Co., Ltd.-3-year 6%
7,500,000
secured gold notes
Rio de Janeiro Tram. Lt. & Pow. Co., Ltd.-lst Mtge. 30- 25,000,000
year 5% gold bonds*
($25,627,867);
57. 50-year Mtge. bonds-Issued £5,266,000,
25,192,890
($434,977)
Less-redeemed for sinking fund, £89,378-5%
1st Mtge.
Ltd.
Co.,
Pow.
Sao Paulo Tram., Lt. &
6,000,000
debentures
3,999,996
0 perpetual consol. debenture stock
57
Mtge.
a9,733,333
bonds1st
-year
50
Sao Paulo Electric Co., Ltd.-5%
3,910,185
coupons outstand._ _
Bond,debenture and bearer share warrant
1,498,935
Accrued charges on cum. preference shares and funded debt
389,333
Bank loans (secured)
3,914,678
Sundry creditors and credit balances
312,705
damages
and
Insurance funds for injuries
*Provisions for depreciation and renewals (balance after meet- 9,640,704
to
date)
renewals
ing
3,249,219
Sinking fund reserves
1,000,000
General amortization reserve
4,860,744
General reserves
&
Lt.
rac.
1918-Braz.T
Profit and loss-Balances 31st Dec.
7,613,041
Pow. Co., Ltd.
145,412
Subsidiary companies
$230,503,577
Total
and renewals of physical
This reserve includes provision for depreciation
by subsidiary companies.
assets of companies owned or controlled
owned or concompanies
of
aIn addition there are bonds outstanding
$7,887,000 on which
trolled by; the subsidiary companies, equivalent to
out of the
provided
is
to
$398,200
amounting
the yearly interest charge
revenue of the subsidiary companies.
companies have
subsidiary
by
issued
bonds
Mortgage
General
Certain
been pledged as collatedal.
-V. 107, P. 799.
SEPT. 13 1919.]
THE CHRONICLE
Jefferson & Clearfield Coal & Iron Company.
(Reportfor the Fiscal Year ending Dec. 31 1918.)
Secretary Lewis Iselin, June 1 1919, wrote in substance:
Chicago Burlington & Quincy RR.-Bond Payment.-
The coal tonnage mined by the company would have been larger had it
not have been for a shortage of labor occasioned by the draft
and the
influenza epidemic, which was unusually severe in our region.
of
these conditions an average rate of production in excess of 1917 In spite
maintained until the signing of the armistice, since which time therewas
been
has
a serious decline in the demand for coal, owing to large stocks on hand
accumulated to provide for continuance of war activities. At this date
our mines are running much below their productive capacity, but with
prospects of more activity for the balance of the coal year.
Profit and loss was charged during the year with the excess amount of
1917 income and excess profits tax over the amount reserved out
of 1917
earnings; but it is believed that the $1,728,534 deducted from 1918 earnings
will be sufficient to pay income and profits tax for that year.
(During the year $1,900,000 Indiana County 1st M. 5s were issued and
on Dec. 31 were in hands of public.)
RESULTS FOR CALENDAR YEARS.
June 30
1918.
1917.
1916.
1914-15.
Coal mined
tons.. 2,512,402
2,521,960
2,256,160
1,622,476
Coke manufac'd.._ _tons_
86,075
88,716
126,052
89,350
Gross earnings
$8,218,513 $6,765,161 $3,089,401 $2,161,503
Expenses
1 5,310,8271 4,378,536
2,505,7661 1,847,591
Taxes
518,100
1
29,7271
Net earnings
$2,907,686 $1,868,525
$553.908
$313,912
Int., sk. fd. & bond red_
114,558
1,078,780
323,279
247,328
Construction & equipment charged off
80,938
55,000
Divs, on pref. stock_ __ _(5%)75,000
(5)75,000
(5)75,000 (33i)56.250
Depreciation
340,893
Depletion
125,620
Federal taxes
1,728,534
Balance, surplus
$523,082
$714,745
$74,692 def.$44,666
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
1917.
As asLiabilities$
Coal lands
7,143,806 5,281,583 Common stock _ _ 1,500,000 1,500,000
Bonds in sInklund
1,938,000 Preferred stock__ _ 1,500,000 1,500,000
Cash
271,576
177,053 Funded debt
302,000 2,618,000
Bills Sc accts. rec... 1,079,941
57,122 Bonds in sinklund
1,938,000
Coal, &o., on hand
7,454
6,709 Ind. co. 1st
1,900,000
Individuals Sr cos.
1,333,434 Accounts payable_ 408,194
Construe.& equip. 1,009,513
910,782 Fed. tax reserve... 1,728,534
Investments
567,500 Accr. int. & taxes_
1,556
499,380
Liberty bonds_ __ 717,500
Due invid. & cos_
232,620
Treasury notes__ 1,525,000
Sink, fund accrued
46,068
Notes receivable... 307,122
Compensation tax_ 320,844
195,030
Profit and los.s_ _ _ 4,400,485 1,743,084
Total
12,061,912 10,272,183 Total
12,061,912 10,272,183
-V. 109, P. 177.
GENERAL INVESTMENT NEWS
1079
The Iowa division bonds, of which $1,642,000
and $4,648,000 4%
bonds were outstanding on Dec. 31 1918, will be 5%
paid at maturity Oct. 1
at 32 Nassau St. N. Y. or the State Street Trust Co. Boston.
-V.108 p.
2522.
Chicago City & Connecting Rys.-Sub. Co. Fares, &c.
After a two weeks'strike on the part of car men on the Hammond Whiting
& East Chicago Street Ry. (a subsidiary) car service was resumed
Aug. 29, when the Hammond (Ind.) City Council granted permission on
to
the company to raise its fare to 7 cents and as a result the company raised
the wages of the men to the same scale given the Chicago surface railway
men.-V. 108, p. 1164.
Chicago & Eastern Illinois RR.-Sale Postponed.-
The public sale of this road has again been postponed for 90 days from
Sept. 10.-V. 108, p. 2432.
Chicago Rock Island & Pacific Ry.-Bonds Auth.-
The Kansas P. U. Commission has authorized the company to issue
First & Refunding 4% bonds to the amount of $8,999,000
for the following
purposes: (a) $5.500,000 to retire equal amount of Chocta
& Gulf
RR. Gen. 1st Mtge. 4% bonds due Oct. 1;(b) 21,000,000 toOkla.
retire equal
amount of Chicago Rock Island & Pacific General
Mtge. 45 and $2,499,000
to cover the year's usual betterments and additions.-V. 109, p. 172.
Cleveland & Pittsburgh RR.-Listing.-
The Governing Committee of the N. Y. Stock Exchange has authorized
the listing of $523,95() additional special guaranteed betterment
stock,
making the total amount $17,893.400.-V. 106, p. 295.
Columbus (0.) Ry., Lt. & Pow. Co.-Strike Settled.-
The motormen and conductors who went on strike on Sept. in sympathy
with striking linemen, returned to work on Sept. 6.-V. 109, 3
p. 981, 887.
Dallas (Tex.) Ry.-Wage Increase.-
The company has granted an increase in wages of 4 cents an hour to all
conductors and motormen, making the scale from 42 to 46 cents
an hour.
V. 108, p. 2241.
Denver Tramways Co.-Plans to Be Voted upon Oct. 22.-
Two plans: (1) the "elastic" 6-cent fare, and (2) the straight "service-atcost" plan (V. 109, p. 775), were referred by the Denver City Council to the
voters on Sept. 2,and will be voted upon at a special election set for Oct. 22.
The legislative committee of the Denver Trade and Labor
are
circulating petitions for signatures in order to put forward Assembly
a "multi
,
ownership of public utilities" program to be voted upon on Oct.
plan is against the "elastic" 6-cent and "service-at-cost" plans and22.
provides
for the purchase of the tramway lines through a bond issue at a valuation
to be fixed by the courts and the redemption of the bonds during a period of
25 years through taxation. It also provides for a 5-cent fare.-V.
109. 13.
775, 477.
Eastern Texas Electric Co.-Wage Increase.-
The company has granted a wage increase of 4 cents an hour to motormen and conductors bring the wage scale up to 42 and 46
cents.-V. 107.
p. 2476.
Eighth Avenue (N. Y.) RR.-Interchange of Transfers.-
See Rapid Transit in N. Y. City below.-V. 109, p. 270, 172.
Galveston-Houston Electric Co.-Wage Increase.-
RAILROADS, INCLUDING ELECTRIC ROADS.
Ashland (Wis.) Light, Power & Street Ry.-Offering
of Notes.-Halsey, Stuart & Co., New York, Chicago, &c.,
are offering, at 98.70 and int., to yield 7M%,$96,000 ThreeYear 7% Collateral Gold Notes, Series 'A," dated Aug. 1
1919, due Aug. 1 1922. A circular'shows:
Interest payable F. & A. 1, without deduction
Federal income taxes
now or hereafter deductible at the source, not in for
excess of 2%. Denom.
$1,000, $500 and $100 (c* & r*). Redeemable on any int. date as a
whole
or in part on 30 days notice at 100 and int. Continental & Commercial
Trust & Savings Bank, Chicago, trustee.
CapitalizationAuth. Outstand'g.
Capital stock
$300,000 $200,000
First Mortgage 5s, duo Jan. 1 1939
1,000,000 *720,000
Three-Year 7% Coll. Notes, Series "A"(this issue)__(See
below)
96,700
* In addition $129,000 are pledged under the Three-Year
7% Notes.
Purpose of Issue.-Proceeds will be used to
reimburse the company for
expenditures made for permanent additions and betterments.
This Issue.-The indenture provides that additional notes
may be issued
from time to time, as the board of directors
may determine, provided, that
all such notes shall be secured by the company
s First Mtge. 5% bonds in
an aggregate jorincipal amount equal
to not less than 133 1-3% of the notes
so issued. Under this provision notes
of Series "A" have been authorized
in the amount of $96,700.
Security.-Secured by pledge of $129,000 First Mtge. 5% gold
bonds,
being in the ratio of $133 1-3 of bonds for each $100 of notes
outstanding.
Earnings Years ended June 301919.
1918.
Gross income
$304,400 $318,903
Net, after maintenance and taxes
74,277
54,717
Annual int. on bonds and notes outstanding requires
42,769
-V. 104, P. 450.
Augusta-Aiken Ry. & Elec. Co.-To
Forego Interest.In May, 1919 the company
to the holders of the First Mortgage
5% Sinking Fund bonds due proposed
in order to secure necessary funds for
construction replacements and1935,
floating debt, that they defer the interest
on this issue for three years by funding their
coupons into a five-year interest
bearing note at 5% and until such
mature on June 1, 1924, to waive
the operation of the sinking fund.notes
This
plan
declared operative in
August, 1919. Provision is made in the Depositwas
Agreement that until the
5% Coupon Gold notes have been paid
off, no dividends shall be declared
by tho company on either class of stock.-V.
109, p. 472.
Benton Harbor-St. Joe Ry. & Lt.
Co.-Fares.Under the terms of the Michigan State law which
went into effect Aug.
14 whereby interurban roads earning less than
$8,000
per mile are allowed
raise
fares
to
23. cents a mile, the Michigan RR. Commission
has granted
permission to raise the fares on its interurban
lines.-V.82, p. 333.
he
An increase in wages, bringing
scale up to 42 and 46 cents an hour,
has been granted the motormen and conductors
of the Galveston-Houston
Interurban Ry. Houston Electric Co. and the Galveston Electric Co.V. 109, p. 172.
'
Gulf Florida & Alabama Ry.-Deposits.--
The Metropolitan Trust Co., New York, has announced that $4,190,000
bonds of this company have been deposited under the agreement
the
bondholders' protective committee, and that the sale of the property of
under
foreclosure has been set for Tuesday, Oct. 14. The plan of reorganizati
on,
dated Nov. 12 1917, we are informed, still stands as originally proposed
(see V. 105, p. 2094).-V. 106, p. 929.
Interborough Consolidated Corp.-Expert' Report.-
See Rapid Transit in New York City below.-V. 109. p. 676.
Interborough Rapid Transit Co.-Expert's Report.-
See Rapid Transit in New York City below.-V. 109, p. 577, 477.
Johnstown (Pa.) Traction Co.-Wage Increase.-
Effective Sept. 1 the motormen and conductors received an increase, in
wages bring the scale up to 45, 473 and 50 cents an hour. Previous rates
were from 40 to 45 cents an hour.-V.98, p. 155.
Manila Electric RR. & Lighting Corp.-Offering of
Notes.-Bonbright & Co. and J. G. White & Co., New York,
are offering at 98 and int., yielding over 7.50% $1,500,000
Three-Year 7% Gold Notes, dated Sept. 1 1919, due Sept.
1 1922.
Redeemable as a whole (or in part for the sinking fund) upon one month's
notice upon any int. date prior to Sept. 1 1921, at 102 and int. and on or
thereafter on any int. date at 101 and int. Int. payable M.& S. at Guaranty
Trust Co., N. Y., trustee, without deduction for any normal Federal income
tax to an amount not exceeding 2% which it may lawfully pay at the source.
Tax refundable in Pennsylvania. Denom. $100, $500 and $1,000 (c*). A.
sinking fund of 12M % of the authorized amount of this issue must be expended annually either for betterments and improvements to the property
or for the retirement of notes by purchase in the market or call by lot at not
exceeding the redemption price.
Data from Letter of Vice-Pres. J. H.Pardee, Dated N. Y., Sept.4 1919.
Company.-Incorp. June 26 1903, under the laws of Connecticut and
through its subsidiaries, the Manila Electric RR. & Light Co., the Manila
Suburban Rys. and the Manila Electric Co., furnishes the entire electric
light and power and railway service to the city of Manila and its environs in
the Philippine Islands, serving a population of about 350,000.
The plant has a present rated capacity of 12,333 h. p. and with the construction work, now under way, will increase the rated capacity to 18,000
h. p. The electric railway lines total 47 miles of standard gauge track. The
rolling stock consists of 130 cars. Serves electric light and power to over
26,000 customers and the railways during the year 1918 carried over
35,000,000 passengers.
Capitalization after present financingAuthorized. Outstanding.
Common stock
$6,000,000 46,000.000
Preferred stock
2,000,000
None
First Lien & Collateral Trust 5% bonds, 1953
Closed
*4.495,000
Three year 7 7 Gold Notes, 1922 (this issue)
1,500,000
1,500,000
Manila Sub. Rys. 1st M. 5s, 1946 (guaranteed)-- 2,500,000
a530,000
x Including $1,000,000 in hands of trustee for benefit of company
* $502,000 additional held alive in sinking fund and $3,000 by trustee.
a $36,000 additional held in sinking fund and $84,000 in treasury.
Consolidated Earnings 12 Months Ended December 31
1917.
1916.
1918.
Gross Operating Revenue
$1,594,079 $1,795,785 $2,322,757
Net after Maintenance & Taxes
Binghampton (N. Y.) Ry.-Wage Increase.878,248
758,655
1,198,487
Annual Interest. $4,495,000 First Lien & Collateral Trust 5s
Receiver William G. Phelps has voluntarily granted the motormen
1953, $224.750: $530,000 Manila & Suburban Rys. 1st M.
conductors an increase in wages of 3 cents an hour, bringing the scaleand
up
5s 1946, $26,500; $1,500,000 Three Year 7% notes 1922.
to 34-38 cents an hour.-V. 108, p. 377.
$105,000
356,250
Bal. for Fed. taxes. deprec., divs., sink. funds, &c
Brooklyn Rapid Transit Co.-Expert's Report.842,237Net earnings for the year 1918 exceed 3., times all interest charges includ
See Rapid Transit in New York City below.-V. 109, D. 981.
887.
ing interest on these notes. Earnings available for interest on these notes
are equal to over 8 times the annual interest requirements.
Capital Traction Co.-Valuation.Sources of Earnings.-The net earnings for 1918 amounted to
Bee Washington Ry. & Electric Co. below.-V. 108, p. 2432.
of which 67.5% was derived from the sale of electricity for light$1,198,487,
and power
and 32.5% from the street railway service, whereas, in 1910, the earnings
Central New England Ry.-Income Interest.from the railway department were about equal to those received from the
Tho full 5% interest ($50 per bond) has been declared payable
of electricity for light and power. Net earnings from the sale of elecon the General Mtge. Income bonds for the year ended July Sept. 30 sale
1 1919.- tricity for light and power for 1918 equalled more than 2U ti mes the annual
V. 108, p. 1510.
interest charges including interest on these notes.
Berkshire Street Ry.-Receiver
Discharged.Judge Hammond of the Superior Court on
Sept. 9, in the case of the
Berkshire St. Ry. against the N. Y. N. H.
&
decided that the
services of Clinton Q. Richmond as receiver wereIf. RR.,
longer required. The.
Judge decreed: "That Clinton Q. Richmond be no
not authorized to continue further to act as receiver of the property of the plaintiff
corporation,
and that upon the filing and allowance of his accounts ho
discharged as
such temporary receiver, without prejudice to the right tobe
apply hereafter
for the appointment of a receiver of the property of the plaintiff
corporation."-V. 109, p. 981, 886.
THE CHRONICLE
1080
Net
Gross
Year.
Net
Gross
earnings, after taxes.
earnings. after taxes.
$878,248
$1,795,785
1917
$541,119
$1,141,688
1909
1,198,487
2,322,757
907,807 1918
1,698,594
1913
460.182
1919 (5 mos.) 1,066,065
19151,494,788,
coveThis Issue.-A direct obligation of the company. The company
subsidiaries
nants that while any of these notes are outstanding, none of its
purchase
than
other
mortgage
no
new
that
shall create any new mortage and
money mortgages shall be created on any of the company's property without
nob
equally and ratably securing this issue. The company also covenants
to permit the Issue of any further bonds under the mortgage of the Manila
Suburban Rys. during the life of these notes.
Purpose of Issue.-The proceeds will be used for additions and improve'ts.
Equity.-Followed by $6,600,000 Common stock which has paid dividends
per
regularly since 1906, and since 1911 at the present rate of 6% or more
out of
annum. The company during this period has also appropriated
earnings $1,232,000 for replacements and renewals and in addition has built
up a surplus of $1,914,251, a total of $3,146,251.
the
Franchises.-Operates under franchises running until 1953, with Rys.
privilege to the City of Manila (or In the case of The Manila Suburban
after
or
on
properties
the
purchase
to
)
Government
the City or the Insular
in
March 24, 1928, at a valuation based on net earnings. These franchises,
burdenthe opinion of counsel, are satisfactory as to terms and are free from
some restriotkins.-V. 107, p. 77.
Year.
Milford Attleboro & Woonsocket St. Ry.-Bond Ext.
The company informs us that the $300,000 5% bonds, due Oct. 11919,
will be extended until Oct. 1 1924 at 6%. The bankers handling the extension are George A. Fernald & Co., Boston.
1VoL. 109.
proof of the
(1) the right is reserved to abandon unprofitable lines upon 108,
p. 1721,
fact and approval by the city authorities.-V. 109, p. 74: V.
1275, 1165,
Pittsburgh Cincinnati Chicago & St. L. ER.-Tenders.
The Farmers Loan & Trust Co., N. Y., as trustee, will receive tenders
to the
until Sept. 30 for the sale on Oct. 1 of Consolidated Mtge. bonds
amount of $1,016,080 at not exceeding par and int.-V. 109, p. 770.
s.
Quebec Railway, Light, Heat & Power Co.-Earning
1916-17.
June 30 YearsGross revenue
Net operating revenue
Total income
1917-18.
1918-19.
$2,077,621 $1,797,853 $1,832,032
676,063
562,129
633,105
906,914
792,217
660,828
$200,587
$95,307
dea65,274
Balance, after fixed charges
The balance sheet as of June 30 last shows cash amounting to $247,762;
$486,791; bills
accounts and bills receivable, $897,360: accounts payable,total
assets and
,74,t7ig: $682,464, and
liegi,st
5A)r0o3f4t
1
4
6f4f0
0
FI:=63
Railway & Light Securities Co.-Earnings.July 31 YearsInterest, dividends, &c., received
Bond interest, taxes and expenses
1918-19. 1917-18. 1916-17.
$286,095 $292,125 $289,323
129,505
134,932
133,312
Profit from income
Profit on securities sold, &c
$152,783 $157,193 $159,818
27,034
8,290
25,977
$178,760 $165,483 $186,852
Total income
Sold.Milwaukee Electric Ry. & Light CO.-Notes
$90,000
$90,000 $90,000
Nov. 1 1918 (V. Preferred dividends (6%)
60,000
60,000
The $3,600,000 Five-Year 7% secured notes, dated
60,000
(6%)
dividends
Common
company
by
the
offering
108,_p. 171) have been disposed of through a directon
Dec. 18 1918 and up
$36,852
itself to local investors. The notes were offered
$15,483
$28,760
surplus
Balance,
in
bought
been
had
notes
the
$3,600,000
of
to June 24 nearly $3,500,000
-V. 106, p. 500.
women.
small lots by 4,750 investors, mostly Milwaukee men and those
who invest
The price of the notes is par for cash. In the case of
company
Rapid Transit in New York City.-Estimated Earnings
the
date,
the
maturity
before
money
In the notes and need their
nt
has agreed to create a market by putting the notes on sale any time after of City Transportation Following Wage Increase.-Pursua
District
the sale of the original issue closes.
States
United
the
of
Mayer
Judge
of
direction
the
issuing
to
by
experiment
new
a
Beginning Aug. 18 the company inaugurated
week. This Court, the receivers of the Brooklyn Rapid Transit Co.,
a weekly pass costing $1 and good for all rides in the cars that
is 28 cents more
ted
pass eliminates the necessity for transfers also. The costat
a trip, New York Railways Co. and Interborough Consolida
cents
6
a
week
trips
that a passenger would have to pay for 12
of 12 Corporlition unite, under date of Sept. 8, in submitting
but by paying this difference a person secures all riding in excess
Inrides a week at a cost which decreases directly as the number of rides
official" circulars showing:
crease.-"Electrical Railway Journal."-V. 109, p. 72.
of U.S. Dist. Court
Extracts from Statement of Sept.6 by Judge Mayerwere
employed some
----Fares.
Co.
Traction
&
Messrs. Stone & Webster, acknowledged experts, among
Light
Montgomery (Ala.)
other things,
undertake,
to
court,
to apply to months ago by direction of the
Receiver Ray Rushton has been authorized by the Court
of the properties affected by the
condition
fare.
financial
7-cont
a
the
of
charge
n
to
an
investigatio
permission
for
Commission
the Alabama P. S.
inquiry is
expert
independent
This
incourt.
to
in
this
and
day
pending
s
The Court order permits the receiver to install a nine-hour allowed by the receivership
report of Messrs.
now nearing completion and the court is awaiting the final
crease wages up to 12 cents an hour if an increased fare is
the transportation probof
features
essential
of
1918.-respect
Sept.
in
in
&
Webster,
established
Stone
was
fare
-cent
6
Commission. The present
but also
lems, including questions relating not only to financial conditions,
V. 107, p. 2290.
to operation, property valuations and other important subjects.
of the roads have
difficulties
Serivce.
financial
s
the
-Resume
begun
Co.
was
Ltg.
&
iquiry
I
this
Trac.
Since
(Mich.)
Muskegon
on grown greater instead of less. The recent increase in wage cost made
After being shut down for two weeks, the company resumed service
of riots necessary the request by the court for immediate information, to which
Aug. 20. Operations were suspended temporarily as the result
a copy
temporary
the
Under
fare.
Messrs. Stone & Webster have answered, as appears by their letter,
a
-cent
which followed an attempt to install 7
Commission, of which Is annexed.
agreement the fare case will be submitted to the Michigan RR.
that the surface lines in the charge
statement
the
resumption
the
of
especially
date
the
report,
This
from
month
one
for
6
cents
at
the fare remaining
to earn their
has rendered no of the court's receivers are falling by about $200,000 a month crisis.
It is
of service. If at the end of 30 days the Commissionrefund
slips to all actual operating expenses, indicates a grave and immediate
decision, the railway may charge a 7-cont fare, issuing
of financial aid may
lack
which
results
serious
the
forecast
to
impossible
cent.
of
those passengers paying the extra
City
the
of
people
the
of
welfare
the
a
of
vitally
bring about, affecting most
The Muskegon City Council is at present considering the question
at an actual loss.
New York. Manifestly lines cannot long be operated
new franchise for the company.-V. 101, P. 774.
made known
generally
be
may
situation
the
of
gravity
the
that
In order
as is consistent
some appropriate action may be taken as speedily
Nashville Ry. & Light Co.-Strike Settled.- reached on and that
send a copy of the
with full information, the receivers are instructed tomemorandu
After being out on strike about 20 hours an agreement wasand
m to the
this
of
and
reinWebster
to
&
Stone
union
the
sumtnary of Messrs.
Aug. 22 whereby the company agrees to recognize
new de- State and municipal authorities, and to civic and taxpayers' associations
state all former employees. The men agreed not to present any
receivers will make it clear that
the
time
108,
same
-V.
the
At
all
differences.
City.
arbitrate
the
Greater
to
of
agree
sides
Both
mands for a year.
and citizens' assoevery facility will be afforded, both to public officials
P. 2330.
actual financial and other
ciations to satisfy themselves in respect of the now
in their official charge.
-A
s
ng.
corporation
-Refundi
the
to
relation
Offered.
in
-Notes
RR.
existing
conditions
Central
York
New
Report to Court by Stone & Webster, Sept. 4.
syndicate headed by J. P. Morgan & Co., New York, are Digest of Preliminary which
the recent increase in wages will have upon
the effect
00
Regarding
$15,000,0
6.40%,
about
yielding
int.,
and
99M
at
your receivers, we give
offering,
the financial position of the properties in charge of
provide
to
used
be
to
proceeds
operating results of the various properties
notes,
the
of
secured
6%
estimate
our
below
One-year
you
add that the operating
may
We
the 12 months beginning Sept. 11019.
funds for the payment of a like amount of notes which will for
officials are in substantial accord with our conclusions:
mature on Sept. 15.
FOR 12 MOS. BEGIN. SEPT. 1 1919.
York ESTIMATE OF OPER. RESULTS
Brooklyn.
The new notes are to be secured by pledge of $20,000,000 New
(1) Surface Lines in Manhattan and
shares of
(N. Y. Rye. Co.) in charge of Rec. Hedges:
Central Refunding Improvement Mortgage 4j•is and 75,000
Manhattan
in
lines
(a)
Surface
over
of
a
value
of these lines will be about_ _ _ _$1,113,000
Reading Co. First Preferred stock, the collateral having 72.
deficit
operating
The
aggregate
120% of the amount of notes to be Issued.-V. 109, p. 677,
(b) Surface lines of Brooklyn In charge of Receiver Garrison: 1,268,000
The aggregate operating deficit of these lines will be about__
New York New Haven & HartfordonRR.
