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financial.
The.
rotude
uniatercia
Bank & Quotation Section
Railway EarninRs Section
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
NO. 2807
SATURDAY, APRIL 12 1919
VOL. 108
The Thronitle
PUBLISHED WEEKLY.
Terms of Subscription-Payable In Advance
Week ending April 5.
Clearings at
1919.
1
1918.
Inc.
orDec. 1
Dec.
1917.
1910.
$
$
% 1
+0.1 487,102,507 355,517,740
34,348,650
43,571,527
---1.0
43,212,812
76,455,725
+26.1
35,957,594
50,387,655
+49.7
17,474,092
22,624,452
+5.1
9,790,000
12,684,000
+1.71
10,765,400
12,982,300
+13.0
8,558,747
10,603,411
+27.71
3,600,000
4,000,000
--10.0
3,961,535
4,800,456
---8.9
3,230,107
4,261,764
---49.3
2,033,947
2,677,740
+12.8
1,506,195
1,862,418
--18.5
1,413,576
1,784,446
+8.6
2,836,050
3,883,237
+4.7
3,727,523
3,748,950
-17.9
800,228
600,000
+30.0
1,444,380
1,443,044
+31.2
3,587,000
6,604,000
+47.8
1,049,727
1,224,131
+13.5
1,187,224
1,127,088
+25.0
898,956
1,186,788
-12.9
917,44
1,044,006
+9.3
746,04
838,418
-3.8
734,355
905,876
+0.8
989,630
750,000
--5.9
333,878
441,415
---9.1
600,000
1,086,316
-7.6
550,0043
525,000
+42.0
447,409
652,848
-15.8
305,000
374,652
--1.1
60,011
46,703
+17.9
519,401,626 518,749,041
Chicago
57,555,423
56,982,255
Cincinnati
80,342,253
101,301,470
Cleveland
53,446,043
80,000,000
Detroit
28,207,403
29,6 1,942
Milwaukee
13,130,000
13,358,000
Indianapolis - 11,380,300
12,864,600
Columbus
9,903,816
12,651,553
Toledo
5,000,000
4,500,000
Peoria
4,912,622
4,477,4411
Grand Rapids__ _
6,612,746
3,355,608
Dayton
3,348,392
3,775,093
Evansville
2,452,573
2,000,000
Springfield. Ill..1,290,618
1,401,529
Terms of Advertising-Per Inch Space
Fort Wayne
3,700,000
3,874,877
4 20 Canton
Transient matter per inch space(14 agate lines)
3,829,439
3,184,494
'22 00 Youngstown __
Two Months
(8 times)
900,000
1,170,000
29 00 Lexington
Three Months (13 times)
Standing Business Cards
1,886,263
2,475,851
50 00 Rockford
Six Months
(26 times)
5,280,000
7,805,000
87 00 Akron
TwelveMonths(52 times)
1,574,905
1,787,574
Quincy
CIUDAD() OFFicg--39 South La Salle Street,Telephone Majestic 7396.
1,312,107
1,840,895
Springfield, 0_
1,148,582
1,000,000
LONDON OFFicK-Edwards & Smith,1 Drapers' Gardens, E. C.
South Bend
1,545,329
1,688,671
Bloomington._ _ _
WILLIAM B. DANA. COMPANY, Publisher*,
1,227,611
1,180,430
Decatur
Front. Pine and Dever/mar Sts., Now York.
1,102,579
1,210,165
Mansfield
850,000
800,000
Danville
COMPANY.
Published every Saturday morning by WILLIAM B. DANA
596,273
542,298
-President and Jacksonville _ -- _
974,445
900,000
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice
Lansing
947,201
Secretary. Addresses of both, Office of the Company.
1,345,999
Lima
1,011,974
851,591
Owensboro
385,000
380,770
Ann Arbor
63,627
75,000
CLEARING HOUSE RETURNS.
Adrian
indicates that the total bank clearfollowing table, made up bytelegraph,
have
to-day
ending
Tot.Mid.West. 877,634,732 824,666,665 +0.5 462,280,933 552,285,462
ings of all the clearing houses of the United States for the week 35,891,660,548 the
been $6,996,607,856. against $7,258,052,847 last week and
60,804,990
84,232,220
91,501,946 +20.7
San Francisco_- 110,514,231
corresponding week last year.
24,887,721
28,353,000
28,577,000 +33.9
Los Angeles
38,275,000
13,444,172
19,906,705
+1.1
Per
31,246,017
31,601,761
Seattle
Clearings-Returns by Telegraph.
12,910,472
15,783,530
20,701,620 +33.7
Cent.
27,679,802
Portland
1918.
1919.
Week ending April 12.
9,002,744
13,467,925
11,924,732 +21.7
14,510,210
Salt Lake City
4,402,499
4,800,000
16.1
+
7,317,650
+32.9 Spokane
8,600,000
$3,338,952,987 $2,511,854,944
Now York
2,149,605
2,381,316
3,674,333 +3.7
+1.2 Tacoma
3,811,766
433,382,831
438,561,031
Chicago
4,365,265
4,868,106
+33.5
5,704,595
7,671,742
+6.9
287,141,804
Oakland
300,956,009
1,927,000
Philadelphia
2,417,809
3,382,286 -2.1
3,310,288
+6.8 Sacramento
215,677,859
230,243,547
Boston
2,759,250
2,451,714
1,799,712 -2.2
1,759,682
173,098,630 -10.2 San Diego
155,447,258
1,002,581
Kansas City
1,283,823
+17.1
1,119,387
-2.3
1,310,778
134,635,446
Pasadena
131,570,020
St. Louis
1,068,992
1,358,584
1,940,563 +16.6
2,263,473
82,029,811
+18.2 Fresno
.97,000,000
igan Francisco
1,744.238
2,102,824
2,225,812 -26.Q
1,626,437
64,805,500 +49.2 Stockton
98,818,138
700,000
Pittsburgh
864,724
960,935 +14.B
1,100,000
45,231,243 +34.9 San Jose
01,039,860
Detroit
530,761
603,745
858,487 +24.4
1,067,981
45,760,158 +24.1 Yakima
56,774,827
Baltimore
455,717
509,128
491,320 +19.1
585,381
-7.1
52,012,459
48,298,553
Reno
New Orleans
747,576
767,820
51.0
1,176,470
+
1,776,034
Long Beach
+22.6
$4,961,662,230 31,045,630,688
Total Pacific.._ 257,310,566 214,628,871 +19.9 186,152,973 142,903,613
Eleven cities, 5 days
+4.3
885,947,983
850,497,693
Other cities, 5 days
74,449,253
Kansas City..__ - 182,079,531 172,307,100 +5.7 130,167,088
27,311,471
+19.4 Minneapolis
$5,817,610,213 $4,896,128,381
27,294,873
34,889,362 d-25.6
43,813,955
_Total all cities, 5 days
21,678,314
1,148,997,613
+15.4 Omaha
33,355,844
995.538.167
58,844,660 --416
58,487,499
All cities, 1 day
13,738,025
13,464,197
18,120,600 --1.1
17,923,625
St.
Paul
7
-(-18
35.891.666.548
$6,998,607,856
11,955,835
17,407,083
---11.0
week
for
21,917,953
cities
nil
19,516,077
TorM
Denver
8,982,930
15,456,746
19,544,007 --16.0
16,424,994
St.
Joseph
estimated.
*Partly
8,304,496
10,437,833
11,754,498 -2.4
11,478,518
covered by the above will be given next Saturday. Des Moines
The full details for the week
4,725,438
6,614,674
+8.1
10,007,676
10,813,699
clearings being made up by the clearing houses Sioux City
We cannot furnish them to-day,in the above the last day of the week
4,372,293
5,790,690
8,599,290 +12.1
9,639,560
in
be
has
to
Wichita
hence
and
at noon on Saturday,
5,206,328
4,426,551
+58.4
3,698,494
5,587,788
Friday
night.
press
Duluth
all cases estimated, as we go to ending April 5 show:
3,158,286
4,487,567
5,308,783 +3.6
6,501,867
Lincoln
Detailed figures for the week
1,630,357
2,425,438
3,193,903 --9.1
2,902,087
Topeka
2,412,954
2,501,508
dh 1.1
2,435,227
2,462,243
Cedar Rapids_ _ _
Week ending April 5.
1,624,952
1,331,1681
2,074,865 +10.8
2,300,000
Fargo
774,746
849,4291
Clearings at
779,447 -5.1
739,204
Colorado Springs
Inc. or
441,814
607,308
+22.6
718,086
880,387
Pueblo
Dec.
1918.
1916.
1917.
1919.
462,973
651,411
1,055,191 ---24.5
797,892
Fremont
2,476,491
2,679,084
18.7
2,642,999
2,148,653
Waterloo
1,723,123
1,966,903
1,891,777 +11.0
2,100,000
Helena
3,439,381,922
+21.3
3,118,874,081
4,170,882,316
3,412,107,329
678,681
979,377
1,000,000 +20.0
New York
1,200,000
412,141,542 390,755,336 +5.5 302,795,551 254,664,979 Billings
858,501
921,940
Philadelphia
1,073,043 +22.7
1,317,115
85,081,181 +49.2
60,740,654 Aberdeen
88,247,724
126,978,299
346,656
Pittsburgh
650,399
714,838 --23.2
548,454
Hastings
+33.6
43,032,967
64,829,620
86,608,492
48,165,522
Baltimore
197,313,915
284,467,111
398,933,148 382,571,799 +4.3
21,520,570
14,996,971
+9.5
Tot.Oth.West_
23,559,938
20,893,187
Buffalo
10,078,313
13,000,000 +31.2
17,058,743
11,590,959
Washington
97,916,201
141,607,972 143,677,114 --1.4 120,487,379
5,709,652 St. Louis
4,992,490 +3.4
5,161,780
4,680,707
Albany
23,327,508
37,804,770
56,990,534 -17.1
47,236,141
7,588,954 New Orleans_ _ _ 8,947,473
+7.3
8,274.430
9,602,414
Rochester
19,415,982
1
18,345,160
--23.2
23,761,970
17,237,148
5,144,042
4,171,400
-18.6
Louisville
4,626,840
4,187,082
Scranton
9,804,063
11,489,116
---6.5
14,000,000
13,084,221
5,530,283 -7.1
4,188,354 Houston
5,730,673
6,139,264
Syracuse
4,466,511
4,448,823
4,500,000 ---8.5
4,116,212
3,009.083
4,330,521
-14.4
Galveston
3,321,087
3,700,120
Reading
15,909,511
22,239,520
+23.6
38,814,603
47,977,967
3,101,783
3,639,359
-2:1.1
Richmond
2,771,832
2,800,000
Wilmington
8,050,524
11,564,772
13,287,965 ---4.8
12,651,043
2,090,738 Fort Worth
2,098,591 +18.3
2,070,069
2,482,507
Wilkes-Barre_ _
16,795,912
24,014,038
42,076,367 +13.8
2,647,560 Atlanta
4,307,447 -17.6
47,892,899
3,935,733
3.553,449
Wheeling
7,857,886
9,554,164
+6.5
15,236,614
16,234,218
2,409,057
3,216,141
Memphis
-8.4
2,612,025
2,947,315
Trenton
4,564,786
5,530,150
7,475,645 --22.2
5,174,353 Savannah
5,815,295
9,331,697 -25.0
7,000,000
6,983,768
Lancaster
7,981,098
8,550,937
14,174,059 +13.4
16,067,645
1,627,080
2,140,838
-7.2
Nashville
1,815,023
1,985,574
York
4,707,813
5,777,917
+5.8
7,670,274
8,114,110
1,517,923
2,367,325
Norfolk
1,638,157
2,143,905
Erie
3,069,892
3,649,185
4,619,188 +124.4
10,364,328
957,700
1,003,400 Birmingham
_909,300
1,059,700
Binghamton ___ _
3,096,389
3,052,717
4,189,161 -4.6
3,995,870
850,000 Chattanooga _ _
888,511
+6.9
950,000
949,590
Greensburg
3,264,995
1,470,174
--24.2
3,718,129
2,818,291
1,182,800 Augusta
1,535,605 -13.4
1,198,262
1,329,258
Chester
3,942,722
3,803,873
5,239,680 +57.2
8,234,137
618,415 JaCksonville
860,843 +.2.5
__
691,749
882,082
Altoona
2,582,050
3,866,208
5,000,000 ---4.0
4,800,000
404,324
425,422
-19.1
Rook
Little
4313,199
344,738
Montclair
2,274,263
2,225,612
6.7
,
3,217,140' -3.002,977
Knoxville
3,129,264
2,714,852
Total Middle_ 4,892,354,118 4,075,283,817 +20.6 3,916,597,622 3,5,19,689,648 Charleston
3,200,000 --2.3
3,000,000
1,229,561
1,323,170
+2.6
1,510,649
1,550,321
317,259,467 295,88'3,757 +7.2 277,025,268 238,057,104 Mobile
3,229,122
6,200,189
Boston
8,896,657 +2.6,
9,125,187
Oklahoma
10,624,100
12,382,700
-21.0
9,779,200
11,263,500
3,423,204
1,547,766
Providence
--10.0,
1,800,000
2,000,000
Macon
8,664,834
8,738,783 +19.4
8,780,047
10,431,594
5,500,000
5,515,672
Hartford
3,713,530 +166.9
9,910,653
4,728,266 Austin
6,288,248 +27.1
4,998,740
6,720,664
227,884
269,507
410,752, ---40.6
New Haven
408,162
4,820,428 Vicksburg
4,044,492 +2.8
4,602,475
4,156,557
563,721
405,761
Springfield
+11.5
493,872
550,569
Jackson
4,612,649
3,672,366 -10.2
3,299,235
4,346,235
2,539,903
9,918,685
+3.91
Worcester
8,338,996
8,662,437
2,200,000 Tulsa
2,300,000 --8.7
2,100,000
2,600,000
1,001,798
1,328,702
+35.8,
Portland
1,904,670
2,586,626
Muskogee
1,716,595
2,710,848 --35.9
1,738,907
2,379,037
7,114,389
17,556,176 +21.5, 11,936,279
Fall River
21,327,596
1,405,537 Dallas
1,535,681 --11.9
1,683,340
1,352,691
1,652,453
Now Bedford- _ _
2,484,275 -2.8
2,413,879
1,045,025 Shreveport
1,176,805 --21.5
923,369
1,165,725
Lowell
04.3
265,193
342,482,072
+3.1
1,126,825
914,163 --13.6
Total Southern 472,585,904 458.158,820
995,113
791,415
Holyoke
853,920
953,714 --28.5
650,000
681,278
7,258,052,847 8,294,945,529 +15.3 5,812,370,8n 4,987,240,959
Bangor
Total all
Outside N. Y.3708737075731 2,855,563,607 +8.1 2,400,263,492 1,868,365,97$
Tot. New Eng.. 359,231,379 339,601,557 +5.8 320,390,110 270,855.283
$10 00
For One Year
6 00
For Six Months
13 00
postage)
(including
Subscription
European
7 50
European Subscription six months (including postage)
22 14s.
Annual Subscription in London (including postage)
11g.
in
21
London
postage)
(including
Subscription
Six Months
$11 50
Canadian Subscription (including postage)
Subscription includes following SupplementsBANK AND QUOTATION(monthly) 1 RAILWAY AND INDUSTRIAL(twice yearly)
RAILWAY EARNINGS(monthly) ELECTRIC RAILWAY(twice yearly)
STATE A.ND CITY (semi.a,nuttally) BANKERS' CONVENTION (yearly)
1436
THE CHRONICLE
[VOL. 108.
ought surely to have made a favorable showing.
THE FINANCIAL SITUATION.
On tne contrary, expenses in 1919 further increased
We would again direct attention to the way in on top of the great increase in 1918—so much so
which railroad operating expenses are increasing, and that the whole of the large gain in gross earnings has
we ask the reader to examine the subject in the been consumed, and more too, leaving actually a
light of the further advances in wages announced further loss in net earnings after the serious falling
by the Director-General of Railroads, under which off in the net in February 1918. In brief, while the
$65,000,000 more will be added to annual pay-rolls gross earnings for the month this year, by reason of
of the roads, the beneficiaries, as on several previous advances in railroad transportation rates, increased
occasions, being the Brotherhood men—engineers, no less than $61,656,597, net earnings actually
firemen and• conductors. The rising cost of opera- fell off $1,191,014.
tions constitutes the most pressing problem facing
Not only that, but the amount of the net earnings
the country to-day, and it is too plain for discus- was the smallest yet reported for any month since
sion that unless a speedy solution is found very the higher rates were put in effect in June of last
serious consequences must follow. We present to- year. Pani passu the ratio of expenses to gross earnday on a subsequent page our compilation of the ings was the highest yet reached, it being 92.13%.
gross and net earnings of these rail-carriers for the In other words, gross earnings of $351,048,747
month of February and review the same in the yielded net earnings (above bare running expenses,.
usual way in an extended article. The results for not including taxes) of only $27,623,406. This is a
this month tell the same dismal and disheartening smaller amount of net even than reported for Janstory as did those for all the months preceding since uary, though allowance of course must be made
the Government, as a war measure, took control of for the fact that February is a short month. It
their affairs. And this, be it remembered, was the must be remembered that these net earnings are all
situation before the further advances in wages just the Government has with which to pay the rental
announced. The step is incomprehensible.
guaranteed the roads out of which the latter must
Each succeeding month since the conclusion of the meet taxes, interest and dividends. The amount
armistice last November, we have been told as dis- of the Government rental averages about $75,appointing results have kept piling up month by 000,000 a month, and consequently, with only $36,month, that the next succeeding month would show 222,169 net available for January, the Government
improvement, and thereafter we would see the ad- had a deficit that month of $38,000,000, and with
vantages of Government control revealed in unmis- only $27,623,406 net for February, it had a deficit
takable fashion, but the improvement counted upon for that month of $47,000,000, making for the two
has failed of realization, and is still a matter of the months combined a loss to the Government of
distant future—to come in the sweet bye and bye. $85,000,000.
The argument in favor of better results has been that
Allowing, however, for the fact that February is a
during 1918 the railroads were working under great short month, and taking the loss for the two months
pressure and at the same time there was a short- at only $75,000,000, this is at the rate of $450,000,000
age of reliable and efficient help, because of the a year. Add now $65,000,000 for the wage increase
conscription of men for the army,necessitating, there- just announced, and the deficit to the Government
fore, much overtime on the part of railroad em- is raised to $515,000,000 per year. In view of all
ployees, which had to be paid for at prodigiously this, the question is certainly pertinent, Where is
high figures. Now, however, with the army being all this to end and how is this increasing deficit to
disbanded and large numbers of employees return- be met? The matter possesses additional importing to civil life, and to their former employment, and ance by reason of the fact that besides the Brotherwith the pressure on the railroads for transportation hood men certain other classes of employees are makrelieved through the elimination of Government ing demands for further increases in wages, and will
needs, the railroads would again be able to operate insist on being taken care of. We wish to reiterate
under normal conditions, overtime at high rates of that in view of the extreme urgency of the situapay would no longer be necessary and operating tion, and the dire consequences threatened, it is the
costs would fall off.
duty of Chambers of Commerce, Boards of Trade,
But for some ;nexplicable reason—as if to con- shippers' organizations, and Merchants' Associafute the Federal authorities—railroad expenses do tions throughout the length and breadth of the land
not fall off. On the contrary, operating costs keep to bestir themselves and take immediate steps to
mounting higher and still higher, and the prospect guard against further extension of the evil. They
is anything but inviting.
ought to insist upon being given opportunity to be
Certainly during February all the conditions were heard whenever wage increases are contemplated.
favorable for the realization of the predictions of They consider it their right to oppose advances in
those identified with the Federal Railroad Ad- transportation rates, but wage increases, granted, as
ministration. As far as weather conditions are they now are with reckless prodigality, make inconcerned,February 1919 was one of the very mildest creases in rates inevitable.
months of which any record can be found. There
were practically no obstructions to the operation
A very bountiful supply of wheat in the United
of the roads in any part of the country. On the States—far beyond the needs of the country with
other hand, February last year was one of the worst the use of the cereal absolutely unrestricted—seems
months of which the records of the Weather Bureau to be reasonably assured according to the official
furnish any evidence. The railroads then suffered interpretation of the winter wheat condition report
from snow blockades, freight congestion and traffic for April 1, issued by the Department of Agriculembargoes under which expenses ran up with frightful ture on Tuesday. Not only is the acreage untier
rapidity. In contract with these extraordinarily the crop much the largest oh record, with
indicaheavy expenses in 1918 expenses the present year tions that abandonment of area due to winter
kill-.
APR. 12 1919.]
THE CHRONICLE
1437
ge, 437,000 acres or 31%. With 837,000,000 the estiing, &c., will be decidedly less than the avera
49,000
improved mated yield for 1919,comparison is with 558,4
but condition, already high on Dec. 1,
01,000
412,9
and
1918
ience. bushels the first estimate for
during the winter contrary to usual exper
1917.
for
ate
February bushels the first estim
The weather bulletin for the month of
frequent
and
e
ratur
tempe
intimated that moderate
That the close of the war in Europe with its
able
favor
ion
situat
a
ced
produ
precipitation had
incountry and consequent readjustments in trade circles and
for winter grains in most sections of the
has
lines
many
in
ment with evitable contraction of operations
as a part of the current report and in agree
tion im- not in any material way as yet caused stress in our
condi
that
the March bulletin, it is noted
t
al occur- mercantile and industrial affairs finds proof in recen
proved during the winter, an unusu
not
are
We
es.
failur
rcial
comme
of
er, and statements
rence, due to the very favorable weath
ng and without evidence that in some lines, particularly
freezi
ate
altern
of
ce
absen
particularly the
to a cotton textiles and the building industry, little or
thawing, thus keeping winter-killing down
no activity has been displayed of late but, notwithminimum.
stand why standing all adverse developments, it is to be noted
In the circumstances it is easy to under
nt outlook that at no time since monthly returns were first
the Department should consider the prese
total only compiled has the number of mercantile insolvencies
to be for a crop of 837,000,000 bushels—a
h
yield of in March been so small as now reported for Marc
80 million bushels under the aggregate
for
d
the
recor
the
rns
conce
as
e,
ermor
Furth
but 1919.
winter and spring wheat combined in 1918 and
the quarter ended March 31, we have to go back to 1881
of
crop
er
bump
the
under
188 million bushels
d, while
of the for as few defaults in any corresponding perio
two varieties in 1916. The probable size
1883
of
er
quart
third
is yet for no three months since the
spring wheat crop of 1919, much of which
le
avorab
is
thisif
Nor
light.
so
of con- has the number been
to be planted, is of course simply a matter
lts.
,defau
of
er
numb
mere
the
to
five showing confined
jecture, but adopting the average yield of the
for the
ate, On the contrary, the aggregate of liabilities
estim
an
as
els)
,bush
years 1914-18 (260,000,000
over a
in
d
perio
the
for
than
less
lly
actua
is
er
of quart
would give a total wheat production for the year
busiof
e
s of decade, notwithstanding the greater volum
1,097 million bushels, or 180 millions in exces
of
umber
thein
that
d. ness now done. We note, too,
1918 and 72 millions greater than the 1916 recor
ed
(class
000
$100,
s
of
exces
is insolvencies for amounts in
In some well-informed quarters, moreover, there
as large failures) for the three months was fewer
esti's
nment
an inclination to look upon the Gover
er
actual than in any recent year and covered a much small
mate of 837 million bushels as below the
.
debts
on- volume of
promise, it being based upon an average aband
Messrs. R. G. Dun & Co.'s statement of failures,
in
ge
dama
that
ed
believ
is
it
ment of area, whereas
which furnishes the basis for our deductions and
that way has been much below average.
March
ct conclusions, indicates that for the month of
We cannot pass from this phase of the subje
ing
cover
629,
only
was
1919 the number of insolvents
without brief reference to what this immense crop,
$17,for
1,142
st
again
1
indebtedness of $13,595,47
if realized, will mean to the farmer. Picture the
672,331 in 1918 and 1,232 for $17,406,096 in 1917.
the
at
marketing of 837,000,000 bushels of wheat
now
In 1915 the number was over three times that
guaranteed average price of $2 26. On that basis
ted.
repor
farmers will receive for winter wheat alone no less
For the first quarter of 1919 the total of insolvent
g product
sprin
the
d
shoul
and
,000
1,620
$1,89
than
ional indebtedness reported is but $35,821,052 distributed
reach 260,000,000 bushels will get an addit
among 1,904 defaults, this comparing with $49,780,$587,600,000, giving a grand total of $2,479,220,000.
300 and 3,300 a year ago, $52,307,099 and 3,937 in
How much of this amount the Government will have.
these
price is, of 1917 and $105,703,335 and 7,216 in 1915—
to assume to maintain the guaranteed
the
for
d
recor
on
able
favor
least
the
last totals
course, wholly a matter of conjecture.
d,
perio
er,
ber period. For the longer, as for the short
d
The report on winter wheat issue last Decem
t,
exhibi
'
actory
in the fall of trading failures make the most satisf
showed a planting 15.9% larger than
on
est
small
the
a both number and amount being
,
517, giving a total area of 49,027,000 acres and
record. The liabilities show a contraction from
tion
n
Condi
high record by about 6% millio acres.
g
$19,263,903 in 1918 to $12,393,411 in 1919. Amon
at that time, at 98.5, was the highest on record for
est
small
the
is
ts
defaul
of
er
numb
manufacturers the
the date and 10.3 points above the ten-year average.
the opening quarter of any year back to 1899.
for
than
red
grain
better
winte
the
d,
As already state
The aggregate of liabilities at $15,239,195 compares
usual and in consequence condition on April 1 in the
with $18,988,718 last year and is the smallest for
country as a whole is given as 99.8, or almost abthe period since 1907. In the group embracing
solutely perfect and comparing with 78.6 a year
agents, brokers, &c., indebtedness of $8,188,446
ago, 63.4 in 1917 and a ten-year average of 82.3
t
all contrasts with $11,527,679 last year and an almos
The comparatively uniform high condition in
s
nsion
suspe
ng
Banki
1917.
in
identical amount
the leading producing States is, furthermore, a
in
than
ous
numer
more
much
were
er
for the quart
feature of the report, the range being from 97 in
d
either of the three preceding years and represente
is
s
Kansa
in
Ohio.
tion
in
Condi
104
to
Nebraska
rison
compa
the
1918,
a much larger amount than in
given as 101, against 67; Missouri 103, against 92;
being between $5,068,000 and $2,325,000. A single
st
Nebraska 97, against 75; Oklahoma 100, again
suspension in Pennsylvania covers $2,000,000 of the
63; Illinois 101, against 88; Indiana 100, against
total and all but a very small portion of the remainder
94; Ohio 104, against 80 and Texas 101, against 40.
is accounted for in Oklahoma, Texas and Minnesota.
As already stated the indications are that the May
each
of Aside from the above the suspensions were one
1 report will show a much smaller abandonment
n
Orego
in Maryland, Iowa, Utah, Washington and
area on account of winter-killing than usual. Last
for small amounts.
year that item was 5,778,000 acres, or 13.7% of the
12,planting and in 1917 it reached no less than
1438
ME CHRONICLE
[VoL. 108.
The Dominion of Canada is well in line with to have
the transport George Washington made
the United States in presenting a very favorable ready
for sailing to Brest on Thursday or Friday
solvency situation. The marked improvement noted of this
week instead of next Monday.
heretofore in 1919 continued in March and, conseAt once this announcement was taken as conclusive
quently, the result for the three months ended confir
mation of the idea that the Chief Executive of
March 31 was exceedingly satisfactory, the number the
United States fully intended to make good his
of failures being the smallest in about a quarter of report
ed threat of last week to return home soon if
a century and the amount involved the lightest the
other three members of the Council of Four did
since 1912. Specifically, the disasters numbered not
come to an agreement speedily upon a peace
only 217 for $4,769,637 against 288 for $5,137,042 treaty
based upon the now famous fourteen points,
a year earlier, 370 for $5,921,327 in 1917 and no less which
he had enunciated before setting sail for Paris
than 798 for $15,636,915 in 1915. In the manu- the
first time. As the days went by no official statefacturing division, due to stress in Quebec, the ment
was forthcoming explanatory of the proposed
volume of debts was but little under 1918 and earlier
sailing of the George Washington. A memlarger than in either 1917 or 1916, but among traders
ber of the American delegation was quoted as saying
a situation better than at any time since 1907 is
on Wednesday, however, that "it is not a bad idea
revealed and the indebtedness of agents, brokers,
to have the ship at Brest ready for the return."
dm., covers a very small amount. Defaults were
While it was natural that the President's orders
less numerous in all Provinces in the East, except
relative to its sailing should have been regarded in
Newfoundland and New Brunswick, where insolsome circles as a "bluff" to bring the other Peace
vencies as a rule cut little or no figure, but in the
Commissioners into line, the suggestion came from
West, Manitoba alone showed a smaller number.
seemingly authoritative sources that such an interExpansion in liabilities is to be noted in seven out of
pretation was not and could not be justified. The
ten Provinces and especially so in Quebec, British
opinion was even expressed that the President "would
Columbia and New Brunswick. This, however,
not dare, could not dare, to withdraw from the Peace
was more than offset by a heavy reduction in OnConference," and contrariwise, that he had placed
tario. There were no banking suspensions in the himsel
f in a position where, "as a matter of pride,
Dominion in the first quarter of 1919 and the
same he would be obliged to leave France if a settlement
is true of the like period of all years back to 1911,
were not assured within the brief period that the
when there was one for $549,830.
George Washington would take to make the voyage."
It was further suggested that "he could not afford to
Of the making of rumors relative to what the leave
the impression that he had tried a, supreme
Council of Four was doing or was not doing, or
to 'bluff' and that it had been called."
what it might do or might not do in the immediate
In the more conservative circles only two interprefuture, and even as to the possibility of the Peace
tations were given to the George Washington inciConference breaking up within a short time withou
t dent. One was that if the peace treaty were to be
having accomplished anything definite, there was
ready by Easter Sunday, April 20, as Lloyd George
practically no end during the early part of the week.
had predicted in an interview last Sunday with
At the close of last week a fresh element of uncerStephane Lauzanne, editor of "Le Matin," there was
tainty was thrown into the situation, already none
no reason why President Wilson should not make
too certain or well defined, by the illness of Presid
ent preparations to return to the United States at about
Wilson. Happily the cold, which was characterize
d that time and leave the European Peace Commisas "severe" in a statement given out at the Paris
sioners and the other members of the American dele"White House" last Friday, did not develop into
gation to work out the details. The other interpreinfluenza, as was at first feared. The President's
tation was that the President felt that he had done
physician insisted, however, upon complete rest
for all in his power to bring about an agreement and
his patient and required him to stay in bed
until that it would be useless longer to "go over old ground
Tuesday, although he permitted him to confer that
in an effort to restore harmony." In fact, he is said
afternoon in his room with Premiers Lloyd George
, to have informed the other members of the Council
Clemenceau and Orlando. The fact that the British
of Four that "his position on every disputed question
Premier was also confined to his bed with a cold
was too well known to need further explanation or
and chill during the very days in which Presid
ent interpretation." From a source said to be close and
Wilson's indisposition was at its height, obviously
friendly to the President came the intimation that
made it impossible for the "Big Four," which
had "he felt it was beneath the dignity of the President
been reduced to two members, to accomplish much
of the United States and his fellow-commissioners to
for several days, although during the early part
of be longer subjected to what they regarded as a lack
President Wilson's enforced absence from its session
s, of consideration in their disinterested efforts to bring
Colonel E. M. House sat as his representative.
a peace that would be lasting."
In view of these facts and the still greater secrec
y
that was being maintained regarding what
was
In the absence of anything official relative to the
actually being done by the Council of Four, it
was actual feeling of the President toward the other
not at all strange that the newspaper corres
pond- members of the Council of Four,and as to the prosents should have drawn upon their imagination to
a pects of an early peace, it is idle to speculate further
greater extent than previously, in order to comply regard
ing the well-nigh numberless rumors that
with the requests of their editors for several thousa
nd were in circulation constantly from last Saturday
words daily on the Peace Conference. Perhaps they
until Wednesday night. It is worth noting, howwould have experienced greater difficulty in the
ever, before dismissing the question of rumors that
performance of this task if President Wilson had not
just at the time when the newspaper correspondents
set every one guessing still harder by letting
it be were insisting that the Peace Conference "crisis"
known on Monday that he had cabled directi
ons was at its height, there was a notable degree of
APR. 121919.1
THE CHRONICLE
1439
4
optimism in both London and Paris as to a satis- ica is," he added, "there France will be also." It
factory outcome of the deliberations. To what has not been stated with any degree of authority
either that President Wilson made concessions of
extent this feeling was born of desire did not appear.
vital moment. On Wednesday, before the imfair-minded
a
in
analyze
to
Hay-it* endeavored
portant session of the Council of Four had been held,
dispatches
foreign
the
up
made
that
rumors
way the
during the period indicated, it may be permissible at which such notable progress was reported to have
to venture an opinion as to what the real situation been made with respect to several of the most vital
was. Apparently it may be outlined about as questions at issue, the Italian delegates seemingly
follows: In all the deliberations of the Peace Confer- were thoroughly dissatisfied. One of them was
ence Lloyd George had felt keenly the necessity of quoted as saying,"Why stay in Paris at all; we have
ever bearing in mind his pre-election promises to nothing to gain here and everything to lose." Acsecure for Great Britain every farthing of indemnity cording to Thursday's accounts of what occurred
from Germany possible, and also to do his utmost to at the session of the day before, Premier Orlando
terminate conscription and secure severe punishment and his associates receded somewhat from the deterfor the Kaiser. By way of confirmation attention mined position they had steadfastedly maintained
need only to be called to the telegram that he sent on with respect to Fiume.
Wednesday in reply to a demand from 200 members
Now for what is said to have been accomplished
of Parliament that he stand by his election pledges.
Wednesday. Thursday morning it was more
he
and
on
his
colleagues
that
declared
he
In his message
intended "to stand firmly by all the pledges which definitely reported than ever before that an agreewe gave our constituencies." Premier Clemenceau ment had practically been reached on the following
had never been able for a moment to forget that highly important questions, over which there had
France also demanded that he stand for the last been so much futile discussion: Responsibility for the
franc of indemnity that could be collected from the war, reparation, control of the Saar Valley, Dapzig
enemy nations, and that he do all in his power to and Fiume. While there appeared to be not a single
secure cession of territory and control of boundaries dissenting opinion on the charge that the former
that would recompense in part at least, for the lands Kaiser was chiefly responsible for bringing on the
and other properties devastated, and assure safety awful conflict, it would seem that some difference
from future attacks. Premier Orlando had never of opinion existed as to the form of punishment to be
been permitted by his people to lose sight of their inflicted. In the early stages of the Peace Coninsistence upon the award of Fiume to Italy, instead ference, and even before it came together originally,
of to the Jugo-Slavs. Finally, President Wilson the most general suggestion was a trial before an
apparently was wholly unwilling to consider a peace international military tribunal. The French and
agreement that did not have as its foundation his English commissioners are believed to have stood
14 points and the armistice terms. The sagacity firmly for capital punishment. It will be recalled
of a diplomat or a Peace Commissioner is not re- that one of the slogans in Lloyd George's campaign
quired to perceive that, with a strict adherence to was "Hang the Kaiser." Secretary of State Lansing,
these ideas and demands, an agreement was practi- who prior to accepting a portfolio in President Wilcally impossible. In the previous weeks and months son's Cabinet, made a specialty of international law,
even, there had been no end of discussion, and per- and who apparently is regarded as the leading interhaps not a little shrewd diplomatic bargaining. national lawyer at the Peace Conference, is said to
During the first two or three days of this week have held that what was done in the name of Wilseemingly a point had been reached beyond which helm "was sustained by his own people, and that for
there could be no progress, without yielding to some that reason he could not be held legally culpable."
extent on part of the three Prime Ministers, if not of According to Thursday morning's reports,the Council
of Four decided that he should be tried by one of the
President Wilson.
Allied Governments, probably Belgium. A Paris
the
sick
of
two
members
the
of
return
With the
Council of Four to its regular sessions on Wednesday, dispatch yesterday morning stated positively that
and with a full realization on their part that "talking the Council's decision called for a trial before "an
could not go on forever," to quote an American international high tribunal specially constituted for
delegate, but that something real and big must be the purpose."
done, or the Peace Conference would fail (which,
In recent weeks there have been many and widely
of course, was unthinkable) distinct progress appears
estimates as to what indemnity the enemy
be
divergent
should
How
much
credit
made.
been
have
to
given to President Wilson's third and latest threat nations should be made to pay. A week ago it was
may be safely left to the imagination. According to definitely reported in Paris that the French Peace
all accounts,it is still a matter of wide conjecture in Commissioners had agreed to a proposal that the
Peace Conference circles. On just what points, total amount should be fixed at $50,000,000,000,
if any, Lloyd George yielded has not come clearly and that the enemy would have between 26 and 30
to light. To what extent Premier Clemenceau years in which to pay it. Moreover, the French
stepped aside from the deterniined position that he authorities were said to have agreed to these terms
had maintained has not been recorded in any author- on the condition that $5,000,000,000 should be paid
itative way. What actually happened at Wednes- in cash. On Thursday came an unofficial, but rather
day's session of the Council of Four, so far as the definite, announcement that made these terms appear
French Prime Minister was concerned, may easily approximately correct. It was said that the Council
have been well stated by one of his countrymen of Four had agreed that "the enemy countries must
said to be close to the Government, when he declared admit responsibility for all loss and damage to Allied
that France would continue to press her demands "to and associated nations and their citizens caused by
the point of getting all we can, but not to the point unjustifiable aggression." Recognizing the inability
of breaking up the Conference." "Wherever Amer- of the enemy countries to pay all these claims,fan
1440
THE CHRONICLE
Inter-Allied Commission is to be appointed to assess
the remaining damage, on a just basis, for 30 years,
beginning May 1 1921, after an initial payment of
$5,000,000,000 shall have been made during 1919
and 1920. Furthermore, it was stated that the
reparation terms provide that Germany shall pay
the entire cost of the new commission during the
30 years of its existence. The payment of the first
installment of the $5,000,000,000 cash is to be credited against Germany's obligations to pay for the
maintenance of the army of occupation, while the
second installment is to be credited for food supplies
furnished to her people.
The decision said to have been reached regarding
the Saar Valley "leaves sovereignty over it unchanged, but accords to France, free of duty, sufficient coal for the Lorraine mining industry, and to
replace the product of the Mines destroyed in the
Lens mining district." According to the announcement the Germans will be given an opportunity to
restore the Lens mines and thus relieve the Saar
Valley of that charge. Yesterday definite statements
came from Paris to the effect that the League of
Nations will exercise general supervision of the valley
for fifteen years. At the end of that period it is said
that a plebiscite will be taken to determine the
wishes of the inhabitants regarding the future form
of government.
As nearly as can be made out from the various reports, both Danzig and Fiume are to be internationalized. As to the former, the terms stipulate that
customs receipts are to be given to the Poles, although
the city will remain under German sovereignty.
Details of the agreement with respect to Fiume have
not been definitely reported. It was claimed in a
Paris dispatch Thursday evening that the Italian
delegation to the Peace Conference was disposed to
accept internationalization, in spite of its repeated
threats to go home if Fiume were not given to Italy
outright. On the other hand, several of the leading
newspapers of Rome were reported as being strongly
opposed to making Fiume a free city.
Very little was said during the early part of the
week relative to the League of Nations. On Monday,
however, several members of the Commission appointed to draft the covenant were reported to have
suggested that the initial meeting of the League be
held in Washington in October. The statement was
reiterated in Paris last night that Geneva had been
chosen as the seat of the League of Nations. Practically the only reference to the Monroe Docrtine, until
yesterday, was a rather definite rumor the day before
that Lloyd George, and not the Japanese delegation,
as previously reported, objected to the incorporation
in the covenant of the League of the reservation as to
the Monroe Doctrine, said to have been prepared
by President Wilson. Yesterday announcement was
made in Paris that on Thursday evening the Commission on the League of Nations had adopted "a
new section specifically providing that the Monroe
Doctrine is not to be affected by the provisions of
the covenant." This modification, it was stated,
was prepared by Colonel House. Coupled with this
announcement, by the way, was an expression of the
expectation that the Japanese amendment relative to
racial equality would be brought up again at last
night's session. According to a cablegram received
[VoL. 108.
at the White House in Washington yesterday more
progress was made on the peace treaty on Wednesday
and Thursday than during the last two weeks.
So long as the Peace Conference is in session undoubtedly estimates of the aggregate cost of the war
to all nations, and also of what individual powers
expended and lost, will continue to appear. Edgar
Crammond,a British authority, has placed the entire
amount at $260,000,000,000. Attention has been
called several times in recent issues of the "Chronicle" to France's urgent need of money and to her
efforts to secure it from any and every source possible.
Premier Clemenceau on Wednesday, in supporting
his demands for a large cash indemnity from the
enemy country, is said to have called attention to
France's huge debt of $40,000,000,000, and to have
pointed out that these figures mean that every man,
woman and child in his country is burdened with a
debt of $1,000. In an effort to make the financial
position of France more realistic, it was calculated
that every child born would be burdened with a debt
on which the annual interest charge would be at
least $55. The last census taken in France is said
to have shown 13,000,000 money-producing males.
Dividing the $40,000,000,000 debt among this
number would give an average share of more than
$3,000 to each. According to Professor Henri
Truchy, a well-known economist of Sorbonne
University, $40,000,000 a year would be all that
France could be expected to raise toward the liquidation of her national debt. To pay the full amount
at this rate would, of course, require 100 years.
The professor, in reply to the report that "certain
peace delegates" were not in favor of placing a heavy
debt on future generations in Germany, was quoted
as saying: "Is it fair to force future generations of
French people to pay the debts of the war begun
by the Germans, when the Germans themselves are
exempted ?" Before passing on from this brief outline of the financial condition of France reference
should be made to the announcement on Wednesday
that Premier Clemenceau, commonly referred to during the war and since as the "Old Tiger," had recommended to President Poincare the commutation of the
sentence of Emil Cottin, who made a dastardly attack
upon the life of the venerable Premier, some weeks
ago, to ten years in prison, and that the President
had acted affirmatively. H.Wickham Steed,editor of
the"London Times," declared after an interview with
Premier Clemenceau a few days ago, that he found
"no trace of any lack of vitality nor sign of failing."
At Thursday's session of the Senate a resolution
was adopted in which the hope was expressed that
"full restitution will be exacted from the enemy,
together with reparation for damage caused to persons and property, and that the full cost of the war
be imposed upon those responsible for the greatest
crime in history."
In England economic and labor conditions appear
to be gratifyingly quiet. The Joint Employers' and
Employees' Commission, that was appointed some
weeks ago to consider the conditions of unrest in
Great Britain, rendered a report last Saturday, which
was adopted unanimously by 500 representatives
of capital and labor at a conference held in London.
Prominent among the terms stipulated are the establishment of a National Industrial Council of the
Government; the undertaking to secure definite
APR. 12 1919.]
THE CHRONICLE
1441
I.
legislation on such matters as wages, hours and
unemployment, and the recognition of trades unions.
The conference voted, however, that before it went
further the Government should accept the report.
Arthur Henderson, Chairman of the Labor side of
the Joint Committee, strongly urged such action.
Before adjournment was taken general satisfaction
was expressed over the results obtained, and the
belief was also voiced that, if the British Government
accepted the report, industrial conditions throughout
Great Britain would be greatly modified,as the principle of collective bargaining would be sanctioned bylaw.
Politically Lloyd George was the storm centre.
Perhaps in the hope of offsetting the attack upon
him by the Northcliffe papers, which charged that
he was not doing all in his power in behalf of his
own country, and in addition was deserting France,
the British Premier gave two interviews to prominent
French newspapers, that attracted much attention,
both in England and in France. In the first, which
appeared a week ago, in the "Petit Parisien," he
declared that dissensions did not exist between
French and British Peace Commissioners, and that
he was not an "obstinate opponent" to the guarantees asked by France against renewed attacks by
Germany. The second interview was given to
Stephane Lauzanne, editor of "Le Matin," a few
days later. Lloyd George reiterated his previous
statement that there were "no divergencies between
the negotiators." Furthermore, he expressed the
belief that the treaty would be ready by Easter and
that the Germans would be asked to come to sign it
by the end of April, or the 1st of May. He appeared.
to be greatly disturbed over the circulation of false
rumors as to what was being done at the Peace Conference. In closing his interview he said: "Let
public opinion wait a few days. It will then be able
to pass upon facts and not rumors."
In an interview in the "Petit Journal," yesterday,
the Premier's private secretary was quoted as saying that the Peace Conference had "reached an
agreement on all questions concerning peace with
Germany—reparation, indemnities and the frontiers
of the Rhine and Poland." It was reported in Paris
last evening that Lloyd George would leave Paris
for London Monday, where he is expected to deliver
an important address before Parliament the following day in defense of his Peace Conference policies.
As might have been expected, the London market
for securities displayed a better tone, upon the
publication of definite reports from Paris that
genuine progress was being made at the Peace Conference. Renewed activity characterized the trading
in speculative issues, while most investment securities were firmly held. The strength of the War
Loan was attributed chiefly to the fact that the
price includes a half year's interest, which will come
off on Apr. 25. In some financial circles it was
suggested that present market conditions favored
the floating of a large loan by the Government.
Those close to the Government leaders expressed the
belief that Chancellor of the Exchqeuer Austen
Chamberlain, would postpone such financing until
after he presents his budget toward the end of the
current month. It was further suggested that he
might wish to wait until it was possible to get something like a definite idea of what indemnity funds
were likely to be received from Germany, and when,
and in what form, payment would be made. New
capital issues continue to be well absorbed.
After all these weeks, and in some cases months,
of disorder and virtual anarchy in the countries of
Eastern and Southeastern Europe, it is impossible
yet to detect any signs of real improvement, particularly in the spirit and attitude of the people.
The Bolshevist spirit still prevails, and so far nothing
has been done to even check it to any great extent.
It is to be gravely doubted that the mere signing of
a peace treaty and an attempt to put its terms into
effect will make the difference in the minds and
hearts of the masses, that is so earnestly desired:and
sought for by all peace-loving and law-abiding citizens the world over. At the very beginning of the
week a definite report was sent out from Geneva
that the German Spartacides and the Russian
Bolsheviki, early this year entered into a formal
secret treaty, which it was declared was concluded
by Karl Liebknecht, Spartacan leader, and Karl
Radek, plenipotentiary in Germany of the Russian
Soviet Republic. By the terms of this treaty,
Premier Lenine was to undertake,among other things,
to recognize Liebknecht as President of the German
Soviet Republic; to furnish funds for the Spartacide
propaganda work in Germany, and to take Russian
troops across the German border in order to give
assistance to the So jet party in Berlin and other
important centres. Soon after the signing of the
Unusual interest is now being attached to the treaty Liebknecht and Rosa Luxemburg, in whose
monthly statements of the British Board of Trade. house the document was signed, were murdered and
That for March, made public on Wednesday, dis- the scheme held up for the time being. Taken with
closed total imports into the United Kingdom of developments in the intervening months, and even
£105,672,000, against £107,235,460 in the correspond- during the week just closing, this incident shows how
ing month of 1918, a decrease of £1,563,000. Ex- closely the Russian Bolshevist and German Sparports totaled £53,107,000, compared with £36,- tacides are endeavoring to co-operate.
002,351 last year, an increase of £17,105,000. These
figures resulted in an excess of imports for March
In Germany the opinion was still expressed that
this
year
of
of £52,565,000, whereas in the cor- the spread of Bolshevism was due more to the lack
responding month of 1918, the amount was £71,- of food, and of raw materials for manufacturing, and
233,145. For the first three months of 1919 the to a lack of employment, than anything else. Little
excess of imports reached £199,900,000, contrasted was said about the arrival of further food shipments
with £188,580,274 in 1918. Taking imports and from Entente and American ports. Apparently
exports together, the total trade of the United King- they were coming in rather slowly. Several days ago
dom for March showed a gain over the same month announcement was made in Berlin of the arrival of
of the year before of £15,541,225, while from Jan. 1 the first consignment of American flour, amounting
to Mar. 31, the gain over the first three months of to 3,000 hundred •weight, and which was characterized as "extra fine." As to the food question,
last year was £72,507,264.
it was rumored in Paris on Tuesday that the German
1442
TJ1E CHRONICLE
[VOL. 108.
financial experts, at a conference a few days before,
One of the latest strikes in Berlin of which any
had demanded more food, but had announced that knowledge has been received was that of the emit would be impossible to continue payments in gold. ployees of all the banks, exceptthose of the HandelsIn order to strenthen the gold reserve of Germany, gesellschaft. Yesterday dispatches from that centre
these representatives were said to have suggested stated that, on account of the strike, it had been
the floating of large loans in neutral countries. As necessary to close most of the banks. The chief
to unemployment being a prime factor in the dis- point of difference between the men and their
orderly conditions in Germany, the statement was employers was over a demand that the bank managers
reported to have been made at the first "National enter into negotiations with the National Minister
Congress of Unemployed" ever held in that country, of Labor to fix a definite wage schedule and to deteror perhaps in any other, that between 3,500,000 and mine other questions regarded as important. Munich
4,000,000 people were out of employment in Ger- appeared to be the principal hotbed of Bolshevism
many.
in Germany this week. Among the many plans
The situation in Berlin was particularly bad. Last said to be under consideration by the new GovernSaturday advices from that centre stated that the ment is one to seize all of the private fortunes above
Spartacans were planning a concentric attack on the 10,000 marks, and another to nationalize the newsTiergarten and the fashionable west end section of the papers.. Near the close of the week it was definitely
city between Monday and Wednesday of this week, reported that the city was under martial law and that
with a special view to raiding the homes of the rich. order prevailed. The rumor that Bela Kun, HunA general strike in the city was also threatened. At garian Foreign Minister, had been slain has not been
the same time a similar movement was developing verified. The mission of General Smuts to Budaat the Krupp works, while the men out of employ- pest appears to have not only failed, but to have
ment in the Ruhr mining district were said to have caused considerable trouble in Paris, inasmuch as
increased from 58,000 to 110,000, after apparently the Hungarian Foreign Minister is said to have
order had been pretty well restored last week. Gus- represented to his people that the General came with
tav Noske,seemingly, is the strong man of Germany. full power to sign new armistice terms and that,
In recent weeks he has put down two serious uprisings moreover, he favored the new Hungarian Governin Berlin. Last Sunday, in the course of an inter- ment. A dispatch from Budapest yesterday afterview, he declared that the Soldiers' and Working- noon stated that the election in Hungary for the
men's Council would not be able to proclaim a Soviet creation of Soviet Councils passed off quietly, under
government in Berlin two days later, as it had the coercion of the Red Army.
claimed it would do. It was reported that he had
Interesting figures relative to the financial con30,000 seasoned troops at the gates of Berlin to put dition of Germany were presented to the National
down the general strike that was being planned, or Assembly this week by Minister of Finance Schiffer
any other disturbance that might develop. Yester- in his budget for 1919. He set forth that on Jan. 31
day came the definite statement from Berlin that the last Treasury bills amounted to 58,300,000,000 marks
strike did not materialize, and that, with machine and that the expenditures for the army and navy had
guns at the important points, and with many streets fallen from 3,500,000,000 marks in January to 2,000,closed to traffic, Noske had the situation fully in 000,000 marks in March. The Minister stated that
hand. Discussing conditions in his country, this the budget balanced roughly at 13,000,000,000 marks,
leader declared that the suffering and privation of the an addition of 5,700,000,000 marks compared with
German people during the war and since had "de- last year, and added that the deficit would not be less
pleted them in mind and body and undermined their than 7,500,000,000 marks. He urged that every
ordinarily sensible attitude." He again urged the legitimate measure possible should be taken to check
rapid sending in of food, raw materials, and prepara- the flow of capital to other countries; he estimated
tion for a prompt return to work.
the total yield of taxation at 7,000,000,000 marks
and urged a continuance of indirect as well as direct
There were further expressions of opinion both in taxation.
Paris and Berlin that the Ebert Government would
not last much longer. Yesterday the suggestion was
The situation in North Russia continued bad and
made in Paris dispatches that in order to save itself even critical from the Allied point of view. Yesterthis Government would sign most any peace agree- day a statement made public by the State Department that might be submitted by the Entente Powers ment in Washington confirmed the reports that had
and the United States. On the other hand Foreign been in circulation for several days that American
Minister Brockdorff-Rantzau, in an address before troops in that part of the country had revolted,
the National Assembly at Weimar on Thursday, a declaring that as America is no longer at war they
synopsis of which did not come to hand until last would not fight. Wednesday night the first transevening, is reported to have threatened that Ger- port carrying the British relief force for the Archmany would not sign a peace treaty which did not angel district sailed from Tilbury, England. It is
square with the terms of the armistice and Presi- made up of veteran officers and men who fought in
dent Wilson's fourteen points. The same day ad- various theatres of the war. The reports as to the
vices from Berlin stated that the Ebert Government, number of the Bolshevist forces in northern Russia
in coalition with the Socialist-Democratic Govern- varied all the way from 17,500 to 600,000. Yesterment, would stand by the Majority Socialists in Ba- day London received wireless advices from Moscow
varia and Premier Hoffman, giving both moral and stating that the Bolsheviki forces claimed the capmaterial support. It was said, furthermore, that the ture of the entire Allied camp. On Tuesday Paris
Ebert Government was determined to fight not only heard a report from Kiev that Ukranian Soviet
for its own existence, but also to stop the onmarching troops had captured Odessa. Nothing has come to
of Bolshevism and the plans of the Spartacans for a hand to discredit the report and apparently it is
Soviet government in republican Germany.
believed in Paris and other European centres.
APR. 12 1919.]
While many of the rumors that have been published regarding the intentions and plans of the
Bolsheviki may be regarded by casual observers as
idle boasts of an irresponsible and fanatical leader of
an equally irresponsible people, there are good and
sufficient reasons for believing that the political situation in Eastern and Southeastern Europe should
receive the most careful attention of the leaders of
the Entente Powers and of the United States. Yesterday's Paris dispatches intimated that President
Wilson was leaning more and more toward the suggestion that the Russian Bolshevists be given formal
recognition. The proposal reported to have been
made by Lenine to William C. Bullitt and Lincoln
Steffens is said to call for permission for his Government to purchase food with the gold in its possession,
in return for which the Bolsheviki would cancel their
repudiation of the Russian debts and cease their
propaganda and military operations outside of Russia. Herbert Hoover is reported to have asked
Fridtjof Nansen, head of the Norwegian Food Mission, to act as chief of an international neutral commission to investigate the possibility of feeding
Russia on the conditions named by Lenine. According to the report, it is estimated that $50,000,000
monthly would be necessary to carry out the plan.
British revenue returns for the first five days of
the new fiscal year (April 1.to 5) indicate a deficit
in the Exchequer balance of no less than £5,824,000,
thus reducing it to £6,975,000, against £12,799,000,
the amount previously held. Expenditures for this
five-day period were £56,082,000, while the total
outflow, including repayments of Treasury bills and
other items, amounted to £155,574,000. Civil
contingencies paid were £11,000,000. Receipts
from all sources totaled £149,753,000, of which
revenues contributed £18,817,000, war savings certificates £1,250,000 and war bonds £3,891,000.
Advances brought in £18,500,000, and sundries
£80,000. Sales of Treasury bills equaled £107,215,000, again exceeding the amount paid off, this time
by £21,223,000, so that the volume of Treasury bills
outstanding is now £977,579,000.
War bond sales last week through the banks were
£5,401,000, bringing the aggregate sales to £37,919,000. For the week preceding sales through the post
offices totaled £226,000, making an aggregate of
£1,402,000, and the grand total £38,321,000.
Official discount rate at leading European centres
continue to be quoted at 5% in London,Paris, Berlin,
Vienna and Copenhagen; 53/2% in Switzerland, 6%
in Petrograd and Norway,63/2% in Sweden and 432%
in Holland and Spain. In London the private bank
rate has not been changed from 3%% for sixty-day
and ninety-day bills. Money on call in London
remains as heretofore at 33/g%• So far as we have
been able to ascertain, no reports have been received by cable of open market rates at other European centres. A dispatch by way of London under
date of April 8 states that the rate of discount of the
Bank of Bombay and the Bank of Bengal is now
6%.
The Bank of England has announced an additional, though smaller, increase in its gold item this
week, the amount being £161,386. Total reserves,
however, were expanded £367,000, there having been
a contraction of £206,000 in note circulation, and the
1443
THE CHRONICLE
proportion of reserve to liabilities was advanced to
19.50%, as compared with 18.87% a week ago and
18% last year. There was a decline of £2,481,000 in
public deposits, and a contraction of £7,010,000 in
other deposits. Government securities were reduced
£983,000, while loans (other securities) declined £1,246,000. Threadneedle Street's stock of gold on
hand aggregates £85,089,568, comparing with £60,435,170 a year ago and £54,930,908 in 1917. Reserves total £28,582,000, against £31,005,465 in
1918 and £34,750,343 the year before. Note circulation is £74,957,000,in comparison with £47,880,705
and £38,630,000 one and two years ago. Loans now
stand at £77,623,000. A year ago the total was
£102,069,443 and in 1917 £123,623,561. Clearings
through the London banks for the week totaled
£492,580,000, as against £499,150,000 a week ago
and £401,307,000 last year. Our special correspondent is not as yet able to give details by cable of the
gold movement into and out of the Bank for the
Bank week, inasmuch as the Bank has not resumed
publication of such reports. We append a tabular
statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1915.
1916.
1918.
1919.
1917.
April 14.
April 9.
April 12.
April 10.
April 11.
Circulation
74.957,000
Public deposits... 30,309,000
Other deposits
116,292,000
Govenet securities.. 66,139,000
Other securities
77,623,000
Res've notes Ac coin.. 28,582,000
Coin and bullion_ 85,089,568
Proportion of reserve
19.50%
to liabilities
5%
Bank rate
47,880,705
40,077,734
132,193,895
56,868,332
102,069,443
31,005,465
60,435,170
38,630,650
49,392,129
128,862,754
37,596,370
123,623,561
34,750,343
54,930,993
33,657.825
68,802,934
79,960,638
33,188,046
90,544,951
42,714,343
57.922,168
34,586,345
104,156,735
102,969,283
47,860,350
137,813,066
39,175,641
55,311,986
18%
5%
19.49%
5%
28.71%
5%
18.91%
5%
The Bank of France continues to report gains in
its gold item, this week's increase being 642,096
francs. The Bank's aggregate gold holdings, therefore, now total 5,545,014,300 francs, comparing with
5,376,310,763 francs last year and with 5,222,346,562
francs the year before; of these amounts 1,978,308,475
francs were held abroad in 1919, 2,037,108,484 francs
in 1918, and 1,947,671,846 francs in 1917. During
the week, general deposits were augmented by
3,499,310 francs, while advances rose 24,969,757
francs. On the other hand, silver decreased 843,764
francs, Treasury deposits fell off 53,712,655 francs,
and bills discounted contracted 82,228,115 francs.
A further expansion of 261,686,110 francs occurred in
note circulation, bringing the amount outstanding to
the new high total of 33,998,163,490 francs. This
contrasts with 26,086,784,460 francs in 1918 at this
time and with 18,844,126,830 francs in 1917. On
July 30 1914, just prior to the outbreak of war, the
total outstanding was only 6,683,184,785 francs.
Comparisons of the various items in this week's return
with the statement of last week and corresponding
dates in 1918 and 1917 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
642,096
Inc.
In France
No change
Abroad
COMPARATIVE STATEMENT.
States as of
April 10 1919. April 11 1918. April 12 1917.
Francs.
France.
Francs.
3,566,705.825 3,339,202,278 3,274,674,716
1,978,308,475 2,037,108,484 1,947,671,846
642,096
Inc.
Total
Dec. 843.764
Silver
Bills discounted_Dec.82,228,115
Inc. 24,969,757
Advances
Note circulation_Inc.261,686.110
Treasury deposits_ -Dec.53,712,655
General deposits Inc. 3,499,310
5,545,014,300 5,376,310,763 5,222.346.563
259,605,801
255,132,888
311,424,815
493,068. 37
924,742,157 1,583,265,530
1,250,046,422 1,141,447,193 1,194,873,168
33,998.163.490 26,086,784,460 18,844,126,830
91,048,188
57,184,255
37,044,903
2,554,851,719 3,296,955,355 2,510,370.219
In its statement as of March 31, the Imperial
Bank of Grmany shows further startling changes.
These include an increase of 2,593,180,000 marks in
bills discounted and a further huge expa nsion in
deposits of 2,535,093,000 marks. Treasury notes
1444
THE CHRONICLE
gained 623,189,000 marks, other securities increased
232,775,000 marks, while note circulation was expanded 988,394,000 marks. There were declines of
272,380,000 marks in total coin and bullion and
272,312,000 marks in gold. Notes of other banks
were reduced 2,787,000 marks and advances 931,000
marks. Investments expanded 417,000 marks, while
other liabilities registered a reduction of 254,694,000
marks. The German Bank reports its stock of gold
as being 1,599,993,000 marks. This compares with
2,406,420,000 marks last year and 2,530,560,000
marks in 1917.
[VoL. 108.
spite of the turnover in stocks several days this week
being in excess of 1,000,000 shares, their loans were
not increasing to any extent. For instance, the head
of one firm said that he received an ordei to buy a
good-sized block of Pennsylvania RR. stock and that
the following day the buyer appeared, paid for it in
full, and put the shares in his safe deposit box. The
statement is made generally in the Street that
transactions of this character, instead of being the
exception, are the rule, so far as the standard dividend-paying issues are concerned. With such a fairsized proportion of investment buying, loans do not
increase rapidly and a greater degree of stability in
A substantial increase in demand deposits accom- the stock market is, of course, maintained.
panied by a decline in loans and discounts was the
Apparently the early reports relative to the probfeature of Saturday's bank statement of New York able total of subscriptions to the $200,000,000 oneClearing House members, and aroused some com- year 5% bonds offered by the War Finance Corporament, inasmuch as loans and demand deposits tion last week were unduly optimistic. It became
usually rise or fall together, in the main. Govern- known a few days ago that they were not anything
ment deposits, however, were reduced $54,355,000. like as large as at frist stated, and that, in fact, all
Some institutions are apparently reducing loans in the bonds were not taken until about the middle of
preparation for the new Government financing, this week, when official notice was given by the
this in turn resulting in an influx of funds from Treasury Department to the Federal Reserve banks
out-of-town banks desirous of finding employment not to accept additional subscriptions.
for them in the call loan market. The reduction
A conference was held in Washington yesterday
in the loan item totaled $39,451,000, while demand. between prominent bankers of this and other cities,
deposits increased $86,454,000, to $4,020,729,000 railway executives and representatives of the Govern(Government deposits of $172,845,000 deducted). ment with respect to a more comprehensive plan than
Time deposits were increased $316,000, to $153,- that which is being utilized temporarily for meeting
062,000. Cash in own vaults (members of the the financial requirements of the railroads until such
Federal Reserve Bank) declined $2,043,000, to a time as Congress shall pass legislation that will give
$94,225,000 (not counted as reserve). There was the Railroad Administration funds with which to
an increase of $31,387,000 in reserves in the Reserve make up deficits on its operation of the railroads, and
Bank of member banks, to $559,040,000, of $49,000 for other purposes. The present plan of the railroads
in reserves in own vaults of State banks and trust borrowing either from their banks or from the War
companies, and of $1,399,000 in reserves in other Finance Corporation, with collateral of their own in
depositories of State banks and trust companies. the case of the stronger companies, and with certifiAggregate reserves showed a gain of $32,835,000, cates of indebtedness of the Railroad Administration
to $583,574,000, as against $545,167,000 in the in the case of the weaker lines,is far from satisfactory
corresponding week of 1918. Reserve requirements to the carriers and to the banks, and should not be
were expanded $11,289,970; hence the increase in satisfactory to the United States Government. At
surplus was cut to $21,545,030. This brought the the best it is only a poor kind of a makeshift to be
total of excess reserves to $50,852,590, in compari- made use of during a great emergency. Something
son with only $29,307,560 last week, and con- more definite, comprehensive and businesslike should
trasting with $44,647,640 a year ago. These be worked out, if possible, in the very near future.
figures are on the basis of reserves of 13% for member banks of the Federal Reserve system, but not
Referring to specific money rates, loans on call
including cash in vault held by these banks, which have again covered a range of 4@6%. On Monday
amounted last Saturday to $94,225,000. Circula- the high was 6%,the low 4%, with 5% for renewals.
tion registered an expansion of $641,000, to $38,- Tuesday 6% was still the maximum,but the minimum
250,000. The bank statement in greater detail was advanced to 5%, with 532% the renewal basis.
Wednesday's range was 53/2@6% and 532% again
will be found on a later page of the "Chronicle."
the ruling rate. There was no range either on ThursThe trend of the call money market was toward a day or Friday,6% being the only rate quoted, while
higher level, and Thursday and Friday the prevailing renewals were negotiated on this basis on both days.
ratefor mixed collateral loans all day was 6%,and for
These rates refer to loans on mixed collateral, as
all-industrial accommodations 63/2%. There was all-industrials are quoted M of 1% above these
1 1 of 1% in the quotations levels. In time money the situation remains without
a variation of only /
for time loans,but the feature of the market for the essential change. Dulness has been the market's
longer period accommodations was the small volume chief characteristic with the undertone firm:and very
of funds offered. It is well known that for many little new money available. Some loans were
weeks the bankers have not been willing to loan negotiated for sixty and ninety day periods, but
large amounts for Stock Exchange purposes, except practically nothing was done in the longer maturities.
from day to day. The diffreence this week was that The range is now nominally 5@6%,against 53/2©
the offerings were still smaller than they had been in 5% a week ago for all periods from sixty days to
previous weeks. In view of the fact that the six months. In the corresponding week of 1918 a
Victory Loan campaign will be inaugurated next flat rate of 6% was quoted for all maturities from
Tuesday, the conservatism on the part of the bank- sixty days to six months.
Mercantile paper has presented no new feature.
ers in the making of new loans was regarded as perfectly natural. Stock Exchange houses said that, in Trading was quiet, with sixty and ninety days' en-
THE CHRONICLE
APR. 12 1919.]
1445
further recessions are to be avoided. However,
the belief persists that the formal declaration of
peace is to be followed by immediate improvement
in exchange quotations. Altogether the future
of sterling exchange remains a matter of extreme
uncertainty, with bankers still much confused in
their views on the subject.
Dealing with detailed quotations, sterling exchange on Saturday was steady and without quotable change; demand bills ranged at 4 66@4 675i;
Delivery
cable transfers at 4 67@4 683/2 and sixty days
Spot Delivery
within
Thirty
Sixty
Ninety
30 Days. at 4 64@4 65.
Days.
Days.
Days.
,41g4
41
@VA
434 bid
434
Weakness developed at the opening on Monday
4%,@434
banks
Eligible bills of member
4,34 bid
434@41g, 4©434 414(4)4
Eligible bills of non-member banks
2 for debid
declines were shown, to 4 65@4 653/
and
6
4©434
,
53
534@4X 534@434
Ineligiblebills
4 62@
and
s
transfer
for
cable
663/2
66@4
4
mand,
No changes in rates, so far as our knowledge goes,
more
a
as
d
was
this
regarde
days;
sixty
for
4
623/2
Rehave been made the past week by the Federal
y
the
recover
from
recent
or less natural reaction
serve banks, though the Federal Reserve Bank of
inof
several
part
the
on
selling
and represented
St. Louis on April 4, like the Chicago Federal Restitutions. Tuesday's trading was dull, so much
special
of
series
a
serve Bank April 3, put into effect
so that much of the time the market was at a standrates on paper secured by War Finance Corporation
rates, however, were fairly well maintained
bonds (see foot-note to table). Prevailing rates for still;
the exception of demand which ruled a
with
and
various classes of paper at the different Reserve
small fraction lower, at 4 64%@4 653/2, quotations
banks are shown in the following:
were unchanged. Rates were appreciably lower
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
on Wednesday and under the pressure of liberal
.
.1
g
••7
further decline to
8 • 1a offerings demand sustained a to
CLASSES'a
2
8@4 653/
4 653/
rs
transfe
cable
OF
643.,
64@4
4
it
11115 0
DISCOUNTS AND LOANS
the
ay
On
Thursd
613/2.
613@4
4
to
days
sixty
.4
and
I 8 ai te al 4
..
tone was a trifle firmer, though changes were trifling;
. .
.
Discounts—
member
incl.
days,
4 and cable
15
Within
8@4 641
/
434 434 434 434 demand bills ranged at 4 641
banks' collateral notes-- 4 4 4 434 434 43‘ 4 4 434 5 4% 5
unaltered
16 to 60 days' maturity__ 434 434 454 434 454 4% 4% 4% 5 5 5 5
were
days
2; sixty
transfers 4 65/@4 653/
61 to 90 days' maturity__ 4% 4% 4% 434 45‘ 4% 4% 4%
quiet
Agricultural and live-stock
was
market
s
Friday'
5 5 5 534 5 5 534 534 534 534 53‘ 534 at 4 613@4 613/2.
paper over 90 days
Secured by U. S. certificates
643/2,
4
at
demand
with
higher,
and a shade
of indebtedness or Liberty Loan bonds—
% and sixty days
cable transfers at 4 653/2@4 653
Within 15 days, includin
member banks' colla
%
4c 4 1434 4 431 4 613@4 613
4
4
ons were 4 613
1
4
quotati
4
434
4
Closing
4
.
%
notes
oral
434 1434 434 434
434 434 434 431 1430434 v434 1434
16 to 90 days' maturity
for
4
65%
and
demand
for
4
643/2
days,
sixty
for
Trade Acceptances434 434 434 412a 434 412a 412h 434 434 434 434 454a
16 to 60 days' maturity
434 411
434 434 434 434 434 434 434 434
61 to 90 days' maturitv
cable transfers. Commercial sight bills finished
4% at 4 633, sixty days at 4 60%, ninety days at
1 Rates for discounted bankers' acceptances maturing within 15 days,
within 16 to 60 days, 434%, and within 61 to 90 days, 434%.
%
nts for payment (sixty days) 4 605
'Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper re- 4 58%, docume
discounted has been taken by discounting member banks at rate not exceeding
and
Cotton
.
%
623
4
at
bills
grain
ay
and seven-d
interest rate on bonds.
rate of
The Federal Reserve Banks of Chicago and St. Louis have announced asecured
%. The week's
grain for payment closed at 4 633
days when
5% for member banks' promissory notes maturing within 15 maturing
within 15
by War Finance corporation bonds; also 5% for rediscounts
000 gold coin
d
$1,250,
include
from
ments
rediscounts
engage
for
and
gold
bonds,
534%
Corporation
days secured by War Finance
16 to 90 days secured by War Finance Corporation bonds.
for
shipment to
withdrawn from the Sub-Treasury
%•
a Fifteen days and under,
, making
Mexico
for
4%.
b Within 15 days,
America and $30,000
paper, with South
c Until further notice, there is authorized a special rate of 4% for such paper,
that last
Provided
learned
bonds;
Loan
been
Liberty
has
It
000 in all.
16 to 90 day maturity, secured by Fourth
of the Fourth Liberty $1,280,
has been taken by the member bank at a rate not in excess
from
gold
d
receive
Bank
Reserve
Loan coupon rate.
week the Federal
minimum rate 4%
the
being
Note 1. Acceptances purchased in open market,
this
000,
$5,829,
of
amount
the
to
Canada
is higher than the 15-day dia
Note 2. In case the 60-day trade acceptance rate
days will be taken at the lower rate
held
,000,
of
$52,500
total
count rate,trade acceptances maturing within 15
original
the
of
banks for renewal of 15-day balance
Note 3. Whenever application is made by member
rate not exceeding that for 90-day
paper, the Federal Reserve banks may charge a
by the Ottawa agency of the Bank of England for
paper of the same class.
paper
for
commercial
those
with
merged
Rates for commodity paper have been
the credit of the twelve Reserve institutions. Of
Of corresponding maturities.
this total, $2,010,961, it is stated, was for the
the local Reserve Bank. All the gold
Developments in sterling exchange were not account of
sly been included in the reserve of the
particularly important this week and the market had previou
Reserve banks.
may best be described as a waiting one, with oper- Federal
ators marking time pending the final decisions of
Dulness and irregularity have marked operations in
the Peace Conference. While covering of shorts
ntal exchange this week, with the trend of
was responsible for occasional spurts of strength and Contine
still downward. The volume of transacactivity, the absence of further supporting orders quotations
r, was exceptionally light, as dealers
caused a substantial recession from the high level tions, howeve
more and more disposed to postpone
are
ere
everywh
of last week. Demand bills declined to 4 64-1-four
r possible, and limit operations
whereve
s,
busines
points down—but this occasioned very little sur- new
s until peace shall have
busines
routine
strictly
to
prise as it served to confirm the opinion of many
been settled. While official information on
that the British Government has no intention of finally
nt question is as yet lacking, considerresuming its former artificial control of rates, al- this importa
credence is being placed in persistent and widely
though undoubtedly assistance of the sort noted able
ed reports to the effect that peace may be an
last week will probably be tendered from time to circu!at
hed fact by Easter. French exchange contime when especially needed. In view of existing establis
during the greater part of the week.
heavy
trade balances, the relative tightness in money at tinued
of relative firmness were noted,
periods
brief
this centre and the unlikelihood that present gold Several
followed by relapses, although
quickly
were
these
but
embargoes will be removed, it is difficult to see how
New York.
dorsed bills receivable and six months' names of
choice character still quoted at 53@532%. Names
not so well known still require 532%.
Banks' and bankers' acceptances ruled firm and
without quotable change. Trading in the aggregate
was light, and brokers are of the opinion that no
general improvement can be expected until the
Victory Loan campaign is out of the way. Demand
loans on bankers' acceptances continue to be quoted
at 432%. Quotations in detail are as follows:
1416
THE CHRONICLE
[VoL. 108.
the quotation did not at any time go below 6 02
The New York Clearing House banks, in their
for checks, which compares with 6 09 a week ago. operations with interior banking institutions, have
Prominent banking interests were again in the mar- gained $3,848,000 net in cash as a result of the curket with liberal offerings, but as the supply far ex- rency movements for the week ending April 11.
ceeded the demand, actual trading was unimportant Their receipts from the interior have aggregated
and fluctuations not especially significant. The $7,972,000, while the shipments have reached $4,weakness at the close was said to reflect lower cables 124,000. Adding the Sub-Treasury and Federal Refrom abroad. Lire were again conspicuous for weak- serve operations and the gold exports, which together
ness, and the quotation sagged down to as 'ow as occasioned a loss of $83,358,000, the combined result
7 36 for checks. But here also the market was of the flow of money into and out of New York banks
largely a nominal affair, with very little business for the week appears to have been a loss of $79,510,transacted. Belgian francs ruled at or near the low 000, as follows:
levels of the previous week. Czecho-Slovakian
Week ending April 11.
Into
Out of
I Net Change in
kronen were easier. Quotations for German and
Banks.
Banks.
Bank Holdings.
Austrian exchange are not as yet available. Trading Banks' interior movement
$7,972,000
$4,124,000 Gain $3,848,000
Sub-Treasury and Federal Reserve
in Russian rubles at this centre has been suspended. operations and gold exports
23,769,000 107,127,000 Loss 83,358,000
$31,741,000 $111,251,000 Loss $79,510,000
A recent dispatch from London states that a procla- Total
mation has been issued prohibiting, except under
The following table indicates the amount of bullion
license issued by the Treasury, the importation into in the principal European banks:
the United Kingdom of all ruble notes other than
April 10 1919.
A pril 11 1918.
those issued by the financial department of the Banks of— Gold. jSilver.
I Total. I
Gold.
Silver.
Total.
Provisional Government of North Russia at ArchEIEIE
E
I
England-85,089,568
85,089,5681
60,436,170
I
angel. The official London check rate in Paris Frances__ 142,668,233 12,440,000155,1
60,436,170
08,233 133,568,090: 10,200,000143,768,090
Germany- 95.799,650 1,034,800 96,834,450 120,386,050, 5,989,700 126,375,750
closed at 28.00, compared with 27.80 last week. In Russia
129,650,000 12,375,000 142.025,000 129,650,000, 12,375,000142,025,000
Aus-Hun c 10,918,000
11,008,000: 2,280,000, 13,297,000
,
New York sight bills on the French centre finished Spain
__ 90,374,000 25,905,000 116,279,000
, , 0 , 28,241,000 108,190,000
Italy
3,500,000, 39,306,000 33,448,000 3,465,000 36,913,000
at 6 003/2, against 5 94 the week before; cable trans- Netherrds 35,896,000
55,778,000
812,000 56,590,
60,255.000
610,000 60,865,000
Nat.Bel.h 15.380,000
600,000 15,980,000 15,380.000
600,000 15,980,000
fers at 5 99,against 5 92; commercial sight at 6 023/
2, Switzland 16,731,000
2,614,000 19,345,000 14,866,000
14,866,000
16,002,000
I 16,002,000 13,049,000
13,049,000
against 5 95, and commercial sixty days at 6 073/2, Sweden_
Denmark_ 10,400,000
136,000 10,536,000 9,641,000
136,000 9,777,000
I 6,706,000 6,741,000
I 6,741,000
against 6 00. Lire closed at 7 33 for bankers' sight Norway 6,706,000
Tot. week.711,392,451 61.784,800 773,177,251 688,377,310 63,905,700 752,283,010
bills and 7 31 for cable remittances. This compares Prev.week 721,456,131 61,279,510782,735,641688,958,065 63,845,600752,803,665
a Gold holdings of the Bank of France this year are exclusive of £70,132,330
with 7 18 and 7 14 on Friday of the week previous. held
abroad.
figures reported since October 29 1917.
Belgian francs finished at 6 30 for checks and 6 28 c*No
Figures for 1918 are those given by "British Board of Trade Journal" for Dee.
for cable transfers, against6 28 and 6 25 a week ago. 7 1917.
h August 6 1914 in both years.
In the neutral exchanges very little business is
passing. As a matter of fact, trading at nearly all
OUR NEXT WHEAT CROP.
neutral centres has been so dull as to make quotations
When considered along with Europe's political situlargely nominal. The trend was towards lower ation and with the existing world-wide
position relevels, with Swiss Francs fractionally higher. Guild- garding food production and supplies,
the forecast
ers remained without important change, as also did of the American winter wheat crop
of 1919, made
the Scandinavian exchanges, though at the extreme public by the Government last
Tuesday, gives occaclose the latter were slightly weaker.
sion for much thought. The important bearing of
Bankers' sight on Amsterdam closed at 40 3-16, a very large American harvest on
the movements of
against 403; cable transfers at 403/
2, against 403/
2; popular unrest and discontent in Europe may best be
commercial sight at 403/
8, against 40 3-16, and judged by imagining how such conditions would be
commercial sixty days at 39 13-16, against 39 15-16 affected, not in Russia and Hungary
and Germany
last week. Swiss francs finished at 4 99 for bankers' alone, but even in France and Italy,
if this were to be
sight bills and 4 95 for cable remittances. A week a year of world-wide shortage
in grain production.
ago the close was 5 00 and 4 94. Copenhagen The prospect of an unprecedented
wheat yield in this
checks closed at 24.90 and cable transfers at 25.20, country draws attention
to other phases also of the
against 25.00 and 25.20. Checks on Sweden finished world's agricultural problem.
It brings up the quesat 26.70 and cable transfers at 26.90, against 26.80 tion whether, in the sequel
to the war, we are desand 27.00, while checks on Norway closed at 25.70 tined in the long run to witness
under-production or
and cable transfers at 25.90, against 25.80 and 26.00 excessive production of such
foodstuffs.
in the week preceding. Spanish pesetas finished at
There are arguments for each theory. Even in
20.07 for checks and 20.17 for cable remittances, in time of peace, the problem ensuring
of
sufficient food
comparison with 20.25 and 20.45 a week ago.
at all times for the world, in the complex industrial
As to South American quotations, a firmer ten- development of modern times,
has on occasion been
dency was noted and the rate for checks on Argentina perplexing. There have been
comparatively recent
closed at 44.00, and cable transfers at 443/
s, com- occasions when a single season's widespread harvest
pared with 43% and 43.90 a week ago. For Brazil shortage has seemed to emphasize
the narrowness of
the check rate also advanced and finished at 26.123/
2, the margin between even normal annual producand cable remittances at 26.25, against 25.75 and tion and actual yearly requiremen
ts.
25% last week.
Such misgivings became acute during the European
Far Eastern rates are as follows: Hong Kong, harvest failures of 1879, 1891
and 1897. In each of
77®773, against 76@763; Shanghai, 111@1113', those years, had it not been for
an unexpectedly
against 110@1103/
2, against abundant American wheat crop,large parts of Europe
2; Yokohama, 513j@513/
513/s@51341; Manila, 50 (unchanged); Singapore, would have been confronted
with famine. The name
563 (unchanged); Bombay, 36 (unchanged), and of the eminent English chemist, Sir William Crookes,
Calcutta (cables) at 363 (unchanged).
who died last week, was perhaps familiar to most
people because of his address to the British Asso-
APR. 12 1919.]
THE CHRONICLE
1447
4AI
sion wheat is more debatable. An abnormally large
ciation in 1898, in which he reached the conclu
American crop (as we learned in 1915) may carry
that the limit of area in the world adapted to wheat
prices close to the dollar mark, even under
production was being rapidly approached, and that down
war conditions, and the question of available ships
unless either wheat culture in the tropics were made
ed to carry wheat from distant producers is no longer
feasible or nitrogenous fertilizers were to be obtain
sup- the difficult consideration which it was in war time.
from the air, a grave situation in regard to food
of On the other hand, we still have Russian wheat
plies would arise "in a comparatively short space
eliminated as a factor in the world market, and even
time."
the war a shortage in Russia, with prohibition
m
As a prophet of exact occurrences, Sir Willia before
se of exports by that Government, used to cause somemissed his mark. He did not foresee the immen
thing like panic in the wheat trade.
extension of wheat acreage after 1898 or the new diszing,
Germany, too, must be fed, and the European
coveries in methods of irrigation and fertili
of Continent is still confronted with diversion or loss
whereby in two decades the average production
of available man power and, in several countries,
was
the United States, of Argentina and of Russia
with devastation of productive agricultural regions.
inThis
doubled, and that of Australia trebled.
price of wheat is also largely governed by arbiThe
nd
thousa
crease added in a good year more than a
guarantees to farmers by several Governments,
million bushels to the average world production trary
our own and the British Government among them.
of the period immediately prior to 1898. There were
Governments, which largely control the maryears, in the intervening period, when the world These
ket for their countries' wheat crops, have to conoutput was so great as to force down prices almost
sider the question of an immense loss to the public
to an unremunerative level. Yet even so,there were
treasury if the market price is allowed to fall far
made
also years when an unfavorable harvest again
the guarantee.
it difficult to satisfy European consumers' needs. below
g to the longer future, the question is govLookin
Then came the war.
by other considerations. During the war,
At the start, all probabilities pointed to a disas- erned
ng
some planti and raising of wheat has been as urgently
trous shortage in the belligerent States, when
s stimulated by the Governments, with recourse to
rich producing countries were cut off by the enemy'
s every known inducement, as was production of war
blockade and when man power in the fighting nation
munitions. The stimulated munition manufacture
the
to
was diverted by millions from the farms
with the war; but circumstances made the inended
the
by
me
armies. How this danger was overco
nts for wheat culture continue, and it is difwholly unprecedented crops of 1914 and 1915 in the duceme
n ficult now to look for any other result than an imUnited States, every one remembers. The Germa
and world-wide extension of acreage and prosubmarine activities of 1917 and 1918 were directed mense
y during the next half-dozen years.
n,
primarily at exactly this source of relief, and no one ductio possibl
happened after the Napoleonic wars,
as
,
indeed
If,
will have forgotten the wildly excited wheat market
of previously blockaded States
wheat
up
storedthe
war,
in the few months after our country went to
ed—if Russia,in well-organreleas
ly
sudden
be
to
were
rewhen wheat rose to $3 50 at Chicago, and when
had at once resumed production and
strictions on the use of wheat were placed by our ized condition,
me scale—then there might have
Government with regard even to the American export on the old-ti
ate collapse in the price of
immedi
been expected an
consumer.
caused, not increase, but
have
would
as
Emerging from the war, Europe was confronted wheat such
e. But the course of
acreag
world's
the
in
e
in
decreas
and,
with the problem of disorganized industry,
than this, every
More
se.
otherwi
been
has
.
events
society
and
many nations, disorganized government
now, in order
must
rents
bellige
former
the
of
one
issue.
unt
a
became
paramo
The food question at once
tional
finances to
interna
restore its home and
We were told that Russia could not be saved from to
more wheat
enough
raising
to
apply itself
economic ruin or Germany from capture by Bolshe- equilibrium,
of importty
necessi
the
e,
possibl
as
as far
vism, unless they were to be fed from the outside. to avoid,
acrewheat
d
Englan
in
even
that
fact
The
it.
The course of events in the great producing regions ing
since
largest
the
were
year
last
yield
wheat
and
was watched with intense anxiety. This being so, age
t
agains
,
as
bushels
,000
93,000
being
crop
the
1878—
the
the report of our Department of Agriculture on
—
ing
years
preced
five
the
in
,000
64,000
of
e
averag
an
fact
al
winter wheat crop's promise is no less a politic
hereafter happen elsewhere.
of the first significance than an agricultural and suggests what may
the
of
on
e
conditi
the
When
averag
commercial fact.
A SCIENTIFIC TEST OF FITNESS.
crop is set at 99.8—the highest since 1882—and
The old saw often finds new application, but we
when there is declared to be fair prospect of a winter
"Some are born great, some
crop of 837,000,000 bushels, as against 558,000,000 should hardly expect
some have greatness thrust
and
ss,
greatne
e
last year and the high record of 674,000,000 in 1914, achiev
to the U. S. Government.
apply
to
them"
1919
upon
the
the importance of our farmers' effort for
ed as one of an extensive
accept
be
t
may
inciden
This
our
years,
past
During
the
five
crop is evident.
thrust upon the
ctedly
unexpe
spring wheat yield has ranged from the 155,700,000 series which quite
ion in its
a
of
revolut
on
adopti
of 1916 to the 358,600,000 of 1918. Even the smaller Government the
which
s
already
tement
appoin
making
of
of these two yields, if secured this year on top of a method
e of
gives
and
promis
e
results
notabl
ed
produc
has
winter wheat crop as large as Tuesday's report
on.
the
strati
of
Admini
credit
the
to
ence,
perman
the
to
foreshadows, would give a total harvest close
An appointee arrived at the Government's hos1,025,801,000 bushels of 1915. Really good fortune
at Plattsburg to fill the place of Pharmacist.
pital
an
Americ
crop
total
would carry the
with the spring
On being incidentally asked at what school he had
production far beyond all precedent.
replied that he had not studied at any
It is probable that this American outlook insures studied, he
brought up on a farm. He hadino
was
he
the world against recurrence even of the situation of school,
being a "Farmacist l"
his
about
a year ago. Its influence on the world's price of doubt
1448
THE CHRONICLE
[VoL. 108.
It is not necessary to inquire how many "square facturing concerns
in the country have made expegs" the Government, with the opening of the tensive use of it.
This is not generally known bewar, suddenly found itself driven to hurl at "round cause the results
have been so definite and valuable
holes." It is sufficient that the "holes" innumera- that they have
been held as trade secrets, ignoring
ble were there, and were not filled. Some new the fact that as
knowledge spreads it gains in fullmethod of selection had to be discovered that would ness, and only in
this way can it advance to acgive quick -results with some promise of ac- curacy and
scientific determination.
curacy. Scientific men from civil life were called
The Advertising Men's League tested it in their
in, and these,under the lead of Dr.,now Col., W. D. line and after
two years of investigation were so
Scott, have done a work the success of which will convinced of its
worth that they endowed a Research
soon be given to the public in a report about to be Fellowship in
Columbia University to secure further
published.
research, especially in directions that would help
In anticipation of this we are simply concerned them. They also
withheld the results of the reto present some antecedent facts which may serve search and their
own experience from the public,
to attract the attention of business men not only to not permitting
reports to be printed but distributing
the experience of the Government, but to the im- them in manuscri
pt to their own members as proportance of a method of selecting men for any given fessional secrets.
The consequence was that the
task which, because it has been occasionally termed holder of the
Fellowship finding that he could get no
"psychological," has been by some promptly swept credit for his work
beyond his salary resigned his
aside as "all bosh." On the contrary it deals solely position, and
since then the work in Columbia has
with facts and is strictly scientific. Science, it is fallen into abeyanc
e because a suitable incumbent
true, is systematized knowledge; but it is primarily for the chair could
not be found. Meanwhile some
knowledge, that is, it rests on the widest possible of the insurance
companies were moved to found a
induction, it starts with a collection of facts. These Department of
Salesmanship in the Carnegie Techit studies and by degrees classifies: Theory and nical Institute
of Pittsburgh to pursue further rethe discovery of law come later. This method, as search under
the general Department of Psychology.
we will show, concerns itself with the facts it is In this they
were joined by several leading manugathering, and without attempting any theory, or facturers, and
an endowment of $30,000 a year was
even pressing any "Why?",-describes a process created.
This was some four years ago; and they
which gives immediate and highly valuable results also have confined
knowledge of the results obof a kind with which the business world is greatly tained to the
contributors to the fund. It supconcerned.
ported a staff of six men until five of them were
Some twenty-five years ago a member of the taken by Government
for service in their line, from
Faculty of Columbia University began to apply which definite informat
ion may in time be issued
certain tests which he devised to the members of to the public.
•
each Freshman class, so far as he was permitted
The method consists in preparing a series of simple
to do so. At the students' graduation four years tests of various kinds to which
persons engaged in
later he would compare results. His method was, a single occupation may be
put. These are then
of course, inchoate and experimental, but he soon carefully compared with the
actual work of the
had something to talk about. Investigation rarely employees examined -and
those tests which recorded
is single handed; inquiry is in the air. Others have answers quite out of accord
with the actual work of
been working in similar lines. Facts had to be the men examined are
at once eliminated, and the
gathered from experiments widely tried. An un- rest retained. By this
practical method a short
dercurrent of interest began in the business world, series of tests can be secured,
the results of which
partly because of the novelty of the method, but far when applied to applicants
for that particular
more because of the general recognition of the need occupation can be relied upon.
Tests less carefully
and the great possible importance of the attempt if tried have usually given a coefficie
nt of not more
it could be developed successfullly.
than 25% of correspondence 'with the results of
For ten years Professor H. L. Hollingsworth of actual experience. That means
that on a scale of
Columbia with his colleagues and the aid of both comparison 100% would
indicate absolute correstudents and some open-minded employers of labor spondence, and not more than
one-quarter of the
has been pursuing investigations which were nat- investigations proved correct.
Investigation was
urally connected with his Department of Psy- pursued in this way for three
years; and with three
chology. In 1916 and again in 1917 he recorded classes of labor, for example
, clerical workers,
some results in a couple of volumes on Vocational minor executives and specializ
ed operators, coeffiand Applied Psychology. But he has made as cients were finally obtained that
ran in the three
yet no attempt to explain the results recorded either groups from 36 to 65%,
36 to 76% and 32 to 71%
in relation to the native ability of the persons ex- respectively. One year's
work on correspondence
amined or to their previous education, or to de- produced tests which gave
35 to 54%.
termine the reason for the varying results by referThe series of tests will necessarily vary greatly
ence to the functions of the brain. He is content with the different classes to which
they are apas yet to show their relation to the particular oc- plied, and many independ
ent series are in use.
cupation and the individual employee.
With stenography and typewriting, for example, five
Meanwhile in different parts of the country a few different sets were tried
with each. From them
business organizations have been brought into con- all, and the tabulating of their
results, will in time
nection with the movement and have shown their be gathered some forms
of general application and
interest. Important commercial houses have re- in time some important
psychological discoveries
sorted to it in selecting employees as diverse as may be made.* Columbia
is already offering these
salesmen, stenographers and clerical workers. And *In examination for the higher grades of employment tests are arranged
forzen
ceptn
as t capacity,
dexterity,tgreaongrfor at least five years several of the largest manuimagination, reaction
ideas and
tion, range of interest and the like.
APR. 12 1919,1
THE CHRONICLE
tests as an alternative for the customary entrance
examinations.
Meanwhile the business world is concerned directly with a new means of estimating the fitness
of applicants in advance of their employment,
which has an immediate value that cannot be disregarded.
It is in the interest of all, both employers and
employees, that results be given to the public as
fast as they are established; and also that business
men furnish every opportunity to the students of
'the movement to determine their tests by actual
application.
1449
expediency has changed its nature permanently, and
such an assumption carries in it the seeds of destruction. As a republic our Government is unchanged.
Our attitude towards government has changed.
There can be no doubt of it. We do not think in the
old terms. We labor under the influence of a delusion—that government, having become "centralized" for the purposes of "winning the war", has
undergone a permanent change, has become an
agency for the establishment of economic and social
conditions, according to the will and wish of doctrinaires who look upon all that is "old" as oppressive,
wrongful, and destructive of a super-equality. We
may illustrate this by a certain prevailing political
THE CONSTITUTION—WHERE RECONSTRUC- attitude towards
wealth. While economists are
TION SHOULD FIRST BEGIN.
harping on the natural unity and interdependence of
A gentleman appears before the Daughters of the capital and labor, legislation continues
to disConfederacy, at a recent meeting, and says that criminate against wealth according
to its size.
a return to "Stfttes Rights" will save us from "central- Certainly wealth (or property if you will) in its broad
ization" and State ownership of all our activities, sense, accumulated during over one
hundred and
on the one hand, and "Bolshevism" on the other. forty years of governmental protection to
private
An ex-Senator of the Democratic fold announces in ownership and the rights of initiative, operation
and
a published statement and letter that he will not control, is not tainted. And at this moment of
time
vote for men of his party who abridge our liberties there is nothing in the Constitution, or law
of the
and increase our taxes at the same time. Arid an land which says it is. Though one
man owns a
eminent attorney, speaking at a Merchants' Asso- million dollars' worth of it, and another
a thousand,
ciation luncheon, declares, as reported, his belief that wealth and that ownership are alike
protected
"that the country to-day confronts not a war between by government. Yet a principle is introduced
into
the people and the privileged classes, but between taxation, and it remains there at this time,
and is
the absolutism of the mob and the constitution of a unconsciously becoming a fixed creed with
many
free people;" saying further, "I claim we do not men, that the more wealth there is under
a single
drink fully enough at the fountains of constitutional ownership, the more ratio of taxation it
shall pay to
government established on -this continent." These the support of the Governmen
t.
are straws which show which way the wind blows,
Now, there may have been an excuse for this
and indicate that thoughtful minds are seeking not differentiation in a time of war, and there
may not.
only to discover the tendency of the times but to But that excuse does not exist in time of profound
point out the central truth of our present condition peace, and is an emergency policy which,
if conwhich the people must consider.
tinued indefinitely, will result in the ultimate conIt is very evident that while we are reconstructing fiscation of that wealth which was
accumulated
the world we must reconstruct our own affairs. This under the sanction and protection
of a government
we cannot do unless we define the nature and purpose that in form, principle and function is
unchanged,
of government. An automobilist going at high albeit this same wealth is unevenly
distributed
speed can stop his car within a short distance, but among the people. What was the origin
of this
he does not do so unless necessity requires it, for discriminatory gradated income tax and
inheritance
the sudden change wrenches the engine and may tax in the beginning? Was it solely due to a
necesdestroy its efficiency. He knows the nature of the sity of war, a quasi-excusable emergency policy,
machine. A hundred-year-old government may be or did it have a partial genesis in the
doctrine that
put under high pressure and function perfectly, but "the rich caused the war, let them pay for it?"
it cannot suddenly be put into a new effort in a
Suffice it to say that while we have different kinds
divergent direction without slowing down properly of taxation under State and
municipal rule, and some
first. There is danger of destroying the machine. laxity, some injustices in valuations
by assessment,
In a word, the people of this country must now both real estate and personal property under
a direct
decide upon the nature and purpose of our form of tax., pay a given levy on the dollar without
regard
to
government. We cannot suddenly graft Socialism amount or ownership.
There may be a just disupon a representative democracy and preserve our crimination between an earned income
and what is
former liberties.
termed an unearned one (the earnings of wealth,
There is nothing more important at this time than not measured by personal
exertion) but if "wealth"
a reconstruction of our definition of and attitude is stored up labor, even this discrimination
is doubttowards government. Insensibly we have absorbed ful. And if permission to
accumulate has heretofore
the conditions and results of a great war. Yet no been guaranteed by government, together
with progovernment was ever constructed for the purpose tection in private
ownership regardless of amount
of engaging in war, though given the power to do so personally held, or held by corporatio
n, then the
under limitations. We have in no sense creattfd a present gradation in income tax is in
violation of the
new form of government. We have only temporarily policy, principle and purpose of our form
of governunder imperative stress used that government in a ment.
new way to accomplish a • definite purpose. It
We pass from this illustration to the broader
remains as it was. Save in the sense of expediency truth that we are tacitly accepting changes
in governit has taken on no new functions. The end accom- mental procedure as if they were
imbedded in the
plished, and the pressure removed, it returns to its Constitution itself. As we have
remarked before,
former uses and methods, unless we assume that we do not avail ourselves of the Supreme
Court as the
1450
THE CHRONICLE
[VoL. 108.
low a specific and sure means to that end, but we
great interpretative power in our form of govern- find it impossible to do so. In the first place it has
ment. We do not even avail ourselves of the power become a habit of mind with us to regard the "world"
of "public opinion", because we are afraid to speak
as containing all men without reference to class or
out lest we be charged with being unpatriotic. Are occupation. Perhaps this is unfortunate and our
we to do as the husbandman did in the fable, take conception of the world should be revised to include
"expediency" to our hearthstone and warm it into
only "labor unions." In that event we could more
life only that it may turn and sting us to death in the
clearly understand what is meant by the phrase, "a
end? Where will we wind up if we are to keep
tion of our latent power" and of the "great
realiza
war wages at their high level (and taking over
forces, gathering under the quiet surface of our
railroads and telephones and telegraphs in time of
lives." Moreover, as we look at the list of "recomwar and governmentally advancing wages and
mendations" by which a "better world" is to be
salaries beyond anything ever before experienced
brought about, we recognize practically all the curtends to fix the wages of all industry at like unpre- rent demands made by "union labor," and few, incedented levels) while at the same time we make
deed, that are conceived in behalf of the whole people
capital pay more the more it increases under single independent of their supposed effect upon the conand sole ownership and management? We reiterate dition of so-called "workers."
that there is no warrant for this under the spirit of
Space will not allow us at this time to consider
our Constitution and Government. It is part of a
severally these demands of the Wisconsin Federation
process of "socialization" that will undo us. Not
of Labor which are "recommendations" to the State's
only is there less incentive to the father to accumulate
Legislature. They include "thirty days' notice of
for his children by reason of discriminatory inheridismissal," "right to organize," "freedom from intance taxes, but there is less incentive for the son to
junctions," emergency measures to meet unemployaccumulate by frugality and thrift since government
ment, nationalization of railroads and coal, public
penalizes such a life under a gradated income tax in
development of water powers, municipal milk distime of peace.
tributing plants, housing and community plans, initiA republic is not an autocratic or a super-State,
ative, referendum and recall, taxation based on
nor is a democracy socialistic. The very heart and
"ability to pay," vocational training appropriations
soul of our theory of government is individualism.
and representation on educational boards, and "inWe may have, under the grandest exhibition of dustrial efficiency through industrial democracy."
patriotism ever witnessed in the world, put it aside
We ask in all seriousness, if we omit nationalization
temporarily in war. But if war is to fasten upon us
of railroads and coal and development of water
irrevocably all the expedients and penalties of war powers, which rationally might be expected to affect
we are undone as a representative democracy. A all the people for good or bad (we must remember
false or an assumed virtue may become a vice, and
even now that wages on railroads are made by
"seen too oft" may come to be embraced as a per- Government proclamation and rule and are, so far,
manent policy or institution. Our liberties are
an "advantage" to be reckoned with), and municipal
threatened by our indifference, by our failure to milk stations (affecting only city populations), is
demand a strict construction of all policies and
there a single demand or recommendation that is
practices by the test of an unchanged Constitution.
not primarily a selfish one in behalf of labor and
Theories of individual officials are becoming
"union labor," since "organization" is to be free
permanent fixtures in governmental practice. If
and is in the very act of asserting itself? And is it
there is not an arousal of public sentiment we will not true, therefore, that this "better world," so long
drift into Socialism even while we deny its principles. dreamed of, is a world "better" for "union labor"
"Labor" is far more insistent of its proclaimed rights first, and only incidentally "better" for other people
than is "capital." "Individualism" far from being in so far as they may be collaterally benefited by the
an economic and political doctrine is being translated benefits that accrue to "union labor"?
into a personal and corporation selfishness that is
But how can class rule in a republic be other than
content to seek the easist way out, and which con- selfish? We cannot readily perceive how the war
dones these infractions of personal rights. "Re- disclosed any latent power in labor, but we do know
construction" should begin with our mental apathy. that industrial workers, albeit in devoted spirit of
patriotism, contributed a huge active power to a
THE DEMANDS OF "LABOR"; AND ITS
destructive rather than a constructive purpose—or
"BETTER WORLD,"
perhaps it were more apt to say contributed a useful
On page 1227 of a recent issue we printed "a series and necessary power to a destructive physical end
of recommendations to the Legislature" made by the that a nobler spiritual state might follow. NeverWisconsin State Federation of Labor at its recent theless, the soldiers in the field won the war by fightsession beginning on the 11th of March, as reported ing. All the guns in the world are useless until they
in the "Sentinel." These "recommendations" con- are fired. Is there in the mind of "union labor,"
stitute a"constructive" program which hasthis to say: borne out by the utterances we have quoted, a belief
"Under the quiet surface of our lives great forces that it won the war and is, therefore, entitled to own
are gathering. The mighty transformations that a democratized earth regardless of the soldiers and
have startled the world in the last four years and that others outside the pale of the "unions"? What
will continue to startle it for many years more, are
ice" has "union labor" made
stirring us into a realization of our latent power, transcendent "sacrif
years to entitle it to its own
four
last
the
during
help
to
power
that
use
and awakening a desire to
bring to realization (of) the better world of which laudation? Is it a saving sacrifice to remain at
we have long dreamed."
work for shorter hours at higher and higher wages
power" has been
We would like to regard this utterance as a pro- as the war goes on? What "latent
by means of
more
get
to
the
ability
save
logue to a better world, just as we would like to dis- disclosed,
s"?
"strike
cover in the series of "recommn Itions" which fol- more
APR. 12 1919.]
THE CHRONICLE
"Industrial efficiency through industrial democracy" is a pretty phrase, but is there to be no kind
of "democracy" in a "better world," but that which
is "industrial," according to the standards of labor
unions? Most readers of history revert to Greece
for original types of "democracy." Between the intellectualism of Athens and the stoicism of Sparta
there is a great distance, but in each there is something besides industrialism, defined by high wages at
short hours. Pericles and Phidias in their conceptions of a world of free thought, and a love of the
beautiful exemplified in art; Lycurgus with his iron
money, his "poverty," his renunciation of riches in
frugal living, his stoicism under deprivation and
bodily suffering; were each of them picturing a "better
world," but neither was concerned with selfish
aggrandizement through the "wages of labor." And
it is possible to believe that there is yet something
in "democracy" that is above condition, preferment
by class legislation, and a confiscation of property by
nationalization.
If it be pointed out that education is a component
of a better world—it may also be pointed out that
the expressed concern of "union labor" is for "vocational". training and labor representation on educational boards, rather than the education of Athens or
Sparta, seeking either aestheticism or pure culture on
the one hand or a spiritual triumph in "overcoming"
poverty and suffering on the other. The reign of
"industrial democracy" is to be, we are warranted in
believing, the reign of "union labor."
And a most efficient "better world" that would
be! Science, letters and art, the mere abstractions
of idlers, rather than the flower of effort in and
through actual physical labor, according as a man
may use the means he has to a higher life. Time to
think as citizens of these great forces, "under the
quiet surface of our lives," lest they undermine, in
their selfish desire, and manifest ordering of the
social life, the intellectual and 3piritual life, by the
thumb-rule of "union labor" demands, the very soul
of "democracy" which is of the people and for the
people under the guaranty and shield of a government that knows not "unionism," or class, save at its
peril.
THE ADVANCE IN TELEGRAPH RATES—
PROMISE AND PERFORMANCE.
When the unnecessary seizure of the railroads
was followed, last summer, by the inexcusable
seizure of the wire service, the immediate occasion
cited for the act was that a strike of the operators
was impending. Mr. Aswell of Louisiana, who
offered the seizure resolution in the House, was in
full accord with Mr. Burleson himself about the
benefits to accrue to the country. Efficiency was
to be improved by hitching the best instrumentalities we had (the wire service) to the worst (the
mail service), although it must be said that neither
of these optimistic persons put the case in just that
way. The organization of the postal department was
to be continued; postmasters were to be the agents
everywhere, "thus utilizing the careful and thorough
system of checking up post office accounts;" and
Mr. Aswell saw in his dream that the cost of telephoning would soon fall and would go down from a
nickel to a cent if the new system staid in effect a
few years.
So nearly perfect a system as the telephone had
become must be allowed some time for its complete
1451
destruction, yet users of it have already noticed
(and should not have been surprised to notice) some
decline in efficiency, together with some actual or
prospective increase in charges. Increase on the
telegraph, on a very noticeable scale, went into
effect this month; this is always the way with Government-controlled utilities, as users of the railroads
and the expresses can testify from trial; the service
runs down, and the charges run up.
But a strike of the telegraphers is said to be now
impending, and ballots upon the question are said
to have been distributed, for a vote returnable on
the 22d. What is of peculiar interest and seems quite
a novelty is that the headline tells us that "telegraphers may strike as tolls protest," so that, this
time, the discontent is not because more wage is
demanded but as an expression of disapproval
(increasingly shared by the public) with Mr. Burleson's handling of the business. The resolutions
reported as adopted by a meeting in Washington
pronounce his increase of rates "an outrage, and an
unwarranted imposition of excess tax on the business
interests of the country and an insult to the intelligence of the workers in the telegraph service, at
whose doors he lays the responsibility." A member
of the "national grievance committee" of the Commercial Telegraphers' Union asserts that instead of
being required by wage increases the advance in
charges is required to meet declining revenues and
that the wages have been lowered instead of raised.
This suggestion (the accuracy of which must be
left to the disputants) has the familiar sound of a
strike over dissatisfaction with wages and working
conditions; the other accusation is that the Burleson administering has "brought about stagnation,
inefficiency of operation and increased overhead
charges to an extent that will, unless immediate
remedial action is taken, undoubtedly absorb any
additional revenue that may be derived from the
announced 20% increase in rates." This concern for
the public is a novelty in the strike war, but perhaps
it may be ascribed to the human unwillingness of the
employees to take the role of "goat" for Mr. Burleson.
The Board of Trade has just registered a protest
about the telephone service, declaring that its
"wretched condition" dated from its coming under
Federal control; "it has gradually grown worse and
at times is almost useless, always unreliable and
wasteful of time and a source of much annoyance."
This seems to us an over-severe statement of deterioration already accomplished, but not of what may ere
long be expected. The Board recommends that
complaint and protest be lodged with the management here, and with Mr. Burleson himself, if necessary, "to the end that measures be taken to restore
the service to a normal condition of efficiency."
The only way to accomplish that return is to restore
all the wire service to its owners, and if the public
is really "impatient for a return to the higher standard" (as the Board's resolution says) the subject
should be promptly put before Congress. The
manager of the Postal Company has just publicly
promised that if its lines are returned at once it will
give the old service at the old rates. It should be
among the first pieces of business of the Congressional
session now near to see that the wires are returned
verysoon,before such difficulties can be interposed su
have been created in the way of return of the railroads.
1452
THE CHRONICLE
[VOL. 108.
4
ELEMENTS IN THE SUCCESS OF
F. W. WOOLWORTH.
Usually men whose passing off the stage attracts
much attention have been generals, or artists, or
captains of industry, or philanthropists, or have
won eminence in some profession or in what is called
public life. F. W. Woolworth was none of those,
although in some sense a captain of industry and
indirectly a philanthropist. He was rarely mentioned in the press; he never even advertised; he was
not classed among merchant princes; yet he was an
unusual person who accomplished important results,
and his life has so good a lesson for this present
time that he deserves mention as a representative
American.
He was farm-born and farm-bred, but had an instinct and a desire for trade. According to one
account, the idea which grew into a fortune estimated now at 65 millions came almost simultaneously to three men, with no one of the three at first
aware of the others, one of them selling morning
papers and stationery and the other selling very common tinware in Wilkes-Barre, while young Woolworth was planning on the same idea in one of the
southern tier of counties in this State. The two
Wilkes-Barre men are still carrying on the idea, one
independently and one an officer in the Woolworth
corporation; but before the three had gone far they
came together in consultation, and in that division
of the field which has been so held up as the essential vice of "combination." It was natural that
any person who lived among miners should note the
conflicting relation between large needs and small
means, and so very simple and obvious an idea as
occurred to these three should apparently have come
to thousands of others, even before they had begun
to make it prominent by success, and yet this idea
is not fully understood even now.
The idea was as simple and sure as an axiom: the
vastness of the needs of the common people as consumers; the possible cheapness of producing and
handling in vast quantities; the value of a very small
rate of profit on great amounts; the wastefulness of
intermediaries, of bad debts, and of credit in retail
trading; the practical value and the mercantile reward of trying to furnish the utmost maximum instead of the utmost minimum service for a dollar.
That the dollar was cut into the dime and the nickel,
merely pushed farther the idea and its success. It
went to a chain of over a thousand stores, and the
purchasing power of the small coin, even in this time
of inflated prices, is so great that few of us who rate
as comparatively well-to-do omit to trade there somewhat. It has been a boon to the poor, and it has
•set up a store at Broadway and Chambers Street
and at one of the most valuable corners of Manhattan, at Fifth Avenue and 40th Street. It has built
the most prominent building in the city and one of a
• marvellous and too-little appreciated beauty of design and detail; and, further uptown, is the Metropolitan Tower, impressively certifying to the great
value of the nickel in the field of industrial life insurance.
Many mickles make a muckle; the nimble sixpence
is better than the slow shilling; there are proverbs
enough to express the value of quick and frequent
turnover. The Woolworth idea catered to the needs
of the mass of large consumers who must count their
small coins: it joined great quantity production to
great quantity retailing, omitting the intermediate
links of the usual chain; it cut out most of the overhead charges, gave the consumer the benefit, and
throve on a small rate of toll upon the whole process.
We have learned somewhat the value of quantity
production and of cash trading; yet we are still disposed to quarrel with the former when great combinations such as the United States Steel cut down
cost of production by lopping off friction and wastes.
Mr. Woolworth must have had larger personal
qualities than those who began on the same idea, for
he outgrew them and dominated the huge business.
He had no favor from Fortune. At 26 he had $50
plus the idea itself and the qualities in his own person. He was poor and thus far unsuccessful, and
he saw others with millions. He could have cursed
them and luck; he could have ranted from a soapbox;
he could have turned Bolshevik; instead he trusted to
his own head and his own hands, and pushed on.
Government neither discovered nor made him; he discovered and made himself, and he owed nothing to
it except the protection due to all. The fault is
not in our stars, but in ourselves, if we are underlings. This man had no opportunity and no advantage not open to others in this country of equality,
and instead of crying or looking to Government to
find us jobs and start us on the road to wealth it is
for us to be our own architects.
Faith, independence, initiative, grit, persistent industry—these are the lessons offered by the career
of Mr. Woolworth, and they were never more needed
than now, while strikes are at every hand and so
many are idling or grumbling and are ready to urge
on or to join attacks upon the social order itself.
CANADIAN TARIFF CONTROVERSY AND
LIKELIHOOD OF A GENERAL ELECTION.
Ottawa, Can.., April 11 1919.
The stage of Dominion politics is being quietly set
for a general election before another session of Parliament can take place. There is under way a
radical reorganization of the Union Government
by which certain Cabinet Ministers will accept outside appointments. One or two of the younger
Unionists will probably take portfolios.
The Liberal Opposition has announced a national
convention for the coming summer during which
a permanent leader will be selected and a platform
drafted. The latter, as now indicated, will contain a very near approach to the Laurier declaration on reciprocal trade relations with the United
States in foodstuffs, implements, lumber, and many
other items.
One does not require much discernment to fix
upon the tariff as the certain fighting ground when
the trials take place. Tariff wrangles have supplied
almost the only contentious moments since the
House of Commons assembled. In the outer zone
of Parliament, the Canadian Manufacturers Association have been establishing propagandist offices
at the capital and greatly elaborating their educational enterprises throughout Canada..
In the army of free trade and tariff reduction,
organization has been equally effective and ,educational zeal is gaining new bodies of recruits in the
agricultural districts. At no time in Canada's
history has the old "Grit" and "Tory" political line
been of such meagre importance. More recently,
a free trade partisanship in the unions of returned
soldiers has been noticeable and .should this develop
APR. 12 1919.]
THE CHRONICLE
seriously, the issue in any electoral trial would be
fixed.
Not unnaturally the stand-pat element in tariff
matters is making effective use of the fact that the
home of free trade sentiment is in the prairie provinces which, according to the manufacturers, are
now endeavoring to make the industrial East shoulder the entire burden of the nation's taxes.
The vigor recently injected into the fight is well
illustrated by a caucus of Western Members of Parliament a few days ago, at which they demanded
of the Western Cabinet Ministers that a substantial
measure of tariff reduction be put through at the'
present session, lacking which they would resign
their seats.
Sir Thomas White, temporarily leading the
Government forces, holds that a snap decision
cannot be given. The conclusions of the Peace
Conference on economic lines may have a bearing
upon the Canadian situation and, further, the
scheme of British Preferential Imperialism cannot
be disregarded.
Meanwhile, the predicted disorganization and
unemployment—a great ally of Oppositions—has
not come true. As mentioned in this correspondence recently, only 3 to 4% of the skilled workmen
of Canada are looking for jobs, and most of these
are in the metal trades. Wages are not lowering,
nor are commodity prices on the whole. Should
this continue, as is now promised, an uncompromising free trade stand by Western wheat men
might easily find them sentimentally isolated, and
much more inclined to agree to half measures.
THE COUNTRY'S IRON PRODUCTION IN 1918.
The official statistics of pig iron production, as
prepared by the American Iron and Steel Institute,
show that the make of iron for the calendar year
1918, while very large, did not greatly exceed the
output of 1917 and failed to reach the record total
of the calendar year 1916. This may seem surprising in view of the urgent demand for iron and steel
products throughout the year, but the explanation
is found in the exceedingly bad weather conditions
encountered during the early months of the year and
particularly in January and February, when extremely
low temperatures and heavy snowfalls interrupted
railroad transportation, intensifying the freight
embargoes and traffic congestion which had developed at the close of 1917, and made fuel deliveries
almost impossible, rendering normal operations in
many different lines of productive industry out of
the question. In addition there was also throughout
the whole twelve months a shortage of efficient
labor, due in no small part to the drafting of men
for the army and their transportation across seas.
The severe weather, however, early in 1918, was
unquestionably the most important factor in curtailling the year's production. This the monthly
records of production compiled by the "Iron Age"
of this city make quite apparent. These monthly
figures, which do not take account of the small amount
of charcoal iron produced, indicate that in January
the production was only 2,411,768 tons and in
February no more than 2,319,399 tons, whereas in
the remaining ten months of the year the output
ranged between 3,213,091 tons (in March) and
3,486,941 tons (in October), the monthly output
after April running invariably over 3,300,000 tons,
and for most of the months close to or above 3,400,-
1453
000 tons. Thusthe severe weather served:to cut down
the monthly output about 1,000,000 tons in January
and a similar amount in February, making 2,000,000
for the two months combined. This decrease it was
found impossible to make good in the remaining
months of the year on account of the shortage of
labor. With this 2,000,000 tons added on, the year's
product would have been over 41,000,000 tons, or
by far the largest yearly output on record. Even
as it is, however, the make of iron for 1918 ranks
very close to the highest ever reached in the
trade, it amounting to 39,051,991 tons, at which
figure comparison is with 38,621,216 tons in 1917 and
39,434,797 tons in 1916. The average for the three
years, it will be seen, is over 39,000,000 tons per year.
How exceptional this is in magnitude will appear
when we say that prior to 1916 there was only one
year, namely 1913, when the make of iron reached
even 30,000,000 tons.
Moreover, when the official statistics are separated
into half-yearly periods it is found that the product
of the last six months of 1918 far surpassed the
product of any previous half year, it reaching 20,824,261 tons against 18,227,730 tons in the first
half of 1918 and 19,815,275 tons in the second half
of 1916, which was the previous maximum for any
half-yearly period. At 20,824,261 tons for the
latter half of 1918 the output was at the rate of
41,648,522 tons per year, a figure never attained in
any twelve months period in the history of the iron
trade. In the following table we carry the halfyearly record back to 1900.
PRODUCTION OF. PIG IRON IN HALF-YEARLY PERIODS.
Gross Tons.
Gross Tons.
14.978.738
7,642,569 1910-1st half
1900-1st half
12,324.829
24 half
6.146,673
24 half
11,666,996
1901-1et half
7,674.613 1911-1et half
11.982.551
8,203,741
2d half
2d half
14.072.274
8.808,574 1912-1et half
1902-1st half
15,054,603
24 half
9.012,733
24 half
16.488.602
9,707,367 1913-1et hall
1903-1st half
14,477.550
8,301,885
2d half
24 half
12,536.094
8.173,438 1914-1st half
1904—let half
10.796,150
2d half
8.323,595
2d halt
12,233.791
11.163,175 1915—let half
1005—let half
17,682,422
2d half
11,829.205
24 half
19.019.522
12,582.250 1916-1st half
1906--let half
19.815.275
2d half
12.724,941
2d half
19.258,235
13,478,044 1917-1st half
1907-1st half
19.189.162
24 half
2d half
12.303.317
18,227.730
6,918,004 1918-1st half
1908-1et half
20,824,261
24 half
9,018.014
24 half
11.022.346
1909—let half
14,773.125
24 half
When the yearly product is divided so as to show
the classes and grades of iron produced, it is found
that the make of Bessemer iron has been declining
the last two years, falling from 14,422,457 tons in
1916 to 13,714,732 tons in 1917 and to 13,024,966
tons in 1918, while, on the other hand, the make of
basic iron has been steadily increasing and at 18,646,174 tons for 1918 compares with 17,684,087
tons for 1916 and with no more than 13,093,214
tons for 1915, the best previous total for that grade
of iron. These results are about what would have
been expected. Only very small amounts of Bessemer rails are now being made, open hearth rails
being everywhere preferred. and naturally, therefore,
the use of Bessemer iron for conversion into steel is
correspondingly reduced. Basic iron and Bessemer
iron are the two'chief grades used in steel making
and it is an interesting fact that out of a total output
of 39,051,991 tons of iron in 1918, 31,671,140 tons
consisted of these two grades of iron. We add the
following comparative table running back to 1900
to show the yearly production of iron according to
grades. It will be noted that in 1918 the product of
foundry iron was 5,142,607 tons, of malleable iron
1,117,914 tons, of forge iron 393,932 tons and of
miscellaneous or "all other grades" 726,398 tons.
1454
THE CHRONICLE
PRODUCTION OF PIG IRON BY GRADES, 1900-1918.
Years.
1900
1001
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
Basic.
I
Bessemer. Foundry. Malle,ablei Forge.
AN
Total.
Other. Gross Tons
1,072,376 7,979,327 3,376,445 173,413793,092 394,589 13,789,242
1,448,850 9,596,793 3,548,718 256,532639,454 388,007 15,878,354
2,038,590 10,393,168 3,851,276 311,458 833,093 393,722 17,821,307
2,040,726 9,989,908 4,409,023 473,7811783,016 312,798 18,009,252
2,483,104 9,098,659 3,827,229 263,529 550,836 273,676 16,497,033
4,105,179 12,407,116 4,758,038 635,236,727,817 358,994 22,992,380
5,018,674 13,840,518 4,773,011 699,7011597,420 377,867 25,307,191
5,375,219 13,231,620 5,151,209 920,290,683,167 419,856 25,781,361
4,010.144 7,216,976 3,637,622 414,9571457,164 199,155 15 936,018
8,250,225 10,557,370 5,322,415 658,0481725,624 281,789125,795,471
9,084,608 11,245,642 5,260,447 843,123564,157 305,590127,303,667
8,520,020 0.409,303 4,468,940 612,533 408,841 220,910123,649,547
11.417,886 11,664,015 5,073,873 825,643469,183 276,337 29,726,937
12,536,693 11,590,113 5,220,343 993,738324,407 300,860 30,966,152
9,670,687 7,859,127 4,533,254 671,771 361,651 235,754 23,332,244
13,093,214 10,523,306 4,843,899 829,921 316,214 309,659 29,916,213
17,684,087 14,422,457 5,553,644 921,486 348,344 504,779 39,434,797
17,671,662 13,714,732 5,328,2581,015,579 345,707 545,278 38,621,216
18.646.174 13.024.966 5.142.607 1.117.014 305.032 725500 no nAt not
In the manufacture of the products of iron and
steel precedence in mill operations was naturally
given to those classes of steel required essentially
for use in prosecuting the war. Chairman Elbert
H. Gary makes reference to this in his review of the
report of the United States Steel Corporation. In
those lines of output some remarkable results, he
notes, were shown by the subsidiary companies of
the Steel Corporation; the production of plates, for
instance, for use largely in shipbuilding, reached a
total of 2,171,362 tons by the subsidiary companies
referred to, an increase of 697,737 tons or 47.3%
over the output in 1917. He observes, moreover,
that about 65% of the entire output of steel products
of the subsidiary companies during the year 1918
was supplied to Government departments, including
the Federal Railroad Administration and to the
allies of the United States in the war, either by direct
shipment to them or to manufacturers for fabrication by them for war purposes.
The official statistics of steel production in 1918
in the whole country, as compiled by the American
Iron and Steel Institute, have not yet been completed; however, the production of steel ingots (but
not including steel castings, the product of which in
1917 was 1,441,407 tons), is estimated at 43,027,000
tons, which compares with 43,619,200 tons for 1917.
It appears, however, from the Government's
statistics of the country's foreign trade, that the
exports of iron and steel, while of very considerable
magnitude, fell a full million tons short of the very
exceptional export total of the year preceding.
Taking all forms of iron and steel reported by weight,
the exports in 1918 amounted to 5,383,556 tons.
In 1917 the total was 6,439,070 tons, in 1916 6,101,134 tons and in 1915 no more than 3,532,606
tons. The decrease in 1918 is largely accounted for
by the diminished shipments of steel billets, and of
raw iron. Of steel billets we exported only 1,786,289
tons, against 2,017,113 tons in 1917, 1,504,562 tons
in 1916 and no more than 560,704 tons in 1915, and
the outward movement of pig iron reached only
269,527 tons in 1918, as compared with 656,220 tons
in 1917 and 607,236 tons in 1916. The decrease,
though, runs pretty well through the whole list
of articles. Of sheets and plates the exports were
1,913,264,538 lbs., against 1,907,425,391 lbs. in
1917, and 1,154,850,895 lbs. in 1116; but of hoops,
bands and scrolls they were 113,508,597 lbs., against
131,642,772 lbs. in 1917 and 96,786,524 lbs. in 1916.
The shipments of wire aggregated 878,764,136 lbs.,
as against 884,676,453 lbs. in 1917 and 1,529,975,289
lbs. in 1916, but only 405,146,289 lbs. in 1914. Of
rods, the exports totaled 1,629,985,490 lbs. in 1918,
against 1,810,831,450 lbs. in 1917 and 2,089,334,808
lbs. in 1916. Of nails and spikes we sent out 233,657,275 lbs., as compared with 358,350,977 lbs. in
1917 and 428,134,134 lbs. in 1916. Of wrought pipe
[VOL. 108.
and fittings the exports fell off from 354,704,289 lbs.
in 1916 and 284,908,815 lbs. in 1917 to 201,560,061
lbs. in 1918. Of rails we shipped 453,944 tons,
against 512,669 tons in 1917 and 540,828 tons in 1916,
and of structural steel 232,714 tons, against 294,150
tons and 300,594 tons, respectively, in the two preceding years. Shipments of bar iron, on the other
hand, aggregated 141,942,462 lbs., against 126,184,113 lbs. in 1917, and only 89,018,690 lbs. in
1915.
In the case of articles where the weights are pot
stated, but only the values, large decreases were also,
recorded. For instance, the value of firearms sent
out declined from $42,125,169 in 1916 and $97,005,018 in 1917 to $30,242,550 in 1918. Shipments
of gasoline engines advanced from less than $5,000,000 in 1914 to $26,409,344 in 1917 and $34,714,588 in 1918, but of steam locomotives the
exports fell from $30,666,109 in 1917 to $27,064,042
in 1918 and of all other machinery from $229,171,101
to $221,196,067. The aggregate value of all the
country's exports of iron and steel, and manufactures
thereof, for 1918, aggregated $1,035,291,740, against
$1,241,960,102 in 1917, but comparing with $871,327,322 in. 1916, $390,897,123 in 1915 and no more
than $199,861,684 in 1914.
The imports of iron and steel continued of strictly
moderate dimensions. In the subjoined table we
furnish a six-year record of both exports and imports.
IMPORTS AND EXPORTS OF ALL KINDS OF IRON AND STEEL.
1918.
1917.
1016.
1015.
1914.
1913.
Imports, gross tons.. 169,110 330,201 328,966 282,396 289,775 317,260
Exports
5,383,556 6,439,070 6,101,134 3,532,606 1,638,829 2,745,635
Excess of exports_5,214,446 6,108,869 5,772,168 3,250,210 1,349,054 2,428,375
It is always interesting to have the record of pig
iron production according to States, and consequently
we now introduce a table giving the figures for the
last seven years. It will be observed that in the
Southern States the make of iron in 1918 fell below
either 1917 or 1916, and that for progress in ironmaking certain Western States, like Ohio and Michigan, give on the whole the best account of themselves.
PRODUCTION OF PIG IRON BY STATES.
Tons
2240
lbs.
1918.
1917.
1916.
1915.
1914.
1913.
1912.
Southern
Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
States. Tons.
Ala__ 2,587,852 2,953,705 2,762,885 2,049,453 1,826,929 2,057,011 1,862,681
271,228
341,815
399,885
251,346
256,167
513,737
520,311
Va...
216,738
280,541
177,729
338,238
Tenn. 369,822
355,374
369,951
W Va.
1274,360
291,040
236,393
315,731 1( 68.760
Kra.) 594,675 561,951
554,500
,
Ga.- 1
Md __
373,817 422,212
219,546
251,548
195,594
289,959
501,452
Total_ 4,439,903 4,828,130 4,574,186 3,021,116 2,746,882 3,285,957 3,019,752
Penns 15,198,27115,539,728 16,506,28412,790,668
Ohio. 8,764,132 8,518,603 8,602,895 6,912,962
N Y._ 12,871,118 2,417,527 12,352,535 2,104,780
N L..I
Illinois 3,440,307 3,483,006 3,922,512 2,447,220
Micba 3,073,599 2,657,503 2,221,708 1,986,778
372,966
Wiso b
750,366
811,325
738,541
271,921
502,810 453,742
Mo e..
437,633
7,802
11,485
Mosul
5,719
10,527
9,733,369 12,954,936 12,552,131
5,283,426 7,129,525 6,802,493
1,559,864 2,187,620 11,939,231
36,876
1,847,451 2,927,832 2,887,359
1,557,355 1,775,883 1,770,628
320,526
303,370
367,326
267,777
324,263
397,731
6,594
12,810
17,366
1
GrTot39.051,991138,647.397 39.434.79729.916,21323,332,244 30,966.15229,726,937
a Including Indiana. b Including Minnesota c Including Iowa, Colorado,
Washington, Oregon and California. d Including Connecticut. z Including
Mississippi.
In the matter of prices there were no such sharp
fluctuations as marked the course of 1917, the first
year of the country's entry into the war. The Government held prices under rigid restriction through
the War Industries Board,which in turn acted in cooperation with the Committee on Steel and Steel
Products of the American Iron and Steel Institute.
Just before the opening of the year 1918, that is
on Dec. 28 1917, President Wilson authorized an
announcement that he had approved the recommendation of the War Industries Board, that the
maximum prices theretofore fixed by him upon the
APR. 12 1919.]
recommendation of the Board upon ore, coke, pig
iron, steel and steel products subject to revision on
Jan. 1 1918 be continued in effect until March 31
1918. The announcement also stated that no new
contracts calling for delivery of any of said commodities or articles on or after April 1 1918 were to
specify a price unless coupled with a clause making
the price subject to revision by any authorized
United States Government agency, so that all deliveries after that date should not exceed the maximum
price then in force, although ordered or contracted
for in the meantime. It was also part of the agreement between the steel producers and the War Industries Board that the maximum prices as fixed
were to apply to the requirements of the United
States Government, to the war requirements of the
Allies and to domestic consumption within the
United States.
For the rest of the year the policy was adopted of
making only relatively few price changes. On
March 26 President Wilson approved the recommendation of the price-fixing committee of the War
Industries Board that the maximum prices previously
fixed be continued until July 1 with two exceptions.
The two changes were a reduction in the maximum
price of basic pig iron from $33 to $32 per gross ton
and a reduction in the maximum price of scrap steel
from $30 to $29 per ton. It was again provided that
contracts calling for delivery of any commodity or
article after July 1 1918 were to contain a clause
making the price subject to revision by Government
agency. On June 22 the President in like manner
approved the agreement made by the Price-Fixing
Committee of the War Industries Board with the
representatives of the iron ore, the pig iron and the
steel interests that the maximum prices previously
named be continued in effect for the three months
ending Sept. 30, with two exceptions on this occasion
also. One exception was that base prices of Lake
Superior iron ore delivered to lower Lake ports were
increased 45 cents per gross ton on and after July 1
1918, or from $5 05 to $5 50. The higher prices
were based on the advances made by the DirectorGeneral of Railroads in rail freight rates on June 25
1918, and on the prevailing Lake rates, and it was prbvided that in the event of any subsequent increase
or decrease in either rail or Lake rates ore prices
were to be increased or decreased accordingly on
deliveries made during the continuance of such increased or decreased freight rates. The second
change was that on and after July 1 1918 the basing
point for steel bars, shapes and plates was made
• Pittsburgh, Pa.
On Sept. 24 the President in like manner approved
the agreement to cover the three months ending
Dec. 31 reached between the Price-Fixing Committee
of the War Industries Board and representatives of
the producers; under this an advance of $1 a ton
on pig iron with the basing points Pittsburgh and
Birmingham and of 25 cents a ton on iron ore was
made, steel prices, however, remaining unaltered.
Increased freight rates and advances in wages were
the factors, it was stated, which had made higher
iron prices imperative.
The signing of the armistice on Nov. 11 completely
changed the state of things, and on Dec.11 announcement was made by the War Industries Board that
Government supervision of the steel industry, including the fixing of prices, would end on Dec. 31.
This announcement followed a conference in Wash-
1455
THE CHRONICLE
ington with members of the General Committee of
the American Iron and Steel Institute. A schedule
of new maximum prices, effective Jan. 1, materially
lower than the prevailing prices, had been prepared
by Judge E. H. Gary, Chairman of the Steel Committee, for submission to the War Industries Board.
The Price-Fixing Committee of the Board, however,
made the statement that when the Board went out
of existence Government would relinquish control
of the industry, including price-fixing, with the
exception of embargoes, and consequently no attempt to regulate prices subsequent to Dec. 31
would be made.
With these preliminary explanations we present
the following table showing the prices for a few grades
of iron and steel at the opening and the closing of
1918 with the low and high points for the twelve
months and the dates when reached. A much more
elaborate compilation showing the fluctuations of all
grades of iron and steel for each week of the last
four years will be given in the forthcoming number
of our annual "Financial Review."
Price
Jan. 1
1918.
Per Gross Ton
No.2 fdy. pig iron
Basic pig iron
Gray forge pig iron.b
Bessemer pig iron....b
Steel billets at mills b
Per Pound
Steel bars
b
RANGE FOR YEAR 1918.
High.
Low.
Price
Dec.31
1918.
84.2534.25 Jan. 1 to June 1839.15
33.7532.75 Apr. 8 to June 1836.90 Nov.6 to Dec. 24
32.7532.75 Jan. 1 to'June 2434.40 Oct. 1 to Dec. 24
37.25 6.15 Apr. 8 to,May 2837.25 Jan. 1 to Mar.27
47.50 3.50 Dec.17 to Dec. 2447.50 Jan. 1 to Dec. 10
Cents.Cents.
Cents.
2.90 2.70 Dec.17 to Dec. 24 2.90 Jan. 1 to Dec. 10
39.15
36.90
34.40
36.60
43.50
Cents.
2.70
1 to Dec. 10
1 to Dec. 10
1 to Dec. 10
1 to Dec. 24
3.00
2.80
6.05
3.50
Tank plates
b 3.25 3.00 Dec.17 to-Dec. 24
Beams, &c
5 8.00 2.80 Dec.17 to Dec. 24
Galv.sheets No.28.b 6.25 6.05 Dec.17 to Dec. 24
Wire nails
b 3.50 8.50 Jan. 1 to Dec. 24
a At Philadelphia. b At Pittsburgh.
3.25 Jan.
3.00 Jan.
6.25 Jan.
3.50 Jan.
We add one other table to complete our review,
namely a comparison of the yearly averages for a
series of years. It will be observed that as a result
of price restrictions the averages were all lower for
•
1918 than for 1917 with the exception of rails.
AVERAGE YEARLY PRICES OF IRON AND STEEL, 1911 TO 1918.
1918. 1917. 1918. 1915. 1914. 1913. 1912. 1911.
S
$
$
8
$
No.2 anth.fdy. pig at Phila_ton.33.41 89.49 21.18 15.26 14.74 16.57 16.06 15.21
Gray forge pig iron, Lake ore
"33.55 36.88 20.84 14.25 13.61 15.25 14.54 13.97
at Pittsburgh
Bessemer pig iron at Pittab__ "86.66 38.36 23.86 15.78 14.89 17.13 15.94 15.71
Bessemer rails at mills in Pa " 55.00 38.00 82.00 28.00 28.00 28.00 28.00 28.00
Steel billets at mills at Pittsb."46.81 68.88 43.95 22.44 20.09 25.79 22.38 21.46
Beat refined bar iron from store
at Philadelphia
100 lbs. 3.71 4.61 3.27 1.74 1.59 1.92 1.75 1.64
Articles-
RAILROAD GROSS AND NET EARNINGS FOR
FEBRUARY.
The exhibit of the gross and net earnings of United
States railroads for the month of February is of the
same unfavorable character as the exhibits for all the
months immediately preceding. Gross earnings still
show a substantial gain over the totals of the corresponding period last year, though not as large either in
amount or ratio as in the months immediately preceding. Expenses, however, keep mounting upthe additions being in excess even of the large gain in
gross receipts, leaving the net actually smaller than
in February of last year. Dealing with exact figures,
the gain in gross earnings as compared with February
1918 reaches $61,656,597, but the augmentation in
expenses is yet larger, amounting to $62,847,611,
leaving, hence, a loss in net of $1,191,014. In other
words, while the total of the gross ran up from $289,392,150 to $351,048,747, the amount of the net fell
from $28,814,420 to $27,623,406, as will be seen by
the following:
Inc.(+)or Dec.:(-).
