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financial
The r
uninurri31
allude
INCLUDING
Bank & Quotation Section
Railway Earnins Section
Electric Railway Section
State and City Section
Railway & Industrial Section
Bankers' Convention Section
NO. 2808
SATURDAY, APRIL 19 1919
VOL. 108
The Thronicir
Week ending Aprii 12.
Clearings at
1919.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
$lo 00
For One Year
6 00
For Six Months
European Subscription(including postage)
13 00
7 50
European Subscription six months (Including postage)
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$11 50
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Subscription includes following SupplementsDANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(twice yearly)
RAILWAY EARNINGS(monthly) ELECTRIC RAILWAY(twice yearly)
STATE AND CITY (semi.annually) BANKERS' CONVENTION (yearly)
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CIIICAdo OFFICE-39 South La Salle Street,Telephone Majestic 7396.
LONDON OFFICE-Edwards (co Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
Front. Pine and Deveyster Sts., New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer: Arnold G. Dana, Vice-President and
Seeretary. Addressess of both, Office of the Company.
CLEARING 1/0(/SE RETURNS.
The following table, made up by telegraph, &e., indicates that the total bank clearings of all the clearing houses of the United States for the week ending to-day have
been $6,822,068,471, against $7,014,418,353 last week and $6,307,062,063 the corresponding week last year. Good Friday occurred in the week this year.
1919.
1918.
Per
Cent.
$3,434,547,276
457,434,265
261,788,830
260,492,617
163,765,434
133,419,089
99,404,135
81,891,798
89,558,412
49,312,839
39,054,537
$2,901,570,844
454,406,978
316,525,968
216,123,850
108,032,766
141,644,197
86,676,480
64,344,552
57,692,329
47,097,530
60,257,445
+18.4
+0.7
-17.3
+20.5
-2.5
-5.8
+14.6
+27.3
+55.2
+2.7
-35.2
Eleven cities, 5 days
Other cities, 5 days
$5,070,659,232
755,941,618
$4,515,272,039
812,279,841
+12.3
-6.9
Total all cities, 5 days
All cities, 1 day
85,826,600,850
995,467,621
$5,327,552,780
979,509,283
+9.2
+1.6
56.522.068.471
56.307.062.063
+8.2
Clearings-Returns by Telegraph.
Week ending April 19.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
•
Total all cities for week
The full details for the week covered by the above wi 11)6 given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above tile last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for tile week ending April 12 show:
Week ending April 12.
Clearings et
1 UG All
1919,
1918.
1 Dec.
$
$
Now "fork
4,042,868,439 3,019,833,184
Philadelphia _ _ 3311,185,590 344,753,029
Pittsburgh
116,818,664
77,196,459
Baltimore
68,497,638
55,067,503
Buffalo
21,241,446
19,174,149
Washington
15,439,489
12,664,529
Albany
4,401,823
4,030,698
Rochester
8,305,333
7,060,805
Scranton
3,790,805
3,406,067
Syracuse
4,026,870
4,410,127
Reading
2,684,084
3,111,718
Wilmington
2,700,000
3,012,939
Wlikes-Barre
2,100'000
1,885,816
Wheeling
3,517,226
3,963,510
Trenton
2,812,983
2,509,897
1,437,2:19
York
1,435,710
Lancaster
3,074,592
:3,388,514
2,107,672
Erie
2,267,082
__
955,000
Binghamton
989,000
837,001
Altoona
741,084
1,200,000
Greensburg
1,126,410
1,400,200
Cheater
1,362,087
285,312
Montclair
376,844
4,676.697,206
3
Middle_
Total
.603,775,061
279,478,387 266,933,306
Boston
+4.7
9,805,100
Providence
11,406,300 -14.0
8,206,499
8,143,175 +0.8
Hartford
6,103,211
New Haven
5,083,299 +20.1
3,730,532
3,663,948 +1.8
Springfield
2,400,000
3,000,000
20.0
Portland
3,377,056
2,670,666
8.0
Worcester
1,834,750
2,383,659 -23.0
Fall River
1,498,878
2,498,597 -40.0
New 13edford_- 961,741
1,235,478 -22.2
Lowell
653,197
73:3,236 -10.9
Iloiyoke
1,277,130
875,884 +45.9
Bangor
-!„.
m0.32(3.481 309.627.518
4-S 1
NSTot.1New Eng
1917.
I
1916.
%
+32.6 3,381,569,569 2,596,227,179
+6.2 344,405,905 233,477,458
78,329,787
70,864,770
+51.3
45,668,195
45,590,729
+24.4
14,252,836
16,576,229
+10.8
11,245,321
9,317,815
+23.5
4,614,055
4,823,918
+9.2
6,812,594
6,294,592
+17.6
3,440,558
3,256,415
+11.3
3,215,705
4,297,471
-8.8
2,839,168
3,525,035
-13.7
3,247,154
3,589,636
-10.4
1,813,354
1,801,467
+11.3
2,686,391
3,592,995
-11.3
2,385,074
2,499,317
+12.5
1,084,375
1,520,983
+0.1
2,222,144
2,816,149
9.3
1,535,763
1,985,170
7.1
939,700
-3.4
1,085,000
571,808
735,683
+14.3
900,000
962,064
+6.5
1,464,109
1,480,940
+2.8
454,638
487,882
-24.3
+29.8 3,923,048,005 3,009.565,095
227,048,842
10,559,800
9,668,330
5,284,402
4,484,286
3,100,000
3,545,160
2,189,011
1,680,130
1,142,962
803,452
763,799
219,284,696
10,141,100
8,290,348
4,231,799
4,137,056
2,500,000
3,811,062
1,919,016
1,693,487
1,087,727
1,049,810
701,821
270 270 174
95R 0:17 ,
a2n
I
1918.
lInc. or
Dec.
1917.
I
1916.
520,911,932 512,518,763 +1.6
54,000,000' 54,286,477 --0.5
96,709,707i 82,222,842 4-16.6
72,000,000, 54,949,838 4-31.0
30,745,876
28,940,879
4-6.2
14,654,030
13,370,000 4-9.6
13,140,100
11,473,600 4-14.5
10,941,205 4-1.4
11,095,040
5,892,423.
4,901,488 4-20.2
5,216,585 -4.2
5,000,000
5,720,003 --32.5
3,859,890
4,484,1661
3,699,075 4-21.2
2,355,646 4-21.9
2,872,0711
1,377,187 ---6.3
1,290,0071
1,451,998 4-3.3
1,500,000
2,402,456 --11.5
2,126,5061
4-6.6
4,539,471
4,840,8981
7,190,000 4-15.3
8,290,000'
1,430,687 4-45.8
2,085,3041
1,419,158 4-32.2
1,876,705
1,198,984 4-8.8
1,304,453:
3,754,868 --6.0
3,529,948,
1,107,840 -9.7
1,000,000
1,312,390 4-2.8
1,349,583!
4-6.4
825,000,
881,221
1,346,034 -16.0
1,130,470'
623,0471
491,620 4-26.7
981,549,
1,166,231 -15.9
1,105,314!
957,373 4-15.5
370,3581
375,000 --1.2
100,3621
70,187 4-43.1
1,022,658 ---7.1
950,0001
$
$
1
510,284,055, 368,971,101
40,581,195, 33,365,950
74,233,994, 45,893,476
42,877,952
56,466,194 1
19,001,284
24,535,2731
11,441,144
13,302,000
10,657,000
11,475,900
11,984,524
9,264,834
3,500,000
4,750,000
4,976,365
4,602,810
3,773,194
3,226,883
1,859,880
3,195,528
1,469,197
1,932,189
1,420,774
1,296,357
868,551
670,617
1,250,179
1,811,892
5,026,772
4,521,7371
6,840,000;
4,033,000
794,603
1,315,0191
934,541
1,270,370
671,056
1,031,745,
2,729,474
3,952,996'
964,238
1,234,5341
1,121,493
1,349,392!
772,957
724,124'
732,486
894,019
407,108
425,617
732,240
959,496
352,311
649,064
300,000
362,768
58,734
157,645
700,000
1,138,246
Tot.Mid.West.
870,644,709' 824,091,770
+5.6
792,096,049
580,002,028
San Francisco__ _
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Stockton
Fresno
San Jose
Yakima
Reno
LongBeach
Total Pacific
117,376,551
95,817,196
29,738,000
37,217,000
34,377,118
36,295,913
25,615,868
28,559,146
13,308,181
14,662,056
10,093,522
8,144,609
4,426,479
4,438,493
6,337,292
8,209,054
3,170,714
3,538,094
2,366,732
2,377,885'
1,202,765
1,502,1471
1,979,289
1,619,197
1,968,472
2,476,2761
913,374
1,459,341
865,699
1,025,000
816,441
613,010
998,772
1,551,983
273,217,099 231,843,570
+22.5
+25.2
+5.6
+11.5
+10.2
+23.9
+0.3
+21.7
+11.6
+0.5
+24.9
-15.2
+25.8
+59.8
+18.5
+33.2
+55.4
+17.8
87,006,627
31,761,000
23,313,314
18,317,261
12,366,271
6,702,575
2,700,000
5,118,379
2,468,214
2,704,314
1,625,069
1,705,077
1,588,585
816,598
689,171
602,434
827,626
200,312,515
62,383,456
25,756,102
16,524,111
12,879,317
7,722,216
4,977,927
2,514,626
4,588,254
2,101,078
2,504,614
1,083,141
1,108,737
1,046,412
734,264
499,772
413,499
665,225
147,502,951
Kansas City_ _ .._ 182,642,143 200,248,273 -8.8
29,919,534 +30.9
39,157,546
Minneapolis
59,833,249 -9.2
54,349,476
Omaha
13,361,004 +23.3
16,476,460
St. Paul
22,522,939 -18.0
18,462,418
Denver
17,011,096 +2.1
17,373,957
St. Joseph
9,882,638 +1.8
10,056,996
Des Moines
9,801,9511 10,059,167 -2.5
Sioux City
9,360,545
9,161,145 +21.7
Wichita
5,772,981
3,854,031 +49.8
Duluth
4,805,104
4,672,653 +2.8
Lincoln
2,800,000
3,089,482 -9.4
Topeka
2,355,558
1,860,950 +26.6
Cedar Rapids
2,600,000
2,526,541 -2.9
1
Fargo
788,883
Colorado Springsi
749,344 +5.3
748,196
782,950 -4.4
Pueblo
883,052 -11.6
m
I
Freont
730,996
2,410,713 -15.9
2,027,447
Waterloo
1,639,970 +40.9
2,310,590
Helena
1,118,166 +34.1
1,499,580
Billings
1,078,626 +37.2
1,479,693
Aberdeen
523,275 +4.0
543,978
Hastings
Tot.0th.West_ 386,144,498 397,188,798i -2.8
133,252,968
36,713,360
34,950,711
14,285,646
15,561,570
14,545,340
7,990,027
5,829,885
6,014,119
5,258,442
4,167,510
2,444,848
2,641,374
2,087,000
1,109,531
781,361
622,774
2,784,713
1,627,798
825,000
933,411
523,061
294,951,348
82,794,892
26,048,057
23,480,701
13,300,696
12,214,183
9,112,062
6,902,565
4,434,707
4,383,981
4,105,614
3,097,074
1,746,320
2,052,066
2,171,842
828,762
558,244
400,000
2,382,460
1,536,449
753,432
841,411
314,244
203,459,762
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Springfield, Ill
Fort Wayne
Lexington
Rockford
Youngstown
Akron
Bloomington ___ _
Quincy
Decatur
Canton
South Bend
Springfield, 0
Danville
Mansfield
Jacksonville, 111_
Lima
Owensboro
Ann Arbor
Adrian
Lansing
1
151,799,485 155,001,4311 -2.1 138,017,457, 90,096,510
St. Louis
53,241,722; -10.2
41,492,663, 22,177,824
47,788,845
New Orleans
20,162,884: 19,552,948
17,698,525
24,002,150 -26.3
Louisville
9,815,783
14,435,820
10,678,634
13,500,000' +6.9
Houston
3,978,580
4,433,549,
3,551,950
4,600,000
-22.8
Galveston
23,393,33T, 14,000,000
47,937,398
38,844,603; +23.5
Richmond
V,312,659
11,072,771!
12,870,003
10,275,981 1 +25.2
Fort Worth
27,446,706' 1T,744,643
48,506,102
46,314,794; +4.7
Atlanta
12,186,101,
8,001,954
16,861,863
12,760,169 +32.1
Memphis
4,697,321
7,761,949
5,463,190
6,631,573, -17.61
Savannah
8,029,652
17,746,376
14,791,269, +20.0, 11,090,0581
Nashville
4,273,331
5,810,7411
8,656,692
7,276,606' +19.0
Norfolk
11,061,073
2,940,672
2,542.156
Birmingham
3,235,587,+241.9
4,378,873
4,830,168:
5,300,2971 +62.8
8,628,891
Jacksonville
1,682,096
3,729,090,
2,505,850
3,946,100 -36.5
Augusta
3,056,008
3,587,101
4,281,4341 +16.1
4,969,441
Chattanooga
2,314,772
2,596,714!
3,328,325, -18.7
2,707,851
Knoxville
1,034,800
1,275,000
1,710,0071 +3.7
1,773,107
Mobile
3,000,000
2,548,9401
3,000,000, -10.0
2,700,000
Charleston
2,584,494
3,732,499;
3,739,498' +20.1
4,490,615
Little Rock
3,115,559
6,416,025:
8,603,9951 +22.7
10,554,637
Oklahoma __
3,408,128
1,590,000 -2.6
1,595,673,,
1,900,000
Macon
4,500,000
3,486,298'
3,500,000 +100.0
7,000,000
Austin
350,360
340,031
422,414 +2.1
431,269
Vicksburg
691,811
497,10T
716,445 -20.0
573,312
Jackson
3,393,961
8,409,561
8,208,129 -3.0
7,963,453
Tulsa
1,170,834
1,575,078
2,362,844 +15.9
2,737,915
Muskogee
6,961,617
11,537,194
17,388,957 +34.2
23,337,867
Dallas
1,610,000
2,406,343 +6.4
2,560,189
Shreveport
Total Southern 489,211,719 _461,251,473 +6.0 374,255,346, 259,866,674
17,015,238,312 5,827,778,220 +20.4 5,854,933,437 4,459,334,435
Total all
Outside N. Y..1 ,972.370,273 2.777,945,036 +0.3 2,473,363,868 1,863:107,256
1540
THE CHRONICLE
[VOL. 108.
vances, they were obliged to have recourse with
THE FINANCIAL SITUATION.
much freedom to their note-issuing functions, and we
In fixing the terms (together with other details) find that last Saturday ‘here were $2,548,588,000
of the forthcoming Victory Loan the new Secretary of Federal Reserve notes in actual circulation, as
of the Treasury has accomplished something rare against only $1,499,377,000 twelve months before,
and unique—that is, he has succeeded in satisfying besides $151,560,000 of Federal Reserve bank notes,
and pleasing everyone. This is fortunate, because compared with only $8,000,000. The truth is, memin doing this he has assured the success of the loan ber banks have in most cases reached the point
beyond peradventure among the classes of persons where their own resources have been used up in
it is most desirable to reach, namely actual investors, either buying Government obligations or in loaning
large and small. That the loan would be fully taken, upon them, and consequently can only extend furno matter what its amount, has never been in doubt. ther aid by taking their war paper to the Reserve
Our banking institutions, with their vast resources, banks and borrowing upon the same.
could in any event be depended upon for that.
An indication of the situation in the respect menHad the Secretary, however, failed to offer suffi- tioned is furnished by the weekly return of the New
ciently attractive terms, it is possible that the York Clearing House banks. Loans are running
investment classes would not have responded to his far in excess of the deposits—we mean the mercanappeal as handsomely as they can now be depended tile deposits—and the fact that Government deupon to do. That would have been matter for deep posits at the moment are larger than usual accounts
regret. For it would have placed an additional for only part ofthe difference. Aggregate deposits last
burden upon the banks, which are even now shoulder- Saturday were $4,085,244,000,while the loans ran fully
ing much too heavy a burden in connection with the $860,000,000 larger than this, being $4,945,997,000.
loans previously placed by the Government. This
Therefore, we say it is gratifying that the Secrelast is the indubitable truth. Nothing can be gained tary of the Treasury has made the terms of the new
by concealing the fact.
loan so attractive that investors cannot fail to reThe Federal Reserve Board presents each week a spond in very liberal fashion, even if they should not
consolidated statement covering 772 member banks, be moved by patriotic impulses, which is unlikely.
and the latest of these returns—of date April 4— Four-year notes bearing 43
4% interest, free from
shows that these 772 member banks were on the date State and municipal taxes and free also from the
given the owners of no less than $2,756,778,000 of normal Federal income taxes, are a tid-bit which inUnited States bonds and United States certificates of vestors will find it hard to resist. The result will
indebtedness. In addition, they were carrying be that the banks will be able to lighten the burdens
$1,106,708,000 of United States bonds and certifi- they are now carrying instead of being called upon
cates as security for loans, making no less than $3,- to add to the same.
863,486,000, together constituting over 25% of their
loans and investments. These figures relate to only
Officialdom is taking a very complacent view of the
a portion of the country's banking institutions. The further increase of $67,500,000 made last week by
Comptroller of the Currency has just published a the Director-General of Railroads in the annual paysummary of the condition of all the national banks roll of the roads. In effect it says the Government
of the country under the call of March 4 1919, and is going to foot the bill, why should any one worry,
this reveals a similar state of things. It appears why should any one care? E. E. Lamb, acting head
from the statement 'referred to that the national of the Railroad Administration's Bureau for Suggesbanks on March 4 1919 held altogether $3,681,000,- tions and Complaints (a title itself somewhat sug000 of United States bonds, including Liberty bonds gestive), has been writing to J. B. Strork, of Reading,
and United States certificates of indebtedness. Pa., on the general subject of wage increase, seeking
Only $700,000,000 approximately are bonds of the to correct the latter's misapprehensions and compose
old issues, pledged as a basis for national bank cir- his mind. The Governmental handling of the railculation. About $1,000,000,000, we are told, repre- ways has not been secret, nor have the grantings of
sents bonds of the first four Liberty Loans still held increased wage been hidden; they have been publicly
by the national banks, the remainder of the Govern- authorized and entirely regular. Then comes this
ment obligations being short-term certificates of remarkable statement:
indebtedness.
"Furthermore, the stockholder of the individual
There are no figures to sbow how many more railroad is unaffected by wages paid employees, as
Government obligations the national banks are you should be aware. The compensation authorized
carrying (besides what they own themselves) as from the Government to the owners of the railroads is
security for moneys loaned upon them. Even the based upon conditions prevailing for three years prior
figures of ownership present only a partial view to June 30 1917, and even if the expenses of any
of the case. They cover all the national banks particular railroad were doubled or more, this year
of the country but do not include any of the State or last, this would have no bearing on the returns
banks and trust companies, which are known to to the stockholders."
hold large amounts of Liberty Loan bonds and
Mr. Lamb adds that "the sotid citizens of the
certificates of indebtedness in addition to having country" do not appear to be troubled about the
accepted large further amounts as pledges for loans.
success of the pending loan and "are not sitting up
The Federal Reserve banks themselves have made nights worrying because war-time conditions have
heavy advances on so-called war paper. They re- made it advisable to take unusual steps in adminisported last Saturday.no less than $1,767,432,000 of tering the various enterprises necessary for the
bills discounted secured by Government war obli- Government to operate." He closes by suggesting
gations, this comparing with only $465,625,000 of that if Mr. Strork is a railroad stockholder he might
such bills at the corresponding date last year. To ask "the officers of the owning corporations of such
enable the Reserve banks to make these large ad- roads for information as to the financial adjustment
APR. 19 1919.]
THE CHRONICLE
1541
between themselves and the Railroad Administra- production was 712,379 fine ounces, against 696,281
fine ounces in 1918 and 787,094 fine ounces in 1917,
tion."
As an expression of the view of officialdom this while the aggregate for the three months at 2,025,166
seems to exhaust the possibilities and to require no fine ounces, compares with 2,070,222 fine ounces
comment, except that a natural corollary would and 2,291,049 fine ounces, respectively. It is thus
appear to be that nobody need worry about taxes, apparent that for the first three months of 1919 the
because the Government pays those—a notion that diminution in output in the Transvaal reaches
agrees with the popular hazy conception of govern- 45,056 fine ounces, as contrasted with 1918. Elsement as an all-wise, all-powerful, and all-benevolent where in Africa, too, a decrease in yield is indicated
entity which has perpetual succession and is con- by the returns at hand from Rhodesia and West
stantly executing and planning schemes for making Africa. The various Australasian fields, moreover,
the people more comfortable and more happy. Mr. are doing less well than last year and the same is
Lamb does not belie his name in his childlike inno- true of India. Consequently, at this time the
cence of things. Moreover, in talking of financial indications point to a further contraction in the gold
adjustments, between the railroads and the Govern- yield of the world in 1918.
ment, he is obviously speaking in ignorance of the
Dr. Washington Gladden, commenting in his.
facts. If any "adjustments" (at least, any satisfac"Recollections"
on the effect upon sentiment in
tory ones) have yet been made, many of the parties
the firing of the first gun at Fort
New
York
City
of
of
them;
still
to
hear
concerned
have
immediately
after more than a year, the entire subject of equities Sumter, refers to a theory of Professor Shaler of
between the seizer of the properties and their owners Harvard. In substance it is that "the processes of
seems to remain suspended in the air, and it is now development are sometimes mightily hastened and
said that the Western Pacific, for one, has refused that there are certain critical instants which complete
to accept the standard return proposed and will take the work of long periods." It would seem that a
very good illustration of this theory has been furits chances before the Court of Claims.
nished by the Peace Conference during the last ten
tendered
this
advice
was
whom
to
gentleman
The
replies rather pointedly and emphatically; as to "the days, or a little more perhaps. It will be recalled
unusual steps" mentioned, he says it is just such that, following the return to the sessiOns of the Counthings, pushed to unreasonable limits, which are cil of Four of President Wilson and Lloyd George
"worrying the so-called solid citizens; it is the reckless from their sick beds a week ago Wednesday, with a
squandering of money in every department of gov- full realization that something definite must be
ernment that is causing them to worry . . . done, word was cabled to the State Department in
such people are wondering whether after burden after Washington that greater progress was made that
burden is placed on their railroad properties they are day and the next than in the previous two weeks.
going to have any equity left when the Government Due reference was made in last Saturday's "Chronicle" to what was reported to have been accomchooses to turn back the property."
Is it of no personal and pecuniary consequence to plished up to a late hour Friday afternoon.
Paris advices state that those present at a session
the owner of railway securities (for "securities" is
what we used to call and consider them) what wages of the Commission on the League of Nations that
are paid to employees or what successive burdens evening, spoke of it as possessed of a "dramatic
are piled upon these seized properties? Is it of no character." The chief topic for discussion was the
consequence to the citizen, be he or be he not of the Monroe Doctrine, and the concluding speech was
class called "solid," what Government expenses and delivered by President Wilson. He is said to have
undertakings are? Is it of no consequence to the spoken "with great earnestness and with some
millions whose savings lodged in savings and other evidence of feeling." In setting forth the purposes
banks, in insurance companies, and in religious and of the Monroe Doctrine he submitted that it "was
educational institutions, are largely invested in those enunciated to combat the Holy Alliance and to hold
same railway issues? When the Big Four Brother- back the threat of absolutism which was menacing
hoods boasted, as their chiefs strutted around Europe; to maintain territorial and political inWashington in the latter part of 1916, that they had' tegrity, and finally that, having served its great
a fund of millions put by for emergency use in the purpose in the Western world, it was now being
threatened general strike, it did not seem to occur brought to the land which had felt the hand of abto them that even this fund of theirs had any relation solutism and militarism." No vote upon the amendto the welfare of railways; yet it had such a relation. ment offered was taken and the Chairman is reported
It is quite time that we all began to realize that we to have declared that it would be considered adopted.
are all in the same boat and that to scuttle or The following is said to be the text of Article X as
amended: "Nothing in this covenant shall be deemed
rock it is a common danger.
to affect the validity of international engagements,
Advices from the Transvaal gold mining region such as treaties of arbitration or regional understill fail to show indications of any satisfactory standings, like the Monroe Doctrine, for securing
increase in the output of the metal, due doubtless the maintenance of peace." Accordnig to a report
to labor unrest. It is true, of course, that the March in circulation in Paris most of the members of the
result discloses a little heavier per diem output than Commission on the League of Nations were not
did February, and the product is also moderately opposed to the now familiar Japanese amendment
larger than for the same period a year ago, but com- calling for an equality of races, but that its failure
pared with earlier years, back to and including 1914, of adoption was due to the opposit on of the American
there are important decreases. Furthermore, the members.
yield for the first quarter of the current year from
The first plenary session of the Peace Conference
this, the world's premier gold field, is the smallest
of the period in five years. Specifically, the March for two months was held a week ago yesterday after-
1542
THE CHRONICLE
noon, at which it was said that practically the only
matter presented was the recommendations of the
Committee on International Labor Legislation, particularly as to the Bolshevist situation. The Paris
advices stated that the Peace Commissioners appeared to be not a little bored by the proceedings,
although they had not been called together in a
general session during the period just indicated. The
amendments were offered by George Nicoll Barnes,
Minister without portfolio in the British Cabinet,
and were said to have been adopted.
Sunday it was definitely announced in Paris that
the covenant of the League of Nations had been
approved finally by the League Commission and that
it would be presented .to a plenary session of the
Peace Conference yesterday for formal approval. A
summary of the document was also made public,
which showed that important changes had been made,
that were designed to meet objections on points of
sovereignty, domestic affairs and withdrawals. In
order to expedite matters as much as possible, a
meeting of the Council of Four was held, rather
unexpectedly, however, Sunday evening, in order to
"close certain phases of the discussions which
Premier Lloyd George considered it best for him to
attend to personally," before leaving for London
the next evening. . Following this session, which
lasted for two'hours, announcement was made that
President Wilson would issue an important statement
the next day. One of its most interesting features
was that work on the peace treaty was so far advanced that it had been "decided to advise that the
German plenipotentiaries be invited to meet the
representatives of the associated belligerent nations
at Versailles on the 25th of April." The President
made it known that the so-called Adriatic question,
in which Italy is so'vitally and keenly interested,
would be given "precedence over other questions
and pressed by continual study to its final stage."
The daily accounts of the sessions of the Council of
Four from that time on made it clear that, largely
under the leadership of President Wilson, a determined effort was being made to straighten out the
troublesome Italian situation.
Notwithstanding this fact, and notwithstanding
that on Monday, the day before the appearance of
President Wilson's statement, it was said to have
been generally accepted in Peace Conference circles
that Fiume, which has been the chief bone of contention all along, would be declared a free port—
although the Jugo-Slavs were equally insistent upon
having it as their own—very little of a definite
character as to what had been accomplished came
to light as the days flitted by. Acting upon a suggestion of Premier Orlando, President Wilson held a
private conference with him and with other Itlaian
leaders on Monday, but no announcement regarding
the session was made. Tuesday morning the Council of Four took up the Italian question and again
no news was forthcoming.
It was reported that the chief difficulty in regard
to the allotment of Fiume was largely the result of
the so-called pact of London, by the terms of which
Great Britain, France and Russia "granted Italy
certain territorial concessions in 1915 in return for
her intervention." A rumor was in circulation that
President Wilson and Premier Orlando "showed a
wide divergence of opinion on the disposition of
Fiume," and that those close to the President declared he would not permit it to go to Italy. Persons
[VoL. 108
in close touch with the "Big Four," however, were
reported as expressing the opinion that the situation
could be settled easily, except for the fact "that the
Italian internal situation has resulted in the Adriatic
and Fiume cases becoming national issues." Wednesday the assertion was repeated in Italian circles in
Paris that there would be a revolution in Italy if
Fiume were not allotted to her, but no basis in fact
for the rumor could be found. Up to that time it
could not be learned either that the Council of Four
had discovered a basis for a compromise on the whole
Italian question. Yesterday Paris advices stated
that, while it was doubtful that the Italian delegation would actually withdraw from the Peace Conference, if it did not get what it wanted, the assertion was made that its members had a well-defined
plan to notify the signatories of the London pact that
the Italians would refuse to sign the peace treaty if
President Wilson's decision on the Fiume and other
questions was not satisfactory. The report also
stated that if a settlement were not reached within
the next eight days Italy would prevent her allies
from signing the treaty.
Economic conditions in Italy, according to authoritative advices made public in Washington on Tuesday, appeared to be distinctly disturbing. The food
and coal situations were spoken of as particularly
grave, which Italian authorities in our national
capital said would result in strikes and a general
revolution on the part of the people, if not dealt with
promptly. Going into the matters in somewhat
greater detail, the fear was expressed that food that
was greatly needed in the interior districts would be
piled up in the port terminals, because of a lack of
fuel to operate the railroads. Unless coal was
shipped in at once in large quantities it was declared
also that many factories would be forced to close
down,thereby throwing thousands of working people
into idleness and, in turn, greatly aggravating the
situation. On Wednesday the Italian news bureau
in Washington issued a statement in which it was
asserted that "the unrest in Italy is due exclusively
to the great suspense created by the expectations
for peace," and that the Italian people "are bitter
over the fact that their national aspirations seem to
be opposed in some quarters."
As to the probable character of the peace treaty,
its length, whether there would be a preliminary
treaty to be signed by the Germans, and others later
for the smaller Powers associated with her in the war,
as to whether the Germans should be given time to
discuss the document, and if so, how long, and as
to the probability of the delegates signing it at once
or rejecting it altogether, were among the many
questions over which there continued to be a great
number of contradictory reports. First as to its
length. The range was given. as all the way from
75,000 to 150,000 words. At any rate, it was
declared that the treaty would be "a ponderous
document." That 'there was a wide difference of
opinion as to whether there would be one general
treaty, or one for each of the enemy nations to sign,
was made perfectly clear in the advices from Paris,
London and Washington.
For instance, a cablegram made public in New
York on Tuesday morning, stated that the first
treaty would deal only with Germany, and that
within a few weeks, after the initial document was
APR. 19 1919.1
THE CHRONICLE
out of the way, treaties with Austria, Bulgaria and
Turkey would follow. The same afternoon a Washington dispatch stated with equal positiveness that
what would be known as a "basic" treaty (a new
characterization up to that time in the 'accounts of
the treaty making) was being prepared, which all the
Central Powers would be called upon to sign, and
that consequently there would be no preliminary
treaty with Germany. Authority for the latter
assertion was said to be found in President Wilson's
statement on Peace Conference accomplishments,
which was issued in Paris late that evening. According to the Washington dispatch also, the State
Department had been advised that the "basic"
treaty would be the only document submitted to the
Senate for its ratification. As opposed to these
ideas the French press on Wednesday declared that
the treaty would be in two parts. The first, it is
said, would concern Germany and would "include
a clause by which she will pledge herself to comply
with all agreements to be concluded with her former
allies." The second part, according to the Paris
report, would "not concern Germany directly and will
be signed by Austria, Bulgaria and Turkey." It is
almost too much to believe that the German delegates could be persuaded to agree to any such plans,
whereby they would pledge themselves to stipulations of which they might not have definite knowledge
at the time of becoming signatories to the document.
Regarding two points in the plans of the Council
of Four to present the treaty to the German plenipotentiaries, whether preliminary or "basic," there
appeared to be no uncertainty, namely, the date on
which they would be summoned, April 25, and the
place of meeting, Versailles. In Paris advices received here on Thursday it was claimed thatPresident
Wilson wrote the invitation to the German peace
delegates, and that it was sent in the name of all the
23 nations that were at War with Germany. According to the latest reports from Paris, no reply had been
received there, but that it was expected that the German delegates would arrive at Versailles on the evening of the 25th. Paul Dutasta, General Secretary of
the Peace Conference, announced that they would be
quartered, while in Versailles, in a wing of the Hotel
des Reservoirs, while the French delegates would
occupy the rest of the hotel, once the home of Mme.
de Pompadour. At the same time it was declared
that the peace treaty would be signed in the famous
Hall of Mirrors in the Palace at Versailles.
During the latter part of the week the procedure
to be adopted with the enemy delegates received
considerable attention by the Council of Four. Two
plans were said to be under consideration, the first
for that body to hold a private session with the
German representatives and to present to them
the peace treaty, and also to arrange for a general
session later. The second called for a formal meeting of the entire membership of the Peace Conference at which the treaty would be delivered. Yesterday Paris advices stated that it had been virtually concluded that President Wilson and the
Premiers would hold the first meeting and deliver
the treaty, or in other words, to make use of the first
suggestion as already outlined.
1543
the treaty, there was much speculation and not a
little difference of opinion. Some weeks ago, it will
be recalled, the assertion was positively and generally
made in Paris that no time at all would be allotted
for this purpose, but that the delegates would be
handed the treaty and required to sign it—in other
words, that they would have to accept a dictated
peace. With the passing of the weeks it has been
easy to detect a gradual modification of this idea.
Among the many reports as to the procedure that
would be adopted, and the time allowed for perusal
of the treaty, it was said that the Council of Four
was "inclined toward the plan of having the leaders
meet the Germans to discuss the points with them and
then allow them to refer the terms to the Weimar
Assembly." It was suggested, furthermore, that the
delegates would need several days to go over the
treaty before submitting it to the authorities at home,
and that probably it could not be returned before
the middle of May. According to statements from
French sources, the 11th of May, the anniversary of
the treaty of Frankfort, would be the last day on
which the Germans could sign. Thursday,the
French papers declared, however, that while no
reply is expected before May 5th, the treaty must
either be accepted or rejected by May 15th. From
the same sources came the statement that the Peace
Conference "was disposed to give the German
Government what it considers ample time to digest
the terms and prepare its reply." On Wednesday
the report was circulated in Paris that President
Wilson was preparing to leave there for home on
April 28th. At the same time it was declared that
he intended to be present at the opening of the Peace
Congress (the term to be used, instead of Conference,
after the German delegates are admitted) at Versailles, and that he did not purpose leaving France
until the treaty was signed. All this, if true, would
mean, of course, that within three days the signing
of the treaty would be accomplished. The best
authorities gave very little credence to the report.