Sept. 11 set Oct. 28 for
_$2,381,000
Federal Judge Julian W. Mack in New York
Total oper. deficit of these surface lines of the 2 boroughs_
and other
fall by about
the hearing of arguments on motions made by Harold NorrisAdams
This means that the income of these surface lines will
and
without
taxes
and
expenses
operating
stockholders for permission to intervene in the suit of Edwin
actual
provide
to have been $200,000 per month to
and will
others for the recovery of more than $150,000,000 alleged
any provision for bond interest, rentals and other fixed chargefl,
wasted in various enterpr:ses by William Rockefeller and other former fail by about $853,000 per month to earn these fixed charges.
and supplies, rates of
directors of the company.
Upon the basis of the present cost of materials
that these surface lines will earn their
Judge Mack will also hear on the same day argument on a motion for the
ex- wages and fares, there is no prospect
ever.
if
come,
to
years
appointment of a limited receiver to prosecute the Adams suit at the
for
taxes
and
operating expenses
and Brooklyn.
pense of the company.-V. 109, 1:)• 776.
(2) Subway and Elevated Lines in Manhattan
by Interborough
(a) Subway and elevated lines in Manhattan operated
Orders
urt
James R. Sheffield,
of
Report-Co
s
hands
-Expert'
the
Co.
in
is
stock
Railways
New York
Rapid Transit Co., whose
Corporation:
d
trustee in bankruptcy, of the Interborough Consolidate
Four Short Crosstown Lines, &c.Abandonment
of $8,These lines, which in the fiscal year 1917 earned a surplus
888,
fail
776.
-V.
below.
City
months
P•
109.
York
12
New
the
in
next
for
Transit
will
See Rapid
885,358 above all fixed charges,
to earn fixed charges, including the interest on the company's
to Owners.
which
of
(most
Ninth Avenue (N. Y.) RR.-Road Returned
notes
and
bonds
outstanding
$200,092,000 of
See Rapid Transit in N. Y. City below.-V. 106, p. 499.
were issued to provide for the company's share of the cost of the$9,880,000
subways) by about (compare V. 109, p. 887, 776, 676) itap1d
of Collateral.- (b)
98Transit
Oakland, Antioch & Eastern Ry.-Sale
Elevated and subway lines in Brooklyn (Brooklyn
4-year convertible
The $190,000 First Mtge. 5s, pledged to secure tho'6%
Co.) in charge of Receiver Garrison:
holders for $98.000.
a surplus of
earned
gold notes of 1914 were sold on Aug. 22 to the notethe
1917
year
in
fiscal
the
which
lines,
These
suit for foreclosure
12 months
Judge Latimer at Martinez on Sept. 3 decided
$1.523,457 above all fixed charges, will for the next
the Oakland &
receiver's cerbrought by the Union Trust Co. of San Francisco against
(after payment of interest upon recently issued
Kits. un,fall to earn the interest
Antioch, Oakland Antioch & Eastern and Sam Ramon Valley
mortgages)
underlying
upon
and
tificates
notes
equivocally in favor of the company, materially advancing the reorganizaon the company's 560.000,000 of outstanding bonds and
which is
tion now in progress. The upset price was fixed at $1,200,000,that such
issued to provide in part for the company's investment in the$2,798,000
about $200,000 above the amount asked, the evidence showing
about
by
subways
new
Arnstein
and supplies, rates of wages
was about a fair price. This was fixed after President Walter
Upon the present basis of prices for materials and
The protestants
subway lines of either
elevated
had testified that $1,150,000 was about the proper value.
Latimer also and fares there is no hope that thecompanies' investment in the subways
were asking that the upset price fixed be $3,000,000. Jucgo
the
upon
interest
earn
will
of borough
instead
parity
a
on
be
should
roads
three
the
of
bonds
the
that
decided
for many years to come, if ever.
placing the Oakland it, Antioch bonds first, as asked by the protestants.
ent of Four Crosstown
Immediate reorganization of the properties will now be effected.(San Fran- , Judge Mayer Orders Abandonm
270.
p.
109,
cisco "Chronicle.")-V.
Lines, &c.of
Federal Judge Mayer on Sept. 11 authorized job E. Hedges, receiver
Ottawa (Canada) Electric Ry.-Wages.has the New York Rys. Co., to cease for the present the operation of four short
The dispute between the company and the union of the employees
Y.
N.
of
Side
East
lower
the
through
mainly
as
running
fixed
storage-battery lines,
been settled, the wages of the motormen and conductors being
the East
lines are: (a) Avenue C line, which runs from18th
Sts.,
follows: First year, 39 cents per hour: second year, 41 cents; third year, City. The four
Avenue A, 17th and
23d St. ferry to the Desbrosses St. ferry viaPrince,
,
43 cents: thereafter, 45 cents.-V. 108, P. 2123.
Washington
Stanton,
Avenue C, 3d St., 1st Ave., Houston, Delancey St. line from Grand
and
Spring
(b)
Sts.:
Watts
and
-se.
Greenwich
-Franchi
Co.
Light
Broome
and
Paducah (Ky.) Traction &
Ste.:
,Spring
Delancey
via
ferry
St.
the
Desbrosses
St. ferry to
St. ferry via Madison
A new franchise on the "service-at-cost' basis passed by the Paducah
Madison St. line from Grand St. ferry to Chambers
the
ferry line from 6th Ave. and
Board of Commissioners on April 4 1919, but not yet accepted by (a) (c)
St., Chambers and Duane Ste.; (d) 6th Ave.
Watts Sts.
and
company pending final reorganization provides among otherofthings
Carmine
Varick,
via
the earn- 3d St. to Desbrosses St. ferry
the Now York Itys. Tho
that the maximum fare be 6 cents the first year with a review during
All of the lines except the last are owned by is
the
charged
by the Now York
leased
which
ings every twelve months to determine the fare to be
RR.,
Ave.
Sixth
the
by
is
owned
pay latter
next twelve months (b) the company is to receive a sufficient sum to
these lines Judge Mayer also resolved
operating expenses and a reasonable rate of return on the capital invested, Railwi
of
suspension
the
authorizing
Ys.
a
Besides
for the reasons that the N. Y.
all earnings over this amount to be paid to the city.
regula- to return the Ninth Ave. RR. to its owners
(c) The city has the right to regulate the servivce, provided such to
able to pay the rental and because
earn Railways, which leases it has not been
the company
measures the Court is also to
these
tion does not "impair the present or future ability of(d)
taking
Besides
money.
losing
reis
is
it
No paving
RR., which was returned
a reasonable return on the value of its property."
consider the question of relieving the Eighth Ave.
qnired except that the company must provide the pavement foundation
the Ninth Ave. RR., when it is released
being pro- to its owlwrs snme months ago, andtransfers
lines.
between its rails and for one foot each side, the surface paving
intersecting
with
exchanging
from
control,
the
vided by the city (e) the cars shall be entitled to a right-of-way on its tracks from
of
SEPT. 13 1919.]
THE CHRONICLE
1081
When Mayor Hylan learned that the four storage-battery lines were to be
discontinued, he issued this statement: "The head of the Bureau
of
Franchises and Commissioner of Public Works Joseph A. Guider of Brooklyn, will immediately work out a plan for the installation of a motor bus
service along the routes of the line discontinued."-V. 109, p. 982,
677.
American Rolling Mill Co., Middletown, Ohio.-Offering ofPreferred Stock.-Clark,Dodge & Co.,New York;W.E.
Hutton & Co., Union Savings Bank & Trust Co., Cincinnati,
are offering at 100 and div., to net 7%, by advertisement on
Seaboard Air Line Railway.-Federal Compensation another
page, whatever part of the $5,700,000 7% DebenAgreed Upon-Official Statement Dated at Baltimore, Sept. 11. ture Cumulative
Pref. (a. & d.) stock that may not be taken
-The "company has agreed with the U. S. Railroad Ad- by corn.
stockholders who have a prior right of subscription.
ministration upon the terms of its contract, which will now
Dividends payable Q.-J.
Redeemable as a whole or in part at$110 and
be completed and executed.
div. on any int. date on 60 days' notice, and on voluntary dissolution
is
to $110 and div. A sinking fund of 10% of the net earnings after
"Under the agreement made the gross corporate income for entitled
dividends on this stock shall be set aside each year for its retirement, at
not
the period of Federal control, viz.: Jan. 1 1918 to Dec. 31 exceeding $110; such sum need not exceed in any one year 2
of the
1919 (the last four months of 1919 estimated) is $14,199,713, par value thereof outstanding.
Capitalization (No Bonds)or a yearly average of $7,099,857. This provides for all Preferred
Authorized. Outstand'g.
6% cumulative
$1,500,000 $1,300,000
interest charges,including equipment interest payments and Debenturestock,
7% Cumulative Pref. stock
20.000,000 5,700,000
interest on the Adjustment bonds, as well as corporate ex- Common stock (par $25)
20,000,000 12,400,975
penses.
*Provision has been made to reserve $1,300,000 additional Debenture
"The amount allowed the Seaboard Air Line by the Rail- stock to retire by conversion a like amount of the present outstanding
6%
Pref. stock, which is immediately convertible.
road Administration additional to the standard return under prior
The company has no floating debt except $439,000 of notes due April 1
the Federal Control Act, $6,497,025, is $423,000, making a 1920 which will be provided for at maturity.
total of $6,920,025 as the annual compensation for the rail- Data from Letter of Pres. G. M. Verity, Dated Middletown, July 18.
-Originally incorp. under the laws of New Jersey in 1899, and
way during Federal control. The balance between this in Company.
1917 was consolidated with the Columbus (0.) Iron & Steel Co., and a
figure and the $7,099,857 is made up of other corporate income. new company incorporated
in Ohio under the present name (as per plan
V. 104, p. 1900).
"The amount of additional compensation, $423,000, is in Business.
-Business consists principally of making high-grade sheets and
among the largest yet allowed by the Railroad Administ'n." plates
suited to the needs of exacting manufacturers, and it has a large and
Extension of $4,000,000 Notesfor One Year at 7%.-Robert well-established domestic and foreign trade for its special products.
Plants, &c.-(a) The principal plant is located at Middletown, 0., where
L. Nutt, Treas. of the Seaboard Air Line Ry. Co., has an- it has
12 open-hearth furnaces, blooming and bar mill,
mills and facnounced that under arrangements with the U. S. RR. Ad- tories; (b) at Columbus, 0., it has 2 large, thoroughlysheet
equipped modern
blast furnaces; (c) at Zanesville, 0., has sheet mills for making high-grade
ministration the $4,000,000 Two-year 6% Secured gold notes,
specialties; (d) controls all its raw material and is the owner in fee of coal
due Sept. 15 1919, will be extenaed for a period of one year mines and coke ovens in Fayette County,
W. Va., and limestone quarries in
Franklin County, O.: one-third owner in the Portsmouth (O.) Solvay Coke
to Sept. 15 1920. The extension will be on a 7% basis.
Co., and in iron ore properties in Michigan and Minnesota, and has subThe holders
of the notes will
paid in cash $9 50 per each $1,000 note.
together with interest coupon be Sept.
15 1919, upon delivery of the notes
for extension at the office of due
the Guaranty Trust Co., New York, and a
bearer receipt will be given pending
the stamping of the extension on the
notes and attaching the two additional
for $30 each.
The collateral securing these extended coupons
notes $6,000,000 First & Consol.
6% bonds, an increase of $666,000 over the ispresent
collateral.-V. 108,
P• 2529.
stantial interests in steamship lines on the Great Lakes.
Purpose of Issue.-The present capacity of the open-hearth steel works
is 400,000 gross tons per year, but can finish only about two-thirds of this
capacity. When new mills are installed the company will be able to finish
its entire capacity and thus sell its product in a finished sheet form with a
greater margin of profit. The new Prof. stock is for the purpose of adding
this additional finishing capacity.
Earnings.-The average yearly income for 5 years beginning July 1 1914,
after providing for full depreciation and all taxes (including Federal taxes)
Spokane & Inland Empire RR.-Foreclosure Sale.and all interest, was $2,601,905. The yearly profits for the last 3 years
United States Judge Prank II. Itudkin at Spokane. Wash.,
has entered on the same basis were: Year ending June 30 1917, $3,070,401; 1918.
an order postponing the sale under foreclosure
from Oct. 1 to Nov. 1. $4.588.087: 1919 (to May 31), $2.249.815.
-V. 109. p. 477.
Balance Sheet as of May 31 1919 Before Present Financing.
Twin City Rapid Transit Co.-Franchise.AssetsLiabilitiesReal estate, buildings,
The ordinance providing for the new "service-at-cost" franchise,
Preferred stock
$1,300,000
as
mach'y & equip't,$19.amended, which was passed by the Minneapolis Board of Aldermen on
Common stock
033,546: less reserve
Sept. 4 and accepted by the board of directors on Sept. 5, will
6% gold notes
9'4
9°
°.09006
39
be
voted
for depreciation, $4,on by the people on Dec. 5.-V. 109, P. 889,
Notes payable
1.500,000
477.
133,212
$14,900,333 Accounts payable
642.551
Union Pacific RR.-Vice-President.Sundry investments_ _ _ _ 3,045,659 Accrued pay-rolls
713,033
Cash
II. M. Adams, formerly traffic assistant to Regional Director Bush,
778,333 Accrued taxes
1,425,529
has Notes & accts. rec., incl.
been elected Vice-President in charge of traffic of this company,
Accrued interest
4,390
effective
Government claim_ __ _ 5,008,511 Reserve for contingenOct. 1.-V. 108, p. 2117.
Inventories
6,053,318
des, &c
2.316.108
Virginia-Washington Ry.-Interest Passed.Marketable securities_ __
611,192 Surplus
12,174,916
Deferred charges
The semi-annual interest, duo Sept. 1 on the $2,370,000 First
19,126
Mtge. 5s
of 1955, of the Washington Alexandria & Mt. Vernon
Total (each side)
$30,416,503
Ry. has not been paid.
present financing is completed net current assets will equal 129%
President Norman Gray, in a letter to the Real Estate of When
the Preferred stock, and the net total assets will equal 419% of the issued
Trust Co., Philadelphia, trustee, says:
Preferred stock.
Note.-The above balance shebt is prior to receipt by the company of
In view of existing conditions and pendency of a refinancing
of tiv
$8,000,000 which will be provided by the sale of $5,700,000 Debencompany the interest will not be met Sept. 1, but
I believe will be paid about
ture Preferred stock (this issue) and $2,500,000 Common stock to be shortly
borer° the time limit under .the mortgage for the payment
thereof expires. offered to stockholders at par. The new financing
The interest due March 1 was not paid until early in July,
will also give the comthe company
pany ample working capital permitting it to pay off all loans and discount
taking advantage of a clause in the mortgage, which provides
that there current bills. Compare V. 109, p. 478,
shall be no legal default until four months after the duo date.-V.108,
372.
p.2134.
Washington Railway & Electric 00.-Valuation
After a period covering more than five years, the Washington .
(D. C.)
Public Utilities Commission on Sept.
announced
5
its
findings
of the
fair value of this company and the Capital Traction Co.
The majority opinion places the fair value of the properties
of the Washington Ky. & Electric Co., within the
of Columbia, at $16,106,368.
This is only slightly more than half District
amount claimed by the company
as its reproduction value of July 1 the
1916,
company's findings being
the
$29,656,382.
The fair value of the Capital Traction Co. as of
Juno 30 1919, is found
by the Commission to be $14,270,496.
The company claimed a reproduction value on the same date of $25,951,679.
It is regarded as practically certain that both companies will
contest the
valuations of the Commission in the courts, and it probably will
be a year
or more before the question is definitely decided.
See also under Washington Utilities Co. below.-V.
109, IL 677.
Washington (D. C.) Utilities Co.-Sale of Collateral.-
The Metropolitan Trust Co., N. Y., announce
that there have been
deposited under the noteholders'
committee (V. 109. IL 271)
of the Washington Utilities Co.5%iirotective
Notes
Agreement,
notes of a total outstanding issue of $1,381.000, and$1,306,000 par value
that the collateral
held to secure the notes, viz., 27,500 shares
Washington Ry. & Electric Co.
Common stock will be sold at the Exchange
Salesroom,
14-16 Vesey St.,
N. Y. City, on Sept. 24.-V. 100, p. 677, 271.
INDUSTRIAL AND MISCELLANEOUS.
Aetna Mills, Watertown, Mass.-Extra Dividend.-
A quarterly dividend of 2% and an extra of 1% has
declared on
the $450,000 Common stock, payable Oct. 1 to holders ofboon
record Sept. 15.
There is also outstanding $200,000 of an authorized $525,000
6% Cum.
Prof. stock.
Alabama Traction Light & Power Co.-
1918.
96,250
950,028
1
See Continental Sugar Co. below.-V. 109, p. 174.
Alaska Gold Mines Co.-Ore Milled (Tons).1919.
,
202268
1,382,250
American Steamship Co.-Tenders.-
The Illinois Trust & Savings Bank as trustee will receive tender;
Sept. 15 for the sale of $422,000 First gold 5s, dated Nov. 1 1900
107. p. 1580.
American Sugar Refining Co.-Sub. Co. Bond.Ca
Sec Illinois Car & Equipment Co. below.-V. 109, p. 68.
Month of August
Jan. 1 to Aug. 31
-Nr. 109, P. 678. 174.
American Ship & Commerce Corp.-Balance Sheet &c.-
The company having been incorporated in July 1919 has not been in
receipt of any income, which will consist of dividends that may be received
from the Cramp Co. and from the New York Corporation.
Balance Sheet as of Aug. 21 1919.
Assets ($14,505,662)Cash
$6,948,817
Investments-31.154 Voting Trust Certificates and 200 shares
of the capital stock of William Cramp & Sons Ship & Engine
Building Co
5,979,205
76,000 shares of the "B" capital stock of American Ship &
Commerce Navigation Corp. (name to be changed to the
Kerr Navigation Corp.), $20 per share paid, $80 per share
duo on demand prior to July 1 1920
1.520,000
*Organization expenses
57,640
LiabilitiesCapital stock-461.615 shares of no par value
$14,505,662
* Total organization and current expenses have not yet been ascertained
or deducted.
The Governing Committee of the N. Y. Stock Exchange recommends that
temporary interchangeable certificates for 461,615 shares of capital stock,
without par vb.lue, be admitted to the list; with authority to add 148,130
shares on official notice of issuance In exchange (should the company elect
to make such exchange and for such amounts as the company may determine) for $2,962,600 outstanding capital stock of The William Cramp &
Sons Ship & Engine Building Co. or voting trust certificates therefor,
making the total amount authorized to be listed 609,745 shares, without
par value.
•
W. P. Buehler has resigned as a director of this company.-V. 109, p.
777, 579.
American Telephone & Telegraph Co.-Tenders.-
1917.
179,150
1,529,819
American Agricultural Chemical Co.-Directors
.T. D. Darlington and Phillip Stockton have been elected directors
succeed J. H. Cottman and George C. Cope resigned.-V. 109, p. 885.to
American & British Mfg. Co.-To Dissolve Old Co.-
The Old Colony Trust Co., Boston, having on hand $800,361, will rec
tenders until Sept. 22 for the sale of 30-year 5% collateral trust gold be
due Dec. 1 1946.-V. 109, p. 983.
e
Ames-Holden-McCready Co.-Director.-
W. A. Black has been elected a director to succeed Sir Herbert Ames.
-V. 109, p. 75.
Assets Realization Co., N.Y.-Status of Liguadation.-
President Horace 'W. Davis recently issued the following statement:
"The company has been in the course of liquidation under the direction
of a Creditors Committee since 1913.
"The statement issued to the stockholders under date of Mar. 19 1
919.
shows assets of $1,539,759 and liabilities of $1,501,634. The present
capitalization is $1,009,000, made up of 100 shares of old Preferred stock
at
$100 per share, and 99,900 shares of Common stock of par value of $10.
American Factors Co., Ltd.-May Increase Capital.lp
itcloonnotuhre bca
olm
alp
icao4T3
6t;sh
go asn
.
a leefi
s selintco
The company may increase its capital stock from 115,000,000 to S6,000,000
efj$227047
11.
i
i
tf:
ng
c
t
a
b
e
lOe
ll
i
as
=
t
t
a
i
by the issuance of 10,000 shares of new stock to stockholders of
at The present assets are non-liquid in their nature and the date and amount of
$150. Stockholders are being "sounded" on the matter, with everyrecord
prospect any realization is problematical.
that the recommendation will be approved.
reference to the rumor that certain lands held by the company in
The move is made for the purpose of realizing $1,500,000 to take care of
the purchase of alien enemy stock in Lihue Plantation Co. recently nego- the West had been discovered to be of considerable value, I can only say
tiatesi by American Factors. American Factors stock was $290 on a rumor that none of the officers of the company have any knowledge of such development, nor do I know of any lands which the company holds in which
of the stock increase.-San Francisco "News Bureau."-V. 108. p.
582.
such unexpected enhancement in values might occur "-V. 107. P. 2096.
The stockholders of the old American and British Manufacturin
will vote on Oct. 2 on dissolvin$ the company. The company hasg Co.
succeeded to by the American & British Mfg. Corp. Compare V. been
109,
P• 74; V. 108, p. 2630.
[VOL. 109.
THE CHRONICLE
1082
h Company.Babcock & Wilcox Co., N. Y.-Englis
108, p. 2435.
See Babcock & Wilcox, Ltd., below.-V.
Babcock & Wilcox, Ltd., London.-Acquisition, &c.-
on
Babcock & Wilcox, Ltd., London, has acquired interest in a combinati
on to be
of four small tube ma.nufacturering companies. The organizati
&
Babcock
The
0.
of
£1,000,00
a
capital.
known as Tube Investments has
Inc., Now York,
Wilcox, Ltd., is not connected with Babcock & Wilcox,for
in
purpose
the
formed
company
an
English
to
over
'having been turned
W. D. Hoxie,
1884. Considerable stock is held in the United States, and
English company.
President of the American company, is a director of the
£1,960,000 to
from
stock
capital
the
The latter is preparing to increase
stock at El each. These
£2,460,000, by creating 500,000 shares of commonbasis
new share for
one
of
the
on
ers
sharehold
present
to
are to be offered
four shares of present common stock. "Iron Age."
Yonkers, N. Y.-Preferred Stock.-
"The capacity of all plants of the company is now about 1,500 tons per
year.
day, about double to what it has been prior to thiswill
not be sold but will
"The additional stock issued by the company
raisins to the combe distributed to the growers, as each grower delivering
in this stock.
pany will be issued a certain amount of his final payment
settlement for the
the
and
0
$2,000,00
be
will
t
about
The final settlemen
season $16,000,000."-V. 108, p. 82.
Petroleum Co.-Accumulations Paid.-
California
the accumulations
A dividend of 2%%, including, it is understood, allregular quarterly of
on the Pref. stock, has been declared along with the
109, P. 983.
Sept.
20.-V.
%,both payable Oct. 1 to holders of record
Calumet & Arizona Mining Co.-Copper Prod. (lbs.).
1917.
Month of August
8 months to Aug. 31
-V. 109, p. 778, 580.
1918.
1919.
4,296,000
4,376,000
3,438,000
29,920,000 33,998,000 39,445,205
Bare Wire Co.,
for investment this
Thomas C. Perkins, Hartford, Conn., recommends&
Payment.d.) stock. Divs.
(a.
Canadian Cottons, Ltd.-Get Millsays:
company's 7% Cumulative Guaranteed Preferredretiring
"Canadian Cottons
the stock at UN.
annually
of
$7,500
The "Financial Post" Of Toronto for Sept. 6
Q.-J. Minimum sinking fund
Business,
and cash of $875,000
York in 1917.
handed over this week the $1,500,000 of bonds,
The company organized under the laws of New manufactu
the mills running
of rubber- wasthe
rers
keeping
are
hand
in
Orders
various
the
Co.
for
wire
Textile
copper
bare
of
Dominion
the drawing
and sub- by
. Canadian Cottons
to capacity in so far as the supply of labor is concerned
covered electric light and power wires, telephone, telegraph
telegraph com- is
and in addition has a portion of the Ruorders,
domestic
with
up
filled
marine cables, and bare wire for railroad, telephone andbare
mills.-V. 108,
copper wire
manian order, some of it direct and the rest for converting
panies. The company was organized primarily to supply
to the Electric Cable Co., Bridgeport, Conn., and the Habirshaw Electric p. 2244.
Cable Co., Yonkers, N. Y.
.Central Aguirre Sugar Companies.-Extra Dividend
on the $3,d
An extra dividend of $10 (10%) per share has been declared
Beacon Falls Rubber Shoe Co.-Offering of Preferre
dividend
outstanding capital stock along with the regular quarterly 26. In
Stock.-Blake Brothers & Co. and Imbrie & Co. New York 000,000
of $2 50 (2% %), both payable Oct. 1 to holders of record Sept.
and Boston, are offering at 100 and div., to yield 7%,$500,- Aug. 1918 paid $20 extra and in July 1918 $10 extra.-V. 108, p. 1167.
say:
000 7% Cumulative Pref. (a. & d.) stock. The bankers
and div.
Callable as a whole at $115 and dividend. Entitled toon$110
on the Comin liquidation, voluntary or involuntary, before distributi
is to be set aside
mon stock. As a cumulative sinking fund each year there
than 110
more
not
at
from net profits or surplus to be used for the purchase
ng Pref.stock,
and div. an amount sufficient to purchase 2% of the outstandi
-M.
Q.
payable
but not less than 200 shares. Dividends
Authorized. Outstand'g.
Capitalization (No Bonds)$1,310,000 $1,310,000
7% Cumulative Preferred stock
1,500,000 1,363,400
Common stock
property (except real
the
on
placed
be
can
Provisions.-(a) No mortgage
consent of 75% of
estate not a part of the industrial plant) without the
stock unless
Common
the
on
be
paid
can
dividend
No
(b)
stock.
Pref.
the
least 75% and the
at
to
equal
are
assets
after such payment the net quick
outstanding Pref. stock.
total net assets are equal to at least 150% of the the
average net earnings
(c) May issue up to $2,000,000 Pref. stock when at least
twice the annual
for the two fiscal years next preceding are equal to proposed issue, and the
div. requirements upon the Pref. stock, Incl. the
stock are equal
additional
proposed
the
of
issue
the
after
net quick assets
incl. the proposed
to at least 75% of the total par value of the Pref. stock
quarterly diva.
issue. (d) Has sole voting power in the event that four
on Pref. stock have not been paid.
have averaged
years
5
Earnings.-The annual net earnings for the past
Preferred stock then outmore than 4% times the full div. on the issue of stock,
the addiincluding
standing and almost 3 times the div. on the Pref.
tional $500,000 now issued.
succeeds
and
etts
Massachus
of
laws
the
under
Company.-Incorporated
Produces a complete
a Connecticut corporation organized in March 1899.shoes,
arctics, lumberline of rubber footwear, including rubber boots and shoes. Is now manumen's boots, &c., as well as tennis, golf and outing at Beacon Falls confacturing a total of about 17,000 pairs a day. Plantleases,
with an option
tains about 238,486 sq. ft. of floor space. In addition
exclusively to the
to buy, a large factory at College Point, L. I. devoted
about
Employs
shoes.
production of standard lines of tennis and outing
1,300 operatives.
and
Co.
Shoe
Rubber
Falls
Consolidated Balance Sheet Feb. 28 1919 (BeaconInc.,
Beacon Falls Elec. Co.)