February198 RoadsMiles of road
Gross earnings
Operating expenses
Net earnings
1919.
1918.
232,957
233,266
-$351,048,747 $289,392,150
323,425,341
260,577,730
327,623,406
$28,814,420
%
Amount.
-309 00.13
+861,656,597 21.31
+62,847,611 24.12
-81,191,014
4.13
1456
THE CHRONICLE
[Vor, 108.
What gives additional significance to this unfavor- of the generally poor character of the exhibits, some
able showing is that it follows an equally unfavorable quite important roads withheld their figures at that
showing in February last year, notwithstanding that time, and our tables covered only 151,580 miles of
the roads this year had a decided advantage in more road, whereas the total railroad mileage was in the
propitious weather. In other words, the present neighborhood of 230,000 miles. We estimated at
year the 'winter was extremely mild, while last year the time that for the whole railroad system of the
it was of exceptional severity and accompanied by country the loss in gross as compared with the year
snow blockades, railroad embargoes and freight con- preceding must have reached $26,000,000 and the
gestion of exceptional intensity. For February 1918 loss in net $13,000,000. In the following we give the
our compilation recorded $25,148,451 gain in gross February totals back to 1906. We use for 1911, for
earnings, accompanied by an increase of $54,093,271 1910 and for 1909 the Inter-State Commerce totals,
in expenses, with the result that the loss in net but for the preceding years we give the results just
amounted to $28,944,820, or over 51%. Not only as registered by our own tables each year-a portion
that, but the month the year before (February 1917) of the railroad mileage of the country being always
had made an equally poor showing, our compilation unrepresented in these earlier years, owing to the
at that time recording $2,655,684 increase in gross refusal of some of the roads in those days to give out
with a contraction of no less than $21,367,362, or monthly figures for publication.
26.59%, in the net. The loss of $1,191,014 in FebNet Earnings.
Gross Earnings.
ruary this year, therefore, comes on top of $28,- Year.
Increase or
Year
Year
Year
Year
Increase or
Decrease.
Given. Preceding. Decrease.
Given.
Preceding.
944,820 loss in February 1918 and $21,367,363
Feb.
$
$
$
loss in February 1917, making over $51,000,000 1906._
120,728,671 95,625,938 +25,102,733 33,486,634 19,937,363 +13,549,271
1907.... 123,920,810 115,123,660 +8,797,150 30,669,082 32,319,683 -1,650,601
for the three years combined. Prior to 1917, 1908_
-8,764,602
26,154,613
34,919,215
-17,713,009
123,389,288 141,102,297
1909- 174,423,831 101,085,493 +13,338,338 49,194,760 37,311,587 +11,883,173
however, the showing was much better. Thus, for 1910_
202,825,380 174,574,962 +28,250,418 56,976,253 49,241,954 +7,734,299
199,035,257 202,492,120 -3,456,863 49,888,584 56,920,786 -7,032,202
February 1916 our tables registered an increase of 1911_
1912.... 218,031,094 197,278,939 +20,752,155 57,411,107 49,135,958 +8,275,149
1913_, 232,726,241 218,336,929 +14,389,312 59,461,341 57,458,572 +2,002,769
$58,005,851 in gross and of $28,886,343 in net. In 1914... 209,233,005233,056,143 -23,823,138 39,657,965 59,553,012 -19,895,047
1915.... 210,860,681 212,163,967 -1,303,286 51,257,053 39,274,776 +11,982,277
51,043,120 +28,886,343
February 1915, too, there had been some improve- 1916_ _ _ 267,579,814,209,573,963 +58,005,851 79,929,463 80,331,161
-21,367,362
1917... 271,928,066 269,272,382 +2,655.684 58,964, 99
27,305,808 56,250,628 -28,944,820
ment in the net, though in the gross there was a 1918... 285,776,203 260,627,752 +25,148,451 27,623,406
28,814,420 -1,191,014
1919... 351,048,747 289,392,150 +61.656,597
slight falling off, namely, $1,303,286. In that year Note.-Includes for February, 130 roads in 1896, 124 in 1897, 136 in 1898, 125 in
123 in 1900, 131 in 1901, 117 in 1902, 106 In 1903, 104 in 1904, 98 in 1905,
the roads were practicing the most rigid economy, 1899,
101 in 1906, 94 in 1907; in 1908 the returns were based on 151,580 miles of road; In
1909, 232,007; in 1910, 239,725: in 1911, 242,640; in 1912, 237,082; in 1913,240,986
forced thereto by the unfortunate conditions prevail- in 1914, 244,925; in 1915, 246,186; in 1916, 245,541; in 1917, 249,795; in 1918,
in 1919, 232,957. Neither the Mexican roads not the coal mining operaing at that time in the railway world, and the saving 238,891;
tions of the anthracite coal roads are included in any of these totals.
in expenses thus effected was more than sufficient to
As far as the separate roads are concerned, there
overcome the Joss in gross earnings, with the result are a number of instances in the Middle and Western
that net earnings recorded a gain of $11,982,277. States where some improvement in net appears,
In February 1914, on the other hand, there were these being the sections of country where the roads
heavy losses in both gross and net. The gross fell last year suffered most from adverse weather conoff in amount of fully $23,823,138, while expenses ditions. Thus the Pennsylvania has this year added
were reduced no more than $3,928,091, leaving, $10,816,818 to its gross on the lines directly operhence, a loss in net in the large sum of $19,895,047. ated, east and west of Pittsburgh, and has managed
The truth is, that prior to 1915, the February show- to save $4,407,219 of this for the net, but even after
ing had not been a good one for quite a considerable this improvement, the lines failed to earn their bare
time past; rising expenses were an unfavorable fea- running expenses. The New York Central added
ture, and these rising expenses kept the growth in $3,631,237 to gross and carried $551,255 of this
net within a very moderate compass. Thus, in forward as a gain in the net. The Baltimore & Ohio
February 1913, there was a gain of $14,389,312 in on the other hand, while having added $2,252,665
gross, but as this was attended by an augmentation to gross, falls no less than $1,213,467 behind in the
of $12,386,543 in expenses, the addition to net was net, and there are other roads in this group that beonly $2,002,769. In February 1912 the roads had long in the same category, among which we might
the advantage of an extra day in the month (it being mention the Reading and Central of New Jersey.
leap year), and accordingly there was $20,752,155 The Baltimore & Ohio, indeed, fell $2,040,933 short
gain in gross, but such was the increase in expenses of meetings its bare running expenses, this comparthat only $8,275,149 of this gain was carried for- ing with a shortage of only $827,466 in February
ward as a gain in the net. In February 1911 the last year. In the New England group, while most of
roads sustained a loss in both gross and net- the roads record improved net, the New Haven forms
$3,456,863 in gross and $7,032,202 in net. In Feb--a conspicuous exception to the rule, having added
ruary 1910 the showing was satisfactory, as far as $1,036,620 to gross while losing $670,573 in net.
Quite a number of the Western roads, too, which
gross was concerned, but rising expenditures were
even then a feature, and accordingly an expansion of had heavy operating costs to contend with in Feb$28,250,418 in gross receipts produced a gain in net ruary last year, by reason of bad weather, have manof only $7,734,299. In February 1909, when the aged to carry portions of their gains in gross receipts
carriers were retrenching in vigorous fashion (owing over as gains in net. The most conspicuous case,
to the policy inaugurated after the panic of 1907) a perhaps, is the Milwaukee & St. Paul, which is able
gain of $13,338,338 in gross was attended by an to show $2,493,262 gain in gross, and likewise $1,210,augmentation of $11,883,173 in net. The year be- 793 gain in net; and the Chicago & North West, the
fore (1908) there were losses of tremendous magni- Burlington & Quincy,the Great Northern,the Northtude. Our compilation for February 1908 recorded ern Pacific and the Union Pacific are distinguished in
a decrease in gross of $17,713,009, or 12.55%, and the same way. Contrariwise,there are even here exa decrease in net of $8,764,602, or 25.10%. But ceptions to the rule, as witness the experience of the
this was merely the falling off as registered by the Illinois Central, which with $714,767 increase in gross,
roads contributing returns to our tables. On account registers a decrease of $679,035 in net.
THE CHRONICLE
APR. 12 1919.[
In those parts of the country where the rigors of
winter did not constitute much of a feature in February last year, and where, therefore, expenses were not
augmented on that account, the further increase in
expenses the present year has as a rule been of such
magnitude as completely to extinguish the improvement in the gross and leave losses in the net. Thus,
the Atlantic Coast Line, with $602,203 increase in
gross, reports $643,091 decrease in net; the Chesapeake & Ohio, with $581,819 increase in gross, falls
$486,328 behind in net; the Louisville & Nashville,
with $1,229,977 gain in gross, reports $706,308loss
in net, and the Southern Railway, though having
added $1,731,816 to gross, finds its net reduced
$1,381,134. 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:
PRINCIPAL CHANGES IN GROSS EARNINGS IN FEBRUARY.
Increases.
Increases.
Pennsylvania (3)
11364,969
a$10,816,818 Central RR of New Jar.. _
New York Central
b3,631,237 Colorado & Southern (2)
348,186
Union Pacific (3)
339,072
2,924,310 Missouri Kan & Texas.. _
Chicago Milw & St Paul.. 2,493,262 Los Angeles & Salt Lake..
335,408
314,882
Baltimore & Ohio
2,252,665 Delaware & Hudson.._
307,486
Chicago & Nor Western.. 1,993,935 Long Island
302,239
Atch Topeka & S Fe (3).. 1.927.304 Chicago Great Western_
277,985
1,806,353 Rich Fred & Potomac__
Erie (2)
1,731,816 Yazoo & Mississippi Val_
277,652
Southern Railway
1,589,284 Chic St P Minn & Om__ _
234,380
St Louis-San Fran (3)_ _
1,568,981 Philadelphia & Reading_
219,662
Chicago Burl & Quincy
New York Phila & Norf..
218,988
Louisville & Nashville
1,202,394 Chicago Ind & Louisv__
208,383
Great Northern
1,182,426 Union RR of Penna
206,553
Michigan Central
Mobile
&
Ohio
201,120
Delaware Lack & West_ _ 1,159,200
196,988
Southern Pacific (8)---- 1,127,192 West Jersey & Sea Shore
179,099
Chicago R I & Pac (2)-.. 1,060,713 Gr Trk Lines in New Eng
173,140
NYNH& Hartford__ _ 1.036,620 Alabama Great Southern
162,687
889,555 Detroit Toledo & Ironton
N Y Chic & St Louis_ _ _
871,667 Port Reading
152,926
Cloy Cinc Chic & St L.._
843,672 Florida East Coast
138,860
Lehigh Valley
135,462
813,276 Washington Southern_
Northern Pacific
128,646
804,139 Lake Erie & Western_ .,.. _
Elgin Joliet & Eastern
126,220
Missouri Pacific
792,854 Bangor & Aroostook........
115,551
Norfolk & Western
756,127 Georgia Sou & Florida__
107,705
Minn St Paul & S S M....
753,743 Chicago & East Illinois.._
106,049
Wabash
738,546 Indiana Harbor Belt__ _
Illinois Central
102,894
714,767 Can Pac Lines in Maine_
694,414
Pere Marquette
Representing 86 roads
664,321
Seaboard Air Line
in our compilation_ _$61,472,598
Atlantic Coast Line
602,203
Chesapeake & Ohio
581,819
__
Decreases.
541,356
Boston & Maine_ _ _
514,875 Hocking Valley
Texas & Pacific
$291,079
498,885 El Paso & S'western_ _ _
Grand Trunk Western__
217,398
493,610 Virginian
171,461
Pitts & Lake Erie
469,678 St Louis Southwestern (2)
Cline New On & Tex Pac_
136,007
387,382
Chicago & Alton
Representing 5 roads
376.095
Maine Central
In our compilation_
367,590
Mo Kan & Tex of Texas..
$815,945
Note.-All the figures in the above are on the basis of the returns filed
Commerce
Commission.
Where, however, these
with the Inter-State
returns do not show the total for any system, we have combined the separate roads, so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR.,together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the
vania RR. reporting $6,930,587 increase, the Pennsylvania ComPennsylvania
pany 2,149,405 increase and the P. C. 0. & St. L $1,736,826 increase.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c. the whole going to form the New
York Central System, the result is a gain of $6,366,383.
L.
1457
group records an increase in gross, but four of the
seven groups record losses in the net. The three
groups which show improved net are the Middle
States group, the Middle Western and the North
Western, where weather conditions proved so strikingly adverse last year. Our summary by groups
is as follows:
SUMMARY BY GROUPS.
Gross Earnings
1918.
Inc.(+)or Dec.(-).
$
$
11,918,927 +2,496,548 20.95
73,702,584 +18,877,424 25.58
32,617,237 +9,839,742 30.17
44,229,618 +7,343,288 16.60
59,381,899 +13,772,270 23.19
49,808,317 +7,085,147 14.22
17,643,568 +2,242,178 12.71
Section or Group.
1919.
FebruaryGroup 1 (8 roads), New England
14,415,475
Group 2 (36 roads), East & Middle.... 92,670,008
Group 3(28 roads), Middle West
42,456,979
Groups 4 & 5(36 roads), Southern
51,572,906
Groups 6 & 7(30 roads), Northwest 73,154,169
Groups 8 & 9 (49 roads), Southwest 56,893,464
Group 10 (11 roads), Pacific Coast...... 19,885,746
351,048,747 289,392,150 +61,656,597 21.31
Total (198 roads)
FebruaryGroup No. 1
Group No. 2
Group No. 3
Groups Nos.4 & 5Groups Nos.6 & 7
Groups Nos.8 St 9_
Group No. 10
Total
Net Earnings
-Mileage- 1919.
1918. Inc.(-1-) or Dec.(1919. 1918.
7,302 7,329 def506,590 def11,264 -495,326
28,559 28,398 1,369,359def2612,196 +3,981,555
21,702 21,723 3,104,920
154,370 +2,950,550 1911.35
38,449 38,615 5,121,863 10,807.944 -5,686,081 52.61
66,145 66,097 9,226,206 5,329,687 +3,896,519 73.11
54,367 54,663 6,270,048 10,728,885 -4,458,837 41.56.
16,433 16,441 3,037,600 4,416,994 -1,379,394 31.23
232,95,7 233,266 27,623,406 28,814,420 -1,191,014
As far as the movement of the leading staples in
February was concerned, Western roads again had
the advantage of a larger wheat movement, but this
was attended by a considerable contraction in the
movement of corn and oats. Altogether the grain
receipts at the Western primary markets for February 1919 fell considerably below the movement
for the same month last year. In other words for
the four weeks ending Feb. 22 the receipts of wheat,
corn, oats, barley and rye aggregated only 52,781,000 bushels, as against 66,114,000 bushels
in the corresponding four weeks of last year. The
details of the Western grain movement in our usual
form are shownlinjhe table we now present:
PRINCIPAL CHANGES IN NET EARNINGS IN FEBRUARY.
Increases.
Decreases.
a$4,407,219 Missouri Pacific
Pennsylvania (3)
$888,308
Chicago Milw & St Paul_ 1,210,793 Louisville & Nashville..
706,308
874,116 Illinois Central
Union Pacific (3)
679,035
N
Y
N
H
759,873
&
Hartford
Erie (2)
670,573
616,075 Atlantic Coast Line
Elgin Joliet & Eastern....
643,091
561,143 Texas & Pacific
New York Chic & St L..537,284
b551,255 St Louis Southwestern (2)
New York Central
503,003
541,332 Chesapeake & Ohio
Chicago Burl & Quincy
486,328
Central
of
515,199
North
West
Georgia
Chicago Sr
482,856
512,122 Central RR of New Jer
Great Northern
386,563
508,701 Philadelphia & Reading..
384,967
Michigan Central
Virginian
490,429
Grand Trunk Western
373,198
450,380 Nashv Chat & St Louis....
St Louis-San Fran (3)_ ....
362,877
398,757 Internat'l & Gt Northern
Del Lack & Western_ _ _ _
357.289
376,035 Kansas City Southern
Northern Pacific
327,413
363,533 Seaboard Air Line
Delaware & Hudson....
321,817
322,907 Chicago & East Illinols.._
Lehigh Valley
260,991
300,601 Chic Rock Isl & Pac (2)..
Pere Marquette
240,288
277,895 Florida East Coast
Minn St Paul & S S M
236,397
Denver
&
Chic
&
St
237,373
L
Rio
Grande.._.
Cleve Cinc
234,021
231,760 Western Pacific
Union RR of Penn
202,433
161,531 Now Orl & Northeastern
Rich Fred & Potomac.._ _
187,094
Paso
El
&
151,601
Southwestern..
Wabash
172,278
150,487 Hocking Valley
Norfolk & Western
170,408
147,326 Minn & St Louis
Pitts & Lake Erie
169,585
124,591 Atlanta Birm & Atlantic
Port Reading
159,787
113.674 Wheeling & Lake Erie
151,784
Chic St P Minn & Om
Spokane Port & Seattle..
141,714
roads
34
Representing
Cumberland Valley
130,926
in our compilation_ _315,356.698 Norfolk Southern
130,089
Alabama Great Southern
116,995
Now York Oat & West_
113,529
Decrease. Kanawha & Michigan....101,242
$1.950,496
Southern Pacific (8)_ 1,381,134
Representing 45 roads
Southern Railway
1,213,467
in our compilation--$15,575,568
Baltimore & Ohio
for the Pennsylvania RR. together with the Pennsyla This is the resultthe
Pittsburgh Cincinnati
Chicago & St. Louis, the
vania Company and
$3,610.444 increase,
the Pennsylvania ComPennsylvania RR. reporting
and the P. C. C. & St. L. $188,065 increase.
pany 608,710 increase
cover the operations of the New York Central
b These figures merely
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central,the "Big Four," &c.,the result is a gain of $1,390,288.
WESTERN FLOUR
Four weeks end • Flour.
Wheal.
lug Feb. 22- (bbls.)
(bush.)
Chicago1919
408,000 2,816,000
289,000
1918
731,000
Milwaukee635,000
1919
59,000
144,000
1918
80,000
St. Louts156,000 1,004,000
1919
580,000
1918
219,000
Toledo167,000
1919
79,000
1918
Detroit57,000
1919
1918
23,000
50,000
Cleveland57,000
12,000
1919
38,000
16,000
1918
Peoria246,000
100,000
1919
126,000
233,000
1918
Duluth2,596,000
1910
193,000
1918
Minneapolis3,812,000
1919
3,184,000
1918
Kansas City8,000 1,358,000
1919
624,000
1918
Omaha de Indianapolis1,069,000
1919
325,000
1918
When the roads are arranged in groups or geographical divisions according to their location, every
Total of All1919
1918
4.13.
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 and the western part of New Mexico.
AND GRAIN RECEIPTS.
Corn. Oats.
Barley.
(bush.)
(bush.)
(bush.)
Rye.
(bush.)
3,650,000 4,423,000 2,262,000 1,657,000
9,194,000 7,383,000 1,569,000 171,000
337,000
941,000 1,220,000
2,465,000 2,212,000
981,000
1,851,000 2,636,000
2,153,000 2,280,000
467,000
279,000
127,000
53,000
15,000
28,000
7,000
187,000
148,000
338,000
571,000
2,000
133,000
415,000
156,000
201,000
29,000
184,000
239,000
231,000
235,000
3,000
2,000
2,000
1,000
1,978,000
427,000
3,447,000 2,422,000
296,000
118,000
46,000
30,000
61,000
11,000
18,000
153,000 1,018,000
42,000
13,000
770,000 2,022,000 2,012,000 485,000
2,685,000 3,285,000 3,329,000 1,184,000
2,252,000 1,573,000
4,430,000 1,301,000
2,971,000 2,347,000
6,566,000 1,484,000
889,000 13,671,000 14,213,000 15,105,000 6,102,000 3,690,000
1,324,000 ,,,'5,610,000 31,803,000 21,392,000 6,096,000 1,713,000
TIIE CHRONICLE
1458
[VOL. 108.
The following advices from Ottawa April 4 apeared in
Western livestock receipts ran about the same as
the
Toronto "Globe" of the 5th inst.:
last year. At Omaha they comprised only 10,661 In a return tabled in the House of Commons to-day it is stated that the
firms in Toronto for the 1918 Victory Loan
carloads for the even month, as against 11,142 cars remuneration paid brokerage
totaled $380,440. The amounts exceeding $12,000 included the following:
25,393
were
in February 1918 and at Chicago they
A. E. Ames & Co., $47,339; Dominion Securities Corporation, $48,993;
Gundy & Co.,$51,060; Bankers' Bond Co..$12,288; W.A. Mackencarloads, against 26,083, but at Kansas City they Wood,
& Co., $12,980; and W. L. McKinnon & Co., $15,000.
were 10,906 carloads, against 10,135.
SWEDEN SEEKS LOAN IN UNITED STATES.
As to the Southern cotton movement the shipA Stockholm cablegram to the daily papers April 9 said:
ments overland were 211,095 bales in February
ves of the Swedish Government have sounded Ira N. Morris,
1919, against 173,093 bales in 1918 and 146,638 theRepresentati
American Minister, regarding the possibility of Sweden securing a loan
the United States.
bales in 1917. At the Southern outports the re- from
No definite sum was stated in the tentative approaches, but it is intibales,
ceipts for February 1919 reached only 390,790
mated that the amount desired is in excess of 100,000,000 crowns.
against 423,933 bales in 1918, but comparing with
PRICE OF GERMANY'S WAR BONDS.
302,064 bales in February 1917, as will be seen by
special correspondence of tho New York
following
The
:
the following
Zurich, Switzerland, March 10,
RECEIPTS OF COTTON AT SOUTHERN PORTS IN FEBRUARY AND
FROM JANUARY 1 TO FEBRUARY 28 1919, 1918 AND 1917.
Since January 1.
February.
Ports.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown, &c
Wilmington
Norfolk
Newport News,Ste
1919.
1918.
1917.
1919.
1918.
1917.
bales 104,453 111,601 149,620 346,733288,061 431,368
47,179 19,459 14,878 65,778 39,772 47,840
138,753 161,589 72,786 277,986355,531 171,780
9,246 14,263 6,426 27,195 18,591 13,826
1,360 8,524 2,976 4,975 13,524 10,721
52,127 57,629 14,764 153,395 136,511 53,794
500 9,500 11,000 9,000 21,500 17,000
9,845 6,581 3,555 30,054 26,524 9,752
5,114 5,146, 1,238 15,649 7,545 3,318
22,213 28,711 24,149 57,352 56,554 50,509
672
87 1,748 1,356
930
390,790 423,933 302,064 988,204 965,861 811,264
Total
Ciurrent goads and Pactxssions
•••••••••••••WWW.
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on a
discount'basis of 5%%, the rate prevailing in recent weeks.
The bills are dated Monday, April 7.
NEW CREDITS TO BELGIUM ANDCZECHO-SLOVAKIA.
New credits of $6,330,000 to the Czecho-Slovak republic
and of $900,000 to Belgium were established by the Treasury
Department at Washington on April 9. The Belgian credit
raised the total loans to the Allies to $9,016,229,000 and the
total to Belgium, it is said, to $341,435,000.
The United States has advanced with this week's credit
a total of $41,330,000 to Czecho-Slovakia. The loans to
it have been used largely to pay for arms, ammunition and
food supplies for the Czecho-Slovak forces operating in
Siberia.
BELGIUM RECONSTRUCTION LOAN.
The following special cable from London April 6 appeared
in the "Journal of Commerce" of the 7th inst.:
The Belgian Government will issue at Brussels,on April 15,a new national
reconstruction loan.
The loan is for an unlimited sum. It will bear 5% interest. The selling
price is 95. •
PROCEEDS FROM SALE OF CANADIAN GOVERNMENT
BONDS-BROKER'S REMUNERATION.
From the Official Report of the Canada House of Commons
Debates, covering the proceedings for March 31, we take
the following:
Mr. Maharg:
1.What amount of money was secured by the sale of Government
bonds in 1917 and 1918, respectively?
2. What amount of this loan was used to finance the Canadian Munitions Board in each of these years?
3. Was the Western wheat crop financed entirely out of this loan during
the years 1917 and 1918?
4. If not, Where was the balance secured for this purpose in each of the
above years?
Sir Thomas White:
1. (As shown by the books of the Finance Department). Cash received
during the fiscal year:
1917-18.
1916-17.
From$97,789,580 17
1916-1931 Loan
5123,807,158 65
18,100,482 48
1917-1937 Loan
393,623,697 70
1917 Victory Loan
of munition
for
purchase
Board
Munitions
Imperial
to
2. Advanced
supplies and foodstuffs, from General Cash Account. Fiscal year:
1917-18.
1916-17.
$271,000,000
$125,000,000
3. No.
4.It is understood the money was provided by Great Britain from other
sources.
.•
"Evening Post" from
appeared in the April 5 issue of the "Post":
The German war loan is now quoted on the German Stock Exchanges
at 14% below the rate of issue, that is, at 83M %. The price is practically
daily quoted in the Stock Exchange reports, in spite of the circumstances
that the Imperial Bank purchases daily about fifty million marks worth
of war loan bonds at a figure 6% below the issuing price, that is, somewhat
over 90. This permanent intervention on the part of the Roichsbank is
obviously insufficiently powerful to keep the market price up
The Reichsbank restricts itself to purchasing war loan bonds from people
who are able to prove the absolute economic necessity and urgency of such
a sale. But it is a very easy matter for any one to sell war loan bonds for
speculative purposes at 90 after having bought them the day before at 84,
and it is equally easy for any one to find a man who is ready to prove the
absolute necessity or urgency of selling, on receipt of a good commission.
Such people are not difficult to find in Germany.
In spite of these apparently attractive opportunities for speculation, a
rise in the market price of war loans is noticeable. Simultaneously, while
the 5% loan of the German Empire is being quoted at 84,the town of Berlin,
In which the pretty revolutionary game with machine guns and hand grenades is being played, has issued a 4% loan at 95, with complete succe is.
This contrast in prices characterizes the credit which the former Empiro
enjoys in Germany.
MIGRATION OF GERMAN CAPITAL.
In its April 5 issue the New York "Evening Post" said:
,
Pointing out the difficulties in the way of German financial recuperation
imthe "Frankfurter Zeitung" adds, "Nor should we underestimate the
neutral
portance of the uninterrupted migration of German capital to
countries, particularly to Switzerland, notwithstanding the most stringent
regulations against the smuggling of capital across the borders." German
exchange in Switzerland is at a discount of 62%; in Holland, 57%; in
Sweden, 58%.
SALE OF PHILIP INE CERTIFICATES OF INDEBTEDNESS TO STABILIZE EXCHANGE.
The sale of Certificates of Indebtedness of the Philippine
Government, bids for which were called for up to April 10
by the Bureau of Insular Affairs of the War Department, is
referred to to-day in our State and City Department. The
"Journal of Commerce" in yesterday's edition stated that
it is understood that the proceeds of these certificates are
to be used for the purpose of stabilizing exchange conditions
between the United States and the Philippines. Continuing
it said:
to the
For some time past the movement of funds hat been unfavorable
to Liberty bonds
islands, due to several causes. Very heavy subscriptions
been made in
and contributions to Red Cross and other purposes have
the United
the Philippines and have caused a demand for exchange on
in
the islands, effected
States. The sales of properties belonging to aliens
in
remittances
necessitated
also
have
by the Allen Property Custodian,
large amounts for the purpose of liquidating these obligations. At the same
time, payments in behalf of the Emergency Fleet Corporation and other
transfers on Government account have caused a dearth of exchange. The
movement of insular products has been very sluggish since the concluskii of
of
the armistice, for the same reasons that have affected the movement
cotton and other products in the United States and the suspension of active
still
has
buying by European consumers since the conclusion of hostilities
further emphasized the situation. As a result most of the banks in Manila
have been drawing heavily upon the insular Treasury, thereby necessitating
of fura resort to the provisions of tho gold standard law for the purpose
nishing these remittance funds to the banking community. The Philippine
what
have
they
since
basis,
standard
Islands are practically upon a gold
is known as the "gold exchange standard," under which the insular Government undertakes to redeem local funds in dollar drafts payable in New York
this
at a fixed rate. The insular Government is thus called on to maintain
convertibility just as heretofore.
The situation in Philippine exchange is somewhat similar to that which
has prevailed in other parts of the East since the beginning of the war.
on
There was considerable difficulty at one timo in obtaining exchange
India with which to pay for importations of Indian commodities, especially
jute, for the manufacture of bagging, which was largely used in connection
with army operations. This exchange was eventually provided by the
shipment of silver to the East, the United States passing legislation which
exfurnished the basis for it. Pending the delivery of silver, however,
remittances and the
change on India was disturbed because of the lack of
in
banks
regard
British Indian Council was obliged to "ration" the various
is reported as
to their supply of rupees. The position of the Philippines being chiefly
being the converse of this situation, the Government's funds
been necesIn pesos due to the heavy remittances of dollar funds which has
sary for the purposes already mentioned, and to the sluggish ab,sorption
causing a
thus
elsewhem,
and
States
of insular products in the United
of which the
scarcity of dollar exchange in the island. Tho operation step
first
toward
certificate sale now completed Is a part, represents the
convertibility
protecting the exchange position completely in order that the
cer.
the
new
which
at
rate
of dollars and pesos may not be disturbed. The
APR. 12 1919.]
'111E CIIRONICLE
1459
tificates:were sold was regarded as under all conditions a very favorable Informal operations should be terminated and its activities continued on
one, the War Finance Corporation having just placed its bond issue running a business basis.
the same length of time at a flat 5%. The certificates of indebtedness,
The operations of the new corporation are to be limited in New York
however, contain a broader exemption from taxation than do the War State and are to be in the hands of a body of thirty directors. The busiFinance bonds, a fact which accounts for the more favorable basis realized ness is to be conducted through agent banks substantially along the lines
for the issue.
as were put in vogue by the Farmers' Funds, Incorporated.
The Banking Department also makes public the following
COMPARATIVE FIGURES OF CONDITION OF
extracts from the prospectus of the new corp )ration:
CANADIAN BANKS.
With the new problems of reconstruction before us, the need of an instituIn the following we compare the condition of the Canadian tion such as this fund is clearly shown. This Fund will permit the bankers
of
the State who see fit to join this Fund to encourage the honest and fn.
banks, under the last two monthly statements, with the dustrious
farmer who is not at present a banking risk; it will accustom
1914:
return for June 30
farmers to the right use of credit and better business methods, and imASSETS.
Feb. 28 1919. Jan. 311019. June 30 1914.
Gold and subsidiary coin—
In Canada
Elsewhere
61,407,537
18,771,077
•
61,564,369
18,999,305
Total
80,178,614
80,563,674
Dominion notes
185,932,418 196,323,477
Depos. with Minister of Finance
for security of note circulation
5,860,927
5,860,976
Deposit of central gold reserves 103,750,000 105,650,000
Due from banks
171,735,773 168,876,009
Loans and discounts
1,268,881,896 1,244,904,686
Bonds, securities, &c
424,999,111 472,048,069
Call and short loans in Canada.. 79,154,121
87,598,427
Call and short loans elsewhere 155,983,681
than in Canada
140,819,656
Other assets
98,714,799 100,630,443
Total
Capital authorized
Capital subscribed
Capital paid up
Reserve fund
Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities
28,948,841
17,160,111
• 46,108,952
92,114,482
6,667,568
3,050,000
123,608,936
925,681,966
102,344,120
67,401,484
137,120,167
71,209,738
2,575,191,340 2,603,275,417 1,575,307,413
LIABILITIES.
182,075,000
111,335,200
110,643,539
116,870,214
170,000,000
110,492,200
109,622,070
116,129,225
192.866,666
115,434,666
114,811.775
113,368,898
204,779,750
259,056,960
767,335.742
1,018,184,512
38,874,515
1,697,396
35,085,710
203,424,472
257.358,367
826,935,207
990,000,085
41,580,614
1,216,417
36,259,390
09,138,029
44,453,738
495,067,832
663,650,230
32,426,404
20,096,365
12,656,085
Total, not including capital
or reserve fund
2,325,014,585 2,356,774,558 1,330,488,683
Note.—Owing to the omission of the cents in the official reports, the
footings in tho above do not exactly agree with the total given.
BAN OFF SILVER BARS MAY 1.
It is stated that advicos have been received by Verne M.
Bovie, Superintendent of the New York Assay Office
from the Director of the Mint at Washington to the effect
that beginning May 1 deposits of silver will be payable in
bars. It is pointed out that during the war period the
Assay Office did not pay out any fine bar silver, and when
silver deposits were made payment was in cash. All silver
acquired was melted up for Government requirement.
BILL PERMITTING STATE BANKS IN NEW YORK TO
EXERCISE FIDUCIARY POWERS SIGNED BY
GOVERNOR SMITH.
The Marshall-Cheney bill, authorizing State banks in
New York to exercise fiduciary powers, was signed by
Governor Smith on April 10. The bill permits State banks
to administer estates and trust funds, thus placing them
on the same plane .with national banks and trust companies.
PROPOSED FARMERS' FUND,INC., TO BE ORGANIZED
IN NEW YORK.
The New York State Banking Department announced on
April 10 that the "Farmers' Fund, Inc.," with its principal
offices in New York City, had applied to Superintendent
George I. Skinner for authority to operate in New York under the provisions of the Banking Law governing so-called
investment companies. The Banking Department's announcement in the matter says:
prove his method and the volume of his business. The bankers who
Join in this movement should be able to create now accounts, to bring
now people into acquaintance with their bank and to place a very large
and valuable insurance against the unrest of the present day by being
able to assist, at a minimum cost, and with minimum risk, the farmers of
the respective localities.
With the end of the war the trustees of the Patriotic Farmers' Fund
feel that its informal operation should be terminated and its activities continued on a business basis. The Fund was organized to increase food
production by advancing to the small farmers sufficient funds on singlename paper, to provide for the purchase of seeds, fertilizers and some
additional labor. It was a voluntary association to fit war time emergency.
Fifteen hundred Local Loan Committeemen were appointed throughout the State and these Local Loan Committeemen passed upon each
application for a loan. They were not in any way financially responsible
but were urged to see that no honest farmer lacked for funds with which
to increase his production.
Loans were made through 135 agent banks the first year and they approximated in amount $284,000. The loans averaged $100 each, or in
other words, 2,800 loans were made. The maximum amount loaned to
any one borrower at one time was $150 and a like amount could be loaned
.ater for additional labor expense.
In the first year's business fully 60% of these loans were paid promptly
at maturity. The balance was either renewed to enable the borrower to
market his produce, or was paid off in small installments. Of the first
year's loans 95% has been actually repaid in cash. The remaining 5%
is considered perfectly good and is hold subject to small monthly pay
ments from the borrowers. In the second year's business of this Fund
the number of loans was doubled.
To date some 8,000 borrowers have used this Fund, and $800,000 approximately has been loaned. In the 1918 series of loans fully 65% were
paid at maturity and the balance treated as they were in the first year's
business.
The food produced through our loans has actually added to the wealth
of this State over $5,000,000. This figure is conservative and is based
upon the average farm value of the crops and live stock produced by these
loans, as compiled by the United States Department of Agriculture.
The parties in interest and many of the banks handling these funds are
therefore of the opinion that the Fund should be continued and that the
bankers and the farmers of the State can take up the work of the Fund on
a mutually profitable business basis. The business under the proposed
now corporation is to be conducted through the agent banks substantially
as heretofore.
AMERICAN ACCEPTANCE COUNCIL ELECTS ADDITIONAL MEMBERS TO EXECUTIVE COMMITTEE.
Expansion of the Executive Committee of the American
Acceptance Council to include one or more representatives
from each Federal Reserve District was accomplished at a
meeting cf the Committee in the assembly room of the
Merchants' Associ tion on April 2. The amendment to
the by-laws providing for an increase in the membership of
the Committee to thirty-six was approved and seventeen
additional members were elected. The creation of a committee on policy and operations was also decided upon. This
will be the functioning organization of the Council to deal
with such matters as legislation, discount market, discount
rates, collection charges, information, exchanges, abus(
and corrections and memberships. It will be composed of officers of the Council and Chairmen of the various corn
mittees. As Chairman of the Executive Committee, Paul
M. Warburg of Kuhn, Loeb & Co. will be at its head. The
appointments of Fred I. Kent as Chairman of the Publicity
Committee, of Jerome Thralls as Chairman of the Organization Committee; of Percy H. Johnston as Chairman of the
Finance Committee, and H. C. Freeman as Chairman of the
Auditing Committee, were confirmed. The movement
which the Council has been created to foster is reported to
be making rapid headway throughout the country. Organization of local associations in Cleveland, Cincinnati and
Newark is well under way in addition to those already established in Rochester, Baltimore and Joliet. The follow
ing were elected members of the Executive Committee:
This neiw company is to have a capital of $400,000 and a surplus of
$100,000 and expects to begin business in the near future. Among the
proposed incorporators are:
William Chirch Osborn of Now York City;
David 0.Wills, Chairman of the Board,Cleveland Federal Reserve Bank;
Marc W. Colo of Albion, N. Y.;
Fred I. Kent, Vice-President of the Bankers Trust Co.;
Myron S. Hall, President, Buffalo Trust Company;
E. W. Decker, President Northwestern National Bank, Minneapolis;
William I. Taber, President Citizens' Trust Company, Utica;
P. II, Johnston, Vice-President Chemical National Bank, New York;
Delmar Runkle, President Peoples' National Bank of Hoosick Falls,
Albert Breton, Vice-President Guaranty Trust Co., New York;
President
of
the
New
John H. Fulton, Executive Manager, National City Bank, New York;
also
York State Bankers' Association.
Thatcher M. Brown of Brown Bros. & Co.;
The Farmers' Fund, Inc., is being organized for the purpose of taking
W. H. Porter of J. P. Morgan & Co.;
over some of the functions of the so-called "Patriotic Farmers' Fund,"
J. H. Rovensky. Vice-President. National Bank or Commerce in New
Which was founded after this country entered the world war, for the purmoney
to
lending
farmers
with which to increase their food pro- York;
ges° of
Franklin D'Olier, Franklin D'Olier & Co.. Philadelphia;
Unction.
H. E. Choate, J. K. Orr Shoo Co., Atlanta;
The system to be followed is to advance to the farmers with limited
their
own credit, sufficient funds for them to purfinancial resources, on
Arthur Reynolds, Vice-President Continental & Commercial National
Bank, Chicago;
chase seed, fertilizer and to furnish additional labor.
George Woodruff, President First,National Bank. Joliet, Ill.;
The Farmers' Fund, Inc., was a voluntary association organized to fit
Festus J. Wade, President Mercantile Trust Co., St. Louis'
war-time emergency and with the end of the war the trustees feel that its
1460
THE CHRONICLE
[VOL. 108.
$1,000 license fee for curb brokers, but also that they shall
furnish a bond of $25,000 to the city "for the due observance of all financial obligations." Upon conviction of a
violation of the proposed ordinance, a broker would be liable
TEXAS BILL CREATING DEPARTMENT OF BANKING to a fine of
$500 or imprisonment for six months, or both.
APART FROM INSURANCE DEPARTMENT
VETOED.
SUBSCRIPTIONS TO $200,000,000 BOND OFFERING OF
A bill passed by the Texas Legislature, creating a departWAR FINANCE CORPORATION CLOSED.
ment of banking by separating the duties of the present
to the $200,000,000 bond offering of the
Subscriptions
department of insurance and banking has been vetoed by
War Finance Corporation were closed on Apr. 9, the CorporGovernor Hobby. The Houston "Post" of Apr. 4 quotes
ation on that day having notified the Federal Reserve banks
Governor Hobby as setting forth his reasons therefor in part
receive no further subscriptions to the bonds. A stateto
as follows:
The insurance and banking codes are so closely interwoven that it is ment issued by the Corporation said:
P. W. Goebel, President Commercial National Bank, Kansas City;
A. L. Mills, President First National Bank, Portland, Ore.;
John Rosseter, Sperry Flour Mills Co., San Francisco.
utterly impossible to separate them without detriment to the purpose of
either by any measure short of a bill comprehending a careful revision of
both. Should this bill become a law it would result in confusion in tiff
correlated functions of the two existing divisions of the Department oe
Insurance and Banking, for the simple reason that definite duties are not
sufficiently specific in the law and many important functions of the department of Insurance and Banking, which are neither matters of insurance
nor banking, have been altogether ignored.
The distribution of the issue has been entirely successful and a great
number of small purchasers have taken advantage of the offering which
was made in the various districts from the Federal Reserve banks through
all the banks and dealers of the districts.
Eugene Meter Jr., Managing Director of the War Finance
Corporation, who was in New Ycrk on April 9,in announcing
that the bonds were fully subscribed, was quoted to the
following effect in the "Journal of Commerce" of the 10th
NEW YORK STOCK EXCHANGE RESCINDS RESTRIC- inst.:
TIONS AFFECTING SHORT SELLING.
He expressed satisfaction with the reception of the issue, stating It as
his opinion that the bonds had been "well distributed." The funds obThe Governing Committee of the New York Stock Ex- tained,
he said, have not been assigned for any particular purposes, but
change on Wednesday rescinded trading rules adopted on will go to replenish the money in the treasury of the Corporation. The
Nov. 1 1917 with a view, it was then said, to keeping the report that the bonds were sold in connection with the export program he
characterized as erroneous, explaining that he did not anticipate any large
activities of short sellers under surveillance, and incidentally demand
for exporters and bankers for this use for some time at least. It
to see whether there was any basis for charges that Germans would take time for exporters and foreign customers to arrange for the
if the bankers showed initior their sympathizers were at work to depress American paper necessary to secure accommodation andmight
not be large. The fact
the call upon the $1,000,000,000 fund
securities and thus hamper industry. The rescinding of the ative,
that it existed as a reserve available for long time credits would serve as an
rule was made known as follows on April 9 by Secretary Ely: incentive to private bankers, Mr. Meyer thought, to offer longer credits.
To the Members of the Exchange:
The paper quoted supplemented the above by the following
At a meeting of the Governing Committee held this day, the following
in its issue of yesterday (Apr. 11):
resolutions of Nov. 1 1917 were rescinded:
Bankers who have been critical of the manner in which the $200,000,000
Resolved, That all members of the Exchange, or their firms, who are
borrowing stocks either for themselves or their customers, are required to War Finance Corporation bond issue was handled were not inclined yesterfurnish daily. by 12 o'clock noon, to the Committee on Clearing House day to agree with the view of Eugene Meyer Jr., that the bonds had been
of the New York Stock Exchange, at 55 New Street, a list of all stocks "well distributed." Several institutions still have large blocks on hand,
borrowed; such list must state the name and amounts of the borrowed on top of which, it became known yesterday, a group of local banks was
called upon to take the unsubscribed portion of the issue. This was in
stocks and from whom borrowed.
At the same time they must deliver in a sealed envelope a list of the accordance with the assurance given by bankers when the bonds were
the
offered that they would be fully subscribed, which presumbaly was the
names of customers for whose account such stocks are borrowed, and
amount borrowed for each customer. These sealed envelopes will be in- basis for the Washington reports of oversubscription at the close of the
first day. Had it not been for these reports, bankers believe, the later
spected by the Committees on Business Conduct in their discretion.
Resolved, That all members of he Exchange, or their firms, who are lend- applications would have been heavier and a better distribution would have
Comthe
to
noon,
o'clock
12
by
daily,
furnish
to
been secured.
ing stocks, are requL•ed
mittee on Clearing House of the New York Stock Exchange, at 55 New
The bonds are the first to be put out by the Corporation;
Street, a list ofall loaned stocks;such list must state the names and amounts
of such loaned stocks, the names of the borrowers of the same and the they are dated Apr. 1 1919 and run for one year; the details
amount loaned to each borrower.
regarding the issue were given in these columns last week,
GEORGE W. ELY, Secretary.
page 1342.
NEW YORK STOCK EXCHANGE RESCINDS RULING WAR FINANCE CORPORATION BONDS ACCEPTABLE
AFFECTING REPORTS OF NON-CLEARING
AS SECURITY FOR POSTAL SAVINGS DEPOSITS.
HOUSE STOCKS.
The following information has come to us from Third
Still another measure rescinded this week by the Govern- Assistant Postmaster-General A. M. Dockery:
ing Committee of the New York Stock Exchange was that
You will no doubt be interested to know that the Board-of Trustees of
of Nov. 30 1917, requiring the making of reports to the the Postal Savings System, at a meeting held yesterday.(Apr. 8 1919)
further
amended the regulations governing the deposi,- of postal savings
Clearing House of the Exchange as to non-clearing house
in banks so as to provide for the accpetance of Was. Finance Corstocks. The following is the announcement issued on April 9 funds
poration bonds at their par value as collateral security for Postal Savings
by Secretary Ely:
deposits.
To the Members of the Exchange:
At a meeting of the Governing Committee held this day, the following
resolution, adopted by the Governing Committee on Nov. 30 1917, was
rescinded: .
"That after Dec. 1 1917 every member shall report to the Clearing
House on each business day the transactions for the preceding day in lots
of one hundred shares or multiples thereof of non-cleared stocks listed on
the Exchange, and Clearing House stocks that have been settled 'exClearing House.'"
GEORGE W. ELY, Secretary.
NINTH OFFERING OF TREASURY CERTIFICATES IN
ANTICIPATION OF VICTORY LIBERTY LOAN.
The ninth offering of Treasury Certificates of Indebtedness
in anticipation of the Victory Liberty Loan, was announced
on April 6. The present offering is for a minimum of
$500,000,000; the certificates carrying 4y2% interest will
bear date April 10 and will mature Sept. 9 1919. At the
of the closing of subscriptions to the last offering on
time
INTERPRETATION OF NEW YORK STOCK EXCHANGE
March 20 it was made known that the Treasury Department
RULE AS TO LIMIT ON ORDERS.
would omit its next regular bi-weekly offering, because of
The following advices were issued to members of the the large oversubscriptions to previous issues, and would
New York Stock Exchange by Secretary George1W. Ely on delay its further offering until April 3 or 10. Onnlarch 22
April 4:
it was announced that the aggregate amount of certificates
A request having been made to the Committee of Arrangements for
outstanding at that date in anticipation of the Victory Liban interpretation of the rule regarding reducing the limit on orders by the
amount of a dividend on the day a stock sells ex-dividend, the Committee erty Loan amounted to approximately $4,855,256,500. The
determined:
New York Federal Reserve Bank on April 6 issued the
1. That the following kinds of orders should be reduced:
following
statement as to the new offering:
(a) Open buying orders;
(b) Open stop orders to sell.
2. And that the following should not be reduced:
(a) Open stop orders to buy:
(b) Open selling orders.
PROPOSED ORDINANCE TAXINGLCURBIBROKERS.
An ordinance providing for a tax of $1,000 on brokers doing
business on the "curb" market in Broad Street was introduced by Alderman William F. Quinn on April 8. The
measure was referred to the Committee on:General Welfare.
According to the New York "Sun," it not:only provides:for a
The Federal Reserve Bank of New York stated that the-Secretary of the
Treasury announced on Saturday, April 5 1919, a new offering of 43.6%
United States Treasury certificates of indebtedness for a minimumrof
$500,000,000, to be dated April 10 1919, and mature Sept. 9 1919, and
known as Series 54.
This is the ninth issue of Treasury certificates in anticipation of the
Victory Liberty Loan.
Subscriptions will be received by the Federal Reserve Bank of New York
as fiscal agent of the United States up to tho close of business on April 17
1919.
With respect to the above offering the Treasury Department further announced that Treasury certificates of indebtedness of Series 5-A, dated
Dec. 5 1918 and maturing May 6 1919, will be accepted at par with an
adjustment of accrued interest in payment for any certificates of the current
APR. 12 1919.1
THE CHRONICLE
Series 5-J now offered, which shall be:subscribed
for and allotted to any subscriber.
The ccrtiuicateswiIl be;issued in/denominations of
$50 ,
$i,000, $5,000, $10,000 and $100,000.
SUBSCRIPTIONPF JAPANESE GOVERNME
NT TO U. S.
TREASURY CERTIFICATES.
According to yesterday's "Tribune" the Japanese
Government on April 10 entered a subscription of $50,000,00
0 to
the new $500,000,000 offering of United States Treas
ury
432% certificates of indebtedness, issued in anticipation
of
the Victory Liberty Loan. The "Tribune" also said:
The transaction was handled by the Yokohama
Specie Bank Agency
here, which placed the subscription through the
Federal Reserve Bank of
New York.
Deposits in American banks to the credit
of the Japanese Government
approximate $150,000,000, Japanese banker
s said yesterday, and it is
to employ a portion of these funds that the block
of certificates of indebtedness is being purchased. In December the
Japanese Government took a
small block of the Treasury bills.
In the course of the past four years the Japane
se Government has bought
approximately $200,000,000 of various kinds
of notes and bonds issued in
the United States. Japanese corporations have
purchased upward of
$80,000,000.
Japanese funds have been accumulating here
ever since early in the war,
when the trade balance between the United
States and Japan began to
run heavily in favor of the latter. For a time
gold shipments to Japan
were made in order to settle the balance due that
country, but the American
Government put an embargo upon gold exports in
the fall of 1917.
VICTORY LIBERTY LOAN QUOTAS FOR
VARIOUS
FEDERAL RESERVE DISTRICTS—OTHER NEW
S
REGARDING LOAN.
While no announcement has yet been made by
the Treasury Department as to the amount and interest
rate of the
Victory Liberty Loan, Secretary Glass on Apr.
10 stated
that each Federal Reserve District would have
the same
proportionate quota as was given it in the Fourt
h Liberty
Loan. Figured on the basis of a $6,000,000
,000 offering,
as in the case of the Fourth Liberty Loan, the quota
s for the
various districts would be as follows:
District—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Totals
Percentage.
8.33 1-3
30.00
8.33 1-3
10.00
4.66 2-3
3.20
14.50
4.33 1-3
3.50
4.33 1-3
2.10
6.70
100.00
Amount,
5500,000,000
1,800,000,000
500,000,000
600,000,000
280,000,000
192,000,000
870,000,000
260,000,000
210,000,000
260,000,000
126.000,000
402,000,000
56,000,000.000
In the case of the Fourth Liberty Loan
every Federal
Reserve District oversubscribed its quota
, and the total
subscriptions approximated $6,990,000,0
00. On Apr. 7
it was authoritatively stated that the 5% intere
st rate borne
by the War Finance Corporation's issue of bonds
was not
to be taken as an index of the rate on the Victory
Liberty
Loan notes. The press dispatches from Washington
on that
date said:
The Treasury believes, it was explained, the
securities which are not
direct obligations of the Government must bear
from one-half to threequarters per cent higher interest than Govern
ment notes or bonds and that,
consequently, there can be slight relationship
between the rates of the War
Finance Corporation bonds and of the Victory
notes.
Suggestions that the Victory issue should
boar at least 5% are reaching
the Treasury persistently from banking and
other commercial interests,
but apparently the proposals are not looked
on favorably. Rates of 4%
or even 4 Yi , as carried by the past two issues
of bonds, have been discussed by Treasury officials much more than
the higher rate. Secretary
Glass is kno,vn to believe that 5% is entirel
y too high for Government notes
partially tax exempt.
The rate and other terms of the Loan will be
determined within the next
week or ton days and announced only a few days
before Apr. 21, when the
selling campaign opens.
Printing of the notes has been started by
the Bureau of Engraving, and
thousands are being turned out daily,
to be completed when terms are
decided. 'rho notes as partially finished
bear interest coupons and in most
other respects resemble Liberty bonds.
•
The announcement with regard to the
forthcoming Victory Liberty Loan was payments for the
made in our issue
of Mar. 29, page 1221.. Headquarters
of the National
Grange at Washington made public on
Apr. 8 a letter addressed to Secretary Glass, urging that the
interest rate on
the Loan be fixed at 43%. The letter
said masters of
State granges and other representatives of
farming interests
wore asking that the rate be no higher. An
appeal to farmers
to buy Victory Liberty notes and to
assist in every way
possible in the Loan campaign was issued
on Apr. 10 by
heads of thirty-six leading agricultural
organizations, State
and national, through the Loan Publicity
appeal, addressed to the farmers of America, Bureau. The
said in part:
1461
No finer patriotic service was ever
rendered than when the farmers of
America, short of labor, credit, and
farm supplies, still grew the increased
crops without which we could not
have won the war. The more that
is
known about the war, the more gloriou
sly our farmers' part in it will shine.
The Victory Liberty Loan drive
begins
Apr.
21
and
continues until
May 10. We appeal to you,
farmers of America, to finish what you
have
so well begun. Make this
loan as superb a success as the war crops
you
have raised. See to it that the
farmers lead in putting the Victory Loan
over the top.
It was stated on Mar. 30 that
Secretary of the Navy
Daniels had won the distinction of
starting the Victory
Liberty Loan, having sent a check
for $5,000 to RearAdmiral T. J. Cowie for a subscription.
In his letter to the
latter Secretary Daniels said:
I wish you would subscribe five
thousand dollars ($5,000) worth
of
Victory Loan bonds for me.
I hope to get back to the Department
before the close of the Loan, and
if so I will be ready to speak or do anythi
ng that you think will aid in the
success of this great undertaking.
CARTER GLASS AND REAR-ADMIRAL
SIMS TO
ADDRESS VICTORY LIBERTY LOAN
WORKERS
IN NEW YORK NEXT WEEK.
The machinery of the Government Loan Organ
ization of
the New York Federal Reserve District will
be started in
motion officially at a meeting of district and
sub-district
Chairmen next Tuesday evening (April 15)
in the Metropolitan Opera House. The meeting has been
called for the
purpose of sounding the note of appeal to
be used in the
Victory Liberty Loan campaign. Appro
ximately 2,000
Chairmen and their representatives are expec
ted to attend.
Speeches will be delivered by Benjamin Stron
g, Governor
of the Federal Reserve Bank of New
York, and Chairman of the Liberty Loan Committee; Carte
r Glass, Secretary of the Treasury, and Rear-Admiral
William Snowden
Sims, who returned recently from Europe,
where he was in
command of the American fleet co-operating
with the
British Grand Fleet. The event will mark
the
of activities, which will start in the forenoon, end of a day
and will include
a visit to the headquarters of the Gover
nment Loan Organization in the Equitable Building, and a series
of conferences
in the afternoon at the Hotel Astor.
At 6:45 p. m. a buffet
supper will be served in the ballroom of
the Hotel Astor,
following which the visitors will attend the
meeti
Metropolitan. Delegates will be here on invita ng at the
tion. The
committee has completed arrangements for hotel
accommodations for those wishing to remain over night.
W. H. REMICK OF GOVERNING COMM
ITTEE
STOCK EXCHANGE URGES "HIGHER TYPE OF
PATRIOTISM" IN VICTORY LIBERTY
LOAN WORK.
William H. Remick, a member of the Gover
ning Committee and also Chairman of the Liberty
Loan Committee
of the New York Stock Exchange, this
week addressed a
letter to all members of the committee urging them
during
the Victory Liberty Loan drive to exemp
lify the "higher
type of patriotism." The letter is an appea
l for the same
zeal and fidelity displayed by the committee
members in
previous campaigns. It follows:
The spirited resolution of the Governing
Committee has pledged the
Exchange's unqualified support to the
Victory Liberty Loan.
As the burden of this pledge rests largely
upon the shoulders of the Stock
Exchange Liberty Loan Committee, I
take it for granted that you, as a
member of that committee, will exert
your efforts in the Victory Loan
campaign with the same degree of fidelity
and zeal that you displayed in
the past Liberty Loan campaigns, and to
that end I reappoint you on the
Victory Loan Committee.
It seems to me that it especially devolves upon
our
to appreciate the bearing of the Ell1CCOSS of the Victorycommittee more fully
Loan on the business
and commercial interests of the country in the
readjustment period immediately before us.
Secretary Glass said truly that "we have a right
to invoke the patriotism
of the people, and to-day it takes a higher
typo of
nation titan was required in the delirium of war." patriotism to serve the
I take pride in the faith
that the work of our committee will, withou
t exception, exemplify the
"higher typo of patriotism" in the important
work we are about to undertake.
LOAN SUPPORT PLEDGED BY NEW YORK
CHAMBER
OF COMMERCE.
At a recent monthly.meeting of the Executive
Committee
of the Chamber of Commerce of the State of New
York, a
resolution calling upon its members to support the
Victo
Liberty Loan to the full extent of their ability, financ ry
ially
and physically, was adopted, it was announced on
April 9.
Embodied in the resolution are the potent reaso
ns for the
Victory Liberty Loan. It emphasizes the fact that the
support of the loan is not only a patriotic duty, but also
that its
success will better business conditions generally.
The resolution states that itjslnecessary for the Gover
nment to
raise this loan to meet bills already incurred so that
business
.
1462
THE CHRONICLE
[VOL. 108.
Hartigan;
The program included speeches by Joseph
measure
of the
conditions may again become normal. The
C. L. Withrow in charged of Field Secretaries
Col.
OrganiLoan
adopted follows:
nment
Gover
the
of
ttee
Commi
s
seeking subscriptions to a War Saving
The United States Government will soon be
Foreign Language
the Victory Liberty Loan. zation; the Hon. Hans Rieg, Chief of the
fifth Libeety Loan, which will be known as
Moses GreenCol.
;
loan, the same as the others,
tment
Depar
ry
Treasu
the
of
on
The welfare of the country demands that this
Divisi
vast funds to pay the bills
Viskniskkim,
T.
Guy
Major
be made a success. The Government requires
and
J.
N.
air,
ds of contracts, all created wood of Montcl
already incurred and to liquidate many thousan
ully concluded. Editor of the "Stars and Stripes." Yvonne De Treville
successf
so
been
now
have
which
ons
operati
in the military
ti of the
it is necessary that the
In order that business may return to a normal basis,
the Royal Belgian Opera Company; Mario Lauren
is therefore a business of
on conJacobs
Sacha
Government be first properly financed. There
and
ny,
Compa
loan be supported by every Metropolitan Opera
reason, as well as a patriotic duty, that this
down their lives in tributed to an elaborate musical program. The guests of
laying
were
men
our
when
case
the
was
as
American,
of the
the war against autocracy.
included Rear Admiral Nathaniel R. Usher,
therefore, offers the follow- honor
New
of
nor
Gover
The Executive Committee of the Chamber,
Edge,
E.
Walter
Brooklyn Navy Yard;
ing resolution:
of the State of New York Jersey and Marcus Holcomb, Governor of Connecticut.
ce
Commer
of
r
Chambe
the
That
d,
"Resolve
and
Liberty Loan, not only by
recommends that its members assist the Victory
and sailors, recently returned from abroad,
also by t e devotion of their Soldiers
world
the
in
part
subscribing to the limit of their ability, but
their
of
ce
to xpakingjthis loan an over- whose wound stripes bore eviden
time and efforts, as they have in the past,
war were conspicuous on the platform.
whelming success."
The following is the resolution adopted:
men and
RTY BONDS ARE QUOTED HIGHER IN SAN
WHY LIBE
FRANCISCO THAN IN NEW YORK.
tatives of the
It is hereby resolved, That we, the represen
Second Federal Reserve District
women of foreign birth and origin in the
the approaching Victory
allow,
will
support as generously as our means
been will
with fervor to achieve a glorious
Liberty Loan, and will work untiringly and
The fact that Liberty bond issues have apparently
in New success for the loan among our fellow Americans, whether native born or
commanding higher prices in San Francisco than
more or foreign born.
to make the Government's
York has come into prominence recently and has
That we will do everything within our power
success, practicing thrift and
y last, war
Monda
On
or.
theref
savings plan a permanent and lasting
less curiosity as to the reason
organization's suggesquota- economy in accordance with the Government loan
April 7, there was a difference of five points in the
all people with whom we come in contact.
among
it
ging
encoura
and
tions,
d 4s;
and all times to aid and
tions in the two cities on the First 332s and Secon
That we will stand ready and willing at any of the United States in
date support
as best we can, the Treasury Department
in the case of the several issues the quotations on that
on the work of the glorious
any undertaking it may inaugurate to carry
were:
revere.
and
love
we
c
republi
co.
New York. San Francis
of these resolutions be sent to
Issues—
Be it further resolved, That one copy
104.19
99.02
y of the United States, and one
First 33s
Hon. Carter Glass, Secretary of the Treasur
98.31
93.74
in Strong, Governor of the Second Federal Reserve
Benjam
Second 4s
Hon.
to
copy
98.72
95.64
Third 4Xs
District.
95.02
93.76
s L. Withrow said:
Fourth 4s
In addressing the meeting Col. Charle
e
Reserv
l
purpose, first, partly to commemorate the entry
Federa
the
the
of
for
is
Lynch
meeting
nor
This
Gover
8
April
On
to those racial groups
higher of America in.° the world war, also to pay tribute
y and so loyally at
Bank of San Francisco offered the explanation that the
numbers came forward so rapidly, so willingl
whose
t
interes
the
should pay homage on a day
prices in San Francisco applied to bonds to which
America's call for aid. It is fitting that we
side was wonderother
the
in New such as this. The work of the boys who died on
coupons from the date of issue were attached, while
the loyalty,
and of almost equal magnificence has been
cent,
magnifi
ent
and
ful
statem
ing
follow
The
citizens who have come forward
York the bonds were quoted net.
devotion and patriotism of the foreign born
is credited to Governor Lynch:
to lend their ald.and support at home.
foreign-born citizens who have
York as we change them
In the thrift movement it has been the
Our quotations are identical with those of New
ing
everyth
d the most valuable aid.
We have done
.
rendere
advices
hic
and
ed
telegrap
to
respond
ng
accordi
day,
every
ul nation must rest its foundawho seek to speculate
The ideal of thrift on which every successf
possible to protect the holders of bonds from those
, factories and in shops—the most
tion we have met everywhere in schools
in them.
citizens.
born
d
coupons attache
enthusiastic response from our foreignThe reason for making our quotations on the basis of
sorts of demands, because all the
without getting any
Last year it was necessary to make all
was, that we found many holders of bonds selling
y Ded a reasonable broker's money needed to carry on the war had to come through the Treasur
allowance for attached coupons. We have include
appear partment, but this year we are putting our business conditions back on a
which
prices
the
day
every
So
bonds.
the
g
commission for handlin
you with a capaign of sensible spenda bond.
firm foundation. So now we come to
in the daily papers are net to the man who is selling
with their bonds ing and reasonable saving.
In spite of all we can do, bondholders are still parting
money to the end that the
them and shipping
We want Americans to go on spending their
at low figures. We find even junk dealers are buying
no old iron or wheels of commerce may go on running that there may be a job for everyhas
who
woman
a
find
they
When
.
markets
them to other
era of prosperity.
one of the boys and that we may enter an
copper they begin to dicker for Liberty bonds.
of bonds should realize
Bonds are steadily going up. Every holder
The bonds are gradually
he is making money by holding what he has.
years will be out of the
being gathered up by the capitalists, and in a few
ment made every effort
hands of the people at large, although the Govern
to_distribute them as widely as possible.
ES IN NEW
VARIOUS COMMRYITTE
CHAIRMEN OF
VICTO LIBERTY LOAN.
YORK CITY READY FOR
strengthened and changed in a few
With its organization
in previous Libdetails, according to the experience gained
of the Liberty
ttee
Commi
s
Trade
ry
Adviso
the
,
erty Loans
e District
Reserv
l
Federa
York
Loan Committee of the New
it was prepared to put into the
that
8
April
on
nced
annou
s More than five thousand Americans of
April 21 whatever effort
afternoon Victory Loan campaign beginning
extraction crowded the Hippodrome last Sunday
last loan as successful as its
this
make
to
ary
necess
was
an
at
and pledged loyalty to the land of their adoption
of eighty-four men to
y Lib- predecessors had been. Sixty-two
"Americans All" rally in anticipation of the Victor
the Federal Reserve
of
Strong
min
the whom Governor Benja
erty Loan campaign. Pledges of subsricptions for
tions to act as chairmen
invita
ed
extend
York,
New
of
Bank
groups
Victory Liberty Loan by chairmen of different racial
and the work of
er of of sub-committees, already have accepted, The Advisory
were read from the stage by Mr. Hartigan., Manag
tion.
g
comple
nearin
y
organization is rapidl
the Foreign Language Bureaus of the Government Loan Trades Committee is the Executive Committee of the "Raninary
prelim
to
ing
accord
d,
pledge
total
The
.
iptions
Organization
bow Division," which attends to the raising of subscr
city.
the
of
ts
reports was more than $430,000,000.
ss
interes
busine
and
n among the various trades
The meeting was held under the auspices of the Foreig
campaign the "Rainbow DiLoan
y
Libert
h
Fourt
the
In
Language Bureau of the Government Loan Organization vision" placed subscriptions amounting to $1,060,907,408
of the Second Federal Reserve District. It served to bring
to its credit.
ing orout representatives of thirty nations whose banners were
The "Rainbow Division" is the largest canass
Loan
y
Libert
rium.
audito
draped
flag
the
about
than
yed
more
are
displa
it
there
In
City.
York
New
in
ganization
—
firms
0
workers of German parentage formed one of the largest of the
120,00
than
more
s
reache
10,000 workers. It
racial groups present. The German banner was flanked by
be listed in the telephone
to
h
enoug
ant
import
n
concer
every
the banners of Russia, Roumania and Bulgaria. As a
and sub-comdirectory. Through its trade committees
the city, and
climax to the gathering thirty young girls bearing gold star
of
ss
wealth
busine
the
n mittees it reaches out to
s is able to
banners in commemoration of the Americans of foreig
worker
its
of
edge
knowl
and
ence
experi
with the
be able to
birth who died on the battlefields, filed across the stage
should
n
concer
each
what
estimate accurately
and presented their silken offerings to the chairman of the
ies. So important is this
securit
nment
Gover
for
ibe
subscr
resoluvarious racial groups. Following the adoption of
raising more than
committee that it is held responsible for
s in its cantions in which the assembly pledged itself to support the
reache
It
the
loan.
in
half of the city's quota
Victory Liberty Loan, patriotic messages were sent to
s, and these are not only
person
000
3,000,
than
more
g
vassin
ll.
is to follow
President Wilson and Vice-President Thomas R. Marsha
canvassed once, but re-canvassed. Its policy
who do
those
The message to the President was sent by cable and the
to
work
ive
intens
up each prospect and devote
communication to the Vice-President was borne by carapproached. Under
are
they
time
first
the
ibe
subscr
rier pigeons who flew direct from the Hippodrome to the not
of operations, emthe Advisory Trades Committee's plan
national Capital.
1
RY
00,000 TO VICTO
ONS OF OVERGED$400,0
)\(JSUBSCRIPTI
ING
MEET
MASS
AT
PLED
LOAN
ME.
..LIBERTY
OF FOREIGN BORN IN HIPPODRO
foreign birth or
APR. 12 1919.]
THE CHRONICLE
ployers and employees work together. Craig Colgate, who
during the last campaign was Vice-Chairman of this committee, in the coming loan will serve as Chairman. George
deB. Greene, formerly its Chairman, is now Chairman of
the New York City Liberty Loan Committee, including the
Advisory Trades Committee and other organizations which
distribute bonds in Manhattan.
1463
Consider for one moment, if you will, the contrib
ution that France has
made. In round numbers 1,500,000 lives were actuall
y lost during the war,
out of a population of 36,000,000. Had we been
called upon to make a
like proportionate contribution of our young
men in this war, not a single
man of the 4.000,000 called to the colors would
have come back alive.
Consider what it means to have such a total
of the youth of a nation
taken and, so considering, be patient and forbear
ing in your criticism of
France and especially in this moment of anxiet
y when she feels the supreme
importance of protection against a future attack
upon her national existence.
Greet Britain, too, with a population of 45,000
.000,from England alone,
had lost nearly 900,000 men killed. Consider
her anxiety over the formulation of terms of peace that will guarantee her
for all reasonable future time
from a recurrence of any such catastrophe
as that of the last four years.
We should feel an equal concern had we been
called upon to make a like
contribution in lives to the rescue of civilization
from the attack of organized
militarism.
MIMIC AIR BATTLE OF "FLYING CIRCUS" IN INTEREST OF VICTORY LIBERTY LOAN.
New York was subjected on Thursady April 10 to its first
air attack by squadrons of airplanes comprising the "Flying
These nations will not realize that the war is over
Circus" that will tour the East for the Victory Liberty
until Germany has been
subjected to terms of peace which will afford
Loan. The lower part of Manhattan Island was bombed for
them reasonable protection
the future.
with Loan literature by a squad of Curtiss planes and New
While we have not been called upon to contrib
ute the blood of our young
men to anything like the
Yorkers saw, high in the air, a thrilling encounter betwe
of the Allied nations, we must provide the
en money which the country extent
has pledged itself to provide in order
captured German Fokkers and a pursuit squadron of
that we may
Allied make good that which we have assumed.
machines, which, according to arrangements of
The war is not over yet. When I say that
the "genthe wax is not over, I mean
that the solution of the problems of the world
eral staff," finally emerged vistorious. Fres'i east
is by no means over. We
head- have at the present time
one and a half million troops in France. We
winds, which compelled high altitude flying, almos
have
500,00
0 men in the naval service. It will be a long time
t conbefore the United
cealed the advance squadron of five Curtiss flyers of a
States can withdraw all troops from Europe. We
have become responsible
some- over
there for the final outcome of the peace.
what antiquated type. This group left Mineola aviat
ion
Negotiations for the peace have been proceeding
since January last on
field at 1.55 o'clock in command of Major Henry
terms
formulated by the President of the United States
J. F.
with the acquiesMiller. From atop the lofty Equitable Building,
cence at least of Congress and the people.
These terms involve the
120 reorganization of Europe
Broadway, observers sighted the squadron a few
on the principle of giving expression to racial
minutes aspiration by the formation of a number of new nations.
after 2 o'clock as they emerged from a cloud bank
The peace of Europe will be the continued peace and
over
prosperity of this
Wester world. One thing manifests itself and that
South Brooklyn. The flyers maintained a great
is that all the nations
altitude of the nworld
now are bound together by facilities of intercourse and
while circling the bay until a happy shift of the wind
of
cleared Physical communication and that no great war can break out in any corner
the atmosphere. Then they came down close to the
the world without affecting the security of America.
sky- of
We
cannot
safely
wait until wars have reached our shores.
scraper tops and loosed "bombs" of the explosive type
that
We must interfere to prevent the outbreak of war.
Therefore, in assumsent Loan literature, instead of a rain of bullets, down
upon ing the burden of preserving the peace in Europe, we are merely
finding
the roofs and streets.
an insurance of peace at home.
In order that we should do our part, in order that the men
The three squads engaged in a brief pseudo
struggle sent across the seas and who gave their lives, their limbs,whom we have
which ended, as per arrangement, in the defea
service
t of the may not have done so in vain, we must maintain the victorytheir
won by the
Fokkers which dived into convenient cloud banks
Allied arms and that victory can only be maintained
by furnishing our
and dis- proper
share of the cost to maintain peace. That is the reason why
appeared, to return to their "lines" until the next
we are
"circus." here to-day and why You
are going out to make the people in this great,
The victors, meanwhile, continued their flight
wealth
y
community—to go down into their pockets to provid their
toward the
e
share
upper reaches of the city and repeated some
more than their proportion of the sum which this countr
of the incidents and
y needs at
this time.
that constituted the mimic battle over lower
Manhattan.
It needs a vast deal. The estimated expenditures
for the
After the planes had circled over the
ending
uptown district they June 30 1919, if I recollect aright. is 18 billion dollars. It is Year
proposed to
turned towards the Battery at 2.45, heade
raise by income tax the sum of 6 billions and by sale
of Treasury bonds or
d
by
a
large
Curshort-term loans. some 6 billions more. We don't know
tiss machine, the smaller pursuit
yet what terms
machines and scouts will be made or on what terms the Americ
an people are going furnish the
circling in and out around the
leader. Following almost Government with the required money, but they will receive to
at the hands
directly over the North River the
large machine turned of the Government adequate terms for this loan.
southeast and passed over Wall Stree
t barely 200 feet above
the Equitable Building while two scouts
circled the Wool- BILL TO REGULATE DEALINGS IN LIBERTY BONDS
worth tower and then headed over
IN NEW YORK STATE.
toward Brooklyn.
The Curtiss went down the bay as far
A bill intended to prevent dealings in
as Staten Island,
Liberty
then circled back over the ships lying
at their moorings, unscrupulous persons was introduced in the bonds by
passed over the Statue of Liberty,
New York
paid its respects to Legislature by Senator John J. Boylan on Marc
h 31. The
Governors Island at an altitude of
300 feet and then passed bill calls for the licensing of all persons
engaged in the
on uptown again over the East Side.
buying and selling Government bonds,
the license fee being
fixed at $100; applicants for a license
will also be required
BIG PROBLEMS OF WAR STILL TO BE
SOLVED, GEO. W. to furnish a 520,000 bond. Bond brokers so licensed
will be
WICKERSHAM TELLS VICTORY LIBERTY
obliged to keep posted in a conspicuous place
LOAN
a list of GovernWORKERS.
ment bonds in which they trade, toget
her with the current
Speaking at a meeting of the Metropolit
an Canvass Com- market selling price of each bond prevailing on the Stock
mittee of the Government Loan
Or,..anization, New York Exchange. Books, recording all bond or security purchases,
Federal Reserve District, held in
the Bankers' Club, this which will be open to inspection by the Superintendent
of
city, Wednesday afternoon, April 9,
former Attorney:. Banks and the public, are also required to be kept under the
General George W. Wickersham
compared the small sacri- proposed measure. The following is the text of the bill:
fices of the United States in the recen
to amend the Banking Law. In relatio
t world war with those An Act
n to the business of dealing in
United States bonds, and providing
of other nations involved, and called
for the licensing and regulat
upon the chairmen to
ion
of bond brokers.
goad their committees on to greater
The People of the State of New York,
represented in Senate and Assemb
previously expended that the Victo efforts than they have do enact as follows
ly,
:
ry
Section 1. Chapter 369 of the Laws of
success in Manhattan. He declar Liberty Loan may be a
1914, entitled "An Act in relatio
ed in
to banking corporations, and individ
n
uals, partnerships, uninco
the American people are laboring under emphatic terms that associa
rporated
tions and corporations under the supervi
a
delusi
on
when
sion
they
of
the
Banking Departbelieve that the problems of the
ment,constituting Chapter 2 of the
Consolidated Laws," is hereby
recent war have all been by
amended
inserting therein a new article to follow
solved. The meeting was held for
Article 11, to be Article I1-a
the purpose of hearing read as follows:
to
Mr. Wickersham and presenting final
plans
ARTICLE XI-A.
on
the
organi
zation of the Canvass Committee for
Bond Brokers.
Victory Liberty Loan campaign. its work in the coming
Section 480. Definitions.
Mr. Wickersham said in
Section 481. Bond brokers to be
part:
licensed; fee; bond.
'We are living now in a most
anomolous time. Theoretically,
a state of war; practically we are
we are in
in a state of apathy. It
is useless to
attempt to analyze the reasons
which contribute toward
this condition,
but the fact is that when on the 11th
of November last the
armistice was
signed the United States made up its
mind that the war was over.
what the same impression exists in
Someother countries, but not
so completely,
because the European countries are
nearer the sound of recent
and more immediately confronted with
hostilities
the possibilities of renewe
d trouble
than we.
They could not drop everything and go
done. Their resources of national wealth about their business as we have
were not as inexhaustible
Our territory has not been overrun
as ours.
and
losses, serious as they were, and to be devastated by the Huns and our
be, were negligible in comparison with remembered as they must always
engaged in the struggle had suffered. those which every other country
Section 482. Lists of securities; record
of purchases.
Section 483. Penalties.
Sec. 480. Definitions.—The term "bond
broker," as used in this article
shall be deemed to mean any person,
,
firm, corporation or associa
tion engaged in the business of buying and
selling United States bonds.
Sec. 481. Bond brokers to be license
d;
this Act takes effect, no person, firm, fee; bond.—Thirty days ate!
corporation or association shall
engage in the business of buying and
selling United States bonds
he shall have first obtained from the
unless
Superintendent of Banks a
certificate
of authority so to do. Any person,firm,
corpora
tion
or
association wishing
to engage in the business of buying and
selling of such securities shall
application to the Superintendent of Banks
snake
setting forth his name,
address and residence, that he has been
business
a citizen of the United States
period of five years and a resident of
for a
the State for a period of one
together with such other information
year
as the Superintendent of Banks
may
require. Each application shall be
accompanied by a fee of one
hundred
dollars and a bond in the penal sum
of twenty thousand dollars,
conditioned
1464
THE CHRONICLE
for.
upon the faithful performance of the conditions of the license applied
and conThe Superintendent of Banks shall determine under what terms
of
provisions
the
out
carry
best
to
in
order
ditions licenses shall be issued
ion, if
this article. The Superintendent of Banks shall after investigat
States
satisfied that the applicant is a proper person, a citizen of the United
issue
and a resident of the State of New York, as hereinbefore provided,
for a
specified,
re
hereinbefo
the
sell
bonds
and
to him a license to buy
when
period of one year from the date of such license. Such license,
place
Issued, must be displayed at all times in a conspicuous place in the
be
shall
bond
and
of business of the bond broker. A separate license
broker.
bond
any
of
office
branch
and
required for each principal
Sec. 482. Lists of securities; record of purchases. Each and every bond
in a
broker licensed under the provisions of this Act shall keep posted
in
conspicuous place in his place of business a list of tho United States bonds
bond
which he trades together with the current market selling price of each
bond
prevailing in the stock exchange of the City of New York. Each
expense in a
broker so licensed shall keep in a book to be provided at his
bonds
all
of
record
a
form to be approved by the Superintendent of Banks,
the name
or other securities so purchased showing the amount of the bond,
original or
and address of the person from whom purchased, whether the
paid for the
subsequent owner or agent or broker thereof and the price
ndent of
same. Such books shall be open to inspection by the Superinte
public
general
.the
to
and
times
all
at
agent
d
Banks or his duly authorize
a
at all reasonable business hours. No bond broker shall purchase such
indibond from any person unless he shall have first notified such person
a
sale
for
offered
bond
the
of
vidually of the current market selling price
stock
such selling price prevails at the time of such offer for sale in the
exchange of the City of New York.
effect:
takes
Act
this
Sec. 483. Penalties.—Any person who, after
as pro1. Shall engage In the business of a bond broker in this State,
a license,
vided by Section 480 of this article, without having first secured
e
punishabl
as provided In Section 481, shall be guilty of a misdemeanor and
a period
on conviction by a fine of five hundred dollars or imprisonment for
of one year or by both such fine and imprisonment;
person
2. Shall purchase any such bond without first notifying the
shall likeoffering the bond for sale of the matters specified in Section 482,
to
addition
nin
convictio
upon
wise be guilty of a misdemeanor and shall
the party
the penalties provided in Subdivision 1 of this section, forfeit to
violation.
aggrieved the sum of one hundred dollars for each and every
Section 2.This Act shall take effect immediately.
[VOL. 108.
of
Sec. 6. Any violation of or failure to comply with the provisions
and costs of
this ordinance shall be punished by a fine not to exceed $300
such
both
by
or
days,
90
prosecution, or by imprisonment not to exceed
fine
fine and imprisonment in the discretion of the court, and when such
the payand costs are imposed, the court may provide that in default of
exceed
to
not
ment thereof the offender shall be imprisoned for a period
shall
90 unless such fine and costs shall be sooner paid; provided, no person
period
be imprisoned for a single violation of this ordinance for a longer
than 90 days.
DELMER C. GOWING, Clerk.
R.• MILTON FORD, Mayor.
Stlite of Michigan, County of Wayne,fss.
City of Highland Park
do hereby
I, Delmer C. Cowing, Clerk of the City of Highland Park,
the City of
certify that the above resolution was passed by the Council of
Highland Park on Monday, March 3, A. D. 1919.
DELMER C. COWING, City Clerk.
Dated: March 4 1919.
EXPIRATION OF CONVERSION PRIVILEGE OF FIRST
LIBERTY 332% BONDS.
The Federal Reserve Bank of San Francisco in a circular
dated April 4 calls attention to the expiration on April 24
of the conversion privilege of the first Liberty 33% bonds
as follows:
of 1932-47
The privilege of converting First Liberty Loan 3%% bonds
which
into First Liberty Loan Second Converted 4% bonds of 1932-47,
bonds of
of
4M%
issuance
the
of
ce
arose on Oct. 24 1918, in consequen
of the Fourth Liberty Loan, will expire on April 24 1919.
in our
The procedure of converting the above bonds is fully outlined
which kindly
Government Bond Letter No. 52, dated Dec. 15 1918, to
refer.
be notified
Holders of 33i% bonds of the First Liberty Loan should
if they desire to
of the expiration of the above conversion privilege, and
Federal
the
to
reach
convert their bonds, such bonds should be forwarded
Reserve Bank of San Francisco not later than April 24 1919.
NEW YORK FEDERAL RESERVE BANK ON EXTEN)
(MICH.
PARK
AND
SION OF CONVERSION PRIVILEGES 4%
HIGHL
BY
ED
ORDINANCE ADOPT
LIBERTY BONDS.
.
REQUESTING DEALINGS IN LIBERTY BONDS.
busithe
Reserve Bank on April 10 issued
Federal
regulate
York
and
Now
license
to
The
An ordinance, designed
ness of dealing in Liberty Bonds, has, it is learned from the a circular saying:
the First Liberty Loan
To the holders of 4% Gold Bonds of 1932-47 of
Highland Park (Mich.) "Times" been passed by the City
, and 4% Gold Bonds of 1927-42 of the Second Liberty Loan
Converted
all
s
prohibit
ce
ordinan
of the Treasury
Council of Highland Park. The
attention is again invited to the renewal by the Secretary
persons from engaging in the business of buying Liberty of the privilege of converting at the present time such bonds into bonds
4M % interest.
Bonds unless a license is first obtained. The granting of bearing
of the next
The bonds both registered and coupon are convertible as
licenses is made subject to a fee of $10 and to the execution semi-annual interest date of the respective loan, following presentation.
June 15
due
is
sureties
bonds
Interest on 4% First Liberty Loan Converted
of a bond to the city in the sum of $1,000, with two
the case of a 4% First Liberty Loan Converted coupon bond
requires
In
also
ce
1919.
ordinan
The
.
Council
the
by
d
approve
to be
it should have the
presented for conversion on or before June 14 1919
the keeping of books covering purchases, such books to be coupon due and payable June 15 1919, detached, whereas in the case of
on
or before Dec. 14
and
mem1919
or
15
,
June
after
such a bond presented on or
open to the inspection of members of the Council
are
ce
1919 the December coupon should also be detached.
ordinan
the
of
ns
Violatio
force.
police
the
of
bers
15 1919. In
Interest on 4% Second Liberty Loan bonds is due May
prepunishable by a fine not exceeding $300 and costs of prose- like manner in the case of a 4% Second Liberty Loan coupon bond
before May 14 1919, it should have the coupon
cution or by imprisonment for a period not exceeding 90 sented for conversion on or 1919,
s ch a
detached, whereas in the case ofj
and payable May 15
Nov. 14 1919 the
days, or both fine and imprisonment. We give herewith due
bond presented after May 14 1919, and on or before
"
"Times:
Park
d
lie ordinance as published in the Highlan
Nov. coupon should also be detached.
the
''ORDINANCE to License and Regulate the Business of Buying
United States Bonds Known as Liberty Loan Bonds.
The City of Highland Park Ordains:
engage in the
section 1. No person, persons, firm or corporation shall
as Liberty
business of buying the United States Bonds commonly known
hereinafter proLoan Bonds unless a license is first obtained therefor as
or maintaining
vided. Soliciting the purchase of said bonds or the keeping
deemed to be
of any place for the purposo of buying said bonds shall be
engaging in said business.
to engage in
Sec. 2. Any person, persons, firm or corporation desiring application
written
the business hereinbefore mentioned, shall first make a
Said
business.
such
to the Council of said city for a license to engage in
of the appliapplication shall contain the name and residence address occupation of
cant, the place where said business is to be conducted, the
where he has
the applicant during the last five years, the place or places
during said period;
conducted business and the names of his employers
The Council shall
also the names of two reputable citizens as references.
city for investihave power to refer said application to any officer of the
granting of such
the
gation. Whenever the Council shall be satisfied that
it shall grant
license will not be detrimental to the interests of the public, treasury of
city
said license upon the payment by the applicant into the
Park
Highland
of
the sum of 310, and the execution of a bond to the City
to be approved by
In the penal sum $1,000, with two sufficient sureties
ordinance will be faiththe Council conditioned that tho provisions of this
all costs and damages infully observed and that the principal will pay
license shall expire at
curred by any violation of this ordinance. Said
issuance, but may be
midnight on the 30th day of April following its
such license an unfit
revoked by the Council at any time if it shall deem
person to carry on said business.
this ordinance shall
of
provisions
Sec. 3. Every license issued under the
it shall be unlawful for
specify the place of business of the licensee and
said bonds at any other
such licensee to carry on the business of buying
place of business mainplace. Separate licenses shall be secured for each
tained by the licensee.
on licensed under the
Sec. 4. Every person, persons, firm or corporati
posted in a conspicuous
provisions of this ordinance shall keep said license
place in his place of business.
on so licensed shall at
Sec. 5. Every person, persons, firm or corporati
keep a book in which shall
the place of business named in said license,
any such bonds, the name,
be written in ink at the time of the purchase of
whom such purchase was
Age and address of the person or persons from
number and description
.ide; the day and hour of such purchase; the
therefor. Such
he bond or bonds purchased; and and the amount paid
from whom such purments shall be signed by the person or persons
the inspection
to
was made. Such books shall be at all times open
or members
members of the Council, Chief of Police or any member
erased, obliterated.
police force. No entry in such books shall be
or defaced.
CONFERENCE LOOKING TO INCLUSION OF COURSES
IN THRIFT IN SCHOOL CURRICULUM&
Upon invitation of Benjamin Strong, Governor of the
Federal Reserve Bank of New York, a distinguished group
of economists and educators met in conference on April 4 in
the Directors' Room of the Federal Reserve Bank, where
n
two committees were appointed to study the thrift campaig
pera
as
it
hing
establis
of
lity
advisabi
and to consider the
manent government activity. One of the committees will
approach the subject from an economic standpoint, with the
object of formulating a plan for national thrift and of recommending action in Washington for the encouragement of
some constructive policy that will result in the United States
becoming a nation of savers in the full sense of the word.
Eugene E. Agger, of the National City Bank, was named
Chairman. His associates will be Professor E. R. A. Seligman, of Columbia University ;Professor Edwin A. Kemmerer, of Princeton University; Professor Irving Fisher, of
Yale University; B. M. Anderson Jr., of the National Bank
of Commerce; H. C. Emery of the Guaranty Trust Co.;
A. W. Atwood, writer on economics for the "Saturday
Evening Post," and William B. Marsh, chief of the publicity
division of the War Savings Committee, who will act as
Secretary.
The other committee will devise ways and means for encouraging the teaching of thrift as a part of the regular
curriculum in schools and educational institutions. Professor W. H. Kilpatrick, of Teachers College, was named
Chairman of the Committee. Workers with him will be
Dr. Thomas E. Finegan, Acting Commissioner of the New
York State Board of Education; Calvin N. Kendall, New
e F.
Jersey State Commissioner of Education, and Clarenc
SavWar
the
of
Bureau
School
the
r
of
Manage
d,
Pritchar
ings Committee, who will act as Secreatary. Others at the
4
,41%.1
APR. 12 1919.]
THE CHRONICLE
conference included Pierre Jay, Chairman of the Board of
Directors of the Federal Reserve Bank; Guy Emerson, ViceDirector of the Government Loan Organization and Director
of War Savings; Vernon Munroe, Assistant Director of War
Savings; Alexander Dana Noyes, Financial Editor of the
New York "Evening Post," and James Byrne, of Byrne,
Cucheon & Taylor. Governor Strong, in explaining why
the conference was called, said a vital question to the War
Savings movement is whether it is to be conducted as a
business proposition, or an educational movement. He explained that the situation was important and urgent and
that there are many problems which officials of the Treasury
Department in Washington will lack time to solve and that
advice is needed and constructive help will accomplish
much. He said he trusted some plan would be developed to
bring about a savings movement permanent in character.
At a morning session those attending the conference expressed themselves as greatly in favor of the movement in
general, and offered suggestions to facilitate the work of
both committees. Prof. Seligman said he believed the
problem is a difficult one in a prosperous country. He explained that it naturally divides itself into two phases,
thrift in production and thrift in consumption. Dr. Finegan explained that work for inculcating the thrift idea is
proving of great interst in the schools. Mr. Emerson told
of co-operation by the teaching profession in approaching
the question of regular savings from a positive instead of a
negative standpoint. He also told of assistance to schools
by the War Savings Committee in the Second Federal Reserve District through the distribution of penny savings
books to help children learn to save for thrift stamps.
Mr. Noyes suggested that in the educational plan for
thrift proposed, the educators take cognizance of the fact
that savings by children in schools might be used effectively
with parents. This can be done, he said, by showing that
savings on the part of children reacts in the home, in that it
keeps down the expenses. He said he did not believe the
educational campaign for thrift should be temporary or that
the habit of accumulating a certain amount of capital among
the people will cease when the war expenses are met. He
stated that thrift is an essential element in good citizenship
as well as good, sound business. Governor Strong said,
further, that the organization for war savings easily might
become a permanent feature of the financial life of this
nation, and referred to a convention to be held in Washington
in the near future where, he said, a concrete plan along broad
lines would probably be adopted.
GREATER NEW YORK BUYS $556,138 IN WAR
SAVINGS STAMPS IN MARCH.
Announcement was made on April 9 at War Savings headquarters, 120 Broadway, that $556,138 worth of War Savings stamps were sold in Greater New York during the month
of March 1919. This brings the total sales of W. S. S.
since Jan. 1 last to $2,356,772 18. Reports of sales through
post offices and at banks, as reported to the Federal Reserve
Bank, follow:
Manhattan and The
Bronx
Brooklyn
Richmond
Long Island City
$370,097 17
87,570 00
3,464 36
5,425 24
Far Rockaway
$12,176 35
Flushing
7,916 21
Jamaica
4,291 50
Federal Reserve Bank_ _ _ 65,197 09
Total
$556,137 92
1465
from the booth in the Grand Central Station show that
the presence of such a booth impresses the public with the
ease with which it may buy this form of Government security. Many thousands of dollars have been invested by
travelers awaiting trains.
GOVERNMENT TO INSURE WHEAT.
A Topeka dispatch appearing in "Financial America" of
yesterday said:
The Governmont will take out $2,500,000 insurance against damage from
hail on the wheat sown in Kansas and Oklahoma, according to a notice
received to-day by Edward C. Paxton, field agent for the Bureau of Crop
Estimates. The insurance is possible through the instrumentality of the
Federal seed wheat loan negotiated last fall.
J. H. BARNES ASKED TO HEAD WHEAT BOARD.
Wealluded last week, page 1346, to the reports that
President Wilson has requested Julius H. Barnes, President
of the Grain Corporation of the U. S. Food Administration,
to direct the organization which will handle the 1919 wheat
crop under the Act providing for Government price guarantees. The United States "Bulletin" of April 7 publishes the
following Government dispatch from Paris in the matter:
President Wilson, acting upon recommendations of Herbert Hoover,
Food Administrator, has requested Julius Barnes to head the organization
for handling the 1919 wheat crop under Congressional guarantees.
Mr. Barnes was a grain exporter who gave up his business connections to
join Mr. Hoover's team of volunteers at the beginning of the war, Mr.
Barnes being chief of the cereal division of the Food Administration under
the Lever Act to handle the wheat crops of 1917 and 1918, and also to act
as the Food Administration agency for the purchase and distribution of
great volumes of foodstuffs for the Army and Navy, the Allies and Belgian
relief, and later for the American Relief Administration. The corporation
capital of $150.000,000 belongs to the Government and is intact for the
new purposes.
This comprises another step in the liquidation of the food group. The
officers of the Food Administration expired with peace. Mr. Hoover will
continue to act as Chairman of the Sugar Board until sugar contracts are
completed and the Grain Corporation until July 1, after which Mr. Barnes
becomes responsible directly to the President. Mr. Hoover, of course.
continues as Director-General of relief on behalf of the Allies and American
Government until next summer's harvest in Europe. when it is expected
the critical period of the world's food supplies will be passed and the
wholesale feeding of the famine districts in Europe no longer necessary.
In an address which has lately come to our attention,
D. F. Houston, Secretary of Agriculture, in speaking before
the joint conference of the Agricultural Commission of the
American Bankers' Association and the Agricultural Committees of the State Bankers' Association at Washington on
Feb. 26, had the following to say anent the Government
making good its wheat price guaranty:
The Government will do its part in promoting activity. It will assume
its share of losses. This is evidenced by the action of Congress in reference
to the wheat-price guaranty. The Treasury will bear the loss resulting
from a market price for wheat lower than that guaranteed; and I am certain that the market price for wheat will be less than the guaranteed price.
It is the wise policy to make up the difference and to effectuate the guaranty
out of the Federal Treasury and to let the price to consumers return to
normal. That is the theory of the bill n,ow pending in Congress. It
authorizes the President to create an agency, or to use any agency he
pleases, to effectuate the guaranty, and places a fund at his disposal out
of which any loss may be borne. I think it would be a hideous blunder to
try artificially to keep up the price offoodstuffs. It would hinder readjustment and impose indirectly a much greater sacrifice on the nation.
I shall welcome suggestions from this conference. Since I have been
in Washington I have urged that urban communities and business men
interest themselves in agriculture and lend their business ability in the
groat task of development. I am delighted to have had the pleasure of
meeting you and shall be delighted to co-operate with you in further 9mstructive action.
At the conclusion of the above remarks Secretary Houston
was asked why it was "not practicable for the Government,
or for the Congress, to cut out the price guaranty on the 1919
Under the direction of Vernon Munroe, Assistant Direcspring wheat crop?" To this Secretary Houston made
tor of War Savings, a special effort is being made in New the
following reply:
York City to enlist druggists in the campaign to make everyThe first consideration is this: The President has already announced a
one a purchaser of War Savings stamps. The Treasury De- guaranty for the entire 1919 crop. That was done before the close of
partment, realizing there is no better known establishment hostilities. The second is that it would be very difficult, administratively.
to handle the spring and winter wheat separately. There is the further
in any neighborhood than the drug store and wishing to fact that, even for spring planting, many farmers make their arrangements
aid the public in forming the habit of sensible spending and far in advance; and, finally, the spring wheat area is mainly in the Northwhere conditions have been especially acute and adverse for several
reasonable saving, is issuing a call to all drug stores of west,
years. It seemed, on the whole, that it would be preferable to announce
New. Yotk City to become agents for the sale of thrift a guaranty for the entire crop. The action you suggest would involve the
stamps and War Savings stamps," druggists are being in- withdrawing of the guaranty, which, I think, would give rise to serious
situations.
formed in a letter sent out by Mr. Munroe. •
RULES GOVERNING EXPORT OF WHEAT AND
MORE THAN 8,000 PERSONS IN NEW YORK VOLUNWHEAT FLOUR.
TEER FOR WAR SAVINGS CAMPAIGN.
The War Trade Board announced on April 10, after conMore than 8,000 business men and other patriotic resi- sultation with, and at the request of, the United States
dents of the five boroughs of New York City who volun- Food Administration, the following rules governing the exteered last year to act as agents for the sale of War Sav- port of wheat and wheat flour:
ings stamps, have notified the New York City Bureau, War
1. Wheat.—L1conses for the export of wheat will be issued only to th e
Savings Committee, 120 Broadway, of their intention to United States Food Administration Grain Corporation or its nominees.
Wheal Flour.—Licenses will be issued for the export of wheat flour to
continue this year, it was announced on April 7. Among all2.destinations
in the Western Hemisphere, the east coast of Asia, British,
these agents are druggists, grocers, cigar dealers, man- French and Portuguese West Africa, Liberia and the Belgian Congo. For
the
exportation
of wheat flour to other destinations licenses will be issued
agers of branch telephone offices, gas and electric concerns.
only to the United States Food Administration Grain Corporation or its
also was announced that sales of War Savings stamps nominees.
14661
THE CHRONICLE
[VoL. 108.
The foregoing rules are subject to the usual regulations
governing trading.with the enemy. It is also added that:
Point, Miss.; E. R. Dumont, New Orleans; R L. Wier, Houston, Tex.;
O. W. Munson. Bagdad, Fla., 0. R. Burgoyne, Pensacola, Fla., and
Charles S. Keith, Kansas City, Mo.
Exporters are advised that the foregoing rules do not constitute any
material modification of the regulations heretofore existing. They are
now issued in consolidated form to answer the many inquiries which have
recently been addressed to the War Trade Board.
This is the second Southern pine export corporation organized at New Orleans. The first was the American
Pitch Pine Export Co., compo sed of other large producers of Southern pine. Organizers of the new concern
are said to have announced that there would be no active
rivalry between the two organizations. The Southern
Pine Association's grading committee has, it is said, decided to form an •export inspection bureau, designed to
inspect cargoes of Southern pine consigned to European
buyers. This bureau, it was said, will serve both the
American Pitch Pine Export Co. and the United States
Forest Products Export Co.
BELGIAN TOBACCO IMPORT RESTRICTIONS.
The War Trade Board announced on April 10 for the information of exporters in the United States that they have
been informed that the restrictions upon the importation into
Belgium of tobacco, referred to in W.T.B.R. 666, issued
March 25 1919, have been removed. For the importation
of tobacco into Belgium, individual import licenses will no
longer be required.
PLANS TO DISPOSE OF SURPLUS GOVERNMENT
EXPORTATION OF BINDER TWINE TO DENMARK.
NITRATE SUPPLIES.
applicathat
stated
Board
Trade
War
the
On March 25
in an announcement on March 21
Deartment
War
The
tions would be considered for the exportation of binder twine
to Denmark if accompanied by the necessary import cer- said:
A conference between officials of companies manufacturing explosives
tificate.
and representatives of the office of the Director of Sales. War Department
was recently held in New York City. Tentative arrangements were
RESOLUTIONS OF LUMBER INTERESTS DECLINING made whereby a surplus of approximately 50,000,000 pounds of amTO ENTER PRICE AGREEMENT WITH INDUSTRIAL monium nitrate and 102,440 pounds of fulminate of mercury will be disposed of by these companies for the War Departemnt. This is along the
BOARD.
lines the War Department is working with respect to the sale of surplus
We referred a week ago to reports that the Southern pine material in order that they may protect the interests of the industry and
cause a serious effect on the market by the sale of surplus property.
lumber manufacturers at a meeting in New Orleans, Apr. 2, not
A committee was named to work out the details of handling this material
the
of
had declined a proposal of the Industrial Board
and will meet at Philadelphia in the very near future.
Department of Commerce that they enter a joint price
agreement as a means with a view to the stabilizing of market RESIGNATION OF CHARLES R. PAGE FROM UNITED
conditions. We learn that resolutions which were adopted
STATES SHIPPING BOARD.
and forwarded to the Board, said:
on April 4 that Charles R. Page, of
announced
was
It
There are more than 40.000 units of lumber production in the industry,
17,000 of which are engaged in the production of Southern pine, each of San Francisco, had tendered to President Wilson his resigwhich units makes its own price. It would be impossible to get all to agree nation as a member of the United States Shipping Board.
and individuals who did not agree could assert their rights to recover it is stated, however,that, at the request of President Wilson,
damages under tho anti-trust statutes.
There are more than 30,000 dealers of lumber carrying stocks which they Mr. Page will continue as a member of the board for the
merchandise to the public, who have purchased their lumber at the present present.
price and who would suffer loss thereby, and who could assert their right:,
to recover under the anti-trust statutes.
The Industrial Board was further advised that "the producers' average price of Southern pine lumber is equal to or
less than the present cost of a large percentage of production,"
and ."that any reduction thereof would have to be met with
a reduction in cost, either through a decrease in the wage
scale or in some manner which we know not how." At the
New Orleans meeting, which was called at the instance of
John H. Kirby, President of the National Lumber Manufacturers' Association, the results of conferences held lest
month in Washington between Mr. Kirby, other lumber men
and the Industrial Board, were disclosed.. Mr. Kirby, the
Memphis "Commercial" of April 3 reports, questioned the
wisdom of any body of business men entering into a joint
price arrangement, even with the sanction of a department
of the Government. He praised the personnel of the
Industrial Board and the objects sought by it. His views,
it is said, were shared by the counsel for the lumbermen and
others who discussed the subject.
With regard to the statements attributed to the Southern
Pine Association, Chairman Peek of the Industrial Board
issued a statement on April 4 saying:
DISPOSAL OF SURPLUS MOTOR VEHICLES OF WAR
DEPARTMENT.
According to an announcement made by the Director of
Sales of the War Department on March 31, after the various
branches of the Government and the manufacturers of
vehicles have taken over the surplus motor-driven vehicles
of the War Department, the net surplus will be disposed of
to the public either through auction or by sealed bids. The
following is the announcement made in the matter:
Many rumors have been circulated throughout the country as to the
disposition of the surplus motor-driven vehicles now owned by the War
Department. The following outline of the proposed method of handling
this matter is given by the Director of Sales, War Department:
First. The different branches of the Government will be consulted to
see whether the surplus in the War Department of automobiles and motor
trucks can be used to fill their requirements.
Second. Various manufacturers of vehicles will then be approached to
see if they will take over the vehicles of their own make to market them
with their own machines, thus giving the Government a fair market price
and at the same time disturbing the market conditions as little as possible.
Third. The net surplus remaining after the above methods have been
followed out will be disposed of to the public, either through auction or by
sealed bids. Full Publicity will be given these sales in order that the
Government may realize the best results from the sale.
REMOVAL OF RESTRICTIONS ON IMPORTATION OF
FERROMANGANESE AND SPIEGELEISEN.
The War Trade Board make known on April 1 that the
restrictions heretofore existing upon the importation of ferromanganese and spiegeleisen, as include in List of Restricted
Imports No. 2, item 114, have been removed, effective April
1 1919, and licenses to import these commodities will now be
issued freely when the applications aro otherwise in order.
Importation of these commodities from the United Kingdom,
LUMBER INTERESTS FORM EXPORT COMPANY.
France, Italy, Belgiumi or Japan, or from their possessions,
• Plans to organize the United States Forest Products Com- protectorates, colonies, or dominions, may now be made
pany to conduct a general export lumber business with under General Import License PBF No. 34.
European countries were brought under way at a conference of Southern pine manufacturers at New Orleans on
P. YODER BECOMES SECRETARY OF THE FEDERAL
April 3. Officers and directors of the new organization are J.
TRADE COMMISSION.
to be elected at a meeting scheduled to be held in Chicago
Special Examiner of the Federal
formerly
Yoder,
P.
J.
on Monday next, April 14, when further details will be worked
Secretary
out. It is proposed to form the company with a capital Trade Commission, was sworn in on April 1 as
who
of $5,000,000. Twenty-five large mills, it is stated, will to the Commission to succeed Leonidas L. Brackon,
Mr.
law.
of
private
practice
the
resume
to
recently
resigned
be identified with the new concern, which will be incorbeing comporated under the laws of Delaware and will operate under Yoder left the Commission in February 1918,
has but
provisions of the Webb-Pomerene Act. The operating head- missioned a captain in the Army Sanitary Corps. He
to his
Prior
in
service
Franco.
from
returned
recently
quarters will be in New Orleans. Some of the Southern
former connection with the Commission, Mr. Yoder was
lumbermen who will be identified with the concern are:
Washington bureau of one of the large
John H. Kirby and Frank Bonner. Houston, Texas; P. H. Farwell, Manager of the
Orange, Tex.; I'eter Rosawco, Pensacola, Fla.; L. N. Dantzler, MO9S press associations.
In view of the dispatch from Now Orleans dated Apr. 2 to the effect that
the Southern Pine Lumber Manufacturers had declined a proposal of the
Industrial Board of the United States Department of Commerce, that they
enter into a joint price agreement as a means for stabilizing market conditions, Mr. Peek, Chairman of the Industrial Board, states that neither
the Southern Pine Association nor any other representative of industry has
ever been invited to enter into a price agreement, but they have been
invited to co-operate With the Industrial Board in an effort to stabilize
prices by getting industry voluntarily to make prices as low as present cost
and labor conditions will justify.
APR. 12 1919.1
THE CHRONICLE
GOVERNOR SMITH OF NEW YORK VETOES BILL CALLING FOR EQUAL REPRESENTATION ON
INDUSTRIAL COMMISSION.
The Adler bill, designed to provide for an equal representation for employers and employees on the New York State
Industrial Commission, was vetoed by Governor Smith at
Albany on April 10. While the measure was being passed
Democrats charged that its sole purpose was to embarrass
the Governor for his appointment to the commission of
Miss Frances Perkins, a social worker. In his veto the
Governor pointed out that on the commission there should
be representatives of all the people. His veto message said:
1467
Mr. Parker was further quoted as saying:
"Our proposed law," said Mr. Parker, "is the result of months and
months of study on the part of officers of the Bureau of Immigration,
and while it is not yet in completed form, it will be ready for presentation
at the next session of Congress. It will approach the immigration question from an entirely new angle.
"Briefly, its provisions include the registration of all aliens in the country within one year after its passage and there registration of aliens annually
for four years, beginning one year after the period for the first registration
has expired, so that the term of registration will really cover five years.
New immigrants will be registered upon arrival in this country. They will
also be required to report when they move from one immigration district to
another.
"Our law further provides that immigrants shall be admitted to this
country provisionally, or upon a probationary basis, and that their status
shall remain that of applicants for admission until the Government is
satisfied that they are qualified to live here.
I cannot approve legislation which assumes that any member of this
"To guarantee the good conduct of aliens in this country the proposed
Important commission is or should be a representative of either the em- law provides that immigrants shall give bonds generally, instead of in a few
important,
so
are
commission
this
of
duties
The
class.
ploying or employed
cases, as at present. When immigrants are unable to furnish bonds, it is
Impartiality is so requisite to the proper discnarge of such duties, careful provided that a certain portion of their wages shall be withheld and apconsideration by it of the rights of all parties involved, including not only plied to this bond. The money withheld from them will be deposited in
the employees and employers, but the public as well, is so essential, that the Postal Savings Bank on the basis of an accumulative cash bond, and
no member of the body should represent any special interest, however It will be held until the immigrant has given proof that he is a proper person
powerful it may be. There should be no such representation. If any to remain in this country.
member of this commission acts in the discharge of this official duty as a
"Under this law the percentage of immigrants who will be excluded from
representative of any restricted class, he should not be permitted to serve the country will probably be much greater than the 3 or 4% which have
Each
all
removed.
to
be
interests,
should
he
fair
not
is
he
If
longer.
been excluded heretofore. The new law will in no way interfere with the
member of this Industrial Commission should represent and protect all of application of the present statute, but it will reinforce and insure its best
the ten millions of people of the State, and not act as an advocate for any principles being carried out."
fraction of the whole.
PROPOSED NATIONAL INDUSTRIAL CONFERENCE
OF REPRESENTATIVES OF CAPITAL, LABOR AND
THE GOVERNMENT.
•
That President Wilson on his return from abroad will issue
a call for a national industrial conference, similar to that
which recently met in England, was announced in Washington advices under date of Apr. 8. The purpose of the
conference would be to enable capital, labor and the Government to join hands in an amicable program for readjusting
industry. The President, it is said, has already received
the suggestion in a report from Washington and is understood to favor it. As part of the proposed industrial policy,
it was also stated that the President intended to ask for the
extension during the reconstruction period of the extraordinary powers conferred upon the War Labor Board as a
war measure. These powers, it is pointed out, have enabled
the Administration, through the War Labor Board, to
dictate the labor policy of the entire country. Under the
plea of the necessity of avoiding strikes, the War Labor
Board has extended the 8-hour day into industries where it
was never known before, has raised wages, altered working
conditions, forced the recognition of unions, and adopted as
its own some of the most extreme policies of the American
Federation of Labor. It is thought, therefore, that any
extension of the life of the War Labor Board would meet with
strenuous opposition.
In describing the purpose of the proposed conference the
advices quoted said:
The report suggests a clarification of the industrial situation by the two
following moves on the part of the Chief Executive:
1. A call for an industrial conference, or parliament, to devise a constructive program to meet the peace needs of the country's business life.
2. Reaffirmation of the authority of the War Labor Board as a co-operative tribunal of justice, during the transitory period, or until the industrial
conference conclusions are put into effect.
With regard to the idea of a conference, its proponents say it contemplates a readjustment of industrial relations somewhat similar to the
changes which already have been put into effect by Lloyd George in his
dealings with British capital and labor. The British Premier's prompt
action is conceded to have averted the threatened strike of railway employees, transport workers and miners.
The chief problems which the conference would have to solve would be
the need of machinery, closer co-operation between workers and employers,
health and education of workers, and the permanent universal application
of rights conceded in principle to groups of workers by the War Labor
Board. It is intended to have the conference held late in May or early in
June, if possible.
NEW IMMIGRATION LAWS TO KEEP WATCH ON
IMMIGRANTS.
An announcement that the Bureau of Immigration had
drafted a new immigration law, designed to guard more
closely than the present law against the admission of undesirable aliens, especially those holding dangerous and
subversive political opinions, was made at Boston on March
27 by A. Warner Parker, speaking before the Boston Chamber of Commerce in place of Commissioner of Immigration,
Cammetti. The three main features of the new law, Mr.
Parker said, were:
Registration of all aliens now In the United States or who are to apply for
admission hereafter.
Making the admission of immigrants provisional or probationary during
their stay in this country.
Changing the burden of proof of requirements for admission, so that it
will be incumbent on aliens to prove their fitness for admission, rather than
uponithe Government to prove their unfitness, as at present.
DECISION OF LOUISVILLE JUDGE THAT WAR
ENDED WITH SIGNING OF ARMISTICE.
An opinion in which he held that the war came to an
end with the signing of the armistice was rendered by Judge
Walter Evans in the Federal Court at Louisville on April 3,
in granting a motion for a new trial in the case of Harry
Hicks, charged with a violation of wartime military regulations. The Louisville "Courier Journal" of April 4 gives
the following account of Judge Evans's ruling:
In giving his decision, Judge Evans intimated that it was based on the already famous official communication which President Wilson, who, by virtue of his office, is also Commander-in-Chief of the army, made to the
joint session of Congress following the signing of the armistice, which said,
In part:
"The war thus comes to an end,for, having accepted the terms of the armistice, it will be impossible for the German Government to renew hostilities. It is not now possible to assess the consequences of this great war's
consummation. We know only the war is at an end."
"The President's official communication before Congress met all conditions. It was made on a notable occasion and attracted the attention of
the civilized world," said Judge Evans, calling attention to the fact that
history shows many instances in which wars had been ended without
the formality of a treaty.
Referring to the assertion that action by Congress is necessary to terminate the war, the Court declared that while the Constitution in express
terms gives Congress the power of declaring war, it in no way so expresses
itself as to give that body any authority to terminate the war.
The Court further declared that, while the law governing the sale of
liquor within a specified zone specifically extended its control "during demobilization," the law referring to disorderly houses contained no such
provision or anything resembling it, and, therefore, the war being over,
there was no statute of the United States applicable to the Hicks case.
A telegram from Attorney-General Palmer to the effect
that Congress declared war and only Congress could terminate it, as far as the United States is concerned, by ratifying a treaty of peace, figured in the hearing, at which,
also, Secretary of War Baker was quoted as stating that the
armistice meant only a cessation of hostilities.
PRESIDENT WILSON PROMISES EARLY FREEDOM
FOR PHILIPPINES.
In a statement left behind by President Wilson, and read
in the President's absence by Secretary of War Baker,a special
mission appointed by the Legislature of the Philippine Islands
was on April 4 assured of the President's sympathy with the
Philippine desire for independence, and his belief that the
time had now come when that desire should be gratified.
Secretary Baker added that he believed the mission would
be able to take home work that "the American people loved
liberty too dearly to deny it to others." The mission,
including forty prominent Filipinosland headed by Manuel
Quezon, President of the Senate, upon being received in
Secretary Baker's office presented a formal memorial asking
independence and pointing particularly to the record of the
Philippines in the great war. In replying the Secretary read
President Wilson's letter, addressed to him under date of
March 3. It read as follows:
Will you please express to tee gentlemen of the commission representing
the Philippine Legislature my regret that I shall be unable to see them
personally on their arrival in Washington, as well as my hope that their
mission will be a source of satisfaction to them and that it will result in
bringing about the desirable ends set forth in the joint resolution of the
Legislature approving the sending of the commission to the United States?
I have been deeply gratified with the constant support and encouragement received from the Filipino people and from the Philippine Legislature in the trying period through which we are passing. The people of
the United States have, with reason, taken the deepest pride in the loyalty
and support of the Filipino people.
Though unable to meet the commission, the Filipino people shall not be
absent from my thoughts. Not the least important labor of the conference
1468
THE CHRONICLE
EvoL. 108.
never the intention of the people of the United States in the
incipiency of the war with Spain to make it a war of conquest or for territorial aggrandizement." that "it has always
been the purpose of the people of the United States to
withdraw their sovereignty over the Philippine Islands and
to recognize their independence as soon as a stable government can be established therein," and that "for the speedy
In further describing the proceedings, the newspaper accomplishment of such purpose it is desirable to place in
advices of April 4 said:
the hands of the people of the Philippines as,large a conIn his statement to Secretary Baker, Mr. Quezon, after announcing trol of their domestic affairs as can be given them without
that the mission brought to the United States a message of good will,
gratitude and respect from all the inhabitants of the islands, said he had in the meantime impairing the exercise of the rights of
been sent by his people formally to submit to this Government the urgent sovereignty by the people of the United States, in order
question of their independence, "in the confident hope it shall merit a that, by the use and exercise of popular franchise and
just, righteous and final settlement."
"Independence is the great national ideal of the Filipino country," Mr. governmental powers, they may be the better prepared to
Quezon stated, "and we believe this is the proper time to present the fully assume the responsibilities and enjoy all the privileges
question, looking to a favorable and decisive action, because of the declared and uniform policy of America to withdraw her sovereignty over of complete independence."
In denying recent reports that Japanese were going into
the Philippines and to recognize our independence as soon as a stable
Government has been established. There now is a stable Government the southern part of Mindanao in large numbers, Mr.
and the fulfillment of this solemn promise you owe to yourselves, to us
Quezon in newspaper interviews on April 4 expressed the
and to humanity at large.
"You have truly treated us as no nation ever before has treated another opinion that the military power displayed by the United
under its sway, and yet you—and none better than you—will understand
States in the war had forever dispelled any imperialistic dewhy, even under such conditions, our people still crave independence, that
signs Japan may have had against the Philippines. The
they, too, may be sovereign masters of their own destinies."
In receiving the Filipino delegates, Secretary Baker said:
New York "Tribune" quoted Mr. Quezon as saying:
which now requires my attention is that of making the pathway of the
weaker people of the world less perilous—a labor which should be and
doubtless is of deep and abiding interest to the Filipino people.
I am sorry that I cannot look into the faces of the gentlemen of this
mission ef the Philippine Islands and tell them all that I have in mind
and heart, as I think of the patient labor, with the end almost in sight,
undertaken by the American and Filipino people for their permanent benefit.
I know, however, that your sentiments are mine in this regard and that you
'will translate truly to them my own feeling.
"My first duty is to convey to you an expression of the President's regret
at his absence from Washington at the time of your visit. When it was
first suggested that the mission should come to the United States, the
President foresaw his absence and caused me to suggest that the visit
be deferred in the hope that he might be personally here when the mission
came and have an opportunity to meet you and hear your views and express
his own. It has turned out, however, that his engagements in Europe
required his return there and so he is unable to be in Washington now to
receive you. He left, before he went, a letter addressed to me, which he
asked me to read to you.
"We have long been fortunate in the representatives whom you have
chosen to send to us. Those who are here now are all men of temperate
judgment, fine aspirations, and have worthily represented the Filipino
people. This larger group of men has come charged by the Legislature
of the Insular Government with this mission of visiting the United States,
and making known to the people of the United States the fact of the
Philippine progress, the growth and development of political capacity in
the islands, the spread of education, and the natural growth of aspirations
for political independence. You are to make all this known to the people
of the United States.
"For a long time the Philippine people had been discussing among themselves their aspirations. As soon as the United States became involved in
the great enterprise of the world war, the Philippine people with fine selfrestraint abandoned the discussion of that question as inopportune at the
time, and threw all their energies and their resources into the common
weal with the people of the United States, so that throughout the entire
period of the war the relations between the people of the United States and
your people have been those of cordial co-operation and confidence and
growing appreciation and esteem.
"When the United States went into the Philippine Islands, it set up a
military Government. What has been going on is the rapid progress and
development of a new civilization in the Philippine Islands; not an Americanization of the islands, but the growth of a Philippine civilization. It is
normal that people should desire to be free and independent.
"The Philippine Islands are almost independent; your Legislatures
govern the islands. The strongest tie between the Philippine Islands and
the United States at present is this tie of affection of which I speak, rather
than the political. I know that I express the feeling of the President, I
certainly express my own feelings. I think I express the prevailing feeling
in the United States when I say the time has substantially come, if not
quite come, when the Philippine Islands can be allowed to sever the more
formal political tie remaining and become an independent people, and I
trust as you go about the United States and address audiences you will not
hesitate to paint the picture of the past relations between the people of the
United States and the Filipino, of the progress which you have made, the
extent to which your islands are self-governing and the almost exclusive
extent to which the officers of the executive administration are filled by
the native sons of your own islands.
"I am myself in favor of Philippine independence. I trust the day is very
close at hand when it can be formally accomplished and when it will no
longer be necessary for your children in your public schools to write essays
and make orations on the aspirations of your people, but when the theme
of those essays, and the theme of those orations can be one of appreciation
of a fact accomplished, and all the energy of your people can be devoted
to the further development of the fine civilization which is already inaugurated there.
"America is proud of the Philippine Islands, and her pride will increase
rather than cease, when they cease to be her political possession and become
her political sister in the sisterhood of nations."
Francis Burton Harrison, Governor-General of the Philippines, expressed
sentiments identical with those voiced by Secretary Baker. The formal
act granting independence, he said, was one that Congress must take up,
and the Administration would present the matter to Congress at the appropriate time. From his own experience in two months' stay at home, he
added, he could assure the Mission that the objection to Filipino independence that seemed to prevail in the United States a few years ago had greatly
diminished, if it had not virtually vanished.
The Philippines have had self-government since Oct. 16
1916. By Act of Congress approved Aug. 29 1916, better
known as the Jones bill, the old Philippine Commission was
abolished, there being substituted -as the Upper House of
the Legislature a Senate, composed of twenty-four members, and instead of the Assembly a House of Representatives of ninety members, all elected at triennial elections,
excepting two Senators and nine Representatives appointed
by the Governor-General to represent the non-Christian
provinces.
The attitude of the present Administration was set forth
in the preamble:to:the Jones bill, which declared "it was
Recent sensational reports that the Japanese were pouring into the
southern islands of the Philippine group are not true. There has been
no pronounced increase even in the normal flow of Japanese to and from
the different islands.
And I can assure the people of one thing about which there have been
many alarms during the last few years—the modern Japanese, the statesmen who are in control now of the Japanese Government—have no imperialistic designs upon the Philippine Islands. There are adequate masons for this that are fully appreciated by the Japanese themselves.
Chief of these is that the Japanese realize the Filipinos would not be
assimilated even if conquered. We are of a different religion and culture. We are the only important Christian nation in the Far East. The
Japanese realize this and know that they could not conquer Christianity
so4
even if they crushed the people.
We in the islands understand the Japanese better than you in the United
commercial
relationfswith us and
States. Japan is anxious to extend her
undoubtedly will do so. But the United States will always hold its own
against all other nations in our commercial relations, because of the commercial interests already established and because of sentimental reasons
The war opened the eyes of the Japanese in regard to the United States.
The Japanese Government did not believe the United States could or would
fight, even though they were aligned on the same side in the war. But
the rapidity with which the United States organized its forces, the uni
formity of sentiment in America, on the war, and the might behind the
blow struck for liberty, surprised Japanese statesmen. Formerly the
Japanese had a cockiness that said, "we can fight the world, we can whip
any nation, even Great Britain or the United States," and one sometimes heard the feeling expressed in words. Now the Japanese statesmen know that Japan cannot single-handed defeat the world and they
have no desire to try.
WAR DEPARTMENT PREPARED TO MAKE PROMPT
SETTLEMENT OF WAR CONTRACTS.
That thelWarMepartment, owing to recent legislation, is
now in a! position tor settle all its scar obligations, and is
preparing to7do'so with the greatest possible speed, was announced on April 7 by Benedick Crowell, Assistant Secretary
of War, in a memorandum sent to Secretary of the Treasury
Carter Glass. "The Department," declared the Assistant Secretary,"desires to make these settlements by voluntary
agreement wherever possible, and to avoid litigation. If
the contractor agrees to the basis established by the recent
Act of Congress he can secure payment with little or no
delay."
To facilitate"-settlements,r the Department has stationed
in the leading cities:of thelUnited States negotiating officers,
agencies oil boards so that each contractor can adjustlhis
own contracenear his own place ofibusiness. No final adjustment!ofWar Department obligations can be secured,
however, unless the contractors will co-operate with the
Department.'" TheTmethod and process of effectinesettlementslwere:set forth in the memorandum substantially as
follows:
First. Every contractor should present a statement or claim which
should set out the amount of expenditures and obligations, the amount and
character of materials, supplies and property which he has, the amount
which he believes the United States should pay if it take title to all this
material and property in its present condition, and the amount which the
contractor believes the United States should pay if the contractor retains
this material and property.
Second. If any subcontracts or other items or elements are involved with
reference to which the contractor cannot, at the present time, state any
final and definite figure he should at least give such information in connection therewith as is presently available.
ir Third. Where the original contract is a formal one, executed in the
manner prescribed by law, this statement or claim should be presented in
such places and form as the supply bureau which made the contract shall
designate. Information as to form and place of filing can be secured from
any contracting officer, board or agency within that bureau. i'l+404 4.4
Fourth. If the original agreement is an informal once and an adjustment
thereof is to be made under the Act of Congress of March 2 1919, the
contractor should file with the claims board of the bureau with which the
agreement was made a formal claim setting out the nature, with terms and
conditions of the agreement and the amount of money claimed.
APR. 12 1919.1
THE CHRONICLE
1469
Proper addresses of these claims boards are as follows:
were limited to chrome, manganese, pyrites land tungsten,
Ordnance Claims Board, War Department, Washington, D. C.
and the total payments under the section to not exceed
Claims Board, Air Service, War Department, Washington, D.0.
Claims Board, Chemical Warfare Service, War Department, Washing- $8,500,000, all claims to be filed
with the Secretary of the
ton, D. 0.
Claims Board, Construction Division, War Department, Washing- Interior within three months after the signing of the bill.
With this modification the measure was accepted by both
ton, D. C.
Claims Board,Director of Purchase, War Department, Washington D.0. Houses, final action being
taken by the Senate on Feb. 27,
Claims Board, Signal Corps, War Department, Washington, D. C.
Claims Board, Office Chief of Engineers, War Department, Washing- and the bill signed by the President, as noted, on March 3.
ton, D. C.
Meantime, the War Department, in anticipation of the
,„ (Claims based on agreements with the Quartermaster Corps should be final passage of the
bill, has, it is said, effected adjustments
addressed to the Claims Board, Director of Purchase, as above.)
Fifth. Forms for stating claims on informal agreements can be secured of 90% of the contracts affected. The aggregate of infrom any contracting officer, supply officer, claims board or negotiating formal war contracts involved is about $2,800,000,000
, of
body of any bureau at any part of the United States, and these officers, informal
war contracts involved is about $2,800,000,000, of
boards and bodies will give the contractors information and instruction
which
about $1,600,000,000 were placed in this country and
concerning the manner of filling out these claims.
Sixth. After the contractor's claim is presented the facts therein stated about $1,200,000,000 abroad. The settlement
of these
are investigated and verified, and negotiations are carried on to fix the contracts
will release large amounts of capital which has
terms of final settlement. When these negotiations are completed the
final settlement is made by a supplemental agreement based upon the heretofore been tied up, and is expected to aid greatly in
original contract, if that contract is a formal one executed in the manner restoring normal industrial activity and
taking up the slack
prescribed by law or by an award under the Act of Congress of March 2
in the labor market. It was estimated by the War Depart-,
1919, if the original agreement is within the terms of that Act.
Seventh. In case any contractor is in doubt as to whether or not his ment some time ago that the holding up of contract settle-.
agreement does or does not come under the terms of the Act, he can get meats was costing the Government
about $2,000,000 a day.
immediate information by inquiring from the appropriate procurement
In our issue of March 8, page 936, we referred to the rules
bureau in Washington or from any of its agencies throughout the United
States.
and regulations issued by the War Department for carrying
Eighth. If the contractor has agreed to terminate production to the ex- out the terms
of the law. References to the earlier stages of
tent requested by the War Department and will waive all claims to prospective profits which he might have made had the uncompleted portion the legislation will be found in our issues of Jan. 11, page 124,
of his contract been performed, he will be paid:
and Jan. 25, page 330.
(a) For raw materials, component parts and work in process on hand in
The full text of the measure is as follows:
an amount not to exceed the requirements of the uncompleted portion of
AN ACT
the contract, the cost thereof, plus inward handling charges, plus overhead directly applicable. If this full payment is made, title and possession To provide relief in cases of contracts connected with the prosecution of
war,
the
and
for
purposes.
other
of the materials, parts and work in process shall be transferred to the
lie it enacted by the Senate and House of Representatives of the United
United States. If by agreement the contractor retains title to any of this
material, parts or work in process, the agreed value thereof shall be de- States of America in Congress assembled, That the Secretary of War be,
and
he is hereby, authorized to adjust, pay, or discharge any agreement,
ducted from the amount otherwise payable.
express or implied, upon a fair and equitable basis that has been entered
(b) A remuneration or reward ordinarily fixed at:
(1) Interest at the rate of 6% per annum on money invested in raw into in good faith during the present emergency and prior to November 12
materials and component parts, or if the money was borrowed, then inter- 1918 by any officer or agent acting under his authority, direction, or
instruction, or that of the President, with any person, firm, or corporation
est actually paid; and
for the acquisition of lands, or the use thereof, or for damages resulting
(2) Ten per cent profit on work in process.
(c) An amount equal to all money which the contractor is compelled to from notice by the Government of its intention to acquire or use said
extend to terminate and discharge unperformed subsontracts or commit- lands, or for the production, manufacture, sale, acquisition or control of
ments properly made for the purpose of performing the uncompleted por- equipment, materials or supplies, or for services, or for facilities, or other
purposes connected with the prosecution of the war, when such agreetion of the contract.
(d) Such amounts as are necessarily spent in connection with the care and ment has been performed in whole or in part, or expenditures have been
custody of property involved from the date that the contractor has sus- made or obligations incurred upon the faith of the same by any such
person, firm or corporation prior to November 12 1918, and such agreepended production down to the time of settlement.
(e) On account of facilities, machinery and equipment acquired for ment has not been executed in the manner prescribed by law: Provided,
the purpose of performing the contract, and the cost of which would have That in no case shall any award either by the Secretary of War or the
• been recouped had the contract been performed, an amount which shall Court of Claims include prospective or possible profits on any part of
the contract beyond the goods and supplies delivered to and accepted by
be computed as follows:
From the cost deduct the present value and of the balance take the same the United States and a reasonable remuneration for expenditures and
obligations or liabilities necessarily incurred in performing or preparing
proportion that the uncompleted part of the contract bears to the whole.
(f) Any other special item of expenditure which, in the opinion of the to perform said contract or order: Provided further, That this Act shall
authorize payment to be made of any claim not presented before
not
Secretary of War, or any duly authorized officer, is proper.
June 30 1919; and provided further, That the Secretary of War shall
report to Congress at the beginning of its next session following June 30
WAR CLAIMS MUST BE FILED BY MAY 15.
1919 a detailed statement showing the nature, terms, and conditions of
agreement and the payment or adjustment thereof: and proevery
Assistant Secretary of War Crowell on April 5 gave notice vided such
further, That no settlement of any claim arising under any such
that contractors desiring to adjust canceled war contracts agreement shall bar the United States Government through
any of its
through the machinery set up by the War Department must duly authorized agencies, or any committee of Congress hereafter duly
appointed, from the right of review of such settlement, nor the right of
present their claims prior to May 15 next. In stating in a recovery of any money paid by the Government
to any party under
letter to Secretary of the Treasury Glass that nearly half settlement entered into, or payment made under the provisions of any
this
Government
has been defrauded, and the right of recovery in
the claims involved had not yet been formally presented, Act, if the
all such cases shall exist against the executors, administrators, heirs,
Mr. Crowell said:
successors, and assigns, of any party or parties: And provided further.
This failure on the part of contractors is occasioning the Departiment That nothing in this Act shall be construed to
relieve any officer or agent
great embarrassment. The organization which is handling this matter of the United States from criminal prosecution
under the provisions of
is essentially civilian in character and composed of men who remain in this any statute of the United States for any
fraud or criminal conduct: And
work only at a very great personal sacrifice and at the urgent request of provided further, That this Act shall in no
way relieve or excuse any
the Department. I do not feel that I can continue indefinitely to im- officer or his agent from such criminal prosecution
because of any irregupose that hardship, and have determined tat all contractors who desire to larity or illegality in the manner
of the execution of such agreement:
avail themselves of the existing organization for the settlement of their And provided further, That in all
proceedings
hereunder
witnesses may
claims must present them prior to May 15 1919. as after that date the be compelled to attend, appear,
and testify, and produce books, paperi
method of handling these claims will necessarily be changed through the
and letters, or other documents; and the claim that any such testimony
impossibility of continuing the present personnel.
or evidence may tend to criminate the person giving the same shall not
excuse such witness from testifying, but such evidence or testimony shall
not be used against such person in the trial of any criminal proceeding.
THE WAR CONTRACT VALIDATING BILL.
Sec. 2. That the Court of Claims is hereby given jurisdiction on petition
The Dent War Contract Validating bill finally became a of any individual, firm, company or corporation referred to in Section
1
hereof,
to find and award fair and just compensation in the cases specified
law on March 3, when President Wilson signed the measure,
In said section in the event that such individual, firm, company or cor.
which had been hanging fire in Congress for over two months. poration shall not be willing to accept the adjustment,
payment or comThe measure was originally passed by the House on Jan. 9 pensation offered by the Secretary of War as hereinbefore provided, or
that
event
the
in
the
Secretary
of
shall
War
fail
or
refuse
form
to offer a sods.
in the
recommended by the War Department. The
factory adjustment, payment or compensation as provided for in said
Senate, however, rejected the House bill and on Jan. 30 section.
passed a substitute bill different in several important parSec. 3. That the Secretary of War, through such agency as he may
ticulars. The measure then went to conference, where designate or establish, is empowered, upon such terms as he or it may
determine to be in the interest of the United States, to make equitable
several weeks were consumed in negotiations. All points and fair adjustments
and agreements, upon the termination or in settleof difference were finally smoothed over except one—the ment or readjustment of agreements or arrangements entered into with
government
any
foreign
or governments or nationals thereof, prior to
question of compensating the owners of mineral lands for
Nov. 12 1918, for the furnishing to the American Expeditionary Forces,
money spent on development work for the production of or otherwise for war purposes of supplies,
materials, facilities, services
war minerals, undertaken at the request of the Government, or the use of property, or for the furnishing of any thereof by the United
foreign
States
to
any
government
governments,
or
whether or not such
and which would not be productive or profitable under peace agreements or arrangements have
entered into in accordance with
conditions. This was a Senate proviso, and met with bitter applicable statutory provisions; andbeen
the other provisions of this Act shall
opposition in the House. The House conferees, however, not be applicable to such adjustments.
whenever,
That
4.
Sec.
under
the
provisions of this Act, the Secretary
finally accepted the disputed clause, but the House refused, of War shall make an award to any prime
contractor with
to any
on Feb. 14, to ratify their action, and the matter went portion of his contract which he shall have sublet to anyrespect
other person,
corporation
firm,
or
who
has
in
conference.
good
faith made expenditures, incurred
A compromise was at last reached on
back to
rendered service, or furnished material, equipment, or supFeb. 25, under the terms of which the war minerals affected obligations,
plies to such prime contractor, with the knowledge and approval of any
r
1470
THE CHRONICLE
[VOL. 108.
had been
agent of the Secretary of War duly authorized thereunto, before payment tions, are given at7$1,097,304,758 of which:65% or $712,000,000,
of said award the Secretary of War shall require such prime contractor to expended up to March 15.
The department made public an Executive order signed recently by
present satisfactory evidence of having paid said subcontractor or of the
consent of said subcontractor to look for his compensation to said prime President Wilson formally dissolving the AircraftlBoard.
contractor only; and in the case of the failure of said prime contractor to
-present such evidence or such consent, the Secretary of War shall pay
directly to said subcontractor the amount found to be due under said DR.ELIOT'S PROPOSALS FOR CO-OPERATION BETWEEN
award; and in case of the insolvency of any prime contractor the subCAPITAL AND LABOR.
contractor of said prime contractor shall have a lien upon the funds arising
Remedial measures to meet the conflict between capital
from said award prior and superior to the lien of any general creditor of
said prime contractor.
and labor, which he points out "is getting to a stage or
Sec. 5. That the Secretary of the Interior be, and he hereby is, authorcondition which seriously endangers the existing industrial
by
suffered
been
have
as
losses
net
such
pay
and
ized to adjust, liquidate,
any person, firm or corporation, by reason of producing or preparing to and social structures in most of the civilized nations" were
produce, either manganese, chrome, pyrites, or tungsten, in compliance offered by Charles W. Eliot, President Emeritus of Harvard
with the request or demand of the Department of the Interior, the War
legislature hearing in Boston on Mar. 14 beIndustries Board, the War Trade Board, the Shipping Board, or the University at a
Emergency Fleet Corporation to supply the urgent needs of the nation fore the Committee on Social Welfare on a bill providing
in the prosecution of the war; said minerals being enumerated in the Act for the creation of an unpaid commission to investigate
of Congress approved Oct. 5 1918 entitled "An Act to provide further for
to report recommendathe national security and defense by encouraging the production, con- hours of labor in Massachusetts and
serving the supply, and controlling the distribution of those ores, metals, tions for changes in present laws or for new legislation
and minerals which have formerly been largely imported, or of which to the next Legislature. Dr. Eliot also presented his views
there is or may be an inadequate supply."