What action would follow the rejection of the
terms by the Germans has not been definitely considered by Peace Conference authorities, according
to the latest Paris advices. This naturally suggests
the possibility of a rejection, about which there has
been practically no end of conjecture. From Berlin
for several weeks have come rather definite statements to the effect that no peace treaty would be
accepted that was not based on President Wilson's
14 points and that was unduly severe. In fact,
Foreign Minister Count von Brockdorff-Rantzau was
quoted to that effect in a speech before the National
Assembly at Weimar about a week ago. On Tuesday the "Midi," a Paris newspaper, expressed the
belief that the Allies already have indicated to the
Germans the formal peace terms of the Entente and
have received from Phillip Scheidemann, the German
Chancellor, an assurance that the conditions will be
accepted. From no other source came such an
intimation, and its correctness was generally scouted.
On Tuesday a dispatch from Berne stated that the
Foreign Minister had returned to Berlin from
Weimar and was supervising preparations for the
departure of the German peace delegates. The next
day a member of the French foreign office was quoted
Berlin advices indicated that altogether the Ger- as expressing the opinion that at first the
Germans
man delegation would comprise 200. As to the time would assert that they could not sign, but
that this
that would be given its members for consideration of might safely be regarded only as a "bluff."
After a
1544
THE CHRONICLE
[VoL. 108.
European Powers, such as Ilelgium, Italy and Serbia,
were reported to be dissatisfied with the share of rather
less than 15% which they might expect would be allotted to them. Commenting upon the reparation
terms, a man designated as the "eminent American
authority who framed them" (presumably Secretary
of State Lansing), was quoted as observing that "a
commission is set up with power to collect from
Germany to the utmost of her capacity to pay without the limitation of her indebtedness." The Central Industrial Committee of Brussels has prepared
A new and rather novel report was put in circula- a report in which it places Belgium's total war damtion in Paris about midweek. It was that the Peace ages at 35,000,000,000 francs.
Conference authorities, including President Wilson,
The reports are still rather conflicting as to just
knew that the Germans were planning "a great diplowill be done about the Saar Valley and a'neutral
what
matic battle," and that they would bring in a counterthe left bank of the Rhine. From Berlin
along
zone
international
bill against the Allies for "violations of
assertion that the German Governpositive
the
came
the
British
of
application
the
law, mainly through
blockade," and also for damages done by airplaines ment "would resolutely reject any proposal to tear
of the Allies. Although the French papers and their the Saar territory from the empire by means of a
correspondents insisted that plans of this character general plebiscite." Premier Clemenceau told a
were under consideration by the Germans, one au- delegation of French deputies, however, that the
thority characterized them as "one of the humors of Saar Valley question had been settled satisfactorily.
the situation." On Thursday the statement was Almost nothing was said about Danzig, except that it
made in a Berlin dispatch that the German papers was reported that it would not be awarded to Poland,
were printing what were characterized as "semi-offi- but that Teschen, a city in equal dispute, might go
in
cial announcements of the indemnities to be laid to her. On Wednesday the assertion was made
suba
collecting
for
outlook
the
although
Paris
that,
down in the treaty of peace." For instance, the
"Vorwaerts" declared: "No German Government stantial amount was not bright, nevertheless the
financan sign such terms," while the "Lokalanzeiger" Reparation Commission was considering the
and
Bulgaria
ary,
Austria-Hung
of
y
cial
responsibilit
President
of
said: "No more shameless mockery
might
that
something
of
getting
the
hope
in
Turkey,
the
than
imagined
be
WitisOn's fourteen points can
proposed solution of the European question." After be divided between Italy, Rumania and Serbia.
all is said and done, the best opinion appears to be Lloyd George was back in Paris again yesterday and
that, while the Germans, on April 25, will not be as took an active part in the session of the "Big Four"
willing to sign a treaty with severe terms as they at which the disposition of the Kiel Canal, Heligowould have been on Dec. 25 or Jan. 25, for instance, land, the German fleet and the punishment of former
in all probability they will sign after a show of dis- Emperor William were among the important matters considered.
approval and an attempt at diplomatic bargaining.
fortnight, or a month at the most, for consideration
of the terms, he believed that they would affix their
signatures and that the war with Germany would
actually be over. Last evening in Paris it was
stated that military experts, under the direction of
Marshal Foch, were at work upon a plan "for the
occupation of more German territory, the blockade
of enemy ports and the discontinuance of the sending
of food to Germany, in the event of her failing to
sign the treaty."
What purported to be the general terms of the
report said to have been agreed upon by the Commission on Reparation and the Council of Four came
to hand from Paris. According to definite statements published in last week's "Chronicle," the
initial indemnity payment was to be 20,000,000,000
marks, and to be turned over during 1919 and 1920.
The unofficial accounts this week relative to the
amoung and terms fully confirmed the original report, so far as the first cash payments were concerned. It was asserted that it had been finally and
definitely decided that the total amount of the indemnities should be 100,000,000,000 marks in gold.
The initial installment of 20,000,000,000 gold marks
will be payable in two years without interest. It
has also been determined that 40,000,000,000 gold
marks shall be payable in bonds extending over a
period of thity years, beginning in 1921, with a
sinking fund beginning in 1926. These 40,000,000,000 marks draw 23/2% interest from 1921 to
1926, and 5% interest after 1926. In addition to the
foregoing payments, Germany will also be required
to deliver additional bonds for 40,000,000,000 marks
when a commission determines that this shall be done.
The next question that naturally arose was as to
how the indemnity funds would be divided among
the Allied Powers. A tentative agreement was said
to have been reached that would give France about
55%, Great Britain between 20 and 30%, and the
United States perhaps from 2 to 5%. The smaller
As the week drew to a close, in considering the
developments of the Peace Conference from day to
day, one could not help being reminded of the similarity to the development of the familiar play at the
theatre, when, after seemingly serious troubles and
all sorts of well-nigh impossible situations, everything comes out all right, everybody seems to win
and nobody loses, and all who wish to do so get
married. Looking back over the week, and possibly
into the events of the closing days of last week, one
will recall that President Wilson won out in his determined fight to have the League of Nations in the
peace treaty. To be sure the amended draft of the
covenant included concessions on his part that did
not appear in the first draft, but he won just the
same, and so did some of his political enemies, for
one or more of their suggestions were adopted in the
revision. Then there was Lloyd George, who had
been severely heckled by both the British and
French press, and by other political opponents at
home. The Peace Conference Commissioners hurried up matters and settled upon various points of
vital interest to Great Britain before he returned to
London to make his speech on Wednesday, already
spoken of as famous. According to all accounts he
won a notable victory in the House of Commons and
with the people. His opponents did not lose either—
in their own estimation—for had not their criticisms
been responsible for more expeditious action at the
Peace Conference? Finally there was Premier
APR. 19 1919.]
THE CHRONICLE
Clemenceau, the "Old Tiger," who had to face
vigorous opposition in the French Chamber of Deputies, largely because he would not divulge the terms
of the treaty in advance of their presentation to the
German delegates. But he won a signal victory,
inasmuch as on Wednesday the Chamber, by a vote
of 334 to 166, expressed its confidence in the Government even if the terms were not made public in advance. As to the peace terms themselves, Clemenceau was reported to have made concessions, but on
the other hand it was said that he had been assured
that Great Britain, and perhaps the United States,
had pledged themselves to assure safety to France in
the future. It was even claimed in Paris last evening
that, accompanying the peace treaty would be a
statement of policy by Presdent Wilson with respect
to Europe, indicating the assurance of protection to
France similar to that afforded South America, for
instance, by the Monroe Doctrine. Washington
naturally was considerably exercised over these
reports. Those who had opposed his determined
position on certain points in the treaty won as well as
he, because the Premier was compelled to make concessions on questions to which he at first had held
most tenaciously. However this may be, he was
quoted as expressing satisfaction over the terms.
"All's well that ends well."
1545
talk of a general election in England, as a result of a
split in Parliament on the terms of the peace treaty,
after it had been presented to that body. This
idea was not generally credited in high official
circles. There were said to be those, however, who
were willing to make the prediction that, in place of
the slogan so effectively made use of at the last
general election, when Lloyd George was "the man
who won the war," would, at another general election in the not distant future, be transposed into
"the man who lost the peace."
From all the London advices it would appear that
on the next three succeeding days, namely, Sunday,
Monday and Tuesday, the Premier's forthcoming
speech in the House of Commons on Wednesday was
more generally and earnestly discussed even than
the highly important points most recently said to
have been decided upon by the Peace Commissioners in Paris. All London was said to have been "on
tiptoe." Interest apparently was heightened materially by the great number of rumors regarding the
probable terms of the peace treaty that had been in
circulation for several weeks, and particularly by the
decision of the Council of Four not to publish the
terms until they had been presented to Germany.
Obviously the task laid out for the Prime Minister
—that of "satisfying the curiosity of the whole
country and parrying his critics, without telling more
That vigorous political opposition had been than the compact with his Paris colleagues
permits,"
developing against him in Great Britain for several was by no means an easy one.
weeks; if not montjls, probably had been realized
That the Prime Minister left Paris Monday evening
by no one more fully than by Premier Lloyd George in a characteristically hopeful mood and confident
himself. That he would be able to stem the tide of of his ability to perform the task satisfactoril
y, would
the movement, as he had so notably and completely appear from the one-sentence interview given to
the
done on several previous occasions since the forma- newspaper men: "You may say that all is going well."
tion of the Coalition Government, when a real crisis The fact that the crossing of the Channel was exappeared to exist, no one seemed more confident than tremely rough, although made in a cruiser, apparhe before leavingyaris for London on Monday eve- ently had no effect upon this great leader, as he was
ning. The Northcliffe papers in both of those great said to have sprung from the railway carriage to
the
capitals were the principal mediums through which platform, upon arriving in London, "like a
boy home
many of the political enemies of the Premier had for the holidays." A rumor was put in
circulation
given expression to • their own venom, in addition that his visit to the King on Tuesday signified
that
to that of the proprietor, whose newspaper and the Premier intended to revamp his Cabinet,
but
political policies often are about as difficult to this idea was declared to be without foundation.
follow as those of a well-known newspaper and The London "Evening News" even predicted that
magazine publisher in this country. Reference was LlOyd George was planning to leave the Coalition
made in the "Chronicle" last week to the charge, and become the leader of the Unionists.
among others, of desertion of both England and
Such, roughly outlined, was the setting of the
France by the British Premier, in his activities at scene upon which the Premier appeared Wednesday
the Peace Conference. Apparently this allega- for his highly important and significant speech. Untion, and others to which considerable prominence doubtedly it had come to his ears the day before
that
was given, were based largely upon rumors rather the demand for seats in the House of Commons
had
than facts.
been exceptionally large. He found it crowded, with
A week ago to-day London cablegrams indicated members even sitting on the steps of the Speaker's
that the opponents of Lloyd George were attempting chair, and the Prince of Wales in the Peers' Gallery.
to make great capital out of the defeat, at Hull, According to all the accounts, the reception accorded
by the margin of 917 votes, out of a total of 16,306, was much more cordial than his opponents would
of Lord Eustace Percy, Coalition Unionist, by have been willing to admit in advance would be
Commander J. M. Kenworthy, Liberal. Friends given. From beginning to end
the speech was charof the Lloyd George Government admitted that it. acteristically direct and pungent. One observer
might have to fight for its existence; but never have writes that "defiant, merciless and confident, the
expressed doubt of its ability to stand, unless serious Premier swept away all opposition and carried
the
mistakes were made. Those opposed, though per- Commons with him." Continuing he said: "His
haps not the most bitterly, have been quoted as triumph may be compared with that achieved by
saying that the coalition ship would "founder in bad a great orator faced by a cold and critical audience,
weather." Some adverse critics rather grudgingly whom he finally moves to lift him upon their
shouladmitted that it might last a year or two, while ders. Lloyd George spanked his critics. He thrashed
others, in the first flush of comment on the Hull Northcliffe and he hammered Bolshevism."
election, gave it only from three to six months.
At the very outset of his speech he endeavored to
There was considerable rather loose and irresponsible impress upon friends and opponents alike that the
1546
THE CHRONICLE
situation with which the Peace Conference is dealing
is "still full of peril for all countries," and he pleaded
that 'those Who were trying to do their best be let
alone." In an effort to emphasize the magnitude
and importance of the Conference he declared that
"no conference in history had been faced with problems of such variety, complexity, magnitude and
gravity." He called attention to the fact that the
Congress of Vienna, which most nearly approached
the Paris gathering, required eleven months for its
work, but that it "sank into insignificance compared
with what had been settled by this conference."
The audience appeared to be particularly pleased
when the speaker asserted that the indemnity to be
levied upon Germany and the Powers associated
with her "will not be an easy one, not even to be
settled by telegram." Defending his own position
on the question of indemnities and other demands
to be made of Germany, the Premier under fire declared: "Every one of my election pledges is incorporated in the Allies' demands."
Replying to the charges of undue secrecy on the
part of the Peace Cordmissioners relative to the terms
of the treaty, Lloyd George explained that the publication of them before they were discussed with the
German d.elegates would make peace difficult "because it would give the German radicals a chance to
arouse the country against acceptance of the terms."
With respect to the criticism by the press of Peace
Conference policies and activities, and more particularly of his own, he observed: "We expect criticism,
but rather a good peace than a good press." • Commenting sarcastically or facetiously, it is difficult for
one who was not present to judge which, upon the
attacks of the London "Times," he said: "They
still believe in France that the 'Times' is a serious
organ. They do not know that it is only a threepenny edition of the 'Daily Mail.'" "On the Continent," he continued, "they still think of the
'Times' as a semi-official organ of the Government.
This shows how long it takes these traditions to die."
Apparently in reply to the charge that he had
been inclined to be too lenient toward the enemy
nations in helping to frame the peace terms, the
Premier declared that "a stern and just peace, but
not a vindictive peace, is wanted." While ;claiming that the Peace Commissioners "do not despair of
the Russian situation," he hastened to assert that
"there is no authority throughout Russia," and added
in forceful terms that "the question of recognition of
the Soviet Government has never been proposed or
discussed." "My earnest conviction is," he said,
"that military intervention in Russia would be an act
of the greatest stupidity." "Russia," Lloyd George
suggested, "is a country very easy to invade and
very difficult to get out of." He expressed the
opinion, also, that "while the Bolshevist forces are
growing, Bolshevism itself is rapidly waning."
Referring to the League of Nations as "that great
organization, a great experiment, upon which the
peace of the whole world hangs," the Premier asserted that the time spent in framing it actually
saved time instead of wasting it, in working out the
whole scheme of the peace treaty, because the
League "would provide a means of adjustment of
possible errors" in the future. By way of confirmation of statements made frequently in Paris advices
during the last two weeks, Lloyd George admitted
that the work of the Peace Commissioners had been
[VOL. 108.
hurried and cut short "because, while it was trying
to build, in many lands, the foundation of society
was tumbling into dust." In view of all that has
occurred in Eastern and Southeastern Europe during the last two months, it is not necessary to go
into details as to what he referred.
Particularly gratifying to American readers of
the speech was the characteristically strong assertion that "it is not true that the United States and
Europe have been at variance." Referring to President Wilson the Premier said that "no one could
have treated the peculiar problems with their special
European susceptibilities, better than President
Wilson."
Lloyd George spoke for an hour and a half. As
might have been expected, newspaper comment,
both in London and Paris, varied rather widely.
Of industrial and labor, and even of financial news
in England during the week there was a notable
scarcity. Apparently large business leaders in Great
Britain do not yet feel warranted in branching out
extensively on reconstruction plans, and will not
until the peace treaty is out of the way and conditions in their own country are in a more settled
state. It is not at all unlikely that there is more or
less uneasiness about the stability of the Lloyd George
Government, and apprehension over the general effect of its downfall and the necessity of creating a new
Government, in the early stages of reconstruction at
home, and in all the countries that took an active
part in the war. For this reason unusual importance
was attached to his speech on Wednesday. Apparently after its deliverance there was a greater
degree of confidence in the stability of the Government.
A distinctly encouraging development in the labor
situation was the acceptance by tire miners of the
United Kingdom, by a large majority vote, of the
report of the Sankey Commission, that was made
public several weeks ago. At the conference of the
Miners' Federation at Southport, England, on
Wednesday, a ballot was taken which showed 693,004
votes in favor of the report and only 76,992 against.
Before adjournment the conference decided unanimously that the terms offered by the Government
should be accepted.
According to the "Economist," the capital issues in
Great Britain during January, February and March
were 091,901,000, of which British Government
loans represented £161,636,000. Among the new
capital issues by corporations were £8,000,000 by the
Shell Transport Co. to finance its purchase of a controlling interest in the Mexican Eagle Oil Co. and
£1,000,000 by the British Industries Corporation.
During the greater part of the week the British
markets for securities were not particularly active.
In fact they were dull at times and reflected no enthusiasm over the reported peace terms. Greater
activity was noted in the oil shares than in any other
group. On Wednesday renewed buying developed in
the Cunard issues, on the revival of the old rumor of
the formation of a community of interests with
several other well-known lines and the possible exchange of shares on a basis favorable to the Cunard
holders. Undoubtedly the usually long Easter
holidays exerted a restraining influence on specu-
APR. 19 1919.]
THE CHRONICLE
1547
lative buying of securities. A bill has been prepared
The positive assertion by Lloyd George that a
by the British Government providing that directors proposal to recognize the Lenine
Government had
of one bank may not serve on the boards of other not been considered by Peace
Conference aubanks without the approval of the Government.
thorities would seem sufficient to put a quietus
on the rumors that such a step was being careWhat shall we say of Germany? In Berlin con- fully studied, particularl
y by the American deleditions, in some respects, under the direction of gation. It is to
be hoped that the proposed plan of
Gustav Noske and his forces, appeared somewhat feeding the good and
bad boys of Russia will hay
better until Thursday, when it was reported from the same quieting
effect as it is supposed to have
London that both Berlin and Bremen faced big upon the hungry
boy of every land. Grave doubts
strikes, the negotiations over the points of dispute appear to be justified,
however, that the signing of a
having failed. In fact, a dispatch direct from the peace treaty, or the
importation of large quantitie
latter centre stated that a general strike had been of food will restore
peace and order in Russia, Gerproclaimed there which embraced most of the large many or any of the greatly
disturbed countries of
works, but that the gas and electric light systems were Eastern and Southeastern
Europe. What will do it?
still being operated. At the same time came reports Here is a problem for
which Lloyd George in hi
that complete anarchy prevailed in Munich; that speech offered no solution,
but for which one mus
work generally had ceased; that homes were being be found.
robbed and the banks threatened. In the hope of
restoring order, 27,000 troops were reported to have
The British Treasury statement for the week
been rushed to Munich by the Government. Late ending April 12 made a
better showing, in that
Thursday street fighting was said to be still in pro- expenditures were reduced and
revenues expanded,
gress, while yesterday a second Spartacide coup re- although comparisons with the
week previous are
sulting in the recovery of the city by the Soviets not as yet 4vai1able, since the
preceding statemen t
was reported to have taken place. The most tragic was for a period of five days only, April
1 to 5. Th
event of the whole week in Germany was the lynch- week's expenses were £27,459,000, while
the tots. I
ing of Herr Neuring, War Minister in the Govern- outflow, including Treasury
bills repaid and other
ment of Saxony, at Dresden. According to the items, was £125,253,000. Receipts
from all sources
reports, he was dragged out of the War Ministry, amounted to £125,249,000.
Of this total, revenues
thrown into the Elbe, shot and killed as he tried to contributed £19,080,000,
war bonds £3,985,000, and
swim to the bank.
other debts £6,873,000. War savings certificate
brought ip £1,300,000, and advances yielded £5,Although little was heard about large amounts of 000,000. New issues
of Treasury bills were £88,
additional food being shipped into Germany from 941,000; repayments
for the week equaled £80, outside sources, Herbert Hoover issued a statement 376,000, thus bringing
the total of Treasury
in Paris a week ago in which he reviewed the dis- bills outstanding up to £986,199,0
00. A nomina .
tribution of foodstuffs and supplies during March. decrease of £4,000 was
shown in the Exchequer
It showed that out of 388,041 tons, valued at $95,- balance, and the total is now £6,972,000
. Tem000,000, Germany up to the 25th of the month had porary advances are reported
at £459,892,000.
actually received 6,787 tons of breadstuffs and 740
War bond sales through the banks last week
tons of fats. Mr. Hoover estimated that out of the aggregated £4,921,000, making
the total of sales
supplies at headquarters approximately 200,000 £41,840,000.
Through the post offices sales for
metric tons of food could be imported into Germany the preceding week
were £373,000, bringing the
during April.
aggregate to £1,775,000. The grand total is now
given as £43,616,000.
According to the theory in vogue in the days
when there was no sparing of the rod, the nearest
There has been no change in official discount rates
way to the heart of a boy, whether bad or good, was at leading European centres from 5% in London,
through the seat of his trousers. The more modern Paris, Berlin, Vienna and Copenhagen; 532%
in
and effective route is declared to be via the stomach. Switzerland, 6% in Petrograd and Norway, 63/2%
It would appear that the latter has been adopted by in Sweden and 4% in Holland and Spain.
In
the Peace Conference authorities in dealing with the London the private bank rate continues to be quoted
Russian situation. Confirming the reports received at 35
4% for sixty days and ninety days. Call money
last week that the feeding of Russia would be placed in London is still reported at 33/%. No reports
in the hands of a neutral commission, of which Dr. have been received by cable, as far as can be learned,
Fridtjof Nansen, the Norwegian explorer, would be of open marketirates at other European centres.
the head, a definite announcement was made in Paris
on Thursday that the associated Powers had decided
A further gain in gold of £145,415 was shown by
to take such action, although the French representa- the Bank of England in its statement for the week,
tives made some reservations. In return it was although the total reserve fell off £1,110,000, note
stipulated that the Bolsheviki must cease hostilities circulation having increased £1,255,000. The
proon every front. In another announcement made portion of reserve to liabilities was reduced to 19%,
public in Paris yesterday it was declared that food against 19.50% last week and 17.70% a year ago.
would be given to the Soviets as well, and that In the deposit items, a decrease of £2,599,000 was
Premier Lenine was willing to accept the terms. recorded, and of £1,917,000 in Government securiBrigadier-General Wilds P. Richardson has arrived ties. Other deposits expanded £271,000. Loans
at Archangel and taken command of the American (other securities) increased £681,000. The Bank's
forces there. The situation still appears critical, but gold holdings now stand at £85,234,983, as against
improvement is hoped for in the near future.
£60,997,206 in 1918 and £55,064,693 the year before.
In the corresponding week of 1914 the total held
THE CHRONICLE
1548
4
was only £36,893,888. Note circulation has reached
a total of £76,212,000, which compares with £47,884,995 a year ago and £38,111,715 in 1917. Reserves amount to £27,472,000. This contrasts with
£31,562,211 and £35,402,978 one and ,two years ago,
respectively. Loans aggregate £78,304,000, in comparison with £105,950,822 in 1918 and £124,043,796 the preceding year. Clearings through the London banks for the week were £469,470,000, compared
with £492,580,000 last week and £358,580,000 a year
ago. 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.
1917.
1916.
1918.
1919.
April 21.
April 18.
April 19.
April 17.
April 16.
76,212,000
Circulation
27.709,000
Public deposits
116,563,000
Other deposits
Government securs_ 64,223,000
Other securities_ _ _ 78,304,000
Reserve notes & coin 27,472,000
Coin and bullion... 85,234,983
Proportion of reserve
10%
to liabilities
5%
Bank rate
47,884,095
39,951,682
138,231,685
58,312,832
105,050,822
31,562,211
60,997,206
38,111,716
54,768,321
124,538,598
37,574,695
124,043,796
35,402,978
55,064,693
34,031,995
59,179,358
86,645,806
83,188,046
87,905,576
42,382,784
67,964,779
84,332,370
125,413,672
88,749,742
47,810,181
144,322,534
39,758,015
65,040,385
17.70%
5%
19.74%
6%
29.10%
6%
18.56%
6%
The Bank of France in its weekly statement reports a further gain in its gold item, this week's increase being 803,193 francs. The Bank's total gold
holdings, therefore, now amount to 5,545,817,500
francs, including 1,978,308,475 francs held abroad.
This compares with 5,377,742,387 francs in 1918 and
with 5,232,488,580 francs in 1917; of these amounts
2,037,108,484 francs and 1,947,671,846 francs were
held abroad in each of the respective years.Treasury
deposits during the week were augmented by 2,872,733 francs. On the other hand, silver decreased
137,242 francs, bills discounted were reduced 24,816,998 francs, general deposits were diminished 140,431,574 francs and advances fell off 13,249,702
francs. Note circulation registered a contraction of
22,985,590 francs, bringing the total outstanding
down to 33,975,177,900 francs, which compares with
26,231,771,480 francs in 1918 and 19,001,718,585
francs in 1917. Just prior to the outbreak of war in
1914, the total outstanding was but 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 COMPARATIVE STATEMENT.
Status as of
Changes
April 17 1919. April 18 1918. April 19 1917.
for Week.
Francs.
Francs.
Francs.
Francs.
Holdings—
Gold
803,193 3,567,509,025 3,340,633,002 3,284,816,734
Inc.
In France
1,978,308,475 2,037,108,484 1,947,671,840
No change
Abroad
803,193
Inc.
Total
137,242
Dec.
Silver
Bills discounted_Dee. 24,816,998
Dec. 13,249,702
Advances
Note circulation_ _Dec. 22,985,500
Treasury deposits_Inc. 2,872,733
General deposits_ _Dec. 140,431,574
5,545,817,500
311,287,573
899,926,159
1,236,706,720
33,075,177,000
45,057,636
2,414,420,145
5,377,742,387 5,232,488,580
257,913,452
255,575,078
495,166,224
1,441,244,019
1,114,873,473 1,182,302,561
26,231,771,480 19,001;718,585
97,237,142
41,974,805
3,213,506,201 2,442,449,661
In its statement, issued as of April 7, the Imperial
Bank of Germany again shows radical alterations
which undoubtedly reflect important readjustments
in the financial affairs of the German Empire. There
was a heavy reduction in bills d.scounted, viz.,
2,618,837,000 marks. Deposits were contracted by
the huge sum of 3,250,368,000 marks, while other
securities declined 229,452,000 marks and Treasury
notes 20,919,000 marks. Other decreases were
1,988,000 marks in total coin and bullion, 2,062,000
marks in gold and 227,000 marks in notes of other
banks. Advances expanded 2,648,000 marks, in-
[VOL. 108.
vestments gained 5,980,000 marks, and note circulation increased 4,341,000 marks. Other liabilities
showed an expansion of 371,372,000 marks. The
Bank's stock of gold on hand is reported at 1,913,931,000 marks, as against 2,407,721,000 marks in 1918
and 2,531,920,000 marks the year before. Note circulation now aggregates 25,629,188,000 marks,
which compares with 11,917,040,000 marks last
year, 8,558,860,000 marks in 1917 and only 1,890,892,000 marks in the week of July 25 1914.
Last week's statement of New York associated
banks and trust companies, issued on Saturday and
given in more complete form in a subsequent section
of this issue, showed further radical changes in some
of the principal items. Probably the most striking of
these was an expansion in loans of no less than
$168,010,000, thus bringing the grand total of loans
and discounts up to $4,945,997,000, the largest
amount on record, and exceeding the previous high
record, on March 15, by $22,954,000. This undoubtedly represents to a considerable extent the
flotation of the War Finance Corporation bonds, of
which it is estimated that the New York Federal Reserve District took over $100,000,000. There was a
contraction of $88,136,000 in net demand deposits,
to $3,932,593,000 (Government deposits of $377,190,000 deducted). Last week Government deposits totaled $172,845,000, showing that there has
been an expansion of $204,345,000 for the week.
Net time deposits declined $411,000 to $152,651,000.
An increase of $2,290,000 was indicated in cash in
own vaults (members of the Federal Reserve Bank)
to $96,515,000 (not counted as reserve), although
reserves in the Reserve bank of member banks was
reduced $18,930,000 to $540,110,000, while the reserve in own vaults (State banks and trust companies) increased $285,000 to $12,298,000, and reserves
in other depositories (State banks and trust companies) decreased $629,000 to $11,892,000. The
aggregate reserve registered a contraction of $19,274,000. In the case of surplus, however, the loss
was cut to $7,835,320, since reserve requirements
were reduced $11,438,680, and the total of excess reserves now stands at $43,017,270, as against $66,066,290 last year. Aggregate reserves amount to
$564,300,000, which compares with $567,593,000 in
the corresponding week of 1918. Circulation was
expanded $225,000 to $38,475,000.
The market for both call and time money has been
firmer, but that is all. No competent judge characterizes it as tight. Although the transactions in
stocks continued on a large scale, exceeding 1,000,000
shares for several days in succession, stock brokers
did not experience any difficulty in securing accommodations from day to day. The offerings of time
funds continued on a small scale, but in recent weeks
and months borrowers had come to depend so largely
upon call money that they were not disturbed by the
advance in all industrial loans to 6%, and the
difficulty of getting substantial amounts on either
that collateral or mixed.. Little or nothing was heard
in. the financial district about the calling of loans by
the financial institutions. It is to be doubted that,
so far as Stock Exchange transactions in stocks are
concerned,loans of the brokers have increased greatly.
It is worth bearing in mind that the issues which have
been most actively dealt in are not of the kind that
even speculators buy to hold for long periods. In
APR. 19 1919.]
THE CHRONICLE
1549
Now York.
I
other words, they make their commitments in the given apply
to mixed collateral loans. "All-indushope and expectation of quick profits, and if they trial" loans
continue to range M of 1% higher. For
accrue, take them as soon as possible. Pool man- mixed maturities
the market remains in a nominal
agers may have been borrowing considerable amounts position, with little
disposition shown by lenders to
of money with which to conduct their operations, put out fixed-date funds.
So far as could be learned,
but at the price level which their stocks have reached very few trades
were put through, even in the shortit is generally safe to assume that the pools are selling est maturities. Quotat
ions were firmer for sixty and
more than they are buying. If this is true, even ninety days
and four months, which advanced toi
their operations would not expand loans greatly. 4@6% agains
,
53
t 53/2@6% last week. Five and
No material change in conditions affecting the money six months' money
continued at 53/24)6%. Improvemarket occurred during the week. Of course, the ment, however,
is looked for in the monetary situaformal beginning of the Liberty Loan campaign is tion as soon as
the Government financing has been
a week nearer than it was on this day last week and, disposed of. Last
year all periods from sixty days
in fact, will occur next Monday, the 21st. For some to six months were
quoted at 6%.
weeks the trend of the money market has been atCommercial paper rates ruled firm but witho
ut
tributed more to the coming of this event than to quotable change
from 53-i@53% for sixty and ninety
any other single factor. Naturally, therefore, the days' endorsed bills
receivable and six months' names
fact that it is now so close at hand is offered as the of choice character,
with names less well known at
chief cause of the still firmer tendency this week.
Sales were still limited by the inadequate
The announcement by Secretary Glass last Mon- supply of offerings.
day of the terms of the Victory Loan produced a
Banks' and bankers' acceptances were not active
favorable impression, as noted above. The terms and transactions
for the week were rather below the
themselves came as a surprise to all except perhaps recent average.
The undertone, however, was firm
a few of the large financial institutions. The Street and quotations not
quotably changed. Loans on dehad believed all along that the minimum amount mand on banker
s' acceptances remain as herefotore
would be at least $6,000,000,000. As to the rates of at 432%. Detail
ed rates follow:
interest and the degree of taxability, the best that
Spot Delivery
Delivery
Ninety
Sixty
Thirty
they cou'd do in advance was to guess. The actual
within
Days.
Days.
Days.
10
Days.
rates of 3%% and 4%% were better than had been Eligible bills of member banks
45A(3434 43104% 4%04
43(j bid
Eligible bills of non-member banks
©4i4s
41
,
434
4(§35(
44,04
44 bid
expected. Whereas, even at the close of last week, Ineligible bills
53.4@)434 15340434 5540034
8 bI4
there were rather general predictions that not more
No
chang
es in rates, so far as our knowledge goes,.
than $3,000,000,000 would be subscribed by investors, and that the. banks would have to take the have been made the past week by the Federal Rebalance, the opinion was freely expressed after the serve banks, though the Federal Reserve banks of
amount and terms were officially announced that Boston and Minneapolis, like the Chicago and St..
the entire $4,500,000,000 would be taken. The repe- Louis Federal Reserve banks, have put into effect
tition by Secretary Glass of a previous statement that a series of special rates on paper secured by War
this would be the last public offering of Liberty Finance Corporation bonds (see foot-note to table).
bonds naturally strengthened the sentiment in favor Prevailing rates for various classes of paper at the
different Reserve banks are shown in the follow
of the Victory issue.
ing:
DISCOUNT RATES OF FEDERAL RESERV
Very little is being done by the bankers direct in
E BANKS.