Subsidiary Selling Companies. Top Notch Co.,
LiabilitiesAssets$830,000
$1,689,182 Preferred stock
Plant and property
1,359,900
162,814 Common stock
Investments
697,050
289,004 Notes & accts. payable..__
Cash
102,669
&c__
Accts. & notes receivable.. 1.011,696 Accrued taxes, int.,
1,018,571
800,202 Surplus
Inventories
$4,018,190
side)
(each
Total
65,292
items
debit
Deferred
ks, patents, &c.,
The total net assets, exclusive of good-will, trade-mar
the net quick assets are
exceed $3,700,000 or nearly $285 per share and
issue.
present
the
about $135 per share of Pref. stock, including
John P. Elton.
Directors.-Tracy S. Lewis (Pres. & Treas.), Louis Bacon,
C. Warner
Lewis
Dayton,
H.
A.
Douglas,
H.
M. H. Marlin, William
-V. 108,
Treas.).
(Vice-Pres.), Clinton E. Little, Richard L. Fisher (Asst.
p. 2125.
Central & South American Telegraph Co.-Listing.e
The Governing Committee of the New York Stock Exchang
has authorized the listing of $8,991,400 additional capital
stock, on official notice of issuance, in exchange for $4,995,Co.
200 outstanding capital stock of Mexican Telegraph
Amerat rate of one and eight-tenths share of Centrar& Southmaking
ican Telegraph Co. stock for one share of Mexican,
the total amount $22,991,400.
Exchange of Stock.-The new stock aforesaid is being issued
in exchange for the $5,000,000 stock of the Mexican Telegraph Co.in accordance with the following circular of Aug.30.
the
The Mexican Telegraph Co. owns $953,100 stockif of
all the
Central & South American Telegraph Co., so that the
outstockholders of the Mexican Telegraph Co. assent
will,
standing stock of the Central & South Am. Tel. Co.
it is understood, be increased to about 822,038,300 (net).
1919.
Digest of Official Circular Dated Aug.a 30
meeting of its stockThe company, pursuant to resolutions adopted atstock
of Mexican Teleholders, offers to acquire the outstanding shares of of
its own capital stock
graph Co. and to issue in exchange therefor shares
of Mexican
at the rate of $180 par value of its stock for each $100 par value
stock.
Co.
Telegraph
to deliver
required
are
offer
this
of
Holders desiring to avail themselves
at its office,
their stock, endorsed in blank for transfer, to this company
The company
1919.
1
Nov.
than
later
not
Y.
City,
N.
St.,
89
Broad
No.
will affix and cancel the necessary transfer tax stamps.
issue non-dividend '
In lieu of fractional shares of stock the company will
the surrender of such
bearing scrip certificates exchangeable for stock upon
multiple thereof.
any
or
value
par
certificates in amounts aggregating $100
s may be bought or
Arrangements will be made whereby scrip certificate
s for stock.
certificate
scrip
such
of
exchange
the
sold so as to facilitate
to issue its stock in exThe company will be prepared on Sept. 15 1919rate
aforesaid, and such
change for stock of Mexican Telegraph Co. at theuntil
Nov. 1 1919. The
exchange may be made at any time thereafter
Co. have
holders of more than 80% of the stock of Mexican Telegraph
2631.
p.
108,
-V.
exchange.
the
make
to
agreed
already
in CapiChandler Motor Car Co.-To Authorize Changewill
vote
ders
talization-Dividend Increased.-The stockhol100,000
shares
on Oct. 6 on changing the capitalization from The official
(par $100) to 300,000 shares, no par value.
announcement given out on Sept. 9 says:
meeting of the stock"The directors passed a resolution calling a special
company's capitalization
holders for Oct. 6 to authorize the change of the
on laws percorporati
stock
Ohio
the
to
t
pursuant to a recent amendmen
nominal or par value.
The Governing Committee of the New
stock without mitting Ohio corporations to issue shares without
the existing authorized
that
ly
the listing of temporary receipts for 130,000 shares of capital
unanimous
ded
recommen
directors
"The
ng stock.
d capital of 300,000
par value, being the entire authorized and outstandi
as the successor to capital of 100,000 shares be exchanged for an authorize
History, &c.-Organized under the laws of Delaware
to be issued to stockholders in
New York corporation shares without par value, 210,000 shares
proportion of three
in
ng
the Bethlehem Motors Corp. of Allentown, Pa. (a
outstandi
now
stodk
of
shares
,
exchange for 70,000
the North American Motors Co. of Pottstown
shares to be held in
organized in Dec. 1916) and '
years ago). The shares for each one share of existing stock and 90,000
stock now held.'
value
Pa. (a Pennsylvania corporation organized about 23trucks
par
$100
shares
30,000
for
carryin
exchange
in
built
the treasury
the new
product of the new company will be exclusively motor
ded that dividends be inaugurated on
located
recommen
directors
buildings,
"The
factory
The
quarterly,
tons.
and
33
payable
ing capacities of 13., 23
in 1917 and 1918. stock when issued at the rate of $8 a share annually,
earnings a
e
prospectiv
in Allentown, are modern, having been erected early
and
current
of
view
in
approximate floor and the directors feel that,
The Pottstown plant was erected early in 1918. The
maintained.'
dividend of at least $8 a share can be
of $6 per share on
area of the two plants is 200,000 sq. ft.
1919.
The directors on Sept. 9 declared a quarterly dividend
Condensed Income Accounts Years ended June 30t.
payable Oct. 1 to stock of record
stock,
Total.
the $7,000,000 outstanding capital the annual
Bethlehem Mot. No.Am.Mo
rate from $16 to $24. An
$5,517,414 Sept. 19. This declaration increases
$2,001,386
$3,516,028
2%%; from
Sales
4,001,444 initial dividend of 13% was paid April 1 1916, July 1916,in
1,250,928
2,750,516
July 1917.
and
Cost of product
11919,
Oct. 1919 to April 11919.3% quarterly; July p. 580.4%,
109.
ons.
-V.
0
distributi
$1,515,97
Cross'
"Red
$750,458
for
1%
$765,512
Gross profit
951.220
384,832
566,388
Expenses and taxes
(P. F.) Collier & Son ‘..u. (Collier's Weekly).-Pref.
$564,750 Stock.-Peabody, Houghteling & Co., Chicago, are offering
$365,626
$199,124
Net profit
Potter,
C.
S.
rray, Pres.; D. G. Dory, V.-Pres.;
stock $2,000,000 7%
Officers.-Arthur T.
M. H. Beary, Sec. at 95 with a bonus pf 10% in Common
V.-Pres.; H. B. Hall, V.-Pres.; Martin E. Kern, Treas.;
Potter, Duncan S. Cumulative Pref. stock of P. F. Collier & Son Co., publishers
Directors.-Arthur T. Murray, D. G. Dery, S. C.A.
S.
Ryan, Charles
Holmes, Martin E. Kern, George R. Bidwell, Allan
of "Collier's Weekly."
Martin, Charles W. Stiger.
as follows: "No mortgage
The company's financial status is described
successfully since 1875. Earnings
Authorized.or funded debt. Has been in business requireme
Brooklyn Union Gas Co.-Bonds
nts for the Pref. stock.
to
issue
company
times
maximum
the
d
three
than
authorize
more
has
on
are
The New York P. S. Commissi
after Preferred diviNov. 1 1919 and to Sinking fund beginning Jan. 1 1920 10% of net profits
$2.000,000 Convertible Debenture bonds to be dated 7%.
lowest price obtainable
the
at
The bonds are dends for the retirement of the Pref. stock
mature Nov. 1 1929, bearing interest at not to exceed
will retire the issue within
fund
sinking
(par
share
this
that
one
$100)
thought
is
of
It
basis
the
110.
on
to
up
convertible into stock after five years
15 to 20 years."
for each $100 par value of the debentures.
100% and int., proThe bonds are to be sold so as to net the companymoneys
for
expended
of
ment
Columbia Oil Producing Co.-Interest Acquired.ceeds to be devoted toward the reimburse period from Feb. 1 1914 to
See Union Oil Co. (of Delaware) below.-V. 109, p. 983.
construction, improvements, &c., during the
Jan. 311919.-V. 108, p. 2331.
ry.Coca-Cola Co.-Acquires Laborato
Laboratory, the largest manusses Appeal.The company has acquired the N.P.Prattother
Butte & Superior Mining Co.-Dismi
chemicals in the South.
and
salts
epsom
the
gas,
has dismissed
facturers of carbonic
Co. has in
The U. S. Circuit Court of Appeals in San FranciscoCourt
of Montana Much of the large amount of laboratory work of the Coca-Cola
appeal of the company from the decree of the District
y. The carbonic gas
Laborator
P.
Pratt
N.
the
by
Separadone
Minerals
been
the
in
past
the
y by all
extensivel
used
in following out a mandate of the Supreme Court
is
y
Laborator
Pratt
was manufactured by the N. P.
s
tion patent litigation. A modification of Judge Bourquin' injunction
which of such dealers the Coca-Cola
soft drink bottlers and dispensers, to
United States, Canada,
sought by the company.
the
t
throughou
70,000
than
more
sell
to
Co. claims
N. P. Pratt Laboratory Is
Production.Mexico and Cuba. The physical value of the P. 890.
-1918. 1919----8 Mos.-1918. estimated to be more than $400,000.-V. 109,
1919-Aug.
0
10,750,000 12,250,000 67,425,000 98,000,00
Zinc (lbs.)
Commonwealth Petroleum Corp.-Allied Company.1,890,000
1,286,000
220,000
200,000
Silver (ozs.)
See Union 011 Co. (of Delaware) below.-V. 109, p. 983, 581.
-V. 109, p. 890, 679.
Del.).-Listing-Earnings.
Bethlehem Motors Corp. (ofYork
Stock Exchange recommends
it
California Associated Raisin Co., Fresno, Cal.-
The following has been pronounced correct for the "Chronicle": "The
0 to
trustees have ratified an increase of the capital stock from $2,500,00
to $750,000
$5,000,000. The company plans to spend from $500,000
to plants and equipduring the next year in new buildings and additions the
past year reached
ment. The building program of the company during
a total of about 8850.000.
ntal Can Co.-Common Dividend Increased.-
Contine
of l'% on the $13,500,000
Tho directors declared a quarterly dividend
quarterly Ih ty„ on the Prof. stock,
Common stock in addition to the regular
Sept. 20. This compares with
both payable Oct. 1 to holders of record
stock since April 1918.
6% per annum on the Common
saying:
After tho directors' meeting President F. A. Assman is quoted as on the
"The:earnings of the company are now running at the rate of 20%
•
SEPT. 13 1919.]
THE CHRONICLE
Common stock, but in view-of the uncertainty due to labor conditions the
directors considered it advisable to adopt a conservative policy as regards
dividends."-V. 108, p. 680.
Continental Sugar Refining Co.-Bond Call.-
AU of the outstanding First Mtge. 6% gold bonds dated April 1 1912
have been called for payment Oct. 1 at 102 and int. at the Guaranty '1 rust
Co., New York.-V. 103. p. 1034.
Donnacona Paper Co., Ltd.-Offering of Bonds.-First
Trust & Deposit CO., Syracuse, N. Y., Mohawk Valley Investment Co., Utica, N. Y., and Northern New York Trust
Co., Watertown, N. Y. are offering at 97
and int.,
yielding about 64% $1,750,000
'
6% First Mortgage
Sinking Fund Gold bonds of 1915, maturing June 1 1940.
Compare V. 109, p. 680.
Electric Cable Co., Bridgeport, Conn.-Pref. Stock.Thomas 0. Perkins, Hartford, Conn.,
recommend for Investment this
company's 7% Preferred (a. & d.) stock, par $100. Preferred stock divs.
quarterly, Ma3r 15, &c. The company's main plant is located at Bridgeport, Conn. Is one of the largest manufacturers of insulated wire in the
United States. Controls the IIabirshaw Electric Cable Co. and the Bare
Wire Co. of Yonkers, N. Y.-V. 106, p. 604.
Electric Storage Battery Co -To Pay Notes.-
'The company informs us that the $1,000,000 two-year 6% notes due Oct.
1 1919 will ne paid off on that date.-V. 109, P. 984, 681.
Elgin National Watch Co.-Acquired Interest.-
1083
Interest (J. & J.) payable at Union Trust Co. of San Francisco, trustee.
Redeemable at 101%. Denom. $1,000 (c). Unconditionally guaranteed
as to interest by W. J. Hotchkiss, San Francisco. Exempt from personal
property tax in California. Federal normal income tax not exceeding 2%
paid by company.
Security.-A first mortgage on 19,050 acres of timber land in Del Norte
County, Calif., which .a..%d 1,136,592,000 ft. of redwood timber, exclusive
of fir, hemlock and spruce. Value of property as appraised exceeds
$3,250,000.
Hydro-Electric Commission of Ontario.-
In a special report Felix S. S. Johnson, American Consul at Kingston.
Ont., sets forth the remarkable extension of the usefulness of the Commission since it started operations for the transmission of Niagara power to
municipalities of the Province. The municipal service now comprises 221
communities, with a total load of 199,277 h.p., and bringing benefits to the
homes of 1,357,783 people. The efforts of the Commission have extended
benefits to rural districts for farm use, electricity on the farm being used for
practically every requirement.-V. 107, p. 1841.
Illinois Car & Equipment Co.-Dividends.- .
The directors have decided to hypothecate the interest on the bonds of
the Alabama Traction, Light & Power Co., held by the company (as and
when received), to payment of dividends upon the stock of the Illinois Car
& Equipment Co. As a result of the foregoing the directors in America
have been instructed to recommend, at the annual meeting to be held in
New Jersey on Sept. 2, the declaration of a dividend of 4%,or 20 cents per
share, payable as to 10 cents per share on Sept. 30 1919 and 10 cents per
share on March 31 1920 at the exchange ruling on Sept. 1 and March 1.
respectively, less income tax. ("Stock Exchange Weekly Official Intelligence" of London for Aug. 16.)--7-V. 104, p. 2556.
Indian Packing Corporation.-Initial Dividend.Tho following has been pronounced approximately correct:
An initial dividend of 25 cents has been declared on the capital stock.
"The Van Sicklon Speedometer Co., Chicago, has increased its capital
from $250,000 to $2.500.000. Officials of the Elgin National Watch Co. payable Oct. 14 to holders of record Sept. 30.-V. 109, p. 481.
are interested in the company and the manufacturing is now being conInspiration Consol. Copper Co.-Copper Output (Lbs.).
ducted in a section of this plant at Elgin, Ill. It is proposed to erect a
1919.
1918.
1917.
building for the exclusive manufacture of speedometers later. N. H.
Month
of August
6,500,000
9,000,000 (strike)
Van Sicklen, Sr., is President."-V. 108, p. 2531.
8 months to Aug. 31
51,700,000 67,750,000 67,400,000
-V. 109, p. 582, 177.
Fall River Electric Light Co.-To Increase Capital.The company has petitioned the Mass. Board of Gas and Electric Light
International Abrasive Corp.-Offering of Preferred
Commissioners for authority to increase its capital stock from
$2,100,000 Stock.-Lawrence Chamberlain
to $2,850,000 by the issue of (a) 7,000 shares of additional stock,
& Co., New York, are offerpar
$100.
and (b) to further increase its capital by the issue of 5,000 of employees' ing at 100 and div., $700,000
8% Cumulative Convertible
stock, par value $10.
Preferred
(a
d)
&
stock,
The proceeds of the sale of the 7,000 shares will be used for reducing
par $100. (See advertising pages.)
floating debt and to pay for additions and extensions to plant.
Dividends (cumulative from Aug. 1 1919) payable quarterly, Jan. Con-V. 109, vertible
into common stock at par. Redeemable as a whole or in part at
p. 891.
any div. date at 110 and div. on 30 days' notice. Non-voting except that
Famous Players-Lasky Corp.-Dividend.-'
no liens shall be given or other than ordinary current debt running less
A quarterly dividend of $2 per share has been declared payable Oct. 1 than a year be incurred or other securities authorized having a superior or
to holders of record Sept. 22. .A like amount was paid in July and in April equal claim against earnings or assets without the approval by a 2-3 vote of
First Preferred stockholders. An amortization fund for the redemption
$1 50 was paid. See V. 108, p. 2436.-V. 109, p. 771.
by lot of the First Preferred stock is provided by setting aside for this purGlobe Oil Co.-Sale of Property.pose 25% of the net earnings after the payment of divs. on the First and
The directors, following a meeting at Chicago, announced the sale of a Second Pref. stocks.
part of its properties in Louisiana, situated in Pine Island field, for a sum
CapitalizationAuthorized. Outstanding.
of $2,000,000 and declared the regular quarterly dividend of 4M Boston 8% Cumulative Convertible First Preferred stock_ _$1,000,000
$700,000
"News Bureau."-V.109, P. 891,779
8% Cumulative Second Preferred stock
400,000
400,00(}
.
*3,000,000
1,700,000
Goodyear Tire & Rubber Co. of Calif.-Offering of Common stock
* Of which $1,000,000 reserved to provide for conversion of the -First
Preferred Stock.-Cyrus Pierce & Co., Bond & Goodwin and
E. H. Rollins & Sons, San Francisco, are offering at 100, Pref. stock.
Data from Letter of President Nathan C. Harrison.
$2,000,000 7% Cumulative Preferred (a. & d.) stock, par
Company.-The company has been formed in Massachusetts to acquire
(a) all the assets of Superior Corundum Wheel Co., of Waltham, Mass.,
$100. The bankers state:
all the stock of (b) National Abrasive Co., of Boston, Mass., (c) Harrison
Capitalization
Authorized. Now to be Issued Supply Co., of
Boston, Mass., and (d) Dominion Abrasive Wheel Co., Ltd.,
Pref. stock, 7% Cumulative (this Issue)
*$10,000,000 $8,000,000
of
Mimic°, Toronto.
Common stock
10.000,000
4,000,000
Plants.-The consolidation includes four plants. The two plants of the
•
*The $2,000,000 of Prof. stock remaining can only be issued under National Abrasive Co., at Amesbury, Mass., and at Niagara Falls, Ontario,
manufacture the raw material and finished grains, and especially "Natite"
special restrictions.
Purpose of This Issue.-In July the company sold $6,000,000 of Prof. for abrasive wheels and tools, which in turn are made at the plant at Waltham,
Mass., of the Superior Corundum Wheel Co., and at the plant near
stock (V. 109, p. 275) and $3,000,000 Common stock for the purpose of
building a plant in Los Angeles with a capacity of 3,000 tires per day, and Toronto of the Dominion Abrasive Wheel Co., Ltd.
The company will be the third largest producer of manufactured corundum
to provide working capital. Since that time tho demand for the products
of the company has increased at such rate that the company has sold $2,- in America, and one of the most important makers of grinding wheels and
other finished abrasive products. The three concerns in America which
000,000 additional of Pref. stock and $1,000,000 additional
Common manufacture and sell artificial corundum have a total capacity of less than
stock for the purpose of increasing the capacity of the plant toof7,500
tires 250 tons a week. The company will be the largest producer of manufacper day. Compare V. 109, p. 275, 682.
tured corundum in America selling the material, the other two large concerns making it use their entire supply in their own finished wheels. ComGrant Motor Corp.-Div. Increased-New Stock,
- pany is the only
producer of "Natite," a special manufactured corundum
An increase in the devidend rate is announced by President D. A.&c.
Shaw. which is much superior to any other abrasive in the world.
effective Oct. 1 to 6% annually, payable %% monthly.
Earnings.-Net earnings for the three old established companies have
The "Cleveland Plain Dealer" of Aug.8 said: The company's production
averaged for the past five years $149,495, after allowance for Federal,
is to be increased to 20,000 cars a year, thus doubling the present
output, it Dominion of Canada and all other taxation. Net earnings for the first
was announced yesterday following a directors' meeting.
months of 1919 were $139,535 or at the rate of $279,070 a year.
6
To take care of plant extensions and for increased production the
comNet earnings of all four companies (i. e., including the National Abrasive
pany offered to old stockholders the unissued amount of
its Common stock Co., a new organization recently to begin
operating) for the second quarter
which at the offering price would net $648,450. When subscriptions
were of 1919 were $104,990, or at the rate of $419,962 a year.
figured up yesterday noon the amount totalled $1,000,000, or
an over-.
Purpose of Issue.-Part of the proceeds of this issue will be expended in the
subscription of more than 50%. As a result of this sale of Common
stock construction of two additional electric furnaces at the Niagara Falls plant,
and a recent sale of $500,000 serial 6% notes, and with cash
hand, the which, it is estimated, will increase net earnings by about $200,000 a year.
company now has $1,500,000 of funds not being used in the on
business and
Consolidated Balance Sheet as of July 31 1919 after Present Financing.
which, it is said, will at once go into the new production.
The company has lot contracts for two additional stories
AssetsLiabilitiestwo story factory building, and has plans completed for the to its present Plants
$582,439 First Preferred stock
$700,000
production of
a new car.
Patents
1,309,752 Second Preferred stock_ _ _
400,000
Tho Grant Motor Car Co. started to do business
Contracts
350,000 Common stock
1,700,000
Findlay, about Current
five years ago; it moved to Cleveland about three years at
assets
656,940 Accounts Payable
ago.
105,165
The company now has $1,000,000 7% Preferred outstanding,
6,033
Total (each side)
$2,905,165
and a total Deferred assets
of $3,250,000 Common, $10 par including that just sold.
Management.-The following will be directors: Stephen W. Holmes.
is in addition to the serial notes which were recently purchased byThis
Nathan C. Harrison, Pres., B. J. Baker, Boston, Banker, Robert J. Holmes,
Savings & Trust Co., of Cleveland. Dividends at the rate the Guardian C. I. Worcester,
Boston, Frank W. Carter, St. Louis, M. F. Cunningham,
of 4% annually
are being paid on the Common stock.
Waltham, Mass., E. W. Sawyer, Mimico, Canada, A. J. Sunstein, PittsThe officers are: D. A. Shaw, President; Ben F. Hopkins,
burgh, Lawrence Chamberlain, New York, J. A. Mackay, C. 0. Cameron,
Vico1st'
President; George D. Grant, 2nd Vice-President; W. R. Green,
Secretary: Montreal, Bernard A. Brennan, Baltimore.
George Salzman, Treasurer. Directors include the foregoing and
Murray
W. Dodge and W. F'. Thurmond of New York City; P. A. Waller,
International Fur Exchange, Inc.-Offering of PreChicago,
and Hugh Evans, Philadelphia.-V,105, P. 1001.
ferred Stock-William Salomon & Co., N. Y., and G. H.
Gray & Davis, Inc.-New Corn. Stock, Earns., &c.-
Walker & Co., St. Louis, are offering at 95.50 And div. by
The stockholders on Sept. 10 adopted the financial plan (outlined in advertisement on another page $2,500,000 7% Cumulative
V. 109, p. 984) which involves the offer to shareholders of
54,452 shares of Preferred (a. & d.) stock, par $100. For full partictuars
New Common stock (par $25) at $35 per share. The proceeds
will be used
to prrovide for increased business and to retire the $131,800 Preferred
stock see last week's "Chronicle," page 984.
and the bonds of the Cambridge plant.
The First National Corporation and Tucker, Anthony & Co.
The International Products Co., New York.-Status
Boston
of
have formed a syndicate to underwrite the new issue, with
Tucker, Anthony of Enterprise.-Vice President Percival Farquhar, in circular
& Co. syndicate managers.
George 0. West of Tucker, Anthony & Co. was elected a
director to fill dated at New York, Sept. 3 1919, says in substance:
a vacancy.
Dividends.-As the company is now paying accrued dividends on the
A statement for the 6 months ending June 30 1919 shows:
Net sales, Preferred stock (V. 109 p. 9857), it seems an appropriate time to make the
$1,788,849; manufacturing costs, $1,356,625: administration
costs, int. following statement toits stockholders:
&c., $179,328; net profits, $252,896.-V. 109, p. 984.
Properties, Pastures and Cattle.-The company owns 987,000 acres (with
control over additional lands) of rich and well-watered cattle-grazing lands
Great Western Sugar Co.-Extra Dividend.and quebracho forests in the Paraguay River valley, where climatic condiThe directors have declared an extra dividend of 10%, along
tions are nearly perfect for the breeding and fattening of beef cattle. The
regular quarterly dividend of lq% on the Common stock. Thewith the company has 50,000 head of steers
on the fattening pastures and breeding
regular
quarterly dividend of 1,
4% on the Pref. stock has also been declared.
cattle on the ranges.
All
dividends arc payable Oct. 1 to holders of record Sept. 15.
Tanning Extract Plant.-The company has constructed on these properties
Dividends
of
the same amount, extra and regular, were paid last April and
July.-V. 108, at Puerto Pinasco, on the Paraguay River, some 300 miles above-Asuncion,
p. 1723.
a quebracho extract plant having a capacity of 15,000 tons of solid tannin extract per year. The plant is modern in every particular; it started producing
Hotchkiss Redwood Co. of Calif.--Offering of Bonds.- extract the end of last year and is now
producing 600 tons of quebracho
per month, and in November the output should be increased to 1200-1500
Blyth, Witter & Co., San Francisco, N. Y., &c., are offering tons
per month. The plant Is so constructed that it can be economically
at prices ranging from 98 and int. to 95.75 and int., to net doubled
by the erection of a second unit now under construction (for which
funds have been provided by the capital issues already made).
63/2%, according to maturities, $550,000 First Mtge. 6% theRailway,
River Equipment, &c.-For the exploitation of the property the
Serial gold bonds. Dated July 1 1919, due $55,000 each company owns
35 miles of railway, together with a large amount of necessary
equipment for logging and cattle raising, and six tugs and 18 lighters plying
July 1 1924 to 1933 incl. A circular shows:
031 the Paraguay River.
1084
[voL
THE CHRONICLE
Paraguay
Packing Plant.-At Asunction, the natural centre of the great
400,000 square miles
river cattle-breeding area, comprising, as it does, over
n, and served by the cheap
of the world's greatest reserve for meat productiothe
company has constructtransportation afforded by the Paraguay River, a killing
capacity of 3,000
ed a packing plant, in every way modern, with
s Jan. 21 1919.
head of cattle per week. This plant started operation
week recently,
per
head
to
1,000
increasing
week,
first
the
killing 60 head
and in October the kill should reach 2.000 per week.
fattening and holdGeneral.-The company's ranch properties and various
cattle at advantageous
ing pastures,owned and leased, enable it to purchase
business.
seasons and hold and fatten them-in itself a profitable
Government, granted
The company has a contract with the Paraguayan20
from import
years
for
it
exempting
under authorization of Congress,
for the packing house,
duties on cattle and on materials, supplies, &c., excepting
per hide.