Jersey
The said Secretary shall make such adjustments and payments in each in the matter at the annual convention of the New
A numcase as he shall determine to be just and equitable; that the decision of Chamber. of Commerce at Newark on March 28.
said Secretary shall be conclusive and final, subject to the limitation here- ber of prominent manufacturers were present at the Boston
inafter provided; that all payments and expenses incurred by said Secretary, including personal services, traveling and subsistence expenses, sup- hearing in support of the measure under consideration, which,
plies, postage, printing and all other expenses incident to the proper prose- it was said, would be fought by organized labor on the
cution of this work, both in the District of Columbia and elsewhere, as the
that the purpose behind it is to block its work for
Secretary of the Interior may deem essential and proper, shall be paid from ground
the funds appropriated by the said Act of Oct. 5 1918, and that said funds the 48-hour law for women and minors and other legislation.
and appropriations shall continue to be available for said purpose until Dr. Eliot proposed a program of co-operation between capital
such time as the said Secretary shall have fully exercised the authority
to bring about a "just settlement of
herein granted and performed and completed the duties hereby provided and labor designed
•
industrial strife," his proposals being set out as follows in
and imposed:
Provided, however, That the payments and disbursements made under the Springfield "Republican" of March 15:
the provisions of this section for and in connection with the payments and
I have come here at the suggestion of the associated industries of Massasettlements of the claims herein described and the said expenses of ad- chusetts about a resolve for the appointment of a special commission on
ministration shall in no event exceed the sum of $8.500,000:
hours of labor; but my reason for coming here to-day I find in the title
And provided further,That said Secretary shall consider,approved and dis- of this committee—a committee on social welfare—and I observe that the
pose of only such claims as shall be made hereunder and filed with the resolve has a much larger scope than its title would imply. I have been
Department of the Interior within three months from and after the ap- attending for some years to the disturbed state of many of the national
proval of this Act:
industries and to the resulting losses and sufferings in the community as
And provided further, That no claim shall be allowed or paid by said a whole, and have frequently been in communication with representatives
Secretary unless it shall appear to the satisfaction of the said Secretary of each party to the industrial strife; but my real interest in all contests
that the expenditures so made or obligations so incurred by the claimant were between capital and labor has always been the effect of such disputes and
made in good faith for or upon property which contained either manganese, antagonisms on social welfare in democratic society. That is my point of
chrome, pyrites or tungsten in sufficient quantities to be of commercial view in what I say here to-day. As to the appointment of a commission
importance:
on hours of labor I favor it, but chiefly because I believe it to betinexAnd provided further, That no claims shall be paid unless it shall appear
pedient, not to say absurd, to attempt to fix by law the same number of
to the satisfaction of said Secretary that moneys were invested or obligahours for all industries without regard to their infinite diversities, or for:all
tions were incurred subsequent to April 6 1917 and prior to Nov. 12 1918 establishments in the same industry.
In a legitimate attempt to produce either manganese, chrome, pyrites or
tungsten for the needs of the nation for the prosecution of the war, and that
Industrial Relations Critical.
no profits of any kind shall be included in the allowance of any of said
To-day we all see clearly that the war between capital and labor:or beclaims, and that no investment for merely speculative purposes shall be
tween the employing class and their employees, is getting to a stage or
recognized in any manner by said Secretary:
which seriously endangers the existing industrial and social struoAnd provided further, That the settlement of any claim arising under the condition
in most of the civilized nations, and the political structures in those
tures
provisions of this section shall not bar the United States Government,
which have had no experience in the practice of liberty.
through any of its duly authorized agencies, or any committee of Congress nations
After the firm establishment of a limited league of nations with plenty
hereafter duly appointed, from the right of review of such settlement, nor
command, the thing most to be desired by the free peoples, and
at
force
the right to recover any money paid by the Government to any party of
those who are hoping to become free, is a just settlement of the industrial
under and by virtue of the provisions of this section, if the Government by
strife. I propose, therefore, to put before you in as concise form as I can
has been defrauded, and the right of recovery in all such cases shall extend
the changes which must be brought about in the present policies and proto the executors, administrators, heirs and assigns of any party.
of the two parties to this strife before any just and durable peace
That a report of all operations under this section, including receipts and cedures
can be expected. Some of these changes have already been
disbursements, shall be made to Congress on or before the first Monday settlement
brought about in an experimental and scattered way. They greatly need
•
In December of each year.
universally adopted.
That nothing in this section shall be construed to confer jurisdiction to be
upon any court to entertain a suit against the United States:
What Employers Must Do.
Provided further, That in determining the net losses of any claimant the
Abandonment of every form of despotic or autocratic government in
1.
consideration
into
take
things,
other
Secretary of the Interior shall, among
factories, mines, transportation service, and all other industries which
and charge to the claimant the then market value of any ores or minerals deal with the necessaries of modern life.
on hand belonging to the claimant, and also the salvage or usable value
2. Universal adoption of co-operative management and discipline
of any machinery or other appliances which may be claimed was purchased throughout the works or plant, the employer and the workman having
to equip said mine for the purpose of complying with the request or demand equal representation in managing committees.
of the agencies of the Government above mentioned in the manner afore3. Adoption by all corporations, partnerships and individual owners of
said.
every means of promoting the teaith and vigor of employees and their
Passed by the Senate and House, Feb. 27 1919.
families, including the provision of free medical and nursing service, good
Approved March 3 1919.
housing, and all feasible protection against accident, sickness, alcoholism,
and vice, not as a matter of charity but as a sound business method. Prolonged education for adults who are already earning their livelihood should
included among these means.
AIR SERVICE CONTRACTS TOTALING $500,000,000 be4. Careful provision in all large services—so large as to preclude intimate
CANCELED.
relations between the employer and the employed—of the means of dealing
promptly and justly with complaints of employees, whether individuals or
The total value of air service material contracts canceled groups.
In complaint cases foremen may be witnesses, but never judges.
up to March 22 was $500,000,000, according to information
5. Universal use in large services of well-trained employment managers
made public by the War Department on April 5. The state- for dealing with the engagement, distribution, shifting, promotion and
of employees.
ment further said that final deliveries of Liberty 12 airplane dismissal
6. General adoption of a genuine partnership system between the capital
engines had been made during the week ended March 21, and the labor engaged in any given works or plant, whereby the returns to
paid shall vary with the profits
when the last of a total production of 20,478 engines was capital and labor alike after the wages are
of the establishment, the percentage of the profits going to payroll being
turned over. The War Department's statement, as quoted always
much larger than that going to shareholders or owners and payroll
in newspaper advices, gave the following details of produc- never to be called on to make good losses. As in ordinary partnerships
the annual or semi-annual accounts should be open to the inspection of
tion:
As a means of securing to employees full
Packard Motor Car Co., 6,500 engines; Lincoln Motor Co., 6,500; all persons directly interested.
they should always be represented
Ford Motor Co., 3,950; General Motors Co., 2,528; Nordyke-Marmon knowledge of the partnership accounts
In the directorate.
Co., 1,000.
7. Constant effort on the part of managers to diminish monotony and
The statement says contracts for additional airplane engines and engine
from day to day and year to year, of
spare parts of a value of $266,961,771 had been canceled. The total value increase variety in the occupation,
intelligent and ambitious employee. There is no uniform mode of
every
of air service material contracts canceled up to March 22 was $500,000,000.
all the various industries; but there are
The value of the army's ordnance material contracted for and remaining putting this policy into effect in
The first of these is the policy of shiftto be completed after cancellations up to March 13, is given as $133,535,139. two methods of wide applicability.
in the long series of tasks involved
another
to
The largest item is in gun contracts at $55,839,486, and there is included ing employees from one task
in the production of the establishment; the second in the policy of offering
more than $15,000,000 in automatic rifles, small arms and ammunition.
aspiring employees. This policy requires
Appropriations for the air service of the army were reduced 51% for the instruction at cost out of hours to
with individuals, skill in
fiscal year 1918-19, or from an original total of $944,304,758 to $459,304,- on the partTof those who apply it acquaintance
. 1
will.
good
758, according to a table showing the effect of the Act of Congress in selection, and persevering
8. Universal acceptance of collective bargainingvAthrough elected reproFebruary scaling down the proposed expenditures. The total appropriations for the service from the beginning of the war, after making the reduc- sentativestof eachisidv
APR. 12 1919.]
THE CHRONICLE
Employee? Part of the Plan.
1. Abandonment of the doctrine of limited output, because this doctrine demoralizes every person who puts it into practice by never doing
his best.
2. Abandonment of the idea that it is desirable for workers of any
sort to work as few hours in a day as possible and without zeal or interest during those few.
3. Absolute rejection of the notion that leisure rather than steady
work should be the main object of life. On this point three principles
may be said to be established by the history of civilization itself, first, that
a leisure class in any community is apt to become a useless or oven dangerous class; secondly, that civilization advances among different races
in proportion to the prevalence among the masses of the love of liberty,
under law, and of the habit of steady work as distinguished from the intermittent work of the hunter or the nomad; and, thirdly, that the higher
or most satisfactory employments or occupations permit and encourage
every man to work to the limit of his strength and health out of love for
the work itself, or his own satisfaction in it. This is true of all the learnc4
and scientific professions and of the higher walks of business and politics.
In this respect the lower occupations used to be assimilated as much as
possible to the higher.
4. The first question for any young man to ask when he is choosing
an occupation is, Is there in the occupation contemplated variety, interest, and instructiveness as life goes on, not of how few hours a week
can he earn his livelihood in it. In other words, it is a great object in life
to have an occupation which yields in itself continuous satisfaction and
contentment, and at the same time is not subject to sudden interruption or
ceasing at the will of other people. Of course, the mental workers, whose
success depends chiefly upon their own capacity and industry, have great
advantages in this respect over handworkers, who tend machinery. On
the other hand, they have but slight advantage over diligent workers in
such occupations as farming, carpentry, blacksmithing and printing, for
example, in which there is large variety and personal knowledge and
skill count for much.
5. Abandonment of two conceptions which underlie the use of violence or force for winning the victory in contests between employers and
employed. The first is the conception that capital is the natural enemy of
labor, and the second, the conception that unorganized laborers are traitors to their class. These conceptions belong to an industry era which is
really passed. They are miserable survivals of much earlier times when
hours of labor in factory industries and in farming were unwholesomely
long, wages deplorably low, and the mass of the people had little control
over legislation or the manners and custom of the ruling classes.
6. Abandonment of all violence toward property of persons in the prosecution of industrial disputes. It is a consideration strongly in favor of this
abandonment that a strike covering the whole territory of the nation or a
largo part thereof has lately become possible, because of recent improvements in means of communication. Such a strike or even the threat of it
is capable of inflicting much suffering on millions of non-combatants.
What Both Must Do.
By both parties of the industrial strife:
1. Willing adoption by both parties of the methods of conciliation, arbitration, and ultimate decision by a national government board as sufficient
means of bringing about just and progressive settlements of all disputes
between capital and labor. The war has demonstrated within the last two
years the feasibility of adjusting disputes between employers and employed by these means. To be sure it has been under abnormal conditions
that the means have proved to be temporarily sufficient; so that the immediate problem before the country is how to demonstrate that these
means are sufficient under normal conditions, and that they are the only
ones which a free and law abiding people should hereafter use.
2. Recognition by both parties that a new and formidable danger threatens civilization, and that all good citizens of the republic should unite to
suppress anarchy and violent socialism and to secure to all sorts and conditions of men "life, liberty and the pursuit of happiness."
3. General acceptance of the view that American liberties are to be
preserved just as they have been won. They have been slowly achieved by
generations of sturdy, hard-working people who value personal independence, industry, thrift, truthfulness in thought and act, respect for law,
family and home, and were always ready to fight in defense of these things.
4. Acceptance of the truth that the democracy which is to be made safe
In the world does not mean equality of possessions or powers, or a dead
level of homogeneous and monotonous society, but on the contrary the free
cultivation of infinitely diversified human gifts and capacities, and liberty
for each individual to do his best for the common good.
SWEEPING CHANGES IN LABOR CONDITIONS PROPOSED BY BRITISH INDUSTRIAL COMMISSION.
Sweeping changes in industrial conditions in Great Britain
will be brought about if the report unanimously adopted on
April 4 by the National Industrial Conference, composed of
800 delegates representing capital and labor, is enacted into
law by the British Parliament. The conference was called
to find a remedy for the prevailing unrest in industry, and
held its first session at Westminster on Feb. 27. At that
meeting a joint committee was appointed to draw up a program. The present report is the work of that committee,
and embodies among other proposed changes the following:
The legislative enactment of a nation-wide normal working week of fortyeight hours for all employees.
Legislative enactment of a nation-wide minimum wage.
Recognition of the trade unions and the employers' organizations as
the
basis for negotiatiosn between capital and labor.
Prevention of unemployment and the maintenance of unemployed workers.
Creation of a permanent national industrial council of representatives of
employers and employees, to consider and advise the Government on national industrial questions.
Sir Robert Horne, Chairman of the meeting and Labor
Minister in the British Cabinet, speaking at the close of
the conference on the Government's attitude toward the
report, intimated official approval when he said that,
though he could not yet pledge the Cabinet's sanction, he
"would not be here to-day if he did not believe the principles of the report would receive the approval of the Gov-
14n
ernment." The report will also have to be referred back
to the unions and the employers' associations for final
action.
While the changes proposed in the committee's report
will have a serious and important effect upon the industrial
situation, it is to be noticed that they are not "revolutionary" in character. They follow in the main the lines of
reform associated with the conservative trade unions rather
than the revolutionary or industrial unionism whose ultimate purpose is the overthrow of the present form of society.
To that extent the report is anything but encouraging to
the radical element. Concerning the details of the plan,
a special dispatch to the New York "Times" under date of
April 4 said:
The Conference, on the whole, was satisfied and adjourned in the belief
that its views would in substance prevail. If they do, they will modify
profoundly the British industrial situation, and will sanction by
law, as
never before, the principle of collective bargaining.
Thus, the proposed National Council of 400, half capital and half labor
representatives, will be elected by the employers' organization and
the
trade unions, and is to be recognized by the Government as an "official,
consultative authority" on industrial relations and "the normal channel"
through which the opinion of industry is to be sought.
Moreover, trade unions are to be recognized universally and it is laid
down specifically that both employers and workingmen "should accept the
jurisdiction of their respective organizations." This seems to aim particularly at the difficulty, so manifest recently, of certain sections of employees refusing to acknowledge the agreements reached by their official
leaders, and declaring unauthorized strikes. It is regarded here as having
been inserted in order to protect experienced trade union leaders against
the violent action of extremists in their own followings.
Among the most important of the recommendations concerning labor
conditions are Parliamentary enactment of a forty-eight-hour labor week,
discouragement of systematic overtime, enactment of a minimum wage
basis, and extension of the principle of short-time work to meet the difficulty of unemployment.
It is also proposed that the State should increase its provision for unemployment on either a contributory or a non-contributory basis, and
should give the unemployed, during their leisure, opportunity to continue
their education.
The Conference demanded the raising of the legal age of child labor.
Discussion of this report was good tempered and free from bitterness. It
turned mainly on details, and the few extremists found the meeting quite
out of sympathy with them. Henderson answered objections quickly, and
begged the union representatives to accept the report for its very great
advance.
The Conference then divided into employers' and employees' sections to
consider the proposals separately. When it met again as one body it
adopted the report unanimously, but with the plainest intimation that it
would not tolerate any shelving of the issues it raised. One or two speakers
attempted to introduce into the debate political questions such as conscription, but Sir Robert Horne shut them off immediately, with the approval
of the great mass of delegates.
J. H. Thomas, the railroad workers' leader, made a notable admission
with regard to the political status of labor. Speaking of the recent crisis in
which the triple alliance of railway men, miners, and transport workers
pooled their interests, he declared that the leaders had fully realized that
if they had not reached an agreement on the industrial controversies, and
had succeeded in forcing their views on the State, it would have amounted
to a revolution, as far as constitutional Government was concerned. It
was, however, notable at to-day's meeting that Henderson made a strong
point of recognizing that it should be remembered in all industrial controversies that not only labor and capital, but the community at large
is concerned in the prosperity of industry.
The first session of the National Industrial Conference
convened at Westminster on Feb. 27 and was made up of
500 labor delegates, said to represent 10,000,000 organized workers;300 of the principal employers from all branches
of industry, and several members of the Cabinet, presided
over by Sir Robert Horne, Minister of Labor. Premier
Lloyd George sat through the whole of the first session,
and near its close made a strong address, appealing to the
representatives of capital and labor to stand together for
the safety of the country. The net result of the meeting
was the appointment of the committee whose report is referred to above.
The meeting brought forth some very plain talk between
the representatives of capital and labor. James Henry
Thomas, Member of Parliament and General Secretary of
the National Union of Railwaymen, speaking on behalf of
the "triple alliance" of miners, railwaymen and transport
workers, declared that "the workers have resolutely set their
faces toward some order of society which will improve their
lives and conditions in accord with the new valuation they
have set upon themselves." Chairman Brownlie of the
Amalgamated Society of Engineers, warned the Government that "the country was not going back to the social
and industrial conditions that prevailed before the war."
Miss Stephens, representing the catering industry, warned
the Premier, who was sitting near, that "unless something is
done to tackle the problem of low wages, there won't be
any Government." Nationalization of railways, mines and
land was demanded by labor speakers representing the
strongest trades unions in the country; national workshops
for the unemployed were advocated by others. Feeling
at times ran high, and there were some intensely dramatic
moments,rasiwhen Thomas of the Railwaymen (quoted in
1472
THE CHRONICLE
special dispatches to the New York "Times") cried: "Quit
your property. All you possess the workers have bought in
this war with their blood. Their demands now are for
services already rendered."
Few-of the employers took part in the discussion, but it is
said that there was little animosity shown against them, and
a tone of serious responsibility marked the speeches, most of
which advocated relief along strictly constitutional lines.
The Associated Press dispatches from London on Feb. 27
gave the following account of the proceedings:
[VOL. 108.
phere of suspicion between capital and labor, and continued: "It is not
for the Government to dictate to either capital or labor, but to be impartial."
He declared that the unrest was the greatest problem ever confronted
by the British people in peace time, and appealed to all sections to "hold
together."
Arthur Henderson made a powerful appeal to all to take steps immediately
to deal with the situation, which he termed "grave, comprehensive and
menacing."
Miss Stephens, representing the catering industry, was the only woman
heard, though quite a number of women were present. She attacked the
proposed reduction of the women's unemployment benefit, advocated a
national workshop for women workers, and warned the Premier, who was
sitting near by, that "unless something is done to tackle the problem of
low wages there won't be any Government."
Arthur Henderson moved a resolution for the appointment of a joint
temporary committee, to be composed of thirty Laborites and thirty capitalists, to make a thorough investigation into the questions of hours, wages,
general conditions of work, unemployment and its prevention, and the
best means for promoting the relations between capital and labor, and report
back to the conference, which will reassemble April 5.
At the suggestion of Premier Lloyd George, who strongly advocated the
plan, the resolution was amended to include a sentence from the resolution
presented earlier by Sir Allan Smith, calling for a report by the committee
on the causes of the present unrest and the steps necessary to best safeguard
the relations between capital and labor.
In his address the Minister of Labor said that the Government did not
favor the establishment of national factories, as such a step tended to
hamper private enterprise. The Government had decided to reduce the
unemployment donation after the expiration of thirteen weeks. For the
thirteen weeks the men would receive 20 shillings and the women 15 shillings
a week, with an allowance of 6 shillings for the first child and 3 shillings for
each additional child.
Referring to the industrial unrest, the Minister said that whatever view
was held regarding the merits of the disputes it was plain that their continuance was a menace to the life of the country. As to unemployment,
the Government was taking measures to expedite orders to various departments in order to increase the work available. Housing schemes were
similarly hastened.
Sir Robert invited the conference to consider the unemployment question
OPPOSITION TO PROPOSED NEW YORK STATE
first, because unemployment was considerable and growing, but he said
he was not disquieted about the future, for soon there would be no lack
INCOME TAX.
of employment.
New York State Comptroller Eugene M. Travis at a
With regard to working hours, said Sir Robert, the view of the Government was that the more it could reduce the hours of labor consistently hearing on the proposed State income tax law, held at Alwith the maintenance of the output necessary for the country's existence bany on April 8 before the Davenport-Judson Special Comthe more it would help to better the condition of the State. The Government desired the opinion of the conference on such a national question as mittee on Taxation, described the proposed measure as disthe arranging of a minimum wage, with particular reference to women. honest and unnecessary and recited objections to the imThe cost of food would gradually decrease.
position of the tax. As indicated in these columns March
The tendency of the day would be to give labor a larger share in the
control of industry. A committee of the employers and employees was 29, page 1227, at the time the three tax bills were introduced
considering a bill for the restoration of the trade union laws which had been by the Special Taxation Committee, of which Senator Fredsurrendered for the duration of the war.
M. Davenport is Chairman, the State income tax bill
Sir Robert concluded by saying that the Premier was anxious to hear the erick
views of the meeting, and he invited the delegates to address the conference. calls for a tax of 2% on incomes in excess of $1,000 in the
James Henry Thomas, Member of Parliament and General Secretary of case of single persons and in excess of $2,000 in the case
the National Union of Railwaymen, said he was deputed to make the folthere was submitted
lowing observation for the triple alliance of miners, railwaymen and trans- of married persons. With this bill
the increasing from 3 to 43/% the tax on the net income of
port workers:
"The organized workers of Great Britain have made up their minds to corporations and one providing for a permissive tax by cities
obtain for themselves an increasing share of the wealth which their labor
of 1% on personal property
has produced and produces. The workers of the threefold organization and other local communities of
are determined to shorten materially the hours of labor in their respective above $3,000. Comptroller Travis at Tuesday's hearing
industries. They are dissatisfied with the system of society which treats summarized his objections to the income tax as follows:
their labor power as a mere commodity to be bought, sold and used as
First. No deduction is allowed on account of income taxes paid to the
though they were machine-like units in the process of wealth production
and distribution, and they therefore demand that they shall become real Federal Government. The theory of an income tax is that the individual
partners in industry, jointly sharing in determining working conditions shall • be required to Pay according to ability. One's faculty to pay is
limited to the amount of income left after saltsfying the requirements of
and management.
"Labor has become increasingly alive to its sovereign power, and will the Federal Government. The individual with an income of $1,000,000
shirk no responsibilities and will be denied none of its rights and privileges. is already taxed, for 1919, $663,000 thereon. Ills capacity to stand further
•"The miners, railway men and transport workers stand unalterably for taxation is not measured by $1,000,000 but by the $337,000 which remains.
the ownership by the States of the mines and railways and the means of The person with an income of $100,000 is already taxed $31,190 by the
Federal Government. His ability to pay is not gauged by $100,000 but
inland and coastal transport."
The statement declared that for most of the prevailing unrest "the scan- by the $68,810 left at his disposal. The individual with an income of
dalous profiteering countenanced by the Government during the period $10,000 will be the Federal Government $590 thereof. His faculty to
pay taxes is not, therefore, determined by $10.0013 but the $9,410 reof the war," was responsible.
"The excess profits duty," the statement continued, "has not mitigated maining. Stated differently, with no deduction permitted on account of
the effect of profiteering in the slightest degree, its only use being to make Income taxes paid to the Federal Government, this bill provides for a tax
the profiteers agents of the Treasury and to pass on the burden of paying on a tax as well as on ability or faculty to pay.
The primary object seemingly is to collect money regardless of equity.
for the war from the shoulders of the rich to the general body of the comIt is my judgment that the enactment of this idea into law will result in
munity."
Anticipating the probable argument that the nation, after four and a losing as citizens of the State, many thousands of estimable men, men who
half years of war, was unable to grant the material advancement in working willingly will pay their share of the State's burden but will not tolerate
conditions which the workers were demanding, the statement said the coun- this injustice of taking from them what, in all justice and equity, they
try was out of the war in such a way as to belie all the prophecies of the should not be called upon to pay.
Second. Income from State and municipal obligations heretofore issued
political economists. It continued:
"Realizing these facts and the inferences from them, the workers have Is exempt, but income on future issues is to be taxed. That may be correct
resolutely set their faces toward some order of society which will improve in theory but in actual practice the effect will be to the detriment of the
Securities of this nature have sold
their lives and conditions in accord with the new valuation they have set State and its political subdivisions.
upon themselves. No longer are they prepared to content themselves at low rates of interest because they were tax exempt and for the reason
with every wage advance being thrust upon the consumer and consequently that investors could rely on a fixed income even though it be at a low rate.
canceling every improvement instantly and automatically. Rent. inter- The effect of taxing income from securities of this nature will be an automatic rise in the rate of interest on such obligations. Furthermore, the
est and profits are not inviolate.
"Statesmen of every party must make up their minds that there is going Interest will mount out of proportion to the tax. Investors will fear an
to be a drastic change. Wise men will allow and provide for it. Others increase in the income tax rate and will adjust their bids on long-term
securities accordingly. I predict that for every dollar of tax received on
will be convinced only by the compelling power of events."
Chairman Brownlie of the Executive Council of the Amalgamated Society income of this nature the State and municipalities will pay more than a
of Engineers, representing the triple alliance of miners, transport and rail- dollar of increased interest. Indirectly, the State or the obligor municiroad workers, emphatically warned the Government that "the country pality will pay the tax and more.
Third. Income from mortgages on real property and of investments
was not going back to the social and industrial conditions prevailing before
upon which a secured debt tax or an investment tax was paid prior to June
the war."
John Robert Clynes, former Food Comptroller and now Vice-Chairman 1 1917 is to be taxed. In other words, the State is not to keep faith with
of the Parliamentary Labor Party, appealed to the workers to give the new those who have paid mortgage taxes or taxes on secured debts and investments, relying on the exemption from other taxation granted by then
Government time to put its program into effect.
"If it is not put into practical effect after a reasonable time," he said, existing laws.
If this tax is imposed it will, in the final analysis, be paid by the owner of
"We will give the Government notice to quit."
Mr. Clynes urged that the conference send forth a statement that would the mortgaged property, or the obligor on an investment, Just as certainly
reassure labor. "My chief concern," he added, "is whether labor is going and surely as would an annual tax, at a fixed rate, imposed on the principal
to ask for too much at one time." Labor should settle down to work and of the obligation. The man who borrows the money will pay the tax. No
increase the country's wealth, front which labor would immediately profit. law can change this rule.
Fourth. The failure to allow a deduction on account of bad debts not
Regarding profiteering, Mr. Clynes said the Government had tried to
prevent it. "But," he added, "you could no more prevent profiteering actually charged off is unreasonable, and not in sympathy with business
under war conditions than you could prevent the development of trade custom or good accounting practice. Such an arbitrary rule is unfair. I
realize that in this respect the provision of the Federal statute has been
unionism."
The Premier waited until the last moment before addressing the assembly, followed: nevertheless, that does not make it right. In actual practice.
individuals alut partnerships engaged in business cannot say at the end
as he wanted to hear the views of both sides.
of a business year just what debts are worthless, and, therefore, they cannot
"I came to hear a frank discussion," he said, "and I got it."
He dwelled at length on the various causes of the unrest and promised and do not charge them off. I think this provision should be amended
a reduction by summer of the high cost of living by a dollar a week per to allow as a deduction a reasonable reserve for worthless debts.
Fifth. The provision regarding the withholding of income of non-resihousehold. He declared there was no way to relieve unemployment until
Industry was fully restored, which could not be until peace was signed. dents at its source is complicated and oppressive. It requires every perHe hoped that that would be accomplished within a few weeks, but the son who pays rent or interest on a mortgage, or salary or compensation,
blockade of Germany could not be raised until Germany had signed a treaty or income of any nature, to a non-resident of the State, to withhold 2%
thereof and to render reports to the Tax Commission. This provision will
that would make war impossible.
The Premier stated that the first condition for relieving the industrial have the effect of discouraging dealings with non-residents, or deterring
situation was the restoration of confidence and the removal of the atmos- residents of other States front being employed or investing capital in Now
M
APR. 12 1919.]
THE CHRONICLE
York, and of calling mortgages on real property within the State. I can
think of no more offensive provision nor one which presents such positive
administrative difficulties.
1473
taxes on the corporation, taxes on any real estate it may own, and his
Federal income tax. For all taxes on corporations operate to reduce
dividends, and thus fall ultimately though indirectly on the shareholders.
Charles L. Craig, Comptroller of the City of New York, It must be remembered that in the last thirty years a number of special
voiced his opposition to the income tax bill at the final hear- taxes have been enacted that fall mostly on industry and capital and yield
$75,000,000 annually. The percentage of total taxes (State and local)
ing of the Committee at Albany on April 9,saying, according paid by real estate
declined from 87% in 1890 to less than 75% in 1918.
Any large reduction in real estate taxation will operate only to raise
to the New York "Tribune":
It exempts wealth and puts millstones on the necks of the salary and capital values. To the extent that taxes on land are reduced the price
wage-earners and small business men. The bill strikes from the tax-rolls, will go up. And after a boom due to low taxes, every effort will be made
and forever exempts, stocks and bonds, money on deposit or drawing in- to keep up real estate prices and rents, on the plea that interest should be
terest and intangible personal property of vast extent, including that on allowed to be earned on that increased capitalization.
It is true that some classes of improved real estate are overburdened, but
which no income tax is imposed.
the remedy for this is to reform the system of taxing real estate, not to put
Several weeks ago (March 29) the New York "Times", in burdens on enterprise and industry. The benefits of any
"relief" to real
referring to objections advanced by City Comptroller Craig estate through such taxes will go chiefly to speculators and the holders of
undeveloped properties.
income
tax, quoted him at considerable
to the proposed
The one immediate need is to make up the State and local loss of $20.length; we give in part what he had to say below:
000,000 heretofore raised by liquor taxes. This amount could in large part
In my judgment there are many and fatal objections to the enactment of be raised by some changes in present laws along lines recommended by the
a State income tax in New York. The Federal Government is using this State Controller.
But the committee plans instead income and corporation taxes estimated
instrumentality to the very limit of endurance. Immediate conflict would
arise in applying the State and Federal laws with respect to deductions to raise $60,000,000-$40,000,000 of new money- and a new personal
from net income of such taxes. The infirmities of this legislation are so property tax leaddition.
numerous that I cannot attempt to state them in the order of their imThe New York Board of Trade and Transportation on
portance.
The income proposed to be taxed does not include income derived from April 9 adopted a report presented by the Chairman of its
outside the State of New York by any resident thereof. The bill provides executive committee, E. F. Cole, recommending that the
that a person paying an income tax may.exempt himself from the payment proposed tax
bills "be opposed by every legitimate means
of any tax on personal property by the filing of a statement that he has no
income subject to taxation under the Act. In practical operation this within the power of this board." The report adopted by
means that a resident of the City of New York owning personal property the Board said in part:
aggregating many millions of dollars in value may escape payment of any
Effect of Bills.
tax whatever in the State of New York. If his income be derived from
The New York;Tax Reform Association summarized the effect of the
copper mines in the West or from iron, steel and coke properties in the
bills
pending
as
follows:
Alleghenies, or from securities of foreign corpporations engaged in the steel
"To business men these proposed changes mean, in effecttrade, or other like industry, such income would not be subject to any tax
"An income tax of over 6% on residents whose capital is invested in
whatever in the State of New York.
There are probably numerous residents of the City of New York and business corporations here (2% individual tax and 43 % corporation tax).
"An income tax of 2% plus 50 cents per $100 valuation on tangible perState of New York whose entire income is derived from outside the State,
but whose wealth is represented by securities owned and held within the sonal property in possession (whether paid for or not) of individuals and
State, which, like the owners thereof, enjoy the benefits of the protection partnerships.
"And a possible 5% gross receipts tax."
of the State and local Government within the State. The mere filing of a
The underlying policy recommended in these bills is that the State's
certificate under the proposed law that they aro not subject to an income
demand
for increased revenue shall be paid by the business interests of the
tax would exempt them from taxation upon such tangible personal property. Great private galleries and mansions containing works of art and State and the owners of the real estate are to be relieved. We have herein
furnishings of fabulous value, owned and maintained to satisfy the desires expressed our views regarding the dangers which would attend that course.
The State income tax contemplated would be imposed without any deof individuals and never opened to the public, would pay no tax whatever.
Against such unjust and unsound exemptions, and probably as an offset duction for the normal tax and surtaxes, excess profit and war tax paid to
thereto, the bill proposes to tax the incomes of wage-earners and salaried the Federal Government and would be a tax upon taxes paid. The Federal
Government has exploited that source of revenue to the point of exhaustion.
employes, including those of the State and local Governments.
So far
as tho latter are concerned it is quite obvious that their compensation It would impose a tax upon wage earners and salaried employees but would
exempt
the incomes from rentals of real estate. Many of our wealthiest
would in most instances immediately have to be increased to cover such
tax because of the supposed inadequcay of the existing rates of compensa- citizens having the largest incomes would be exempted under the bill betion of such persons. The bill provides that income from rentals of real cause their revenues come from enterprises outside of this State, upon
estate shall not be taxed. When it is considered that under existing which they cannot be taxed.
Under these circumstances, an income tax would be inequitable, and the
statutes vast amounts of personal property are not now subject to taxation
It will be seen quite readily that when an attempt is made to collect a tax knowledge that such swollen incomes were contributing nothing while the
upon the income from personal property that is not subject to taxation, the wage earners were taxed to provide the benefits and protection their richer
neighbors enjoy without a relative contribution to the cost thereof would
attempt will in most instances result in failure.
This income tax bill may be taken as the best that can be offered by the add new fuel to the fires:of discontent which are already dangerous.
advocates of such a measure. Its inequities and insufficiencies are so
manifest as to require its unqualified rejection. A personal property tax
STEEL PRODUCTION IN 1918 AND TO DATE.
of % of 1% throughout the State, with a compulsory return by every one
having personal property to the value of more than $3,000 will meet the
The
American Iron and Steel Institute under date of
existing situation. Of course, for such a tax to be effectual, the provision
of existing statutes exempting or making non-taxable great amounts of April 9 gave out the following concerning the monthly outpersonal property must be eliminated so as to free this property from put of steel:
existing exemptions and leave it subject to a just sharo of the costs and
In continuation of our regular monthly report of ingot production of the
burdens of government.
larger steel companies, please find enclosed statement showing production
Such a personal property tax, particularly in the City of New York,
by months from January 1918 to December 1918, inclusive, of twenty-nine
should be made payable from four to eight weeks in advance of the time for
companies which in 1917 produced about 85.10% of the total production of
fixing the tax rate upon real estate. When the tax collections from personal
steel ingots in that year; also for January, February and March 1919. by
property are definitely known, the tax upon real estate need bo levied only
thirty companies which in 1918 produced about 84.03% of the total producfor the additional sums required for the current year. The requirements of
tion of steel ingots in that year.
the State should be met by a direct tax, the proper proportions of which
Practically complete returns from all companies for the year 1918 make it
must be raised in the various localities.
possible to estimate the total production of all kinds of steel ingots in 1918
Under existing laws, the great bulk of the wealth and property owned in
as amounting to 43,027,000 gross tons, of which about 33,302,000 tons were
the State of New York is subject to little or no burden of taxation. Real open hearth, about
9,215,000 tons were Bessemer and about 510,000 tons
estate, which cannot be removed or concealed by its owners, and which is were crucible or
electric.
the constitutional bulwark of taxation and public borrowing, is subjected
MONTHLY PRODUCTION OF STEEL INGOTS,JANUARY 1918 TO
to the burdens that should be borne by personal property.
MARCH 1919.a
Criticism of the taxation measures at Albany is contained
Open Hearth, Bessemer.
All Other.
Total.
Gross Tons. Gross Tons. Gross tons. Gross rons.
Monthsin a report issued on Apr. 6 by the New York Tax Reform January, 1918
1,763,356
429,588
10,901
2,203,845
1,805,233454,457
14,051
2,273,741
Association through its Secretary, A. C. Pleydell, As to February
March
2,331,048
763,255
16,078
3,110,381
April
2,377,974
the income tax, it says:
769,249
16,187
3,163,410
2,475.131
796,244
15,858
3,287,233
No exemption is given to a resident for any portion of his income that may May
June
2.281.718
786,380
15,348
3,083.446
taxed
in
another
be
State; he may not even deduct an income tax paid else- July
2,311,545
784,997
17,093
3,113,635
where. Several States now have income taxes that roach non-residents, August
2,299,177
766,860
17,643
3,083,680
2,407,993
772,863
16,802
3.197,658
and the same double taxation may easily occur that has become prevalent September
October
2.527,776
807,043
17,377
3,352,196
under inheritance tax laws. That such apportionment is difficult is not November
2,291,720
753,409
15,631
3,060,760
an argument for double taxation, but rather against State income taxes in December
2,273,189
706,844
12,273
2,992,306
general.
Total 1918
27.145,860
8,591,189
185,242
35,922,291
While tho rate proposed now is only 2%, it can easily be raised in the
future, and most likely will be. The 3% corporatiOn tax of 1917 is already January, 1919
*2,351,153
749,346
7,279
*3,107.778
to be increased to 43. %. Practically all the advocates of the State income February
*2,043,635
655,206
5,842
*2,704,683
2,100,528
555.332
tax have stated repeatedly and frankly that they believe in graduated or March
6,405
2,662,265
surtax rates, and only refrain from pressing that plan now because of the
* Revised.
present high rates of the Federal tax.
a Reported for 1918 by 29 companies which made about 85.10% of the
It also says:
steel ingot production in 1917, and for 1919 by 30 companies which made
r The One outstanding feature of the bills proposed by the committee about 84.03% of the steel ingot production in 1918.
Is that the anticipated needs for revenue are to be met by increasing taxes
on industry.
FOREIGN HOLDINGS OF U. S. STEEL CORPORATION.
Business corporations are to pay more taxes.
Business partnership are to pay more taxes.
The figures of foreign holdings of shares of the United
• Individuals in business-manufacturers, merchants, farmers-are to
Steel Corporation for the quarter ending March 31
States
taxes.
more
pay
Should the individual income tax and the new rate for business corpor- 1919, made public this week, show a slight increase on that
ations both be enacted, the effect will be that a resident of the State whose date in the case of both the common and preferred over
capital is invested in a business corporation with all of its property here
the amounts held at the end of the year. In the ease of
will be paying a tax of 4 A % on the corporation income and 2% additional
on the dividend he receives, in addition to the Federal income and profits theicommon the total of 493,552 on March 31 1919 corn-
1474
THE CHRONICLE
pares with 491,580 on Dec. 31 1918, while the preferred
holdings of 149;832 on March 31 contrast with 148,225 on
Dec. 31 1918. At the last previous quarter, namely, Sept.
30 1918, the foreign holdings of common were 495,009, while
the foreign holdings of preferred at that time were 147,845.
The figures for that period were published in our issue of
Oct. 19 1918. Compared with the period before the war,.
the shrinkage in the foreign holdings is, as heretofore, very
striking; in the case of the common stock, while the foreign
holdings now are 493,552 shares, on March 31 1914 they
aggregated as much as 1,285,636 shares. The foreign holdings of the preferred at 149,832 on March 31 this year, compare with 312,311 on March 31 1914. Below we furnish
a detailed statement of the foreign holdings at various dates
since Dec. 31 1914 to the latest period:
FOREIGN HOLDINGS OF SHARES OF U. S. STEEL CORPORATION.
Mar.31.Dec. 31. Dec. 31 Dec. 31 Dec. 31
Dec. 31
1919. 1918.
Common Stock1917.
1916.
1914.
1915.
77
75
Africa
23
15
5
2
Algeria
150
340
75
-7
Argentina
--ii
-45
23
5i
8
36
36
Australia
23
3
30
38
2,887 2,887
Austria-Hungary_ __ _
472
472
532
690
2,679 2,629
Belgium
2,625
2,625
2,639
3,509
94
107
Bermuda
97
95
95
46
Brazil
58
48
7
7
7
18
British India38
24
24
17
46-,402 45,615 41,639 31,662 38,011
Canada
54,259
15
15
Central America_ _ _ _
1
78
235
382
96
80
Chile
30
18
8
11
37
28
China
79
10
13
13
876
876
____
Denmark
172,628 172,453 173,074 192-,250 355,088 710,621
England
30,025 29,700 30,059 34,328 50,193
France
64,537
1,040
Germany
891
612
628
2,664
1,178
Gibraltar
100
229,588 229-,285 229-,188 234:5Zi8 238,617 342,645
Holland
75
69
India
19
19
Ireland
19
914
1,730
2,991
281
281
Italy
281
279
146
280
45
45
____
Japan
5
8
4
Java
40
40
Malta
75
75
75
75
155
153
Mexico
154
140
250
300
20
20
Norway
20
20
20
70
Peru
1
3
Portugal
------190
------Russia
10
--io
--iii
Scotland
"-IL
482 3-,455
4,208
549
Spain
549
300
510
800
1,225
80
80
Sweden
13
64
1
68
1,529 1,292
Switzerland
1,512
1,442
1,267
1,470
Turkey
16
16
--io
Uruguay
--1.6
30
30
Wales
45
315
30
623
4,239 4,049
West Indies
3,690
1,952
1,568
1,872
'.
493,552 491.580 484,190 502,632 696,631 1.193,064
Total
Preferred Stock34
Africa
34
9
44
55
58
105
75
75
Algeria105
--1*8 --iL
Argentina
24
19
18
11
73
73
Australia
379
379
403
484
2,463 2,463
Austria-Hungary
683
3,683
3,483
2,086
120
120
Azores
120
120
120
314
314
Belgium
331
339
341
697
140
120
Bermuda
53
25
25
21
84
84
Brazil
84
82
16
31
354
British India
352
119
81
42,595 42,673 36,201 35,876 36,453
Canada
34.673
1
1
Central America.._
237
33
146
27
27
--. 5
23
Chile
24
12
105
105
China
50'
50
57
42
30
55
55
Colombia
30
30
78
78
Denmark
178
140
140
40
Egypt
40
140
39-,471 37-,956 39-,779 50.,
England
126 147,453 174,906
25,782 25,896 25,763 27,863 32,524
France
36,749
3,865 3,865
862
Germany
935
1,330
3,252
65
38
65
38
Greece
65
38
25,274 25,264 25,274 25,384 26,494
Holland
29,000
352
352
India
320
315
826
450
3,929
Ireland
4,119
2,029 1,979
2,028
2,185
2,148
Italy
1,678
1
61
1
61
Japan
81
61
23
15
23
15
Luxemburg
15
60
245
405
405
405
Malta
405
7
7
16
16
Mexico
6
235
Morocco
7
-ii
--ill
--H
31
-0
27
Norway
6
6
5
6
Peru
6
120
Portugal
-ii
--ii
33
7
---'
43
Russia
229
229
252
734 12,256
13,747
Scotland
220
220
220
220
Serbia
1,370 1,300
710
421
880
432
Spain
1,370 1,156
1,136
1,130
1,136
Sweden
1,137
2,722 2,707
3,043
2,848
2.695
Switzerland
2,617
100
100
100
100
100
100
Turkey
45
24
49
24
788
Wales
1,068
1,131
1,131
1,952
1,259
863
Wait Indies
874
149,832 148,225 140.077 156,412 274,588 309,457
Total
PREFERRED.
COMMON.
DateShares. PerCent.
Shares. PerCent.
Date312.311
8.67
1,285,636 25.29 Mar. 31 1914
-Mar. 31 1914
312,832 8.68
1,274,247 25.07 June 30 1914
June 30 1914
31
Dec
309,457
1914
23.47
8.59
1,193,064
1914
Dec. 31
31
22.23
Mar.
308,005 8.55
1915
1.130,209
'Isr. 31 1915
303,070
8.41
957,587 18.84 June 30 1915
June 30 1915
297,691
8.26
826,833 16.27 Sept. 30 1915
Sept. 30 1915
274.588
7.62
696,631 13.70 Dec. 31 1915
Dec. 31 1915
262,091
7.27
634.469 12.48 Mar. 31 1916
Mar. 31 1916
171,096
4.75
537.809 10.58 Sept: 30 1916
Sept. 30 1916
156,412
4.34
502,632 9.89 Dec 31 1916
Dec. 31 1916
Mar.
1917
31
9.72
151,757
4.21
494,338
1917
Mar. 31
142,226
3.94
481,342 9.45 June 30 1917
June 30 1917
140.039
3.59
9.39 Sept. 30 1917'
477,109
Sept. 30 1917
140,077
3.88
9.52 Dec 31 1917
484,190
Dec. 31 1917
3.90
140.198
9.56 Mar. 31 1918
485,706
Mar. 31 1918
149,032
1918
30
June
4.13
9.66
491,464
1918
30
June
147,845
4.10
495,009 9.73 Sept. 30 1918
Sept. 30 1918
148,225
1.11
491,580 9.68 Dec. 31 1918
Dec. 31 1918
149,832 4.16
493,552 9.71 Mar. 31 1919
Mcr. 31 1919
RAILROAD ADMINISTRATION'S REJECTION OF
STEEL PRICES.
With the definite refusal this week of the Railroad Administration to accept the steel prices agreed on by repreo, entatives of the industry and the Industrial Board of the
[VOL. 108.
Department of Commerce, formal action was taken yesterday by Secretary of Commerce Redfield, looking toward the
disposition of the controversy by President Wilson. A
cablegram embodying the details of the deadlock and the
inability of the Government departments to reach an agreement was sent to the President yesterday afternoon, so that
he might make a decision as quickly as possible. It is
also announced that Director-General Hines has cabled
a report of his views in the controversy. It is stated
that until the President makes known his decision the
Board will not undertake to continue its activities, and
no prices will be announced on lumber, brick or other commodities under consideration. As noted in our issue of
Saturday last, page 1351, the controversy developed with the
declination on April 2 of the Railroad Administration to
accept the steel prices previously agreed on (March 20) by
the interests indicated above. The Director-General's decision of this week, announced as final, was made known on
April 10, and was based, it is announceed, on the ground that
the prices agreed on are too high, that the Industrial Board is
without power to impose them on the Railroad Administration, and that the return of all prices to normal will be
approval by Governmental pur.
"seriously retarded by the
chasing agencies of prices which it deems excessive." Director-General Hines announces his refusal to accept the prices
after a conference on Thursday with George N. Peek,
Chairman of the Industrial Board. Mr. Hines's statement
in the matter said;
After repeated consideration of the steel and iron prices proposed by the
Industrial Board, I am still of the opinion that those prices are too high
and therefore that the Railroad Administiation cannot approve them as
being reasonable prices.
It has been perfectly clear to me throughout the discussion of this matter
and I think it is now generally understood that no power was conferred on
the Industrial Board to impose any prices upon the Railroad Administration,
but that it retained the power and also was under a duty to exercise its
own judgment in respect to this important matter. Throughout the discuss on in the Industrial Board itself Mr. Powell, the representative of the
Railroad Administration, indicated that the final approval of any prices
so far as the Railroad Administration was concerned rested with the Director•General himself. Mr. Powell during the discussion objected that not
only the prices on steel rails but tha prices generally were unreasonably high
and before the committee announced its action he positively stated the
Railroad Administration would not agree to buy at the proposed prices.
After the Industrial Board had announced the prices 1 took tho matter
under consideratioc and asked my advisers In purchasing matters to give
me their views on the subject. A conference was held, attended by John
Skelton Williams, R. S. Lovett, Henry Walters, members of the advisory
committee on purchases of the Railroad Administation; T. C. Powell.
Director of the Division of Capital Expenditures, and Henry B. Spencer,
Director of the Division of Purchases. The conference before taking action
consulted Chairman Colver of the Federal Trade Commission as to questions
of cost of steel production. This conference expressed the unanimous
opinion that the prices were too high.
Subsequently the suggestion was made to me that a further conference
take place between representatives of the Railroad Administration and the
Industrial Board and I arranged for Messrs. Lovett, Walters and Spencer
to rediscuss the entire sub,ect with the Board. I requested the I.-S. C. C.
to delegate one of its members to attend this conference and Commissioner
McChord was so designated and was present at the conference. The result
of prolonged discussion was that my advisers including Mr. McChord,
were confirmed in the opinion that the prices were too high.
Afterward Mr. Peek raised the question whether it would be worth while
to get the views of the representatives of the steel industries, and I arranged
for Messrs. Lovett, Walters and Spencer to have a conference to meet Mr.
Peek and such representaives, and this conference took place yesterday.
As a result of this discussion my advicers were again confirmed in the opinion that prices were too high.
In view of these considerations I cannot do otherwise than to announce
definitely that I must refuse to recognize these prices as being reasonable,
either for the present or for the future.
To the extent that the Railroad Administration finds it necessary to make
purchases it will continue to make them on the best terms obtainable by
fair and just methods, with full recognition of the principle that a Government agency with large purchasing power must be particularly careful not
even to attempt action which could be regarded as oppressive.
The 0. K. of the Railroad Administration throughout has been to obtain
a fair and reasonable price level. It has never contemplated that it should
get a lower price level than the general public.
If the Industrial Board can assist in bringing about levels of prices at
which the Railroad Administration will feel justified in buying its cooperation will be welcomed.
In the newspaper discussions of this matter the suggestion has at times
occurred that the principal thing is to establish some price which the
Government will indorse to the end that the public will begin buying at
that price and that the mere establishment Of a price for this purpose is
more important than the intrinsic reasonableness of the price itself. I
cannot agree with this principle.
I am keenly alive to the great desirability of stimulating business in
every reasonable way, but I believe in the long run that the indorsement by
a Government purchasing agency of an excessive price level would be
harmful to the public interest and would not bring about confidence, and
that the end sought to be obtained will come only by reaching a price level
which the public itself shall consider to be reasonable.
I believe one of the greatest problems that confronts this country is that
that
of getting prices back to a reasonable level, and I believe progress in
direction will be seriously retarded by the approval of a Governmental
purchasing agency of prices which it downs excessive.
Chairman Peek of the Industrial Board likewise issued a
statement on Thursday in which he said in part:
a
The Director-General of Railroads has to-day given to the press statethe Hi.
ment definitely refusing to accept the prices on steel approved by
This
statebuying.
public
for
dustrial Board as representing fair prices
conferences
ment discloses what has already been developed in repeated
APR. 12 1919.1
THE CHRONICLE
with the Railroad Administration, that the reasons for the Director.
General's refusal are, first, that he denies the right of the Industrial Board
to impose a price upon the Rath oad Administration, and, second, that
be is "of the opinion" that the prices "are too high."
The Industrial Board was formed to carry out a perfectly defined industrial policy to which the Government, represented by the President,
the Cabinet and the Director-General, was fully committed.
There is no ambiguity, either, in the record or in the minds of the people
of the United States as to just what that policy is—it is to avoid industrial
stagnation pending a return from war to peace, to start the wheels of industry, to give employment to labor, to reduce the cost of living, to insure prosperity.
To the complete euecess of this plan, however, there was one absolute
esssential, that the Governmental departments should express the confidence of the Government in the execution of this most important policy.
Especially is this true in respect of steel rails, in the buying of which the
Government, through its control of the railroads, consumes a very large
percentage of the output.
At this late date in the exeeution of the plan, this important essential to its
success has been denied by the Director-General of Railroads, and by that
denial the labor of the Industrial Board is set at naught and the Government is exhibited as setting up an industrial policy with one hand and
destroying it with the other.
Considering the first of the Director-General's reasons for refusing to
accept the steel prices—that the Industrial Board has no right to impose
a price on the Railroad Administration—the technical prerogative of the
Railroad Administration must be and always has been cheerfully conceded by the Industrial Board.
But presuming the Government to have been committed to this important industrial policy, the Board feels that the Railroad Administration
is under a powerful, if not a compelling, obligation either to have the
Governmental policy abandoned or to demonstrate that the prices announced by the Board are not fair.
The second of the Director-General's reasons for his grave action is that
In his opinion the prices are "too high." A representative of tne Railroad
Administration is a member and a part of the Board. Contrary to Mr.
Hines Impression, this representative did not msintain that the prices of
steel generally were "too high." He finally dissented only on the price
of rails.
In fairness to the Railroad Administration, it must be admitted that by
using the full effect of its power of monopolistic buying, it might secure a
price on rails somewhat lower than that announced by the Industrial
Board. The inevitable result of the use of the enormous buying power
of the Railroad Administration to reduce any price would be to create a
situation which would have to be met in one of the following ways: A—
Increasing of prices to the public. II—Throwing all railroad business
into a monopoly of powerful producers. C—Reducing wages.
The Railroad Administration's refusal to accept the steel prices puts a
temporary check on the work of the Board, but before abandoning the
vital Industrial policy which it represents, the Board will see that the
whole contioversy Is submitted to the President for final decision.
Since the account of the developments printed in these
columns a week ago, a conference between the Industrial
Board and representatives of the Railroad Administration
was held on Saturday last, the 5th inst., following which
Chairman Peek issued a statement saying:
The Industrial Board of the Department of Commerce held a meeting
to-day with Judge R. S. Lovett and Luther R. Walters,'he advisory purchasing committee of the Railroad Administration: also with H. B.Spencer,
director of the division of purchase, and Commissioner McChord of the
Inter-State Commerce Commission,
Mr. Hines was unable to be present and was represented by his advisory
committee, above mentioned. The committee will report to Mr. Hines
and at a further meeting Mr. Hines and Mr. Peek will give the matters
discussed further consideration.
The night before (on the 4th) Chairman Peek authorized
the following announcement:
George N. Peek, Chairman of the Industrial Board, te-night denied
statements attributed to him that the Board had adopted hard and fast
policies that would not be subject to change under any circumstances.
I have never said nor intimated that the Industrial Board would stand
pat on the prices formulated with the steel industry, no matter what
objections were brought by other departments. Shown good and sufficient
reason for doing so, the Board will reconsider. With wisdom It could
pursue no other course"
On the other hand, Mr. Peek did say: "I have but little rspect for any
man who will not change his mind when convinced he is wrong."
On the 9th inst. a conference was held'in this city at the
offices of Judge Gary of the United States Steel Corporation,
attended by R. S. Lovett, Henry Walters and H. B. Spencer, representing the Railroad Administration; George N.
Peek, Chairman of the Industrial Board of the Department
of Commerce, and members of the special committee of the
American Iron & Steel Institute. At its conclusion Judge
Gary and Mr. Peek issued the following joint statement:
At the request of George N. Peek, Chairman of the Industrial Board of
the Department of Commerce, a meeting was held bstween R. S. Lovett
Henry Walters and H. B. Spencer, representing the Railroad Administt ation, and a few of the members of the general committee of the American
Iron & Steel Institute, for the sole purpose of discussing the subject of
producing costs of certain lines of steel in which the railroads are especially
interested. It was understood that the representatives of the Railroad
Administration would report the information obtained to Director-General
Hines.
CONFERENCES LOOKING TO PLANS FOR MEETING
FINANCIAL REQUIREMENTS OF RAILROADS.
At a conference in Washihgton yesterday (April 11) held
between bankers, railroad executives and Diretor-General
of Railroads Hines an agreement to co-operate in the matter
of taking care of the financial requirements of the railroads
along the lines followed in providing for the April 1 requirements is said to have been reached. The Washington conference was preceded by a luncheon in New York on the 8th
1475
inst., given by Howard Elliott, Chairman of the Special
Committee of the Association of Railway Executives and
attended by bankers and railroad men. With regard to the
conference the New York "Sun" of April 9 said:
After luncheon Mr. Elliott declared that it was a private function of
an informal character and that there was nothing which could be given
out regarding the meeting. He supplemented that announcement later in
the afternoon, however, when he said that it was attended by three members of the executives association and three bankers for discussing the
general situation as regards railroads. No definite conclusions were
reached, he declared.
Washington advices to the daily papers in referring on
the 9th to yesterday's then forthcoming conference in Washington said in part:
Belief that the financial situation of the railroads is rapidly nearing a
crisis is said to be responsible for the arranging of Friday's conference.
Railway men have expressed the opinion that early action by the President
and Congress is imperative if the requirements of the roads, estimated at
$500,000,000 up to July 11919,are to be met. Three-fifths of this amount,
it is expected, will have to be raised by private financial institutions, in
the face of a large Victory Loan, as resources of the War Finance Corporation devotable to this purpose are believed to not exceed $200,000,000.
The forthcoming conference, it was reported to-day, was arranged at a
luncheon given yesterday by Mr. Elliott for a group of bankers, at which
time it was pointed out that the financing situation is rapidly becoming
worse and the deficit on the roads is piling up far more rapidly than can
be overcome by the Railroad Administration under its present •organization.
If no extra session of Congress is called, railroad representatives said
to-day, and no action is secured before July, the roads will require practically $1,000,000,000, and if action is further delayed, this amount will
be considerably increased.
ADVANCES TO RAILROADS.
After withholding financial reports for the past two months
the Railroad Administration on April 5 issued a summary of
receipts and expenditures from the revolving fund in March.
Cash receipts from all sources amounted to $176,973,000
and disbursements were $98,487,000. The receipts included payments on loans from the War Finance Corporation on account by the War and Navy Departments, repayment of loans by railway companies and amounts transferred from railroad treasuries. Disbursements were largely
on account of compensation, loans to railroads, advances
to Federal treasuries and payments for equipment. The
total amount loaned the railroad companies by the DirectorGeneral for the fifteen months of Federal control ended
March 31 1919 was $231,091,459, and of this amount $61,356,000 had been repaid. An announcement by the Raproad Administration on April 5 said:
All of the balance, practically speaking, can be deducted in settlement
of the compensation so that these items, while termed loans, can be regarded substantially as payments on account of compensation. The total
disbursements on account of compensation and loans substantially of that
character aggregated for the fifteen-mouth period $494,478,265. The
total payments for standardized eluipment during the fifteen-month
period amounted to $163,950,402.
FURTHER WAGE INCREASES AWARDED TO
RAILROAD TRAINMEN.
Wage increases of $65,000,000 for railroad trainmen,
engineers, firemen and conductors, in both passenger and
freight service, were ordered by Director-General of Railroads Walker D.Hines yesterday (April 11). The announcement of the advances followed final conferences on the
subject in Washington on April 7 between Director-General
Hines and the three chief executives of the Brotherhoods of
railroad employees—Warren S. Stone of the Brotherhood of
Locomotive Engineers, W. G. Lee of the Brotherhood of
Railway Trainmen and Timothy Shea of the Brotherhood
of Locomotive Firemen and Enginemen. The increases
just awarded are retroactive to Jan. 1 1919. The demands
of the "Big Four" Brotherhood for time and a half pay for
overtime was granted only for men engaged in yard service;
for the others the question was referred to the Railway
Administration's Board of Adjustment No. 1, which was
created for the purpose of considering disputes between
railway trainmen or enginemen. With this week's award
the aggregate pay increases allowed by the Railroad Administration to the 2,000,000 railroad employees is said to be
at the rate of $822,311,000 a year—more than $400 average
per man, and the total pay-roll of the railroads in the United
States is raised to nearly $3,000,000,000 a year from the
basis of approximately $2,000,000,000 on Jan. 1 1918, when
the roads passed into the Government's hands. The additional $65,000,000 allowed to members of the Brotherhoods
brings the total granted this class of employees in the last
three years, it is stated, to approximately $275,000,000, or
about $690 per man. This includes the $140,000,000 estimated as the Brotherhood's share of the general wage increase last year and $70,000,000 estimated from the Adamson Act, which established a basic eight-hour day, but did
1476
THE CHRONICLE
not put into-effect:theProtherhood'sTpleas for time and a
half for overtime. It is stated that this week's order is
intended to readjust wages so as to restore most of the differentials between various classes of employees existing
before Jan. 1 1915—this wage increase, it is claimed, having
been disrupted by the general wage increase of last year.
The average advance in pay per man will amount, it is said,
to about $160. The press dispatches from Washington
yesterday stated:
This action practically completed the war cycle of wage increases granted
railroad men since the Government took over management of the roads
fifteen months ago. Only a few minor requests for more pay remain to
be acted upon.
The new scale, together with a comparison with the
average wage in effect during 1917, before the roads were
under Federal control, was given as follows in yesterday's
"Financial America":
•
New Scale.
Increase.
1917.
Passenger conductors permo_$180 to $200 $135 to $160 $15 00 to $4500
Baggagemen
71 50 to 105 19 80 to 5330
124 80
Passenger brakemen
68 75 to 90 30 00 to 51 25
120 00
Passenger engineers, per day
4 47
5 79
1 32
Passenger firemen
298
4 31
1 33
Freight conductors
4 09
5 40
1 31
Freight brakemen
408
273
1 35
Freight engineers
6 64
5 33
1 31
Freight firemen
481
3 33
1 48
Yard conductors
5 33
387
1 46
Yard brakemen
347
500
1 53
Yard engineers
4 20
5 72
1 52
Yard firemen
4 25
1 53
2 72
Washington advices as printed in last night's New York
"Evening Post" said:
In announcing the increase, Director-General Hines explained that the
same principles were followed as were applied by the Railroad Administration during the war. These principles included the adjustment of wages
to living costs and to various classes of employment.
In the first general wage advance made by the Railroad Administration
following the recommendations of the Railroad Wage Commission, approximately $400,000,000 a year was distributed among railroad employees.
About $140,000,000 of this went to trainmen and enginemen, and about
$260,000,000 to other employees. On supplemental orders, about $150,000,000 was added to payrolls of the shopmen, about the same to maintenance-of-way men and clerks, and about $45,000,000 to telegraphers and
station agents. Railway accountants calculated that in 1916 and 1917, the
Years immediately preceding Government control, the railway companies
Increased wages $350,000,000. With the $822,000,000 added by the
Railroad Administration the aggregate advance o (railroad men's wages
In three years is set at approximately $1,172,000,000, or about $580 per
man. The railroad payroll in 1917 was calculated at $1,750,000,000, in
1918 at $2,538,000,000, and this year at $2,822,000,000.
Comparatively small increases in pay are expected soon for dining car
and sleeping car employees.
Director-General Hines in his analysis of the wage situation under Government control explained that at the end of last year employees' wages had
been raised to a rate which would have added $754,811,000 to the aggregate railroad pay roll if it had been effective throughout the entire year.
He added to this the sum of $67,500,000 to cover increases for the Brotherhood men in the order to-day and for dining car, sleeping car, and police
employees. The aggregate for the latter three classes is estimated at about
$2,500,000, leaving approximately $65,000,000 for the Brotherhood men.
The actual payment under increased wage orders last year was $538,000,000, according to Mr. Hines's calculation. Railroad companies estimate the wage increases at nearly $100,000,000 more than the Railroad
Administration.
Railroad accountants calculate that about $1,000,000,000 a year will be
forthcoming from the rate increase last year. The Railroad Administration's figures to-day on wage additions indicate that more than 80% of
this is offset in wages.
Discussing the effect of wages on operating costs this year, Mr. Hines
said in making public the order that through the elimination of overtime
which will be unnecessary under peace conditions and through ability to regain experienced employees who were lost during the war, the total increase
In wages would be substantially less on the same volume of business than
the foregoing based on the calendar year 1918 would indicate, and of course
the increase will be loss if the volume of business is less.
[VoL. 108.
regions. The variations reflect the proximity or distance
from the mines and also the effect of the advance in freight
rates.
The highest price paid in 1918 was $9 54 per ton, against
$6 72 in 1917, both being by roads in the Central Western
Region but not by the same roads.
The lowest price in 1917 was $1 20 per ton against $1 98
in 1918. The former was paid by a road in the Central
Western Region and the latter by one in the Ohio-Indiana
District. That there should be a difference in the cost of
coal between roads in the same region of $8 34 in one year,
or nearly 700%, is one of the anomalies of regional control.
Another anomaly revealed by the Bulletin is that no less
than 17 of the 147 systems paid less per ton in Dec. 1918,
than they did in Dec, 1917.
The best chance for economy in fuel consumption under
Government control is to teach locomotive firemen that with
every shovel full of coal they are feeding Uncle Sam's dollars
into a furnace that knows no distinction between public
and private ownership or who pays the price.
The high cost of coal as shown for Dec. 1918 explains
Director-General Hines' reluctance to accept the price
fixed by the Industrial Board of the Department of Commerce. If the prices of Dec. 1918 are maintained throughout 1919, it means as addition of from $75,000,000 to $90,000,000 to operating expenses.
PRESIDENT WILSON DENIES THERE IS A "SECRET
PROTOCOL" IN LEAGUE COVENANT.
A cabled message from President Wilson at Paris, denying
that there is any "secret protocol" connected with the
covenant of the League of Nations, was read by Bainbridge
Colby of New York during the course of an address in favor
of the League of Nations delivered at St. Louis, Mo., on
April 4. The message was sent in response to inquiries based
upon an alleged statement by Senator Reed of Missouri, an
opponent of the League of Nations, that the League covenant contained a secret protocol and that Germany in all
probability was already in it. The cablegram from President
Wilson read:
Statement that there is any secret protocol connected with or suggested in
connection with the League of Nations is absolutely false.
(Signed)
PRESIDENT WILSON.
NO DIVERGENCE AMONG NEGOTIATORS,SAYS LLOYD
GEORGE,PREDICTING EARLY SIGNING OF TREATY.
The preliminary peace treaty will be ready by Easter and
the Germans will be asked to come and sign it at the end of
April or the beginning of May, Premier Lloyd George of
Great Britain declared in an interview on April 6 with Stephane Lauzanne, editor of "Le Matin." Press dispatches
rom Paris gave the following account of the interview:
In answer to a remark by M.Lauzanne that what troubled public opinion
was not so much the delay as the secrecy in which the peace negotiations
were wrapped and the fear that there was some divergence of opinion, the
British Premier said:
"/ affirm absolutely that there is no divergence among the negotiators.
They are often confronted with technical difficulties which can only be
settled after close study. Take the question of reparation. In substance
the Allies have one common principle, which I once sot forth thus: 'Ciermany must pay up to the last farthing of her power.'
"But is it sufficient to draw up a bill and hand it to the enemy? Must
COST OF RAILWAY COAL 1917-1918.
we not require guarantees and must we not study the terms, methods, and
Coal, which cost the railways nearly $150,000,000 more forms of delayed payments? Must we not be able to say to our adversary
when he pleads Inadequacy of resources: 'Yes, you can go as far as that
in 1917 than in 1916, says the Bureau of Railway News and and
you must do it.' In a word, shall we simply present a bill or collect
Statistics at Chicago in a bulletin issued April 5 1919, cost the money, all the money possible? Well, that is where the work comes in,
and difficult work complicated by the fact that technical experts of
slow
the Railway Administration approximately 24% more in
the highest capabilities and great experience are not in agreement among
Dec. 1918 than for the same month in 1917. This condition themselves
either as to the method of liquidation or as to the assets to be
is shown in an official bulletin and presages another advance realized.
is no divergence among the negotiators, but, alas, there are
there
"No,
in rates, for no known economy of locomotive firing can
inevitable ones ameng the experts, often among those from the same coundiscount such an advance in the price of coal.
try. Who is to decide between them if not the negotiators, and do you
The cost of coal per ton in December, as stated in the think it can always be done quickly?"
M. Lauzanne remarked that what public opinion could not understand
Bulletin, for the several regions for the two years was as was
why, before everything, Germany was not handed a full bill, no matt er
follows:
what amount, and forced to admit full liability.
1917.
"And who says we shall not do so?" cried Premier Lloyd George. "Who
Increase.
1918.
Eastern Region:
says we have not decided that?"
New England District
$5 15
$6 82
"No one," the interviewer interrupted, "has said that you have de32.4%
Central District
3 27
3 70
13.1% cided it."
Ohio Indiana District
2 47
The British Premier resumed:
2 81
13.7%
Allegheny District
3 31
"Cannot the people wait until we have finished our work instead of al3.68
11.2%
Pocahontas District
2 30
2 82
22.6% ways wanting to judge our intentions?' This conference had to meet and
Southern Region
3 15
3 99
26.6% discuss things under conditions unprecedented in history. All eyeslaro
Northwestern Region
4 15
4 66
12.3% turned toward it and, what is more grave, all ears are glued at its keyhole.
Central Western Region
2 83
3 64
28.6% Enemy ears tremble with joy when they detect some hesitation. Friendly
Southwestern Region
3 61
5 03
39.3% ears half hear confused rumors which are peddled far and quickly.
"The day does not pass but what some false news here and there takes
Total 147 class I systems
$3 35
$4 15
23.9% its flight. Nevertheless, no day passes but that we in silent deliberation
feel
approaching nearer the great aim, and experience for each otherimore
These averages are only approximately correct because esteem,
confidence, and affection. Let public opinion wait a few:days.
of the difference in quantity consumed in the different It will then be able to pronounce on facts, not rumors."
APR.. 12 1919.]
THE CHRONICLE
LLOYD GEORGE TO STAND BY INDEMNITY PLEDGES.
The Associated Press cablegrams from London April 9
reported that Premier Lloyd George had addressed a message
to the members of Parliament, saying:
My colleagues and I mean to stand faithfully by all the pledges which
we gave our constituencies. We aro prepared at any moment to submit
to the judgment of Parliament, and, if necessary, of the country, our
efforts loyally to redeem our promises.
The same cablegrams said:
The Premier's message was in reply to a telegram sent to Mr. Lloyd
George yesterday, signed by 200 members of the House of Commons,
holding the Premier to his election pledges to exact the utmost indemnity
from Germany. The movement was initiated by a group of Conservative
members under the belief that it would strengthen the Premier's hand at
the Conference.
DEMANDS OF FRENCH SENATE AS TO RESTITUTION.
Paris cablegrams to the daily press April 10 announced
the signing by the Senators after that day's session of the
Senate, of the following resolution:
The members of the Senate of the French Republic, once more voicing
their desire that the international conferences at present in session draft
a
treaty worthy of the victory of the Allied armies and of such a nature as
to establish peace and justice throughout the world, express the hope that
full restitution will be exacted from the enemy, together with reparation
for damage caused to persons and property, and that the full cost
of the
war will be imposed on those responsible for the greatest crime of
history.
The Senators are resolved to insist that the peace treaty and League
of Nations provide legal and territorial guarantees sufficiently strong to
prevent future wars and preclude all provocations which might lead to
war.
FRENCH SOCIETY OF LEAGUE OF NATIONS WOULD
HAVE FRENCH AS OFFICIAL LANGUAGE.
According to Associated Press advices from Paris April 8
the French Society for the Promotion of a League of Nations
has adopted, on motion of Professor Aulard, of the University of Paris, an authority on history, a resolution asking
the Peace Conference to adopt French as the official language of the League of Nations. The dispatch also says:
The society is also promoting a movement in favor of Paris as the seat
of the League.
This organization is entirely unofficial, and the French Government will
take no steps to assist the movement relative to the capital of the League.
The Foreign Office officials who are willing to speak on the subject say
that France would be proud if a location in this country might be chosen,
but that no formal stops will be taken to that. end.
The commission considering the choice of a city which will be the seat
of the League has not made any decision.
OFFICIAL COMMUNIQUES OF THE PEACE
CONFERENCE.
Very few official statements have come from the Peace
Conference this week. We give what we have been able to
gather from the daily papers:
SUPREME ECONOMIC COUNCIL ON GRAVITY OF
ECONOMIC
SITUATION.
1477
accords to France, free of duty, sufficient coal for the Lorraine iron industry and to replace the production of the mines destroyed in the Lens
mining district, with the privilege to the Germans of restoring the Le11.9
mines
and thus relieving the Saar Valley of that charge.
This agreement removes one of the most difficult obstacles to
the conclusion of peace.
COMMITTEE ON REPARATION.
On the subject of reparations, the cablegrams to the
daily press from Paris on April 10 had the following to say:
The Chamber of Deputies to-day discussed the report of
the special Committee on Reparations for War Damages and adopted twenty
articles of the
report during the forenoon session.
The expenses of France,the report says, will be enormous, and
the burden
should lie entirely on Germany. Reparation for France must
be claimed
with the right of priority because of its urgent character.
It is admitted
that Germany may not be able to pay immediately in cash or raw
materials,
and it is declared that France, therefore, must work out a financial
plan in
order to permit reconstruction of various phases of French life
to continue
without halt.
Henry Franklin-Boullon, Chairman of the Foreign Affairs Committee
of
the Chamber of Deputies, has asked the Chamber to appoint a special
committee to examine the questions to be solved by the peace conference.
The
committee would have ninety members.
LEAGUE OF NATIONS COMMISSION ON MONROE
DOCTRINE.
As to the further deliberations of April 10 we take the
following from the Associated Press Paris cablegrams of
that day:
The League of Nations Commission adopted to-night a new section
specifically providing that the Monroe Doctrine is not to be
affected by
the provisions of the covenant.
The Monroe Doctrine amendment was prepared by Colonel Edward
M.
House.
It became known to-day that a provision that the League of
Nations
should exercise general supervision of the Saar Valley for a period
of
fifteen years was obtained in the settlement of the Saar problem effected
yesterday by the Big Four.
At the end of the fifteen-year period a plebiscirte will be taken to determine the wishes of the inhabitants regarding the future form of
government.
The change was made to avoid annexation and establish the principle
of self-determination.
France obtains economic control of the coalfields of the Sarre Valley
up to an amount to recompense her for the losses sustained
from German
occupation of the coalfields of Northern France.
COUNCIL OF FOUR ON PUBLICATION OF PEACE TREATY.
The Council of Four is strongly opposed to official publication of
the
peace treaty before its submission to the Germans. It maintains that it is
allowing positive decisions to be announced and that consequently
the
public will be advised on all the main points before the treaty is signed.
This piecemeal and incomplete publication is unsatisfactory to many
delegates, who are urging that the people of the allied countries should
have the text of the peace treaty from their officials before the Germans
announce it with their interpretations.
The statement was published to-day, attributed to British sources, that
the terms of the peace treaty would not be presented to a plenary session
of the Peace Cinference until after they had been communicated to the
Germans. This started the comment among delegates of the nations not
represented on the Council of Four.
The publication brought from the American Mission the statement that
it was opposed to such a plan.
The Supreme Economic Council at Paris on April 10
It was also stated, that according to an announcement
adopted a resolution calling the attention of the Associated in Paris on the 10th, Geneva has been chosen as the seat
Governments to the extreme gravity and urgency of the of the League of Nations.
present economic situation in Europe, according to an
official announcement. The Paris cablegrams of that date • MASSACHUSETTS SENATE CALLS ON PEACE CONadded:
FERENCE TO RUSH TREATY AND PERFECT
The Council also discussed the question of raising the blockade of GerLEAGUE LATER.
man-Austria and the Adriatic; the reopening of commercial relations with
The Massachusetts Senate on March 28 adopted resolutsthonia, Letvio, and Lithuania; the removal of restrictions on trade
with Poland, and the reopening of Swiss traffic on the Rhine.
tions calling on the Peace Conference at Paris to conclude
Resolutions were adopted with reference to the supply of rolling stock
peace at the earliest possible moment, and thereafter,
for the railways of Rumania:' Poland, and Czechoslovakia, and
as to the
desirability of facilitating regular mail and telegraphic
communication "without delay." to perfect a League of Nations. The
to and from the liberated countries. The question of the Italian coal League covenant as now drawn
is referred to as "not wholly
supply also was considered.
acceptable" to the people of Massachusetts. Senators durCOUNCIL OF FOUR ON REPARATION.
ing the debate were at pains to make it clear that they
With regard to the reparation terms of the peace treaty, were not opposed to the general idea of a League
of Nations,
the Associated Press accounts from Paris April 9 said:
but objected to some features of the present covenant and
The reparations clause of the peace treaty as finally agreed upon by
the considered it unwise either to delay the general peace treaty
Council of Four to-day specifies that the enemy countries must
admit or to rush through .an unsatisfactory
constitution for the
responsibility for all loss and damage to Allied and associated nations
and
their citizens caused by the unjustifiable aggression. But in view of the League.
inability of the enemy countries fully to recompense those losses, the
clause
states, an inter-Allied commission will assess the losses on a just basis
for
thirty years, beginning May 1 1921 with an initial payment of
$5,000,000,000.
Germany is to pay the entire cost of the commission and staff
during the
thirty years of operations. The first payment is to be credited against
Germany's obligation to pay for the maintenance of the Allied
troops in the
occupied regions, and tile second priority is for the payment of food
relief
furnished to Germany.
REPORT TO PEACE CONFERENCE ON TRADE ROUTES
FOR NEW NATIONS.
A report on regulations and restrictions to be imposed
upon communications in enemy States in order that the
newly created nations in Central Europe may have access
to the sea, has, according to press dispatches, been completed
It was also stated that:
for the Peace Conference by the Commission on the RegulaThe responsibility of Wilhelm Hohenzollern for the war and the means tions of Ports, Waterways
and Railroads. Freedom o
for bringing him to trial by one of the Allied Governments, probably Belgium, have been definitely determined upon by the Council of Four, which transportation through Germany and Austria and equality
met this morning at the Paris "White House," with President Wilson in of treatment in ports and harbors have been provided for, as
attendance.
has been the international regulation of traffic over the
Further accounts to the daily press from Paris on the Rhine and Danube rivers. An Associated Press
summary of
same day said:
the report, dated at Paris, April 8, says:
The Council of Four reached an agreement this afternoon on the Saar
Valley. The agreement leaves sovereignty over the valley unchanged
but
.,The report does not approach the problem of international rogrulation of
great waterways outside the domains of present enemy States, nor doeslit
1478
THE CHRONICLE
Europe, since the
deal with the Vistula, the great river artery of Northern
aware whether the
commission, when „formulating its conclusions, was not
Vistula entirely
peace settlement would give the naviganle reaches of the
Danzig, in German
to new Poland or leave the mouth, with the city of
hands.
forms
The regulation of transportation over the Rhine and Danube
provides for the
probably the most important part of the report, which
the
to
States
entrance of France, Switzerland, and some non-participating
Holland, covering
present Mannheim Convention between Germany and
the navigation of the Rhine.
the Danube will be
The European Commission controlling the mouths of
excluded from it,
continued, representatives of present enemy States being
ed provisionally
and a similar International Commission will be establish
Danube Confor the Upper Danabe. This will last until a new general
vention is established.
on of the Elbe and
A new international convention covering the navigati
of Poland and CzechoOder rivers is recommended to protect the interests
discriminating duties
slovakia and give them freedom of navigation, without
and Baltic seas. These
down through German territory to the North
North German
States would also receive free port privileges at certain
their export and
harbors in order that they might be enabled to develop
the Balkan War
Import commerce—a regulation applying to Saioniki after
for the plan.
by which Serbia benefited, being taken as the model
in the peace
The report recommends that a pledge be exacted of Germany
and other ports
treaty to maintain unimpaired the free zones at Hamburg
under conditions as they existed before the war.
the report
To provide a southern outlet for the trade of Czechoslovakia,
own trains, with
recommends that the now State have the right to run its
Hungary
Austriain
railways
ed
their own crews, over certain designat
further transit through
without, however, making any provision to insure
Hungary
of
is
Jugoslavia or Italian territory lying between what left Austriaand the Adriatic.
broke
An attempt to introduce some general regulation of this problem
ndation is
down against opposition within the commission. Recomme
Railway
Berne
made in the report, however, for an extension of the present
Continental railConvention, providing for the interchange of traffic on
be negotiated.
ways, which expires Jan. 11920, until a new convention can
THE COMMUNIST REVOLT IN BAVARIA.
Following in the footsteps of Hungary, the radical elements
in Bavaria on Friday of last week (April 4) seized the reins of
power in Munich, with the passive support of the local garrison, and proclaimed a soviet republic. The Landtag was
dissolved and People's Commissioners appointed in place
of the former Ministers. Herr Hoffman, Premier of the
regularly constituted Government, who was absent in Berlin at the time, hurried back to Munich, but the garrison
refused to intervene in his behalf. Herr Hoffman and some
of the other legitimate Ministers then established themselves at Nuremberg, where they announced their intention
of maintaining their position as the lawful Government of
the country. A statement issued at Nuremberg on the
7th, denying reports that the Government had retired in
favor of the revolutionists, concluded with the words:
sole reThe Government of the free State of Bavaria is and remains the
to issue
pository of the highest authority of Bavaria, and alone is entitled
legal ordinances and give orders.
[VoL. 108.
and the
Complete order prevails in public affairs and business,
pointed.
administration is continuing.
will control workers
Works will be controlled by works councils, which
ng belongs to the
and direct affairs jointly with the managers. Everythi
of the question.
out
therefore
is
community. Independent socialization
everywhere
It is the duty of the Workers, Soldiers and Peasants Councils
its peaceful developto attend to the protection of the Soviet Fepublic and
raadminist
the
of
ment. They will take over local authority and control
all actions and omissions.
tion and are responsible to the working people for
d, but the railways
To-day is a national holiday. Work will be suspende
continue.
and food, water, lighting and heating services will
of
The official proclamation announcing the establishment
hes to
the Soviet Republic was quoted as follows in dispatc
the daily papers:
n of a Council of the
The decision arrived at for Bavaria in the formatio
of Bavaria, including all
Republic of Revolutionary Workers and Peasants
lines. From now on no
our brothers, now united, separated by no party
dictatorship of the proleexploitation or oppression will be tolerated. The
of a genuine Socialist comtariat has now become a fact. The legalization
man may participate in
munity is now achieved, in which every working
public life and in a just socialistic age.
Ministry retired. People's
The Landtag has been dissolved and the old
chosen by a council of the
Commissaries, responsible to the people and
to be employed in certain
powers
working people, will receive extraordinary
men from all parts of the
labor fields. Their assistants will be intelligent
revolutionary and socialistic community.
especially from the lower
Countless valuable forces of officialdom,
e in the new work. The
middle official class, will be asked to co-operat
ed and the press will be
bureaucratic system will be absolutely eliminat
socialized.
the Republic against revoluAs a protection for the Bavarian Council of
Red army will be created imtionary attacks from without and within, a
ruthlessly every attempt
mediately and a revolutionary court will pursue
upon the Council.
follows the example
Republic
The Government of the Bavarian Council
It will resume immediately a
of the Iitmgarlan and Russian peoples.
it declines any connection with
brotherly connection with these peoples, but
Government, because that Governn
heideman
Ebert-Sc
uous
contempt
the
republic the imperialistic,
ment is continuing under the flag of a Socialist
disgraceful, broken-down German
capitalistic and military business of the
Empire.
the same view. It greets all
It calls upon all German brothers to take
is fighting—in Wurttemproletarians wherever revolutionary socialism
world.
burg, in the Ruhr district, in the whole
for all humanity, it estabAs a sign of joyous hope for a fortunate future
. As a sign of the beginning of
humanity
all
for
holiday
a
as
7
April
lishes
capitalism, all work is stopped.
the departure, the flight, of the age of
not necesSary for the welfare of
Bavaria ceases, on April 7, in so far as it is
the working people to do labor.
Council Government. Long
Long live free Bavaria. Long live the
live the world revolution.
a project for
The Government, it is stated, is considering
will be
sements
adverti
which
in
press,
the socialization of the
are being
given only to official organs and newspapers which
The newsused for purposes of "public enlightenment."
e against
attitud
ned
determi
a
g
adoptin
papers already are
t papers.
this plan, which would stifle all but the Socialis
an
Dispatches from Berlin on April 7 stated that the Bavari
of
r
Ministe
and
itner,
Unterle
Herr
r,
Interio
Minister of the
movement.
Industry Simon have joined the Communist
t in a speech,
Unterleitener strongly attacked his own Cabine
introduced
being
was
system
Soviet
declaring that now the
their breththey would have no Noskes, but would join with
brethren
ren in Russia and Hungary and would expect their
to join
States
United
the
and
in France, England, Italy
and Scheidethem. Then, Unterleitener a ded, the Noskes
Williams and
mantis would be thrown away like the Emperor
everal promiKing Ludwigs. The dispatches announce thats
rg and held as
nent persons have been arrested in Augsbu
hostages.
agen under
A press dispatch received by way of Copenh
have
rations
demonst
that
cing
announ
in
8,
April
date of
Govionary
revolut
new
the
taken place in Munich against
ernment, said:
ent, voiced at a
The Federal Government at Weimar has refused to recognize the Soviet regime, and upholds the Hoffman Government in its attitude. The Central Government holds that
the Soviet organization has not conformed with the provisional constitution for Germany, which provides that representatives of the State Council shall be chosen at a general election and shall enjoy the confidence of the people.
Therefore the national Government's decision is that the
only legitimate Government in Bavaria is the Hoffman
Government. Premier Hoffman's statement to the effect
that he has not retired from office but has only moved his
headquarters from Munich is accepted by the national
Government.
Meantime, although the Soviet Councils apparently conGovernm
Protests against the formation of the Soviet
city.
trol Munich and some other towns, their position is by no political meeting in Bamberg, are reported in dispatches from that
of the three Franconian Govern means secured. Dissensions between the leaders are al- Deputies of all the bourgeouis parties
regisand
Bamberg
in
met
Upper, Lower, and Middle Franconia,
ready reported. The peasants and the bourgeoise ele- ments,
proclamation o* the now regime at
tered a unanimous protest agaiuit the
ments are said to be united against the radicals, and even Munich.
Bavaria," roads the protest, "is
"The whole population of Northern
the Workers,' Soldiers' and Peasants' Councils in some localig
be intimidated through fear of a vanishin
to
itself
allowing
against
The
ment.
warned
Govern
antly of a foreign race.
ties have refused to endorse the Soviet
mainly consisting of persons predomin
,
minority
of
iki
if it is not preserved from a downlatter have declared their sympathy with the Bolshev
Bavaria is on the edge of a precipice and
Russia and Hungary and have adopted the sa e general fall everything is lost.
e, plundering and famine.
fratricid
will then become the prey of
economic life.
program and form of organization. A "dictatorship of the A "Bavaria
nce will be the complete collapse of
conseque
further
Bolshevist Bavaria,
proletariat" has been declared and steps taken to "socialize" Foreign countries will refuse food and assistance to aquestion,
as they are
of the
all property by the simple process of confiscation. "Every- and help from Russia and Hungary is out
famine.
by
tortured
reads.
ation
countrymen, and not foreigners who
thing belongs to the community," their proclam
"Those who tell you this are your
your
The "Berliner Tageblatt" reports that the Central Council a few months ago knew nothing of Bavaria and who are indifferem to
brief
a
after
then,
and
rship
fate."
will first exercise a dictato
period, will appoint people's commissioners, establish a Red
FICATION
CHINESE GOVERNMENT DEMANDS NULLI
Guard and in a few weeks hold new elections for the ConY.
TREAT
ESE
JAPAN
OF
.gress of Workmen's and Peasants' Councffi." A telegram
n Japan
Demands for the nullification of the treaty betwee
sent out on the 7th by Herr Mekisch on behalf of the Revoit was
that
ground
the
on
1915,
May
in
lutionary Central Council of Bavaria, and addressed to all and China signed
of the bayonet," were
point
the
"at
China
from
:
exacted
the Workmen's Councils, read as follows
Government at
in embodied in an official cablegram from the
The workers of Bavaria have overcome their party divisions and united
ion at Paris
delegat
peace
taken
have
se
They
ion.
a mighty bloc against all domination and exploitat
Pekin received by the Japane
authority.
ed the famous
contain
to
d
referre
over in Workers, Soldiers and Peasants Councils entire public
treaty
The
5.
April
ap- on
The Landtag has been dissolved and peoples' commissions have been
APR. 12 1919.]
THE CHRONICLE
"twenty-one demands" which aroused so much comment
when they first became public. Associated Press dispatches
from Paris on April 5, in referring to the matter, said:
The Pekin statement declares that the Japanese treaties and notes forced
upon China in 1915 should be abrogated "because their terms are incompatible with the principles upon which the League of Nations is founded."
The statement is largely a reply to a recent statement made by Baron
Makino of the Japanese delegation on the position of Japan. The statement says:
"Since the Japanese delegate in Paris has pointedly referred to the
twenty-one demands, it is incumbent upon the Chinese Government to
draw attention to the fact that China's acquiescence to terms subversive
of her own interests were obtained by means of an ultimatum to which she
was forced to surrender because of the preoccupation of the rest of the
world in the European war.
"It is a fact that the terms were imposed upon China at the point of
the bayonet, the example followed being that of Prussia; the extension to
ninety-nine years of the lease of Port Arthur and South Manchurian railways concessions being precisely the German Shantung terms.
"In a subsequent agreement obtained by Japan under the former Cabinet
the principles followed have been equally dangerous, not only to China's
liberty of action, but to her very independence."
The statement says the claim of Japan to special privileges because the
Japanese expelled the Germans from.Shantung contrasts oddly with the
failure of the Americans to claim the railways and mines of France although
the Germans were expelled from Alsace and Lorraine by the co-operation
of the American army.
"It says that the American army of 2,000,000 lost more than sixty times
the number of lives that Japan claims she lost at Tsing-tao. The statement also comments on the fact that England is not asking Belgium for a
single concession although Flanders 'is one vast cemetery where English
soldiers are buried.'"
Improved modern news distribution in China, the statement continues,
keeps the Chinese fully advised of daily happenings throughout the world
and "irredentism is already raising its head, not only in Korea, but throughout Manchuria and Shantung as well, foreign issues occupying almost exclusive attention to the detriment of domestic advancement."
CHINESE-JAPANESE TREATIES BEFORE THE PEACE
CONFERENCE—REPORTS OF JAPANESE PRESSURE
ON CHINA.
The text of a series of notes exchanged between the
Chinese and Japanese Governments on Sept. 24 1918 was
made public at Paris on Feb. 25, having been laid before the
Peace Conference by the Chinese delegates. There are
three sets of notes in the series, of which the first
outlined the new railways which Japanese capitalists might
finance in Manchuria, Mongolia, and Chi Li Province,
North China. The second set outlines the railways which
Japanese capitalists may finance in Shantung Province, to
connect the existing German-owned lines with the other
principal railway lines in North China. The third set
stipulates the conditions under which Japan may participate with China in Shantung Province affairs. These
notes supplement the treaty and notes of May 25 1915
(the famous "twenty-one demands") between Japan
and China, in which the Chinese Government engaged to
recognize all agreements between the Japanese and Germans
respecting the disposition of German rights and interests in
Shantung Province.
The translations of the three notes, as forwarded from
Paris by the Associated Press, are as follows:
Agreements as to Railways.
[Note 1.—Tsung-hslang Chang to Baron Goto.]
The Chinese Government has decided to obtain loans from Japanese
capitalists and proceed speedily to build railways connecting the points as
below set forth. Having received authorization from my Government,
I have the honor to communicate the same to your Government.
First, between Kalyuan, HaHung and Kirin; second, between Changghun and Taonan; and, third, from a point between Taonan and Jehol to
some seaport. (This line to be determined subject to future investigation.)
Should there be no objection to the above propositions, it is requested
that your Government lose no time in taking the necessary steps to cause
capitalists in your country to agree to enter negotiations for loans on the
same. A reply to the above is awaited and will be appreciated.
[Note 2—Baron Goto to the Chinese Minister.)
I have the honor to acknowledge the receipt of your Excellency's note,
hitheating that your Government has decided speedily to build with loans
from Japanese capitalists railways connecting the points as set forth below.
(The note cites items 1, 2 and 3 as contained in the note of the Chinese
Minister.)
The Imperial Government, while noting with much pleasure the communication of the Chinese Government, begs to state in reply that it will
lose no time in taking necessary steps to cause Japanese capitalists to enter
into negotiations for loans on the same.
[Notes 3 and 4 missing.)
The Administration of Shantung Province.
[Note 5.—Baron Goto to the Chinese Minister•I
honor
the
have
to inform you that the Imperial Government, in view of
I
the feeling of good neighborhood existing petween the two countries and
in a spirit of mutual accommodation, has deemed it fitting, and accordingly
has decided, to propose to your Government to settle various questions
relating to the Province of Shantung in a manner as set forth below:
First—To concentrate at Tsing-tao all Japanese troops stationed along
the Tsing-tao-Tsinan Railway, excepting a contingent to be left at Tsinan.
Oh'Second—The Chinese Government to provide for the guarding of the
Tsing-tao-Tsinan Railway and to organize a police force for that purpose.
Third—The Tsing-tao-Tsinan Railway to contribute an appropriate
sum to defraying the expenses of such police force.
Fottrth—Japanese to be employed at the headquarters of the police force,
the principal railway stations, and the training stations of the police force.
Fifth—Chinese to be employed on the Tsing-tao-Tsinan Railway.
1479
Sixth—On determination of ownership, the Tsing-tao-Tsinan Railway to
be run as a joint Chino-Japanese undertaking.
Seventh—The civil administrations now in force to be withdrawn.
In acquainting you with the above, the Japanese Government desires
to
be advised as to the disposition of your Government regarding the proposals.
[Note 6.—Tsung-Hsiang Chang to Baron Goto.]
I have the honor to acknowledge receipt of your note with
contents to
the following effect. (Repeats almost verbatim the contents of
Baron
Goto's note.) I beg to acquaint you in reply that the Chinese Government
gladly agrees to the proposals of the Japanese Government above
alluded to.
As to the scope of the railroad concessions involved, the
dispatch said:
The proposed railways in Manchuria include a line from Kaiyuan
northeast to Hailung, thence to Kirin, a total of about 180 miles; another
line
from Changchun, north of Mukden, northwest to Taonan, in Mongolia,
a distance of about 200 miles, and a third line, from Taonan, southwest
toward Jehol, in Chili Province, North China, with a spur
extending to
the sea at a point still undetermined.
The proposed new railways in Shantung Province include a line from
Kaomi, twenty miles west of Tsingtao, running southwest to Suchow,
about 250 miles, connecting with the partly constructed Belgian line from
Lanchow, in Kansu Province, to the sea; a line from Tsinan, in Shantung
Province, directly west to Shunteh, a distance of about 150 miles. This
would connect with the railway operating from Peking to Hankow on the
Yang-Tse River and connect Tsingtao with all the important railways in
North China.
•
The official translation by the Japanese Foreign Office
of the text of the so-called secret treaties referred to above,
concluded and signed at Peking on May 25 1915, was given
by the New York "Tribune" in Washington advices dated
Feb. 10. The first of these treaties concerned principally
the disposition of German rights and concessions in Shantung Province, and read as follows:
"Article 1—The Chinese Government engages to recognize all matters
that may be agreed upon between the Japanese Government and the
German Government respecting the disposition of all the rights, interests
and concessions which, in virtue of treaties or otherwise, Germany possesses
vis-a-vis China in relation to the Province of Shantung.
"Article 2—The Chinese engage that in case they undertake the construction of a railway connecting Chefoo or Lungkow with the KlaochowTsinan railway, they shall, in the event of Germany's surrendering her
right of providing capital for the Chefoo-Weiltsien railway line, enter into
negotiations with Japanese capitalists for the purpose of financing the said
undertaking.
"Article 3—The Chinese Government engage to open of their own
accord as early as possible suitable cities and towns in the Province of
Shantung for the residence and trade of foreigners.
"Article 4—The present treaty shall take effect on the day of its signature."
Following the sigaing of the above treaty the Chinese Foreign Minister
made the following written declaration to the Japanese Minister at Peking:
"The Chinese.Governmeat will never lease or alienate, under any designation whatever, to any foreign Power any territory within or along the
coast of the Province of Shantung or any island lying near the said coast."
The Chinese Foreign Minister made also the following formal declaration:
"I have the honor to state that the cities and towns to be opened in
accordance with the stipulation of Article 3, of the treaty, reSpecting
Shantung Province, signed to-day, will be selected, and the regulations
therefor will be drawn up by the Chinese Government, and will be decided
upon after consultation with the Japanese Minister."
The second treaty relates to the extension of the lease of
Port Arthur, and to Japanese trade rights, &c., in South
Manchuria and Eastern Inner Mongolia. As given by the
"Tribune" the treaty, with the accompanying notes, reads
as follows:
"Article 1—The high contracting parties mutually agree to extend the
terms of the lease of Port Arthur and Darien, and the term relating to the
South Manchurian Railway and to the Antung-Mukden Railway, to a
period of ninety-nine years, respectively.
"Article 2—The subjects of Japan shall be permitted in South Manchuria to lease land necessary either for erecting buildings for various
commercial and industrial uses or for agricultural purposes.
"Article 3—The subjects of Japan shall have liberty to enter, travel
and reside in South Manchuria and to carry on business of various kinds
—commercial, industrial and otherwise.
"Article 4—The Government of China shall permit joint undertakings
in Eastern Inner Mongolia of the subjects of Japan and citizens of China
in agricultural and industries auxiliary thereto.
"Article 5—With respect to the three preceding articles the subjects
of Japan shall produce before the local authorities the passports duly
issued for the purpose of registration, and shall also submit themselves
to the police laws and regulations and taxes of China.
"In civil and criminal suits the Japanese consular officer, where a
Japanese subject is the defendant, and the Chinese official, where a Chinese
citizen is the defendant, shall, respectively, try and decide the case, both
Japanese consular offices and the Chinese official being permitted each to
send his agent to attend the trial of the other to watch the proceedings;
provided that, in civil suits arising out of land disputes between Japanese
subjects and Chinese citizens, the cases shall be tried and decided by the
joint tribunal, composed of the properly authorized officials of the two
countries, in accordance with the laws and local uses of China.
"In the future, when the judicial system in the said regions shall have
been completely reformed, all civil and criminal suits involving Japanese
subjects shall be wholly tried and decided by the law courts of China.
"Article 6—The Government of China engage to open of their own
accord as early as possible suitable cities and towns in Eastern Inner
Mongolia for the residence and trade of foreigners.
"Article 7—The Government of China agree to a speedy fundamental
revision of various agreements and contracts relating to the Kirin-Changchun railway, on the basis of the terms embodied in railway loan agreements
which China has heretofore entered into with various foreign capitalists.
If in future the Chinese Government grant to foreign capitalists, in matters
that relate to railway loans, more advantageous terms than those in the
various existing railway loan agreements, the above mentioned KirinChangchun railway loan agreement shall, if so desired by Japan, be further
revised.
1480
THE CHRONICLE
"Article 8—Except as otherwise provided in this treaty, all existing
treaties between Japan and China with respect to Manchuria shall remain
in force.
"Article 9—The present treaty shall take effect on the day of its sign°,
ture."
The Chinese Foreign Minister made the following declarations:
"I have the honor to state that the cities and towns to be opened in
accordance with the stipulation of Article 6, of the treaty respecting South
Manchuria and Eastern Inner Mongolia, signed this day, will be selected
and the regulations therefor will be drawn up by the Chinese Government
and will be decided upon after consultation with the Japanese Minister.
"The Chinese Government will, when it is proposed in future to build
railways in South Manchuria and Eastern Inner Mongolia, employ Chinese
capital for the purpose, and if foreign capital should be required they will
negotiate first with Japanese capitalists for a loan; and further, when the
Chinese Government proposes to raise a loan abroad on the security of the
taxes on the above mentioned regions (excluding, however, the salt gabelle
and customs duties which are already made securities for the loans of the
Chinese Central Government), they will first consult Japanese capitalists.
"If, in future, the Chinese Government desire to employ foreign advisers
and instructors on political, financial, military and police affairs in South
Manchuria, preference shall be given to Japanese.
"In view of the very close relations subsisting between Japanese capitalists and the Han-Yeh-Ping Company, the Chinese Government engages to
approve the agreement that may be concluded in future between the company and Japanese capitalists for its joint undertaking, and not to confiscate it, to nationalize it without the consent of the Japanese capitalists,
or to permit it to contract any foreign loan other than Japanese.
"I have the honor to make the declaration that the Chinese Government
will in no case permit any foreign Power to build a shipyard, military
coaling station, naval station or any other military establishment, nor do
they intend to build the above-mentioned establishments with foreign
capital."
The last quoted declaration was occasioned by a statement by the Japanese Minister saying: "It has been reported that the Chinese Government
intends to permit a foreign Power to build a shipyard, military coaling
station, naval station, and all other military establishments, on the coast
of Fukien Province, or that China herself intends to build the abovementioned establishments with foreign capital," and he requested the
Chinese Foreign Minister to inform him whether the Chinese Government
"has, in fact, such intention."
The Minister made the following declaration to the Chinese Foreign
Minister:
"If, upon the conclusion of the present war, the Japanese Government
should be given an absolutely free disposal of the leased territory of Kiaochow Bay, they will return the said leased territory to China subject to
the following conditions:
"1. Opening of the whole of Kia-Chow as a commercial port.
desig"2. Establishment of a Japanese settlement in the locality to be
nated by the Japanese Government.
settleal
internation
of
an
"3. Establishment, if desired by the Powers,
ment.
is
"4. Arrangements to be made, before the return of the said territory
effected, between the Japanese and Chinese Governments, with respect
with
and
properties
and
nts
to the disposal of German public establishme
regard to the other conditions and procedures."
final decision. Any agreements that have already been or may hereafter
be reached as to the other points would, therefore, be of no effect, unless
those inadmissible demands of China are accepted by Japan. In other
words, the last reply of the Chinese Government, taken as a whole, amounts
to nothing more than a rejection of the entire Japanese proposals.
In several other respects the Chinese reply is no less unsatisfactory. As
regards South Manchuria and Eastern Inner Mongolia, for instance, the
Chinese Government ignored the universally recognized fact that these are
the regions where, owing to geographical, political, and economical reasons,
Japan has special interests which have been made the more preponderating
as the result of the last two wars. Some of the proposals which the Imperial
Government formulated with a conciliatory spirit on the basis of the declarations made by the Chinese representative at the conference were arbitrarily amended by the Chinese Government, thus nullifying the statement
of their own responsible Minister, while in some others an inconsistent and
therefore inadmissible amendment was introduced,showing thus no evidence
of good faith and sincerity on their part.
As to the questions of advisers, land for schools and hospitals and supply
of arms, the Imperial Government merely asked to leave on record what
had been declared by the Chinese representative, while as regards the
railway concessions in South China, they were satisfied with a promise
that the matter would be favorably considered, in case there was no objection on the part of the other interested Powers. These proposals affected
in no wise China's sovereignty or treaty obligations, but the Chinese
Government refused to give their consent on the ground that they involved
the question of China's sovereignty or of treaty obligations.
The Imperial Government extremely regret that they find in the attitude
of the Chinese Government little use of further continuing the present
negotiations. Yet the Imperial Government, who are ever solicitous for
the preservation of peace in the Far East, prompted by the desire to bring
the present negotiations to a satisfactory close and avoid the development
of any serious complication in the situation, have decided, as a mark of
their sincere good will toward the Chinese Government, to withdraw from
the present negotiations and reserve for future discussion the whole Group
V. except the one item respecting Fukien Province, about which agreement
has been reached between the representatives of the two Governments.
The Imperial Government therefore advises the Chinese Government that
they will, in appreciation of the good will of the Imperial Government,
accept without amendment all items, included in Group I, II, III, and IV,
together with the items in Group V. relating to Fukien, as embodied in the
Japanese amendment project of April 26.
In case the Imperial Government fail to receive from the Chinese Government before 6 P. M. of May 9 a satisfactory response to their advice they
will take such independent action as they may deem necessary to meet the
situation.
The foregoing treaties were apparently not concluded
without friction, leading ultimately to the delivery of an
ultimatum by Japan to China, reserving the right, in case
China refused to sign, to "take such independent action as
they may deem necessary to meet the situation." The
terms of this ultimatum, dated May 6 1915, were given as
follows,in the New York."Times" of Feb. 13:
Imperial
In opening the negotiations with the Chinese Government the
the new
Government was actuated by the desire to adjust matters to meet
strengthsituation created by the war between Japan and Germany, and of
bond
the
East,
Far
ening, in the interest of a firm and lasting peace in the
from the
of amity and friendship between Japan and China by removing
and
relations of the two countries various causes of misunderstanding
suspicion.
the
to
proposal
Since the Imperial Government first presented their
been
Chinese Government in January last twenty-five conferences have
In these
held between the representatives of the two Governments.
their side of
successive conferences the Imperial Government presented
spirit of
a
by
animated
the case fully and frankly, while at the same time,
on to the
conciliation and concord, they gave every possible considerati
the Imperial
argument advanced by the Chinese Government. This fact,
to bring
Government believe, affords abundant proof of their sincere desire
close of the
the
With
the present negotiations to a peaceful conclusion.
were
questions
all
on
discussions
17
twenty-fourth conference on April
practically brought to an end.
the expressed
Thereupon the Imperial Government, in deference to
their original
wishes of the Chinese Government, considerably modified
concessions
small
no
showing
project,
proposals and prepared an amended
t on the
on their part. This they presented to the Chinese Governmen
that should the
twenty-sixth of the same month, with the announcement
no small
of
point
a
is
Chinese Government accept it, Kiao-Chau Bay, which
y, and
importance in the Far East, commercially as well as strategicall
at a proper
which cost Japan so much to take, would be returned to China
time under fair and reasonable conditions.
this amended
The reply which the Chinese Government gave on May 1 to
ment. It gave
project of the Imperial Government was a total disappoint
been seriously
not only no indication of the Japanese amended project having
any appreexamined by the Chinese Government, but also failed to show
Government.
Imperial
the
of
offer
ciation of the friendly and generous
no obligation
Japan, being now in possession of Kiao-Chau Bay, is under
the friendly
to return It to China. It is because of her desire to promote
so.
relations with China that Japan proposes to do
disappointment at
The Imperial Government cannot conceal their keen
t,of the sentiment
the utter disregard, on the part of the Chinese Governmen
Government,so far
which prompted them to make this offer. The Chinese
Government
Imperial
the
of
from showing an appreciation of the good-will
unconditional surrender,
in respect of Kiao-Chau Bay, even demanded its
suffered by China in
and called upon Japan to indemnify inevitable losses
consequence of the war between Japan and Germany.
connection with the
in
Moreover, they presented several other demands
participate in the
occupied territory and declared that they were entitled to
A demand like
coming peace negotiations between Japan and Germany.
tion by Japan
the:unconditional surrender of Mao-Chau Bay, or indemnifica
Japan-German
the
of
e
of inevitable losses suffered by China in consequenc
Government.
war, is one that cannot be justly accepted by the Imperial to be their
reply
Nevertheless, the Chinese Government declared the last
[VOL. 108.
The Chinese delegates to the Peace Conference, according
to Associated Press dispatches from Pekin, were
furnished with the text of all the secret treaties and agreements between Japan and China, with instructions to disclose
all to the Conference "as circumstances permit."
Judging from the press dispatches from the Orient as
well as from Paris, there has been considerable friction
between Japan and China in regard to the latter's course
at the Peace Conference. Chinese newspapers declared
that Japan had threatened war against China in an effort
to prevent the disclosure of the alleged secret treaties between the two Governments. The statement was also
attributed to Chinese sources that Japan had notified China
that China must work in harmony with Japan at the Peace
Conference, with threats of financial pressure in case of
failure to do so. These charges were indignantly denied by
Baron Chinda, the Japanese Ambassador to Great Britain,
who,in a statement to the Haves Agency on Feb. 11, said:
There has been no pressure exercised, no menace formulated, no bargainChinese
ing done on the subject of the Province of Shantung or any other
and there
territory. No right of control has been sought over China,
the Peace Conhas been in no degree any ambition to represent China at
ference.
Republic and
Chinese
the
of
Besides, our relations with the President
the Ministry are most cordial.
In further explanation of the Japanese position, the New
York "Times" in Washington advIces dated Feb. 12, gave
the following as coming from authoritative Japanese sources:
the
that
Denial was made in an authoritative Japanese quarter to-day
the publication
Tokio Government had made any threat to China against
the two
by the latter Government of so-called secret treaties between
nations.
between
existed
treaty
no
secret
that
stated
It was also authoritatively
been given to
the two Governments; that the treaties of May, 1915, had
had been negotiated since
the press and published, and that no treaties
the special arrangethat time. It was asserted that these treaties, with
been made public in the
had
which
and
ments which flowed out from them
Foreign Office,
past in the form of official translations by the Japanese
embraced all the demands that Japan had made upon China.
that Japan
ve
quarter
authoritati
The explanation was made in the same
Minister at Peking to
had gone no further than to instruct the Japanese
the friendly relations
suggest to the Chinese Foreign Office that, in view of
Tokio Government
existing between the two nations, it seemed to the
undertaken
agitation
se
anti-Japane
inadvisable that there should be any
n. It was explained
at Paris by members of the Chinese Peace Commissio
since 1915,
that, while no treaty has been made between China and Japan
the Peking and
there has been a subsequent exchange of notes between
to loans
related
notes
these
instance
each
in
Tokio Governments, but that
t of China, and
advanced by Japanese capitalists to the Central Governmen
foreclosure
there had been no threat of
that,so far as these were concerned,
•
against China.
a new policy with respect to
instituted
Japan
of
The new Government
communicated
loans to China, which was defined in a formal statement which is deobject of
both to the press and to foreign Governments, the
shall be
China
to
given
support
clared to be to guarantee that financial
t, together with
employed for non-political uses. The Japanese Governmen
Government last December
the Allied Governments, advised the Chinese
internal differIn identic notes of the necessity of China's composing her by China, it
obtained
loans
of
ences. The effect of the unrestricted use
advice given by the assowas said, would be to defeat the object of the
t would, if permitted,
elated Governments, as the Peking Governmen
the revolutionary
devote the loans to the prosecution of the war against
elements inithe south of China.
APR. 12 1919.]
THE CHRONICLE
1481
b.
AMENDMENTS TO LEAGUE OF NATIONS PROPOSED
BY ELIHU ROOT.
Six amendments to the proposed League of Nations were
suggested by Elihu Root, formerly Secretary of State and
U. S. Senator in a letter to Will H. Hays, Chairman of the
Republican National Committee, written in response to a
request made by the latter for an expression of view regarding the covenant. The amendments proposed by the
former Senator were:
First Amendment.
Strike out Article XIII and insert the following:
The high contracting Powers agree to refer to the existing Permanent
Court of Arbitration at the Hague, or to the court of arbitral justice proposed at the second Hague conference when established, or to some other
arbitral tribunal, all disputes between them (including those affecting
honor and vital interests) which are of a justiciable character, and which
the Powers concerned have failed to settle by diplomatic methods. The
Powers so referring to arbitration agree to accept and give effect to the
award of the tribunal.
Disputes of a justiciable character are defined as disputes as to the
interpretation of a treaty, as to any question of international law, as to
the existence of any fact which if established would constitute a breach
of any international obligation, or as to the nature and extent of the reparation to be made for any such breach.
Any question which may arise as to whether a dispute is of a justiciable character is to be referred for decision to the court of arbitral justice
when constituted, or, until it is constituted, to the existing Permanent
Court of Arbitration at The Hague.
Second Amendment.
Add to Article XIV the following paragraphs:
The Executive Council shall call a general conference of the Powers
to meet not less than two years or more than five years after the signing
of this convention for the purpose of reviewing the condition of international law and of agreeing upon and stating in authoritative form the principles and rules thereof.
Thereafter regular conferences for that purpose shall be called and held
at stated times.
Third Amendment.
Immediately before the signature of the American delegates insert the
following reservation:
Inasmuch as in becoming a member of the League the United States
of America is moved by no interest or wish to intrude upon or interfere
with the political policy or internal administration of any foreign State
and by no existing or anticipated dangers in the affairs of the American
continents, but accedes to the wish of the European States that it shall
join its'power to theirs for the preservation of general peace, the representatives of the United States of America sign this convention with
the understanding that nothing therein contained shall be construed to
imply a relinquishment by the United States of America of its traditional
attitude towards purely American questions, or to require the Aubmission
of its policy regarding such questions (including therein the admission
of immigrants) to the decision or recommendation of other powers*.
Fourth Amendment.
Add to Article X the following:
After the expiration of five years from the signing of this convention
any party may terminate its obligation under this article by giving one
year's notice in writing to the Secretary-General of the League.
Fifth Amendment.
Add to Article IX the following:
Such commission shall have full power of inspection and verification
personally and by authorized agents as to all armament, equipment, munitions, and industries referred to in Article VIII.
Sixth Amendment.
Add to Article XXIV the following:
The Executive Council shall call a general conference of members of the
League to meet not loss than five or more than ten years after the signing
of this convention for the revision thereof, and at that time, or at any
time thereafter upon one year's notice, any member may withdraw from
the League.
In offering these amendments Mr. Root, in his latter,
dated March 29 and made public March 31, said in part:
The great and essential thing about the plan contained in this "Constitution for a League- of Nations" is that it makes international conferences
on political questions compulsory in times of danger; that it brings together
such conferences upon the call of officers who represent all the Powers, and
makes it practically impossible for any nation to keep out of them. This
effect is produced by the provisions of Article XV, relating to the submission of disputes to the Executive Council of the League or upon demand
of either party to the body of delegates. Article XV Is the central and
controlling article of the agreement. Putting out of consideration for the
moment Article X, which relates to a mutual guarantee of territory,
Articles VIII and IX, which relate to the reduction of armaments, and
Article XIX, which relates to mandatories, all the other important articles
in the agreement are designed to make effective the conference of the powers
resulting from the submission of a dispute upon a question of policy under
Article XV. Especially important among these ancillary articles is
Article XI, which declares war or threat of war to be a matter of concern
to the whole League; Article XII, which prohibits going to war without the.
submission of the dispute and without allowing time for its settlement, or
contrary to a unanimous recommendation of the Executive Council or an
award of arbitrators (if there shall have been an arbitration), and Article
XVI, which provides for enforcing the provisions of Article XII by economic boycott, or, should the l'owers choose to do so, by military force. I
think these provisions are well devised, and should be regarded as free from
any just objection, so far as they relate to the settlement of the political
questions at which they are really aimed. The provisions which taken
together accomplish this result are of the highest value. They are doveloped naturally from the international practice of the past. They are
a groat step forward. They create an institution through which the public
opinion of mankind, condemning unjust aggression and unnecessary war,
may receive, effect and exert its power for the preservation of peace,instead
of being dissipated in fruitless protest or lamentation.
This plan of automatic conference, however, is accompanied by serious
defects.
The scheme practically abandons all effort to promote or maintain anything like a system If international law, or a system of arbitration or of
judicial settlement, through which a nation can assert its legal rights in lieu
of war. It is true that Article XIII mentions arbitration, and makes the
parties agree that whenever a dispute arises "which they recognize to be
suitable for submission to arbitration" they will submit it to a court "agreed
upon by the parties." That, however, is merely an agreement to arbitrate
when the parties choose to arbitrate, and it is therefore no agreement at
all.
The first change which I should make in this agreement, accordingly,
would be to give effectiveness to the judicial settlement of international
disputes upon questions of right—upon justiciable or judicial questions
—by making the arbitration of such questions obligatory under the system established by the Hague Conference, or before the proposed Court
of Arbitral Justice, or, if the parties prefer in any particular case, before
some specially constituted tribunal; putting the whole world upon the
same footing in that respect that has been created between the United
States and practically every nation now represented in Paris, by means of
the special treaties which we have made with them. The term "justiciable questions" should be carefully defined, so OM to exclude all questions of policy, and to describe the same kind of questions the Supreme
Court of the United States has been deciding for more than a century.
When that is done, the reference to arbitration in Article XII will have
some force and effect instead of being as it is now a mere idle form.
The second change which I think should be made is to provide for a
general conference followed by regular conferences at stated intervals to
discuss, agree upon and state in authentic form the rules of international
law, so that the development of law may go on, and arbitral tribunals may
have continually a more perfect system of rules of right conduct to apply
in their decisions.
I send you herewith drafts of two suggested amendments designed to
accomplish these results.
The distinction between the treatment of questions of legal right and questions of policy which I have drawn above has an important bearing upon
the attitude of the United States toward the settlement of disputes.
So far as the determination of justiciable questions arising under the law
of nations or under treaties is concerned, we ought to be willing to stand
on precisely the same footing with all other nations. We should be willing
to submit our legal rights to judicial decision, and to abide by the decision.
We have shown that we are willing to do that by the numerous treaties
that we have made with the greater part of the world agreeing to do that,
and we should be willing to have the same thing provided for in this general agreement.
With regard to questions of policy, however, some different considerations are apparent.
In determining the extent of our participation in the political affairs of
the Old World we ought to be satisfied that a sufficient affirmative reason
exists for setting aside to that extent the long-established policy of the
United States to keep the Old World and the New World from becoming entangled in each other's affairs and embroiled in each other's quarrels.
Just so far as such a reason exists, we ought to go, but no further.
There has, however, arisen in these days for the American people a
powerful secondary interest in the affairs of Europe coming from the fact
that war in Europe and the Near East threatens to involve the entire
world, and the peaceable nations of Europe need outside help to put out
the fire and keep it from starting again. That help to preserve peace we
ought to give, and that help we wish to give. In agreeing to give it the
following considerations should be observed.
We are not asking, and do not need, any help from the nations of the Old
World for the preservation of peace in America, nor is any American nation asking for such help. The difficulties, the disturbing conditions, the
dangers that threaten, are all in the affairs of Europe and the Near East.
The real reason for creating a League of Nations is to deal with those
difficulties and dangers—not with American affairs. It is, therefore,
wholly unnecessary for the purpose of the League that purely American
affairs should be included within the scope of the agreement.
When we enter into the League of Nations, we do so not with any desire
to interfere in the concerns of foreign nations, but because the peaceable
nations of Europe ask us to put our power behind theirs to preserve peace
in their part of the world. It is not reasonable, therefore, that such participation as we agree to in the activities of the League should be made the
basis of an inference that we are trying to interfere in the Old World,
and therefore should abandon our objection to having the Old World
interfere in America.
With reference to the most important American questions, Europe as a
whole on one side and the United States on the other occupy positions
which, however friendly, are nevertheless in opposition. It must be
remembered that the League of Nations contemplates the membership
not only of our present Allies but ultimately of all the nations of Europe.
Now, the Monroe Doctrine was declared against those nations of Europe.
It was a warning to them not to trespass on American territory, and,
admitting exceptions and speaking only in the most general way, the nations of Europe are on one side of that question and the United States is
on the other. To submit the policy of Monroe to a council composed
chiefly of European Powers is to surrender it.
I will add—without taking up space to discuss it—that I cannot escape
the conclusion that to ratify this agreement as it now stands would itself
be a surrender of the Monroe Doctrine, and that the agreement as it now
stands gives to the United States no effective substitute for the protection which the maintenance of that doctrine affords.
The same thing is true of immigration. The nations of Europe in general are nations from which emigrants go. The United States is a nation to which immigrants come. Apart from Great Britain, which would
be bound to look after the similar interests of Canada and Australia,
Europe and America are bound to look at questions of emigration and
immigration from different points of view, and under the influence of
different interests—friendly, indeed, but opposing.
It hardly seems reasonable that under these circumstances the United
States should be penalized for complying with the request of its friends
in Europe to join them in the preservation of peace primarily for their
benefit, and not for ours, by giving up our right to self-protection, when
that is wholly unnecessary to accomplish the object of the agreement.
I think, therefore, that these purely American questions ought to be
excepted from the jurisdiction of the Executive Council and body of
delegates, and I have prepared and annexed hereto a third amendment in
the form of a reservation, this being the method which was followed without any objection to accomplish the same purpose at the close of both
The Hague Conferences.
The fourth point upon which I think there should be an amendment is
Article X, which contains the undertaking: "To respect and preserve as
against external aggression the territorial integrity and existing political
independence of all members of the League."
Looking at this article as a part of a perpetual League, for the Preservation of Peace, my first impression was that the whole article ought to be
stricken out. If perpetual, it would be an attempt to preserve for all time
unchanged the distribution of power and territory made in accordance with
the views and exigencies of the Allies in this present juncture of affairs.
1482
THE CHRONICLE
It would necessarily be futile. It would be what was attempted by the
Peace of Westphalia, at the close of the Thirty Years' War, at the Congress of Vienna at the close of the Napoleonic Wars, by the Congress of
Berlin in 1878. It would not only be futile, it would be mischievous'
Change and grow.
th are the law of life, and no generation can impose its
will in regard to the growth of nations and the distribution of power upon
succeeding generations.
I think, however, that this article must be considered not merely with
reference to the future, but with reference to the present situation in Europe. Indeed, this whole agreement ought to be considered in that double
aspect. The belligerent power of Germany, Austria, Bulgaria, and Turkey
has been destroyed; but that will not lead to future peace without a reconstruction of Eastern Europe and Western Asia. The vast territories
of the Hohenzollerns, the Hapsburgs, and the Romanoffs have lost the
rulers who formerly kept the population in order, and are filled with turbulent masses without stable government, unaccustomed to self-control
and fighting among themselves like children of the dragon's teeth. There
can be no settled peace until these masses are reduced to order. Since the
Bolsheviki have been allowed to consolidate the control which they established with German aid in Russia, the situation is that Great Britain,
France, Italy, and Belgium with a population of less than 130,000,000
are confronted with the disorganized but vigorous and warlike population
of Germany, German Austria, Hungary, Bulgaria, Turkey, and Russia,
amounting approximately to 280,000,000, fast returning to barbarism
and the lawless violence of barbarous races. Order must be restored.
The Allied nations in their Council must determine the lines of reconstruction. Their determinations must be enforced. They may make mistakes. Doubtless they will; but there must be decision, and decision
must be enforced. Under these conditions the United States cannot quit.
It must go on to the performance of its duty, and the immediate aspect of
Article X is an agreement to do that. I think, therefore, that Article X
should be amended, so that it shall hold a limited time, and thereafter
any member may withdraw from it. I annex an amendment to that effect.
The fifth amendment which I think is needed is one suggested by M.
Bourgeois in his speech at the Conference, which I have quoted above. It
is to the provisions regarding the limitation of armaments. The success
of those provisions is vital. If they are not effective the whole effort to
secure future peace goes for nothing. The plan of this League is contained
in Articles VIII and IX. They provide that there shall be a reduction
of national armaments to the lowest point consistent with national safety,
that the Executive Council shall formulate plans for a general agreement
as to the amount of these reductions, and that when an agreement has been
made by the Powers the parties will not conceal from each other, but will
give full and frank information regarding their industries capable of being
adapted to warlike purposes, the scale of their armaments, and their
military and naval programs. Article IX provides for a permanent commission to advise the League on the execution of these provisions. This
full information is essential. Otherwise one nation will suspect another of
secret preparation, and will prepare to protect itself in the same way,so that
the whole scheme of limitation will be destroyed. There would be some
justification for this, because there are some nations of whom it would be
idle to expect the truth on such a subject; their public officers would regard
it as a duty to conceal and mislead. The only way to prevent that sort
of thing is by giving the permanent commission power of inspection and
verification. Every country should assent to this just as every trustee
and treasurer is willing to have an independent audit of his accounts.
I annex such an amendment.
Enough has been said already to indicate that this Constitution of a
League of Peace cannot be regarded as a final and conclusive instrument.
It necessarily leaves much to be determined hereafter. We do not know
Yet what nations are to be the members of the League, what nations are
to be represented in the Council, what the limitations of armaments, what
the regulations for the manufacture of munitions, or what the parties
understand to be the scope of the provision for freedom of transit and
equitable treatment for commerce.
The provision of Article XIX (of which I fully approve) relating to mandataries to aid or take charge of administration in new States and old colonies necessarily leaves both the selection of the mandataries and the character of their powers and duties unsettled. All these uncertainties are not
matters for criticism, but of necessity arising from the situation. Still
more important is the fact that no one knows when or upon what terms
the Central and Eastern Powers are to be admitted to the League. The
whole agreement is at present necessarily tentative. It cannot really be a
League of Peace in operation for a ntunber of years to come. It is now
and in the immediate future must be rather an alliance of approximately
one-half of the active world against or for the control of the other half.
Under these circumstances it would be most unwise to attempt to give
to this agreement finality, and make the specific obligations of its members
irrevocable. There should be provision for its revision in a calmer atmosphere, and when the world is less subject to exciting and disturbing
causes. In the meantime the agreement should not be deemed irrevocable.
The last amendment which I annex is directed to that end.
AMENDMENTS TO LEAGUE OF NATIONS SUGGESTED
BY EX-PRESIDENT W. H. TAFT.
With regard to amendments to the League of Nations
suggested by former President W. H. Taft, the New York
"Times" of April 2 printed the following special copyright
cable from its Paris correspondent, Charles A. Selden, on
April 1:
Oscar Straus, representing in Paris the League to Enforce Peace, cabled
ex-President Taft for suggestions as to amendments to the League of Nations covenant essential to confirmation by the American Senate. Mr.
Taft cabled the following, which was presented to the Drafting Committee:
More specific reservation of Monroe Doctrine.
"Fix term of duration of League and limit of armament.
"Require expressly unanimity of action of Executive Council and body
of delegates.
"Add to Article XV a provision that, where the Executive Council or
the body of delegates finds a difference to grow out of an exclusively domestic policy, it shall recommend no settlement.
'Reservation of Monroe Doctrine as follows: 'Any American State or
States may protect the integrity of American territory and the independence
of the Government whose territory it is, whether a member of the League
or not, and may, In the interest of American peace, object to and prevent
the further transfer of American territory or sovereignty to any European
or non-American power.'
"By unanimity of the Executive Council, the American representative
on it will secure a reasonable distribution of burdens for the United States
in the enforcement of Articles X and XVI."
Press dispatches from Washington on March 27 announced that the text of a proposed amendment to the
[VOL. 108
League of Nations covenant, suggested by Mr. Taft, which
was considered by President Wilson and the Allied Premiers
in Paris on March 26 had been sent from the White House
less than a week before, after Mr. Taft had been assured
by Secretary Tumulty that any suggestion from him would
be welcomed by the President. The dispatches also said:
As understood here, the four amendments submitted by Mr. Taft suggest
that these changes be made in the League covenant:
First—An amendment making reservations designed to safeguard the
Monroe Doctrine and to satisfy those Senators and others who fear the
Monroe Doctrine might be jeopardized by the League of Nations, this
amendment being drafted so that agreements under the League covenant
shall not be construed as an infringement upon the principles of international policies heretofore generally recognized.
Second—An amendment definitely affirming the right of any country in
the League to control matters solely witnin its domestic jurisdiction, this
reservation being broad enough to protect the United States in dealing with
immigration and preventing the influx or foreign labor.
Third—An amendment definitely stating the rule of unanimity and making it perfectly plain that any action taken by the Executive Council of the
League must be unanimous, thereby nessitating the concurrence of the
American Government's member of the Executive Council before its action
could be binding on the United States.
Fourth—An amendment by way of definite statement on the right of
nations to withdraw from the League of Nations, and possibly providing
for a definite term, perhaps ten years, for the League as a whole, and a
definite term for the obligation to restrict armament within such limit as
may be agreed upon.
LORD READING TO RESUME DUTIES AS LORD CHIEF
JUSTICE OF ENGLAND.
Lord Reading, British High Commissioner to the United
States, in the character of Ambassador Extraordinary and
Plenipotentiary on a special mission, was the guest at a
dinner of the Bar Association of New York City at the
Waldorf-Astoria tendered him on April 5 prior to his departue for Europe to resume his duties as Lord Chief Justice. Lord Reading who was named as Special Ambassador
succeeding Cecil Spring-Rice• in January of last year had
gone to England some months ago, but returned to the
United States on the steamer Aquitaina, reaching New
York on Feb. 28, leaving immediately for Washington. At
that time be issued a statement indicating that his stay in
the United States would be brief, because of the proposed
early resumption of his post as Lord Chief Justice.
•
CLEMENCEAU SAVES THE LIFE OF HIS WOULD-BE
ASSASSIN.
It was announced at Paris on April 8 that President
Poincare, at the request of Premier Clemenceau, had commuted to ten years' imprisonment the death sentence pronounced against Emil Cottin, the young French Anarchist
who early in March sought to assassinate the Premier.
Cottin was condemned to death on March 14 by a court
martial. During his examination Cottin declared that if
he had escaped after his attack upon the Premier he would
again have tried to take M. Clemenceau's life if he thought
he might succeed. Dispatches to the daily papers from
Paris gave the following details in regard to the trial:
After Captain Mornet, the prosecutor, had asked for the death penalty,
on the ground that there had been premeditation and no mitigating circumstances, Cottin arose and made a most amazing statement. He
said he was a militant anarchist, an anti-militarist an anti-patriot and
against all constituted authority.
"I would have shot the Kaiser with more relish than M. Clemenceau,
because he, too, represented authority," he continued. "I have no
country; my country is the world."
He made a long, rambling statement, saying that he gloried in the deed
he had done and that ne favored Bolshevism and Spartacism and wished
to strike down all who were in authority.
According to the official record read by the clerk of the Court, when
proceedings opened, Cottin first conceived the idea of killing the l'remier
in May 1918, during a strike of employees of aviation factories, and he
began practicing shooting then. Tne report, describing the attempt on
the Premier, related that Cottin fired twice without moving, and then
fired five times while running behind the automobile, to which he was
so close that one witness believed he had jumped on the rear of the car.
It was shown that Cottin aimed at the seat in which Premier Clemenceau
was sitting, and fired so accurately that two bullet holes almost toucned.
"Rarely has a crime," said the report, "been accomplished with more
sustained premeditation, more mature design, and more implacable tenacity, with a certainty of method which it seemed would infallibly lead to
it fatal result."
Cottin was described in the report as primitive, vain and conceited and
believing himself omniscient. Ho was able to earn 37 francs a day easily
yet, finding society badly organized, was desirous of destroying everything. The document gave expert medical opinion unreservedly holding
Cottin responsible for his actions.
CARIBBEAN ISLANDS TO BE LEASED BY UNITED
STATES FOR $40,000,000.
•
Panama advices to the daily press, under date of Mar. 18,
state:
The Cartagena correspondent of the "Panama Star and Herald" asserts the United States is arranging for a 99-year lease from Colombia
of the islands of San Andreas and New Providence, off the north coast of
Colombia, near Colon. The payment, it is asserted, will be $10,000,000.
The islands contain small cocoanut plantations, and but little agriculture
is carried on there. They are considered to have military value, as they
are immediately off the Caribbean entrance to the Panama Canal.
APR. 12 1919.1
THE CHRONICLE
ITEMS ABOUT BANKS, TRUST COMPANIES, &LC.
The public sales of bank stocks this week aggregate 55
shares, of which 50 shares were sold at the Stock Exchange
and 5 shares at auction. Transactions in trust company
stocks reach a total of 171 shares. Fifty shares of Metro3 an advance of
politan Trust Co. stock were sold at 349%,
43 points over the price paid at the last previous sale in
May 1918.
Low. High. Close.
Shares. BANKS—New York.
*50 Commerce, National Bank of. 215 215 215
5 Harriman National Bank_ _ _ _ 300 300 300
TRUST COMPAMIES—New York.
110
110
105
35 Commercial Trust
130
130
130
56 Hudson Trust
349Y,
3493j 349U
50 Metropolitan Trust
415
4173(
Trust
415
Mortgage
&
30 U. S.
* Sold at the Stock Exchange.
Last previous sale.
Jan. 1919— 210
Nov. 1916— 425h
June 1918—
Feb. 1919—
May 1918—
Nov. 1910—
110
132
3064
480
1483
nine years, died suddenly at his home at Mamaroneck,
N. Y., on April 6. Mr. Hegeman, who was in his seventyfifth year, had been in ill health for the past two years,
but had continued to visit his office from time to time up
to about two months ago. Mr. Hegeman was born in
Brooklyn in the town of Flatlands in 1844. At the age of
22 he became an accountant for the Manhattan Life Insurance Co., but four years later withdrew from the Manhattan to enter the service of the Metropolitan Life Insurance Company as Secretary. After four months he was
made Vice-President of the Metropolitan, continuing as
Vice-President and Secretary until October 1891 when he
was made President. Mr. Hegeman at the time of his death
was a director of the Metropolitan Bank, the National
Surety Co. and a trustee of the Union Dime Savings Bank
and the Hamilton Trust Co.
A New York Stock Exchange membership was r ported
Horace M. Kilborn, Vice-President of the National City
pos ed for transfer this week, the consideration being given Bank
of this city, will retire from business on May 1. Mr:
preceding
translast
the
$5,000
from
of
decline
as $69,000, a
Kilborn has been with the bank for more than thirty years,
action.
and has been Vice-President for the past fourteen years.
The purchase by the Seaboard National Bank of this city Before going with the National City Bank he was in the
of property at the northeast corner of Broad and Beaver employ of the Fifth Avenue Bank.
streets was announced this week. The site to which the
The National City Bank has announced the opening on
bank has taken title takes in five four-story buildings at
51-59 Broad Street and 33-37 Beaver Street. The dimen- April 15 of two new branches in Cuba, one in Manzanillo
sions of the plot are a little less than 100x100 feet irregular. and the other in Guantanamo, bringing the total number of
The property was purchased through Horace S. Ely & Co., branches up to forty-eight, including those of the InterJohn G. McCullough and F. B. Jennings, for sums aggre- national Banking Corporation. It is also reported that the
gating $590,000. The price agreed upon was $600,000, National City Bank plans to open a Madrid branch.
but a discount of $10,000 was granted because of cash payNelson Jean Day, Vice-President of the Guaranty Trust
ment. The preparation of plans for a building designed for
the sole use of the bank, and consisting of a waterproof Co. of New York, who was a Lieutenant-Colonel with the
cellar below tidewater level, a basement with natural light American Expeditionary Forces in France, has been made
on three sides, a main floor five steps above the sidewalk, Chevalier of the Legion of Honor by the French Governand two floors above which will be used for working space ment in recognition of his services during the war.
has been delegated to Alfred C. Bossom. There will be no
elevators in the building, but provisions will be made for
The proposal to convert the Paterson Safe Deposit &
them, and a steel superstructure, in the event that an addi- Trust Co. of Paterson, N. J., into the Deposit National
tion of ten to fifteen stories in the future is found desirable. Bank of Paterson with a capital of $300,000 is made known
The Seaboard National Bank, of which Samuel G. Bayne, in the Comptroller's "Weekly Bulletin" released to-day.
who organized the bank, is President, is now located at 18 Application has been made to the Comptroller for a charter
Broadway. In February the bank secured an option on for the proposed national bank.
property at 74 Broad Street, corner of Marketfield Street,
owned by Col. Edward H. R. Green and others, as an inRobert B. Newell, Vice-President of the Fidelity Trust
surance against building strikes, &c. This option which runs Co. of Hartford, Conn., was recently elected to the office
for a period of three and a half years from Feb. 1 1919, will of Treasurer. Thomas A. Shannon, Secretary of the combe retained until all risks are eliminated. The present lease pany, has been elected Trust Officer. Charles H. Remingof the bank at 18 Broadway does not expire until two years ton, Vice-President of the accident and liability department
hence.
of the Aetna Life Insurance Co. of Hartford, has been made
a trustee of the Fidelity Trust Co. The following trustees
Frank W. Woolworth, founder of the Woolworth five were chosen at the annual meeting on April 8:
and ten cent stores, died suddenly at his country home at
John M. Holcombe, William B. Clark, William C. Skinner, Charles P.
Glen Cove, Long Island, on April 8. Mr. Woolworth was Cooley, Richard M. Bissell, Frank L. Wilcox, Charles G. Woodward,
Walter
S. Garde, J. McA. Johnson, Robert B. Newell and Charles H.
born
at
been
Great
having
Bend,
year
,
in his sixty-seventh
Jefferson County, N. Y., in 1852. Besides his interest in Remington.
the Woolworth Company Mr. Woolworth was President
Alfred B. Mahoney has been elected Assistant Treasurer of
of the Broadway-Park Place Company, owners of the
the
Federal Trust Co. of Boston and Arthur Lovering has
Woolworth Building and other properties in this city, and
made Assistant Secretary of the Company.
was one of the largest stockholders in and a director of the been
•
and
the
Irving
Trust Company of
Irving National Bank
Charles B. Wiggin has resigned as director of the Brookthis city. The directors of these two banking institutions
adopted a joint resolution on the 8th inst. attesting the worth line Trust Co. of Brookline and F. J. Oakes, Jr., and Orrin
of their late fellow director in which, among other things, G. Wood have been elected directors of the company.
they recited that "his breadth of vision and his foresightedCarl M. Spencer has been elected Treasurer of the Home
ness, whether applied to his own affairs or to those of others,
led him to plan a home for this bank in the building (the Savings Bank, Boston, Massachusetts succeeding the late
Woolworth Building) he reared to house the headquarters Charles S. Norris.
of his personal enterprise, and the structure will stand forDavid E. Hersee, who has returned from active naval
ever as a monument to his genius and creative skill." Mr.