..11
the way of financing for the railroads and industrial
.i
•
CLASSES
'' 1 7
•
• a• & G
I
corporations. The former are making their arrange- DISCOUNTSOFAND LOAN •
i
liiilAll g li
s
ments to take care of their May 1 obligations by
to
e.eA ,
ICii
4 4 i
borrowing either from their own banks or the War Discounts—
a
s
4
15 days,incl. membe
Finance Corporation on certificates of indebtedness Within
banks' collateral notes___. 4
4 434 431 434 4
4
16 to 60 days' maturity.... 434 4
434
434 434 434
434 434 434 434 434 434 434 434 5
of the Railroad Administration, or their own col- 61 to 90 days' maturity.— 434 434
434 434 434 454 434 434 5 5 434 5
5 5
Agricultural and live-stock
'lateral, or both. The so-called stronger lines are paper over 90 days
5 5 5 534 5 5 534 534 534 534
Secured by U. B. certificates
534 534
of indebtedness or Li
supposed to arrange their loans themselves. It was
erty Loan bonds—
learned yesterday that one of the most prominent Within 15 days,
Includin
member banks' collatnotes
roads in this group has experienced some difficulty 16eral
4 4 4
4 4 4c 4 I434 4 434
to 90 days' maturity._ 434 434 434 4 3434 24342434
434 1434
1434 434 2434 434 434
Trade Acceptancesin doing this, having been told by its bankers that 16
to 60 days' maturity
434 434 434 4I 434 412a,4123 434 431 434
43.4 414a
61
to
90
days'
maturitv
414 414 414 4341 4W 41414 &c 414 414 414 414
they did not care to advance all the money needed
AIL
Rates for discounted bankers' acceptances
basis
the
maturing within 15 days, 4%
on
of the Railroad Administration's and War within 16 to 60 days,431%,and within 61 to 90 days,
434%.
Rate of 4% on paper secured by Fourth
Finance Corporation's plan. Accordingly this com- discounte
Liberty
d has been taken by discounting member Loan bonds where paper rebanks at rate not exceeding
Interest rate on bonds.
pany is applying to the latter body for the assignThe Federal Reserve Banks of Chicago and
St. Louis have announced a rate of
for member banks' promissory notes
ment of a larger portion of the total amount than 5%
by War Finance Corporation bonds; also maturing within 15 days when secured
5% for rediscounts maturing within
days
secured by War Finance Corporati
15
originally planned.
16 to 90 days secured by War Finance on bonds, and 534% for rediscounts from
Corporation bonds.
The Federal Reserve Bank of Minneapolis
•
announce
d
on
April
4 a rate of 534%
for member banks' collateral notes and
of 15 days and under secured by Warcustomers' notes, drafts and bills of exchange
Dealing with money rates in detail, call loans this customer
Finance
on bonds; also 534% for
s' notes, drafts and bills of exchange ofCorporati
16-60
days
where
secured by War
Corporation bonds and 6% for such paper running
week ranged between 5@6%, against 4@6% a Finance
from 01 to 90 days.
The Boston Federal Reserve Bank on April
12 announced the following rates on
ts secured by bonds of the War Finance
Corporati
week ago. Monday there was no range, 6% being rediscoun
on:
Either
customers
notes or promissory notes of member banks
and having 15 days or less to run, 5%;'
' notes having from 16 to 90 days to run, 534%.
the only figure quoted and the rate at which renewals customers
a Fifteen days and under, 434%.
were negotiated. On Tuesday the high was still at cb Within 15 days, 4%.
Until further notice, there is authorized a special
rate of 4% for paper,
to 90 day maturity,secured by Fourth
6%, which was again the ruling rate, but the low 16
Loan bonds; Provided such with
has been taken by the member bank at aLiberty
rate not in excess of the Fourth paper
Loan
Liberty
coupon rate.
declined to 5%%. Wednesday and Thursday the
Note
Acceptances purchased in open market, minimum
rate 4%.
range was 514@5%%, with 572% the renewal basis Note 1.
2. In ease the 60-day trade acceptance rate
is
higher than the 15-day discount rate,trade acceptances maturing within 15
days will be taken at the lower rats.
Note 3. Whenever application is made by member
on each day. On Friday the Stock Exchange was paper,
the Federal Reserve banks may charge a rate banks for renewal of lb-day
not exceeding that for 90-day
of the same clam.
closed on account of the observance of Good Friday, paper
•
Rates for commodity paper
and there was no call loan market. The figures here of corresponding maturities. have been merged with those for o mercial paper
1550
THE CHRONICLE
[Vora. 108.
4
engagements for the
The sterling exchange situation remains about the ment closed at 4 64%. Gold
for export to South
coin
gold
000
same as a week ago. Some irregularity has been week were $1,050,
.
imports
no
were
There
.
noted, but on the whole, quotations have been fairly America
passing
well maintained, though so little business is
In the Continental exchanges the outstanding
that rates are at best largely nominal. The more
holiday
Friday
feature of an otherwise dull week has been the sen•or less general observance of the Good
the
in
factor
a
sational weakness recorded in lire, the quotation
been
also
both here and abroad, has
inactivity. A statement which attracted a good deal for which fluctuated erratically and at one time
of attention in exchange circles was that made by declined to as low as 7 48 for checks. Later there
but
the British Premier, David Lloyd George, just prior was a partial rally from this extreme low point,
also
was
e
exchang
to his departure for London, expressing his entire the close was weak. French
though this
satisfaction with the results achieved by the Peace heavy, and checks sold down to 6 03,
few weeks
a
touched
record
low
the
was
above
is still
Conference and indicating that the peace treaty
d last
explaine
as
,
however
,
.
declines
Germans
These
the
to
ago.
virtually ready for presentation
rates
cable
lower
of
on
reflecti
a
largely
mainly
are
was
week,
and
ion
impress
This created a good
siglittle
tively
compara
responsible for the firmness shown in the earlier days from abroad, and thus of
business
of
volume
the
since
of the week, though it was purely a sentimental nificance in this market,
With the
influence and the lack of good buying power sent transacted was of minimum proportions.
a short
only
tly
apparen
Treaty
Peace
best.
the
of
the
signing
prices down again, with the close under
time
their
bide
to
content
are
s
imoperator
the
to
off,
as
ies
while
Discussion among banking authorit
to
as
e
availabl
are
ons
conclusi
to
definite
fails
some
inquiry
but
until
keen,
s
mediate outlook continue
situaional
develop any Positive predictions on the subject. It is the status of exchange when the internat
showed no
reported that American bankers are making pre- tion has been clarified. Belgian francs
n remains
situatio
Russian
parations to finance Europe and that plans for the essential change. The
As to
quoted.
longer
no
are
rubles
extension of substantial credits to France, Italy, the same and
has
trading
while
e,
exchang
n
Austria
disand
German
Belgium and other centres are being actively
ons
quotati
market,
this
in
resumed
been
tory
yet
satisfac
as
not
cussed. All hinges, however, upon the
cona
as
,
watched
closely
being
are
centres
Paris
the
other
at
at
s
question
adjustment of international
both reichsmarks
Conference and it is understood that negotiations siderable volume of business in
to
follow the declard
are still in a tentative state and likely to remain so and Austrian kronen is expecte
d in the
publishe
nt
stateme
until after the distribution of the forthcoming ation of peace. A
ing the
concern
recently
"
Zeitung
United States Government loan. In some quarters "Frankfurter
marvarious
in
marks
of
value
the
in
tion
to
ment
likely
deprecia
the opinion is expressed that a develop
arks
reichsm
1919
24
Feb.
on
that
is
n
showed
e
situatio
kets,
exchang
have a certain bearing on the
of
tion
deprecia
4 55, a
the continuous and heavy exodus of aliens to Europe, were quoted in London at
Zurich
in
off,
57%
at 52.75,
a movement which began with the signing of the 61% from par, in Paris
in Stockholm at 37.00, a
and
down,
62%
47.00,
able
at
consider
quite
attained
now
has
and
e
armistic
the paper declared,
figures,
These
58%.
proportions. According to some bankers, nearly decline of
since the signdecline
e
extensiv
further
a
d
the
for
daily
reflecte
1,000 of these foreigners are leaving
Director of
Kent,
I.
Fred
e.
armistic
the
of
ing
money
of
sums
other side, in many cases taking large
the Division of Foreign Exchange, has issued a
with them.
funds may be made
Referring to the day-to-day rates, sterling ex- ruling under which transfers of
of enemies resident
allies
or
change on Saturday was a trifle firmer, with a frac- to persons not enemies
Latvia.
tional advance in demand to 4 64%@4 65, in cable in Lithuania and
The official London check rate in Paris finished
4@4 66 and in sixty days to
transfers to 4 657
a week ago. In New York
%@4 62. On Monday increased strength de- at 28.00, against 28.00
4 613
centre closed at 6 01, against,
French
the
on
bills
veloped and demand bills were advanced to 4 65@ sight
at 5 99, against 5 99; coms
transfer
cable
003/2,
sixty
6
and
%
4 65%, cable transfers to 4 66@4 663
2, and commer6 023/
against
02,
6
at
sight
mercial
shade
a
were
rates
days to 4 623@4 63. Sterling
6
6 07, against 073/2 the preceding
easier on Tuesday, though changes were unimpor- cial sixty days at
finished at 7 43, for bankers' sight bills
tant and the volume of transactions light; demand week. Lire
cable remittances. A week ago the
for
cable transfers at 4 66@ and 7 41
ranged at 4 653@4 65
and 7 31. Belgian francs closed at
33
7
was
close
4 663/ and sixty days at 4 62%@4 63. Wednesand 6 24 for cable transfers, against
checks
for
27
6
trend
the
day's market was dull and irregular with
week. Czecho-Slovakian kronen
last
28
6
and
30
6
653
65@4
4
to
still downward; quotations receded
checks and 6 00 for cable transfor demand, 4 66@4 663 for cable transfers and finished at 5 75 for
week ago.
a
same as
4 61.3/@4 62% for sixty days. On Thursday trad- fers, the
has transpired.in neumoment
of
feature
No new
ing was of a pre-holiday character and extremely
at a low ebb and
still
s
are
Dealing
e.
exchang
dull; the undertone was weak and demand bills tral
ance. Swiss
special
signific
without
ns
variatio
rate
declined to 4 649, cable transfers to 4 65% and
slight net
showed
guilders
and
lower
were
francs
the
2. As a result of
sixty days to 4 623@4 623/
low
or
week's
near
last
at
ruled
Pesetas
.
declines
in
also
and
observance of Good Friday in London
develadvance
al
a
fraction
when
until
Friday,
levels
nally
exceptio
were
this market, dealings on Friday
. Stockholm, Christiania
light and quotations practically nominal and still oped on a better demand
were all a shade lower.
ces
remittan
unchanged. Closing quotations were 462/ for sixty and Copenhagen
holidays at pracWeek
Holy
the
of
tion
% for demand and 4 659 for cable trans- The interrup
days, 4 643
to
served
accentuate the
centres
e
all
exchang
fers. Commercial sight bills finished at 4 649'g, sixty tically
dulness.
ng
prevaili
days at 4 613, ninety days at 4 5932, documents
Bankers' sight on Amsterdam finished at 403/s,
for payment (sixty days) 4 613/ and seven-day
40 3-16; cable transfers at 40%, against
against
payfor
grain
and
%. Cotton
grain bills at 4 635
V
APR. 19 1919.1
THE CHRONICLE
4032; commercial sight at 40 1-16, against 4038, and
commercial sixty days at 39 13-16, against 39 13-16
on Friday of the previous week. Swiss francs closed
at 4 97 for bankers' sight bills and 4 93 for cable
remittances. This compares with 4 99 and 4 95 last
week. Copenhagen checks finished at 24.80 and
cable transfers 25.00, against 24.90 and 25.20.
Checks on Sweden closed ta 26.60 and cable transfers
26.80, against 26.70 and 26.90, while checks on Norway finished at 25.60 and cable transfers 25.80,
against 25.70 and 25.90 the week before. Spanish
• pesetas closed at 20.15 for checks and 20.25 for cable
remittances. Last week the close was 20.07 and
20.17.
With regard to South American quotations, very
little change has been noted, and the check rate on
Argentina finished at 44.10 and cable transfers at
44.20, against 44.00 and 443/i last week. For Brazil
the rate for checks declined fractionally and closed
pA 25% and cable remittances at 26.00, comparing
with 26.123/ and 26.25 in the week preceding.
Chilian exchange has been lowered to 9 31-32, against
the previous quotation of 10 7-16. For Peru the
rate is still 50.125@50.375.
Far Eastern rates are as follows: Hong Kong,
79@7914, against 77@773.; Shanghai 114@1143/
2,
8@5134, against
against 111@111M; Yokohama, 513/
511
/
1@513/
2; Manila,50(unchanged);Singapore,5631
(unchanged); Bombay, 36 (unchanged), and Calcutta (cables), 363 (unchanged).
1551
100,000,000,000, marks, gold value, which, at the
normal exchange rating of the mark (23.8 cents),
would amount to $23,800,000,000. This payment
would be exacted as follows: 20,000,000,000 marks,
or $4,760,000,000, is to be paid within two years
without interest; 40,000,000,000 marks, or $9,520,000,000, is to be paid in bonds of the German Government during the thirty years beginning with 1921;
such bonds to bear interest at 23/2% the first five
years and at 5% thereafter. The remaining 40,000,000,000 marks, or $9,520,000,000, are to be paid,
also in bonds, at such times and in such manner
as the Commission should determine. Of the total
indemnity, the dispatches stated that France would
receive 55%, England 20 to 30% and the United
States 2 to 5%. Later dispatches indicated that
the terms would be placed in Germany's hands about
April 25, and that Germany would be allowed until
the 15th of May, but no longer, to reply.
These may or may not be more than preliminary
terms, which might be altered later. It is evident
that they can be only a part of the Reparation Commission's report. Indeed, Lloyd George, in his
speech to Parliament last Wednesday stated that,
for important and convincing reasons, the Conference
had reached the conclusion that it "would not publish
the terms before they were discussed"—presumably
with the German delegates. This absence of full
details leaves several important questions open. In
what form, for instance, will the first 20,000,000,000
The New York Clearing House banks, in their marks be paid in the next two years? Of gold, the
operations with interior banking institutions, have German Reichsbank by its last report held only
gained $5,228,000 net in cash as a result of the currency movements for the week ending April 18. 1,914,000,000 marks, or $454,000,000 at the normal
Their receipts from the interior have aggregated exchange value. This would be less than 10% of
$7,768,000, while the shipments have reached $2,- the amount of the first installment payment, and the
540,000. Adding the Sub-Treasury and Federal Reichsbank to-day practically holds all the gold in
Reserve operations and the gold exports, which to- Germany.
gether occasioned a loss of $64,068,000, the combined
Now it so happens that France in 1871 also paid
result of the flow of money into and out of the New less than 10%
of its indemnity in gold and silver.
York banks for the week appears to have been a loss
But
France
then
held very large amounts of foreign
of $58,840,000, as follows:
securities. She had large claims on outside markets
Week ending April 18.
Into
Out of
Net Change in
through her merchandise balance, and for the rest
Banks.
Banks.
Bank Holdings.
Banks' interior movement
$7,768,000
$2,540,000 Gain $5,228,000 she sold her new Government loans on such outside
Sub-Treasury and Federal Reserve
operations and gold exports
Germany has no merchandise balance left
31,479,000
95,547,000 Loss 64,068,000 markets.
Total
$39,247,000 $98,087,000 Loss $58,840,000 after the four-and-a-half years of exclusion from
The following table indicates the amount of bullion foreign trade, and she could hardly sell to-day her
own Government bonds on the open foreign markets.
in the principal European banks:
What securities of foreign countries her people
April 17 1919.
April 18 1918.
Banks of—
still
hold, it is difficult to determine. A German
Gold.
Total.
Gold.
Total.
Silver.
Government estimate in 1905 was that Germany's
England.._ 85,234,983
85,234,983 60,997.206
60,997,206 holdings of foreign securities were then "considerFrallee a_ _ 142,700,361 12,440,000165.140,381 133,625,355 10,200,000 143,825,355
Germany _ 95,696,550 1,038,500 96,735,050 120,388,550 6,020,850126,409,400
under, 16,000,000,000
Russia *__ 129,650,000 12,375,000 142,025,000 129,650,000 12,375,000 142,025,000 ably above, rather than
Avis-Hun c 11,600,000 2,369,0031 13,969,000 11,008,000 2,289,000 13,207,000
marks." The estimate seems large, especially when
Spain ___ 90,448,000 25,781,00 116,229.000 80,292,0
28,341,000108,833,000
35,050,000 3,000,000 38,050,000 33,453,000 3,218,000 36,671,000
Italy
Netherl'ds 55,662,000
728,000 56,390,000 60,113,000
600,000 60,713,000 compared with the statistics of Great Britain. If
600,000 15,980,000 15,380,000
Nat.Bel.h 15,380,000
600,000 15,980,000 the
figure was correct in 1905, the total of 1914 must
Switzland 16,719,000 2,622,000 19,341,000 14,931,000
14,931,000
Sweden— 16,004,000
16,004,000 13,599,000
13,599,000
137,000 10,522,000 9,641,000
Denmark 10,385,000
136,000 9,777,000 have been far greater, and it would then remain
8,201,000
Norway
8,201,000 6,741,000
6,741,000
only to determine how much of such holdings had
Tot. week.712,830,894 61,090,500773,921,394 689,819,111 63,779,850763,598,961
Prev.week 711,392,451 61,784,800773,177,251 688,377,310 63,905,700752,283,010 been sold to foreign markets at the outbreak of the
a Gold holdings of the Bank of France this year are exclusive of £79,132,339 war, and how many of such securities (if any)
had
held abroad.
* No figures reported since October 29 1917.
been pledged for Government or private loans
c Figures for 1918 are those given by "British Board of Trade Journal" for Dec.
7 1917.
during the war on neutral markets.
h August 6 1914 in both years.
But this is only one part of the detail. Usually,
TERMS OF THE INDEMNITY.
when large indemnities are exacted from a prostrate
Evidence that the Peace Conference had prac- enemy, the victorious army occupies the conquered
tically concluded the preliminaries requisite to a territory until payment has been made. The Gertreaty with Germany, and that the delegates at Paris man army, after the treaty of 1871, remained on
were in agreement on the terms, was provided early French soil until the whole $1,000,000,000 indemnity
. this week by publication of the general terms for was paid. The term for payment was three years,
the indemnity. As given out by the Associated and the German troops were withdrawn from one
Press, the stipulation is for a total indemnity of after another Drovince as the installments were
1552
THE CHRONICLE
turned over. Now the Allied armies might occupy
western Germany during the two years in which the
first 20,000,000,000 marks were being paid; but
they could hardly remain in occupation during the
thirty years allowed for the second 40,000,000,000
marks payment. Again, what are to be the offsets,
if any, to this payment? The German State Railways in Alsace-Lorraine will certainly be thus
allowed for; Germany similarly allowed for acquisition of the same railways in the provinces in 1871.
There are German public works in the German
colonies, even if the colonies themselves are not
admitted as a payment in lieu of cash.
Leaving aside these incidental problems, it will be
asked whether Germany can pay this 100,000,000,000
marks indemnity, and whether she will consent to
pay it. If she has available resources •n gold or
securities or other transferable property, sufficient
to pay the first twenty billions, then payment of
interest with a large sinking fund allowance on the
second forty billion, spread over thirty years, would
not be overwhelming. The principal would involve an
average burden of about 1,300,000,000 marks per
year, or $309,400,000, which is no more than France
raised on the average in the three years allotted her
to pay her $1,000,000,000 indemnity. There would
remain the other 40,000,000,000 marks; but as to
that, one can only conjecture until the exact provisions are made known.
Evidently the bonds in which these later installments are to be paid will be bonds of the German
Government, delivered by that Government to the
various Allied treasuries—an innovation in finance
which began, however, in the war-time loans of
England and the United States to their allies. In
short, it is entirely probable that Germany, granting
return to active production and trade, would not be
economically crushed by the indemnity. It will be
observed that the $23,800,000,000, now announced,
compares with Lloyd George's declaration in December that the Allies proposed to make Germany pay
the entire cost of the war to them, and that the sum
required for that purpose would be $120,000,000,000.
But nobody ever took that proposal seriously, and
the reduction of nearly three-fourths is quite in line
with expectation.
It may be observed that whereas Lloyd George in
December fixed England's share at $40,000,000,000,
or one-third of the total then named, this week's
announcement gives 20 to 30% as still being England's share in the reduced indemnity. As a ratio,
this seems large; for if England gets 25% and France
55%, then only 20% of the total would be left for
all the other Entente Powers, including Belgium.
Of this we shall learn more when the full terms are
disclosed. That Germany will assent to the exactions we do not doubt. Her delegates will resist and
protest, as they did to the armistice terms and as
the French did to the indemnity terms of 1871; but
in the end they will have to yield, though possibly
(as was the case in the conference of Thiers and his
French colleagues with the Germans on the earlier
occasion), after some relaxation or compromise in
the terms.
Lloyd George in his speech of Wednesday declared
to Parliament that his own public demands of
December would turn out to be embodied in the
treaty. This can hardly be. But it will not be
forgotten that the versatile Premier hedged those
demands about with certain qualifications, whereby
[Voir,. 108.
he made at least possible his retreat from them.
For the rest, Lloyd George's speech was a forcible
and remarkable defense of the work of the Paris
Conference. That "no conference that ever assembled in the history of the world has been confronted with problems of such variety, of such
perplexity, of such magnitude, and of such gravity,"
yet that the stories of dissension between the Allied
Powers were false, and that "upon all questions
which have come before us vie came to conclusions
which were unanimous," is interesting inside testimony.
So is the Premier's declaration that neither
invasion and coercion of Russia, nor formal recognition of the Lenine Government, are contemplated
by any Power. But the essence of his appeal to
Parliament—which appears to have been completely
successful—lay in his vindication of the Conference
itself as having fairly solved one of the greatest of all
problems in the history of international diplomacy, •
and in his further assertion that the incorporation
of the League of Nations in the treaty itself had
saved instead of wasting time, because only thus
had the Conference "set up machinery that is
capable of readjusting and correCting possible
mistakes."
THE VICTORY LIBERTY LOAN.
There has never been any doubt that the flotation
of this "last" loan, in the form of what may be
described as short-term notes, would be a success,
and in the way Carter Glass, Secretary of the Treasury, has now outlined its leading features there is the
best of reasons for believing it will be a very pronounced success. Instead of $6,000,000,000, the
Secretary calls for only $4,500,000,000, and the rate
of interest and terms of conversion and of tax
exemption are very attractive. By reason of the
characteristics mentioned the new obligations will
appeal strongly to financial institutions and large
investors, but it is highly important that the loan
should be widely distributed—should prove in every
sense a popular success. In directing efforts to that
end it should be recognized that certain drawbacks
exist this time which did not exist before.
Among these drawbacks are—a slowing down of
enthusiasm for the Government's needs, by reason
of the President's formal declaration several months
ago that the war is at "an end," an armistice signed
and a peace treaty in progress; the initial payment
on an immense tax bill, and the necessity of meeting
further payments thereon; the general uncertainties
of a "transition period" affecting corporations
engaged in business, and individuals seeking employment or apprehension of falling wages; and the
Congressional failure to pass 'appropriation bills
which would have put several billions of dollars in
"circulation."
There is a different feeling about an emergency
need and a need that though actual and imperative
is not urgent as a matter of life and death and for
national preservation and military success. Pleas
to "bring the boys back home" will not stir the
masses to immediate and strenuous action as did the
pleas to send them over. This reaction of feeling is
natural and will have its effect. The emot:onal
campaign will not be so great as heretofore. But the
logic of the case is only the more strongly emphasized
thereby. It is always harder to pay for a success
that has been enjoyed than one in contemplation.
APR. 191919.]
THE CHRONICLE
1353
But honor and honesty make their appeal to the ourselves. It fortifies the Government and proves
heart and mind at all times; and it would be grievous its efficiency. To fail would be a species of repudito contemplate a popular slacking into indifference ation both of the nation and the debt. While elsethat would prevent a consummation of this last step where in the torn world there is apparently rising
in the war.
out of human despair a spirit of confiscation—our
Under proper stimulus there will be no lack of quick response to this demand will demonstrate the
interest, and this attained,the loan should prove the stability of democracy and the power of law and
crowning success of the whole series. It is a plain order to preserve property, credit, and personal
bare duty that cannot be evaded, and must not be security and liberty.
postponed. The war is won. The debt is incurred.
It constitutes an obligation sacred to the welfare of THE LAST STRONGHOLD OF CONSTITUTIONAL
the nation and the honor of a free preople, and its
LIBERTY.
logical appeal will furnish insistent reasons that canOut of "the West" comes a voice we may do well
not and will not be ignored. When we face the to heed, saying: "We are under the spell of a world
problem, the compelling urgencies upon the citizenry hypnotism, unconscious of what is transpiring about
are many. The very prestige of the Republic among us." It is a voice of protest rather than lamentathe States of the world now drawing together in a tion. Yet Senator Johnson's words call up the
new era of peace and good-will is involved. Surely, passage in Jeremiah: "For my people have comif we went into the war for a high ideal we must mitted two evils: they have forsaken me, the founcontinue in well doing to the end—we cannot refuse tain of living waters, and hewed them out cisterns,
to make provision for the debts we have incurred.
broken cisterns, that can hold no water."
There are lesser reasons, such as the fiscal necesHave we, in truth, forgotten the source of our
sity of providing an extension in our credits that splendid Idealism? Was this tremendous advenbanks and business may function freed from this ture to establish "liberty, justice and humanity" in
prior lien on the energies of the people, but we prefer the world the dream of one man? Was the magto hold to the single proposition of the national nificent enterprise which resulted in victory over the
honor to meet promptly our current obligations and onslaught of Autocracy the result of his thought and
preserve our credit as a people at par. As the case energy, or was the instrument a free people, the
stands we shall have enormous annual taxes to meet agency of an established and strong Government,
for years to come. If we do not float this loan and the Ideal something imbedded in our national
Government credit will be impaired. Every citizen character and nurtured by our popular growth
and
owes a duty to Government to prevent such a con- development? We do well to believe that what has
dition, and he can fulfill this duty by making his happened could not have taken place save as the
subscription to this issue a need and evidence of his flowering of what "we are," and all that
we hope to
individual patriotism.
be. Therefore it is that our national character and
And there is a financial reason that should receive Government constitute the "living waters" from
the earnest consideration of every man. Bonds of which we draw our inspiration and power. Are we
the previous four war loans are selling below par, in danger of forsaking our very nature and being
running down to 93.4% of face value. But nowhere under the "spell of a world hypnotism"?
is there a thought that all of these bonds are not
Consider the millions who toil between the Atworth par. But if the financial ability of the Govern- lantic and Pacific, the Lakes and Gulf. Consider
ment to promptly raise another four and a half the geographical empire these millions inhabit and
billion loan on resources and energies should be possess. Here and here alone is the Republic of the
impaired by failure in this last call, does it not follow United States. Compare our magnificent domain
that these previous issues are not worth, par,because with the territory comprised in the warring States of
it is demonstrated that the nation is overloaned ? Europe, even now, around the peace table, almost
Is it not true in business that a man's, or a firm's, discordant over proposed adjustments of small strips
credit is good, with paper at prime, while the one of disputed lands. Whence come these two million
or the other can continue to borrow easily in the soldiers sent overseas in the great undertaking?
open market?
From what local environment and thought have they
A further logical reason should induce men to drawn their courage and obedience? To what
subscribe. This loan is floated on a constructive "home fires" do they return to take up life anew?
base and outlook; all the previous ones were upon a
As we go over the Alleghanies, cross the vast valley
destructive. The people as a whole may now look of the interior, climb the Rocky Mountain plateaus,
forward to that prosperity which is an attendant of and descend into the delectable Pacific Slope, we are
peace. It is not only the last loan, but one based turning our eyes away from old world toil and trouon an upward tendency in everything. We have, it bles and feasting them upon the richest territory of
is true, heavy burdens to bear, we must live through the globe, gathered under a free government. Here,
the readjustment, we must work harder than ever for centuries to come, though population thicken,
and save more than ever, but the continuing drain there is no threat of famine, the potent cause of disupon our economic powers, the looming waste of an order. Here there is a home for a homogeneous
indefinite conflict, are gone. We know we can pay people. Looked at in its entirety as the physical
our debts when due, and we can therefore ask an sustenance of a constantly advancing culture, the
extension of time, a settlement now, with full faith.
shining cities that star the landscape from coast to
This debt we are paying is current. It is due to coast, are, with all their potency and prestige, as
our own citizen soldiers and sailors. We are merely spots upon the sun, the dark places in which generliquidating. Each is furnishing a part of his private .ates unhappiness, unrest, intrigue, and dominance
funds to the Government for this purpose and taking both of capital and labor.
in return a promise to pay by all the people. The
We make no mistake, we think, in this, nor do
last loan is a purely domestic transaction among we fail to recognize the easy spread of fallacy through
[VoL. 108.
1554
THE CHRONICLE
low
the sparsely settled regions removed from close con- toil, and the right to initiate, direct and control the
tact with great'cities. We but maintain, in a word, domestic commerce by which we live and out of the
that "world hypnotism" loses its spell in proportion security and strength of which we build our spiritual
as we seek the centre of our country and proceed into being and culture?
We are temporizing, we are inactive. There is a
the heart of our people. For, be it chauvinism or not,
we are one people, one in unity, purpose, law and growing feeling among the masses that the capital
government, and unlike any other people on earth, of the world has been treacherously acquired and is
a development and a consummation of almost a cen- wrongfully held. There is a manifest disposition in
tury and a half of indigenous growth, of solidarity of certain quarters of officialdom, albeit we boast of
mind and heart, of free and uncontaminated ad- delegated authority and representative government,
vancement. And we fail to appreciate the "soul of to "take over" and to keep so-called "public utilithe nation," when from the fears and hopes, the ties." There is an announced purpose by a class,
ambitions and associations, the contacts and entan- ever active in its own interest, to surrender not,
glements, of the people of either coast line, we look surrender never, the proclaimed "advantages" setowards Asia or Europe and tremble at conditions cured by reason of the dire necessities of a nation
we encounter or thrill with visions of the splendid suddenly at war. Are we drifting down stream
enterprise awaiting our good-will. We have given with the wreckage of war, unable to extricate oursacrificially of the strength of this Soul of the na- selves and reach a firm land again? To change the
tion for universal good, but we have not by or because figure, are public ownership at home, and this partaking overseas in the settlement of European State
of that taken into our Soul the world's universal evil.
It is an admonition none dare scout to bid our problems, in their influence, if not in fact, entering
people hold fast to what we have—protection to wedges that will divide our people to their undoing,
person and to property, the right to acquire that each and drive us inevitably toward Socialism and interof us may dwell under his own vine and fig tree, nationalism? And is not the time of answer now,
the freedom and right to initiate, under corporate before it is too late? All down the Mississippi when
forms if need be, great industrial undertakings that a flood comes, they man the dikes, that a seepage
employ labor and but the breath of life into capital, neglected may not become a torrent.
If there is a malady attacking the vitals of Conthe privilege to discuss openly our domestic affairs,
and the inestimable boon of creating, moulding and stitutional Government, everywhere, there is no time
preserving a Government out of the suffrage consent to waste and it is criminal to temporize in the last
of the governed that shall protect our property and and best stronghold of law and order. Those who
want are in the saddle; shall those who have won be
preserve our liberty.
As long as we shall maintain it in its primal intent, idle? But above all, the citizenry of our country
in its accumulated and cumulative strength, the should shake off this "world hypnotism", this farRepublic of the United States will remain to the sightedness, this yearning after "Idealism," that is
world at large a rock in a weary land, though wars best assuaged, best accomplished, if at all, by the
continue to convulse and revolutions continue to de- preservation of our own Republic. The complaint
stroy governments and peoples overseas and far of Zion in the hour of repentance was: "Our inheriaway. There can be, therefore, no higher mission tance is turned to strhngers,•our houses to aliens!"
than to let our light shine and by the magnetism of
example to draw all aspiring though misguided peoples to follow in our footsteps. And there never THE WAGE DEMANDS OF TELEPHONE AND
TELEGRAPH OPERATORS.
was a time in "human history" when for our own
the telegraph operators were said to be
week
Last
sake and the sake of the wide surrounding world, we
of a strike, the vote upon it to be reverge
the
on
let natural persuasion sway out rather than that we
22d, this week, a telephone strike
the
on
turned
the
and
impose our national will upon the turmoil
before the usual hour of breakfast on Tuesday broke
anarchy that are gripping the heart of humanity.
Suppose, and the supposition is not to be counte- upon the people of New England—the State of Connanced for a moment, that having swept over west- necticut, that little land "of steady habits," not
ern Europe, this malign evil of Bolshevism should being immediately involved. Last week's threatened
in turn conquer the United States. What would be rebellion had the peculiarity of being in the ostensible
left of civilization? Suppose all men owned all interest of the public; this week's is in the familiar
things in common and no man owned anything, the dissatisfaction with wages and conditions, and agrees
United States having at last been submerged in So- with the threatened but delayed rebellion on the local
cialism, from this chaos, what nation, what prin- transportation system of Brooklyn in complaining
ciple of free and protective government, what in- of a lack of proper "recognition." Woman is now
dividual and human aspiration and energy, would re- coming into her own, and the woman head of the
main to lift us up, to restore the ruins, to reconstruct Telephone Operators' Department says the operators
the wisdom and works of man? Suppose Peace, would cheerfully submit their case to the general
the precursor and preserver of law and order, be manager of the New England Telephone & Telegraph
delayed, and we pray that it may not, until the Co., who would seem to be the proper person to
"world" we would save welters in anarchy,and the consider and dispose of it (at least under normal
conflicts of selfish des res, where shall we turn but conditions), provided they had the assurance of the
to our homes and firesides, our freedom and our toil, Federal Government "that he had been given full
our owned possessions• and unfettered resources, to power to settle wage scales, retroactive to Decempreserve ourselvesfrom the contagion of this malady? ber 31, the date upon which the wage agreement
Are we doing this while we listlessly temporize with between the company and the operators expired."
encroachments made, and now making, upon our in- This came in reply to a telegram from President
stitutions and our personal liberties in the conduct of Wilson's private secretary urging reference of the
life, the right of possession to the fruits of individual case to the company's officiallhead.