20c.
products,
house
packing
on
duties
export
and from
it has in
The stength of the Company's position lies in the advantage
and quebracho logs
the low cost of production of its raw materials-cattle
its pastures and que-owing to the extremely low price, relatively, of
Argentine pampas
bracho forests-1-10 to 1-20 that of the pastures of thecompariso
n is much
and the quebracho forests of the Argentine Chaco; theof
the United States.
forests
chestnut
and
more favorable with the pastures
109
and Chicago, is the
"The McCord Co., with extensive plants in Detroit
world. The absorbed
largest manufacturer of automobile radiators in theCo.
ono year previous.
concern was organized in 1909, and the McCord"
Combined assets are approximately $4,000,000.says: "No financing is concompany
the
In this connection an officer of
n with this consolidation. The
templated at the present time in connectioentirely
worked out nor the deal
details of this matter have not as yet been
entirely consummated."-V. 108. p. 2532.
Light & Heat Co.-To Pay Bonds.-
Manufacturers
1919, will be
The $445,000 Mtge. & Coll. Trust 6% bonds'due October
Pittsburgh, Pa.,
paid off on that date at office of The Colonial Trust Co.,
583.
p.
leaving $458,000 outstanding duo October 1 1920.-V. 109,
(Oscar) Mayer & Co., Inc., Chicago (Packers).-Offerare
ing of Preferred Stock.-John Burnham & Co., Chicago,and
offering $600,000 7% Cumulative First Preferred stock
d
$600,000 8% Cumulative & Participating Second Preferre
stock. Price: 7% Cumulative First Preferred and M share
Common (no par value) $100; S% Cumulative & ParticipatHartshorne, Fales & Co., of New York, in circular of ing Second Preferred $100 per share and divs. on both
stocks from Sept. I (see advertising pages).
Aug. 1, further say:
int. data
directors os
Redeemable on any
Dividends on both issues payable Q.-M. Second
Organization.-Incorporated in May in 1917 Maryland. The
Preferred stock at $120
being director,
First Preferred stock at $110 and divs.;(b) establishe
the company are as follows, those marked with an asterisk
d retires annually
on: *P. W. Henryf (a)
notice. Sinking Fund
days'
30
on
divs.
and
or officers of the American International Corporati
Pelt,
of the net earnings
Van
H.
15%
A.
to
t
Berwind,
J.
equivalen
E.
stock
Streeter,
Preferred
W.
First
*T.
of
an amount
*J. Ogden Armour,
of the greatest
Baldwin,
J.
3%
or
*0
r,
stock
Sulzberge
P.
Common
G.
the company applicable to the
Percival Farquhar, *Theodore N. Vail,
ng, which over
Stevens and of
amount of First Preferred stock at any one time outstandi
W. M. Baldwin, Minor C. Keith, Rodney D Chipp, J. E.
is the greater.
George H. Olney.
all
1927,
due
bonds
M.
1st
Aug. 27'19.
Outstanding Capitalization.-$1300,000
Data from Letter of Pres. Oscar P. Mayer, Dated Chicago, Outstan'g.
0 of 7% Cum. Pro
Aulleized.
owned by the American International Co., $3,247,00
ation109.
V.
Capitaliz
(Compare
value.
par
no
of
shares
stock and 93,597 Common
$2,000,000 $600,000
7% Cumulative First Preferred stock
600,000
p. 985)•
twice 8% Cumulative & Participating Second Pref. stk_ 1,000,000
The company's lands cost about 60 cents per acre and are worth
120,000 sh. 120,000 sh.
par value)
(no
stock
Common
g 8 buildings,
comprisin
that amount.
Plant,
in
1883.
founded
s
American
-Busines
South
Company.
re of
Credit.-A revolving credit of about $2.000,000 by the
entire has capacity for handling 1,000 dressed hogs per day, the manufactu
branch of a great New York bank, enables the company to purchase
for 3,500,000 pounds of
200,000 pounds of sausages per week and storage
meat
and
moats
s
herds of cattle at very advantageous prices.
Distribute
lard.
of
pounds
for
ous
meats in cure and 500,000
Operating Conditions.-In few places are conditions so advantage
Products include fresh
re 70 to 80 products to retail dealers, restaurants, hotels, &c. hams,
bacons, tongues.
the cheap raising of cattle as in Paraguay; average temperatu
smoked
meats,
cured
of
sorts
all
parched.
sausages,
never
and
cuts,
pork
line of canned
degrees Fahrenheit (frost exceptional); grasses luxuriant
a cost of $70 or all kinds of fresh cuts of beef, veal and mutton, a standard
Range-fed steers cost the company $40 a head, as against
butter, cheese and poultry.
United States. Raising a meats, &c., and produce, including eggs,
n.
propositio
$75 in the Argentine and $115 to $125 in the
selling
a
separate
is
t
in
departmen
$18.50
goods
brings
hide
Canned
the
killing and packfour-year-old steer costs under 33 per year and corned
Purpose of Issues.-Proceeds will be used to take over a
beef, yields a profit
to help
Buenos Ayres, while packing the steer as canned
, casings, ing plant at Madison, Wis., to enable company to do own killing,
First Mtge.
of $15 and by-products, such as beef extract, bone-meal, fertilizers
$400,000
of
t
retiremen
the
and
demands
growing
of
take care
p.
2548).
&c., will probably amount to about $5 per head.
105.
(V.
1917
1
Dec.
of bonds of Oscar F. Mayer & Bros. dated
hogs and 100
General Manager.-0. Roy Strotz organized the Canadian business
This Wisconsin plant has a daily capacity of about 1,000
product.
Swift & Co.
company will chill and cattle, and cooler and freezer space for 2,000,000 pounds of
*1919.
Capacity.-By next year, it is expected that the
1916.
pack at least 150 000 head. The output this year will be about 50,000
,390 $5,709,828
8.
,3212
.9
9 $111
1917
$4,600,884 $5,628,78
Sales
$700.000.
296,253
head and the earnings from this source will be at least
306,046
135,044
197,173
products Net earnings
Agents.-Armour & Co., Ltd., are the agents for the meat
21,024 (est.)85,000
17,354
3,410
being sold for Federal taxes
months'
6
than
under a five-year contract expiring May, 1924, the products
loss
basedion
1919,
24
June
ending
Co.
weeks
Products
* Twenty-four
the usual commission for the account of the International
e of tannic acid business or 6 periods of 4 weeks each.
Quebracho.-This extract contains the greatest percentag
The company will maintain total
of the quebracho,
Provisions.-(a) First Preferred Stock (1)
ng, and not loss than $2,of any tanning material. It is produced from the heart
by boiling small chips assets at 4 times the First Prof. stock outstandi
a hardwood tree, the tannic acid being extracted
First Prof. stock outstanding
and shipped in bags. Quo- 000.000, and net quick assets at twice the
of 75% of each of the
until upon evaporation It is reduced to a solid the
consent
the
without
(2)
0;
Paraguay
31,000,00
than
less
and
not
and
Argentine
any of its property
bracho trees grow only in the Chaco districts of
reforestation is 1st and 2d Prof. stock shall not create any mortgage upon
grow,
to
a
tree
for
years
1,000
and
500
shall not exceed 60%
between
takes
It
which
and
s
capacity of solid extract except for deferred purchase money obligation
debt maturing longer
any
practically impossible. The company's present
create
or
;
purchased
tons
property
the
of
value
30.000
to
the
of
shall be declared upon the
is about 15,000 tons per annum, which will be increased
reserve on its own than one year from the date thereof;(3) no divs.
next year by next March. The company's quebracho
the surplus or net profits earned
of the increased output. Com, stock except out of such portion of
annual div. and sinking
lands is sufficient for about 25 years on the basis
the
twice
exceeds
as
1919
14
producing
June
t
to
concern,
subsequen
ng;
The securities of La Forestal Company, a British
ofabout fund requirements for all of the 1st and 2d Prof. stocks then outstandi
valuation
market
a
have
annum,
per
quebracho
of
tons
90,000
about
be issued when annual not earnings
ranging from 12 to 18%.
(4) the balance, $1,400000, can only
ng proposed stock.
outstandi
$45.000,000 and the company pays dividends
the
on
nts
requireme
div.
to
the
times
according
4
have been
regular 8% div. the 2d
• Earnings as Estimated by This Firm.-If mattersofprogress
(b) Second Preferred Stock (1) In addition to its
actual operation will
resonable expectation the company in its first yearstock
div. declared on the Corn.
and consequently Prof. stock receives an extra div. equal to anyissued
when the annual net
earn over $1,100,000 applicable to its preferred
be
only
can
company
$100,000,
the
stock: (2) the balance,
3 times the
about 3900,000 on its common. A year from now we believe
head earnings applicable to the divs, on the 2d Prof. stock equal proposed.
ng and
will have minimum earnings about as follows, assuming that 150.000
outstandi
stock
Pref.
2d
the
on
nts
requireme
div.
annual
of cattle will be the least number slaughtered:
.
Financing
Balance Sheet June 14 1919, After Present
$2,000,000 Pack., chil. and canning.. _$1,050.000
From Quebracho
Liabilities125,000
200,000 Beef extract
AssetsBreeding herds
0000
$600:0
300,0(X)
ts
$1,463,665 1st Prof. stock
By-produc
250,000
&c
,
Properties
cattle
Fattening
to
Pref. stock
2d
1,302,064
packInventories
400,000
Conditions in Paraguay are also highly favorable for the raising and
stock
331,985 *Common
Notes & accts. rec
544,544
ing of hogs.
72,450 Notes payable
of Colombia has U. S. Govt. securities_ _ _ _
Furthermore, a concession on the fertile grazing lands
creditors 806
4,
352.105 Trade
in Paraguay where Cash14
90,753
already been secured, similar to that now enjoyed of
86,604 Other assets
all import and ex- Deferred charges, &c
85,000
the company is practically exempt from the payment
Est. 1919 Fed. taxes
1,550,725
port duties of any sort for a period of 20 years.nt into which the company
Surplus
$3,608,873
Total (each side)
There are several logical fields for developme
stock issued in exchange for
value
par
no
of
shares
tanthe
120,000
ing
is
Represent
perhaps,
*
of
these,
'Chief
has not yet even considered entering.
old Common stock.
ning of hides.-V. 109, p. 985.
Listed-Earnings.
Keystone Tire & Rubber Co.-Stock Exchange
has author-
The Governing Committee of the New York Stock
ized the listing of $396,430 Common stock, making total amount authorzed to be listed $3,056,080.
last regular
No dividend has been paid since the last application, thebeen
paid on
quarterly dividend at the rate of 30 cents per share having
as
reported to
1919,
30
to
June
months
six
for
July 11919. The earnings
the N. Y. Stock Exchange follows:
gross oper. profit_ _ _ _$772,633
Sales, $5.570,120; cost of sales, 34.797.487;income
793,401
Miscellaneous income, $20,768; total gross
212,124
expenses
&c.,
tive.
Selling, administra
$581,277
515.308
Mexican Telegraph Co.-Exchange of Stock.-
-Y. 108, P. 2635.
See Central & South American Telegraph Co. above.
-Merger Sought.-
Midway Gas Co.
petitioned the CaliThis company and the Valley Natural Gas Co. have
e under tho name of
fornia RR. Commission for authority to consolidat
482.
p.
Midway Gas Co.-V. 109,
Miller Rubber Co., Akron Ohio.-$800,000 Common
Pfeiffer,
Stock Offered to Common Stockholders at Par.-Wm.F.
Sec. & Treas., in a letter to the common stockholders under
date of Aug. 14 says in substance:
is increasing very rapidly as
Sales.-The business of your company
first 7 months of this year in comparison
may be seen by the sales for the last
follows:
as
year,
period
same
$1,096,585 with the sales for the
Total
1919.
1918.
101,622
1919. 1
1918.
Charged off on contracts
$1,649,864 $1,958,511
May
310,240
5
total
$1,447,87
$799,722
Jan.
Dividends paid in cash, $51,706: in stock, $258,534;
2,267.868
1,542,869
170.496 Feb.
1,696.114 Juno
881,193
U. S. income and other taxes paid
2,535,483
1,538,186
1,868,775 July
1,156,691
March
$8,848,550 $13,755,325
$514,227 April
1,980,6991 Total
1,280,024
Net surplus June 30 1919
company may be
your
that
so
cash
increased
requires
177.
-This
-V. 109, p. 376,
Rights, &c.
increasing business. Your direcproperly funded to take care of its rapidly$800,000 of the unissued Common
tors have therefore, decided to sell about
(S. H.) Kress & Co.-Sales.present outstanding Common
its
of
20%
to
amount
1917.
stock, which would
1918.
1919.
er of record Sept. 20 is entitled to subscribe
$1,756,676 $1,630,104 $1,240,980 stock. Each Common stockhold
hislloldings. Subscriptions will
Month of August
of
1-5
to
equal
amount
an
for
9,853,676
7
($100)
par
at
14,030.074 11,990,83
8 months to Aug. 31
including Sept. 20-payment to be
be received by the company up to and
25% as follows, on or before
-V. 109. P. 582, 177.
made four equal monthly installments of
1919. Such stock shall be issued
24,
Dec.
and
21
Nov.
24,
Oct.
Sept. 24,
amount of the subscription is
full
the
Laurentide Company, Ltd.-Earnings.any time after Oct. 11019 whenever
1917.
1918.
1919.
June 30 Years-paid.
1
de way and is generally
$1,841,98
9
nation-wi
a
in
2
$2,311,79
over
$2,510,72
put
been
has
Paper, ground wood, &c
The Cord Tire
of your company's
253,627
148,121
232,651
to be the best Cord Tire on the market. All
Lumber, &c
The fabric tires wore
125,050 conceded
demand.
133,913
increasing
in
212,604
and
favor
good
in
are
ts
products
Investmen
by the greatest
only
limited
are
Tires
Cord
on
never better and the sales
$23955,978 $2,593,834 $2,220,660 possible production.-V. 107, p. 2102.
Net revenue
115.797
$227,296
3236,926
Fixed charges
116,670
271,883
American Corp.-Suit.329,841
Depreciation
Minerals Separation North n,
175,554
Ltd., the latter a British conTimber depletion
This company and Minerals Separatio
268,181
240.000
240,000
Court at Portland, Mo., against
District
War tax
cern, have brought suit in the U. S.Co., alleging infringement of patents in
150,000
150,000
Copper
Pen.sion reserve
ted
Consolida
Nevada
(14% %)1,392,000 (10)960,000 (9)864,000 the
damages and seeking an injunction to
Dividends
the concentration of ores, claiming
history
ent of its letters patent. After reciting thethe
$856,011 prevent further infringem
Ne$744,655
$431,656
bill of complaint alleges that
the
involved
Balance, surplus
patents
of the various
and in
itself
to
a
profit
at
flotation
using
2532.
been
p.
-V. 108,
vada Consolidated Co. has Licenses would have been granted the Nevada
laws.
patent
the
of
violation
prescribed. Large
ion.McCord Mfg. Co., Inc., Detroit-Acquisitthe
bill sets forth, upon the payment of royalties
"Chronicle": Co., the
the plaintiff avers, and the
The following has been pronounced essentially correct for
profits have accrued to the defendant company,
g Nevada
kind in the United latter
to it of damages and an injunction restrainin
payment
seeks
"A merger involving two of the largest plants of their
ring Co. acquiring the Co.from further use of the process.-"Boston News Bureau."-Y.109,p.376
States was consummated by the McCord Manufactu
are
Co.
Axle
Motor
Russell
Russell Motor Axle Co. Stockholders of the Preferred
stock, and one-half
to receive $50 per share in cash, $77 66 in 7%
Nevada Consolidated Copper Co.-Suit.
stock in exchange for
-Y.10g. p. 7f911, 683.
a share of McCord Manufacturing Co. Common
See Minerals Separation North Amer. Corp. above.
transfer of $750,000 of capital stock to McCord control.
Net profit
Surplus Dec. 31 1918
SEPT. 13 1919.]
Tiff' CHRONICLE
1085
New Cornelia Copper Co.-Copper Production (lbs.).- shares of Common,
no par value. David A. &hilts,
1919.
1918.
Decrease.
President, in a statement given out on Sept. 8, says:
3,552,000
3,928,000
376,000
Month of August
8 months to Aug. 31
-V. 109. p. 583, 178.
24,596,000 32,490,000
7,894,000
New England Power Co.-To Issue Bonds
& Stock.The company has asked the Mass. Board of Gas & Electric
Light Commissioners to approve an issue of 3600,000 additional
First Mortgage bonds
under its existing first mortgage, and 5350,000 additional
Preferred
stock,
the latter to be sold at par if the Board approves the increase.
The proceeds of the sale of the bonds and stock will be
used for now
extensions.-V. 106, p. 2557.
Newport Co.-Further Data.-In connection with
offering of $2,500,000 First Mortgage 6% bonds at the
98%
and interest, by Wm.A. Read & Co. as noted in last week's
"Chronicle." A circular further shows:
Balance Sheet. After Present Financing (Total each side
$11,564.550)
Assets-LiabilitiesReal estate, bldg. &c_.-- $5,916,211 Common stock
$312,198
hives. Mil. 0.& G. Co__
929.000 First Mtge. bonds
2,500,000
Other investments
708.431 Current liabilities
1,425.988
Current assets
3.046,911 Depreciation reserves_
Miscellaneous assets
761.106 miscellaneous reserves.._ 2.941,440
104,010
Deferred charges
202,9001Capital surplus
4,O.923
-V. 109. p. 986. 683.
Old Dominion Co. of Maine.-Output (in lbs.)-
1919.
1918.
1917.
Month of August
1,937,000
2,064,500
888,000
Eight months to Aug. 31
18,280,500 23,131,500 20,941,000
The largo decrease in Aug. 1917 was due to labor
troubles.-V.109,p.178.
Pacific Light & Power Corp.-Tenders.--
The United States Mortgage & Trust Co. as trustee will
receive tenders
until Sept. 17 for the sale of First & Refunding
Mtge. bonds dated Nov. 20
1911 to the amount of $261,975.-V. 105, P. 294.
Patchogue (L. I.) Manufacturing Co.
-Consolidation.
See Patchogue-Plymouth Mills Corp. below.-V. 100,
p. 1353.
Procter & Gamble Co.-Note Payment.The $2,500,000 5% Serial Notes, maturing Oct. 11919, will be
retired.
Compare V. 109, p. 986, 780.
Pusey & Jones (Shipbuilding) Co.-Dry Docks Planned.
Gen. Mgr. W. C. Cox is quoted as saying that
which will require
the expenditure of $3,800,000 will be made at thechanges
Gloucester, N. J. plant.
Plans have been made for turning one-half the plant,
known
as the Now
Jersey strip,into a repair plant with two huge dry docks,one with
a capacity
of from 3,000 to 6,000 tons and the other with a capacity of
The tract known as the Pennsylvania strip will continuo to be 10.000 tons.
used
for construction purposes. Work on the larger dock at the plant is
expected to
go forward soon. The other dock is under consideration.
-V. 109. p. 179.
(F. H.) Roberts Co. of Boston.-Guarantees Divs.,
dec.(Fred H.) Roberts Co.(Ohio).-Offering of Pref. Stock.Otis & Co. Cleveland, are offering at 96 and div., yielding
7.29%, $360,000 Guaranteed Sinking Fund 7% cumulative
Prof.(a. & d.) stook (par $100). Guaranteed as to drridends
(after its own Pref. divs.) by F. H. Roberts Co., Boston,
makers of "Apollo chocolates." A circular shows:
Soo Fred H. Roberts Co. below.
Dividends payable Q.-M. Redeemable as a whole or in part
at 110 and
dive. Beginning March 1922 annual retirement out
earnings of 5% of
the largest amount of Pref. stock outstanding at any of
time
during
the preceding year at not over 110 and accrued div. If not obtainable
in the open
market this stock may be called by lot.
The company was incorporated in Massachusetts in 1019
for the purpose
of handling the "Apollo chocolates" business west of the
Pennsylvania State
line, which business P. H. Roberts Co. of Boston have been
unable
to handle
properly. Plant and equipment located at 1250 Ontario St.,
Cleveland, 0.,
are now practically completed and operation has already
begun. Normal
operatilioenooufttphuetpfloarn tt oil%c
ur
e Tfeiglo
o about1S9e1p9t.s:1100
biet aboutlsanti
anticipated
col
that
the
uld
normal capacity.
The capitalization (no bonds) consists of 7% Guaranteed
Sinking Fund
Cum. Prof. stock, $300,000; Common stock, $500,000.
The Common stock has been taken largely by F. H. Roberts
Co. interests
In payment for exclusive rights west of the Pennsylvani
a line to the trade
name "Apollo chocolates, all formulas, processes, &c.,
manufacture of these candies and for the working capital necessary to the
necessary to the
conduct of the new business. The proceeds from the sale of
the Prof. stock
will be substantially all expended for machinery and other
equipment
for Fred 11. Roberts Co.
F. II. Roberts Co. of Boston.-The guarantor company was
founded about
22 years ago. has always restricted itself to the manufacture
chocolates ("Apollo chocolates") solely; for supplying its of high-grade
customers demands for lower grade candies it founded the following companies:
(a) Massachusetts Chocolate Co., (b) Vermont Milk Chocolate
Co.,
(c) Miller
Confectionery Co.,(d) Cox Confectionery Co. The
a these four
companies and the parent company last year amounted business
to about $15,000,000.
Net Sales and Net Income Arailable for Dividends of F. II, Roberts Co.
1917.
1916.
1918.
1915.
1914.
1913.
1912.
Not
$
$
Sales_ 2,102,200 1,883,2981'551,850 1,232,598 1,111,067 $
954,653
Income*343,546 179,031 169,690 142,308 128,260 1,070,865
122,843 129,775
*Before taxes.
Dividends averaging 13.4% were paid on the company's
$500,000 Common stock from 1912 to 1917 incl. In 1918 the coihpany paid
no dividends
on its Common stock, conserving its cash for taxes. The
dividends on
$436,500 F. H. Roberts Co. Pref. stock and $300,000 Fred
H.
Roberts Co.
Prof. stock amount to $51,555.
As of Dec. 31 1918 the company's not quick assets over its own
Pref.
liability
were
stock
equivalent to $108 per share on the Fred II. Roberts
Co.
Pref. stock. This does not include the assets of Fred If. Roberts
Co. upon
which the latter company's Pref. stock is a senior claim.
St. Maurice Lumber Co.-Bonds Called.This company has called for payment on Sept. 22 at par
int., at the
New York Trust Co., 16 of its 5% bonds, ranging from No.and
33 to 2'74 incl.
•
-V. 107, p. 1008.
Shaffer Oil & Refining Co.-Initial Pref. Dividend.-
An initial dividend of 1%% has been declared on the Preferred stook.
payable Oct. 25 to holders of record Sept. 30.-V.
100, P. 781, 78.
Shawmut Steamship Co.-Stock Increase-Rights,
The stockholders have voted (a) to double the amount of outstanding
stock;(b)to reduce the par value of the shares from $100 to $25 and (c) to
Issue four new shares for every one now held. The present authorized capital is $2,300,000, of which $1,650,000 is outstanding.
The stockholders approved an increase in the authorized stock from
$2,300,000 to $4,000.000, and $1.650.000 of the new stock is offered at par
to shareholders of record Oct. 15 1919. Subscriptions will be payable in
full on Nov. 15 1919, or in four equal installments, in Nov., Feb., May and
Aug. The issue has been underwritten. Part of the Shawmut Steamship
capital stock is outstanding, in the form of voting trust certificates.
The
voting trust will be dissolved and the stock of the company issued to certificate holders.-"Boston News Bureau."-V. 108. p. 486.
Southern California Edison Co.-Bond Guaranty.-
Patchogue-Plymouth Mills Corp.-Mills Consolidate.The Patchogue (L. I.)
Manufacturing
(V. 100, p. 1353) and the
Plymouth Mills, Lawrence, Mass., are Co.
to be consolidated under the
above name with a capital stock of 31,500,000
8% Preferred stock and
30,000 shares of Common, no par value.
The Patchogue Co., established in 1894, manufactures curtains,
nets,
lace and conducts the largest bleachery for fine
embroideries in the U. S.
The Plymouth Co. established about 14
fibre rugs, mattint and floor coverings. years ago, manufactures wool and
Merrill, Lynch
Co. have purchased all tho $1,500,000 Preferred stock
and will offer it to the public in the near future.
Of the 30,000 shares of
Common stock, 22,250 shares will be issued.
The old capital consisted of $1,000,000 Common and
Preferred. [An officer of the company stated that all the new$500,000
stock has be
placed with the old stockholders, the Preferred stock being sold at
par.
The possibility of a public offering of any of the stock was said to be remote.)
Expansion.-Ten years ago, there were 22 Schulte Cigar Stores operating
in 3 cities. To-day, there are 151 operating in 20 cities, and leases have been
closed in 30 more cities, many of these new stores to be opened by Jan., 1920.
The increased capitalization will be followed by an increase in the scope
of the company and new stores and a general extension of the business
are
planned as speedily as conditions will permit.
Volume of Business.-Some idea of the present volume of business may be
gleaned from the fact that commissions paid to salesmen in the stores
for
July and August (over and above salaries) totalled $23,987. In point
of fact, sales have already reached almost $1,000,000 per month.
• Directors.-David A. Schulte, (Pres.); Joseph M. Schulte (Vice-Pros.
Louis Goldvogel, (Vice-Pres. & Gen. Mgr.); Arthur S. Meyer, (Vice-Pres.);
Jerome Eisner, (Treas.); C. C. Nicholls Jr., Director of out of town real
estate. [The Corporation Trust Co. of America is the new
company's
Delewaro representative.)
The company informs us: Authority has been granted by the
RR. Comm. to guarantee bonds of the Shaver Lake Lumber California
The
bonds have been sold in one block to the Fresno Flume & LumberCo.
Co., and
we assume will be used by it in satisfying its bondholders. Shaver
Lake
Lumber Co. will be operated as a separate property under our control.
V. 109, p. 781, 585.
Standard Tank Car Co.-Offering of Preferred Stock.Spitzer, Rorick & Co., New York, and Bioren & Co., Philadelphia, are offering at 101 and div. (from July 1 1919)
$3,000,000 8% Cumul. Preferred (a. & d.) stock, par $100.
Dividends payable Q.-J. Callable at $110 and div. on
div. date.
Beginning July 11920, and annually thereafter, the companyany
shall set aside
out of its surplus or net earnings an amount sufficient to retire
3100.000 of
Preferred stock, which sinking fund will retire the entire issue of Preferred
stock within 30 years.
Data from Letter of Vice-Pres. G. F. Wood-Smith. Dated July 11 1919.
Capitalization (no bonds)Authorized.Outstanding.
Preferred stock-8% Cumulative (par $100)
$3,000,000 $3,000,000
Common stock (no par value)
100.000 sh. 100,000 sh.
Organization ec Business.-A consolidation of the Standard Car Construction Co.-(V.108, p.1941)-the Standard Car Equipment Co'-(V.
108.
p• 1941)-and the Standard 'rank Car Co. under agreement of consolidation, dated May 5 1919, adopted June 4 1919. By such consolidation,
acquired all the plants, properties and assets of the Standard Car Construction Co. and all tile cars, car leases, and interest in cars of the Standard
Car Equipment
'
Ctl., and the entire Capital stock and outstanding obligations of the Standard Home Co.