Woolworth in his early days worked on his parents' farm;. 'service abroad, has been appointed Cashier of the Peoples
at the age of 21 he started as an errand boy with a dry goods National Bank of Roxbury, Boston,Mass. Before entering
firm in Watertown, working at the start without pay. His service Mr. Hersee was Assistant Cashier of the bank.
first venture into business on his own account occurred in Mr. George H. Corey retains the Vice-Presidency.
1879 when he opened a five and ten cent store in Utica with
In order to provide a future permanent home and to anticia few hundred dollars lent him by his father. In a few
months he sold out that business and opened a store at pate the growing needs of its rapidly increasing business, the
Lancaster, Pa., from which the present chain of stores was Commercial Trust Co. of Springfield, Mass., on April 1
developed. At the present time there are over 1,000 of purchased the building in which it is now located for a sum
the Woolworth chain stores in operation.' The Wool- approximating $350,000. The newly acquired property,
worth Building which was erected from the profits of the which is known as the Kelsey Building, is a four-story strucfive and ton cent stores was built at a cost of over $13,000,000. ture, having a frontage of 70 feet on Main Street, and a
depth of 100 feet on Hampden Street. It is the intention of
John R. Hegeman, President of the Metropolitan Life the trust company, we understand, to eventually tear down
Insurance Co., of which he had been an officer for forty- the present structure and erect on its site a large banking and
[VOL. 108.
THE CHRONICLE
1484
TREASURY CASH AND CURRENT LIABILITIES.
office building. The Commercial Trust Co. began business
in September 1915 with a capital of $350,000 and a paid-in
The cash holdings of the Government as the items stood
surplus ol $105,000. At the present time it reports surplus Feb. 28 are set out in the following. The figures are taken
and undivided profits of $150,000, and deposits of over entirely from the daily statement of the U. S. Treasury
$2,700,000. Arthur J. Skinner is President of the institu- for Feb. 28.
C BRENT ASSETS AND LIABILITIES.
tion; Daniel F. Doherty, Vice-President; Raymond H.Flagg,
GOLD.
Treasurer; and Frank N. Hughes, Assistant Treasurer.
LIABILITIES.
ASSETS.
The directors of the National Bank of Baltimore, at
Baltimore, Md., on Apr. 1 1919 increased the surplus of the
institution from $450,000 to $500,000, after provision had
quarterly dividend, free of taxes.
been made for the 2
The capital, surplus and undivided profits are now $1,780,983, of which $1,210,700 represents capital, surplus and
undivided profits.
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:
Apr. 5.
London, •
Sat.
Week ending April 11—
d 48%
Silver, per oz
Holiday
Consols, 234 per cents
Holiday
British, 5 per cents
Holiday
British, 4% per cents
French Rentes (in Paris), ft..
Loan(inParis),fr. ____
French War.
Apr.7. Apr.8.
Mon. Tues.
48 13-16 481
/s
56%
56
95%
96
99%
999
62.47
62.55
89.50
89.20
Apr.9. Apr. 10. Apr. 11.
Wed.
Thurs. Fri.
48 15464815-16 48 15-169
56%
56%
56
•
954
9531
959
99%
99%
99%
62.25
62
02.20
89.27
89.10
89.15
The price of silver in New York on the same day has been:
Silver in N.Y., per oz._ _cts_10134
10134
1013
101A
1013
101A
FINANCIAL STATEMENT OF U. S. OCT. 31 1918.
(Formerly Issued as "Statement of the Public Debt.")
The following statements of the public debt and Treasury
cash holdings of the United States are as officially issued
as of Oct. 31 1918:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Settlement warrants,maBalance held by the
the
tured interest obliTreasurer
of
gations, and checks
United States as per
outstanding:
daily Treasury stateTreasury warrants__ ment for Oct.31 1918_1,815,739,992 15
8,795,104 22
Matured interest obliAdd—Net excess of regations-a
ceipts over disburse30,277,004 09
October
Disbursing
officers'
ments in
checks
reports subsequently
299,791,003 95
264,300,158 09 Balance free of current
received
obligations
14771,176,917 98
2,110,040,150.24
2,110,040,150 24
a The unpaid interest due on Liberty Loans is estimated in cases where complete
" reports have not been received.
-PUBLIC DEBT BEARING NO INTEREST.
(Payable on presentation.)
Obligations required to be reissued when redeemed:
United States notes
346,681,016 00
Less gold reserve
152,979,025 63
Excess of notes over reserve
193,701,990 37
Obligations that will be retired on presentation:
Old demand notes
53,012 50
National bank notes and Federal Reserve bank notes assumed
by the U. S. on deposit of lawful money for their retirement_ 42,478,527 00
Fractional currency
6,844,417 82
Total
243,077,947 09
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
(Payable on presentation.)
Funded loan of 1891, continued at 2%, called for redemption May
$
18 1900; interest ceased Aug. 18 1900
4,000 00
Funded loan of 1891, matured Sept. 2 1891
19,950 00
Loan of 1904, matured Feb. 2 1904
13,050 00
Funded loan of 1907, matured July 2 1907
483,350 00
Refunding certificates, matured July 1 1907
11,080 00
Old debt matured at various dates prior to Jan. 1 1861, and other
items of debt matured at various dates subsequent to Jan. 1 1861
900,480 20
Certificates of indebtedness, at various interest rates, matured_.... 194,004,500 00
Loan of 1908-18
3,005,340 00
Total
198.441.750 26
INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
Interest
Amount
Outstanding Oct.
Issued.
Registered. Coupon.
Title of Loan— Payable.
IS
$
2s, Consols of 1930—__Q.-J. 646,250,150 597,804,500 1,919,550
Q.-F. 162,315,400 103,765,550 14,724,350
4s, Loan of 1925
Panama Canal Loan:
Q.-F.
54,631,980 48,944,080
2s, Series 1906
10,100
2s, Series 1908
Q.-F.
30,000,000 25,805,520
141,880
50,000,000 43,337,900 0,662,100
3s, Series 1911 _...._Q.-M.
3s, Conversion bonds..Q.-J.
28,894,500
6,675,000 22,219,500
3s, 1-yr. Treas. notes_Q.-J.
27,362,000
9,301,000
Var., certfs.of indebt. Mat._
3,962,953,000
81,217,000
2s, Certfs. of indebt__J.&J.
Var., 1st Liberty Ln-J.&D.a1,989,455,740
48,4%s, 2d Lib. Ln_M &N.:13,807.865,320
4f4s,3d Liberty Ln_M.&S.a4,171,027,210
44‘s,4th Lib. Ln__ A .&0.a3,523,896,079
244s, Postal Says. bonds:
(1st to 15th sale:3)_
11,258,880 10,532,860
726.020
b 4s, War Savings and
Thrift Stamps
mat c857,032,475
31 1918
Total.
$
599,721,050
118,489,900
48,954,180
25,947,400
50,000,000
28,894,500
9,301,000
3,2814,194,500
61,217,000
1,988,799,740
3,635,420,320
4,100,091,710
3,523,896,979
11,258,880
846,897,795
Aggreg. of int.-bear. debt__ 19,384,160,640
18,335,087,960
a These amounts represent receipts of the Treasurer of the U. S. on account of
principal of bonds of the First, Second, Third and Fourth Liberty Loans, respectively, to October 31.
b The average issue. price of War Savings Stamps for the year 1918 with interest
at 4% per annum compounded quarterly for the average period to maturity will
amount to $5 on Jan. 1 1923. Thrift Stamps do not bear interest.
c This amount represents receipts of the Treasurer of the U. S. on account of
proceeds of sales of War Savings Certificate Stamps and U. S. Thrift Stamps.
RECAPITULATION.
GROSS DEBT.
NET DEBT.
Debt bearing no int__ $243,077,947 69 Gross debt(opposite)-$18,776,607,658 65
Debt on which interest
Deduct—
has ceased
198,441,750 26
Balance free of curInterest-bearing debt 18,335,087,960 70
rent obligations- -__ 1,771,176,947 98
Gross debt
$18,776,607,658 65
*Net debt
$17,001,430,710 67
*The amount of $7,027,014,750 has been expended to above date in this and preceding fiscal years from the proceeds of sales of bonds authorized by law for purchase
of the obligations of foreign Governments. When payments are received from
foreign Governments on account of the principal of their obligations, they must
be applied to the reduction of the interest-bearing debt of the United States. .
Gold coin
Gold bullion
774,554,943 11 Gold certfs. outstand'g_ 838,659,144 00
1,778,082,669 04 Gold settlement fund,
Fed. Reserve Board_ _1,345,751,701 10
152,979,025 63
Gold reserve
Avail, gold in gen. fund_ 215,247,741 42
2,552,637,612 15
2,552,037,612 15
Total
Total
Note.—Reserved against $346,681,016 of U. S. notes and $1,779,240 of Treasury
notes of 1890 outstanding. Treasury notes are also secured by silver dollars in
the Treasury.
SILVER DOLLARS.
LIABILITIES.
ASSETS.
Silver certfs. outstand'g 216,103,387 00
1,779,240 00
Silver dollard
288,170,724 00 Treas. notes of 1890 out.
Available sliver dollars
50,288,097 00
In general fund
Total
208,170,724 00
268,170,724 00
Total
GENERAL FUND.
ASSETS.
Avail. gold (see above)_ 215,247,741 42
Avail, silver dollars (see
above)
50,288,097 00
United States notes_ _ _ _
12,866,438 00
30,090,813 00
Federal Reserve notes_ _
Fed. Res. bank notes
0,190,330 00
60,740,274 50
National bank notes
33,351 64
Certfied checks on banks
11,287,224 56
Subsidiary silver coin
Minor coin
1,492,475 93
Silver bullion
20,921,872 03
UnclassIfled (unsorted
currency, &c.)
5,838,203 42
Deposits in Fed'i Land
banks
830,000 00
x Deposits in Federal
Reserve banks
331,117,706 00
Deposits in special depositaries account of
sales of Liberty bonds
and certfs. of indebt_ 860,436, 000 00
Deposits in foreign depositaries:
To credit Treas. U.S. 350,543,651 50
Deposits in nat'l banks:
To credit Treas. U.S. 45,119,209 38
To credit other Government officers_ _ _
0,030,359 68
Deposits in Philippine
Treasury:
6,705,616 00
To credit Treas. U.S.
To credit other Gov2,031,493 07
ernment officers..
LIABILITIES.
1,744,964 04
Treasurer's checks out.
Deposits of Government
officers:
Post Office Dept__ __
36,960,196 81
Board of trustees,
Postal Savings Sys7,741,088 45
tem (5% reserve)_
Comptroller of the
Currency, agent for
creditors of insolv1,522,984 15
ent banks
Postmasters, clerks of
26,709,272 11
courts, Ste
Deposits for:
Redemption of Fed'i
Res. notes (5% fd.) 196,607,305 79
Redemption of Fed'l
Res, bank notes
5,731,430 00
(5% fund)
Redemption of nat'l
bank notes(5% fd.) 28,383,435 69
Retirement of additional circulating
notes, Act May 30
378,840 00
1908
Exchanges of cur29,131,260 45
rency, coin, &c
334,810,777 49
•
*Net balance
1,692,006,081 20
2,026,816,858 69
2,020,816,858 69
Total
Total
*The amount to the credit of disbursing officers and agencies to-day was $2,229,
123,970 31. Book credits for which obligations of foreign Governments are held
by the United States amount to $244,554,036.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations to-day was $41,953,039 50.
z The available cash in Federal Reserve banks, in accordance with telegraphic
reports received, was $212,239,000. The difference is due to net disbursements
in transit and in process of examination.
TREASURY CURRENCY HOLDINGS.—The following
compilation, made up from the daily Government statements, shows the currency holdings of the Treasury at the
beginning of business on the first of January, February,
March and April 1919:
Holdings in
Sub-Treasuries.
Jan.1 1919. Feb. 1 1919. Mar. 1 1919. April 1 1919.
$
$
$
$
353,098,171
52,240,310
15,994,562
67,405,856
50,348,320
12,828,092
12,445,040
0,117,024
Net gold coin and bullion _
Net silver coin and bullion
Net United States notes_ _
Net national bank notes_
Net Fed. Reserve notes..
Net Fed. Res, bank notes
Net subsidiary silver__
Minor coin. &o
327,238.862
63,162,042
8,900,115
27,125,084
34,528,148
2,868,297
3,331,153
9,167,806
330,089,676
71,208,190
.11,515,175
48,761,064
37,115,287
2,857,306
8,258,055
8,118,392
368,220,767
71,209,969
12,866,438
60,740,275
36,090,813
6,196,330
11,287,225
7,364,031
Total cash in Sub-Tress
Less gold reserve fund._
470,322,407
152,979,026
517,983,205
152,979,026
573,981,848 *570,537,987
152,979,026 152,979,026
Cash balance in Sub-Trean
Dep in special depos'ries:
Account certs. of Indebt
Liberty Loan deposits_
Cash in Fed. Rea. banks
Cash in Fed. Land banks
Cash in national banks:
To credit Treas. U.8_
To credit dist) officers.
Total
rash in Philippine Isi'ds.
Dep's. in Foreign Depts.
323,343,441
365,004,179
421,002,822
417,558,961
052,061,000
789,759,000
860,436,000
825,458,000
157,104,883
830,000
102,400,139
830,000
331,117,707
830,000
280,210,030
830,000
46,730,771
8,917,283
42,601,893
9,707,063
45,119,209
9,030,300
52,170,875
10,104,377
55,654,054
8,213,721
181,749,217
52,308,950
11,124,644
244,073,293
54,140,509
8,737,110
350,543,051
02,371,052
10,383,085
271,702,382
Net cash in banks, SubTreasuries
1,378,958,316 1,625,566,211 2,020,810,859 1,868,513,510
Deduct current liabilities. 298,900,009 300,525,083 334,810,778 319,909,501
Available ()ash balance. 1.080.056.307 1.325.041.128 1.692.006.081 1.S4R.R03.040
•Includes April 1 $13,791,908 92 al ver bullion and 56,117,624 41 minor coin,
&c.. not included in statement "Stock of Money."
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.—
The United States Steel Corporation on Thursday, April 10
1919 issued its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of
March 31, to the amount of 5,430,572 tons. This is a decline
of 580,215 tons from the total on hand at the close of February 1919. Compared with the unfilled tonnage on hand on
the corresponding date last year the current figures disclose
a shrinkage of 3,625,832 tons. The total for March 31 1919
is the smallest reported since Sept. 30 1915.
In the following we give comparisons with the previous
months:
•
APR. 12 1919.]
THE CHRONICLE
Tons.
Mar. 31 1919_ 5,430,572
Feb. 28 1919_ 6,010,787
Jan. $1 1919- 6,684,268
Dec. 31 1918- 7.379.152
Nov. 30 1918._ 8,124,663
Oct. 31 1918.- 8,363,298
Sept. 30 1918-- 8,297,905
Aug. 31 1918- 8,759,042
July 31 1918- 8,883,801
June 30 1918- 8,918,866
May 31 1918- 8,337,623
April 30 1918- 8,741,882
Mar. 31 1918.- 9,056,404
Feb. 28 1918- 9,288.453
Jan. 31 1918- 9,477,853
Dec. 31 1917- 9,381,718
Nov. 30 1917.- 8,897,106
Oct. 31 1917.- 9,009,675
Sept. 30 1917-- 9,833,477
Aug. 31 1917-10,407,049
July 31 1917-10,844,164
June 30 1917-11,383,287
May 31 1917..11.886,591
April 30 1917...12,183,083
Mar. 31 1917-11,711,644
Feb. 28 1917-11,576.697
Jan. 31, 1917-11.474,054
Dec. 31 1916-11,547,286
ploy. 30 1916-11,058.542
Oct. 31 1916.-10,015,260
Sept. 30 1916- 9,522,584
Aug. 31 1916- 9,660,357
July 31 1916-- 9,593,592
June 30 1916- 9,640,458
May 31 1916.- 9,937,798
April 30
Mar. 31
Feb. 29
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
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
Tons.
1916- 9,829,551 May 31
1916-- 9,331.001 April 30
1916- 8,568,966 Mar. 31
1916- 7.922,767 Feb. 28
1915.- 7,806,220 Jan. 31
1915- 7,189,489 Deo. 31
1915-- 6,165,452 Nov. 30
1915-- 5,317,618 Oot. 31
1915..- 4,908,455 Sept. 30
1915-- 4,928,540 Aug. 31
1915-- 4,678,196 July 31
1915-- 4,264,598 June 30
1915._ 4,162,244 May 31
1915-- 4,255,749 April 30
1915-- 4,345,371 Mar. 31
1915-- 4,248,571 Feb. 29
1914- 3,836,643 Jan. 31
1914.. 3.324,592 Deo. 31
1914-- 3,461,097 Nov. 30
1914-- 3,787,667 Oct. 31
1914- 4,213,331 Sept. 30
1914.- 4,158,589 Aug. 31
1914.- 4,032,857 July 31
1914-- 3,998,160 June 30
1914.- 4,277,068 May 31
1914._ 4,653,825 April 30
1914-- 5,026,440 Mar. 31
1914.- 4,613,680 Feb. 28
1913- 4,282,108 Jan. 31
1913.- 4,396,347 Deo. 31
1913._ 4.513,767 Nov. 30
1913_ 5,003,785 Oct. 31
1913- 5,223.468 Sept. 30
1913.- 6,399,356 Aug. 31
1913... 5,807,3171July 31
Tons.
1913-- 6,324.322
1913-- 6,978,762
1913-- 7,468,956
1913-- 7,656,714
1913- 7,827,368
1912-- 7,932,164
1912- 7,852,883
1912-- 7,594,381
1912-- 6,551,507
1912-- 6,163,375
1912-- 5,957,073
1912-- 5,807,349
1912- 5,750,986
1912-- 5,664.885
1912.- 5,304,841
1912.- 5,454,201
1912.- 5.379,721
1911- 5,084,765
1911- 4,141,958
1911._ 3.694.327
1911- 3,611,315
1911.- 3,695,985
1911-- 3,584.088
1911.. 3,361,087
1911-- 3,113,154
1911-- 3,218,700
1911- 3,447,301
1911- 3,400,543
1911- 3,110,919
1910-- 2,674.750
1910-- 2.760,413
1910- 2,871.949
1910-- 3,148.106
1910-- 3,537,128
1910-- 3,970,931
en mintrctal andMiscellaneratsgnus
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Merchandise Movement at New York.
Customs Recepts
at New York.
April 1 and their increase or decrease during the month
March.
National Bank Notes-Total AfloatAmount afloat March 1 1919
Net amount Issued during March
$721,879,472
2,607,720
Amount of bank notes afloat April 1 1919
$724,487,192
Legal-Tender NotesAmount on deposit to redeem national bank notes March 1 1919._ $42,080,347
Net amount of bank notes retired in March
1,885,595
Am 'int on depositrto redeem'rnationallbank-notes April 11919_ $40 .194,752
GOVERNMENT REVENUE AND EXPENDITURES.
-The details of Government receipts and disbursements for
February 1919 and 1918 and for the eight months of the
fiscal years 1918-19 and 1917-18 are as follows:
Receipts.
Feb. 1919.
Feb. 1918. 8 mos.'18-'19. *8 mos.'17-'18.
Ordinary$
$
$
$
Customs
Internal revenue:
Income and excess
profits tax
Miscellaneous
Miscell. revenue
14,979,078
12,019,442
104,163,175
107,921,982
30,341,343
94,310,163
22,361,050
13,200,937
59,115,478
14,177,234
758,956,379
796,017,095
307,177,801
70,817,283
450,144,970
139,792,951
Total
161,091,634
98,513,001 1,966,314,450
768,677.186
Panama CanalTolls, &c
767,530
585,349
4,778,666
3,319,131
Public Debt1st Lib. Loan bonds_
5,515
2,664,305
520,441,676
2d Lib. Loan bonds..
605 3,807,136,989
9,507,907
3d Lib. Loan bonds.... _
1,050,089
934.431,880
4th Lib. Loan bonds.. 332,298,590
6,957,785,204
Certifs of Indebted...A ,714,911,000 1,184,834,000 13,805,521,800 5,332,521,500
War Savings and Thrift
Stamps
15,816,539
41,148,244
751,634,062
75,944,418
Postal Savings bonds.
289,260
1,020,940
Deposits for the purchase of One-Year
Treasury Notes (sec.
18, Fed. Res. Act,
approv. Dec.23 1913)
19,150,000
Deposits for retirement
of na,t'l bank notes
and Fed. Res. bank
notes (acts of July 14
1890& Dec.23 1913)
1,478,643
19.502,285
2,495,450
5,472,610
Total
2,065,554,861 1,237,991,115 22,471,829,401
Exports.
Imports.
Month.
1485
9,811,688,133
Grand total receipts_ _2,228,314,025 1,337,089,555 24,442,922,517 10,583,684,450
1918-19.
1917-18.
$
1918-19.
I
1917-18.
1018-19.
1917-18.
$
96,101,747 95,713,123 237,731,667 210,181,903
July
122,452,147 122,231,660209,108,295 274,627,773
August
September 115,731,618 90,805,185197,725,054 242,132,080
October .._ 105,821,699 91,319,486,182,657,189 219,908,712
November 98,787,677 89,530,607,231,464,051 270,128,789
December 91,969,882 91,511,471j222,987,829 209,467,362
January_ _ 85,880,208 88,164,970264,544,534 248,203,724
February _ 110,759,849 94,303,999311,376,177 168,713,182
9,215,233 11,190,794
8,589,023 10,684,750
8,438,132 9,469,365
7,350,251 9,548,029
7,390,251 8,733,214
6,342,530 7,142,266
8,026,387 7,488,551
9,856,349 8,177,780
Total __ 827,504,827772,580,501 1857594796 1843363525 65,208,166 72,434,749
Imports and exports of gold and silver for the 7 months:
Silver-New York.
Gold Movement at New York.
Month.
Imports.
1918-19.
Exoorts.
1917-18.
as
s
July
August..
September
October
November
December
January
February_
627,829
688,892
559,988
456,282
531,690
861,071
649,358
529,787
Total __
4,904,897
904,838
1,245,038
980,609
1,225,028
1,090,73
908,575
1,070,270
993,993
1918-19.
1917-18.
$
$
3,903,713 10,170,282
268,600 12,337,552
737,900 11,331,810
381,200 7,484,497
221,832 3,911,375
985,950 1,187,606
2,517,289
657,940
2,346,310 3,170,387
Imports.
Exports.
1918-19.
1918-19.
a;
s
1,803,038 2,435,000
2,421,115 2,985,275
2,012,001 2,784,204
1,551,114 6,358,613
1,738,094 1,513,080
1,846,753 13,579,959
7,038 6,290,043
2,566,942 5,574,910
8,419,081 11,362,884 59,260,449 13,946,095 41,530,084
BANK NOTES-CIIANGES 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:
Circulation Afloat Under-
Bonds and Legal Tenders
on Deposit for-
Disbursements.
OrdinaryChecks and warrants
paid (less balances
1,029,451,549
repaid, &c.)
Int. on public dt. paid_
5,679,256
661,905,604 11,009,485,234 3,757,146,956
3,495,087
244,980,121
54,409,310
Total
1,035,130,805
SpecialPanama Canal: Checks
paid (less balances
repaid,&c.)
1,382,148
Purchase of obligations
of foreign Gov'ts
145,397,302
Purchase of Fed. Farm
• Loan bonds:
Principal
7,900,000
Accrued interest..
103,648
665,400,691 11,254,465,355
22,400,000
225,583
14,000,000
177,210
Total
154,783,008
Public DebtBonds, interest-bearing
notes&certts.retired 669,882,093
One-year Treas. notes
redeemed (sec. 18,
Fed. Res. Act, approved Dec. 23 1913)
Nat. bank notes and
Fed. Res. bank notes
retired (Acts of July
14 1890 and Dec. 23
1,553,070
1913)
337,477,917 2.529,947,087
3,493,295,681
Total
671,435,168
1,838,793
9,686,704
3,811,556,266
12,788.711
325,000,000 2,497,634,800 3,466,329,750
10,500,000
139,124
150,636,605 10,517,936,568 3,307,047,864
20,000
19,150,000
19,150,000
2,021,195
14,424.277
16,660,117
152,677,800 10,551.510,845
3,342,857,981
Grand total disburs'ts_1,861,349,072 1,155,556,408 24,335,923,287 10.647,709,928
of total receipts
over total disburse'ts 366,964,953
Excessoftotaidisbursem'ts over total rec'ts
EXCeSA
181,533,147
106,999,230
64,025,478
*Receipts and disbursements for June reaching the Treasury in July are included.
1918-19.
Bonds.
Mar.31 1919._
Feb.28 1919_
Jan. 31 1919Dec. 311918..
Nov.30 1918..
Oct. 31 1918-Sept.30 1918_
Aug.31 1918_
July 31 1918
June 30 1918May 31 1918._
Apr. 30 1918._
Mar 30 l918__
688,183,250
683,342,450
683,004,450
684,648.950
684,468,950
684,446,440
683,026,300
682,411.730
690,831 260
690,384,150
691.579.160
688,969,710
688,060.510
Legal
Tenders.
Legal
Tenders.
Bonds.
40,194,752
42,080,347
41,903,027
39,867,332
40,421,622
41,833,562
43.467,307
44,108,182
36.150 417
36,878,979
35,980,575
36.189,817
36,252.360
684,292,440
679,799,125
680,025,471
683,661,878
676,431,533
679,637,575
678,405,863
680.210.470
687.577 645
687,326,508
687,098,070
686,098,360
684,667.147
40.194,752
42,080,347
41,903,027
39,867,332
40,421,622
41,833,502
43,467,307
44,108,182
36.150.417
36,878,977
35,989,575
36,189,817
36.252,360
Total.
724,487,192
721,879,472
721,928.498
723.529,210
716,853.155
721,471,137
721,933.170
724,318,652
723.728.062
724.205,485
723,987,045
722,288,177
720.019,507
$155,632,180 Federal Reserve bank notes outstanding April 1, of which $154,974,800 covered by bonds and $657,380 by lawful money.
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 Mar. 31.
U. S. Bonds Held Mar.'31 to SecureBonds on Deposit
March 31 1919.
On deposit to On deposit to
secure Federal
secure
Reserve Bank National Bank
Notes.
Notes.
2s, U. S. Consols 01 1930
14,129,000
4s, U. S. Loan 01 1925
2,593,000
2s U. S. Panama of 1936
404,500
01
1938
Panama
2s, U. S.
285,300
2s, U. S. One-year certifs. of indebtedn's 143,183,000
Total
160,594,800
Total
Field.
562,699,150
53,386,800
47,078,380
25,018,920
576,828,150
55,979,800
47,482,880
25,304,220
143,183,000
688,183,250
848,778,050
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Mar. 1 and
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.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Clev. Cm. Chic. dr St. L.. pref. ((var.) 11.1 Apr. 21 Holders of rec. Apr. la
Dayton Coal, Iron & Ry., pf.(monthly) Sc. Apr. 30 Holders of rec. Mar.22a
Delaware Lack. & Western (quar.)
$2.50 April 21 Holders of rec. April 4a
184 May 1 Holders of rec. Apr. 4a
Great Northern (quar.)
t Kansas City Southern, pref. (quar.) _
1
Apr. 15 Holders of rec. Mar.:31a
314 Apr. 15 Holders of rec. Mar. 20a
Minn. St. P.& S. S. M.. corn. & pre
New York Central RR.(guar.)
114 May 1 Holders of rec. April 8a
Norfolk & Western adj., pref.(quar.)
May 19 Holders of rec. Apr. 30a.
Northern Pacific (quar.)
134 May 1 Holders of rec.April 12a
tPere Marquette, prior pref. (quer.)_ _ _
14 May 1 Holders of rec. Apr.:18a
Pittsburgh & West Virginia, pref
14 May 31 Holders of rec. May 15a
Reading Company. common (guar.). _ $1
May 8 Holders of rec. Apr. I6a
Tonopah 3r Goldfield, common (annual) 7
Apr. 15 Holders of rec. Apr. 10
Apr. 15 Holders of rec. Apr. 10
Preferred (annual)
7
Warren RR
$1.75 Apr. 15 Holders of rec. Apr. 50
Street and Electric Railways.
Brooklyn City RR.(quar.)
Carolina Power & Light,common (quar.)
Central Illinois Public Serv., pref. (qu.)
Ctn. Newp.& Coy. L.& Tr., corn.(qu.)
Preferred (Guar.)
Cities Service, corn. & pref.(monthly)
Common (payable in common stock).
Cities Service, Bankers' shares (monthly)....
Duquesne Light Co., pref.(qtr.)(No. 17)
Milwau1xe Elec. Ry. & Lt., pref. (guar.).
Nashville Ry. & Light, pref. (guar.)
Ottumwa (Iowa) Ry. de Lt., pref. (guar.).
Pacific Gas de Elec., corn.(quar.)(No. 13)
Philadelphia Company,common (guar.)
Six per cent preferred (quar.)
Philadelphia & Western Rs', pref. (qu.)
Republic Ry.& Lt., pref. (qu.)(No. 31)
25c Apr. 15 Apr. 3 to Apr. 15
14 May 1 Holders of rec. Apr. 15
Apr. 15 *Holders of rec. Apr. 1
114 Apr. 15 Apr. 1 to Apr. 15
Apr. 15
134 Apr. 15 Apr. 1 to
14 May 1 Holders of rec. April 15a
May I Hollers of rec. April 15a
/1
41.1c. May 1 Holders of rec. Apr. 15
14 May 1 Hol !ers
rec. Apr. 1
134 Apr. 30 Holders of rec. Apr. 21a
14 Apr. 1 Holders of rec. Mar.27
114 Apr. 15 Holders ;:t rec. Mar. 31
14 Apr. 21 Holders of rec. Apr. 8 1
75c. Apr. 30 Holders of rec. Apr. la
$1.50 May 1 Holders of rec. Apr. la
6234c Apr. 15 Holders of rec. Mar. 31a
134 Apr. 15 Holders of rec. Mar. 31
*1%
1486
THE CHRONICLE
Per
When
Cent. Payable,
Name of Company.
Books Closed.
Days Inclusive.
Street and Electric Rys. (Concluded).
Scioto Valley Tract.,corn.(in L.L.bds.) 41
April 15 Holders of rec. April 10
West Penn Power, pref. (guar.) (No.3)_
135 May 1 Holders of rec. Apr. 19
York (Pa.) Railways, pref.(guar.)
62Me. Apr. 30 Holders of rec. Apr. 19a
Banks.
City, National (Brooklyn) (guar.)
Corn Exchange (guar.)
Mechanics & Metals National (quar.) •
Produce Exchange, New York (quar.)....
Miscellaneous.
Air Reduction,common (guar.)
Preferred (quar.)
Alabama Co., 1st & 2d pref. (quar.)_......
Alliance Realty (quar.)
Allis-Chalmers Mfg., pref. (quar.)
Preferred (account accum.dividends)Amer.Agri°. Chem.,COM.(go.)(No 30)
Preferred (quar.)(No. 55)
American Bank Note, common (guar.)
Amer. Beet Sugar' common (quar.)
American Chicle,common (quar.)
American Cigar, common (quar.)
American Fork & Hoe, preferred
Amer. Gas & Elec., pref.(qu.)(No.49)_
American Glue, common
Corn.(extra, payable in L.L. bonds)American Ice, preferred (quar.)
Am.La FranceFire Eng.,Inc.,com.(qu.)
Amer. Laundry Machinery, pref. (qu.)
Amer.Light & Traction,common (quar.)
Common (payable in common stock)_
Preferred (guar.)
American Locomotive, pref. (guar.)
Amer. Rolling Mill, common (quar.)
Preferred (guar.)
American Seeding Mach., corn. (guar.).
Preferred (quar.)
Amer. Shipbuilding, common (quar.)_ _
Common (extra)
Preferred (quar.)
American Telep.& Teleg.(guar.)
American Thermos Bottle
Amer. Type Founders, corn. (quar.)
Preferred (quar.)
American Woolen, common (guar.)
Extra (payable In Liberty Loan bonds)
Preferred (guar.)
Anaconda Copper Mining (guar.)
Asbestos Corp.of Can.,Ltd.,corn.(qu.)
Preferred (guar.)
Associated Oil (quar.)
Atlas Powder, pref. (quar.)
Barnhart Bros. & Spindler.
First & second preferred (quar.)
Barrett Company, preferred (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone of Pa. (quar.)
Borden's Cond. Milk,pref (qu.)(No.70)
Brilish-Columbia Fish. & Pack. (guar.)
British-Columbia Packers Assn.,cam.(gu.)
Brown Shoe, Inc., preferred (guar.)
Burns Bros., common (guar.)
Common (extra payable in coin. stock)_ _
Preferred (guar.)
Canada Cement, Ltd. (quar.)
Canadian Explosives, common (guar.)...
Common (extra)
Common (extra)
Preferred (guar.)
Carbon Steel, common (guar.)
Common (extra)
Carbon Steel, second pref. (annual)._
Central Coal & Coke,common (quar.)._
Preferred (quar.)
Central Foundry, 1st pref. (quar.)
Central Leather, common (guar.)
Chicago Pneumatic Tool (quar.)
Cincinnati Tobacco Warehouse •
Cluett, Peabody & Co., Inc., com.(quar.)_
Commonwealth-Edison (guar.)
Commonwealth Finance Corp., pf.(qu.)
Commonwealth Gas & Elec. Cos., pf.(qu.)
Continental Motors Corp., pref. (guar.)
Corn Products Refining, pref. (quara_ _
Cosden & Co., cam. (quar.) (No. 7)___ _
Crocker-Wheeler Co., common (quar.)
Preferred (quar.)
Cudahy Packing, preferred
Delaware Lack. & West. Coal (quar.)_.
Depositors Oil de Gas (guar.)
Detroit Edison (quar.)
Detroit Iron & Steel, common (guar.)._
Preferred (quar.)
Distillers Securities Corp. (guar.)
Extra
Dominion Coal, preferred (qu.)(No. 54)
Dominion Steel Corp., Ltd., pref. (guar.)_
Dominion Textile, Ltd., pref. (quar.)....
duPont(E.I.)deNem.&Co.deb.stk.(qua
du Pont(E . de Nem.Powd.,com.(qu.)
Preferred (quar.)
Eastern Steel. common (guar.)
Eastman Kodak,common (extra)
Edison Elec. Ill. of Boston (qu.)(No. 120)
Eisenlohr (Otto) & Bros., Inc., cam. (qu.)
Electrical Scour. Corp., pref. (quar.)
Electric Bond& Share,com. (gu.)(No. 40)
Preferred (Mar.)
Electrical Utilities Corp., pref. (guar.)_
Emerson-Firantingham Co., pref. (qu.)_
Eureka Pipe Line (quar.)
Fajardo Sugar (quar.)
Federal Sugar Refining, com. (guar.)__ _ _
Preferred (guar.)
Firestone Tire & Rubber, pref.(guar.)_ _
Fisher Body Corp., ref.(guar.)
General Motors, common (quar.)
Preferred (quar.)
Debenture stock (guar.)
Gillette Safety Razor (quar.)
Extra
Globe-Wernicke Co., pref. (quar.)
Goodrich (B. F.) Co.. common (quay,)..
Preferred (quar).
Goodyear Tire & Rubber,2d pref.(qu.)_
Granby Cons. Min.,Smelt.& Pow.(qu.)
Harbison-Walker Retrac., pref.(guar.).
Holly Sugar Corp., pref. (quar.)
Homestake Mining (monthly)(No.536).
Houghton Co. Elec. Light, com. (No. 28)
Preferred (No. 33)
Houston Gas & Fuel, pref.(guar.)
Howe Sound Co. (guar.)
Illinois Northern Utilities, pref. (guar.).
Indiana Pipe Line (quar.)
Ingersoll-Rand, common
Inspiration Cons. Copper Co. (quar.)....
Internat. Agri°. Corp., pref. (quar.)
Internat. Harvester, com.(quar.)(,Vo.3)
International Nickel, pref. (quar.)
International Paper, pref. (guar.)
$1.75
5
5
5
Apr.
May
Apr.
Apr.
15
1
15
15
Holders of rec. Apr. 5a
Holders of rec. Apr. 30
Holders of rec. Apr. 5a
Holders of reo. Apr. 10
$1
1%
1%
135
1%
April 15 Holders of reo. Mar.31
April 15 Holders of rec. Mar.31
Apr. 24 Holders of reo. Apr. 10a
Apr. 16 Holders of rec. Apr. 10
Apr. 15 Holders of rec. Mar. 31a
Apr. 15 Holders of rec. Mar. 31a
2
Apr. 15 Holders of reo. Mar 24a
135 Apr. 15 Holders of rec. Mar.24a
*75a. May 15 *Holders of rec. May la
p2
Apr. 30 Holders of rec. Apr. 12a
1
May 1 Holders of rec. Apr. 19
2
May 1 Holders of rec. Apr. 15a
3)5 April 15 Holders of rec. April 5
75a. May 1 Holders of rec. Apr. 18
May 1 Apr.d18 to May 2
5
45 May / Apr.d18 to May 2
1g Apri125 Holders of rec April 15a
2
May 15 Holders of rec. May 8a
1% Apr. 15 April 6 to April 15
2)5 May 1 Apr. 13 to Apr. 27
f2M May 1 Apr. 13 to Apr. 27
1)5 May 1 Apr. 13 to Apr. 27
1% Apr. 21 Holders of reo. Apr. 43
75a. April 15 Holders of rec. Mar. 31a
135 April 15 Holders of rec. Mar. 31a
1
April 15 Holders of rec. Mar. 31a
135 April 15 Holders of rec. Mar. 31a
1% May 1 Holders of rec. April 15a
23i May 1 Holders of rec. April 15a
1n May 1 Holders of rec. April 15a
2
Apr. 15 Mar. 15 to Mar.25
$6 Apr. 15 Holders of rec. Apr. 5
1
Apr. 15 Holders of reo. Apr. 10a
1% Apr. 15 Holders of rec. Apr. 10a
13.5 Apr. 15 Mar. 18 to Apr. 1
410
Apr. 15 Mar. 18 to Apr. 1
1% Apr. 15 Mar. 18 to Apr. I
$1 May 26 Apr. 20 to May 14
135 Apr. 15 Holders of rec. Apr. 1
135 Apr. 15 Holders of rec. Apr. I
1.35 Apr. 15 Holders of rec. Mar.21a
135 May 1 Apr. 20 to Apr. 30
1M
1%
2
135
1)5
May 1 Holders of rec. Apr. 25a
Apr. 15 Holders of rec. Mar. 31a
Apr. 15 Holders of reo. Mar. 31a
April 15 Holders of rec. April 5a
June 14 Holders of rec. May 31a
15( May 21 May 10 to May 20
235 May 21 May 10 to May 20
1% May 1 Holders of rec. Apr. 19a
*235 May 15 *Holders of rec. May I
*f235 May 15 *Holders of rec. May 1
*1% May 1 *Holders of rec. Apr. 19
135 Apr. 16 Holders of rec. Mar. 31
135 Apr. 30 Holders of rec. Mar. 31a
12)5 Apr. 30 'folders of rec. Mar. 31a
1235 July 31 Holders of rec. June 30a
13 Apr. 15 Holders of rec. Mar.31a
2
Apr. 15 Holders of rec. Apr. 10a
3
Apr. 15 Holders of rec. Apr. 10a
6
July 30 Holders of rec. July 26
1)5 April 15 Holders of rec. Mar. 31a
13 April 15 Holders of rec. Mar. 31a
2 April 15 Holders of rec. Mar. 31a
1% May 1 Holders of reo. April 10a
1)5 Apr. 25 Holders of reo. Apr. 15a
1
Apr. 15 Holders of rec. Apr. 5
1.)5 May 1 Holders of rec. Apr. 19
*2
May 1 *Holders of rec. Apr. 15
1% Apr. 15 Holders of reo. Mar. 31
13.5 Apr. 15 Holders of rec. Apr. la
April 15
1% April 15 April 9 to
15 April 15 Holders of rec. April 5a
12Mc. May 1 Holders of rec. Apr. 15a
2
April 15 Holders of rec. April 5
1% April 15 Holders of rec. April 5
335 dMay 1 Holders of rec.dApr. 21
$1.25 Apr. 15 Holders of rec. April la
5
Apr. 30 Holders of rce. Apr. 20
2
Apr. 15 Holders of reo. Mar. Ma
25c. April 15 April 6 to April 15
17Mo. April 15 April 6 to April 15
35 April 18 Holders of rec. April 2a
135 April 18 Holders of rec. April 2a
1% May 1 Holders of rec. Apr. 12
1)5 May 1 Apr. 16 to May 1
135 Apr. 15 Holders of rec. Mar. 31
135 Apr1125 Holders of rec. Apr. 10
135 May 1 Holders of reo. Apr. 19a
134 May 1 Holders of reo. Apr. 19a
234 Apr. 15 Holders of rec. Apr. 1
5
May 1 Holders of reo. Mar. 31a
3
May 1 Holders of rec. Apr. 15
*1
May 15 *Holders of reo. May 1
135 May 1 Holders of sea. Apr. 22a
2
April 15 Holders of reo. Apr. 14
135 May 1 Holders of rec. Apr. 16
135 Apr. 15 Holders of reo. Apr. 7
*1% May 1 *Holders of rec. April 18
4
May 1 Holders of rec. April 15
235 May 1 Holders of rec. April 22
1% May 1 Holders of rec.. Apr. 21a
135 May 1 Holders of rec. Apr. 21a
135 Apr. 15 Holders of rec. Apr. in
I% May 1 Holders of rec. Apr. 22a
3
May 1 Holders of rec. April 15a
135 May 1 Holders of reo. April 15a
135 May 1 Holders of rec. April 15a
$2
May 31 Holders of reo. May 1
May 31 Holders of rec. May 1
$1
134 April 15 Holders of rec. Mar. 31
1
May 15 Holders of rec. May 5
1% July 1 Holders of reo. June 201
2
May 1 Holders of rec. Apr. 15a
1)5 May 1 Holders of rec. Apr. 18a
134 Apr. 19 Holders of rec. Apr. 9a
1)5 May •1 Holders of rec. April 15
50c. Apri125 Holders of rec. April 19
6235c. May 1 Holders of reo. Apr. 18a
75c. May 1 Holders of rec. Apr. 18a
135 Apr. 5 Holders of rec. Apr. 5a
Sc. April 15 Holders of rec. Mar. 31
*135 May 1 *Holders of rec. April 19
$1
May 15 Holders of rec. April 24
5
Apr. 30 Holders of rec. Apr. 19a
$1.50 Apri128 Holders of rec. April ha
135 Apr. 15 Holders of rec. Mar. 31a
135 Apr. 15 Holders of rec. Mar.25a
135 May 1 Holders of reo. Apr. 16
135 April 15 April 9 to AprI123
Name of Company.
[VoL. 108.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
Kayser (Julius) & Co., 1st & 2d pf.(qu.) 135 May 1 Holders of rec. Apr. 21a
Kelly-Springfield Tire, common (quar.) $1
May 1 Holders of rec. Apr. 15
Common (payable in common stock). f3
May 1 Holders of rec. Apr. 15
Kerr Lake Mines, Ltd. (guar.)(No.7)...... 25c. June 16 Holders of reo. June 2a
KeystoneTelephone, preferred
41.50 May 1 *Holders of rec. Apr. 19
Keystone Tire & RubberCommon (payable in common stock). (15
May 20 Holders of rec. May 1
Kress (S. H.)*Co., common (quar.)..
1
May 1 Holders of rec. Apr. 19a
1
Apr. 15 Holders of rec. Mar. 31a
Laurentide Power (quar.) (No. 1)
Lone Star Gas (extra, in L. L. bonds).... 44
Apr. 16 Holders of rec. Mar. 25a
Lukens Steel (quar.)
1
April 15 April 1 to April 14
MacAndrews & Forbes Co.. corn. (qu.)- 1235 April 15 Holders of rec. Mar. 31
134 April 15 Holders of rec. Mar.31
Preferred (quar.)
Manufacturers' Light & Heat (guar.)._ $1 April 15 Holders of rec. Mar. 31a
Maple Leaf Milling, common (quar.).... 255 April 18 Holders of rec. April 3
Common (bonus)
1
April 18 Holders of rec. April 3
Preferred (quar.)
134 April 18 Holders of reo. April 3
Marconi Wireless Teleg. of America..
25c. July 1 June 2 to June 14
134 May 1 Holders of rec. April 15
Massachusetts Gas Cos. (quar.)
Massachusetts Lighting Cos., pref.(qu.) 135 April 15 Holders of rec. Mar.25
Mexican Telegraph (guar.)
235 April 16 Holders of rec. April 10a
Miami Copper Co. (guar.)(No. 27)
50c. May 15 Holders of reo. May la
Michigan Limestone & Chem.. pf.(qu.)- 43%o. Apr. 15 Holders of rec. Mar. 31a
1
Middle Stales Oil Corp.(monthly)
May 1 Holders of rec. Apr. 24
Stock dividend
10
May 1 Holders of rec. Apr. 24
Midvale Steel & Ordnance (qu.)(No. 10) $1 May 1 Holders of rec. April 15a
Midway Gas,corn. (guar.)(No.7)
50c. April 15 Holders of rec. Mar.31
Preferred (quar.) (No. 8)
$1.40 April 15 Holders of rec. Mar. 31
Midwest 011, pref. (quar.)
2o
April 19 Holders of rec. April la
Midwest Refining (quay.)(No. 18)
$1
May 1 Holders of reo. Apr. 15a
Extra (No. 1)
50o. May 1 Holders of reo. Apr. 15a
Mohawk Mining (guar.)
$1 May 1 Holders of res. April 12a
Montreal Telegraph, guar. (guar.)
2
April 15 Holders of rec. Mar. 316
Mountain States Telep. & Teleg.(guar.) 134 Apr. 15 Holders of rec. Mar. 31
Nash Motors, preferred (guar.)
135 May 1 Holders of rec. Apr. 18
National Biscuit, corn.(quar.) (No. 83).. 135 April 15 Holders of rec. Mar.316
Nat. Cloak & Suit, corn.(qua (No. 9).. 134 April 15 Holders of rec. April 8a
NationalFuel Gas (quar.)
235 Apr. 15 Holders of rec. Mar.31a
National Oil, preferred (guar.)
20c. Apr. 15 Holders of reo. Apr. la
National Paper & Type, corn. (quar.)... 2
Apr. 15 Holders of reo. Mar.31a
Preferred (quar.)
134 Apr. 15 Holders of rec. Mar. 31a
N. F. & Honduras Rosario Min.(guar.)- 3
Apr. 30 Holders of rec. Apr. 19
Amortization distribution (No. 7)
2
Apr. 30 Holders of rec. Apr. 19
4
New York Transit (guar.)
Apr. 15 Holders of rec. Mar.22
135 Apr. 15 Holders of rec. Mar. 31
Niagara Falls Power, pref. (quar.)
25a. April 21 Apr. 1 to Apr. 17a
Nipissing Mines (guar.)
Northern States Power, pref. (quar.)
134 April 21 Holders of rec. Mar. 31
Nova Scotia Steel& Coal,Ltd.,corn.(qu.) 134 Apr. 15 Holders of roe. Mar.31a
2
Preferred (quar.)
Apr. 15 Holders of reo. Mar.31a
5
Ohio Brass, common
April 15 Holders of rec. Mar.31a
135 April 15 Holders of rec. Mar. 31a
Preferred (guar.)
Ohio Fuel Supply (quar.)
6234c. Apr. 15 Holders of rec. Mar. 31a
155 Apr. 15 Holders of reo. Mar.31
Otis Elevators, common (quar.)
Preferred (quar.)
135 Apr. 15 Holders of reo. Mar. 31
Pacific Telep. & Teleg., pref. (quarj__ _
135 Apr. 15 Apr. 1 to Apr. 15
Packard Motor Car,con.(guar.)
*2
April 30 *Holders of reo. April 15
Penmans, Limited, common (quar.).... 134 May 15 Holders of rec. May 5
135 May 1 Holders of rec. Apr. 21
Preferred (quar.)
Pennsylvania Lighting, pref. (guar.)
155 Apr. 15 Apr. 5 to Apr. 15
750. Apr. 15 Holders of roe. Mar. 31a
Pennsylvania Salt Mfg. (quar.)
Pierce-Arrow Motor Car, common (qu.) $1.25 May 1 Holders of rec. Apr. 15a
135 April 25 Holders of rec. April 10a
Pittsburgh Coal of Pa., corn. (guar.)._ _
135 April 25 Holders of rec. April 10a
Preferred (guar.)
134 Aprli 25 Holders of rec. April 10a
Pittsburgh Coal of N.J., pref. (quar.)_
3
Prairie Oil & Gas (guar.)
April 30 Holders of rec. Mar. 31a
2
Extra
April 30 Holders of rec. Mar.31a
Prairie Pipe Line (quar.)
3
Apr. 30 Holders of rec. Mar. 31a
Procter & Gamble, pref. (guar.)
2
April 15 Holders of roe. Mar. 25a
Public Serv. Co. of Nor. Ills., corn.(qu.) *134 May 1 *Holders of rec. April 15
•135 May 1 *Holders of rec. April 15
Preferred (guar.)
250. May 1 Apr. 22 to Apr. 30
Pyrene Manufacturing (quar.) (No. 26)
3
April 15 Holders of reo. April in
Quaker Oats, common (guar.)
1
Common (extra)
April 15 Holders of reo. April la
135 May 31 Holders of rec. May in
Preferred (guar.)
Republic Iron & Steel,com.(qu.)(No.10) 135 May 1 Holders of roe. April 21a
Russel Motor Car, preferred (quar.)
3
May 1 Holders of reo. Apr. 17
Sapulpa Refining (guar.)
1234e May 1 Apri120 to May 1
Shattuck-Arizona Copper Co. (guar.). _
25c. Apr. 19 Holders of rec. Mar. 3ea
Southern Calif. Edison, 1st pref. (quar.) 134 April 15 Holders of rec. Mar. 31a
Southern New England Telephone (qu.) 134 Apr. 15 Holders of rec. Mar. 31a
Steel Co. of Canada, Ltd., cam.(guar.). _
134 May 1 Holders of rec. Apr. 10
Preferred (quar.)
IM May 1 Holders of rec. Apr. 10
Steel Products Co., common (quar.)
3
Apr1119 Holders of rec. April ba
Steel Products. pref. (guar.)
134 June 1 Holders of rec. May 15a
Superior Steel Corp., common (guar.)
135 May 1 Holders of rec. Apr. 15a
2
May 15 Holders of reo. May la
First and second preferred (quar.)
Swan & Finch Co
254 May 1 Holders of rec. Apr. 1
Tobacco Products Corp., cam. (guar.)___ _ g135 May 15 Holders of rec. Apr. 30
15c. Apr. 21 Apr. 1 to Apr. 7
Tonopah Mining of Nevada
Transue & Williams Steel Forg.(guar.)- $1.25 Apr. 15 Holders of reo. Apr. 2a
Union Natural Gas Corp. (guar.)
234 Apr. 15 Holders of rec. Mar. 31a
*134 Apr. 21 *Apr. 11 to Apr. 21
Union Oil (guar.)
*1
Apr. 21 *Apr. 11 to Apr. 21
Extra
April 19 Holders of reo. April 7a
United Alloy Steel Corp. (guar.)
$1
United Cigar Stores of Am., corn. (qu.) 234 May 15 Holders of rec. April 284
United Drug,first preferred (quar.)_ _ 8734e May 1 Holders of rec. April 15a
Second preferred (qilar.)
135 June 2 Holders of reo. May 15a
United Fruit (quar.) (No. 79)
234 Apr. 15 Holders of rec. Mar.20a
Extra
50o. Apr. 15 Holders of rec. Mar.20a
United Gas Inapt.(quar.)
April 15 Holders of roe. Mar. 31
$1
U. S. Glass (guar.)
*1
Apr. 25 *Holders of rec. Apr. 17
135 Apr. 15 Holders of reo. Mar.31a
U. S. Indus. Alcohol. pt.(qua No. 50)2
Apr. 30 Holders of reo. Apr. 15a
U.S. Rubber,first preferred (guar.).U.S. Smelt. Refg.& Min.,com.(guar.) $1.25 April 15 Holders of rec. April 7a
8734c April 15 Holders of rec. April 7a
Preferred (quar.)
U.S. Worsted, first preferred (guar.)_ _ _
134 Apr. 15 Apr. 12 to Apr. 14
United Verde Extension Mining (quar.)
50o. May 1 Holders of rec. Apr. 7a
Va.-Carolina Chem., corn.(qu.)(No.47) 1
May I Holders of reo. April 15a
Preferred (guar.) (No. 04)
2
April 15 Holders of rec. April 7a
Victor Talking Machine, corn.((Nara_
5
Apr. 15 Apr. 1 to Apr. 8
Preferred (guar.)
134 Apr. 15 Apr. 1 to Apr. 6
lat Apr. 20 Holders of rec. Apr. 10a
Vulcan Detinning, pref. (guar.)
hl
Apr. 20 Holders of rec. Apr. 10a
Preferred (on acct. accurn. diva.). _
Apr. 17 Holders of rec. Mar. 31a
Warner (Chas.) Co. of Del., com.(qu.)
1
First and second preferred (guar.)_
135 Apr. 21 Holders of rec. Mar. 31a
Western Grocer, common
4
June 30 Holders of reo. June 20
Preferred
June 30 Holders of rec. June 20
3
Western Power Corp., preferred (quar.) 1
April 15 Holdera of reo. Mar.31a
Western States Gas & El., pref. (quar.) 134 AprIl 15 Holders of reo. Mar. 31
Western Union Teleg.(quar.)(No. 200) 135 April 15 Mar. 21 to Apr. 9
Westinghouse Air Brake (guar.)
$1.75 Apr. 30 Holders of rec. Apr. 8
Westinghouse Elec. & Mfg.,com.(qu.)_ 8735c. Apr. 30 Holders of rec. Apr. 4a
Preferred (guar.)
8735c. Apr. 15 Holders of rec. Apr. 4a
May 1 Apr. 22 to May 1
Wheeling Mold & Fdy., com.(quar.)....
1
3
may 1 Apr. 22 to May 1
Common (extra)
Willys-Overland Co., corn. (quar.)_ _ 25a. May 1 Apr. 16 to May 13
Woolworth (F. W.) Co., coin. (guar.)._ *2
June 1 *Holders of roe. May 1
From unofficial sources. t Declared subject to the approval of Director-General
of Railroads. j The New York Stock Exchange has ruled that stook will not be
quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable in stock. f Payable in common stook. g Payable in scrip.
h On account of accumulated dividends. I Payable in Liberty Loan bonds. 1 Red
Cross dividend. in Payable in U. S. Liberty Loan 454% bonds.
p Declared 8% payable 2% each April 30, July 31 and Oct. 31 1919 and Jan. 31
1920, to holders of record on April 12, July 12 and Oct. 11 1919 and Jan. 10 1920,
g Payable halt in cash and half in Fourth Liberty Loan bonds.
respectively.
r Erroneously reported in previous issues as 75c. and 87 Mo., respectively. Par
value of stocks are now $100 an 1 dividends are 6% per annum on first preferred
and 7% per annum on second preferred.
1487
THE CHRONICLE
APR. 12 1919.]
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
Capital.
For organization of national banks:
The First National Bank of Meistone, Montana
The National Mechanics Bank of Newport News, Virginia_ _ _ _
The First National Bank of Port Royal,Pennsylvania
The First National Bank of Windom, Texas
City National Bank of Perth Amboy, New Jersey
The Security National Bank of Temple, Oklahoma
For conversion of State banks:
300,000
The Deposit National Bank of Paterson, New Jersey
Conversion of the Paterson Safe Deposit and Trust Co.
The Fidelity National Bank and Trust Co. of Kansas City,
1,000,000
Missouri
Conversion of the Fidelity Trust Co. of Kansas City.
25,000
100,000
25,000
30,000
100,000
25,000
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
25 Media Title & Trust,$25 each.. 5534
40 Corn Exchange Nat. Bank_ .. _ _370
354
5 Phila. Nat. Bank
4 Bank of North America
25534
3 Fidelity Trust
52134-525
7 Logan Trust
155
1 Philadelphia Trust
710
55 Rights to subscribe to Franklin
Trust at $125
31-3434
25 Pelham Trust
130
25 13th & 15th Streets Pass. Ry_204-205
8 Pa. Acad. of Fine Arts
2834
30 H. K. Mulford, $50 each- _ _58%-59
100 Atlantic C. & Chelsea Impt.,
$50 each
734
7 Smith, Kline & French
95
100
2 Aschenbach & Miller, Inc
10 United Gas & Elec., 1st prof....38-39
Per cent.
Bonds.
$2,000 Logan Co. Light & Power
1st 6s, 1934
9054
4,800 Phila., City, 334s, 1920._ 9634
7,000 Municipal Service 1st lien
82
collat. trust 5s, 1942
17,500 Consumers Ice, Atlantic C.,
9034
1st 5s, 1932,guar
5.000 Hammonton & Egg Harbor
City Gas 1st 58, 1933
75
1st
1,000 Chautauqua Assembly
5s, 1920
85
5,000 Schuylkill Co. Ry. 1st 55,'44(
5,000 Schuylkill Electric 1st 5s,'67i $900
5,000 Schuylkill Ry.lst cons.5s,'35I lot
100 shares Schuylkill El., $50 ea.
100 shares Shuyl. Co.Ry.,$50 ea.1
I
$1,605,000
Total
CHARTERS ISSUED.
Original organizations:
The First National Bank of Willard, New Mexico
Succeeds the Torrance County Savings Bank of Willard.
Conversions of State banks:
The Peoples National Bank of Bedford, Virginia
Conversion of the Peoples Bank, Bedford.
The Producers National Bank of Bakersfield, Cal
Conversion of the Producers Savings Bank of Bakersfield.
Statement of New York City Clearing House Banks
and Trust Companies.-The following detailed statement
$30,000 shows the condition of the New York City Clearing House
members for the week ending April 5. The figures for the
100,000 separate banks are the averages of the daily results. In the
200,000 case of totals, actual figures at end of the week are also given.
$330,000
Total
CHARTERS EXTENDED.
The Citizens National Bank of Navasota, Texas. Charter
extended until close of business April
The First National Bank of Glen Campbell, Pennsylvania.
Charter extended until close of business April
CLEARING
HOUSE
MEMBERS.
(.000 omitted.)
Week ending
April 5 1919.
9 1939.
7 1939.
INCREASES OF CAPITAL APPROVED.
Amount.
The First National Bank of Elmore, Minnesota
to
Capital increased from
The Chicopee National Bank of Springfield, Massachusetts_ _
Capital increased from $400,000 to
The Union Market National Bank of Watertown,Massachusetts.
Capital increased from $150,000 to
The First National Bank of Tenafly, New Jersey
Capital increased from
$25,000 $50,000.
$500,000.
$200,000.
$25,000 to $50,000.
$25,000
100,000
50,000
25,000
$200,000
Total
VOLUNTARY LIQUIDATION.
The First National Bank of Covington, Tennessee, Capital_ Liquidating agent: E. L. Worrell, Covington, Tennessee.
Succeeded by the First State Bank of Covington.
$60,000
Canadian Bank Clearings.-The clearings for the week
ending April 3 at Canadian cities, in comparison with the
same week in 1918, show an increase in the aggregate of
34.5%.
Week ending April 3.
Clearings at
1919.
I
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William_ _
New Westminster
Medicine Hat._
Peterborough
Sherbrooke
Kitchener
Prince Albert..-
115,919,702
74,095,671
30,692,261
10,698,739,
7,635,080,
4,769,837!
3,802,566,
5,544,940,
2,622,525
2,674,9411
5,208,430,
1,958,340,
3,354,540,
3,126,643,
• 598,5291
450,000,
1,778,0771
866,211;
1,314,078,
488,1171
496,670,
402,195.
722,642;
1,108,834'
709,894'
399,263
0 Total Canada_
281,438,725
1918.
1 Inc. or I
1 Dec. 1
1
$
65,785,864
50,990,000
40,870,564
7,886,664
6,633,167
3,039,534
3,141,409
4,662,065
2,131,555
2,548,742
6,013,924
1,354,474
2,785,871
2,953,703
547,724
• 670,438
1,566,597
926,830
1,134,644
580,780
425,848
450,986
575,268
787,995
569,325
272,544
% I
+76.3
+45.3
-24.91
+35.71
+15.1
+58.91
+21.0,
+18.91
+23.0,
+4.9,
-13.41
+44.61
+20.41
+5.9,
+9.3
-32.8
+13.5
-6.5
+15.9
-15.9
+16.7
-10.8
+25.6
+40.8
+24,7
+46.5
209,286,515 +34.5
1917.
$
I
1
71,606,180
53,548,356
45,260,106
6,150,628
5,838,456.
4,222,015
2,666,393
4,027,1821
2,144,6111
2,548,128;
6,450,5611
1,433,4371
2,568,6051
3,010,399,
532,155,
781,864'
1,689,8211
864,540,
1,119,367,
553,962,
246,463,
560,806,
643,709;
663,1941
640,6571
1916.
65,923,475
46,953,734
33,397,411
5,532,109
5,091,450
3,731,691
2,185,016
4,066,120
1,746,188
2,211,221
4,173,339
1,299,841
2,422,654
1,779,543
513,603
528,812
1,186,916
636,452
830,495
442,296
291,041
376,748
413,701
519,604
219,771,604' 186,253,460
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:
Per cent. Shares. Stocks.
Shares. Stocks.
Per Cent.
30 United Gas dr Elec., 1st pf..24-25
30 U. S. Mtge. & Trust ...415-41734
75 Great American Insurance...380
105-110
35 Commercial Trust
Hudson
Trust
2,000
130
56
Cockshutt Plow, Ltd., corn.. 10
525 Miami Paper, common...._ 30
5 Harriman National Bank__ ..300
Bonds.
Per cent.
50 Metropolitan Trust
34934
$3,000 Trenton Pennington & Hope100 Marden, Orth & Hastings
Corp., common
534
well St. Ry. 1st 5s, 1943.. 5734
By Messrs. Millet, Roe & Hagen, Boston:
$ per sh.
Shares. Stocks.
218
20iNat. Shawmut Bank
5 Bigelow-Hart. Carpet, cora_ 8334
87
7 Fairhaven Mills, preferred.. _
150iLudlow Mfg. Assoc. rights_ _ _ _ au
10 Gray & Davis, Inc., prof
10334
811lood Rubber, common
150
$ per sh.
Shares. Stocks.
25 Waltham Watch, common__ _ - 1634
50 Hendee Mfg., common
24
40 Mass. Lighting, common
o
9 Draper Corporation
119
Per Cent.
Bonds.
$1,000 N.E.Brick Yards 1st 5s,'25 5034
By Messrs. IL L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
132
17 Lyman Mills
1050
2 Dwight Mfg., $500 each
18034
5 Great Falls Mfg
23134
10 Nashua Mfg
90
6 Lancaster Mills
634
15 Ludlow Mfg. Assoc,. rights
Bleach.
&
D.
W
159
Waltham
4
104Thomson Elec. Welding,$20 ea_ 51
5 Converse Rubber Shoe, pref.__ 9034
21Gray & Davis, Inc., pref., un10134
1 deposited
119
33 Draper Corporation
20.No. Boston Ltg. Prop., prof...... 8734
93
,&Merrimac Chemical, $50 each
NEW YORK WEEKLY CLEARING HOUSE RETURN.
(Stated in thousands of dollars-that is, three ciphers [,000] omitted.)
Shares. Stocks.
$ per sh.
15 Gray & DavLs,Inc.,com.,$25 ea 3434
Per cent.
Bonds$4,000 Fall River, City, 4s, 1927.... 9534
4,000 Fall River, City, 4s, 1928_ 9534
2,000 Fall River, City, 45, 1929.... 9534
1,000 Boston Elev. Ry.48, 1935_ 69
1,000 Austin (Tex.) St. Ry. 1st 5s,
1936
72
13,500 So. Mich. Telephone (Burr
Oak) 1st 68, 1927; Jan. 1919
coupon on
$5,000 lot
1,000 Pawtucket Gas of N. J. 1st
4s, 1932
9334
Reserve
Loans,
Net
with
Net
Time
Capital. Profits Discount, Cash
DeIn
Legal Demand
InvestNat'l, Mar. 4 ments. Vault. Deport- Deposits. posits.
tortes.
etc.
State, Feb. 21
fr.Cos,Feb. 21
Average. Averag Average Average Average Avg..
2
$
33,720 1,840 764
414 5.047
5,739 50,226
59,935
7,210 63,676 1,616 9,515
24,279 2,722 1,802
2,836 33,672
508 3,170
11,643 157,072 10,384 26,232 158,250 3,890 3,759
27,999
6,780 32,070 1,014 4,491
54,132 591,517 14,415 103,297 t676,310 24,762 1,421
59,040 6,199 439
9,578 87,988 1,652 8,107
146
589
14,683
501 2,043
958
16.538
3,362
299
115
519
109
3,549
92,687 5,697 4,925
6,167 113,886 1,772 12,374
25,651 396,131 2,165 36,027 285,634 4,852
75
16,610
15,93
1,250 2,466
1,134
84,350 9,158 2,574
2,822 105,346 4,950 10,661
150
119,895
17,363 123,050 5,748 17,671
260 989
33,695
3,286 39,439
944 5,065
45
27,422
2,404 55,154 2,049 3,814
126,209 2,381
8,290 122,381 5,886 16,876
50
24,013
51
771 3,180
8,163 37,144
19,439, 202,997 1.616 22,648 172,299 3,991 4,957
6,722
102
so
6,726
236 1,008
6261
641
15,736
868 2,230
4,0661 19,427
164,762 2,194 8,228
31,297 238,460 1.313 23,569
856 1,332
113,637
6,112 112,074 3,566 15,039
753
199
12,044
12,488
726 1,528
421
5,328
788
7,218
158
642
16,870 330,413 6,827 43,613 278,848 11,211 2,367
18,869
2,301 21,448 1,177 2,662
934
6,659
261
858
7,500
7,854
8,150
345 1,011
762
17,406
47 210
2,067
17,729 1,244 2,467
34 399
11,991
1,342
13,106
256 1,779
7,283
487 246
273
912
397
7,013
70
43,392
190
3,782 49,912
966 6,562
53,610 1,838 1,078
564 7,741
4,704 85,003
10,983
416 415
754 1,461
1,122
18,959
15,089
388 398
490 2,023
15,557
1,271
27,029 6,543
773 3,808
2,289 40,484
239,399 8,920
17,361 289.236 1,024 31,031
52,738 1,025
586 7,425
4,551 63,484
28,525' 509,982 3,082 54,596 t460,434 23,278
548
8,808
299 1,158
1,2841 11,582
73,822 6,468
6,904 95,366 1,011 9,323
26,496 1,761
1,412 28,445
934 2.791
67,053 3,092
10,677 110,408
71 9,561
15,859 1,607
428 2,330
1,305 26,653
19,481 1,433
379 2,767
663 20,109
31,262 1,168
4,402 46,070
811 4,629
874
50
10,550
432 1,071
1,220 15,563
42,442 1,097
1,189 41,187 2,452 5,781
12,006 129,909 4,155 16,165 t145,628 9.113
(
198,100 366,153,4,653,427 94,231 560,966 c3,877,401 151,952 37,959
Members of
Fed.Res.Bank
Bk of NY,NBA
Manhattan Co..
Merchants' Nat
Mech&Met Nat
Bank of America
National City....
Chemical Nat...
AtlanticNat....
Nat Butch & Dr
Amer Exch Nat
Nat Commerce.
Pacific Bank_
Chat & Phen N
Hanover Nat_
Citizens' Nat...
Metropolitan _Corn Exchange.
Imp & Trad N.
NationalPark_
East River Nat
Second Nat__ _ _
First National_
Irving National
NY County Nat
Continental -_ Chase National.
Fifth Avenue_
Comm'i Exch_
Commonw'th
Lincoln Nat _._
Garfleld Nat- _
Fifth National_
Seaboard Nat..
Liberty Nat.._ _
Coal & Iron Nat
Union Exch Nat
Brooklyn%Trust
Bankets Trust..
U S Mtge &Tr_
Guaranty Trust
Fidelity Trust..
Columbia Trust
Peoples Trust..
NewYork Trust
FranklinITrust_
Lincoln Trust..
MetropolitanTr
Nassau N,Bkln
Irving Trust...
Farm Loan &Tr
average
Nat'l
Bank
Circulation.
2,000
2,500
2,000
6,000
1,500
25,000
3,000
1,000
300
5,000
25,000
500
3,500
3,000
2,550
2,000
4,200
1,500
5,000
1,000
1,000
10,000
4,500
1,000
1,000
10,000
200
200
400
1,000
1,000
250
1,000
3,000
1,000
1,000
1,500
15,000
2,000
25,000
1,000
5,000
1,000
3,000
1,000
1,000
2,000
1,000
1,500
5,000
Totals,actual co ndition
Totals,actual co ndition
Totals,actual co ndition
Totals,actual co edition
April 5'4,622,863
Mar.29 4,661,555
Mar.22 4,709,770
Mar.15 4,765,646
94,225559,040 c3,886,093 151,65938.250
96,2(% 527,653 c3,801,555 151,33237.609
94,629 541,884,c3,809,027 148,883 37,613
95,180 562,919,c3,845,432 147,162 36.396
State Banks. Not Me 7:hers ft Federal Reserve Bank
500 1,559 16,579 2,320 1,251
GreenwichBank
331
679
5,930
250
812
Bowery Bank_ _
N Y Prod Exch 1,000 1,242 24,308 2,603 2,187
607 44,232 4,587 3,277
2,000
State
16,710
5,521
26,188
43,656
25
78
4,221
91,049 10,189
7,046
92,075
101
Apr. 5
Mar.29
Mar.22
Mar.15
90,317 10,382
91,928 10,234
91,175 10,134
91,859 9,914
7,639
6,840
6,897
6,411
92,805
92,711
91,222
90,269
103
85
85
76
Trust Compan leg. N ,et Mem hers of Fe deral Re serve Bank.
25,344
914 2,950,
Title Guar & Tr 5,000 12,033 40,845
15,220
813 1,535,
Lawyers T & Tr 4,000 5,264 23,332
795
496
Average
3,750
Totals,actual condition
Totals,actual condition
Totals,actual condition
Totals,actual condition
Average
9,000 17,297
64,177
1,727
Apr. 5
Mar.29
Mar.22
Mar.15
64,807
63,955
64,012
65.538
1,631
1,730
1,771
1,705
Totals,actual condition
Totats,actual condition
Totals,actual condition
Totals,actual condition
4.4851
4,882'
4,282
5,120
4,549
40,564
1,291
41,831
40,009
40,530
40,967
1,300
1,329
1,322
1,318
Gr'd aggr., avge 210,850 387,672 4,808,653 100,147572.497 d4,010,040 153,344 37,959
1-28,514F-2,066 +44054 +104,252 +1,682 +637
Comparison,prev week
Gr'd aggr, act'l cond'n Apr. 54,777,087106,238571,581104,020,729 153,00238,250
I -39,451 1,994 +32786 +86,454 +316 +641
Comparison,pre v. week
1Gr'd aggr., act'l cond'n Mar.29 4,817,438 108,232 538,775 3,934,275 152,74637.809
Gr'd aggr, act'l 'cond'n Mar.22 4,864,957 106,534 553.901 3,940,779 150,290 37,613
Gr'd aggr, act'l cond'n Mar.15 4,923,043 106,7991573,879 3,976,668 148,556 36,396
Gr'd aggr, act'l cond'n Mar. 84,810,034 105,127 550,674 3.866.192 144,820 36,220
Gr'd aggr, act'l cond'n Mar. 14,857,594 103,135 542,332 3,875,556 143,49436.047
tIncludes deposits in foreign branches not included in total footings as follows:
National City Bank, 190,017,000; Guaranty Trust Co.,$57.358,000; Farmers' Loan
& Trust Co., $26,830,000. Balances carried in banks in foreign countries as reserve
for such deposits were: National City Bank, $21.513,000: Guaranty Trust Co.,$11,668,000; Farmers' Loan & Trust Co.. $8,410,000. c Deposits in foreign branches
not incl. d U.S. deposits ded.,1199,811,000. e U.S. deplsited ded.,$172,815,000.
Bills payable, rediscounts, acceptances and other liabilities, $697,568,000.
1488
THE CHRONICLE
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
[VOL. 108
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
Slate Banks.
Cash
Reserve
in Vault.
Reserve
in
Depositaries
Total
Reserve.
April 5.
1919.
a
Reserve
Required.
11,916,000
12,045,000
11,700,000
11.603,000
572,497,000 584,413,000 531,278,790
528,443,000 540,488,000 517,598,190
587,874,000 599,574,000 528,448,260
550,366,000 561,969,000 517.371.000
Members Federal
Reserve Bank_
State banks*
Trust companies.-
10,382,000
1,631,000
Total
Reserve.
Surplus
Reserve.
Reserve
Required.
$
$
3
559,040,000 559,040,000 509,741,860 49,298,140
7,639,000 18,021,000 16,704,900 1,316,100
4,882,000 6,513,000 6,274,650
238,350
Total Apr. 5_ _ _ _ 12,013,000 571,561,000 583,574,000 532,721,410
Total Mar.29_ _ 11,964,000 5'38,775,000 550,739,000 521,431,440
Total Mar.22_ _ _ _ 11,905,000 553,901,000 565,806,000 522,139,460
Total Mar. 15_ _
11,619,000 573,879,000 585,498,000 526,714,490
50,852,590
29,307,560
43,666,540
58,783,510
* 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'
Apr. 5, $4,558,560; Mar. 29, $4,507,620; Mar. 22, $4,461,060; Mar. 15, $4,391,010.
b 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 Bank includes
also amount of reserve required on net time deposits, which was as follows: Apr. 5,
$4,549,770; Mar. 29, $4,539,960; Mar. 22, $4,466,490; Mar. 15, $4,414,860.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing Ho ass, 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
April 5.
previous week.
Loans and investments
$787,570,300 Dec. $8,992,700
Specie
8,130,900 Dec.
159,100
Currency and bank notes
16,459,000 Dec. 1,181,000
Deposits with the F.R.Bank of New York
63,195,200 Inc. 6,723,900
Total deposits
816,338,300 Dec. 1.532,400
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 737,953,300 Inc. 25,711,800
Reserve on deposits
134,898,100 Inc. 10,015,200
Percentage of reserve, 20%.
RESERVE.
State Banks
- -Trust Companies
Cash in vaults
$18,425,200 12.72%
$69,359,900 13.10%
Deposits in banks and trust cos_.... _ 12,302,800 8.49%
34.810,200 6.58%
Total
$30,728,000 21.21%
April 5.
1919.
'Differences from
previous week.
I
$
$
$
Capital as of Feb. 21_
25,900,000
1 104,600,000
Surplus as of Feb.2143,559,900
172,776,000
3
Loans
&
investments
578,266,300 Inc.
507,200 2,043,538,400 Dec. 50,340,800
52,345,310
8,524,100 Inc.
96,300
10,753,900;Dec.
785,200
661,500 Specie
339,600
25,220,500 Inc.
20,262,000 Dec.
900,000
127,400' Currency & bk. notes
Deposits with the F.
I
R.Bank of N.Y..
53,106,700;Inc. 2,485,700 206,682,600 Inc. 9,121,700
53,134,210
867,417,900IDec. 16,317,900 2,021,960,7001Ino. 1,000,900
22,889,810 Deposits
71,125,740 Reserve on deposits. 105,328,200 Inc. 1,043,000 294,339,000;Inc. 11,427,700
P. C. reserve to dep1.9%
17.0%'Dec.
20.3% Inc.
0.1%
44.598,000
Actual Figures.
Reserve
Cash
Reserve
I
in Vault. Depositaries
-Differences from;
previous week.
Surplus
Reserve.
Members Federal
Reserve Bank _
560,966,000 560,966,000 508,720,690
State banks.
10,189,000
7,046,000 17,235,000 16,573,500
Trust companies._ _
1,727,000
4,485,000 6,212,000 6,084,600
Total Apr. 5_ --Total Mar.29_ - _
Total Mar.22__ _ _
Total Mar. 15.....
Trust Companies.
Week Ended April 5.
Averages.
5104,170,100 19.68%
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 10001 omitted.)
Net Loans,
Capital]Profits. DisCLEARING
Reserve
Net
Net
NON-MEMBERS
counts, Cash
with Demand Time Bank
Nat.bks.Mar.4 InvestIn
Legal
DeDe- CirceWeek ending Statebks.Feb21 ments, Vault. Depost- posits. posits. lotion.
April 5 1919. Tr.cos. Feb.21 etc.
tortes.
Members of
Fed'! Res. Bank.
Battery Park Nat_
Columbia
Mutual Bank._ _
New Netherland_ _
W R Grace & Co's
Yorkville Bank_ _
First Nat'l, Jer Cy
1,500
1,000
200
200
500
200
400
1,526
672
580
195
835
633
1,379
Average Average Average Average Average Average
$
11,842
227 1,412
7,751
69
187
15,221
580 1,946 14,518
397
10,667
198 1,453 10,302
202
0,169
187
5.369
776
62
14
7,000
4,427
869
770
299 1,027
10,275
5,821 4,550
11,523
557
730
6,754
400
4,000 5,802 72,897
====_,.-====_•
State Banks
Not Members ofthe
Fed'I Reserve Bank.
441 2,509
100
Bank of Wash fits
Colonial Bank_ _ _ _
500 1,137 11,690
InternationalBank
222 6,801
500
220 5,069
200
North Side, Bklyn
2,062
8,213
54,942
6,140
308
1,306
687
453
140
1,016
342
302
2,201
12,360
5,816
4,785
573
1,30012,021 26,069
2,753
1,800
25,162
912
472
283
294
319
5,882
3,987
1.158
4,214
-___
755771
3.
9.869
5,372
_---
Total
Total
Trust Companies
Not Members of the
Fed': Reserve Bank.
Hamilton Tr,BkIn
Mech Tr, Bayonne
Total
500
200
700
Grand aggregate _ 6,000
Comparison previo us week
Gr'd aggr, Mar.29
(led aggr. Mar. 22
Gr'd aggr, Mar. 15
Gr'd aggr, Mar. 8
1,045
384
8,139
8,594
1,430 16,733
587
339
9,253115,499 5.5701
10,6281_1189,973 12,424
.
587
-44,832r-4.951, 3,640 39
.112)
J--1,309 -424
8,400
8,400 11,435161,783
8,400 11,300162,975
8,400 11,300161,272
7,521
7,488
7,583
7,625
14,166
14,240
15,233
14,595
129,073
129,448
134,725
132,312
13,733
14,237
14,278
14,155
1,011
1,015
1,008
981
a U.S. deposits deducted, $4,054,000.
Bills payable, rediscounts, acceptances and other liabilities, 8,828,000.
Excess reserve, $191,510 increase.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
Boston Clearing House Banks.-We give below a sumand trust companies in Greater New 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.
$
5,499,400,200
5,471,164.400
5,489,226,000
5,470,203,800
5,360,177,900
5,330,133,600
5,384,107,700
5,373,134,600
5.378,736,500
6.416,960.500
5.473,492,200
5.495,539,400
5.514,714,000
5.525,768,300
5.492,269,000
5,509,784,600
5.571.631,800
5,583.221,600
5,629,541,700
5.649.123,500
5,698,070,800
5.633,730,000
5.506.220.200
Demand
Deposits,
w;pw.r,00co,otzxocm.....woAowo,
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec 7
Dec. 14
Dec. 21
Dec. 28
Jan. 4
Jan. 11
Jan. 18
Jan 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Any. 5
Loans and
Investments.
0,0000M.4.0000020g0.9.420Q0
Week ended-
*Total Cash
in Vault.
Reserve in
Depositaries.
$
139,935,700
137,695.000
141,922.100
141,983.700
141,405,200
142,319,200
142,105,300
141,455,900
146,531,400
147,245,300
118,938,900
141,934,500
135,813.100
132,677,300
130,568.700
133,267,700
133,632.800
131,342,200
128,952,600
132,655,200
130,905.000
134,143,000
$
638,211,600
648,002,100
667,230.500
661.674,400
661,755,700
646,812,500
661,730,000
878,028,000
649,133,500
697,931,000
688,196,700
676,355,700
646,887,000
648,143,600
645,124,806
628,112,400
625.109,700
643,761.000
647,186,900
658,275,500
692,405,000
627,395.000
682.805.21w
ran 7nn.nnn
• This item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
BOSTON CLEARING HOUSE MEMBERS.
April 5
1919.
Changes from
• previous week.
$
4,717,000 Dec.
Circulation
Loans, disc'ts .1c investments_ 523,766,000 Dee.
Individual deposits, incl.U.S. 409,575,000 Dec.
109,975,000 Inc.
Due to banks
Time deposits
12,399,000 Inc.
Exchanges for Clear. House_ 16,009,000 Inc.
Due from other banks
59,427,000 Inc.
Cash in bank & in F. R.Bank 58,644,000 Inc.
Reserve excess in bank and
Federal Reserve Bank
13,861.00011n°.
March 29
1919.
March 22
1919.
14,000 4,731,000 4,745,000
3,865,000 527,631,000 533,150,000
9,659,000 419,234,000 434,286,(m)
6,739,000 103,236,000 111,537,000
132,000 12,287,000 12,346,000
1,413,000 14,596,000 14,331,000
3,235,000 56,192,000 67,632,000
1,630,000 67,014,000 58,979,000
2,383.000 11,478,000 12,223.000
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending April 5, 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."
Week ending April 5 1919.
New York City State Banks and Trust Companies.In addition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished
by the State Banking Department. the Department also
presents a statement covering- all the institutions of this
class in the City of New York.
For definitions and rules under whieh the various items
are made up,see "Chroniele." V.98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronic!." 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. 9s, p. 1045).
Two ciphers (00) omitted. Membersof
F.R.System
Capital
Surplus and profits
Loans, disc'ts & investm'ts
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.Bank
Ree've with legal deposit's
Cash In vault*
Total reserve .1c cash held_
Reserve required
Excess res. & cash in vault
529,675,0
79,997,0
750,045,0
23,568,0
104,644,0
152,330,0
470,672,0
6,007,0
629,009,0
nisei
Cos.
Total.
$3,000,0
7,631,0:
27,00,1,0
841,0
14,0
281,0'
19,220,0:
53,656,0
14,718,0
68,374,0
49,659,0
18,715,0
19,501,03,345,0
820,0
4,165,0'
2,706,0
1,369,0
1
332.675,0
87,628,0
777,040,0
24,409,0
104,658,0
152,611,0
489,892,0
6,007,0
648,510,0
25,286,0
53,656,0
3,345,0
15,538,0
72,539,0
52,455,0
20,084,0
March 29
1919
March 22
1919.
532,675,0
87,657,0
783,887,0
23,560,0
99,649,0
151,209,0
490,653,0
5,900,0
647,771,0
34,173,0
49,730,0
2,383,0
16,271,0
6,834,0
52,934,0
15,450,0
$32,675,0
87,649,0
787,441,0
24,594,0
101,921,0
155,812,0
499,862,0
5,696,0
661,370,0
38,270,0
54,035,0
3,224,0
16,319,0
73,578,0
54,020,0
19,558,0
*Cash In vault Is not counted as reserve for Federal Reserve bank members.
1489
THE CHRONICLE
APR. 12 1919.]
weekly statement issued by the Federal Reserve
Member Banks of the Federal Reserve System.-Following is the
liabilities of the Member Banks. Definitions of the different items
Board giving tho principal items of the resources andstatement
issued under date of Doe. 14 1917 and which was published
contained in the statement wore given in the weekly
In the "Chronicle" of Doc. 29 1917, page 2523.
LIABILITY ITEMS OP MEMBER BANKS LOCATED IN CENTRAL RESERVE
ISTATEM;ENT SHOWINC1 PRINCIPAL RESOURCE AND
23 1919.
AND OTHER SELECTED CITIES AS AT CLOSE OP BUSINESS MARCH
deAggregate holdings of United States war securities and war paper and
of the Dec. 5
indebtedness
of
of
certificates
scale
large
a
on
26% of the loans
Redemption
accordance with the Treasury clined from 3,811 to 3,689.6 millions and constitute
191811ssue prior to their maturity on May 6 in withdrawals of Government Investments of all reporting banks, as against 26.6% the week before.
ratio from 30.4 to 29.8%
announcement of Mar. 21, and substantial
Reserve Board's weekly statement For the New York City banks a decline in this
deposits are indicated in the Federal
Is noted.
772 member banks in leading cities.
largely at banks in the
showing condition on Mar. 28 of
millions,
81.4
declined
deposits
Government
cershown in the holdings of Treasury
deposits (net) fell off
A decrease of 121.3 millions is
alone reporting curtailment under 12 Federal Reserve bank cities. Other demand
millions. Cash in vault
9.3
up
tificates, the New York City members
went
deposits
time
while
millions,
4.4
circulation
than
other
bonds,
`United States
with the Federal
balances
reserve
Aggregate
this head of 54 millions.
millions.
2.2
increased
war
while loans secured by United States
like balances of the New
bonds, decreased 4.6 millions,
loans and investments show a Reserve banks increased 8.5 millions, though
week of 19.6 millions.
for
the
obligations increased 4.5 millions. Other
decline
a
show
members
City
York
about
of
a
decrease
ing
notwithstand
gain for the week of 19.5 millions,
New York banks.
7 millions reported by the
1. Data for all reporting banks In each district. Two ciphers (00) omitted.
New York. Philade1.1Cleveland. Richned. Atlanta.
Boston.
Member Banks.
Number of reporting banks--
$
451
1
100
83
90,
561
Chicago.
St. Louts. Minneap. Kan. City
$
1 $
$
48,836,0 11,697,0 40,883,01 25,190,0 15,265,0
$
$3
Dallas. 1San Fran.
Total.
53
772
6,820,0 13,984,0 18,275,0 35,685,0
267,756,0
44
76
34
37
101
47
19,911,0 16,903,0
U.S.bonds to secure eireulat'n 14,402,0
660,825,0
Other U. S. bonds, including
62,180,0 20,789,0 10,826,0 26,985,0 20,257,0 33,150,0
19,408,0 281,649,0 37,295,0 70,264,0,1 47,722,0 30,300,0
Liberty bonds
30,677,0 105,445,0 1,900,673,0
97,053,0 848,462,0 130,978,0 142,273,01 67,038,0 63,950,0 255,061,0 66,679,0 43,152,0 49,905,0
U.S. certifs. of Indebtedness_ 130,863,0 1,178,947,0 179.870,0 253,420,0,139,950,0 109 515,0 337,152,0 104,376,0 60,798,0 90,874,0 69,209,0 174,280,0 2,829.254,0
Total U.S.securities
89,763,0 33.380,0 10,707,0 11,381,0 7,071,0 21,847,0 1,128,053,0
504,843,0 42,292,0 92,419,0 39,334,0 22,321,0
10,252,844,0
Loans see. by U.S. bonds,&c. 92,695,0 4,019.748,062
5,012,0 990,326,0,374,252,0 302,830 0 1,412,709,0 379.733,0 232,437,0 446,840,0 175,871,0 512,111,0
All other loans & investments 780,975,0 625,881,0, 61,527,0, 87,965,0' 36,074,0 29,705,0J 157,517,0 38,386,0 22,849,0 47,297,0 16,615,0 48,924,0 1,244,821,0
350,048,0
20,269,0
Reserve bal. with F. R. bank_ 72,080,0
10,489,0
14,864,0
10,495,0
23,268,0 119,500,01 19,115,01 31,245,0 17,121,0 13,446,01 60,416,0 9,820,0 223,442,0 387,716,0 154,888,0 429,341,0 10,054,438,0
Cash In vault
692,275,0'4.684,975,0653,426,0700,072,0 316,700,0 240,144,0,1,185,086,0 296,373,0
1,679,153,0
135,919,0
28,183,0
66,559,0
Net demand deposits
51,318,0
95,457,0
423,634,0
105,357,01 270,359,0 22,300,0,294,521,0 77,838,0 104,708,01
608,561,0
Time deposits
88,740,0 22,969,0 10,363,0 18,740,0 14,552,0
58,959,0 268,910,0 38,963,0 54,252,0 16,298,0 15,810,0
Government deposits
Cities and Other Reporting Banks.
2. Data for Banks In Federal Reserve Bank Cities, Federal Reserve Branch
Mar. 21.
65
(35
No.reporting banks
U. S. bonds to secure cir37,947,0
38,018,0
culation
Other U. S. bonds, Includ243,884,0 242,611,0
ing Liberty bonds
U. S. ctfs. of indebtednes:. 779,743,0 833,718,0
1,114,276,0
1,062,245,0
_..
Total U.S.securities_
Loans see. by U.S. bds.,&e. 525,200,0 525,337,0
624,293,0
3,617,397,03,
'tE
loans&Investrn
other
All
Res. balances with F.R.13k 590,635,0 610,173,0
105,900,0, 104,542,0
Cash in vault
4,294,280,0 4,314,240,0
Net demand deposits
211,137,6 206,088,0
Time deposits..
246,734,0' 283,766,0
Government deposits
Ratio of U.S. war securities
and war paper to total
30.4
29.8;
loans and investments%
Alt F. R. Bank Cities.
Chicago.
New York.
Mar. 28.
Mar. 21.
Mar. 28.
44
1
1,169,0,
25,956,0!
151,364,0;
178,489,0
(34,862,0
882,924,0
110,305,0
35,258,0
807,712,0
162,533,0
54,062,0
44
Mar. 28.
255
255
1
102,922,0 102,251,0
27.1
All Other kep)rt'g Banks!
Total.
Mar. 28.
Mar. 21.
Mar. 21.
357
357
772
772
160
$
54,829,0
160
$
54,829,0
$
110,005,0
110,001 0
267,756,0
267,031,0
27.7
24.4
25.2
23.2
23.4
26.01
26.6
Board on April 5:
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve
Reserve banks, an increase
connection
Largo withdrawals of Government deposits apparently induo
May 6,
with the redemption before maturity of Treasury certificates
indicated by
are
paper
war
and
commercial
of
fmoderate
liquidation
also
of
close
as
at
issued
tholFederal Reserve Board's weekly bank statement
business on April 4 1910. 'rho bank's gold reserves show an increase of
Treasury.
the
by
gold
deposits
following
8.6 millions
War paper on hand declined 16.1 millions, other discounts-2.2 millions,
and acceptances-7.3 millions. Treasury certificates, largely of the 1-year
show an increase
2%Itype to secure Federal Reserve bank note circulation,
of 4.8 millions. Total earning assets, 2,314.6 millions, show a decline
for the week of 20.7 millions. At the end of the week 5 Federal Reserve
banks report aggregate contingent liabilities of 118 millions on paper
r
F. R. Branch CUies.
Mar. 2 . Mar. 21. ' Mar. 28.
1,169,0
1
665,441,0
660,825,0
27,151,0 370,087,0 369,758,0 114,143,0 119,156,0 176,595,0 176,527,0
2,022,018,0
157,174,0 1,286,643,0 1,376,234,0 290,075,0 303,319,0 323,055,0 342,465,0 1,900,673,0 2,954,540,0
185,494,0 1,759,652,0 1,848,243,0 459,947,0 477,301,0 609,655,0 628,993,0 2,829,254,0
1,123,551,0
65,703,0 897,224,0 891,409,0 105,131,0 106,367,0 125,698,0 125,775,0 1,128,053,0 10,233,324,0
875,800,06,769,260,0 6,767,747,0 1,525,597,0 1,513,393,0 1,957,087,0 1,952,184,0 10,252,844,0
1,236,335,0
104,040,0 925,176,0, 917,753,0 149,812,0 152,194,0 169,833,0 166,388,0 1,244,821,
347,755,0
350,048,
91,014,0
55,085,01 90,141,0
55,267,0
35,715,0 204,640,0: 201,656,0
10,058,842,0
793,633,0 7,128,256,0 7,124,054,0 1,242,310,0 1,238,671,0,1,683,872.0 1,696,117,0 10,054,438, 1,669,934,0
162,889,0 682,942,0 676,959,0 485,944,0 483,087,0' 510,267,0 509,888,0 1,679,153,0
690,045,0
608,561,0
97,587,0
86,240,0
89,349,0
54,605,0 441,200,0 503,109,0 81,121,0
22.2
21.5
Mar. 21.
of
rediscounted with or sold to other Federal
39.5 millions over the corresponding total reported the week before by
4 banks.
Government deposits decreased 83.1 millions, while members' reserve
38
deposits gained 24.1 millions. Net deposits show a decline of over cirmillions. A total increase of 25.9 millions in Federal Reserve note
the
culation is shown, the New York bank reporting over one-half ofbank
increase, while the banks' aggregate liabilities on Federal Reserve
notes in circulation increased 3.9 millions.
As a result of the gain in reserves and the considerable decline in deposit
liabilities, the banks' reserve percentage shows a rise from 51.9 to 52.2%.
and in addition
The figures of the consolidated statement for the system as a whole are given in the following table,
of the corresponding week of last year,
we present the results for each of the seven preceding weeks, together with thoseand
liabilities separately for each of the
thus furnishing a useful comparison. In the second table we show the resources
(the third table following) gives
twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts
and between
details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents
the latter and the Federal Reserve banks.
are included
-The weekly statement Issued by the bank subdivides some certain Items that
"Foreign
FEDERAL RESERVE BANK OF NEW YORK.
prepared at Washington. Thus, "Other deposits. &c.," as of April 4, consisted of
under a more general classification in the statement
Corporation," 81.747,299.
Finance
War
to
"Due
and
bank
r
$7,016,419,
deposits,"
"Non-membe
Government deposits," 594.737.121;
BUSINESS APRIL 4 1919'
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
April 5 1918.
April 4 1919. Mar.28 1919. Mar.211919. Mar,14 1919. Mar.7 1919. Feb. 28 1919. Feb. 20 1919. Feb. 14 1919.
RESOURCES
Gold coin and certificates
Gull settlement fund, F. R. Board
Gold with f,irelgn agenciei
Total gold held by banks
Gold with 1,4),Ieral Reberve agents
Gold redemption fund
Total gold reserves
Legal tender notes, sliver, tire
$
5333,381,000
612,711,000
s
326,791,000
563,577,000
5,829,000
$
329,741,000
566,864,000
5,829,000
$
5
•
332,749,000 311,070,000
501,078,000 511,227,000
5,829,000
5,829,000
$
345,762,000
463,484,000
5,829,000
$
350,417,000
457,889,000
5,829,000
$
347,764,000
437,278,000
5,829,000
s
483,780,000
381,163,000
52,500,000
917,443,000
946,095,000 896,197,000 902,431,000 839,656,000 858,126,000 815,075,000 814,135,000 790,871,000
873,077,000
1,100,173,000 1,113,070,000 1,112,938,000 1,170,001,01)0 1,163.840,000 1,187,760,000 1,197,983,000 1,217,363,000
23,404,000
111.113,000
112,923,000
120,163,000
104,082,000 133,038,000 125,470,000 119,277,000 117,513,000
1,813,924,000
2,119,347,000
2,125,041,000
2,122,998,000
2,139,479,000
2,129,534,000
2,150,950,000 2,142,305,000 2,140,842,000
63,509,000
65,971,000
66,491,000
65.725,000
65,983,000
67,203,000
67,736,000
67,678,000
68,219,000
1,877,433,000
2,218,628,000 2,210,524,000 2,208,578,000 2,196,737,000 2,205,462,000 2,188,723,000 2,191,532,000 2,185,318,000
Total reserves
1,674,916,000
Bills discounted:
304,075,000
1,603,052,000
965000
1,596,458,000
667
.1
1,701,487,000
1,702,351,000
1,091,678,000
Secured by Govt. war obligations..__. 193,066,000 1,691,010,000
233,849,000 269,808,000
240,790,000 195,230,000 189,8(11,000 184,012,000 186,240,000 *211,855,000 221,996,000 275,068,000
All other
326,503,000
276,919,000 269,920,000
273.493,000
261,924,000
262,139,000
In
248,107,01)0
open
bought
market
Bills
2,108,772,000
900,386,000
2,111,969,000
2,088,374,000
2,156,739,000
2,134,347,000 2,143,463,000 2,148,502,000 2,161,220,000
Total bills on hand
60,403,000
28,101,000
28,095,000
27,091,000
27,057,000
27,223,0110
27,222,000
27,138,000
27,134,000
(1. S. Govt. long-term securities
141,204,000 260,400,000
178,646,000 173,797,000 172,471,000 168,348,000 159.835,000 155,688,000 147.123,000
U.S. Govt. short-torus securities
3,222,000
4,000
4,000
4,000
4,000
4,000
4,000
3,000
3,000
All other earning assets
1,224,411,000
2,281,278,000
2,263,596,000
2,339,525,000
2,348,116,000
2,344,077,000
2,314,555,000 2,335,285,000 2,343,160,000
Total earning assets
8,967,000
8,969,000
9,713,000
9,720,000
9,720,000
9,712,000
9,711,000
9,713,000
Hank premises
Uncollected items and other deduction
356,954,000
701,465,001)
633,806,000
653,465,000
599,197,000
644,959,000 660,066,000 797,303,000 683,017,000
from gross deposits
537,000
(1,842,000
6,809,000
6,813,000
7,429,000
6,745,000
7,067,0110
6,901,001)
6,792,000
5% redenip. fund agst. F. R. bank not
324,000
10,658,000
8.480,000
8,497,000
8,210,000
7,507,000
7,772,000
7,274,000
resources
7,738,000
All other
5,113,192,000 5,194,528,000 3,459,659,000
5,202,385,000 5,229,928,000 5,373,425,01)0 5,247,803,000 5,178,131,000 5,206,738,000
Total resources
61.0%
45.2%
47.0%
45.4%
47.6%
51.0%
47.3%
51.5%
55.5%
Gold reserve against net deposit liab
59,8%
53.8%
53.2%
53,4%
.51.4%
51.1%
49.3%
49.4%
47.3%
Gold res. agst. F. R. notes In act. eire'n
to
net
deposit
reserves
and
gold
of
Ratio
60.3%
50.3%
49.7%
50.5%
49.9%
48.9%
50.0%
50.3%
50.0%
F. It. note liabilities combined
Ratio of total reserves to net deposit and
62.4%
52.2%
51.9%
51.3%
51.4%
51.4%
51.0%
combined
liabilities
52.2%
51.9%
F. R. note
Ratio of gold reserves to F. R. notes In
circulation after setting aside 35%
7.,
63.8,
64.3°Z.
63.1%
83.3%
63.0%
63.3%
63.5%
63.7%
against net deposit liabilities
*Amended figures.
1490
THE CHRONICLE
[VOL. 108.
April 4 1919. Mar.28 1919. Afar. 21 1919. Mar. 14 1019.
Mar.7 1919. Feb. 28 1919. Feb. 20 1919. Feb. 14 1919. April 4
1919.
LIABILITIES.
$
$
3
$
$
Capital paid In
$
$
81,658,000
$
81,641,000
$
81,612,000
81,562,000
81,490,000
81,452,00
Surplus
0
81,406,00
81,211,00
0
49,466,000
0
74,494,000
49,466,000
49,466,000
49,466,000
49,466,000
Government deposits
49,466,000
22,738,000
22,738,000
1,134,000
85,008,000 168,147,000 285,785,000 150,783,00
195,559,000 210,547,000 205,676,000 192,970,000
Due to members, reserve account
1,655,298,000 1,631,167,000 1.601,719,000 1,675,045,0000 1,626,076.
104,818,000
000
1,620,972,
Deferred availability items
000
1,563,912,
000
1,623,158,
487,593,000 431,906,0 * 555,383,090 509,112,000
000 1,473,294,000
456,289,000 494,653,000 480,257,000 517,72(3,0
Other deposits, incl. for. Govt. credits_ 120,426,000 117,271,0000
226,139,000
00
0 *120,002,000 117,522,000 123,363,000 124,032,00
0 114,758,000 112,273,000
82,067,000
Total gross deposits
2,348,325,000 2,401,491,000 2,565,949,000 2,452,462,000
2,401,287,
000
2,450,204,
F. R.notes in actual circulation
000 2,364,602,000 2,446,127,000 1,886,318,000
2,547,670,000 2,521,776,000 2,510,687,000 2,503,095,000 2,488,537,
000 2,472,307,000 2,466,248,000 2,463,388,000 1,479,920,
F.R. bank notes in circulation-net Ilab 149,449,000 145,540,00
000
0 142,412,000 139,479.000 136,591.000 131,042,00
All other liabilities
0 133,465,000 132,201,000
25,817,000
7,860,000
30,014,000
23,2(19,000
21,739,000
20,763,000
45,993,000
44,733,000
43,773,000
9,933,000
Total liabilities
5,202,385,000 5,229,928,000 5,373,425,000 5,217,803.000
5,178,134,000 5,206,736,000 5,113,192,000 5.191,528,001) 3,459,659,
Distribution by Maturities000
$
$
$
$
$
1-15 days bills bought in open market_ _ 1,531,100,0001 1,529,010,
$
$
$
000
5
1,529,079,
000
1,525,076,
000
1,530,432,000 1,511,355,000 1,451,139,000 1,450,476,
1-15 days bills discounted
000
75,751,000
1
78,060,000
87,157,00
99,651,000
0
83,799,000
82,025,000
1-15 days U. S. Govt. short-term secs_
81,935,000
82,689,000 J 394,352,000
2.704,000
23,919,000
24,242,000
23,503,000
19,745,000
18,714,000
1-15 days municipal warrants
12,563,000
7,869,000
3,000
15,000
1,000
1,000
16-30 days bills bought in open market
154,729,000 168,881,000
224,395,000
58,574,000
55,292,000
54,691,000
57,883.000
16-30 days bills discounted
56,820,000
57,683,000
61,563,000
71,998,000
72,289,00
0
68,850,00
0
81,948,00
0
76,479,000
16-30 days U. S. Govt. short-term secs66,051,000
63,848,000 } 100,295,000
16-30 days municipal warrants
130,000
724,000
3,000
3,000
4,000
31-60 days bills bought in open market.- 108,788,000 115,670,000
1,000
2,529,000
221,949,00
0
225,629,0
00
207,151,0
00 202,040,000
31-60 days bills discounted
95,901,000
87,087,00
87,303,000
0
81,882,000
81.343,000
76,312,000
90,833.000
93,348,000
31-60 days U.S.Govt.short-term secs....
98,850,000 103,967.000 } 279,343,000
4,078,000
518,000
221,000
202,000
202,000
31-60 days municipal warrants
130,000
40,000
01-90 days bills bought in open market
3,000
4,000
4,000
52,050,000
5,032,000
51,427,000
50,922,000
59,319,000
74,323,000
86,221,000 191,538,000 218,152,000 1
01-90 days bills discounted
16,173,000 15,567,000
21,135,000
17,326,000
16,912,000
25,067,000
01-90 days U.S.Govt.short-term secs.._
23,034,000
24,564.000 f 117,899,000
3,890,000
6,506,000
6,466,000
2,815,000
2,816,000
61-90 days municipal warrants
350,000
350,000
217,000
455,000
Over 90 days bills bought in open market
21,315,000
14,866,000
21,252,000
21,015,000
21,047,000
21,130,000
22,321,000
Over 90 days bills discounted
22,096,000
23,503,000 1
Over 90 days U.S. Govt.short-term secs 145.974,000 142,854,00
8,497,000
0 141,542,000 141,828,000 137.072,000 136,624,00
Over 90 days municipal warrants
0 134,080,000 132,264,000
1,0000
3,000
13,578,00
0
Federal Reserve NotesIssued to the banks
2.714,089,000 2,705,708,000 2,096,544,000 2,679,024,000
2,670,903,
000
Held by banks
166,419,000 183,932,000 185,857,000 175,926,000 182,366,0 2,678.606,000 2,677,835,000 2,690,702,000 1,607,627,000
00 206,299,000 211,587,000 222,314,000
127,707,000
In circulation
2,547,670,000 2,521,776,000 2,510,687,000 2.503,095,000
2,488,537,000 2,472,307,000 2,466,248,000 2,468,388,000
Fed. Res. Notes (Agents Accounts)1,479,920,000
Received from the Comptroller
4,212,880,000 4,192,440,000 4,141,060,000 4,117,600,000 4,071,740.
Returned to the Comptroller
1,103.556,000 1,071,062,000 1,044,331,000 1,023,629,000 985,686,0000 4,056,760,000 4,013,680,000 4,001.520,000 2,168,400,000
00 940,247.000 916,175,000 883,253,000
328,008,000
Amount chargeable to agent
3,109,324,000 3,121,378,000 3,096,729,000 3,093,971,000 3,086,054,
In hands of agent
395.235,000 415,670,000 400,185,000 414,950,000 415,150.0000 3,116,513,000 3,097,505.000 3,118,267,000 1,840,392,000
00 437,907,000 419,670,000 427,565,000
232,765,000
Issued to Federal Reserve banks____ 2,714,089.000 2,705,708,000
2,696,544,000 2,679,021,000 2,670,903,000 2,678,606,000 2,677,835.
How Secured000 2,690,702,000 1,607.627,000
By gold coin and certificates
237,747,000 245,147,000 243,006,000 240,146,000 232,146,000
229,147,000 225,147,000 225,147,000 252,391,0
By lawful money
00
By eligible paper
1,613,916,000 1,592,638,000 1,583,606,000 1,508,420,000 1,507,063,
000
1,490,846,
Gold redemption fund
000 1,479.852,000 1,473.339,000
88,520,000
734.550,000
78,633,000
78,005,000
78,718,000
7J,457,000
87,438,000
With Federal Reserve Board
83,379,000
83,758,000
773.906,000 789.290,000 791,927,000 851,737,000 852,237,000
50,038,000
871,175,000 889,457.000 908,458,000 570,648,0
00
Total
2,714,089,000 2,705,708,000 2,696,544,000 2,679,021,000 2,670,903,000 2,678,606,
000 2.677,835,000 2,890,702,000 1,607,627,
000
Eligible paper delivered to F.R Agent. 2.037.260.000 2.080.228.
000 2.084.708.000 2.080.990.000 2,101,419,000 2,099,999,000 2,022,006,
000 2,037.506,000 876.860.000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS APRIL 4 1919.
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richm'nd. Atlanta. Chicago.
St. Louis. Afinnecip. Kan.City. Dallas. San
Fran.
Total.
RESOURCES.
$
$
0
$
$
$
$
$
3
Gold coin and certificates
0
$
S
3,171,0 248,989,0
117,0 18,708,0 2,158,0 8,172,0 22,707,0 3,978,0 8,269,0
$
Gold Settlement Fund, F. R.B'd 34,780.0 224,280,0 44,010,0
158,0 6,076,0 10.793,0 333,384,0
58,533,0 26,883.0 11,312,0 101,181,0 18.565,0 18,358,0 30.178,0
15,030,0 29,601,0 612,711,0
Total gold held by banks__ _ _
37,951,0 473,260,0 44,127,0 77,331,0 29,041,0 19,484,0 123,888,0
Gold with Fed. Reserve Agents
55,500,0 281,596,0 74,640,0 135,119.0 38,521.0 42.577,0 239.512,0 22,543,0 26,627,0 30,334,0 21,106,0 40,394,0 946.095.0
43,903.0 30,730,0 38,140,0
Gold redemption fund
14,082.0
25,000.0 9,934,0
393,0 13,271,0 4,994,0 22.849.0 4.903,0 0.935,0 4,603,0 17,131,0 102,801,0 1.100.173,0
2,947,0 1,771,0 104,682,0
Total gold reserves
107,533,0 779,865,0 128,701,0 212,843,0 73,833,0 67,055,0 386,249,0 71,349,0
64,292,0 73,077.0 41,184.0 144,969,0
Legal tender notes, silver, ea.._
6,176,0
52.784,0
2,150,950.0
229,0 1,116,0
484,0 1,061,0
981,0 2,178,0
112,0
114,0 2,2:17,0
206.0
07,078,0
Total reserves
113,709.0 832,649,0 128,930,0 213,959,0 74,317,0 58,116,0 387,230,0
73,527,0 64.404,0 73,101,0 43,421,0 145.175,0
Bills discounted: Secured by Gov2,218,628,0
ernment war obligations
148,631,0 828,697,0 169,249,0 120,577,0 86,182.0 66,836,0 206,595,0
73.806,0
All other
4,849,0
25,572,0 13,182,0 3,022,0 12,902,0 13,510,0 16,545.0 10,896,0 44,707,0 40,559,0 14,594,0 74,483,0 1,674,916,0
1,459,0 41,812,0 29,747,0 19,564,0 193,066,0
Bills bought in open market
7,152,0
55.612,0 3,192,0 32,694,0 7,420.0 6,166,0 39.291,0 13.334,0
26,594,0 8,846,0 2,173,0 38,316,0 240,790,0
Total bills on hand
160.032,0 709,881,0 185,623,0 156,293,0 106,504,0 86,518,0 262,431,0
98,036,0 72,760.0 91,217,0 46,514,0 132,363,0
U.S. Gov't long-term securities_
538,0
1,306,0 1,385,0 1,083,0 1,234,0
2,108,772,0
377,0 4,476,0 1,153,0
116,0 8.807,0 3,967,0 2,632,0
U. S. Gov't short-term securities 15,416,0
64,873,0 16,358,0 14,048,0 5,375,0 8,474,0 16.612,0 11,568,0 9,078,0
27,134,0
5,934,0 4,400.0 6,512,0 178,648,0
All other earning assets
3,0
3,0
Total earning assets
176,586,0 776,060,0 203,384,0 171,424.0 113,113.0 95,372,0 283.519,0 110,757,0
81,954,0 106,018,0 54,881,0 141,507,0 2,314,555,
Bank premises
800,0
3,302.0
0
500,0
100,0
296,0
217,0 2,936,0
541.0
Uncollected Items and other de400,0
221,0
400,0
9,713,0
ductions from gross deposits
52,616,0 168.955.0 65,019,0 46,056,0 45,713,0 29,745,0 85.184,0 47,328,0
15,078,0 47,282,0 17,231,0 26,752,0 644,959,0
6% Redemption fund-F. R.
bank notes
710,0
1,586,0
825,0
671,0
231.0
437,0
282,0
404,0
282,0
All other resources
656,0
346,0
356,0
182,0
6,792,0
1,818,0
829,0
496,0 1,078,0
206,0
727,0
211,0
135,0
416,0
770.0
870,0
7,738,0
Total r, ,urces
344,609,0 1.782,370,0 399.467,0 432,706,0 234,748,0 194,093,0 759,878,0 232.768,0
181,853,0 227,963,0 116,870,0 315,060,0 5,202.385,0
LIABILITIES
Capital paid in
6,783,0
20,929,0 7,587,0 9.218,0 4,112,0 3,100,0 11,406.0 3,825,0
Surplus
2,996,0
81.058,0
21,117,0 2,608.0 3,552,0 2,196,0 1,510,0 6,416.0 1.603,0 2,971.0 3,740,0 3,198,0 4,699,0
1,415,0 2,421,0 1,184,0 2,448.0
Government deposits
12,235,0
49,466,0
25,079,0 7,312,0 5,072,0 2,060,0 2,915,0
187,0 8,948,0 3,356,0 6,769,0 4,151,0 6,924,0
Due to members, reserve account 94.919.0 698,383,0 102,988,0 131,585,0
85,008,0
54,134,0
42,134.0 230.185,0
48,391.0 66,819,0 38,607,0 82,140,01
Deferred availability items
41,228,0 126.755,0 54,117,0 39,375,0 36,767,0 20,307,0 52,657,0 65,013,0
33,701,0 12,250,0 34,057,0 12,555,0 13,824.0 ,655.298,0
All other deposits
487.593.0
341,0 109.978,0
986,0
320.0
79.0
57.0 2.108,0
303.0
279,0
146,0
77,0 5,752.0 120,426,0
Total gross deposits
148,723,0 960,195.0 165,403,0 176,352,0 93,040,0 65,413,0 295,137.0 107,965,0
64,276,0
107,791,0
P'. B.. notes In actual circulation_ 169,609.0 736,433,0 206,696,0 229,221,0
55,390.0 108,640,0 2,348,325,0
128,946.0 115,173,0 425,120,0 109,222,0
99,520,0 49,565.0 191,014,0 2,547,670,0
F. R. bank notes-net liability. 14,067,0
34,497,0 15,170,0 12,644,0 5,249,0 7,856,0 19,440,0 9,198,0 87,151,0
5,332,0 13,010,0 6.504,0 6,482,0 149.449,0
All other liabilities
2,431,0
9,199,0 2.003,0 7,019,0 1,205,0
951,0 2,359,0
955,0
703,0 1,481,0 1.029,0 1,717,0
25.817,0
Total liabilities
344,609,0 1,782,370,0 399,467,0 432,706,0 234.748,0 194,093,0 759,878,0 232,768,0
181,853,0 227,963,0 110.870,0 315,060,0 5,202,385,
Contingent liability as endorser
0
on bills discounted with or sold
to other Federal Reserve banks 12.507.0
43.250.0
20,000.0
10,000,0 32,174,0
118,021,0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE
OF BUSINESS APRIL 4 1919.
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis.
Minneap. Kan.City. Dallas. San Fran.
Total.
Federal Reserve notes:
$
1
$
$
$
i
$
$
S
$
Received from Comptroller___ 280,920,0 1,418,380.0 347,220,0
$
$
$
6
338,940.0 215,620,0 212,960,0 574,560,0 181,320,0 124,880,0 159,700,0
101.960,0
._ Returned to Comptroller
256,420,0 4,212,880,0
82.913,01 486,296.0 106,352,0 63,558,0 57,246.0 38,5, ,0 93,633,0 45,102,0
26.144,0 40,183,0 27,630,0 35,992,0,1.103,556,0
Chargeable to F.B.. Agent 198,007,01 932,084,0 240,868.0 275,382.0
158,374,0 174,453.0 480,927,0
98,730,0 119,517,0 74,330,0 220,428,01 3,109,324,
In hands of F.R.Agent
20,740,0 132,400,01 25,100.01 33,260,01 26,160,0 56,165,0 34,720,0 136,218,0
13,040,0 10.390,0 13,980,0 23,280,0 8,000,0 395.235,00
Issued to F.R.Bank,less amt.
returned to F. R. Agent for
.
redemption:
177,267,0 799,684,01215,768,01242,122,01132,214,0 118,288,0 446,207,0
123,178,0 88,346,0 105,537,0 51,050,0 214,428.0 2,714.089,0
Conan security for outst'g notes:
Gold coin and ctfs. on hand_
183,740,0
25,870,01
2,504,0
13.052,0
12,581,0
Gold redemption fund
237,747,0
11,500,0
12,856,01 14,751,0 14,24
20
,521
3.073,0 5,447,0 2,973,0 2,178,0 2,780,0 2,866,0 13,326 0
i 9,0,
Gold Set'm't Fund, F. R.13'd.. 44,000,0
88.520,0
,
85,000,0 59,889,0 95,000,01 36,000,0 37,000,0 234,065,0 40,930,0 15,500,0
35,360,0 1,684,0 89,478,0 773,906,0
Eligible paper, min'm required 121,767,0 518,088,0,141,128,0 107,003,01
93,693,0 75.711,0 208,695,0 79,275,0 57,616,0 87,397,0 33,919,0
111,624,0 1,613.916,0
-74 Total
1
177,267,0 799,684,01215,768,01242,122,0,132,214
,0 118.288,0 446,207,0 123,178,0 88,346,0 105,537,0 51,050,0 214,428.0 2,714,089,
Amount of eligible paper deliv0
1
ered to F.R.Agent
160,632,0 709,881,0 151,876,01154,206,0.104
,308,0 82,061,0 262,431,0 88,787,0 70,315,0 91,917,0 46,514.0,115,032,0
F. R. notes outstanding
2,037.260,0
117,267,0 799,684,0 215,768,0 242,122,0 132,214,0 118,288.0 446,207,0 123,178.0
F. P.. notes held by bank
105X,(.0 51,050,0 214,428,0 2.714,089,0
7.658,0
63,251,0 9,072.01 12,901,01 3,268,0 3,115,01 21,087,0 13,956,0 88,346,0
1.195,0 0,017,0 1,485,01 23,414,0 166,419,0
F. R. notes In actual circulation_ 169,609,0 736,433.01206,696
,0 229,221,0 128,946,0 115,173,0 425,120,0 109,222,0 87,151,0 99,520,0
49,565,0 191,014,0,2,547,670,0
APR. 12 1919.]
1491
THE CHRONICLE
`J).:Oanittrs"
Wall Street, Friday Night, April 11 1919.
The Money Market and Financial Situation.-The
security markets were decidedly active and strong during the
early part of the week. These characteristics were based
on hopes that the Peace Congress at Paris will soon complete
its work, on the Government crop report which foreshadows
the largest yield of winter-wheat ever harvested in this
country, and on the general industrial and financial outlook.
All these factors are, however, more or less "up in the air,"
and while the volume of business continued to increase, the
advance in prices has not been maintained. And, moreover,
railway securities did not participate in the general characteristics of the market. That they were neglected is not
surprising, in view of the present and prospective condition
of the railways, the latter including an impending further
addition of $65,000,000 to their already largely increased payrolls. On the other hand, the number of unemployed in
large cities is said to be increasing.
Evidently the steel business is suffering from a lack of
orders. Not only was the daily output in March over
5,000 tons smaller than in February, but the active capacity
on April 1 was 6,500 tons less than the March average, and
apparently there has been a further decrease since April 1.
The Bank of England's weekly statement shows an increase
in its percentage of reserve from 18.71 to 19.50, but the gold
holdings of the Bank of Germany decreased about $68,000,000 and its note circulation increased $247,000,000.
Foreign Exchange.-Sterling has ruled fairly steady,
though somewhat lower than last week. Continental exchange moved irregularly, especially for francs and lire,
which were again conspicuous for weakness. The neutrals
were about firm.
reaction to 21. Fisk Rubber issues were active, the new
stock (par $25) advancing from 29 to 39 and reacting finally
4. The second pref. from 112 reached 145 and sold
to 343
finally at 1 0. The packing issues continue prominent,
Libby, McNeil & Libby improving from 284 to 303/2, with
3 . Swift International after an ada final reaction to 29%
vance from 604 to 62 dropped to 59 and ends the week at
594. Internat. Products lost about 33/i points to 35 but
recovered to 37. Amer. Road Machinery after an advance
during the week from 31% to 42 jumped up to-day to 52.
Endicott Johnson Corp. com. lost about 5 points to 49, recovering finally to 52. Famous Players-Lasky Corp.
gained some 15 points to 70 and sold finally at 66. Nat. Ice
4 and at
& Coal after early loss of a point to 62 sold up to 653
63 finally. In oil shares Int. Pet. was conspicuous for an advance from 233
% to 353/2, with a subsequent reaction to 30.
Midwest Refining sold up ten points to 170 and finished today at 167, while Merritt Oil gained over two points to 31%.
Glenrock Oil advanced from 43/2 to 53% and closed to-day
at 53. Louisiana Oil & Ref. declined from 39% to 3432,
4. Sinclair Gulf Corp. rose
the final figure to-day being 343
from 44 to 4732. Interest in mining shares continue centred
in the Divide issues. Bonds quiet.
For daily volume of business see page 1500.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sala
STOCKS.
Week ending April 11 for
Week.
Range for Week.
Lowest.
Highest.
I Range since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
Nn
Mar 50
100 6
Adams Express
3634 Apr 9 40 Apr 5 33
50 47 Apr 7 47 Apr 7 42
Mar
Jan 45
Am Bank Note preL..501
Jan
100 90 Apr
90 Apr 5 84% Jan 95
American Express..--i00
Amer Malt 1st pref ctf
Ap 53% Apr
1,700 5134 Apr 7 53% Apr 9 51
of dep stamped
Feb
Jan 119
2 s o 111 Apr 811134 Apr ii 105
10
American Snuff
Jan 98
III 97 Apr 5 97 Apr 5 93
Feb
Am Sumat Tob pref_100
Apr
Apr 60
11 i 60 Apr 7 60 Apr 7 60
Am Teleg & Cable_ _100
were
6131©
4
exchange
sterling
for
rates
Assoc Dry Goods1 41,811 2634 Apr 5 3734 Apr 10 1734 Jan 3734 Apr
To-day's (Friday's) actual
cables.
for
4 65364 6534
Jan 8134 Apr
Oil
100 4,800 73% Apr 5 8134 Apr 10 68
Associated
4 6134 for sixty days, 4 6434 for checks and sixty
days, 4 6031 @)4 60%; Baldwin Locomo pref100
Jan 10654 Mar
100104% Apr 1110434 Apr I 102
Commercial on banks, sight, 4 6334@4 6334;
(sixty days),
Feb 11534 Mar
100 400 115 Apr 7 115 Apr 10 110
pref
ninety days, 4 5834(444 583, and documents for payment
and grain for pay- Barrett,
2 4,100 134 Apr 8 1% Apr 11 134 Jan 1% Feb
Batopilas
4 6034(4)4 60?. Cotton for payment 4 634@4 6334
Feb
pref
100 400 95 Apr 8 95 Apr 8 9034 Jan 95
ment 4 63ki 4 63 •
francs were 6 07(4) Beth Steel,
700 2134 Apr 9 2134 Apr 5 1934 Mar 2434 [Mar
R T ctfs dep
To-day's ( riday s) actual rates for Paris bankers'
bankers' marks were Bklyn
Germany
short.
for
03
Jan
02@6
82
Apr
6
Apr
9
80
and
9
Apr
long
7934
800
for
Gas-__100
Union
Bklyn
7734
08
6
Apr
Feb 80
not quoted. Amsterdam bankers' guilders were 39 13-16(4439 15-16 for Brown Shoe Inc___ _100 1,400 7834 Apr 5 80 Apr 7 71
Apr
Feb 100
100 411 100 Apr 7 100 Apr 7 98
long and 4034@40 3-16 for short.
Preferred
100 834 Apr 10 834 Apr 10 83.4 Mar 1034 Mar
Exchange at Paris on London, 28.00 fr.; week's range, 27.62 fr high and Brtinswick Terminal_100
25 Apr 9 16
Jan 25
100 1,411 2334 Apr
Apr
Butterick
28.00 fr. low.
Apr
62
Calumet & Arirena_10 800 60 Apr 5 62 Apr 8 5634 M
The range for foreign exchange for the week follows:
Cables. Case (J I) pref
Apr
Sixty Days. Checks.
100 800 96 Apr 7 98 Apr 9 9134 Jan 98
Sterling Actual4 68% Cent Foundry pref_ _1
Mar
27 Apr 7 27
Apr 34
4 6754
4 65
300 27 Apr
High for the week
65x
4
9
9
3134
64
Apr
4
Apr
Mar
33
35
Mar
4
500
3134
Prod
par
Certain-Teed
6151
no
Low for the week
Apr 7% Jan
100 7 Apr 11 7 Apr 11 7
Chicago & Alton_ _ _ _100
Paris Bankers' Francs
5 85
5 87
Apr 6834 Apr
5 03
200 68 Apr ii 6834 Apr 10 68
Chic Pneumat Tool_100
High for the week
00
6
70
11
02
Apr
Jan
70
Apr 82
11
6
Apr
70
100
08
_100
Chic St P M & Om_
6
Low for the week
Jan
200 6334 Apr 1 6434 Apr 7 6034 Feb 65
Cluett.Peabody& Co 100
Amsterdam Bankers' GuildersApr
110
9
Apr
110
Apr
9
Jan
110
100
I
&
_
_
Fuel
4034
pref.
100
Col
4054
_
10134
4054
week
High for the
4034 Computing-Tab-Rec.100
750 4754 Apr
4734 Apr 10 3734 Jan 4734 Apr
39 13-16 40 3-16
Low for the week
9 654 Apr 7 534 Apr 834 Jan
Domestic Exchange.-Chicago, par. St. Louis, 15©25c. per $1,000 Cons Interstate Call_ _10 700 5% Apr
Jan 6934 Mar
100 6834 Apr 11 68% Apr 11 58
discount. Boston, par. San Francisco, par. Montreal, $25 per $1,000 Continental Insur____2
20 Apr 9 20
Apr
100 20 Apr
Apr 20
Cripple Crk CentraLill
premium. Cincinnati, par.
Jan 18434 Apr
100 1,640 17934 Apr
18434 Apr 9 150
Cuban-Am Sugar
State and Railroad Bonds.-Sales of State bonds at
1
Preferred
10010534 Apr 1110534 Apr 11,10134 Feb 105H Apr
Apr
98 Apr 5 98 Apr 8 9334 Feb 98
4 and Deere dc Co pref,.__iOI 300
the Board include $1,000 N. Y. Canal 43's at 1063
95 Apr 7 80
200 95 Apr
Apr
Feb 95
1
Detroit United
$28,000 Virginia 6s deferred trust receipts at 693/9 to 71.
Jan 66% Mar
6534 Apr 7i 49
Distillers Securities_ _1 24,200 6334 Apr
400 3 Apr • 3 Apr 5 23.4 Feb 3
Jan
1
S S & Atl
The market for railway and industrial bonds continues to Duluth
100 534 Apr
100
Preferred
53.4 Apr 8 5% Apr 5% Apr
be a tame affair when compared with the market for Govern- Federal Mg & Smltg_l
700 11 Apr 1 13 Apr uI 93.4 Feb 13
Apr
100 2,000 3634 Apr 10 4034 Apr 11 33
Jan 4034 Apr
Preferred
ment and foreign issues. Some of the local traction bonds
Body Corp no par 13,600 52 Apr 8 59 Apr 11 3834 Jan 63% Mar
have been relatively active, but at declining prices. Other Fisher
700 9534 Apr 11 100 Apr 11 91
Apr
Feb 100
1
Preferred
100103% Apr
Feb
pref_ _1
10334 Apr 8102% Jan 108
railway bonds have generally been steady to strong within Gen Chemical
Jan 6134 Apr
_1 26,500 57% Apr 11 6134 Apr 8 47
General Cigar Inc_..i'$
a narrow range.
Apr
10
5
6,050 90% Apr
9134
Gen Motors deb stk_1
8234 Feb 9134 Apr
400 116 Apr 711734 Apr 8 115
Jan
Feb 118
Int Harvester preL .111
United States Bonds.-Sales of Government bonds at Iowa
100 3 Apr
3 Apr 7 254 Feb 334 Jan
ill
Central
coup.,
106;
$1,500
at
4s,
reg.,
4s,
$3,000
Mar
Feb 48
10 14,700 39 Apr 8 46 Apr 10 28
the Board include
Jewel Tea Inc
Feb 91
70 88 Apr 11 88 Apr 11 84
Mar
100
4; Liberty Loan 632s
Preferred
at 1053/i to 106; $6,000 2s, reg., at 983
Feb
Apr 111
100 105 Apr 5105 Apr 5 105
Kayser (Julius)& Co 100
at 99 to 99.18; L. L. 1st 4s at 95.32 to 96; L. L. 2d 4s at Kelly-Springfield pref100 200 9434 Apr 10 9534 Apr 10 9034 Jan 95% Apr
11
11
L.
Apr
96
Apr
96;
99
L.
434s
to
2d
Apr
95.46
96
99
7,000
Apr
at
Rub_10
&
434s
Tire
Keystone
1st
93.64 to 93.80; L. L.
100
20011654 Apr 7 118 Apr 11 10634 Jan 118% Apr
(S S) Co
at 93.64 to 93.82; L. L. 3d 434s at 95.58 to 95.80, and L. L. Kresge
Jan
200 70 Apr 7 70 Apr 7 69% Mar 83
100
Laclede Gas
Feb 93.4 Jan
200 7 Apr 10 7 Apr 10 7
Lake Erie & Western 100
4th 434s at 93.58 to 93.82.
Apr 2034 Mar
300 17 Apr 5 18 Apr 8 17
1
Preferred
200 205 Apr 10209% Apr 5204% Jan 224% Jan
Railroad and Miscellaneous Stocks.--Not frequently Liggett & Myers_ _All
_ _1
Jan 11134 Jan
100
Preferred
100111% Apr 9 11134 Apr 9 107
nor many times in the aggregate have transactions in stocks Loose
_100
pref
lst
-Wiles
1010034 Apr 8100% Apr 8 9434 Jan 10034 Mar
at the Exchange exceeded this week's average of 1,240,000 Lorillard (P)
Apr 16834 Jan
100 1,100 152 Apr 7 153% Apr 10 152
Jan 109% Feb
100 200108 Apr 10 108% Apr 8 107
Preferred
shares and the fluctuations in prices have been about equally
Jan
Mar 88
(Elev) guar_100 660 74 Apr 5 75 Apr 11 70
unusual. The market was at the zenith of its activity on Manhat
Jan 77% Apr
May Dept Stores_100 2,150 75 Apr 10 77 Apr 5 60
Jan 108
100 108 Apr 8 108 Apr 8 104
Feb
100
Preferred
Thursday when nearly 1,450,000.shares were traded in and
110 8934 Apr 8 8934 Apr 8 8534 Mar 913.4 Mar
St P & S S Marie_100
on that day also some of the widest fluctuations were re- M
5023,300 3734 Apr 11 3934 Apr 8 2934 Jan 3934 Apr
National Acme
corded. The latter were most conspicuous in the motor National iiiscuit...._100I 300 121% Apr 5122% Apr 9 109 Jan 126 Mar
100 117 Apr 10 117 Apr 101153
100
Preferred
4 Jan z121 Mar
stocks, but was not confined to that group. Chandler Natl
Jan 76
Apr
Cloak & Suit. _..iOOI 100 7534 Apr 7 7534 Apr 7 70
Motors sold at 127% and 152 within the week, while General
1001 300 104 Apr 7105% Apr 8 10334 Feb 10534 Apr
Preferred
Mar
RysMex 2d pref lOOj 1,500 9 Apr 10 10 Apr 5 534 Feb 14
Motor and Kelly-Springfield Tire covered a range of 9 points. Nat
1,000 2834 Apr 10 30 Apr 8 2834 Apr 3634 Feb
0 Tex&Mex v t c-1
U.S, Rubber has covered a range of 63/ points, Texas Co. 6, N
Apr 30
100 25 Apr 7 25 Apr 7 25
Jan
N Y Chic & St Louls_100
100
1001 4534 Apr 10 453.4 Apr 10 4234 Jan 4534 Apr
2d preferred
Mexican Pet. 59.g, Baldwin Loc. 5, Royal Dutch 43/2 and
100 400 2034 Apr 11 22 Apr 7 1934 Feb 2634 Jan
Dock
York
New
4.
to
3
several other stocks in this group from
Mar
Jan 47
100 46% Apr 7 4634 Apr 7 43
_2
Ohio Fuel Supply
5 15-16 Apr 7 9-16 Mar 15-16 Apr
In the general reaction which began on Thursday practi- Oklahoma P & R rights_ 35,800 % Apr 9
55% Apr 5 46
9,400 50 Apr
Mar 5534 Apr
Bottle-Mad:1_25
Owens
week
the
of
part
early
the
of
all
the spectacular gains
cally
Mar
Mar 37
Penn-SeabSt'lvtc_nopar 1,000 30 Apr 11 3034 Apr 11 30
200 434 Apr 9 434 Apr 91 434 Mar 534 Mar
have been lost and of a list of 30 most active stocks the Peoria & Eastern_ 1
Feb
500 9254 Apr 11 9334 Apr 8 9034 Jan 94
100
Pitts Steel pref
average closing price to-day is lower than a week ago.
Apr 5434 Apr
1,700 52 Apr 7 5434 Apr 8 51
Alegre Sugar__
Railway stocks have been neglected throughout the week Punta
2434 Apr 5 22
Jan
Jan 27
St L-San Fran pref A 100 400 2334 Apr
Mar
600 6054 Apr 11 6134 Apr 8 5334 Jan 63
Savage Arms Corp 1
and the 15 relatively active issues all close lower, having lost Sears,
Mar
Mar 120
10 120 Apr 11 120 Apr 11 120
Roebuck pref _1
of
average
from
1 to 2 points.
Mar 88
Feb
an
50 88 Apr 8 88 Apr 8 85
Sloss-Sheffield pref_ _1
300 145 Apr 11 147 Apr 8 132
Apr
Jan 147
Porto Rico Sugar-1
Outside Market.-Trading on the "curb" continued SoPreferred
Apr
Jan 110
200 10934 Apr 9 110 Apr 8 107
1
Apr
Jan1149
200 140 Apr 11 146% Apr 10 124
active.this yweek and though there was more or less irregu- StandardMilling 1
Apr
7
90
7
90
Apr
100
Feb
Jan
100
8534
9034
Preferred
larity in price movements the general undertone was strong Third Avenue Ry 100 100 15 Apr 7 15 Apr 7 1334 Jan 16% Feb
and many issues reached their highest. The rubber shares Transue & W'ms-no par 2,500 43 Apr 7 4534 Apr 10 373.4 Jan 4534 Apr
100 145 Apr 9145 Apr 9 115
Apr
Jan 145
100
were features led by Keystone Tire & Rubber corn., which Underwood
Apr
100 1.000 115 Apr , 120 Apr 10 903.4 Jan 120
Drug
% to 1003 and reacted to 98 up to the United
100 5534 Apr 7 5534 Apr 7 5054 Jan 5534 Apr
50
had advanced from 883
1st preferred
Apr
800 112 Apr 5118 Apr 11 91
Jan 118
100
2d preferred
close on Thursday afternoon. The stock was listed on the
100 2234 Apr 10 22% Apr 10 1634 Feb 2434 Mar
100
Exchange this week and trading was begun there to-day U SS Express
37% Apr 9 1754 Jan 3734 Apr
Realty & ImptAOOI 4,000 3434 Apr
5 finally. Intercontinental Wells, Fargo Express 1
Jan
100 60 Apr 8 60 Apr 8 59 Mar 75
down from 99 to 96 and up to 97%
Apr
I 100 100 Apr 11 100 Apr 11 , 9634 Feb 100
Wilson & Co pref
Rubber was heavily dealt in up from 173/2 to 23, with a final
1492
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
Pot record of sales during the week of stocks usually inactive
see preceding einee.
PElt SH ATiE
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CE.VT.
PER SHARE
1
Salesfor
STOCKS
Range Since Jan, 1.
Range for Prologs
the
NOW YORK S COCK
On basis of 100-share lots.
Salarday
Year um.
vfonly,
Tnevi tg
liTednesd sy
Thursd zy • Frilly
Weet
1..3)CCEIA.NGE
April 5.
AprIl 7.
April 8.
April 9.
Apll 10
Ap•il 11
Shares
Lowest.
Highest.
Lowest.
Highest
$ Per share $ per share $ per share $ per share $ per share $ per share
Railroads
Par $ per share
$ per share $ per shqre 3 per share
93
93% 9233 9314 9214 93
9258 9278 9258 93
92
92
&ten
5,303
ropaea
&
'Alta
3
Fe_
_100
9')
Feb
3
9114
Jan
3
8612 8612 8612 8312 8612 87
81 Mar 9934 Nov
8612 8612 8613 8518 *88
8812
1,675
O.)
pref.__
_100
84
Janll 89 Jan 4
*9612 9712 9534 97
80 Jan 9213 Nov
*9514 9712 9514 9614 *35
9712 97
97
303 Atlantic C ,ast Lbw Ra._100 95 Mar27 99 Jan 6
*48
49
8918 Apr 109 Nov
4318 4312 4314 4312 4318 4312 , 4318 4338 43
48
3,101 Biltim)re &
41
Jan31 5012 Mar12
*5412 5612 *5112 5312 *5112 5312 55
4313 Dec 02 Nov
55
*5112 5338 5112 55
209
pref.