APR. 19 1919.]
THE CHRONICLE
It is estimated that half a million subscribers to
telephone service are affected in Massachusetts,
60,000 in Maine, 40,000 in New Hampshire, and
30,000 even in Vermont, but of course the number
of persons disturbed and hindered in their business
and family routine is probably ten times the 630,000
subscribers. Four State Executives promptly sent
to Mr. Burleson a call that he quickly come to terms
with the strikers, to which he replied that everything
possible was done, but that the operators have refused
to submit their grievances and have causelessly gone
on strike; "therefore the operating officials have been
directed to take every step to restore the service."
A cable from three State Executives has gone to
the President in Paris urging him to take immediate
action for relief, and fifteen Democratic Massachusetts legislators call on Mr.Burleson to "fulfill pledges
made at the St. Louis convention," by settling the
strike, suggesting eight names as appropriate for
arbitrators.
One false step always leads to and seemingly
compels others. The long mishandling of the transportation problem led to the seizure of the railroads;
the long course of truckling and yielding to the
demands of the railroad workers emboldened them to
new demands, and Government operation has been
most prominent in granting wage increases, of which
we had the latest (perhaps not the last) only a few
days ago. The lesson could not be lost upon the
employees in the .wire service; Government having
become the employer, more wage became just a detail
of asking. And so we go along, step by step, on the
downward road.
Mr. Burleson conceived a theory that all means of
communication belong properly, and even by Constitutional direction, to the Government. To take
care of the postal work and save that from further
running down was really enough to tax the energies
and satisfy the ambition of ordinary men; but not
for him. He sought trouble, and he has found it;
but the public have to take the chief share of the
trouble. Under him, the postal service has declined
to an inefficiency never before known, and to it he
has tagged the best instrumentalities of communication the country had, with the inevitable result of
raising their charges and lowering their value; give
the process time enough, and we shall all appreciate
what we have lost and shall begin to learn and to
revive the manner in which we got on before the
telephone came to put us into practically immediate
touch with about the whole modern world.
Mr. Burleson issued a statement on Wednesday
that increased wages on the telephone in New England would probably compel higher charges,"but the
public interest cannot be sacrificed upon the mere
demand of any set of employees." He asked the
strikers to return to work and promised that they
shall be treated fairly; but Miss O'Connor, the leader
of the discontented, insists upon dealing directly
with the manager of the company and refuses to
recognize any intermediary, while a male friend of
the strikers makes the interesting comment that "it is
a strike against Burleson." On Thursday the President of the Democratic Club of Massachusetts and
eleven members of the Legislature cabled to the
President to "remove him and settle the strike."
The Merchants' Association here reports, as the
result of a recent survey, that the cable service to
Europe is very little better than a month ago, the
trouble being laid chiefly to the censorship and the
1555
"regulations," which make it almost impossible to do
business. On top of this, a dispatch from Washington on Wednesday says that the business agent of the
Telephone Operators' Union of Louisville announces
the taking of a vote all over the country "to force
Government recognition - of telephone employees'
unions,with a nation-wide strike as the.alternative,"
this referendum vote to be finished by May 11.
Higher wages and shorter hours are to be demanded;
and the story is further that the New England outbreak is regarded as a test of strength and that a
quarter-million telephone employees have already
been heard from, with the great majority in favor of
striking.
Have we gained, or have we any prospect of gaining, anything except increased cost and trouble plus
decreased efficiency, by Government interventions in
private business? Is not the plain lesson that the
hand should be and must be taken off? It is full
time we began the return to the straight road and
the normal condition. To rouse us to an effective
demand for such return we needed a sharp lesson and
the demoralization of the wire service will prove a
blessing if it gives us that lesson. Instead of calling,
after the shiftless and cowardly manner to which we
have let ourselves become accustomed, upon Government to come to our aid and make any sort of deal
which can stop the inconvenience of to-day and shove
it along to next month or next year, what we need to
do now is to rally our manhood and tell Government,
in unmistakable terms, to reverse itself and let go of
every seized private property at the earliest date
when it can possibly be done without causing widespread disaster.
JAPANESE MANUFACTURING GROWTH AND
PRESENT ECONOMIC CONDITIONS.
The same doubt as to what is wise governmental
economic policy, and the same uncertainty about
entering into new financial or manufacturing enterprises, which characterize business circles in this
country, prevail to even a greater extent in the Far
East. The expectation of increased industrial rivalry
with its augmented demand for the active employment of capital, are two things which seem to Japanese financiers to admit of little doubt. In the words
of the President of one of the leading banks: "Although the future is difficult to fathom, one cannot
be far wrong in stating that, after the restoration of
peace, economic rivalry among nations will become
severer, and that Japanese industrial workera will
have to exert themselves with greater strenuousness
to cope with this after-war tendency"; and he adds:
"The demand for capital, it is believed, will expand
with the readjustment or adaptation of industries to
peace conditions." The intention to meet these
conditions is shown in a notable way in Japan by the
numerous combinations being effected in various
industries against foreign competition. Among the
examples already made public are the amalgamation
of the Fuji Paper Manufacturing Co. with the
Hokkaido Industrial; of various ice manufacturing
companies, of the Nippon Wooden Pipe Co. with the
Nippon Spinning Sr Weaving Equipment Co.,
having for its reputed object to prepare for competition manufacturers of shuttles and other wooden
goods, and of the chemical, celluloid and oil-milling
industries.
In the foreign trade of Japan the excess of exports
over imports has been pretty constantly growing less.
1556
THE CHRONICLE
It is now predicted by not a few observers that the
trade balance may turn against Japan in the year
1919. The increase of foreign trade between Japan
and other of the Far Eastern nations has been very
encouraging to Japanese industries. In the Indian
trade there was in 1918 again of 150% over 1917.
The largest items were in cotton fabrics and cotton
yarns, the former totaling in the ten months reported
a value of 39,947,000 yen and the latter 27,912,000
yen. These exports were more than paid for by
imports of seed and ginned cotton to the value of
198,174,000 yen. There has also been a big increase
in Japan's trade with the Philippines. A total of
$127,000,000 for the first half of 1918 nearly equals
the whole of 1917. There is no direct American line
between the Philippines and any of our ports on the
Pacific Coast; and the trade between Seattle and
those islands is now being handled by Japanese carriers. And yet there are in the Philippines great
deposits of iron, copper and manganese, which have
scarcely been touched, besides extensive hardwood
forests and the rubber, sugar and hemp industries.
There has been a very great growth in the JapanAmerican trade during the last year, especially on the
American export side. Much of this increased trade
has been with Japan's leased territory in China. In
this indirect way our trade .with China is notably
on the increase. While some exports fell off largely
in 1918 as compared with 1917—for example, steel
plates from $28,040,096 to $13,545,108, others advanced even more rapidly, such as unmanufactured
cotton from the value of $25,935,528 in 1917 to
$71,782,498 in 1918, and tin plates from $3,319,913
to $10,205,500.
On the contrary, trade with Germany is dead,
and German merchants have been driven out of
business in Tokyo and Yokohama, although some of
them still retain their offices and a few are allowed
to put through transactions under a rigid control
from the Government. Many Germans interested
in leading business firms have been deported, among
them the principal members of the German Asiatic
Bank, which has thus been rendered completely inactive. According to the officials of the Department
of Agriculture and Commerce,this result was brought
about by the strict application of the Trading-withthe-Enemy Law. There is therefore no immediate
prospect of changing the situation.
There has been an adverse trend in the direct
trade between Japan and China. The exports have
fallen off greatly and the imports have largely increased. Only to Manchuria has there been a slight
increase. This falling off has probably not been
wholly due to economic causes. Part oflit has been
due to the existence of jealousy and other forms of
bad feeling and distrust between the two nations.
One thing just at present exasperating this unfortunate condition is the charge made by the Chinese
that Japan is smuggling opium into China, to the
physical and moral detriment of the Chinese, and
to the increased disregard for the existing laws.
This charge is thrown back upon the Chinese themselves, and in a way to make it difficult for the
Chinese officials always to clear their own skirts.
This illicit trade centres to a considerable extent in
Chosen, where the cultivation of the poppy seems
to flourish well. Probably the lawless and unscrupulous members of both nations, official and
otherwise, are implicated in this unlawful traffic,
but on account of the stricter control and superior
[VOL. 108.
morale of Japanese officialdom, it is likely that there
are more of that class guilty among the Chinese.
However this may be, some of the more sensitive to
moral issues and honor between nations are calling
upon the .Government to stop the growth of the
poppy altogether in Chosen. But of this it must
be said that opium, like alcohol, is a drug which is
the greatest blessing as well as the greatest curse to
mankind, according to the use made of it. In both
countries there are at present two "streams of
policy," one of which is making for the betterment
and one for the impairment of the relations between
Japan and China. It is hopeful to notice that in the
opinion of the "Japan Advertiser," the present
Premier, Mr. Hara, gives room for "hope that the
civil government intends to assert itself and put a
stop to the two-stream policy." And this paper goes
on to say: "It is a policy which, if faithfully carried
out, would create the feelings of confidence which are
essential, if Japan's commercial interests in China
are to develop as Japan desires."
It is the opinion of those competent to speak that,
even to hold, in the coming two or three years, the
trade we have recently developed with the Far East—
to say nothing about increasing this trade—it will
require that America should put forth its best efforts.
"During the past four years Japan has sent its business men to America to buy goods, but now that the
war is over it will be necessary for America to send
trade envoys to seek the busineps and to adopt a
much more aggressive policy."
One most significant, and perhaps the most significant, thing concerning our business relations
with the Far East is the fact that Japan is no longer
an agricultural nation. The export of foods is
constantly decreasing; the import of foods is rapidly
increasing. This fact emphasizes the necessity of
stimulating agriculture in Chosen and the Japanesecontrolled parts of Manchuria, if Japan is to continue
self-supporting. But the enormous profits made the
last few years in other lines of manufacture and
finance have not tended to make capital inclined
to seek the low and slow profits of agricultural enterprise. There are now a quarter of a million of men
and women employed in the factories of Tokyo alone.
And even after certain factories close down on account of the expected depression in their kind of
business, it is not believed that the number of unemployed will exceed 23,000 or 24,000. Dr. Udo,
an expert in the Department of Agriculture and Commerce, after rehearsing the rapidity with which farm
lands are being converted to other uses, even in the
relatively unsettled island of Hokkaido, asserts that
"unless this tendency is either arrested or offset by
the reclamation of wild land, Japan must suffer
some day from its want of provisions or its utter
dependence on foreign supplies."
This dilemma is not, however, so immediately
threatening as the growth of labor troubles and the
prospect of greatly checking her industrial prosperity in this now so universally prevailing and appallingly disastrous way. Thirty-five years ago
there were only 125 modern factories and 25,000
laborers. There are now more than 25,000 modern
factories and upwards of 2,500,000 hands. But
thirty-five years ago strikes and all manner of
labor troubles were practically unknown. Indeed,
in 1914 there were throughout the kingdom only
five strikes reported, involving 7,904 strikers. But
in 1917 there were 348 strikes involving 57,009
APR. 19 1919.]
THE CHRONICLE
1557
strikers, and up to August of last year there were no National Association of Tea Manufactur
ers are profewer than 308 strikes, in which 45,559 hands were posing new plans for the breaking of virgin
soils and
engaged. Yet these last two were years in which for marked improvements in the methods
of manuthe commerce and industry of Japan enjoyed a facture, and are eagerly reaching out after
new marphenomenal prosperity. There can be no doubt of kets.
a rapid growth of the spirit of antagonism between
To return to the discouraging side; projects for
laborers and capitalists in the Far East, as proably wool growing in Japan
have been a rather dismal
everywhere else in the industrial world.
failure. The truth is that the country is poorly
To come a little nearer to particulars, the manu- adapted to the breeding and raising
of sheep,and it is
facturers of chemicals and dyestuffs 'seem to be doubtful whether the assistance
of the Government
hardest hit by the existing depression. More than a can permanently offset this natural
disadvantage.
dozen firms engaged in this line of manufacture are The manufacturers of woolen
fabrics are likely,
reported as "having gone to the wall" within a single therefore, to continue
dependent on Australia and
week. Within a not very much longer time a decline America. The same depressing
outlook also prein prices in the Tokyo dye market of between 40 vails in cotton and cotton
fabrics, and the muslin
and 50% took place. No wonder that tha holders trade is reported "weak and the
future gloomy."
of these stocks became panic stricken and that the These are very serious problems,
particularly condye merchants strove to part with at least a portion nected with the development of trade relations
with
of their cargoes, but were unable to find buyers. China.
When the supply of tonnage from France, SwitzerJapan has now 15,072 ships upon the seas, of which
land and America becomes more abundant a further 2,641 are steamers, aggregating 2,310,959
tons, and
decline in price is expected and the failures will be- the remainder sailing ships of 857,556 tons.
Excome more frequent. The zinc industry also is tensive improvements are planned for the important
facing its worst .days. Previous to the war this port of Nagasaki, including dredging, new piers,
industry was a negligible industry, but during the buoys and harbor vessels, at an aggregate expense of
last five years it has developed rapidly until now the more than two million yen. At the same time,
the
total ore is not enough to keep the smelters in opera- Taisho Kisen Kaisha of Osaka has decided to retion; the domestic demand for the metal has almost duce its capital as a means of readjusting its financial
entirely stopped, and stocks have been accumulating affairs. The decision of the company is reported
to
at a rapid rate. Both these industries are making be entirely due to the great drop in the value of
its
loud calls for assistance upon the Government.
vessels since the armistice was signed.
On the contrary, the leather industry has 'develAs one of the important sources of revenue to
oped in Japan so that the country can now compete Japan, the trade in "Foreign Tourists" deserves
with the best foreign goods, and boots and shoes are especial mention. The Japan Tourist
Bureau renow being exported, not only chiefly to China, but ports that the country has been a gainer to the
to the Straits Settlements, South America and even amount of not less than thirty millions during the
in small quantities to Australia and the southern last year on account of their arrival. The increase
Pacific Islands. These goods are hand-made and of visitors from Russia has more than compensated
very durable, but are said still to lack style and fin- for the large decrease of visitors from the United
ish. However, the Japanese manufacturers no States. The expectation of this Association is doubtlonger fear, it is claimed, foreign competition. The less well warranted that with the resumption
of.
prospects are also exceedingly good for the industry peace the multitude of sightseers and business
men
of canning fish for foreign export. A considerable from this country will be largely increased.
market for tinned sardines is being developed in
The economic conditions of Korea under Japanese
America. The Japanese and Alaska products are rule during the past year have amply justified
the
about equal in price, but since labor is comparatively Government so far as anything of the kind possibly
cheap in Japan the price is lower at the port of ship- can. In a recent speech of the Governor of the
ment. As to quantity, however, there is little ap- Bank of Chosen the statement was made:"The halfproach to rivalry, since the total Product in Alaska year under review may be described,
like the one
is some ten million boxes as compared with Japan's preceding it, as one of unbroken prosperity
from
five hundred thousand. In the industry of canned beginning to end, every phase of economic
activity
goods China, after making feeble and unsuctessful showing for the most part satisfactory
development."
efforts in the past, is now said to be preparing on a The recently reported disturbances in
Korea are
much larger scale for the cultivation of this industry. not likely for long to check this developmen
t. The
The paper industry is another source of prosper- Korean Association which, from this country and
ity which is promising increased results. It was, in- from other foreign lands, is doing its utmost to foster
deed, started no fewer than thirteen hundred years revolt,in the interests of" patriotism",are essentially
ago, but it has gained a largely accelerated impulse the same sort of people as those who are in revolt
since the war began. Foreign methods of making against the British Government in Egypt; the forpaper were first adopted in 1871 by the Oji Paper eigners and the better class of Koreans themselves are
Mill. Since then a. variety of forms of manufacture well satisfied to have escaped permanently from the
of paper and textile fabrics employing paper have misrule of their former Government. In spite of
been invented, the latest being a combination of single instances of unnecessary cruelty on the part
native paper in the weaving of hemp, silk and cotton of the Japanese gendarmes and military—w
hich
fabrics. The manufacture of toys is another indus- probably do not on the whole exceed similar
mistakes
try which has of late flourished greatly in Japan. and misdeeds on the part of the New York and
The manufacturers and exporters of toys are expect- Chicago police—the Japanese Government in Korea
ing severe competition from this time onward, espe- appears to be sincerely interested in the welfare of
cially from France; but they are fairly confident of Korea, and will doubtless manage the whole affair
being able to hold their own in the face of it. The successfully.
1558
Ilr
THE CHRONICLE
[Vol.. 108.
ing the basis of comparison, but a considerable falling
BUILDING OPERATIONS, FIRSTEQUARTER off from the total for any earlier year since 1908. In
the New England section, represented by 24 cities,
OF 1919.
n work foots
On the face of the returns the building statistics the total approximate cost of constructio
Boston,
with
$7,111,037,
,
against
for the month of March 1919 would seem to indicate up $10,998,535
prominent
Bedford
New
and
Bridgeport
Hartford,
the prevalence of much more activity in the industry
only noteworthy dethan has recently been in evidence, and a considera- in the matter of increase and the
The. Middle
Lowell.
and
Haven
New
at
creases
than
bly greater amount of work now under contract
covers 42
excluded)
York
New
(Greater
division
the
by
measured
at this time a year ago. In fact, as
greater contemestimate of contemplated outlay under the permits is- cities, and at 25 of them a
is recorded.
ago
sued during the period, an increase of over 50% is plated expenditure than a year
, against
$19,185,372
is
shown by comparison with 1918, and, consequently, The aggregate of all
a very fair measure of augmentation for the first $17,216,721.
The total for the Middle West for the quarter
quarter of the current year is to be noted. Comwell above 1918, striking increases being in
stands
conparison with earlier years, however, indicates
at Detroit, Milwaukee, Indianapolis, Tolevidence
up
being
far
from
still
clusively that operations are
to normal, especially if allowance be made for the edo, Columbus, Akron, Canton, Fort Wayne and
at Cingreater cost of building—increased compensation to Saginaw, with mentionable decreases only
.
Youngstown
and
Dayton
Rapids,
labor of all kinds and higher prices for materials. cinnati, Grand
group
the
comprising
cities
30
the
for
aggregate
The
Manifestly, the ideal comparison between different
periods would be based upon quantity of material is $32,450,815, against $25,997,727. The exhibit
preused, but were the details readily obtainable—which made by the South, also, is satisfactory under
cities
33
at
outlay
proposed
the
conditions,
vailing
of
amount
tremendous
they certainly are not—the
$10,time involved in intelligently compiling the data for the quarter totaling $12,717,436, against
incities
the
of
seven
would militate against the attempt. It has, there- 960,318 in 1918. All but
Atlanta,
Richmond,
with
increases,
fore, been and still continues to be the practice to cluded display
use either the number of permits issued or the esti- Memphis, Fort Worth, Oklahoma and Shreveport
Dallas
mated cost, or both, as the basis of comparison. leading in that respect, and New Orleans,
losses.
for
prominent
Antonio
San
and
to
the
As the permit is a very indefinite unit, owing
A fairly favorable building situation is likewise
wide variation in amount covered, we have a'ways
by the reports at hand from the Pacific
indicated
exqualifying
such
offering
basis,
used outlay as our
eight of
planations as changes in cost of material and labor Coast. We have returns from 15 cities,at
than
more
much
are
which declines appear, but these
may render necessary.
and
Portland
Seattle,
Angeles,
Los
at
gains
At this time attention is to be drawn not only to offset by
con,
$13,647,362
at
all,
of
total
the
that
so
Oakland,
the high cost of material, and the scarcity of some
"Other
varieties, but to the greatly advanced compensation trasts with $12,416,782 in 1918. In the
have
we
cities,
25
includes
which
group,
Western"
been
however,
have,
There
demanded by labor.
comcities
the
of
twelve
other obstacles to the prosecution of operations. In an unfavorable exhibit. At
many instances builders have been unable to obtain parative inactivity has been the rule, and only St.
inthe temporary loans needed in their business. It Louis, Omaha and Denver report any noteworthy
estimated
of
aggregate
The
operations.
in
crease
has been hoped that building operations would be
speeded up in order to relieve the housing situation outlay for the three months reaches only $9,510,202,
which has become very acute in some sections of the against $11,413,298 a year ago. Summing up, we
country. It has been intimated recently by those have a total of expected outlay for the 169 cities outfamiliar with conditions that while adjustment of the side of New York of $98,505,725 for the three months
difficulties as regards loans is progressing, nothing of 1919, this comparing with $85,115,883 in 1918,
of moment is likely to be done until after the com- over 168 millions in 1917 and approximately 162
pletion of the Victory Loan drive, by which time millions in 1916. Greater New York's results are
it will be too late to carry on construction fast enough $24,317,208 and $14,741,099 and 363/ millions and
to have an important effect in meeting demand for 4032 millions, and finally, for the whole country (170
rentable space sufficiently to check the upward move- cities), the contracts entered into for the three
months call for approximate disbursements of $122,ment of rents.
% milOur March compilation, covering returns from 822,933, against $99,856,982 last year, 2045
in
millions
1916.
2023/
and
170 cities, indicates contemplated expenditures of lions in 1917
Some revival in building operations in the Eastern
$62,874,674, against $40,675,370 last year, or an
of Canada has been witnessed thus far
Provinces
1917
from
28.2%
of
increase of 54.6%, but a decline
n work at Toronto, Hamilton and
constructio
in
1919,
is
York
New
in
Greater
outcome
is recorded. The
very much better than that for thelmonth last year, Halifax showing more or less notable expansion. But
due to expansion in operations in all boroughs except in the Dominion as a whole the volume of work is
the Bronx, the latter the locality from which re- comparatively limited as contrasted with the precently there have been loud and persistent com- war period. March reports from 26 cities in the
plaints of rent profiteering. The aggregate outlay eastern portion of the country point to a prospective
for the whole city foots up $10,251,572, against outlay of about one million dollars more than for the
$5,167,668 in 1918. Outside of this city the esti- month last year; for 13 Western cities there is a small
mated expenditures reach $52,623,102, against $35,- loss, and the general result is $3,068,408, against
507,702, and of the 169 cities, 122 exhibit increases, $2,159,796. For the three months of 1919 the
Eastern total is $4,930,346, against $2,972,221; the
with the percentages in many cases large.
The results for the first quarter of 1919 furnish, Western, $1,014,640, against $1,710,442, and the
as already intimated, evidence of moderate expan- aggregate of all (39 cities) $5,944,786, against
sion as contrasted with 1918, the intended outlay be- $4,683,663.
APR. 19 1919.1
Tiud, CHRONICLE
'
1559
NEW CREDIT TO GREAT BRITAIN.
CANADIAN TRADE COMMISSION ARRANGING
A credit of $20,000,000 in favor of Great Britain was
A CREDIT FOR BELGIUM—RUMANIA AND established by the United States Treasury on April 11,
making the total borrowings of Great Britain from the
GREECE ALREADY FAVORED.
United States $4,136,323,000, and increasing the total loans
Ottawa, Can., April 18 1918.
to the Allies, it is stated, to $9,033,884,000. The total
The Canadian Trade Commission in Europe is before this additional credit to Great Britain was given as
preparing to arrange a large credit for Belgium for $9,016,229,340 75 in the United States "Bulletin" of Monthe purchase of Canadian agricultural and manu- day last, and this, and the totals recently announced from
factured products. Already Rumania and Greece time to time, indicate that the figures of total borrowings
are being constantly revised.
have undertaken to purchase $75,000,000 worth of
Canadian supplies on Dominion Government credits REFUSAL OF ARGENTINE SENATE TO RATIFY
and within ten days a Rumanian ship will be taking
ARGENTINE CREDIT FOR EUROPEAN ALLIES.
The refusal of the Argentine Senate to ratify the convenon part of the order at Halifax. The wisdom of
creating such credits for Balkan countries not yet tions entered into by the Argentine Government and the
out of the woods of social upheaval has been severely European Allies, providing for a credit,of 80,000,000 pesos
gold each to France and Great Britain and 40,000,000 pesos
commented upon in the House of Commons at gold
to Italy for the purchase of Argentina'8 surplus grain, is
Ottawa by Opposition and Government members. reported in a Buenos Aires dispatch to the daily papers on
The Minister of Finance, however, has assured the April 12. In reporting the refusal of the Senate to ratify
country that Great Britain and France are taking the convention, the dispatch adds:
Sir Reginald T. Tower, the British Minister, conferred with the Foreign
action identical with that of Canada.
Minister to-day (April 111, after which President Irigoyen called a special
meeting
of the Cabinet, which decided to ask the Senate to reconsider its
The Balkan orders are really the only development action, because
the Government had already arranged the conventions
in new foreign trade that lives up to earlier antici- in the belief that the Senate would approve them:
Refusal of ratification by the Senate means that the Allies, if they buy
pations. British and French orders are not material- Argentine products, must buy them in the open markets at the prevailing
izing, and most Canadian manufacturers have prices and pay cash.
On April 14 dispatches from Buenos Aires stated that
reached the conclusion that both nations will first
Senatorial reconsideration of the vote rejecting the convendraw upon materials and workmanship nearest home tion, which was asked for by President Irigoyen,is prohibited
before rushing into the world market. For example, by Article 71 of the Argentine Constitution, according to,
the anticipated sales of Canadian lumber for building Senators, who say they, therefore, cannot respond to the
French and Belgian communities are not being President's request. The same dispatch said:
President Irigoyen's friends say the bill will be reintroduced at the next
realized. On the other hand, Canadian lumbermen session,
when the Senate has been reformed.
find themselves with between 500 and 600 million
The signing of the convention was referred to in our issue
board feet of piled lumber, paid for by the British of Feb. 8, page 526; likewise in these columns March 1,
and French Governments and still awaiting delivery. page 823, we noted that the Argentine House of Deputies
had passed the convention; further details regarding it were
While the financial settlement has been such as given
in our issue of March 29, page 1215.
to keep the Canadian industry buoyant during
exceedingly difficult times, the method of ultimate HOLLAND RELEASES EAR-MARKED GOLD AND PURCHASES ACCEPTANCES.
disposal of so much lumber is so fraught with disConcerning the purchase of acceptances by Holland in
ruptive possibilities as to keep the lumber trade on
market the New York "Times" of the 15th inst. said:
a nervous edge. A solution of this danger has this
The Guaranty Trust Co. yesterday delivered to the Sub-Treasury $2,000.appeared• during the past few days in an offer to 000 in American gold coin which, It was learned, has been held in the vaults
the trust company for a considerable time. The metal, it was said.
imitate the action of the United States Government of
belonged to the Nederlandsche Bank of Amsterdam, and had been held
which recently decided to sell its enormous stocks since before the entrance of the United States into the war. It was "earmarked" for the Dutch bank and held here pending arrangements for its
of lumber by gradual distribution through the delivery
abroad, arrangemente which were never completed.
National Wholesale Lumber Dealers' Association, At the present time the foreign exchange market does
not warrant a movement
of
gold
the United States to Holland,so the Nederlandsche Bank
thus avoiding the chaotic consequences of sudden has instructedfrom
the Guaranty Trust Co. to sell the gold back to the Governdumping. It is, therefore, probable that Canadian ment and invest the proceeds in prime American acceptances. This is
lumber firms will be constituted commission salesmen being done.
with authority to sell the stocks of lumber to British BELGIUM'S CLAIMS FOR INDEMNITY TO
BE 35,and French consumers through the regular trade
000,000,000 FRANCS.
• channels and at more or less fixed prices.
It was announced at Brussels on Thursday that the CenAs for the Dominion's foreign trade as a whole, tral
Industrial Committee, which has just completed its
the January, February and March returns show a investigation of Belgium's
war
has placed the total at
progressive decline of the balance in favor of Canada. thirty-five billion francs, whichlosses,
it recommended as the inThe continued high level of exports is regarded as demnity which Belgium should demand
from Germany.
mostly the momentum of war business. Not for The committee, it was said, reckoned the cost
of materials
several months yet will there be reliable data as to on the basis of prices now prevailing, saying this was only
country's
ability to hold any large part of the just if Belgium is to be restored to the condition it was in
the
business built up in war years. Interesting pos- at the beginning of August 1914. The dispatch quoted
sibilities are looming up in South America where the further said:
Royal Bank of Canada is rapidly opening new In itemizing the damages the claim for State property is placed at
francs, of which 4,515.000,000 francs is on account of rail.
branches. Pulp and paper exporters are at work in 5,535,000,000
roads, posts and telegraphs.
this field and some of the new Government ships will The war expenses, including aid granted, are found to have been 10:francs; war contributions Imposed on the provinces by the
be given an opportunity to establish a trade channel 118,000,000
Germans, 2,700,000,000 francs; fines and contributions imposed on comin South American countries where Canadian pro- munes, 1,860,000,000 francs.
The damage to Belgian industry is placed at slightly more than 8,000.ducts are now practically unknown.
Orinvrent griaits and piacussions
000.000 francs, of which approximtaely 5,750,000,000 francs is computed
as due for the destruction and requisition of property, while for the destruction of private houses and furniture 3,000.000,000 francs is claimed.
INDEMNITY SOUGHT BY ALLIES FROM GERMANY.
CONTINUED OFFERING OF BRITISH TREASURY
With regard to the indemnity to be exacted by the Allies
BILLS.
from Germany the Associated Press in Paris cablegrams
The usual offering of ninety-day British Treasury bills April 14,said:
One hundred billion gold marks ($23,800,000,000) is the amount Germany
was disposed of this week by J. P. Morgan & Co. on a
must pay the Allied and associated Governments for losses and damage•
discount basis of 53/2%, the rate prevailing in recent weeks. caused
in the war, plus other billions to be determined by a special comThe bills are dated Monday, April 14.
mission on which Germany is to be represented.
1560
THE CHRONICLE
This is the final and definite conclusion which has been reduced to
writing after weeks of negotiation which took a wide range and involved
frequent changes and modifications. The payment of the 100,000,000,000
gold marks is to be divided into three distinct amounts as follows:
First—Twenty billions within two years.
Second—Forty billions during tnirty years beginning in 1921.
Third—Forty billions when a commission shall determine how it shall be
done.
In view of the fluctuations through which the negotiations have passed,
an authoritative statement was obtained today concerning the final terms
of the settlements. This sums up tne conditions as follows:
Germany is at the outset held generally responsible for losses and damages
in accordance with President Wilson's fourteen points and the Allied
response at the time the armistice was concluded. To determine the
extent of the payment under this responsibility a commission is set up to
take testimony, assemble data, and arrange all details of the payment from
the enemy and distribution among the Allied and associated Powers.
While the commission will administer the details of the payments, sufficient is known to permit the determination that an initial payment will be
required of 20,000,000.000 gold marks, payable in two years without
interest. It has also been determined that 40,000,000,000 gold marks shall
be payable in bonds extending over a period of thirty years, beginning in
1921, with a sinking fund beginning in 1926.
These 40,000,000,000 marks draw 23 % interest from 1921 to 1926, and
5% interest after 1926.
In addition to the foregoing payments, Germany will also be required
to deliver additional bonds for 40,000,000,000 marks, when the commission
determines that this shall be done. These three payments of twenty,forty
and forty billions bring the total to 100,000,000,000 gold marks.
Beyond this total, the commission is empowered to fix anything more
that may be required to cover Germany's indebtedness.
"In other words," concluded the eminent American authority who
framed the terms and furnished the foregoing summary, "a commission
is set up with power to collect from Germany to the utmost of her capacity
to pay, within the limitation of her indebtedness."
It is in the gold mark that all payments are expressed in the final terms.
This excludes depreciated paper marks and fixes the standard of payment in
gold. The gold mark is worth about the same as the English shilling, and
before the war was quoted at 23.82 American cents.
The allotment of the 100,000,000,000 marks among the Allied and
associated Powers has not yet been finally decided, but a tentative arrangement makes the allotment of France about 55% of the total, Great Britain's
allotment between 20 and 30%, and the allotment of the United States
between 2 and 5%.
The text of the opening clause of the terms whereby Germany is held
generally responsible reads substantially as follows:
"The Allied and associated Powers affirm, and Germany admits responsibility for, all losses and damages of the Allied and associated Governments
and their nationals from the unjustifiable warfare waged by the enemy
Power against the Allied and associated Governments.
Then follows a provision for the commission on payments, and extended
details of the operations of the Commission.
The bonds'will be payable in installments during a period of fifteen years.
They probably will belsept in the control of a central'commission of the
Allied and associated Governments so that they shall not be marketed in
quantities sufficient to break the Price.
These two sums-35,000,000,000 cash and $20,000,000,000 in bonds—
are not all that Germany will have to pay. They are the minimum.
Earlier in the day it was unofficially stated that the initial payment of
20,000.000,000 marks might be made in cash or its equivalent in commodities
before May 1 1921, and that the report of the Commission on payments
beyond the 100,000,000,000 marks must be made before that date.
[Vo. 108.
In the Czecho-Slovakian language in which will appear the names of leading manufacturers in the United States who are in a position to make deliveries of goods on short notice. The journal will be distributed to more
than 16,000 leading importers, merchants and manufacturers in the various
States of the Czecho-Slovakia Republic;this medium will bring the consumer
in closer contact with the producer, and is expected to bring about the desired effect, to the end,of finding an outlet for American made goods.