Business is the manufacture of Standard Tank Cars, steel underframes
and steel plate work. Plant located at Masury, Trumboll Co., Ohio.
Present capacity with the installation of two additional machines (which
were to be in operation Aug. 15) will be 30 completed tank cars
24 Itours.
In addition, can turn out over 2,000 tons offabricated steel platesin
per month.
One of the principal parts of its business in addition to the manufactur
e
and sale of cars and fabricated steel plates is the owning and
of
tank cars for the transportation of crude and refined petroleum leasing
&c. Has
under lease 994 tank cars and has building 600 additional tank cars
will make a total of about 1,600 cars in its tank line. Present which
average
rental received on leased cars is about $600 per car per annum.
Financial Statement of Consolidated Company as of April 30 1919.
AssetsLiabilitiesProp. & plant (Con. Co.)32.405,800 Preferred stock
$3,000.000
Standard Home Co.
270.000 C. stk. (100.000 shares no
*Car equity
1,300,000 par val.) issued for prop.-- 3.006.840
Cash
156.186 Accounts payable
146.087
Accounts receivable
273,624 Bills payable
206,000
Pills receivable
1,157,141 Federal taxes
495,033
Inventories and work in
D-eferred payments
96,375
process
1,258.663 Interest & discount
72.968
Liberty bonds
175,000 Reserve funds
6,089
Other assets
32,986 Total (each side)
$7,029.400
* Represents the equity in 994 tank cars, subject to outstanding car
trust equipment notes against them of approximately $1,021,000, the trustee
thereunder now having on deposit $48,500 in cash to apply on these
notes
and which will reduce the equipment notes by that amount. The company
has recently been offered and refused $1,500,000 for these car equities
carried at $1,300,000 in the above statement.
Tho foregoing statement (not including any value for good will, patents,
trade marks &c.) shows net assets of over $6,000,000 or over twice
the amount of the entire Preferred stock issue and net quick assets, including
car equities, of over $3,300,000 or 1 1-10 times the total Preferred stock.
Earnings.-The combined net earnings after expenses and allowing for
depreciation, were $1,668,854 for 1917, and 31,814,029 for 1918, before
making allowances for Federal taxes &c., and for the first four months of
1919, were $874,301.
The earnings for 1917 and 1918 averaged over 7 times the
requirement on the total issue of Preferred stock, or 3240,000,dividend
and for
the first four months of 1919 are at the rate of over 10 times the dividend
requirements on the Preferred stock.
Provisions.--(a) Has equal voting power with the Common stock,
for election of directors (unless default is made on the payment of twoexcept
quarterly dividends upon the Preferred stock). (b) No mortgage can be placed
upon any part of the plants and properties other than its cars, car
and interest in cars, except with the consent of the holders of at least lease
75%
of the Preferred stock outstanding.-V. 109, p. 484, 278.
Standard Textile Products Co.-Dividend.-
A quarterly dividend of 2% has been declared on the Common stock in
addition to the regular quarterly dividends of 15.4% each on Prof. Class"A"
and "B" stocks, all are payable Oct. 1 to holders of record Sept. 15. In
April and July last an extra of 5i of 1% was paid along with the regular
quarterly of 1%.-V. 108, p. 2637.
Steel & Tube Co. of America.-Coke Ovens.-
This company produced its first coke at the Mark plant, Indiana Harbor,
Ind., a week ago. Only one of two batteries of 60 ovens which were reAnother payment of 30% on claims represented by the controlling bankers contly completed is in operation, but the other battery will begin producing
committee has been paid. This reduces the obligations of the company In a short time. When in full blast the two batteries will have a capacity
of reducing 75,000 tons of coal a month. The construction of two batteries
from an original amount of only $3,700,000 to the present aggregate
of in addition to those just completed is contemplated.("Iron Age,"
$1,680,000. See V. 109, p. 987.
Sept. 11.)
-V. 109, p. 585, 379.
Saxon Motor Car Corp.-Distribution.-
Schulte Retail Stores Corp.-New Company Organized.-This company was organized in Deleware on Sept. 6,
as successor to the Schulte Cigar Stores, with an authorized
Capital stock of $2,000,000 8% Preferred and 130,000
Studebaker Corporation.-Cash, itc., on Hand.-
The Boston "News Bureau" announces that in the statement recently
published regarding this company an error was made in telegraphic transmission and that the amount of cash and Government securities on hand
Is $15,000,000 and not 350,000.000. Compare V. 109, p. 894.
1086
THE CHRONICLE
& Oil Co.—Extra Dividend.—
(Vol,. 109.
U. S. Cast Iron Pipe & Foundry Co.—Merger Denied.—
Texas Pacific Coal
Reports that this company would be involved in a merger with another
The directors have declared the regular quarterly dividend of 13.i% and
that Pref. stock of the company would be shortly
a special dividend of 11%,both payable Sept.29 to holders of record Sept.15. foundry interest anddividend
basis are denied by interests connected with
on a full 7%
placed
2336.
p.
108,
paid.—V.
was
extra
5%
March
and
in
In June 73•6%
no such negotiations have been conducted and
said
is
It
company.
the
none is contemplated. (Boston "News Bureau.")—V. 108, p. 1161.
Torrington Co.—Extra Dividend.—
The directors have declared an extra dividend of 1% on the Common
U. S. Industrial Alcohol Co.—To Vote Capital Increase.
stock in addition to the quarterly disbursement of 3%, payable Oct. 1 1919
The meeting to vote on increasing the Common stock from $12,000,000
to stockholders of record Sept. 20. An extra of 1% has been paid quarterly
will be held on Oct. 7.—V. 109, p. 894.
to
$24,000,000
2439.
p.
since Jan. 1917.—V. 108,
Transcontinental Oil Co.—Director of Refineries.—
Dr. Chas. K. Francis, for two years chief chemist of Cosden & Co., has
resigned to accept the position of director of refineries of this company.
—V. 109, p. 987, 975.
Union Oil Co. of California.—Interest Acquired.—
See Union Oil Co. (of Delaware) below—V. 109, p. 782, 686.
Union Oil Co. (orERITIMM).—Offering of Stock at $40
per Share.—.A syndicate headed by Montgomery & Co.
Dominick & Dominick and Hayden, Stone & Co., who purchased 1,008,000 shares, no par value, are offering 508,000
shares at $40 per share. The remaining 500,000 shares have
been withdrawn by certain of those who are purchasing the
same from the company.
United States Rubber Co.—Ratifies Plan.—
The stockholders on Sept. 9 ratified the plan as stated In V. 109, p. 686.
viz.: (a) The retirement of the 2d Prof. stock outstanding by the payment
of cash out of the surplus; (b) increasing the First Pref. stock from $70,000000 to 3100.000,000; (c) increasing the Common stock from $40,000,000
to $200,000,000; and (d) the offering in the near future of $36,000,000 of
the new Common stock to Common stockholders at par..—V. 109, p. 895.
686.
United States Steel Corp.—Mobile Shipbuilding Plant.—
The "Manufacturers Record" of Sept. 4 has an illustrated article describing the property, plant, &c. of the Tennessee Coal, Iron & RR. Co.'
a subsidiary of the United States Steel Corp.—V. 109, p. 473, 180.
United Wire & Supply Co.—Providence Factory for Sale.
The company has advertised for sale its Pawtucket (R. I.) factory.
consisting of 37,000 sq. ft. floor space surface and a tract of land running
from North Main St. to Pawtucket River, 329 ft. deep, 100 ft. front. Possession given about Jan. 1 1920.—V. 106, p. 404.
Data from Letter of President C. H. Schlacks, Dated N. Y., Sept. 6.
Company.—Ineorp. under the laws of Delaware Aug. 15 1919. The comValley Natural Gas Co.—Seeks Merger.—
pany has been formed for the purpose of acquiring a large interest in the
See Midway Gas Co. above.—V. 108, P. 2248.
Union Oil Co. of Calif., the Columbia Oil Producing Co. (of Calif.) and
its
enable
to
In similar properties; to provide adequate banking facilities
Vanadium Steel Co. of America.—Incorporated.—
subsidiary and its affiliated companies to develop and extend their domestic
The company was incorporated under the laws of Delaware on Sept. 8
and foreign business, and to furnish technical, executive and administrative with an authorized capital of 300,000 shares without par value. The Corexperience which the company, by reason of those associated in its manage- poration Trust Co. is the company's Delaware represetnative.—V. 109, p.
ment, has available. In this way an already large business may be widely 895, 782.
developed not only in domestic but in foreign markets. It is the purpose
Van Sicklen Speedometer Co., Chicago.—Capital.—
of the company to assist in the development of the operating properties
to the end that their earning power will more nearly approximate what
See Elgin National Watch Co., above.
may be regarded as a reasonable return on intrinsic values.
Van Sweringen Co., Cleveland, Ohio.—Stock Inc.—
The company, in addition to the stock interests above mentioned, will
commence business with a cash capital of approximately 311,750,000. The
This company on or about July 22 filed a certificate in Ohio increasing
company's charter provides that it may act both as an operating and hold- its capital stock from $4,200,000 to $5,300,000.—V. 09, p. 412.
ing company, engage in any branch of the petroleum business either in the
Victor Talking Machine Co.—Special Dividend.—
United States or in any foreign land, and make investments in both domestic
and foreign corporations. The company proposes to acquire such additional
A special dividend of $15 has been declared on the Common stock along
assets as will enable it to engage in the petroleum business on a large and with the regular quarterly diviuends of $1.75 on the Preferred and $5 on
important scale.
the Common, all payable Oct. 15 to holders of record Sept. 30. A like
Outstanding. amount was paid in July last.—V. 108, p. 2440.
Authorized.
Capitalization (No Bonds or Pref. Stock)—
shs.
abs.
1,008,000
5,000,000
Common stock (no par value)
Virginia-Carolina Chemical Co.—Debentures Called.—
Union Oil Co. of California.—Was organized under the laws of California
One hundred ($100,000) 10-year 6% S. F. Convertible gold debentures
in 1890, and next to the Standard Oil Co. of California is the largest proincl., have
due May 15 1924 and ranging in number from 139 to 4971, both
ducer and refiner of oil on the Pacific Coast.
been called for redemption on Oct. 15 at 102% and int. at the Equitable
Summary of Land Holdings at Dec. 31 1918 (V. 108., p. 781).
474.
p.
109,
York.—V.
New
Co.,
Total. Trust
Mexico.
Texas.
California. Wyoming.
299,060
16,000
31,394
24,587
(V.) Vivaudou, Inc.—Stock Oversubscribed.—
227,079
Acres
J. S. Bache & Co. and S. M. Schatzkin, N. Y., as syndicate managers,
Valuation.—The valuation of the Union Oil Co. of Calif. may be sumapabove
the
in
indicated
announced that the underwriting of the 150,000 shares had been heavily
marized as follows: Oil lands and leases (as
praisal), $132,400,000; marine equipment, pipe lines and storage systems, oversubscribed.—V. 109, p. 895.
plants,
&c.,
$15,000,compressor
refineries,
stations,
market
$25,000,000;
(F. W.) . Woolworth Co.—Sales.—
000; oil well equipment and development, $15,000,000; net current assets
1917.
1918.
1919.
(June 30 1919), $21,850,000; new cash (through sale of stock at par, V. 109, Month of August
$9,553,475 $9,553,381 $7,879,983
and
the
company
which
against
p. 782), $6,428,500; total, $215,678,500,
56,563,820
63,555,913
69,331,102
31
to
Aug.
months
its subsidiaries had outstanding liabilities, incl. operating reserves of less Eight
than $17,400,000, leaving a net value of its properties of abt. $198,278,500. —V. 109, p. 586, 287.
ends.—
Columbia Oil Producing Co.—Has leases on 290 acres, owns In fee 1,410
Worthington Pump & Machinery Corp.—Divid13
,6% on
acres and controls through mineral rights 3,300 acres in southern California,
The regular quarterly dividend of 1%% on Class "A" and Oct.
1 to
wells.
payable
with approximately 105
Class "B" Preferred stock have been declared, both
The Columbia Co. controls through 100% stock ownership the Puente holders of record Sept. 20. The directors took no action as to a dividend
011 Co. with a refinery located at Chino, which is conneJted with the Colum- on the Common stock.—V. 108, p. 1160.
bia properties by its own pipe lines. The net worth of the properties of the
Columbia company is said to be not less than $8,000,000.
CURRENT NOTICES
Assets.—The assets of the Delaware Co. will consist of: Cash, $11,758,Co.,
307; Union Oil Co. of Calif., 122,926 shares; Columbia Oil Producing
2,279,262 shares. Liabilities will consist of capital stock, no par value,
made that James J. Fitzgerald, investment and
is
t
—Announcemen
1,008,000 shares.
and industrial analist, has opened an office at 208 South La Salle St., Chicago.
Based on the values of the properties of the Union Oil Co. of Calif.
He will furnish impartial statistics and reports on corporations, lists of
of the Columbia Oil Producing Co., the interest to be owned by the Union
Oil Co. in them, together with its cash reserve, is about $63,900,000, or stockholders, directories of banks and books on local and national securities.
issued.
be
to
company
about $63 for each of the 1,008,000 shares of this
Fitzgerald is the originator and compiler of "Burnham's Manual 0'
Earnings.—Based upon past earnings of the Columbia Co. taking only Mr.
Burnham & Co., Chicago, which
the past dividends declared by the Union Oil Co. of Calif., andallowing but Chicago Securities," published by John
Co.,
Delaware
publication is recognized as a leading authority on stocks and bonds of
6% return from the $11,758,307 cash capital of the new
the Delaware Co. would have actually distributable income of about $2 40 the Middle West.
for each share of stock. It should be noted, however, that earnings of the
—Otis & Co., Cleveland', Ohio, have opened a branch office in CincinUnion Oil Co. of Calif. are substantially in excess of the dividends paid.
Directors.—The directors will include: Frederic W. Alien, of Lee, Higgin- nati at 406 First National Bank Building, for service in the purchase and
of
Co.
Oil
Union
of
Mgr.
Gen.
&
son & Co., N. Y.; E. W. Clark, V.-Pres.
distribution of investment securities. The office is under the management
Calif.; Bayard Dominick, of Dominick & Dominick, N. Y.; John S. Drum,
of John B. Works, who for several years has been engaged in investment
Pres. Savings Union Bank & Trust Co., San Francisco; W. E. S. Griswold,
Y.
N.
Co.,
&
service with Cleveland and Cincinnati houses. Mr. Works was Chairman
26 Broadway, N. Y.; Charles Hayden, of Hayden, Stone
Henry Lockhart Jr., of the Goodrich Lockhart Co., N. Y.; Gates -W. Mc- of the Speakers' Bureau for the Third and Fourth Liberty Loans in the
Perkins,
H.
James
Y.;
N.
Bank,
Nat.
Metals
&
Garrah, Pres. of Mechanics
Reserve District, is widely known in the district and adof Montgomery & Co., N. Y.; E. W. Phillips, Pres. of Phillips Oil Co., Fourth Federal
joining territory.
Pittsburgh; Samuel F. Pryor, Remington Arms-Union Metallic Cartridge
H.
C.
Y.;
N.
Co.
Trust
Guaranty
of
Pres.
Co., N.'Y.; Charles H. Sabin,
—At 100 and accrued dividend, to net 7%, Clark, Dodge & Co., jointly
Stewart, Pres.
Schlacks, Pres. of Commonwealth Petroleum Corp.; W. L.'
with W. E. Hutton & Co. and the Union Savings Bank & Trust Co. of
of Union 011 Co. of Calif.; Francis H.Swift Boston, Mass.; S. M. Vauclaki,
Pres. of Bladwin Locomotive Works, Phila.; E. P. Whitcomb, Pres. of Cincinnati, are advertising, for record purposes only, in this issue $5,700,Union Natural Gas Co., Pittsburgh.
000 American Rolling Mill Co.7% debenture cumulative preferred stock.
Many of the directors and officers of this company are connected with The stock was oversubscribed prior to Sept. 18. See the advertisement
the Commonwealth Petroleum Corp., with which this company will be
for particulars.
closely allied in management and control.
Officers.—Will include: C. H. Schlacks, Pres.; Henry Lockhart Jr.,
—A new issue of $2,500.000 International Fur Exchange, Inc., 7% cumuV.-Pres.; C. E. Forsdick, Sec.•, H. F. Osborn Jr., Treas.
stock is jointly offered for investment at 95 and accrued
[The company on Sept. 3 filed notice with the Secretary of State of Dela- lative preferred
Sons and G. H. Walker
ware increasing its capitalization from 20 shares without par value to 5,000,- dividend, yielding 7.32%, by William Salomon &
offer000 shares without par value. The Corporation Trust Co. Is the company's & Co. The advertisement appears among the current investment
Delaware representative.]
ings featured in to-day's "Chronicle."
31
Nassau
managers,
—Lawrence Chamberlain & Co., Inc., as syndicate
United Retail Stores Corporation.—Status.—
President George J. Whelan on his return from Europe on Sept. 7 de- St., this city, are offering and advertising in our columns to-day $700,000
dined to go into detail of future plans of the company for extending its International Abrasive Corporation 8% cumulative convertible preferred
European business. He remarked:
outlined in full in
stock at 100 and accrued dividend. The details are
"There is a big chance abroad, and the United Retail Stores Corporation
are very the advertisement.
Is ready to build up the tobacco business in Europe. Englishmen
in.
kindly disposed toward Americans, and are anxious to have us come
—Walter E. Roberts, formerly with Harris, Forbes & Co., has become
Before the war. American business in Great Britain was frownedtoon.
appear associated with Rutter & Co., 2 Wall St., N. Y., dealers in high grade
"I am extremely bullish on American business. I do not want
for investment securities. Mr. Roberts has just returned from France where
to be making invidious comparisons, but America is the great fieldwith
commercial enterprise, and we ought not to forget it. I am impatient
he served as captain of Heavy Artillery. First Army.
those who let the labor question trouble them.
share.
—William A. Trimpe, formerly of R. M. Grant & Co. of Chicago, has
"It's a good sign when the laborer is making a demand for a bigger
when
It shows that business is good. The time for business men to work is
become associated with Harold G. Wise 3z Co. of Houston, Texas, in charge
making
is
corporation
a
When
wages.
returned
small
for
work
to
willing
are
men
of their municipal buying department. Mr. Trimpe recently
money it ought to be willing to pay higher wages. I don't care whether
in the United States Army.
the men in the employ of the United Cigar Stores Co. are unionized or not. from overseas service
If they want to be unionized I am perfectly willing.
—H.T. Carey & Co., members New York Stock Exchange,66 Broadway,
"The more a corporation does for its employees the harder the labor announce the opening of a department to specialize in the execution of
leaders work to bring them into the unions."—V. 109, p. 686. 585.
orders in Standard Oil securities on a strictly commission basis.
United Shoe Machinery Corp.—Div. of $1 on Corn. Stk.
—R. M. Grant & Co. and Field, Richards & Co. jointly offer by adverA quarterly dividend of 31(4%) has been declared on the Common stock tisement on another page a new loan of $350,000 City of Memphis, Tenn.,
and 373i cents.on the Preferred, both payable Oct. 4 to holders of record
Sept. 16. In April 50 cents (2%) and in July $1 50 (6%) was paid. See 5% coupon bonds at a price to yield 4.75%.
V. 108, p. 2534.
—The Guaranty Trust Co. of New York has been appointed Transfer
of the Preferred and Common stock of the International Fur ExAgent
Dividend.—
Co.—Extra
Shuttle
&
Bobbin
U. S.
The directors have declared an extra dividend of $5 per share on the change, Inc.
$850,000 outstanding Common stock (par $100) along with the quarterly
—Sutro Brothers & Co. have issued a pamphlet outlining the position and
disbursement of 1 %,both payable Sept. 30 to holders of record Sept. 10. earning power of the California Packing Corporation.
A like amount was paid extra in Sept. 1918.—V. 108. P. 1299.
SEPT. 13 1919.]
THE CHRONICLE
1087
LARD quiet and ower; prime Western $26 40(4)326 50;
refined to the Continent $30 25; South American 330 50;
Brazil in kegs, $31 50. Futures fell sharply, with grain and
hogs. Foreign exchange, moreover, has continued weak in
COMMERCIAL EPITOME
some cases, notably francs and marks. On the 10th inst.
hogs dropped $1 to $1 50, according to some reports. ToFriday Night, Sept. 12, 1919.
There has been a brisk fall demand for merchandise at day prices fell, then rallied. They are down for the week.
the West, Northwest and the South. Here in the East it DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
isitrue there has been less activity. The feeling is that
Wed. Thurs.
Fri.
cts_27.50
26.72 26.30 26.10 25.70 26.00
caution should be used for the time being. Also foreign September
Occober
27.10 26.37
25.87
26.65
25.60
25.60
exchange rates are still low. In fact francs and marks have January
23.80 23.00 22.80 22.75 22.75
22.80
both reached new low records. Grain markets have broken
PORK quiet and lower; mess $50@$52; family $53@$54;
sharply. So has cotton. Coffee in a single day fell 2 cents short clear, $52@$60. September pork closed at $41 95,
per lb. Provisions are lower. As a rule prices declined and October $35 05, a substantial decline for the week.
during August and of late the drift has been downward. Beef steady; mess $27(4)$28; packet $28(029; extra India
The Edge Bill has passed the U. S. Senate and has gone to mess $53(054. No. 1 canned roast beef, $3 50; No. 2,
the House where it is believed it will speedily pass. It is $7 25. Cut meats slightly easier; pickled hams, 10 to 20
expected to have an effect in stabilizing rates of exchange lbs., 29%c.; pickled bellies, 31 @32c. Butter, creamery
and in facilitating exports of cotton and other merchandise extras, 58@58 Mc.; other grades, 48@573'c. Cheese, flats,
by providing a basis for foreign credits on a suitable scale. 20@31 Mc. Eggs, fresh gathered extras, 55@56c.; first to
The steel trade has been threatened with a strike but seems extra firsts, 47@54c.
to be taking the matter very cooly. In fact the threatened
COFFEE on the spot has been dull and lower; Rio No. 7,
walkout on Sept. 22, it is believed, by many will not take
place. And there has been some talk of a coal strike but it 17@173jc.; No. 4 Santos, 26@2630.; fair to good Cucuta,
is not authorized by the unions as yet, it appears. It cer- 26@2632c. Futures broke badly in response to a heavy fall
tainly would not be countenanced by public opinion in this in prices at Santos. On the 11th inst. New York fell the
country. Strange as it may appear the whole police force limit of 200 points allowed in one day on large selling by
of Boston however has gone on strike and the State militia Stook Exchange and Cotton Exchange houses. Longs sold
has been called out to quell riots which have accompanied generally. Some who bought on recent frost reports were
it. In fact Federal troops are held in readiness to squelch disappointed to find that the weather of late has been fine
this lawless outburst if State troops prove insufficient. and warmer. Existing supplies seem more than ample for
President Wilson has denounced the Boston strike. It was the current demand. Exchange continues very low. To-day
planned ,to call out different trades in a "sympathy strike" prices fell and they are about 25.4c. lower for the week. Wall
in Boston, but there now seems to be little danger of this. Street and the trade bought to-day. It seems according to
The crops are not turning out quite so well as expected but the statement of the world's supply of Brazilian coffee the
the corn yield is so large that it helped to bring about a de- first compiled by the New York Coffee & Sugar Exchange in
cline in prices. In the Northwest, for example, abundant five years Brazil holds a large proportion of the world's
corn yields offset a disappointing outturn of wheat. Taking supply, that is practically 2,299,000 bags out of a total of
the grain crops as a whole in the surplus States they are above 6,155,000 bags held in store on Sept. 1st, France had 1,593,the five year average. In the steel trade the orders on hand 405 bags, the U. S. 1,136,244 bags, London 421,124 bags,
are large and most departments are running 85 to 100% of the Netherlands 353,000, Antwerp 212,000 and Copenhagen
capacity. Meanwhile building is active in many parts of 141,000 bags. The quantity afloat for the U. S. on Sept. 1st
the country in spite of all drawbacks. The August totals was 609,000 bags; for Europe 335,000 bags; grand total,
broke all records. New York City led. Grain exports are 7,099,773 bags against 7,158,044 on Aug. 1st. A month
increasing. Those of wheat are well ahead of the total for before the war started the world's supply was 11,302,194
the same time last year. The action of the stock market bags, including 2,527,000 bags in Germany and Austria.
on the whole has been encouraging to the commercial com- The total for this year does not include 3,073,000 bags withmunity, despite the threat of strikes. Unfilled steel orders in- drawn from stock at Santos and Rio de Janeiro by the
creased during August. They are the largest since January. Brazilian government.
Sept.. _ cts_15.59§15.651Jan..._cts_14.95 ©14.971May--cts-14.85@l14.87
Consumption of goods is going on at a rapid rate. Of course it October...._15.39
15.40 March
-14.90 ©14.95 July
14.80@14.82
is desirable that production should increase all along the line. December..14.99 15.00
Undoubtedly these are agitated times but the American
SUGAR unchanged at 7.28c. for centrifugal 96 degrees
people are keeping their head and the general outlook, finan- test Cuba and Porto Rico; granulated 9c. Cuban port recial, commercial and industrial, is believed to be reasonably ceipts have increased. But stocks have decreased. Refinpromising under the circumstances.
ers have been working at full capacity. Cuban port receipts
Business was interrupted during the week by the closing last week were 38,839 tons, against 36,818 in the previous
Exchange,
the Consolidated Exchange, the week and 22,191 last year; exports, 94,454 tons, against
of the Stock
Produce Exchange, the Cotton Exchange and the Coffee 122,172 in the previous week and 67,145 last year; stocks,
Exchange
Sugar
and
on the 10th inst. in honor of Pershing 757,457 tons, against 813,072 in the previous
Day and the parade of 30,000 men of the 1st Division.down 511,297 tons last year. The Sugar Equalization week and
reFifth Avenue, from 110th St. to Washington Square, while ported purchases early in the week of 162,000 bagsBoard
of
Cuban
million
people or more looked on.
a
at 5.88c. cost and freight, and 11,000 tons of
Rico at
A significant thing is that Great Britain has resumed the 7.28c., c.i.f., both for September shipment. Porto
Many steamcontrol
bacon,
food
of
ham and lard, and the rationing of ers are loading sugar at Cuban ports. Tonnage will
foodstuffs generally. England faces another winter of food ample for shipments to the United States. Refined is be
in
scarcity, according to the London "Times," owing, it is said, steady demand. The great thing is to get sugar on old
allocation
of shipping, adding that "about orders. Refiners are making herculean efforts to catch up.
to mistakes in the
5,000,000 to 6,000,000 quartres (28 lbs.) more wheat should Three steamers from Cuba arrived in Boston Sept. 5, with
be imported by the end of October if serious shortage is to 7,264,000 lbs. of raw sugar for the American Sugar
Refining
be averted. Scarcity of meats during the winter is threat- Co., making a total of 21,004,000 lbs. arriving
within 48
ened unless food from American arrives in time." Scarcity hours. Strong efforts are being made to make London
the
of sugar, it is said, allowed much of large British fruit crops sugar market of Europe in place of Hamburg, which before
to go to waste. The British potato acreage was much the war was the centre of this trade.
smaller than in 1918. The British resumption of war measOIL.-Linseed quiet but steady at $2 12 for September in
ures as to food in time of peace has made a vivid impression
car lots, 31 93 for October, $1 93 for November-April, and
on this side of the Atlantic.