Da
._IOU 53 Feb10 5612 Marll
2178 2212 22
53 Apr 6113 Nov
2278 2158 22% 22
2273 22
22
2134 22
3,703 /3:%))kiya Rapid Transit...100
1853 Jan37 2678 Jan 8
15934 160
150 151
2518 Dec 4814 Jan
15918 15014 15912 18112 15953 13012 15912 160
3,90)
ms
Pat/Mo.__
ilan
_
_
103
_
Jan21
15534
165 Feb27 135 Mar 17478 Oct
59
5918 5812 5')
5814 59
5312 5378 5312 59
*53% 51
3,503 Chis.tp3Ake & Ohio
__101 5353 Jan31 604 Mar12
814 314
4934 Jan 0238 Nov
814 814
8
814 *778 814
773 778
77e
778 1,09) Calcago °reit %Pastern-101
73 Jan21
918 Feb27
2514 2514 25
6 Apr 11 Nov
25
25
25
2173 2178 *2112 2512 *2414 2512
725
Do
pri3f
100
2338 Jan21 27 Feb27
3814 33
1812 Apr 32 Nov
38
3')
3334 39
3858 3918 33
337
8 3618 38
12,10) Chicago %Ulu; At St Paal..100 3.412 Feb15 4112 Mar12
6934 7112 7033 71
3714 Apr 5414 Sept
7014 71
7033'7014 69
7012
6318
69
15,900,
Do
prat
-100
6512
Jan21
9578 95
7478 Mar12
93
6614 Apr 8638 Nov
93
96
96
951.1 9514 9112 9513 9112 9112
900 Chicago & Northweitarn._101 9318 Jan21 98 Mar12
*130 131 *129 132 *129 132
8912 Mar
13112 13112 *120 132 *123 132
100
Do Ire(
.-.-100 131 Marl() 133 Jan17 125 July 107 Nov
2112 2134 2112 2134 2414 2434 24
137
2438 21
Jan
2138 2312 21
Chic
5,030'
Rock
Iii
Pao
&
ctfs.
temo
2218
Jan21 2512 Jan 3
7612 7612 7712 7712 7712 7712 77
18
Apr 3213 Nov
7712 3177
78
77
77
90) 7% preferred temp QM-._
7314 Jan21 /3014 Jan 3
6814 6318 65
5634 Jan 84 Nov
6614 *66
67
66
6514 66
6314 6534 65'14 1,300
oreterrel
Wino
otis.6118
Jan21
-67
*33
Jan
3
35
34
31
46
31
31
Jan 75 Nov
35
35
__ ___ ___-__
400 Clay Cin Chia & St Lock__100 32 Febt7 3613 Feb27
*6412 70
*65
26 Feb 40 Nov
72
*65
7012 *65
70
6112 65
200
Do prof
113 61 Apr 2 70 Jan15,
25
2512 *2134 2514 2514 2514 25
25
13834 Mayr 2
77013 Nov
5
2131 2134 21
21
1,100
Colorado
3,914
&
34
100
Jan22
*5312 57
2814 Marl()
*5312 57
*5312 57
*5312 57
*5312 57
53
5312
101
4314 Jan 3 5412 Mani! 47
*44
48
*41
48
1144
43 *43
48
55 Nov
*43
48
*43
48
D
po 2
18dt
:101 45 Feb 4 4778 Mar 3- 40 Apr
*101 105
105 106 *105 10) *105 103 *10514 109 *113534 109
Apr 48 Dec
100 Delaware &
.100 101
*175 185 5180 130 *174 130 *174 180
Jan20 10912 Mar121
__
50 Delaware Laelc & Western __50 17212 Mar1.8 18234 Jan 2; 10013 Apr 11934 Nov
*4
512 *4
514 *1
160 Apr 185 Sept
514 *4
5
----------412 478
100 Denver & Rio Grande.. _100
*7
Jan
Jan111
712 *7
8
33
514
4
712
214 Jan
7
7
714 733
7 Nov
714 1714
500
Do pref
7
7
100
1634 1678 1638 17
1318 Feb 3
818 Feb26;
1612 1634 1614 1558 1618 1614 16
5 Apr 1358 Jan
16
5,000 Erie
109 1518 Jan21 18 Mar10
28
28
28
2813 2778 28
14 Apr 2338 Nov
2734 28
2718 2712 2713 2718 2,309
Do lit prof
101
1813 1812 1814 1878 *18
2111
Jan21
31
Mar
3, 2318 Jan 3613 Nov
19
18
18
18
18
*18
19
1,900
Do 26 prat
10) 1712 Apr 3 22 Janl 1
9273 9338 9212 93
9212 93
1813 Jan 2714 Nov
9218 9212 9218 93
92
9212 7,432 Great Northern pref
100 901, Jan21 9512 Jan 2i 86
4114 4112 4112 4238 4214 43
4214 4234 4134 4238 4118 42
Jan 10613 Nov
23,130
properties
Iron
Ore
...No
par
*99 100
Jan
4
2
313
4112 Mar121
*3914 100
*9312 100
2518 Jan 3112 Nov
9978 9978 9934 9934 9914 9958
hunch
509
Central
10) 98 Jan21 100 Mar22, 92 Jan 10513
4
418
418 418
378 418
4
414
Nov
418 418
4
4
3,200 Interboro Cons Corp_ No par
14
313
Mar21
14
Feb24
712
1334 14
14
14
1438 1518 1418 1434 1334 1414 3,001
414 Dec
012 Jan
Do pref.
103 1113 Mar29 24 Feb24' 17%
1914 1912 *1812 20
13
19
*19
Deo
20
4713
19:8 1918 *19
Jan
20
603
Kan3a3
City
Southern--100 1614 Jan30 2134 Feb27;
*53
51
*53
54
*53
51
1518 Apr 2414 Nov
*53
54
_
*53
54
Do prof
111 4912 Jan21 5378 Mar24, 45 Jan 5912
5514 5538 x54
5114 5413 5158 5113 5112 5112 -5112 51
Nov
5112 5,403 Lehigh Valley
50 54 Jan 2 5718 Jan25
*116 118 *114 118 *11434 113 *11134 118 *11434
5353 Dee 6518 Nov
11312 ---- ---- ---,,, Louisville & Nsahville..---100 113
*1012 1112 *1012 1112 *1014 1112 *10
Jan13 110
Mar 8 119
Jan 12434 Nov
11
1014 1014 --,- - ,IOU Minneap & St L (ne/e)-_100
*6
612 *6
1238 Feb28
918 Jan21
612
633 612 *6
713 Apr 1578 Nov
612
6
6
*6
Missouri
614
Kansas
300
&
TeX:13100
*11
458 Feb10
1213 *11
7 Feb27,
1214 12
12
*11
418
Jan
1214 1134 1134 *11
634 Nov
1134
200
Do pref
100
24
2438 24
813 Jant3 1414 Feb27;
2433 2373 2138 - 2334 2418 2334 21
612 Jan 1313 Nov
2358 2334 9,600 Missouri Psciflo trust 018 100 2234
Jan21 27 Jan 3, 20 Jan 3158 Nov
514 5134 *51
5112 5112 5112 5014 51
5112
*501
51
4
51
903
Do
prat
trait
ctfs
100' 4914 Jan21 5134 Jan 3
7573 76
7512 7814 37434 75
7413 7434 74
41
Jan 62 Nov
7434 7312 74
8,200 New York Central
100 6914 Jan21 7758 Mar12
2934 31
2934 3078 2934 3058 2934 3013 2912 30
6713 Jan 8158 Nov
233 2 3
9,000 N Y N
& Hartford- _100 2534 Feb13 3458 Mar10
20
20
20
2018 1912 20
1914 1914 1914 1912 ----- ----- 2,100 N Y Ontario
27
Aor
457 May
& Western __100 1412 Jan21 2114 Mar 3
106 107
106 10614 *105 10612 *10512 107
103 106
10114 105
2,603 Norfolk & Western
100 103 Mar 6 10314 Jan 2 10
94
9412 9414 9114 9334 9412 91
12
8'4 I
14
2'8
9414 9374 9118 x92
n 12
14 Nov
9212 10,309 Northern Pacific
100
4413 4412 44
4114 4418 4414 44
8853 Jan21 9158 Mar12
4414 4418 4414 44
8118 Jan 105 Nov
4418 14,220 Pennsylvania
50 4378 Mar20 46
1434 15
1434 1478 1412 1412 13
Jan 7
1312 *13
4314 June 5018 Nov
1334 13
1314 1,600 Pere Marquette v t
100
*60
61
1218
Jan21
1514
Mar
60
4
60
60
60
*5912 63 *60
1878 Nov
63
*60
63
400
Do prior pref v t e__ -100 56 Mar27 60 Apr 4
*33
48
39
39
*39
43
*39
45
581
21
:Maypr
61 Nov
A
*3912 43
*39
43
100
Do prat v t c_
100 30 Apr 7 4318 Jan15
3612 3738 3638 3673 3812 3653 3614 3733 3578 3618 3538 3534 11,500
30 Apr 50 Nov
Pittsburgh
&
West
Va____10
)
---- - *80
31 Jan21 4038 Feb27
83
8218 8218 *80
2258 Jan 4033 Nov
8373 *82
32
81
82
100
Do pref
100 79 Jan31 83 Feb27
85 -8658 8513 8618 8478 86
61
8158 8578 8158 8578 8373 8458 85,700 Reading
Jan 82 Nov
50 75 Jan21 8678 Mar12
*3712 39
*3712 39
*3712 3812 *37
7018 Jan 9614 Oct
3734 *3712 3812 *3713 3812
Do
lst
pre
59
3513 Jan 9 3812 Feb 4
3712 3712 *3713 3734 *'1 373
35
3712 3712 33
Jan
39 May
38
*37
3812
400
Do 2d pref
1214 13
37 Jan 2 3812 Mar 7
1258 1234 ------ 1238 1212 __
__
35 Mar 40 July
_ *12
1234 2,700 St Louis-San Fran tr ctfs_100 1014 Jan21 1414 Jan 3
*17
22
*16
20
*18 2012 *16
2012 *16 /012 *16
938 Apr 1714 Dec
17
St
Louts
Southwest
ern._ -100 17 Jan28 1938 Mar 3
*30
31
*30
31
*30
3213 *30
19 Oct 25 Nov
31
*30
34
*30
34
Do prof
A00 2812 Feb 4 337 Mar10
*8
814 *712 812 ____
_
712 758 ___
28 Oct 4013 Jan
__
*712 8
1,100 Seaboard Air Line.
100
*1812 1834 1712 1713 1714 -1-8-38 1714 1714 1712
738 Feb13
878 Jan 3
7 Apr 12 Nov
1712
*1738
1812
700
Do
prat
100 1534 Feb 3 1914 Mar12
10158 10512 10433 10834' 105 10638 10134 10534
1518 Apr 2514 Nov
10334 1057s 10314 10118 260,500 Southern Pacific Co
2812 2878 2838 2812 2813 2812 28
100 9518 Jan21 10634 Apr 7
8012 Jan 110 Nov
2814 28
2818 2773 28
11,000 Southern Railway
100 25 Jan21 3014 Mar 3
6812 6812 6834 6834' 6834 6878 6834 6834 6313
3
2
527
0% MD
I
Aaap
eoyer 3955
627471 N
NDJo
o
aev
69
v
ne
*68
69
1,300
Do prof
3278 3378 3212 3312 3238 3314 3214 3273
100 6614 Jan21 70 Jan 2
3178 3212 3114 32
16,100 Texas & Pacific.
*45
100
48
*45
4814' *45
4814 .45
4814 3115
14
4814 ---- --- -- - Twin City Rapid Transit-100 27% Janet 3518 Jan 3
130 13114 13018 13014' 130 13012 130 13012 12912
38 Janie 49 Feb28
13014 12858 1-29
15-,100 Union Pacific
100 12418 Jan21 13234 Mar 3 10934 Jan 13712
-,,- *72
73 1 73
73
73
7312 73
Oct
73
73
73
6031
Do pref
100 72 Jan11 7434 Mar 5
1112 1034 1114 *1012 1112 *1013 1112 *10
*10
69 Jan 7634 Nov
1112
10
1013
400
United
Railways
Invest
-100
*24
2434 2412 2534, 25
7% Jan 9 1314 Feb21
2514 2512 26
434
2514
June
2558
*2112
12
Jan
2512
2,100
Do prof
100 15 Jan13 2778 Feb20
813 818
814 8123;
838 838
833 812
10
712 Apr 20 May
814 814
814 814 1,400 Wabash
100
3334 3334 3278 3313 33
734 Jan20
9 Mar 3
3312 33
33
3234 33
3258 33
3,367
Do prof A
*2034 2112 *2012 2112 *2033 2112 *2038 2112 *2038
100 3012 Jan21 3614 Mar12
3078
2112
Dee 4413 Jan
2018
100
2033
Do prat B
1012 1012 1058 1033 1012 1012 1033 1038 1018
100
1018
9 D
7
13
Fuolb
14
3
1 June
Ap
y
1038 1014 1038 2,200 Western Maryland (new)-100 19 Jan23 2238 Mar 3
j
o
r 2:6
ec
.18
25
1014 Apr 11 1238 Jan 9
*18
25 I *18
25
*18
25
*18
25
*18
25
Do
prof
26
100 2473 Mar15 26 Mar14
---- - - *18
20
18
18
17
20 Jan 32 June
17
*17
19
*17
18
300 Western Pacific
100
5313 1318 5314 5314 5314 5314 53
Mar
4
17
2212
Feb
3
13 Jan 2434 Nov
53
*53
54
5313 51
600
Do pref
100
858 853
Feb20 6112 Jan 9
8
858 *8
834
813 83 *8
46
5 Jan 68 June
812
8
818 1,100 Wheeling & Lake Erie Ry-100 5218
*18
734 mar 5
20
*1712 20
934 Feb27
*1712 2012 171k 1712 *1713 20
1712 iAto
pvr 212034
*18
20
200
Do pref
100
*32
36
17
jan30
*32
21
Mar
36
3
*32
36
*33
36
*33
Nov
36
*33
36
I Wisconsin Central
100 3014 Jan22 3613 Mar 7
Dec
8
297
3934 Oct
Industria
l & Miscellaneous.
2873 3118 3112 34
32
3312 32
3334 3218 3434 3212 3234 39,400 Advance Rumely
100
6333
Jan21
21
3434
6514
Apr10
6512
663
8 6553 6633
11
6514
Jan 2634 Nov
_
_ _
_
67
66
__.
6634 12,70(
__. 6634 66
Do pref
100 5613 Jan20 67 Apr10
4
___
4
257 Jan 627 Nov
,
3
2
z
4
4
,
31s 313
ax Rubber ric
318 ass
50 66 Jan13 81 Feb27
338 334
49 Jan 7214 Deo
338 358
3t2 4
338 358
9,800
Alaska
Gold
Mines
10
*2
:318
Apr
Jan15
4
414
214
178 2
2
2
2
114 Apr
2
2
538 Nov
218 238 6,900 Alaska Juneau Gold Min'g_10
2
3533 36
134 Jan 2
23)) Marll
3534 3612 38% 3712 3634 3853 3714 381
113 Apr
3% June
3
3'1
5,600 Aills-Chalmers Mfg
Janet 3858 Apr 9
100 en
8913 8912 *89
8912 90
9014 9014 91
1734 Jan 37 May
91
91 - ----------1,100
Do
prof
100
10338 106
Mar29
Jan23
8l78
9218
10534 109
10818 10973 10914 11014 103 11018
7214 Jan 86% May
1334 37,100 Amer Agricultural Chem-100 9978 Jan29 11034 Apr 9
4199 100
100 100
100 100 *100 100% *100 100% *100 10034
78
Jan 106
Oct
500
Do prof
7758 7778 78
100 98 Jan 9 108 Mar15
7914 7814 79% 7812 79
8918 Jan 101 Aug
79
7638
x745
3
755
8
18,300
American
Beet
Sugar
100
*90
93
62 Jan 3 7938 Apr 8
*86
93
*86
48 Nov 84 Feb
93
*86
93
*86
93
*92
93
Do pref
4934 5014 50
100 8153 Jan13 90 Feb28 z82 Sept 9113 May
5073 5014 5134 51
52
5038 5158 4912 5012 53,300 American Can
-100 421g Febll 5214 Apr 1
10073 10078 10018 10033 10014 100,4 10013 101
3438 Jan 504 May
10134 10134 *101 10134. 1,600
Do prat
100 937g Jan 6 103 Mar10
9118 9238 92
9313 9278 9334 9318 9178 9318 91
8914 Jan 99 Dec
93
9312' 33,800 American Car & Foundry-100 8418 Feb10 0478 Apr 9
6814 Jan 9334 Dee
76.7;
_______
_
___
Do prof
477g 487g "lira 16100
113 Jan18 116 Feb24 108
4833 4933 -Ier4 5Q33 40
Jan 11512 Dee
49
4912
American Cotton 011
100 3918 Jan 2 5014 Apr 9
*92
95
25 Jan 4434 Oct
Do prof
100 88 Jan 7 93 Apr 3
1273 1314
78 May 88 Dee
14 1334 -155.8 1353
1314 1312 17,000 Amer
1353
DrUigtste Syndicate-10 1018 Jan24 1414 Mar 7
' 2273 2314 2234 2358 2214 2314 2218 2273 -1514
2178 2238 2114 2218 23,800 American Hide & Leather .100
1004 10114 10138 10278 10014 10238 10013 10173 100 10112
1318 Jan 4 2358 Apr 7
117 Jan 22% Sept
10018 10034 26,000
Do prof
100 7114 Jan 2 10278 Apr 7
*4512 4612 45
4513 4512 4534 4534 4612 4613 4878 4634 49
50 Jan 947 Aug
16,900 American Ice
100 33 Jan21 49 Mar17
6313 6334 6312 3334 6318 6314 6333 6373
1113 Jan 49 Oct
1333
64
4
64
1,900
613
4
Do pref
100
7118 7478 7534 8412 85% nth 83
3834 Jan 61
9133 837g 8938 8058 8334 484,500 Amer International Corp-100 5154 Jan20 6434 April
Oct
*4812 49
5238 Feb 8 9113 Apr 8
48
4814 4812 5013 49
5113 Sept 6013 Oct
4912 49
5033
4912
5114
28,109
American
Linseed
10
*8914 90
4418 Mar 1 5234 Jan 9
8912 8912 8912 8934 *89
27 Jan 4713 Dec
90
90
9118 91
9158 2,400
Do pref
10
66
85
mar
6653 6514 6733 66
Jan
1
4
923
7
6678 6614 6753 6513 67
6914
Jan 92 Deo
66
6634 22,900 American Locomotive.-100
103 103 *102 105 *10212 105
53 Jan21 687s Mar10
101 101 '510312 101
5313 Jan 7134 May
103 103
300
Do pref
100 101) Jan14 105 Mar 5 x95
112 112
138 158
112 112
112
112
Jan 10253 Dec
114
138 1,700 American Maltin'S
.51
100
54
*50
Jan17
1
453
5334 5134 5134 *50
Jan
7
238
Sept
5234
1313 Feb
1,200
Do 1st pref certifs of dep.- 4313 Fob19 5134 Apr 8
7114 72
7112 7233 71
7134 7078 7218
41 Sept 43 Dee
-f1-1-4 29,300 Amer
Smelting Llc Ref1n1ng_100 6218 Feb 8 7838 Jan 3
10513 10518 *10113 10513 105 105
73 May 913.1 Oct
105 105 *10412 103
105 105
600
Do pref
100
8058 81
103
81
Feb20
Jan14
107
8178 8012 8173 8118 82
103
Sept11014 Nov
8158 8233 8134 8212 5,600 American Steel Foundries_101)
12712 12934 12934 13214 13014 133
04 Feb 8 8734 Mar10
58
12912 13134 128 12978 127 12912 41,400 American
Jan 95 Nov
Sugar Refining-100 11114 Jan31 133 Aar 8
11678 1113% 117 117
11718 11714 11718 11718 *116 11718 11718 11712
98 Jan 110 May
900
Do prof
100
11113 11133 11133 112
11313
Feb
Jan
118
6
5
11134 11334 11318 114
10814 Mar 11413 Dec
11213 11358 10912 11212 10,800 Amer Sumatra Tobacco-10
105 105
0
9613 Jan13 118 Mar12
10114 105
10514 10512 105 10513 105 10553 10134 10518 3,800
6034 Jan 145 May
Amer Telephone & Teleg _ -100 9834 Jan20 10858 Mar10
20112 20578 205 20512 205 203
905 Aug 10914 Fob
20778 20778 2077g 208
20773 20778 2,890 American Tobacco
100 19178 Feb 4 215 Mar12 14012 Jan 1983
*10012 10112 *10012 10112 109 109% 10073 10073 10018
4 Dec
10013
*100
101
800
Do
pref
(now).
100 100 Feb24 106
*58
5833 53
Jan 6
5312 5712 5318 5734 5813 5718 5,312 5734 59
9218
Sept 10013 Dec
11,100 Amer Woolen of Masi
100 4014 Jan16 6712 Mar15
9978 997s 9934 9934 9934 9934 *98 100
9938 9958 *99
448 Jan 6078 May
9934
500
Do pref
100
40
9153
4014 4014 4034 4034 41
Feb
8
Mar12
92
4114 4353 4112 4212 4114 42
Jan 9634 Dec
13,300 Amer Writing Paper pref_100 2758 Jan 2 102
*13
14
4358 Apr 9
11
14
1358 1358 14
2014 Apr 393 Aug
148 *1312 1434 *1334 1434 1,100 Amer Zinc
Lead & Smelt___25 11
*4212 44
Jan31 15 Feb28
44
44
11 Dec 213g July
4412 4473 4413 4478 45
45
4112 4412 1,600
Do
prof
25
40 Jan21 45 Mar19
6238 6234 6212 6314 6238 63
3834 Dec 5314 July
62
631
62
6278 6153 6238 33,400 Ancaonda Copper
122 12478 12218 12534 12213 12153 12214 12334 123 1293
50 551k Feb 6 6314 Mar10
59 Dee 37414 Oct
3 12718 130 105,800 All Gulf & W 1 SS MI3Ing
Line-100 92 Feb 8 130 Aprll
*67
63
6718 6712 6733 6733 63
9734 Jan 12014 Feb
68
*63
70
69
69
600
Do
prat
100 64 Jan20 69 Aprll
88
89
8812 9014 8938 9012 8914 9333 9018 9273 8912 917 217,600
58
Jan 6758 Nov
3
Baldwin Locomotive Wk8_100 6478 Jan29 9333 Apr 9
13214 13112 13033 13538 133 13134 13112 13334 131 133
5018 Jan 10134 May
130 133
7,800 Barrett Co (The)
100 103 Jan 2 13538 Apr 7
*8812 70
*70
7014 7014 7212 73
85 Jan 110 Dec
73
7318 731
7318
74
3,300
Bethlehem
Steel Corp
6914 7014 6912 7012 704 7314 7173 7318 7218 743
100 5513 Jan20 74 Aprll
60 Dec 96 May
4 73
76 257,500
Do Class B oommon-100 5538 Jan21 76 Aprll
108 10312 103 10314 10814 10314 10712 10314 108 103
594 Nov 94 May
10712 10712 1,700
Do corn cony 8% pref._ 10138 Jan22 10813 Apr 5
2073 21
20
2012 1912 20
1953 1934 1973 20
9613 Jan 1067g Apr
1973
20
4,000
Booth Fisheries
par 1814 Jan14 2234 Jan 6
14012 14534 115 14634 150 15912 1591 16353 16218 1613
21
Jan 2813 Sept
4 16118 164
53,300 Burns Bros
No
10
a
133
0
r
Feb
614 678
16-13
6
4
Apr
10
634
Vs
758 734
108 Feb 6113 Oct
714 734
734 77s
758 734 12,200 Butte
77 Apr10
2153 2214 2134 22
51s Feb20
2178 22
2118 2238 2138 2178 2158 2218 5,900 Butte Copper & Zino v t ct-5
Dec
1127s July
518
& Superior Mining..J0 1678 Feb111 2512 Feb28
1612 Jan 3313 May
• Bid and asked prices; no Bales on this day. I Ex-rights.
Less than 100 shares. a Ex-d1v. and rights. I Ex-divide
nd.
New York Stock Record-Concluded--Page 2
1193
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
NEM
'Salesfor
:
Saturday
April 5.
1
1
Monday
April 7.
1
I
Tuesday ! Wednesday 1 Tharsday 1
April10
April 8. I April 9.
Fridzy
Ain't/ 11
11)8
1 iVeek.
Shares
STOCKS
NEW YORK SPOCIC
EKCIIANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share io:s
E
PEk-striA--
Range for Previous
Year 1918.
Highest
Lowest
Lowest
Highest
I
Industrial8Olisc.(Con.) par $ per share
$ per share I $ per share $ per share
$ per share ! $ per share 1$ per share! $ per share l$ Per share 1$ per share I
0012 61 1 6034 6173 6134 6333 6212 63331 6134 6313 0112 6214 28,600 California Packtn4____No par 48,4 Jan 2 6338 Apr 81
3612 Jan 50 Nov
12
100 2033 Jan 2 2834 Feb211
Jan 2478 Nov
.2518 2553 2512 2633' 261$ 2612 2512 2658' 2618 2614 2553 2573 5,700 California Petroleum
Do pref
2,000
100 6418 Jan 2 7434 Mar71 36
Jan 7012 Dec
6953 6953 6912 70 1 6934 7014 6934 7014 6934 6934 6953 70
Central Leather
100 5513 Feb 8 8012 Apr 9! 5434 Dec 7333 Feb
71,
8012 27613
7712' 7612 7714 77
77
7614 77 I 77
*_
7812__
Do pref
7558___
400
103 10412 Jan 7 10912 Apr 9i 10112 Dec 108 Nov
109 10914
108 10912 10912 10912 *103 110
*110753 109
Jan22 4334 Apr10, 2914 Mar 39 Nov
40 I 3912 40 I 3938 4134; 4153 4334 4134 43.18 57,800 Cerro de Pasco Cop__ No par 31
3858 4033 39
103 103 Jan18 152 Apr10, 6814 Jan 10978 Dec
127 12812 12712 13712 13712 152
138 14314' 26,300 Chandler Motor Car
•125 128 I 12514 127
25 1713 Jan21 247,3 Mar28
1412 Apr 24
2314 2312 2358 2414. 2314 2378. 2318 24141 2312 2414, 2314, 2334' 35,200 Chile Copper
Oct
5 3213 Feb 6 3833 Apr 7
7,800 Chino Copper
3753' 37
37141 3678 3714! 3634 37
3133 Dec 4714 May
3738 3753; 3738 3833: 37
42141 4134 44513, 4312 44781 4318 4414! 4212 4314 12,000 Colorado Fuel & Iron
100 3434 Feb 10 4478 Apr 9
4212' 42
*41
3434 Jan 5413 May
• 100 3914 Feb 1 4673 Mar18
4514; 4513 4512 4512 45581 4513 46 1 4514 46 I 7,700 Columbia Gas & Elec
2834 Mar 4473 Deo
4513 45141, 45
5,500 Consolidated Gas (N Y) 100 8713 Jan27 98 Feb27
96
96
95 1 933s95 1 95
96
8234 July 10533 Nov
95 1 9312 94 1 *93
*93
100 6512 Feb10 8212 Mar10
8,300 Continental Can, Inc
6512 Oct 95 Feb
*7712 7812' 7712 7812' 7812 7912' 7812 7918 73 8014. 7753 79
5833' 5714 5918 100,000 Corn Products Refining_ 100 46 Jan21 6033 Apr 1
5314, 57
2973 Jan 501s Nov
5714 5818' 5714 5818 5714 5812 57
100 102 Jan23 108 Mar19 29012 Jan 104 Deo
Do prof
730
105 105 *10412 10512 105 105 1*10112 10512' 10412 105 I 10173 10473'
6634 6738' 6612 67341 6614 6638', 6678 68381 6653 6734 36,000 Crucible Steel of America_100 5213 Feb 7 7014 Mar14
52
Jan 7478 May
6614 67
100 91
Do pre
Jan 2 95 Marll
500
9318 9318' 94.t 9414, 9314 93141 9333 9312 931A 931,t
86
Jan 9134 June
2512 2612 2534 2633 34,200 Cuba Cane Sugar_ No par 2038 Jan27 3112 Jan 9
2712 Apr 34 Nov
-2453 -2514; 2514 27 I 2614 2753 2612 27
Do prat
7612 76341 7634 7712 77
100 6912 Mar 1 80 Jan 9
77181 7678 77
7614 6,50
7612 7678' 76
7714 Dec 33 Feb.
10 1053 Jan31
1434 Aprll
1212 1212 1238 1212' 1253 12531 1214 1212 1212 1212 1234 1434 4,200 Dome Mines, Ltd
6 June 15 Nov
3078' 3012 3114, 3053 311,11 3014 31 1 2034 3014 16,600 Gaston W & W Inc_No par 2518 Jan21 3334 Mar 3
2534 Oct 39 Feb
2953 30 1 30
100 14412 Feb 3 164 Apr10 12734 Jan 15812 Oct
15812 16114 8,100 General Electric
157 158 1 15712 160381 15912 159781 15812 164
156 157
17014 17133 171 17414, 17212 174731 17412 17912' 1761,1 17978 17514 17734 110,500 General Motors Corp____100 11812 Jan21 17973 Apr10 10634 Jan 164 Aug
100 82 Jan 6 9214 AprIl
Do pref
91531 9134 9134 9178 9218; 9218 9214 1,700
9114' 9112 9112' 91
01
7538 Oct 88 Feb
100 5612 Jan10 7134 Feb27
67341 6612 6712 13,000 Goodrich Co (B F)
6578 6678 6614 68141 6634 67781 67
38 Jan 5978 Oct
6512 66
100 103 Jan 8 108 Feb26
Do pref
____ ____ *107 109100
*10612 109 *10612 109 1 107 107 *107 109
9553 Dec 104 Deo
*66
70
200 Granby Cons M S & P _ 100 65 Mar21 80 Jan 3
6812 *66
*66
69
138
74 Jan 86 Oct
6812 6812 *66
4312 44
4312 4412 4373 44
-,-Iii4 .-44-- 4312 44
4134 4353 6,600 Greene Cananea Copper 100 41 Feb13 4612 Jan 9
3812 Jan 5814 Nov
54
5513 51
56
3152
50
.
51
5118 5212 5518 *52
5834 Dec 11112 Apr
5612 1,900 Gulf States Steel tr ctfs 100 4912 Feb 8 6178 Jan 3
4614 4614 49
4518 46
49
51
34
45
4812 5013 4812 4934j 17,100 Make! .3.7. Barker Car__No par 40 Feb 6 51 Apr 9
Jan 4914 July
20 4212 Feb 6 5273 Apr 7
5173 5273 5158 5278 5112 5233 5134 5238 x4973 5012 35,200 Inspiration Cons Copper
4113 Dec 5812 Oct
5158 52
19
20
2014, 2153' 2013 21
1714 1714 1712 1814, 1812 19
16,500 Internat Agricul Corp ._100 1012 Jan 2 2153 April
10 Jan 19 June
6738 6738 6712 69141 6958 72
73
100 48 Jan 4 77 Apr 9
77
Do prof
15,500
7334 7633 73
74
38
Jan 65 June
100 11013 Jan21 1297g Mar17 104
1253.1 12712 126 127 I 12614 12878 1263,1 12912 127 129 *126 128
18,5001 Inter IIaverster (new)
Oct 121 Nov
2614 2634 26513 27141 2658 2612 2612 271.1 26
2834 29
3112 74,600 Int Mercantile Marine. _100 2114 Jan31 3112Apr 11
21
Jan 33 Oct
100 9234 Feb10 11513 Apr 2
Do pref
111 11213 1113811338' 11234 11434 11114 11414 11134 11418 11234 11473 172,700
8338 Jan 12512 Nov
2712 267s 2758 2612 2738 2633 27
26
77,200 International Nickel(The) 25 2412 Feb 3 323s Jan 3
2558 2578 2534 26
27 Jan 35 Nov
4634 46
4714 4512 4612 45
1
100 3014 Jan 3 4834 Feb27
45
4573 4558 474512
4534 21,700 International Paper__
2412 Jan 4512 May
*73
73
7312 73
7312 73
100 62 Jan13 7512 Mar10
7314 7334, 73
7318 1,600
Do stamped pref
73
73
58 Jan 6512 Jan
12434 12612 12558 128
12514 12734 80,600 Kelly-Springfield Tire
25 68 Jan21 128 Apr10
119 120121 119 125
41
11814 119
Apr 72 Dec
3214 3218 32781 3214 3233 3218 3234, 3213 3212 3178 3214 17,500 Kennecott Copper____No par 2913 Feb13 3334 Jan30
29 Mar 4114 Nov
32
71121 7034 7158 7018 7034 9,600 Lackawanna Steel
100 6212 Jan21 27234 Mar10
6512 Dec 9158 May
*6934 7012 *6978 70121 697s 7134 71
Jan22 2312 Apr10, 12 Apr 24 Dec
2812 2714 2813 20,400 Lee Rubber & Tire___No pa
21
2512 2512 2558 2553. 2573 2612 2014 2713 27
4712 48
*47
4814 4814 1,100 Loose-Wiles Biscuit tr ctfs_100 4013 Feb17 4934 Mar 71
48
4814 49141 4712 48
48
48
1712 Jan 4558 Dec
100 94 Feb 5 109 Apr 9, 53 Feb 96 Dec
109 109 *105 110 *105 110
100
Do 2d pref
*108 112 *108 112 *108 112
75
Mackay Companies
*70
*71
75
75
78
100 70 Jan22 7334 Feb 4
*70
*71
75
*70
75
70 Dec 7812 Feb
*70
100 64 Jan15 65 Jan 41 57 Jan 65 May
*6312 65
Do pref
300
65
*6312 65
*6312 65
*64
64
64
64
64
100 2634 Jan22 41 Mar14
3934 39
40
39
4012 3873 3913 13,500 Maxwell Motor, Inc
2312 Jan 4212 Nov
3714 3714 3778 3812 38
10,100
673.1 6612 6712 6653 68
100 5033 Jan22 6978 Mar14
1)0 let pref
6612 68
50 Dec 6973 Nov
6512 6512 6514 6634 66
100 1914 Jan 2 3312 Mar14
3178 3112 323114 3212 3034 3034 6,100
Do 2d pref
3178 31
31
31
19 May 3238 Nov
31
Jan
2
19714
Jan23
16234
100
79 Jan 194
18113 18378 182 18378 18334 18612 18434 18733 18214 18534 18114 184 182,860 Mexican petroleum
Oct
100 105 Feb 7 108 Mar10
Do pref
87 Jan 107 Dec
*10312 110 *106 110 1 1,10312 110 1+10312 110 *10312 110 *10312 10812
5 2134 Feb 7 2458 Apr 7
2353 2378 4,300 Miami Copper
24
2433 2433 2414 24531 2334 2414 2378 2414 24
2214 Dec 3318 Jan
4714 63,900 Midvale Steel & Ordnance_ 50 4014 Feb 7 48 Mar10
4514 46
4718 46
4512 45781 4533 4612 4534 4658 46
41 Dec 61 May
500 Montana Power
100 69 Mar28 77 Mar 3
71
71
76
*72
73
73 I 70
70 I 7173 73
64 June 8112 Nov
*69
*69
1812 1773 1833 18
1812 1734 1838 15,500 Nat Conduit & Cable_No par 14 Feb 8 1834 Apr 7
13 Nov 2138 July
1758 18
18
1834 18
100 4518 Feb 8 5814 Apr 1)
5673 22,300 Nat Enam'g & Stamp•g
3714 Jan M12 May
5318 5312 5353 5612' 5658 58
5713 5814 5612 5714 56
100 93 Jan15 100 Mar31
Do pref
*100 110
_-_-88 Nov 9912 Feb
*99 109 1 ,1100 106
____ ____ *100 105
7134
Janll
Apr
9
8
64
100
;265 National Lead
4314 Jan 6934 Dec
.68
6812 6812 6912 6873 69
69
7012 7138 70 -7-0
713
100 107 Jan 3 11013 Jan25
Do pref
•108 112 *108 112 1'108 112 •108 110 *108 111 *108 110
9934 Mar 10512 May
5 1512 Mar18 1712 Jan 3
1678 17
1673 17
1612 Dec 217s May
1634 1678 1658 17
1658 1634 1673 1678 2,200 Nevada Consol Copper
Mar14
109 109
9812 Dec 139 May
10912 11112, 111 111
110 1131 --------11012 11078 4,500 New York Air Brake.. _100 0114 Feb 3z115
52
52
300 North American Co
51
100 47 Janll 52 Mar 4
*49
62
52 I 51
*49
51
3712 Aug 5712 Nov
5012 5012 *49
4212 92,580 Ohio Cities Gas (The)._ 25 03534 Feb14 4478 Jan 3
3834 3912' 3953 4014 3934 4014 3973 4114 41
3834 39
3513 Mar 48 Oct
April
8 Feb 3 11
812 0
9
912'
912 1014 1014 11 152,250 Oklahoma Prod & Refining 5
914 958
914 912
8 Feb 1
512 Mar18
733 4,600 Ontario Silver Mining_ _ 100
638 633
7
633 634
414 Jan 13 Juna
612 634'
612 7
634 634
Jan
4
3812
8
2912
Feb
5
*32
100 Pacific Mail SS
34 1 *3218 3434 *32
3478 3412 3412
2312 „Tart 40 Dec
3434 •32
50 67 Jan21 8513 Apr 9
7934 8014 7958 8233' 8134 8412 8212 8518 8212 8414 8138 8312 134,900 Pan-Am Pet & Trans
6314 Oct 7214 Oct
100 117 Jan22 148 Apr 9
Do pref
*136 142 4.138 142 1 14412 145
800
86 Jan 12413 Oct
146 148 *144 145
4518 Jan22 5234 Mar10
4914 4934 50
50
_1
50
4812 4812
50
People's G L & C (Chic)_00
4818 50
,
50
49
395s Jan 61 Nov
50 30 Jan 3 3733 Apr 9
3533 3538 3512 3678 3612 3714 3612 3733 3512 3618 3534 3534 19,800 Philadelphia Co (Pittsb)
21 Apr 3514 Of
4573 4612 4614 471' 4634 471
4912 5078 66,700 Pierce-Arrow M Car___No par 3834 Jan22 511s Apr10
4 33 511
4714 43
Jan 5134 Nov
34
------- 104_14,
-------104
100 10112 Jan 3 10512 Mar13
*10212 10312, 103 103
400
Do pref
10338 10312
8934 Jan 104 Dee
1838 20
2034
- 20
M4W3M2=4M42ff7s 20
2012 128,350 Pierce Oil Corporation.... 25 16 Jan 2 2114 Apr 8
15 Sept 1918 Oct
4834 4933 4834 4914, 4873 4978 1934 5133 24873 4953 4834 49
10,200 Pittsburgh Coal of Pa...100 45 Feb 3 5133 Apr 9
42 Jan 5834 Feb
87
100 8512 Mar17 87 Jan 9
*8412 87
8638 8638 *8633 87 I *8612 87
87
Do pref
*8412 87
300
7934 Jan 8578 Dec
001 259 Febll 7278 Apr 9
6934 7013' 70
70,2 7078 7112 7133 7273 71
7234 7073 7112 12,800 Pressed Steel Car
5512 Nov 73 Aug
*9934 102 1 *9934 10112 199
100 100 Mar 3 104 JanI4
*9934 102
09
101 101
*9934 102
Do pref
200
93 Apr 100 Aug
87
___
87 .83
.
*8434 85
83
P
pu
ulblim
ican
Sec
rvom
35
Co
prapnyof N J 100 82 Jan31 9134 Jan 7
*8312 8378 *83
85 Oct 10912 Mar
100 11178 Feb14 12234 Mar19 10013 Jan 13214 Nov
.1011914 120
12073 12214, 12112 12212 12114 12178 12034 12134 120113 121
11,600,
7912' 79
*79
80 I 7912 817S 81
loo 6812 Feb10 8314 Mar14 4512 Jan 7812 Dee
8173 8012 8112 7914 8012 14,7001 Railway Steel Spring
100 104 Feb 4 108 Apr 3
*107 110 ,*1.06 110 '4'106 10812 1100 106 *106 110 *106 107
Do pref
101
95 Jan t 10512 Dec
21
21131 21
2134 21
2133 21
2113 6,800, Ray Consolidated Copper_ 10 19 Mar 4 2134 Jan 3
1914 Deci 2614 May
2114 21
2114 21
8214 82531 8233 8234 8214 8334 8233 8312, 8234 8373 8212 8278 12,500' Republic Iron & Steel.._.100 7112 Jan18 86 Mar12 27253 Jan 96 May
8001 Do pref
100 100 Jan13 105 Mar19
*102 10212 *103 10312 10218 10212 10234 10234' 10212 10212 10212 10212
9253 Jan 10212 Sept
26,900 Royal Dutch Co (Am shares) 7034 Jan21 9912 Feb20 270 Dec 145 Oct
9214 93 I 0234 9334 9412 9633 94
95
0312 0538 0134 93
Certfs for New York shares_ 8612 Mar13 05 Mar21
9078 118,000
89
89581 8914 0273 9214 9412 92
9334 9034 9234 89
614 Mar21 12 Feb26
,800 Saxon Motor Car Corp_..100
434 Aug 18 Nov
758 8 I
731 8
*712 7341
734 8
734 734
758 8
100 16812 Feb13 18514 Jan 8 13334 June 17612 Dec
*178
180
Roebuck & Co
183
180
18212
Sears,
17612
17812
3,000
3
177
*176 180
17934 1795
10 10 Feb19 1312 Jan10 213 Dec 1814 Feb
1314 13
1313 13
1234 13
1212 1212 3,200 Shattuck Ariz Copper
13
1234 1273 13
2514 Apr 39 Feb
4512 46
4512 4638 45513 4612 4534 4612 4558 4633 4573 5018 97,400 Sinclair 011 & Re1'g___No par 3314 Jan 2 501,3 AprIl
53 I 53
53
52
52
54
64
52
52
53
39 Jan 7114 May
63
3,700 Sloss-Sheffield Steel & Iron 100 4612 Feb10 59 Mar12
53
39
38
38
39
*37
3834 3834 3812 39
39
3012 4034 1,300 Stromberg-Carburetor_No par 363.1 Jan10 42 Jan15
337
6414 6538 6412 6553 6412 6734. '6614 6814 6534 6738 04,600 Studebaker Corp (The)
100 4534 Jan22 6814 Apr10
6414 85
la-r 727 Nov
100 92 Jan22 9812 Aprl1
9612 9612 97
Do prof
97
97
8012 July 100 Nov
*96
*05
*0612 97
500
97
9712 98/2
_
5012 5112 5114 32
52
54
5533 5873 5534 5714 23,400 Stutz Motor Car of Am_No par 4214 Feb14 5878 Apr10
37 Oct 55 Des
;55" 16-58 3912 40 3914 40 397s 40 40 40
100 32 Jan21 4112 Apr 2
4014 4012 1,600 Superior Steel Cerp'n
3414 Mar 4553 May
*9712 9914 *0712 9812 *9712 9912 *9712 99
100 9734 Mar29 98 Mar12
*9734 9812 *9712 98121
95 Feb 100 Sept
Do let pref
1314 1312 1312 1518 1453 1534 1412 143.1 1358 1412 1353 133.1! 10,800 Tenn Copp & C tr etts_No par 1213 Mar17 1534 Apr 8
1234 Dec 21 July
213 21573 214 21634 216 218
21514 21712 212 21612 21153 21534! 34,7001 Texas Company (The)
100 184 Jan 2 218 Apr 8 13612 Jan 203 Oct
79
2512
3
90
9058 0012 9073 0034 9112
17, • 9 3 ' 9034 9212 9034 91121 33,400, Tobacco Products Corp_10
93 Mar22
00
0 9
4812 Mar 8233 Dec
(
6
31 106 Jan 8 28714 Mar 10473 Deo
JanaaI'2
*10012 102 *10034 10112 10012 10012 ---- ----'100 10012 *100 10114
1‘j
Do pref
300
83
*79
3180
84 Mar12
76
8313 *7512 83
*75
1 Union Bag & Paper Corp..100 75
*80
83
65 Jan 80 May
3175
83
4433 4433 24334 4418 4312 4334 43
4313 43
4,000 United Alloy Steel....No par 3733 Janll 45 Apr 2
4312 4278 43
3673 Oct 4412 MaY
13418 13518 134 13473 13414 13634 13434 13573 13334 13638 134
100 10714 Jan 2 13812 Mar18
35,500 United Cigar Stores
8334 Mar 10834 Dec
_ *111 118
*110 ---- •11012
100 106 Feb 5 111 Mar21 10114 Jan 110 July
__- ---- *111 117
Do prof
___ 13553______
____
17312 17438, 174 1-7-4 - 17334 17334 *170 174j 17134 17334 *168 1733t 1,000 United Fruit
100 157 Feb10 176 Mar14 11614 Jan 16612 Dec
2234 2213 2212, 2214 2312 2212 2334 12,500 U S Cast I Pipe & Fdy__ -100 14
22
2012 2158 2153 22
Jan15 2334 Aprll
1113 Apr 19 May
58
58
5812! 5814 591, 5934 5978 3,100
56
56
5634 5712 58
100 4212 Jan16 5978 Apr 11
Do prof
41 Mar 4734 Feb
Apr
8 6838 Apr 9
66
Corp.
70,200
Products
U
S
Food
6773
67
6818
8I
6653
68
3
67
673
4
16
40
614
fin
12
iiii
4
14712
Jan22
15412 15558 15934 15434 15912 151$t 15514 134,500 U S Industrial Alcohol
15934
Apr
9714
9
100
296 Dec 137_ May
12
106 *10412 107
00
.10584
10634 107
10712
9614 Jan 2 108 Mar14
108 I 107 107 *10614 10712
1)0 pref
600
94
Oct 99 Mar
8414 8512 8478 8933 8753 9014! 853t 8812 8578 8812 102,800 United States Rubber.Rubber
8334
100 73 Jann 9014 Apr 9
51
Jan 8012 Deo
11112 11112 1113.1 11173 11178 11173 11131, 11178' 11134 112
11214
1
1
Jan20
Mar
109
100
Do 1st preferred
4,200
295
112 112
Jan 110 Dec
5012 5114 x4973 6012 4934 5014 4034 50341 4933 30
50 4314 Jan21 5112 Mar12
4834 4912 8,100 US Smelting Ref & M
3212 Apr 5034•Oct
248
50
48 I *47
*48
4814 4712 4712' *4514 4731 *45
50 45 Jan18 50 Mar 2
4233 Apr 4734 Dec
Do pref
200
4758
9933 9812 9912 9858 0934 0813 9,38; 9814 100341 9712 99 832,500 United States Steel Corp_ _100 8814 Feb10 10034 Apr10
99
8613 Mar 11612 Aug
11612 11673 11614 11673 116 11633 11612 11658 11633 11612 11612 11678 2,060
100 11318 Feb10 1167s Apr 5 108 Mar 11358 Dec
Do pref
76
7614 7573 78
7578 7678 7512 7612 7514 76331 74
10 6513 Feb 7 78 Apr 7
7114 Dec 93 Oct
753s 14,600 Utah Copper
1612 1612 17
1612 1712 1612 1678 1612 16121 _-__ ____
14
100 13 Jan 2 1712 Feb 4
11 Sept 1684 Nov
5,825 Utah Securities v t c
5714 5734 58
5934 59
6012 61
100 51 Feb10 6212 Apr 9
3334 Jan 6014 Nov
6212 6033 61781 597s 6033 3100 Virginia-Carolina Chem
112 112 *114 11414 11134 11214 112 112
100 110 Jan 7 11412 Apr 3
*114 us *112 114
93 Jan 1135s Dec
Do prof
800
_56
513
56
56
_ _
5934 Mar12
200 Virginia Iron C & C
50 Jan 7313 July
8612 867s -86
1‘1
13
ar27
31 8978 Jan13
54
153 1‘
100
00 8
i- 88 - 8612 87
.14 -f;131Y -1:11-3T4 -86.1-2 -gli,78 867
7714 Aug 9558 Apr
; 3,000 Western Union Telegraph_1
4734 4612 4753 4612 4733 4633 47
4512 4534 4558 4578 40
3812 Jan 4712 May
37,600 Westinghouse Elec & Mfg_ 50 4012 Jan21 4734 Apr 8
*61
66
*62
66
65
*62
50 61 Feb27 6312 Mar 4
*61
65
59 Jan 6413 Feb
Do 1st preferred
65
*62
*62
65
5434 5112 5533 5413 5473 5414 5512 5533 5712 5553 5612 23,200 White Motor
5712 Feb26
54
3634 Jan 49 Nov
295
8
29
2918
Jan22
293
307
8 Mar18
4 2913 3018, 2953 3012 2058 30 116,300 WIllys-Overiand (The) 25
25314 j
56 4
2873 20s
1512 Jan 30 Nov
9212 9314 9314 94
94
100 8734 Jan 7 94 Apr 8
9334 9334' 9334 94
92
Do prof (new)
9278 9333 1,900
75 Jan 8914 Nov
8453 8378 8158 8312 8372'
8232 8333 83
20,900 Wilson & Co, Inc, v t c No par 6553 Jan20 80 Apr10
4514 Jan 7714 Dec
1247
8
123
1247
8
12334 1223.1 12234 *18
100 1201 Feb 7 13312 Jan 9 110 Mar 12812 Oct
12418 12413
700 Woolworth (F W)
26
4 *12
22
82
3 18
312 1285578
3.116 117 *116 117 *116 117 41116 117 *116 117
Jan22 11712 Jan17 111
Do pref
Oct 115 Sept
116 116
6512 65
50 Feb13 70 Apr10
6533 65
64
68
6478 65
34 Jan 69 Aug
00 11.5
0733 70
6653 6834 14,825 Worthington P & M v t c 160
*9173 94 I 4101
95
92
02
3917 94
100 88 1 Jan 9 9434 Mar18
100
Do prof A.,
*91
94
8538 Feb 9112 Apr
05
*92
.70, 7312 *72 7311 7211 721j 7212 7212 7273 73
03 Jan 3 73 Apr10
100 '
Do of,f B
600
59 Jan 7033 July
7278 7273
Fin-
•md and asked prices; no sales 00 this daY.
Less than 100 shares. t Ex-rights. a Ex-eltv. and rights. x Ex-dividend.
1494
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
lea. i909 the Exchange method of quoting bonds was changed and pries Ire ni,o-"lni interesi"-excepi for interest anti defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 11
13
4
1
Price
Frida
April 11
Bid
"
U. S. Government.
3t4 1st Liberty Loan__1932-47 J D
1932-47 J D
43 1st Liberty Loan
1927-42 MN
Is 23 Liberty Loan
1932-47 ID
4 qs 1st Liberty Loan
1927-42 MN
4 48 23 Liberty Loan
1932-47 ID
• s 21 Liberty Loan
1928 MS
4 st s 3d Liberty Loan
1938 AO
4ls 4th Liberty Loan
31930 Q J
21 oonsol registered
31930 Q J
• oonsol coupon
1925 Q F
4s rag Litered
1925 Q F
Ca coupon.
k1935 Q F
Pan Canal 10-30-yr 2s
Pan Canal 10-30-yr 2s reg__1933 Q N
1961 Q M
Panama Canal 3s g
1961 Q M
Registered
1914-34 Q F
Philippine Island 43
'
Weeks
Range or
Last Sale
Ask Low
17
4',
RangeS1 ra e
Jan. 1.
I
High No.1Low MO
Sale 99.00 99.18 3516; 93.20 99.80
Sale 95.32 96.001 393 92.50 95.00
Sale 93.64 93.80 2356 92.10 91.10
Sale 95.44 95.03 465 94.20 98.40
Sale 93.64 93 82 4831 93.41 93.32
_ail; 95.84 Mar'19 ..6..i3-3, 95.42 93.81
91.90 96.50
93.53 95.83
93.62 Sale 93.53 93.82 25.177 93.53 95.72
9834
9834
6 9778 9334
97
98 Mar'19 ___ 93 08
156" 2::: 103
103
3 10138 105
Sale 105
103
1 10414 103
105
9814 Mar'19 ---. 9814 9814
99 July'13 ___
"i"ii9912 _
91 Mar'19 ..fiff
91. 91 .
9013 _
91 Mar'19 100 Feb '15
99.12
95.63
93.66
95.60
93.66
ii...65
Foreign Government
9934 282 9914 994
A 9958 Sale 99'4
1919
Amer Foreign &cur 59
984 Sale 964
9334 939 95% 9778
Anglo-French 5-yr 5s Eater loan_ A
81 85 85 Mar'19 --- 83 93
Argentine Internal 5s of 1909._
9914 9912 9914
9938 291 99 10213
Bordeaux(City of) 3-yr (3s_ -1919
;70
71
10; 70
71
70
7213
Chinese(Hukuaag Ity) 5s of 1911
984 Sale 97
9858 11 9213 9358
Cuba-External debt 5s of 1901_
41 9013 9313
9118
A 9118 9313 9113
Eater dt 5s of 1914 ser A_.1949
83
2' 82
8414
A 8234 814 8234
1949
External loan 4143
977s Sale 974
9814 65 9734 99
1921 A
Dominion of Canada g 5s
97 Sale 9334
1926 A
9714 68; 903
do
9,7 3 98
do
9318
9713 57
97 Sale 97
19:31 A
do
do
105.3
4 Mar'19 ---- 103 1054
French R.epub 5145 secured loan..
9218 18 8678 9258
(91" 4114 91
Japanese Govt-£ loan 410_1925
9212
/ 91
8 813
93
Sale 91
1925 1
Second series 434s
8534 Sale 8534
86
24 84
89
do do "German stamp".
1931
72
74
18
"3 t 7578 7713 70 Mar'19 -_- 75 10
Sterling loan 45
994 Sale 994
9912 47 99 10213
1919
Lyons (City of) 3-yr Os
9914 9913 9914
994 25 9334
Marseilles (City of) 3-yr 6s..1919
2 65
74
70
73
1 61
7913
Mexico--Exter loan £ 55 of 1899
55 58
55
55
3 54) 61
1954
Gold debt 4$ of 1904
9734 Sale 9311
9734 272 9513 10014
1921 A
Paris (City of) 5-year 6s
82
10 8078 83
8134 Sale 8113
Tokyo City 5s loan of 1912
K of Gt Brit & Ireland9913 231 9914109'4
4 Sale 9914
1919 MN 997
3-year 504% notes
9812 751 9734 99
1921 MN 984 Sale 98
5-year 514% notes
10014 Jan '19 --- 100 10158
Convertible 53-4% notes 1019 FA
99 822 9313 10184
20-year gold bond 5143_1937 FA 99 "ti;l; 9858
These are prices on the basis of 115toL
State and City Securities.
-is Corp stock-1960 MS
N Y City-43
414s Corporate stock____1964• S
434s Corporate stock ____1966 AO
414s Corporate stock July 1967
13
1965
434s Corporate stock
434s Corporate stock_ 1963• S
1959 MN
4% Corporate stock
1958 M N
4% Corporate stock
1957 MN
4% Corporate stock
4%Corporate stock reg 1956 MN
1957 MN
New 43-4s
1957 MN
414% Corporate stook
314% Corporate stock_ 1954 MN
1961 MS
N Y State-4s
Canal Improvement 4s...._1961 J J
1962 J .1
Canal Improvement 45
1960
• Canal Improvement 4s
Canal Improvement 4143_1964 I
Canal Improvement 434s_1965 J J
Highway Improv't 4145_1963 MS
MS
Highway Improv't
Virginia funded debt 2-3s 1991 J J
613 deferred Brown Bros ctts_-
98
9638
91314 934
13 96
9714
98
96
96
5 90
9638 95
9914
10 96
96
96
9638 95
10034 101 10078
101
31 1003s 10134
10034 101 1004
1007s 18 10013 10113
10378
2 190 102
10078 102 1004
91
9114 91 Mar'19 --- 9034 9213
91 ' 9138 91 Mar'19 ---- 9013 9214
9113
9013 Mar'19
9013 9013
9012 91
91 Mar'19 ---- 91
91
10078
6 10013 102
1004 Sale 10078
sate 10014 101
101
9 100-1s 10111
8158
1 8113 82
814 8214 8158
99 July'18 -9813
9613 Apr '19 ---- 9612 9713
9612 101
9612
9734 Dee '18
-9613 9534 9715 Oct '18
10613 10714 10(334 1053 -- ( -37 108
10213 Dee '18.
Mar'19 -. 1068
107" 7_7_
i.15(3.51-3
10018 June'18
_
7878 Dec '18
28 ""
71
rii "743"4
661
; Sale 694
Railroad.
h1995 Q J
Ann Arbor 1st g 45
Atchison Topeka dr Santa Fe1995 AO
Gen g Is
1995 AO
Registered
7;1995 Nov
Adjustment gold 4s
101995 Nov
Registered
h1995 MN
Stamped
1955 J D
Cony gold 43
1960 S D
Cony 4s issue of 1910
MS
East Okla Div 1st g
Rocky Mtn Div 1st 45-1965 J J
Trans Con Short L 1st 43_1958 J J
Cal-Ariz 1st & ref 4As"A"1962 MS
S Fe Pres & Ph 1st g 53-1942 MS
A01 Coast L 1st gold 45...._101952 MS
1964 J D
Gen unified 434s
Ala Mid 1st gu gold 55.....1928 MN
Bruns dr W 1st gu gold 43_1938 J J
Charles & Say 1st gold 78_1936
01952
L Az N coil gold 4s
Say F & W 1st gold 53......_1934
1934
1st gold 5s
1925
Salt & Ohio prior 334s
101925
Registered
h1948
1st 50-year gold 43
h1913
Registered
1933
10-yr cony 4143
Refund Az gen 5s Series A-1995
Pitts Juno 1st gold 63-1922
P Juno Az M thy 1st g 310 1925
PLE&W Va,Sys ref 4s__1911
Seattle, Div 1st gold 3145..1925
Cent Ohio 11. 1st c g 414s-1930
0
Cl Lor & W con 1st g 5.3_1933
A
Monon River 1st go g 5s__1919
Ohio River RR 1st g 53_1936
1937
General gold 5s
0
Pitts Clev &Tol 1st g (33_1922
Tol & Cln div 1st ref 43 A -1959
Buffalo It & P gen g 5s
1937
Consol 414s
1957
0
All & West 1st g 4s gu
1998
Clear & Mali 1st gu g 53_1943
A
Roch & Pitts 1st gold 63_1921
1922
Consol 1st g 59
0
Canada Sou cons gu A 51......1962
Car Clinch & Ohio 1st 30-yr 5s'38
A
Central of Ga 1st gold 5s___p1945
Consol gold Ss
1943
Chatt Div pur money g Is 1951
Mac & Nor Div 1st g 53_19113
Mid Ga Az Atl Div 53
1917
Mobile Div let g 5s
• 1946
Con t R.R.& B of Ga coil g 53_1937
Centot NJ gen gold 55
1987
Registered
101937
AnajDook & Imp gu 5s___1921
Leh & Had Riv gen gu 53_1920
N Y Az Long Br gen g 43_1911
Cent Vermont 1st gu g Is..e1920
F
Chess &0 fund Az Inapt 53_19'29
1st consol gold 5s
1939
Registered
1939
82
77 8114 8512
8134 Sale 8114
89 82 Mar'19 -- 80 82
-HI; 77 7458 Mar'19
7418 8034
86
734 June'18
21 74 "fit;
73
74
75
75
7618
5 74
764 Ms
77
"E" 954 •95 Apr '14 -- 934 954
8912 9018 904
9018
1 9018 9218
74
75
79 June'18
5
754 79
7741
7713
"if"
6 85 85
85 Sale 85
85
95 10018 9934 July'17 -2 8114 8312
8118 82 82
82
7 8212 88
8312
8113 83 8213
9878
9613 Feb '19 -- 9613 9613
8158 89
_
78 Oct '18
1111s __ 12978 Aug '152 -'/37
74
74
7412 74
; 7812
1044 10718 108 Dee '18 --9618
_ 105 July'15 ---- _
884 8813 884
8813 43 88
8914
87
87 Feb '19
- 87 87
75
7558 7513
7534 17 7514 8213
-- 7558 9234 Mar'17
7514 Sale 7514
7534 -175 73 80
80
19 78
7813 7912 79
8212
9818 ___ 112 Jan '12 7:85
8714 844 Apr '10
831* -66Ct
1 7178 78
72 73
7178
717s
25 83
81314
8313 8378 8358
84
8934 8934 Mar'19 -- 8934 8934
87
954
9512 Apr '19
9513 9513
--- 10114 Nov'16 -9418
96
96 Jan '19 -- 96
91
9118
914 Mar'19
90
9912 -- 9918 Mar'18
6213 6578 6313
"Et; -ji"
6312
99
99 Mar'19 ...- 99
971s 107
8712 ___ 9912 Oat '17 ---- _
75
9613 97 Nov'16 ---- 884
10318 Feb '16
10034
10078 1004
1007s 1007s
10114 103 10113 10112
8 101 10113
90 9178 9218
924
1 88
9578
7513 8018 80 Mar'19
80 82
- 100 10313
997s ---- 100 Mar'19
8913 90
90
90
6 89
944
74
7514 7514 Mar'19 ---- 7514 7514
8213 __ 90 May'18 ...- -904 __ 9758 June 17 ....
92
0134 Jan '19
9134 9134
8834 --_ 89 Mar'19
86 89
10213 103 10212 10234 20 102 105
101 102 10114 Feb '19
10114 10114
9914 10034 9914 Apr '19
99
9914
9514 _-_ 100 Apr '18
_
883s ____ 10012 Jan '13
63 08
65 Jan '19
" 6690 98
89 934
89 Mar'19
99
Sale 99
9913
2 9714 9913
-- _
9734 10412 Jan '17
53
58
56
66
2 55
58
BONDS
N. Y. STOCK EXCIIA.NGE
Week Ealing April 11
13
Price
Friday
April 11
Week's
Range or
Lass Sale
4
..
01,
;
Range
Since
Jun. 1.
Bid
Ask Low
High No., Low High
Chesapeake & Ohio (Con)834
1992 M S 7718 Sale 7718
7814 10 77
General gold 4)4s
73 754 8334 altr'17
_
-Registered
930
2F
WI A
S 7934 Sale 79
7934 40 7734 8112
20-year convertible 410-199
8578 150 8114 89
30-year cony secured 53_1916 A 0 8534 Sale 8513
7813 ---- 75 NovIrs
Big Sandy 1st 45
8234 8513 Nov'16
1 5 D 72
ls_1
191
915
Coal River Ry 1st
824 -..- 9634 Feb '16
Craig Valley 1st g 59
664 ---- 8434 Jan '13
J
6j
919
Potts Creek Br let 4s1
-19
747s 754
7518
754 755
R & A Div let con g 45_1939 J J 74
1939 1 J 694 --__ 71 Oat '11
2d consol gold 45.
----8313 Sept'18
Greenbrier Ry 1st gu g 49_1910 M N 744
Warm Springs V 1st g 59.-1941 M S 8018 --_ 11314 Feb '15
5013
5114
5114
Mar'19
661;
"
ai
1949 A 0
Chic & Alton RR ref g 3s
3613 3634 3634
1 3534 40
3634
Railway 1st lien 334s
1959 j
Chicago Burlington & Quincy
1922 F A 100 -- 9914 Jan '19
Denver Div 43
9914 9914
7313
734
8 '7318 7584
1941) J J 7314 73
Illinois Div 334s
8314 20 834 8578
1919
J J 8218 8313 8314
Illinois Div 4s
9,)12
9934 Jan '19
9934 9934
Iowa Div sinking fund 53 1919 A 0
Sale 99
99
1 99
1919 A 0 99
9934
Sinking fund 4s
Joint bonds. See Great North,
9213 9213 Mar'19
1927 hI N 92
924 9334
Nebraska Extension 43
1927 M N 8818 -- 91 Mar'18
Registered
8013 13 80
8312
1958 al S 8013 8114 8014
General 4s
30
28 Mar'19
29
25
Chic & B Ell ref & imp 48 g 1955 J J 27
254
2812
Mar'19
25
22
25
dep._
S Niltg & Tr Co Ws of
100 10213 101 Feb '19
10313 104
1934 71let oonsol gold (is
75
N 714 8412 75 Feb '18
75
1937
General consol 1st 5s
7014 761a
US Mtg & Tr Co ctts of dep_-_ 74 ---- 7014 Apr '19
--- 7612 75 Nov'18
Guar Tr Co °as of dep
--- 9734 Feb '13
Parch money 1st coal 5.3_1912 F -A
chic Sr lad C Ry lst 5s_ 1936 J J ---- 25 32 Mar'17
47
60
Chicago Great West 1st 4s_1959 M S 5934 Sale 59
Chic Ind & Louisv-Ref 63_1947 J J 10018 ---- 103 Jan '19
83 10014 Apr '17
1947 J J
Refunding gold 5,1
8413 Apr '17
1947 J J 6818
Refunding 43 Series C
Ind dr Loulsy 1st gu 43-1956 J J 6018 -.- 70 Nov'16
84
78
7814 Fob '19
78's 783g
Clio Ind & Sou 50-yr Is..-1956 J
974 Deo '16
1969 I D 82 -Chic S it East 1st 4143
St
PaulMilwaukee
&
Chicago
4 72
7213
7612
Gen'l gold Is Series A....e1989 J J 7112 7213 72
924 Feb '16 ---el9S9 Q J
Registered
85
82
82
25
8313
8ll 84
D
1925
I
Permanent Is
6912
Sale
41 6613 7414
70
6912
Gen it ref Ser A 4 As__a2014 A 0
8078 79
79
27 7734 817s
Gen ref cony Ser B 5s__a2011 F A 78
Gen'l gold 314s Ser B____01939 J J 6218 63/8 66 Nov'18 -8013 18 80
8433
General 43-4s Series C....e1989 S J 8013 Sale 804
7212 7112 Apr '19 -- 7072 737s
1934 J .1 71
25-year debenture 43
7712 Sale 7614
7712 27 75
817s
Convertible 414s
9834 9758 Deo 'Is --2 D 96
932
21.1J
19
Chic & L SUP Div g 53-1
Chic & Mo Riv Div 58_1926 J .1 __ 100 92 Oct '18 -9738 93 974 Apr '19 -- 97
98's
Chic & P 11V 1st g 5.3
6312
9 684 70
J 6858 7978 6312
919
1j
J j
192
& Puget Sd 1st gu 43_1
C
9938;
1 9938 994
Dubuque Div 1st s I 63_1920 J J 9938 Sale 9938
Fargo & Sou assum g 63.-1924 J J 9914 102 10178 Sept.'171---1919J J 98 10314 9958 Feb '191---1 -66""6;5"i
La Crosse & D 1st 58
9818 Jan '19 -- 9818 9813
1921 J J 9634 101
Wis & Minn Div g 5s
Ms Valley Div 1st 63-1920 J .1 9612 -- 99 Jan '191-- 99 9)
Mliw & Nor 1st ext 414s-1934 J D 83 --- 8834 Mar'19,-- 8834 8884
Cons extended 434s.....1934 J D 8114 9014 9013 Deo '18 -- - 9258 Dec '18 ---- - - Chic & Nor West Ex 45 1886-1926 F A 8814 89
NF A 8018 92 95 Deo '18'
77 QN
1388p
-1119
992
836
Registered
7078 70 Mar'19,-- 70 'ff
neral gold 334s
Ge 70
67
7/
1 69
7013
7013'
704
Registered
1987 M N 824 81 8258 Apr '19-..-- 81 8258
General 45
1987 NI N 8113 82 814 Oat '18 --Stamped Is
30 WI; 101
09
1937 M N 9334 Sale 984
General 5s stamped
1 l015 10152
1879-1929 A 0 10158 10412 10153 10158
Sinking fund (3s
10913 Apr '161379-1929 A 0
Registered
3 -98
1 Ws
964
9638
- -i612
1879-1929 A 0 -g3Sinking fund 5s
9614
-__
96 Nov'18
1879-1929 A 0
Registered
9912 98 Mar'19 -- 93 98
1921 A 0 98
Debenture 55
98
93 Mar'19 -- 97 98
O 97
A N
23
1 IN
193
9118 964 91312 Feb '19 ---- 9612 9612
ReRegisteredSinking fund deb 55
904 -- 97 Nov'18 -Registered
1937
3 MS
M N 8018 -- 10113 Oct '18 ---Des Plaines Val 1st gu 4143'4
From Elk & Mo V 1st 6s 1933 A 0 10618 _- 108 Feb '19-103 109
88 Jan '17
Man GB&NW 1st 3143_1941 I .1 61
Milw & S L 1st gu 3143_1941 J J
_ Toli3"4
lOOlg i6634
1921 M S
Mil L S & West 1st g 6s
1929 F A 984 -- 9814 Mar'19 -- 9814 99
Est Az imp f gold 55
11178 Dee '15 -Ashland Div 1st g 63_1925 M S 10118
Mich Div 1st gold 63_1924 5 J 104 101314 1024 May'18 -7814 Feb '19 -- 78 -fit;
Mil Spar & N W 1st gu 43.1947 hi S 7412 84
93 Sale 93
98
16 93 98
St L Peo & N W 1st gu 5s 1948 .1
Chicago Rock tel & Pac6 7512 7912
77
Railway general gold 43-1988 J J 77 Sale 77
---- 7138 May'18 -1983 1 J
Registered
723
4
7113
8
Sale
..
723
94
70761*
1931
A
0
Refunding gold Is
---- 7013 Mar'19
1932 J J
20-year debenture 5s
72
69
R I Ark & Louts 1st 410_1931 M S 6778 6938 6914 Apr '19
95
95
9472 96
Burl R & N Ist g 5s____1934 A 0
9218 11813 9714 Feb '19
9714 9714
CRIF&NWI5tgu53_1921 A 0 9497 May'18
Cho Okla & G gen g 55_41919 J J 9858
---- 93 May'18
Consol gold 5s
-0.5" "703
92
53
2 AO
M N 6818 09 69 Mar'19
Keok & Des Moines 1st 59 19
18 6612 71
69
St Paul & K C Oh L 1st 434s'41 F A 68 694 6612
10514
1 105 107
Chic St P M 0cone 63_1930 J D 10534 106 10514
Cons 63 reduced to 3145-1930 1 D 8418 8618 88 Sept'18
924 91
97
91
91
1930 hi S 91
Debenture 5s
118 Nov'16
J 1024
North Wisconsin 1st(33-_1930
100 Feb '19
;100"
-617
St P & S City 1st g 63-1919 A 0
95 May'18
Superior Short L 1st 55 g_e1930 M S 92
60 Feb '19
66" -66"
Chic T H & So East lst 53-1960 J D
lat
jai
103
Mar'19
1024 103
Chic Az West Ind gen g 68-41932 Q M
(3113 62- 61 Apr '19
65
61
Consol 50-year Is
J1
j1 80 ---- 90 May'17
152
9 j
Cin H & D 2d gold 434s....1937
---- 88 Mar'll
C Find & Ft W 1st gu 4s g 1923 NI N
86
81
79 Nov'18
Day & Mich 1st cons 414s 1931 J
43713 Sale 6713
6713
0713 7213
Cloy Cin Ch & St L gen 43_1993 J
79
7813
7858
80
76
1931 J J 77
20-year deb 414s
1993 J D 8214 8134 8614 Aug '18
General 5s Series B
7834 Apr '19
783 7834
1939 J J 7314 81
Cairo Div 1st gold 45
6734 6734
Cin W & M Div 1st g 43_1991 J J 6734 80 6734 Fob '19
74
761s
St L Div 1st coil tr g 4s- 1990 M N 72 747s 74 Mar'19
7418 7418
1910 Nt S 74313 -- 7413 Jaa '19
Spr & Col Div 1st g 45
84
Nov'16
W W Val Div 1st g 43-1910 / I 7034
1920 M N 9934 10018 99 Sept'18
C 1 St L C consol 8s
87 Dec '17
k1936 Q F 8214 90
1st gold 4s
8813 May'15
k1936 Q F
Registered
937g Mar'19
;
-937
Cln S & Cl cons 1st g 53..1928 J J 9234
107 107
CCO&I gee cons g 63__1934 I J 10318 10.1 107 Feb '19
Ind 13 & W 1st prof 4s_-__1940 A ,,0 7518 -- 94 July'08
0 Ind & W 1st prof 5s..,.31934(9 J 824
65 "gf" "Ef"
"if" 66.Peoria Az East 1st cons 43_1910 A 0 51
1718 1213 Feb '19
13
1212
12
Income 43
APr *8812 --_, 87 Mar'19
87 89
Cleve Short L 1st gu 4M...199
961 AO
87
87 8914
1929 F A 87 871-2 87
Colorado A Sou 1st g 43
784 Sale 7734
7814
7714 7913
Refund & Ext 434s
9934 09 Feb '19
9934
99
5.1 N 98
21 50
935
Ft W & Don C 1st g 6s-1
19
-- Conn & Pas Rivs 1st g 4s___1943 A 0
93 Feb '16
-Cuba RR 1st 50-year 5s g--1952 J
Del Lack & Western73
71 Oct '18
,Morrls & Ess let gu 334s 2000 J ' D 72
1921 J J 10034 10112 102 Dec '18
N Y Lack & W 191 05
9534 101
974 Mar'19
1923 F1 A 9758
Construction 59
92la 9213
9212
Term & Improvt 4.3.___1923 111; N 0213 Sale 9213
674
A
F
10218
33.0_2000
Feb
'08
Warren 1st ref gu g
*No price Friday; latest this week. a Pue Jan. 3 Due April. •Due May. 0 DM J11110. h Due July. k Dae Aug. o DUG 00t. p Duo Nov.
1
70.2 70,2
DWI Deo •Option sale.
New York Bond Record-Continued-Page 2
APR. 12 1919.]
BONDS
N. Y. STOCK EXCHANGE
Wet.gt ending April 11
b
Price
Friday
April 11
Week's
Range or
Last Sale
t3
1,
*
03
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ending April 11
Bid
Ask Low
High No. Low High
Delaware & Hudson9634 97
9612 Apr '19
96
1922J J
9612
let lien equip g 4tis
15 838 8514
N
82
84
81
81
194311
1st & ref 4s
9134 91
9534
7 91
1935 A 0 91
913
20-year cony 5s
19113 A 0 7218 7512 76 Mar' ---- 754 77
Alb Sc Susq cony 3tis
10234 10, 10234 10234
Renss & Saratoga 1st 7s 1921 M N 10214 10334 10234
Denver & Rio Grande0812 18' 67
6712 67
73
1936 J J 66
let cons g Is
193(1 J J *7112 7312 72 Apr '19
72
70
consol gold 4s
5511
7773 79 Mar'19
79
791s
Improvement gold Os.....1928D 75
71 4618 5714
4618
4613
1955 I? A 4618 48
lot St refunding 5s
8934 8734 Nov'16
---- - Rio Gr June 1st go g 53-1939 Jo
38
6114 Apr '11
---Rio Or Sou 1st gold 4s....-1910 J J
J
39 July'17
1040 J
Guaranteed
2 6**3761
Sale 6373
8 72
Rio Or West lot gold 4s 1939 J J 61
591 56
034 56
59
Mtge & coil trust 4s A-1919 A 0 55
78
82 Deo '16
---Dot & Mack-lot lien g 48.-1995 J D 55
89
7513 July'16
1995 .1 D
-Gold 4s......
8112 8112 Mar'19
81
8414
Dot Riv Tun Ter Tun 43.0_1901 M N
-Dul Missabe de Nor gen 53_1911 J J 97 ---- 0634 June'18
9114 Feb '19
9414 9112
flu! & Iron Range lot 53.-1937 A 0 9253 100
10512 Mar'08
1937 A 0
- Registered
83 Feb '10
J 81
85
83
1937 J
83
flu! Sou Shore & Atl g 5s
91
99 Nov'18
Elgin Joliet & East 1st g 5s-1911 M N
81
.0671920 Ni S 9933 1001 1 9934 Apr '19 --.:- -6658
Erie lot consol gold 7s
8158 -- 7813 Oct '18
1017 M N
N Y & Erie 1st ext gls
191.9 NI S 9914 0934 9018 June•18
2d ext gold Os
1923 M g 9118 ---- 9312 Jan '18
3rd ext gold 430
,
1920 A 0 9638 --- 9912 July'17
4th ext gold 5s
1928 J D 8213 ---- 9134 Nov'15
5th ext gold 4s
NyLE&W1tgfd7s..l920M S 9712 ---- 10033 July'18
-8 65
6512
7012
Erie lot cons g 45 prior_ _.1990 J J 6512 Sale 6512
81 Dee '16
1996 .1 J
Registered
51
5:312
5212 5612
lot consol gen Hen g 43_1996 J J 527 533s 5278
73 Juno'19
1996 J J
Registered
82
7734 Feb '19
-"ifs;78
Penn coil trust gold 4s 1951 F A 79
10
4618
47
49
4618 49
50-year cony 4s ger A 195:3 A 0 47
1953 A 0 4(1s8 Sale 40
46
487s
do Series B
gs4
111
1953 A 0 4834 Sale 48
4713 5258
Gen cony 4s Series D
1 93
93
1982 M N 9() 93
93
9518
Chic & Erie lot gold 5.9
9158
1067s Jan '17
Clev & Mahon Vail g 5s 1938 J
9934 981s Apr '19
-6W1-2 101 Erie & Jersey 1st a 1 63._1955 J .1 98
6' 9578 101
9738
J J 9738 Sale 9012
Genesee River 1st s f
108 108
Long Dock consol g Os.....1935A 0 107 ---- 108 Mar'19
9:318
N
-..-103 Jan '18
Coal & 1111 1st our gu 6s-1922 M
---1913 J J 8712 ---- 10212 July'17
____
Dock & Impt 1st ext 5s
N 8078
1916
85 Jan '18
N Y & Green L gu g 53
J 71
75
73 Apr '19
75
7814
N Y Stisq & W lot ref 58-1937 J
1937 F A
10014 Dee '00
2d gold 4 As
-- -(3178, 60 June•18
1910 F A
General gold 55
Terminal 1st gold 53-1913 M N 8818 08141 07 Dec '18
-- - -Mid of N J let ext Os ._.1940 A 0 86 --- 108 Jan '17
70
72 Jan '19
72
Wilk & East lot gil g 5s-1942 3 D
72
2312 Jan '17
Ev & Ind lot cons gu g 6s...1926 J J
97
96 Feb '19
06
98
Evansv d.c T II 1st cons 6s 1921 J J 91
1912 A 0 6614 ---- 85's June'17
1st general gold 55
---.. 108 Nov'll
Mt Vernon 1st gold 68_1923 A 0
92
8
95
21
1 June'12
Suit Co Branch 1st g 55_1930 A 0
82
81
85
Florida E Coast 1st 4 As_ _1959 II D 81
92
Aug '10
Fort St U D Co 15t g 4348-1911
J
57 ---- 5612 Oct '17
_
----J
Ft Worth & Rio Or 1st g 45-1928 J
80 Dee '18
Gals,Hoes & Hon 1st 55
1933 A 0 7014 78
---- 9512 gale 9512
9534 207 9538 96
J
Great Nor C 11 & Q coil 45....1921 J
9533 9553
Registered
51921 Q J 9538 9512 9533 Apr '19
5 85
89
85
lot & ref 45s Series A
J 8412 8538 85
19131 J
Registered
J *83 ---- 90 June'16
1961 J
J
St Paul M & Man 45
1933 J
8614 ---- 8913 Apr '18
108'2 l0S1
let consol g Os
10312
1933 J J 10718 109 10812
'17
Apr
Registered
J 102 ---- 118
1933 J
10 93
93
93
95
95
Reduced to gold 430_1933 J .1 93
Registered
9012 09 10212 May'16
1933 J J
Mont ext lot gold 45_1937 J D 8418 86
8613 Mar'19
-8-6;
1 -8878
Registered
1937 .1 D 8318 --- 0512 Mar'16
- --- Pacific ext guar 4s .E_ __ _1940 J .1 77 ---- 8512 Nov'15
E Minn Nor Div 1st g 43_1918 A 0 7758 _-_- 80 Nov'18
-1922 J J 10053 ___- 10014 May'18
Minn Union 1st g Os
1937 J
J 10614 _--- 108 Nov'18
Mont 0 1st go g Os
---- _-__
13614 May'06
1937.3 .1 102
Registered
1937 J J 98 ---- 9818 Mar'19
lot qua,r gold 5s
9818 9912
Will & S F 1st gold 5s.._1938 J D 9612 _-_- 10934 Aug '16
52
7914 5114 Feb '19
Green Bay 41, W deb ars "A".____ Feb
52
51
714 Ssio 714
Feb
714
7
gis
Debenture ctfs"B"
Gulf et :3 I lst ref & t g 55__b1952 J J --- 7014 80 Jan .19
80
8212
J 77
7812 77
1 77
77
Hocking Val 1st cons g 43-so 1999 J
83
1999 J .1
7312 June•18 Registered
Col& II V lst ext g 43--1948 A 0 7638 ---- 7312 Oct '18
- -1955 F A 7614 ---- 75 Feb '18,Col & Tol lot ext 45
813
8812 85 Dec1'181-If ouston Belt & Term 1st 5s-1937 J J
J
8513
J
---87 Mar'19
Illinois Central 1st gold 4s 1951
86
88
92 Sept'17
1951 J
Registered
--7213 ---- 7534 Oct '18
J
1951 J
let gold 33,0
- --J 7114 --_- 84 Nov'15
1951 J
Registered
--- - 1951 A 0 7213 --_- 8(1 June'17
Extended 1st gold 3 y,s
1951 A 0 713 --__
Registered
--1951M S ---- 81 -gd Jury-'05
let gold 3s sterling
--- - 1931 1 M S
Registered
0
7513
7512
77 Feb '19
Collateral trust gold 4s_ _1952 A
77
79
1952A 0
953s Sept'12
Registered
- - - --7912 Sale 7812
80
1st refunding 4s
1955 NI N
9 7812 8414
703s 7212 72 Jan '19
Purchased lines 33,63
1952'J J
72
72
74
L N 0& Texas gold 4s..1953M N
7334 Apr '19
7334 774
Registered
1953 M N -ig
'
s 7112 72 Feb '18
--Cairo Bridge gold 4s_ .1950.3 D 7612 ---- 78 Nov'18
-Litchfield Div lot gold :33_1951 J J
60 ---- 79 Feb '14
-- Louisv Div & Term g 33s 1953 J
J 67'4 ---- 7312 Nov'18
-- - Registered
J
1953 J
83 Aug '12
--- -- Middle Div reg 5s
1921 F A 9718 ---- 102 June•16
-- --Omaha Div lot gold 3s
A
01 ---- 5814 Sept'18
1951
- - - -St Louis Div & Term g 39_1951 J
J
- 62 Oct '18
- -- - Gold 35s
J 70
1951 J
8314 6513 Oct '18
Registered
1951 J .1 6158 --- 80 June'16
gpringf Div 1st g 3tis
1951 .1 J 6714 81(2 8038 Nov•16
Western Lines 1st g 4s
1051 F A 7612 8() 8012 Deo '18
Registered
1951 F A
--__ 92 Nov'10
Bellev & Car 1st es
1923 J D 9514
11712 May'10
Carb & Shaw lot gold 48..1932 M S 7233 _-- 73 Mar'19
73
73
Chic St L& N 0 gold os 1951 J D 99 ____ 9834 Feb '19
9113 9934
Registered
9513 9518
1951 J D 9412 --_- 9513 Feb '19
Gold 330
1951 J D 6633
6512 July'18
Registered
1951 J D
Joint 1st ref 5s Series A_1963 J D
90
9012
9012
5 9012 95
••• Memph Div 1st g
J D
7212 -__ 7013 Oct.'18
5-N1/Registered
1951 J D 71
78
05 Nov'17
St Louis Sou lot gu g 4s.1931 Ni S 8053 ___- 7934 Jan '19
7934 -•/63-4
Ind Ill & Iowa lot g 4s
1950 J
J 8013 98
8014 Feb '19
- 8014 82
_ 9512 93
Int & Groat Nor 1st g
1 93
Ni N
93
96
James Frank & Clear lot 49_1959 J D 8034 90
82 Feb '19
82
82
Kansas City Sou lst gold 33_1950 A J
2 00
60
6012 60
00
643s
Registered
1950 A 0 ------- 78 Oct '09
-- Apr 1950 J J 8153 82
Ref & Insist 5s
8273 Apr '19
827s 8,04
Kansas City Term 1st 45___1960 J J
76
76
Sale 76
5 76
81
Lake Erie & West 1st g 5s__1937 J J 86
88
89 Mar'19
90
89
1911 J J
20 gold 5s
80
803
8
Feb
'17
North Ohio 1st guar g 5:1_19.15 A 0
05
8033 Oct '18
.1
1st
1940
J
gu g 4 As
Leh Val N Y
8714 89
89 Apr '19
1940 J J 84
Registered
93
89 Oct '17
Lehigh Val (Pa) cons g 43_2003 ii N
7518
5. 75l 80'a
2003 M N 85
General cons 438s
Sale 85'2
8175
90
85
7'2
51
1 85
----
----
----
----
*No price Friday: latest bid and asked this week. a Due Jan. b DUO Fob,
Price
Friday
April 11
1495
Week's
Range or
Last Sale
,
22
e'al
Range
Since
Jan. 1.
Bid
Ask Low
High No.!ILoto High
10014 Feb '19
9818 10214
Leh V Term Ity 1st gu g 5s_1941 A 0 100
1911 A 0 10178 102 113 Mar'17
Registered
12 i(11713 10233
gale
10178
102
_
102
Leh Vol RR 10-yr coil 63_1,1928
-___ 9714 Mar'19
Leh Val Coal Co 1st gu g 53_1933 i J
974 9714
105 Oct •13
1933 1 J Registered
---- -4
1933
ft/1lot lot reduced to 4s
-Leh & N Y 1st guar g 49
1945 Ni S 703 --_- 70 July'18
1915
Registered
---------------9312
12
Long Did lot cons gold 53__51931 Q9058
66C49333
98
9914 June'16
51931 Q j 87
1st consol gold Is
---81
79 Jan •19 ---. 79
1938 .1 D 76
General gold 4s
80
1922
8618 Mar'19
Ferry gold
801s 8018
S 8958 95
Gold 4s
1932 J D 75 ---- 9914 Oct '09
---Unified gold 48
7514 Mar'19
754 7514
1949 M S 7514 79
D 80 ____ 76
81
10 76
1931
Debenture gold 5s
84
20-year p m deb 5s
7612 Mar'19
75
1937 M N 7318 76
774
75
Guar refunding gold 4s_ _1919 M g 75
7612 75
1 75
7612
Registered
1949
S --------95 Jan '11 _
NY B & Ni B lot con g 5s_1935 A 0 94 ---- 94 Jan '19 ----1 94
94
N Y&RB 1st gold 53
98
91 Dee '18
1927 Ni s 92
- - -2 9038 91
Nor gh B lot con g gu 58_31932 Q J 90313 Sale 9038
9033
1 87
Louisiana & Ark lot g 53.-1927 M s 80
8
87
87
8814
Louisville & Nashv gen 68_1930 J D ........103 Feb '19 ___ 103 108
Gold 5s
1937 M N
9714 10012
9714 99
9714 Apr '19
Unified gold 43
1940 J
8312 8134 &I Apr '19 ---- 8312 8812
Registered
1940 J .1 _ 9638Jan '17
Collateral trust gold 50- 1931 Ni N
571;
loo Jan '19 _--- 100 100
L Cin & Lex gold 45s....1931 ait N
9218 95
9318 Feb '19
931s 9318
NO&M Ist gold 6s
1930 .1 .1 10233 101 10312
3 10312 10512
10312
1930 J
2d gold 6s
J
9314 ---- 100 Jan '19 _--- 100 100
Paducah & Mem Div 45..1940 F A 78
84
7912 Jan '19 --- 7912 7912
St Louis Div 1st gold 6s 1921
9034 ---- 10014 Jan '19 --_- 10014 10014
S 55 _-__ 57 Feb '19
1980
2d gold 3s
57
57
N
1955
701470
1 7518 79
79
79
At! Knox & Cin Div 4s
At! Knox & Nor 1st g 5s 1946 J D 965s --__ 95 Nov'18
Hender Bdge 1st s f g 65..1931 Ni S 1013j --__ 10313 Sept'13
7531 79
7513 Apr '19 ___; 75
Kentucky Central gold 4s..1987• J
SO's
5 94
95
Lex & East 1st 50-yr 50 gu 1905 A 0 921s 9412 9178
951,
2 8533 8712
L&NSc Ni & NI 1st g 4;01945 M S 8713 Sale 8558
8712
80
71 Apr '19
70
L & N-South Ni Joint 4s 1952 J
71
J
7213
51952 Q J
Registered
---- 95 Feb '05
95
778 Aug
my
18 48
N Fla & g 1st gu g 5s____1937 ✓ A 9112 98
N & C Bdge gen gu g 430_1945• J
10114 10138
Pensac & At! 1st gu g 68..1921 F A 10158 --__ 10133 Jan '19
9614 9812 963s Mar'19
9613
S & N Ala cons gu g 5s_ __1936 F A
:71'
Gen cons gu 50-year 5s_1963 A O 8718 9212 9278
9278
L & Jeff Bdge Co gu g 4s..__1945 M S 7014 --_- 60 July'18
Manila RR-Sou lines 4s___1936
N
---77 Mar'10
S _-__ 60
Mex Interns.t lot cons g 43_1977
1977 Ni
75 Nov'10
Stamped guaranteed
9112 June'17
Midland Term-lst s f g 53_1925
101 July'18 -1927 3D idf
Minn St Louis 1st 7s
3 -6i199
2 -66 Pacific Ext lot gold 6s__.._1921 AO 9713 Sale 9712
Sale 76
7618 16 76
1934 MN
76
7814
1st corm,' gold 5s
4112
1 4112 4718
4112
lot & refunding gold Is. 1919 MS ____ 44
5018 Dee '18 ---Ref St ext 50-yr Os ger A 1962 Q F ____ 50
60 Feb '15 _-_Des NC& Ft D lot gu 45.-1935 J J
77 Jan '19 -- -if - 77
Iowa Central 1st gold 53-1938 3D 76-33 77
1951 MS 4312 gale 43
44
23' 42
Refunding gold 4s
4618
J
835s
2 8358 89
835s 8412 8358
MgtPdcgg M con g 4s int gu _ 1938 J
9734 Feb '19
9734 97%
1938
1st cons 5s
1941 MN 88 -- 92 Jan '17 ---lot Chic Term s f 45
-9412 9413
J 9212 91
9412 Jan '19
MSSM dr A 1st g 43 Int gu_'26 J
95 Deo '16 ---90
Mississippi Central 1st 5s
1949 J
82
J
Missouri Kansas & Texas14 6234 69
64
6234 Sale 6234
1990
1st gold 4s
2 2978 3112
3112 30
3018
29
20 gold 4s
gl990
A
32 Sept•18
1944
2012 28
lot ext gold 55
- 4234 Feb '19
2004
42
44
42
lot & refunding 4s
4234
43
43 Feb '19
41
43
Trust Co certfs of dep
43
2978 Mar'19
____ 30
297s 2973
Gen sinking fund 4tis__ 1936
40 Nov'18
St Louis Div lot ref g 48..2001
-- 30
40
25
5% secured notes "ext" '16
-6613 Apr' 17
Dail & Waco 1st gu g 53..1940
---58 - 60 Oct '18
Kan City & Poe lot g 48..1990
A
40
gE 50 Jan '19
Mo K & E 1st gu g 5s____1942
50 -id
7112 Jan '19
60
70
7112 7113
M K & Okla 1st guar 5s_1942
5053 Mar'19
5012 59
5053 51
M K & T of T 1st gu g 5s 1912
--_- 65
51 Dee '18
Sher Sh & So 1st gu g 5s__1942
3018 Nov'18
Texas & Okla lot gu g 55_1943
____ 50
--- ---Missouri Pacific (reorg Co)84
873s 877s
A 83
873s Jan '19
1st & refunding 5s ger A__1965
914 94%
A 9138 9434 9114 Apr '19
1st & refunding 59 Ser Ba 1923
A 8838 891s 89
8818 92
801s
lot dc refunding 5s Ser C__1920
59
1975
5858 Sale 58
169 5758 6312
General 4s
9918
9913 9912 9918
987s 100
Missouri Pac 1st cons g 68..1920
1945
58 Oct '18
__40-year gold loan 4s
65 -___ 82 Apr '17
____
3d 75 extended at 4%......-1938
100 Feb '13
A
Boonv St L & S 1st 58 gu_1951
6434 84-33 9712 Dec '13
Cent Br U Plot g 4s ....-1948
-if 82
81 Jan '19
8034 85
Poe R of Mo let ext g 49._1938
.11 8733 ____ 10034 Apr '18
2d extended gold 5s_...MA
-66- -661-2
9518 Mar'19
StLIrM&Sgencong5s 1931
01 9312 94
102 July'14
0
Gen con stamp gu g 53_1931
81
1929
801s
80
7812 8212
8918
Unified & ref gold 4s
1929
8078 Oct '17
Registered
7413 -Sale 7214
1933
7458
Rlv & G Div 1st g 4s
7214 77
9012 -- 78 Sept•l'
Verdi V I & W let g 58_1926
10238
1927
10238
102
Mob dc Ohio new gold 6s
10233 10514
95 May'18
51927
9518
lot ext gold Os
(35 _- 71 Nov'18
General gold 48
1938
Montgomery Div lot g 5s_1947
A 8638 - - 93 July'17
1927
84
gi 867s Mar'19
-867-8 -861s
St Louis Div 5s
8018
St L & Cairo guar g 4s
8018 8412 8018
1931
3
2 9
98% 100
88
98%
9834
0'31 10
Nashv Chatt & St L 1st 53_1928
80
018
10012 10414 11014 Mar'17
Jasper Branch 1st g Os_ _1923
Nat R's of Mex pr lien 43.4o.1957
---- 50 Nisei°
50 -59 0 ---- ---- 35 Aug '16 ____
Guaranteed general 40.......1977
9673 Feb '13
Nat of Mex prior lien 40_1926
---- - -1951
21 Aug '18
0
1st consol 4s
1953
.1 6718 6813 6734 Apr '19
New Orleans Term 1st 45
-6
96
4-5-a 6
973
1-4
65_1925
lot
9534
2
94
91
94
N 0 Tex & Mexico
2
1935
0 5012 5133 52
20 52
Non-cum Income 5s A
52
5812
New York Central RR1935
9758 gale 973s
7 8
92
7
Cony deb (Is
9
89
5314
2
9734 209
7514 7512 7412
1998
A
Consol 48 Series A
8 7313 7814
7514
2013
Sale 84
0 84
843
Ref & imp 43s "A"
New York Cent & Hod My1997
70
7034 70
7078 22 70
Mortgage 330
73
7258 6678 Aug '18
1997
68
Registered
1934
8214 gale 82
Debenture gold 43
8212 13 82
86
79 Nov'18
1934
Registered
A (3112 Sale 64)3
-611-4 -6i65
Lake Shore coil g 33,0_ _ _ _1998
1998
A --_- 6518 67 Jan '19
Registered
65 Mar'19 :7: 65
66
A 63
7
Mich Cent coil gold 3tis.._1998
6
70
7
75 Mar'17
1998
A _--- 76
Registered
- 54 ____
Battle Cr & Slur 1st gu 3,3_1989
Beech Creek let gu g 48_1936
831s ---- -Era Dec '18
Registered
1936
9534 Nov'16
1936
-ggl; 90 101 May'16
2d guar gold 5s
Registered
1936
__-0 65 Beech Cr Ext 151 g 3tis_b1951
_-_---7518 1981
49 Nov'16
Cart & Ad 1st gu g 4s
---9034
Gouv dr Oswe lot gu g 5s 1942
1991
7553 -- 731 Oct '18
Moh & Mal 1st gu g 4s
6912
A
1936
N J Juno R guar lot 4s
8912 Feb '16
75 ___ 80 May'17
2000
NY & Harlem g 3tis
--0 9712
N Y & Northern lot g 53_1923
9714 Feb '19
9713 974
Due J3fle.
2
_-_-
____
----
----
1
ti Ole July.
o Due Sept. o Die Oct. 5 Option sate.
1496
New York Bond Record-Continued-Page 3
tPts
Price
'
a
BONDS
Week's
4.
Range
ki I2
Friday
Range or
N. Y. STOCK EXCHANGE
F.
Since
41'4
Ay:it 11
Last Sale
Week ending April 11
al
Jan. 1.
...
814
Ask Low
High No. Low High
N Y Cent & H R RR (Con)7814 78
78
4 '78
80
N Y Jc Pu 1st cons gu g 4s-1993 A 0 78
Pine Creek reg guar(is____1932 J 0 10338 ____ 113 May'15 ---- _ __ _ _
99
10 99
99
R W &0con 1st ext 5s_h1922 4. 0 988 9912 99
67
80 67 Jan '19 --__ 67
Rutland 1st con g 434s_..1941 J .1 76
Og&LChamIstgu4sg-1948 J J 615 ___ 6118 Feb '19 -- 611 6118
67
Rut-Canada 1st gu g 4s-1949 J J 5612 __ 67 Feb '19 -_ 6'7
St Lawr & Adir let g 53-1996 J .1 8434 ____ 101 Nov'16 -- _ _ _ _
2d gold 69
1996 A 0 8834 ____ 103 Nov'16 -__
Utica & Blk Riv gu g 4s 1922 J J 9578 97 9533 Mar'19 ---- 953 953g
73
7233 Mar'19-- '7218 '73
1997 J D 72
Lake Shore gold 3As
7214 73% Nov'18 -.1997 J D __
Registered
8712 18 8612 90
1928 M S 8712 Sale 867
Debenture gold 48
8612 17 86 89
1931 M N 8614 Sale 8614
25-year kold 4s
1931 M N ___ -- 83% Nov'17- __ __
Registered
___ ____ _ _ _
..
Ka A dr 03 R let gun 53...193' J .1 913; --__ -.... ..
Mahon C'l RR 1st 5s
1934 J .1 9518 -_ 10112 Dect-'15-_-_ .. _
Pitts & L Erie 2d g 5s_ .._51928 A 0 95 __ 103 May'17 -__ _ _ _ _ _ _
Pitts McK & Y let gu 6s 1932 J J 10333 ___ 13018 Jan '09 ---_ _ _ _
_
1934.3 J 1023 - _ 12314 Mar'122d guaranteed 65
Michigan Central 5s
1931 tel S 9314 ---- 9912 Aug '17 ____ _ ___
1931 Q M -- - --- 9812 Nov'18Registered
19403 .2 821 831- 84 Mar'19 ---- 82 84
4s
Feb .14 __
1940.3 J ---- ---- 87_
Registered
J L & S 1st gold 3%s
1951 M S 70% ___ 90 June'08 ---- _ _
Sale
7012
7012
7012
let gold 33is
1952 MN
3 7012 7012
20-year debenture 4s...1929 A 0 ____ 8314 83 Mar'19 ---- 82 85
83
NY Chi & St L let g 4s _1937 A 0 82 83 8114
5
83
80_ _
1937 A 0 77 - 85 Noy'17 -__ _
Registered
7412
7458
76
5 71
1931 M N 7412 -75
Debenture 4s
7612 75 Apr '19 --- 76
8118
West Shore 1st 4s guar_2361 J J 75
74 Mar'19 ---- 74
2361 J J 74 86
Registered
7834
N Y C Lines eq tr 5s_1919-22 M N 9912 ____ 9912 Feb '19 ---- 9912 991_2
_ 102
98% July'17 -_
Equip trust 43is_1919-1925 J J
84
813N Y Connect lst gu 430 A_1953 F A -83 8533 83
NYNH& Hartford1947 tel S ____ 60 53 Feb '19 ---- 53
54
Non-cony deben 40
5012
50
1947 tel S 49 -- 50
Non-cony deben 33is
1 50
50% Apr '19 ---, 50% 52
Non-cony deben 334s
1954 A 0 -__ 53
53
53
1955 J .1 52
Non-cons deben 48
53
2 53
5678
53
53 Mar'19 __-._. 52
1956 M N 52
Non-cony deben 48
5912
51
Cony debenture 330
19563 J 50 52
5 50 52
51
83
Cony debenture Se
1948.3 J 82 82 8134
11 8134 88
Oct '17
Cons Ry non-cony 4s
1930 F A --------50
----- 9112 Jan '12 --- _ _ _ _
1954 J J -Non-cony deben 4s
Non-cony deben 4s
1955 J J ---- --.... 80 July'18- __ -Non-cony deben 4s_......1955 A 0 ....-- ---- ---- ...... ....- __ _ _ _
58 ---- -----------------Non-cony deben
_ -1956 J J --_
4 ---- 7334 Dec 18
4s_1954 MN 7434sHarlem R-Pt Ches let
B & NY Air Line let 4s_1955 F A 7234--- 7912 Deo '17 -- -__ -8 6212 Jan '19-- 13212 6212
Cent New Eng let gu 4s 1961 J J 55 617Hartford St Ry let 4s _ 1930 M S --- ---- ---- ---- .....-,15 ____ _ _ _ _
- -_ 10612 me-37
Housatonic R cons g 5s_1937 M N 9834
1054 tel N 7014 -.. 87 July'14 ..__ _ _ _ _
Naugatuck RR let 4s
N Y Proy & Boston 48-1942 A 0 8158 --- 83 Aug '13
43
4334 ii -,i3 ES
NYW'ches&B 1st ser I 4)0'46 J J 431 44
Boston Terminal let 45.__1939 A 0 ------------ -_ ---- ____._ _
___ __ _ _ _ _ _ _
4 --__ --New England cons 5s........1945 J J 903-t'17 -_
1945 J J 743 --._ 70 Sep
Oonsol 4s
-_
Providence Seoul* deb 4s 1957 M N ---- ---- 40 Feb '19 -- 40
4()
Pros dr Springfield 1st 58_1922 J J 85 -_ 99% Dec '13- _ _ _ _ _
Providence Term let 4s
1956 tel S 6912-- 8838 Feb '14 --__ _ _
W & Con East let 4 As
1943 J J ---- --- -,-,--__ ---.. .... _ _ _._
; 00 Apr '19 -___ 66 '70
ST Y0 dr W ref let g 4s_ ...g1992 M 5 65 657
9212 June'12
__ _. _
Registered 85,000 only.-01992 M S ---.. 70
19553 D 6413,... 60 Apr '18
General 48
2 -6918
6912 -1 -671
k/orfolk Sou let & ref A 5s...1961 F A 69% -Sale 6913
1941 NI N 8758 95
8138 June'18 -,
Torf dr Sou let gold 53
hforf & West gen gold 68.--1931 M A 108 10913 108 Mar'19-- 108 1094
_
Improvement & ext g 6s__1934 F A 106% ___ 122 Nov'16-_
New River let gold 6s_. 1932 A 0 10612 10812 10713 Deo '18
83% 60 8112 86i2
N Jr W Ry let cons g 4s__1996 A 0 83 Sale 83
9
313
Deo '16
Registered
1996 A 0 -------Dly'l 1st lien & gen g 48_1944 J J 7978 80 801s Mar'19 _-- 8018 82
.. 8412 Feb '19 --- 84 8412
1932 J D 711
10-25-year cony 4s
1932 M S ---- 11714 May'17 .
10-20-year cony 4s
10-25-year cony 43‘s.. 1938 M S ____ 10512 10112 Dec '18
Sale 106
107
10-year cony 68(w I)
1929 _ _ 106
113 1051;1081;
8434
Pooah C & C joint 48
2 8418 86
1941 J 11 8434. Sale 8134
_ _.
00 & T 1st guar gold 511_1922 .1 J 9738 -,2 103 Sept'16
81
783
.4 79 Apr '19 ___ 79
Solo V & N E let gu g 4s-1989 M N 76
iorthern Pacific prior lien railway dr land grant g 4s
8234 19 8218 86
1997 Q .1 82 82% 8218
1997 Q .1 __ . 8278 82 Mar'19
Registered
82 82
Sale 58%
General lien gold 33
5834 18 6812 6178
a2017 Q F
58 Oct '18 -_
Registered
_
52017 Q F ...5814,-...
Ref & imp 430ser A
2047 J .1 87 -Sale 87
5 -Si _ id _
88
74 Aug 18
St Paul-Duluth Div g 4s_,,19983 D 76 86
102
5 iii ioi
St P &N P gen gold 6s......1923 F A 102 10413 102
Registered certificates 1923 Q A 1018 ____ 10334 Sept'17
97 Feb '19____ 97 9812
St Paul & Duluth 1st 58_1931 F F 9718 99
78 Dec '18 -_ _ _ _ ___ _
let consol gold 4s
1968 .1 D 738 85
69 85
3812 Dec '16
Wash Cent let gold 4s-1948 Q M
or Pao Term Co 1st g (i0_1933 J J 1073a 10712 10733 Mar'19 _.. 10714 107%
76
6 7478 7978
)regon-Wash let & ref 4s
1961 i J 76 Sale 76
Sale 85
85
1946 J D 85
'wino Coast Co let g 5s
1 85
83
_
Paduoah & Ills 1st s f 430-1955 J J 80% 95 1001g Feb '17.._ _ _ _
14
'ennsylvania RR 1st g 4s 1923 M N 9533 --- 95 Nov'18
1919 NI S 99 100 998 Apr '19
Consol gold 5s
9-67
; 9978
9914 9914
Registered
1919 Q M 9912 9934 99% Feb '19 .
90 9014 Nov'18 ....._
Consol gold 4s
1943 tel N 86
Consol gold 43
1948 M N 8812 89 8912 Mar'19 ___ 8612 8912
9414 94 Apr '19 ..--- 94
1960 F A 94
Consol 430
9614
8618 57 841 8978
19653 D 868 Sale 8412
General 43‘a
9458 207 94
General 5a
1968 J 0 943 Sale 9414
9'734
Alleg Val gen guar g 4s.. _1942 tel S 8418 ..___ 8712 Nov'18 __ _ _
D R RR dr B'ge lst gu 4s-g 1936 F A 81 --- 8412 Sept'16
8712
Jan '19 -- 8712 87.2
Phi's Belt & W let g 45-1943 M N 87
__ __
Sodus Bay Jc Sou let g 50_1924 J J 96 --- 102 Jan '93
Sunbury & Lewis let g 413_1936 J .1 8038 - -- -.----- ---- - - - - - - - UN J RR dr Can gen 4s....1944 M S 85% 9333 92 Dec' 17
'ennsylvanla Co1021 J .1 9734 Sale 9734
Guar let gold 4)4s
9734
7 9738 9812
1921 J .1 9612 9634 9612
9612
Registered
5 9612 9(212
_
Guar 330 coil trust reg A.1937 M S 7678 ..-__ 87 Feb '17 ___ _
Guar 3jis coll trust set B_1941 F A 7678 8112 78 Jan '19 _.. 78 '78
Guar 3e trust Ws C
1942 J D 77 __ _ 811, juiri7 __ _ _ _ _
.
2- 8634 Dec '16
1944 J D 75 8(
Guar 334e trust ctfs D
Guar 16-25-year gold 4s_1931 A 0 8458 86 85 Apr '19 --- 8334 85
40-year guar 4s ctfs Ser E_1952 M N 8018 8458 85% Feb '19 ____ 8514 8'7
1942 M N 8138 __-_ 86 Oct '17 -_ ___ _ _ __
Cin Lab & Nor gu 4s g
Cl & Mar 1st gu g 4;is_ _1935 M N 8813 95. 9614 May'17
Cl & P gen gu 43.e set A_1942 .1 J 9213 ---- 9634 May'18 __ ... _ _ _
1942 A 0 B212 ____ 104 Deo '15 -_ _ _ _
Series B
Int reduced to 3;0_1942 A 0 --_---- 9614 Feb '12 ___ __ __ _
1948 M N 7313 ---- 9013 Oct '12
Series C 330
1950 F A 731 ---- 8812 Feb '17
Series D 330
Erie dr Pitts gu g 33e B 1940 J J 7718 ---- 88 Apr '17 ..._ ..... _ _
1940 J ./ 7713 90% July'12
Series C
Gr R & I e:c 1st gu g 4%9_1941 J J 85 88
848 Dec '18-- ....- _
8312
Ohio Connect let gu 4s......1943 M S 85 ---- 8312
1 8312 8312
Pitts Y & Ash let cons 5s.1927 M N 9758 ---- 93 May'10 ....._ _ _
Tol W V & 0 gu 430 A 1931 J J 8918 ---- 9834 Apr '17 .._ ___-_-_
92 Dec '17
Series B 430
1933 J J 8918
1942 NI S 78128818 Sept'17
Series C 45
9413
- 9112 Jan '19._ 9113 9412
P C C & St L gu 45s A._1940 A 0 91
Series B guar
1942 A 0 9838 9612 9234 Jan '19
9234 9234
1942 M N 9038 99
99 June'17
Series 0 guar
1945 Ni N 8873 9038 9013 Sept'18
Series D 4s guar
Series F. 34e guar sold A049 F A 8334-_ 9012 Sent'18'-
ii_gg
• No price Friday: latest bid and asked
BONDS
N.Y. STOCK EXCHANGE
Week endin; April 11
••••cs
to
114
Price
Friday
April 11
woL. 108.
Week's
Range or
Last Sale
Range
Since
Jan, 1.
High No.I Low High
Bid
Ask Low
P. C. C.& St. L (Con.)Series F guar 4s gold _1953 J - D 8878 93 • 91 Sept'18
88% 8912 8858 Mar'19
-8-8-573 -81;
5
Series G 4s guar
A 9058 9213 91 Apr '19
91
91
M N
Series I cons gu 4 As_1
19
963
87 F
102 102
St L dr P 1st cons g 5s-1932 A 0 100% 10434 102 Jan '19
100
Peoria & Pekin 1Un 1st 68 g 1921 Q F
Juno'17
87 Mar'16 _
2d gold 4s
b1921 M N
881g
Pere Marquette let Ser A 59_1956
8414 8414
8412 25 84
- __
7118
70 Apr '19
_8
6814 7214
687
1st Series 13 48
1956
47 Mar'19
4553 47
Philippine Ry let 30-yr s I 4s 1937
45
47
Pitts Sh & L E lst g 5s
--1940 A 0 9914 --- 99 Jan '18
let consol gold 53
1943 J J 9414 -- 9714 Dec '17 27_1
83
64 821s 8634
8212 11278 82%
Reading Co gen gold 48
1997 J
J
8112 8112
Registered
1997
J 8118 8938 8113 Mar'19
8414 Mar'19
84
8414 85
Jersey Central coil g 4s._ A951 A 0 81
Atlantic City guar 4e g
1951
St Jos & Grand 1st let g 4s-1
-4-613 70 -66"ici" -66"
19
94
57
03
3
St Louis & San Fran (reorg Co).
6014 111 59
60 Sale 5912
64
Prior lien Ser A 4s
7533 14 75
7538 Sale 75
Prior lien Ser B 58
7958
1950 J
6334 37 6212 69
Cum adjust Ser A 6s___h1955 A 0 6313 Sale 6314
42
513
013 10
42
42
134 _.
4 10
,9
j 2 4218 4238 42%
Income Series A6sOct
Feb
102
103 106
St Louis & San Fran gen (384.19938
9612 Apr '19 -- 9613 98
General gold 55
1931 3 J 9612 98
ity
y:17
70
8 m
Ma
6 ____:: -_-_-_ ......-70 ---- 9
St L dr S F RR cons g 43_1998 J
•
Southw Div 1st g 5s
1917 A 0 _-- ---102%
6 101-1; 103%
K C Ft S & M cons g 68_1928 M N 102 10212 102
68
Sale 6618
14 6018 7512
• KCFtSdrMRyrefg4s_1936 A 0 68
grNtBi8tVas:929A
.
89mN
O 8714 90 85% Aug '18 ........
67 68 66 Apr '19
K
StLWstgsbond
2d g 4s income bond ctfs_p1.989 J J 57
58
5812 Feb '19 _ - -6
57
8.14 -fi
58l2
593
8 5713 6134
Consol gold 4s
598 6913 5918
60
12 5838 62
let terminal & unifying 58_1
19
95
32
2j
JJ
D 5914 Sale 59
84
572 ..6.
i1.
.
43 9812 Jan '14
Gray's Pt Ter let gu g 5s_1947 J D 6
64%
6478 -S A dr A Pass lst gu g 4s
1 -iiii -ii1943 J J
7114 71 Mar'19 _- 71
72
Seaboard Air Line g 4s
19 A 0 70
7114 70 Apr '19 -__ 70
74
1960 A 0 70
Gold 4s stamped
4813 30 471 5314
A 48 Sale 48
F 0
Adjustment 5s
59
9A
51
19
94
5713
6 57 60
Refunding 48
5512 57% 57
76
76
1 74 80
AtI Birm 30-yr let g 43-e1933 M S 7312 79
76
1 76
76
Caro Cent 1st con g 4s
1949 3 J 73% ____ 76
01
014 A
pp
era 419
5-10014 10034
10014 10318 10
Fla Cent dr Pen let ext 613_1923 3
.
.
. .._
lst land grant ext g 5s 1930 J 3 -...... -9018 95 90 Jan '19 --__
Consol gold 5.9
Ga & Ala Ry let con 5s_o1
1945
J j
3j
J 9118 __ 9012 June'18 -9338 ____ 94 Apr '19 ____
Ga Car AG No 1st gu g 58-1929
9512 ___ 9512 Mar'19 ____ 9512 96
Seaboard & Roan let 53_1926 3
Southern Pacific Co76
75
Gold 4s (Cent Pao coll)_k1949 J D 71
90 Feb7
'
8
14
s
3 78
J D
77
Registered
k9
49 54
g1
192
---g666:
3-4 :
---itici6:
-8
.
3-58 -6;17, 8312
8414 313 :
20-year cony 40
5i
Sale 10314 10634 814 100 10634
20-year cony5s_19
4
39
4 .1
F D
A 101
g„ g 0
79 Sale 7814
79
18 78
83
Cent Pao let ref
8712 Sept'16 .._
Registered
83
Mort guar gold 334s_k1
A 83 Sale 83
F D
192
949 J
80 Mar'19 _- 7512 80
Through St L let gu 48_1954 A 0 76 80
--i
lg
l
i
..1
-:
f
i
GH&SAM&Plst 531931M N 9112 101 100 Oct '18 -634 Jan '18 ..- - _ -_-85 97 95
2d exten 5.9 guar
Gila V G dr N lst gu g 5s-1
N
j 9112 102
934
1
-192
92% Mar'19 ____
nous E & W T let g 5s-1933 tel N 9258 99
100 Oct '16
9258 __
tel
let guar 5s red
97
9j3
.4 97 Mar'19 ----• -:
6i
i':8•I6'
4
H & T C lst g 58 int gu__ _1193373
9 3
9318
9313
Gen gold 48 int guar
1921 A 0 9313 941
3'8 94
318
Waco & N W div 1st g (3s '30 M N 94 10018 94 Mar'19 _- 94
85
95
93 Nov'18 ___ ---- ......
A&NWlstgug 5s
1000014
:1
18
7 .._.____-. ......... ::::
Louisiana West let 6e___1
941
j
J 9979
192
102 100 Apr
Morgan's.La & T 1st 6/3_1920 J J
10218 Oct '18
No of Cal guar g
0
.1 93% _
9712 Sale 9712
97% .
_ "1 "id" "tiiii
Ore & Cal Ist.guar
5s9
g 5s__ _1192378
So Pan of Cal--Gu g 59_1937 M N 9612 ____ 10712 Sept'16 -93 Jan '19-So Pan Coast let gu 48 g_-1937 J J 9258 93
7834 Mar'19 ___. -6
77
i- -6
San Fran Terml let 4s___1950 A 0 73 77
803i4
...6.i.l.c; 94 Nov'16 _Tex & N 0 con gold 5s
1943 J .1 76
7912
80
40 -f9-13
- -El;
So Pao RR let ref 48
1955 J J
.
93
.9
Sa
37
i8
e 10
90
2,73
4 Aug9,
3116
2 ...2
.
7 9212 98%
Southern-let cons g 5e_.-1994 J J .
Registered
alls
e 66
0
6634
8- S
o
6613 271
Develop & gea 4s Ser A
O
j 6
56
4
199
66
6 -6
61 -664.
75
/
Mob & Ohio coil tr g 4s
1938 M S
Mem Div 1st g 430-5s
1996 J J 88% -9012 Mar'19 ..._ 9013 9013
1
6813 717
; 71
71
St Louis div let g 411
1951
_ _ 93 Jan '19.- 7
93
1
7
94312
Ala Gt Sou let cons A 5s 1943 J D
9714
382
9
87
313
-Sale
34 8
149312
9
83
78
14
2
Atl & Chart A L 1st A 43,is 1944 J
i,1 9
83
712 87
98
1st 30-year 58 Ser B
1944 J J
74
112 ma7
74
r,416
5 74
Atl&Danv 1st g 4s
19483 J 74 - 8
19483 J ---- -2d 4s
At' & Yad 1st g guar 4,9_1949 A 0 7014 ____ 75 Feb '17 :7.: ---- -9558 9913 97 Mar'19 -_ -if - "i• f"
E T Va & Ga Div g 5s
19561930 i
m
9238 9412 96 Apr '19 ---- 9213 97
Cons 1st gold 5s
E Tenn reorg lien g 5s_1938 tel S 92 9512 9514 Jan '19 __ 9514 9514
52
Ga Midland 1st 3s
1946 A 0 53 ___ 52 Jan '19 ____ 52
Ga Pao Ry lst g 6s
1922 J J 10014 10034 101 Jan' 19 ---- 101 101.
,
0
687
1314
2 169
00
00
114 1
8112 0
.70an
g :1
118.............. - -. .- -. .
..
.. Knoxv dr Ohio 1st g 66_1925 J J 19
- -Mob dr Bir prior lien g 158-1945 J .1
---- ---Mortgage gold is
1946
J
99
95 Jan '18
Rich dr Dan deb 59 stmpd_1927 A 0 96
Rich & Meek let g 5s
1948 M N 68 _- 71 Apr '19 ___ -71- -71:100
6 99 100
So Car tt Ga Ist g 5s
1919M N 9912 100 100
Virginia Mid Ser D 4-5s 1921 M S 9511 ____ 10212 June'll __
93 Apr '18
- --- -Series E 5s
1926 M S 9938 100
Series F 58
1926 M S 9178 _-__ 10412 Deo '16 -----------96 Mar'19:72 -66" --General 5s
1936 M N 9434 97
81% Sept'18
Va dr So'w'n let gu 5s_2003 J J 8734 94
--._
1st cons 50-year 58_1958 A 0 70 78% 70% Nov'18 --------------- W 0 dr W 1st cy gu 4s_ _ _ _1924 F A 8614 ___ 9373 Mar'17
9534 Mar'17 -----------Spokane Internat let g 5s 1955 J J
2 85 Apr '19 -Term Assn of St L 1st g 4348.1939 A 0 -86 - -961g -9
g338
- -9
48
!
1
933
-i
let cons gold 58
1894-1944 F A 9012 9312 9:2%
7413 73 Apr '19 ____ '73
77
Gcn refund s g 4s
1953
J 72
St L M Bridge Ter gu g 56_1930 A 0 9034 9412 9512 July'18
00
8 -i.6" 7• 2Texas & Pan let gold 5&...2000 J D 8958 Sale We
--- -- 41 Sept'18-_
2nd gold income 53
75 -_ 86 May'18 ...._ - --- ---La Div B L 1st g 5s
3000
1.930
1 JJ
Mar
10612 Nov'04 _-- - - -- -W Min W dr N W 1st gu 551930 F A
9012 Oct '18 ...„ - --- -94
Tol & Ohio Cent let gu 58_1935 J J 92
9113
2 9873 Jsn :18
9 ._._ .-- -if- -if1935 A 0 _8_7_• 7
Western Div 1st g 58
Oct
1935 1 D
General gold 5s
75
i -ii" "'in75
80
Ka2n8,Mla
6
srt gu
u g 48
1990 A 0 75
9.
0119
2 ..
.
1
.
2 8
36
9 3
96
1
&20
1927 J J 89 Sale 89
-year
36 Feb '19___
Tol P & W 1st gold 4s
1917 J J
6
76
118
-1612 7518 Feb5'119 _3_ 4
7612
6
Tol St L & W pr lien g 3)0_1925 J J
1950 A 0
50-year gold 4s
8
18
1% Mar'06 ---Coll trust 43 g Ser A
32
1
-- 8
1917 F A 2-9
18 Aug '18 _ ---- -30
Trust co ctfs of deposit
80 Apr '17 ---- - - Tor Ham & Buff let g 4s_h1946 J D 70% 87
8914 Dec '18 ____ __.
95
Ulster & Del let cons g 50-1928 J D
70 58 Sept'17 ____
let refunding g 45
1952 A 0
87
30
Union Pacific let g 4s
J J 87 • Sale 86%
Registered
1947 J J --- 8412 8512 Oct '18
6.11 'Il
iiii3
ii8638 12 1
20-year cony 40
1927 J J 8638 8078 8618
7973 -6-2 79
8312
1st & refunding 4s
g2003 M S 7913 Sale 79
Sale 104
10414 80 10234 108
10-year perm secured 65_1928 J J 104
79%
80
14 7914 3188
Ore RR. & Nay con g 4s__1946 J D 7912 81
7 10033 10112
Ore Short Line let gt3s..__1922 F A 10058 101 10058
10038
9714 13 9678 5987s
J 9714 Sale 97
J D
1st consol g 5s
19
9
.
16 j
8412 85
8112
8533 53 8,112 188
Guar refund 4s
1926 J J 9212 __ _ 98 Deo '17 _Utah dr Nor gold 5s
86
89 Feb '18 ....... - - -- -1st extended 4s
19333 J 83
--- -----Vandalla cons g 4s Ser A_1955 F A 7814 ___ 80 Jan '18
_
7814 ___ 8018 June'18 -----------Consols 4e Series B
-- - _
Vera Cruz & P let en 410193
35 Sept'17 _
T N
-_ 35
87
4.J
M
a Due Jau, 3 Due Feb. g Due June. h Ds July. k Due Aug. 0 Due Oot, 27 Due Noy, I DUO Dec, 8 01/11011
APR. 12 1919.1
Y.N
BONDS
STOCK EXCHANGE
Week ending April 11
Virginian 1st 55 series A__ _1962
1939
Wabash 1st gold 53
A
1939
2d gold Is
1939
Debenture series 13
let lieu equip s Ed g
1954
1st lien 50-yr g term 4s
Dot & Ch Ext 1st g Is._ 1941
Des Moines Div 1st g 16_1939
1941 A 0
Om Div let g 3
1941
Tot & Ch Div 1st g 4s
A
1945
Wash Terml 1st gu 3As
A
1945
1st 40-yr guar 45
0
A
-1952
45„
1st
g
Maryland
West
1937
West N Y & Pa 1st g 5s
1943 AO
Gen gold 48
V1943 Nov
Income Is
Western Pao 1st ser A Is. .1946 MS
Wheeling & L E 1st g 5s____1926 AO
Wheel Div 1st gold 55___1928 J .1
Exton & Inapt gold 5s_ -1930 FA
Refunding 43s series A __1966 Af S
1949 NI S
RR let consol 4s
J
Winston-Salem S 13 1st 49_1060 J
.1
1949 J
49
1st
gen
50-yr
Cent
Wis
Sup & Dot div & term 1st 4s'36 MN
Price
Friday
April 11
BONDSI
'l
t 1";
-..
,:,,
N. Y. STOCK EXCHANGE
ga.
Week Ending April 11
Range
Since
Jan, 1.
Week's
Range or
Sale
Last
High No. Low High
Ask Low
Bid
8912 Sale 8912
8 8912 9112
8978
Sale 931
9412 10 931 98
94
83
89
8338 8414 8312 Apr '19
90 Aug '18
_
9718 ---- 98 Nov'18
_
05
- 65 Sept'18
8814 8814
8834 ---- 8814 Feb '19
_
---- 77,2 80 Aug '12
67 Feb '19
67
____ 69
67
74 Jan '19
74
74
7512 7512
-iirs 75); 7512 Mar'19
821s
- 82 Aug '18
5978 Apr '19
58
59
6214
60
9738 100
971 9938 971 Nisei°
_
---- 861 70 Dec '18
36 Oct '17
8214
6 8112 8612
821s 8212 82
93 Oct '18
9312 96
----_- 96 100 Fob '17
-_
9038 Mar'17
64 Jan '19
61
64
5914 66
65
65
65
65
751s 65
75 Feb '19
75
75
82
75
78 Apr '19
77
7612 78
80
75
7214 75
7212 7712 75
^
Street Railway
6 65
76
65
6478 65:
Brooklyn Rapid Trim g 59..1945 A 0 63
'2 45
53
46
4612
4912 46
1st refund cony gold 4s___2002 J .1
9,334
Dec
'18
59.-1918
J
1
6-year secured notes
9614 Aug '18
- -.1
Ctfs 3-yr sec 7% notes opA1921 J
4 75
86
8114 Sale 8111
8278
3-yr 7% secured notes_ _51921 J
J
9178 92 Dec '18
Bk City 1st cons 5s-1916-1911 J
80 May'12
Bk Q Co & S con gu g 5s__1941 M N --- 70
_ --- - - 101 May'13
Bkiyn Q Co & S 1st 59_ -1941 J
7914
7814 41 72
7612 781 7818
Bklyn Un El 1st g 4-59-1050 F A
7134 7918
1950 F A
7712 7812 7378 Mar'19
Stamped guar 4-5s
63
3 57
68
64
67 ' 6378
Kings County E 1st g 45 1949 F A
62
62
64
Stamped guar 4s
1949 F A
7258 62 Jan '19
5134 5434
5134 Mar'19
50
55
Nassau Elea guar gold 49-1951,3 J
81
731s
16 73
73
7312 73
Chicago Rys 1st 5s
1927IF A
8514 88
8514 Mar'10
84
Conn Ely & L 1st & ref g 434E11951
85
J
84 ____ 8614 Oct '18
Stamped guar 4 3is
1951 3 J
78
49 71
8112
Det United 1st cons g 43;s 1932
76
Sale 76
J
84 Jan '14
Ft Smith Lt & Tr let g 59_1936 M S ____ 60
10:3 54
6014
56
5512 Sale 543t
Haul & Mauhat 5s ser A......1957 F A
16
24 14
1534
15
16
16
Adjust Income Is
1957
9012 9012
9012 Apr '19
-A. 0012 93
N Y & Jersey 1st 5s
1932
3414 536 2778 4334
Interboro-Metrop coil 4S-59_1956 A 0 3212 Sale :321
7938 246 6634 7412
Interboro Rap Trim let 55_1988 .1 .3 6958 Sale 6912
(1512
6512 10 6512 7214
Manhat Ely(N Y) eons g 4s-1990 A 0 6618 69
7412
69
7012 10 69
1990 A 0 6812 72
Stamped tax-exempt
77
77
Manila Klee Ely & Lt s f 53..1953 M S 781s -- 77 Mar'19
Metropolitan Street Ry1 60
70
6114 7512 6114
61.14
Bway & 7th Av 1st c g 59.1943
62
68
62 Apr '19
65
Col & 9th Av 1st gu g 53..1093 NI S 58
74
74
7214 74 Jan '10
Lox Av & P F 1st gu g 53_1993 M S 60
51 Deo '18
Met W S El (Chic) let g 4s 1938 F A
95 ____ 10012 June'17
Milw Elee Ity & Lt cons g Is 1926 F A
77
8412 8112 f)ec '18
Refunding & eaten 434s-1931 3
9834 Aug '17
1919 1 J
Minneap St 1st cons g 5s
82 ____ 9713 July'17
Montreal Tram 1st & ref 5s_1911 J
6034 7212 74 Aug '17
New On Ry & Lt gen 430 1935 I
55
63
60 Fob '19
55
N Y Munielp Ely 1st s f 59 A 1966 1 J
65
4118
38 39
41
4012 Sale 40
N Y Rys 1st It E & ref 4s
1942
J
1234 63 1013 1514
30-year adj Inc 55
(11942 A 0 1212 Sale 1214
7 55
62
55
55
55
58
N Y State Rys 1st cons 4 As 1962 AI N
8812 Nov'16
Portland Ely 1st & ref 59._ __1930 M N
7534 79
6212 6312
Portld Ely Lt & P 1st ref 59.1942 F A 6212 -- 6212 Apr '19
_
Portland Gen Elec 1st 5s_1935 J
85 ___ 9013 Feb '17
95 July'17
St Jos Ely L II & P 1st g 53__1937 NI N
St Paul City Cab cons g 5s__19:37 1 J
9912 10212 Mar'12 -85
5078
14 50
Third Ave 1st ref 4s
5413
5012 Sale 5012
1960
J
a 93
00
7 JA
25
Adj income 5s
3212
27
27
Sale 27
97 Deo '18 Third Ave Ely 1st g 5s
89 100
2 0312 97
Tr -City Ely & Lt lets f 5s 1923 A 0 9234 9518 9311
91
76 Nfar'18
Undergr of Loudon 430._ 1933
J
6712 Apr '19
66
90
Income Os
6712 78
1918
65 Dec '13
United Itys Inv Is Pitts lss 1926
6614 75
J
49 -- 4812 Feb '19
United Rys St L 1st g 4s
1934 J
-521;
St Louis Transit au 5s
1924 A 0 ---- 6912 50 June'17
37
United RR-9 San Fr s f 4s
1927 A 0
22
32 Mar'19
323j
32
Union Tr(N Y) ctfs den
3212 32
3278 103 22
3312
Equit Tr (N Y) inter etfs_ _ _
3238 Sale 3238
3312
3234 76 22
-:J
Va Ely & Pow let Sc ref 5s_ _ _1931
2 7678 79
75
7631 7678
77
Gas and Electric Light
Atlanta 0 L Co 1st g 51____1947 -1 D 95 --- 10:3 13ept'15
Bklyn Un Gas 1st cons g 5:3_1015 M N
91
931 21 -63 - -65 9314 93
Clnein Gas & Nice Ist&ref 53 1056 A 0
01 Dec '18
Columbia 0 & E let Is
80
89
89
89 ---5 82
1927 J
J 87
97 Fob '15
Columbus Gas 1st gold 5s 1932 J
93
87
Collard Gas cony deb 69...A920 Q F 10112 Sale 10033
10134 --65 lO0's 103
1 9612 99
09
99
Cons Gas EL&P of Balt 5-yr 53'21 Al N
9612 99
9612 ___ 9613 Mar'19
951s 961
Detroit City Gas gold 5s
J
1923 J
2
1 0
93
96
Detroit Edison let coil tr 53_1933 J
J
512 9
06
99
9112
06
let & ref 55 ser A
937s
9378
51940 NI S 9312 94
Eq G L N Y 1st cons g 53_1932 M S
91 Feb '18
Gas & Elea Berg Co c g Is., 1949 .1 D 85 -- 100 Feb '1:1 _
Havana Stec consol it 59____1952 F A
8512 90
021s Nov'17
Hudson Co Gas let g
_1949 M N
-661-4
0014 9012 9014 Mar'19
Kan City (Mo) Gas 1st g 59_1922 A 0 9258
_ 9079 Dee '113
Kings Co El L & P g 53
93 Feb '19
19:37 A 0 9:312
-6194 91
Purchase money 65
1997 A 0 10018 103 10014 Mar'11)
100 105
Convertible deb (3s
1925 M S 0.112 100
90
98
98 Apr '19
Ed El Ill Bkn 1st con g 49_1939 1
82 ____ 82 Apr '19 _ -.7978 84
LaoGasLofStLlstg5s..519L9q F 9934 100
P914 9934
991 Mar'19
Ref and ext 1st g 5s
9:3
1934 A 0 9112 91
9:3
93
97
Milwaukee Gas L 1st 48_ __ _1927 M N 8714
_ 8714 Apr '19
8714 88
Newark Con Gas g 5s
89
1948 J
10112 Apr '17
NYGELII&Pg 53
9214, 93
19483
0178 Apr '19
Purchase money g 4s _
1949 F A
72
73
72
11 69
7414
7278
Ed Elea Ill 1st cons g 53_1995 J
J 9512 98
98 100
93 Mar'19
NY&Q El L&P let con g 59_1930 F A
89 101
06,2 Aug '17
- - - - -Pacific G & El Co-Cal G & E1937 m N
Corp unifying & ref 5e
9312 9414 9334
14 9312 961s
91
Pacific G & E gen & ref 5s 1912 J
J
86
29 8518 88
Sale 851s
86
Pao Pow & FA 1st & ref 20-yr
53 International Series__ _1930 F A •
- 82
88
88
88 Jan '19
Pat & Passaic G & El 53_ _ _ _1919 M S 85
100 July'17
peep Gas & C 1st cons g 53_1943 A 0 99 TOT 10018 Apr '10
i66
101
Refunding gold 5s
1917 M S 7514 77
2 7 VS 7712
7514
7618
Ch 0-I.& Coke 1st go g 59 1937 J
J 82
_
8878 96 Sept'17
Con Co of Ch 15t gu g 531936 J J
8178 100 Apr '17
Ind Nat Gas & 01130-yr 5s1936 NI N
_ 80 Mar'17
Mu Fuel Gas 1st gu g Is. _1947 M N
76
91 July'17
Philadelphia Co cony 5s
1919 F A
091 t 'Nov'1.5
Cons,deben gold Is
1922 M N
50
9214 9134
9214
Stand Gas & El cony e f 6s 1926 J 'D 9612 0712 9(1 Apr '19
Syracuse Lighting 1st g 53_ _1951 J D 85 ____ 9712 M3y'17
Syracuse Light & Power 53. _1954 J
J
7312
70 Nov'18
1919 51 s 90 ___ _ 981 Oct '17
Trenton G & El 1st g 53
Union Elec IA & P 1st it 5s_1932 fvf S
__ 94
-66 - -92
90 Mar'19
Refunding & extension 59_1933 M N 80
8818 1011 Nov'16
1936 J .1 95
United Fuel Gas lets I 6s
95
97
98
96 Apr '19
Utah Power & Lt 1st 51._ 1944 F A
8834 8912 8334
8912
12 88
883t
J 90 ___ 101 June'17
Utica Elec L & P 1st g 5s__ _1950
1957 J
J 83
Utica Gas & Moo ref 5s
90
9212 90 Feb '19
90
Westchester Ltg gold Is.. _ _1950 j
85
9712 90 Feb '19
00
92
*No price wildaw: latest bid and asked. a Due Jas, 4 Due Aor11. a Due May.