ONTARIO RETAINS MORATORIUM ACT.
The Montreal "Gazette" of April 4 in announcing the
retention of the Moratorium Act reports that Z., Mageau,
Liberal Member for Sturgeon Falls, consented to withdraw
a bill before the House providing for the repeal of the Act
on and after July 1 next. The "Gazette" states that "I. B.
Lucas and many other members pointed out that the need
for the Act still exists, and that its repeal at the present time
might result in great hardships. It should remain in force
at least, until the demobilization of the Canadian army was
completed."
MORATORIUM IN AUSTRALIA DUE TO INFLUENZA
EPIDEMIC.
In reporting that a moratorium has been declared in
Australia for the protection of those who may be financially
embarrassed as a result of the inforcement of the Federal
quarantine to combat the epidemic of Spanish influenza, a
cablegram from Sydney, April 13, published in the "New
York Commercial," on the 14th, says:
Hotels, theatres, churches, schools and meeting places of all kinds have
been ordered closed in many cities, while stores and business offices have
been subjected to restriction in working time and in many cases have been
ordered to close entirely.
In order to compensate hospital employees for the risk they run in
attending to victims of the epidemic a plan of insurance has been devised,
the Government to bear the expense. Industrial policies are limited to
$2,500.
A reduction of working hours in order to provide work for the unemployed
is recommended by the Trades Hall Council of Melbourne. The organization has inaugurated a movement for the establishment of a forty-hour
week in all industries in Australia.
EFFECT ON SILVER OF "UNPEGGING"OF EXCHANGE.
• With regard to the effect of the "unpegging" of exchange
on the price of silver, Samuel Montagu & Co., under date of
March 27, said:
As the result of a fall in the American exchange, in consequence of its
being unpegged, it became necessary to readjust the maximum price of
silver. This price accordingly has been declared to be in the future the
par of 05 cents per standard ounce at the current rate of American exchange. The effect of the announcement was to raise the quotation
1 9-16d. on the 25tn, from that of 473d., at which it had stood for 28
successive working days. Since that date daily fluctuations have ensued.
Although any important movement in the price of silver was anticipated
to be reflected in the China exchange, at present the Shanghai quotation
has only risen to 4s. 8d. the tael.
DR. DERNBURG GERMANY'S NEW MINISTER OF
FINANCE.
GOLD SHIPMENT TO NEW YORK FEDERAL RESERVE
A Berlin cablegram April 14 (via Copenhagen) says:
BANK FROM CANADA.
Dr. Bernhard Dernburg, former Colonial Minister and former Chief of
the German Propaganda Service in the United States, has been appointed
known
on April 7 that the Federal Reserve
became
It
Minister of Finance in the National Government to succeed Dr. Schiffer,
Bank of New York had received from Canada a shipment
who resigned last week, the "Tageblatt" announces.
of $5,829,000 of gold, this amount representing the balance
PROHIBITION BY SWEDEN OF IMPORTATION AND of the sum, which in June 1917 had totaled $52,500,000,
which had been ear-marked at the Ottawa Agency by the
EXPORTATION OF RUBLES.
of England for the twelve Federal Reserve banks.
Bank
Otto Praeger, Second Assistant Postmaster-General,
makes the following announcement concerning the prohi- The amount had been reduced to the balance of $5,829,000
since August last year. Of this shipment $2,010,961 was
bition of ruble imports and exports by Sweden:
for the account of the local Reserve bank, which passed the
Washington, April 4 1919.
This Department has been advised that ruble bank notes are prohibited balance to the other Reserve institutions through the gold
Importation into, exportation from and transit through, Sweden.
settlement fund.
Postmasters will cause due notice of the foregoing to be taken at their
offices.
NEW FOREIGN EXCHANGE REGULATIONS AFFECTING LITHUANIA AND LATVIA.
Fred I. Kent, Director Division of Foreign Exchange of
BOND ISSUE FLOATED BY REPUBLIC OF CZECHOthe Federal Reserve Board, issued an announcement on
SLOVAKIA.
S. Popper of the Czecho-Slovak-American Trade Bureau April 16, saying:
is hereby given that dealers, as defined under the Executive Order
of this city, is quoted as follows in "Financial America" ofNotice
the President of Jan. 26 1918, until otherwise instructed, may make
of April 11:
transfers of funds to persons not enemies or allies of enemies resident in
OTTO PRAEGER, Second Assistant Postmaster-General,
The newly formed Republic of Czecho-Slovakia floated a bond issue on Lithuania and Latvia.
Feb. 28 equivalent to $750,000,000, which was oversubscribed nearly four
times, thus proving conclusively how kindly these 31,000,000 people,
GOVERNING COMMITTEE OF NEW YORK STOCK
forming the new republic, took to a democratic form of government.
The bond issue was in denominations equal to $10, $15, $20 and $25 in
EXCHANGE APPROVES FIDELITY INSURANCE
American money, for ten years, at 4 %. A currency system has already
PLAN.
been established and passed by the National Assembly and the intent is to
A plan for the formation of p, mutual fidelity insurance
proceed along the lines which, ultimately, will make their infant republic
as strong and secure as any other. Financially they are sound and in a company for the writing of fidelity insurance required in
position to pay cash for all imports which are sorely needed. There being
been approved in the following resolution
especially a demand for hides and leather of all kinds, wood-working and brokers' offices has
paper-making machinery,steel-plate,canned goods,soaps, brushes, colored adopted at a meeting of the Governing Committee of the
stones and tools of all descriptions, they naturally look to America to re- New York Stock Exchange on April 9:
plenish them with these and other products.
Resolved, That the formation of a fidelity insurance company by members
With the internationalization of the port of Danzig in the Baltic and the
approval of the Governing Committee.
anticipated neutralization of the port of Fiume on the Adriatic, this central of Stock Exchange firms has the
republic will have an outlet on both the north and south which will stimuThe plan was recommended in a report of a committee
late exports and imports. It is planned by the newly established bureau
of the Association of Partners of Stock Exchange Firms and
in this city to promote the sale of American goods in the new republic in
a novel but very practical way. They will publish a quarterly trade journal was:endorsed by representatives of Stock Exchange houses
APR. 19 1919.]
THE CHRONICLE
s.
at a meeting last month. It is understood that the proposed
company will be organized with a capital of $1,000,000; the
subscription by any one house is, it is said, to be limited to
$25,000, and the 'limit of insurance any house may carry
will be $100,000.
i561
amendment, nevertheless paper up to 20%, representing
loans to a single borrower may be rediscounted when the
entire amount is secured by the Government obligations.
FEDERAL RESERVE BOARD ON POWERS OF MEMBER
BANKS AS TO DOMESTIC ACCEPTANCES.
ROBERT L. OWEN ON CURRENCY INFLATION
In
indicating
in the Federal Reserve "Bulletin" for March
ABROAD.
the powers of member banks to deal in domestic accepBesides issuing a warning against currency inflation by
tances, the Reserve Board says:
European countries, Robert L. Owen, Chairman of the
DOMESTIC ACCEPTANCES—SECURITY AND LIMITATIO
NS.
Senate Banking and Currency Committee, in a statement
It appears that some confusion of thought exists in the
minds of certain
given out on April 6, urged the making of an international officers
of Federal Reserve banks and member banks as to the
Board's
agreement regulating the per capita circulation of money interpretation of those provisions of Section 13 of the Federal Reserve
Act
which relate (1) to the power of member banks to accept
among the nations of the world. Senator Owen, who went domestic
drafts drawn in
transactions;(2) to the eligibility for rediscount by Federal Reserve
abroad on Dec. 10 to undertake a study of banking condi- banks of member bank acceptances.
It is understood that the provisions in question have been
tions to enable him to gather data in support of his bill for
interpreted by
the Board in various rulings, as follows:
the establishment of a Federal Reserve Foreign Exchange Power
of Member Banks to Accept Drafts Drawn in Domestic
Transactions.
Bank, returned to the United States on Feb. 17. In his
Subject to the limitations prescribed by the Act,
member banks are
authorized—
statement of the 6th inst. he said:
Europe has not ob,erved the lesson which Was taught the people of
the United States by the Civil War, and is no longer on a true gold basis.
Great Britain, although on a nominal gold basis, does not, in fact, exchange
its notes for gold, and is still expanding the note issue.
In Japan the currency is about $10 per capita, in the United States
about 357, and in France $150. Thus, a Japanese workman, for a day's
labor in quality and quantity the same, would get but one-fifteenth as
much gold as a French laborer, would get, and about one-sixth as much
as an American laborer. Japan, therefore, can advantageously manufacture goods on a cheap gold basis and undersell the United States and France.
Issuing currency to pay Government debts without a gold cover, and
without keeping the notes freely exchangeable in gold, is a direct route
to economic financial injury. I assume, of course, that the French,
British and Italian statesmen will no longer permit this policy to Continue, but will issue bonds as time obligations, take up these current
obligations and reduce their currency to a per capita similar to the per
capita of other nations with whom they exchange commodities. A high
per capita circulation means high cost of production and high-priced
goods, and impaired exchange of commodities.
An international agreement should be established by which the per
capita circulation of money between all nations would be more equitably
arranged, In order that commodities may flow freely from one to the other.
It is of the highest importance that commodities should flow equitably
and freely from one country to another, so that nations may pay for
commodities with commodities produced at the same comparative level of
cost.
France cannot compete with the United States in foreign commerce on
equal terms if France has three times the per capita circulation of the
United States, and Japan will successfully compete with other nations so
long as her per capita circulation is much lower than the per capita circulation of other nations.
(a) To accept drafts or bills of exchange which grow
out of transactions
involving the domestic shipments of goods, provided
shipping documents
conveying or securing title are attached at the time of
acceptance.
RULING OF FEDERAL RESERVE BOARD ON BANKERS'
ACCEPTANCES AGAINST OPEN ACCOUNTS OF
FOREIGN PURCHASERS.
The Federal Reserve Board announces a ruling by the
General Counsel of the Board to the effect that national
banks cannot accept drafts for the purpose of enabling domestic concerns to extend credits on open account to foreign
purchasers. The opinion is set out as follows in the March
number of the Federal Reserve "Bulletin:"
An opinion has been asked on the folloing statement of facts:
"We should like to have your opinion and advice as to a certain
method
of financing export business, which has been proposed
good customers, who are of unquestioned standing. to us by one of our
"The company in question finds that competition, particularly
with
European sellers, is compelling them to refrain from drawing
drafts, either
sight or time, against shipments to certain big
buyers abroad. These
buyers insist on having goods sent to them on open
account, and as the
terms are frequently as long as 90 days, or even 4 months,
it means that for
a South American shipment a delay of 6 or
.7 months can easily elapse from
time of shipments from New York to receipt
of proceeds in New York,
even when the bill is paid without extension of
original terms. To help
him finance such a class of businessm, he proposes
that at regular intervals (to illustrate, once a week) he will exhibit duplicate
invoices and
duplicate documents, showing shipments actually made
during the past
week, and ask us to accept his time draft on us,
90 days, with privilege
of one or two renewals, if necessary, to aid him infor
carrying the load on these
exports until returns are received."
The question to be determined is whether drafts drawn under
the foregoing circmstances may be treated as growing out of a transaction
involving the importation or exportation of goods?
Although it is clear that there has been an exportation of goods,
it does
not appear that the drafts in question can be said to have grown
out of
the transaction which involved the exportation, within the meaning of
the act.
- As previously pointed out the language used in the act is broad enough
to vest in the Board a wide discretion to determine how remotely
or how
directly the drafts drawn must be connected with the transaction involving
the exportation. Considering the general purposes of the act, however,
it is clearly contemplated that these credits were to be opened
for the
purpose of facilitating international commerce; that is to say,
to enable
the parties to the transaction actually to export and sell the goods.
It was
hardly the intention of Congress to authorize member banks to
exercise
this power for the purpose of enabling domestic concerns to extend
credits
on open account to foreign purchasers. In the opinion of this office
the
approval of this credit would require a forced construction of the
provisions
of Section 13 of the Federal Reserve Act.
Jan. 29 1919.
EXECUTIVE ORGANIZATION OF AMERICAN ACCEPTANCE COUNCIL COMPLETED.
At a meeting of the Executive Committee of the American
Acceptance Council, held in the assembly room of the
Merchants' Association on April 14, with Paul M. Warburg,
Chairman, presiding, the executive organization of the
Council was completed. Arthur Reynolds, Vice-President
of the Continental Commercial National Bank of Chicago,
was elected Vice-President; Jerome Thralls, Secretary-Treasurer of the Discount Corporation of New York, Secretary of
the Council, and Percy H. Johnston, Vice-President of the
Chemical National Bank of New York, Treasurer. Daniel
G. Wing, President of the First National Bank of Boston,
was elected First Vice-Chairman of the Executive Committee, and Fred I. Kent, Vice-President of the Bankers
Trust Co., Second Vice-Chairman. The composition of the LEOPOLD FREDERICK IN SUPPORT OF INVESTMENT
TRUSTS.
Executive Committee of 36 members was completed by the
A statement, in which he supports the proposal of Paul M.
election of Willian N. Nones, President of the Norma Co. of
America, New York; Archibald Kains,President of the Amer- Warburg for the creation of investment trust companies,
ican Foreign Banking Corporation, and D.F. Kelly, of Man- was issued this week by Leopold Fredrick, Director and
del Bros., Chicago. William A. Law, President of the First Treasurer of the American Smelting & Refining Co. Mr.
National Bank of Philadelphia, and John H. Fulton, Execu- Frederick's statement made public April 16 says in part:
With the slowing down of industrial activity in the United
tive Manager of the National City Bank of New York, were
States, the
managers of the plants whose capacity had been so enormously enlarged
added to the Committee on Policy and Operation. Leopold during
the war, are beginning to turn to the field of foreign trade in order
Frederick, Treasurer of the American Smelting & Refining to find an outlet for their products. On the other hand, foreign
nations
Co., was made a member of the permanent Committee on especially those that had to bear the brunt of the terrible conflict of Europe,
are
looking
United
the
anxiously
to
States
for
help
in
their
reconstruction
Organization. Following the meeting a dinner conference problems.
They need cotton, copper, steel, machinery and many other
was held at the Waldorf-Astoria.
of our products. They lack, however, the ready cash and credit to pay
FEDERAL RESERVE BOARD'S RULING AS TO
REDISCOUNTING.
The Federal Reserve Board ruled on April 16 that under
the recent amendment to the Reserve Act, Federal Reserve
banks may rediscount until Dec. 31 1920 for national or
State member banks up to 20% of capital and surplus paper
representing loans to any single borrower from the member
bank, providing the excess above 10% is secured by a like
face amount of Liberty bonds or certificates of indebtedness.
The ruling, of special importance to State banks, provides
that if a State institution has extended credit in the regular
line of business above the 10% limit prevailing before the
for their purchases.
It has been suggested several times during the past few months that
there should be established in the United States Investment trusts, which
institutions would be great factors in the education of the American
investor to the value of foreign securities. Mr. Paul M. Warburg, in
an
admirable speech brought up this question at the last meeting of the Council
on Foreign Relations, suggesting, however, that we should not go ahead
with the establishment of such an investment trust until the Government
financing and the railroad securities situation were satisfactorily solved.
I believe that the absorption of the greater proportion of the new
Victory
Loan will have been accomplished by the spring of the coming year.
The
railroad securities, however, will require a number of years before they
are
back to their pre-war level. This can only be accomplished by judicious
legislation and lower interest rates.
. Europe, Central and South America and other countries, cannot
wait
that long and it will be advisable to begin the study of the question of
investment trusts in this country at once. The investment trusts under
discussion are nothing else than holding companies for foreign securities.
The English, with their great ramifications all over the world, formed
the
THE CHRONICLE
1562
[VOL. 108.
Aga_
first of such organizations in the 70's of the last century and a number of to $4,500,000,000 "except as it may be necessary to increase
them are paying large dividends. Belgium. Germany and Switzerland or decrease to facilitate allotment." The amount fixed by
followed suit about twenty years later. The last-named country especially,
less than was expected, reon account of its neutral character, is the home of a ntunber of these cor- by the Secretary is considerably
Porations, which were established by groups of international bankers. ports having been current that it was likely to be in the
In France, where politics and finance have always been clbsely interwoven, neighborhood of $6,000,000,000.
The loan will take the
the investment trust idea has not made any marked headway. No foreign
4% three-four-year convertible gold notes of the
loan can be floated there without the sanction of the Government. The form of 43
banks have always preferred to sell direct to the big and to the small United States, exempt from State and local taxes, except
Investor. The result5 were not always gratifying, as the unhappy possessors
estate and inheritance taxes, and from normal Federal
of Russian securities, amounting to billions of francs, can testify.
These investment trusts work on the insurance company plan, selecting income tax. They will be convertible at the option of the
securities from all parts of the world. The Investment Trust Corporation, holder throughout their life into 33
4% three-four-year conLtd., of London, for instance, shows in its statement for 1917 not less than
exempt from all Federal,
States,
United
the
of
notes
vertible
Ltd..
Trust,
Investment
Edinburgh
Second
the
investments,
kinds
of
315
of Edinburgh, Scotland, 238, and the Metropolitan Trust Co., Ltd., of State, and local taxes, except estate and inheritance taxes.
London, 220. These investments include foreign Government issues, In like manner, says the announcement of Secretary Glass,
municipal loans, mortgage bonds, preferred and common shares in railroads,
4% notes.
the 334% notes will be convertible into 43
public utilities, banking commercial and industrial corporations.
The following is the announcement made by Secretary
The Continental investment companies show a less large variety in the
class of their investments. They have adopted the specialization method, Glass on April 13:
of which the Trust for Metal Securities in Basle, Switzerland, the Trust
The Victory Liberty Loan, which will be offered for popular subscription
for Rubber Securities in Antwerp, Belgium, and the Trust for Electric 1
on April 21, will take the form of 434% three-four-year convertible gold
Enterprises in Berlin, are examples. These had given satisfactory results notes of the United States, exempt from State and local taxes, except estate
up to 1913, the last year for which data is available.
and inheritance taxes and from normal Federal income tax. The notes
These investment trusts not only are purchasers of securities, but also
will be convertible at the option of the holder throughout their life into
are members of underwriting syndicates, which, in many cases, yield 334% three-four-year convertible notes of the United States exempt from
handsome profits. The great diversification in their holdings acts as a
all Federal, State and local taxes except estate and inheritance taxes. In
strong safeguard. Besides, most of these corporations are by their by-laws
like manner, the 384% notes will be convertible into 434% notes.
prevented from investing more than 5% of the combined share and bond
The amount of the issue will be $4,500,000,000, which with the docapital in one particular kind of security.
ferred installments of income and profits taxes payable in respect of last
It requires many months to organize such investment trusts, and,
year's income and profits during the period covered by the maturity date
naturally, those that are established in the United States will have to be
the Treasury certificates of indebtedness now outstanding, will fully
on a larger scale than the ones in Europe. A beginning should be made by of
provide for the retirement of such certificates. The issue will be limited
establishing a company, say, with a capital of from $50,000,000 to $100,to $4,500,000.000, except as it may be necessary to increase or decrease
000,000, to be paid in gradually, according to requirements. After it is
the amount to facilitate allotment. Oversubscriptions will be rejected and
found that the share capital becomes insufficient, a bond issue will have
allotments made on a graduated scale similar in its general plan to that
to be arranged.
adopted in connection with the First Liberty Loan. Allotment will be
There are quoted on the London, Paris, Brussels, Antwerp, Valparaiso,
made in full on subscriptions up to and including $10,000.
Chile, and other stock exchanges a very largo number of old-seasoned
The notes of both series will be dated and bear interest from May 20
securities—Government, municipal, mortgage bonds and industrial shares—
and will mature on May 20 1923.* Interest will be payable on Dec.
which have stood the test for many years and which can be acquired under 1919, and thereafter semi-annually on June 15 and Dec. 15 and at ma1919
favorable conditions. The sellers of these securities will have to agree to 15
turity. All or any of the notes may be redeemed before maturity, at the
use the equivalent in purchasing material and supplies produced in the
option of the United States, on Juno 15 or Dec. 15 1922 at par and accrued
specialize,
not
should
trust
company
This
investment
States.
United
on the theory that, if out of, say, 300 different kinds of investments, 10 interest.
In fixing the terms of the issue the Treasury has been guided largely by
do not turn out profitable, the remaining 290 will more than make good
desire to devise a security which will not only prove attractive to the
the deficiency. Of course, it is vital that these investment trusts should the
of the country in the first instance, but the terms of which should
be under the management of internationally trained financial exports and people
insure a good market for the notes after the campaign is over and identical
under the authority of a board of directors who will "actually" direct.
two series, and should not affect injuriously the market for
In order to accomplish the latter results, I would suggest the Continental prices for the
existing bonds of the Liberty loans.
methods, which consists in apportioning from the net profits, first, a the
This will be the last Liberty Loan. Although, as the remaining war bills
certain amount to surplus; second, say, 5% as interest to the shareholders;
further borrowing must be done, I anticipate that the rethird, from 5% to 10% to be paid to the directors; fourth, from 5% to 10% are presented,
of the Government, in excess of the amount of taxes and other
to be paid to the employees; and, fifth, the remainder to be distributed as quirements
in view of the decreasing scale of expenditure, be readily
extra dividends among the shareholders. This would give the directors a Income, can, issue of Treasury certificates from time to time as heretothe
greater monetary incentive to take an interest in the affairs of the com- financed by
may be ultimately refunded by the issue of notes or bonds
pany. The present American method, of paying a $10 to $20 fee, is hardly fore, which
the aid of another great popular campaign such as has characterconducive to getting busy men of large affairs to attend directors' meetings. without
Liberty loans.
After the tremendous activities during the period of the European War, ized the
I am sure tha.t the people of America will subscribe to this Victory Loan
the money rates are certain to come down and I would not be surprised
spirit of patriotism which they have shown in the past, to the
same
the
in
if in a few years, we may have conditions approaching those that °existed
may be as widely distributed as possible, and that our
In London in 1895. At that time, three months' bills could only be dis- end that the notes
institutions may be left free to supply the credit necessary for the
counted at a rate of I% per annum or below and many of the bankers re- banking
industry and commerce and the full employment of labor. Lot
fused to do business, as it was not, Worth the trouble taking the risk for purposes of
the patriots of America, out of their boundless resources
the sake of earning less than one-quarter of I% for the money invested the world see that
and with the same enthusiasm and devotion to the country with which
during the ninety days.
a victorious conclusion, are determined to finish
When this situation arises in the United States, the investment trusts they prosecuted the war to
established here ought to be able to yield handsome profits, as the foreign the job.
The Liberty Loan Committee of the Federal Reserve
securities in their possession will bear very high rates of interest, and, after
a time, the economical condition of the countries originating them will District of New York on April 14 said:
improve. Foreign exchanges on these countries will be rising and will
The official application blank prepared by Washington makes the quesgive an opportunity to resell such securities at a large profit. This con- tion of subscribing to Victory notes a simple and easy one. While the
Sweden
and
Norway
dition had been observed in 1917, when Switzerland,
Victory note issue provides for two sorts of notes, the application blank
became very prosperous and repurchased before maturity practically all gives the purchaser the facilities for asking for the delivery of either one
the notes placed by them eighteen months before in Now York.
of the notes, but in case the subscriber does not state a preference the 434%
notes will be delivered. Of course under the terms of the issue the 434s
ALLOTMENTS OF WAR FINANCE CORPORATION
may be exchanged at any time during the life of the issue for the 334 tax
exempt notes.
BONDS.
In other words, while two sorts of notes are offered, the selling arrangeThe final total allotments of the $200,000,000 of bonds ments
are such, and easy convertibility is so great, that to all intents and
offered by the War Finance Corporation were announced as purposes it is just the same as if the Government were selling just one kind
of note.
follows by the Corporation on April 12:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Total
$26,951,000
85,748,000
9.241,000
19,548,000
3,545.000
1,801,000
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$29,321.000
4,247,000
5,752,000
2,863,000
658,000
10,325,000
$200,000,000
Concerning its subscription and allotment the New York
Federal Reserve Bank in a statement issued on April 14 said:
The Federal Reserve Bank of New York as fiscal agent of the War
Finance Corporation stated to-day that of the total aggregate of $200.000,000 War Finance Corporation Series "A" 5% gold bonds subscribed in
full throughout the country, the sum of $85,748,000 (over 42% of the total)
has been subscribed and allotted in full in the Second Federal Reserve DLstrcti. The subscription books are now closed.
We also give the following from Washington press dispatches April 14:
Subscriptions will be received during the Victory Liberty Loan campaign
for the wholly tax-exempt notes bearing 334% interest, which the Treasury
will issue as alternatives to the 4%% securities with partial tax exemption.
Emphasis will be laid by solicitors on the 44% notes, and an effort will be
made to round up the bulk of subscriptions to these securities, which may
be converted at any time into the 3%% notes.
A limited amount df the 44% notes will be available for outright sale,
but the Treasury is not sure that all demands for cash purchases can be
filled.
Federal Reserve District loan quotas by percentages and
amounts were announced on April 14 as follows:
•
Amount.
%
30 $1,350,000,000 Richmond
New York
652,500,000 St. Louis
14M
Chicago
450,000,000 Kansas City__ 10
Cleveland
375,000,000 Minneapolis__
834
Boston
375,000,000 Atlanta
Philadelphia -_- 8
301,500,000 Dallas
San Francisco__ 6.7
Amount.
4 2-3 $210,000,000
4 1-3 195,000,000
195.000.000
43
157,500,000
3%
144,000.000
3.2
04,500,000
2.1
The subscriptions to the bonds closed on April 9. As
heretofore indicated, the bonds, which are the first to be
offered by the corporation, run for one year from April 1
1919. The details were given in our issue of April 5, page
It will be recalled that on March 28 Secretary Glass made
1342.
known that the payments for• the Victory Liberty Loan
might be extended over a period of six months, from May 10
DETAILS OF VICTORY LIBERTY LOAN.
duo with applicaThe details of the proposed Victory Liberty Loan, the to Nov. 11, 10% of subscriptions will be
or before July 15
campaign for which will start on Monday next, April 21, tion on or before May 10, another 10% on
each
on or before
20%
of
installments
subsequent
four
and
Glass
of
Carter
the
Treasury
were announced by Secretary
Accrued interest on
on April 13. The issue will be limited, says Secretary Glass Aug. 12, Sept. 9, Oct. 7 and Nov. 11.
APR. 19 1919.1
THE CHRONICLE
deferred installments will be due with the last payment.
Payment in full may be made May 20, if desired, the 10%
with application having been paid prior to May 10. Payment also can be completed on any installment date with
accrued interest. Associated Press dispatches from Washington April 13 had the following to say regarding the forthcoming loan:
The coming loan is to be the only one since the first on which oversubscriptions have not been accepted in whole or in part. Compared with
the $6,993,073,000 subscriptions of the Fourth Loan, the aggregate of the
Victory issue will be nearly $2,500,000,000 less.
Already $5,355,000,000 certificates of indebtedness have been issued,
including the current issue, in anticipation of the Victory Loan, but
$600.000,000 of these have been called in for immediate redemption.
There will remain outstanding $200,000,000 more certificates than the
proceeds of the Victory Loan, to be met from tax receipts or from proceeds
from future issues of certificates.
Terms of the Victory issue may be compared with the following terms
of past issues:
First Loan, $2,000,000,000,
%, tax-exempt, maturity 30 years.
Second Loan, $3,000,000,000 offered, $4,617,000,000 subscribed,
$3,808,000,000 accepted 4%, partially tax-exempt, maturity 25 years.
Third Loan, $3,000.000,000 offered, $4,176,000,000 subscribed and
accepted, 44%, partially tax-exempt, maturity 10 years.
Fourth Loan, $6,000,000,000 offered $6,993,000,000 subscribed and
accepted, 434%. partially tax-exempt, with special conditional exemptions
for past issues, maturing 20 years.
1563
ple. I decline to consider it from that angle, because of my reliance not
only upon the patriotism but the sense of duty and good sense of the
American people. To those who persisted in that attitude I have said
"I would like you to understand what real sacrifice means," when people
tell me about the sacrifices that we have made in this war.
A world is to be rebuilt, and should we stand hesitatingly by and timidly
pause to inquire who shall rebuild it? Who is there to rebuild it but this
great, strong, God-blessed nation of ours? We should not hesitate for
one moment. We should go vorward at once. Just as our American
boys Illustrated the heroism and valor of this nation, upon the battlefield,
so American business men and American women should illustrate the
patriotism of peace in a different way and will do it.
We should not be deterred or discouraged by what people call impossibilities. Ever since I took the oath of office as Secretary of the Treasury I have been told more concerning impossibilities than about any
other problem with which I have had to deal. I get a little impatient
with the impression that the American people shall requite the goodness of
God by looking upon this Victory Loan in cold blood and upon a commercial basis. It is higher in consideration than that; it has something
of the righteousness about it and we ought to requite the goodness of God
in a better way than by its consideration from a commercial point of
view and time.
GOVERNOR STRONG ON VICTORY LIBERTY LOAN.
At last Tuesday night's Victory Liberty Loan rally at the
Metropolitan Opera House, Benjamin Strong, Governor of
the Federal Reserve Bank of New York,in urging his hearers
to bend every effort to making the loan a success, pointed
With regard to the announcement of Secretary Glass, the out that "we emerge from the war with our vast industrial,
commercial and transportation machinery not only unim"Wall Street Journal" of April 15 said:
Secretary Glass's announcement regarding the Victory Liberty Loan was paired, but in many respects vastly strengthened." Conrather ambiguous, inasmuch as it conveyed the impression in some quar- tinuing, he said in part:
The nation's supplies of raw materials and food products are still inters that there was ostensibly one class of obligations offered, namely,
44% taxable as to surtaxes and excess and war profits taxes, but that the exhaustible.
entirely
34s,
tax-free.
In
Our power of production is not only not reduced, but rather increased'
notes could be converted subsequently into
other words, some people think that they can only subscribe in the first and the productive energies of the nation, under the stimulus of war necessity have been developed to a point beyond anything heretofore known.
place to 44% notes.
.
.
.
.
.
.
.
.
.
.
This is not the case. It can be stated emphatically that subscribers
.
.
In contrast with our own good fortune, we see a large part of the world
will have the option of taking either 44% notes or 34% notes, right at
they
Blanks
are
to
be
issued
on
which
with
karbscription.
raw
materials
exhausted,
stocks of food, manufactured goods and
the inception of their
even the machinery for their production greatly reduced and impaired.
can designate their preference.
And the need for things which this country is capable of producing
There are, therefore, two classes of obligations offered in the forthcoming
greater than ever before in history.
Victory Liberty Loan.
434%
I would not suggest that we are justified in attempts to add to our wealth
The selling campaign, however, is to be made primiarly on the
issue, as this will be the obligation which will appeal most to the rank at the expense of those who have suffered disasters which we have so forand file of investors. For that reason a certain number of the 44% tunately escaped.
But the commercial activities of the nation may be directed towards
definitive notes will be on hand for sale and distribution. As the 34%
notes will appeal more particularly to the large investors there is not the furnishing those things which Europe needs with courage and without
same urgency as regards supplying these definitive notes at once. The apology.
Their need for our goods is urgent, must be satisfied, and satisfied
larger subscribers to the 34%s will probably pay under the Government's
installment plan, so that there will be plenty of time to deliver the definitive promptly if the world is to be restored to its former balance of production
accrued
installment
falls
due,
with
interest,
on
last
and
trade, and to conditions of peace and contentinent.
the
for
34% notes be
. .
.
.
.
.
.
.
.
.
.
.
Nov. 11.
In this district bonds of the four previous issues have been sold by this
organization aggregating $5,000,000,000.
The actual selling cost which we have called upon the Government to
ADDRESS IN NEW YORK OF SECRETARY OF THE
pay has been 1-10th of 1% of the amount sold.
TREASURY GLASS' IN SUPPORT OF VICTORY
Nor must this alone be taken as an exhibition of all that has been done.
LIBERTY LOAN.
The Government has required large temporary advances from time to
An appeal in behalf of the Victory Liberty Loan was made time during all the period of the war.
And to provide for these there have been sold in this district Treasury
by Secretary of the Treasury Carter Glass at a pre-loan certificates
of indebtedness, running for periods of less than a year, aggrerally in the Metropolitan Opera House last Tuesday night gating $8,500,000,000.
I can hardly expect you to believe me when I say that the total selling
(April 15). Benjamin Strong, Governor of the Federal
to the Government has been only $25,000.
Reserve Bank of New York, presided at the meeting at cost
And these transactions have been conducted by the organizations of
which Rear Admiral William Snowden Sims, who was in• which you are members.
This record can be maintained in the next loan, provided only that the
command of the Atlantic Squadron, was also a speaker. In
task be undertaken in the same spirit of patriotism and of unselfish effort
urging that support be given the loan, Secretary Glass said that has heretofore characterized your work.
An impression seems to have developed in some quarters that this loan
in part:
I want to appeal to you to-night not to rely solely upon the banks to take is a bank loan. That the notes will be taken largely by banks. And that
efforts
to distribute them to investors are, therefore, not quite so necessary
this loan, nor largely upon the banks to take this loan, because just in
measure, just to the extent that the banks absorb this loan and clutter up as heretofore.
•
•
•
.
.
.
.
.
.
.
.
their portfolios with investment securities, just to that extent will be imThere are four principal objections to leaving it to the banks to subscribe
paired the ability of the banks to meet the demands of current commerce
Loan:
to the Victory Liberty
and industry.