Building contractors threaten a complete tie-up of build- $1 86 for May-September, with the usual 3-cent advance for
ing operations in New York as an answer to demands of the quantities of five barrels and over, and 6 cents for single
unions. Contractors claim that unions have broken 26 out barrels. Lard, off prime, $1 80@$1 85; Cocoanut oil,
of 32 agreements in the building trade. Under such circum- Ceylon, barrels lower at 16@17c. Olive unchanged at
$2 50; Corn oil, refined, steady at 26@27c. Cod, domestic,
stances contractors cannot estimate on contracts.
The airplane seems destined to become of general utility $1 15; Newfoundland,$1 17. Spirits of turpentine,$1 62%.
in some branches of American business life. An example Common to good strained rosin,$17 25.
PETROLEUM in brisk demand.and steady; refined in
is that of a Nebraska stock raiser, who owns one ranch of
7,000 acres and a number of smaller ones, and has pur- bbls., 19.25@20.25c.; bulk, New York, 11.50@12.50c.;
chased two airplanes, one for personal use in riding over his cases, New York, 23.25@24.25c. Gasoline in fair demand
ranches and a larger one for his family. He has engaged and steady; motor gasoline in steel bbls., 243/2c.; consumers,
an experienced aviator to teach him and family to fly and 263'c.; gas machine, 41 Mc. Estimated production of the
says plans can be made to do the work of three ranch super- fields of the Mid-Continent at the close of last week was as
intendents in looking after his stock. In Boston a strike follows: North Louisiana, 44,565 bbls.; North Texas, 244,of 1,500 policemen has brought about scenes of great dis- 350 bbls.; Corsicana light and Thrall, 900 bbls.; Kansas,
order. Some 5,000 of the militia were called out and the 84,000 bbls.; Oklahoma, outside of Cushing, Shamrock and
city was put under martial law. The troops fired upon Healdton, 146,500 bbls.; Cushing and Shamrock, 36,500
the mob in South Boston, killing eight and wounding many bbls.; Healdton, 36,500 bbls.•, total, 593,315 bbls. The
others. Governor Smith of New York has called a con- estimated daily production of heavy gravity oil in the Gulf
ference of 70 labor, capital and public representatives to Coast field was 83.590 bbls.; Corsicana, heavy, 500 bbls.
create a labor board to prevent strikes. It includes Bernard The largest producers in last week completions in Oklahoma
Baruch, Charles Sabin, Charles P. Steinmetz, Samuel were in Okmulgee and Muskogee counties. The Beggs
Gompers, Henry P. Davison, Frank A. Vanderlip and Earl district reported a 2,400-bbl. well and 6 others of 350 to
D. Babst.
720 bbls.
Tomutercial
Times.
Pennsylvania
$4 25 Indiana
$2 28
Corning
2 95 Princeton
2 42
Cabe11
2 87 Illinois, above 30
Somerset, 32 deg.
deg
2 42
and above
2 70 Plymouth
233
Ragland
1 25 Kansas&Oklahoma 2 25
Wooster
285 Corsicana.light___ 235
North Lima
2 38 Corsicana,heavy__ 1 05
South Lima
2 38 Electra
2 25
Strawn
$2 25
Thrall
2 25
Healdton
1 20
Moran
2 25
Henrietta
2 25
Canada
2 78
Caddo, La.. light.. 225
Caddo, heavy..
060
2 15
De Soto
RUBBER has been stronger and for a time there was a
pretty good inquiry, but latterly buyers have been more
inclined to hold aloof. The later deliveries have been particularly firm, however. Ribbed smoked sheets on the spot,
483'c.; Oct.-Dec. arrival, 493'c.; Jan.-Mar., 49Yic., and
Jan.-June, 50c.; first latex pale crepe was at a premium of 1c.
Para was 543c.for up-river. Central scarce and firm; Quayule wet is up to 27c.
OCEAN FREIGHTS have been firm on overseas business
for prompt loading. But rates for future loading have been
reported rather easier. There is a demand for coal tonnage.
Chartering business has not been very active; quite the contrary. Regular lines are carrying full cargoes to all foreign
porta. But it is noticeable that some return in ballast. In
other words, imports have decreased somewhat. The outward movement of, merchandise to Europe is large. The
Shipping Board is gradually releasing vessels. Some of
them, however, are in need of repairs. This work is being
actively pushed. Prompt tonnage is not • very plentiful.
Charters include grain from San Lorenzo to the United Kingdom at 240s, Rosario to the United Kingdom or Continent
at 270s., September; steamer 800 tons from Buenos Aires to
Pernambuco, $45; coal from Virginia to West Italy, $27 50;
deals Bathhurst to United Kingdom, about $41; coal, Virginia to West Italy, $24; lumber from a Gulf port ot Buenos
Aires and Bahia Blanca, $50 prompt; coal from Virginia to
River Plate, $15 not.
TOBACCO.-Binders have been in fair demand and steady.
Practically the same thing may be said of wrappers. There
is a steady demand for both, and prices, it seems, are not
difficult to maintain. Fillers are rather neglected and do
not look quite so steady as other descriptions. For Sumatra
there is an excellent demand and prices have been noticeably firm. Havana has been steady, but on the whole
rather quiet. During within a week the American tobacco
crop has deteriorated in some sections of the Ohio Valley
where there was a lack of rain. On the whole the weather
has been favorable for cutting and curing. This work has
made good progress.
COPPER continues quiet but steady at 233'c. for electrolytic. Resellers, it is said, quote 223 to 223/20. Lead
quiet but steady at 5.873@6c. for New York and 5.80c.
for St. Louis. Spelter quiet but firm; spot New York 7.60c.
Tin unchanged at 563/
20.
PIG IRON buyers are awaiting the announcement of
prices for next year's deliveries. Spot prices are steady but
new trade on the whole is only fair. Orders for next year are
relatively small. Coke is in fair demand at somewhat easier
prices compared with recent ones. Pittsburgh reports rather
more inquiry for pig iron but adds that the car supply question threatens to become a rather more serious one. Coke
at Pittsburgh has been rather depressed. Some 1920 northern
pig iron it is declared has been sold at Cincinnati at a rise of
$2 a ton over the spot price. The coke demand in the South
is so large it is said that extraordinary efforts are being made
to increase the output. Nonferrous metals are in better
demand with an improving labor situation. The demand for
basic iron continues poor.
STEEL is supposed to be threatened with a strike among
the U. S. Steel Corporation hands. But some think that
too much has been made of this. It's said that the better
class of employees do not favor a strike. It is pointed out
that thousands of them own stock in the corporation. Some
of this class of employees it is said, recently demanded the
arrest of fomentors of a strike, and the men were fined by the
court. Meantime, it is announced that the Railway Administration has placed an order for 200,000 tons of steel
rails. The bids were made some time ago. The Belgian
Government is ordering freight locomotives. There is a
prospect of a fair export trade as soon as existing obstacles
of one kind or another are out of the way. Of course the
low rates for foreign exchange are not ignored. British
foundry workers have given notice of a strike, to become
effective at the next week-end, according to London cables
of Sept. 10. Steel employees in this country, it is said, have
announced that they will cease work on Monday, Sept. 22.
The trade is not taking it very seriously.
COTTON
Friday Night, Sept. 12 1919.
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
48,173 bales, against 33,572 bales last week and 39,517
bales the previous week, making the total receipts since
Aug. 1 1919 316,792 bales, against 398,998 bales for the
same period of 1918, showing a decrease since Aug. 1 1919
of 82,206 bales.
[VoL. 109.
THE CHRONICLE
1088
Mon.
Sat.
Galveston
Texas City
Port Arthur, &c..
New Orleans..
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
N'port News,&c.
New York
Boston
Baltimore
Philadelphia
Wed.
Tues.
Thurs.
1,575
--96
6,078
838
244
1,131
21
180
59
_
3;8§6
4.337
2;666
3-,5N
128
5
216
33
424
220
373
84
272
205
233
250
61
92
26
50
Totals this week..
4,330
5,234
7,803 10,619
Total.
Fri.
60
283
219
3,676 14,772
230 1,351
176
176
681 2,878
214
31
56
56
2,666 19,043
6,000 6,000
191 1,369
198
109
412 1,338
87
87
250
201
22
165
165
75
25
5,660 14,527 48,173
The following shows the week s total receipts, the total
since Aug. 1 1919 and the stocks to-night, comparedgwith
last year:
Stock.
1918.
1919.
Receipts to
Sept. 12.
This Since Aug This Since Aug
1918.
Week. 1 1919. Week.
Galveston
14,772
Texas City
1,351
176
Port Arthur. &c
New Orleans
2,878
Mobile
214
Pensacola
Jacksonville
56
Savannah
19,043
Brunswick
6,000
Charleston
1,369
Wilmington
198
Norfolk
1,338
87
N'port News, &c..
250
New York
201
Boston
165
Baltimore
75
Philadelphia
Totala
48.173
100,355 50.223
-_-2,199
248
453
43.876 18,208
3,680 1.816
200.295
1,614
1.080
65,340
9.510
____
3,331
97,232 25,013
_--29,000
8,810 2.401
4,873 2,504
12,216 2.888
68
316
72
5,037
612
1,315
57
1,526
2,573
142
88.865
7,300
4,882
2.533
6.990
427
1.412
8.136
472
316.792 104.110
398.998
1919.
1918.
107,287
8,725
175,289
6,504
255,530 230.170
6,412
10,608
110
4,038
10.300
11,464
174.319
183,148
3.000
23,000
28,266
20,110
29.868
25,419
54,196
55,863
86,477
5,519
4,200
7,610
91.303
15,885
8,267
4,925
808,998
838,814
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- I
Galveston..___
TexasCiyt.&c.
New Orleans..
Mobile
Savannah _
Brunswick
Charleston.
Wilmington.. _
Norfolk
N'port N.,&c.
All others
1919.
14.772
1,527
2.s78
214
19.043
6,000
1,369
198
1,338
87
747
1018.
50,223
248
18,208
1,816
25.013
2.401
2,504
2.888
68
741
1917.
49.690
5,799
21,212
3,910
47,148
2,500
3,821
1,708
1,904
108
4,260
1915.
1916.
76,774
127
18.574
4,489
51,899
2,000
10.864
4.440
6,203
423
1.046
82.244
6,588
28.168
3,042
41.355
2,000
6.598
3,675
6.040
241
2,430
1914.
33,786
1.459
3,114
2.879
15.151
425
3,469
1,491
2.082
2,853
1.227
Total this wk..
48.173
104,110
142,060
182,381
176.839
67,936
Since Aug. 1_..
316.792
389.998
549.507
734.439
440,584
184,752
The exports for the week ending this evening reach a total
of 66,631 bales, of which 52,239 were to Great Britain,
4,139 to France and 10,253 to other destinat.ons. Exports for the week and since Aug. 1 1919 are as follows:
Week ending Sept. 12 1919.
Exported toExports
from-
Great
Great
Britain. France Other. Total. Britain. France.
Galveston._
New °Henn
Mobile
Jacksonville
Savannah....
Brunswick__
Charleston
Wilmington.
Norfolk.......
New York...
Boston
Philadelphia
San Fran
Seattle
Tacoma
Total
From Aug. 1 1919 to Sept. 12 1919.
Exported to-
13,663
4,683
18,434
6,998
13,663 108,957
4,139 1,990 10,812 39,349
15,325
8,193
6,419 24,853 40,434
6,998 34,290
8,350
15,356
1,354
20,007
21,772
585
345
1,634
52,339 4339 10,253 66,631 278,000
3-.351
8,200
261
104
8,200
365
1,740
1,740
Total 1918* 45,533 4,553 19,182 69,268 155,511
Tntfti 1017 57 558 0 408 28.625 75.366 334.001
Other.
Total.
65,074 174,031
89,412 144,117
16,679
8,193
64,118 124,559
34,290
8,350
44.628 44,628
21,772
11,207 13,426
745
662
662
281
286
4,297
4,297
2,376
2,370
282,060 598,411
76.538 167,371 399,420
58.052 87,298 479,349
Figures adjusted to make comparison with this season approximately correct.
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 forLeaving
Other CoastGerGreat
Stock.
Sept. 12 at- Britain. France. many. Cont.t. wise. Total.
64,088
500 43,199
28,797
Galveston
13,902
14,169 241,361
•
821 4,935 5,653
Now Orleans__ 2,760
19,000 1,500 20,500 162,648
Savannah
19,610
500
500
Charleston.. _ _
5.038
5,570
5.570
Mobile
55,613
250
250
Norfolk
82,477
4,000
1,000
3,000
New York *_
85,975
4,000
1,000
Other ports *_ _ 3,000
92,188
716,810
2.750
65,450
821
4,935
28,232
Total 1919._
28,000 10,200 96.754 742,060
Total 1918.... 45,554 13,000
27,356 8,009 114,326 396,397
Total 1917.... 61.465 17,496
* Estimated.
Speculation in cotton for future delivery has continued on
a very limited scale and it is a curious fact that while daily
fluctuations have often taken a wide sweep, net changes for
the week are comparatively small. Even the daily net
changes have frequently been trifling, although advances
from the low point of the morning or declines from the
SEPT. 13 1919.1
THE CHRONICLE
1089
"high" have often been sharp. In other words, it has been contracted for and ships for transportation provided by the
an agitated market. Labor unrest has counted for not a U. S. Shipping Board. The potash to be loaded at Hamburg
little in occasional sharp declines.. On the 9th inst. it was and discharged at Norfolk, Savannah and Wilmington during
reported that a nation-wide coal strike was threatened. On October and November. It is extremely useful in raising
the 11th there was talk of a big steel strike. And the police- cotton. A decrease in the American crop in recent years is
men's Strike in Boston, with riots there and the declaration partly attributed to inability to get German potash.
The official quotation for middling upland cotton in the
of martial law, have had a more or less disturbing effect. At
times, too, stocks have weakened. Foreign exchange has New York market each day for the past week has been:
Sept. 6 to Sept. 12remained low. Marks and francs at one time fell to a new
Sat. Mon. Tues. Wed. Thurs. Fri.
28.85 29.45 29.10 Hol. 29.25 29.15
low record. The effect of sharp declines in grain and pro- Middling uplands
NEW YORK QUOTATIONS FOR 32 YEARS.
visions was noticeable. So was an announcement that
c
29.15 1911-c
11.85 1903 _c
12.00 1895-c
8.19
Great Britain has resumed control of the trade in bacon, ham 1919
1918
36.45 1910
13.90 1902
8.88 1894
6.89
and lard, and is rationing foodstuffs generally. This, com- 1917
21.30 1909
12.65 1901
8.50 1893
8.12
1916
15.30
1908
9.40 1900
10.75 1892
7.19
ing nearly a year after the armistice, produced an unfavor- 1915
10.10 1907
12.90 1899
6.38 1891
8.75
able effect. England is cutting down imports of luxuries 1914
1906
9.80 1898
5.81 1890
10.69
13.15 1905
10.65 1897
7.44 1889
also. Recently Premier Lloyd George, it will be recalled, 1913
11.38
11.75 1904
10.90 1896
8.62 1888
10.44
urged the British people to practice rigid economy. Cotton 1912
FUTURES.
-The
highest, lowest and closing prices at
exports from this country have continued small. A rumor
report from Berlin on the 11th inst. that the Guaranty Trust New York for the past week have been as follows:
Co. of New York had arranged to grant banks in Germany
,
Saturday, Monday, Tuesday. Wed'day, Thursd'y, PridatI.
credits for six months to two years, accepting marks, was, it
Sept. 6. Sept. 8. Sept. 9. Sept. 10. Sept. 11. Sept. 12. Week.
seems, denied by the trust company. It is denied that it
has granted credits of any sort to German banks. Mean- September
Range
---28.60 -28.60 -while much larger receipts are expected in the near future.
Closing
27.95-.10 28.60-.80 28.20 28.40 -28.35
And the spot demand at the South as a rule has been light, October
Range
28.30-.98 27.95-198 28.35-.20
28.05-.87 28.55-.10 27.95420
it appears, both from exporters' and domestic mills. OfferClosing __. 28.30-25 28.93-.95 28.60 28.77-.80 28.65 ---ings were also reported to have increased. Cotton goods NovemberRange
have been quiet both in this country and in Lancashire.
Closing
28.40 -29.13 -28.70 28.80 -28.70 ---The Edge bill passed the Senate on the 9th inst., but it December-28.55-.25 28.11430 28.54-.46
Range
28.35-.15 28.75-.40 28.11446
then went to the House. There may be more or less delay
Closing
28.55-.60 29.18-.20 28.86-.90
28.90-.00 28.88-.90--there. And after the measure becomes law it is argued that January28.42-.15 28.08-123 28.45-.35
Range
28.30-.09 28.70-.32 28.08435
it will take some time to arrange methods of applying it and
Closing
28.42-.50 29.19-.20 28.80-.84
28.80-.95 28.78-.80--making it an effective force in the export business of this FebruaryRange
HOLIcountry. At times, too, the Liverpool market has been
Closing
28.42-.55 29.20-.25 28.93 - DAY. 28.80-.00 28.78-S5--weak. The map, on the whole, has been more favorable March28.60-25 28.25-135 28.62-.50
Range
28.50-.27 38.85
than it was recently aside from a low barometer in the Gulf.
,
43 28.26480
Closing
28.60-.62 29.32-.35 29.03-.05
29.00-.04 28.95-.98--The agitation in favor of lower costs of living continues. April
Range
And it is not at all likely to die out. With stocks large and
Closing
28.60 -29.32 -29.07 29.03 -29.00 ---demand, both domestic and foreign, light, and with a much May
Range
29.03-.25 28.45-.35 28.85-.51
larger crop movement imminent, the drift of sentiment has
28.55-.36 29.00-.4228.45-i50
Closing
28.65-.70 29.40-.47 29.12-.14
29.05-.08 29.00-.05--been in favor of lower prices. And as for a threatened tropi- June
Range
cal storm, it is argued that at the worst it could do little
Closing
28.60 -29.30 -99.02 28.95 -28.95 ---more than lower the grade.
JulyOn the other hand, the tropical storm has undoubtedly
28.50-.13 28.80 -29.13 Range
28.55 -29.10 -- 28.50-.13
rInaincr
95 MI -20 28 -- 28.07 28.05 -28.95-.05--been a thorn in the side of the short interest. It frightened
£29c. I28c.
shorts at times on both sides of the water. In Florida it
produced a hurricane that destroyed hundreds of houses,
THE VISIBLE SUPPLY OF COTTON to-night, as made
caused damage to the amount of $2,000,000, besides sinking up by cable and telegraph, is as follows. Foreign stocks,
as
ships off the coast. The barometer dropped to 29.6 and, it well as the afloat, are this week's returns, and consequently
was intimated, even lower. Some of the weather experts all foreign figures are brought down to Thursday evening.
predicted a bad storm. By the 10th inst. it had invaded But to make the total the complete figures for to-night
the Gulf and New Orleans reported a steady falling barom- (Friday), we add the item of exports from the United
States,
eter. The storm seemed to threaten the Mississippi Valley. including in it the exports of Friday only.
Stocks of the higher grades of cotton are small. That is
Sept. 121919.
1918.
1917.
1916.
well known. It has been the case for many months past. Stock at Liverpool
bales-- 854.000 188,000 267.000 604,000
Stock at London
12.000
29.000
22.000
32.000
A bad storm that should lower the grades over a large tract Stock
at Manchester
94.000
46.000
18,000
34.000
of cotton country would therefore be no small matter. And
Total Great Britain
960.000 253,000 307.000 670.000
as regards the export outlook, many think that it is improv- Stock
at Hamburg
*1.000
ing. It is believed that the merchants of Germany who Stock at
Bremen
*1.000
Stock at Havre _
177.000 106.000 130,000 203.000
have never lacked enterprise will move heaven and earth Stock
at Marseilles
3.000
1.000
4,000
10.000
to get American cotton. Berlin and Hamburg financiers Stock at Barcelona
69.000
22.000
84,000
47.000
64.000
are supposed to be concerting measures to obtain American Stock at Genoa
15.000
13,000 161.000
.
*1,000
credits. The Edge bill, it is generally believed, will shortly Stock at Trieste
Total Continental stocks
pass the House of Representatives and the need is so great
313,000 144,000 231,000 424.000
for promptness in applying its provisions that it may shortly
Total European stocks
1,273,000 397.000
1,094.000
become an effective measure. In parts of the South, too, India cotton afloat for Europe_ _ _ 19,000 20,000 538.000
22.000
10.000
afloat for Europe_ - 302.394 170,000 243,000 328.916
Amer.
cotton
the crop is not progressing well; far from it. Damage by Egypt,Brazil,&c..afloat for Eur's 63,000 51,000 34,000
11,000
Stock
insects continues in Texas. Considerable stress is laid on
In Alexandria, Egypt
94.000 185,000
59,000
12,000
Stock in Bombay. India
899.000 *675.000 *870.000 446,000
this fact. And to revert to the export question, not a few Stock
U. S. ports
808.998 838,814 510,723 537,248
look for a gradual stabilizing of foreign exchange both by Stock in
in U. S. interior towns_
629.161 . 661.407 261,941 411.183
6.998
19,292
the granting of special credits on this side and by increasing U. S. exports to-day
15,306
26,681
imports to this country of general merchandise, so that the
Total visible supply
4,095.551 3,017.513 2,553,970 2.877,028
outlook for export business in cotton may not after all be so
Of the above, totals of American and other descriptions are as follows:
Americandubious as many have been inclined to fear. The spot cot- Liverpool
stock
bales- 627.000
68.000 171,000 472,000
basis
is
said
to
ton
be firmer.
Manchester stock
60.000
16,000
12,000
31,000
Continental
stock
280.000 *126,000 *195,000 *327.000
regards
And as
strikes, many believe that effective mea- American afloat for Europe
302.394
170,000
243.000
328,916
sort
sures of some
will be taken to avert them, not only in U. S. port stocks
808.998 838.814 510,723 537,248
S. interior stocks
629.161 661,407 261,941 411,183
the coal trade but in the steel trade. Samuel Gompers, U.
U. S. exports to-day
6.998
19,292
15,306
26.681
President of the American Federation of Labor, says that
Total American
2,714,551 1,899.513 1,408,970 2,134,028
that organization is in favor of peace. This is supposed to
East Indian. Brazil, etc.
mean that it will not favor strikes. And certainly public Liverpool
stock
227,000 120,000
96.000 132,000
opinion is against strikes which tend to interfere with the London stock
12.000
19,000
22.000
32,000
Manchester stock
34,000
30.000
6.000
3,000
great business fabric of the country. Strikes and higher Continental
stock
33.000 *18,000 *36,000 *97.000
wages only tend to perpetuate what is termed a "vicious India afloat for Europe
19,000
20,000
22,000
10,000
Egypt, Brazil. &c.. afloat
63,000
51,000
34.000
circle." The true remedy it is contended, is to increase !pro- Stock
11.000
In Alexandria, Egypt
94,000 185,000
59,000
12,000
duction, which has been reduced by shorter hours and less- Stock in
Bombay. India
899.000 675.000 *870,000 446.000
ened efficiency of labor in not a few branches of business.
Total East India, &c
1.381.000 1,118,000 1,145,000 743.000
Meanwhile the whole world is bare of cotton goods. Spot
Total American
2,714,551 1,899,513 1,408.970 2,134,028
cotton of the better grades, it is said, is not easy to buy.
Total visible supply
4,095.551 3,017,513 2,553.970 2.877.028
To-day prices advanced but reacted later. But there was Middling uplands, Liverpool
17.8541.
25.10d.
16.90d.
9.51d.
Middling uplands, New York
29.1541.
36.200.
pretty good trade buying; Liverpool bought and many shorts Egypt,
21.80c. .15.60c.
good
sakel.
Liverpool.. _ - 32.50d. 33.92d. 34.50d. 20.1541.
covered owing to fears that the tropical storm might strike Peruvian, rough good,
Liverpool.. 29.00d. 39.0041.
27.00d.
13.75d.
Broach, fine, Liverpool
17.55d. 25.50d.
the Gulf Coast, which it apparently had not yet done.
16.7041.
9.0541.
Tinnevelly, good, Liverpool
17.80d.
25.75d.
16.88d.
9.0541.
buy
on
inclined
to
reaction
are
Some
after a decline of
*Estimated.
something like 8 cents per pound. The closing to-day was
barely steady. Prices are moderately lower for the week.
Continental imports for past week have been 73,000 bales.
Spot cotton closed at 29.25o. for middling, a decline for the
The above figures for 1919 show a decrease from last week
week of 15 points. A fact interesting to the cotton belt is of 196,511 bales, a gain of 1,078,038 bales over 1918, an exthat a shipment of 10,000 tons of potash from Germany to cess of 1,541,581 bales over 1917 and a gain of 1,218,523
the United States, said to be the first since 1914, has been bales over 1916.
[VOL. 109.
THE CHRONICLE
1090
QUOTATIONS FOR MIDDLING COTTON AT OTHER
AT THE INTERIOR TOWNS the movement-that is,
are the closing quotations of middling
the receipts for the week and since Aug. 1, the shipments for MARKETS.-Belowand
other principal cotton markets for
the week and the stocks to-night, and the same items for the cotton at Southern
week:
the
of
day
each
in
out
set
year-is
previous
the
of
corresponding period
detail below:
Closing Quotations for Middling Cotton onTowns.
Movement to Sept. 12 1919.
Movement to Sept. 13 1918.
Ship- Stocks
merits. Sept.
Week. Season. Week. 12.
Ship- Stocks
Receipts.
meats. Sept.
13.
Week. Season. Week.
Reeeipts.
164
Ala., Eufaula__
Montgomery .. 2,024
1,699
Selma
8
Ark. Helena
Little Rock...._ 1,380
50
Pine Bluff
1,406
Ga., Albany
1,267
Athens
1,881
Atlanta
16,932
Augusta
Columbus_ .._ 1,100
4,025
Macon
331
Rome
637
La., Shrevepor
34
Miss.,Columb
147
Clarksdale
500
Greenwood
47
Meridian
198
Natchez
213
Vicksburg_ ___
100
Yazoo City___
Mo., St. Louis.. 3,276
300
N.C.,Gensbor.
15
Raleigh _
500
0., Cincinnati_
Okla., Ardmor;
Chickasha..___ ......