1197
New York Bond Record-Concluded-Page 4
Miscellaneous
Adams Ex coil tr g 4s
1948 M
1925 M
Alaska Gold M deb 6s A
Cony deb Cis series B
1926 M
Am SS of W Va 1st Is
1920 M
Armour & Co 1st real est 434s '39 J
1926 A
Booth Fisheries deb s f 6s
Braden Cop NI coil tr s f 69..1931 F
Bush Terminal 1st 4s
1952 A
Consol 5s
1955 J
Buildings Is guar tax ox..19110 A
Chic C & Conn Itys 9 f 5s__ _1927 A
Chic Un Stat'n 1st gu 454s A 1963 J
Chile Copper 10-yr cony 79_1923 M
Rect.s (part paid) cony Gs ser A A
Coll tr & cony 6s ser A
1932 A
Computing-Tab-Ree s f 6s_ _1941 J
Granby Cons NI S & Peon 6s A 28 M
Stamped
1928 M
Great Falls Pow 1st s f 5s
1940 M
Int Merean Marine s f 6s
1941 A
Montana Power 1st 5s A
1943 J
Morals & Co 1st s f 4 Yis
1939 J
Mtge Bonds(N Y)49 ser 2 1966 A
10-20-year 5s series 3
1932 J
N Y Dock 50-yr 1st g 4s
1951 F
Niagara Falls Power 1st 55_1932 J
Ref & gen 6s
a 1932 A
Niag Lock & 0 Pow let 55__1954 Al
Nor States Power 25-yr 5s A 1941 A
Ontario Power N F let 5s__1943 F
Ontario Transmission Is..... 1045 M
Pan-AmPet&Trlst conv6s'19-'27 J
Pub Sony Corp N J gen 53_1959 A
Tennessee Cop 1st cony 6s__1925 NI
Wash Water Power let 5s__1939 J
Wilson & Co 1st 25-yr ti f 89_1941 A
Price
Prides
April 11
Week's
Range or
Last Sale
4
a
aj'
Range
fence
Stnoe
Jan. 1.
,
High No. Low High
Bid
Ask Low
05
60
613.1 5912 Mar'19 __ 59
4 25
26
35
25
Sale 25
263s
1 26
35
2638 Sale 2638
S
S
S
N
D
0
A
0
J
0
0
J
N
0
0
J
N
N
N
0
J
J
0
.1
A
J
0
N
0
A
N
J
0
PI
J
0
88
13 86
8834
87
Sale 8634
_
____ --__ 90 Feb '18 ___ - - _
5
- Ell 66
9312 94
94
93
81 Apr '19 ____ 801s 81
81
83
1 80
8558
8034
8012 8514 8034
7978
3 791s 81
7912
7918 80
50
58 Mar'18- ____ --40
8512
5 8512 89
8512 Sale 8512
118
77 10534 118
Sale 117
117
8711 Sale 861
8714 79 8212 8713
8658 Sale 86
8634 203 8113 87
8512
Sale 84
8478 17 83
84
9838 ____ 9812 Feb '19 ---- 97
9812
98
9814 ____ 98 Jan '19 ____ 98
_ _ 9518 Apr '19 ____ 9314 9513
0712 Sale 9712
9778 126 97 102
93129578
9112 Sale 9112
9112 28 91
83
837s 877s 83 Feb '19 ____ 8.3
____ ____ 83 Apr '14 ____ __ _ _94 June'l(i
71
68
71
69 Mar'19 ____ 89
06
9378 Mar'19 ____ 9378 97
91
10114 ____ 101 Mar'19 ____ 101 101
9014 93
8912 Oct '17 ____ - - - - - --1 8714 SO
8718 89
8914
8914
91
9034 93
9014 Mar'19 ____ 89
____ 95
84 June'17 ____ -- - - - -..
_ _ 137
140
75 ,11214 140
77 -Sale 7612
77
251 7518 80
1309211
92
9312 9212 Feb '19 __ 91
8934 NIL 92 Mar'19 ____ 92
93
9914 Sale 9838
9912 74 9634 9912
Manufacturing & Industrial
Am Agric Chem 1st c 5s____1928 A 0
Cony deben Is
1924 F A
Am Cot 011 debenture 5s
1931 M N
Am Hide & L 1st s f g 6s
1919 M S
Am Sm & It 1st 30-yr Is ser A '47 A 0
Am Tobacco 40-year g 6s_ 1914 A 0
1951 F A
Gold 4s
Am Writ Paper let s f Is.._1919 J .1
Trust Co ctfs of deposit _ ___
Baldw Loco Works 1st 5s_1910 MN
_-Cent Foundry 1st s f 6s
1931 F A
Cent Leather 20-year a 5s 1925 A 0
Consol Tobacco g 4s
1951 1, A
Corn Prod Ref'g s f g 5s
1931 M N
1st 25-year s f Is
1934 M N
Distil Sec Cor cony 1st g 5s _1927 A 0
E I du Pont Powder 450_1936 J D
General Baking 1st 25-yr 6s_1936 J D
Gen Electric deb g 3As
1912 F A
Debenture Is.
1952 NI S
1935 J
J
Ingersoll-Rand 1st 5s
Int Agrie Corp 1st 20-yr 53 1932 M N
lot Paper cony s f g Is
1935 1 J
1st &ref s f cony Is ser A.1947 Liggett & Myers Tobac 79_1944 A0
- Se
1951 F A
Lorillard Co (P) 76
1914 A 0
be
1951 F A
Mexican Petrol Ltd con 6s A 1921 A 0
1st lien & ref 65 series C 1021 A 0
Nat Roam & Stamps 1st 513_1929 J D
Nat Starch 20-year deb 5s 1930 3 3
National Tube let 51
1942 M N
N Y Air Brake 1st cony is..1923 M N
Pierce Oil 5-year cony 69_41920 J D
10-year cony deb 69
J
51921 J
Sinclair Oil & Refining1st s f 7s 1920 warrants attach F A
do without warrants attach F A
Standard Milling let 5s ___1930 AI N
J
The Texas Co cony deb 6s._1931 J
Union Bag & Paper 1st 58_1930 J 1
1930 J
J
Stamped
Union Oil Co of Cal 1st 5s_ _1931 J
J
US Realty & I cony deb g 55 1924 J .1
U S Rubber 5-year sec 78
1923 J D
1st & ref 56 series A
1917 J J
US Smelt Ref & M cony 139_1926 F A
Va-Caro Chem 1st 15 yr 59_1923 J D
Cony deb Gs
81924 A 0
West Electric 1st Is Dec____1922 J .3
99
9912 99
19 98 101
100
10312 110 10414
110
199 100 110
8734 8838 8814 Apr '19 __-- 88
8914
100
Sale 100
10018
13 9934 10012
9018 Sale 90
9013 45 8912 93
11912
____
11814
11912 Mar'19 ___- 119
7512 7812 75
75,2 11 7212 7812
9112 9912 99 Apr '19 __-- 83
9934
9018 57 88
9018 Sale 8912
9014
100 101 10112 Mar'19 ____ 101 10112
78 Apr '19 ____' 78
82
81
78
35 9512 97
9558 Sale 9512
96
74
8012 7312 Dee '18 --, ____ _
9912 100
9912 Feb '19 ----1 9912 9912
9934 10112 100 Apr '19 ____! 9912 1004
____
9012
9034
2 8913 91
9212 100
9212 Mar'19 __I 9212 92,2
8414 ___
88 Feb '19 ....J 88
88
7038 707
; 7234 Mar'19 ____1 723.4 7312
99 10034 100
10038 10 9712 101
9778
95 Nov'18 _
!- - - 8118 8112 81
8134 iii 'ly 8114
98 ___
98 Apr '19 __ ! 98
98
87
917 9012 Nov'18 ---_ -- --1
11114 Silo 11114
1 111
__- 11378
11114
91
9378
9312 9214
93
2 90
108 111 11034 Apr '19 ____ 1 10934 113
91.34 92
9112
9112
9 9014 94
____ ____ 165 Nov'18 ---: ____ -- - 185 Jan '19 -__, 182 185
95
95
96
96
95
2 95
9312- - 94 Aug '18 --,,. --------__
951 1 Sale 9434
9514 371 94
99,2
9978 100
9978
10012
3 9958 10118
10734 Sale 10312
109
74 10014 109
9812 193; 8834 9812
Sale 95
98
1
10734 Sale 10414
10734 80, 9818 10734
9718 148, 95
9718 Sale 9618
9738
9338 98
93 Mar'19 _-_-1 93
95
10'218 103 10218
103
17 10012 103
8812 Mar'19 ---- 85
8778 88
8934
8712 ____ 87 Dec '18 ---- --W. 931.
9378 Jan •19
93
94
7314 Sale 72
60
74
7312 __.
i
10338 sale 10278
10358 17 10234 10434
8712 Sale 8718
8712 159 86
8778
9958 Sale 9912
15 9734 100
100
9512 96
951
98
11 9514 96
10112 Sale 101
10134 75 10014 10214
9712 Sale 9714
9712
41 97
9914
Coal, Iron & Steel
19215 3
Beth Steel let ext s f 55
1st & ref 5s guar A
1942 M
20-yr p m & hop a I 5s
1938 J
Buff & Susq Iron s f Is....
_1932 J
a1926 NI
Debenture Is
Dahaba C NI Co 1st gu 6s__1922 J
:Dolo F & I Co gen s f 5s____1913 F
',..7o1 Indus let & coil Is gu.. A934 F
:Dons Coal of Md lst&ref 5,3_1950 J
Elk Horn Coal cony 6s
1925 J
Sr Riv Coal & C let a 6s....711919 A
['limas Steel deb 41s
1010 A
1952 M
Indiana Steel let 58
left & Clear C & I 2d 5s_
1928 1
Lackawanna Steel 1st g 59_1923 A
let cons Is series A
1950 M
qidyale Steel &0 cony s f 591936 Al
Pleasant Val Coal lets I 53 1928 J
Pocah Con Collier lets f 59_1957 J
lepub I & S 10-30-yr Ise L1910 A
St L Rock Mt & P 5s stmpd_19.55 J
reran Coal I & RR gen 59_1951 J
9 9 Steel Corp-)coup_ _d1963 M
of 10-60-year 5slreg ____d1963 M
1931 M
Jtah Fuel 1st s f Is
1953 J
iictor Fuel let s f Is
IS Iron Coal & Coke 1st ale 1919 M
J
N
.1
D
S
D
A
A
D
D
0
0
N
D
0
S
S
J
1
0
J
J
N
N
N
J
S
I
9512 9578 957s
9614
31
89
Sale 89
2
89
85
Sale 8418
8512 33
90 May'18 ____
---__ ---_
8614 July'18 _-__
101 Deo '14 ..,_
8914 90
8918 Apr '10 __
75
7458 75
75
3
88
90
90 Feb '19 --9312 ____ 98 Feb '19 -----_
94 Feb '18 __ . _
8318412 15
2 81
8378
9533 96
06
97
15
96
-1
9612 Sale 9612
9712 28
887s 9014 8912
90
141
8812 Sale 88
89
85
8012
-1
8734
3
8734 Silo 8734
9238 911 911
3
95
--_- 8278 8034 Mar'19 ---91
02
02
1
92
10038 Sale 100
10034 274
---- 10012 9934 Mar'19 -87
55
70
70 Mar'19 -_
851 8534 86 Apr '19 ___.
Telegraph & Telephone
km Telep & Tel coll tr ts
1929 J
Convertible 46
1938 M
20-yr convertible 433s
1933 M
30-yr temp coll tr 5s
1948 J
7-year convertible Os
1925 F
Dent 131st Tel 1st 30-yr 5s 1943 J
Dommeretal Cable let g 43..2397 Q
Registered
2397 Q
Dumb 1' & T 1st & gen .5s_ _ _1937 J
Ceystone Telephone 1st 5s 1935 J
+#fich State Teleph 1st 53
1924 F
,
I Y & N 3 Telephone 51 g 1920 M
,
7 V Telep 1st & gen a f 4 As _1939 NI
'acific Tel & Tel 1st Is
1937 J
3out ta Bell Tel & T let s f 53_1941 J
717et Union coll tr cur 5s
1938 J
Fund dc real est g 4 t4s
1950 M
Mut Un Tel gii ext 5s_ _1941 M
Northwest Tel gu 4 As g 1934 J
J
S
S
D
A
D
3
J
J
J
A
N
N
J
J
J
N
N1
.1,
8418 8412 841s
8113
7812 80
7838 Mar'19
8814 881 88
83
9038 Sale 90
91
10234 Sale 10234
103
96
9712 96 Apr '19
65 --__ 73 Noy'17
___ _ 6318 Jan '18
9314 S tie 9314
9312
__91334 98 Anr '16
92
9214 92 Mar'19
9834 99
9812 Jan '19
88
Sale 8758
881
9118 92
911s
92
93
Sale 93
93
93
94
93
94
8378 8678 8673
867s
____ 99 10112 Sept'17
8114 __ 91 Nov'16
37
____
1
67
155
____
___
9512 9534
87
8973
80
86
__ _ _ _ _
___ - - - ....._ _
_
661.
88
73,2 77,2
87
90
95
9834
___ _ ___ _
8214 8532
95
9812
9614 98
86
WE
86
8912
8734 88
9438 9534
8034 8034
92
92
991 10112
9912 100,4
70
86
70
5752
833.4 851 2
77
7312
8512 90
90
94
10034 104
96
9812
__-- _
13 93
___ ____
____ 99
____ 98,2
85 871
81 91
5, 917e
1! 93
11 8614
____1 -__
1)1
__ .
9212
9812
9112
9538
9312
91
92
_-
Due June. A Due July. k Dae Aug. 0 DUO Oct a, Due Nov. Duo Dee. a Option sale
1498
Saturday
April 5
BOSTON STOCK EXCHANGE-Stock Record s..14t,,11,°:„„
WAR;PRICES-NOT PER CENTUM PRICES.Salesfor
!
the
Monday
Tuesday
Wednesday Thursday I Friday
Weet
April 7
April 8
April 9 1 April 10
April 11
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1.
Lowest
Railroads
!
141
13813 140 *139 140 I 133 138131
233 Boston & Albany
100 131
Jan 8
77
75
7678 7538 7834 75
7512 4,129 Boston Elevated
100 6134 Mar24
95
*
•
3 Boston & Lowell
100 85 Feb 8
3114 3012 31
*3012 31 I 30
30 I
177 Boston & Maine
100 28 Jan30
Last Sale 135 Mar'19,
Boston & Providence
100 165 Mar25
-;i" --i- -*1.2*12*12
--- --- -- --- ------Last Sale 13
Boston Suburban Elea_ no par
Dec'13'
*612 10
0612 10
*612 10
*612 10
Last Sale 7
Do pre
Feb'19:
no par
7
Feb 3
$____ 135 0____ 135 41.___ 135 $____ 135
Last Sale 135 Mar'191
Chic Juno By & US Y____100 135 Jan 4
+85 _-_- *87
__ 8312 8312 087
__ 087 __I 3312 8313
12 Do pre
100 84 Feb14
O115 120 0115 1-2-0 0115 119
115 1.
15 *11213 115
8 Connecticut River
.
100 112 Jan15
055
56
54
55
51
55
51
51
53
51
53 -51
164 Fitchburg Prat
100 53 Apr10
103 103 4'103 ____ 010212 ---- 010212 --_- *10212 ___ 4'10212
50 Georgia Ry & Eieo stampd.100 9938 Mar15
Last Sale 70 Mar'1
9100
.
Do pref
70 Mar15
;Fr
'16- ;via" IC wii- -id- wia- 16- 078
80 I so
so
100 80 Jan23
6 M aine Central
Last Site 1
Apr'19
Mass Electric Cos
100
1 Mar21
___
_____
Last Sale 5
Apr'19
100
Do pref stamped
4 Mar27
.- 29% -30 02934 1014 2934 -30
-564 -11
2912 30 I 2812 30
858 N Y N H & Hartford
100 257 Feb13
090 ___- 4'90
___ '
090 -- _ - $____ 92
Last Site 9178 Mar'19
Northern New Hampshlre_100 9178 Mar31
•97 100
098 -99
99
99 1 98
93
*95
93
15 Old Colony
100 97 Feb28
017
1834 017
017
19
20 017
20
Last Sale 20 -Apr
19100
Rutland prof
10 Jan24
Last Sale 95 Feb'19
Massachusetts_100
Vermont
&
95 Jan 6
4771-2 .973.1-4714 .-4314.
4.
4/ iiii' -ii- -4734 4613 4634 4612 4612 1,531 West End Street
50 40 Mar21
56
56
55
63
55
55 I 55
55
051
55 1 55
55
195 Do pref
50 4912 Mar13
Miscellaneous
10313 10112 10578 10314 10373 103181 10934 110
10934 109341 10314 10334
780 Amer Agrioul Chemical-100 100 Jan29
99 100
9934 100
9934 100 I 100 100
100 10012 109 10012
595 Do prof ........
_ 100 9713 Jan 3
6518 6555 65
654 6514 13512 0518 6518 65
6512 0514 8514 2,812 Amer Bosch Magneto_no par 6434 Mar10
41.60 .70
.60 .60' 4%65 .90, $.05 .90 0.65 .90, '0.65 .90
219 Amer Pneumatic Service- 25 55c Jan 2
4.213 312 021
312
212 3 I *3
4
*3
4 I
213 213
102 Do pref
50
212 Apr 8
12914 12912 130 130
13038 13212 130% 13138 12913 12912 1275 12734
223 Amer Sugar Refining
100 111 Jan 2
117 119
118 113 117 117 '0116 118
116 116 I 11714 11714
133 Do prat
100 113 Jan 2
10138 105
10412 105
105 10512 105 10512 10134 10514' 10138 105
1,427 Amer Telep & Teieg
100 99 Jan29
•58% 5812 5713 5712 *57
59 I *5712 58,4 5318 58%. 58
23 American Woolen of Mass_100 48 Jan20
68
'
9812 99
99
9913 9914 9912' 9912 997
9912 9973' 99
335 Do prat
9934
100 94 Jan21
*83
85
4'83 ___ 082
4'82
85
85
83
85 I 8313 84
180 Amoskeag Manufacturing -- 70 Feb15
*80 -_- 080 ___ 080
82
080
82
Last Sale 81 Apr'19
Do pref
7812 Jan 9
•20 ____ *2014 ____ 021
___ 021 -_- *21
__I 21
21
125 Art Metal Construe Inc- 10 1713 Jan21
124 12433 12312 12412 124 124 0122 124
124 12834' 12773 12778
672 Atl Gulf & W I $s Lines_100 97 Feb 3
67
67
66
66
*64 _- 6734 6734 4'64 -_..1 6333 6833
73 Do prat
100 63 Feb15
2034 21
20
1934 1934 1934 20
2012 1912 20
1912 1933 2,690 Booth Fisheries
no par 184 Feb 7
1414 14
14
1414 14
1412 14
1414 141 1413 1418 1414 2,(160 Century Steel of Amer Ino- 10 1333 Jan10
1112 1112 11121 __- ---1112 1134 1134 1112 1112 311
'11
85 Cuban Portland Cement_- 10 10 Mar20
0434 5
*434 5
434 434
5
515
5
6 1
175 East Boston Land
10
413 Jan 4
167 167
167 167
167 167
186 167
188 167
18812 18812
325 Edison Electric Illum
100 164 Feb18
5638 671
57
5634 57
5613 5713 5714 5712 57
25 5213 Jan21
63 Fairbanks Co
O156 158
157 157 *159 160 4'159 160
160 160 ------------23 General Electric
100 14678 .Feb 7
2813 2812 *2814 2834 02814 2834 2812 2812 2914 2914 28
2814
50 28 Apr 1 1
195 Gorton-Pew Fisheries
0412 434
434 434 *413 ---- .
......_412 ---- '4'2
550 Internat Port Cement
10
414 Mar28
018
19
4'19
19
19
23 01914 23
$1934 23 I
120 Do prof
50 18 Jan 4
3614 37
36
37
36
3712 3612 3612 3834 3634 37
37
493 Internet Products
no par 19 Mar20
8A 814
818 814
g
8121
814 88
6
83
/
4 8%
838 2,425 Island Oil& Trans Corp-- 10
6 Jan 2
O08
98
98
98
96
96
95
95
98
98 McElwain(W II) 1st pref-100 90 Jan17
96 I 9534 96
82
8234 •8213 8234 8234 8314 83
83
83
83
530 Massachusetts Gas Cos-100 8113 Jan20
8312 83
68% 6813 681 6813 6812 6812 6813 6812
*881k 69
20 Do pref
68
100 68 Aprll
O138 -- 137 137
137 138 0135 __ •135 137 1 ---- --35 Mergenthaler Linotype-100 130 Feb10
*90 __- 91
91
*90 --- 4'90 ____ --------__.- __10 New Eng Cotton Yarn_100 91 Apr 8
•93
9334 9334 9334 9334 94
9334 9334 9334 94
9312 9313
58 New England Telephone_100 90 Jan22
•47
52
048
52
53
048
047
51 I
Last Sale 60 Mar'19
Nova Scotia Steel & C.......100 46 Mar 5
'
012012 12112 012114 12213 --- -__ 12112 122
____
, 12114 12114
100 113% Feb13
67 Pullman Company
62
52
52
54
5412 53
53
5334 5213 53
5214 5212 3,212 puma Alegre Sugar
50 48 Feb 1
*14
15
014
15
015 ____
-- 1 1514 1514 15
40 Reece Button-Hole
15
10 14 Jan 3
40141 408 407
3914 .
3855 3814 38
3814 3814 3918 *153934 4034 12,100 Stewart Mfg Corpn
3218 Jan23
138 139
139 140
13914 140
13912 14114' 13913 141
139 1397
2,396 Swift & Co
100 115 Jan30
59
*5812
5813 59
59
*58
59
59 I 80
60
5913 80
131 Torrington
25 5213 Jan13
174 174
17312 174
17312 1737s 173 174
173 174
17113 172
826 United Fruit
100 15712 Feb10
4013 5038 51
52
51
517g 61
5113' 51
5112 51
5138 10,296 united Shoe Mach Corp- 25 44 Jan13
27
2713 271z 2734 27
2714 2713 2734: 2733 2733 2734 2734
433 Do pref
25 28% Jan 2
9813 99
9812 9914 9834 9955 9814 9934 9812 10038 97% 9878 5,262 U El Steel Corporation
100 8814 Feb10
11534 11812
22 Do prof
100 113 Jan 2
--iiis -16- "-Oil -178 98 1014 if3 1638 iii -1-65-8 -164 -16;
1 10,200 Ventura Consol 011 Fields- 5
734 Jan21
Mining
.75 .75
0.75 1 I '0.75
.70 .75 0.75 1
1
.75 .75
25 .56 Feb 8
420 Adventure Con
074
7412 7312 7313 07412 75
7434 7434 75
7412 75
75
25 6212 Mar22
42 Ahmeek
3
312
314 314
314 312
314 334 *314 334
10
355 4
990 Alaska Gold
3 Apr 5
0.26 .30
.30 .30 0.25 .30 '0.20 .30 0.25 .30 '0.25 .30
25 200 Jan15
100 Algomah Mining
40
40
39
40
3912 3912 3912 3912 '40
40
39
037
25 36 Mar24
208 Allouez
4'1212 1313 14
*1212
14
14
14
1413 1413 01312 14
45 Amer Zino. Lead & Smelt- 25 1034 Febli
043
45
4312 4312 *43
46
1312---- ---- 044
46
044
46
5 Do pref
25 39 Feb15
1233 1212 1214 1212 12
12
12
1218 12
12
1134 12
5 1034 Feb28
1,488 Arizona Commercial
0.25 .30
.30 .30 $.25 .30 0.25 .30 4..25 .30 0.25 .30
10 20c Jan30
100 Butte-Elalaklava Copper
$21
22
021
23 02012 2112 02113 2212
Last Sale 2012 Mar'19
Butte & Sup Cop (Ltd)._ 10 17% Jan23
5912 60
59
59
61
6112 61
61
060
8012 6014 6012
10 57 Feb10
391 Calumet & Arizona
415 415
415 415 415 415 *410 413 413 413
410 410
43 Calumet & Hecht
25 350 Mar14
*1218 1312 *1213 1312
13
13
$12
1312 01212 1312 *1212 14
10 Centennial
25 12 Mar21
4312 4413 4355 444 4312 44
43
4334 4314 44
4314 4314 1,294 Copper Range Co
25 39 Mar 5
*278 3
214 272 0278 3
0273 3
4173 3
0278 3
20
2 Marll
52 Daly-West
612 63.,
534 534
538 534
59
4 558
512 54
4
513 513 1,480 Davis-Daly Copper
10
434 Feb13
*812 9
0812 834
834 834 *812 834 *812 834
814 812
8 Feb28
260 East Butte Copper Min__ 10
314
3
312 312
338 333 *3
3
314 314
3
313
695 Franklin
25
213 Mar21
*67
7018 4'67
068
70 08712 70
70
08712 70
89
69
10 Granby Consolidated
100 68 Mar 1
*43
4413 043
*4313 4413
4414 *43111 44
Last Sale 4412 Apr'191
00 4214 Mar27
Greene Cananea
612 513 06
612 *6
612
6
6
107 Hancock Consolidated-- 25
*5,2 6
*513 6
455 Feb 6
O.50 .60 0.50 .60 0.45 .60 0.50 .60
Last Sale .50 Apr'19Indiana Mining
25 50o Mar 8
*43
43
4313 4312 4312 4212 43
4312 43
43
43
43
1,280 Island Creek Coal
1 4212 Feb 7
*79
82 •78
078
80
79
79
*73
Last Sale 79 Apr'19Do pref
1 79 Mar 4
2014 2812 26
2613 26
2812 28114 2812 28
25 21 Jan 2
2613 2614 2612 1,047 Isle Royale Copper
514 514
518 614
51
/
4, 51
*514 512 *514 513 *514 513
5
4 Jan17
895
Lake
Kerr
114
1
I,
1I,
1
*118
114 *1
114 *1
114 *118
25
990 Mar 4
114
2,18 i(!aereee&apwp Copper
414 414 *414 412
414 414 *414 412
48 414
4
25
3 Jan25
414
Copper
2
*212 272 *212 234 '
0213 234 0213 234
Last Sale 2% Apr'111,
213 Jan21
La Salle Copper__ __ 25
*214 234 *214 234 *214 3
*214 3
Last Sale
Mar'19,
5
214 Feb18
..,, Mason Valley Mine.
4t2
478 214*114
478
*434 5
*434 5
47
434 5
5
4 Feb 7
- Masaachutetts Consol___ 25
312 375
312 314
314 33
314 314
314 334
314 VA 1,6
20
21 maleyhtligoawner..-0,
Ni
Id Colonle--- 25
2 Jan13
318 318
312 312
314 31.1
314 314
312 312'
312 312
25
212 Feb21
53
53
5712 5312 51318 5318 53
5312 5712 53
55313 5512
25 4013 Feb 7
310 ‘.tobawk
•1612 17
*161 1712 *1812 7
*1613 17 1
16% 187& *1614 17
5 1514 Mar28
15 Veva ia C.)34011,1 tied
*134 2
*154 2 I
17
_8 2
...
*134 _--- *134 2
*134 _ _._
203 NTev; Arc.t I 'in Copper
25
1 Mar 8
1612 1614 1612 1714 1634 17
163 17
1612 168 1613 17
5 11% Mar 5
730 Mew C.,rnella Copper
O5
7
*6
7
*8
7
*6
7
Last Sale 7
Mar'19
gew Luria .4 ticktlive-__ ... 5
7 Mar31
*812 912 *812 918 *812 918 *812 913
Last Sale 9
Fob 19,
8% Febli
New River 0 unpany.----100
.- 611
08012 85
6013 8012 •_-__ 6112 0
30 Da ire_
10
5712 Mar 1
9
9
9
9
*87
834 9
918
9
9
5
814 Jan15
*Ws 918'
215 N'Ipissing Mlaai1114 1112 1113 1134 1112 1112 1112 1178 1113 1112 1155 11121
15
9 Feb20
515 North Butte
0.45 .60 0.45 .55
.50 .50 0.45 .50 '
.50 .5
0.45 .50
25 400 Jan 7
100 North Lake
•113 112 $1
114 *1
114 °1
114
Last Sale 1
Mar'19'
25 750 Mar15
:
ew
c ay Mining
0)1b
30
38
35
3414 35
3534 3534 3534 38
*34
35 I '034
35
25 3013 Mar 5
3
151
45 Old Dominion Co
O60
61
50
5012 51
60
51
51
4934 60131 49
60
25 45 Mar17
1338 1313 1334 1418 14
14% 1414 15
1434 15 I *1434 15
10 12% Feb 8
tadoyCreek Coal
P
Qo
un
63
63'21 *66
67
57
66
57
58
57
58
57
57
71478
25 52 Mar22
•21
2134 021
2134 021
2134 *21
2112 2118 2118 021
2134
100 Ray Consolidated Copper.. 10 1913 Feb 8
4'45
48
045
*4518 46
48
48
045
45 • 4518 4'45
20 st Mary's Mineral Land- 25 40 Mar 4
50 I
14
*1314 14
14
'
01314 14
14
14
14
14
*1314 14 I
250 Seneca Copper Corp__no par 13 Jan22
21
214 214
218 214
212
214 214
214 214
214 214
802 Shannon
10
112 Mar15
•1
.90 .90 0.50 .80 •__
112
.99 1
1
1
.90
550 South Lake
25 400 Jan13
'.11
3.11 .12 3.11 .12 3.11 .15 *.11 .15
Last Sale 12
Apr'19
80 Janll
5
South Utah
6
5
5
5
*434 513 *41,8 512 0412 5141 *514 512
95 sSupteh
25
4 Mar 8
rtoU
r
M &8
2,4
1 21
21
4 218
4
2
21
4 218
2:'(4
*2
2
2
2181
855
& Boston Copper.. 10
1 Mar28
*212 232
Vs 232
212 212 *212 248 233 233 0212 233' 100 Superior
2 Feb 3
25
Tr1n1tY
.78 .79, 0.79 .80' 0.78 .82,
'
0.77 .80 $.78 .83 $.78 .83
500 Tuolumne Conner
1 710 Apr 1
5055 51
50
25014 5038 50
5012
498
049
50 I 4934 4934 1,176 ur 3 Smelt Bann & Min._ 50 43 Jan21
4813 49
24718 4712 4718 4714 47% 4712 47
4712 4834 4634
50 4114 Jan24
533 Do pref
214 214'
0214 232
214 232
214 214
284 238 *218 255 1,035 Utah-Apes Mining......- 5 214 Mar28
818
814
81
814
814
8
814 814
8131
814 814' $8
5
925 Utah Consolidated
713 Ja.n18
21%
11
2
2
17
2
2 I 0134 17
2
1% Jan28
1% 1% 2,510,Utah Metal & Tunnel-- 1
2 I
41218 238
2
2
214 214
214 02
214 02
214'
25
850'Victoria
114 Mar13
.80 1 I
.80 .90
.80 .85 0.80 .95
.90 .90
.80 .80
305 Winona
25 500 Jan 9
4'1713 18
01712 1818 *1713 18 I 1734 1734 *1712 18 I 017
1713'
25 15 Mar 5
10 Wolverine
0.60
1
I
1
'11.60 1
*.60 1
0.60 1
Last Sale .60 Apr'19
25 400 Mar13
Wyandotte
•141
78
O91
31
142 *141
8014 77
_
*91
33
31
143
140
7834 76
95
*91
3112 31
•Bld and asked prime
[vol.,. 108.
Range for Previous
Year 1918
Lowest
Highest
145
8014
95
33
168
Apr
Apr
Jan
Mar
Jan
3
5
3
7
6
11
Jan14
135 Jan 4
8312 Apr 8
115 Apr 9
53 Jan 2
103 Apr 5
74 Feb27
83 Jan 6
313 Jan14
1714 Jan14
3412 Mar10
91 Mar 1
105 Jan 3
20 Jan18
100 Jan18
50 Apr 3
53 Apr 5
110 Apr 9
10213 Mar15
677 Mar20
114 Feb 3
6 Jan 8
13212 Apr 6
119 Apr 5
10814 Mar10
673 Marll
10112 Mar12
85 Apr10
84 Mar22
22 Feb20
12334 Apr10
8833 April
2213 Jan 2
1513 Mar17
14 Jan 2
638 Jan14
172 Jan 2
6114 Jan 2
160 Apr10
3218 Jan10
513 Jan 2
21 Febil
40 Mar26
938 Feb20
99 Mar28
88 Jan 9
71
Jan13
138 Apr 8
92 Jan 7
96 Mar10
52 Jan25
12212 Jan15
5412 Apr 8
1514 Apr10
40% Apr10
14312 Mar31
60 Feb21
17534 Mar14
52 Apr 7
31
Jan25
10033 Apr10
11612 Apr 8
1033 Apr10
12213 Apr
37 Jan
80 July
19 Jan
150 Apr
.50 Dec
1014 Mar
138 July
8212 Apr
104 Feb
53 Jan
108 Sept
70 Oct
7713 June
134 Sept
812 Jan
27 Feb
84 Oct
38312 June
20 Jan
80 Aug
37 Feb
47
Jan
I
Highest
146 Nov
80 Nov
104 Nov
40 Sept
170 Aug
3 June
15 June
147 Apr
8512 Dee
125 Nov
85 Jan
11814 Jan
81 Feb
83 Nov
712 May
33 May
May
9456
11212 Dee
25 Jan
90 Oct
50 July
82 Apr
7312 Jan 106
884 Jan 100
Oct
Dee
--.,-to Yuii
4 Sept
99 Jan
107 June
901 Aug
4513 Jan
90 Jan
6012 Jan
76
Jan
11 Feb
98 Jan
5813 Jan
21
Jan
1014 May
1113 Nov
4 Jan
134 June
2712 June
123 Jan
27 Aug
413 Oct
12 Apr
--21-2 iiii
1558 Mar
11512 May
115 Dee'
10918 Oct
8055 May
9713 Dee
92 Nov
82 June
z19 Dee
12014 Feb
8714 Nov
2812 Sept
147 Dee
171! May
534 May
186 Nov
6414 Nov
15734 Nov
35 Aug
713 Oct
23 Nov
318 Aug
83 Sept
27714 Jan
62 June
107 June
88 Jan
8212 July
53 Dec
102 Jan
29 Jan
11
Jan
27 Oct
102 Aug
45 Jan
11513 Jan
3812 July
2434 Aug
87 Mar
108 Mar
5 Jan
858 Dec
93 Nov
9114 Nov
71 Nov
147 . Nov
95 Oct
10012 Oct
69 Jan
130 Nov.
51 Dee
1378 Mar
4113 Nov
14614 Aug
56 Dec
188 Dec
4812 May
2612 May
thus Aug
11338 Deo
n Nov
.75 Feb 6
12June
134 Jan
75 Mar 4
69 Dec 88 Nov
414 Marl'.
518 Nov
138 Apr
300 Feb 7
.15 July
.45 May
44 Jan21
4013 Dee 54 Feb
1412 Apr10
10 Dec 2114 July
47 Mar18
4012 Dec 54 July
1234 Jan 6
11 Jan 1614 Aug
30c Jan17
.48 Nem
.20 Oct
2414 Feb28
1634 Dec 33 May
63 Jan 4
61 Dec 73 May
445 Jan 3 426 Dec 470 Deo
15 Apr 2
1034 June 1413 Feb
4412 Apr 4
40 Dec 5113 Nov
314 Marll
112 Apr
3 Sept
6 Apr 2
434 Dec
1378 Mar
912 Jan 3
813 Mar 12 Nov
7
3 Jan 0
6 Feb
3 Juno
7313 Feb13
7313 June 84% Oct
4534 Jan 2
39 Jan 5734 Nov
614 Apr 4
434 Dec 1018 Jan
750 Feb18
Jan
1
.40 July
48 Jan 4
4478 Dec 70 May
8214 Jan21
7912 Oct 84 Feb
27 Feb27
1912 Jan 29 July
63 Jan24
612 Oct
5 Jan
111 Apr 8
14 May
.80 Sept
413 Jan 2
854 May
334 Dec
314 Mar
238 Jan 3
2 Jan
3 Jan 9,
284 Dec
8 Feb
5 Apr 3
7 .fan
334 Sept
4 Mar12.
.85 Mar
413 Nov
41s Jan231
414 Oct
.40June
5812 Apr 7, 1013 Dec 81113MaY
1678 Apr 9
1612 Dec 2013 May
2 Apr 9
114 Aug
213 July
1714 Apr 4
912 Jan LB .134
- Dec -iii
.
4 -14.1;a'
11112 Jan28
12 Aug 20 Jan
0312 Jan20' 6313 Dec 80 Jan
104 Jan13
89/8 Jan
978 Apr
1178 Apr 9
1012 Dec 1733 May
60e Feb28
.25 Feb
.95 Mar
13 June
138 Jan13
155 Dec
37 Apr 3
32 Dec 4513 Jan
52 Jan14
4612 June 65 Jan
15 Apr 9
123 Deo 2014 Feb
Jan 3
81
59 Dec 73 May
2118 Apr10
1912 Dec 254 May
4518 Apr10
Jan
38 Dec 57
1413 Jan 4
7 Jan 1534 Dee
53 Jan
312 Jan 9
234 Dec
Jan
19/. Feb14
Sept
140 Feb10
n
2 Jan
.14
1 Dec
6 Jan 4
8% Nov
4 Feb
454 Sept
3 Jan 4
114 Aug
3 Jan13
413 Feb
213 Sept
903 Fobil
.73 Dec 1% Aug
5138 Mar12
36 Apr 501s Oct
4912 Mar14
42 July 4718 Nov
318 Jan 3
418 Nov
114 May
838 Jan 2
7 Dec 12 Jan
214 Mar12
1 Dec 31% Apr
214 Jan 2
3 Jan
155 Dec
114 Jan 4
2 Jan
13 Nov
19 Jan14
18 Dec 38 Jan
800 Apr
.40
MaY
1
1
Xi Mar
_..
._
4 Er-dividend and rights. e Assessment paid. S Er-stock dIvIden I. S Er-rights. z Er-divIdend. to Half-paid.
1499
THE CHRONICLE
APR. 12 1919.]
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from April 5
Boston Bond Record.-Transactions in bonds at Bos- to April 11, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
ton Stock Exchange April 5 to April 11, both inclusive:
share, not per cent. For bonds the quotations are per cent
Friday
Range since Jan. 1.
Last Week's Range Sales
of par value.
for
Outside Stock Exchanges
of Prices.
Sale.
Price. Low. High. Week.
Bonds.
138 Lib Loan 330_1932-47
lot Lib Loan 4s_1932-47
2d Lib Loan 43_1927-42
1st Lib L'n 43j8_1932-47
2d Lib L'n 4348_1027-42
3d Lib Loan 4%s_ _ _1928
4th Lib Loan 4qs_1938
Am Agric Chem 5s_ _ _1928
Am Tel & Tel coil 4s_ _1929
Collateral trust 5s_ _1916
Anglo-French 5-year 5s_ _ _
Atl G & W I SS L 55_ _1959
Chic June & US Y 5s_1940
1940
4s
Gt Nor-C B & Q 4s__1921
1< CM &B income 58_1934
1929
Mass Gas 434s
1931
434s
Miss River Power 5s_ _1951
N E Telephone 5s_ _ _ _1932
Pond Creek Coal 6s__1923
Punta Alegre Sugar 6$ 1931
1944
Swift & Co 1st 55
S Smeltg R&M cony 6s_
Ventura Oil cony 7s
Western Tel & Tel 5s_1932
98.84
95.04
93.04
95.04
93.44
94.90
93.44
9831
84%
90%
ooy,
96%
80
92
75
95%
73
90%
84
78
89%
93
92
96
96%
100
110
89
80
92
99.10 $23,200
95.24 4,300
93.72 4,400
95.90 3,000
93.80 13,200
95.80 59,950
93.84 133,400
4,0(10
99
84% 14,000
4,000
91
96% 6,500
28,000
81
92
4,000
76
2,000
95%
5,000
1,000
73
90% 8,000
84
4,000
3,000
7835
2,000
91%
94
2,000
9334 34,000
9034
7,000
100
10,000
110
10,00
90
6,000
Low.
High.
98.04 Feb
99.64 Mar
91.64 Jan 95.24 Apr
92.04 Jan 94.02 Jan
93.24 Mar 96.50 Jan
93.04 Mar 95.90 Jan
94.40 Mar 96.50 Jan
93.34 Mar 96.50 Jan
Mar
98% Jan 100
83% Jan 8434 Feb
90% Apr 91% Feb
96% Apr 97% Mar
Feb 8334 Jan
79
90% Mar 94% Jan
Feb 77
Mar
74
95% Jan 95% Jan
Mar 74
Mar
72
90% Apr 94
Mar
84
Apr 87% Mar
7731 Jan 79% Jan
89% Apr 9334 Feb
Jan 95
Feb
92
Jan 94
Mar
87
95% Mar 9634 Jan
Feb 100
99
Jan
Jan 110
94
Mar
Jan 91
89
Mar
Chicago Stock Exchange.-Record of transactions at
Chicago April 5 to April 11, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for I
Week.
of Prices.
Sale.
High. Shares.1
Par. Price. Low,
American Radiator_ ....100
Amer Shipbuilding_ _ _100
Armour & Co preferred- 101%
Booth Fisheries, corn
20
new
(no par) _
100
Preferred
Bucyrus common
Chic City &CRy pt oh corp
Preferred
Chic Pneumatic Tool _ _100 69%
Chic Rys part ctf "2"
Chicago Title & Trust _100
Commonwealth Edison.100
Cudahy Pack Co com_ _100
100 98
Deere & Co., pref
100
Diamond Match
Hartnum Corp
100
Hart Shaff& Marx,com.100
Preferred
100
Illinois Brick
100 66
Libby(W I)
29%
Lindsay Light
10 1735
Preferred
10
Middle West ULU! corn..100
Preferred
100 55
National Carbon pref _ _100
Pub Sery of No III, pref.1 00_
Quaker Oats Co, pref _ _100
Sears-Roebuck corn..__100
Shaw W W common_ ....100
Preferred
100
Stew War Speed Corn.. _100 9134
Swift & Co
100 140
Swift International
.59;4
Union Carbide & Carbon Co (no par)
Rights "B"
United Paper lid corn_ _100
Ward, Montg & Co, pref..
Western Stone
Wilson & Co, common_100 84
100
Preferred
Bonds
Armour & Co dcb Co.. _1923
Chic C Ry 5s
1927
Chicago Rya 5s
1927
Chic Rya 4s_ _series "B"
Commonw-Edison 513_1943
Morris & Co 4348_ _ _ _1939
Swift & Co 1st g Ss__ _1944
288
108
101
288
115
101%
1934 21%
78% 81
19% 19%
%
%
734 8
64
70
5
63i
183 183
115 115
110 112
973.4 9834
115 115
65
66
7834
78
111
111
63
66
2831 3034
18%
16
934 9%
2534 25%
51% 55
118
120
92
92
102 102
17634 183
93% 96
9934 10034
91
9234
138% 141%
5934 Gni
Range since Jan. 1.
Low.
20 285
1,753, 100
2,010, 10034
!
2,932 18
220 78%
210 19%
30,
34
6%
595
4,1801 60%
2001
6
10, 178
340; Ill
950, 10034
245! 95
190' 109
3201 543-4
30, 68
10 10834
280 56
19,394 19%
20,073 16
100
934
13 24
663 49
70 118
30 89
130 101
1,468 168%
175 01
5,381 99%
681 84
10,802 11631
2,201 41%
High,
Feb 290
Jan
Feb 120
Mar
Mar 102% Mar
Feb
22
Apr 83
Apr
1934
Jan
1
Mar
11
Feb 70
Apr
9
Feb 185
Feb 115
Feb 113
Feb 99
Jan 115
Feb 66
Feb 7834
Jan 111
Feb 68
Jan 3034
Apr 1831
Feb 20
Feb 2534
Mar 55
Apr 12234
Feb 92
Feb 103
Feb 183
Feb
96
Apr 10131
Jan 94
Jan 144
Jan 65
Mar
Mar
Apr
Feb
Feb
Apr
Feb
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Mar
M
Feb
Apr
Apr
Feb
Apr
Apr
Apr
56
Jan
7134
331 Feb
6%
1734 Jan 2134
Ill) Jan 112
4
Jan
53.1
6634 Jan 85
95
Feb 100
Apr
Apr
Jan
Jan
Mar
Apr
Mar
6835
6
1934
111
5
82%
99
7134 45,909
6%
455
2034
255
111
10
5
215
85
620
100
110
100%
78
73%
44
93y,
85%
9631
100% 16,000 100% Mar 100% Apr
78
2,000 78
Apr 84
Feb
74
6,000 73% Apr 81
Jan
44
1,000 44
Apr 60
Jan
9334 9,000 93
Feb 04q Jan
8534
3,000 85% Apr 8534 Apr
96% 77,000 95% Mar 98% Jan
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh April 5 to April 11, compiled from official sales
lists.
Stocks-
Friday
Sales
Last Week's Range for
Week,
Sale.
of Prices.
Par. Price. Low. High, Shares.
Amer Rolling Mill, corn 25
American Sewer Pipe_ _100 1934
Amer Wind Glass Mach100 8334
Preferred
100 8034
Amer Wind Glass, pref-100
Columbia Gas & Elec. _100
Consolidated Ice, corn_ _50
Preferred
50
Crucible Steel, pref.. ... _ _100
Harb-Walker Itefrac, pf100 09
IndeP Brewing, corn.....5()
334
Preferred
50
La Belle Iron Wks,com.100
Lone Star Gas
100 229
Mfrs Light & Heat-----50 5031
8
Nat Fireproofing, own_ _50
Preferred
50 16
Ohio Fuel 011
1
20
Ohio Fuel Supply
25 4534
Oklahoma Natural Gas_25 32
Oklahoma Prod & Ref....25 10%
tom..
Brewing,
Pittsb
-- _50
Preferred
50 1334
pittsburgh Coal, com_ _100
Pittab-Jerome Copper.... _1
18c
340
Pittsb & Mt Shasta Cop_ 1
100 11%
Pittsb Oil & Gas
Pittsb Plate Glass, com 100
l'ittsb Stk Exch memb'ship
Riverside East Oil, corn....5
Ross mining & Milling_ _1
Union Natural Gaa___100 125
100
U S Glass
us Steel Corp, corn... _100 98
West'house Air Brake_50 98%
West'house Elec & Mfg_50 4634
Bonds.
T...1.,.. TIrnurinO (Is
1055
z Ex-dividend.
443-4
19
8334
8034
10034
4534
7
2434
9331
99
3
934
97
216%
4934
734
1434
18
4534
3134
834
5
1334
4831
16c
310
1134
118
2300
31
8o
125
31
98
59734
4534
401,4
4434
20
8434
8035
10034
453-4
7
2434
9331
99
334
99-1
100
230
5034
831
16
2034
46
32
103-4
534
1434
5034
18c
34c
1234
119
2300
34
8c
12534
3134
10034
093.4
4734
An
Range since Jan. 1.
tA
Ann
High,
Low.
20 4434
1,670
16
320 79
50 7734
20 98
60 3934
134
3
40 15
20 91
10 99
134
350
145
534
80 9434
438 170
380 4834
4,340
5
1,250 10
2,303 16
2,161 4234
1,580 285%
885
834
220
2
55
7
735 45
8o
9,600
9,500 210
2,410
8
50 116
1 2200
%
200
Sc
6,000
116 122
185 30
1,260 8831
975 93
1,315 4034
qn
Apr 4736
2131
Jan
Jan 88
Jan 82
Mar 10031
Feb 4634
7%
Jan
Feb 2434
9331
Jan
Jan 100
434
Jan
Jan
103-4
Feb 1053-4
Jan 230
Jan 53
Jan
103-4
Jan
1834
2034
Jan
Feb 47
Jan 3234
Mar
1094
Jan
63.4
15
Jan
Feb
5034
Jan 20c
Jan :34c
1294
Jan
Jan 120
Mar 2300
1
Feb
Jan
8c
Jan 128
33
Feb
Feb 10034
Jan 10234
Jan 4734
Tqn
An
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Apr
Apr
Jan
Mar
Mar
Mar
Apr
Jan
Jan
Jan
Feb
Mar
Apr
Apr
Mar
Mar
Apr
Feb
Feb
Apr
Jan
Apr
Jan
Feb
Jan
Jan
Apr
Mar
Apr
an,.
Stocks-
Friday
Sales
for
Last Week's Range
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Alabama Co
70
70
100
Atlantic Petroleum
10
234 3
Baltimore Tube
7134 72
100
Boston Sand & G prof__ _
44
44
Celestine Oil v t
-- 1.05 1.05 1.05
26
26
Commercial Credit pref_25
Preferred B
25
25
25
Consol Gas EL & Pow_100 104
104 10434
Consolidation Coal__ _ _100 8134 8134 83
Cosden & Co
5
8%
83.4 9%
Preferred
5
4%
4% 4%
Davison Chemical_ ..no par 35%
3531 36%
Elkhorn Coal Corp
28
50
28
Houston 011 trust ctfs_ 100
81
81
Preferred trust ctfs_ _100 83
81
83
Mer& MinersTrans v t _100
56% 57
MtV-Woodb Mills v t r 100
17% 17%
Preferred v t r
100 7434
7434 75
Northern Central
71
50
72
Pennsyl Vat & Power_100 82
81% 82
United Ry & Elec
50
1534 16
Wash B & Annap
27
2734
50
Wayland Oil& Gas
5
3% 3%
BondsConsolldated Gas 53_ _1939
General 434s
1954
Consol Ga.sE LSEP7% notes 100%
6% notes
97%
Consol Coal ref 5s____1950 8834
Convertible 6s
1923
Cosden & Co ser A 6s_1932 91%
Series B Gs
1932 9131
(Old co) refund 6s 1926
Elkhorn Coal Corp 65_1925 9834
Fair & Clarks Trac 5s.1938
Ga Sou & Florida 53 1945
HoustonOildivetts_1923-25 10234
Interboro Rap Tr 5s
Kirby Lumber Cont 0.'23 9831
Minn St & St PC jt Is 1928
Monon V Trac 75
No Bait Trac 58
1942 100
Say Fla & W lot 5s.. 1934
Scab A L Atl & Bir 45
United Ry & E 4s..... _1949
Income 4s
1949 5134
Wash Bait & Ann 5E3_1941 82
99
87%
100%
97%
8834
100
90%
90
94
osy,
oom
94%
102%
70%
98%
00
98%
100
98
7434
71
51
82
99
8734
10034
97%
8834
10031
91%
92
94
9834
90%
94%
102%
7035
98%
90
9834
100
98
7434
7134
51%
82
Range since Jan. 1.
Low,
High.
Feb 70
Feb
150 69
3,455
2
Jan
3% Jan
95 70
Jan 7231 Mar
Apr
10 44
Apr 44
3,975
1.00 Mar
1.50 Feb
Feb
157 26
Feb 26
10 25
25
Jan
Jan
211 104
Apr 110% Mar
Jan
126 7934 Feb 83
634 Feb
7,837
934 Apr
4
434 Feb
1,700
Jan
Jan
4034 Feb
280 32
Jan
75 27
Mar 30
Feb
100 72% Jan 86
Feb
370 72% Jan 90
Apr
14 54% Mar 61
Mar
94 16
Jan
18
93 71
Feb 76% Mar
Feb
203 71
Mar 80
61' 77% Jan 82
Apr
356 15
Mar 20% Jan
32' 2434 Mar
2734 Apr
50
431 Feb
43-1 Feb
$1,000 99
Apr 100%
2,000 87% Apr 89
34,000 100% Mar 10031
7,000 9534 Jan 9834
3,000 88% Apr 92
3,000 9931 Jan 10031
9,000 84% Jan 9234
54,000 8531 Jan 9234
2,000 91
Jan 94
9,000 98
Feb 9934
1,000 90% Apr 9534
3,000 9431 Apr 96
14,000 9834 Jan 112
20,000 7034 Apr 7034
15,000 98% Apr 99;4
2,000 8934 Mar 93%
2,000 9731 Jan 98%
1,000 100
Apr 100%
Apr 98
1,000 98
2,000 74% Apr 74%
8,000 70% Apr 76%
Mar 55%
14,000 50
Mar 83%
3,000 82
Nfar
Jan
Apr
Mar
Jan
Apr
Mar
Feb
Apr
Jan
Jan
Jan
Feb
Apr
Feb
Jan
Jan
Jan
Apr
Apr
Jan
Mar
Jan
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
April 5 to April 11, both inclusive, compiled from the
official sales lists, is given below. Prices for stooks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Law.
19
60
64
6534
5131
39
76
25%
1934
8
47
17
69
554
25
41
50
71%
81%
44
30
3134
2431
523 %
6631
197
7631
234
294
37
185
69
88%
11431
8%
42
75
7
31
High.
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Mar
Apr
Feb
Jan
Jan
Feb
Apr
Mar
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Jan
Feb
Apr
Feb
Feb
Jan
Mar
Feb
Mar
Mar
21
Apr
69
Jan
69% Jan
93
Apr
7234 Mar
7231 Feb
108
Feb
Jan
29
39% Mar
Mar
8
Jan
50
2131 Feb
Jan
73
56% Jan
26
Jan
47
Mar
54
Mar
76
Jan
8431 Feb
46% Jan
37
Apr
36% Mar
25% Jan
28
Jan
71
Jan
197
Apr
86% Apr
331 Feb
3 3-16 Feb
3931 Jan
190
Jan
7434 Jan
100% Mar
11534 Apr
831 Mar
40
Jan
95% Mar
734 Mar
32
Jan
Bonds-98.70 98.70
S Lib Loan 3348_1932-47
$350 98.39 Feb
1st Lib Loan 4s.1932-47
95.00 95.00
100 92.30 Feb
93.40 93.40 1,150 91.80 Jan
2d Lib Loan 45_1927-42
lot Lib L'n 4348_1932-47
95.00 95.00
100 93.80 Mar
2d Lib L'n 4348_1927-42
93.40 93.76 4,050 93.20 Apr
3d Lib Loan 4qs.. _1928
95.40 95.66 15,550 94.50 Feb
4th Lib Loan 434s_ 1938
93.40 93.80 27,400 93.20 Mar
2,000 8534 Apr
Amer Gas & Elea 5s_2007 8534 853-1 8534
9,000 8434 Apr
Beth'm Steel pur m 53 1936
8434 855%
Bloc & Peo tr ctfs 4s_1945 69
12,000 65
70
Mar
69
Mar
1,400 65
1945
69
70
Small
9,000 10134 Feb
Equit I Gas L 5s
1928
10234 104
Apr
500 80
Hunt & 13 T 1st 4s small_
80
80
Apr
1,000 88
88
Keystone Telep 1st 5s.1935
88
21,000 58
Jan
Lake Superior Corp Is 1924
63
63
42,000 101% Jan
Lehigh Valley 6s
1928
10194 102
2,000 100
Jan
Lehigh Val Coal 1st 5s 1933 10031 10034 10014
3,000 93% Mar
Pennsylv RR gen Is.. 1968
943-4 9434
96
0634 25,000 05
Feb
P W & B ctfs 4s____1921 9334
5,000 100
Ph ila Colst5s, stpd__ 1949
Jan
10034 10034
85% 85%
1,000 85% Apr
Cons &colltr 5s stpd_'51
Pinta Electric 1st 58_196(3 93% 93% 9334 38,000 9334 Jan
9331 94
3,300 0334 Feb
Small
1966
8234 83
15,000 82% Apr
Reading gen 48
1997
101
101
1,000 10034 Jan
Spanish Am Iron 6s_ _1927
70
70% 24,000 6234 Jan
United Rya Invest 5a_1926
1,000 100
Mar
US Steel Corp 2d 5s....1963 10034 1003-4 10034
99.70 Jan
95.00 Apr
93.68 Jan
95.80 Jan
95.30 Jan
96.38 Jan
95.64 Jan
Jan
88
8534 Apr
71
Jan
Jan
75
104
Apr
80
Apr
Jan
90
63% Mar
102% Jan
10034 Mar
Jan
98
96% Apr
100% Mar
8934 Feb
Jan
96
97% Jan
86% Jan
101% Feb
Mar
72
100% Feb
Alliance Insurance
2034 21
10
65
American Gaa
65
100 65
American Rys pref.__ _100
65
65
Baldwin Locomotive_ _100
9034 93
Elea Storage Battery.._100 69%
6834 70%
General Asphalt
100 65% 64% 65%
9834
Preferred
100 9834 97
Insurance Co of N A... _10 29
2831 29
J G Brill Co
36
37
100 37
8
8
KeystoneTelephone_
_50
48
Preferred
47
50 47
Lake Superior Corp__ _100 20
1934 20%
Lehigh Navigation
69%
50 69% 69
554
Lehigh Valley
54%
50 54
Lehigh Val Trans pref_ _50 25
25
25
Midvale Steel & Ord__ _ _50 4635
4634 4634
Minehill & S H
51%
51
50 51
Northern Central
71% 72
50 71%
Pennayl Salt Mfg
8134 83
50 81%
44
44%
Pennsylvania
50 4-1
36
Philadelphia Co (Pitts)-50
37
Prof (cumulative 6%)_50 31
33% 35
Phila Electric of Pa_ _ _25 25% 25% 25%
Phil Rap Tr vot tr rcta_50 24%
24% 25
Philadelphia Traction_ 50
6634 67%
Phila & Trenton
197 197
100
Reading
50 84% 84% 86%
Tono-Belmont Devel_ __I 3 3-16
3%
331
Tonopah Mining
3 33-16
1
3ift
Union Traction
38% 39
50
United Cos of N J
189 189
100 189
70
United Gas Impt
69
50 69
U S Steel Corporation_100 98% 07% 10031
115% 115%
Preferred
100
sy, 854
Warwick Iron & Steel_ _10
834
4334 43%
West Jersey & Sea Sh_ _50
9234 95
Wm Cramp & Sons_ _ _ _ 100 93
7% 7%
York Railways
734
50
31
31
l'referred
50
435
45
15
1,030
2,579
435
260
239
140
100
100
6,152
233
1,230
75
100
98
117
91
3,925
56
968
2,613
1,008
190
20
163
1,793
2,030
237
51
870
4,172
4
124
70
1,740
350
20
Range since Jan. 1.
THE CHRONICLE
1500
[VoL. 106.
•
.411
Volume of Business at Stock Exchanges
Stocks (Concluded)
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week malty
April 11 1919.
Stocks.
Saturday
Monday
'uesday
Wednesday
Thursday
Friday
Total
Stale. Man.
& Foreign
Bonds.
Shares.
Par Value.
Railroad,
dEc.,
Bonds.
519,100
1,056,470
1,268,510
1,256,080
1,432,500
1,247,887
$48,574,000
99,734,500
118,247,000
119,408,000
138,050,500
119,584,200
$1,090,000
1,764,000
1,747,000
1,739,000
1,817,000
1,684,000
6.780.547 $643.598.200
Sales at
NM York Stock
Zzchangs.
!
$693,000 $5,097,000
764,000 8,849,000
429,000 9,116,000
599,000 9,924,000
524,000 10,180,000
396,500 10,158,000
$9,841.000 $3,405,500 $53,324,000
Week ending Aprts 11.
1919.
U. S.
Bonds.
Jan. 1 to April 11.
1919.
1918.
1918.
Stocks-No.shares__
51,868,089
1,344,702
35,710,292
6,780,5471
Par value
$643,598,200 $121,380,600 $5,248,293,255 $3,340,280,350
Bank shares, par
$33,700
$12,400
$5,000
Bonds.
Government bonds- _ _ $53,324,000 $14,753,000
$644,224,200
$213,046,500
State,mun &c.,bonds
4,287,500
3,405,500
130,658,000
64,158,400
RR.and misc. bonds
124,889,500
3,831,500
9,841,000
83,878,500
Total bonds
666,570,5001 $22,872,000
$899,771,700
$361,083,500
DAILY TR tNSACT1ONS AT THE BOSTON, PHILADELPHIA
BALTIMORE EXCHANGES.
Boston.
Week ending
April 11 1919
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
AND
I
11,920 $108,850
71,700
19,238
92,850
21,153
77,350
22,1421
20,230
57,650
12,000
8,9981
3,529
3,672
7,340
8,324
6,603
7,808
$33,400
90,700
44,100
45,400
43,700
21,000
3,462
5,377
1,950
3,212
4,954
2,226
$46,000
41,000
12,500
36,700
72,000
38,000
103.6811 $420.400
37.276
$278.300
21.181
$246,200
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Apr. 5
to Apr. 11, 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, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, thero 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,
particulaely 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.
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
Week ending Apr. 11.
Stocks-
AetnaExploalves_ r(no par)
Amer Bosch Magneto r (t)
Amer & Brit Mfg com_100
Amer Malt & Grain_ r_
Am Road Machinery_r 100
Amer Writing Pao corn 100
Brit-Am Tob ordinary__ £1
Ordinary bearer
£1
Bucyrus Co_r
101)
Chalmers Mot Corp_r_(t)
Chevrolet Motor
100
Cities Serv Bankers shareer
Claiborne&Annap Ferry r 5
Cleveland Auto r
Col Graphohone Mfg r (t)
Endicott J'nson Corp_ r 150
Preferred w 1.r
100
Fairbanks & Co r
25
Famous Players-Lasky
Corp
(no par)
Fisk Rubber new w 1_ _._25
Old stock_r
100
Second pref_r
100
Freeport Tex Co.r (no par)
General Asphalt com_ r 100
Preferred ..r
100
Gillette Safety Razor r (t)
Hocking Val Products r 100
Rupp Motor Cat Corp-10
Impl Tob of G B & Ire_£1
Interoontinental Rubb_100
internal Products_ r
Merit Tire & Rub com-10
Lackawanna Co Coal r_10
Libby, McNeil & Libbyr10
Marconi Wirel Tel of Am_5
Morris(PhlilD)& Co w 1.10
Nat anilinpkVh rnm r 100
83,6 9%
6434 6556
2X 3
37
39
52
313 52
631
65( 65(
2234 2234
2354 23
24
2154
21
17
934 105
93
205 205
3656 365-i 3851
9% 16
14
100 104
242 248
245
54
.49
52
100
995 100
58
57
9
3434
140
4134
65
99
147
834
21
3034
2931
454
123(
2R'.4
70
.55
29
39
44
47
112 145
41
42
64
6534
99 100
145 149
sy; 1054
834
8
1634 17
173-i 23
35
3855
8834 10034
28
32
28% 3034
434
434
1234 134
28
274:
10,900
400
250
2,000
17,400
2,700
300
3,900
7,500
9,900
150
6,100
55,940
8,500
340
15,300
6,400
500
Range since Jan. 1.
Low.
6%
*61%
23.
34
8
2%
22
23
12%
454
145
35
73
100
173
44
99%
5454
7,600 48
40,600 29
250 44
435 112
1,600 33
1,700 3934
200 8334
2,087 109
9
2,500
17,500
434
200 1434
40,600 1054
3,400 35
40,500 4334
7,000 1034
17,400 19
4.000
4
29,500
7
111100 24
High.
10%
67%
4%
39
52
654
243.
25%
21%
12
205
38g
16
104
248
54
100
6034
Feb
Mar
Mar
Apr
Apr
Apr
Feb
Feb
Apr
Mar
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Feb
Apr 70
Apr 39
Apr 47
Apr 145
Feb 45
Jan 7234
Jan 109
Jan 149
Apr 1034
Jan
934
Feb
1734
Jan 23
Apr 41
Jan wog
Feb 36
Jan zog
Jan
5
Feb
14
Mar 30
Apr
Apr
Apr
Apr
Mar
Feb
Feb
Apr
Apr
Mar
Feb
Apr
Mar
Apr
Mar
Mar
Mar
Apr
Mar
_
Jan
Feb
Mar
Apr
Feb
Jan
Mar
Mar
Mar
Mar
Jan
Feb
Mar
Apr
Mar
Apr
Apr
Mar
Nat Fireproofing prof r 50
100
Nat Ice & Coal_r
No Am Pulp&Pap-(no par)
Pacific Gas & Elec comr100
Pearson Coal_r
1
Peerless Tr & Mot Corp_50
Perfection Tire & Rubb r 1
Rem'ton Typewr'r corn 100
Standard Gas& Elec corn 50
Stewart Mfg_r
Submar Boat Corp v to- 5
Swift Internat'l_r
15
Themelis Bros Co,Inc r 10
Union Carb & Carb_r--(t)
United Motors_ r_ _(no par)
United Profit Sharing__25c
S Light & Ht com_r_ _10
U 13 Steamship
10
Wayne Coal
World Film Corp v t o
5
Wright-Martin Airo_r_(t)
RightsIsland Oil&Tr(to take bds)
Former Standard 011
Subsidiaries
Anglo-Amer Oil_r
£1
Galena-Sig Oil com_r_ _100
100
N Y Transit_r
Prairie Oil& Gas_ r_ _100
100
South Penn Oil_r
South West Pa Pipe L r 100
Standard 011 (Calif)..r_100
Standard 011(Indiana)r100
Standard 01101 N J_ r-100
Standard 011 of N Y.r100
Swan & Finch_r
100
Union Tank Line_ r_ _ _..100
100
Vacuum 011_r
Friday
Sale.
Last Week's Range for
Sale.
Week.
of Prices.
Price. Low. High. Shares.
63
4%
56
334
24
48%
3155
40
1531
5931
1131
69
4634
154
231
334
130
2034
269
675
116
414
15
61
4%
52
3
2134
34
.4151
2934
38
1434
59
11
69
46
154 1
154
256
354
5-16
354
8o
1734
103
192
652
292
99
265
770
670
347
98
115
414
16
6551
5
58
354
24
3-1
48
33
41
16
62
11%
73
4651
11-16
151
334
451
7-16
354
Range since Jan. 1.
Low.
950 13% Jan
Jan
3,400 47
8,300
2% Jan
Apr
2,400 52
4,500
194 Jan
Jan
4,600 18
53,000
Feb94
4,450 '4134 Apr
3,300 2954 Apr
9,300 38
Apr
13,300 10
Feb
22,700 4034 Jan
2,300 10
Mar
10,450 60% Feb
2,500 33% Jan
18,800
7-16 Jan
1% Jan
2,500
2
42,000
Mar
8,400
3% Feb
10,000
/
114 Mar
1,400
3
Feb
13c 390,000
80
2056 15,500 16%
105
60 88
193
30 192
670
105 630
10 292
292
99
10 99
270
135 258
775
30 770
676
120 868
47 310
350
98
10 98
120
100 107
415
40 395
High.
Jan
Mar
Mar
Apr
Feb
Mar
Feb
r
25
1
Apr
48
Apr
33
Feb
41
1634 Feb
8554 Mar
1154 Apr
73
Aepbr
6,4
3,
1 F
42
20%
8734
554
58
334
2% Mar
5% Jan
44 Apr
ar
M43-
Apr
13c
Apr
Jan
Feb
Apr
Jan
Apr
Feb
Jan
Apr
Apr
Jan
Feb
Jan
Jan
2056
105
195
685
320
101
280
780
731
355
118
123
437
Apr
Apr
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Mar
Feb
Jan
Jan
Other 011 Stocks
234
1
Allen
r
3% Apr
% Jan
23-4 33-4 56,500
5
Alliance Oil& Ref_ r
434 534 2,900
5
4% Apr
5% Mar
3.4 9,800 3-16 Jan 5-16 Jan
Barnett Oil& Gas_ r
1 3-16 3-16
6
534 63-4 26,100
Boone 011_r
Mar
5
654 Apr
3
310 390 86,000 180
Boston-Wyoming 011-r.._1 38o
Jan 470 Feb
1514 14
Caddo 011_r
16
Fob 16
1,850 12
Apr
Com'nw'tb Petr 1-r w 1 (t) 43
43
47
Mar 51% Mar
6,700 37
954 Apr
9%
6% Jan
Cosden & Co. eom_r-..5
87-4 93-4 48,600
Crown 011_r
310 390 48,000 13e
1
Jan 390 Apr
1%
1% 2
9,000
Crystal 011 & Refintng.r.1
2
Mar
1% Feb
634 73-4 3,400
7%
Elk Basin Petroleum.r.._5
Jon
754 Apr
6
50
50 534o 27,000
Esmeralda Oil Corp_ r-- A
Jan
4o
80 Mar
234 234 24,200
Federal 011_ r
234
5
3% Feb
2
Jan
5)4
Glenrook 011.r
10
5% Apr
3% Mar
43-4 534 45,700
1
Great Plains Petrol'm_r__I
19-4 4,000
Mar
2% Mar
134
Hercules Petrol Class A r 10 10% 1034 1034
1,800 10
Mar 10)4 Mar
15
Home 011 & Refg_r w 1..10 16
17
3,100 10
Mar
Feb 19
Houston 011, corn _ r_ _ _100 81
80
300 75
81
Apr
Jan 88
234
Hudson 011 _r
1
Mar
3
134 234 41,700 550 Feb
Internat Petroleum_ r...£1 30
2334 353-4 46,900 1654 Jan 35)4 Apr
8%
8
Island 011 & Transp.r....10
6% Jan
9% Mar
834 200,000
60
5340 70 26,200 5540 Apr 160
Kenova Oil
1
Jan
Louisiana Oil& Refin.r-50
343-4 393-4 9,000 2334 Jan 42
Mar
7,000
Marland Refining
7
5
63-4 7
714 , Mar
64 Apr
10 3154 zzg 3134 48,200 21
Merritt Oil Corp_r
Jan 3234 Mar
Metropolitan Petroleum.25 3 1-16 2 11-16 3 5-16 42,500
2% Jan
4./, Mar
1% 1 9-16 134 13,000
Midwest 011, com_r
1
1% Mar
1.13 Jan
Midwest Refining _ r.. _ _ _50 167
15,550 124
160 171
Apr
Jan 171
3
Morton Pet of Mew l_r_l
254 331 104,200
1
354 Apr
Mar
654
National Oil_ r
61,000
571 7
10
4,56 Apr
Apr
7
520 550 27,000 46o Feb 590 Mar
Northwestern 011..r
1 550
3
53-4 4,500
54
Oklahoma & Texas Oil_r-5
3
Apr
Apr
6
370 470 190,000 22o
Omar Oil& Gas.com
1 450
Jan 640 Mar
2
134 234 4,000
Orient 011 St Gas_r
1
156 Apr
254 Apr
Pennok 011_ r
10 1534 1434 1534 12,900 113,4 Feb
1634 Mar
3-16 3-16 5,000
Pennsylvania Gasoline _1
3-16 Apr
3-16 Apr
2% 2)4
200
Penn Wyoming 011_ r_ _5
251 Apr
254 Apr
140 190 109,000 13o Feb 300
Queen 011.r
1 190
Jan
850 990 105,350 350 Mar 99e
Rangeburnett 011.r
1 980
Apr
300 420 79,500 230 Mar 42e
Ranger-Homer 011_ r _ _1 42o
Apr
Rickard Texas Co_ r
934 1251 4,400
5 10
6
Mar 12% Apr
Rock 011
500 560 47,900 42e Mar 570 Mar
10c 530
41
15,300 38
Salt Crk Produc Assoc r 25 40% 39
Mar 43
Mar
754
7
734 1,500
Sapulpa Refining_r
5
7
Jan
756 Jan
9
Savoy Oil
200
9
5
9
Apr
1334 Jan
Sinclair Gulf Corp-r---(t) 4754 44
473-4 31,900 22
Jan 4754 Mar
90
78
90
Sinclair Oil warrants
85 38
Apr
Jan 90
3
3
3
100
Southern 011 & Transp r 10
3
Apr
354 Mar
420 440 10,500 360 Feb 440 Mar
Southwest 011_r
1 44e
Stanton 011_ r
31 11,200
31
134 Jan
% Mar
31
1
651
454 631 28,320
4% Apr
Sterling Oil & Ref_r
5
6X Apr
Texana Oil & Ref _r
350 680 69,200 llo
Apr
Jan 68c
1 650
zg 2
254 14,700
Texas-Ranger Prod& It r 1
2
Apr
254 Apr
1% 1%
500
Tyopa 011_r
356 Feb
1% Mar
5
231
234
251 3,000
3
Feb
2% Jan
Victoria 011 r
10
36
44
6,000 30
Western States 011 & L r 1 42
Mar 44
Apr
Mining Stocks.
310 340 38,000
Adelphla M & M_r
1 320
300 440 26,400
Alaska-Brit Col Metals_.1 40o
680 690 36,100
Allied Gold _r
1 690
1
5,200
1
1
America MInee_r
1
40
2,000
50
Arizona Butte_r
1 40
Co
5o
Atlanta Mines
17,900
1
5540
X 19,100
Big Ledge Coroner Co_ 6
34 9-16
28o 310 18,400
290
Booth.r
570 640 253,000
Boston & Montana Dev 5 60o
50 62,000
30
50
Butte Dot Cop &
Butte & N Y Copper_ _ _ _ 1
% 4,500
54
)4
340 390 19,200
Caledonia Mining
1 380
Calumet &Jerome Cop_ r.1
31 36,900
54
Canada Copper Co Ltd _ _5 111-16 1 11-18 154 5,000
620 66o 40,100
Candalaria Siver_r
1 66o
110 12540 36,800
1 110
Cash Boy
3%
5,400
334 4
5
Cerbat Silver (new)_ r
Consol Arizona Smelt5 1 3-16 1 1-16 1% 11,100
554
456 534 12,600
Cresson Con Gold M & M 1
Divide Syndleate_r
104 130 21,100
1 12o
18,200
256
1% 3
El Salvador Silver M _ _ _ _1
19,350
2
156 2
Eureka Crown" Mtn Co r1
100
1
131
5
First Nat Copper
5,800
730 78o
1 77e
Florence Silver_ r
400 500 46,400
Fortuna Consolidated _ r _1 50o
34
5
Gadsden _r
3% 3% 5,400
356
Golden Gate Explor_ r _
3% 3)4 20,400
Golden Rule_r
1 9-16 7-16
% 5,200
18o 200 12,200
Goldfield Consol
10 18c
7o 15,500
50
Goldrield Merger_r
1
790 97e 121,800
95e
Gold Zone Divider
6,000,
4)40 Cc
Cc
Great Bend.r
1
20o 350 229,200
330
Hasbrouck Divide_ r
5,000
400 500
Hattie Gold Min_r
1
4 15-16 5% 7,845'
5
Heels Mining
25c
7-16 7-16
500.
Iron Blossom_ r
10c
330 390 17,100
Jim Butler r
1 390
130 150 13,700
140
Jumbo Extension
1
Co
5o
50
6,000
Kewanus_ r
1
34 5-16
400
La Rose Mines Ltd
5 5-16
be
9340 120 108,000
Lone Star Cona'd_r
1
1
Louisiana Cons
31
51
51 17,500
260 Mar 34e Apr
350 Feb
150o
Jan
660 Mar 690
Apr
154 Feb
% Mar
40
Apr 64
Mar
3340 Feb 6)4o Mar
% Mar 15-16 Jan
12%o Jan *35o
Apr
42o Feb 640
Apr
2o
Apr
Co Mar
X Apr
Si Jan
270
Jan 39e
Apr
)4 Jan
il fe Feb
1 5-16 Jan 2)4
Feb
520
Apr
Jan 660
So
Feb 15)40 Mar
334 Mar
43.4 Mar
1
Fel 1 0-10 Jan
434 Apr
534 Jan
10o Apr
Apr
13o
134 Mar
Feb
3
Apr
1% Feb
2
Jan
2
151 Feb
600 Jan 850 Feb
24o Feb 500
Apr
3
6% Feb
Feb
254 Feb
454 Mar
)4 Jan
34 Feb
Jan
170 Feb 24o
50 Feb
8o Mar
790 Apr 970 Apr
Jan
60
30
Jan
200 Apr 350 Apr
30o Mar 50e
Feb
494 Jan
534 Apr
Jan
7-16 Feb 530
30o Apr 440
Feb
12o Feb 160 Mar
80
Jan
80 Feb
)4 Fob 7-16 Jan
300 Mar
150 Feb
% Apr
;4 Apr
Mining (Concluded)-
1501
THE CHRONICLE
APR. 12 1919.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
New York City Realty and Surety Companies
-.
All prices now dollars per share.
Bid. Ask. 1
Lawyers Mtge 113 118 Realty Assoc
(Brooklyn).
97
Mtge Bond__ 92
Nat Surety-- 242 246 0'S Casualty..
11 S Title Guar
N Y Title &
Mortgage__ 96 100 ;West & Bronx
i Title& M 0
8441. Ask
Apr Alliance Ray
340 Mar 82c
Fet Amer
36
22e . Feb
90
82
Surety_
Apr
33
Feb
25
185 200
& M G.
Apr Bond
700 Apr 1%
60
50
Investing
City
80 Apr
Feb
3e
Preferred-.
34 Jan
24 Feb
150 170
Jan 500 Mar
450
Apr
28e Feb 470
Apr
134
34 Mar
Apr
170 Apr 25e
9% Mar
8% Jan
25e Feb
10c Feb
All bond prices are "and interest" except where marked "1."
344 Jan
Jan
3
34 Jan
14 Jan
I RR. Equipments-PerCi.Basis
Oil Stocks Per Sitar's
Standard
Feb
17e Mar 32e
5.85 5.55
Par Bid. Ask. Baltimore & Ohio 434e
1334 Feb 154 Jan
2012
Buff Roch & Pittsburgh 434
5.90 5.60
20
new..
El
tnglo-American
Oil
41e
Mar
350 Mar
5.90 5.60
Equipment 4s
1001255 1275
ttlantic Relining
21c Apr 37c Mar
5.90 5.60
Equipment 6s
100 490 515
lorne-Serynaser Co
40 Apr 12%c Mar
6.00 5.55
Suckeye Pipe Line Co- 50 *97 99 ;Canadian Pacific) 434s
% Jan
34 Jan
Dhesebrough Mfg new-100 315 340 Caro Clinchneld & Ohio 5a_ 6.25 5.75
Jan
110 Mar 18o
6.20 5.75
100 540 560 Central of Georgia 44e
Dontinental 011
Jan
7o
40
Jan
6.85 6.00
Drescent Pipe Line Co- 51 *36 39 ;Chicago & Alton 4348
Apr
29e Apr 42c
6.85 6.00
Dumberland Pipe Line__ _100 190 200 I Equipment 5s
2 9-16 Jan 3 13-16 Mar
Eureka Pipe Line Co___100z165 170 ;Chicago & Eastern III 5%s.. 7.00 6.00
5440 Mar 10360 Mar
6.30 5.85
3alena-Signal 011 com___100 103 110 'Chic Ind & Loutsv 434s
3
Feb
13( Jan
5.85 5.40
100 125 150 Chic St Louis dr N 0 58
Preferred old
13-16 Jan
% Jan
5.60 5.25
Chicago
&
N
W
432s
104
106
Preferred
new.
1.55
Feb
Jan
30e
6.40 5.85
100 180 185 Chicago R I & Pao 44e
36 Apr
Illinois Pipe Line
36 Apr
6.40 5.85
Equipment 5a
Indiana Pipe Line Co_ __ 6' 108 110
Jan 1332c Apr
60
International Petroleum_ £1 *30 31 Colorado at Southern 5e... 6.50 5.90
74 Mar
434 Mar
6.51 5.90
gational Transit Co_ __12.50 *2112 2212 Erie 58
23o Mar 40c Feb
6.50 5.90
Equipment 4348
gew York Transit Co...100 185 200
94c
Mar
Apr
71c
5.95 5.40
Apr
Northern Pipe Line Co__100 108 115 Hocking Valley 412s
Mar 2
1
5.95 5 40
Equipment be
25'340 345
70 Apr
Dhlo 011 Co
Jan
2c
5.65 5.30
Illinois
Central
58
Penn-Meg
25
.52
56
35c
Apr
Fuel
Co
Jan
100
5.65 5.30
100 630 670
Equipment 4345
Prairie Oil & Gas
14 Jan
14 Jan
Prairie Pipe Line
100 263 268 Kanawha & Michigan 434e- 6.30 5.e5
Solar Refining
100 359 370 Louisville & Nashville 513-__ 5.80 5.32
Bonds6.10 5.70
994 99% $56,000 9834 Jan 9936 Mar Southern Pipe Line Co 100 163 168 Michigan Central 5e
Am T & T 6% notes-1924
6.10 5.70
Equipment as
South
Penn
Oil
Jan
100 290 295
Feb
99%
191,000
Anaconda flop Min 6e _'29 98% 984 98%
Apr Southwest Pa Pipe Lines_100 97 104 Minn St P at S S 51 434s.... 5.85 5.40
6,000 1004 Feb 101
1004 101
Armour & Co 6a_r___1923 101
Standard 011 (California).100 268 273 Missouri Kansas & Texas 5s. 7.10 6.10
Jan
1014
Apr
100%
1,000
1014
101%
__1920
78_
101%
Beth Steel serial
7.10 6.10
Pacific 58
101% 101% 3,000 100% Jan 101% Apr Standard Oil (Indiana). _100 770 780 Missouri
1021
Serial 7
6.35 5.70
Jan 1014 Mar Standard Oil (Kansas).-100 570 590 Mobile & Ohio 58
1922 10131 101% 101% 5,000 101
Serial 7s
6.35 5.70
Equipment 434e
390 405
Standard
011
(Kentucky)
100
9936
Feb
9944
Jan
33,000
99%
99%
99%
Canada(Dom of)56_1919
York Central Lines 55_ 5.95 5.55
9334 93% 5,000 9334 Apr 934 Apr Standard Oil (Nebraska).100 525 540 New
1926
Coeden dr Co 6..r
5.95 5.52
Equipment 434e
99% 99% 2,000 99% Apr 994 Apr Standard Oil of New Jer-100 675 680
Coeden Oil & Gas6 r..1919
6.25 5.75
Jan 104% Mar Standard 011 of New Y'k.100 348 352 N Y Central RR 4125
- 103% 1034 103% 15,000 103
Federal Farm Loan
4348....
6.25
5.72
Ontario
ar
West
NY
Apr
100
520
550
100%
Standard
011
Mar
100
(Ohio)
1004 10034 3,000
General Elec 6% notes1910
100 95 100 Norfolk & Western 434s_ .... _ 5.65 5.22
1,000 1004 Jan 1014 Mar Swan & Finch
100% 100%
1920
6% notes
5.60 5.20
Pennsylvania
RR
114
116
4348
100
Union
Tank
Line
Co
Apr
97%
Mar
185,000
96
96%
9634
1934 96%
Ills Cent 5%s
5.61 5.20
Equipment 4s
100 410 415
Jan 924 Feb Vacuum Oil
1921 88% 87% 88% 72,000 85
Interboro R T 75
10 *35 40 St Louis Iron Mt & Sou 58._ 6.75 6.00
5,000 99% Jan 100% Jan Washington Oil
100 100
Kan City TermRy 6s_1023
Francisco
5s.
San
7.00 6.22
St
Louis
&
Mar
101
Apr
99%
20,000
Laclede G I. coil 78.-1929 99% 99% 100
6.60 6.00
Seaboard Air Line 58
Mar loog Apr
100 100% 4,000 100
Coll 75(old)
6.60 6.0C
Feb
Ordnance
Stocks-Per
Share.
Equipment
1004
Jan
99%
4348
45,000
1004
100
100%
Liggett & Myers Tob 6$'21
874 Apr Aetna Explosives pref _ _ _100 60 65 Southern Pacific Co 414s... 5.70 5.32
Nat Conduit & C 6s_r1927 874 87% 87% 20,000 87% Apr
6.10 5.61
2
312 Southern Railway 445
Apr American & British Mfg_100
9934
Apr
9934
2,000
99%
9934
1910
Central
5s
Y
N
6.10 5.62
Preferred
Equipment 5s
100 20 30
99% 100 246,000 9934 Feb mg Jan
N Y Telephone 6s_ --1949 100
96% 9,000 954 Feb 96% Mar Atlas Powder common___100 142 147 Toledo & Ohio Central 48.... 6.50 5.7/
96
96
Plana Electric 6s_r
Preferred
100 88 92
Feb
72
Jan
48
72,000
614
594
Russian Govt 4s_r_1911) 5934
Tobacco Stocks-Per Share.
100 112 114
Feb Babcock at Wilcox
Jan 65
10,000 47
534 54
1921 54
544s_r
Pat Bid. Ask,
98% 994 3,000 98% Jan 9934 Jan Bliss (E W)Co common_ 501'270 300 Amerlcan Cigar mmmon _100 128 132
St Paul Union Dep 534s'23
Preferred
75
Apr
50
065
984
Jan
83
142,000
984
Sinclair Gulf Corp 68_1927 9835 96
100
83 88
Canada
Fdys
&
195
Preferred
185
Forginge_100
Mar
99%
994 994 50,000 9934 Feb
South Ry 8% notes 1922
Mar Carbon Steel common...b00I 86 95 Amer Machine & Fdry_100 80 95
Feb 100
7,000 oo
100 100
Swift &Co(1% notes_r 1921
Tobac ord.._£1 *22 24
let
British-Amer
preferred
103
100
98
Mar
96
Jan
92%
185,000
95% 96
Wilson & Co Inc 6s..- _1928 96
£1 .23 24
2d preferred
Ordinary, bearer
100 65 70
Conley Foil
1001 205 225
Listed as a prospect. 1 Listed on the Stock Colt's Patent Fire Arms
• Odd lots. t No par value.
Met.lOOl
stook.
Foil
&
Mfg.
Johnson
Tin
80 100
50
New
25
*47
o
found.
be
will
Exchange this week, where additional transactions
duPont(E I) de Nemours
MacAndrews & Forbes..1003200 210
r Unlisted. to When issued. a Ex-dividend. y Ex-rights. s Er stock dividend.
90 100
&
Preferred
Co
265
common
100
258
1003
lire.
flat.
Dollars per 1,000
Debenture stook
100 93 9412 Reynolds(R J) Tobaeco lOO 400 425
100 350 380
B common stock
Eastern Steel
100 75 78
100 110 113
Empire Steel dc Iron com_100 30 35
Preferred
98 100
Preferred
100 70 75 I A dividend scrip
CURRENT NOTICES
I 98 100
B dividend scrip
Hercules Powder com- _100 218 222
100
125
Co
150
Young
(J
fil)
109
106
Preferred
1
-Captain Arthur Grant, who went through the Second Plattsburg Niles-Bement-Pond com_100 103 106
1
95 105
Preferred
General
loo 96 I 99
Camp and was immediately sent to France where he served on the
Preferred
Short Term Notes-Per Cent.
100 240 270
Staff, has returned to his work with R. M. Grant & Co., 31 Nassau Street, Phelps-Dodge Corp
340 360 Amer Cot 0115e 1910__M&S 99'i 993
Although Scovill Manufacturing__ _1
this city, with whom he has been associated for many years.
100381003
7% notes Sept 1919
30
.20
Thomas
Iron
50
be
now
located
in
New
York.
will
formerly in charge of the Boston office he
!
f6 9
Win Repeat Arms corn w 1 __ d100 _-- Amer Tel & Tel fits 1924_ F&A 99
i
490 100 Balto & Ohio 58 1919_ _Jaz.) 9958 9 71
Preferred w 1
-All of the stock having been sold F. S. Smithers & Co. and Kissel,
Canadian Pac 6s 1924.111&S 2 1005810071
100
44
52
Woodward
Iron
advertising
as
a
matter
of
record
jointly
are
Kinnicutt & Co. of this city
86 95 Del & Hudson 5e 1920....F&A 9853 9871
Preferred
Oil Company 8% cumuFed Sugar Rh; 158 1920-J&J 9814 teat
only their recent offering of $1,500,000 Valvoline
stock. This new issue is deGeneral Elec fle 1920_ _ __J&J 1005810071
lative convertible (sinking fund) preferred
(t% notes (2-yr) 1919 Jac() 10014 1001;
page.
Publit
Utilities
scribed in the record advertisement on another
Amer Gas & Elec corn... 50•133 1135 Great North 5141920- _M&S 9858 9871
Preferred
50 •42 44 K C Term Ry 44s 1921_J&J 96 961;
be Nov 15 1923_ _M&N 15 100 1001,
Amer Lt dr Trao corn_ __.100 242 44
Liggett&MyersTob6s'21J&D 100 1001;
100 99 101
Preferred
9938 993
Amer Power & Lt corn...100 55 58 N Y Cent 5s 1919_ _M&S 1
97 971,
100 76 78 Penn Co 434s 1921_ _J&D 1
Preferred
All prices now dollars per share.
Amer Public TJtilities com100 ____ 20 Pub Ser Corp N.1 7s '22.141&S 961s 97
Trust
Co's.
Southern
Ry
Cs
1922
w
I
lif&S
9915 993
Bid.
Ask
Ask.
35
_
__
•
100
Md.
Preferred
Banks.
Banks-N l' Bid. Ask,
New York.
Carolina Pow&Light com 100 3i 35 Swift&Co Cs 1921 w I FatA 15 100 10011
..;Irving (trust
America•... 535
Bankers
Trust
405
'22.M&S
15
345
Utah
Sec
Corp
8s
91
92
410
359
Cities
356
335
Service
Co
corn__
.100
certificates)
Amer Exch. 235 2-45__ Central Unio 415 420
640
Preferred
100 7938 7958
170 180 Liberty
Atlantic_.
Industrial
270 360 Columbia.... 332 337
Colorado Power com
100 23 26
Battery Park. 200 207 Lincoln
and Miscellaneous
Preferred
100 98 100
_ Manhattan •. 210 215 Commercial_. t105 t110
Bowery •_ .. 425
100 210 212
Com'w'th Pow Ry & Lt. 100 22 25 American Brass
Broadwayeen 135 1-45 Mech & Met. 370 385 Empire__ _. 280 295
Chicle corn----100 93 96
American
100
Equitable
Tr_
425
435
48
150
46
100
Preferred
Merchants_
175
Bronx hero'. 125
.100
Preferred
78 80
Farm
I.
&
Tr_
ra
96
180
Elec Bond & Share pref _100 493
---Bronx Nat.__ 110 155 Metropolitan.
100 135 138
_ Fidelity
9 12 American Hardware
Federal Light dr Traction.100
155 Mutual ...... 375
Bryant Park. 145
com_100
42
Typefounders
Amer
215
-Fulton
.
45
240
200
51
260
46
Neths...
Preferred
100
35 New
Butch & Deny 25
100 88 92
Preferred
Great West Pow 581946-Ida 84 87
Cent Mere__ _ 160 170 New York Co 130 140 Guaranty Tr. 403 408
___. Hudson
_
t130
440
Mississippi Riv Pow com..100 10 12 Borden's Cond Milk com-100 109 111
408 415 New York.
Chase
.100 99 101
Preferred
Irving Trust. !Bee Irving
100 40 45
Preferred
Chat & Phen. 320
100 130 136
1Nat Bank
6g 67516
First Mtge 58 1951_J&J 77 81 Celluloid Company
ifi° .---- - 6
rk
Pae
Chelsea Exch. 100 1-1-0-- P
w
La Tit & Tr 112 117
Northern Ohio Elm, Corp-(t) 413 16 Columbia Graphoph Mfg (t)•245 250
Chemical- -_ 500 520 Prod Each'.. 250
Preferred
100 93 95
250 260 Lincoln Trust 175 185
100 50 60
Preferred
228 238 Public
Cititens
___ Mercantile Tr
(t) *40 411;
North'n States Pow com-100 70 73 Freeport Texas Co
450 460 Seaboard-- 475
City
&
Deposit_
425
210
Tobacco
Havana
Co__100
400
134 2t
92
100
89
Preferred
Second
Iron
214
220
&
Coal
100
Preferred
3
4
. _ Sherman .._ 115 125 Metropolitan. 334954 ---- North Texas Eleo Co corn 100 45 55
Colonial.- 400
138 Mutual(West1st g 5s June 1 1is22-J D 150 ...._.
100 65 75
Preferred
Columbia'.. 175 185 State •_.____ 128
com_100
Intercontinen
Rubb
21
cheater)
_
.
105
115
125
58
2114
Pacific
100
56
___
Gas
&
Eleo
com
Ward
•
23d
Commerce. _ t215
____
.,
11717° N Y Life Ins
172
100 88 90 Internet Banking Co__100 160
lit preferred
. Ex'. 500 410 Union Esch_ 1150
Comm'
100 -_ -ii
160 N Ire.
7
1:rrits3t
Puget SO Tr L & P coin 100 15 20 International Salt
CommonUnited States*
gold
5s
1951
A-0
t..
let
70
:
-.
7
713
6
?g
275
g28
70
60
1110._
100
Preferred
Wash
_
wealth •..... 200
Republic Ity & Light_ ___100 20 22 , International Silver pref _100 90 92
115 Wretch Ave*. 160 175 Scandinavian 295 315
Continental* 107
Lehigh Valley Coal Sales_ 50 •80 85
290 310 Title Cu tic Tr 383 393
100 58 61
Preferred
365 375 Yorkville'
Corn Exch.
U
S
Mtg
&
Tr
t41.5
t41714
South Calif Edison coln 100 89 91 Otis Elevator oommon___10C 80 85
Coemop'tans. 100 110
100 00 93
United Statc 900 912
Preferred
Brooklyn.
Preferred
100 98 102
Cubs (lik 011_ 180 185
155 Westchester__ 130 140
Standard Gas & El(Del). 60 .31 32 'Remington TypewriterConey Island' 140
East River... 150
100
Common
45 47
45
.43
50
Preferred
1iir
Mat
Europe__ __ _ _ 110
100 93 98
161
Brooklyn
let Preferred
O 2
100
6
5
Tennessee Ry L & P com_100
Fifth Avenue* 2200 2500 Greenpo1nt .._ 15
preferred
120
m
2d
100
Tr.1
p
)
2
90 94
Brooklyn
110
23
21
160
-__
Preferred
230
Hillside
•
215
Fifth
80 Franklin
5 ; Royal Baking Pow com__100 135 145
3
United Gas & Else Corp.100
970 980 Homestead '.70
..._
First80 Hamiltea.._ _.260 270
100 95 98
100 25 27 I Preferred
let preferred
Garfield.... _ 185 195 Mechanics' •_ 70
95 Kings County 650700
8 Singer Manufacturing-100 188 192
5
100
2d preferred
185 195 Montauk'... 85
Gotham
18g
200 210 Manufacturers
__ Nassau
United Lt & Rye corn....l00 39 41 Texas Pac Coal at Oil.._.1001850 1871
34()
Greenwich*
WhouseChurchKerratCo 100 63 66
137
People's
130
73
71
City
National
1st
100
preferred
760
745
over
H
an
100 82 86
18 I Preferred
80
Western Power common_100 17
._- North MO_ 195 205 Queens Co_ 70
Harriman... 3300
130 140
65 67 1
100
Preferred
Imp & Trad,555 570 People's --t Sale at auction or at Stock
•Banks marked with a (9 are State banks
I New stock.
*Per share. b Basle. 4 Purchaser also pays accrued dividend. e New stock.
Exchange this week. I Includes one half share Irving Trust Co
f Flat price. n Nominal. - Ex-dividend. y Ex-rights. (t) Without par value.
y Ex-rights.
1514.
eo
80
255
28
70
60e 82c 595,000
MacNamara Mining.-r--1 77e
1 5-16 5-16 5-16 9,500
Magma Chief _r
5
31
Magma Copper
31% 1,000
1
Mangan M of Am_r
1% 15-16 14 60,500
6,000
1
6%o 8c
Marsh Mining_r
8,000
2% 3
Mason Valley
5
2%
800
48e 500
McKinley Darragh Sav_ _1
36e 40e 15,700
1 380
Mother Loder
50c
14 1 1-16 1 7-16 19,800
Nat Tin Corp_r
10e 230
20c 250 162,000
Nevada Divider
5
9% 2,400
Nipissing Mines
800
15o 15e
North Butte Devel_r_
34 1,300
3
3%
Onondago Mines Corp-r-1
24 4,200
24
Ray Hercules Min.r.---5
200 24e 10,900
1
Rochester Mines
100
13% 13%
Seneca Cop Corp (no par)
380 40c 80,200
1 40c
Seven Metals Mtn.r
230 280 119,400
Silver King Divide_ r..---I 260
3,500
90 10e
90
Silver Pick ("nasal.r
1
2,700
X
1 5-16
Standard SlIver-Lead
21,200
17e
150
1
170
SteWart
5,000
50
40
1
Success Mining
29e 42e 646,000
34e
Sutherland Divider
200
3%
3%
1
Tonopah Belmont Dev_r
1 94c 954e 1034c 63,200
Tonopah Divider
1,020
2% 234
2%
1
Tonopah Extension
1,500
13-16
1
Tuolamne Copper
5,900
40e 50e
Tuolumne River Placer _ I
3;800
34
4
1
United Copper_r
100 12c 20,900
Ile
1
U 13 Continental_r
28,400
64
5
Unity Gold Mines
30c 390 22,000
Ward Min & Milling.r..-1 350
710 74c 10,700
Washington Gold Quarts _1
12,350
West End Consolidated..5 1 11-16 1 11-16 2
8,300
634e 70
White Caps Extension_10c
14e 35e 116,950
White Caps Mining...10c 26c
14 134 2,600
1%
White Knob Cop, pf_r-10
Quotations for Sundry Securities
New York City Banks and Trust Companies
Ask.
70
65
265
35
77
1722
12
1502
THE CHRONICLE
[VOL. 108.
Inttestuunt an Alaitroati gnielligente.
•
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which
weekly or monthly returns
()an be obtained. The first two columns of figures give the gross earnings for the latestregular
week or month, and the last two
°alumna 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
Latestgross Earizings.
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous I Current
Year. I Year.
Week or
Month.
$
$
I
Alabama & Vicksb_ February
206,895 168.429
448,180
345,607
Ann Arbor
4th wk Mar 139,051
85,412 1,034,108
686,301
Atch Topeka & S Fe February 12568683 1054023925.597,223 21,375,027
Gulf Colo & S Fe February 1,418,517 1,442,759 2,858,530 3,041,274
Panhandle & S Fe February
366,074 442,971
769,511
897,145
Atlanta Birm & Atl February
358,429 336,312
739.954
676,585
Atlanta & West Pt.. February
217,638 166.043
439,653
331,779
Atlantic City
February
215,919 130,974
511,459
315,566
Atlantic Coast Line February 4,959,225 4,357,022 10,847,066 8,570,977
Baltimore & Ohio_ February 11228986 8,976,321 24,561,103 16,507,956
B &0Ch Term February
103,075
90,816
230,761
163,461
Bangor & Aroostook February
419,074 292,854
889,559
614,893
Bellefonte Central_ February
7,174
5,495
16,487
11,475
Belt Ry of Chicago_ February
219.450 257,282
475,683
418,716
Bessemer & L Erie_ February
625,530 560,147 1,288,381 1,019,110
Bingham & Garfield January
146,137 264,349
146.137
264,349
Birmingham South.. February
57.972 106,148
114,876
223,459
Boston & Maine__ _ February 4,462.9/9 3,921,623 9,908.464 8,013,797
Bklyn East D Term February
68,352
62,152
135,215
115,358
Buff Roch & Pittsb 1st wk Apr 193,383 342,889 3,725,738 4,240,797
Buffalo & Susq__ _ February 4
164,286 199,407
357,097393,071
Canadian Nat Rys_ 1st wk Apr 1,450,444 1,569,763 21,022,295 16,398,494
CanPac Lines in Me February
326.163 223,269
636,329
456.487
Canadian Pacific 1st wk Apr 2,920,000 2,983,000 38,690,00.1 35,137,000
Caro Clinch & Ohio February
420.169 348.718
908.066
649,696
Central of Georgia_ February 1,546,001 1,644,264 3,204.807 3.187.191
Central RR of N J_ February 3.002,683 2,637.714 6,614,686 5,072.246
Cent New England.. February
459.431 374,258
978.870
746.516
Central Vermont _ February
366,505 267,841
798.802
583,594
Charleston & W Car February
237,035 209.921
495,015
419,668
Ches & Ohio Lines.. February 4,796,049 4,214,230 10,828,119 7,776,571
Chicago & Alton.._ _ February 1,823.758 1.436.375 3,856.411 2.670,001
Chic Burl & Quincy February 10179346 8,910,265 22,126,427 18.018,970
Chicago & East III_ February 1,726,538 1.618,833 3,819,754 2,926,210
Chicago Great West February 1,611,063 1,308,824 3.264.680 2,449,640
Chic Ind & Louisv_ February
857,079 648.696 1,724,413 1.138,757
Chicago Junction.... February
251,631 207,445
566,436
367,647
Chic Nfilw & St P.... February 9,816.028 7.322,765 20,870.745 14,815,284
Chic& North West_ February 9,063,485 7,069,550 18,859,327 13.879,153
Chic Peoria & St L.. February
113.707 157,276
239,012
282.216
Chic R I & Pacific.._ February 7.503.341 6,462.895 15,506.298 12.771.195
Chic R I & Gulf February
354,328 334,061
725,657
692,664
Chic St P M & Om.. February 1,853,156 1.618,777 4.168,004 3.277,893
Chic Terre H & S E February
291.941 297.985
639,331
515,272
Cinc Ind & Western February
206,498 257.606
439.641
466.293
Gin N 0& Tex Pac. February 1.294,901 825,223 2,806,018 1.675.977
Colo & Southern.._ _ 4th wk Mar 344,229 337,094 3,078,347 2,840,351
Ft W & Den City February
844.760 570.675 1,618.545 1,205,917
Trin & Brazos Val February
98.142
79.344
214.353
170.528
Colo & Wyoming February
100,403
79.792
196.686
157,069
tOrlp Crk & Col Spgs January
22.403
79,635
22,403
79.635
Cuba Railroad
January
1.166,271 1.231,835 1.166,271 1,231.835
Delaware & Hudson February 2,273,580 1.958.698 4,937.534 4.081,061
Del Lack & West February 5,355,451 4,196,251 11,054,505 8,590,197
Deny & Rio Grande February 2.103.300 2,035,285 4,671.705 4,377.764
Denver & Salt Lake February
165,214
71.659
301,928
135,330
Detroit & Mackinac February
103.665
99.061
204.450
172,889
Detroit
Iront February
283.782 121.095
646.770
233.853
Det & Tol Shore L.. February
160,707 144.408
365,831
255,377
Dul & Iron Range February
123.439 102,058
225.967
205,094
Dul Mis.sabe & Nor February
193,451 142.930
385,500
285.918
Dul Sou Shore & Atl 4th wk Mar 150,523 121,868
941,301
837,214
Duluth Winn & Pac February
169.329 123,466
336.076
255.993
East St Louis Conn February
93,522
74.273
192,119
137.075
Elgin Joliet & East.. February 1,847,007 1,042.868 3.799.212 1,903,413
El Paso & So West.. February 1,011,243 1.228,640 2,092,076 2.448,256
Erie Railroad
February 6,335,757 4,731.132 13,290.383 9,265.760
Chicago & Erie_ February
804,897 603.169 1,628.169 1.105,983
Florida East Coast_ February
967.507 828647 1.975.659 1,584.141
Fonda Johns & Glov February
80,379
74,569
173.883
154,843
Pt Smith & Western February
111.124 101,063
225.459
212.149
Galveston Wharf_ February
51,911
70.563
137,924
147.173
Georgia Railroad February
463,249 449.366 1.008,741
881.563
Georgia Sc
February
76,622
88,975
155.468
174.318
Or Trk L in New E.. February
315.993 136.894
652,763
290,375
Grand Trunk Pac 1st wk Mar
89.202
98,902
866,931 1,002.937
Grand Trunk Syst_ 1st wk Apr 1,274,553 1,012.494 17,173,258 11,818,732
Grand Trunk Hy.2d wk Mar 1,160,131 923.169 10.876,798 t7,836,902
Grand Trk West_ February 1,329,471 830,586 2.952,935 1,743.736
Great North System February 6.209,835 5,007,441 15,084,235 10,793,064
Gulf Mobile & Nor.. February
180.495 187.309
375.161
358,941
Gulf & Ship Island.. February
168,300 192,052
343.965
379,727
Hocking Valley
February
441,056 732,135
950,820 1,355.250
Illinois Central__ _ _ February • 25,216 7,210.448 16,429,173 13.543,526
Internat Sc Grt Nor February
29,126 988,964 2.135,143 2.041.487
Kan City Mex Sc Or February
72,679
88,363
133,470
191.442
KO Mex & 0of Tex February
67,786
97,805
142,790
206,339
'Kansas City South.. February 1,134,304 1,173,221 2.397,956 2,264,434
Texark & Ft Sm.. February
110,975
83.854
209,084
178.990
Kansas City Term.. February
97.076
85,887
204,746
176,694
Lehigh & Hud Riv_ February
187,362 126.836
393,768
275,538
Lehigh & New Bog.. February
162,822 191,409
469,950
388,627
Lehigh Valley
February 4,101,561 3.257.889 9,164,126 6,453,778
Los Ang & SaltLake February 1,305,160 969,752 2,605,901 1.983,742
Louisiana & Arkan February
189,630 147.068
345.823
280,359
Louisiana Ry&Nav February
284,779 211,476
558,024
419,314
Louisville & Nashv_ February 7,954,798 6.724.821 16,211.010 12.968,651
L011193,fiend & St L February
219,768 209,722
458.456
376.475
Maine Central
February 1,271,707 895.612 2.688,123 1,847.393
Midland Terminal_ February
60,011
110.739
Midland Valley
_ February
309,510 219,361
613,962
486.861
Mineral Range........ 4th wk Mar
25,624
31,481
248,119
278,657
Minneap Sc St Louis February
865,746 818.353 1.791.568 1.693,374
MinnStP&SSM February 2,790.644 2,036,901 5,966,000 4,021,872
Mississippi Central _ February
67,901
93,719
142.607
178,069
Missouri Kan & Tex February 2,374,860 2.035,787 4.998.218 4.078.628
Mo K & T Ry ofTex February 1,741,938 1.374,348
Mo & North Arkan_ February
94.764 119.767
234,649
213,254
'rob &
9
•
Latest Gross Earnings.
ROADS.
Previous
Year.
•
Previous
Year.
Current
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Mo Okla Sc Gulf_ February
192,615
291.277
91,526 141,444
Missouri Pacific ___ February 7,054,732 6,261.878 13,865.364 12,132,721
Monongahela
546,164
February
240.803 182,851
341,023
Monongahela Conn. February
388,454
174,940 125,609
256,692
Montour
February
61,432
66,829
140,122
145,590
Nashv Chatt & St L February 1,369,382 1,403,776 2,883,360 2,597.444
Nevada-Cal-Oregon 4th wk Mar
5,245
51,528
51,808
6,116
Nevada Northern.... February
310,622
400.413
127.786 173,280
Newburgh & Sou Sh February
127,714
257,389
57.682
105,054
New On Great Nor February
306,145
343,549
167,335 158,015
New On Sc Nor East February
901.103
451,359 443,887
957,053
N 0 Texas Sc Mex February
242,916
338,966
146,277 165,484
Beaum S L Sc W.. February
113,483 121,889
245,049
235,345
St L Browns Sc M February
368,627 312,431
769.335
638.003
New York Central.. February 20513680 16882343 45,335,185 33,129,149
Ind Harbor Belt_ February
551,688
445,743 339,694 1,051,589
Lake Erie Sc West February
693,143 564,497 1.457.610 1,086,974
Michigan Central February 5,229,848 4,047,422 11,130,385 7.552,835
Clev 00 Sc St L.. February 4.970.524 4.098,856 10.318,405 7,631,878
Cincinnati North February
194.769 169,188
428,326
309,231
Pitts Sc Lake Erie February 2.375.042 1,881,431 5,167,882 3,691,724
Tol Sc Ohio Cent.. February
526,076 529,391 1,127.057
992,854
Kanawha Sc Mich February
221,829 291,347
489,794
541,529
N Y Chic Sc St Louis February 2,009,538 1,119,983 4,078,902 2,107,793
NYNH& Hartf February 6,954.768 5,918,148 14,291.542 11.907,513
N Y Oat Sc Western February
615,507 682,429 1,409,030 1,366,632
N Y Susq Sc West February
604,443
271,377 258.461
509,474
Norfolk Sc Western_ February 5,832,320 5,076.193 11.932,334 9,864.096
Norfolk Southern... February
940,710
459,287 432,797
769,442
Northern Alabama_ February
226,805
84,424
163,511
115,149
Northern Pacific...... February 6.844.715 6.031,437 14,779.065 12,196,267
Minn Sc Internat. February
162,211
85,375
82,428
164,400
Northwest'n Pacific February
363,072 315.553
746,477
662,937
Oahu Ry Sc Land Co November
87,367 102.799 1,405,733 1,377,715
Pacific Coast
February
372,707 528,909
862,056 1,075,822
Pennsylvania ER.... February 26048657 19118070 56.526.140 38,775,520
Bali Ohes Sc Atl_ _ February
177,040
32,210
88,963
41,758
Cumberland Vail February
374,408 290,143
855,456
592,186
Long Island
February 1,402,621 1,095,135 2,902,203 2,219,600
Mary'd Del Sc Va February
157,028
73,559
21.461
30.793
N Y Phila Sc Norf February
576,666 357,678 1,192.476
701,507
W Jersey Sc Seash February
677,793 480.805 1.413.680
940,113
Pennsylvania Co.. February 6,775,759 4,626,354 14,248,645 8.783,254
Grand Rap & Ind February
800,642
531,477 432.077 1,046,255
Pitts C C Sc St L.. February 6.642,521 4,905,695 14,019,795 9.384,726
Peoria Sc Pekin Un_ February
196.490
95.386
91,768
175,660
Pere Marquette_
February 2.236.940 1,542,526 4,710,374 2,804.552
Phila Beth Sc N E February
67,766 114,050
183.050
241,578
Pittsb Sc Shawmut_ February
71,281
191.828
78,139
178,990
Pittsb Sc West Va.... February
98,312
97.922
220.567
231,070
Port Reading
February
245,591
92,665
470.028
187,231
Quincy Om Sc K 0_ February
78,867
163,350
80,107
153,430
Reading Company:
Ph.la Sc Reading_ February 4,695,025 4.475,363 10,646,006 8,973,934
Rich Fred Sc Potom February
628,502 350,517 1,388.873
762,866
Wash Southern... February
332,145 196,683
778,950
427.098
Rutland
February
298,286 262,686
625,850
572,655
St Jos Sc Grand Isl'd February
216,862 215,755
447.424
416,910
St Louis-San Fran.. February 5.797,250 4.167,646 11.600.991 8,577,163
Ft W Sc Rio Gran February
105.324 116,837
106,413
197,228
St L-S F of Texas February
94.127 122,934
19:3.591
267,390
St Louis Southwest February
971,498 996.043 1,970.775 1.899,119
St L S W of Texas February
471,175 582,637
971,697 1,156,891
St Louis Transfer... February
94,708
78.203
194,331
148,392
San Ant & Ar Pass_ February
355,925 324,075
705.497
702,580
Seaboard Air Line.... February 3,368,612 2,704,291 6,708.909 5,233,427
South Buffalo
February
73.112
304,212
136.468
155,941
Southern Pacific_ February 11068001 9,742,550 23,991.803 20,675,967
Arizona East
February
336,886 341,290
707,768
709,686
Galv Harris Sc S A February 1.570,017 1.567.482 3,385,669 3.311,710
Hous Sc Tex Cent February
608.835 668,632 1,294,470 1,395,280
Hous E Sc %V Tex_ February
173,060 158.592
366,038
327,190
Louisiana Wast'n February
270,614 329,896
608.706
640.991
Morg La Sc Texas February
530,966 589.582 1,227,325 1,186,939
Texas Sc New On February
529,715 562,878 1,110,645 1.125,237
Southern Railway.... February 9,507,704 7,775,887 19,634.133 15.052,445
Ala Great South.. February
735,517 562,377 1,548,756 1,106.389
Mobile Sc Ohio......February 1,138,118 936.998 2,353,261 1,917,588
Georgia Sou Sc Fla February
366.517 250,966
775,424
517,741
South Ry in Miss February
151,164 108.329
296,520
229,827
Spokane Internat'l_ February
65,581
138,412
60,705
131,009
Spok Port! Sc Seattle February
520,384 556,429 1,073,468 1,294.261
Staten Island It T.... February
71,018
144,300
328,807
144,987
Tenn Ala Sc Georgia 4th wk Mar
4,201
32,651
3,475
27,422
Tennessee Central_ February
416,307
173,269 148,382
275.501
Term RRAssn ofStL February
283,871 274,015
584.582
526,329
St L Met Bdge T February
206,377 239.651
462,252
442,083
Texas Sc Pacific........ 4th wk Mar 824,173 641,926 7,655.535 5,806,374
Toledo Peor Sc West February
112,116 119,578
273.849
213.167
Toledo St L & West February
511.955 482,383 1,087,578
881,816
Ulster Sc Delaware.. February
69,389
51.177
127,379
102,203
Union Pacific
February 7,615.256 5.523,304 16,209,730 11,347,254
Oregon Short Line February 2,485,770 2,0,12,704 5,431,303 4,456,296
Ore-Wash RR&N February 1,879,162 1,489.869 3,912,765 3.134,394
Union RR (Penn) February
532.634 326,081 1,115.590
630,540
Utah
February
99.134
95,111
200.805
210,319
Vicks Shreve Sc Pac February
264.171 197,994
533,757
398.749
Virginian RR
February
593,609 765,070 1,551.019 1,430.198
Wabash RR
February 3,321,093 2,582,547 7,062.811 4,927,915
Western Maryland.. February
883,077 903,314 2,214,745 1,822,135
Western Pacific..
February
727,577 717,919 1,598,434 1,576.211
Western Ry of Ala.. February
199.348 167,140
425.247
349,580
Wheel Sc Lake Erie.. February
608,264 703,479 1.387,680 1.384,712
Wich Falls Sc N W.. February
79,837
150.947
282,602
167,535
Yazoo Sc Miss Vail_ February 1.789,615 1.511,963 3,649,782 3,024.464
S. •
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
•Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
2d week Jan (12 roads)___ (03.616 4.701.322 -F1,372.294 29.19
3d week Jan (14 roads)____ 6.810.241 4,968.084 +1.812.157 37.09
4th week Jan (14 roads)........ 10,082,381 7,814.588 +2.267.793 28.87
1st week Feb (14 roads
l
6,091.560 4.638,628 +1,452.932 31.32
2d week Feb 14 roads
6,611.679 5.132.672 +1.479.007 28.80
3d week Feb 14 roads _
6,422,429 5.316,165 +1.106.264 20.81
4th week Feb 14 roads)........ 6.812.647 5.608,328 +1.206.319 21.52
1st week Mar (14 roads)_...... 6.121.280 5.682.239
+442.011 7.78
2d week Mar (14 roads)
6,390,893 5,619.076
741.817 13.13
3d week Mar (It roads)_ _ 6.728,615 6,211).703
527,852 8.14
4th week Mar (14 roads)• _ _ _ 10.785.495 9.515.903 4-1.234.59212.99
t Road ceased to operate all steam lines Dec. 31 1918. •We no longer
Current
Year.
Previous
Year.
Decrease or
Decrease. I %
Mileage. Curr.Yr. Prev.Yr.
$
I
$
$
I
April
233.734 232.255 369.409.895319.274,981 50.134,914 15.70
May
230.355 228.892 374.237.097,342.146.090 32.091.001' 9.38
June
220.303 219.294 363.165.528 323,163,161 40.002.412 12.38
July
231.700 230.570 463.684,172 346.022.857 117661 315 34.00
August
230.743 230.015 498.269.356 362.509,561 +135759.795 37.45
September 232.186 232.378 487.140.781 357.772.850 +120367.931 36.16
October
230.184 230.576 484,824.750 377.867.933 +106956.817 28.30
November.._232.274 232,259 438,602.283 356.438,875 +82.163.408 23.06
December _2:32.774 232.399 438.361,327 p5.607.571 +102757756 30.62
January...._232.655 213,199 '
+111420.81939.22
.
Fehrliary _ _ _232.957 233.264 1,-,1 418.747 9,84.342.164 4-61.666 507 21.31
include Mexican roads in any of our totals.
*Monthly Summaries.
I
1
•
APR. 12 1919.1
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of March. The table covers 14 roads and shows
12.99% increase in the aggregate over the same week last
year.
Fourth week of March.
1919.
1918.
Increase. Decrease.
8
8
53,639
85,412
139,051
Ann Arbor
489,344
414,480
Buffalo Rochester & Pittsburgh
2,738,840 2,160,099 578,741
Canadian National Ry
4,245,000 4,306,000
Canadian Pacific
7,135
337,094
344,229
Colorado & Southern
28,655
121,868
150,523
Atl
&
Shore
South
Duluth
Grand Trunk of Canada
1,894,855 1,362,362 532,493
Grand Trunk Western
Detroit Grand Hay & Milw_
Canada Atlantic
31,481
25,624
Mineral Range
6,116
5,245
Nevada-California-Oregon
4,201
3,475
Tennessee Alabama & Georgia_
641,926 182,247
824,173
Texas & Pacific
Total (14 roads)
Net increaso (12.99%)
1503
THE CHRONICLE
•
74,864
61,000
5,857
871
726
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Tampa Electric Co_ _ February
Tennessee Power_ __ _ January
k Tenn By,Lt & P Co January
Texas Power & Lt Co January
Third Avenue System February
DDEB&BRR__ October
42dSt M&StNA Ry October
UnionRyCo(NYC) October
Yonkers Railroad_ October
N Y City Inter By October
October
Belt Line Ry
October
Third Avenue
Twin City Rap Tran_ February
Virginia By & Power_ February
Wash Bait & Annap_ January
Westchester Electric_ October
February
York Railways
Youngstown & Ohio_ January
Jan. 1 to Latest Date.
Current Previous
Year.
Year.
102,948
221,788
561,989
311,204
764,758
40,280
131.613
217.034
66,227
55.108
44,079
303,285
829,500
688,288
204,345
42,390
109,479
37.300
87,102
158,569
440,328
278,820
693,966
40,780
151.893
239.669
71,868
60,805
'58.869
344,645
780,373
608,730
172,438
44,908
91,542
30,823
Current
Year.
207,596
221.788
561.989
311.204
1,565,310
401.262
1.365.743
2.231,404
685,537
568.880
480,912
3,164.752
1,704,084
1,413,739
204,345
499,739
227,451
37.300
Previous
Year.
173,551
158,569
440,328
278,820
1.442,317
378.896
1.491.853
2,475238
691,361
620,351
571.969
3.444.283
1.622,097
1,224,316
172,438
468.308
189.070
30,823
a Includes Milwaukee Light, Heat & Traction Co. b Includes all sources.
g Includes constituent or subsidiary companies.
143,318 fEarnings given in milreis.
h Subsidiary companies only. 5 Lewiston Augusta & Waterville Street By.
not
included in 1919. k Includes Tennessee By..
&c.,
expenses,
earnings,
Light & Power Co., the Nashville By. & Light Co., the Tennessee Power
Latest Dates.-In our "Rail- Co. and the Chattanooga By. & Light Co. 1 Includes both elevated and
nt, which accompanies subway lines.
10,785,495 9,545.903 1,382,910
1,239,592
Net Earnings Monthly to
way Earnings' Section or Suppleme
of
to-day's issue of the "Chronicle," we give the February figures
Electric Railway and Other Public Utility Net Earnearnings of all steam railroads which make it a practice to issue ings.-The following table gives the returns of ELECTRIC
Inter-State
the
by
so
to
do
monthly returns or are required
railway and other public utility gross and net earnings with
Commerce Commission. The reader is referred to that Supplecharges and surplus reported this week:
the
all
for
results
February
the
ment for full details regarding
-Net Eat nings-Gross Earnings
Previous
Current
Previous
Current
separate companies.
Year.
come
Year.
Year.
have
that
ts
Year.
statemen
all
give
Companies.
In the following we
45
16
industhe
of
returns
the
add
also
We
in the present week.
127.420
136.050
206.780
230,193
_Feb
Co_a_
Alabama Power
3,106,963 2,207,934 1.601,919 1,345,887
trial companies received this week.
Mar 1 to Feb 28
Balance,
Fixed
Dec 3,198,335 2,876,065 1,322,694 1,328.532
Amer Tel & Tel_ b
Surplus.
Charges.
36,052,252 32,431,169 18,928,418 17.181,258
Jan 1 to Dec 31
•1
50.541
70,032
98,289
n Pow Co_a_Feb 114,638
Appalachia
148
159
307
434.092
7,174
633,847
992.953
1,301,996
Mar 1 to Feb 28
Bellefonte Central Feb '19
def 496
210
def 286
5,495
188,319
'18
225,152
1,152,295
1,980 Bell Telep Co of Pa_ b_ _Feb 1.864,243
318
2,298
16,487
362.121
443.782
2 mos '19
3,778,425 2,347,752
Jan 1 to Feb 28
420 def1.733
def1,313
11,475
'18
1.693.748
N Y Telephone Co_b_ _ _Feb 5,432,922 5,018,391 1,706,396 3,379.813
3,429,869
10,237,321
10,998,120
28
Feb
1
to
Jan
5,976
7,862
ELECTRIC RAILWAY AND PUBLIC UTILITY COS. Northampton Trac Co_a Feb 20,023
16,149
12.645
16,986
33,188
42,418
Jan 1 to Feb 28
Date.
Latest
to
1
Jan.
Latest Gross Earnings.
Philadelphia Company567.354
804,114
Nat'l Gas Dept_a___ _Feb 1,375,198 1,186,495
Name of Road
Previous
2,863,414 2,402,111 1,740,823 1.176,269
Week or Current Previous Current
Jan 1 to Feb 28
or Company.
Year.
Year.
Year.
Year.
37,546
Month.
100,857
63,294
127,307
Feb
Oil Dept_a
98,662
191,520
153.032
232,545
Jan 1 to Feb 28
$
4.248
11,496
'
125,410
63,002
Feb
317,376
Coal Dept _a
283,576
134,804 150,678
11,806
Adirondack ElPow Co February
• 29,823
255.732
147,156
412,102
Jan 1 to Feb 28
499,334
230,193 206,780
Alabama Power Co_ _ February
234,152
423.384
882,372
El Lt & Pow Dept_ a_ _Feb 1,050,840
1398,795 1163,848 1.398,795 1,163,848
hAmer Pow & Lt Co- January
462,238
923,218
19,093
22,456
2,189.231 1,804,153
8,261
Jan 1 to Feb 28
10,850
Atlantic Shore Ry___ February
268,588
366,018
179,365 140,915
February
(mei
Dept
Ry
Aurora Elgin &
Street
77,776
594
82,595
10,898
40,131
82.595 77,776
50,754
a__Feb
_
Co)
Rys
Bangor By & Electric January
Pitts
41,377
59,713
def5.572
22,302
77,037
28,441 19,847
104,384
Baton Rouge Elec Co February
Jan 1 to Feb 28
357,113
433,748
198,565 170,418
Blackstone V G & El February
Co
&
Lt
Power
rn
Southweste
194,754
18522000 17837000 /8,522,000 /7,837,000
195,527
bBrazillan Trac L & P January
484,887
Jan 550,107
(sub cos only)_a
14,751
18,495
7,192
9,721
Brock & Plym St Ry_ February
5.757.052 4,736.640 2,103,619 2,056.250
Feb 1 to Jan 31
2490.780 2582.117 26,227,664 25.720.253
49.937
g Bklyn RapTranSyst October
21,989
146,615
77,723 Tri-State Telep Cob......Dec 197,011
95,154
42,984 36,295
Cape Breton Elec Co February
562.420
751.279
2,146,860 1.750,123
28,047
Jan 1 to Dec 31
35,248
35,248 28,047
Cent Miss V El Prop January
,599,274
962,508111
133,002 Western Union Tel Cob Dec 7,583,662 6,871,650
146.323
146,323 133,002
Chattanooga By & Lt January
86,690,649 84,995,511 17.610.907122,343,626
Jan 1 to Dec 31
February 1767,276 1849.611 3,620,874 3,881,073
Cities Service
40,772
47,536
47,536 40,772
Cleve Painesv & East January
11.451.863 10.865,673
a Net earnings here given are after deducting taxes.
°Columbia Gas & El.. December 1123.844 1125,086
205,439
208,462
86,677 96.461
b Net earnings here given are before deducting taxes.
Columbus(Ga) El Co February
176,909
191,926
191,926 176,909
Colum (0) By,P & L January
4.185,984 3,319,672
Balance.,
Fixed
Net after
Com'w'th P. By & Lt February 2036,430 1619,202
Gross
156,797
213,970
103,288 74,884
Taxes.
lehffihn
Charios.
Connecticut Pow Co.. February
Earnings.
520,963
682,732
682,732 520,963
Consum Pow (Mich)_ January
$
215,722
231,606
215,722 231,606
j°Limb Co(Me)P&L January
38,823 def11.820
27,003
179,365
Feb '19
518,832
388,663 Aurora Elgin &
247,207 193.186
Dayton Pow & Light February
35,655 def17,779
17,786
140,915
'18
Chicago RR Co
1142.497 2,780,558 2.420,263
gDetroit Edison_____ February 1309,879 1354,922
77.623 def31,233
46,390
366.018
2 mos '19
3,418,908
2,761,194
1671,025
February
Lines
United
°Detroit
71,306 def72,038
def 732
268.588
'18
290,598
272,201
141,929 131,230
Duluth-Superior Trac February
def2.0.59
16.119
14,060
366,418
290,688 Cleveland Painesv Jan '19
47,536
366,418 299,688
East St Louis & Sub_ January
1.479
11,320
110,965
12,799
84,459
84,459
40,772
'18
110,965
RR
Eastern
&
January
Elec_..
Eastern Texas
248,030
218,235
103,875
11,096
29.663
120,067
40,759
128,031
Mar '19
g El Paso Electric Co February
118,373
106,470 Keystone Tale52,629
29,855
29,121
55,338
58,976
February
Works
133.880
'18
Gas
River
Fall
phone Co
333,629
310,344
43.857
88,189
333,629 310,344
132,046
389,409
3 mos '19
Federal Lt & Trac_ _ _ January
119,881
119,818
89,393
85,847
119,881 119,818
175,240
January
404,878
18
Ft Worth Pow &
464,641
376,005 •
181,822
222,164
February
3,181
Co.._
35,840
Elec
39,021
Galv-Hous
191,455
Jan '19
121,264
101,792 Lake Shore Elec
121,264 101,792
def9,878
36,125
26,247
141,555
g Georgia L,P & Rys January
'18
By
117,656 117,238 1,278,348 1.303.860
Grand Rapids By Co December 406,016
x34,805
49,861
87,189
153,773
348,452
831.765
713,725 Nevada-California Dec '18
g_Great West Pow Sys February
x11,038
50,108
58,239
159,216
'17
135,264 112,829 1.325,181 1.186,731
Electric Corp
Harrisburg Railways December 726,357
635,611 x486,644
12 mos '18 2,147,349 1,120,140
645,010
726,357
645,010
Havana El Ry,L & P January
549,775 x528,316
'17 1,985,150 1,070.431
114,989
113,552
54,931 55,196
Honolulu R T & Land February
x22,641
23,764
84,392
76,183 Newport News & Feb '19
39,679 35,101
46.408
188,701
Houghton Co El L Co February
x21,456
20,292
26,645
49,959
56,068
41,420
25,504
February
131.672
'18
Co
Co_
&
El
G
Tr
Ry
Co
Hemp
Houghton
x57,081
45.476
527,636
1,090,552
590,372
1,249,337
February
102.499
408,027
2 mos '19
b Hudson & Manhat__ February 1353,235 1165,482 2,814,271 2,397.553
x38,852
40,643
78,784
261,879
'18
b Illinois Traction....
3,569,021
3569.021
3813,648
3,813,648
January
f104,018
Tran_
224,143zde
Rap
107,259
764,758
'19
IInterboro
131,560 Third Avenue Ry Feb '18
78,365 66,003
164,233
220,333zdef117.674
89,871
Jacksonville Trac Co February
693.966
System
41,920
25,141 20,054
51.850
def626,590
Keokuk Electric Co_ February
8 mos '19 6,586.223 1,037.829 1.768,293xdef290,464
26,924
13,149
18,854
38,443
February
Co
Electric
6.832.414 1,380.601 1.776,679z
'18
Key West
141,555
191,455 141,555
191,455
53,127
19,090
Lake Shore Elec Ry.. January
72,217
153,391
Feb '19
47,120 Western Gas &
78,070 47,120
78,070
43,195
19.969
Lewist Aug & Watery January
63,164
135,488
'18
Electric Cos
219,104
16,693 18,194
October
195,766
394.382
278,196
Long Island Electric..
672,578
1,674,521
'19
mos
12
272,478
328,460 272,478
328,460
Louisville Railway_ _ January
404,580
240,920
645,500
'18 1.438,320
131,763
86,259 63,493
182,213
Lowell Electric Corp_ February
103,609
12,374 11,569
119,476
Manhat Bdge 3c Line October
received.
income
other
for
allowing
x After
1157,350 930,901 2,391,268 1.898,935
a Milw El By & Lt Co February
Misstssip Riv Pow Co December 186,906 158,989 2,213,392 1.976,461
Fixed Clips. Balance'
Net
Gross
204,521
272,317 204,521
272,317
Nashville By & Light January
Surplus.
Earnings. Earnings. & Taxes.
509,915
318,721 248,556
636,755
New England Power.. February
261,879
188,701
February
408,027
131,672
Ity,G&E
Nevrp N&11
def31.421
49,701
18,280
191,926
397,578 Columbus(0) By. Jan '19
42,636 47,519
420,251
N Y & Long Island.._ October
51.156 de125.110
26,046
143.655
176,909
'18
12,829 14,910
127,545
October
Power & Lt Co
N Y & North Shore_
34,440
952,420 Newport News &
34,794
69,234
83.675 77.764
805.675
219,388
Jan '19
N•Y & Queens Co..__ October
17.396
26,331
December 979,862 918.775 11.212,700 12,406.651
43,727
130,591
Hemp By G & El Co '18
New York Railways..
20,023 16,149
42,418
33..188
Northampton Tree_ _ February
673,935 533,095 1,370,129 1,081,487
Northern Ohio Elec.._ February
Subsidiary Companies.
487,665 Southwestern Power 8c Light Co. and
474,291
229,801 237,353
North Texas Electric February
145.015
7,880
October
I>..
144,001
7,503
(L
Ocean Electric
e Statement of Combined Earnings.
Comparativ
153,062
170,606
170,506 153,062
pacificPower & Light January
Inc.+ or Dec.1918.
1919.
72,371
49,842 35,228
100,338
Pensacola Electric Co February
November 2764.923 2512.229 28.820,945 27.104.497
Month of FebruaryPhila Rapid Transit..
+52.043 11
464,420
516,463
82,023 Gross earnings all subsidiaries........
99,838
48.915 40,564
Phila & Western___ _ February
137,861 Balance of subsid. earnings, after all
190,029
190,029 131,861
Portland Gas & Coke January
14
--14,295
100,013
85,718
8.P.&L_
to
6.023,510
December
applicable
744,002 594,020 7,669,389
expenses,
Port(Ore)Ry.L&PCo.
--11,012 83
13,254
2,242
165,307 Expenses of S. P.& L. Co
182,600
92,562 83,186
Porto Rico Railways_ February
384,961
October
372,523
RR_
33.249
34.256
&
Richmond Lt
-3,283 4
86,759
83.476
December 378.985 422,020 5,137,089 3.992,780
Balance
3
St L Rocky Mt & Pac
+521
15,300
15,821
583.594 Interest on First Lien 5% bonds.._
665,250
53,502 56,459
Santiago El Lt & Tr_ December
178,572
Co
February
210,515
96,400
85,198
Savannah Electric
5
-3,804
71,459
67.655
68,478 75,545
Balance
728.373
698.713
Second Avenue (Rec) October
+824 12
6,991'
7,815
185,370 All other interest
169,557
18.629 18,338
Southern Boulevard.. October
1,306,799
February
714,256 643,458 1.514,749
Southern Cal Edison_
-4.628 7
64,46810
59.840
305.980 fiBalance
239.263
20,728 23.834
Staten Isld Midland_ October
Gross
Earnings.
Net after
Taxes.
1504
THE CHRONICLE
Southw'n Pow. & Lt. (Cana.) 1919.
12 Months ending Feb. 28$
Gross earnings all subsidiaries_ _ - _5,809,09
5
Balance of subsid. earnings after all
expenses, applicable to S.P.&L_ 872,068
Expenses of S. P. & L. Co_
79,429
[VOL. 108
1918.
Inc.+ or Dec.The estimated cost of the coal cars
to Dec. 31 1918 is included
$
% In the road and equipment account, delivered
but as the trust agreement has not
4,807,233 +1,001,862 21 been completed the
liability to the Director-General is included in
balance
sheet account "other unadjusted credits."
981,864
-109,796 11
Temporary Financing.-To carry out the program
ofimprovements calling
137,196
-57,767 42 for an expenditure of $24,316,0
00, mentioned in the statement of Dec. 31
1917, your company arranged to borrow
Balance
$3,000000 on short-term notes
844,668
-52,029 6 from local bankers, and upon the
Interest on First Lien 5% bonds_ 792,639
condition previously assented to by the
189,850
181,254
+8,596
5 Director-General of Railroads that
the notes should be paid at maturity from the rentals to be received from
Balance
him.
602,789
663,414
-60,625 9
In order that the improvements might
All other interest
be vigorously prosecuted, the
103,124
84,339
+18,785 22 Director-General agreed to advance
to the company on its notes during
the year 1918 sums up to $10,000,000,
Balance
and to Dec. 31 1918 $7,511.000
499,665
579,075
-79,410
had
14
been
advanced.
Note.-The above statement shows the
addition the company financed the Third Liberty
of all the properties of Loan subscriptions of In
sub. cos. now owned, irrespective of the earnings
its employees, which, have now been
substantially all
dates of their acquisition.
taken up, and also subscribed for $2,000,0
of the Fourth Liberty Loan
bonds which are now being carried by the00banks.
Federal Contracts-Special Compensation.-The Director
-General has disallowed our claims for additional compensation
to a total of $1,924,903 on
Financial Reports.-An index to annual reports of steam the following counts:
Average
annual
excess
car
hire
paid during the 3-year period
railroads, street railway and miscellaneous compani
(being the annual debit, replacing a previous
which
credit of
have been published during the preceding month willes
$390,000, resulting from abolition of car hire average
be given
and other causes
under Federal control)
on the last Saturday of each month. This index
$1,492,062
Interest
will not
at 6% on the cost of additions and betterme
nts amountinclude reports in the issue of the "Chronicle" which
ing to $7,214,026, to enable the
it is
to obtain economies
from the use of Santa Fe type company
published. The latest index will be found in inthe
of engines in hauling heavier
trains
March 29. The next will appear in that of April 26. issue of
432,842
If these claims had been allowed and
the company been permitted to
receive as dividends from its affiliated companie
New York New Haven & Hartford RR.
s the amounts received
during the test period, there would have
been a net income of approximately
$5,_000,000, or a return of nearly 3 1-3%
(47th Annual Report-Year ending Dec. 31 1918.)
The annual compensation of $17,173, upon the capital stock.
367 will, however, be
President Edward G. Buckland says in substance:by the interest to be allowed upon
the expenditures made by the Increased
General for improvements complete
Annual Compensation.-The company' principal income is from
d during the year 1918. TheDirectorthe of interest has not yet
annual compensation allowed by the U. S.sRR
amount
been
determined, but it will amount to approxiAdministration, which will
amount to approximately $17,095,884 (since
$200,000.
Dec. 311918,and adjustment mately
has increased this amount to $17,173,367), this
The agreement with the Director
amount
being
-General providing for the compensation
a sum equivalent to the average annual railway operating
use by him of the property duri
income for the three years and
ended June 30 1917.
and is awaiting the Director-General'ng Federal control has been printed
s signature.
Other Income.-Other income decreased $1,070,17
Other properties of your system
4,
due
taken over by the Director-General of
principally to Railroads are: Central New
non-receipt of the following dividend
England RR., the New England
Included In 1917 and paid in cash: s aggregating $949,000, which were Hartford & New York
Steamship.