First—If it is indicated that the banks are expected to take the loan, a
What you want to do is to give a wide distribution of this loan to the
people of the United States. You want to do that in order to inculcate corresponding relaxation in effort will result throughout the Liberty Loan
the lesson of saving and thrift. You want to do it in order to impress upon Organization and interfere with good distribution.
Second—Sales of the Government's bonds to banks result in direct
the people of the United States the importance of being stockholders in
their own Government. You want to do it because, in my belief, the expansion, that is to say, the bank acquires an investment which increases
surest way to shoot Bolshevism down is to let the people of this country its assets and creates a deposit offsetting it.
Which remains as an expansion of the banking position until the bank
have a material interest in the Government.
We call this a Victory Loan, and it is that; but I think it might have as either sells the bond to an investor. When both the investment and deposit accounts of the bank are reduced, or until the Government actually
well been called a Thanksgiving Loan.
Frequently I have been appealed to to make this Victory Liberty Loan collects taxes and pays off the bond.
This is a form of inflation which raises prices and, at the same time,
attractive. Well, I have made it attractive. I have made it so attractive
that I now have misgivings about the wisdom of my action, when I find Imposes a heavier burden upon the reserve system than would arise if loans
a great Metropolitan journal in New York criticising the Secretary of the were purchased by investors..
Third—To some extent, investments in the notes by banks make it
Treasury for making it too attractive.
But this loan was made attractive to the American people before the necessary for the banks to borrow money from the Reserve banks. And.
terms
the
as banks do not like to owe borrowed money, it makes them
were
consequently,
and
fixed
made
atwas
on this loan. It
interest rate
tractive to me personally just as it was made attractive to millions of less willing to accommodation to their regular customers for industrial,
other American voters; because when the armistice was signed, I had commercial or agricultural purposes. Thereby some curtailment of the
two boys on the firing line, and I but voice the sentiment of millions of accommodation required by the country's business may result.
Fourth—When a bank subscribes for the notes the only way in which
fathers and mothers in this country when I say that they would have put
this loan over at a less rate of interest or at any rate of interest in thanks- the account can be liquidated is for the bank to sell the notes. Commercial
giving for the goodness of God, and I bid you Liberty Loan workers to banks are not investment institutions. And, consequently, some day it
be of good cheer; for aside from the commercial, the financial, or invest- may be expected that they will be sellers of the notes for which they subment attractiveness of this loan, you will not appeal to the patriotism scribe. Of course, this is not true of savings banks and strictly investment
institutions. On the other hand, where an individual subscribes, even
and good sense of the American people in vain.
I have found that feeling and that sentiment wherever I have gone though he borrows money to do so, he is under strong pressure to practice
and
country;
when
people tell me that patriotism is laid economy, save and pay off his loan, thereby providing automatically a
throughout this
aside and that you can no longer appeal to the finer feeling of the American reduction in the bank loan and deposit accounts. Subscriptions by investors, therefore, protect the market for the bonds better than subscrippeople, I tell them they know not what they say.
When people tell you of the difficulties of placing this Victory, this tions by banks. But of even greater importance than this—We must not
but
incite
will
the
genius of you Liberty Loan abandon the great principle upon which all of our loans have been placed,—
Thanksgiving Loan, it
workers, and you will go over the top even easier than you think you are which is, that they are popular loans, and that a wide distribution of the
going over the top. I may have put the loan on a commercial basis, that Government's bonds among all classes of people makes better and more
I do not undertake to say; but this I do undertake to say, that it does not loyal citizens.
require a commercial loan to excite the patriotism of the American peo-
1564
THE CHRONICLE
[VOL. 108.
of the National
The nation has incurred a debt of honor. The bills which are now to be of the Corn Exchange Bank; J. H. Fulton, Vice-President District Bank
Reserve
paid represent the money spent so lavishly and upon such a large scale City. Bank; Pierre Jay, Chairman Second Federal
National
Metals
and
of
Mechanics
the
President
of
the
W.
McGarrah,
morale
Gates
that it was one of the determining factors in destroying the
Tilney, ViceGerman nation. It is our responsibility, as a part of the Government, to Bank; Mortimer L. Schiff, of Kuhn, Loeb & Co.; Albert
of
Treasurer
see that those bills are paid. And in part the money will be expended in President of the Bankers Trust Co.; Martin Vogel, Assistant
the Central Union
bringing home a victorious army. You have observed the announcement the United States; and James M. Wallace, President of
of the Government Loan Organizathat this is the last great Liberty Loan drive, and our work, therefore, is Trust Co.; A. M. Anderson, Director
Government Loan Orabout concluded. We must finish it, thinking not of this transaction alone, ions, and Guy Emerson, Vice-Director of the
but of our entire record. We propose, and you propose, that that record ganization.
shall not be marred by any failure.
VICTORY
A dinner at which were discussed plans for the disposal of
the bonds of the Victory Liberty Loan was held at the Hotel
Plaza on the 11th inst. Governor Strong of the Federal
Reserve Bank of New York and Dwight Morrow,of J. P.
Morgan & Co., addressed the gathering. In part Governor
Strong said:
I think if I were to endeavor to impress one thought upon the members
of this organization, one principle, in which this work must now be undertaken, It would have no relation whatever to the terms of the loan or to the
sacrifice that it may impose upon you to give the time and the effort that
is necessary to the selling of it. I believe that we should undertake this
next effort in a spirit of the utmost thanksgiving. It's a very small price
that this country has paid to win the war, compared with what we might
have paid if it hadn't been won so promptly, and this last bill is the bill
that we are paying to win the war without that terrible last sacrifice
that France and England and Belgium had to make.
NEW YORK BANKERS ON TERMS OF NEW
LIBERTY LOAN.
Favorable comment was expressed by bankers here last
Monday on the terms of the coming Victory Liberty Loan.
The fact that the amount, $4,500,000,000, was far below
that expected, and the attractive rates offered, banking men
said, makes the offering one of the most ideal investments
yet brought before the public. The interchangeability of
the conversion privilege of the 4% and the 33 notes was
regarded as an ideal way of stabilizing the future market of
the notes. J. S. Alexander, President of the National
Bank of Commerce, in New York, said:
The Secretary of the Treasury, in the exercise of the discretion vested
in him by the Congress, has fixed terms of the Victory Liberty Loan which
should prove satisfactory to all concerned. He has, over a period of many
weeks, sought the views of thoughtful and experienced men in every section
of the country, and has given careful consideration to the innumerable
GOVERNOR STRONG OUTLINES LOAN PLANS.
made to him.
Benjamin Strong, Governor of the Federal Reserve Bank suggestions
The terms as announced represent a sound judgment, based on a comof New York, this week sent the following telegram to all plete understanding of the many and varied conditions which required to
district chairmen throughout the Second Federal Reserve be considered.
The interests of both the Government and of investors have been proDistrict:
tected, and I predict enthusiastic and unremitting work on the part of
of
sale
for
provide
morning
this
announced
Loan
Terms of Victory
Victory Liberty Loan workers everywhere that this last loan may be a
an issue of four-year notes limited to the amount of four and a half billion great success. The notes are attractive investments, and it is hoped that
aoliars. No oversubscription will be accepted, the issue being limited to the number of subscribers may not be less than in the case of the prethe amount indicated, although it is stated by Secretary that applica- ceding loan.
tions for amounts of $10,000 or less will be allotted in full.
Walter E. Frew, President of the Corn Exchange Bank,
The notes are to be redeemable at par and interest at option of Treasury at end of three years, and are to bear 434% interest, free from State New York City, said:
and local taxes except estate and inheritance taxes, and also free from
The terms of the loan are such as will appeal to all classes of investors,
Federal normal income tax, so that under present tax laws notes will large and small. The amount, the rate and the interchangeability of the
yield as much to individuals liable to normal tax as corporation obliga- conversion privilege, to say nothing of the character of the security itself,
tions subject to normal tax yielding about 6.16%.
makes the loan, to my mind, one of the most ideal investments ever offered
The notes may be converted at option of owner throughout their life to the public.
interest
bearing
date
334%
redemption
and
into notes of same maturity
The amount asked for—considerably smaller than any of Us had exand wholly exempt from Federal, State and local taxes, except estate and pected, with the assurance that this will be the last Liberty Loan, is very
inheritnace taxes.
reassuring to all those now holding previous issues of Liberty bonds. It
These exemption privileges of 334% issue are same as those of First will not be long before the public will realize the importance of all these
are
notes
New
3.55%.
about
yield
now
which
Liberty Loan 3%% issue,
issues.
to be interconvertible between 434% issue and 34% issue during their
From a purely investment standpoint, to those liable to pay the normal
life.
Income
tax, the 434% notes are equivalent to the individual of a 5%
atmost
securities
new
these
The Liberty Loan Committee considers
Investment and to corporations paying 10% normal tax they are equivarely
can
it
that
sure
feels
and
buyers
of
types
all
for
investments
tractive
lent to an investment yielding 5%.
upon active work by committees to make certain the same widespread
The offering is most attractive and I believe the public will so consider it.
distribution of the new notes which was obtained in preceding loans and
Alerander J. Hemphill, Chairman of the Board of Direcissue.
this
of
success
the
to
which is equally essential
I urge you to call meeting of your committee at once as we hope to se- tors of the Guaranty Trust Co., said:
cure from them the same enthusiastic endorsement of terms of new loan
I am very agreeably surprised in the terms of the Victory Liberty Loan.
as has been given by the Central Committee, and a determination to which appear to be more favorable than we had been led to expect.
of
number
and
amount
both
in
g
sucecsa
overwhelmin
an
loan
make the
With the organization that has already been built up, it seems assured
subscribers.
that the loan will so appeal to our people that there will not be as much
Announcement of terms of loan a week before beginning of campaign difficulty in putting it over as was anticipated.
gives ample time for distributing general knowledge of the loan, and while
D. E. Pomeroy, Vice-President of the Bankers Trust
It is hoped that subscribers will go voluntarily to their banks during the
first few days of the campaign and file subscriptions without solicitation, Company, said:
the organization here believes that active canvassing should begin on the
The terms of the Victory Loan will unquestionably commend themselves
opening day in order to secure the widest possible distribution.
to the public and will grow in favor as they are understood by every one
Liberty
last
the
be
will
this
that
states
nt
announceme
The Secretary's
who has a dollar or can save a dollar for investment.
Loan. Let us make this last loan the crowning work of the organization
Secretary Glass has evidently been liberal to the investor and at the same
that has stood together for all these great operations on behalf of the Gov- time safeguarded the proper interests of the Government.
ernment.
From a patriotic standpoint, our armies have taken their objective and
held them. Largely to the civilian Yank falls the mopping-up process,
DISY.
RESERVE
N.
IN
EE
COMMITT
LOAN
LIBERTY
of keeping the Government Treasury in funds to meet its debts promptly
and keep its credit clean, and they will not be found wanting; it's not in
TRICT EXPECTS ENTHUSIASTIC RESPONSE TO
the blood.
LOAN ISSUE.
VICTORY
Secretary Glass's announcement concerning the Victory
Liberty Loan issue was received by private wire last Sunday
from Washington. The members of the Liberty Loan Committee held a meeting to discuss the statement and to prepare for the campaign, which opens the coming Monday.
After the meeting the Liberty Loan Committee authorized
the following statement:
Mortimer L. Schiff said on Monday:
The terms of the Victory Loan are such as to ensure complete success of
the offering. The American people have met every call which has been
made upon them, and would have done so in this instance even if the terms
of the new loan had been less attractive, but it is a groat encouragement
that a type of security should have been selected which is so advantageous
an investment for the savings of the people, irrespective whether they are
large or small. No one need hesitate to invest to the limit in the new notes,
and I look for a great popular response.
We must not be overconfident, however, and think that the task has
as
securing the
Liberty Loan Committee believes the terms of the Victory Loan,
way in become an easy one. Our efforts must be directed towards
announced to-day by the Secretary of the Treasury, are in every
largest possible distribution and this requires an intensive campaign and
of moderate
the best interests of the American people.
those
to
appeals
loan
The
buyer.
types securing of every possible
We believe the Victory notes are an attractive investment for all
and small means, as well as to those of larger incomes, and, with proper
billion
half
a
and
four
to
offering
the
of
limitation
the
Both
features, it should
of buyers.
the issuance presentation of the facts and of its many attractive
dollars and the short maturity afford the best assurance that
of the American people to
Government prove a fitting culmination of the contributions
of these securities should have a favorable effect upon the
gained.
have
we
and
allies
the victory which our
issues now outstanding.
Monday, April
The official opening of the campaign has been set for
source
a
It is
ASSOCIATION OF STATE BANKS OF THE STATE OF
21. The Liberty Loan Organization is ready for work.
are such as to
NEW YORK FELICITATES SECRETARY GLASS ON
of gratification to these workers that the securities offered
the wideinspire their enthusiastic and wholehearted efforts and insure
TERMS OF VICTORY LOAN.
feature of
spread popular distribution which has been such an important
Loan.
following telegram has been sent to Secretary of the
The
previous loans and is equally essential to the success of the Victory
feels
This is the last of the great war loan campaigns. The committee
by the Association of the State Banks
and enthusiastic Treasury Carter Glass
sure that the terms fixed will bring forth a tremendous
for the of the State of New York, commending the Secretary for
people
the
to
Government
the
of
appeal
this
to
response
popular
war.
his decision as to the terms of the Victory Liberty Loan, and
lending of funds to meet the obligations arising out of the
Those present at the meeting were:
pledging the co-operation of the Association in the campaign:
New York
April 14 1919, W. U.
Benjamin Strong, Governor of the Federal Reserve Bank of
•
James S. Alexander,
and Chairman of the Central Liberty Loan Committee;
Glass, Secretary of the Treasury, Washington, D. C.:
Carter
Hon.
ViceJr.,
F.
Baker,
George
Commerce;
York,
President of the National Bank of
On behalf of the Association of the State Banks of the State of Now
President of the First National Bank of New York; Thomas Cochran, representing and in close touch with all classes of depositors in cities,
Hanover National
nt
Vice-Preside
H.
Ferry,
B.
Co.;
&
this
of
Morgan
Association
P.
J.
Executive Committee
E.Frew,President villages and country districts. the
Bank; Allen B. Forbes, of Harris, Forbes & Co.; Walter
APR. 19 1919.]
THE CHRONICLE
1565
'
congratulates the country at larr,e on your decision as to the terms of Ulm
That high prices are caused largely by heavy demands rather than any
Loan.
Liberty
Victory
While, the rates of interest are loVime than those control aimed to stimulate production has recently been illustrated very
our Association most resPerAfully recommended, we are convinced after clearly in the case of hogs. When
the minimum price fixed for hogs was
more mature consideratliern that you are right. Your announcement lifts removed, the Food Administration predicted
that the prices might go still,
a cloud of apprehonsiszget that has hung over enterprise, gives business en- higher. The prediction
now
being
is
verified.
couragement at a tan° when encouragement is sorely needed, helps to
High prices will continue for a long time. Each day that brings final
stabilize values or.'ether bonds, in which, through our savings banks, the peace nearer
means a great call on this country for meat. The supply of
earnings of our 'ago earners are invested, insures the Government the meat is dependent
, first of all, on the supply of livestock. European herds,
hearty supPoVt'e willing investors rather than the enforced support under have been reduced by war. To that
extent world production of livestock
pressure of wiwilling investors, puts new spirit into our citizens and is crippled.
strenthena ttke Government credit by the issuance of securities'that will
Live stock on farms in the United States at the beginning of this year
need no artificial support in the market. Our Association pledges you exceeded the number
at the beginning of 1918 by 1,036,000 cattle, 4,213,000
hearty ter4operation.
hogs and 963,000 sheep.
ELLIOTT C. McDOUGAL, President.
But the armistice instead of having reduced the demand for meat, has
PAUL E. BONNER,Secretary and Treaurer.
given us more than 200,000,000 additional mouths to feed, either wholly
or in part.
Great numbers of meat animals have been dressed since the first of the
LIBERTY LOAN EXEMPTIONS.
year. Hogs are now coming into American markets in dwindling quantireminde
ties
and in lesser numbers than a year ago. Yet pork products must form
r that under the Victory Liberty Loan Act a
A
part of our exports. The price of hogs remains high.
'person may hold up to $20,000 bonds of the First Liberty a large
The brunt of meat export and production will be borne by the United
Loan converted, Second, Third and Fourth Loans with States, South America and Australia. Live
stock in Argentina has not,
interest received after Jan. 1 1919, exempt from surtaxes, increased as much as one could wish. Australian herds, hurt sometime
ago
drought,
by
are
now
being
replenish
ed.
Our own live stock has not
excess profits and war profit taxes, on condition that he increased commensu
rately with foreign needs.
holds at least one-third as many Victory Liberty Loan notes,
In countries where disorder is now raging, there is a tendency for peasants
was issued by the Treasury Department on April 16. This not to market their products. The whole situation for some time to come,
then,
probably will be one in which the demand for live stock and its
exemption continues during the life of the Victory notes. products
greatly exceeds the supply.
In addition, interest received after Jan. 1 1919 for five years
This means that live stock will continue to bring higher prices.
Cheap'
on a maximum of $30,000 First Liberty Loan converted bacon and cheap beef cannot be made from expensive hogs and costly
any more than live stock can be raised cheaply on high priced feed-Second, Third and Fourth Loan bonds, is exempt from sur- cattle,
stuffs with expensive labor.
taxes, excess profits and war profits taxes. This exemption
Low meat prices must wait until European production is in good swing
again.
Meanwhile American farmers and packers can only continue their
is in addition to previous exemptions and was made by the
strenuous efforts and full co-operation with Governmental agencies, to keep
Victory Liberty Loan Act. It is independent of subscrip- production at
the maximum and prices at the minimum possible.
tions to the Victory Loan.
NEW YORK BANKS TO CARRY VICTORY LIBERTY
LOAN NOTE SUBSCRIPTIONS AT 43
4%.
At a meeting of the Liberty Loan Committee of the New
York Federal Reserve District, held April 15, the Committee
decided to recommend to the banks of this Reserve District
that subscriptions to notes of the Victory Liberty Loan should
be carried at an interest rate of 4%% for a period of 90 days,
beginning with May 20, with one renewal for a like period,
at the same rate.
Commenting on this action, the "Wall Street Journal
" of
April 16 said:
STABILIZATION OF WAGES AND INDUSTRY BY.
PACKING INDUSTRY,
In a letter to Secretary of Labor Wilson the heads
of the
five leading packing companies in Chicago have
given
assurance to labor and the Government that there will
be
no reduction in wages in their plants for at least one
year
after the signing of the peace treaty. It is stated that this
action means that 200,000 workers, at present receiving
war-time wages, the highest paid in the history of the packing business, will continue to receive not less than the present scale during the critical first year of readjustment after
the peace treaty has been signed. Representatives of the
packing companies made the announcement after J.
Ogden
Armour of Armour & Co., Louis F. Swift of Swift
& Co:
Edward Morris of Morris & Co., Thomas E.
Wilson or
Wilson & Co. and E. A. Cudahy of Cudahy & Co.
had signed
the letter. The Chicago "Herald and Examiner" of
April 13states that the decision on the part of the packers
looking
toward the stabilization of wages and the
industry wasreached at a conference between representatives
of the employees and the heads of the packing concerns.
The action,
it is pointed out in the "Herald and Examine
r," continues
for the period indicated the wage scale as
awarded by Federal Judge Samuel Alschuler, that award
assuring the
employees.
Action of the banks in fixing
% as the rate they will charge borrowers
subscribing to Victory Liberty Loan notes. for
as long as six months,
compares with
which they charged borrowing subscribers
for the
Fourth Liberty Loan, in some cases for as long as
a year.
will apply to loans on either the 334% notes or the 434 The new rate
notes
%
of the
new loan.
This step was fairly well anticipated, for it was not
banks would continue the old rate, nor fix upon a rate expected that the
that
the rate of Interest borne by the notes. This would have would be below
been contrary to
the principle involved. It was thought possible, however,
that the banks
might have conceded some difference in favor of the
notes. But it
is argued that the greater tax exemption benefit which
these
notes bear
makes up for the higher loan charge.
The significance of the bankers' action is not so
much in the higher rate,
as the disparity that exists between the new rate
and the discount rate
at the Federal Reserve Bank on this class of security.
The rediscount rate
on Liberty bonds and cerificates of indebtedness
was fixed at 04% for
ninety days, and 4% for fifteen days prior to the flotation of the
Fourth
Liberty Loan. The result was that the individual banks were loani.ig
W.ages.-4634 cents an hour for common labor,
on
50 to 75 cents an hour
Fourth Liberty Loan bonds for ninety days at the same rate at which they for semi-skilled labor and
80 cents to $1 25 an hour for skilled labor.
same wages for women doing
The
could obtain rediscounts at the Federal Reserve Bank.
men's work.
HOurs.—An eight-hour day, with a guarantee
But now there is a full difference of A of 1% between the
of forty hours' work a
individual week.
bank loan and the discount rate for ninety days. It was at
first thought
Overtime,—Time and a half for overtime and double
that the Federal Reserve Bank would raise the discount rate
time for Sundayt9
in keeping
and holidays.
with the higher rate of the Victory Liberty Loan notes. But
at a meeting
of the directors of the Federal Reserve Bank, Tuesday, it was
It
is
also
stated that the packers announced another
decided not
to make any change in the bank rate.
important step, namely that while they have
As matters stand, therefore, the banks will be charging
been arbitrarily
their customers
for an accommodation to subscribe to the Victory
bound heretofore by the Federal Administ
Liberty notes
rator's decisions,
while they can turn around and rediscount the same
they
are
now willing and ready that he should be continu
accommodation for
thus securing a full A of I% in their favor.
ed
and arbitrate any future disputes that may arise.
In explanation of this rather anolomous situation
bankers
W. W.
point
out
that Laughlin
the Federal Reserve Bank may later on raise the
of
Armour & Co. and Charles W. Meyers of Morris
discount rate. This
step may be taken at the end of the loan
campaign. At any rate, it is & Co. are quoted in the paper referred
to as saying:
pointed out that there is little necessity for raising
the discount rate until
The
packers reached the decision to continue the
it appears that there is to be any considerable
war-time wages for a
year
demand
after
peace
upon
is
the
central
signed
because they thought it was just to their
institution for rediscounts. In the meantime
employees
bankers
and
from
consider
patriotic
that
motives
they
to
assist
in
are justified in charging the same rate that the
every way possible in the reconstrucdifference will not be a factor until such time asnotes bear and theA of1% tion period.
the
And
they
pressure
for
are
accommonot and do not contemplate reducing
dation upon the central institution develops.
their working forces.
They are employing more workers now
will continue to employ them. They than they did before the war and
also will continue the guarantee of
forty hours' work each week, the only
HIGH MEAT PRICES TO CONTI
industry in the country now giving
NUE.
any such guarantee.
The assertion that high meat prices will continue
The packers' move makes them pioneers in the
for a
effort to stabilize wages
long time to come is contained in a statement issued
and
and it is hoped and believed hundreds of other
by the in allindustry,
large firms
parts of the country will follow their example.
American Meat Packers' Association at Chicago
on April 11. stabilization, as sought by President Wilson, Secretary If they do, then
Wilson,
The Association is composed of the five large
business
Chicago and labor, will be an accomplished fact.
434%
334%
434%
434
packers and practically all the leading indepen
dent packers
in the country. The statement refers to
the prediction PROPOSED COTTON EXPORT CORPORATION SUPmade by the U. S. Food Administration
PORTED BY GOV. HARDING OF RESERVE
that when the
BOARD
minimum price fixed for hogs was removed the
AND SENATOR OWEN.
prices might
go still higher and states that "the prediction
Steps
looking toward the formation of a cotton
is now being
export
verified." In part the statement says:
corporation having for its purpose the promotion of
foreign
The situation to-day in the meat industry is
trade
in
raw
cotton,
with
special reference, it is said, to
just about what Herbert
Hoover and other Food Administration officials
said it would be, as far business requiring the extension of
credits, was taken at a
back as the first of the Year.
meeting in Memphis on April 10 of Souther
n merchants,
1566
THE CHRONICLE
[VoL. 108.
with the fact that the purchaser of cotton and the consumer of cotton—
not the ultimate consumer, but the spinner or buyer of cotton for manufacturing purposes—have not met in the markets of the world on equal.
terms. And it is important, my friends, in every commercial transaction,
if there be justice done, if the laws of supply and demand are given free
play, it is vitally important that both parties to the transaction shall meet
on terms of equality.
Senator Owen explained to you these great fluctuations that have taken
place in the price of cotton, not only during the past year, but in the typical
year 20 or 25 years back. We have had an average fluctuation of $27 a bale
for a period of 10 years before this war broke out, and the fluctuations have
been much greater than that since the war. I take it that, between the
price of cotton to-day and the price of cotton last September there has
been a fluctuation of probably $100 a bale, and great fluctuations have
existed as between the different grades of cotton.
Now, as to the question of organization, it is proposed to organize, to
take the initial steps to-day, if you will, in organizing a co-operative cotton
Years
export association. We have the ability here in the South to do it.
ago we could not have succeeded because we did not have the available
capital to put into an enterprise of that sort. But there are nearly $3,taken
000,000,000 of Liberty bonds here in the South, in the cotton States,
R. G. Pleasant, Baton Rouge, La.
by our citizens in every walk of life. These bonds are lying idle, many of
in
Okla.
bringing
Muskogee,
Senator R. L. Owen,
them fully paid up. They are performing no function now,
W. B. Thompson, New Orleans, La.
no return further than their coupon interest. I have ascertained from the
Senator Leroy Percy, Greenville, Miss.
proper sources that there will be no objection raised to the exchange of
Geo. W. Rogers, Little Rock, Ark.
capital stock of a properly organized cotton export association for these
Texas.
Houston,
Scott,
F.
John
bonds. We can mobilize these assets which are how lying comparatively
Dr. H. Q. Alexander, Matthews, N. C.
idle, and they will be every bit as effective, even more so than the actual
R. M. Maddox, Atlanta, Ga.
cash will be, because they insure this corporation a steady source of revenue.
L. B. Jackson, Atlanta, Ga.
It seems to me that we have an opportunity now, in the organization
F. M.Crump, Memphis, Tenn.
of this export corporation, which, by the way, is no monopoly; others can
E. W.Dobbs, Mayesville, S. C.
be organized; people are perfectly free to deal with it or not, as they see fit;
it is not a Governmental agency, but it can be made a very important aid
M. C. Allgood, Montgomery, Ala.
the Government in its endeavors, besides aiding the people themselves.
The "Commercial Appeal" states that it is no -part of the to
We have the opportunity now of organizing this great cotton industry.
with
interfere
or
ze
intention of the organizers to demorali
giving every interest connected with it a square deal. We can invite
the cotton factors and cotton
existing business properly conducted, but to use the power subscriptions from the farmer. ,We can invite
to come in and the bankers to come in.
merchants
more
and
better
of
the
creation
for
ion
of the organizat
Now we all know in the cotton business that this question of export is
economical marketing and distributing facilities for cotton. one of extreme importance, because, however much we may be interested
section in the production and marketing of cotton,
From Senator Owens' address at the meeting, as printed as citizens of a certain the
fact that cotton is one of our greatest—is the
we must not overlook
:
following
the
take
in the paper quoted, we
greatest natural asset that we have, and is essentially a world commodity.
an
export
of
you,
by
considered
being
is
now
which
In this proposal
in the South's
the Millions of people all over the world are vitally concerned
corporation, cotton corporation, for the purpose of assisting in moving
cotton crop.
advantages.
any prouder
never
cotton of the Southern States, there are many obvious
was
I
to
that
say
Right here I want to take occasion
corporation is
In the first place. I will say that the organization of such a
of the Southern people than I have been of them during the last five years.
require,
you
which
capital
the
all
get
to
easy
perfectly easy. It is perfectly
determination in those dark days
have got the When I saw their fortitude and their grim
from $50,000,000 to $100,000,000, for that purpose. You
for I could do nothing to help
heart
writhed,
my
while
1914,
of
fall
of
the
of
form
the
capital lying dead and unemployed in your vaults now, in
could not but admire their pluck and the way they stood together,
I
them,
Governthis
of
obligations
United States Government bonds. The very
to be an absolutely impossible
good business as and the way they pulled out of what seemed
ment, which you took as a patriotic matter, although it is
did not break the South, and I have been proud
the Southern position. That experien _
of
people
the
of
hands
the
in
abundance
in
lying
are
all of these uncertain
well,
among the of you, men of the South, during the past year, during stampeded. You
States, and, if the stock of such a corporation were apportioned
times, when you have not permitted yourselves to be
those
of
production
cotton
the
to
spread it out and held
banks of the several counties, according
be easy to have marketed your cotton as gradually as you could, in the way that they
counties, it would not bear heavily upon any county. It would
banks
merchants that it back, and I am proud of the Federal Reserve
am proud, too, that
I
And
raise. It could be distributed by the banks among the
you.
have bonds, have functioned with you and helped
handle cotton and among the planters who might happen to
you have stood by your guns, and that you can look ahead now through
and
merchant
the
and
planter
the
that
So
have darkened our horizon for all of these
and they all have theca bonds.
cotton on a these mists of uncertainty which
And in this movement of reducing your
he banker and the cotton factor, the cotton factor that handles
light.
the
see
we
can
and
years,
their
, because
arge scale, could be a purchaser of stock in this corporation There is no cotton acreage I want to say to you that you have done the part of prudent
common.
interests are really in common, or ought to be in
and wise business; but in my opinion you have performed a patriotic act,
a superpatriotic act, because,
conflict between them. There ought to be none.
and a more than patriotic act; you have performed
renders,
he
which
service
the
for
return
fair
a
to
entitled
is
Each man
you have not resolved to let your land lie fallow.
acreage
your
In
reducing
he
which
service
ach man ought to be content with a fair return for the
No, you have said, "We are going to plant so much in cotton, and we
enders.
are going to plant the other part which heretofore we have planted in cotton
into
falling
bonds
bonds—the
of
form
in
the
The distribution of this stock
in foodstuffs," thereby enabling you to live more off of your own farms, and
be bearing a rate of
the treasury of such a corporation would themselves bonds in the hands to relieve those starving millions in Europe, releasing to them the foodstuffs
interest which would be a dividend on the stock—those
of the great West, out of which otherwise you would have been obliged
y available as a basis of
to absorb your part. That, I claim, is an act of superpatriotism.
of the company or corporation would be immediatel
was
Congress
of
Act
an
by
which
n,
credit with the War Finance Corporatio
Now, as to the plan of these credits. There was a credit made to Belof dollars for
millions
thousand
a
of
extent
the
to
bonds
issue
authorized to
a few weeks ago of fifty million dollars by bankers of New York.
gium
it
And
United States.
That credit was secured by an agreement signed by 77 in Belgium, including
the purpose of promoting the export business of the
be
to
us
before
question
the National Bank of Belgium, the Government bank. They put up no
is the export of cotton which is now the immediate
Can an individual
promoted. We want to get this cotton to moving.
money of their own. They financed this credit through means of accept$50,000,with
corporation
large
a
as
to
Italy
cotton
this
sell
factor as easily
They placed these acceptances with banks all over the country,
ances.
might
of them, perhaps,
and these are eligible for redemption with the Reserve banks. These
000 of capital or $100,000,000 of capital? Some
Italy
to
cotton
sell
credits will run 12 months. They will enable those people of Belgium
do so on a scale of more or less extent: But when you
about that. Those
and put them in process of manufacture, and it will
you have to sell it on a credit. Make no mistake
now in to buy raw materials
just
pay
cannot
They
resources.
cash
their
12 months for them to convert the goods and distribute them and get
take
people have exhausted
got
because we have
their pay for them. That is good business. They are going to buy some
gold, and it would not be desirable if they could,
We have got more than cotton, but I do not think a great proportion of that money is going into
more gold now than all the balance of the world.
oughy
We
go.
it
of
some
let
to
cotton.
we really need in this country. We ought
to take the embargo
They may tell you of the lack of interest of the average man in the
to take the embargo off of gold just as well as we ought
cotton.
North and West. Well, we are all more or less limited by our own horizon.
off of
restrictions
more
any
You cannot blame them for not thinking about your cotton problems any
It is not a good thing for a business man to have
in time of war itself. more than they can blame us for not meeting here and discussing the probput upon him any more than is absolutely necessary
do
than
business
their
manage
to
how
better
know
able price of maple sugar or cranberries. We do not produce those things
The business people
down here. Neither do they produce cotton. They look after their end
some of the ablest men in Washington.
t
bonds,
Governmen
in
up
of it. We must look after ours.