Hugo
- ____
Oklahoma
S.C.,Greenvilh 1,781
281
Greenwood_ __
Tenn.,Memp , 1,112
Nashville
Tex., Abilene
154
Brenham
Clarksville
323
Dallas
Honey Grove_
12,436
Houston
500
Paris
1,353
San Antonio
418
3,774
2,458
99
3,074
430
3,310
3,106
13,487
35,753
1,100
14,289
1,111
1,889
59
916
1,288
909
391
772
432
20,822
3,454
193
3,700
40 1,777
934 17,165
1,041 9,291
562
91
1,075 10,922
50 12,000
1,156 3,830
765 14,009
2,277 17,326
10,082122,563
14,100
2,677 31,480
374 6,411
197 33,892
303 1,131
689 5,458
100 8,400
227 5,308
3,942
2,262
100 1,011
3,817 5,104
300 4,800
70
25
500 22,000
19
1,197
37
838
1,972 15,076
281 6,132
4,261 130,898
601
3
5,358
323
16,623
88
2,454
1,080
5,628
335
56,403 15,012106,078
500 2,421
1,809
2,427 1,217 1,522
275
1,205
323
5,243
5,116
394
1,200
100
92
1,577
1,803
12,957
2,90
4,026
342
5,421
870
800
90
950
2,173
573
1,292
4,387
350
71
629
522
702
10,726 3,050
8,770 2,530
__
623
7,467 1,250
791
4,134
520
1,110
806
3,038
7,535 2,194
27,558 2,746
4,450 1,100
8,775 2,255
685__
5
9,137 2,97
58
1,313
600
1,700
900
2,780
979
1,873
307
3,444
92
1,101
361
1,958
19,144 4,623
606
2,949
50
220
764
5,969
1,175
8,090
5,338
970
8,200
13,500
730
12,612
16,387
58,547
5,000
9,909
4,134
12,513
1.329
16,200
15,500
4,000
2,148
2,198
8,002
10,460
4,500
115
12,594
Week ending
oept. 12.
acauraay. monaay. iuesaay. w ea aay. i masa y.1 r rzaay.
129.50
29.50
29.50
29.50
129.00
29.00
29.00
29.00
128.50
28.50
28.50
28.50
128.00
28.00
28.00
27.75
128.00
28.00
28.00
28.00
127.50
HOLI- 27.50
27.50
27.50
128.38
DAY. 28.00
28.38
28.38
129.00
28.50
29.00
29.00
129.40
29.50
29.35
29.70
'27.81
27.38
27.68
27.00
.30.00
30.00
30.50
30.50
28.65
28.75
28.45
28.75
29.50
29.50
29.50
29.80
20.00
20.00
20.00
90.n0
29.75
Galveston
New Orleans.. 29.00
29.00
Mobile
28.13
Savannah
1
Charleston
Wilmington ____,28.25
29.00
Norfolk
29.50
Baltimore
29.10
Philadelphia
27.75
Augusta
31.50
Memphis
Dallas
29.80
Houston
90.An
Litt!. Rnelc
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
markets for the past.week have been as follows:
September
October
December
January
March
Saturday, Monday, Tuesday, Wed'day,Thursd'y, Friday,
Sept. 6. Sept. 8. Sept. 9. Sept. 10.Sept. 11. Sept. 1.2.
28.25 -28.15 28.00 -28.44 -28.20 28.65-.67 28.55-.56
28.48-.55 28.84-.90 28.60-.63
28.65-.70 28.53-.56
28.55-.60
28.80-.87
28.38-.43
28.40-.42 28.80-.85 28.52-.58 HOLI- 28.61-.65 28.50-.52
28.35-.38 28.80-.85 28.60-.64 DAY. 28.78-.80 28.60 28.83 -28.61-.63
28.40-.42 28.85-.90 28.61 Steady
Quiet
Quiet I
Quiet
Quiet
Steady Steady
Bar.st'v. Steady Steady
250 5,292 InTone2,004
300
2,079 Spot
1,497
2,079
____ 0 Options
_ _80
400 9,000
2,042
300
437 2,879
723
487
WEATHER REPORTS BY TELEGRAPH.-Tele19,368 18,129218,681
5,051
284 graphic reports to us this evening from the South denote
63
has been favorable quite generally during
13,047 1,800 3,207 that the weather
2,000
262 2,477 the week. Reports from Texas are to the effect that insects
2,814
1,754
7,458 1,749 6,817 are still active, and there are complaints of shedding and
2,385
375 2,879
4,134
1,333
66,460 261,431 50,775 163,778 weevils from Alabama"
10,653 2,579 5,391
3,503
Galveston, Tex.-Cotton made generally good progress in
11,983 1,600 3,629
2,100
the western and central portions of the State and in the
northeastern locality in other sections progress was poor to
The above totals show that the interior stocks have in- fair. Insects are still active. Picking becoming general.
creased during the week 6,111 bales and are to-night 32,246 We have had rain on two days during the week, the rainfall
bales less than at the same time last year. The receipts at being one inch and eighty-two hundredths. The thermoall towns have been 85,485 bales less than the same week meter has averaged 81, ranging from 70 to 92.
Abilene, Tex.-We have had no rain during the week.
last year.
to 96, averaging 80.
OVERLAND MOVEMENT FOR THE WEEK AND The thermometer has ranged from 64
Brenham, Tex.-We have had rain on one day of the week,
SINCE AUG. 1.-We give below a statement showing the
of an inch. Averoverland movement for the week and since Aug. 1, as made the precipitation being three hundredths 68.
up from telegraphic reports Friday night. The results for age thermometer 79, highest 90, lowest
Brownsville, Tex.-There has been good rain on three
the week and since Aug. 1 in the last two years are as follows:
----1918.--- days during the week, the rainfall being seventy-eight hun---1919-----Since
Since
of an inch. The thermometer has averaged 84,
Sept. 12
Week. Aug. 1. dredths
Week. Aug. 1.
Shipped*4,623 a22,379 the highest being 98 and the lowest 70.
27,028
3,817
Via St. Louis
14,057
1.202
31,552
2,657
Cuero, Tex.-We have had no rain during the week, The
Via Mounds, &c
230619
Via Rock Island
98.
16.795 thermometer has averaged 81, ranging from 64 to
2-,§id
6,027
821
Via Louisville
3.652
220
2,450
400
Dallas, Tex.-Dry all the week. The thermometer has
Via Cincinnati
12,856
1,324
3,788
627
Via Virginia points
41.809 ranged from 66 to 96, averaging 81.
5,986
26,806
3,598
Via other routes, &c
Henrietta, Tex.-Dry all the week. Average thermometer
112.167
16,271
97,881
11,920
Total gross overland
79, highest 95, lowest 62.
Deduct shipments10,020
741
Huntsville, Tex.-There has been rain on one day of the
10,451
691
Overland to N. Y., Boston, &c_
5,688
1,302
2,945
629
Between interior towns
rainfall being thirty hundredths of an inch.
51.032 past week, the
3.529
23,751
3,943
Inland,&c.,from South
The thermometer has averaged 78, the highest being 89 and
66.740 the lowest 67.
5,572
37,147
5,263
Total to be deducted
Kerrville, Tex.-There has been rain on one day during the
45.427
10.699
60,734
6,657
Leaving total net overland *
week, the rainfall reaching thirteen hundredths of an inch.
* Including movement by rail to Canada. a Revised.
75, ranging from 57 to 93.
The foregoing shows the week's net overland movement The thermometer has averagedhad
rain on two days during
Lampasas, Tex.-We have
has been 6,657 bales, against 10,699 bales for the week last
thirteen hundredths of an
year, and that for the season to date the aggregate net over- the week, the rainfall reaching
inch. The thermometer has ranged from 61 to 98, averland exhibits an increase over a year ago of 15,307 bales.
aging 80.
191
1919
Since
Since
Longview, Tex.-We have had no rain the past week.
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
398.998 Average thermometer 73, highest 91, lowest 55.
316,792 104.110
48,173
Receipts at ports to Sept. 12
45,427
10,699
60,734
6,657
Luling, Tex.-There has been rain on four days durNet overland to Sept. 12
529,000
384,000 86.000
Southern consump'n to Sept. 12.a_ 65,000
ing the week, the rainfall being twenty-eight hundredths
973.425 of an inch. The thermometer has averaged 80, the highest
761.526 200.809
119,830
Total marketed
x35,209
6,111 z172,826 33,224
Interior stocks in excess
being 92 and the lowest 61.
234.033
Nacogdoches, Tex.-We have had rain on two days during
125,941
Came into sight during week
938.216
588,700
Total in sight Sept. 12
the week, the rainfall being twenty-two hundredths of an
133,157 inch. The thermometer has averaged 81, ranging from
200,765 20,411
Nor.spinners' takings to Sept. 12_ 24,682
x Less than Aug. 1. a These figures are consumption; takings not 64 to 98.
available.
Palestine, Tex.-There has been light rain on two days of
Movement into sight in previous years:
week, the rainfall reaching three hundredths of an inch.
the
Bales.
Since Aug. 1Bales.
Weekthermometer has ranged from 66 to 92, averaging 79.
The
1,109.406
253.3921917-Sept. 14
1917-Sept. 14
1.369.912
Tex.-Dry all the week. Average thermometer 82,
15
Paris,
1916-Sept.
362.369
15
-Sept.
1916
954.638 highest 99, lowest 65.
286.721 1915-Sept. 17
1915-Sept.15
YORK.
MARKET AND SALES AT NEW
San Antonio, Tex.-We have had rain on three days of the
The total sales of cotton on the spot each day during the week, the precipitation reaching fourteen hundredths of an
week at New York are indicated in the following statement. inch. The thermometer has averaged 81, the highest being
For the convenience of the reader we also add columns which 94 and the lowest 66.
Taylor, Tex.-We have had rain on one day during the
show at a glance how the market for spot and futures closed
week, the rainfall being sixteen hundredths of an inch.
on same days.
Minimum thermometer 64.
SALES.
Futures
Spot
Weatherford, Tex.-We have had no rain during the week.
Market
Market
Spot. Contr't. Total. The thermometer has ranged from 66 to 94, averaging 80.
Closed.
Closed.
Ardmore, Okla.-Dry all the week. Average thermometer
Saturday.._ _ Quiet, 55 pts. dec_ _ _ Easy
83, highest 99, lowest 67.
Monday _ _ _ Steady, 60 pts. adv_ Steady
Tuesday _ _ Quiet,35 pts. dec_ _ _ Barely steady
Muskogee, Okla.-There has been rain on one day of the
HOLI DAY
Wednesday_
100 week, to the extent of four hundredths of an inch. The
100
-----Thursday _ Quiet, 15 pts. adv_ _ Barely steady
Quiet, 10 pts. dec _ Barely steady
Friday
thermometer has averaged 83, the highest being 100 and the
100 lowest 67.
100
Tettel
AA fnurn
FR 17A
9111 757 55 552590 151 1A1 550
All in7 -mix ARKI1f11 A117
SEPT. 13 1919.]
THE CHRONICLE
1091
Eldorado, Ark.-We have had rain on one
during
RECEIPTS FROM THE PLANTATIONS.-The followthe week, the rainfall being sixteen hundredthsday
of an inch. ing table indicates the actual
The thermometer has averaged 80, ranging from
ent each week from the
67 to plantations. The figures do movem
93.
not include overland receipts
nor
Southe
rn
consumption; they are simply a statement of
Little Rock, Ark.-There has been rain on one day
during the weekly movement from the plantat
the week,the rainfall being one hundredth of an inch.
ions of that part of
Therthe
prop
which
finally reaches the market through the outmometer has ranged from 69 to 95, averaging 82.
ports:
Alexandria, Tex.-We have had rain on two
the past
week, the rainfall being thirty-five hundredthsdays
Fed
Receipts at Ports.
Stocks at Interior Towns. Receiptsfront Plantations
Minimum thermometer 72, maximum 96, meanof an inch. ind'o•
84.
New Orleans, La.-We have had rain on four days
1919. I 1918. 1917. 1919.
1918.
1917. 1919. 1918. 1917.
the past
week, the rainfall being one inch and forty hundre
fulY
dths.
The thermometer has averaged 81.
25...105,7211 30,841 40,474 878,387 720,128 382,645
50,540 3,481
tug.
1
Shreveport, La.-It has rained on two days of the
1__ 87,579 37,069 35,478 805,987 692,616 343,792
week,
15,179 9,557
the rainfall reaching one inch and forty-two hundre
8.,_ 66,856 33,727 44,290 746,90 672,613 297,416
15_ 72,104 39,074 60,808 694,551 655,211 256,517 7,773 13,724
The thermometer has axesged 81, ranging from 68 to dths. 22._
21,622 19,910
50,756 47,901 75,216 658,319 653,53 244,073 19,751
93.
Columbus, Miss.-We have had no rain during the
29._ 39,5171 75,988 99,115 633,33 626,64 247,888 14,524 46,224 62,770
week.
14,532
49,09910
2,930
3ept.
The thermometer has ranged from 66 to 103, averaging
5._ 33,572 89,652112,138 623,050 628,183 253,166
84.
23,288
Vicksburg, Miss.-Rain has fallen on one day during
91,19011
7,416
12._
48,173104,110142,060 629,161 661.407 261,941 54,2
the
137.334150.836
week, to the extent of fifteen hundredths of an inch.
AverThe above statement shows: 1.-That the total receipt
age thermometer 80, highest 95, lowest 69.
from the plantations since Aug. 1 1919 are 143,966 bales;s
Mobile, Ala.-The weather has been favorable, but
there in 1918 were 363,78
is little change in the crop situation. Complaints
9 bales, and in 1917 were 456,507
of filled- bales. 2. That
ding and weevils continue. Picking is progressing
although the receipts at the outports the
satispast week
factorily with sufficient help. We have had rain
48,173 bales, the actual movement from
on three plantations were
days the past week, the rainfall being fifty-seven hundre
was 54,274 bales, the balance going to increase
dths
stocks
of an inch. The thermometer has averaged 80.1, the
at interio towns. Last year receipts from the planhighest tations for the rweek
being 94 and the lowest 69.
were 137,334 bales and for 1917 they
Montgomery, Ala.-Dry all the week. The
were 150,836 bales.
thermo
meter
averag
has
ed 81, ranging from 68 to 94.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Selma, Ala.-There has been no rain during
the
week.
The thermometer has ranged from 65 to 91,
Cotton Takings.
averaging 78.
1919.
1918.
Madison, Fla.-The week's rainfall has been
Week and Season.
thirtee
n
hunWeek.
dredths of an inch, on one day. Average
Season.
Week.
Season.
thermomteer 82, Visible supply
highest 94, lowest 70.
Sept. 5
4,292,062
2,942.808
Visible
supply
Aug.
1
Tallahassee, Fla.-We have had rain on one
8
S;o1f,485
day the past American in sight to Sept. 32...... 125,941 4,792,01
588,700 234,033
week, the rainfall being ten hundredths
938,216
Bombayreceipts to Sept. 11.._ _ b13,000
of
an
230,000
inch.
16,000
The
186,000
Other
India
shipm'ts
to Sept. 11
thermometer has averaged 79, the highest being
b5,000
5,000
2,000
Alexandria receipts to Sept. 10....
92
and
the
65,000
16,000
3,000
15,000
lowest 66.
Other supply to Sept. 10*
53.000
15.,000
4,000
15,000
Atlanta, Ga.-There has been rain on one day of the
Total supply
week,
4,444,003 5,646,718 3,199,841 4,183,666
to the extent of sixty-six hundredths of an inch.
Deduc;4,095,551 5,095,551 3,017,513 3,017,513
mometer has averaged 78, ranging from 65 to 91. The ther- Total
takings to Sept. 12_a_
348,452 1,551,167 182,328 1.166,153
Augusta, Ga.-We have had no rain during the week.
Of which American
186,452 1,074,167 180,328
The
979,153
Of which other
thermometer has ranged from 64 to 94, averag
162,000
477,000
2,000
187,000
ing
79.
Savannah, Ga,-Dry U the week. Average thermometer
*Embraces receipts in Europe from Brazil, Smyrna, West
Indies, &e.
a This total embraces the estimated consumption
77, highest 91, lowest 67.
by Southern mills,
384,000 bales in 1919 and 529.000 in 1918-takings not
Charleston, S. C.-We have had he ralll the past week. and
the aggregate amounts taken by Northern and foreign being availablespinners,1,167,167
bales in 1919 and 637,153 bales in 1918.
The thermometer has averaged 80,. the highest
of
which
690,167 and 450,153 bales
being 89 American. b Estimated.
and the lowest 71.
BOMBAY COTTON MOVEMENT.-The
(ironwood, S. C.-We have had rain on one day of the past
s of
India cotton at Bombay for the week ending Aug.receipt
week, the rainfall being eighteen hundredths of an
21 and
inch.
the season from Aug. 1 for three years have been as followsfor
The thermometer has averaged 78, ranging from 64 to 91.
:
Spartanburg, S. C.-Rain has fallen on two days during
the
1919.
week, the precipitation reaching twelve hundredths
1918.
1917.
Aug. 21.
an
inch. The thermometer has ranged from 61 to 98, of
Receipts atSince
Since
averSince
aging 80.
Week.1Aug. 1. Week.lAug. 1. Week, I Aug.
1.
Charlotte, N. C.-Crop conditions are not so good
33,000 136,000 37,000 107,000 20,000 79,000
as here- Bombay
tofore. Rain has fallen on one day during the week,
ALEXANDRIA RECEIPTS AND SHIPMENTS.
extent of forty-eight hundredths of an inch. Averag to the
e thermometer 79, highest 93, lowest 64.
Alexandria, Egypt,
1919.
1918.
1917.
Weldon, N. C.-We have had no rain the pastwe
Angus; 20.
•
ek. The
thermometer has averaged 77, the highest being
93
and
?eceipts (cantars)the
lowest 60.
This week
18,000
22,888
10,775
Since Aug. 1
Dyersburg, Tenn.-There has been rain on one day
45.668
65.036
18.862
of
the
week, to the extent of sixty-hundredths of an inch.
The
thermometer has averaged 79, ranging from 65 to
Since
Since
Since
92.
Export (bales)Week. Aug. 1.' Week. Aug. 1. Week. Aug. 1.
Memphis, Tenn.-We have had rain on one day
during
the week, the rainfall being five hundredths of
To Liverpool
25,000 25,580 7,200 7.200
2,609
To Manchester, &e
The thermometer has ranged from 72 to 95, averag an inch.
3,447
To Continent and India..
ing
600
900
7,085
2.371
To America
The following statement we have also received 84.
17.250 21.001
----graph, showing the height of the rivers at the points by telTotal exports
42.850 47,4811 7,200 17,732
named
4,980
at 8 a. m. of the dates given:
Note.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero
Above zero
Above zero
Above zero
Above zero
of gauge_
of gauge._
of gauge_
of gauge_
of gauge_
Sept. 12 1919. Sep;. 13 1918.
Feet.
Feet.
6.4
4.8
6.6
11.0
7.0
8.5
10.4
7.9
9.9
10.0
-A e,antar is 99 lbs, Egyptian ha es weigh
750 lbs. •
This statement shows that the receipts for the weekabout
ending Aug. 20 were
18,000 cantars and the foreign shipments 42,850 bales.
1919.
5,576
32
547
1,055
77,756
560
1,011
1,384
111
16.465
34,417
79
1918.
35,481
8,819
1,074
1,347
117,515
32,682
33.911
1,851
19,212
34,187
224
751,763
13
1917.
18,570 July d.
18 41%
134
25 42
103
3,087 Aug.
1 42
146,630
8 42
15,657
15 4034
5,832
22 41
72
29 40
91
1.7891 Sept.
5 3934
12 39;i
406.720
United States
138.993
1,038.078
614,787
The 1919 figures of the report are subject to slight
corrections when
checked against the individual returns of the ginners
being transmitted
by mall.
The number of round bales included this year is 1.129,
against 53.178
bales in 1918 and 23,716 bales in 1917. The number
of Sea Island bales
included is 30, contrasted with 296 bales in 1918 and 2,838
The distribution of Sea Island cotton by States for 1919 bales in 1917.
is: Florida, 11
bales; Georgia, 19 bales, and South Carolina. none.
to Finest.
Upl's'
Twist.
to Finest.
Upl's
d. s. d.
s.d. d. ' d.
d. s. d.
s.
d.
d.
45 26 3 @31 0 21.24 49% In 52 25 134033
134 22.09
45 27 0 031 6 21.4549
In 5134 25 134033 134 20.63
1
45 27 0 031 8 19.88 49
5134 25 134033 134 20.39
45 27 0 031 6 18.53 51
53 25 134033 134 21.46
43)4 27 0 031 6 18.40 52
54 253 @333 23.09
45 27 0 031 6 19.05 523(
5434 26 0 @346 23.97
4334 27 0 031 6 19.10 5334
5534 30 0 038 734 25.10
4334 25 6 030 0 18.15 5334
55% 300 @38734 24.58
4234 25 3 029 9 17.855434
5634 30 3 (4)381034 25.10
es ozalpe
Alabama
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
gg SZOOS ge
MANCHESTER MARKET.-Our reports received by
cable to-night from Manchester states that the market
is
quiet with a downward tendency. We give prices for to-day
CENSUS BUREAU REPORT ON COTTON GINNING below and leave those for previous weeks of this and last
TO SEPT. 1.-The Census Bureau issued on Sept. 8 its year for comparison:
report on the amount of cotton ginned up to Sept.
1 from
1919.
the growth of 1919 as follows, round bales counted as
1918.
bales, comparison being made with the returns for the half
834 lbs. Shirt- Coen!
like
834 lbs. Shirt- Cot'n
32s Cop
period of 1918 and 1917:
lags, Common Mid.'
32s Cop
lags, Common Mid.
Twist.
SHIPPING NEWS.-Shipments in detail:
Bales.
NEW YORK-To Liverpool-Sept.9-Celtic, 261
261
To Piraeus-Sept.8-Pannonia, 104
104
GALVESTON-To Liverpool-Sept.6-Patrician,
4,658; Sept.8Berwyn, 9,005
NEW ORLAN
E S-To Liverpool-Sept.8-Astronomer,4,683_ - _ - 13,663
4,683
To Havre-Sept. 9-Mississippi, 4,139
4,139
To Rotterdam-Sept.5-Zydyk,746
746
To Copenhagen-Sept.9-Herettles, 1.244
1.244
THE CHRONICLE
1092
[VOL. 109.
of
are well supplied. Undoubtedly Germany will be a buyer
grain this season, but it is said to want fats, meats, oil and
wool more than cereals. In Bulgaria the grain harvest is
large. Neighboring countries are also reaping good crops.
Supplies in the Danubian vicinity will, it appears, be satisfactory. According to latest estimate the wheat crop in
00
66631 Italy is put at 136,000,000 bushels or about 12,000,0
Total
l's
Broomhal
by
d
estimate
ly
previous
was
than
larger
bushels
The particulars of the foregoing shipments for the week,
agent. This compares with 176,000,000 bushels last year,
arranged in our usual form, are as follows:
a decrease of 40,000,000. The average annual consumption
hotGreat
ly. Japan. Total. in former years in Italy was about 232,000,000, but owing to
'
.
ce.
Britain.
365
261-------------------------104__-_____ 13,663
New York_ _ _ _
the acquisition of larger territories and a consequent increase
____
Galveston ___ A3,663
10,812
____
-_-_-::
N4
,
1-rii6
in population the consumption will undoubtedly be increased
i5§
New Orleans__ 4,683 4-,
24,853
____
____ 6,419
____
____
18,434
Savannah
materially. Evidently Italy will have to import quite freely.
Bales.
SAVANNAH-To Liverpool-Sept.8-Edisto,5,587; West Cobalt, 18,434
12,847
6,419
To Genoa-Sept. 5-Winterton, 6,419
6,998
an. 6,998
BRUNSWICK-To Liverpool-Sept. 6-Napieri
8,200
e,
8,200
6-Linmor
Sept.
LiverpoolNORFOLK-To
3
Sept.
SEATTLE-To Japan-Sept. 2-Katori Maru, 1,290;
1,740
Seattle Spirit, 450
--- -
Brunswick_ _ _ _ 6,998
8,200
Norfolk
Seattle
Total
52,239 4,139
746
--- -
____ 6,998
____ 8,200
1,740 1,740
----
1,244 6,419
104
1,740 66,631
IN NEW YORK.
DAILY CLOSING PRICES OF WHEAT
Sat. Mon. Tues. Wed. Thurs. Fr;
23754 Holt- 23734 237%
2375.
cts2373
No. 2 red
2403 2403 240A day 24034 2403'
No. 1 spring
April
May
June
July
18.11 18.02 18.36 18.11 __ __
18. 17.96 18.3 18.06 __
17.9817.9 18.2318. _ _ __
17.0217 Q4 lq 11: 17 05
-4v.q.qvwocv-4-4
. P..
L.iboboZoicbizZoo* co•
c.1.—Qmocm.owao,
broke badly, partly in sympathy with the decline
LIVERPOOL.-By cable from Liverpool we have the fol- inCorn
provisions. Also, however, the latest Government relowing statement of the week's sales, stocks, &c., at that port:
expected. Naturally that counted
Aug. 22. Aug. 29. Sept. 5. Sept. 12. port was better than
31,000 especially, as business has been small. And the receipts
27,000
19,000
17.000
Sales of tho week
Of which speculators took
at the primary points have increased. The visible supply
Of which exporters took
21,000 increased last week 377,000 bushels as against an increase
20.000
12,000
11,000
Sales. American
6.000
5,000
4,000
2,000
0 bushels. It is true
Actual export
77,000 in the same week last year of 3,000,00
59,000
56,000
73,000
Forwarded
against 5,235,000
bushels
0
1,333,00
only
854.000
still
is
810.000
total
811,000
the
766.000
that
Total stock
551,000 602,000 583,000 627,000, bushels a year ago. But is is evident that farmers are more
Of which American
59,000 140,000
91,000
97,000
on.
Total imports of the week
26,000 110.000 inclined to sell. At any rate that is the growing impressi
87.000
75,000
Of which American
263,000 260.000 277,000
prices broke 7 cents on Sept. The
inst.
11th
the
Amount afloat
on
And
, 205,000 149.000 202.000
Of which American
cash demand was slow at Chicago. The East bought very
The tone of the Liverpool market for spots and futures sparingly. Dec. touched a new low record for the season.
each day of the past week and the daily closing prices of Local traders there were heavy sellers. Shorts in many cases
the labor
spot cotton have been as follows:
were not inclined to cover. They laid stress oncrop
moveunrest, the low rates for exchange, the increasing than
was
Friday.
Tuesday. Wednesday. Thursday.
Saturday. Monday.
ment and the more optimistic Government reportthis week
Spot.
d Argentine shipments
estimate
The
.
Fair
expected
Market, {
week last
business
Good
Good
Moro
Good
are 2,600,000 bushels against 476,000 in the samethe
12:15
doing
inquiry.
matter
demand.
doing,
inquiey.
P. M.
year. In Argentina conditions are improving in le surplus.
exportab
large
17.85
very
a
has
It
17.60
17.76
tation.
18.15
transpor
18.01
of
Mtd.Upl'd:
ia, it is
HOLIRumania and the newly acquired region of Bessarab
6,000
7,000
6,000
7,000
5,000
DAY.
Sales
good crops. Argentine freights it may be added
have
said,
Quiet
Quiet,
Quiet,
Steady,
declined it is stated to $22 a ton. On this
Futures.
407 pts. 25028 pts. have recently
251133 pts. 31035 pts.