Transportation, and New Bedford Martha's
N. Y.Ont.& West. By. Co_$583,000[Hartf. & N. Y.
yard & Nantucket Steamboa
Vinet Lines.
Tramp. Co...$90,000
Central New England Ry__ 256,000 Union
The
agreemen
t
with
the
Director-General providing for the compensa
Freight RR. Co
20,000 and use of the Central New
In the agreements with the Director-General
tion
of
Railroads
England
,
RR.
the
was
compensa
signed
- the annual compensation
on Feb. 13 1919.
tion allowed was sufficient to enable the above
being $1,468,124, and the agreemen
but as these agreements were not signed in timecompanies to pay dividends, compensation and use of the
for
t
three steamship lines was signed on Feb.the
to receive full compensation 1919, the
during 1918, they were unable to pay dividends
annual compensation for the
during that year.
three lines aggregating $1,050,7528
The income account does not include interest
Improrem
3.
ents.-Th
e
program
due from subsidiary report has
for
ents referred to in last year's
companies unless earned and paid in cash.
]progressed as rapidly asimprovem
labor
and material conditions would
Deductions from Income.-Deductions from income
permit. The expenditures for
increased
road
improvem
$1,034,806
of which $206.000 is account of collateral gold
$10,074,054, of which $8,588,521 was ents during the year amountnotes, $247,000 for addi- ed tocompany
expended on the property of
tional notes issued during the year and $395,000
and $1,485.533 on leased lines.
for interest on equipment your
trust certificates, charged in prior years
The Thames River bridge was
to
hire
of
equipmen
completed and put in operation during
t, but which January 1919.
under ruling of 1.-S.0.Commission is now:charged
to interest on funded debt
General Balance Sheet.-The changes in balance
The following equipment under equipment trusts
sheet accounts "current
assets and current liabilities" arise largely
received during
from the fact that the property the year and put in service: 50 steam locomotives, 1 was
taken over by the Director-General
included cash on hand, not balances 19 coaches, 3 steam cranes, 1,500 hopper coal cars. electric locomotive.
due from agents and conductors, materials
The
Federal
Manager
and
supplies
and
the
and
company
other
assets.
have agreed that during
Financial.-The company in the past two years
year
has spent for the pro- 1919. If funds can be secured on proper terms, $7.000,000 shouldthe
tection of its property the following:
be expended to continue the program of improvements, principall
y forNew
1918.
and improved bridges
1917.
For road and equipment
$569,000
$8,897,705 $6,094,723 Signals, $484,000; yards and sidings, $1,291,000
For initial and installment payments
1,775,000
965,798 Engine houses and shops and improved machinery therein
For additions and betterments on-entrust equip 1,876,534
440,000
Grade crossing elimination and protection
(a) Leased steam railroad properties
200,000
1,485,533
739,106 Increased weight of rail and track material
(b) As advances to subsidiary companies
(393,000
1,711,941
New
Haven
Station
improvements
694,887
761,000
New Haven-New York telegraph and telephone cable lines
Total
459,000
Maturing Debt.-There will mature between $13,971,711 $8,494.515 Increased capacity of Cos Cob power plant
280,000
April 1 and Dec. 31 1919 Electric headlights, $182,000; telephone train dispatchi
$6,393,000 obligations, viz.:
ng circuits, $235,000
5-year note(Suffolk Say. Bank for Seamen,and
417,000
others,)d
Sundry
ue
May
7
additions
$222,000
and
bettermen
Six months and 90-day notes payable at various
ts
banks, due from
When the company completes its program of improvements 1,276.000
April 21 to June 10
it will be
x5,156,000 able to handle economically and satisfactorily a greater amount
New Haven station Debenture "B," due Nov.
of traffic
1
than
ever
before
100,000
in
its
history.
Installment payments on Trust Equipment
Trolleys.-The company holds securities of various trolley
915,000
x Includes $2,161.000 notes given to purchase
lines with
Liberty Loan bonds which book values aggregating 3100,542,402, as follows:
are deposited as collateral.
Berkshire St. By. Co...._ $9,896,156 Now Eng. Inv. & Sec.
Changes in Debt.-The obligations have increased
Co$13,631,750
(net)$13,771,000,viz: The Connecticut Co____ 43,021,475 Vermont Company
Notes given in favor Director-General
of Railroads on account
N.Y.& Stamford By...... 1,428,955 Shore Line Elec. RR.Co. 1,417,664
of additions and betterments
117,000
Rhode
Island
$7,511,00
Co
0
28,098,374 Prey. & Danielson Ry_ _
Miscellaneous notes
706,764
2,995,000 Westchester St. RR. Co_ 1,434,427 Sea View RR. Co
For note, the New York Connecting RR. Co.
789,836
bond interest_ _ _
270,000
Notes given to purchase Third and Fourth Liberty
The results for the year were most unsatisfactory, due to
Loan bonds
affected all transportation companies, and particularly city andcauses that
and offset by said bond held
interurban
*2,280,000 trolley lines. So difficult were the
Equipment trust certifs., largely series DD,dated
conditions confronting The Rhode
May 15 1918 1,451,000 Island Co.
Less Bands and Notes Retired, viz.:'
that on Jan. 30 1919, a receivership
applied for and granted
Matured New Haven & Derby consols bonds,
[see V. 108, p. 684, 974, 1276; also news item onwas
following
a
page].
May 1, $575,000,
Reorganization committees representing the creditors, the trustees,
and New Haven Station debenture "A" matured
the lessor
Nov. 11918,
companies and the State, city and town authorities,
$100.000
are working on a plan
$675,000 whereby the lines may be held together
Worcester & Conn. East. By. 1st 43is for sinking
and
placed
a paying basis.
fund, $28,000;
Throughout the year the trustees and managementsupon
collateral gold notes, $33,000
of the various com61.000 panies have worked to obtain increases in
The 1.-S. O. Commission has ruled that the $8,412,0
rates to offset the increases in
00 Equipment Trust wages and other
certificates in the hands of the public
expenses.
Considera
ble
progress
has been made, and
should appear as a liability in the this work
balance sheet, and the cost of the equipmen
is being pressed diligently.
t is, therefore, included in the
road and equipment account.
Increased rates or shorter zones of travel, or both, have been
obtained
Loans and bills payable increased $13,023,000,
and are now in effect on all lines. Steps have also been
taken to adopt
the exception of the notes given for the purchase to $57,024,000. With every reasonable economy. Operation of some non-productive
of the Third and Fourth been suspended,
lines has
Liberty Loan bonds and for the New York
and
in
communit
some
cases
ies
desiring
service
Connecting RR. Co. bond in- to pay a limited
have agreed
terest, practically all the money realized was used
sum for the continuous operation of a
for additions & betterm'ts.
The time in which under Federal decree the investmeline.
New England Investment c% Security Co.-The
nts in these comexchange of Worcester panies
Consolidated Street Ry. Co. First Pref stock
must
be
sold,
has
been
extended
until
July 11921.
for pref. shares of the New
England Investment & Security Co., has retired
Steamship Decree.-The time in which under Federal decree your com425 additional shares, so
that.your guaranty, which was originally on
Investment in the stock of the Eastern Steamship Corporation
$4,000,000 of stock, has been pany's
must
reduced to $112,100 as of Dec. 31.
be sold, has been extended until July 1 1921.
Valuation.-The field work under the Federal Valuation Act
This company has been unable to earn and pay
interest on its gold 1913 is substanti
of March 1
notes owned by your company.
ally completed on all but the steamship linos and
York Connecting RR. It is about 75% completed on the former the New
New York Connecting RR. Co.-This road, owned jointly
and about
by your company and the Pennsylvania RR. Co., was opened
for operation Jan. 17 50% completed on the latter.
1918. The property is now being operated by
the U. S. RR. Administra- Operating Results as Shown by Reports of U. S. RR.
tion, and it is expected that the Director-General
Administ
will pay the company for
Revenues.-The operating revenues for tho year of $102,294 ration.
the use of he property a fair return upon the investme
,212 were
nt.
the largest in the history of the company and 816,509,3
Boston di Maine RR.-Boston RR. Holding Co.-The
19, or 19.25%, more
U. S. District Court than a year ago.
has extended to Oct. 1 1919 the time which
the
trustees
the
of
Boston
Freight.-Freight
Railroad Holding Co.stock are required
increased 310,325,289, or 25.56%. The numthe holdings of stock of the ber of tons of revenuerevenue
Boston & Maine RR. The reorganizationtoofsell
freight carried omintile was 2,938,401,629,an increase
the B.& M.RR.has not been of 162,258,022
ton miles. The average amount received for each
completed (V. 107, p. 2375, 2474; V. 108.
ton of
269
p.
972,
1274).
freight
was $1.590 as compared with $1.341 a year ago [and per ton
Securities Sold, &c.-During the year
per
have been sold and cash mile 1.729 cts., against
collections made on notes receivable assecurities(a)
1.46 cts. in 19171•
Connecticut Co. 5%
The average number of tons of revenue
debentures, $250,000; New England SS.follows:
freight per revenue train mile
Co.
bonds,
(bought
$300,000
by
was 422.45, an increase of 25.05 tons. Revenue freight-train
the Steamship Co. itself for cash); Park Square Realty
miles deTrust notes, $350,- creased 8,421 miles.
000; miscellaneous, notes $21,388.
Passengers.-Passenger revenue increased $4,952,115, or 14.38%.
Equipment Trusts.-Under lease and conditional sale
Mall
agreemen
t,
dated
revenue decreased $206,183, or 19.12%. Express revenue increased
Dec. 11915, Sept. 1 1916 and May 15 1918,
t has been purchased $768,784, or 18.537.
or contracted for at a total cost of $13,612,0equipmen
34,
including
136
locomotiv
es,
There
were
$89,134.8
1.054 steel cars (479 for passenger service), 12 cranes
78 revenue passengers carried during the year, a
and derricks, &c. decrease of 3,472,628 passengers, but total number
Up to Dec. 31 $5,200,035 had been paid in initial payments
and install- 1,829,879,483, an increase of 15,418,761. The carried one mile was
ments, the balance to be paid for at the rate of
average revenue per
$980,000
for
the
next
six
passenger
per
mile was $.02152 as compared with $.01897 a year
years, $883,000 the seventh year. $638,000 the eight
ago. The
year, $508,000 the average number of passengers nor
ninth year, $337,000 the tenth year and $166,000
revenue train mile was 133, an increase
the eleventh year.
of 12 passengers.
Other New Equipment-Proposed Equipment Trust.-The
DirectorGeneral
Expenses.-During the year expenses have increased, due to more
of Railroads allotted to your company (a) 1.500 hopper
busiestimated cost of 84,225,500, which were delivered during coal cars at an ness, higher wages and the increased cost of material and fuel.
the year; (b) 10
Maintenance of way and structures charge increased $4,506,189, or
heavy freight locomotives at an estimated cost
of
$569,500
which
have
,
49.96%, and took 13.22% of operating revenues, as compared with
not yet been delivered.
10.51%
a year ago. Maintenance of equipment charge Increased $8.722,06
To pay for this equipment it is proposed
1, or
the Director-General that 71.54%, and took 20.44%
an equipment trust be made, 25% of the costby
of operating revenues
year as compared with
of
the
equipmen
t
to
be paid 14.21% a year ago. Included in maintenance this
in cash and the deferred payments to be represented
of
equipmen
t
are
charges
by equipment trust account of depreciation, as prescribed by
notes maturing in equal semi-annual installments during
tho
I.-S. C. Commission. aggre15 years,the rate gating $2,005,803.
of interest to be 6% per annum.
Transportation expenses increased $11,639,707, or 31.99%, and took
To enable your company to make the advance 25%
cash payment, the 46.94% of operating revenues
Director-General will pay to the company
this year as compared with 42.41% a year
the amount of the accrued ago, an increase of 4.53%.
equipment depreciation and retirement charges
during Federal control.
The miles run by revenue trains ef all classes were 20,597,695, a decrease
During 1918 these charges amounted to approximately
$2,125,00
which
0,
is
of
1,279,708
5.85%.
more than sufficient to make the advance payment.
, or
The cost per revenue train mile for transportation
expenses was $2 33, as compared with $1 66 last year, an Increase of
67
FINANCIAL REPORTS
APR. 12 1919.]
THE CHRONICLE
cents per mile, due principally to increase in wages and fuel for locomotives,
the latter item showing an increase of $1,975,998 over the previous year,
due to high prices and to inferior quality of fuel.
REVENUE FREIGHT MOVED FOR CALENDAR YEARS.
Year, Agricult. Animals.
Mines. Forests. Manufact's. Miscellans'
1918__2,551,l23 912,348 11,566,546 1,762,294 6,038,155
9,128,641
1917 _2,069,520 773,308 9,419,518 1,446,787 5,901,468 10,610,20
8
1916 -1,950,756 703,838 8,457,479 1,294,443 6,522,606 10,449,917
EQUIPMENT IN SERVICE AS OF DECEMBER 31.
Locomotives. Pass. Service. Freight Service. In Co's Service
1918
1,299
2,527
35,469
1.864
1917
1,257
2,526
34,246
1,721
1916
1,311
2,425
34,372
1,439
GENERAL STATISTICS FOR CALENDAR YEAR$.
1918.
1917.
Passengers carried
89,134,878
92,607,506
Passengers carried one mile
1,829,879,483 1,814,460,722
Average revenue per passenger per mile
2.152 cts.
1.897 cts.
Revenue tons carried
31,959,107
30,220,809
Revenue tons carried one mile
2,938,401,629 2,776,143,607
Average revenue per ton per mile
1.729 cts.
1.460 cts.
Operating revenue per mile of road
$49,510
$43,000
COMPANY'S INCOME ACCOUNT FOR CALENDAR .YEARS.
Increase (+). or
1918.
1917. Decrease (-)•
*Standard return
$17,095,884
Other IncomeDividend
From funded securities
From unfunded securities
From lease of road
Miscellaneous rent
Miscellaneous
Total other income
Gross income
$1,120,957 $2,077,070 -$956,113
1,091,921
1.101,139
-9,218
1.231,885
1,180,791
+51,094
1,390,498
1,551,839 -161.341
701,148
706,339
-5,191
26,124
15,527
+10,597
$5,562,533 $6,632,707-$1,070,174
$22,658,418
DeductionsRent for leased roads
$6,020,712 $6,156,544 -$135,832
Miscellaneous rents
202,677
206,604
-3,827
Miscellaneous tax accruals
104,384
49,793
+54,591
Separately operated propertiesBoston RR. Holding Co. guarantee
122,235
124,567
-2,332
N.Y.W. & B. By. Co. guarantee
(bond interest)
864,000
864,000
Springfield Railway Companies'
(Guaranteed Dividends)
135,516
127,758
+7,758
Interest on funded debt
9,677,782 9,282,635
+395,147
Interest on unfunded debt
3,093,052 2,039,949 +453,103
Miscellaneous
210,548
128,336
+82,212
Corporate expenses
99,730
+99,730
War taxes
84,245
+84,255
Total deductions
$20,614,892 $19,580,086 +$1,034,806
Netincome applicable to year
$2,043,525 $2,404,095 -$360,570
Deduct account of items prior to
Jan. 1 1918 (See note)
$1,157,833
Balance to profit and loss
$885,692 $2,404,095
* Of this amount $1,950,000 was received to Dec. 31 1018.
Had all of the companies which paid dividends to your company in 1917
paid the same dividends in 1918, the net income applicable to the year
would have been $2,992,525.
Note.-Represents net amount of settlements made by U. S. Railroad
Administration of revenues and expenses applying to period
prior to Jan. 1
1918. The Inter-State Commerce Commission having ruled that
these
settlements should be adjusted through the income account.
FEDERAL INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
1916.
Average miles operated
1,992
1,995
1,995
Oper. revenues-Freight
$50,721,288 $40,395,999 $38,727,425
Passenger
39,379,917 34,427,801 31,085,035
Mall, express, &c.- 12,193,007 10.961,093 10,619,707
Total operating revenues
$102,204,
385,784,893 *80,432,167
Maintenance of way and structures- _$13,525,212
533 $9,019,344 $8,977,056
Maintenance of equipment
20,913,413 12,191,352 10,693.991
Traffic expenses
475,232
522 287
505,333
Transportation (rail lines)
48,020,080 36,380:373 , 31,218,962
General expenses
3,087,451
2,470,695 1,975,363
Miscellaneous operation
1,737,601
1,404,428 1,054,326
Transportation for investment
Cr12,876
Cr18,420
Cr53,001
Total operating expenses
$87,746,523 $61,970,060 $54,372,029
Net earnings
$14,547,689 $23,814,833 326.960,138
Tax accruals
3,216,376 3,336.980 3,005,255
Uncollectibles
15,991
5,996
5,846
Operating income
$11.315,322 320,471,857 $23,049,037
FEDERAL INCOME ACCOUNT.(Concluded)
1918.
1917.
Inc. or Dec.
Non-oper. income from unfunded sec.. $234,671
+$234,671
Rentfrom equipment
672,379
8637.152
+35,227
Total non-operating income.._-- $907,050
$637,152 +$269,897
Gross income
$12,222,372.$21,109,009-$8,88
6,638
Deductions:
Rent for equipment
*1,104,874 32,670,533$1,565,65
9
Joint facility rents
3,348,494
3,087,003
+261,491
Balance$7.769,005
,470
Add acc't of items ploy to Jail. 11918-111,157,833 $15,351,475-$7,582
+1,157,833
Federal net income
$8,926,838 $15,351,475-$6,424,636
Subsidiary and Allied Properties.
RAILROAD AND STEAMSHIP LINES HELD
DIRECTLY NOW
OPERATED UNDER FEDERAL CONTROL
.
Cen. N.E. N.Y. O. & New Eng. H.& N.Y.
N.B.,M.V.
Ry. Co.
W.Ry.
S. S. Co. Trans.Co. &N.S.S.Co.
*Standard return-$1,468,124 $2,103,589 $866,429
3150,864
$33,460
Other income-58.685
208,591
6,534
20,770
547
Gross income- _$1,526,809 $2,312,180 $872.963 3171,634 $34,007
Deductions
835,196
1,506,608 643,946
90,575
4,710
Net income-- $691,613
$805,573 $229,018 $81,059 $29,297
Adj. prior to Jan.1 143,262
91,955
8,110
28,245
.458
Bal.to prof. & lass $548,351
$713,618
$52,813 $28,839
*An agreement with the Director-General$237,128
of
Railroads
fixed
the annual
compensation.
FEDERAL INCOME ACCOUNT FOR THE CALENDAR YEAR
1918.
Cent. N.E. New Eng. H.& N.Y. N.B.,M.V
.,
RR.
S.S. Lines. Trans. Line. & S. B. Line
Operating revenues--46,063.156 $6,105,396 $1.435,97
1
$256,625
Operating expenses...-. 5,396,353 6,009.438
1,323,928
314,824
$666,803
Net revenue
$95,958
$112,043 def$58,199
Tax accruals and uncollectible revenue186.750
33,078
15,833
2,660
Operating income
$480,053
$62,880
$96,210 def$60,860
Other income
97,214
3,140
5,879
2,350
$577,267
Gross income
$66,021
$102,089 def$58,510
Deductions
519,499
Acct.items prior Jan. 1.. Cr145,272
8,110
28,245
458
Federal netIncome.... *203.040
$57.911
$130.334 def$58,052
1505
RAILROADS AND STREET RAILWAYS HELD DIRECTLY
(not under Federal control.)
N.Y. W. & Berkshire Connecticu
B. Ry. Co. Street Ry. Co. Company.t
Operating revenues
$578,531
$856;769 $9,935,750
Operating expenses
489,536
1,072,960 8,150,433
Net revenue
388.995 def$216,191 81.785,317
Taxes
158,849
61,843
575,888
Operating income
def$69.854 def$278,034 $1,209,429
Other income
3,845
a36,140
242.111
Gross income
def$66,009 def$241,894 $1,451,540
Deductions
1,662,979
b319,480 1,250,565
Net income
def$1,728,988 def$561,374
$200,975
N.Y.& Siam. Rhode
Westch. St.
Ry.
Co.
Island
Co.
RR. Co.
Operating revenues
$374,392 $6,311,285
$242,829
Operating expenses
333,997 5,115,551
291,768
Net revenue
$40,395 *1,195.734 def$48,938
Taxes
23,112
604,250
9,769
Operating income
$17,283
$591,484 def$58,707
Other income
646
111,334
343
Gross income
$17,929
$702,818 def$58,364
1)eductions
b96,023 b1,480,342
b33,187
Net income
def$78,094 def$777,524 def$91,551
a Includes $35,064 net revenue from auxiliary operations.
b Includes interest accruing to the N. Y. N. H.& H. RR.
Co., but not
included in the income account of that company.
BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
1917.
AssetsLiabilities$
Road & equipCapital stock
ment
230,294,489 204,780,323
with
public__15
7,117.900
157.117.900
Impts. on leased
cap.stk.
railway prop_ 6440,510 5,054,977 Prem.on
(since.July1'09) 19,282,887 19.282,887
Sinking funds
103,990
8,730
Grants
in
aid
of
Miscell. physical
construction....
73,718
50,455
Property
4,509.460 4,516,034 Mtge. bonds..... 57,776,000
53,379,000
Invest, in bldgs.
Debentures
_ _13_157,942,792 158,042,792
at Grand Cent.
Equip.
8,412,000
Term., N. Y.. 5,084,844 5,134,766 Miscell.oblig'nsoblig'ns
422,000
422,000
Stock with trustees:
Loans and bills
Pledged
92,598,012 41,010,898
payable
57,024,000 44,001,000
Unpledged._ _
51,587,114 Non-negot. debt
Bonds pledged
to aril'. cos
621,296
622,642
with trustees_ 1,018,542 1,018,542
&c., bal.
53,260 5,139,660
Stock pledged 51,595,421 38,963,018 Traffic,
Accts.
& wages239,690 4.620,370
do unpledged 10,123,309 22,755,712 Misc. accts.
pay.
56,000
Bonds pledged_ 34,381,658 15,520.028 Matured diva.
57,504
&
do unpledged 3,815,888 23,232,518 interest
1,651,121 1,546,394
Notes unpledged 32,671,129 31,102,006 Mat'd
fund. d't.
10,513
12,513
Adv. unpledged 2.609,705 2,163,290 Accrued
interest 2,828,585 2,680,648
Miscell. Invest.
45,067
38,273 Accrued rents
449,978
Cash
514,221
206,063 4,495,567 0th.cur't Habil50,885 1,445,404
Special deposits. 1,777,876 1,674.640 Deferred liabil_
75.174249,593
Agts. & conduc.
99,215 4,017,542 Dir.-Gen.of RFts. 30,888,717
Traffic, &a.,bal.
258,647 Accrued taxes
Cr.596,000
Misc.accts. rec.. 3,856,254 5,351,257 Injury
reserves..
137,316
553,500
Mat'ls & suppl's
12,008,831 Oper. reserves...
173,947
177,801
Dir.-Gen. RRs.
Other
unadjustacct. compen. 15,145,884
ed
credits...__
8,331,176 4,007,041
Rents receivable
4,033
Accrd.dep.(equip) 8,338,073 7.982,095
0th.cur.assets..
161.705
do
structure
698,035 1,155,000
Ins.& 0th.funds
16,236
Equipment and
Dlr.-Gen.of Mts. 24,920,693
prop'ty
leased
Int.& diva. rec.
670,798 1,136,259 Add'ns to proply 9,517,069 9,517,069
Loans, &c.,rec.
3,231
325,135 thro.inc.&surp. 191,912
125,977
Work fund adv_
5,000
130,811
Unadjust.debits 4,823,381 5343.493 Profit and loss.... 4,524.352 3,428,941
Total
526,888,395 481,728,406 Total
526,888,395 481,728,406
a After deducting in 1918 3222.000 company's
own issue.
deducting in 1918 $4,494,350 held
in treasury.-V.108; p. 1275. b After
Northern Pacific Railway.
(22d Annual Report-Year Ended Dec. 31
1918.)
Advanced sheets from the report afford the followin
g data:
COMPARATIVE STATEMENT OF EQUIPMENT
DECEMBER 31.
Locomotives. pass. Cars. Freight Cars.
Other Equip.
1918
1.399
1,065
49,701
1917
1,361
1,073
48,080
7-,5/14
1916
1,356
1,276
47,275
7,286
In addition to the usual locomotives shown above,
there
are on hand
50 withdrawn from service, some of which may be sold.
PASSENGER AND FREIGHT STATISTICS.
1918.
1917.
1916.
No.of passengers carried
7,813,395
8,781,951
8,418.441
No. of passengers carried 1 mile 672,985,168
660,713,170 591.520,997
Average rate per pass. per mile..
2.548 eta.
2.368 cts.
2.368 cts.
No. of tons rev. freight carried.. 24,150,78
2
22,842,15
1
21,893.980
do
do
1 mile_9,589,272,892 8,812,675,163
7.721,585,793
Average receipts per ton per
mile revenue freight
0.819
cts.
0.741 eta.
0.741 cts.
Revenue per mile of road (average mileage)
$15.192
$13,117
$11,999
CORPORATE INCOME ACCOUNT FOR
CALENDAR YEARS.
1917. Inc.+or Dec.
Compensation under contract with 1918.
United States Government
+$30,089.692
Net income (see Fedi inc. acct.).. $30,089,692
$31,379,565 -31,379,565
Income from lease of road
288,453
288,435
+18
Miscellaneous rent income
503,681
266,025
+237,655
Miscell. non-oper. phys. property..
45,715
40,473
+5,241
Separately operated properties_
34,466
-34,466
Dividend income
4.923,489 9,730,787 -4,807,2
98
Income from funded securities_ _
954,258
287,762
+666,497
Income from unfunded securities
and accounts
296,419
773,955
-477,536
Income from skg.& oth. res've fds_
123,671
79,984
+43,687
Miscellaneous income
3,904
46,479
-42,576
Revenues prior to Jan. 1 1918
993,027
+993,027
Gross income
$38,222.307 342,927,932 -I14.705.624
DeductionsRailway tax accruals(war taxes).- $1,657,365
$888,425
+$768,940
Rent for leased road
51,332
51,332
Miscellaneous rents
10,500
11.866
-1.366
Miscellaneous tax accruals
98
93
Interest on funded debt
+5
12,153,442 12,253,146
-99.704
Interest on unfunded debt
90,116
21,237
+68.879
General corporate expenses
130,970
+130.970
Miscellaneous income charges
258,182
199,148
+59,033
Depreciation of equipment
2,203,696
+2,203.696
Expenses prior to Jan. 1 1918
1,537,273
+1,537.273
Dividend (7%)
17,360,000 17,360,000
Balance to profit and loss
$2,769,334 $12,142.686 -0.373,315
1506
THE CHRONICLE
FEDERAL INCOME ACCOUNT IN 1918 (COMPARED WITH COMPANY'S FIGURES IN 1917 AND 1916.)
1918.
1917.
1916.
6,599
6,523
6,508
Average miles operated
$59,543,090 $65,258,995 $78,534,344
Freight revenues
13,959,370 15,646,778 17,146,144
Passenger revenues
7,227,771
7,319,953
6,778,883
Mail, express, &c
$80,281,343 388,225,7263102,908,259
Total operating revenues
Maintenance of way and structures.._ $9,319,432 $10,782,178 $14,226,882
8,419,939 11,245,120 16,716,908
Maintenance of equipment
779,683
1,233,124
1,219,422
Traffic expenses
22,531,072 28,531,413 37,501,967
Transportation expenses
2,290,812
1,506,026
1,742,413
expenses
General, &c.,
$43,232,278 $53,297,861 $71,516,303
Total operating expenses
$37,049,065 $34,927,865 $31,391,956
Net revenue
6,499,718
6,022,303
5,505,124
Tax accruals
5,610
9,138
11,759
Uncollectibles,
$31,532,181 $28,896,425 $24,886,629
Operating income
$1,688,617
$871,675
Hire of freight cars-credit balance
385,768
365,565
Rent from locomotives and cars
2,060,198
1,996,896
Joint facility rent income
19,134
Separately operated properties-profit
101,502
Income from unfunded securities and accounts_
491
Miscellaneous income
*1,536,344
Expenses Nor. Pac. By. Co. prior to Jan. 1 1918_
$32,130,561 $30,678,681
Gross income
$73,984
$153,399
Deductions-Rent for locomotives and cars
737,877
597,597
Joint facility rents
13,044
Interest on unfunded debt
*992,513
Rev. Nor. Pac. Ry. Co. prior to Jan. 1 1918_
$750,996 $1,817,418
Total deductions from gross income
$31,379,565 $28,861,263
Net income
30,089,692
Compensation under contract with N.P. By. Co_
$1,228,429
Net Federal deficit
*These items represent payments made and received by Federal Administration account of transactions prior to Federal control and therefore
belong to the company to whom they have been credited and debited.V. 108, p. 269.
Chicago Railways Company.
(11th Annual Report-Year Ended Jan. 31 1919.)
President Henry A. Blair at Chicago on April 2 1919
wrote in substance:
[VOL. 108.
Freeport Texas Company (of Delaware).
(Report for Fiscal Year ending Nov. 30 1918.)
This corporation engaged through subsidiary companies
in the manufacture and sale of sulphur and kindred products
has issued its financial report which will be found at length
on subsequent pages of to-day's "Chronicle."
The authorized capital stock consists of 500,000 shares of
no par value; 499,904 shares outstanding. Registrar of
Stock National City Bank, New York. The consolidated
balance sheet shows outstanding neither bonds, mortgages
nor bills payable. The officers and directors are:
Officers.-President, Eric P. Swenson; Vice-President, Sidell Tilghman;
Treasurer, S. Magnus Swenson. Now York office, 61 Broadway.
Directors.-Edwin E. Dickinson, President of Boynton Furnace Co.;
Harry K. Knapp, Director of Now York & East River Ferry Co.; Samuel
McRoberts, Executive Manager of National City Bank of New York;
Charles P. Northrop, Director First Mortgage & Real Estate Co.; Charles
A. Stone, President of American International Corporation; Eric P.
Swenson, President of Freeport Texas Co. and Director of National City
Co.;
Bank of New York: Sidell Tilghman, Vice-President of Freeport TexasYork
Frank A. Vanderlip, President of National City Bank of New
Richard II. Williams, Director of National Park Bank, N. Y. City.V. 108, p. 976.
Phelps Dodge Corporation.
(Report for Fiscal Year ending Dec. 31 1918.)
The remarks of President Walter Douglas and also the
income account and balance sheet will be found at length on
a subsequent page.
PRODUCTION OF MINES,
Pounds
Pounds
Tons Dry Ounces Ounces
Lead.
Copper.
Silver.
Gold.
Weight
Shipped to Douglas85,094,221
471,637
15,875
Company copper ore_ _692,591
4,847,245
58,682
188
66,585
Lease copper ore
13,309
129
4
466
Sortings
Shipped to El Paso48,619
25,822
2,030
6
108
Company silver lead ore
49,881 1,185,878
25,747
330
Lease silver lead ore__ _ 3,363
To Chicago: Manganese ore 5,058
057,678
208
6
Miscellaneous1,620
Results.-The gross earnings of the Chicago surface lines aggregate
in$34,710,098, or a loss for the year of $404,535. Operating expenses becreased $2,630,241, with the result that the residue receipts divisible
16,409 558,433 90,988,156 1,234,497
tween the companies were only 38,978,161, or $3,034,776 less than in year
Total
19,156 828,665 93,618,409 6,870,128
1917-18. Our proportion thereof was $5,386,897, as compared with Totals, year 1917
of
a
decrease
or
$1,820,866.
24.030 1,096,136 102,685,722 9,421,562
year,
$7,207,762 last
Totals, year 1916
The income divisible between the company and the city is $686,105 as COPPER PRODUCTION OF LEADING MINES, INCL. LEASE ORE.
compared with $2,421,421 the previous year. The city's share of divisible
Moctezuma. Bunker Hill.
Burro Mt.
Morenci.
receipts (55%) this year is $377,357, as against $1,331,782 last year, and (Lbs.)
z39,208
x17,130,209 y17,293,266 y42,875,355
1918
the company'f; proportion (45%) is $308,747, as compared with $1,089,639
z13,776
y14,253,391 y40,196,264
x13,203,401
income
adjustment
1017
to
applicable
company
the
of
income
The
year.
last
cop2.32%
averaged
ore
original
of
assay
The
copper.
"fine
is
This
x
of
year
the
$374,017.
for
bond interest and to dividends shows a net loss
interest per, against 2.73% in 1917. Oro yield in fine copper, 1.783%, against
The surplus carried over from the previous year, after deducting
Concentrator operations showed
returns.
smelter
on
Based
y
Deducting
1.981%.
$411,143.
was
1918,
1
May
paid
bonds,
on Adjustment Income
on ore milled:(a) Burro Mt., assay value, 1.928% copper, againstz1.972%
the loss of $374,017 for the year just closed, leaves a remainder in surplus in
"Mine
1917;(5) Moctezuma,3.392% copper, against 3.179% in 1917.
account of $37,126 at Jan. 311919.
decrease
production" shipments. In April 1918 mining was stopped; development
the
in
course,
of
found,
is
in
The explanation for this loss income
.
disappointing
whole
The work as a
in gross earnings and the heavy increase in operating expenses.
"There was a material increase in copper production from Copper Queen
extremely heavy increase in the cost of operation is due partly to the rise
of
but leases, amounting to almost 2,000,000 lbs. An increased tonnage
In cost of materials and supplies, in some cases as much as 200%; war
to Et
manganese ores was shipped from the mines. Lead ore shipments
chiefly to the action of the National War Labor Board, which, as a
price of lead, the
,
on account of the loNyer
markedly
very
off
Lines,
dropped
Surface
of
Paso
Chicago
employees
to
increase
wage
a
awarded
measure,
shortage of labor.
effective Aug. 1 1918, amounting to $3,700,000 per year. The then exist- higher treatment charges and the
PRODUCTION AT REDUCTION WORKS IN 1018.
ing contract with the employees for a 3-year period, expiring June 11920,
further
The
annually.
$1,000,000
,Pounds.
over
wages
their
increased
Dry Tons Ounces. Ounces.
had already
Copper.
Silver.
Gold.
Charged.
increase was in effect, it will be observed, only during the last half of the
89,645,341
484,706
16,545
789,827
year under review.
Queen
Copper
14,940,891
42,578
212
50,874
Fares.-Conditions made it necessary for Chicago Railways Co. and Burro Mountain Branch
Commission
P.
U.
43,042,928
810,545
8,374
190,160
the other surface lines companies to apply to the State
Moctezuma Copper Co
44,434,052
969,478
7,578
280,881
for a 7-cent faro. The hearings before the Commission were finally con- All other
cluded on Feb. 14, last and we are now awaiting a decision.
even
not
1,311,742 32,709 2,307,307 192,063,212
Status.-During the six-months' period beginning Aug. 11918, for this
1918
Total
1,276,817 32,331 2,042,263 191,581,131
the 5% interest on the capital valuation has been earned. Thus,
Total 1917
period as a whole there have been no divisible receipts. Consequently,
"The total copper production at the reduction works was about 500,000
the preceding year, and is the largest output in the
since the War Labor Board's wage award became effective, the interest
during
than
more
lbs.
was hardly earned on those bonds covered by the purchase-price, to say history of the plant. There was an increase in production from practically
United Verde Extension
nothing of those not covered by the purchase-price.
all sources, with the exception of that from the
1 1919 show
The capital account or purchase-price of the property stands as follows:
Mining Co.'s ore: Custom ore and tool stocks on hand Jan.ore
$89,529,413
stock was
Queen
the
Copper
1918
as
31
but
Purchase-price Jan.
over the previous year,
1,058,227 an increase
Added during the year for capital additions to the property
drawn on quite heavily during 1918, there was a noticeable reduction in the
1
Jan.
1918."
with
compared
as
smelter
$90,587,640
the
at
total ore stocks
Purchase-price Jan. 31 1919
"The Stag Canon Branch mined 1,339,292 tons of coal, of which 470,924
Only absolutely essential additions to the property have been made
of 281,916 tons of coke."
during the year. The principal extension was one on Monroe St. from tons were consumed in the production
connecting
bridge,
The Moctezuma Copper Co. again broke all previous production records
La Salle St. westward to and across the new Monroe St.
the and ended the year with a very satisfactory increase in ore reserves.
with our tracks at Canal St., and affording another important outlet to the
west side from the "loop" district. The total single track mileage at
INCOME ACCOUNT FOR CALENDAR YEARS
end of the year was 583.72 miles.
(Including Operations of Subsidiary Companies Owned).
The renewals and depreciation reserve fund has fared as follows:
1917.
1918.
$5,150,946
Amount in reserve fund Jan. 31 1918
$45,227,254 $48,978,772
1,948,304 Sales of copper, silver and gold
Additions to fund during year
12,182,687
13,386,719
merchandise
and
coke
superof
coal,
of
Sales
certificates
under
year
during
expenditures
Renewal
1,100,727
869,235
1,378.5-14 Income from investments and misc. earnings_ _ _
vising engineers
$5,720,706
$59,483,208 862,262,188
Reserve fund at Jan. 31 1919
income
Gross
$24,079,377 $21,545,457
This fund is an actual deposit in bank, it being the principal item of Mining, treating and refining metals
10,508,162
11,410.782
"cash and cash items" appearing in the balance sheet.
Cost of coal, coke and merchandise sold
1,097,432
903,630
Sinking Fund.-On Aug. 1 1918 there was turned over to the trustee Depreciation of plants
796,634
744,776
the annual payment of $250,000 for the purpose of retiring Series "C" General administrative expense
----535,375
Consols.; on Jan. 311919,only $636,336 of these bonds were outstanding.
war funds
other
and
Cross
Red
to
Contributions
was
pending
5,857,595
5,863,585
Dividends Suspended.-As the matter of the wage increase
l
taxes
Governmenta
and
State
10,800,000
10,800,000
In July 1918 no action was taken at that time upon a dividend applicable
Since then Dividends (24%-see note below)
to Participation Certificates, Series Ono, payable Aug. 1 1918.
action.
$11,656,906
$5,145,683
the net results from operation have not justified favorable
Balance
15,681,126
131,896,847
Ordinance Rejected.-Tho ordinance provided for a unification of the Balance, forward
110,069,341
surface and elevated lines and the leasing of subways to be built and5owned Increase in valuation of mines
by the city was rejected by a referendum vote at the election Nov. 1918.
$137,042,530 $137,413,373
For the comparative income account see V. 108, p. 1382.
Total
5,516,527
5,662,813
,;GENERAL BALANCE SHEET JAN. 31
Depletion of mines
.
1919.
1918.9.1918
191
$
$
$131,379,717 $131,896,846
Liabilities$
$
Profit and loss, surplus
Assets100,000
Capital stock__ *100,000
Road,equipment
x Out of these depletion charges there was distributed to shareholders
and franchises. 99,197,034 98,493,204 Funded debt (nil
bds.dueFeb.'27$3,600,000 (8%) in 1917 and $2,700,000 (6%) in 1018 additional to the
Treasury secure. 1,579,049 1,566,049
First M.g. 5s.. 58,506,000 55,681,000 dividends shown in income account.
Collat. bonds,
Consol. M.5s,
2,812,000
1st M 55
BALANCE SHEET DEC. 31.
Series "A"_ _ 17,403,800 17,403,800
Securs. held by
(Including Assets and Liabilities of Subsidiary Companies Owned.)
Series "B"__ 17,164,475 17,164,475
trustee for ex1917,
1918.
1917.
903,330
636,336
1918.
_
"C"_
Series
change-Cons.
$
Liabilities$
$
1,980 Purch. Money
Assets1,980
M. bonds_....
stock
Capital
'
4,073,000
.
4,073,000
bonds__
mining
M.
&
Mines
acct.
Cash, gen.
(auth., $50,180,638,104 179,030,651
claims
and cash items. 1,593,084 1,606,333 Adjust.income
000,000) iss'd 45,000,000 45,000,0002,500,000 2,500,000 Bidgs., plants,
bonds
and
Renewal
& wages
Accts.
15,774,742
1,980
1,980
17,913,316
secur.
property
Underly
5,150,946
&c.,
depreo. fund. 5,720,706
payable and
Investments in
10,473 Current Habil.,
8,822
Accounts reedy.
taxes accrued 11,863,003 9,523,198
5,000 incl. loans and
sundry cos_ _.. 3,657,214 3,129,481
10,000
Prepaid expense.
Divs., &o.. Day- 3,600,000
City of Chic.
Mat'is, supplies
Income from
& prepaid exp. 4,818,906 3,439,360 Reserves for do'
56,071 55% of net
23,646
treasury secure
Diction after
2,634,276 1,513,985 Mdse. held for
earnings
deducting
2,022,101 2,123,820
Int., taxes and
sale
$600,000 dissink. Id. acer'd 2,017,822 2,016,588 Metals on hand
tributed to
for
Reserves:
-Copper at
stockholders.44,620,301 41,657,488
renew. & depr. 5,760,975 4,939,649
cost, silver &
For injuries &
gold at market 10,588,465 8,613,872 Reserves for de- 4,969,406 4,290,206
preciation ___
81,098 Accts. receiv'Io_ 8,208,859 5,880,186
110,532
damages....
Surplus as per
511,143 Cash & market37,126
Surplus
account
surp,
13,775,628
12,985,403
securities
able
110,946,322 106,890,056
Total
131,379,717 131,896,847
110,946,322 106,890,056
Total
above
*Stock.-Tho $100.000 stock serves as a basis for participation certifiof
3,
Series
parts;
232,307,739.
241,432,427
cates, viz.: Series 1, 30,800 parts; Series 2, of 124,300
Total
232,367,739
241,432,427
Total
60,000 parts, and Series 4,60,000 parts. See page 29 of"Elec. Ry.Section." -V.
108. p. 1394.
-V. 108, p. 1390.
APR. 12 1919.]
THE CHRONICLE
Booth Fisheries Co., Chicago.
(Report for Fiscal Year ending Dec. 28 1918.)
On a subsequent page will be found at length the report of
President K. L. Ames, in addition to the income account for
two years, comparative net earnings, and the balance sheet
as of Doc. 28 1918.
COMPARATIVE INCOME ACCOUNT.
1918.
1917.
1916.
1915.
$2,217,677 $3,388,829 $1,659,295 $1,042,770
Net profits
Bond, &c., interest_ _
$719,876
3531,904
$378,919
$386,779
498,442
Deprec., res. & skg.fd
354,293
274.024
307,334
Reserve for Fed. taxes
250,000
625,000
275,833
236,110
Prof. dividends (7%) _ _
214,270
180,005
Total deductions_ _ _ _ $1,744,151 $1,747,307
Balance, surplus
$473,526 $1,641,522
Coin, dividends ($2)
500,000
325,000
8867,213
$792,082
$874,118
$168,652
Profit and loss surplus $2,572,838 $2,599,312. $1.439,983
$635,806
CONSOLIDATED BALANCE SHEET, DEC. 28 1918.
1917.
1918.
1918.
1917.
AssetsLiabilities$
$
Real estate, tradePreferred stook..__ 4,500,000 3,500.000
marks,good-will,
Common stock_ _ _x5,000,000 5,000,000
13,475,738 14,240,120 Debenture bonds_ 3,201,000 5,000,000
&o
80,557 Bonds on cold-storU.S.& Can.Govt. 887,202
Sinking fund & int.
26,458 1,502,883 age plants
1,002,814 1,051,814
Inventories
7,765,452 5,479,007 Accts.& notes pay.11,517,491 8,083,452
Accts.& notes rec. 4,229,092 4,522,475 Conting.,&o., res. 136,974
447,191
Prepaid insur.,&o.
97,131
39,963 Res.for depreo.,&c. 42,379 1,199,188
Cash
1,655,515 1,518,052 Res. for Fed. taxes 250,000
625,000
Deferred items_- 146,908
122,901 Profit and loss._ _ _ 2,572,838 2,599,312
Total
28,283,497 27,505,958 Total
28,283,497 27,505,958
1507
tailed with the stopping of hostilities. During the war it made an enviable
record, not alone in increasing its production to meet the Government
requirements, but also in the uniform high quality of the small arms ammunition manufactured. The use to be made of its large plants and equipment has not yet been determined. The net profits cannot be known
until
final settlement with the Government. In all probability any profits
made
by it will be used to give permanency to its manufacturing operations.
(V. 106, p. 1572.)
Number of Stockholders.-On Dec.31 1918. 7,286,against 7,152 in 1917.
RESULTS FOR CALENDAR YEARS.
-Consolidated Statement- -Company Proper
1918.
1917.
1916.
1915.
Net earnings
$4,692,815 $4,896,953 $2,977,699 $2,710,526
Dividend on preferred (7%)
$1,705,732 $1,705,732 $1,705,732 $1,705,732
Dividend on common
(5%)1,032,770 (4)826,216 (4)826,216 (3)619,662
Div. on corn.(Red Cross) (1%).. 206,554
206,554
do United War Work)(A%) 103,277
Surplus
Previous surplus
$1,644,482 $2.158,451 $445,751 $385,132
15,015,425 12,856,974 5,737,362 5,352,230
Remaining surplus
$16,659,907 $15,015,425 $6,183,113 $5,737,362
Note.-For explanation as to consolidated statements. see V. 106. p. 1572.
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
1917.
Assets$
$
Liabilities$
$
Plant investmeat_41,933,059 41,557.964 Preferred stock _24,367,600
Other investments 10,153,095 8,502,635 Common stock_ _ _20,655.400 24,367,600
Inventories
15,027,156 14,138,222 Bonds of sub. cos_ 9,715,000 20,655.400
10,051,000
Cash
2.788,743 1,702,084 Insurance fund__
1,400.000
Customers' aocts_15,468,510 12,680,953 Metal reserve____ 1,607.208
1,000,000
300,000
Other notes rePlant reserve
2.500.000 2,500,000
ceivable
2,005,682 2,132,001 Promotion reserve 1,000,000
Tax reserve
1.996,259 1,698,714
Accounts payable_ 7,874.871 4.725,720
Surplus
16,659,907 15.015,425
x Common stock consists of 250,000 shares of no par value.-V. 107.
Total
87,376,245 80,713,859
Total
87,376,245 80,713,859
P• 2478.
-V. 108, p. 585.
White Motor Company.
(3d Annual Report-Year ending Dec. 31 1918.)
The remarks of President Windsor White, together with
the income account for the calendar year 1918 and the balance sheet of Dec. 31 1918, will be found on subsequent
pages of this issue.
CONSOLIDATED RESULTS FOR CALENDAR YEARS.
1918.
1917.
1916.
$5,947,494 $4,494,749 $4,087,027
433,091
335,559
354,014
Total income
$6,380,585 $4,830,309 $4,441,041
Reserve to reduce val. of inventory_
x$740,000
Federal income & exc. prof. tax (est.) $3,700,000 *$1,034,590
Dividends
1,280,000
1,280,000
1,160,000
Rate per cent
8%
8%
731%
Balance, surplus
$1,400,585 $2,515,719 $2,541,041
Net earnings
Other income
International Paper Company, New York
(21st Annual Report-Year ended Dec. 311918.)
The report of the President will be cited fully another week.
CONSOLIDATED RESULTS FOR YEARS ENDING DECEMER 31.
(Including Subsidiary Companies.)
1918.
1917.
Total revenue
$8,708,682 $13,968,776
Depreciation, $1,929,573; reserve for taxes, $1,323,915; interest, bonded debt, $433,167
3,686,656 5.117,273
Regular div. on Internat. Paper Co.pref. stk.(6%) 1,500,000(6)1.461.101
Surplus for year ending Dec. 31
Surplus Jan. 1 carried forward
$3,522,026 $7,390,402
15,920,846 16,036,688
Total
$19,442,872 $23,427,090
Stock and cash dividends paid and reserved for
payment in settlement of deferred cumulative
dividends on Internat. Paper Co. pref. stock_ _ _
7,506,244
Total profit and loss surplus Dec. 31
$19,442,872 $15.920.846
* Includes $4590 in excess of amount first estimated. x Reserve to
reduce value of inventory to value based on prices current Dec. 31 1915.
CONSOLIDATED BALANCE SHEET DEC. 31 (Incl. Subsidiaries.)
CONSOLIDATED BALANCE SHEET DEC. 31.
Assets1918.
1917.
Properties
1918.
owned and operated by the several cos344,533,418 $45,803,959
1917.
1918.
1917.
AssetsWoodlands held directly and through subsidiary
$
Liabilities-$
$
$
Bidgs.& real est_ _a4,902,977 4,235,380 Capital stock _ __..16,000,000 10,000,000
companies for benefit of Internat. Paper Co_ _ _ _ 7,951,899 8,917,767
Securities (including U. S. Government bonds) .. 5,041,407
Cost of good-will,
Notes payable for
4,112,391
pat.,models,&o. 5,388,910 5,388,910
borrowed money 1,000,000
300,000 Cash
&our.in other cos. 240,000
Notes receiv.. $945,800; accts. receiv., $5,909,795; 1.449,840 2,618,121
240,000 Accts. payable and•
817,653
Cash
total
698,600
pay-rolls
2,298,060 2,118,212
6,855,595
5,720,994
Notes receivable.... 1,011,520 1,499,185 Deposits on cars62,058
104,589 Inventories-Raw material, supplies, finished
Accts. receivable. 5,422,498 3,629,589 Accrued int., &e.._
product and advances on logging operations..
32,218
64,435
20,637,522 12,271,772
Miscel. accts. reel(' 42,374
Sinking funds
Reserve to reduce
820
62,413
Inventories
10,156,558 9,638,129
val. of inventory 740,000
740,000 Deferred assets-Applying to future °pers. of co._
383,133
289.060
Govt. scour., incl.
Reserve for war
125,448
U.S. Lib. bonds 2,353,452
taxes (est.)_ _ _ 3,700,000 1,030,000
Total
$86,853,634 $79,796,476
Deferred charges_ 117,870
118,296 Surplus
6,621,476 5,216,301
LiabilitiesPref. stock, auth.. $25,000,000; held in treasury
30,453,813 25,573,537 Total
Total
30,453,813 25,573,537
$275,324; balance
i24.724,676 $24,709,430
a After deducting in 1018 $74,876 reserve for derpec'n.-V. 106, p. 1458. Common stock, auth., $20,000,000; held in treasury, $235,992; balance
19,764,008 19,750.940
Bonds
of!.
P.
Co.-Consol.
55,due 1935.$769,000;
National Lead Company.
1st & Ref. Mtge. 5s, sex. "A," due 1947, $6,420,000; total
7,189,000 10,473,000
(Report for Fiscal Year ending Dec. 31 1918.)
Prior lien bonds-Hudson River P. & P. Co., due
1918, $1,015,000; Rumford Sulphite Co., due
President Edward J. Cornish says in substance:
1918, $287,000; Piscataquis P. & P. Co., due
1918,$9,000; total
Tax Reserve.-The amount of taxes that are a charge against the business
1,311,000
of 1918 cannot be definitely stated. It is believed that the tax reserve Sub. cos. bonds guar., due 1919. $593,000; not
guar., due 1927-41,$196,000
created will be ample.
789,000
917,000
Promotion Reserve.-Our extensive acquaintance with the consuming Notes payable
9,565,000
340,000
trade makes it possible for us to exploit new products most advantageously Accounts payable
1,378.279
1,536.433
I.
P.
dividend
Co.
payable
15
and with the aid of our research departments we frequently
375.000
375,000
large Accrued bond interest (notJan.
due)
investments in such development and promotion work. On make
11,712
90,896
the whole I.
P. Co. deferred dividend payable
such investments have been very profitable. The promotion reserve
658,811
695,293
will
Reserve for taxes
take up such losses as may occur.
1,323,915 2.532,655
Reserves-Insurance fund, $394,698; for conDividends.-The company was placed upon a 5% per
regular
tingencies, $1,236,662
dividend basis during the year. Two extra dividends on theannum
1,631,360
1,143,984
common stock Total
profit and loss surplus Dec. 31
were declared, one of 1% denominated Red Cross extra dividend
19,442,872 15,920.846
No. 2,
and the other, A of 1%, denominated the United War Work Campaign
Total
extra dividend, it being considered the province of the stockholders indi$86,853,634 $79.796,476
-V.108.p• 584.
vidually to contribute to these worthy and patriotic funds.
Trade Conditions.-Our operations have 13een greatly influenced by the
war. The commercial demand for some of our products fell off. In other
Pierce-Arrow Motor Car Company, Buffalo.
cases the demand increased. Some of the increase in the
demand for our
products was for war purposes, so that the general result is
(2d Annual Report-Year ended Dec. 31 1918.)
that the total
volume of business was the greatest in the history of the company.
With
Pres. Charles Clifton, Buffalo, Mar.28, wrote in substance:
the signing of the armistice the war demand ceased.
The return to peace conditions is progressing slowly. There never was
War Activities.-Our
during 1918 were absorbed mainly in war
a time when there was so much need for our products as at present. Paint- activities under growing energies
demands from the War Industries Board. Passening was deferred during the war and there was little building except for war ger car production was curtailed
early in the year and was practically depurposes. The stocks of merchandise in retailers' hands are the lowest ever prived of raw material
from about Aug. 1 on. Trucks for war purposes
known at this period of the year. However, the trade generally seems to be were given precedence over
for commercial purposes in an increasing
hopeful that a consuming demand will set in in the spring months that will ratio as Ow year advanced.trucks
During the latter part of the year it was imspeedily,re-establish good business conditions.
possible to s cure material for either commercial trucks or passenger cars.
Ulco Hard Metal.-Practically all of the tin used in this country is imIn August we entered into a contract for the manufacture of a large
ported, either in the form of ore or pig tin. During the war a serious number
of Hispano-Suiza airplane engines. This aircraft program conshortage of tin existed. The National Lead Co. was able to alleviate
this templating the use of two-thirds of our existing machine facilities, seriously
condition to a certain extent by the introduction of Ulco hard metal, which
interfered with the use of such facilities for the production of war trucks,.
manufactured
at
the
is
Keokuk, Iowa, plant of the United Lead Co. Ulco With the signing of the armistice on Nov. 11 this entire program
of prohard metal gave most satisfactory results in its use as a babbit metal. It duction for Government
was cut short. Further preparation for
is one of the most promising of the new products developed by the Na- aircraft production camepurposes
to
an
abrupt
end
with
the
cancellation
of the
Co.
Lead
tional
contract-but,inasmuch as this contract contemplated reimburseNational Lead Co.(Argentina).-Although this company,organized under aircraft
ment of your company for all outlays and there can be no doubt of the
the laws of Argentina, did not commence manufacturing until early in the Government's intentions in this matter, the
auditors have set up no reserves
year 1918 and the restrictions on the shipment of metals from America and against this investment, which appears among
accounts receivable in the
England interfered materially with its operation, on the whole the results
attached balance sheet.
obtained were satisfactory. (V. 106, p. 1572.)
There
canceled
also
the
were
truck
bulk
the
of
orders for the U. S. GovWilliams Harvey Co., Ltd.(England), Williams Harvey Corp.(America),
- ernment and part of the truck orders for the French Government. This
The operations of the English company during the year were entirely satis- situation is reflected in the
unfilled
orders
on
hand
Jan. 1 1919, which were
largest
the
tin
factory. Being
-smelting plant inEurope. its product was 2,341 as against 5,098 on hand Jan. 1 1918.
distributed under the direction of the Ministry of Munitions.
On the other hand, the armistice put an end to the embargo on passenger
The plant of the American company was completed sufficiently to enable car material and resulted in a prompt
and gratifying revival of passenger
it to commence operations in October, and its output has since been steadily car business. Following the
factory night-work and overtime
increasing and as soon as the Governmental restrictions in connection with was eliminated and steps were armistice,
otherwise taken to bring operation down to a
ore
tin
and
importation
the
of
sale
the
of pig tin are removed it will be normal basis. We are now operating on a permanent 48-hour week basis.
.
ready to produce at full capacity,
Income Account.-Net profits for the year amounted to $2,765,741, which
United States Cartridge Co.-The activities of this company, in which the figure is arrived at after fully maintaining
plant, after providing $1,599,408
National Lead Co. owns one-half of the capital stock, were greatly cur- for depreciation, including obsolescence and
for amortization of war facili-
1508
THE CHRONICLE
ties, and after reserving $1,200,000 for Federal war and excess profits taxes
and income taxes.
There have been declared and paid during the year 8% on the Pref. Stock
and four quarterly dividends of $1 25 per share on the common stock. Just
before the close of the year there was declared a further quarterly dividend
of $1 25 per share on the common stock, payable Feb. 1 1919.
There was added to surplus the net amount of 3403,241.
Volume of Business.-Gross sales in 1918 amounted to $41,354,440, as
against $32,565,908 in 1917, an increase of about 27%. Of this 1918 figure
approximately $26,000,000 represented essentially war business.
The total production for 1918, expressed in terms of vehicles, was 8,635,
of-which 1 168 were passenger cars and 7,467 were trucks. These figures
compare with a total of 7,703 vehicles in 1917,of which 2,532 were passenger
cars and 5,171 were trucks.
Capital Expenditures.-Gross charges to property account during the year
amounted to $753,056, the bulk of them being attributable to the war.
A new building,"W," of fabricated steel, one story in height was made
necessary by the Government's coincident demands for both aircraft and
truck production. Additional machinery and other factory equipment had
to be provided for the same reason. Likewise it became necessary to reconstruct and enlarge existing power plant facilities and a comprehensive plan
was laid out, one-half of which was carried out during the year.
These war facilities, as well as those of 1917, having been installed at the
prevailing abnormal costs and being in excess of the investment required for
our normal business-a substantial portion thereof has been amortized in
such a way as to safeguard our capital investment and to conform to the
provisions of the Revenue Act.
General.-A dual valve motor has been in process of development during
the past two years and a small production was placed upon the market in
1918. In normal times this motor would have created a decided sensation,
but its features have been overshadowed by war conditions. Experience
so far has demonstrated this new motor to represent the best production
of the art. The war use of our trucks has been extraordinary and has considerably enhanced the reputation of our product.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 31.
a1916.
1917.
1918.
Calendar Years$41,354,440 $32,565,908 $18,687,287
Gross sales
Net mfg. profit, after depreciation.... $4,273,172 $4,791,274 $4,076,166
1,161,802
Deduct-Excess war prof.& inc. taxes 1,200,000
33,073,172 33,629,472 $4,076,166
Balance
63,843
10,2001
10,200
Other income: Div.from affiliated co.
1,658J
5,401
Miscellaneous
$3,088,773 $3,641,330 $4,140,009
Total
69,750
42,582
323,032
Deduct-Interest (net)
Net profit for the year
Preferred dividends paid (8%)
Common dividends paid
Balance, surplus, for year
Previous surplus
$2,765,741 $3,598,748 $4,070,259
b57,778
800,000
800,000
($5)1,562,500(3234)625,000
$403,241 $2,173.748 $4,012,481
242,215.
2,415,963
$2,819,204 $2,415,963 $4,012,481
Total
3,770,266
Applicable to oper. of predecessor co..
$242,215
Total surp. as per bal. sheet below.. $2,819,204 $2.415,963
[VoL. 108.
of contracts carried over from 1917 has brought about a substantial curtailment in inventories and work in process, and has resulted in a reduction
in our notes and accounts payable of almost $4,000,000, as shown in the
balance sheet. Since Jan. 1 1919 there has been a still further reduction
of $1,000,000.
Building operations throughout the country since the first of the year
have been at a very low point, and the future is still uncertain; but, meantime, with the uncompleted contracts to be carried into this year's operations, our service business and the Government contracts still unfinished.
together with a certain demand for elevators which exists under all conditions, the operation of our plants for some months to come is assured.
Our foreign business in certain sections of Europe is in a much more
satisfactory condition than was to be expected. We have made a further
charge against current earnings on account of European losses.
Out of the earnings of last year's business your directors have declared
the usual dividends on pref. stock, and have declared a quarterly dividend
of 1 X % on the common stock, payable on April 15 1919,and have reserved
from the past earnings a fund sufficient to provide for the declaration of
subsequent 1 X % quarterly dividends on the common stock during the
current year.
RESULTS FOR CALENDAR YEARS.
•
1915.
1916.
1917.
1918.
Net earns.,aft.maint.,&c.$2,303,412 $2,270,850
482,273 Notshown Notshown
500,003
Interest charges
$735,668
Balance for diva., &c..-$1,803,409 *31,788,577 $1.036,589
$390,000
$390,000
5390,000
Preferred dividends(6%) 3390,000
318,575
318,575
318,575
Common dividends (5%) 318,575
150,000
Reserved for Fed'l taxes_ 380,000
50,000
100,000
70,000
Res.for pension,&c.,fund
250,000
a380,0001
a340,919
Depreciation reserve_
359,304J
Contingency reserve
$27,093
$28,014
$90,697
$303,910
* After deducting interest charges, $482,273, in 1917 and $500,003 in
1918, the amounts not being stated in previous years. a Depreciation
account foreign countries.
GENERAL BALANCE SHEET DECEMBER 31.
(Incl. assets and liabilities of the Otis Elevator Co. of Ill., Mo. and Texas.)
1917.
1918.
1917.
1918.
$
$
AssetsPreferred stock__ 6,500,000 6,500,000
sReal est., bkigs.,
machinery, &c_11,520,044 11,727,044 Common stock...... 6,371,587 6,371,587
Accrued interest,
Inv.in for'n & oth.
38,750
138,428
taxes, e.n
domestic cos...._ 2,953,089 2,935,122
3,000,000 3,100,000
Debentures
Bonds,stocks,&a.,
95,852 Notes payable.._ _ _ 3,200,000 6,200,000
79,670
held for sale...
131,640 Accounts payable_ 899,309 1,580,547
Deferred charges.. 260,725
968,391 Liberty Loan col978,101
Cash
218,500
lateral
204,791
Notes receivable... 279,532
97,500
97,500
Accts. receivable. 3.654,409 4,207,195 Preferred diva_ _ _ _
398,219
398,219
240,000 Common diva
37,000
Liberty bonds.._
497,195
81,892
Res. for conting's_
Raw materials,finished parts, &c.. 4,574,656 6,425,219 Res .for Federal
150,000
380,000
taxes
Mat'l & labor exRes've for pension,
pended on con225,065
266,377
Am., account
tracts in process
3,003,914 y2,700,000
Surplus
of comple'n out1,142,108
side of factories
Surplus
a Includes operations of predecessor company. b At the rate of 8% per
annum from Dec. 6 to Dec. 31 1916.
24,337,22i3 28,077,363
24,337,226 28,077,363 Total
Total
BALANCE SHEET DECEMBER 31.
1917.
1918.
1917.
1918.
and equipmachinery
buildings,
estate,
real
in
investments
Includes
x
Assetsment; equities in Harrison, New York and Chicago properties, and patents.
8% cum. convert.
Plant site, bldgs.,
reserve for working capital.-V.107,.p. 010.
Denotes
y
less
depreciation.
10,000,000
10,000,000
stock
pref.
5,425,087
4,735,562
SLo..
machinery.
Corn. stock (250,Land not for busi000 shares of no
138,786
ness
Car Lighting and Power Company.
par value, but of
tradePatents,
the declared val.
6,351
2
marks, &c:
for Fiscal Year ending Dec. 31 1918.)
(Report
of $5 (per share) 1,250,000 1,250,000
Invest,in affiliated
40,000 Capital surplus.- 4,081,412 4,081,412
President A. G. Fromuth, March 20, wrote in substance:
40,000
selling company
4,600,000
3,837,500
Bank loans
Finished vehicles.
Our company, as you know, was organized to finance the Clothel Cora4,324,487 3,800.168 Bank loans see. by
&43
pany and the Consolidated Railway Electric Lighting & Equipment Co.
641,533 During
dep.of Lib. bds.
Work in process..., 3,181,933 4,108,531
the year the Clothel Company instead of drawing from the Car
Raw mat'l & supp. 7,076,329 6,929,087 Accounts payable.. 2,662,202 1,914,402 Lighting & Power Co. has been reversing the position and is now a source
119,800 of income to us.
Notes & accts. rec. 4,012,995 3,665,633 Customers' depot,. 115,800
86,463 Accrued excess war
87,647
Misc.inv.& depos
With regard to the Consolidated Railway, Electric Lighting & Equipprof. & !no. tax.. 1,200,000 1,161,802 ment Co.(V. 107, p. 2378, 1922), owing to the condition of the railroads
2,338,695 1,192,697
Cash
634,991 Dividend pauable_ 312,500
Liberty bonds_ _ _ _ 275,000
and their unsatisfactory outlook, your directors decided not to finance it
195,904 Surplus (see table
67,181
Deferred charges_
further. It was, therefore, sold out during the year. Instead of
2,819,204 2,415,963 any
above)
being long on assets and short on cash our financial position is therefore.
stronger than it was before. To have continued our financing of
much
26,084,913
26,278,618
26,278,618 26,084,913 Total
Total
the Equipment Co. would have required a large additional cash outlet,
which your directors deemed conditions did not warrant.
x After deducting $1,976,166 for depreciation.-V. 108, p. 386.
BALANCE SHEET, DECEMBER 31 1918.
Assets.-Cash,$26,182; bills and accounts receivable, $707,574;
American Stores Company.
investments: stocks, bonds, and real estate, 3136,663; stock
of the Clothel Co.,59,500 shares at $100 per share,$5,950,000;
(Report for Fiscal Year ending Dec. 31 1918.)
treasury stock: Car Lighting & Power Co., 68,842 shares at
assets_ _ _ _$8,542,504
COMBINED PROFIT AND LOSS ACCOUNT FOR CALENDAR YEARS.
$25,31,721,040;furniture and fixtures,31,044; total
Increase.
1917.
1918.
Offsets.-Capital stock: Authorized, $8,000,000; less: assess$8,016,877
$62,315,465 $58,123,807 $4,191,658
ments due, $3,722-$7,996,278; loans, $20,600; total
Gross sales
2,951,263 -V. 108, p. 1167.
52,018,770 49,067,507
Cost goods sold
Gross profit on sales
Store operating expense
Warehouse admin. and expense
Net stores profit
Other income
Miscellaneous deductions
Reserve Federal and State taxes
$10,296,695 $9,056,299 $1,240,396
$612,372
$5,419,931 $4,807,559
234,555
2,041,022
2,275,577
$2,601,185 $2,207,716
12.000
36,065
69,392
297,440
652,053
1,086,185
$393,469
24,065
228,048
434,132
$1,253,625 $1.498,570dec.$244.645
Balance of profits
302,719
415,215
717,934
Preferred dividends and sinking fund
$535,691 $1,083,054 dec.$547,363
Surplus
COMBINED BALANCE SHEET DECEMBER 31.
1917.
1918.
1917.
1918.
Liabilities(Con)- $
$
Assets4,268,527 2,732,434 Accounts payable. 1,302,791
Fixed assets
1,646,041
a9,716,953 7,500,000 Notes payable_
Goodwill
79,8551
406,935 Wages pay'le, accr
937,148
Cash
86,763} 3,030,119
631,952 Divs. payable-.
Accounts receivle. 108,077
25,000
6,005.706 3,595,289 U.S. Gov. W.S.S.
Inventories
,war
in
for
Res've
1,250,000)
bonds...._
Liberty
&exc.prottax,&e 1,253,292
3,212} 1,964,159
Thrift stamps....
12,587
b242,714
Reserves
10,415J
Acer.int.& mtges.
79.609 Outside int. in con92,847
Prepaid assets....
trolled cos.A.T.C.:
151,162
Other assets
1st pref. stock_ 1,864,100
47,824
Organization exp.
22,000
2d pref. stock__
42,200
22,440,710 17,061,540 Common stock..
Total
14,491
Share of surplus
Lk:Wines226,007
First pref. stock.... 3,447,900 3,000,000 Capital surplus
318,677
1,982,414
Second pref. stock. 1,457,000 1,500,000 Surplus
Common stook (no
22,440,710 17,061,540
8,974,150 8,974,150 Total
par value)
a After deducting special surplus arising from acquisition of Acme Tea
Co. stock under par, $1,658,047.
b Includes $201,042 stock redemption first preferred; $30,000 second preferred; $11,672 trading stamp account.-V. 108, P. 381.
Otis Elevator Company.
(Report for Fiscal Year ending Dec. 31 1918.)
Chairman W. D. Baldwin, March 19, wrote in substance:
While the volume of our elevator business fell below that of 1917, the
result of the year's operations is regarded as satisfactory. The completion
Advance-Rumely Company.
(3d Annual Report-Year Ending Dec. 31 1918.)
President Finley P. Mount on Mar.29 1919 wrote in subst.:
General Operations.-During the greater part of the year past the company was handicapped by the shortage of competent labor, as well as the
difficulty of obtaining satisfactory delivery of materials.
The La Porte plants to-day are running at practically full capacity. At
Battle Creek, where our 12-20 Oil Pull was put into production during the
year, our employees have increased from 407 on Jan. 1 1918 to 1,415 at
the time of the writing of this report. The manufacturing schedule of
machine units for 1919 has been increased to double that of 1918.
The company had three separate contracts for marine boilers, which
On
were built in the Battle Creek plant, for the U. S. Shipping Board.
which
Dec. 31 1918 the Shipping Board canceled the third contract, upon
but a comparatively small amount of work had been done. The first
contract was fully finished and the second is now practically completed.
The Canadian plant has been operated at a small profit largely on work
outside of our own line.
Inrentories.-Tho machines, raw materials, repairs, &c., are carried in
the inventory at the lowest justifiable price.
During 1918 we collected in cash 86.6% of the entire year's sales, leaving
only 15.4% in receivables for future years.
the four
War Bonds.-On our subscriptions aggregating $2,000,000 forpurchased
U. S. Liberty Loans, we were allotted $1,284,900. We alsoand
held at
and
bought
further
employees
of
for
account
$366,320 bonds
Dec. 31 1918 $750,000 of U. S. Cert. of Indob. and an additional $100,000
of Canadian Victory bonds.
Debenture Debt.-During the year the company purchased $1,007,123
of such debenof its outstandingtdebentures, and also acquired $165,000
claims
tures which had been set aside, to meet certain undeterminable
together
retired
so
that were liquidated during the year. These debentures
with the $545,277 on hand at the beginning of the year were canceled,leaving outstanding Jan. 1 1919 $1,545,000.
Additions.-Tho sum of $575,365 was expended during the year for extensive additions to the plants chiefly additional machinery.
out of earnings
Reserves.-The reserves aggregating $876,065 set aside
realization of these
include: (a) Reserve for collection expense and loss on
accounts reon
loss
and
allowances
discounts,
For
(b)
notes, $389,796;
ceivablo, $103,557; (c) reserve against shrinkage in value of current
misinventory, $295,101; (d) compensation insurance fund, $52,830; (e)
cellaneous,$34,781.
old reserve against
At the close of the year there was transferred from the
of trade names,
realization of assets taken over at Jan. 1 1916 to the credit
to
trade marks, good-will, &c., $1,172,305, reducing this latter account
$13,000,000.
APR. 12 1919.]
THE CHRONICLE-
1509
t._
a
Our 47 % stock interest in the New England Mfg. Co.,representined by
1,187% shares, returned dividends amounting to $30,400 in the year 1918.
With the cessation of hostilities this company has stopped operating, and
its affairs are now in process of liquidation, the results of which, it is
believed, will prove satisfactory.
Gas Companies.-As stated last year the Boston Consolidated Gas Co.
and the Citizens' Gas Light Co. increased their price of gas to consumers
10 cents per 1,000 Cu. ft., Jan. 1 1918. and Feb. 1 1918, respectively.
On April 1 1918 the East Boston Gas Co.increased its price 15 cents per
1,000 Cu. ft.; on May 1 1918 the Newton & Watertown Gas Lt. Co. increased its price 10 cents; on Sept. 1 1918 the Citizens' Gas Light Co. of
Quincy increased its price 10 cents, and on Nov. 21 1918 the Boston Consolidated Gas Co. increased its price a further 10 cents per 1,000 Cu.ft.
The Boston Consolidated Gas Company's net addition in street mains
for the year was 3,554 feet. The total output of gas to consumers for the
same period was 6,323,497 cu. ft., an increase of 4.54% compared with the
output of the previous year. The net gain in meters set was 1,729. as
against a gain of 4,166 in 1917 (for other companies see table below.)
Commercial Companies.-Prior to the signing of the armistice, every
effort had been made to keep production of the mines and of the Everett
Plant as well as the operation of the fleet at the highest possible point, in
the endeavor to obtain an adequate fuel supply for New England. From
a situation in which we were facing a shortage of both coal and coke, we
passed to one of an over-supply of fuel.
During the year, the four large steamers of the New England Fuel 8z
Transportation Co. were taken from the New England coal trade to operate
for the Government in the movement of army supplies to France. Two
of the ocean-going tugs were also taken by the Shipping Board for overseas
service. The distribution of the New England Coal & Coke Company's
coal, and also its coke, was in the absolute control of the Fuel Administration. Furthermore the prices charged for water transportation and for
fuel were arbitrarily fixed by the Government.
As a result of this Governmental control it was impossible for the companies to fully carry out their contracts with their customers.
The output of the Federal Mine for the year was 547,161 tons, as compared with 573,512 tons in 1917. The output of the J. B. B. Coal Co.
(60% of the capital stock of which is owned by the New England Fuel &
Transportation Co.) for the year was 228,001 tons, as compared with.
260,448 tons for 1917. Shortage of cars and of labor account for the decreases
in both cases.
* Preferred dividend No. 1, 1 %, declared payable April 1 1919,
MASSACHUSETTS GAS COS.-YEAR ENDED DEC. 31 1918.
called for $187,500.
Cal. Year Half-Year -Years ended June 30CONSOLIDATED BALANCE SHEET DECEMBER 31.
1913.
1917.
1916-17.
1915-16.
Including Advance-Rumely Thresher Co., Inc., and Can. Rumely Co., Ltd.] Int. on bonds,notes,&c. $102,703
$47,371
$315.597
$312,383
1918.
Assets1917.
Dividends received__ _ 3,223,442
1,654,371 3.469,457 2,581.701
$4,120,842 $3,716,993 Profit on sale of securit's
Land, buildings, machinery and equipment
4,351
892
2,490
5.623
property
sale
held
for
100,606
113,961
Outside real estate, incl.
Goodwill, patents, designs and other intangile
Total income
$3,330,496 $1,702,634 $3,784,330 $2,902,921
values,subject to adj. upon realization of assets_ 13,000,000 14,172,305
DeductSecurities of the company purchased and held in
General expenses
$346,304
$138,281
$139,696
$95,085
127,122
treasury (at cost)
563,466 Bond, &c., interest..
423.989
414,902
206,085
419,487
Inventories of raw materials, supplies,finished and
Divs.on pref. shares_ (4)1,000,000 (2)500,000(4)1,000,000(4)1.000,000
partly finished products, &c
8.047.036 7,281,779 Red Cross common div
00125,000
Customers' notes receivable, less commission cerRes.for depr. of secur's_
4,351
892
2,490
5,623
tificates outstanding
3,090,957 3,169,443 Common dividends_(7%)x1,166,667
See note (7)1,750,000(5)1,250,000
Dealers' and other trade accounts, &c
449,346
502,224
Investments-U.S. Liberty Loan bonds, less payTotal deductions..__ $2,941,311
$845,258 $3.432,088 $2,770,194
ments on subscriptions by employees; U.S. ctfs.
Balance, surplus
$389,185
$352,242
$857,376
3132,727
of indebtedness, Canadian Victory Loan and
The net undivided earnings of the constituent companies from the
other investment securities
1,153,505 operations of year ending Dec. 31 1918 (see the several statements below)
2,482,473
882,322 2,594,168 show a surplus of $126,746, comparing with $194,266 in 1917, $342,506
Cash in bank and on hand
Misc, operating supplies and preparatory expenses
43.125 in 1916-17, $277,440 in 1915-16.
67,747
Total assets
$32,421,331 $33,258,091
xThe company has been accustomed to declared yearly in July out of the
earnings of the previous fiscal year an annual dividend for the four quarters
Liabilities$12,500,000 $12,500,000 beginning in August and ending the following year. In July 1917 $1,750.6% pref. stock (diva. cum.after Jan. 1 1919)
Common stock, 137,500 shares($100 each)
13,750,000 13,750,000 000 were set aside for dividends of the year 1917-18, amounting to 7%; this
Ten-year 6% gold debentures, due 1925; $3.500.amount was charged against the year ended June 30 1917. In 1918 $1.000 canceled to Dec.31 1918,$1,955,000
1,545,000 3,263,000 166,667 was set aside from the earnings of the year for dividends on the
Acc'ts payable,incl. pay-rolls, taxes, int., &c.(incl.
common shares, covering, no doubt, the eight months' dividends paid and
U. S. Federal income taxes accrued $200,000)
369,845 accrued at the 7% rate from May 1 1918 (when the last quarterly distribu878,630
Oper. and conting. reserves from earns, of the year
tion at the 7% rate was made from the $1,750,000 set aside in year 1917-18)
(excl. depr. deducted from property account)
851,432 to Dec. 31 1918. The balance sheet of this latter date, it will be noted
876,065
Reserve against realization of assets taken over..
848,672 1,689,777 shows two months' accrued dividends at the 7% rate on account of the
Surplus net profits and income for the year
2.022,965
834,036 common dividend paid Feb. 1 1919.
Total liabilities
$32,421,331 $33,258,091
BALANCE SHEET OF MASS. GAS COS. DECEMBER 31.
-V. 108, p. 1391.
1918.
1917.
Assets$
1918.
$
1917.
Kelsey Wheel Company.
Property account_60,650,701 60,604,557 Liabilities(Report for Fiscal Year ending Dec. 31 1918.)
Cash in banks...._- 481,137
203,296 Common stock__ _25,000,000 25,000,000
Notes receivable.._ 666,948 1,200.926 Preferred stock.._ _25,000,000 25,000,000
Pres. John Kelsey, Detroit, March 14, wrote in substance: Accts.
receivable..
8,014
9,130 20-year bonds.._ __ 8,665,000 8,854,000
338,835 Accounts payable..
During the year 1918 approximately 80% of the output of the company Bond dise't susp__ 299,233
22,806
10,270
consisted of Government work. The plants have now been reconverted Mass. Gas Co. bds
Accr. int.& taxes_ 169,433
88,796
in treasury
154,631
185,562 Pref.div.accrued..
to the production of the company's regular lines and the outlook for the
83,333
83.333
Liberty bonds- 415,490
117,618 Cora. div. accrued 291,667
year 1919 is very satisfactory.
875,000
Notes(Unit.King.
Reserve for depree.
CONSOLIDATED RESULTS FOR YEARS ENDING DEC. 31.
of Cr. B.& Ir.).
113,724 of securities____ 125,957
121,606
Mass.0.Co.shares
1916.
Due banks, &e..... 255,450
1917.
1918.
Sales less returns, &c
acct.prof.sharers
$10,336,315 $11,321,356 $8,178,921
Surplus
3,077,379 2,728,107
Cost of sales, admin., &c.,expenses
and employ..___
2,336
8,950,780 9,647.738 7,267.619
The company is now entirely freed from any further liability or duty on
account of f'armers' notes outstanding at Jan. 1 1916.
The balance remaining in said original reserve of Jan. 1 1916, namely,
$848,671, is in the opinion of the board fully adequate to meet any probable
loss in the realization on old assets.
Profits-Initial Dividend.-The profits for the year 1918 are gratifying
and already the first dividend [of 13,6%) on the [$12,500,0001 preferred
stock for the period Jan. 1 1919 to April 1 1919 has been ordered paid
(calling for $187,500 for the quarter, being at rate of 6% or $750,000 per
annum.)
Product.-During the year the company has completed the development
of Oil-Pull tractors and is now engaged in quantity production of its entire
line of 011-Pull tractors.
The company now has its product standardized on the following lines:
Sizes.
MachinerySizes.
MachineryFour Advance-Husker shredders..__ Two
OilPull tractors
Four Advance-Rumely steam eng_ _ _Three
Ideal separators
Two Fuel & water tanks & trucks_ _ _Two
Ideal Clover Hullers
The company also sells tractor plows and other accessories.
Prospects.-The present hgih prices for farm products and the reasonable
prospect of a continuance of such prices during the year would seem to
justify the feeling of reasonable security with respect to the year's business.
The board, moreoever, believes that the company will obtain in the future
a substantial measure of success.
INCOME ACCOUNT (INCLUDING SUB. COS.) FOR CAL. YEARS.
1917.
1916. •
1918.
$3,073,877 $2,101,832 $1,757,344
Gross profits from operations
Add interest on receivables, investments and bank balances,discounts
317,394
319,827
420,977
on purchases, &c
Total prof. & inc. from all sources- $3,393,704 $2,419,226 $2,178,321
Deduct-Selling, General and administrative expenses and home office
1,669,660
1,860,117
and branches-Net
1,689,941
144,657
Debenture and other interest
165,201
204,901
33,808
200,000
Provision for Federal taxes
$550,557
Net profits & income for the year__*$1,188,929
$283,478
Balance
Add-Miscellaneous income
$1,385,535 • $1,673,618
49,246
119,755
$911,303
196,299
.Total
62,678.490 62,773,648 Total
62,678,490 62,773.648
OPERATIONS OF SUB-COMPANIES INCREASES OVER 1917.
Add'ns
to
Subsidiary
-Gas to ConsumersMeters,
Street Mains. Total Cu. Ft. Increase. Net Gam
CompaniesBoston Consol. Gas
3,554 ft.
6,323,497
4.54%
1,729
East Boston Gas
717 ft.
668,586,000
602
12.6%
Newton & Wat'n Gas Lt_12,354 ft.
817,489,000
11.84%
715
.Citizens' Gas Lt.(Quincy)6,574 ft.
243,799,000
24.43%
435
BOSTON CONSOLIDATED GAS CO.-YEAR ENDED DEC. 31.
Cal. Year
Half-Year -Years ended June 301918.
1917.
1916-17.
1915-16.
Gross income
$6,791,572 $2,766,489 $5,371,701 $4,980.970
Expenses
5,541,361
2,078,974 3,899,620 3,405,372
Total
$1,505,290 $1,722,864 $1,107,602
Reserved for depreciation
$342,963
$407,601
$219,932
Provision for Federal taxes
275,000
305,000
Interest on borrowed money
45,910
34,646
29,030
Preferred dividends
(7%)204,750(7%)210,000 (1 U)52,500
Dividends on stocks of constit. cos___
123,719
Organization expenses
28,001
Balance,surplus for year
$572,029
$830,255
$654,420
CONSOLIDATED BALANCE SHEET DEC. 31.
1918.
1917.
1918.
1017.
AssetsLiabilities3
Net income
$1.250,211
$687,515 $1,472,081 $1,575,598
Prop'ty ace% &c-a2,457,577 a2,519,507 7% cum. pref. stk. 2,909,000 3,000,000
18,492
11,405
23,249
24.438
Trade-names,good
Common stock...10,000,000 10,000,000 Miscellaneous income_
10,000,000 10,000,000 Notes payable
will, &a
Net earnings
$1,268,703
$698,920
$1,495,330
$1,600,036
Investments
59,000
(bank loans)__ _ 1,000,000
290,000 Interest
5189,428
$85,165
$151,091
$141,576
Inventories
2,104,089 2,212,840 Accounts payable
Dividends
(7)1.058,722(330529,361 (7)1,058,722(834)1285591
Duo from U. S.
(trade creditors) 832,338
788.315
Govt. (less cash
Sundry creditors &
Balance,surplus
$20,553
$84,393
$285,518
$172,869
reed to (late).- 1,565,025
accrued Habit's_ 275,454
234,383
Notes & ace'ts rec. 841,969
932,509 Prey, for war tax.. 355,022
326,587 SUBSIDIARIES CAL. YEAR ENDED DEC. 31 1918-JUNE 30 YEAR 1916-17.
Liberty bonds..
b146,404
63,347 Surplus
-E. Boston Gas Co.- New.& Wat. G. Lt. -Citizens'(7.Lt.Co.1,484,675
2,067,905
Victory bonds_ -- c29,680
2,000
Cal. Yr.
Year. Cal. Yr.
Year.
Cal. Yr.
Year.
Dent assets, &a- 102,901
59,929
1918.
1916-17. 1918.
1916-17.
1918. 1916-17.
222,474
Cash
333,830
Gross income
$600,604 $474,533 $745,652 $588,256 $300,003 $183,540
Expenses
531.536 412,124 662,916 489,056 235,642 144,391
Total
17,529,719 16,123,960 Total
17,529,719 10,123,060
Net from over...... $69,068 $62,409 $82,736 $99,200 $64,361 $39,149
a Includes land, buildings, mach nery, equipment, comprising manu- Miscel. income__
1,353
7,334
1,735
5,665
806
802
facturing plants at Detroit, Memphis (Tenn.) and Windsor Ont.), valued
at cost, less reserve for depreciation aggregating $1,058,81 in 1917 and
Net earnings____ $70,421 $64,144 $90,070 $104,865 $65,167 $39,951
31,461,473 in 1918. b Less amounts paid by employees, including $34,Deduct125 paid on subscription of $108,250 to Fourth issue. c At par, including Interest
$26,335 $17,903 $35,116 $19.388 $11,138
$6,167
$9,030 paid on subscription of $30.100 1918 issuo.-V. 108. p. 1168.
40,250(73.4)43125
Dividends
50,400(12)67,200 44,580(434)33,435
Massachusetts Gas Companies, Boston.
(16th Annual Report-Year ended Dec. 31 1918.)
Pres. James L. Richards, Boston, Apr. 1, wrote in subst.:
Balance,surplus.. $3,837
$4,554 318,277
$3,116
$9,449
$349
-N.E.C.& C. Co.- -J.B. B. Coal Co.- -N. E. F. & T. Co.
Cal. Yr.
Year
Cal. Yr. Year
Cal. Yr. Ralf-Year
1918. 1916-17.
1918.
1916-17,
1918.
1917.
Property Account.-This on Dec.31 1918 included the following securities; Gross Income...4965.613 $3,049,219 $639,924 $611,601 $14,766,567 $6,412.132
Expenses
723,435 2,370,484
674,830 560,555 12.538,546 5.329.287
Onwed. *Otast(5nd.
Owned. •Outstand.
$
$
Co. StocksCo. Stocks$
$
oper.$242,178
$678,735
Net
from
def$34,906
$51,046 $2,228,021 $1,082,845
Bost. Cons.G.Co.15,112,600 15,124,600 N.Eng.F.& T.Co.25,000.000 25,000,000
Deduct575.000 N.Eng, Mfg. Co
East Bos. Gas Co._ x575,000
187,500
200,000 Interest
$148,223
$40,417
34,018
$27,448
$221,429
$13,728
560.000
Water'n
560,000
Newton &
Bonds of the J. B
Dividends.... (8)120,000(35)525,000
2,000,000 1,000,000
743,000 B. Coal Co__ 114,000
Citizens of Quincy. 743,000
(7) im•
$5,512 def$68,925 $23,598
Balance,surplus. $881,761
$69.117
$6,593
* Supplied, not in report; x Par of shares, $25; other shares $100.-Ed. -V.
108. p. 274.
1510
THE CHRONICLE
[IT(m. 108.
OPERATIONS AND EARNINGS OF ALL COMPANIES FOR YEAR.
-P.C.in Value1918. 1917. 1916.
1916.
(Incl. custom ores.)
1918.
1917.
Copper, lbs
20,359,378 29,043,242 28,888,093 16.1 22.6 22.6
Lead, lbs
96,567,485 107,519,570 103,855,451 23.1 25.7 21.1
Silver, oz
15,337,465 13,000,187 11,647,205 47.4 31-5 23.6
8.0
6.5
8.9
129,273
Gold, oz
109,612
137,315
comalso
quarterly,
2%
preferred
of
the
stock dividends
We have paid
4.5 13.7 23.7
Zinc, lbs
53,590,446 64,584,001
18,771,684
mon stock dividends of 1% quarterly, total dividends from the year's
1915.
1917.
1916.
Average Price1918.
earnings amounting to 3180,000. [The initial 1% on the common since Copper,
30.18183
30.27201
30.27297
30.25273
the discontinuance of dividends on this stock in 1908 was paid Apr. 1 1918 Lead, lb lb
0.04546
0.06676
0.07424
0.08558
along with the 2% on pref. A. & B. All the accumulated dividends on the Zinc,
0.14964
0.09353
0.12327
lb
0.08289
pref. shares were finally discharged in July 1917.1
049965
Silver,
0.65386
$7,240.97081
oz0.81765
more
-ASales for the year have exceeded those of any previous year by
$5,769,391 $9,737,664 $7,579,184
earns, after int., &c.
than $1,250,000 and gross earnings have proportionately increased. Normal Net
986,860
953,679
839,200
Deprec'n, &c., reserves_ 1,877,364
and excess profit taxes being greatly in excess of previous years we are Depletion
617,897
597,079
reserves
obliged to reserve approximately $500,000 for the payment of these taxes,
thereby reducing the net earnings to be added to surplus, to about $175,000
Profit for year
$4,775,090 $4,197,815 $8,898,464 $6,592,324
after payment of dividends.
3888,900
$1,000,009
Additional reserve
While conditions over which we have no control make the sum of our Federal
$692,500
taxes, &c
Federal tax seem large and quite out of proportion, we may congratulate Prof.
1,702,225
1,702,225
1,702,225
_
dividends
(7%)
1,702,225
ourselves that we are contributing in no small way toward war and reCommon dividends_(10%)1,755,575(10)1755,575(8 M)1492239(1%)263,336
construction expenses.
Our stocks of raw material and finished product are ample, and our
$47,515 $4,704,000 $3,737,863
$1,317,290
Balance, surplus
sales continue large and of a very satisfactory nature. With improved
The consolidated earnings for 1918 as reported above are shown without
manufacturing and sales facilities the outlook for the future is good.
which will be charged to profit
income,
1918
on
taxes
Federal
of
deduction
and
N.B.11.Parker.1
Secy.
S.T.Russeli
(The report is signed by Pres.
and loss account when paid in 1919.
..111W
CONSOLIDATED BALANCE SHEET DECEMBER 31.
The tonnage of ores produced from Centennial-Eureka, Mammoth,
Naylor, Sunnyside, Ritz and Bingham minis, and in Mexico, was 1,220,722
1918.
1917.
1917.
1918.
tons, of which the values of the metal contents were in the proportion of
Liabilities5
$
Assets$
copper, 10% lead,7% zinc,61% silver and 12% gold.
10%
"A"_1,000,000
1,000,000
stock
363,425
Preferred
Real estate Sc bldgs_ 404,293
Mach. de equipment_ 295,987 276,722 Preferred stock "B".. 500,000 500,000 CONSOLIDATED BALANCE SHEET DEC. 31, INCLUDING SUB. COS.
1,500,000 1,500,000
Common stock
Office furniture and
1917.
1918.
1917.
1918.
73,800
24,833
30,362 Mortgage bonds_ _ _ 71,700
fixtures
$
LiabilitiesAssets100,000 100,000
52.000 Debenture bonds
Stocks and bonds_ _ _ 56,310
Common stock___17,555,888 17,555,888
108,787 122,111 Property and In1,500,000 1,500,000 Accounts payable_
Good-will
vestment acct_ _69,4l2,586 62,950,387 Preferred stock___24,317,775 24,317.775
30,000
150,270 116,576 Div. payable Jan. 1- 45,000
Cash
2,227,564 6,462,199 Stook of sub. cos.
625,000 400,000 Additions
Notes de accts. rec_ _1,236,250 884,052 Notes payable
not owned (par) 2,887,368 2,888,235
1,852,504 1,478,222 Accrued liabilities_ 623,743 205,802 Improvements,opInventories
6% notes due Feb.
deArc.,
tions.
982,595 808,543
38,897 Surplus
Advanced expenses_ 30,377
12,000,000 12,000,000
1926
ferred charges 1,127,405 1,805,408
Total
5,556,825 4,740,256 Ores&by-products 2,360,777 1,946,314 Bonds of sub. cos.
5,556,825 4,740,256
Total
514,5041
owned
not
503,700
Supplies,
and
fuel
-V.108, p. 687.
1,470,000
900,000
5,271,678 3,991,012 Notes payable
timber
Accts. payable,dm. 1,439,722 2,268,272
Metals in transit
864,450
and in process- 5,697,256 8,947,097 Dividends Jan. 15 864,450
U. S. Smelting, Refining & Mining Co.
210,091 Deprecen reserves_11,001,861 9,135,307
Notes rec. & loans 161,282
4,221,168 4,755,322
Accts. receivable.. 2,939,251 2,757,746 Miscellaneous*
(13th Annual Report-Year Ending Dec. 31 1918.)
Burp. applic. to stk.
Caah (and U. S.
517,462
of sub.cosnot held 648,754
Govt. bonds) 2,045,948 1,641,126
Pres. William G. Sharp, March 31, wrote in substance:
and loss... 14,322,260 13,004,970
Profit
Results.-Earnings of all companies, after charging cost of production,
selling expenses, repairs and interest, but before providing for depreciation,
91,243,746 88,711,380
Total
91,243,746 88,711,380
Total
depletion and Federal taxes. were $7,249,533. Deducting depreciation
*Includes in 1918 drafts in transit $652,422, reserve for freight, interreserves and exploration, $1,877,364, and depletion reserves, $597,079, the est,
refining, taxes, &c., $3,568,746.-V. 108, p. 1420.
profit for the year 1918, before providing for Federal taxes, was $4,775,090.
Dividends on pref. stock at 7% per annum called for $1,702,225, and dividends on common stock at $5 per share for $1,755,575. The undistributed
surplus as per balance sheet thus increased from $13,004,970 to $14,322,260.
Federal taxes on 1918 income will be charged to profit and loss account
when paid in 1919.
Capital Expenditures and Investments.-These in 1918 aggregated $2,977RAILROADS, INCLUDING ELECTRIC ROADS.
405; less miscellaneous credits, $749,840; balance, $2,227,564. The additions to plants (of $2,163,416 here included) are chiefly represented by the
Control of Railroads.-Plan.Government
extension of Loreto and Guerrero Mills and other improvements at the
The "Railway Ago" in its issue of April 4 publishes part 2 of an article
Mexican properties, completion of mill construction and equipment at by F. J. Lisman on a possible solution of the Railroad situation through
Utah.
in
coal
the
equipment
at
properties
additional
Sunnyside, and
combining of weak and strong roads end to end in various classificaUtah Ry.-The assets of this road, in which we own all the outstanding the
tions so as to increase and strengthen the railroad credit.
stock and bonds, have for the first time been incorporated in the consoliThe
"Railway Review" in its issue for March 29 publishes In comparadated balance sheet, resulting in a credit of $290,179 to property and tive form
the seven proposed plans for the settlement of the railroad ques
investment account by reason of the allocation of part of the underlying tion.-V.
108, p. 1164, 1059.
investment to current assets, &c.
Current Assets.--The excess of current assets over current liabilities
Alabama City Gadsden & Attalla Ry.-Six-Cent Fare.Dec. 31 1918, was $10,480,850.
The Alabama P. S. Commission has granted this company a six-cent fare
Shareholders.-No. of pref. stockholders at this date, 9,499; common, on all its lines, effective April 1.-V. 83, p. 817.
2,634.
Boston Elevated Ry.-New Director.General.-During the year the output of silver and gold produced by your
Charles S. Davis was elected a director to succeed Frederick Ayer, docompanies was increased, while the production of copper, lead and zinc
decreased. The prices of copper, lead and zinc were materially less than ceased.-V. 108, p. 1390.
in 1917, but the price ofsilver advanced and was finally fixed by regulations
Boston & Maine RR.-Preliminary Annual Report.under a Congressional Act at 101M cts. per oz., which is still in effect.
The report states that the Director-General and representatives of the
Wages were advanced at all your properties in conformity with the general
railroad have agreed upon the terms of the contract for compensation to
advances throughout the trade.
iovAfter the signing of the armistice, there was a practical cessation of the be made with the reorganized company.
market for copper, zinc and lead, with an entailed sharp drop in prices,
Income Statement Uncompleted in 1918-See Note).
which continued well into the new year. The book values of unsold metals
1916.
1917.
Calendar Years1918.
were reduced on Dec. 31 1918 to the market values quoted, an arbitrary Operating revenue
$72,141,625 $59,450,778 $55,383,544
price of 20 cts. per lb. being assumed for copper in the absence of any Operating expenses
66,404,110 47,164,940 38,251,715
quotation.
market
authentic
2,325,375
2,091,088
2,156,648
Tax accruals
The output of coal for the year 1918 was 1,272,081 tons, as compared Uncollectible revenue
3,769
130
3,790
with 908,638 tons for 1917, an increase of 363,443 tons; approximately 40%.
The operation of the Utah Railway has met all expectations as to efficiency,
$10,125,398 $15,036,971
33,412,009
income
Operating
thereby enabling the coal properties to furnish and distribute an increased Other income
1,232,915
1,205,819
101,403
amount of coal at a time when greatly in demand.
With the exception of the high costs pertaining to supplies, the opera$16,242,790
$3,513,412
$11,358,313
income
Gross
tions in Mexico during 1918 may be considered to have run on a normal Deductions
x1,616,899 11,777,697 11,451,916
basis. The two mills treated 690,000 tons of ore during the year. Extraction of ore from the new vein was increased from month to month, and
$1,897,514 def$419,384sur$4790,873
Net income
will, before long, reach the anticipated steady tonnage. This ore being of
much higher grade than the average formerly supplied to the Guerrero
x The statement here shown for the year 1918 is the Federal income acmill, has resulted in a substantial increase in profits. No difficulty is an- count, and it includes neither the income from investments and other
ticipated in maintaining these results.
held by the company outside Federal control, nor the fixed charges
items
The output from this vein and from other localities, both in the Real and war taxes which are payable by the company out of the compensation
Del Monte and Pachuca districts, is capable of an increase beyond the duo from the U. S. RR.Administration for the use of the property.
the
will
by
met
mills.
be
situation
This
present capacity of our two
Hearing Postponed.additions to the mills, which were started last year and are now approaching
Tho hearing on the petition of this company for the discharge of the
completion. It is expected that by the middle of 1919 the capacity will
reach 80,000 tons a month. The erection of a third mill of 15,000 tons receiver was postponed on April 7 to April 14 by Judge Morton in the
monthly capacity is still under consideration, but costs do not favor con- United States District Court at Boston upon request of counsel.-V.108,
struction at this time.
p. 1274, 972.
kr- In view of the more stable general conditions in Mexico, and the favorBrooklyn Queens County & Suburban RR.-Decision.
able results in opening up ore reserves, the prospects for earnings in these
properties are more favorable than ever before.
The New York State Court of Appeals at Albany in a decision handed
April 1 dismissed proceedings instituted by the City of Now York to
down
of
Operation. recover
Data from Report of Frederick Lyon. V.-Pres. in Charge
$800,000,a percentage under the railroad law of gross receipts of the
Utah Properties.-The Bingham Minos shipped during the year 41,661 company, the decision sustaining the Appellate Division.-V.86, p. 107.
now
ore;
development work
tons of copper ore and 127,560 tons of lead
Brooklyn Rapid Transit Co.-Labor Situation.added materially to the ore reserves. The Centennial-Eureka Mine produced 29,558 tons of ore; a moderate amount of new ore was found, but no
Certain employees of this company have appealed to Receiver Garrison,
large deposits. The Bullion Beck and Champion Mining Co. shipped looking not only for recognition of a union, but also for increased wages and
2,072 tons. The Utah smelter was increased from 6 to 7 blast furnaces.
shorter hours. The men threaten a strike unless their demands are granted.
Zinc Properties.-The unfavorable conditions under which the zinc indusListing.try labored throughout the year affected your zinc properties.
The New York Stock Exchange has listed $15,267,400 stamped and
Mammoth Properties.-The ore shipped to the smelter from the Mammoth
Mine Proper and Section 29 amounted to 77,695 tons. The Mammoth $13,084,700 unstamped Central Union Trust Co. of N. Y. certificates of
smelter at Kennett, running to capacity and receiving also an increasing deposit Three-Year 7% secured notes, duo July 1 1921, with authority
supply of ore under contract with the Balakiala and the Trinity companies, to add $29,382,900 of said certificates of deposit (stamped and unstamped)
on official notice of issuance; making the total amount authorized to be
treated 413,082 tons of charge, of which 236,142 tons were sulphide ores.
Other Properties.-High costs made the operation of the Gold Road Mine listed $57,155,000. The time within which such deposits under the agreeunprofitable. The property was shut down until some more favorable time. ment may be made without penalty is now limited to May 15 1919.Richmond-Eureka Mine remained idle, save for required assessment work. V. 108, p. 1390, 1274.
United States Metals Refining Co.-Both the lead refinery at Grasselli
Buffalo Lockport & Rochester Ry.-New Company.
and the copper refinery at Chrome operated to the full limit of their enlarged
See Rochester Lockport & Buffalo RR.below.-V.108, p.682,1059,1390
capacities under the great handicAp of difficult labor supply.
Sunnyside Mining & Milling Co.-The mill which is to treat the ore
Central New England Ry.-Earnings-Dividend.from the Sunnyside Mines, was completed early in the year, and results
See N. Y. N. H. & H. RR. under 'Reports" above.-V.107, p. 1099.
obtained have been satisfactory. During the first half of 1919 the property
a
tons
full
estimated
500
to
at
capacity,
operate
to
position
a
in
should be
Chattanooga Electric Ry.-Committee for 1st Mtge. 5.9
day. The mines are located at an elevation of 12,000 feet.
Real Del Monte y Pachuca Mines.-Additions to the two mills are expected The committee named below urges holders of the company's
1
July
month
a
before
tons
least
at
to
80,000
capacity
tolbring up their
First Mtge.5% bonds which matured Jan. 1 1919 to deposit
1919. Continued favorable developments took place in various parts of
your territory, including the "New Vein." There is now in sight a very the same, with the Safe Deposit & Trust Co., Blatitnore.
good
Committee.-Charles C. Homer Jr., Chairman; Arnold Elzoy Waters,
largo tonnage of high-grade ore and also a large tonnage of ore of
milling grade. Operating conditions in Mexico have been steadily improv- John 0. Legg Jr., Joseph B. Kirby, Secretary; with Venable, Baetjer &
persists.
still
as counsel.-V.82, p. 803.
prices
high
and
Howard
transportation
ing though the problem of
Library Bureau.
(Report for the Year ending Dec. 31 1918.)
The report dated at Cambridge, Mass., Jan. 311919, says
in substance:
GENERAL INVESTMENT NEWS
APR. 12 1919.]
THE CHRONICLE
Chicago & Eastern Illinois RR.-Interest Payment.-
The interest duo April 1 on the First Consol. 6% bonds, due 1934, was
Paid promptly.-V. 108, p. 1059.
Chicago Milwaukee & St. Paul Ry.-Contract Signed.-
1511
When that shall have been done the board of directors believes that(upon
obtaining the approval of the Director-General) it will be possible to make
distribution of part of future surplus earnings to the holders of the common
stock.-V. 108, p. 1060. 973.
Columbus (0.) Railway, Power & Light Co.The contract between this company and the Federal Government has
The Columbus City Council Public Utilities Committee on April 4 disbeen signed, the compensation being fixed at $27,946,771 45. An announcement is being mailed to-day to the stockholders in this connection, further approved the ordinances providing a street-car fare of six tickets for 2.5
particulars regarding which should appear in these columns next week. cents, with transfers on payment of 5 cents cash as requested by this company.-V. 108. p. 878. 573.
-V. 108, p. 1060, 972.
Connecticut Company.-Earnings.-
Chicago & North Western Ry.-New Directors.-
See N. Y. N. H.& H. RR. under "Reports" above.-V.108,p• 683,
Childs Frick. James A. Stillman and Samuel A. Lynde were on Apr. 8
elected directors to succeed John V. Farwell, Edward M. Hyser and
Homer A. Miller. Other directors whose term expired were re-elected.
-V. 108, p. 877.
878.
Delaware & Northern RR.-Contract.-
Replying to our inquiry, we are advised that the contract
company dated Feb. 26 1919 has been executed by the U. S. with this
Administration. This contract is known as the "Co-operative Railroad
Short
Lino
ConThe N. Y. Stock Exchange has listed $6,070,000 6% Consolidated Mtge. tract for Roads with Competitive Traffic." Compare V. 108, P. 235:
bonds, due June 1 1930, making the total amount listed $24,953,000 V. 93, p. 1725.
bearing interest at 6% and $3,734,000 bearing interest at 33i%. ComDenver & Rio Grande RR.-Interest Payment.
pare V. 108, p. 1390. 972.
The interest due Apr. 1 on the Rio Grande Western Ry.4% First Coasel.
Mtge. and Collateral trust, Series A, bonds, due 1949, was
Cincinnati Street Railway.-Fare Decision.paid on said
Judge Prank R. Gusweiler in the Superior Court at Cincinnati on April 3 date.-V. 108. p. 578.
upheld the city ordinance which revised the 50-year franchise for this
Detroit United Rys.-City Ownership Defeated.company and permitted an increase in the fares on cost basis. The Court
The voters of Detroit on Apr. 7 defeated by a vote of 70,271 to 63,883
refused the injunction to enjoin the increases of faro ratas.-V. 107,P.2097.
the Mayor's proposal that the city purchase the company's
properties for
Cleveland Cincinnati Chicago & St. Louis.-New $31.500,000. Compare V. 108, p. 1164, 1060, 878.
Chicago St Paul Minneapolis & Omaha Ry.-Listed.-
Mortgage.-Funding.-Financial Status.-Outlook for Dividends on Common Stock.-The stockholders will vote May 1
on the execution of a Refunding and Improvement
Mortgage to secure bonds which may be issued to provide
refunding of the bonded debt of the company at or before
maturity, for additions and improvements, and for other
corporate purposes; to be issua,ble in series; such mortgage
will also secure the 4% 20-year European Loan of 1910 and
the debentures of 1911 on a.parity with the new bonds.
Eastern Kentucky Ry.-Receiver Appointed.-
Judge Cisco in the Carter Circuit Court at Grayson, Ky.. on March 31
placed this company in the hands of Sturgis G. Bates as receiver.
-V.90.
p. 1362.
Edmonton Dunvegan & British Columbia Ry.-Mtge.
Notice is given that this company on April 1 deposited with tho Secretary
of State of Canada a trust indenture, dated March 26 1919, between the
company and the Interior Trust Co., securing 20-year 5% debenture stock
of the company, to the extent of $4,075,000, the same being secured on
407.5 miles of railway now constructed and operated by the company.
V. 107, p. 1919.
Digest of Statement by President W. K. Vanderbilt Jr., Mar. 1 1919.
Grand Trunk Railway.-Negotiations Resumed.Funding.-Your company has outstanding $14,327,650 short-term notes
President Howard G. Kelley having returned from England, recently
held as follows:
presented to Sir Thomas White, the Acting Prime Minister of Canada, a
Secretary of the Treasury.. $300,000 I Banks & trust companies_$3,027,650 copy of the resolution passed by the shareholders of the Grand Trunk Ry.
Director-General of RRs_ 2,000,000 N. Y. Central RR. Co_ _ _ 9,000,000 at the annual meeting in London on Mar. 21 regarding the reopening
of
It also owes the N. Y. Central RR. Co. $2,266,824 on account of moneys negotiations for the sale of the property to the Dominion Government.
advanced for the purchase of coal-lands; and on July 1 1919, $2,000,000 The matter is therefore once
more
consideration.
under
let M.7% bonds of the Indianapolis & St. Louis RR. Co. (now merged)
The resolution in question stated that while the meeting was "of opinion
will become due. The aggregate of this indebtedness is $18,594,474. that the amount offered by the
Government for the purchsae of the Grand
One of these notes, for 31,000,000, represents the purchase price of Liberty Trunk Ry. is inadequate,
will not enable the board to formulate a
Loan bonds of that amount and is secured by a pledge thereof; and others friendly and agreed scheme and
which would satisfy the claims of the different
of them, amounting to 31,607,650, are secured by pledge of Equipment classes of stockholders,
it urges the board to convey to the Government the
Trust Certificates of 1917, and it is expected that they will be paid off from desire of all classes of stockholders
to arrive at a friendly understanding, and
the proceeds of the sale thereof.
that the board be asked to
a committee selected from the largest holdNew Mortgage.-In order to provide for the refunding of bonded debt ers of the various stocks toform
consult with the board on the subject."
at or before maturity, to pay off the notes and the indebtedness to the
The Grand
Pacific Ry. Co. on April 1 failed to provide for the
Now York Central above mentioned (other than the notes secured by interest and Trunk
principal then due on $10,000,000 of4% bonds held by the
Liberty Loan bonds and by Equipment Trust certificates), and for other Governmentthe
as
security
for a loan made to the company in 1909 and guarcorporate purposes, the company proposes to execute its Refunding and anteed by the Grand Trunk
Ry. Co.
Improvement mortgage, under which bonds will be issued in series. Each
The offer of the Government, which was extended originally in Februseries of bonds will bear such a rate of interest, mature on such date and ary 1918, was
to
make
an
annual payment to the Grand Trunk Co. of
be redeemable at such time before maturity and at such price, as the board
2,500,000 for the first three years,$3,000,000 for succeeding five years and
of directors in regard to that particular series may determine. The com3,600,000 thereafter. This would mean the payment in full of the divipany's 4% 20-year European Loan of 1910 and its 20-year 4%% Gold
ends on the guaranteed stock immediately, but nothing for the first preferDebentures of 1911 will be secured by such mortgage on a parity with all ence
stock for three years, then a payment of 3%% on the first
bonds to be issued thereunder.
and at the end of eight years full payment on the first preferencepreference.
stock and
Refunding
and Improvement Mortgage will cover the company's the payment of 23i% on the second preference,
The
but with nothing for the
owned lines of railroad and such leaseholds and other property as the third preference and ordinary shares. Compare committee
and the Govdirectors shall determine and by supplemental indentures, the lien thereof ernment's
offer in V. 108, p. 1390,1,1274. 1060.
may be extended so as to include other properties. There is to be no
limitation expressed in dollars on the amount of bonds which may be
Guayaquil & Quito Ry.-Coupon Payments.issued under the mortgage, but before bonds are so issued the standards
Glyn, Mills, Currie & Co., London, recently gave notice that they were
to be set forth in the mortgage, or in supplements thereto, must be conprepared to pay the following coupons of the Prior Lien 6% gold bonds:
formed to.
Earnings. &c.-Your company sustained very serious losses at the time No. 16. due Jan. 2 1917; 17, due July 2 1917; 18, due Jan. 2 1918; 19, due
of the Ohio flood in 1913. In 1912 the accumulated surplus was $1,- July 2 1918; 20, due Jan. 2 1919; and coupons must be left three clear days
497,940. In 1913 there was a deficit in earnings of $2,697,546, which for examination.-V. 107, p. 1919.
absorbed this accumulated surplus and (in connection with profit and loss
Houston & Brazos Valley Ry.-Status.-items) created a corporate deficit of $1,389,643. In 1914 there was a
See Freeport Texas Co. under] "Reports & Documents" en a subsedeficit in earnings of $1,973,687, which increased this corporate deficit
to $3,668,920. During subsequent years, large amounts of earnings have quent page.-V. 107, p. 1192.
been used to make good the damage done by the flood and to improve and
strengthen your property, with the result that the corporate surplus
Interborough Consolidated Corp.-Listed.is
now over $12,000,000.
The New York Stock Exchange has listed Guaranty Trust Co. of N. Y.
Income and Surplus Accounts, Showing Total Profit and Loss Surplus after certificates of deposit for 312,659.000 Interborough Consolidated Corporation Interborough-Metropolitan Co. Collateral Trust 4%% bonds.
Deducting Profit and Loss Items.
due 1956,
authority to add $55,166,000 of said certificates of deposit
Income
Profit & Loss
Income
Profit & Lois on official with
notice of issuance, making the total amount authorized to be
YearAccount.
Balance.
YearAccount.
Balance.
1912 ____
+31,497,940 1916 ____ +36,999,964 +35,147,009 listed 367,825,000.-V. 108, p. 1390, 1275.
1913 ____-$2,697,546 -1,389,643 1917 ____ +4,656,972 +9,661,114
Lehigh Valley RR.-Usual Div.Paid-Black Tom Decision.
1914 ____ -1,973,687 -3,668,920 1918
Checks for dividends were mailed to stockholders April 5.
1915 __-- +3.320,929 -1031,573 (Sept.30) +2,755,044 +12,416,158
The Supreme Court in Jersey City on April 3 returned a verdict awarding
Said profit and loss deductions were:in 1913,3190,037; in 1914, 3305,590;
$413,391 to B. H. Howell, Son & Co., New York, in that company's action
in 1915. 3683,582; in 1916, $821,382; in 1917, $142,874; 1918 (not closed).
Balance Sheets as of Dec.31 1908 and as of Sept. 30 1918 (latest date available.) for damages for sugar destroyed in the Black Tom explosion of July 30
1916.-V. 108, P. 973. 878.
Dec.31 1908. Sept.30 1918
Dec.31 1908. Sept.30 1918
AssetsLiabilities-.
$
Massachusetts Electric Companies.-Obituary.Road and
Cap. stock.. 57,056,300 57,027,200
See American Tel. & Tel. Co. under "Industrials" below.-V.108,p.1390.
equipt_.*130,701.334 165,681,532 Fund. debt..°70.612,728
Sec. owned_ 3,626,962 12,175,051 Notes, &c_.. 5,000,000 98,697,285
6,021,099
Adv.to affil.
Massachusetts Northeastern Ry.-Fare Tariff.Cur't Habil. 11,037,448
7,922,465
3,571,793
cos
1,947,284 Def d iiabil..
This company has filed a tariff with the Mass. P. S. Commission pro511,719 2,339,615
Misc .physiposing to increase the single cash fare from 6c. to 10c, effective May 7.
Due U. S.
cal prop'y
2,341,810
Govt
14,764,220 There will be no increase in the price of tickets.-V.107, p. 1920.
Dprec. res_
5,314
5,516,247
Cap. assets_ 137,900.089 182,145,676 Reserve for
Memphis Street Ry.-Committee for Two-Year Notes.Cur% assets. 7,772,970 6,506,189
loSSOS_--732,859 The committee named below, having consented to act as
U. S. Govt.
Oth. unadj.
due co_ _..
15,772,426
credits_
1,292,762 a protective committee in view of the default of the payment
530,645
Def. assets_
477,137 Sinking fund
of interest Jan. 1 1919 upon the Consolidated Mtge. 5%
Unadjusted
reserves _
510,267 gold bonds,
98.266 2.347,759 Surplus.._ _ _ 2,078,461 12,416,169
debits
of which issue $1,416,000 are pledged as part
security for the note issue, requests deposits of notes with
Total__ __146,301.970 207,249,188
Total _ __ _146,301,970 207,249.188
* Corrected to include Springfield Division and purchase money lien of May 1 coupon attached, with the New York Trust Co. N.Y.,
$5,000,000.
as depositary, or the Fidelity Trust Co.,Phila., or the'
Illinois
Government Contract.-The contract recently executed by your conipany
with the Director-General, under the Federal Control Act, provides for the Trust & Says. Bank, Chicago, sub-depositaries. (See adv.
payment of an annual compensation of $9,938,597. Other income from pages).
corporate sources will add to this in 1919 approximately $883,220, making
Committee.-Mortimer N.Buckner,Chairman,Prest. the N.Y.Trust Co.;
a total estimated income of $10,821,817. Of this there will be expended
J. C. Neff, V.-Pres. Fidelity Trust Co., Phila., Pa.; S. F. T. Brock, Reilly.
for taxes, interest, rents and corporate expenses an estimated amount of Brock
& Co.,Phila.,Pa.;Charles Counselman,Counselman & Co.,Chicago,
leaving
$4,020,997.
$6,800,820,
Ill.; George T. Ordway, Bertron, Griscom & Co.,
N. Y.; John A.
Payment on Equipment Trusts.-The annual installments on equipment Langan,
Y. State Nat. Bank, Albany, N. Y.; Inc..
with Boyd G. Curts,
trust certificates already- outstanding amount to $1,359,739. Other 26 BroadN.
N.
as
St.,
Y.,
Beekman,
Secretary
Menken
and
& Grlseem as
approximately
equipment costing
37,500,000 was allotted to the company counsel.-V. 108, p. 378. 268.
by the Director-General in 1918, 25% of the cost of which is to be paid
for in cash, and it is expected that equipment trust certificates for the
Milwaukee Electric Ry. & Light Co.-Fare Decision.remainder will be taken by him, on which the annual installments will
The Wisconsin RR. Commission on Apr. 5 handed down a decision
amount to approximately $500,000, making equipment trust certificate
denying the company's petition for increased street car fares in Milwaukee,
payments for 1919 of about $1,860,000.
and in suburban districts, and
a changed accounting method
The Director-General, however, has agreed that the equipment depre- under which the properties of a ordering
strictly railroad character will be kept
ciation and retirement funds which, under the contract with the company, apart from the
utility
other
properties.
be
may
applied toward equipment obligations. The
he currently accrues
The commission finds the value of the strictly railway property of the
amount of this accrual for the year 1918 was approximately $1,700,000, single fare area to be $15,491.305,
this follow
a reapportionment of
so that the company's expenditure on account of the cost of equipment will accounts which in no way
affecW the total value o the companies' properundoubtedly be affected and the burden lightened by this arrangement.
ties; it simply reapportions
values and makes it possible to deal with
roNew Bonds.-Prospect of Dividends.-It is the intention to presently issue the properties hereafter in a the
more accurate manner. The total value of all
approximately $17,000,000 of the now Refunding & Improvement Mortgage the properties of the company, including
power property, purely railway
bonds for the purpose of paying or reducing the indebtedness above men- property and other property is placed
at $45,803,154. as on Dec. 31 1918.
tioned.
-v.108,p.1269.
1
1512
THE CHRONICLE
National Rys. of Mexico.-Proposed Plan for Refinancing.
The "New York Times Annalist" in its issue for March 24 publishes a
proposed plan prepared by T. W. Osterheld of Lansburgh Brothers, 30
St., New York, which provides for the refinancing of the National
Broad St.
Rys. of
correlated with the refinancing of the Mexican exterior
debt. The plan it is stated is the only one by which Mexico can be put
upon a new financial basis without the aid of any outside individuals or
powers, and without the country incurring any further financial liabilities.-V. 108, p. 1165, 973.
New England Investment & Security Co.-Exchange.-
See N. Y. N. H.& H. RR. under "Reports" above.-V.106, p. 2757.
Newport News 85 Hampton Railway Gas & Elec. Co.Earnings for December and 12 Months ending Dec. 31 1918.
1918-Dec.-1917 1918-12 Mos.-1917. Increase.
Gross earnings
$171,566 $133,864 $2,168,486 $1,357,307 $811,179
Operating expenses
121,418 68,764 1,472,698
759,302 713,396
Deduct taxes
Cr23,939 Cr2,431
84,754
57,721
27,033
opposing a petition by the Union Trust Co., trustee of the 50-year 5%
mortgage for $4,000,000, dated 1900, on the properties of the old Southern
Traction Co., for permission to foreclose and to take the lines, embracing
all the lines to the West End, out of the receivership and to operate them
separately.
The trust company petition is the first move for foreclosure to force the
payment of fixed charges due underlying companies of the Pittsburgh
Railways Co. The receivers last Oct. defaulted in the payment of semiannual interest on these bonds.-V. 108, P. 879, 785.
Public Service Corp. of New Jersey.-New Director.Henlings Lippincott has been elected a director to succeed Horatio G.
Lloyd, who resigned.-V. 108, p. 1391.
Rapid Transit in New York.-Clark Street Tunnel.The New York Public Service Commission on April 10 announced that
the Clark Street Tunnel for subway trains on the West Side would be
placed in operation April 15.-V. 108, p. 1061.
Rio Grande Western Ry.-Interest Payment.See Denver & Rio Grande RR. above.-V. 106, p. 1462.
Net earnings
$74,086 $67,531
Add-Non-oper. rev.._
565
89
$611,034
8,399
$540,284 $70,750
2,918
5,481
Gross income
$74,651 $67,620
Deduct-Int. on bonds $20,146 $19,979
Int, on floating debt.... 2,463
506
Miscellaneous
5,428
3,901
$619,433
$240,523
6,005
8.778
$543,202 $76,231
$240,355
$168
5,143
862
10,419 dec.1,641
Net income
-V.107, p. 1837.
$364,127
$287,283 $76,844
$46,614 $43,234
[VoL. 108.
New York Central RR.-Directors.-
Rochester Lockport & Buffalo RR.-Successor Co.This co. was incorporated Apr. 4 in N.Y.as successor under reorganization to the Buffalo Lockport & Rochester Ry.,with an authorized capitalization of $3,700,000, of which $1,500,000 is 6% cumulative pref. stock.
Directors of the new company are: E. R. Wood of Toronto; A. S. Muirhead of Toronto; R. Home Smith of Toronto; D. B. Hanna of Toronto;
Frederick Nichols of Toronto; Willis A. Matson of Rochester; Frederick W
Zoller of Rochester; Daniel M. Beach of Rochester; and W. W. Foster
of Rochester. Compare plan of reorganization under caption "Buffalo
Lockport & Rochester Ry. in V. 108, p. 682, 1059, 1390.
South Carolina & Georgia RR.-Extension of First
Mtge. 5s.-Guaranty by Southern Ry.-The $5,250,000 First
Mtge. 5% bonds, due May 1 1919, are to be extended at
New York New Haven & Hartford RR.-Means for 532% interest until May 1 1929 (subject to call at 1073/2),
Temporary Financing.-New Equipment Trust.bearing the guaranty of principal and interest by the Southern
See "Annual Reports" on a preceding page.-V. 108, p. 1275.
Ry. Co. Holders, who so desire, may on or before April 19
New York Ontario & Western RR.-Dividend Deferred. avail of the extension, presenting their bonds for that purThe directors on April 8 deferred the declaration of a dividend until the
company should receive the payments due it from the U. S. RR. Adminis- pose to J.P.Morgan & Co.and receive along with the amount
tration as compensation for the use of its property by the Government. See of the May coupon a cash payment of $22.50 per $1,000
report N.Y. N.H.& Hartford RR.on a preceding page.-V.107.P. 2376. bond, which will make the net yield on the extended bond
New York Railways.-Fare Situation.about 5.80%. After April 19 1919, J. P. Morgan & Co. will
There has been put at the disposal of the court an affidavit by Corpor- purchase at par and int. any bonds not previously presented
ation Counsel concerning the attitude of the city toward the company,and
the action the city will take should the Legislature vest the Public Service for extension.
R. S. Lovett was on Apr. 10 elected a director to succeed Charles B.
Seger, resigned. Carl R. Gray was elected a director to succeed W. II.
Newman, deceased.-V. 108, p. 1275.
Commission with authority to increase fares.
The affidavit says in part:"The company,through its officers and agents,
has claimed for some time past that the effect of the receivership will be
to break up many of the existing leases and thereby do away with present
free transfer privileges and mulct passengers with ten-cent or fifteen-cent
fare charges where now, under the existing unified system, they may travel
for a single five-cent fare. The defendant has, by its counsel, made the
claim that the institution of a receivership will result in this breaking up
of leases and the return of the leased property to its owners.
"The City of New York has denied that a receivership could properly be
availed of for any such purpose."
The rentals of the leased companies aggregate annually $1,936,887 60.
and under the leases the New York Railways Co. pays for this leased
property "excessive and extravagant sums by way of rentals, in many
cases amounting to a guarantee of over 9% annually on the capital stock
of the lessor companies, ,and in several instances rising as high as 18%
or 21% annual dividends.'
Listing of Certificates of Deposit for 30-Year Adjust. Bonds.
The New York Stock Exchange has listed $3,177,500 Bankers Trust Co.
certificates of deposit for Adjustment Mtge. Income Sc' bonds, due Jan. 1
1942, with authority to add $27,442,500 of said certificates of deposit on
official notice of issuance, making the total amount authorized to be
listed $30,620,000.-V. 108. p. 1391, 1275.
Norfolk & Western Ry.-Stock Increase Voted.el The stockholders on April 10 authorized the increase in the capital stock
by $100,000,000 and authorized the directors to create, issue and sell from
time to time convertible bonds, aggregating $108,431,000. The directors
were also given authority to take the necessary steps to acquire the Virginia
Carolina By. Co. and the New River Holston & Western By. which are
subsidiaries.-V. 108, p. 1382, 974.
Nova Scotia Tramways & Power Co.-New Directors.The following have been elected directors: W. H. Covert, K.C. and
H. R. Mallison, Halifax; F. B. Adams, New York; F. P. Boyce, A. L.
Sperry, L. B. Buchanan, W. C. Crawford, M. M. Phinney and Royce
Ernst, Boston. The directors will meet later on to elect a President. The
change in the personnel of the directorate does not, it is said, indicate
any change in control.-V. 106, P• 396.
Pacific Gas & Electric Co., San Fran.-Div. Resumed.
A quarterly dividend of $1 25 per share was declared on the common
stock, payable April 21 to holders of record April 8. The last quarterly
dividend paid on the common stock was 13.(% on Oct. 15 1917.-V.
108, p. 269, 79.
Pascagoula (Miss.) St. Ry. & Power Co.-Receiver.Judge Holmes in the 6th U. S. District Court of Mississippi has appointed
L. J. Fohr as receiver, following the petition on March 25 of the Columbia
Finance & Trust Co., Louisville, Ky., representing as trustee, the holders
of $350,000 of bonds, the interest upon which is in default.-V.82, P. 569.
Pere Marquette RR.-Tentative 1918 Data.-The report
for the calendar year 1918 contains the following statement
based on the standard return tentatively certified to by the
I.-S. C. Commission:
Tentative Compensation for Use of Road by U. 8. RR. Adm. Cal. Year 1918.
Income from lease of road (standard return)
*$3,748,196
General, &c., expenses
72,324
Net income
$3,675,872
Non-operating income,chiefly $19,342from dividends on stock of
Fort St. Union Depot Co., $21,276 from interest on Liberty
Loan bonds, $11,951 interest on balances, &c
103,866
Gross income
Taxes, $167.243; misc. items, $3,283; rentals, $23,118
Interest on bonds
Interest on bills payable, &c
$3,779,738
193,643
1,687,760
4,210
Data from Letter of Pres. Fairfax Harrison of the Southern RY.,
Dated March 25 1919.
These bonds are outstanding in the amount of $5,250,000. They now
bear interest at the rate of 5%, and are payable on May 1 1919. It is
proposed that the interest rate shall be increased to 5M %, payable semiannually, and the time for the payment of the principal extended for ten
years to May 1 1929, but with the right to the company earlier to redeem
the bonds on any interest date at 1073,6% and interest.
The bonds have not heretofore been guaranteed by Southern, but the
extended bonds will be endorsed with Southern Company's unconditional
guaranty of the payment of both principal and interest.
The bonds were issued in 1894, upon the organization of South Carolina
& George RR. and were used, together with its capital stock, to pay for
the property which
that company acquired. The bonds are secured by a
1st and closed mortgage, dated May 12 1894, to Central Trust of Co. New
York, Trustee, on 240 miles of railroad connecting Augusta, Ga., and
Columbia, S. C., with the port of Charleston, S. O. The issue is outstanding at the rate of less than $22,000 per mile. The railroad is an
important part of the Southern Railway system, affording its only access
to Charleston and to the important fertilizer and other traffic there, as
well as to the large modern plant for handling export coal recently erected
there by Southern By.
Control of the proprty was acquired by Southern Ry. in 1899 through the
purchase of the stock at a cost of about $2,350,000, to round out the
Southern By. system in South Carolina and to secure access to the port of
Charleston. The property has been operated as an integral part of the
Southern Ry. system for the past 20 years. The operation of the property
by Southern By. began under a lease agreement dated April 29 1899, which
provided for such operation for a period of 30 years. Subsequently, in
1902, this control was perpetuated through the consolidation of South
Carolina & Georgia RR. with certain other railroad properties in the Carolinas controlled by Southern By., under the corporate name of Southern
Ry.-Carolina Division. This consolidation was followed by the lease of
the combined properties for a term of 999 years to Southern By. which
owns all the stock and bonds issued by Southern Ry.-Carolina Division.
Earnings.-No separate accounts of the operations of the South Carolina
& Georgia property as a unit have been kept since 1902, but during thelour
years ended June 30 1902, the net earnings averaged'about $358,000 or
about 1% times the $262,500 annual interest on the First Mortgage bonds.
The net earnings per mile of road of Southern By. as a whole in the year
1917 were 2 1-3 times the net earnings per mile during the year ended
June 30 1902, and in the growth and development of the traffic of Southern
By. the mileage covered by the South Carolina & Georgia bonds has had
its full share.
Compensation, &c.-The operation of the Southern Ry. property under
Federal control during 1918, as reported by the U.S. Railroad .Administration, resulted in railway operating revenues of $126,574,297 and railway
operating income of $29,291,870. While the exact compensation has not
been fixed, the average railway operating income during the three years
ended June 30 1917 was $18,728,537. To this should be added other
corporate income, which for 1918 was about $2,200,000. The fixed charges
and war taxes for the year 1918 are estimated at about $15,200,000. The
surplus income over fixed charges and taxes (amounting to about $5,700,000
from the standard return and the estimated other corporate income) has
during the past year been devoted to preferred stock dividends and to
capital purposes including the retirement of maturing installments/ of
equipment bonds.
During the 1034 years ended Dec. 31 1917,the surplus earnings of Southern Ry. over fixed charges for interest, rentals, and taxes, aggregated about
$66,364,000, while the company distributed in cash dividends on the preferred stock during these years the sum of $10,800,000, the balance of about
$55,564,000 having been devoted to the improvement of the property and
in strengthening the financial position.-V. 108, p. 1166.
Southern New York Power & Ry. Corp.-Earnings.Years endingGross earnings
Operation, insurance and taxes
Bond interest
Feb. 28 1919. Dec. 31 1918
$411,186
$424,935
314,860
316,650
57,000
57,000
Balance,surplus
$53,075
$37,535
Given as officially reported to them by P. W. Brooks & Co.,Inc.. N. Y.
-V.
108,
p.
270.
Balance, surplus, for year
$1,894,125
* "Represents standard return tentatively certified to by Secretary of
Southern Ry.-Sub. Co. Extension.-Guaranty.the Inter-State Commerce Commission, Certificate No. 97, Bureau of
See South Carolina & Georgia RR-V.108, p. 1166, 974.
Statistics File No. 270. Corresponding figures for the year ended Dec. 31.
of
Federal
operawere
$3,634,951.
The
surplus
shown
from
result
1917
Tiffin Fostoria & Eastern Ry.-Service Suspension.tions during the cal. year 1918 [applicable to the payment of the aforesaid
A press report states that the service in Tiffin, Ohio, stopped on April 1.
standard return, $3,748,1961 was $3,851,484." Compare annual report
due to continued losses during the past 6 months.-V. 107, p. 1386, 1102.
V. 108, P. 1382.
Dividend Subject to Approval of Director-General of Railroads.
Trenton
County Trac.
-Bond Application.
& Mercer
Co.
The directors of this company have declared a dividend of 1 y4%,payable
This company has applied to the New Jersey P. U. Commission for perMay 1 to holders of voting trust certificates of this company's Prior Prefer- mission
to
issue
bonds
to
pay
$200,000
of
back
taxes and to provide funds
ence stock of record April 18 1919,"subject to the approval of the Director- for improvements.-V. 108, p. 974.
General or Railroads.'-V. 108, p. 1382, 379.
Pine Bluff (Arkansas) Co.-Sale.-
See Ark.Light & Power Co. under "Industrials" below;-V.106. p.397.
Pittsburgh Rys.-Suit of Foreclosure.The City of Pittsburgh and also the receivers of the company have filed
separate but similar answers in the U. S. District Court at Pittsburgh,
United Electric Rys. Providence.-Proposed Merger.There is pending in the house of Representatives of Rhode
Island an Act, entitled "An Act to Incorporate the United
Electric Railways Company," the purpose of the corporation
being officially stated as follows:
APR. 12 1919.]
THE CHRONICLE
1513
To acquire, own and operate street railways by electricity or by such other
Burns Bros. (Coal).-Extra Stock Div.motive power (except steam) as it may determine in all the cities
and towns
An extra dividend of 234% payable in stock has been declared on the
in the counties of Providence, Bristol, Washington
and Kent, to acquire, common
own and operate any part or all of the properties now owned
stock in addition to the regular quarterly cash dividend of
or operated by
the Rhode Island
he Union RR. Co., the Providence Cable Tramway both payable May 15 to stock of record May 1. An extra of 234% in254%.
stock
Co.;the Pawtucket
Co.,dtreet fly. Co., the Rhode Island Suburban By. Co.. was also paid in Feb. and Nov. last.-V.108, p. 686.
the Sea View RR. Co., and the Providence & Danielson fly. Co. in any or
Calumet
& Arizona Mining Co.-Production (lbs.).all of said cities and towns, and also to construct, own and operate, with
the approval of the Public Utilities Commission, any extension or addition
1919-March-1918.
Decrease. 1919-3 Mos.-1918.
Decrease.
3,736,000
to any, street or other railways so acquired.
4.386,000
650,000 11,048,000
12,034,000
986,000
Notice to this effect is given by R. Livingston Beeckman,Zenas W.Bliss -V. 108, p. 1062. 975.
and George H. Newhall, who are the petitioners for the passage of this Act.
Cambria
Steel
Co.
Compare Rhode Island Co. in V. 108, p. 481, 580, 974, 1276.
-Annual Earnings-Officer.This subsidiary of the Midvale Steel & Ordnance Co. (which owns 97%
of the $45,000,000 capital stock) reports earnings
United Railways Co., St. Louis.-Receivership.as follows:
A press report from St. Louis yesterday stated that a petition had been
1918.
1917.
1916.
1915
filed in the U. S. District Court, asking, on behalf of Samuel W. Adler, of Net earn aft Fed taxes a$16,691,462
New York, for a receivership for the United Railways. A hearing was set Net earn bet Fed taxes_
$47,121,669 $27,511,794 $8,326,672
for this morning.-V. 108, p. 1391, 1276.
Depreciation, &c
8,785,207
3,796,700
1,821,103
1,251,524
Federal taxes
See "a"
17,264,396
United Railways & Electric Co. of Balt.-Earnings.- Cambria
Iron lease__..
338,720
338,720
506,336
671,610
Calendar Years1918.
1917.
1916.
Net income
Operating revenue
$11,929,701 $10,560,836 $9,914,050
$7,567,535 $25,721,853 $25,094,353 $6,403,538
Expenses, depreciation, etc
8,596,760 6,875,160 6,058,492 Dividends
5,400,000
5,400,000 3,037,500 2.700,000
I
Net revenue
Other income
$3,332,941 $3,685,676 $3,855,558
83,062
96,100
92,000
Total income
Charges
$3,416,003 $3,781,776 ;3,947,558
3.083,351
2,906,190 2,839,433
Balance
Preferred dividends
Common dividends
Balance, surplus or deficit
-V. 108, p. 1391.
$332,652
920
818,448
$875,586 $1,108,123
920
920
818,448
818,448
def.$486,716 sur.$56,218sur.$404,468
Wages.-Increases to Railway Men.
-
See preceding pages in this issue.-Y.108, p. 985.
Waterloo Cedar Falls & Northern Ry.-Int. Unpaid.-
In reply to our inquiry we learn that the interest due July 1 1918 and
Jan. 1 1019 on this company's bonds still remains unpaid
and that no
Information is had as to when the same will be paid. The road
is under
Government control and application has been made for compensation.