A corporation with a $50,000,000 capital, paid
n for a term of
Now, theoretically, there is a great world shortage of cotton. I do not
can go and get the cash from the War Finance Corporatio
next twelve
the
within
place
takes
negotiation
the
provided
know how many millions of bales are really needed in the world, but we
five years,
demand
a
public
is
must realize this fact—that the economic demand for a commodity is
months. Congress will extend that, I am sure, if there
opportunity for the not merely the need for that commodity. It is the want of it, coupled
for it. In five years' time there will be abundant
get back to a with the ability to satisfy that want, either by means of paying cash or
European people to get over the terrible throes of war and
by having the necessary credit.
business basis where they will be productive.
an expert
send
can
Now, the exchange rate of all the great countries of Europe, with the
But a big corporation of this kind can go to Italy,
underwrite
to
t
Governmen
Italian
the
exception of a few neutrals, is heavily against those countries. For inman to Italy, and can hegotiate with
Italian Government stance, the pound sterling of England his a value, par value, of $1 86 ,
the sale of cotton to the factories of Italy, and can take
because the absorb- and exchange has depreciated on the London market to 4.58k,represonting
funds and convert them into cash in the United States,
a discount of, say, 6%. The par value of the franc is 5.19, and it has
ing power of the United States is perfectly gigantic.
of credit. It depreciated to 5.06. The Italian lire is the same, par value 5.1 , has
dollars
of
billions
Our people had no difficulty in raising 30
of the United depreciated still more. Now, all of that impairs the purchasing power of
is credit. It is credit. The productive power of the people
of millions of the country, even if they had the credit in their local countries to supply
States last year on one turnover was sixty-five thousand
this is. I their purchasing power, which they have not.
dollars. We do not understand and realize what a country
others. I know
What we ought to do, and what the cotton industry ought to do, in
agree that Tennessee is a great State, but there are
in it, forming this corporation, is to find some State which will give it the very
Tennessee is a great State, because my father built the first railroad
to be proud of it. widest powers. It ought to have the power to buy and sell cotton, to
and my brother was born in it, and therefore I have a right
receive cotton on consignment, to make advances on cotton consigned to
Governor Harding spoke at length in support of the plans It,
and it ought to have the power, if necessary, to regulate its own transrecently
and incidentally referred to the Belgian credit
portation; if necessary, to own a steamship line, in order to got rates—
ought to do that. It ought to have the power to accept bills of exchange
arranged in New York; in part he said:
of and to buy a d sell bills of exchange. Now, the question of credits abroad
Senator Owen in his remarkably clear and lucid speech has told you
has Is a very ser us thing. I want you to stop and consider that a minute.
some of the obstacles that we must overcome, and in a general way he
drouth or some calamity incident to a freak of nature
many years S.ppose a g
stated to you how we can do it. I have been impressed for
farmers and 6ankers. W. P. G. Harding, Governor of the
Federal Reserve Board, and Senator Robert L. Owen, Chairman of the Senate Committee on Banking and Currency,
took part in the meeting, addresses in support of the plan
being delivered by both. On motion of C.P.J. Mooney, the
convention went on record as unanimously favoring the
organization of an export corporation to be capitalized at
not less than $50,000,000. According to the Memphis
"Commercial Appeal," a committee on organization named
at the meeting decided to form a $100,000,000 corporation
to begin business when $20,000,000 of the stock has been
subscribed and paid for. There was likewise appointed a
sub-committee charged with the making of a comprehensive
study of the functions and scope of the proposed corporation. This sub-committee consists of:
APR. 19 1919.]
THE CHRONICLE
1567
3. The marketing of cotton slowly now and after peace shall be declared
should befall the State of Mississippi, West Tennessee, Arkansas, Louisiana,
Texas and Oklahoma;suppose that drouth had extended, or an insect plague so as not to assist its enemies to break the price and hearty co-operation
for
upon
the part of all interests which desire to uphold the price.
had covered the whole territory, not for one season or two seasons, but
4. The employment of all the available resources of Texas and of such
four years, and the land was swept bare. It is very clear that, when the
skies became overcast and copious rains had fallen, or the plague of the other cotton States as will co-operate in this behalf to fix such a price upon
Insect was ended, and the land was relieved, that these people would need cotton as will give just remuneration to the producer, and the extension
credit. Then the question is, how are we going to obtain credit? Do by the Federal Government of all necessary aid in the achievement of this
you believe that a lot of individuals, operating on their own capital, could end, and in connection with this we declare that Texas and other cotton
go in and extend credit scientifically and to as good advantage to the people States are more abundantly able to valorize the cotton crop than Brazil
who get the credit and as safe to themselves as these same people could If ever was to valorize the coffee crop, and that the conditions which forced
they got together in the proper spirit and the proper way and made a study Brazil to act were less urgent and severe than those which now confront
of these conditions and ascertained what the difference would be in the way the producer of cotton.
5. We declare that these conditions can not be changed by declamation
of standing together and granting these credits?
Now, the same situation applies to Europe. They have been literally or by appeal to politicians who are more concerned about the fate of parties
more.
and
and
of Individual candidates than they are about the fate of cotton. The
years
for
war
four
devastating
this
have
had
exhausted. They
They have plenty of material wealth left to form a good basis for credit, history of the price-fixing movement and of the cotton embargoes will
but it ought to be carefully worked out; you have got to get the very best stand forever as a solemn warning to the producers of cotton that they
credit experts to solve this problem for you, and here is the proposition that must rely upon themselves and upon the discreet and firm employment!of
concerns the Southern banker and cotton factor. Take a man who has their own influence and power for their own protection. The Governbeen in the habit of exporting cotton direct. If we had this corporation mental agencies which have been employed against them can not long
he could still export cotton direct. He has got connections over there endure without their support and it would be a crime against their own
satisfactory to him. There is no reason in the world why he could not posterity for them to organize for the protection of the cotton interests
carry on his business Just as it has heretofore been carried on. But this with intent and purpose suited to the occasion, and to that end we invite
great corporation should also engage in making those credit tranactions all of those in sympathy with the objects here declared and who are fully
on cotton. Now, suppose a cotton corporation, if it had proper bank resolved to make them paramount to co-operate with us in the achievement
guaranties, and proper Governmental guaranties back of these bank of the ends for which we seek.
6. We invite the cotton producers of other States to proceed at once to
guaranties, in some instances could sell in one country 500,000 bales of
cotton. That corporation would not have the machinery in every interior effect an organization in each State and Instruct and empower our executive
town to gather this cotton, but I claim that the whole cotton business would committee to take such steps to consolidate all such movements as they
be benefited by the corporation having this order for that much cotton, may deem expedient to accomplish the purposes herein set forth.
Resolved, That the vesture of autocratic control of the movement and
at a price fixed on the basis of supply and demand, and then in turn they
could go to the various cotton buyers in each town and say, "We want marketing of cotton in Bernard Baruch, who ranks among the leaders of
you
and
to
2,000
buy
here,"
bales, cotton operators and speculatores in New York City, is so obviously anyou to buy us a thousand bales over
and you 10,000 bales, and so, and in that way every machinery employed tagonistic to the interests of the producers of cotton as to call for their
in the cotton business to-day can be utilized, and none that is in use will vigorous protest, which can no longer be delayed, out of regard for their
own welfare and in view of the activities in support of the embargo.
be put out of commission.
Resolved, That the encouragement which has been given by the Secretary
Now, I do not regard this as merely an emergency proposition. It is
the
after
months
12
limited
to
is
Corporation
Finance
of Agriculture D. F. Houston. to the effort made by the War Trade Board
War
the
true that
declaration of peace in making these loans against these export transactions, to force down the price of cotton to twenty-five cents identified him with
and you have five years in which to clean it up, under the law. But the those in war time sought to set apart cotton as the one great American inlaw also provides that these loans made by the War Finance Corporation dustry to be placed under the ban of the Government and to condemn
must be at a rate of interest 1% higher than the current rate of interest those engaged in its production to starvation wages.
Resolvad. That the producers of cotton everywhere are indebted greatly
at Federal Reserve banks. It would mean, at the present rate, 54%.
Now, it seems to me that these transactions, involving the export of to the efforts of the committee composed of commissioners of agriculture.
of
functions
the
come
within
peculiarly
which
transactions
Including three representatives of the Texas Department of Agriculture an
cotton, are
commercial banks. There is no trouble for the banks,for these transactions the Presidents of farmers' unions, repeatedly made at Washington to
defeat the plan to reduce the price of cotton to twenty-five cents per pound,
are sound.
There would be no necessity for tne cotton exporter to pledge the bonds and that we urge a continuation of their fight in behalf of the cause of
great
these
got
has
has
these.bonds,
it
that
fact
very
as collateral. The
cotton against all its foes.
assets of $50,000,000, Is sufficient to make the name of the corporation, or
Resolved, That we call upon Governor Hobby to submit the subject and
Its signature or indorsement good at any bank.
the special session of the Legislature to amend the warehouse and marketing
mid
direct
Now, if the cotton exporter wants to handle his transactions,
law to embody the following points:
wants to continue his old connections, it seems to me the thing for him to
Proper ginning, sampling, weighing and grading of cotton to the end
do would be to go to the Corporation and say,"I have got this proposition that the cotton grower may be fully protected; the speedy construction of
now to sell so many thousand bales of cotton abroad in such a country, warehouses sufficient to care for the cotton crop of the State; the control
and I want you to help me finance it. I have had to agree to give six of warehouses by the State to the end that insurance and storage may be
months or a year's time on this, and I can't go to my local bank and ask had at cost; milling in transit or export rate billing privileges for all cotton
them to take it, because the amount is too large; they would not be justified so stored, and warehouse receipts by such State-controlled warehouse
in carrying the risk for that length of time in such a large amount." Now, made so stable that they will command the support at all times of not only
we will assume that this cotton corporation has had its expert in the coun- banks and reserve banks in the Cotton States, but in all financial centres
try abroad, who has investigated the securities and credits; they would say of the country.
to this cotton man, "Very well, we will underwrite this for you. We will
Judge W. F. Ramsey, Federal Reserve Agent, the chief
give you our own acceptance against this, and you can discount that and
you can got the minimum rates of interest on that in that way." That is speaker, it is said, at the conference, is reported to have
exactly what the Belgian syndicate has done. It is a perfectly legitimate strongly opposed the lifting of the cotton embargo until
and sound transaction.
fact. The
Of course, we have got to consider the question of taxation. Assume peace with the Central Powers is an assured
that we raise a capital of fifty million dollars that is all invested in Govern- Dallas "News" quotes him as declaring that to lift or attempt
ment bonds. If the shares of stock in that corporation were taxed at the to lift it before that time would be an anti-American Act.
usual rate, it would very materially reduce the rate of income, and this
Union, procorporation, while I think it will eventually work out into being a very D. E. Lyday, President of the Texas Farmers'
good proposition from a profit standpoint—won't amount to anything posed/a, change in the resolution so as to make it call for "the
like 15 or 20%, but I think it ought to be good for 8 or 10%. In the first •removal of all such restrictions and such shipments of our
year of its existence, it is going to have unusually heavy expenses in estabenemy countries, to take effect immediately after the signing
lishing organizations and agencies abroad and building up its business.
It seems to me that, if any ono of the Southern States could or would, of the peace treaty, but not before that peace treaty has
their Legislatures being In session, pass an Act exempting from taxation
been signed." This, however, was voted down. Supplethe capital stock of any corporation organized under its laws for the purpose of exporting commodities to the extent to which that capital stock menting the resolutions adopted by the conference declaring
may be invested in United States bonds, which are themselves non-taxable, that the Secretary of Agriculture of the United States has
for State and county purposes, that a great help could be afforded.
that the
As I see it, if we can organize this great cotton export corporation as a assisted in forcing down the price of cotton and
Southern proposition, with all the elements which are necessary to the control of movement and marketing of cotton by Bernard
success of the cotton business as participants in the corporation, sharing in Baruch was antagonistic to the interests of the cotton growin the responsibilities of its management, sharing in its benefits—if we can
announced
do that, this cotton export corporation is going to become the great forum ers, N. A. Shaw, Chairman of the conference,
through which we shall realize a better method of cotton production, on April 8 that a movement had begun to organize Southern
marketing and all along the line, and it will be the practical means of
farmers to force the removal of the cotton embargo. Mr.
broadening and sustaining our market.
Shaw ,is quoted as saying:
TEXAS COTTON CONFERENCE CALLS FOR REMOVAL
OF ALL COTTON RESTRICTIONS.
The immediate removal of all embargoes and restrictions
affecting the sale and export of cotton is urged in resolutions
adopted at a conference in Dallas on April 7 called by the
Farmers' League of Texas. The Dallas "News" prints the
resolution as follows, omitting the preamble reviewing the
situation in Europe and the cotton situation:
Now, therefore, in consideration of the premises, we declare that the
time has come for Instant action upon the part of the producers of cotton
and those in sympathy and interest with them,and that they should proceed,
without further delay, to take adequate steps to protect themselves and
their posterity against the present grave menace to their social and industrial welfare. To this end we favor and commend to all Americans who
are unwilling that the producers of cotton shall be sacrificed for the benefit
of foreign interests and industries:
1. The immediate removal of all embargoes and restrictions of every
sort upon the export and sale of cotton.
2. The exclusion from the terms of peace of any covenant which would
directly or indirectly contribute to the reduction of the price of cotton in
the markets of the world.
The situation is that the whole world is organized against cotton, and
our own Government is giving aid and encouragement to those who are
trying to force down prices.
The farmers believe that cotton has not had a fair deal and that the
reason they have not had a fair deal is that cotton is grown in Texas and
other Southern States rather than in Ohio, Iowa or Connecticut.
For the first time since the war between the States,a conference composed
of more than 400 farmers who have been unanimously voting the Democratic
ticket all their lives has met and almost unanimously expressed its great
dissatisfaction with the way things are being run in Washington as far as
they relate to its own Interests and ijndustry.
ACREAGE REDUCTION—APPROVAL AND
DISAPPROVAL OF MOVEMENT.
At a meeting of the South Carolina Cotton Association
held at Columbia, S. C., on April 3, we learn from the
Memphis "Commercial-Appeal," a resolution was adopted
asking that the South Carolina delegation in Congress use
every effort to "have an investigation made of the War
Industries Board's activities, either collectively as a board
or individually, affecting the price of cotton, what steps they
COTTON
1568
THE CHRONICLE
tonic, if any, that bore on the price of cotton." The "Commercial-Appeal" also says:
Another resolution asked that the Department of Agriculture's bureau
of cost of production "be hereby requested to issue a complete statement
showing the actual cost of cotton, basis middling, and in making this
statement to include all costs." The resolution asserted that figures from
the Department of Agriculture as used by the Federal Reserve System
are lower than those given by experts employed by the South Carolina
Cotton Association.
As noted in our issue of March 22, page 1120, the South
Carolina Cotton Association was formed on Feb. 13, the
resolutions adopted at the time of its organization calling
for a campaign to secure a one-third decrease in cotton acreage, a reduction of 50% in the use of commercial fertilizer
and the holding of the 1918 crop for a minimum of 35 cents.
According to a report to the Association on April 3 the
South will produce 31.08% less cotton in 1919 than in the
previous year. That 50% less commercial fertilizer will be
used this year, that there will be a marked labor shortage
and "inroads of the boll-weevil will be more serious that for
years past," were other statements made in the report,
which gave figures of estimated reductions in each State,
showing the big cotton-producing States of Texas, Georgia,
Mississippi and Oklahoma by these figures pledged to raise
one-third less cotton this year than last. At the meeting
telegram from Gov. Henry Allen, of Kansas, objecting to
the proposed cotton acreage reduction, was read, and, on
motion"of a delegate, was laid on the table. J. Skottowe
Wannamaker, Chairman of the Central Committee of the
South Carolina Cotton Association, in replying to the telegram, is quoted in the "Commercial-Appeal" as saying:"We
have never been 'scared' and do not propose to change our
deision to reduce the cotton acreage on account of his
threats." It was announced on April 10 that Gov. Allen
had addressed a communication to U. S.'Attorney-General
A. Mitchell Palmer charging that the movement of .the
Southern cotton planters was in violation of the Federal law.
In his message Gov. Allen said:
(VOL. 108.
This can be proved conclusively by any fair-minded person on a trip
through the South, where he will find an abnormal amount of illiteracy and
poor and unsatisfactory living conditions generally. This is the result of
our efforts to clothe the world. It is gradually dawning on most people in
this country that we cannot make the world take all the cotton we want
them to take with returns equal to a living wage and we must necessarily
therefore, cut down cotton production to an amount which they will take.
With regard to the movement looking to cotton acreage
reduction, the Chicago "Daily News," in referring to the
fact that William R. Dawes, Vice-President of the Central
Trust Company of Illinois, Chicago, who in the past has
always taken an active interest in financing the growing
cotton crop, regrets the attitude taken by many growers
of the white staple, quotes Mr. Dawes as saying:
I fear the South is making a very great mistake in cutting down cotton
acreage at a time like this, when the world is suffering and the need of increased production of necessaries of life is evident to all.
This attitude is likely to react against the South, whose duty it is just as
Much to put forth its efforts to increase cotton production as it is the duty
of the north to increase its output of foodstuffs.
It is not as if there would be little market for cotton. The contrary is
reasonable to expect. We know Central Europe, which has been cut off
from American cotton supplies for several years, will soon be again a purchaser in our market. The South can raise a large crop and find a ready
market for it. They would make a good thing of it. Making perhaps a
smaller margin of profit on a larger production, their earnings for the year
would be the same as on a shorter crop at a higher price.
It is true the Southern farmers contend that they have difficulty in obtaining sufficient labor, but as I understand it, the motive of the campaign is
curtail planting this year is not based on labor shortage, but on a frankly
expressed desire to maintain the price.
Missouri cotton growers, it was reported on April 4,
will not join those of other cotton-growing States in the
movement to reduce the crop 33 1-3%. Jewell Mayes,
Secretary of the State Board of Agriculture, is said to have
advised the Southern Cotton Growers' Association that the
Missouri acreage would not be reduced more than 5 or 6%.
The farmers of the eleven principal cotton counties of eastern
and southern Missouri, he explained, have adjusted their
farming operations to a reasonable basis of cotton acreage
that they deem they can handle to advantage, and with
an outlook for good prices they are not inclined to reduce
this area.
In outlining at a recent meeting of extension forces some
of the difficulties of farming in the South in 1919, and the
importance of safe farming, Bradford Knapp, chief of the
Office of Extension Work South, U. S. Department of
Agriculture, stated that "cotton farmers and business men
are in a critical situation in the spring of 1919." He is also
quoted as follows:
I have expressed the view in a telegram to Hon. J. 5: Wannamaker,
Chairman of the South Carolina Cotton Association, that the combination
for acreage reduction of cotton and the holding of the present supply now
being organized in many States of the South is in violation of Federal laws.
From circulars sent out by the organizers supporting this combination,
1 learn that the original is composed, not alone of cotton growers, but
bankers, cotton speculators and business men. Their purpose is to raise
the price of cotton which they are now holding and also to permanently
raise the price of cotton in the future. This is definitely expected in their
circulars and appears to be not alone in the interest of the Southern farmers,
but of all persons who are holding and possibly securing a "corner" in the
If the South plants as largo an acreage to cotton as in 1918 and has a good
season, resulting in a large crop; the possible danger to Southern prospercotton now on hand against the time of the lifting of the emoargo.
You, of course, know of the Anti-Monopoly Act of July 2 1890, which ity can scarcely be overestimated.
declares that "every contract or combination in the form of trust or otherA well-balanced system of agriculture is the best answer to this problem,
wise, or conspiracy in restraint of trade.or commerce, is hereby declared to not only in 1919, but in any year in peace or in war. The safety and sebe illegal, and every person who shall monopolize or attempt to monopolize curity of the SoAthern people depend greatly on the production of the food
or combine or conspire with another person or persons to monopolize any necessary for the peopieand the feed necessary for the increasing lives tock.
part of the trade or commerce among the several States shall be deemed
"Financial America" of April 1, from which the above
guilty of misdemeanor."
I cite this law, realizing that you are familiar with it. You may wish is taken, further says:
Mr. Knapp pointed out that the exchange value of cotton in relation to
that I give you the very familiar quotations from the Supreme Court of
the United States in defining what is meant by the words: Combination, the retail price of necessities of life was no different when cotton was worth
30c.
a pound in 1918 from what it was when cotton was worth 12c. a pound
give
desire.
I
pleased
to
would
be
monopoly.
Should
you
so
trust and
In years before the war. The home garden, corn as a basis of Southern
you definite citations.
food production, plenty of feed and forage for live stock, increased producMr. Wannamaker, in reply, is reported as saying:
tion of meat, milk and eggs, with cotton as a strictly surplus crop, is the
I frankly admit the contention that the original intent of Southern program strongly urged.
movement,
As
of
this
a
result
cotton.
Cotton farmers means high-price
Mr. Knapp urged the reduction of the cotton acreage, not so much by a
the South, instead of facing calamity this fall, as it would most assuredly level cut of a certain proportion of the acreage of every farm as by converting
‘
and will evely farm into a self-sustaining unit. He urged getting on to a cash basis
if a large acreage were planted, this year, will face prosperity
receive for its small cotton crop the highest price paid for cotton since the instcad of a credit basis, and selling the excess products of the farm to supwar between the States. The entire cotton belt is absolutely determined to ply the living expenses.
raise supplies at home and to cut the cotton acreage. The whole South
confidently awaits the decision of the honored Attorney-General, knowing
COTTON PRICES AND TRADE IN GREAT BRITAIN.
that he will not take away from it the rights that are guaranteed to its
people, as free people, under our constitution.
A London cablegram in the New York "Sun" on April 11
The objections voiced by Gov. Allen to cotton acreage said:
reduction were referred to in an address by J. D. Gillespie,
Suggestion was made to-day (April 10) in the House of Commons that
Cashier of the Tenison National Bank of Dallas, Tex., be- American manufactured cotton was being offered in England at prices below
those at which they were sold in the United States.
Bankers
at
the
recent
fore the Association of Reserve City
W. C. Brldgeman, Under Secretary of the Board of Trade, said that an
convention in New Orleans; the "Times-Democrat" of that anti-dumping bill was already in print, and the Board of Trade would like
city on April 2 gave an account of what Mr. Gillespie had to have any information in the possession of the member regarding the suggestion made.
to say, and we take therefrom the following:
It was reported on April 7 that the Liverpool Board of
I now want to say a few words about the campaign now being carried
on in the South to reduce the acreage of cotton.
Trade had announced that the raw cotton prices and reAccording to the newspapers, we have been roundly censured in the North
turns order of 1918, under Which prices are regulated, will
for this. I think it was the Governor of Kansas who made some very sadsounding remarks to the effect that the South was entering a combination not be continued beyond April 30, in so far as it relates to
at the expense of the nakedness of the widows and orphans of the world. I American cotton.
do not recall his words, but it was something to that effect. I think they
In the House of Commons on March 21, Brown Stoker
came with poor grace from a man the chief product of whose State is wheat,
which is guaranteed by the Government at close to three times what it suggested that in view of the almost total cessation of moveformerly brought and is going to cost the Government more than a billion ment in the cotton trade and the consequent scarcity of
dollars to do it.
into Scandinavia, Denmark
Cotton raising is a business just like any manufacturing business. When- work, free entry of cotton goods
ever a manufacturer is producing more goods than he can sell he immediately and Holland should be permitted. Mr. Harnsworth, Under
discharges some of his help and cuts his production and nobody has any Foreign Secretary, replied that the abrogation of the blockthought but that it Is a correct thing to do. But now we are trying to create
sentiment among farmers to reduce their acreage, a great howl goes up. ade arrangements could be carried out only with the consent
The South has been raising cotton for 200 years, and apparently all the of the Allies. All the associated governments, Mr. Harmscotton we have raised has been consumed. But up to two years ago, ap- worth continued, considered it necessary at present, for
parently, we have raised so much that its marginal utility to society has
reasons of policy, to maintain ii e blockade, but were fully
Gocin less. in a great number of cases, than the cost of production.
APR. 19 1919.]
THE CHRONICLE
1569
Judge Gary replied: On this assumption it seems to me operations
alive to the neutral irritation. As soon as the purpose of
would increase in volume.
the blockade, in obtaining the enemy's acceptance and exeAs indicated in these columns last week, page 1474, the
cution of Allied terms, had been fulfilled, the Government
of the controversy between the Railroad Adminsettlement
strictions.
there
removing
the
of
possibility
would welcome
istration and the Industrial Board over steel prices is now
up to President Wilson. A statement which was issued by
GERMANY'S COTTON NEEDS.
Peek, Chairman of the Board, on the 10th inst.
George-N.
Washington press advices March 20 stated that Germany's was given in large part in our item of a week ago. We take
cotton shortage is estimated to be 4,500,000 bales of 500 occasion to give here one paragraph not embodied therein:
pounds each, in official dispatches based on the opinion of
In fairness to the Railroad Administration, it must be admitted that b
European experts made public on that day. These advices using the full effect of its power of monopolistic buying it might secure.
price on rails somewhat lower than that announced by the Industri
added:
th
When Germany began hostilities in 1914, the country had on hand only Board. The figures stand to prove, however, beyond all question
one or tw
about 500,000 bales cf raw and manufactured cotton, a supply sufficient such a price would be lower than production costs of any but
For
producers.
cost
lowest
the
of
most
and
highly
organized
powerful
million
two
been
had
for three or four months. The pre-war consumption
pre-war
'bales annually, much of which was exported, but tne cessation of exports example, the pre-war price of rails was $30. The increase over
direct labor alone,
was fully offset by military needs, so that the country's requirements were costs of production, for the U. S. Steel Corporation, in
to be
not lessened. The stocks on hand were supplemented to the extent of excluding labor in transportation, is reported by that Corporation
Board on rails
Industrial
price
the
The
approved
by
ton.
Per
48
$19
districts.
in
invaded
seizures
1,200,000 bales by
In determining the cotton ration to be supplied Germany, it was pointed was $47, or $2 48 less than the increase of cost of labor alone would account
out that the loss of Alsace anti Lorraine must be taken into consideration. for.
These provinces included 25% of the spindle and loom capacity Of the
We also give the following text of the report of the U. S.
country, so that the annual rqeuirernents have been reduced to perhaps
Corporation, referred to in the statement of the IndusSteel
of
need
great
in
be
to
said
were
factories
all
Virtually
bales.
1,500,000
repair and a loss of three or four months working time was estimated to be trial Board:
good
in
U. S. STEEL CORPORATION.
necessary to put the machinery, injured by working on substitutes,
New York, April 9 1919.
condition. The report pointed out that if Germany demanded that her
the
of
for
effect
one-fourth
in
asking
Chairman's Office.
be
would
she
up,
made
be
shortage
Dear Mr. Peek: Answering your inquiry as to the cost of direct labor as
world's annual production of the twenty million bales.
applied to the average of all-steel products manufactured by our companies
for the period immediately.preceding the war and the present, our books
CONTROVERSY BETWEEN RAILROAD ADMINISTRA- show that for 1913 the cost of direct labor from ore, coal and stone through
to the finished product,inclusive, but exclusive of the cost of labor in transTION AND INDUSTRIAL BOARD OVER STEEL
portation, was $15 13 per ton, and at present, on the basis of March wage
PRICES.
scales, it is $34 61, or an increase of $19 48 per ton.
official
refused
indorsement
had
The statement that he
Yours sincerely,
(Signed) E. H. GARY, Chairman.
of the steel prices agreed on by the Industrial Board of the
Mr.
George N. Peek, Chairman,
Department of Commerce was made on April 16 by DirecIndustrial Board of the Department of Commerce, Washington, D. C.
tor-General of Railroads Walker D. Hines in an address before the National Lumber Manufacturers' Association at
RAILROAD ADMINISTRATION AND RPICES OF STRE
Chicago. Mr. Hines said:
RAILS—CASE TO BE REOPENED.
If the Railroad Administration bought heavily at those prices, other
Washington dispatches (April 18) state that President
users of steel and steel products would be forced to pay those prices. I had
the choice of forcing inflated prices on the people or diasgreeing with the Wilson had directed the Industrial Board of the Depart. Industrial Board. I decided to withhold my indorsement indefinitely.
Administration to reThe press accounts as to further observations of Mr. ment of Commerce and the Railroad
open discussion of price stabilization and endeavor to find a
Hines in the matter said:
common ground on which they can agree. Chairman Peek
R. A. Long of Kansa.s City took exception to Mr. Hines's position on
steel prices and asserted that by adopting a different attitude and consent- announced that the Board would take up the question with
ing to buy freely at present prices the Railroad Administration would the Railroad Administration immediately. Any action, howrelease dammed up business and start industry booming.
ever, he said, probably would have to wait the return of
Mr. Hines refused to be stirred from his position, saying:
Director-General Hines next week from an inspection trip
"There is a spectre being paraded about the country which represents
the Railroad Administration as attempting to crush business by forcing in the West. The President's cablegram was addressed to
it to sell at less than cost or by obtaining preferential prices for the roads. Secretary Redfield and in his absence the text of it was
The creators of this spectre can be easily identified with certain interests
that desire to continue abnormal war prices in peace time. We all know not made public.
that many got profits in war far beyond what they needed or ought to have
Mr. Redfield, after a conference with Mr. Peek, Assistant
had."
Secretary Sweet and Solicitor Thurman, cabled the PresiHe said the Railroad Administration did not want material at less than
dent last Friday, asking whether the Board should go out
cost and would not accept prices lower than those offered the public.
Mr. Hines said he wanted to make it clearly understood that although he of existence because of the refusal of the Railroad Adminhad refused to accept the schedule of steel prices. the Railroad Adminisistration to accept a new schedule of steel prices arranged
tration was going ahead making its necessary purchases in every line of
with the industry, or should continue quiescent until the
Industry. .
"The Government has obligated itself to keep up the scale of maintenance President returned and a new plan of action should be worked
equal to that during the test period before the war,"said Mr. Hines. "The
out. The President's action is accepted generally as meanresult is that we will have to buy more material and have to do more work
ing that the policy of stabilizing prices by agreed reductions
than the railroads would do under priVate management."
His approval of the prices, Mr. Hines said, would be in effect an endorse- from war levels will be continued.
ment of the American public that the prices were fair. He refused to take
any such responsibility, because he had not been convinced that the prices
were as low as they should be.
CONFER ON THE DISPOSAL OF GOVERNMENT
In noting in its issue of April 17 that many of the smaller
SPELTER STOCKS.
steel men are restless under the uncertainty which surregard to arrangements for the disposal of spelter
With
rounds the price situation in Washington, due to the controstocks, the War Department, according to the U. S. Bulletin
versy which has arisen between the Industrial Board of the
the following from the office of the
Department of Commerce and the Railroad Administra- of April 10 authorizes
of
Director
Sales:
tion, the New York "Times" said:
Tentative arrangements for the disposition of the War Department's
Since the controversy started, culminating in an appeal for a decision by
President Wilson, the business of the steel companies has fallen off, until
now many of the independents are working at 50% of capacity and the
Steel Corporation at about 75%. Most of this business, however, is on
old orders. Some of the independents were reported yesterday as favoring an open market; in fact, a representative of one of them said that he
knew of one instance where plates had been sold at $5 a ton below the
Redfield schedule of prices. There were some who considered that this
was the forerunner of an open market for steel.
Judge Elbert II. Gary, Chairman of the Board of the United States Steel
Corporation, was asked yesterday if any step had been taken which would
bring about an open market for steel. He replied:
No. Our companies are strictly maintaining the schedule of prices approved by the Industrial Board and know of no reason for others pursuing
a different course.
Do you know of any instances where steel prices have been quoted below
the so-called Redfield schedule?
No. I have heard rumors of two or three instances but, having. no
proof, discredit them. It is customary for an occasional prospective buyer
to circulate a rumor of this kind.
What do you think would be the ultimate course where there was free
play for the law of supply and demand?
On the basis of a continuance of the present costs of production. I
think the tendency would be upward.
If there is adherence to the present Redfield prices, would it be necessary to curtail operations to the point of bringing them closer to the present
demand for steel?
surplus stock of spelter were made at a conference held in the office of the
Director of Sales, which was attended by War Department officials and a
committee representing the American Zinc Institute.
A complete report was presented by the Government, the figures of
surplus shown being considerably less than anticipated by the members
of the committee, and it was arranged that the War Department would
dispose of its surplus spelter through the Zinc Committee as representing
the producers of zinc. This arrangement will tend to relieve any situation
which might arise in the industry from the sale of this property by the
War Department itself.
The members of the committee present at the meeting were: W.A. Ogg,
President American Zinc, Lead & Smelting Co.; Edgar Palmer, President
New Jersey Zinc Co.; C. M. Loeb, President American Metal Co.; Edward
Morshauer, Anaconda Copper Mining Co., and S. S. Tuthill, Secretary
American Zinc Institute. More definite arrangements will probably be
made at another meeting to be held shortly.
OIL COMPETITION THREATENS COAL TRADE.
[From "The Black Diamond," issue of April 5 1919.1
Latest announcement regarding oil competition strikes a big blow at coal
bunkering at Atlantic ports. T is is the Atlantic Gulf & West Indies
Linos have acquired big Mexican oil interests and will utilize oil for bunkering its fleets. They are to provide tankers capable of carrying ten
million barrels yearly. Prior to the war these lines were reputed to take
500.000 tons of coal annually in NAw vork, Harbor alone.
1570
THE CHRONICLE
In'the East, coal men are now facing the most formidable competition
from fuel oil. This competition is just now becoming very severe in certain
sections of New England, and if plans of the large oil companies are carried
out, there is the possibility that so serious will this competition become
that the output of coal, especially in those regions serving the Atlantic
seaboard, will be most radically curtailed unless a new demand for coal
can be found to offset the loss in trade to oil interests.
It will be recalled that just prior to the European war, the Mexican Petroleum interests announced a plan of campaign that promised to give
coal a serious tussle.
This company, which has a practically unrestricted and unmeasured
supply of oil right on the Mexican seaboard, planned to establish oil depots
at all the principal Atlantic ports, and launch a vigorous campaign to sell
its product to steam-making plants in all the seaboard territory.
The European war came along to give the coal industry a new lease of
life. Then, mind you, bituminous coal was being sold at $1 per ton at
the mines in many instances. To-day, owing to wage adva`nces and other
increased costs, $2 75 per net ton is about as cheap as anyone dare sell it
and expect to meet the sheriff with a similing face.
Even during the war, the oil companies made some progress in New
England. The International Paper Company changed some of its New
England plants over to oil.
Providence was selected by several of the oil companies as a good place
to make a start. At the beginning of the year coal men in that vicinity
Who began to make note, found that at least 400,000 tons of coal had been
displaced.