Market 1
that Argentine corn can be sold c. i. f.
advance.
figured
is
it
decline.
basis
advance,
decline.
f
opened
ng like $1 50 per bushel. It is said
somethi
at
York,
New
Barely st'y, Quiet, 1 pt. Barely st'y Quiet, un- Steady,
Market, r
price has not elicited much demand.
this
even
pts
that
33043
tc
chAnged
however
pts.
11
21030
to
427041 pts. lee.
Sept. 1
aecilne. 2 ots. adv. advance.
OpOlne.
!Its. R.v.
p. A4 . i
The Government report stated the, condition on
Aug. 1, 67.4 on Sept. 1 last year,
on
81.7
against
80%
at
The prices of futures at Liverpool for each day are given 76.7 in 1917 and a 10-year average of 73.6. On the other
in
below:
hand, the car shortage may again play an important partthe
this country. Of course, too,
of
t
movemen
crop
the
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
visible supply is still very small. In the United Kingdom
Sept. 6
used 4 on Sept. 1 the stock was only 560,000 bushels against 760.000
124 4 1231 4
to
12141 1214 1234 4 1234 4 p.
Sept. 12. p. m.p. m.p. m.p. m.p. m.p. m. m.p. m.p. m.p. m. p. m.lp, m. on Aug. 1 and 1,080,000 on July 1. Liverpool calls this a,
that imd. I d.
d.
d.
d.
d.
very serious falling off in port stocks. It shows
d. d. d. d.
d.
18. 17.9; 18.25 18.37
hand to mouth. The
from
only
18.31 18.22 18.5518.21 _ __
buying
been
September..,...
have
porters
18.01 17.9; 18.25 18.39
18.33 18.22 18.55 18.22 .... .. _
at Chicago and
October
18.0 17.98 18.24 18.36 tendency is to build up a large short interest
18.33 18.23 18.56 18.24 .._ __
November
18.07 18.00 18.24 18.36
This may easily lead to
country.
1S.33 18.23 18.5618.24 _ __
this
in
points
December
other
at
18.1 18.00 18.26 18.34
HOLT- 18.32 18.22 18.5 18.26 __ __
y prices fell. They
January
18.05 17.o6 18.21 18.29 sharp upturns from time to time. To-da
DAY. 18.25 18.15 18.48 18.21 __ _
February
18. 17.91 18.15 18.25 are about 9c. lower for the week on December.
18.19 18.09 18.42 18.16 __ __
March
BREADSTUFFS
17.96 17.87 18.1018,20
17.93 17.82 18.04 18.16
17.8S 17.76 17.9818,11)
17 P417 7 17 02 15 04
IN NEW YORK.
DAILY CLOSING PRICES OF CORN
Sat. Mon. Tues. Wed. Thurs. Fri.
17034
cts_1833i 1811 179 Holiday 171
No. 3 yellow
FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF CORNMon.
Fri.
Thurs.
Wed.
Tues.
Sat.
1625i 16i3 l593 1533 145
September delivery in elevator_cts_ 164
123
125
128
129%
131fi 131
December delivery in elevator
12314 120%
128% 127% 1253' 125
May delivEry in elevator
Friday Night, Sept. 12 1919.
Oats have declined but not so heavily by any means as
Flour has been quiet so far as the wheat product is con- corn. Oats have shown in a word more individuality. The
cerned, although rye flour has been in better demand at Government report was not considered of a kind to encourtimes. The steadiness of wheat prices most of the time, age indiscriminate short selling. The crop is undoubtedly
however, had a more or less bracing effect on those for large, but many think that there will be a good export
wheat flour. The Government report points to a crop of outlet. Chicago has reported some export inquiry, although
only 208,000,000 bushels of spring wheat. Also much of foreign houses here say that European business is not to be
it is of the lower grades. That looks as though premiums thought of at present quotations. The visible supply in the
for'high grades would continue. Those are the kind that United States increased last week only 1,158,000 bushels,
very many of the mills must have. And in any case it will against 2,588,000 in the same week last year. The total is
take more wheat to make a barrel of flour under existing now 20,569,000 bushels, against 21,897,000 a year ago. In0
circustances. On the other hand, however, the buying the United Kingdom on Sept. 1 the stock was 7,500,00
is undoubtedly cautious. The agitation against the high bushels, against 10,000,000 on Aug. 1 and 10,240,000 on
eost of living continues, and it is not likely to let up. More- July 1. Northwestern houses have been large buyers at
taken.
over the decline in what are termed the coarse grains is not Chicago. On declines, offerings have been quickly market
wholly ignored by any means. Neither are the low rates Rallies have come easily. Offerings in the sample
.
for foreign ex hange. The U. S. Government has bought have been relatively small. They were promptly absorbed
e shipments of oats this week were estimated at
235,145 bbls. of flour at $9 50 to $10 50 this week.
Argentin
Wheat increased its visible supply last week 6,481,000 480,000 bushels, against 321,000 in the previous week and
bushels, against an increase in the same week last year of 964,000 last year. Rye and barley at times have showns
7,191,000 bushels. The total is now 63,309,000 bushels, not a little firmness. It is intimated that recent purchase
both
against 56,012,000 a year ago. In the United Kingdom the of rye for export were larger than have been reported, have
crop is disappointing. In India it is making good progress. for Holland and Switzerland. England is said to hand,
On the other
In Holland and Belgium fair crops are looked for. In the bought a small quantity of barley.
Russian Caucasus good yields are said to be expected. Also however, the oats crop of this country is undoubtedly ,pretty
or
in Rumania a good outturn of wheat is expected, and it is large and the lack of export demand at current pricesexsaid that a fair surplus will be available for export. Argen- anything like them may yet make itself felt. Foreign fell
tine shipments this week are estimated at 4,440,000 bushels, change continues to be abnormally low. To-day prices
against 5,173,000 in the previous week and 1,657,000 this and they are lower for the week.
IN NEW YORK.
DAILY CLOSING PRICES OF OATS
week last year. At Buenos Aires to-day prices fell M pent;
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
80 •
823,6
HollOctober $1 793.'; November, $1 813'.
8334
83
83
No. 1 white___cts_
Many diverse views are being expressed regarding supplies No. 2 white
82©8231 82®823i 82©83 day 813i-82 80-803i
FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF OATS
in Germany. Although many people in the big towns there
Sat. Mon. Tues. Wed. Thurs. Fri.
70
684 67
may have suffered from semi-starvation, it is believed that September delivery in elevator_cts_ 70 70 71
73% 743( 71 3 69
7214 72
the population in the rural districts has had sufficient food. December delivery in elevator _
73 34 72
745(
7584
7534
7584
Reports from the Rhine region indicate that the people there May delivery in elevator
SEPT. 13 1919.1
THE CHRONICLE
The following are closing quotations:
1093
central districts and stack threshing is well
advanced in the central sections
of the country. Threshing is
FLOUR.
lly further advanced than
Spring patents_
the season of the year. Both genera
for
111.1 25@$11 75 Barley goods-Portage barley:
winter and spring wheat continueusual
Winter straights,soft 10 10
to show
disappointing yields, although the latter
10 40
No. 1
crop is turning out better than
$700
Kansas straights.. _ __ 10 75
11 25
Nos. 2, :i and 4, pearl_ 6 0006 25 expected in some central sections of the spring wheat belt.
Rye flour
The yield of
oats is also disappointing in the Far North
nom 7 56
8 00
Nos. 2-0 and 3-0
7 0007 15
Corn goods, 100 lbs.FALL PLOWING.-Rain during the west and in many central districts.
Nos. 4-0 and 5-0
week improved the soil conditions
7 25
White gran
for fall plowing and preparation for winter
$4 500S4 75 Oats goods-Carload,
Yellow gran
western districts, but this work was furthewheat sowing in the Far North4 500 4 75
spot delivery
r delayed in most central and
9 35
Corn flour
northern sections of the country, and
4 250 4 50
also in some Middle Atlantic and coast
distric
ts. The soil was in favorable condit
GRAIN.
ion
from Ohio and West
northe
a.
astward, but elsewhere
Wheatthe Ohio and Middle and UpperVirgini
OatsMississippi valleys, as well as in the in
No. 2 red
Great Plains area, the soil was mostly
$2 37%
No. 1
hard
and
dry
82%
and
No. 1 spring
preparation for sowing winter wheat progre
2 40%
No.
white
2
ssed
slowly
.
81 @82
CornNo. 3 white
80@81
No. 2 yellow
1 71
No. 3 yellow
• 1 70% BarleyRyeNew York, Friday Night, Sept. 12 1919.
Feeding
140
No. 2
A further unsettled condition of industry
1 55%
Malting
136
For other tables usually given here, see
of the country has been reflected in the mark in several parts
page 1053.
THE DRY GOODS TRADE
during the week just closed. A noticeable et for dry good
increase in the
hesitant spirit which has been preva
among traders for
some weeks can be directly attributedlent
to the labor agitation
now rife in New Englad and Pennsylvan
ia. In several inThe Crop Reporting Board of the Burea
u of Statistics of the United stances, establishments about to name new price
States Department of Agriculture estima
s on goods
spondents and agents of the Bureau, tes, from the reports of the corre- have decided to hold off for a time
in the continued hope
as follows:
The condition of corn on Sept. 1 was
of
more
settle
condi
d
80.0,
tions
agains
in
t
81.7
the
on
near
Aug. 1 1918;
future. In second hand
67.4 on Sept. 1 1918, and 73.6 the Sept. 1 ten-ye
ar average. The indicated circles, holders of print
production of corn this year
cloth seem quite nervous and are
2.850,000.000 bushels, compared with
2,582.814.000 bushels harvested is
comi
ng
forwa
in
rd
on
contr
1918,
and
act
3.965,
more
233,00
bushel
rapidly than the market
0
s in 1917.
The condition of spring wheat on
1 was 48.5, contrasted with 53.9 can stand. In quite a few
on Aug. 11910,82.1 on Sept. 1 1918,Sept.
cases bids of one cent under mill
The indicated production of spring and 73.9 the Sept. 1 ten-year average. prices were productive
wheat
of
sales.
this
The
year
208.00
is
mills, however, are in0,000 bushels,
against 358.651,000 bushels in 1918,
clined to stand pat until this liquidatio
and 223.754.000 bushel in
The preliminary estimate
n is completed. A
the yield of winter wheac. this syear1917.
000.000 bushels, contrasted of
is 715,- recovery will probably come
with
558,44
abou
t
9.000
bushel
when
s in 1918, and 412,consumer faces
901,000 bushels in 1917.
the problem of providing household and the
The condition of all wheat on
other staple necesSept. 1 was 673. compared with 69.2 on sities durin
Aug. 1 1919. 80.5 on Sept. 1 1918
g
the
winte
r
mont
hs.
An
impr
and
78.1
the
ovem
dept. 1 ten-year average.
The indicated production of
national finance, thus facilitating exports, shoulent in interagainst 917.100.000 bushels inall wheat this year is 923,000,000 bushels,
d also prove
1918 and 636.655,000 bushels in 1917.
to be a stabilizing influence on the marke
The condition of oats on Sept.
1
last
was 73.0, against 76.5 on Aug. 1
All branches of
1919, 84.4 on Sept. 1 1918 an181
the trade are cognizant of the fact that thet.
.8 the Sept. 1 ten-year average.
For the United States:
wide
profit margin
now existing must be curtailed. A settl
ement of the labor
-Yield Per Acre- unrest is what
the
whole
Total Production
trade
is
waiti
ng
1918.
for,
but this can
1913September
1918.
Dec. 1917. never be brought about if some of the present price
Forecast.
s are to be
December
1913-1917. *1919. Est. Avge• perma
Cropnentl
y
estab
*1919.
lishe
d
and
Estimat
ed.
insis
Average
ted
.
upon
Bush.
by first hands.
Winter wheat
a715,000,000 558,000,000 555,000.000 a14.6 Bush. Bush. Such prices would only
Spring wheat
15.2
tend
16.1
to
produ
ce
furth
er
unrest of labor
208,000,000 359,000,000 236,000,000 9.2
All wheat
16.0 12.9 in the mills, as the radical eleme
923,000,000 917.000.000 791.000,000 12.9
nt would be quick to declare
15.5 15.0 profit
Corn
2,858,000,000 2,583,000,000 2,749,000,000 27.8
s as abnormal. In the export division of
24.0
Oats •
25.6
the dry goods
1,225,000,000 1,538,000,000 1,331.000,000 28.9
Barley
195,000,000 256,000,000 199,000.000 21.9 34.6 32.7 trade, despite reports from exporters of hosiery indicating
26.5 25.8
Rye
a84,600,000
90,200,000
50,000.000 a12.9 14.4 16.0 an optimistic view, general foreign trade dealers are exper
Buckwheat
i17,200,000
17,200,000
14,700,000 20.5 16.5 17.9 encing a sharp slowing up in sever
White potatoes
al quarters. This seems to
349,000,000 400,000,000 366,000,000
87.2 95.0 95.7 be particular
Sweet potatoes
100,000.000
ly
true
86,300,
as
regar
000
ds
69,200
dema
,000
nd
98.1
for
Amer
93.6
94.9
Tobacco, pounds__1,279,000,000 1,340,0
ican goods in
00,000 1,091,000,000 720.9 865.1 808.9 European countries and can
Rice
readily be attributed to the un44,400,000
40,400,000
30,800,000 40.7 36.3 36.7 favorable
Flax
condi
10,200,
tion
of
14,700,
excha
000
nge
rates
.
This
facto
r has been
Hay, all, tons
a102,000,000
90,400,000
hampering the growth of trade for some time
96,900,000
cCotton
11,200,000 c12,000,000 c12,800,00011147 1.27 1.i1
and it is not
59.81159.61175.7 improving any at prese
Sugar beets, tons_ _ _
7,260,000
5,890,0
nt.
One
00
thing
6,040,
seem
000
s evident, how9.17 9.92 10.15
Apples, total
153,000,000
ever, and that is that it is not easy to sell
,000 108,000,000
Apples, coral. hbls.._ 23,100,000 170,000
in any market
24,700,000
Peaches
at present and only houses that have firmlgoods
a50,400,000
34,100,
000
48,800
y
,000
entrenched themKafirs
130,000,000
selves are able to do business without diffic
66,400,000
11.8
ulty.
Co idition
DOMESTIC COTTON GOOD -The more
Acreage 1919
Sept. 1 Sept. 1 Sept. 1 Aug.
important
CTOPfeature of the week in the market S.
19194 19184 10-yr. as. it 1919.1 P. C. of
for
stapl
1918.
Spring wheat
e
cotto
ns was the
Acres.
48.5
82.1
naming of spring gingham prices by sever
73.9
53.9
100.8
All wheat
22,593,
000
67.3
al
princ
80.5
ipal sellers
78.1
69.2
121.0
Corn
71,526,000 in New York. This was undoubtedl
80.0
67.4
73.6
y the most welcome news
81.7
95.8
Oats
102,977,000 the trade has
73.1
84.4
81.8
recei
76.5
ved
for
some
95.4
Barley
time
42,365
and
it
,000
had
69.2
been
awatted
81.5
78.7
73.6
91.9
Rye
8,899,000 during practically the whole month of Augus
t. While it
104.8
Buckwheat
6,576,000 opened the season its
90.2
"SY.3 14-.2
effect
-8-8:2
has
90.9
White potatoes
been
far-r
eachi
840,00
ng.
69.5
0
It
permits
74.5
75.1
75.1
Sweet potatoes
95.1
4,003,000 the fixing of prices on other constructions and, at the
86.0
74.5
82.2
87.1
same
Tobacco
111.0
1,023,0
time,
71.8
00
estab
82.5
lishe
s the percentage of advance considered by
78.9
75.1
Flax
114.5
1,774,000 trade
50.5
the
72.6
73.5
52.7
as necessary on all spring materials. It
Rice
95.5
1,851,0
91.9
00
83.7
is
true
86.2
that the
90.4
Hay,all
98.1
1,091,000 prices were somewhat lower than expec
91.0
ted,
Cotton
but
97.8
the
reduc
tions
69,719,000 are not large
b61.4
b55.75-6-8:4
b67.1
and were in all probability due to the sentiment
Sugar beets
91.3
33,960,000
79.0
86.8
89.5
75.6
Karim
133.3
792.000 in consuming channels. The action of agent
88.0
50.1
72.8
90.4
s in not naming
92.2
* Interpreted from condition reports
5,183,000 top notch price will
s
. a Preliminary estimate. I Yield
no doubt have a stimulating effect in view
Pounds of lint. c Census. it Or
per acre in of
at time of harvest. b Condition
the
popul
of preceding month.
arity of ginghams both in this country and
relates to 25th
abroad. It was shown dur.ng the war that
WEATHER BULLETIN FOR WEE
if prices were high
it
was
K
the
retail
END
er and not the mi 1 that was reaping the
ING SEPTEMBER 9.-The influences of
largest
weath
profit
er
s.
on
The
retail
the crops as
er has wanted ginghams to meet the consummarized in the weather bullet
of Agriculture for the week endinin issued by the Department sumer's demand and has taken advantage of the limited supg S ept. 9 were as follows:
ply. The gray goods division of the mark
CORN.-The dry, warm
et is easier, due to
tricts during the week ripene weather that prevailed in most central dis- nervousness among second hands
d
. Fine goods are steady,
corn
rapidl
y;
too rapidly In Nebraska. Most and
of the crop is out of danger of frost
jobbe
rs are reported as being somewhat short of sheet
is general. The bulk of the crop In extreme northern districts, and cutting
ings
15 In Ohio; from the 15th to the will be safe from frost damage by Sept. due to improper deliveries. Gray goods
20th in Illinois, and 75%
383/
2-inch standards
20th. The lack of rainfall caused
in
are
Iowa
by
listed
the
at
16c.
a deterioration of late
Northern Kentucky, extreme
northern and eastern and corn in much of
WOOLEN GOODS.-The market for woole
Missouri, and In most of Kansa
s, and late corn needed much of Southern
ns and
Atlantic States. Corn is in very
rain in the lower worsteds is calmly awaiting
developments. Among first
condition in Central Missou
northern two-thirds of Illinois, in good
ri, the
Iowa. The weather was favorablepart of the Ohio Valley States, and in hands there is a spirit of caution, although the
gener
for
al tone
Southern States. Silo filling was generaharvesting corn in Texas and other is an optimistic one. An- inter
l in central and
esting item of the week was
Broom-corn made satisfactory progre
northern districts.
harvesting was begun in Southwesternss in the lower Great Plains region: the offering of British worsted yarns in this country.
So
Kansas.
far, there has not been a great deal taken
COTTON.-Temperatures were mostly
seasonable
but the guarantee
belt and rainfall was generally
very light, except forthroughout the cotton of delivery in six weeks is attra
the immediate Gulf coast sections
ctive
modera
,
as
it
te
also
shower
inch:
s
d3s
in
free
northeastern districts.
of cotton during the week varied and
The progress de ivery to the user's point. Recent events have cause
some
being fair to very good in some greatly in different portions of the belt, hesitancy on
ant producing areas,
the part of agents to press goods at higher dprice
• deteriorated or made only poorimport
while
the
s.
crop
advances in others. In
A few dress goods mills are taking on furth
there was no material change report
North Caroli
er business on a
South Carolina it appears to have ed in the condition of the crop, while na
very
secur
in
e
price
level
deteri
orated slightly and there
but it does not seem that much will
siderable shedding. Progress was
was conof moisture and to shedding, but poor in Northern Georgia, due to lack be gained by booking fabrics as long as the resistance
to high
good elsewh
is opening rapidly, and picking and fairly
ginning made goodere in that State; it prices continues and strikes threaten the garment
cations that the bulk of the crop will be
progress, with indi- indus
making
gather
try.
ed
early
lateness. Cotton made poor progress in
notwithstanding its
FOREIGN DRY GOODS.-The most notable
in Tennesee, while the dry and seasonably Florida, but fairly good advance
warm weather was very
feature of
in most sections of Arkansas where very good
beneficial
progre
ss
was reported. The the market this week is the arrival of samples of Swiss linen
week was favorable in Oklahoma and cotton
s.
made good progress
They
are
condition in that State continues variable,
said
to
be
made
but the
of flax grown in Switzerland and
with a good prospect for top crop. The ranging from poor to excellent. those who have viewe
condit
d
them
ion and
state that they are most attracported as very good in the western
ss were reof Texas, but inprogre
only poor to fair advance was made halfthe
the eastern half tive and apparently of high quality. The topic of
discussion
condition there contin
erally poor; insect damage continuedand
amon
ues
g
genlinen
impor
seriou
ters
s
this week is the condition limiting
show less activity. Cotton deteriorated in that State, although weevil
in Louisiana during
produ
ction
abroa
where insects are killing the new fruit.
d.
Dela
y in delivery seems to be likely
the week
in Mississippi. Cotton opened rapidl The crop made only poor advance, on many contracts and
y during the
with the scarcity of flax in Ireland the
gressed northward
Southern North Carolina, week and picking pro- pessimistic view taken
eastern Oklahoma. to
Tennessee, and Southby many traders seems justified.
Interest is spreading in the British aircraft
HARVESTING GRAIN.-Showers in
the far northwestern
linens and they
somewhat delayed the harves
districts cont nue to be well
ting
of
the
late
grain
taken
crops,
but elsewhere the weathe
. Some reports indicate an easing
and also threshing
r was very favorable for the latter
of
progress was made. Shock
the
tensi
work
on
in
burla
and
ps. Light weights are quoted at 14o.
good
thrashing is practically comple
ted in the north- and heavy weigh
ts at 17c.
AGRICULTURAL DEPARTMENT'S
ORT ON
CEREAL CROPS, &c., TO SEPT. 1.-ThREP
Department issued on the 8th inst. its reporte Agricultural
crops for the month of August, as follows: on the cereal
1094
THE CHRONICLE
tafte an Tills gepartment
.......momoymotnoto."
MUNICIPAL BOND SALES IN AUGUST.
We present herewith our detailed list of the municipal
bondissues put out during the month of August, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 999
of the "Chronicle" of Sept. 6. Since then several belated
August returns have been received, changing the total for the
month to $45,546,065. The number of municipalities issuing bonds in August was 371 and the number of separate
issues 478.
AUGUST BOND SALES.
Maturity. Amount. Price.
Rate.
Name.
Page.
$50,000
Minn
Dist.,
School
..Ada
904..
15,000 100.3642
1920-1924
5
600.._Akron, Ohio
30,000 100.885
1920-1929
5
Ohio
600.. Akron,_
17,800 101.270
5
1920-1929
800....Akron, Ohio
11,500 100.492
1920-1925
5
800....Akron. Ohio
28,000 100.19
4X 1920-1926
904....Albion. N Y
65,000 100
5
d1939-1949
796_ _Albuquerque, N. Mex
200,000 100
1939
5
904....Armour, So. Dak
100
80,000
1920-1928
5
Ohio
County,
..Ashtabula
904..
5,000 100.02
999_ _Ashtabula Rural S. D., Ohio 5% 1920-1924
2,500 100
796.. Aurora No. Caro
4,000 101.625
1939
796.._Awensdaw Sch. Dist.,So. Caro.. 6
699_ _Baker County Special Road and
1924-1948 225,000 93.00
Bridge Dist. No. 1, Fla_ __ _ 5
10,000 101.07
5% 1920-1929
699-Ballville Twp. Ohio
4,000
1920-1927
5
699- _Barberton, Ohio
10,000 101.60
1924-1929
5
1000_ _Beech Grove S. D.,Ind
1,500 100
1000_ _Benton County S. D.16,Wash_ 5m, d1922-1929
4,000 100
1929
1000-Benton County S. D.27, Wash. 5
375,000 100
409__Benton Harbor S. D., Mich_ _ _ 434
25,000 100
1920-1924
5
796.. Belmont County, Ohio
45,0001 100
43 1923-1931
796.._Bement Sch. Dist., Ill
1920-1932
80,000!
4
796- _Bement Sch. Dist., Ill
25,000
1929
6
796- _Bend, Ore
263,000 101.026
601- _Bessemer, Mich.(2 issues)_ __ _ 43
9,500 100.280
699- _Bexley Village S. D., Ohio_ --- 53. 1920-1922
84,000
797- _Binghamton, N.Y.(2 issues)._ 4%
y101.615
25,000
1939
699-Black Creek Twp., No. Caro.- 6
33,000 100
1000__Boone County, Ind.(2 issues). 4X 1920-1929
100.529
70,000
d1924-1939
5
(3
lle,
Mo.
issues)
904-Boonvi
35,000 100
797- _Breckenridge, Colo
11,537 101.279
-5-X 1920-1929
601__Brecksville Twp., Ohio
40,000 99.65
1920
414
601- _Bristol County, Mass
75,000 102.13
4X 1920-1944
699__Brockton, Mass
22,000 100.95
1920-1929
4X
Mass
_Brockton,
699_
34,500. 104.246
1926-1940
53
797- _Bryan, Ohio
36 500 100
1944
4
1097__Buffalo, N. Y
70,000
Twp., Okla
699.Burnet
..
25,000 y100
5
69D..Butte, Mont
250,000 100.208
5
1000_ _Caldwell County, No. Caro_
39,000 103.451
1920-1932
699....Calipatria Sch. D st., Calif__ - 6
60,000 101.641
5
699...Camden County. N.J
100
85,000
Tenn
5X
County,
Carroll
699.
2,000
5
1920-1921
699-Carrollton, Ill
38,000 101.478
797._Centerburg, Ohio (2 issues).-- 5X
16,000
1935
5
1000__Centerville, So. Dak
6,000 100
1924-1935
904 ..CenterHill Consol. S. D., Miss. 6
20,000 100.29
1924-1943
5
Dist.,
Calif.__
Sch.
.Centerville
797_
8,800
19204930
5
797_.Champlain, N.Y
102,000 _
1000_ _Chadron,Neb
10020,000
1920-1927
6
Ohio
1000_ Chardon,_
60,000
1949
5
905-ChiPley, Fla
13,400 100
43. 1920-1929
1000_Clark County, Ind
1930-1949 250,000 101.35
5
601__Clarke County, Ga
364,500
699...Clarke Co., Wash.(3 issues)_
5,400 100
d1920-1934
5X
Wash.
36,
No.
D.
S.
Co.
_Clarke
797_
15,000
797__Clarke Co. S. D.No.48, Wash. 5 d1920-1934
1921-1953 700,000
1097....Cleveland Heights VII. S. D.,0. 5
17,000
905.._Clint Sch. Dist., Tex
124,080 100
699_ _ Clinton Co., Ind. (6 issues)_ .... 434
35,000 100
1920-1929
797.._Coalings Un. H. S. D., Calif..- 5
17,700 100
699...Columbia Twp., Ind
143,000
699__Columblana Co., Ohio (3 iss.)- 5
750,000
Tex
County,
_Comanche
699..
24,900 101.33i
534 1920-1929
699_ _Conneaut, Ohio (3 issues)
1920-1945 1,350,000 100.744
1000_ _Contra Costa County, Calif.._ _ 5
101.741
110,000
1939
issues)
(2
534
Miss.
601__Cor nth,
20,000 103.755
5
699__Cresson,Pa
20,000
1939