-V.107, p. 1005.
Winnipeg St. Ry.-Wage Demands.-
This company's employees are demanding a new wage schedule effective May 1, under which they ask 55 cents an hour compared with
the
present schedule of 47 cents an hour, and in addition a minimum wage
of $25 a week white learning, closed shop and a week's holiday at the company's expense.-V. 108. D. 880. 785.
INDUSTRIAL AND MISCELLANEOUS.
Amalgamated Oil Co.-Dividend Resumed.-
Balance, surplus
$2,167,535 $20,321,853 $22,056,853 $2,703,538
a After deduction of all expenses incident to operation,
repairs
and maintenance, approximately $20,170,000, includingordinary
provision for
Federal taxes Compare Midvale report in V 108, p 1417
See Midvale Steel & Ordnance Co. below.-V. 108, P.
786.
Carbon Steel Co., Pittsburgh.-Extra Dividend.-
The directors have declared an extra dividend of 3% on the common
capital stock in addition to the regular quarterly dividend of 2%,
payable April 15 to holders of record April. 10. An extra of 3% wasboth
also
paid in January last.-V. 108, p. 271.
Central Illinois Pub. Serv. Co., Mattoon, Ill.-Earn.
-
Calendar Gross
Net, after
Other
Int , &.c Pref.Divs. Balance,
Years. Earnings.
Taxes. Income. Charges: (6%)
Sur. or Def.
1918_--$2,955,171 $871,720 $85,834 $736,160 $223,081 def. $1,687
1917_ 2,448,050 871,658 26,338 615,496
194,418 sur. 88,081
191&__ 2,169,648 849,093 30,060 552,053
193,500 stm133.600
All the outstanding $6,000,000 common stock is owned
or controlled by
the Middle West Utilities Co.-V. 106. p. 2227.
Central & South American Telegraph Co.-Quarterly
Report.President John L. Merrill in circular of March 26 reports in brief:
Partly Est. Results for Quarters end. Mar. 31 (1918 Figures Jupplied by Ed.).
1919.
1918.
Traffic receipts for quarter (partly estimated)__-_ $1,166,655 $1,006,000
Operating exp. and taxes (excluding war taxes)___
340,000
250,000
Net receipts
Interest accrued on investments, &c
Gross income
A quarterly dividend of 134% has been declared on the $5,000,000 outDividend
April (134%)
standing capital stock for the second quarter of 1919,payable
July 15. This War taxes,payable
1919
is the first distribution since 1916, when 8% was paid for
the year.- Replacements,
&c
V. 86, p. 1287.
American International Corp.-Called-Officers,Etc.The
stockholders of this company, whose stock has been 60% paid in,
are notified that the remaining 40% has been
called for,
per share
being payable June 2 and the remainder on Oct. 15 1919.-V.$20
108, p. 1391.
On April 10 Thomas W. Streeter was
Vice-President in place of
Robert F. Herrick, resigned. Joseph S. elected
Lovering was elected Treasurer in
place of Thomas W. Streeter. With these
exceptions, officers
the Corporation were re-elected for the ensuing year. Mr. Herrickof
remains a
member of the board.
See earnings of N. Y. Shipbuilding Corp. below.-V. 108. P.
1391.
American Metal Co.-Sale.-
Charles Hayden of Hayden, Stone & Co. for himself and associates on
April 7 purchased for $140 a share the 54,644 shares of
this
stock sold by the Alien Property Custodian.-V. 108, p. 1391. company's
American Smelting & Ref. Co.-Lead Price-,New
Treas.
This company has reduced the price oflead from 534 cents to 5 cents per
pound. In Nov. last the quotation was 7.15 cents.
Leopold Frederick has been elected Treasurer to succeed Isaac Guggenheim. C. W. Whitley was made Vice-Pres. and E. R. Beets was elected
a Director.-V. 108. p. 1159.
American Telep. & Teleg. Co.-Rate Dec.-Obituary.--
Judge Charles M. Foell in the Chicago courts on April 9
down a
decision in the action between the State of Illinois and thishanded
company,'the
Chicago Telephone Co., and the Federal Government, making
permanent
the injunction granted last February, restraining the company
and the
Government from raising rates. The decision affirmed the exclusive
right
of the State in the regulation of telephone rates.
Alexander Cochrane, a director of this company and a trustee of the
Massachusetts Electric Cos., died April 10.-V. 108, p. 1276. 1053.
Arizona Commercial Mining Co.-Earnings.-
Cal. Year1918.
1917. I
1918.
1917.
Receipts
$862407 $818,523 Dividends
$530,000 $424,000
Net profit
333,527 464,762 Deficit
416,754 120,034
Net income__ _ _ 113,246 303,966 Profit & loss sur_2,312,458 2,713,563
-1r. 108, p. 1276.
Arkansas Light & Power Co.-Acquisition.-
This company has acquired public utility properties of the Arkansas
r. S. Commission, of the Pine Bluff Co. and Southeastern
Co., operating
in Eastern Arkansas.-V. 105, p. 999.
Associated Dry Goods Corp.-Earnings for 1918.-
$826,655
68.000
$756,000
38,000
$894,655
209,871
200,000
288.454
$794,000
209,871
51,000
Estimated surplus for quarter
$396,330
$533.129
The estimated net addition to surplus for the quarter, $396,330, is encouraging, especially in view of the large deductions above shown.
The estimated surplus Dec. 31 1918 was $2,895,323. The ascertained
surplus Dec. 31 1918 was, you will note, $2,110,687. The large diiference
is accounted for by the fact that the war taxes for the year 1918, for which
your company is liable, will amount to about $1,500,000. The actual
amount payable cannot be definitely determined until the final audit of
our books has been completed.
It will be noted that we are again setting aside the sum of $200,000 on the
basis of $800,000 for the 1919 war taxes. Our attorneys and accountants
consider it improbable that the taxes will exceed this amount.
The audit of our books for the year 1918 is now being made by Messrs.
Price, Waterhouse & Co., and upon its completion the balance sheet will
be distributed to the shareholders, probably about the end of April.
Traffic receipts continue to be encouraging and are indicative of the constantly growing trade between the three Americas. In our last report reference was made to the coming trade competition in South America, because
of which we must expect a continuation of competition upon the part of
competing cable systems, already established and to be established. It is
needless to say we are prepared to meet such competition. We are constantly improving our service and only recently have succeeded in increasing
the capacity of our cables 70% by the installation of new instruments and
automatic devices. During the world war we, of all cable systems, have
maintained at all times a full service for all classes of traffic. The removal
of code restrictions will enable many of our customers to condense their
cablegrams.
We are pleased to announce that we have contracted for sufficient cable
to make our extensions from Buenos Aires to the cities of Rio de Janeiro
and Santos, Brazil, and we hope to complete these extensions before the end
of this year. We have also purchased the necessary cable for a connection
between Buenos Aires and the city of Montevideo, in Uruguay, and expect
to complete this connection by July 1 next.-V. 108. P. 686.
Central Sugar Corp.-Earnings.
-
Calendar YearsGross income
Operating expenses
Net income
Interest
Federal taxes
Other deductions
Preferred dividends
Adjustments
1918.
1917.
$2,206,563 $2,198,751
2,028,448
1,714,617
$178,116
125,4411
32,6751
20,000
157,500
Cr.21,95113
$484,134
40,930
149,374
175.000
1918.
Cal.Years-1917.
1918.
1917.
Balance, surplus
def.$102,837
$118,830
Profits, sales_$2,065,342 $1,589,628 Net profits_ - _$1,573,110
-V. 106, p. 1463.
Total income.. 2,199,736 1,764,187 Dividends a_ _ 1,297,586 $1,530,884
201,306
Interest, &c_98,125
109,302 Balance,sur_ _$1,275,524 $1,329,578
Cerro de Pasco Copper Corp.-Production (in Lbs.)Federal taxes_ 528,500
124,000 Total p & 1 sur$2 673 671 $2 294 553
1919-March-1918. Decrease. I 1919-3 Mos.-1918. Decrease.
x Rate in 1918,6% on first pref., 7% on 2d pref.; total, $1,299,907; minus 4,838,000
6,966,000
2.130,000 115,260,000 19,096.000 3,836,000
Treas.
stock
divs. on
owned,$2,321; bal., as stated above.-V.106, p. 2759. -V. 108. p. 976. 686.
Associated Oil Co.-Annual Report.
Consolidated Income Account for Years ending Dec. 31.
1918.
1917.
1916.
'1915.
$30,977,590 $27,952,191 $21,094,849 $15,194,792
265,891
236.373
569,057
623,879
Totalincome
$31,243,481 $28.188,564 $21,663,906 $15,818,671
Exp., tax, & deprec'n
26,702,174 24,346,776 18,465,517 13,900,667
Dividends
(5%)1,987,832(5)1,987,834 (4)1,590,287(4 h)1789095
Surplus
$2,553,475 $1,853,954 $1,608,102
$128,909
107, p. 2478.
Operating income
Other income
Booth Fisheries Coe-Board Reduced from 9 to 7.-
II. C. Wright and R. S. Tuthill Jr. resigned as directors, reducing the
board from 9 to 7.
See Annual Report on a preceding page.-V. 107, P. 458, 2478.
Bronx Gas & Electric Co.-Rate Decision.-
Judtico Mullen in the Supreme Court at the Bronx on April 4 reserved
decision on the application of the N. Y. Public Service Commission to
enjoin this company,from increasing its gas rates from $1 to $1 60 per 1,000
cubic feet.-V. 108, p. 1277.
Brooklyn Borough Gas Co.-Appeal.-
This company has appealed to the Appellate Division from a decision
of Supreme Court Justice Cropsey, in which he refused to vacate a decision
of Justice Benedict enjoining the company from charging consUmers more
than 95c. per 1,000 Cu. ft. for gas.-V.108,P. 1062, 482.
Chicago Railway Equipment Co., Chicago.
Balance Sheet December 31.
1917.
1918.
1918.
1917.
AssetsLiabilities$
$
Property,
2,160,208 2.131,843 Capital stock.._ _2.991.800 2,486,000
Goodwill, pat',
ts
Cur
esnt liabili&c
793,225 793,225
800,417 318,312
Inventories
1,021,216 782,887 Reserves
914,550 783,313
Investments......
1,176
3,476 General reserves 750,000 750,000
Liberty bonds__ 624,616 749,749 Surplus
897,481 1,244,174
Accts., bills rec.
and cash
1,750,723 1,120,208 Total each side_6.354.248 5.581,799
Deferred charges
3,084
412 -V. 107, p. 1002.
Cities Service Co.-Stock Increase Authorized.-
The stockholders on April 8 approved the proposed increase in the authorized amount of preferred capital stock from $100,000,000 to $150,000,000. None of this stock is to 130 presently issued but it will be held for
future corporate requirements of the company, including the conversion
of $30,000,000 principal amount of 7% Convertible Gold Debentures now
outstanding. Compare V. 108, p. 1384, 1167, 1062.
Citizens' Telephone Co. of Grand Rapids.-Earnings-
Dec. 31
Year1918
1917
Dividend
Net Taz.,rents, Bond Deprec.of Dividends Other Balance,
Revenue. agen.exp. Interest.Plant,&c. Paid. Deduc. Sum*
$510,604 $82,896 $46,334 $186,059 $173,328 $9,624 $31,611
567,423 73,286 43.771 179,704 231,105 11,428 51,985
rate in 1918. 434%; 1917, 6%.-V. 105, p. 1312.
[VOL. 108.
THE CHRONICLE
1514
lent to 166% for the outstanding prof. stock. The company carries no
value on its balance sheet for good-will.
1915.
Earnings.-During the past four cal. years sales have increased from
$742,471 $477,269
in 1915 to $921,055 in 1918. Aggregate net earnings for the past
373,498 three years
were $411,896.
107,269
the current year call for a production amounting to $1,500.Schedules
87,493 000, and onfor
the basis of past earnings, not including Government work,
should
for dividends, after allowance for taxes, of more than
show
net
Net profits
$73,050 $237,621 $174,211 $210,000. Shipments
$226,546
for the first quarter of 1919 and unfilled orders
-V.107. p.294.
April 1 1919 amount to more than $800,000.
payment of pref. dividends beginning Jan. next.
Sinking
Fund.
-After
Colorado Fuel & Iron Co.-Sub. Co. Bond Payment.of the remaining net earnings shall be set aside to retire the pref. stock
The $848,000 First Mortgage 6% bonds due April 1 of the Grand River 20%
at
110
share).
($55
per
Coal & Coke Co. are now being paid at the Central Union Trust Co.,
N. Y., except about $50,000 which are being paid off in Denver, Colo.
Haskell & Barker Car Co.-Officers.V. 108, p. 1055.
M. E. Harding was elected a Vice-Pres. to succeed Arthur Tan Brunt
and
T. C. Curtis was elected Secretary to succeed A. J. McAllister.Consolidated Ry., Electric Lighting & Equipment Co.
See Car Lighting & Power Co. under "Reports" above.-V. 107, p. V. 108, p. 1393.
2379, 1922.
Higgins Oil & Fuel Co.-Dividend.A dividend of 6% has been declared, payable in four quarterly installDeLong Hook & Eye Co.-Bonds Authorized.ments
of 13%. This company is controlled by the Houston Oil Co.
The stockholders on April 5 approved an increase in the indebtedness of
its subsidiary, the Southwestern Settlement & Development Co..
the company by the issuance of $400,000 of bonds. Compare offering and through
which
owns
53% of the stock.-V. 105, p. 2547.
description of issue in V. 108, p. 686, 584.
Citizens' Gas Co. of Indianapolis.-Earnings.-
Calendar Years1918.
Total net revenue after taxes $890,363
Rental under leasehold
382,936
Interest
130,881
Dividends (10%)
150,000
1916.
$973,614
375,402
110,583
250,008
1917.
$789,819
376,893
121,678
218,198
Denver Union Water Co.-Payment of Bonds.Following the sale of this company's property to the City of Denver
it was announced on Oct. 19 1918 that the First Mortgage 5% bonds
would be paid at the New York Trust Co., or at the International Trust
Co., Denver, Colo., on Nov. 1 1918, at par and interest, at the rate of
6% per annum from July 1 to Nov. 1 1918, on which date interest ceased.
Y. 107, p. 1840, 607.
Distillers Securities Corporation.-New Name.See U. S. Food Products below.-V. 108, p. 1168, 1063.
Dominion Coal Co. Ltd.-First Mortgage Bonds Called.One hundred fifteen 1st M. 5% sinking fund gold bonds, due May 1
1940, of $1,000 each. and 74 of $500 each, aggregating $152,000, have been
called for payment on May 1 at 105 and int. at Royal Trust Co.„ Montreal. Outstanding, at last accounts, $6,015,000.-V. 106. ro• 1580.
East Creek Electric Light & Power Co.-Merger.-See Schenectady Illuminating Co. below.-V. 91, p. 1772.
Hocking Valley Products Co.-Plan Operative.-
This company announces that the plan of Dec. 16 1918 has been declared
operative. Holders of the 50-year 5% Sinking Fund gold bonds, who have
not yet deposited their bonds with the Bankers Trust Co., have, until further notice, the privilege of accepting the proposition as made to bondholders, upon presentation of their bonds, for stamping in accordance wit'%
the terms of the plan.-V. 108, P. 1393.
Hudson Electric Light & Power Co.-Merger.-See Schenectady Illuminating Co. below.-V. 67, p. 634.
Hudson River Vehicular Tunnel.-Bill Signed.Governor Edge of New Jersey on April 8 signed the bill for the acquisition of property for the construction of the proposed tunnel under the
Hudson River. It is understood also that Governor Smith of New York
State will also sign the New York measure of similar nature when it comes
before him.-V. 108, p. 1393, 1278.
Imperial Oil Co., Ltd.-New Officers.-
Owing to the death of the President, Hon. W. J. Hanna, Aprn 7, C. 0.
Stillman, who has been Vice-President since 1911,has been elected President
Announcement was made April 3 of a gift by President George Eastman and the vacancy on the board has been filled by the election of Mr. A. M.
shares
of
common
stock,
par
$100,
having
a
present
to employees of 10,000
McQueen. Mr. Stillman is President of the Imperial Pipe Line Co. Ltd.
market value of nearly $6,000,000. The stock is to be sold to such employ- and of the Queen City Oil Co., Ltd., and a Vice-President of the In'ternaees on an easy payment plan, the entire proceeds, amounting to $1,000,000, tional Petroleum Co. He has been in charge of the extensive prospecting
to go into a welfare fund for the benefit of all the company's employees. and developing program of the Imperial in the Northwest since 1916, and
The employees will obtain the stock at about one-sixth of its value.-V.108, has also superintended the drilling and producing operations of the InterP. 687.
national Petroleum Co.of Peru.-V.108, p. 1168,977.
Eastman Kodak Co.-Stock Bonus.-
East Butte Copper Mining Co.-Earnings.Calendar YearsGross income
Operating expenses
Net income
Depreciation
Expenses and development
1917.
1918.
1916.
85,875,322 $5,397,868 $5,523,688
4,089,710 3,198,317
5,033,178
$842,144 $1,308,158 $2,325,371
22,936
169,5571
759,602
53,739
116,6391
Imperial Tobacco Co. of Canada, Ltd.-Listed.The London Stock Exchange has granted official quotation to 3,682,000
additional ordinary shares of $5 each, fully paid, making the total listed
$5,182,000 ordinary (auth. issue $6,000,000), along with 81,650,000 6%
cum. pref. of $1 par value.-V. 108, p. 83, 75.
Indian Refining Co.-Tenders:-
The Bankers Trust Co., New York, as trustee, will, until April 21,
receive tenders for the sale, on May 1 of First Mortgage serial 6% gold
bonds at a price not to exceed 102 and mt., to exhaust $262,890.-V. 108,
p. 1063.
Balance, surplus
$765,469 $1,021,962 $1,565,769
The directors on Dec. 1 1918 declared dividend No. 3 of 50 cents per
share to be paid from earnings, and dividend No. 4 of $1 per share to be
paid from sums realized from the sale of pref. stock of the Pittsmont Copper
Inspiration Consol. Copper Co.-Production (in lbs.).Co. The previous dividends were: No. 1, $1 per share, paid Jan. 29 1917,
Decrease.
Decrease. 1 1919-3 Mos.-1918
1919-March-1918
and No. 2, $1 per share, paid Dec. 24 1917. Stock outstanding, $4,218,150,000
19,950,000
8,750,000 2,050,000119,800,000
6,700,000
490 in $10 shares.-V. 108, p. 976, 584.
-V.108, p. 1278. 1063.
Electric Bond & Share Co.-Offering of Pref. Stock.Bonbright & Co. Inc., are offering $500,000 6% cumulative Prof. stock of this company, the total outstanding including this issue being $8,719,100; total authorized $10,000,000.-V. 108, p. 787.
Elk Horn Coal Corporation.-Officer.-
Intercontinental Rubber Co.-Annual Earnings.Years ending July 31
5 mos. to
Dec.31 1918. 1916-17.
1915-16. 1914-15.
$281,572 $1,195,895 $581,903 $274,421
Gross income
34,185
45,914
33,898
135,044
Administration'and gen. exp_
Net profits
J. F. Caulfield has been elected a director and was also made a Vice- -V. 107, p.
President to succeed S. D. Camden, resigned.-V. 108, p. 1384.
8247,674 $1,060,851
$535,988
$240,236
International Cotton Mills.-Litigation Ended.-
General Motors Corp.-Employees' Savings and Investment Plan.Desiring to encourage thrift among its employees, and to afford them
opportunity of becoming stockholders, the company has adopted a plan
by which all employees who have been in its employ, or in the employ of its
subsidiaries, for three months or more, are eligible to participate in the
following funds:
(1) An "Employees' Savings Fund," to which each employee shall have
the right to pay each year an amount not to exceed 10% of his wage or
salary, and in no event more than $300 per, annum.
(2) An "Employees' Investment Fund, to which the corporation will
pay an amount equal to the total net payments made by the employees into
the Savings Fund. In other words, 'dollar for dollar" of the total amount
of the employees' savings.
It is the intention of the corporation to invest and re-invest the Investment Fund, preferably in common stock of the General Motors Corporation,
but if this is not readily obtainable, then in such other securities as in the
discretion of the board of directors may seem advisable.-V. 108, p. 1392,
1277.
Genesee Light & Power Co., Batavia, N. Y.-Bonds.-This company has filed a petition with the New York P. S. Commission
for authority to execute a mortgage upon its property and to issue under
it $220.000 in 6% first mortgage bonds.
Grand River Coal & Coke Co.-Bond Payment.See Colorado Fuel & Iron Co. above.
Greene Cananea Copper Co.-Production.OutputMarch 1919
March 1918
3 months 1919
3 months 1918
-V.108, p. 1063, 687.
Copper (lbs.)
3,200,000
4,480,000
9,200,000
11,570,000
Silver (Ors.) Gold (Ors.)
115,570
690
130,400
1,225
334.920
2,120
342,940
3,013
Groton Iron Works.-Receiver.The Superior Court at New London, Conn., has appointed Frederick
Conlin as permanent receiver for this company, a subsidiary of the U. S.
Steamship Co.
Hartford Automotive Parts Co.-Offering of Pref. Stock.
-Stone, Prosser & Doty, N. Y., are offering, by advertisement on another page, at par $50 per share, to yield 8%
this company's 8% cumulative pref. (a. & d.) stock of
which there is authorized $1,000,000 and outstanding $880,000. Divs. Q.-J. The advertisement shows:
Supreme Court Justice Cohalan has approved the report of the appraisers and has awarded to the minority stockholders $133,000 or $60 a share
for their holdings. Unless further appealed, the award brings to an end
the suits which followed the dissolution of the Corporation of N. Y. and
the sale of its properties to the International Cotton Mills of Massachusetts.
The minority stockholders demanded that the bill of sale transferring the
New York Corporation to the Massachusetts corporation be declared
illegal and void and the certificate of dissolution as to the former company
be declared null and void. Appraisers recommended that the case be
terminated by payment of $60 for each preferred share with interest from
the date of the transfer.-V. 108, p. 1383.
Island Creek Coal Co.-Annual Earnings.Year ending Dec. 31Coal produced, tons 2,000 lbs
Net earnings
Net profits
Other income
1918.
1917.
1916.
1,891,375
1,933,805 2,280,661
$2,869,458 83,452,041 $1,407,967
$2,696,407 $3,303,115 $1,260,182
6,108
87,930
26,839
Total net income
$2,784,337 $3,329,954 $1,266,290
$299,196
Preferred dividends
8299,196
$209,196
415,793
Common dividends
($8)950,384 ($9)940,408
146,833'
244,425
Depreciation
339,277
900,000
1,200,000
Income and excess profits tax
113,297
Loss on account of Ohio River ice flood
def.$117,817sur.$945,925 sur.$404,468
Balance, surplus or deficit
Stock outstanding Dec. 31 1918 in $1 shares: Common, $118,802; pref..
$49,869; no funded or floating debt; earned surplus, $871,429; paid-in
surplus, $9,864,175.-V. 107, P. 1195.
Jackson (Mich.) Motor Shaft Co.-Offering of 7%
Notes.-The Fort Dearborn Trust & Savings Bank, Chicago,
is offering at prices to yield from 7% to 7.50%, according
to maturity, $250,000 7% Serial Gold Debenture notes,
dated March 1 1919, due March 1 1920, 1921, 1922. A
circular shows:
•
Denom. $100, 8500, $1,000e. Interest M. & S. without deduction for
the normal Federal income tax not to exceed 2%. Callable on any int.
date, all or part, at a premium of M of 1% for each six months of unexpired maturity, Fort Dearborn Trust & Savings Bank, Trustee, Chicago.
The company was incorp. in Mich. in 1910 and is engaged in the business of the machining of cam and crank shafts for automobiles, trucks and
tractors' it is one of the largest contract manufacturers of shafts in the
U.S. The plant covers about 18,000 sq.ft., on the belt lino of the Michigan
Central By. Sufficient ground adjacent to its plant is owned to double
present capacity. The total number of employees is about o50; net profits
1918 were $133,205, compared with $112,003 in 1917.
Common stock, authorized, $750,000; outstanding, 8400,500.
Jewel Tea Co., Inc.-Salesfor 4 & 12 Wks. end. Mar/22.
Company.-A consolidation of the Hartford Automobile Parts Co. and
Increase.I 1919-12 Weeks-1918 Increase.
1919-4 Weeks-1918
the Kinsler-Bennett Co., both of Hartford, Conn. manufacturers of universal joints, shafts, drives and cone clutches for pleasure cars, trucks and $1,313,706 $1,201,514 $112,1921$3,812,640 $3,541,023 $271,617
970.
1063,
108,
p.
-V.
tractors. The company's products are used as standard equipment by
more than 80 manufacturers. To provide additional manufacturing faciliKennecott Copper"Corp.-Production (lbs.).ties to relieve the congestion in Its present plants, the company has recently
1919-3 Mos.-1918.
purchased the group of factory buildings in Hartford.
1919-March-1918.
Assets.-Assets of combined companies as of March 1 1919 were $1,788,- Kennecott
)5,852,0001 5,772,0001 21,184,000f 17,630,000
16,202,0.400
p. 1393. 1063.
280. After deducting all liabilities, including obligations assumed in con1 5,248,0001
nection with the purchase of new plant, net assets total $1,472,632, equiva- -V. 108,
APR. 12 1919.1
THE CHRONICLE
1515
Keystone Tire & Rubber Co.-Stock Listed.The
Traffic to and from the Republic of Mexico continues to show a gain,
New York Stock Exchange on April 9 authorized the listing of $1,- Indicative, we trust, of increased prosperity in that Republic.
com723,730 common stock on official notice of issuance in exchange for present pany's joint ownership in the duplicate Via Colon cables between Your
York
outstanding certificates, with authority to add $275.170 of said common and Panama continues to be profitable. Traffic receipts Via New
Colon
are
stock on official notice of payment in full, making the total amount au- encouraging and indicative of the constantly growing trade between the
three Americas. Compare also Central & South American Telegraph Co.
thorized to be listed $1,998,900.
The profit and loss statement as of March 1 1919 follows (subject to above.-V.108, p.84.
adjustment at end of fiscal year, Dec. 31): Sales, $1,124,964; cost of sales,
Miami Copper Co.-Div. Reduced-Production (in lbs.)$954,558; gross profit, $170,406; miscellaneous income, $1,278; total,
$171,684; expenses (administrative, selling and other), $50,517;
The directors have declared a quarterly dividend of 50 cents per
net profit,
share
$121.167.-V. 108, p. 1064.
1,1
10%)1on the outstanding capital
stock, payable May 15 to holders of record
follows..
Dividend record
Kincaid & Kimball, Inc., Utica, N. Y.-Offering of
'12. '13. 14. 15. 16 17.
1918.
30 40 30 45 115 170 30, 20, 20. 20
Preferred Stock.-The Mohawk Valley Investment Co. and Per cent
1919-March-1918.
Decrease. 1919-3 Mos.-1918,
Increase.
the Utica Investment Co. are offering $300,000 8% Cumu- 4,551,115
5,122,000
570,885114,358,115
14,354,000
4.115
lative Preferred (a. & d.) stock, par $100 of this company -V. 108, P. 97-7, 585.
formerly known as Brandegee Kincaid & Co. A circular
shows:
Midvale Steel & Ordnance Co.-Officer.-
The stock is redeemable, all or part, at 115 and divs. upon 30 days'
notice. Dividends Q.
CapitalizationAuthorized. Outstanding.
8% preferred stock
$200,000
$200,000
Common stock
300.000
300,000
Company.-This corporation, located in Utica, New York, with sales
rooms in New York City and Chicago manufactures men's and young men's
clothing, the business having been in existence for 63 years.
Pref. Provisions.-Beginning Jan. 1 1920 and annually thereafter the
company will pay 5% of the total issue of pref. stock as a sinking fund.
The corporation will maintain net quick assets of at least 150% of the pref.
stock outstanding_ This pref. stock is entitled to cumulative dividends
before any common dividends can be paid, and in event of liquidation,
the holders of pref. are entitled to receive par thereof, with any unpaid
dividends, before any payments shall be made on common stock.
The authorized pref. stock cannot be increased, nor can any other pref.
stock taking precedence over this issue, be issued without the consent of
the holders of 75% of this pref. stock outstanding. No mortgage while
any of the pref. is outstanding.
Krasberg Engineering & Manufacturing Corp.,
Chicago.-Bond Offering.-S. W. Straus & Co., Inc., offer
at par and interest $325,000 First Mortgage 6% Serial bonds
of this company, manufacturers of tools, gauges, &c. The
bonds are a closed First Mortgage on the land and the
building now under construction.
Lackawanna Steel Co.-Quarterly Report.Comparative Income Account for the Company and Its Subsidiaries.
3 Months ending March 311919.
1918.
Inc. or Dec.
z Total net earnings of all properties,
after providing for all taxes, including excess profits taxes and deducting all ordinary repairs & mainten'co $1,997,991 $3,040,522 -$1,042,530
Interest on bonds & other obligationsLackawanna Steel Co
230,400
233,156
-2,756
Subsidiary companies
41,925
44,262
-2,337
AppropriationsFor exting. of mining investments
45,906
87,904
-41,998
For depreciation and renewals
472,651
397,917
+74,734
Balance, profit, for first quarter
1,207,109 .2,277,282 -1,070,173
Unfilled orders (gross tons)
124,570
708,199
-583,629
Rate of profit earned on $35,097,500
common stock outstanding
13.76%
25.95%
-12.19%
z"The 1918 figures have been adjusted to the proper proportion of Federal
tax of $10,950,000 for year.
Compare annual report, V. 108, p. 1383,
1267.
Ludlow Manufacturing Associates.-Stock Increase.The stockholders on
April 8 authorized an increase in the capital stock
from 100,000 shares to 120,000 shares, the new stock to be issued at par
in
the ratio of one now share for each five shares held, stockholders of record
April 8 having the right to subscribe therefor, payments being due in
full April 18.-V. 108, p. 1393.
Ludlum Steel Co., Watervliet, N. Y.-Offering of
Notes.-Richardson, Hill & Co., Boston, are offering, by adv.
on another page, at prices ranging from 1003 to 963/
9, to
yield approximately from 6.50% to 7.50%, according to
maturity, a new issue of $1,000,000 7% Serial gold coupon
notes dated April 1 1919, due $100,000 each April 1 1920 to
1929, inclusive. The adv. shows:
Denom.$1,000. Registerable as to principal only. Callable in whole or
In part, at option of company, at par and int. plus X of 1% for calendar
year in which redeemed, and an additionalX of 1% for each year to date
of maturity. Int. A. & 0. in gold at State Street Trust Co.. Boston,
trustee, without deduction for any taxes up to 2%.
The Company -Manufactures tool steel and steel specialties, in furnaces
of its own design,
. at its plant at Watervliet, N. Y. Tool stool is used In
virtually all manufacturing industries. There aro 1,500 customers
at
present on tho company's books.
Cross Sales.-These last year were more than $5,000,000. Since the
armistice Ludlum has operated on full time and in some departments
is
working overtime.
Not earnings for the last three years after Federal taxes have averaged
$354,917 annually, or five times the interest requirements of
this issue.
Net quick assets after this financing are more than 1X times,
and total
net tangible assets more than 2X times this issue. No
shall be
paid on the common stock if such payment reduces thedividend
net
quick
assets
below 150% of the par value of the serial notes outstanding.
Purpose of Issue.-These notes constituting the only funded obligation
of
the company, are issued to provide additional working capital.
Officers and Directors--Edwin Corning, Prest.; Parker
V.Pres.
& Treas.; P. A. E. Armstrong, V.-Pres. &Sales Manager'Corning,
Hiland Batcheller, V.-Pres.; Leonard Kennedy, V.-Pres.; E. Palmer Gavit,
Secy; Ledyard
Cogswell, Pres. N. Y. State National Bank,
Gurnett, of Richardson, Hill & Co., Boston.Albany, N. Y.; Daniel W.
Marland Refining Co.-Stock Increase.-
The stockholders will vote May 3 on increasing the authorized capital
stock from $10,000,000 to $25,000,000. The company
plans enlargements
on a considerable scale.-V. 108, p. 175.
Massachusetts Gas Cos.-Trustee.-
Henry 13. Endicott has been elected a trustee, to succeed C. Minot Weld,
deceased.-V. 108, P. 274.
Alfred A. Corey Jr. has been elected Vice-Pres. in
of operations of
this company and Vice-Pres. and General Managercharge
of the Cambria Steel
Co., to succeed Edwin E. Slick, resigned.-V. 108, p.
1393, 1383.
Mobile Electric Co.-New Plant.-
This company plans to erect a new power plant at an estimated cost of
81,000,000.-V. 106, p. 1581.
Mohawk Gas Co.-Merger.-
See Schenectady Illuminating Co. below.-V. 77, p. 1297;
National Cloak & Suit Co.-Stock Decrease.
The New York Stock Exchange yesterday received notice
of this company's proposal to decrease the pref.
stock from $5,000,000 to $4,330.000.
-V. 108. p. 681.
National Enameling & Stamping Co.-Obituary.
President F. A. W. Kieckhefer died at his home on March 20.-V.
108,
p. 970.
Nebraska Electric Co.-Foreclosure Sale.-
B. H. Dunham, Master in Chancery, will sell at foreclosure on May 14
at Center, Neb., the property of this company.
-V. 105, p. 720.
New Cornelia Copper Co.-Production (lbs.).
1919-March-1918.
2,434,000
4 576,000
-V. 108, p. 1664. 977.
Decrease.' 1919-3 Mos.-1918.
2,142,00019.624,000
12,318,000
Decrease.
2,694.000
New River Company.-Earnings.Output Net from New River Preferred
Net
(tone). Sub. Cos. Co. Losses. Dividends.
Profit.
12 mos. to Dec. 31 1918...2,305,405 $1,127,248 $278,291 (6%)$442,614 $848,557
9 mos. to Dec. 31 1917...1,727,635 1,189,156 210,551 (734) 528,115 978,605
12 mos. to Mar.31 1917...2,168,084
629,185 123,536
505,649
Net profit is shown after charging off $163,046 for depreciation,$165,384
contingencies and $155,153 for depletion.-V. 107, P.
177.
New York Shipbuilding Corp.-Earnings.1918.
Ship & boiler contes1,958,872
Scrap & misc.sales__ 501,738
Inventory adjust'ts. 58,184
Total oper.income2,518.794
Total other income__ 105,853
Gross income____2,624,647
Miscell. charges_ ___ 196,139
Amort.of plant prop.1,250.151
Claims
*800,000
1917.
1918.
1917.
$
$
527,779 Total deductions_ __2,246,289 203,489
471,384 Net income
x378,358 963,915
105,886 Previous surplus__ _1,791,449
38,350
Real estate adjust
789,184
1,105,049
62,355 Total surplus_. 2,169,807 1,791,449
Res've for claims ap1,167,404
pile. to prior period *250,000
203,489
Final surplus
1,919,807 1,791,449
* To cover claims on account of interpretation of costs.
x No reserve for Federal taxes for 1918 has been included in the above.
See annual report of American International Corporation, V. 108, p. 1181.
V. 108,P. 585.
Old Dominion Co.-Earnings.-
Calendar YearsTotal income
Expenses
Depreciation of plants, equipment, &c
Provision for depletion of mines
1918.
1917.
$5,731,082 $8,635.171
4,800,088 6,258,662
325,041
319,874
304,192
263.851
Surplus for year
Dividends paid
$301,761 $1,221,264
1,188,284 2,376,262
Balance, deficit
7--V. 108, p. 978.
$886,523 $1,154,998
Old Dominion Co. of Maine.-Production (in lbs.).-
1919-March-1918.
2,574,000
2,872,000
-V. 108, P. 978. 586.
Decrease. I 1919-3 Mos.-1918.
298,000 I 7,746,000
9,113,000
Decrease.
1,367,000
Oklahoma Producing & Refining Co.-Listed.-
The N. Y. Stock Exchange on April 9 authorized the listing of an additional $2,000,000 capital stock on official notice of issuance and
payment in full, making the total listed $12,000.000. The additional stock
was offered at par ($5 a share) to stockholders of record March 20,subscriptions payable in full on April 10, to provide for corporation requirements.
Compare V. 108, p. 876, 485, 274.
Peerless Truck & Motor Corp.-Other Income.-
During the calendar year 1918 the company deposited with the trustee
of the convertible note issue $1,546,200 of the (E5000,000) notes which it
had reacquired at a discount of$293,681. This discount, or saving, very
properly figures in the company's total surplus account, as a credit item,
but it does not belong in an Income account such as we published last week.
Eliminating the 3293,681 of discount, through inadvertence appearing last week as a deduction, the results for three years past compare
as follows:
1918.
1917.
1916.
Total income
$1,074,989 $1,707,632 $2,347,438
Int. on Peerless Truck & Motor Corp.
6% secured convertible notes
$229,112
$300,000
$300,000
Other interest, &c
65.423
Net loss on munitions and special foreign contracts, Gen. Veh. Co.,Inc_
386 see "oth.inc."
550,637
Fed.exc. prof. tax & income tax (est.)
71,596
306,799
Depreciation of investment, &c
34,963
Special reserve for contingencies
116,387
72,567
Pref. diva. of Peerless Motor Car Co_
1.736
1,948
2,453
Total deductions
$302,830
$760,095
$991,081
Balance, surplus
$772,159
$947,537 $1,356,357
Mexican Telegraph Co.-Quarterly Report.
The report was cited in V. 108, p. 1385.
President John L. Merrill in circular of March 27 wrotein substance:
Pond Creek Coal Co., Boston.-Annual Earnings.Partly Est. Results for Quarters end. Mar. 31 (1918 Figures Inserted by Ed.).
Calendar Years1918.
1917.
1916.
1919.
1918.
Coal produced, tons 2,000 lbs
1,080,602
1,038,296
Traffic receipts (partly estimated)
942,951
$443,035
$362,000 Gross earnings
$1,214,077 $1,646,468
Operating expenses and ordinary taxes
$362,886
141,653
115,000 Net earnings
326,733
Other income
29.570
20,118
Net receipts
12,793
$301,382
$247,000
Interest accrued on investments, &c
69,000
62,000
Total income
$1,243,647 $1,666,586
$339,526
Administration and general expenses_
$84,657
$100,252
Gross income
$36,153
$370,382
$309,000 Interest
51,002
Mexican Government's participation,say
90,189
114,117
$18,750
$12,500 Depreciation
161,590
125,418
Dividend payable April(2X %)
25,409
124,880
124,880 Federal tax
375.000
600,000
War taxes, 1914)
52,5001
11,457
Dividends
($1.873'4)398,075(1.50)312,440
Replacements
None
28,001 j
Balance, surplus
$173,323
$438,287
Estimated surplus for quarter
$200,000
$146,251
Capital stock outstanding Dec. 31 1918,$2,129,200,in $10 shares; let M.
Adding the surplus Dec. 31 1918, $3,728,785, the estimated$160,163
surplus
convertible
Os 4100,500 converted during year), $1,082,000; profit and
$3,875,036.
was
March 31 1919
loss, surplus, $579,594.-V. 108. p. 1279.
THE CHRONICLE
1516
Savage Arms Corporation.-Mr. Bone Chairman.
impressive en-
President A.E.Bone in circular of April 5 refers to: "The
at the annual
dorsement accorded the management by the stockholders
paid
meeting on the first instant explains that the so-called "bonuses" comadditional
as
intended
were
in
1918
offers
five principal executive
pensation, which, together with small payments previously made, would
1916,
cover services rendered by these officers during the entire three yearsof
the
,
1917 and 1918. The total additional compensation paid to over 700
is
salaried employees during the three years amounted to $440,745, 'which
a most moderate sum when the earnings during that period are taken into
made
payments
similar
consideration, and compares most favorably with
by concerns engaged in our line of business," this being commonly considered a most beneficial method of obtaining results.
The president says that the plants of the company are in exceptional
condition and that their value has been written down to a conservative
figure, based on peace conditions, but he still emphasizes the danger of any
large distribution to the shareholders at this time.
Yielding to the solicitation of some of the directors and other shareholders not to sever his official relations with the corporation, Mr. Bone
has agreed to continue in the capacity of Chairman of the Board to supply
such advice and assistance as he can in its future activities. Compare
V. 108, p. 885, 967, 978, 1394.
[VOL. 108.
BALANCE SHEET, DEC. 31.
1917.
1918.
1917.
1918.
3
3
Assets12,000,000
Tank car equip___19,934,496518,030,504 Capital stock ____12,000,000
10,395 Accounts payable_ 405,019 3,080,955
9,133
Real estate
640,795 Car trust notes__ 6,000,000 7,500,000
536,048
Material
6,116,797 5,463,778
21,021 Surplus
22,608
Office furniture
706,067
Cash and securities 1,279,049
137,417
134,727
Investments
Accounts receivle 1,106,929 1,970,617
24,521,816 28,044,733
1,498,826 6,518,916 Totals
Car trust fund
* After deducting $5,584,979 depreciation in 1917 and in 1918 $1,620,497
amortization.
for
for depreciation and $2,269.445
President H. E. Felton has been elected Chairman of the Board. W.A.
Barstow, who was 1st Vice-Pres., succeeds Mr. Felton as President. E.L.
Gridley succeeds Thomas Beaghan Jr. as a director.
See "Annual Reports" on a preceding page.-V. 107, P. 1009.
United Alloy Steel Corp.-Income Account.-
1917.
1918.
1918.1917.
1 Deduct'ns (Concl.)
$
$
1,500,000
800,000
taxes..
Federal
34,228,880
40,055.862
Sales
523,876
Total profits_ 4,736,301 6,610,209 Deprec'n, &c.. 1,016,80234)2050,000
Called. Profit-sharing.
207,842 Dividends($4)2,100,000(
284,242
Savannah-New York Transporta'n Co.-Bonds
1916
1
-V. 107, p. 1583.
Five ($5,000) First Mtge. Serial 6% gold bonds dated Nov.
535,256 2,328,490
Surplus____
(Nos. 350, 339, 335, 346, 349) have been called for payment May 1 at 101
and interest at Fidility Trust Co., Baltimore.-V. 106, p. 1465.
Inc.-Sales.United Cigar Stores Co. of Amer.-Stock
the proposal to
ratified
11
The stockholders of this company on April
Schenectady (N. Y.) Illuminating Co.-Merger.
to $60,000,000.
$30,000,000
from
capitalization
share
common
the
Increase
the
authorizing
which,
The New York P. S. Commission has passed an order
development
of
scheme
comprehensive
the
for
way
Gas Co., This opens the
consolidation of the Schenectady Power Co. and the Mohawk
time ago but which has been held in abeysome
out
worked
was
stated,
is
It
Elec.
Creek
East
and
Amsterdam
of
Co.
Power
&
Light
the Hudson Electric
extension
the
used
in
be
will
stock
additional
The
war.
the
of
ance
because
order
The
Light & Power Co. into the Schenectady Illuminating Co.
for disof business and the acquisition of new lines, and will be available
authorizes the acquiring of common stock, par value aggregating $1,600,000,
as stock dividends. Compare V. 108, p. 1171, 386.
as follows: $800,000 of the Schenectady Power Co., $300,000 of the Edison tribution
$800,000
of
an
increase
$4,900,000,
of
March
for
sales
state
reports
Press
months of
Co. of Amsterdam and $500,000 of the East Creek Co.-'(. 107, p. 2194.
on approximately 20% over March 1918, and for the first three
1919 sales aggregated nearly $13.000,000, a gain over 1918 of about $3.Schenectady Power Co.-Merger.1171.
p.
1893.
108.
p.
22%.-V.
103,
or
-V.
above.
Co.
300,000
See Schenectady Illuminating
U. S. Food Products Corp.-Change of Name.-Listed.
Shattuck Arizona Copper Co.-Output.- Mos.-1918.
this name, effective
1919-3
The Distillers Securities Corporation having adoptedauthorized
1919-Mar.-1918.
listing
the
9
April
on
Exchange
2,452 1,013,593 1,000,844 2,717,075 April 5 1919, the New York Stock
Copper (lbs.)
217,643 of $30,772,600 capital stock (par value of shares $100 each), on official
678,914
66,878
27,067
Lead (lbs.)
27,618 notice of issuance, in exchange for the outstanding shares of Distillers
44,129
11,429
200
Silver (ozs.)
267.47 Securities Corporation, par for par, with authority to add $193,300 stock,
160.06
88.98
.47
Gold (ozs.)
Authorized capital stock
on official notice of issuance and payment in full.stockholders
-V. 108, p. 1065, 688.
on March 19
was formerly $32,500,000, but by vote of the
$1,534,100 were canceled, leaving the present auSullivan Packing Co. (Detroit, Mich.).-Stock Offering. 1919, certificates for $30,965,900,
to be listed.
yet
has
$193,300
which
of
stock
capital
thorized
Phillip M. Shaw & Co., N. Y., and Merrill, Cox & Co. and
identity of the
The change of name has in no way affected the corporate
or powers, as recently enlarged to inthe Fort Dearborn Trust & Savings Bank, Chicago, are company or its property. or rights,
all kinds and
of
products
feed
and
food
manufacture
"to
right
the
offering at $100 and div. $750,000 8% Cumulative Preferred clude
and other
products and by-products of all kinds, of grain, beets, molasses,denaturing
stock, par $100. Divs. Q.-F.
of all kinds; and to own, lease and operate central Compare
materials
capital
spirits."
and
paid-in
a
alcohol
with
denaturing
in
Mich.
1908,
for
in
The company was incorporated
plants and warehouses
of $250,000. succeeding the business of Sullivan Beef Company, estab- V. 108, p. 1168, 1063.
lished in 1897.
U. S. Steamship Co.-Sub. Co. Receivership.See Groton Iron Works above.-V.108, p. 587,487.
Swift & Co.-Pamphlet on Industry.the
"Country
from
reprint
a
form
in
pamphlet
issued
been
has
There
United States Steel Corp.-Unfilled Orders.Gentlemen" of Jan. 25 1919 of an interview with Louis F. Swift,regarding
See "Trade and Traffic Movements" on a subsequent page.-V. 108, p.
the packing industry and high cost of living.-V. 108, p. 1420, 885.
1383. 1171.
Texas Pacific Coal & Oil Co.-Stock Increase.-
The stockholders will vote April 16 on increasing the authorized capital
stock from $5,000,000 to $6,000,000.-V. 108, p. 978.
Trumbull Public Service Co. (Warren, Ohio).-Offering of Three-Year Notes.-Henry L. Doherty & Co. and Otis
& Co. are offering, at 983 and int., yielding 7%%,$1,200,000 Three-year 7% mortgage notes dated Nov. 1 1918, due
Nov. 1 1921.
Interest M.& N., without deduction for normal Federal income tax up
to 4%, so far as may be legally permitted. Pennsylvania 4 mills tax refunded. Denom. $1,000 c*. Callable at any time prior to Nov. 1 1919,
at 101 and hit.•, thereafter and at any time prior to Nov. 1 1920, at 1005-f
and int., and thereafter at any time before maturity at par and int. on three
weeks' notice. First Trust & Savings Co., Cleveland, 0., trustee.
Data from Letter of Pres. Henry L. Doherty, Dated March 27 1919.
Company.-Incorporated in 1911 in Ohio, succeeding to the properties
and business of The Hydro-Electric & Gas Co. and the Warren Water &
Light Co. Cities Service Co. acquired a controlling interest in 1912, and
now owns over 99% of the common stock. The company supplies, without
competition, electric and water service in Warren, 0. Electric service is
also furnished at wholesale or retail for the entire requirements of Niles,
Newton Falls, Leavittsburg, Garrotsville and Windham, Ohio. Population
served, 41,650.
Authorized. Outstanding
Capitalization*$1,500,000 $1,126,100
First Mortgage 6% gold bonds, due 1929
1,200,000
3,000,000
Three-year 7% mortgage notes
200,000
200.000
Preferred stock 6% cumulative
1,500,000
1,500,000
Common stock
* $109.900 have been retired and canceled by the Sinking Fund.
Security.-A direct mortgage on all the properties, rights, titles and
bonds
franchises, subject only to the authorized amount of $1,500,000 of
already outstanding. Additional notes may become outstanding to 85%
of the cost of improvements, when the earnings applicable to interest on
notes are 1Y, times the interest requirements on funded debt, including
notes requested.
Replacement Value.-This was determined by competent engineers as of
Nov. 1 1918, as about $3,900,000.
Earnings for 12 Months ended February 28.
1918.
1919.
1918.
1919.
Gross earnings__ _$946,688 $544,368 Bond interest_ _ _ _ $67,566 $66,861
$236,638 $104,174
Net, after taxes_ _3304,204 $171,035 Balance
Int. on this issue.. $84,000
1914.
1915.
1916.
1917.
1918.
Cal. YearsGross earnings_ __ $875,173 $511,568 $353,553 $287,932 $234,819
$274,101 $177,684 $159,985 $151,096 $98,158
Net earnings
Installed cap. elec.
4,200
8,750
8,750
14,750
24,150
pow.sta'ns, k.w_
w. h. output _53,566,660 26,828,267 16,592.121 12,051,326 7,113,074
K*Conversion Privilege.-At the option of the holder, these notes will become
convertible, par for par, into the 7% cumulative pref. stock, upon and after
the approval by the Ohio P. U. Commission of the issuance of such stock.
-V. 107, p. 2296.
Trumbull Steel Co.-Stock Increase.-
The stockholders will vote May 7 on increasing this company's authorized capital stock from $20,000,000 to $24,000,0000. The new stock is to
consist of preferred shares. It is stated that about $1,300,000 of the new
issue will be required to purchase the common stock of the Liberty Steel
Co., recently acquired.-V. 108, p. 1171.
Union Oil Co. of California.-Quarterly Statement.-
Press reports indicate results as follows for quarters ending March 31:
1918.
1919.
$3,500,000 $3,100,000
Profit before depreciation
950,000
1,200,000
Provision for depreciation
Profit subject to war tax
Sales
-V. 108, p. 781.
$2,350,000 $2,150,000
$12,270.000 $9,170,000
Union Tank Line Co., New York.-Officers.-
1915.
1916.
1917.
1918.
Net earnings for year_ _ _x$1,253,019 $3,709,516 $2,081,766 $1,067,958
600,004
600,000
600,000
600,000
Dividends paid (5%)..__
$467,954
$653,019 $3,109,516 $1,481,766
Balance, surplus
x Net earnings for 1918 are shown after deducting $908,415 Federal
for
tax
profits
1917.
excess
and
income
Utah Consolidated Mining Co.-Earnings.-
1915.
1916.
1917.
Cal. Years-1918.
13,061
94
34,551,480 $2,298,657
$3,067,918 $31,9
Sales copper, &c
131,162
101,756
117,970
170,862
Refining expenses
$2,167,494
$4,359,724
$3,825,091
$2,897,056
Net income
1,075,304
1,410,018
980,036
739,688
Add bullion end of year_
42,135
79,524
101,697
107,065
Miscellaneous income
Gross income
Bullion on hand
Other deductions
Balance, surplus
Previous surplus
Total surplus
Dividends
Depreciation, &c
Miscell. adjustments
$3,743,809 $4,906,824 $5,849,266 $3,284,933
683,693
1,075,304
1.410,018
980,036
1,483,118
2,511,010 2,684,612 2,849,786
$812,194 $1,924,176 $1,128,122
$252,763
632,174
1,129,415
1,867,841
1,541,165
$1,793,928 $2,680,035 $3,053,591 $1,760,296
(30)450,000(70)1050,000(75)1125,000(40) 600,000
112,194
60,750
88,871
66,599
81,312
Profit and loss surp__ $1,277,329 $1,541,164 $1,867,841
-V. 108, p. 1171.
$1,129,415
Valvoline Oil Co.-Sale of 8% Convertible Preferred
Stock.-F. S. Smithers & Co. and Kissel, Kinnicutt & Co.
have sold at par and div. (see adv. on another page), a now
issue of $1,500,000 8% Cumulative Convertible (Sinking
Fund) Preferred stock upon which dividends are to be payable Q.-J. beginning July 1 1919. A circular shows:
as to
The pref. stock is convertible for 10 years from April 1 1919, except
at the rate of
shares theretofore called for redemption, into common stock in
or in
whole
is
It
callable
common.
of
share
for
one
1A shares of pref.
5 1922.
part on 60 days' notice at 110 and divs. on any div. date after April
Company.-This business was established under the name of Leonard&
Ellis in 1868 and its history, covering 50 years, has been one of steady
the
growth and success. The company manufactures and merchandises all
various products of crude petroleum, such as the different grades of lubri&c.
wax,
jelly,
cating and cylinder oils, petroleum
Purpose of Issue.-To retire a mortgage of $520,000 (the only mortgage
debt), and to provide additional working capital.
Authorized. Outstanding.
Capitalization$1,500,000 $1,500,000
8% pref. stock (to be issued), par $100
3,500,000 2,338,'700
Common stock
to $5,354,626.
Assets.-Total net assets as of Dec. 31 1918 amounted
equipment,
These include the plant at Edgewater, N. J., branch depots,
Wilberine 011
the
of
stock
the
of
96.04%
of
manufacture,
process
oil in
Valvoline 01
Works, Ltd. (Warren, Pa.), and 66.31% of the stock of the
Works, Ltd. (East Butler, Pa.). Net quick assets on the same date
amounted to $2,477,000.
from proceeds
Earnings.-Eliminating interest charges on debt to be paid
as follows: Average net earnings for
of this issue, net earnings are reported ending
to
1918,$543,30
Juno
1916
years
for
years 1911 to 1918,$356,847;
662.
on the
Dividends.-The company has paid consecutive annual dividends
1914, 8%;
common stock for the past 18 years of never less than 4%. Individend.
and 10% stock
1915, 1916 and 1917, 10%; 1918, 10% cash without
the consent of twoPreferred Stock Provisions.-No mortgage
thirds of this preferred stock then outstanding.
the surplus below $1,500,000
No common dividends which would reduce
or the net quick assets below the par amount of pref. stock then outstanding.
by
This means that total net assets may not be reduced below $5,338,700
dividends on the common stock, an amount equal to more than 3% times
the preferred stock.
the company must pay into
On July 1 1920 and semi-annually thereafter,for
the purchase and retirethe sinking fund $37,500 ($75,000 per annum)
par amount of prof. stock.
like
a
retire
and
ment of pref. stock, or purchase
Further particulars should appear another week.-V. 106, p. 1040.
Western Union Telegraph Co.-New Director.-
R. S. Lovett was on April 10 elected a director to succeed B. F. Bush
retired. All other directors were re-elected.-V. 108, p. 1267.
W.) Woolworth Co.-March Sales-Obituary.-
(F.
Increase.
Increase. 1919-3 Mos.-1918.
1919-March-1918.
$2,513,451
$9,119,968 $8,715,970 $403,9981$23,445.116 $20,931,665
985.
1299,
p.
108,
April
8.-V.
died
Woolworth
W.
F.
President
For other Investment News, see page 1524.
APR. 12 1919.]
THE CHRONICLE
1517
Pports and Parnnunts.
••••••••••••••••••••
FREEPORT TEXAS COMPANY
AND SUBSIDIARY COMPANIES
REPORT FOR THE YEAR ENDED NOVEMBER 30 1918.
Wilmington, Delaware, March 24th 1919.
To the Stockholders of the Freeport Texas Company:
Your Board of Directors submits this report of the Freeport Texas Company and its subsidiary companies as of
November 30 1918 ending the fiscal year.
Freeport Texas Company is a corporation organized
under the laws of the State of Delaware, having an authorized Capital Stock of 500,000 shares non-par value.
The principal assets of the Freeport Texas Company consist of the following:
Freeport Sulphur Co
Freeport Gas Co
Freeport Sulphur Transportation Co
Freeport Town Site Co
Freeport Terminal Co
Freeport Light, Water & Ice Co
Houston & Brazos Valley Railway Co
Houston & Brazos Valley Railway Co
Capital Stock $228:888
"
"
"
"
Bonds
"
"
"
"
88
25,000 00
20,000 00
10,000 00
5,000 00
12,000 00
79,000 00
Freeport Texas Company and its subsidiary companies
have no outstanding Bonds, Debentures, Mortgages, Bills
Payable or indebtedness of any kind or nature, excepting
the going current obligations attending the conduct of the
business, and excepting the mortgage and other indebtedness of the Houston & Brazos Valley Railway Co.
The current assets of the Company and its subsidiaries
aggregate $6,871,196 00 of which $4,782,086 54 are Government securities, demand loans and cash in bank.*
*Note.—Income and Excess Profits Taxes for the year 1917 not paid,
tile amount on November 30 1918 not having been determined.
FREEPORT SULPHUR COMPANY
Organized under the laws of the State of Texas—Capital Stock-$200,000 00
ASSETS OF COMPANY.
8,677.7 acres
Real estate in 13razoria County, Texas
Including in said acreage are the sulphur deposits approximating 500 acres.
Contracts for substantial tonnage have been entered into
for delivery during the year 1919.
LOCATION.
from producers inTthe Mexican field. Plant operations
consume an average of 4,000 barrels per day, or more than
1,400,000 barrels per annum.
Oil is delivered by vessels to oil dock owned by the Freeport Terminal Company.
Dock equipment includes
12-inch receiving line, 1,300 feet in length, connecting with
a 55,000 barrel steel storage tank belonging to Freeport
Terminal Company. From this tank the oil is pumped
through an 8-inch pipe line to steel storage tanks at Bryanmound. This line is the third one constructed for the purpose by the Company, No. 1 (4-inch line) and No. 2(8-inch
line) having been salvaged. The new line represents the
final solution of one of the most difficult problems presented
to the engineering staff of the Company, that is, the installation of a,pipe line through which heavy Mexican crude
could be brought to the plants to be burned at an enormous
saving over lighter gravity oil. The new line is heavily
insulted and encloses a 2-inch steam line. The increase
in temperature so produced enables the two heavy 16 by
25 inch by 6 by 24 inch National Transit pumps, with a
maximum working pressure of 1,500 pounds per square
inch, to force the heavy oil across the 43/2 miles of prairie
separating the Company's Fuel Oil Station on Freeport
Harbor from Bryanmound. To accomplish the desired
result, it was necessary to heat the line to an average temperature of 135 degrees and to properly take care of the
consequent expansion of the pipe line a trestle was constructed in a series of reverse curves having variable radii
and variable lengths, the shortest radius being 764 feet and
the longest 3,438 feet, the length of the curve having the
shortest radius being 1,463 feet, and the length of the
longest 1,054 feet.
At Bryanmound the Freeport Sulphur Company has
seven steel oil storage tanks, six with a capacity of 15,000
barrels each, and one with a capacity of 24,700 barrels,
which are connected up in such a manner that oil from any
tank may be readily used in any plant.
WATER SUPPLY.
The sulphur deposits owned and operated by this ComMine water is melded from the Brazos River, through a
pany underlie Bryanmound, which is one of the saline domes canal
constructed for the purpose. The canal has a minicharacteristic of the Gulf Coastal Plain.
mum depth of nine feet, with a top width of twenty feet.
BOILER PLANTS.
At the mine terminus of the canal, electrically driven pumps
On this dome or mound there have been erected four lift the mine water into storage reservoirs of about ninety
steam boiler plants, representing the principal equipment million gallons capacity. The pumps are capable of handrequired in steaming the formation for production of sul- ing 850,000 gallons per hour.
phur. All other equipment is auxiliary thereto.
Boiler water is obtained from 28 artesian wells, depth
The first of the units, Plant A, containing four 750 h.p. averaging 200 feet, which have a combined capacity of two
boilers, 25 pumps and two mine water heaters was com- and one-half million gallons per day. Six other wells have
pleted and steaming operations commenced in November been drilled to tap water stratum at depth of 1,000 feet.
1912. This unit is housed in a frame building.
An additional three million gallons of water per day can be
Plant B, containing eight 500 h.p. boilers, 25 pumps, five secured from this source, but as this water contains a higher
compressors
air
and
four
was
heaters
mine water
completed salt content than water taken from the shallow stratum,
and opergions commenced in October 1914. This second it is used in emergency situations only. At times the conof
are
plants
thoroughly fireproof dition of the Brazos River is such as to make necessary
plant and all subsequent
construction, with concrete floors, concrete water ducts dilution of mine water by water secured from the deep
fire
brick
wall separates Plant wells. Boiler water is carried in separate reservoirs, with
A
and steel superstructures.
A from Plant B, which are adjoining.
a total capacity of approximately twenty million gallons.
Plant C, containing twelve 700 h.p. boilers, forty-nine
TREATMENT OF WATER.
pumps, ten mine water heaters and four air compressors
It is at all times necessary to treat both mine and boiler
comprises two operating units, the first being completed water, lime being used for the purpose of removing
scale
and operated in May 1916, and the second in June of that producing salts before the water goes to storage reservoirs,
year.
where precipitation of impurities takes place. The prePlant D is practically a duplicate of Plant C with the cipitated sludge is removed from reservoirs by hydraulic
exception that the former includes the electrical generating suction dredges.
To treat so enormous a quantity of water
equipment supplying the requirements of the property. it became .necessary
to devise means of slaking as much
The two separate operating units of this plant were placed as 6,000 pounds of lime per hour. To accomplish this, a
operation
in
February
March,
and
in
respectively, of 1917.
water treatment plant was constructed, containing four
All plants have been kept in constant operation since tanks, each of which has a capacity of
gallons,
their respective dates of completion, except when shut down equipped with electrically driven agitators,15,000
a lime storage
for cleaning or repairs. While their total rated boiler house being provided in connection with the plant. Lime
capacity is 23,800 h.p., they are .operated under approxi- is taken from storage by means of a small push car, which
mately 50% overload, developing nearly 36,000 h.p.
is hauled over the scales, contents weighed and thrown into
The entire energy of the plants is devoted to heating and an elevator, which deposits the lime in the slaking tank.
pumping water, which is forced into the formation under After slaking, the resultant mixture goes to the four tanks
high pressure and temperature, melting the sulphur from above referred to, electrically driven pumps conveying the
the rock formation. In its melted state the sulphur is solution to the water pump station, where it is injected
pumped to the surface by compressed air, and thence through into the water en route to storage reservoirs, the amount
discharge pipes into great wooden vats, where it promptly being regulated, according to chemical
analysis, by specially
solidifies.
constructed valves.
The combined plants enable steaming of six wells simulELECTRIC GENERATING EQUIPMENT.
taneously.
The electrical generating equipment consists of two 250
Plants A and B are located on the south side of the Mound, k.v.a. 2,200 volt generators and one 500
k.v.a. 2,200 volt
while Plants C and D are located 3,500 feet north of them. generator, and supplies light at Bryanmound, and light and
Wells in any part of the sulphur formation can be served power to the Town of Freeport and Freeport Harbor.
by any one of the units, and as old wells are exhausted water
RAILWAY TRACKS.
and air lines are laid to previously equipped new wells.
A narrow gauge railway with motor car service is in conFUEL.
stant operation between the two plant groups, bringing
Fuel used is Panuco crude oil of from 12 to 13 degrees machine shops, storeroom and other adjuncts into prompt
gravity Baume, and is purchased by the Company direct communication.
1518
[VOL. 108.
THE CHRONICLE
A netwDrk of industrial railroad tracks connects the various
units of equipment at Bryanmound with the main track
of the Houston & Brazos Valley Railway.
FREEPORT TERMINAL COMPANY
Organized under the laws of the State of Texas-Capital Stock- _$10,000 00
ASSETS OF COMPANY.
630.8 acres having a water frontage of approximately
STEEL CARS.
The Company owns 51 steel, hopper-bottom gondolas of four miles, affording desirable locations for manufacturing
and industrial sites.
50 ton capacity each, for use in steamer loading.
Track from terminus of Houston & Brazos Valley RailCAR LOADING.
at Freeport, to location of sulphur loading docks, or
When it is desired to load from a certain sulphur bin, the road
of 2.07 miles.
sides of the bin are taken down, leaving the sulphur in the a distance
Locomotive used in connection with local switch engine
shape of a huge solid block. Double standard gauge tracks service.
are laid along the face of the bin, one for the self-propelling
Tracks and locomotives are under lease to Houston &
locomotive crane, the other for the cars to be loaded. The Brazos
Railway Co. and operated by them in consulphur is blasted down and loaded into cars, the crane junctionValley
with their tracks and equipment.
picking up 3,000 pounds at a time. When box cars are to
Storage tracks for full and empty cars at Freeport Harbe loaded the sulphur is first dumped into the hopper of an bor,
so graded that loaded cars are delivered by gravity
electrically driven box car loader, which distributes the to
foot of incline leading to elevated dock structure, and
load to the ends, avoiding concentration at the centre of empties
returning from the dock are delivered by gravity
the car. The use of the loader also effects a large saving to the empty
storage tracks, thus reducing requirements
in handling costs.
for switch engine service to minimum.
WELLS.
The sulphur loading dock is an elevated structure apA number of extra wells are always kept ready for steamtide. Main structure
ing, that there may be no interruption to production after proximately 60 feet above mean low
an incline of 300 feet terminating over
the exhaustion of producing wells. In addition to the is 250 feet long with
cars are handled
regular operating wells, prospect wells are constantly being a Barney pit at the ground level. Loaded
one at a time, by
drilled to determine the sulphur content in new areas. up the 15% incline to top of structure,
Lambert hoisting engine.
Recent prospect wells have developed a rich sulphur content Barney car operated by 200 h.p.chutes,
leading directly to
in locations at considerable distances from current or earlier Here sulphur is discharged into returned
down the incline
hold of vessels. Empties are
producing areas.
three or four at a time, by the same means.
FAVORABLE LOCATION FOR TRANSPORTATION.
Oil receiving dock, including receiving line and one 55,000
The mines are in a peculiarly favorable location by reason barrel steel oil storage tank, connected up by 16-inch sucadof the fact that they are at tide water, giving obvious
tion line with oil pumping station operated by Freeport
vantages in distributing the product-vessels loading sul- Sulphur Company.
phur where produced-and where there are short rail conFREEPORT LIGHT, WATER & ICE COMPANY
nections to important Southern railway systems.
Organized under the laws of the State of Texas-Capital Stock_ __35,000 00
The Company furnishes light, power and water to the
FREEPORT GAS COMPANY
Town of Freeport, the electric current being purchased under
Organized under the laws of the State of Texas-Capital Stock_ J50,000 00
contract from the Freeport Sulphur Company.
ASSETS OF COMPANY.
The Company at this time serves 243 customers for
electric current and extends water service to 326 connecRefinery in process of construction at Bryanmound.
It is contemplated that this plant will be in operation not tions. Business at present is increasing at the rate of about
15% per annum.
later than April 15 1919.
At the beginning, the Company will confine operations HOUSTON & BRAZOS VALLEY RAILWAY COMPANY
to extraction of gasoline from fuel oil used by the Freeport Bonds outstanding
Capital Stock
$24,000 00
$420,000 00
Sulphur Company.
One-half of the Company's stock is owned by the Freeport
FREEPORT SULPHUR TRANSPORTATION COM- Texas Company, the remainder being owned by the Missouri, Kansas & Texas Railway Company of Kansas. OwPANY
ing to the appointment of a Receiver for the M. K. & T.
Organized under the laws of the State of Delaware-Capital
Stock
$25,000 00 Ry. Co., it became necessary in October 1915, that a Receiver be appointed for the Houston & Brazos Valley RailASSETS OF COMPANY.
way Co. Mr. George C. Morris of Freeport, appointed
"Freeport Sulphur No. 1"-A steel tank steamer with one by
U. S. District Court for Southern District of Texas,
deck, three masts, plain head and round stern. Length has since that date and to July 10 1918, operated the prop294 feet. Breadth 45.1 feet. Depth 22.5 feet. Length erty as Receiver. On that date, the lines of railway were
over all, 309 feet. Engines-1,500 h.p. Speed 103/2 knots delivered to Mr. J. L. Lancaster, Federal Manager, Dallas,
per hour. Gross tonnage, 2,588.26: Cargo capacity fuel Texas, who is now operating the property for the Directoroil-21,000 barrels.
of Railroads, the Receivership being continued.
"Freeport Sulphur No. 2"-A 1,200 h.p. steel tug with General
Below is a statement of operating cost and income for the
one deck, two masts, plain head and elliptical stern. Length fiscal years ended June 30 1913, 1914, 1915, 1916 and 1917;
over all, 152.02 feet. Beam, 26.1. Depth 15.1 feet. also for the calendar year. 1917. Commencing with the
Gross tonnage, 488.18. Speed with tow of barges-73/ latter year, instructions were issued changing the method
knots per hour.
of reporting to calendar year. Figures for 1918 are not
"Freeport Sulphur No. 3"-A steel whaleback barge. available, as compensation has not been determined by the
Coincidal bow and stern. Length over all, 261 feet. Beam, United States Railroad Administration. The Receiver
36 feet. Depth, 22 feet. Two masts. Gross tonnage, has filed claim for compensation under Federal control, in
1,165.61. Cargo capacity fuel oil-15,000 barrels.
the sum of $144,343 10.
"Freeport Sulphur No. 4."-Duplicate of "No. 3."
The operating cost of the Houston & Brazos Valley RailFreeport Sulphur No. 1" and "Freeport Sulphur No. 2" way Co. for the fiscal years ended June 30 1913, 1914, 1915
are equipped with Marconi wireless apparatus. All vessels and 1916 was very excessive, duo to damages wrought by
are equipped with electric lighting and refrigerating plants.
floods of the Brazos River and Gulf hurricane, including
These vessels are engaged in transportation of fuel from (December 1913) the most disastrous overflow in the hisTorres Terminal, near Tampico, Mexico, to Freeport, tory of the State of Texas. In addition thereto were heavy
Texas. They take care of transportation of the entire fuel expenses incurred in bringing the road to its present good
requirements of the Freeport Sulphur Company.
physical condition, and the abnormal operating costs occasioned by ferrying across the river, prior to the construcFREEPORT TOWN SITE COMPANY
Organized under the laws of the State of Texas-Capital Stock_ _$20,000 00 tion of the railway bridge.
ASSETS OF COMPANY.
F The Company acquired 1,110.8 acres of real estate upon
which the Town of Freeport is situated, 425 acres are plotted
in blocks, lots, streets and alleys.
It Improvements in the developed portion include paved
streets, cement and shell sidewalks, water service, electric
lights and parks, and a substantial and comfortable hotelthe Tarpon Inn.
The town site is protected by an ample leveee and drainage
system.
The town was incorporated early in 1917 and is now a
progressive, prosperous community. Population about
3,000.
Freeport is one of the ten cities in the Eleventh Reserve
District, which oversubscribed its Fourth Liberty Loan
quota to a sufficient extent to entitle it to name one of the
merchant ships built by the Emergency Fleet Corporation.
The vessel will be named "The City of Freeport."
To date the Company has sold 550 lots at an average price
of $385 80. As against the total sales of $212,192 48, the
Company holds $30,514 81 of vendor's lien notes in its
treasury. Lots unsold-approximately 3,921 are carried
on the books of the Company at cost-about $22 61 per lot.
Gross
Year Ending- Revenue.
Expenses.
Net.
Additions Ton-Miles
-Revenue
and
Betterments. Freight.
181;g8S
1,4E31
1:M
RUB.
7288:ng 47:2
'we131::
" 30 1915___ 97,446 00 164,409 00 *66,963 00 130,694 05 1,547,568
" 30 1916-220,090 00 234,467 00 *14,377 00 90,755 64 5,122,104
" 30 1917_ --324,973 00 228,820 00 96,153 00 42,923 03 7,333,350
Dec. 31 1917-461,039 00 315,426 00 145,613 00 44,344 65 10,579,487
* Deficit.
A combination railroad and wagon bridge has been constructed across the Brazos River between the Town of
Freeport and Velasco, and paid for by the Railway Company and Brazoria County. The bridge greatly improved
railroad service to the Town of Freeport and to the sulphur
mines, eliminating the very high cost of handling freight
over railroad car ferry, which was formerly the only means
of conveying traffic across the river.
The Houston & Brazos Valley Railroad has been a necessity in the operation of the Company's business, not only
for the movement of inbound tonnage, but for the sulphur
tonnage all rail to northern points and to shipside.
FREEPORT HARBOR
The Harbor of Freeport, being landlocked and safe from
storm damage, is considered the safest on the Gulf Coast.
The Government has expended to date $958,186 36 on its
APR. 12 1919.]
THE CHRONICLE
improvement. In addition, some years ago there was
expended by private capital about $1,500,000 00 for construction of two jetties, which are kept in repair by the
Government. The northeast jetty extends into the Gulf
4,708 feet; the southwest 5,018 feet These jetties were
impaired somewhat by the hurricane of August 1915. In
the following year a Government appropriation of $134,000 00 was made for their repair. Actual work was delayed by war conditions, but these repairs are now actively
in progress, contract having been let to Charles Clarke &
Co. of Galveston. In 1916, Congress acting upon the
recommendation of the Board of Engineers, which estimated total cost of $455,000 00 as amount necessary to
provide a 25 foot channel, made an initial appropriation
of $150,000 00 for this purpose and in addition thereto,
there is an appropriation for "Freeport Harbor, Texas:
Continuing Improvement—$100,000," included in the
Rivers and Harbors Bill enacted at the close of the Third
Session of the Sixty-fifth Congress. Provision of addiFREEPORT
TEXAS
1519
tional dredging equipment necessary to provide a greater
depth has been delayed, due to Government war requirements. In 1917 Freeport was visited by a majority of the
members of the Rivers and Harbors Committee, all expressing amazement at the great possibilities of this favored
location. Present maintenance dredging work is carried
on in channel and over the bar by United States Dredge
"Comstock." Work in the turning basin is carried on by
United States Dredge "San Bernard." Both of these units
are actively at work at this time.
Deep water alongside the properties owned by your
Company is of great importance. It is estimated that
freight rates on sulphur would be reduced approximately,
$1 00 per ton with a 25 foot channel, which would be sufficient in depth to .permit the entrance of most coastwise
ships. Ships drawing about nineteen feet are now entering
the port.
By order of the Board of Directors,
•
E. P. SWENSON, President.
COMPANY—CONSOLIDATED GENERAL BALANCE SHEET
FREEPORT TEXAS COMPANY AND SUBSIDIARY COMPANIES—NOVEMBER 30 1918.
ASSETS:
Plant and Property:
Real Estate, Buildings, Boats, Machinery,
&c
$5,207,404 59
Sulphur Deposit—Estimated Value of Undepleted Deposit
29.811,720 46
Total
LIABILITIES.
Capital Stock:
Issued and Declared Stock, 500,000 Shares
without Par Value
33,500.000 00
Less: Treasury Stock,96 3-7 Shares
675 00
$35,019,125 05
Investments:
United States Government Securities Owned
Furniture and Fixtures—Office and Elsewhere
Current Assets:
Cash in Bank and on Hand
Demand Loans
Accounts Receivable
Merchandise and Supplies
4.384.650 00
27,943 27
$47,436 54
350,000 00
786,018 36
1,303,091 10
Total
2.486.546 00
Deferred Assets:
Insurance Premiums—Unexpired Proportion
Notes and Accounts Receivable:
Lot Sales
Houston & Brazos Valley Railway Company •
Interest Accrued on Securities Owned
Insurance Claims—Marine
Development Work in Progress
Items in Course of Adjustment
345.359 46
35,872 47
154,052 73
30,167 20
114.62003
85.469 18
16,905 03
Total
482,446 10
Balance Outstanding 499,903 4-7 Shares
Current Liabilities:
Vouchers Payable
Accounts Payable
Meter Deposits
Total
Accrued Value of Undepleted Sulphur Deposit
Reserves:
For Bad Debts
For Taxes
For Sulphur Royalties—Accrued
For Depreciation of Plant and Equipment.._
For Amortization of Plant and Equipment_ _
For Depletion of Natural Deposit:
Balance, Nov.30 1917_ _ _$3,699,056 36
Add:DepletionReserve1918: 1,238,700 40
$4,937,756 7$
Leas:
Amounts
Transferred
from Reserve to
Surplus,
Representing Adjustment of
Previous
Depletion
Charges _..$3,544,954 78
Distribution
*f Money
Realized
from Sale
of Capital
Assets.... _ _ 635,986 40 4,180,081 18
Surplus
Total Assets
$42,400,710 42
Total Deductions
1.001,900 94
Surplus for the Period
Surplus from Prior Period—As Adjusted
Total
•
Less:
Dividends on Freeport Texas Company Stock—Paid from
Earned Surplus Proportion
•
Total Surplus—November 30 1918
33,933,049 34
3,915,408 27
37,848,457 61
261.772 58
29,811,720 46
315.492 69
93.887 72
32,977 50
674,581 53
269,733 33
756,775 60
Total
1,843,448 37
6,984.444 01
Total Liabilities
FREEPORT TEXAS COMPANY—CONSOLIDATED
INCOME ACCOUNT.
FREEPORT TAXES COMPANY AND SUBSIDIARY COMPANIES—
FOR THE YEAR ENDING NOVEMBER 30 1918.
Profit from Operation
$4,806,309 98
Interest on Notes, Deposits, &c
6,204 74
Interest on Loans and Securities Owned
121.791 56
Property,
&c
Rentals from
644 00
Total Income
$4,934,950 28
Deduct:
3182,671 68
Taxes
Insurance—General
240,441 88
Depreciation on Plant and Equipment
309,054 05
Amortization on Plant and Equipment
269,733 33
$3,499,225 00
$45,14504
216.125 04
502 50
*42.400.710 42
CHARLES S. McOULLOH.
Certified Public Accountant,
43 Exchange Place,
New York.
New York, March 24th 1919.
Freeport Texas Company, 61 Broadway, New York City.
Gentlemen: I have made an audit of the books and accounts of the Freeport Texas Company and its subsidiary
Companies for the year ending November 30 1918, and
Hereby certify that the foregoing Balance Sheet and Income Account correctly reflect the financial status of the
Company at November 30 1918, as shown by the books
of account, after eliminating inter-company business.
864,013 60
36,984,444 01
CHAS. S. McCULLOH,
Certified Public Accountant.
PHELPS DODGE CORPORATION
ANNUAL REPORT 1918.
New York, March 8 1919.
To the Stockholders of Phelps Dodge Corporation:
Gentlemen.—The demand for copper was strong throughout
the year up to the time of the signing of the armistice, and
during this period production was, at the urgent solicitation
of the Government, pushed to the maximum in order to
provide the copper needed for war purposes by the United
States and associated governments.
The maximum price of 233/2 cents per pound fixed by the
Government in September of the previous year was con-
tinued in force until July 2, when it was superseded by a
maximum price of 26 cents per pound, which continued
until the end of December, the higher price being intended
to take care of the rapidly rising wage, material and transportation costs. As in the previous year, a large proportion of each month's output was reserved for the United
States Government; and it is estimated that over 90% of
our copper production went into war uses directly or indirectly.
The sudden cessation of hostilities in Europe found your
Company, as well as other producers, with a large surplus
1520
THE CHRONICLE
of unsold copper in transit and in course of refining, the cost
of which, on account of the increased cost of labor and supplies, was abnormally high. The abrupt ending of the war,
together with the tonnage of stocks on hand, removed all
immediate demand for copper from either domestic or foreign
sources, and while the price of 26 cents per pound was quoted
during the months of November and December, no sales
were made at that price after the decision of the Government
not to extend the price fixation beyond the end of the year.
Difficulty was experipnced in at once learning definitely
what immediate demand might be expected from European
countries. As soon, however, as it developed that it would
be practically negligible for several months, a policy of curtaik2nent at your properties was put into effect.
In 1918 the metal produced from the ores of the branches
and subsidiaries of the Phelps Dodge Corporation was
169,035,687 pounds of copper, 1,683,113 pounds of lead,
1,772,119 ounces of silver and 30,434 ounces of gold; and, in
addition, there were purchased or smelted on toll at the
reduction works, ores yielding 43,348,592 pounds of copper,
973,040 ounces of silver and 6,778 ounces of gold.
Including copper received from other sources, 294,518,748
pounds were sold and delivered to buyers at an average price
of 24.58 cents per pound, net cash f. o. b. New York:
'go domestic trade
To foreign trade
The Company sold:
Of their own mine product
Of copper from ores purchased
Of copper on commission
The above consisted of:
C * Q Electrolytic Copper
P. D.Ingot Copper
214,237,716 pounds
80,281,032 puonds
153,541,647 pounds
19,243,098 pounds
121,734,003 pounds
279,995,770 pounds
14,522,978 pounds
On January 1 1919 all restrictions on the price of copper
were removed. In view of the present large surplus stocks
which it will be necessary to dispose of before an active
buying market at normal prices can be expected, it will be
the policy of your Compay to continue its operations on a
greatly curtailed scale. From present indications the production of copper for the remainder of the year will be below
the pre-war basis and the price received for it will be correspondingly low. In addition the carrying cost of unsold
copper will be heavy.
In December a Copper Export Association was formed
under the provisions of the Webb Act in which were represented all the largest copper producers of this country.
Your Company became a member of the Aosociation, the
objects of which are to establish a collective selling agency
for the marketing of copper abroad, thereby tending to insure
that foreign buying combinations do not secure an undue
advantage in price over that obtained by the domestic trade,
and also, by the stabilizing of prices, to reduce violent fluctuations and eliminate the speculator who in the past has
been a detriment to both producer and consumer.
At all of your properties operations throughout the year
were carried on smoothly, with a maximum outppt and without any labor troubles. While, in general, the shortage of
labor and inefficiency of new men lessened the amount of
development work done, the ore reserves in no way suffered.
The Copper Queen Branch maintained a high rate of production, notwithstanding the lack of miners; the Morenci
Branch had a full year's work with a greater output than in
the preceding twelve months; the Burro Mountain Branch
exceeded its previous year's production by three million
pounds. The Moctezuma Copper Company had a record
year's output, unmarred by any labor or political disturbances in Sonora, Mexico. At the Stag Canon Branch, in
spite of the shortage of miners, the production was excellent
and the development in the new mines most satisfactory.
At the mines of the Bunker Hill Mines Company practically
the only development done during the year was that on
manganese ore; with the removal of the stimulus that war
placed on manganese production, there was no reason to
continue work on this class of ore. At the Copper Basin
Branch low grade silicious ores were shipped to different
smelters. Operations at Organ, N. M., were discontinued
early in the year. The abruptness in the decline of copper
prices and the entire absence of demand, following a long
period of maximum production at sustained high prices,
makes the readjustment that is taking place in the mining,
milling and smelting operations of your properties a severe
one. Notwithstanding the lack of incentive to continue
operations under present conditions, it will be the aim at the
different properties to give employment to the greatest
possible number of old-time-employees and at the same time
to find work for our returned Service men. By so doing
[VOL. 108.
we hope to stabilize, so far as is in our power, labor and
employment conditions in our various camps.
The loss experienced by the death, occurring in June, of
Dr. James Douglas, who for many years was President of
your Company and later Chairman of the Board of Directors,
and whose connections with the Company's operations extended over a period of thirty-six years, has been keenly
felt by all of the officers and directors of the Company whose
task it is to carry on the work which he so ably started and
developed.
Dividends, regular and extra, to the amount of 24% were
declared during the year. In addition, distributions of 6%
were made from the Reserve for Depletion; of this latter
distribution 4% was declared in the form of U. S.
%
Liberty Bonds. The dividend and the distribution declared
in December were made payable in January 1919.
WALTER DOUGLAS,
President.
BALANCE SHEET, 31ST DECEMBER 1918.
(Including Assets and Liabilities of Subsidiary Companies Owned.)
ASSETS.
Fixed:
$180,638,103 62
Mines and Mining Claims
Plants and Miscellaneous Properties..
17,913,316 35
Investments in Sundry Companies
3,657,213 53
$202,208,633 50
Current:
Materials and Supplies and Expenses
$4,818,906 14
prepaid
2,622,161 00
Merchandise held for sale
Metals on hand—Copper at cost, Silver
and Gold at market
10,588,464 56
Accounts Receivable
8,208,859 00
Cash and marketable securities
12,985,402 62
39,223,793 32
$241,432,426 82
LIABILITIES.
Capital Stock:
Authorized-500,000 shares (4) $100 00 each
$45,000,000 00
Issued
—450,000 shares
Current:
Accounts payable and Taxes accrued..__ $11,863,002 55
Dividend and Distribution payable 2nd
January 1919
3,600,000 00
15,463,002 55
Reserves:
For Depletion
$50,920,301 06
Less distributed to stockholders therefrom in 1917 and 1918
6,300,000 00
$44,620,301 06
4,969,406 24
For Depreciation
49,589,707 30
Surplus:
$131,896,846 88
Balance 31st December 1917
Income for the year 1918—per Income
15,945,683 20
Account
Provision for Depletion of Mines
$147,842,530 08
5,662,813 11
Dividends
$142,179,716 97
10,800,000 00
131,379,716 97
$241,432,426 82
INCOME ACCOUNT.
(Including Operations of Subsidiary Companies Owned.)
YEAR ENDING 31ST DECEMBER 1918.
Income:
$45,227,253 81
Sales of Copper, Silver and Gold
Sales of Coal, Coke and Merchandise.._ 13,386,719 33
Investments
and
from
MiscellaIncome
869,235 14
neous Earnings
Expenses:
Mining, Treating and Refining Metals.... $24,079,376 74
Cost of Coal, Cokil and Merchandise Sold 11,410,781 90
Depreciation of Plants
903,630 45
•
General and Administrative Expense
744,776 02
Contributions to Red Cross and other
535,375 00
War Funds
5,863,584 97
State and Governmental Taxes
$59,483,208 28
43,537,525 08
Net Income for the year 1918, before providing for.Deple$15,915,683 20
Lion of Mines—carried to Balance Sheet
We have examined into the affairs of Phelps Dodge Corporation and of its Subsidiary Companies for the year ending
31st December 1918, and have verified the Assets, Liabilities
and Income shown above.
We hereby certify that this Balance Sheet shows the financial condition of the Company at 31st December 1918, and
that the Income Account for the year ending 31st December
1918 is correct as stated.
POGSON, PELOUBET & CO..
Certified Public Accountants.
New York, 20th March 1919.
APR. 12 1919.]
THE CHRONICLE
1521
BOOTH FISHERIES COMPANY
.
ANNUAL REPORT FOR THE YEAR 1918.
Chicago, Apri1.7 1919.
To the Stockholders of Booth Fisheries Company:
I herewith submit statement of earnings and consolidated balance sheet of Booth Fisheries
Company for the year
ending December 28 1918.
The canneries, storage warehouses, branch houses and equipment of your Company at the present
time are in good
physical condition.
We handled in 1918 the largest volume of business ,since our organization. All of our
Canned Salmon and a large
proportion of our other canned products are sold and we are making fair progress in
deliveries.
Our Notes Payable on December 28 1918 were $10,286,079 91. Of that amount
$5,034,617 91 were for loans made
in connection with our Salmon and Sardine departments and are covered by either public
warehouse receipts or certificates
for canned products. Loans amounting to 56,200 00 were covered with Liberty Bonds
as collateral. Unavoidable
delays, however, in the Government taking our product and in shipments to our civilian
trade has made our loans extend
beyond the usual time.
The fixing of prices by the Food Administration before the runs of fish or costs were
known, in the early part of
the 1918 Salmon and Sardine packing season, was an exact reversal of the policy under which
our business had been
conducted in the past, upon which our bank loans were made for the season—ind
eed, of the policy which the nature of
the business requires.
Your officers take great pride in having handled, produced and delivered,
in the time of great need, many million
pounds of fish food products. The management of the Company has no doubt
that the stockholders, although disappointed with the net returns, will also take pride in knowing that the Company
has at all times acceded to the demands
of the Government and exerted to the utmost its energies for increasing the production
of fish food products, and in
the face of unusual difficulties has at all times done everything in its power to protect
the interests of the Company,
the
extent
even to
of vigorously presenting at times its views to the Food Administra
tion.
The net earnings of Booth Fisheries Company for the seven years, 1912 to 1918,
inclusive, have been as follows:
1912
1913
1914
1915
$1,050,546 16
779,610 63
921,488 66
1,042,770 52
1916
1917
1918
$1,659,295 20
3,388,829 02
2,217.677 02
I again express to you my great confidence in the efficiency, loyalty and integrity of your
organization and in the
future consistent earning power of your Company. Based upon our average operating profits
for the six years previous
to 1918, and taking into consideration the increased capacity of the Company and the volume of business
handled, the
Booth Fiseries Company for the year 1918 should have shown net earnings of well over
$3,000,000.
Respectfully submitted,
K. L. A.MES, President.
INCOME STATEMENT.
Net Profit from Operation and Sales of Property
Interest on Debenture Bonds, Cold Storage Bonds, and Borrowed Money
1918.
$2,217,677 02
719,876 19
1917.
$3,388,829 02
531,904 06
Deduct:
Reserves for Depreciation and Sinking Fund
$1,497,800 83
$2,856,924 96
Reserve for Federal Income and Excess Profits Taxes
Net Profit for Year
Dividends on Preferred Stock
Balance, transferred to Surplus
498,441 69
354,293 26
$999,359 14
250,000 00
$2,502,631 70
625,000 00
$749,359 14
275,833 25
$1,877,631 70
236,110 00
$473,525 89
$1,641,521 70
CONSOLIDATED BALANCE SHEET DECEMBER 28 1918.
ASSETS.
Capital Assets:
Real Estate, Buildings, Machinery, Steamboats,Tugs,InVestments. &c
Less: Reserve for Depreciation
Sinking Fund
Current Assets:
Inventories of Merchandge, Supplies, &c., valued at or below cost
Unexpired Insurance
Cash in bank and on hand
Accounts Receivable, less Reserve for Bad and Doubtful Accounts
Notes Receivable
United States and Canadian Government Bonds, less Installments
paid by Employees
Deferred Expenses Paid in Advance
Capital and Surplus:
Preferred Stock
Common Stock
Debenture Bonds
Less: Bonds in Sinking Fund
Bonds on Cold Storage Plants
Reserve for Renewals and Repairs
Reserve for Federal Taxes
Surplus
Current Liabilities:
Accounts Payable
Notes Payable
Interest, Taxes, Insurance, &c.. Accrued
$15,098,740 57
1,623,002 42
$13,475,738 15
26,458 00
$7.765,452 38
97,130 71
1,655,515 43
4,032,436 26
196,656 20
887,201 75
14.634,392 73
146,908 48
$28,283.497 36
LIABILITIES AND CAPITAL.
$4,500,000 00
5,000,000 00
$5,000,000 00
1,739,000 00
$9,500,000 00
$3,261,000 00
1,002,813 99
$42,379 27
250,000 00
2,572,837 98
4.263,813 99
2,865,217 25
$16.629.031 24
$1,231,411 96
10,286,079 91
136,974 25
11.654,466 12
$28.283.497 36
P. L. SMITHERS,
Vice-President and Treasurer.
Chicago, March 19 1919.
We have audited the books and accounts of the Booth Fisheries Company and its associated companies
the year
ending December 28 1918, and certify that the attached Balance Sheet and Income Statement present a fair for
and
reasonstatement
the
of
Companies'
able
condition as at December 28 1918, and of the profits of the year.
(Signed) ARTHUR YOUNG & CO.,
Certified Public Accountants.
THE CHRONICLE
1522
[Vol,. 108.
THE WHITE MOTOR COMPANY, CLEVELAND
ANNUAL REPORT 1918.
To tie Stockholders:
The Combined Balance Sheet and Surplus Account of the
Company and its Subsidiaries, certified by Ernst & Ernst,
which is presented herewith, shows the results of the business for the year ending December 31 1918 and indicates a,
development which should be very gratifying to the stockholders.
During the year production was, of course, largely influenced by the requirements of the war. In addition to a
largely increased commercial demand, the sales include 6,451
trucks for the United States and French Governments
against a total in 1917 of only 1,358 for war purposes, but
on account of the restriction on the use of materials for other
than Government purposes, it was necessary to curtail commeroial sales.
The number of stockholders increased from 2,990 on
December 15 1917 to 3,380 on December 15 1918, with an
average holding of about 94 shares per person.
The Capital Assets of the Company and its Subsidiaries
have increased during the year 1918 to the extent of $902,814 05, after providing amortization to reduce to the prewar basis the cost of buildings, machinery and equipment
purchased, erected or installed since April 6 1917. The
principal items of increase consist of:
1. The erection of a Service Station in Philadelphia.
2. The erection of a new Factory Building (No. 23) at
Cleveland, Ohio.
3. The purchase of a plat of Land adjoining the Factory,
150 feet wide by 750 feet, along the New York Central Railroad.
4. The purchase of a plat of Land 200 feet wide by 600
feet long in Long Island City for a new Service Station for the New York City territory.
5. Additions to Machinery and Equipment.
The Inventory of Finished Cars, Finished Parts, Material
in Process, Raw Material and Supplies was taken as of
December 31 1918 and priced on the basis of cost or market
value, whichever was lower.
The Company owned, December 311918:
$75,000 worth of Canadian Victory Bonds, $130,000
worth of U. S. Treasury Certificates, $2,148,452 03 worth
of Liberty Bonds of the various issues, of which $466,652 03
is carried against subscriptions made by its employees.
In this connection, it is interesting to note that the employees
subscribed for a total of $1,215,000 in Liberty Bonds.
The Gross Sales for the year 1918 were $39,559,793 98,
and for 1917 were $25,749,445 80, an increase of $13,810,348 18, equivalent to more than 53%..
The profits for the year, exclusive of Federal Income,
War and Excess Profit Taxes, were $6,380,585 34, and,
deducting the reserve for Federal Income, War and Excess
Profit Taxes, estimated at $3,700,000, and dividends of
$1,280,000 (8%), leaves a balance for the year 1918 to be
carried to the Surplus Account of only $1,400,585 34, as
against $2,520,308 72 for 1917; in spite of the larger profits
for the year, a decrease of $1,119,723 38, caused by the
larger Federal taxes.
The Surplus, as shown by the Balance Sheet of December
31 1917 was $5,216,300 83. To this should be added an
adjustment of Federal Income, War and Excess Profit
Taxes applicable to prior period of $4,590 01, making the
Surplus at December.31 1917, as corrected, $5,220,890 84.
Adding the balance of profits for the year 1918, carried to
Surplus Account, $1,400,585 34, making the Surplus Account at December 31 1918 $6,621,476 18, as shown by the
Balance Sheet.
A brief review of the Company's activities and future
policies may be of interest; most important is its share in the
war program:
WAR ACTIVITIES.
Out of approximately 5,000 employees, 867 were in the
Government service, among whom are a large number of commissioned officers and three of the present or past directors—
Lt.-Col. Otto Miller and Lt.-Col. Theodore Roosevelt, with
the American Expeditionary Forces, and Lt. A. M. Hall of
the Naval Aviation Forces.
The Company has sold, in all, to the Allied nations, including the United States, nearly 18,000 trucks at a valuation of over $52,000,000, and, at the time the armistice was
signed, there were, in addition to these, 5,700 trucks on order, with a valuation of approximately $16,000,000, which
were canceled.
The record,which White trucks made in the war service is
most gratifying. The assignment of a large number of these
ears by the French High Command to the Great Headquarters Reserve—the work which was done in carrying men,
munitions and supplies to the French army at Verdun,
through the great battles in 1916 and again in 1918—the
transportation of the United States troops in these same
trucks to Chateau Thiorry, in time to aid in turning back
they,German advance—the award of the Croix de Guerre to
Motor Truck Reserve No. 1, attached to the French Great
Headquarters, equipped with 2,500 White trucks, and also
to the First and Second Groupements of this Reserve, each
equipped with 500 White trucks—the first instance of such
an honor being conferred on any motor truck organization—
are noteworthy incidents in more than four years of continuous service of White trucks in France.
The requirements of the Ordnance Department of the
United States Army for a sturdy, high powered, reliable
chassis for the exacting demands of Staff Observation and
Reconnaissance car service were met by the White Model
TEBO, a special 1-ton chassis of which over 2,600 were sold
to the Government.
The excellence of White trucks was again exemplified when
the White 1 3/z-2-ton truck was finally adopted in July 1918
by the War Department as the United States Army standard
for this capacity and, as a result, orders were received from
the Government aggregating 9,200 trucks of this type, of
which 5,000 were canceled after the armistice was signed.
In this connection, too much credit cannot be given to
the fair; able and efficient manner in which the Government
officials dealt with this Company, particularly in the matter
of cancellation where they allowed the Company to reduce
its schedule of deliveries and extended the time on the
trucks still to be delivered until April 15 1919, thus affording
an opportunity, immediately after the armistice was signed,
to divert some cars to our regular commercial business and
to get back on a peace-time production basis without serious
interference to our organization.
The termination of the war finds the Company in an
excellent position in that it has been possible to keep the
plant running at capacity on its standard products without
having to build cars of other design, or manufacture equipment foreign to its business.
The year 1918, in spite of the large Government business,
shows a steady growth in the great fleets of White trucks
which are serving the most important industrial concerns
in the country, and it is a source of satisfaction that those
companies which keep the most careful records of their
trucking costs are rapidly being added to the lis.t of users
of White trucks.
THE DEMAND FOR MOTOR TRUCKS.
One of the beneficial results of the war has been the demonstration of the necessity for motor truck transportation.
Earl Curzon, of the British War Cabinet, states: "If it
had not been for the great fleets of motor trucks the war
could not have been won." A prominent French officer
writes: "Rest assured that when the day of victory arrives—
& victory to which your country is now giving such valuable
aid—the part played by White trucks will not be forgotten."
This war use of trucks has removed the last grain of doubt
in the mind of practically every person as to the utility of
trucks for almost any service where horses were formerly
used. It is to be hoped that the importance of good roads
which is now so generally recognized will lead to legislative
bodies throughout the world making adequate appropriations
for the development of national highways. In this connection, the work of the Highways Industries Association in
this country is to be commended and their program should
be given the undivided support of all. Good highways
mean lower prices for all products.
The United States Bureau of Crop Estimates for October
compares the cost of trucking by wagons and motor trucks
for the entire United States, giving the actual mileage on
bushels and bales from farms to shipping points, the average
of such costs being that corn is hauled a ton-mile at a cost.
of .33 cent by wagon as against .15 cent by motor truck.
Wheat is hauled a ton-mile at a cost of .30 cent by wagon
as against .15 cent by motor truck, while cotton is hauled
a ton-mile at an expense of .48 cent by wagon as against .18
cent by motor truck. And this means that for every bushel
of wheat or corn and every bale of cotton transported one
mile the cost to the public of that bushel or bale should be
less by one-half the transportation part of the price if it was
hauled by motor truck instead of by wagon.
Experience has demonstrated that where there is a fixed
tonnage to be hauled, the economic unit of operation is the
unit with the greatest carrying capacity up to the limit,
agreed upon by the manufacturers,of a gross weight offourteen
tons of vehicle and load. It is essential, therefore, that
any road-building program should contemplate the construction of roads capable of sustaining the traffic of trucks
of this gross weight.
The real important featute is bringing to the attention of
the public mind the dollars and cents saving through the
construction and proper maintenance of the highways. The
public admit that good roads are needed, but they are not
willing to admit that the money should be spent for the construction of roads which will carry the present-day traffic,
because the public mind has not been educated to consider
this question from the standpoint of actual decrease in the
cost of commodities through decrease in the cost of their
transportation, and when it is borne in mind that commodities arc transported, during the evolution from raw
APR. 12 1919.]
THE CHRONICLE
materials to the finished product from five to ten times, a
small saving multiplied by the number of times that the
commodity is transported becomes a very substantial saving
in the price of most commodities.
Realizing that the motor truck is a most important and
indispensable link in the transportation system of any
country and that hundreds of thousands of farms must,
sooner or later, be equipped with trucks, to say nothing of
the development in other lines which will follow the construction of good roads, the future of the truck business
looks exceedingly bright and a constantly growing business
is assured; the rate of such growth being only limited by the
construction of roads throughout the country suitable for
the operation of trucks, and this Company is assured of its
fair share of such business, as the purchasing public are
beginning, more and more, to look to the responsibility and
experience of the manufacturer from whom they buy.
The head of the delivery system of one of the largest
department stores in the country, in an article on "Shall
We Shop for Motor Trucks or Invest in Motor Transportation?" states that: "To June 1st 1917, 476 manufacturers
had entered the business and only 200 are in the business
to-day, and 49% are less than one year old. Of this 200,
only 20 have been in business for at least five years."
The stability of the White Motor Company in the truck
business is established by its unbroken record of eighteen
years' manufacturing and nine years in the production of
motor trucks. These nine years are longer than has been
the life of 82 per cent of all the other manufacturers existing
to-day, and more than three times the life of 68 per cent
of them.
The attitude of the railroads to motor trucks has had a
very decided change. Trucks were first considered as
dangerous competitors, but the almost universal opinion
of railroad operators now is, that motor truck transportation
is a complement to railroad transportation, each with its
own field in which the other cannot successfully compete.
A prominent railroad official expressed the present attitude
when stating that: "The function of a railroad is to haul a
mile of freignt cars from one division point to another; the
function of a motor truck is to get train loads to the division
points."
RELATIONS
THE MANAGEMENT AND THE
BETWEENMPLOY
E.
EES
1523
compelled the Company last summer to discontinue their
manufacture and, when the armistice was signed, the
culties of quickly getting back to a peace basis anddiffithe
apparent greater importance of the truck business to the
Company led to the concentration on it to the exclusion,
at least for the present, of passenger car manufacture.
NEW MODELS.
Two new models have been designed and put upon the
market—double reduction internal gear three-ton and
five-ton trucks. These new models are taking very well.
The Engineering Department has been able to produce
a gear drive truck without any increase in the unsprung
weight, with practically the same clearance and every
advantage of the chain drive, and the additional advantage
of having the running parts thoroughly encased in a dustproof case and running in oil. All of this is a remarkable
development and greater business than ever is expected on
these heavy duty trucks.
The fact that the Company was able to change from the
chain drive to the double reduction gear drive without
sacrificing any of the principles on which the chain drive was
built, or retracting any of its statements concerning the
chain drive, is a considerable achievement.
FOREIGN DEPARTMENT.
The added prestige that the Company has obtained as a
result of its war activities should give it a great advantage
in the foreign field, particularly if the product of the foreign manufacturers is largely required for reconstruction
work in the war zone. On this basis, the Foreign Department has been expanded and every reasonable effort will
be made to develop this business, and the results which have
already been obtained seem to justify the belief that a considerable volume of business may be expected from this department.
SERVICE DEPARTMENT.
A keen appreciation of the necessity for providing adequate
service facilities for the care of trucks and the firm belief
that there will be large and constantly increasing sales has
caused the Company to largely expand its Service Department, and strengthen the service organization at its various branches and centralize the control of all service stations
under the Home Office.
The new Service Station in Philadelphia was completed
during the year and is now in successful operation. In order
to provide additional and more adequate service facilities
land has been purchased in Long Island City for the erection of a large station to care for the New York City territory, negotiations completed for a suitable tract in Chicago,
and careful surveys made of the requirements and available
locations at several other points.
The relations between the management and the employees
continue to be of the best. Everyone is working with the
fundamental idea that success can only accrue from the
joint employment of permanent capital and permanent
labor and that the "Company" includes all concerned—the
employees, the management and the capital—and these
constitute elements all must have their representation in
the operation of the business.
GOVERNMENT TRUCK PROGRAM.
The policy of the Company, based upon this fundamental
The War Department's truck program for the future, as
idea, is to make the compensation and working conditions announced on February 4th, contemplates the continuance
as satisfactory as possible. Special consideration is given of the Motor Transport Corps and its Engineering Departto the hiring of employees, there being no discrimination ment for the purpose of continuing the work of special
as to nationality, creed, membership or non-membership in standardization on trucks
military purposes. Some of the
organizations, but preference is given to married men, and reasons for this procedurefor
are officially stated as follows:
possible,
to citizens of the United States. At least
as far as
"The needs of the military service differ in many respects
first naturalization papers are required of all aliens.
from commercial service . . . "The military truck difcommittees
Shop
have been formed as a means of contact fers fundamentally from the commercial
in the fact
between the management and the employees so that, not that it is not built in competition and doesvehicle
not have to meet
only may the management be informed of the reasonable a price standard. It can be built with an eye to efficiency,
requirements of the employees, but also that the employees dependability under military conditions of use, or to low
may be informed of the requirements of the Company and maintenance cost. The commercial trucks must always
the problems which confront it.
consider the first, or sale cost, as a very vital factor in
The Company publishes a semi-monthly magazine called reaching their market
"The White Book," which serves as an additional
"The public demands very properly a
and less
means of communication between the various departments durable grade of equipment than a soldier cheaper
needs."
and the management.
In view of such an announcement, it seems desirable to
A Library is provided and classes are conducted on edu- state that in the production of White trucks, efficiency,
decational subjects, particularly on naturalization require- pendability and low maintenance
have been the only
ments, and every effort is made to develop an intelligent factors considered in their designcosts
and
construction.
The
interest in the vital questions of the day.
Company has always believed that trucks are essentially
A separate department is devoted to supplying information a utility proposition and that they cannot
be too well built.
on legal questions, banking, tax returns, questionnaires, &c.,
With that in mind, White trucks have always been built
and this department is consulted to a very marked extent of materials which the Company's engineers
and advisers
and its work greatly appreciated by all.
considered the best obtainable for the different requireSpecial and careful attention is given to the ventilation ments in the construction
of
the
trucks,
and
it
further inand lighting facilities, cleanliness of the factory, safeguarding teresting to note that all the armies engaged inisthe
present
of machinery, sanitary facilities, drinking water, factory war were equipped with standard commercial
trucks and
kitchens, and first-aid. hospitals.
that to these trucks is given credit for a large share in winVarious activities, such as a mutual benefit society, ning the war.
muscial organizations, athletic teams? &c., have been
Any business house that has been operating trucks and
organized, the direction of which rests in the hands of the keeping
accurate operating costs knows that the economiemployees.
cal truck is the one on which the operating
per mile is
The favorable result of this policy is demonstrated by a low and where the time the truck is out ofcost
commission is
survey recently made.-by the United States Department of reduced to a minimum. The first cost, or selling
does
Labor through the various factories in the country, which not influence the sale as much as the daily mileageprice,
that
brought forth the fact that the rate of. turnover of its em- is going on all the time. The result of this is thatcost
the sueploSrees is lower than that of any other company in the cessful truck makers to-day are the ones who have
given
country employing over 1,000 men. This, together with those points consideration and are producing efficient,
dethe fact that it has not been necessary for years to advertise pendable trucks of low maintenance cost.
for employees and that even when there has been the greatest
There is no question that certain special military respireshortage of labor the Company always had a waiting list.
ments may call for certain specially designed trucks in the
PASSENGER OARS.
same way that certain special commercial requirements call
The adoption, by the United States Government, of our for certain specially designed commercial trucks, but the as1 p-2-ton truck as an army standard and the large orders sumption that the business man does not require an efficient
resulting therefrom, together with the difficulty of securing dependable truck of low maintenance cost is an assumption
materials, under the priority rulings, for passenger cars, which the experience of this Company has shown to be un.
1524
[VOL. 108.
THE CHRONICLE
founded, as is also the assumption that all trucks manufactured for commercial purposes are manufactured with ,the
sole idea of the selling price.
It is well known that a very large percentage of the use
of trucks in military service is in the transportation of supplies and merchandise of one sort and another, and that such
service is no different from the service that thousands of
trucks are performing daily in commercial work.
Even if experts differ as to the theoretical superiority of
specially designed trucks over those of commercial design,
it would still be true that the trucks used in winning the war
were commercially designed and, further, it would be possible for the Government—if it adopted as standard, commercial makes of each size required by the army—to go
into the open market at any time of emergency and purchase, or, if need be, commandeer private trucks conforming to such standards and to secure repair parts for these
trucks. This would be the way to immediately get trucks
for service without the necessity of a change of Government
policy, and, moreover, would have the advantages of relieving the Government and putting upon the commec/ial
manufacturers the responsibility and expense of keeping
their trucks up-to-date in efficiency, dependability and.
maintenance.
In concluding this report, attention is again directed to
the one great factor which will contribute most to a great
increase in the sale of motor trucks—that is, the construction of good and adequate roads throughout the country,
and it is earnestly hoped that the attention of all interested
.in the affairs of this Company will be directed toward attaining this result.
Respectfully submitted,
THE BOARD OF DIRECTORS,
By Windsor T. White, President.
March 15th, 1919.
BALANCE SHEET—THE WHITE MOTOR COMPANY (AND ITS SUBSIDIARY COMPANIES), DECEMBER 31 1918.
ASSETS.
Capital Assets—
Buildings and Real Estate at
Selling Branches and Service Stations, less amortization, together with Fac$1,926,794 77
tory Real Estate
Buildings, Machinery,Equipment, &c., at Factory—as
appraised at sound value
by independent appraisers
as of Dec. 31 1915, with
subsequent additions less
3,500,049 87
amortization
74.875 59 $5,501,720 23
Selling Branch Equipment
598,743 26 $4,902,976 97
Less: Reserve for Depreciation
Trade
Models,
Patents,
Cost of Good Will,
Marks, Trade Names, Patterns and Draw5,388,909 66
ings
Current Assets—
$10,156,558 03
Inventories
5,422,498 21
Accounts Receivable—Customers
1,011,520 90
Notes Receivable—Customers
817,653 34
Cash in Banks and on Hand
1,886,800 00
Government Securities
Employee's Unpaid Subscriptions to Lib466,652 03
erty Bonds
42,373 79 19,804,056 30
Miscellaneous Accounts Receivable, &c_
Investments—
240,000 00
Securities in Other Companies
Deferred—
117,869 66
Unexpired Insurance, Prepaid Taxes, &c_..
$30,453,812 59
Capital Stock of The White Motor Company—
Authorized and Issued-320,000 shares of
$50 00 each
Current Liabilities—
Notes Payable for Borrowed Money
Accounts Payable, Pay Rolls, &c
Deposits on Cars
Accrued,Taxes—Real and Personal
$16,000,000 00
$1,000,000 00
2,298,060 14
62,058 00
32,218 27 3,392,336 41
Federal Taxes—Estimated
Reserve for Contingencies, &c
3,700,000 00
740,000 00
Surplus—
As Shown by Annexed Statement
6,621,476 18
$30,453,812 59
PROFIT AND LOSS—SURPLUS ACCOUNT—THE WHITE MOTOR
COMPANY (AND ITS SUBSIDIARY COMPANIES)
DECEMBER 31 1918.
Operating Profit after deducting Manufacturing, Selling, Service and Administrative
$5,947,494 09
Expense and Amortization
Add—
Other Income, including Cash Discounts,
433,091 25
Interest, Dividends on Investments, &c_
$6,380,585 34
Net Profit Exclusive of Federal Taxes_
00
3,700,000
Estimated
Taxes
Federal
Net Profit for Year Ending December
34
$2,680,585
31, 1918
Deduct—
1,280,000 00
Dividends Paid (8%)
$1,400,585 34
Addition to Surplus for Year
$5,216,300 83
Surplus January 1 1918
Add—
Provision for Federal Taxes for the year
4,590 01 5,220,890 84
1917 in excess of the amount paid
Surplus December 31, 1918, as Shown
$6,621,476 18
by Balance Sheet
We Hereby Certify, that we have audited the books of
account and record of The White Motor Company, Cleveland, and its Subsidiary Companies, as of the close of business December 31 1918, and that, in our opinion, based
upon the records examined and information obtained by us,
the accompanying Balance Sheet is drawn up so as to correctly set forth the financial condition of the Company and
its Subsidiaries at the date named, after providing for the
estimated liability for 1918 Federal Taxes, and the relative
Surplus Account is correct.
Very truly yours,
Westinghouse Elec. & Mfg. Co.—Sale of British Holdings.
for unpaid losses $4,594,236, reserve for taxes $1,030,000, surplus $8,922,516 in addition to its capital $4,000.000, aggregate resources $30.801,414. The losses paid since organization are $203,147,690. In New
York Darby, Hooper & McDaniel, 59 John street, are metropolitan managers; Platt, Fuller & Co., 27 William street, are Marine Department
managers, and Charles F. Enderly, 111 William street, is manager of the
Brokerage and Service Department.
Reference was made in these columns March 15 to the sale of this company's holdings in British Holdings, Ltd., which enterprise was organized
in 1917 to take over the British 'Westinghouse & Mfg. Co.
An official statement just issued by Chairman Tripp follows: "Subject
to the successful accomplishment of certain legal details in Europe which,
desirhowever, may be waived by the Westinghouse Company if thought interable, an agreement has been reached with certain important BritishBritish
its
cash
for
sells
Company
ests under which the Westinghouse
holdings and enters into a commercial alliance looking to the development
of export business.
"The commercial plan will be instituted immediately upon the assumption that the whole deal will be consummated on one of the bases above
indicated. No further details can be given out at this time.—"V. 108, p.
1065.
ERNST & ERNST,
Certified Public Accountants.
Cleveland, Ohio, March 7 1919.
—On the advertising page opposite our weekly statement of bank clearings, A. B. Leach & Co., Inc.,62 Cedar street, this city, are offering a partial list of municipal bonds yielding 4.25 to 5% which the firm own and offer
subject to prior sale and change in prices. See the advertisement for
general particulars.
—W.T. Hunter and W.L. Budde of Cincinnati announce the formation
White Co., Cleveland, Ohio.—Acquisition—Report.—
of a co-partnership under the firm name of W. T. Hunter & Co. to deal
This company has purchased two blocks of land lying between West in bonds, stocks and other investment securities. They will specialize
$60,000,
25th and West 26th streets, Chicago, comprising five acres, for
and railroad
upon which they will erect a building to be used as sales offices, warehouse in short-term notes and high grade municipal, corporation
and service station, the whole to represent an investment of $500,000. bonds.
1458.
106,
p.
page.—V.
subsequent
a
on
full
in
Report
Annual
Compare
—Joseph Walker & Sons, members of New York Stock Exchange, 61
giving valuable information with
Whitaker-Glessner Co., Wheeling, W. Va.—Earnings. Broadway, have Prepared a special letter
Co., its lease to the Interboro Rapid
The annual statement for the year ending Dec. 311918. as reported by respect to the Manhattan Railway
dethe "Iron Age," shows net profits, after provisions for Federal taxes,bal- Transit Co.and their relation to the present traction situation in New York
preciation and special charges, of $2,271,215; dividends, $726,920;
City.
ance,$1,544,295. In 1916 the total net income was reported as $5,816,379;
—Bolger, Messer & Willaman of Chicago announce some changes in
depreciation, interest. &c., $675,647; pref. divs. (8%), $72,848; common
2482.
p.
107.
$4,704,908.—V.
surplus,
$362,976;
divs. (9X %).
their staff of officials. Newly elected officers are: President, Thomas
J. Bolger; Vice-Presidents, S. T. Messer, Stacy C. Mosser, Edson S.
Yakima (Wash.) Orchard Securities Co.—Receiver.— Willaman; Secretary, J."Gist Search; Treasurer, George H. Norton.
&
Trust
Northwest
the
elected
have
bonds
Holders of this company's
Savings Bank, Seattle, to act as receiver for the company in order to
—Charles W. Hill & Co., members New York Stock Exchange, have isfacilitate the reorganization now in progress. The company owns 800 sued a circular, "The Capital Stock of the Guaranty Trust Company of
acres of fruit land near Yakima, Wash,
New York as an Investment," showing chronologically the growth of this
institution during the past twenty-seven years.
—Charles A. Parcells announces the establishment of Charles A. ParCURRENT NOTICES
cells & Co. to deal in investment securities with offices at 3.;0 Penobscot
Building, Detroit.
—The Insurance Company of North America of Philadelphia, founded
—Six preferred stocks ofspeculative investmentlquality which offer good
annual
their
publish
company,
insurance
In 1792, the oldest American
for increase in values are treated in a circular issued by Lyman
statement for the year ended Dec. 31 1919 in our advertising columns possibilities
Smith & Co.
to-day. The company's reserve for re-Insurance was $12,217.809, reserve D.
APR. 12 1919.]
Nhe Tomuterrial
THE CHRONICLE
Times.
COMMERCIAL EPITOME
1525
American firms. It is now said that American exporters
are unable to compete with British traders for Central and
South American trade; that practically all American vessels
are carrying food to Europe and bringing soldiers home, and
that England, not thus handicapped, is strengthening her
lines to South America.
LARD in good demand and firmer; prime Western 29.75®
29.85o. Refined to the Continent 32c. South America
32.25c.; Brazil in kegs 33.25c. Futures advanced with good
export demand and buying by packers. Restrictions on
fluctuations in prices have been removed. On a single day
pork advanced $1, lard 75c., and ribs 50c. The official
statement makes the number of broad sows, in the country
9,970,000, against 9,937,000 last year, an increase of about
3%. Hogs, most of the time, have been rising. The
advance in corn, at one time, had some effect. Hog receipts
on one day were 111,400, against 121,800 on the same day
last year. The.export demand for provisions has latterly
been disappomtmg, however. To-day prices advanced and
are higher for the week.
Friday Night, April 11 1919.
General trade is gradually expanding, but price uncertainty is a distinct drawback. Some of the chief commodities are slow, i. e., steel, iron, coal and lumber. March
building, it is true, was the largest since the middle of 1917,
and many building materials are in better demand. But
sales of lumber are disappointing. Loans are none too ready
for building purposes as yet, with the Victory Loan about to
be faced by the banks. It is only a
of time, however, when building operations must increase greatly for the
four.
scarcity of houses after
years of retarded building is
too obvious for dispute. In most parts of the country, indeed, the housing problem is not the least of those that have
to be faced. One drawback is the fact that demand for supplies from the railroads is in abeyance pending a settlement
of the deadlock between the Ihdustrial Board on the one DAILY CLOSING PRICES OF
LARD FUTURES IN CHICAGO.
hand and the Railroad Administration on the other. It
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
May delivery
cts_28.62
looks to some as .though the Government may have to July
28.75 29.22 29.57
29.05
29.45
delivery
28.07 28.17 28.52
28.70
28.12 28.52
abandon the practice of fixing prices.
PORK firmer; mess, $53; nominal; clear $51 ®$.56. Beef
Bad weather in some parts of the country and poor roads
have hurt retail business somewhat. Meanwhile food prices steady; mess $35@$36; packet $38@$39; extra India mess
are slightly higher. Wages continue high and are not $64@$66. No. 1 canned roast beef $4.50; No. 2 $8 75.
likely to be reduced much, if at all, until food is much Cut meats in fair demand and firmer; at 303-@)32c. for
cheaper. Meantime Europe wants large food supplies. pickled hams, 10 to 20 lbs., and 31 ®34c. for pickled bellies.
In other words, the high cost of living is still a baneful To-day July pork closed at $46.87, an advance for the week.
feature. The wages of 400,000 railroad workers have just Butter, creamery extras, 66 ®66Mc. Cheese, flats 30@33c.
been increased to the amount of $65,000,000 yearly. The Eggs, fresh gathered, extras, 453c.
COFFEE on the spot firmer but quiet. Rio No. 7,
weather at the South has been bad; that is, cold and rainy,
with veritable cloudbursts here and there east of the Missis- 16 WI ®163Ac.,No.4Santos, 21 ®2131c.,fair to good Cucuta,
/0. Futures have advanced. Europe has been
sippi, and the work of cotton planting is backward. Cotton 203' ®203
exports do not increase because of the delay in reaching buying the distant months. Offerings from Brazil have
been smaller. Brazilian markets have advanced. Covering
terms of peace at Paris and the scarcity of ships.
On the other hand, the dry goods trade is more active in the near months has been a feature here. New Orleans
at rising prices. Some big cotton mills have resumed full and trade buying of distant months has also attracted attentime. In spite of bad weather, trade in parts of the country tion. At times Europe has sold Dec. to a certain extent.
has been good. Large numbers of soldiers are constantly But as the world approaches peace, the tendency is to buy
returning from Europe, and civilian trade, it is believed, will rather than to sell coffee. The stock of Brazil in New
increase in no uncertain fashion as the year advances. The York, is 510.670 bags against 1,305,895 bags a year ago.
West is to be favored not only with high prices-for its farm Many are thinking more of this than of the stock at Santos of
products, but with the largest winter wheat crop ever 3,212,000 bags against 3,884,000 a year ago. At the same
known.- And its former great competitor,'Russia, is largely time trading in spot coffee has been light. To-day's prices
advanced 10 to 24 points and they closet higher for the week.
eliminated from the European market by the curse of Bol- May_
_ _ _c_ 15.9015.92 Aug15.20 Dec
14.48
shevism. There is no other country in the world except June
15.69@i5.71 Sept
14.88@14.90 Jan
14.47@14.49
15.4815.50 Oct
Russia that ever approached the United States as a wheat July
14.75 14.77 March--14.49 14.50
Nov
14.61@14.63
producer. Luxuries continue to command a readier sale
SUGAR remains at 7.28c. for centrifugal, 96-degrees test,
than for years past, as the farming and artisan population
Cuban
and
Porto Rican; granulated 9c. Cuban receipts
have more money to spend than ever before. This means
an abnormal demand for jewelry, musical instruments, were the largest on record, i. e., 192,509 tons, as against
175,108
in
the
previous week and 104,513 last year; exports
automobiles, &c. Significantly enough, the largest buyers
of steel at the present time, not waiting for price settlements, were 108,778 tons, against 119,680 in the previous week;
are the automobile companies. Also there is a sharp demand stocks, 811,806 tons, against 728,075 in the previous week,
for men's and women's clothing, for shoes, fancy dry goods 898,902 last year and estimated 688,000 in 1917; the numand wool. The city is crowded. Hotels are jammed. ber of centrals grinding is 195, the same as a year ago.
Some manufacturers of raw materials outside of the luxury Heavy exports are being made to Atlantic ports. The sugar
class have declined, the demand for the moment not being Equalization Board has been buying Cuban raw quite freely
particularly pressing. At the same time within a month for April shipment on the basis of 5.88c.,cost-and-freight,
past regrettable as the fact is prices for meats,dairy products, New York, which will be distributed to refiners at 7.28c.
breadstuffs, live stock and fruits have advanced. Taking c.i.f. Refined has been in rather more demand, but it
the situation as a whole, the outlook is promising, the only cannot be said that trade is satisfactory; quite the contrary.
OILS.-Linseed continues quiet and steady; city raw, car
drawbacks being the uncertainty about prices and the delay
in reaching a treaty of peace at Paris. In general, trade lots, $1 50; 5-bbl. lots, $1 53. Lard, prime edible, firmer
would like to be let alone. The laws of business will fix at 2.45@2.50o. Cocoanut, Ceylon, bbls., firmer at 143i,
e. Corn oil, crude, wood, 1734(4)18c. Newfounprices in the long run satisfactorily to everybody. As to ®14y
the question of peace, business men think that that should land cod, $1@$1 10. Spirits •of turpentine, 783' ®79
be settled first and outside questions dealt with afterward. Common to good strained rosin $11 75.
PETROLEUM active and steady; refined in barrels,
And sentiment here does not favor the United States assuming the role as dictator in Europe, though everybody is cargo, $17 25 ®$18 25; bulk, New York, $9 25 ®$10 25;
gratified to hear that the Monroe Doctrine will be kept intact. cases, New York, $20 25@$21 25. Motor gasoline in steel
The winter-wheat crop in the United States is officially barrels, to garages, 24Mc.; to consumers, 263o. Gas maestimated at 837,000,000 bushels, the largest ever grown. chine 41Mo. Reports from about 200 pipe line marketing
At the Government's guaranteed price of $2 26 it would be and refining companies in the various fields show losses in
worth $1,891,620,000. There will also be a large spring marketed production in all fields, except Lima-Indiana, on
acreage. The first 3,000 hundred-weight of American flour the comparisons between February and January, with the
has been received at Berlin. It will be sold at 2 marks, 50 net decline amounting to about 3,358,000 barrels, or 16,695
pfennigs a pound. American bacon will be substituted in as the daily average. Total deliveries for consuming account
the next few weeks for the regular meat rations at 5 were lighter during February by approximately 1,463,000
marks a pound. It is stated that the first Entente food- barrels, but as a result of the shorter month the daily alterships that reached Germany had to leave in ballast because age was higher than January by 46,676 barrels. Consuming
in all Germany there could not be collected enough freight requirements were in excess of the marketed total during
to load then. Neither was it possible to recoal t e steamers February, with the result of a tax on storage stocks of 648,000
completely. Mr. Hoover estimates that he can furnish barrels.
Pennsylvania dark $4 00 South Lima
$2 38 Illinois, above 30
Germany with 180,000 tons of grain during April, but adds Cabell
2 77 Indiana
2 28
degrees
$2 42
that if Germany estimates that grain and potato stocks will Crichton
1 75 Princeton
2 42 Kansas and Okla2 85 Somerset,32 deg
2 60
homa
2 25
be exhausted before June are correct, it is a question whether Corning
Wooster
2 85 Ragland
Caddo,
1
25
La.,
light_ 2 25
food enough can be supplied to tide Germany over until the Thrall
2 25 Electra
2 25 Caddo, La., heavy 75
2 25 Moran
2 25 Canada
next harvest. The first fleet of airplanes to be used for com- Strewn
278
Soto
215 Plymouth
2 33 Healdton
1 20
mercial purposes has been purchased by the Kerr Steamship De
North Lima
2 38 Corsicana, heavy 1 05 Henrietta
2 25
Co., and will be placed in active service within a few weeks.
TOBACCO.-Domestio has been quiet but steady.
Airplanes will be used as auxiliaries to the company's mer- Manufacturers are plainly indisposed to abandon
their
chant steamers. This may prove to be a historic event. policy of buying from hand to mouth. Foreign tobacco
Atlantic City. has been selected as an airport. The War has been in fair demand and firm. The Havana crop, it is
Trade Board is to permit additional cargoes of German toys, feared, was injured through the recent strike interrupting
possibly dyes and other commodities, produced in Germany harvesting work at a more or less critical time.
or countries allied with Germany, to come into the United
COPPER remains quiet but firm at 15 Vi ®15"Mo. for
States. The cargoes are stored in neutral countries contigu- electrolytic. A Boston dispatch says that Europe .will
ous to Germany,and have been partly or wholly paid for by eventually take large quantities of American copper but
not for some months to come; also that England, Franco and
Italy have between 500,000,000 and 600,000,000 lbs.
awaiting consumption; that neither France nor Italy can
import copper owing to the embargo ordered by respective
Governments; that English manufacturers could and would
buy,were it not for the fact that they would thereby come
into competition with British Government stock; that Germany will need large quantities of copper and will buy as
soon as it is able to get shipments and pay for them. Tin
steady at 71401720. Lead quiet and easier at 5s. Spelter
also quiet and easier at 6.50c.
PIG IRON has been quiet. Really new developments
have been lacking. Producers admit that trade is dull.
They hope for higher prices later on when trade improves.
The only question is, when will that be? Meanwhile, consumers are none to anxious to buy. Coke is steady but
with a plentiful supply. Prices during the week have been
reduced, it seems, 25 cents to $3 75 per net ton. There is
less demand as blast furnaces operations have fallen off.
STEEL business waits while the powers that be dispute.
The Industrial Board and the Railroad Administration are
still at loggerheads. Steel rails are the bone of contention.
As to other steel, however, opinion is sharply divided.
Buyers naturally would like to see a bigger cut than that
which recently took place. Producers think it has gone far
enough, if not altogether too far. Some of them, meanwhile, are predicting that if prices of iron and steel are cut
wages will also be cut. That would seem logical. What is
certain is that trade has been held up by the price dispute.
The only active buyers are the atuomobile companies. A
Washington dispatch says that it learned on good authority
that the steel price schedule will have to be revised or
abandoned so far as Government purchases are concerned
before the Railroad Administration and Industrial Board
can get together. Agreement was expected at the conference of Director-General Hines with Chairman Peck on the
10th inst., but they failed to agree.
COTTON
Friday Night, April 11 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
66,458 bales, against 78,025 bales last week and 87,657
bales the previous week, making the total receipts since
Aug. 1 1918 4,212,237 bales, against 5,041,801 bales for the
same period of 1917-18, showing a decrease since Aug. 1
1918 of 829,564 bales.
Sat.
Galveston
Texas City
Port Arthur.
New Orleans.... _ _
Mobile
Mon.
Tues. I Wed.
Fri.
Thurs.
Total.
4,826
__--
3,381
189
3,38'7
__-
5.591 1,296 3,929 22,410
189
___-__-_-_
2,508
470
5,250
88
- Pensacol
2,789
34
2,906
1,262
1,618
1,303
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
N'port News, &c
New York
Boston
Baltimore
"all
154
693
97
2.071
1,955
784
4,461 22,529
__-_ 2,164
---528
528
1,448 9,179
Wo 1:616
-led
-518
-428 2:50
183
809
168
995
261
430
547
380
370
402
1,683
3,709
208
____
102
452
85
216
944
216
Totals this week_ 10.832 11.987 10.493 12.673
4,615
310
8.699 11.864 66.548
The following shows the week's total receipts, the total
since Aug. 1 1918 and the stocks to-night, compared with
last year:
1918-19.
Receipts to
April 11.
1017-18.
This Since Aug This Since Aug
Week. 1 1918. Wtek. 1 191..
Stock.
1919.
1918.
22,410 1.419,079 12,942 1,483,117 260,313 304,432
Galveston
41,842
13,560
66,948
---189
62,698
Texas City
8,102
Port Arthur
21,222
268
53,527
__-_
Aransas Pass. &c.
New Orleans____ 22,529 1,045,196 22,510 1,365,843 413,327 435,037
13,746
15,980
91,805
983
2,164 119,733
Mobile
30,213
9,812
Pensacola
14,000
11,815
38,000
____
20,031
528
Jacksonville
9,179 794,328 16,158 968,387 195,010 268,728
Savannah
14,000
1,200
57,180 3,000 120,000
Brunswick
46,243
56,551
2,997 143,541 1,130 191,294
Charleston
56,435
44,900
89,899
90,457 3,878
1,683
Wilmington
96,119
3,'709 247,424 7,457 275,970 121,742
Norfolk
5,155
137
2,987
N'port News,&c_
79,370 146,603
314 109,148
7,416
New York
17.968
10,965
96.572
944
21,835 1,599
Boston
35,662
6.170
74.195
961
03
Baltimore
8,122
3.312
5.931
___
---Philadelphia ------------90
66.548 4.212.237 71.337 5.041.801 1.245.750 1.487.402
Totals
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
[vol.. 108.
THE CHRONICLE
1526
1919.
1918.
1917.
1916.
1915.
1914.
Galveston ___
Texas City,&c
New Orleans..
Mobile
Savannah
Brunswick..
Charleston,&c
Wilmington._
Norfolk
N'port N..&c.
All others
22,410
189
22,529
2,164
9,179
____
2,997
1.683
3.709
____
1.688
12,942
268
22,510
983
16,158
3,000
1,130
3,878
7,457
137
2,874
18,426
458
18,210
236
5.649
2,000
3.721
541
7.577
217
7.229
35.456
10,095
18,374
5,179
7,346
3.500
3.770
5,240
10,899
492
2.199
58,131
6,770
38,445
1,385
25,736
8.000
7,469
6.933
14,024
3,287
11.199
36,310
1,388
27,868
6,703
14,478
300
3,190
2,649
4,944
3,884
1,705
Tot.this week
66,584
71.337
64,264
102,550
181.379
103,419
Since Aug. 1_ 4.212.237 5.041.801 5.979.730 5.995.448 9.396.313 9.814.274
The exports for the week ending this evening reach a total
of 103,407 bales, of which 20,452 were to Great Britain,
14,701 to France and 68,254 to other destinations. Exports for the week and since Aug. 1 1918 are as follows:
Week ending April 15 191,9.
Exported toExports
from---
From Aug. 1 1918 to April 11 1019.
Exported to-
Great
Great
Britain. France. Other. Total. Britain. France.
Other.
21,130 21,13 566,31 121,788 303,613
Galveston...
15,80
Texas City..
330
1
1
Pt. Nogales
7,86 14;i156 2,936 25,501 435,737 222,358 167,41
NewOrlea
---- 6,949 74,584
6,949
Mobile _ _
9,922
Pensacola _ _
_-_- ---- 154,621 182,466 139,535
Savannah _ _
__ 44,325
Brunswick _
411
182
1,0
---Charleston _
22,40.
Wilmington
31
33,926
Norfolk_
20,252 288,223 50,750 220,399
New York_
300
____
5,577
1 26,314
1
Boston------------1
_
12,555
Baltimore_ _
2,31i
10,116
Philadel'a_ _
407,14.
. 28,374
28-,5/4
Washington
99,829
1,100 1,100
San Fran__
Total.
991,711
15,800
330
825,505
74,584
9,922
476,622
44,325
1,582
22,405
33,957
559,372
32,191
12,555
21,416
407,145
99,829
Total__ 20,452 14,701 68,254 103,4071,665,815 583,9701,379,466 3,629,251
Tot.'17-18* 1,878 31,127 30,66963,674 1,911,732 484,156 1,025,9283,421,816
Tot.'16-17_ 17,659 13,71 29,001 60,3702,232,464 735,672 1,535,0784,503,214
*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 forOther CoastI GerGreat
April 11 at- Britain. France. many. Contl. wise. I Total.
_ _ 34,487 10,156
Galveston
New Orleans.._ 6,597 1,919
Savannah __ _ _ 6,000
Charleston
Mobile
Norfolk
New York*_
3.000 2,000
Other ports*.._ 2,000 1.000,
Total 1919.._ 52,084 15,0751
Total 1918.... 18,750 8,000,
Total 1917.... 26,806 16,0111
10,250
8,263
10,000
204,420
396,302
176,010
55,851
15,980
250 121,492
71,370
8,000
98,457
5,000
1,000 55,893
246 17,025
3,000 19,000
700
700
250
3,000
2,000
Leaving
Stock.
33,513 5,196 105,868 1,139,882
22,985 13,1671 62,902 1,424,500
21,919 11,921 75,657 1,061,723
Speculation in cotton for future delivery has been more
active at rising prices. Cotton is attracting more attention
at the West where the high prices for grain are making some
operators more cautious about following a further' rise in
that commodity. Back of it all there are hopes of an early
peace despite the reports of disputes at Paris. There has
been heavy covering of hedges for foreign and domestic
account against sales of the actual cotton at the South.
Liverpool has bought the near months if it has sold the next
crop deliveries like Oct. and Dec. Japanese interests have
bought to some extent. So has Wall St. as the stock market
rose on million share days. The season is undoubtedly late.
Many people find it difficult to see how the crop can be
anything but a short one for the fifth year in succession.
The season is several weeks late. That is the sum and
substance of the first weekly Government report of the
season, which was issued on the 9th inst. The cotton that
is up in Texas is said to be yellow with poor stands. Very
little has been planted in Louisiana and none in Tennessee.
Everything is backward. Where cotton has been planted
the germination is said to be slow where there is any as yet.
In Texas not much has been planted outside of the lower
coastal and adjacent southwestern counties. And curious
as it may sound a cold wave was predicted for Arizona and
Oklahoma on the night of April 9; also frost for eastern
Texas and even freezing conditions in western Texas.
Texas, too, moreover has at times had general rains. They
are not wanted. For a time that State wants clear warm
weather. East of the Mississippi there have been complaints of delay owing to the wetness of the soil. Cloudbursts have occurred in the eastern section and big rains
in the Mississippi Valley. Temperatures have also been
rather low, at times. On the 9th and 10th inst. it was 28
degre
@FedFRASER