Recently the oil interests have shown activity in the largest coal-consuming districts of Massachusetts. One hears that the American Woolen, the
s Boston Edison,the Boston Elevated, Amoskeag Manufacturing and numerous other very large Massachusetts consumers are interested, and may at
any moment turn their plants over to oil. It is understood that Pacific
Mills, Plant Shoe Co. and numerous other well-known manufacturing
plants have already made oil contracts for a part, if not all, of their steammaking requirements.
Even in New York and Philadelphia territory oil competition has been
felt more forcibly since the first of the year than ever before.
While oil was in such demand during the war, most of the large oil refineries located in and adjacent to these two cities burned anthracite,steam
sizes and bituminous for steam making. Since January 1 they are said to
have cut down very radically on their coal receipts, stating as a reason that
the cancellation of war contracts left them with large supplies of crude
oil on hand which they would have to use in self-defense.
The Standard Oil is constructing a monster refinery at Providence. This,
it is believed, will be the base of their New England operations. A new
refinery to be erected at Charleston, S. C., credited also to Standard
interests, will, it is believed, have a great quantity of crude to offer the
steam trade in the Southeastern territory that now is such a large consumer
of West Virginia and Virginia coal. Other important refinery interests
are the Texas Company, the Sun Company and Gulf Refining Company.
As indicating the appetite of the oil companies for business, bids for
supplying 34,000,000 barrels to the Shipping Board, brought forth on
Monday, offers from twenty-three companies, prices ranging from 24 cents
to $1 38 a barrel. The corner price was for delivery at Tampico. As
four barrels of oil are equivalent to a ton of coal, we find the Snipping
Board able to buy the equivalent of a ton of coal for about what has been
paid for towing a ton of coal in New York Harbor during the present strike.
Coal men should appreciate that the oil companies are now in this rather
favorable situation.
Tank ships are being turned back to them very rapidly, while newly
built tankers are going into commission almost daily. The supply of oil in
Mexico Is enormous. The fields lay near tidewater, and oil comes up
through gushers that flow from 50,000 to 100,000 barrels per day. This
oil flows by gravity from the oil tanks to the tanks of the ship. It is discharged by pumping when the ship comes alongside refinery docks at
American ports. The ship, therefore, makes a very quick turn in loading
and unloading. Thus one ship alone engaged regularly in the oil-carrying
trade between Mexico and the upper Atlantic ports, can transport a most
formidable tonnage.
Take, for instance, the carrying capacity of a new tanker just launched
by the Texas Company by a subsidiary shipyard at Bath, Me. This ship,
which is of 6,678 gross tons, will be able to haul 76,564 barrels of oil or the
equivalent of 19,000 tons of coal.
Extract Gasoline.
The refining companies that import the Mexican oil, extract the gasoline,
which averages about 8%, and leaves a residue of 92%, which they sell as
fuel oil. At present prices of gasoline, this product alone is believed to
pay in major part for the cost of the oil, its transportation and refining,
leaving the 92% residue almost velvet.
There can be no denying the fact that the oil companies are in position
to sell this residue at any price they may find necessary to turn a manufacturer from coal to oil.
Here is what is said to be the typical policy of the oil people to secure
business:
A manufacturing plant is visited. The manager is asked to give the
average eyarly cost of his coal for a period of five or ten years. The oil
man takes these figures and makes his calculations and is then able to
say in effect: "If you will give us a contract over a term of years, we will
guarantee you a saving of fifty cents per ton on your coal requirements for
that period, after allowing you a sufficient sum to cover the cost of changing
Your equipment from coal to oil burning. Moreover, we can give a satisfactory bond to assure that we will carry out our contract."
Comparison of Costs.
The mill manager who puts this proposition up to his board of directors
may be asked these questions:
Will the price of coal be any cheaper during the next few years"?
The mill man who knows his business will answer:
"The price of coal is now dependent entirely upon labor. That is, the
cost of producing coal and the cost of transportation. At present, in the
face of the newly formed demands of the miners', one cannot very well look
for prices to come down. On the other hand, if the miners are granted
their 'six-hour day, five days a week and increased wages,' demand as
soon as the peace treaty is signed, then coal prices must be raised. With
the Government in control of the railroads, there is no possibility of coal
freight rates being reduced, so the cost of coal to us must remain high."
Oil competition to bituminous coal, as well as to the steam sizes of anthracite that are so largely used for steam-making purposes in the Atlantic
seaboard territory, will in the future be measured entirely by the number
of tank ships that the large oil companies can secure for use in transporting
Mexican oil to their Atlantic seaboard refineries.
The fact that Mr. Hurley, of the Shipping Board, figures that the oil
requirements for their ships during the coming year will amount to 34,000,000 barrels, shows the displacement by this one agency alone of approximately 10,000,000 tons of coal that would otherwise go into bunkers.
(VOL. 108.
WAGES CUT $1 A DAY AT LEAD VILLE, COLO.
The American Smelting & Refining Co. and the Iron Silver
Mining Co., both operating extensive mines at Leadville,
Colo., have announced a cut of $1 a day in miners' wages,
effective May 1. Other operators have made no decision,
but it is thought they will do likewise.
It had been hoped that the cost of production, with more
efficient labor available since signing the armistice, Would be
low enough to insure the present wage scale. But Leadville
ores produce gold, silver, copper, spelter and lead, and with
the three baser metals on the present market selling at or
below cost of production,the silver and gold content is not
sufficient to Inake mining profitable.
This is the fifth mining district to announce a wage reduction. The Michigan copper mines lead with a 17% reduction and the miners accepted. Butte, Mont., cut $1 a day
and a strike started but collapsed. Jerome, Ariz., made a
75-cent cut—a strike followed and the mines and smelter
are closed for six months. The Utah copper district also cut
75 cents, and but little disturbance followed. The miners
at Leadville have not announced what action they will take
on May 1. The posted statement of the Iron Silver Co.
follows:
Owing to the low price of metals, the increased freight and treatment
charges and the high cost of production, it has been found impossible to
profitably operate this property.
The company cannot continue to mine out the best grade of its ore
reserves and at the same time sustain the additional financial loss that
present conditions impose. Either the operating cost must be reduced
or the mine must shut down.
In order to keep the mine in operation we are compelled to ask the
employees to absorb part of the burden to the extent of accepting a reduction in wages of $1 per day, to become effective May 1.
Realizing that the cost of living still remains high, and that to reduce
the amount paid to employees may prove a hardship to them, the company
is reluctant to make any reduction at all.
We cannot, however, carry the present operating loss indefinitely.
Since similar reductions to wage scales have been found necessary and have
been made in other base metal mining districts, and as many mines have
been forced to close in spite of wage reductions, we sincerely hope that our
employees will agree to this plan,so that the local mining industry may survive the existing crisis.
POTASH PRODUCERS FORM AN ASSOCIATION.
The United States Potash Association was formed at
Denver, Colo., on April 2, at a convention of a score of producers, including three cement and three sugar beet companies. The States of California, Colorado, Nebraska,
New York, Utah and Wisconsin were represented.
The object of this national organization is to develop the
domestic industry until the United States shall be independent of the outside supply. Reports before the convention
showed that the idea so successfully promulgated by Germany
that the world was dependent upon her for potash is another
German myth.
During the war, search for the American raw material
located various beds—the most important in Nebraska and
Canada. Cement and sugar beet companies have become
interested; and at Colorado City, Colo., a plant is now in
operation extracting potash from the tailings of ore reduction
works. In fact, the country has plenty sources of supply;
the difficulty has been to perfect cheaper extraction and that
is being overcome.
Already $50,000,000 are invested in plants producing
100,000 tons of pure potash annually. The further aim of
the association is to seek protection for this new industry—
wherein investments were made to supply a war-made need—
against the dumping of the German precinct after peace is
signed.
Officers elected were: President, Thos. W. Boyer, Salt
Lake City; First Vice-President and Treasurer, Arthur C.
Harrigan, N.Y. City; Second Vice-President, T. E. Stevens,
Omaha.
RECALL BY LABOR UNIONS DEFEATED.
The labor unions that sought to recall Mayor Chas, E.
Thomas of Colorado Springs, Colo., were decisively defeated
at the special election on April 1. This was the first attempt to recall any municipal official under the Colorado
statute. The issue grew out of the refusal of Mayor Thomas
and the city officials to reopen the ease of the discharged
city firemen.
Some four months ago the union firemen demanded an increase in pay; the Mayor refused the demand and stated
that there was no appropriation to meet the increase. The
firemen replied that they would strike the following Monday; immediately Thomas discharged all firemen and filled
their places with volunteers and returning soldiers. During
APR. 19 1919.]
THE CHRONICLE
1571
.11
one fire of consequence the discharged firemen voluntarily
fought the flames.
A few years ago, under the city's home rule charter, the
firemen bettered their condition by carrying an election that
authorized the double platoon system—nearly doubling the
cost of the fire department. But this time the labor element filed a recall petition charging the Mayor with refusal
to reinstate the firemen, and also other matters of
inconsequence. The issue was clear-cut—organized labor
against Mayor Thomas—and much bitterness developed.
E. H. Joslyn, editor of the "Labor News," began a campaign of abuse. For his article about the grand jury, then
in session, the.District Judge demanded a retraction. Joslyn refused and was adjudged in contempt of court and
sentenced to ten days in jail. However, the sentence was
deferred until Joslyn could complete his contract to print
the official ballot and that was not until the eleetion. A
committee of 300 business men of Colorado Springs-, called
the "Good Government League," successfully managed the
Thomas campaign. The defeat of the labor element by
Mayor Thomas, although in a small city, is pointed to in the
West as second only to the triumph of Ole Hanson at Seattle.
COLORADO PROHIB,ITS THE RED FLAG AND FIREARMS TO FOREIGNERS.
The Colorado Legislature has passed a law forbidding the
display of the red flag in public in Colorado and provides a
maximum penalty of ten years in the penitentiary for violation of the Act. Another statute forbids unnaturalized
foreigners to have shot guns, rifles or other firearms in their
possession, and provides a fine and jail sentence for violation
of the law. A third measure requires parents or guardians of
children to give information regarding the nationality of
children of school age. The bill to prohibit teaching of the
German language in the schools was crowded out in the
closing days of the regular session. When these measures
were before the Legislature no objection to them was voiced
by any organization of foreigners in the sugar beet and coal
fields of the State.
SUIT TO TEST CONSTITUTIONALITY OF NE 7 NORTH
DAKOTA LEGISLATION—STATE-0 VNED BANK
AT BISMARCK.
Bismarck, the State capital of North Dakota, was chosen
by the State Industrial Board on April 5 as the location for the
proposed Bank of North Dakota, the State-owned institution authorized under the recently enacted legislation carried
through by the Non-Partisan League, details of which were
given in our issue of March 15, page 1027. James H. Waters,
State Bank Examiner, has been appointed Manager of the
bank. On April 5 the Board adopted a resolution to employ
as counsel William Lemke and Frederic A. Pike of St. Paul,
former Assistant United States Attorney, who drew up the
Non-Partisan League program of bills. The Board is proceeding without regard to the action started in the United
States District Court at Fargo on April 3, seeking to enjoin
the North Dakota officials from carrying into effect the new
legislation. The suit was brought in the name of the taxpayers of the State, the petition being signed by forty men.
The suit alleges a violation of the Federal Constitution in
that proposed taxes would be levied for private purposes,
whereas the Constitution provides money cannot be collected as taxes when it is to be used for any but public purposes. An account of the action recently appeared in the
Fargo, No. Dak., "Forum," and because of the interest io
investors of the proceedings, we publish the same further
below. From a perusal of this it is learned that the laws
enacted furnish power to bond the State for purposes of
State ownership of commercial enterprises. The voters of
North Dakota, we are informed, have asked that these
laws be sent to them for referendum vote, but pending the
election it is feared that the officials of the State may attempt
to negotiate the bonds, thus placing them in the hands of
innocent purchasers before the election and before the results of the suit can be obtained. We understand that
it is the intention of those who have instituted the suit to
carry it to the final court of appeals if necessary. The following are the details of the action as reported in the Fargo
"Forum":
Based on the proposition that the State Is prohibited under the Constitution of the United States from engaging in private business, suit was
filed in the United States District Court in Fargo this morning, asking
that the Federal courts enjoin the officials of North Dakota from attempting
to carry into effect the several laws passed by the last State Legislature
that are generally included in what is known as the "industrial program"
of the Nonpartisan League.
Injunction against the expenditure of any public moneys, or the investment of State school funds in State bonds, is asked.
Specific points advanced in the action, the bill of complaint in which
is supported jointly by over 40 taxpayers of North Dakota, representative
of nearly every county in the State, are these:
The State, by the Constitution of the United States, is prohibited from
engaging in private business.
The bonds authorized by the last Legislature are not sound because the
proceeds are intended to be used for private purposes; because no adequate
provision is made for the payment of the bonds, and because the Legislature has attempted to delegate to officers such legislative powers as the
fixing the amounts, denominations, maturities and rates of interest of the
bonds.
The several laws seeking to establish State-owned industries were passed
under the provision of State constitutional amendments that did not receive a majority of all the votes cast in the election, as required by the
State Constitution.
Seven Laws Affected.
Seven laws passed by the Legislature, all of which are in effect by virtue
of the fact that they carry emergency, clauses, are attacked in the suit,
being the following:
H. B. 17, State Industrial Commission.
H. B. 18. State bank.
H. B. 49, 52,000,000 bond issue for State bank capital.
S. B. 20, terminal elevator and flour mill association.
S. B. 75,$5,000,000 bond issue for terminal elevator and mill association.
S. B. 19, home builders' Act.
S. B. 130, 510,000,000 real estate bond issue.
Group of Defendants.
The defendants listed in the action are Governor Lynn J. Frazier, Attorney-General William Langer, Commissioner of Agriculture John N.
Hagan, State Treasurer Obert Olson, Secretary of State Thomas Hall,
State Auditor Carl Kositzky, and Miss Minnie J. Nielson, superintendent
of public instruction.
These officers are members of the State Industrial Commission, the
State Auditing Board, or the State Board of School and University Lands,
and as such are charged either under the laws that are being attacked:
or under already existing laws, with the handling of the State's finances,
including the State school and university funds.
Injunction is sought against the members of the industrial board, prohibiting them from attempting to carry into effect any of the duties given
to them by the laws the validity of whicn is questioned.
Injunction is sought against the members of the Auditing Board, prohibiting them from paying out any moneys under the provisions of the
laws in question, this same point also being made against the State Treasurer.
Injunction also is sought against the Board of School and University
Lands, to prevent that body from investing any of the moneys in the
school funds in the State bonds.
The Complainants.
The complainants in the case are 0. B. Severson, Adams County; L. A.
Wood, Barnes County; Nels Nichols, George Sideler of Bottineau; Emil
Scow of Bowman. W. C. Martin of Burke, W. J. Howe and Andrews of
Ca.ss, Henry McLean of Cavalier, George P. Homnes of Divide, B. W.
Hersey of Eddy, T. W. Baker of Foster, George Christenson of Golden
Valley, John W. Scott of Grand Forks, R. H. I.evitt of Grant, E. J. McGrath of Hettinger, E. A. Anderson of Kidder, S. B. Oakley of La Moure,
0. F. Bryant of Logan, Geo. D. Elliott, John Satterlund of McLean,
P. S. Chaffee of Mercer, Alfred Thuring of Nelson, J. S. Garnett of Pembina, J. E. Baker of Ramsey, John R. Early of Richland, H. C. Johnson of
Sargent, John C. Leach of Sioux, Fred Steckner of Slope; Fred L. Roquette
of Stark, Iver K. Bakken of Steele, J. L. Harvey of Towner, William Ben,
nett of Traill, Nathan Upham of Walsh, Orlando Brown of Ward, J. 0.
Hanchett of Wells, W. W. Wilde of Williams, W. H. Cofa11, E. B. Roscoe
and C. H. Kinney of LaMoure.
In the Federal Courts.
In connection with the filing of the action it was announced to-day that
the case was brought in the United States courts because of the Federal
questions involved.
In the bull is set forth the following pleading:
"That the purpose of the proposed expenditure of public funds and the
creation of public debts of which these plaintiffs complain, is not a public
or a governmental purpose, but is a private or business purpose, and is
for the purpose of financial profit and gain for those who are interested in
the various industries and enterprises and business projects proposed to be
installed. That such enterprises do not rest upon the public health or
welfare of the people of the State, or any other governmental reason which
would justify the proposed expenditures or the creation of the proposed
debts or in any manner come within the taxing or police powers of the
State. That no condition exists in the State of North Dakota which will
authorize or justify the State, in the exercise of its legitimate functions of
government, in engaging in the various lines of private business contemplated as aforesaid, under the said constitutional amendments and Acts
of the Legislature, or in making the proposed expenditures or incurring
the proposed debts. That the facilities now provided for supplying the
people of the State of North Dakota with the necessities and luxuries of
ife, and conveniences and requirements for their comfort, welfare and
health, are adequate.
"North Dakota has an area of 79,837 square miles and a population,
according to the War Census, of 664,625, it has 53 counties, each of which
is served by one or more of six railroads, whose total mileage, including
main line and branch line trackage is 6,295 miles.
"On the lines of its several railroads are more than 250 incorporated
cities and villages, and numerous unincorporated hamlets, and all together,
more than one thousand railroad stations or sidings where freight and
merchandise is loaded and unloaded and numerous privately owned general
stores where merchandise and food products, including flour, and all the
necessities of life, are kept for sale, and sold.
"It has 74 flour mills in Operation, which are scattered over the various
parts of the State, with a capacity varying from 25 to 1,800 barrels per
day, and a total capacity of 16,720 barrels a day, or 5,000,000 barrels
capacity for a year. The mills thus privately owned and operated have
the capacity of producing between seven and eight times more flour than
the people of North Dakota consume, and a capacity not only to feed all
the people of the State, but still have for export to other States or countries,
over four million barrels per year.
"It has more than 200 licensed and privately owned warehouses and
elevators located at railroad stations in the several counties of the State,
with a total capacity for storing grain, of more than 60,000,000 bushels.
"It has 706 State and national banks with capital stock and surplus
ranging from $10,000 to $560,000.
"It also has a large number of loan and trust companies and numerous
loan agencies, specializing in making of loans on farm lands, said individual
loan agencies being distributed throughout the State and in each and every
county thereof. It also has a great number of building and loan associations specializing in making loans upon city property.
"North Dakota has an area of 40,000,000 acres, more than half of
which is unbroken prairie, and used for grazing and stock raising.
"The principal occupation of the rural population of this State is that
of grain growing, dairying and stock raising.
"That a large proportion of the taxpayers of the State of North Dakota,
who are the owners of a large part of the taxable property of the State,
are in no manner interested in any of the business enterprises or projects
authorized and provided for by the Legislative Acts here in question.
1572
THE CHRONICLE
[VOL. 108.
NIP —
Claim Irreparable Injury.
"That if the State of North Dakota were permitted to engage in the
various enterprises, industries and projects hereinbefore referred to, the
plaintiffs and the other taxpayers of the State, in whose behalf this suit is
brought, will suffer irreparable injury and damage, and will become involyed in a multiplicity of suits. That the plaintiffs and said other taxpayers will be denied the equal protection of the law and will be deprived
of their property without due process of law, all in violation of their rights
as citizens of a free Government, and in violation of the guaranties of the
Fourteenth Amendment to the Constitution of the United States. That
they will be denied the protection of Section 4, Article 4,of the Constitution
of the United States, guaranteeing to each State and the citizens thereof, a
republican form of government. That the protection of the guaranties
of the Constitution of the United States, referred to,is now claimed by the
plaintiffs in their own behalf and on behalf of all other taxpayers of the
State. That these plaintiffs and those in whose behalf this suit is prosecuted have no adequate remedy at law.
Millions Involved.
"The constitutional amendments and Acts of the Legislature hereinbefore set forth authorize the defendants in the operation and conduct of
the various enterprises provided for in said Acts, to incur and create
obligations and indebtedness, in addition to the obligations and indebtedness hereinbefore specifically referred to, amounting to millions of dollars,
for which indebtedness and obligations the State of North Dakota stands
guarantor and for the payment and liquidation of which the property of
the plaintiffs, and the other taxpayers of the State of North Dakota may
be appropriated."
Status of the Plaintiffs.
A section of the complaint sets forth the status of the plaintiffs as such
in the following manner:
VIII.
"That plaintiffs are taxpayers of the State of North Dakota and are
owners of both real and personal property in this State, and in the counties
of their residence, which is subject to taxation to meet the obligations
of the State, and also subject to local taxes. That the plaintiffs, and the
other taxpayers of the State of North Dakota are the beneficial owners,
subject to the legal and proper use thereof by the State of North Dakota
for State purposes, of all moneys and funds now in the treasury of the
State of North Dakota, collected by taxation for the purpose of defraying
the expenses of the government of the State, and which funds are held and
controlled by the defendants, as officers of the State, as hereinbefore
described. That said funds aro held in trust by the defendants in their
official capacity, for the plaintiffs and the other taxpayers of the State.
That said funds now amount to more than $300,000. That from time to
time additional sums of money, amounting to hundreds of thousands of
dollars each year, raised by taxation against the property of plaintiffs, and
the other taxpayers of.the State of North Dakota, are being collected and
covered into the treasury of the State, for the purpose of defraying the
legitimate expenses of the State government, and the defendants, in their
official capacity aforesaid, come into the custody and control of said
moneys as the same are collected as hereinbefore set forth. That the
State of North Dakota has no moneys,funds, or property, aside from that
collected by the taxation of the property of the plaintiffs and the other
taxpayers of the State, except moneys realized from school and institutional lands granted to the State by the United States at the time of admission to the Linton. That said school and institutional lands and moneys
realized therefrom cannot, under the compact with the United States, be
used for any purposes other than the maintenance and support of the
schools and institutions of learning of the State and for the purpose of
maintaining and supporting other public insttutions of the State.
"That the plaintiffs bring this action as taxpayers on behalf of themselves and on behalf of the other taxpayers of the State who are many
thousand in number, and who have a common and general interest in the
questions presented in this case, and are so numerous as to make it impracticable to bring them all before the court."
concerned, in the same manner that was so successful in regard to April 1
requirements.
It is understood that the bankers present at the conference
included: Thomas Cochran, representing J. P. Morgan &
Co.; Jerome J. Hanauer, of Kuhn, Loeb & Co.;P. V. Davis,
Vice-President of the National City Bank;Jackson Reynolds,
Vice-President of the First National. Howard Elliott,
headed the Special Committee of Railroad Executives.
With regard to the May 1 requirements of the railroads,
the press dispatches from Washington April 11 said:
Requirements of the railroads for May 1 obligations amount to about
$100,000,000, of which $60,000,000 represents debts of the Railroad
Administration due individual railroads, for which certificates of indebtedness will be issued, and $40,000,000 represents securities falling duo, which
probably can be extended. The War Finance Corporation and banks,
consequently, will be called on to furnisn about $60,000,000.
The bankers and railroad executives attending the conference discussed
the desirability of a special session of Congress to deal with the railroad
financial situation through an appropriation which would take care of
obligations developing after May 1. Railroad executives said this discussion was informal and that it was generally assumed by the conferees
that a special session would be called in May, No definite recommendation for an early special session was made.
W. G. McADOO SPECIAL COUNSEL TO RAILROAD
ADMINISTRATION.
Walker D. Hines, Director-General of Railroads, announced on March 31 that at his request W. G. McAdoo,
formerly Director-General of Railroads, had consented to
act as special counsel to the Railroad Administration with
reference to matters arising in the State of New York.
Mr. McAdoo stipulated, however, that he should not be
compensated for his services.
WAGE INCREASES TO SLEEPING AND PARLOR CAR
• EMPLOYEES—FORMAL ANNOUNCEMENT
AS TO WAGE INCREASES.
Director-General Hines of the Railroad Administration
announced on April 14 that the wages of 12,000 sleeping
and parlor car employees had been raised $25 a month above
the basic minima in effect Jan. 1 1918. It is pointed out
that since approximately half of this sum was awarded
under the general wage increase of last year, the net addition
Before Judge Amidon.
The case will be tried by Judge C. F. Amidon, but there is nothing to this order will be the remainder, or about $12 50 per
certain as to just when the action will come up.
month. Wages of 10,000 dining car employees are advanced
No temporary injunction is applied for.
minima in effect Jan. 1 1918.
Attorneys for the plaintiffs are J. S. Watson, N. C. Young and E. T. $25 above the basic monthly
Conmy of Fargo; Tracy R. Bangs and Phillip R. Bangs of Grand Forks, This, it is stated, will yield approximately $8 a month adand C. J. Murphy and T. A. Toner of Grand Forks.
ditional to each employee, since two-thirds of this $25
increase was taken up in the general wage advance last year.
DISSENSIONS IN NORTH DAKOTA'S NON-PARTISAN This week's wage orders for railroad employees were included
LEAGUE.
in the estimate of 867,500,000 in increases announced in
The following special advices from Fargo on March 29 last week's order affecting the four trainmen's and engineappeared in the New York "Tribune" of March 30:
men's brotherhoods and complete, it is stated, the "war
'
Deflection among Non-Partisan League State officials from the hereto- cycle" of wage advances. Future applications for higher
fore solid front maintained by that organization was broadened to-day
When S. J. Nagle, of Mandan, N. D., member of the Betted of Control, pay will, it is announced, be considered in the light of peace
cast his lot with those 'who have challenged A. C. Townley's authority to time conditions. The wage orders are to become effective
dictate legislative and State administration policies.
Four State officials now are openly fighting the League rule, while two at once.
We referred last week (page 1475) to the order issued by
State officials have declared themselves against certain legislative measures
passed under direction of the League as controlled by President Townley, Director-General Hines on April 11 granting wage increases
on
undertakings the
of the Industrial Commission, charged with carrying
engineers, firemen and conductors;
State has proposed and for which $17,000,000 of bonds have been au- to railroad trainmen,
Mr. Hines' formal announcement is given as follows in the
thorized.
That the split is extending to the League membership and has become New York "Times:"
by President
widespread is indicated by a signed statement issued to-day
Since this step practically completes what can properly be termed the
Townley, who condemns officials and members who do not stand by him, "war cycle" of wage increases to railroad labor, it will be of interest to exas "betrayers of the farmers' movements."
plain the procedure which the Railroad Administration adopted throughout
Another evidence of the growing split is foand in fact that more than the war in dealing with its wage problems.
25,000 electors, ono-fourth of the State's entire electorate, signed referPrior to the beginning of Federal control of the railroads on Jan. 11918,
endum petitions within two weeks, the filing of which will result in the railroad labor generally regarded itself as grossly underpaid, on account
people themselves voting on the most radical of the laws passed by the of the great increase in the cost of living, and on account of the much
last Legislature.
higher wages paid in many other lines of work. In order to deal with this
situation, the Railroad Administration gave assurances to railroad labor
PLANS FOR MEETING MAY 1 REQUIREMENTS OF that a commission would be created to report as to what increases ought
to be made, and that any increases adopted would begin with Jan. 1 1918.
RAILROADS.
This commission, known as the Railroad 'Wage Conunission, was
As we indicated in these columns a week ago, page 1475, promptly appointed, consisting of Messrs. Franklin K. Lane, Charles C.
an agreement to co-operate in taking care of the May 1 McChord,.1. Harry Covington, and William R.'Willcox. The commission
made its report April 30 1918, and on May 25 1918 the Railroad Administrafinancial requirements of the railroads along the lines fol- tion
issued its General Order No. 27, making increases based on this report.
lowed in the case of the April 1 requirements, was reached at
To take such supplemental action as might be necessary, the Board of
a conference in Washington on April 11 of bankers, railroad Railroad Wages and Working Conditions was created, consisting of three
representatives of railroad managements and three representatives of
executives and Director-General Hines. Following the con- railroad
labor. As a result of the procedure practically all classes of
clusion of the conference Mr.Hines issued a statement saying: railroad labor had received the necessary supplemental consideration
Walker D. Hines, Director-General of Railroads; Swager Sherley, Direc- and treatment at the time of the signing of the armistice, but as to the
tor of Finance of the Railroad Administration, and other members of the train and engine men the recommendation of the Board of Wages and
Director-General's staff, conferred to-day with the railroad executives, a Working Conditions was not submitted until Doc. 21 1918.
group of bankers from various parts of the country, and officers of the War
When the report of the Board of Railroad Wages and Working Conditions
Finance Corporation, with reference to the requirements of the railroad on the readjustment for employees in train and engine service was made
companies up to and including May 1, pending an appropriation by Con- the Director-General was faced with the following alternatives:
gress.
(1) To refuse to make any readjustments whatever because of the present
As a result of such conference the Director-General announced that the unsatisfactory condition of railroad revenues, in spite of the fact that this
class
of employees had reason to expect readjustments because of readjustpolicy with reference to the April 1 needs of the companies would be
followed, of issuing his certificate of indebtedness to the railroad companies ments which had already been made for other classes of employees.
for amounts duo on account of rental and other transactions arising out of
(2) To establish relative justice between the various classes by cutting
down the wages established for the other dames during the war.
Federal control.
It will be the unanimous opinion of all those present that the May 1
(3) To make readjustments proporionato with those which had been
requirements would be cared for through the co-operation of all parties made for other employees.
APR. 19 1919.]
THE CHRONICLE
1573
Of these three possibilities the Director-General is satisfied that only adopted with slight changes
at a plenary session held last
the last was Practicable and just and he threfore adopted it.
Since the order now made as to train and enginemen and the orders Friday (April 11). The troublesome question of reparations
about to be made as to dining car and Pullman car employees will establish, has been settled in its main outlines and the Franco-German
in the opinion of the Railroad Administration, a fair equalization on the frontier problem
and the control of the Saar coal mines
basis of the standards adopted during the war by the Railroad Administration, it will, of course, be understood that the cycle of war adjustments have likewise been disposed of. No official announcements
is thus completed and that further wage questions will naturally be dealt have been made as to most of these
questions, and the
with only in the light of conditions hereafter arising.
Council of Four is apparently to adhere to its policy of not
It is estimated that if railroad labor throughout the war year 1918 had
been paid the wages actually established by the end of Dec. 1918, the wage making public the terms of the peace treaty until they have
Increase in operating expenses for the year would have been $754,811,000 been submitted to Germany.
In fact, Foreign Minister
in excess of what the wage increases have been if (and this is an impossible
Pichon, replying to an interpellation in the French Chamber
assumption) the work could have been performed throughout the year
of Dbuties, made a statement to that effect and was upheld
for the low wages prevailing on Jan. 11918.
If, in addition, the train and engine men had been paid throughout 1918 by the Chamber
when he made the matter a question of
the wages now established, and the dining car and sleeping car employees
had been paid the wages which are about to be established, and the police confidence in the Government. Premier Lloyd George, in
forces had been paid throughout 1918 the wages recently establisned for his speech before the House of Commons on
Wednesday,
them, the additional increases on these accounts would have been about took a similar attitude,
referring to the treaty in none but
$67,500,000.
the
most
general
terms. A mimber of special problems
Attempting thus to measure the matter by the labor actually performed
during the calendar year 1918, the total increase in wages growing out of still remain to be settled, the disposition
of Fiume and the
the war conditions, and the resulting policies firmly established during the boundaries
of the Qzecho-Slovak Republic among them.
war by the Railroad Administration (and including the wage increases now
being and about to be made to complete the war cycle), would have been Announcement was made on Wednesday that food will be
$822,311,000, duo, however, in substantial part to the excess hours and supplied to Russia on condition
that the Soviet Government
to the inexperienced labor which came about on account of the war.
ceases fighting. The food is to be distributed under superThe actual increase during the calendar year 1918 was only about $538,000,000, because many of the supplemental increases did not take effect vision of a committee of neutrals appointed by the Allies.
until the latter part of tho year.
The Allied Governments are to facilitate financing and shipIt is anticipated that througn the elimination of overtime, which will
be unnecessary under peace conditions, and through ability to regain ex- ments, but avoid anything that would constitute a recogperienced employees who wore lost during the war, the total increase in nition of the Bolsheviki.
wages would be substantially less on the same volume of business than
On April 14 President Wilson issued a statement on behalf
the foregoing based on the calendar year 1918 would indicate, and, of
of the Council of Four, announcing that the work of the
course, the increase will be less if the volume of business is less.
As a result of the wage levels established and principles applied prior to Conference was nearly complete and that the German delethe signing of the armistice to practically all other classes of labor, and as a gates had
been summoned to appear at Versailles on April 25.
result of the unusually thorough study of the rates of pay proposed for the
train and engine men, the present orders, known as supplements 15 and The statement read:
In view of the fact that the questions which must be settled
16 to General Order 27, have been issued.
in the peace
A fair illustration of the substantial effect of these supplements is sug- with Germany have been brought so near a complete solution that they can
now
quickly be put through the final process of drafting, those who have
gested by the following comparison, which compares the rates of pay in
effect immediately prior to Federal control with the new rates of pay, been most constantly in conference about them have decided to advise
a largo part of the indicated increases having been made, however, by that the German plenipotentiaries be invited to meet the representatives
of the associated belligerent nations at Versailles on the 25th of April.
General Order 27, which was issued in May 1918.
This does not mean that the many other questions connected
In the East 60% of the passenger conductors, brakemen and baggagemen
with the
general
peace settlement will be interrupted, or that their consideration,
are now receiving the higher rate and will get the less increase as shown
above. In the West and South 80% receive the higher rate and will get which has long been under way, will be retarded. On the contrary, it is
expected that rapid progress will now be made with these questions,
the less increase.
so
The comparisons given are between the now rates and the rates in effect that they may also presently be expected to be ready for final settlement.
It is hoped that the questions most directly affecting Italy, especially
immediately prior to Federal control. A largo part of the increases have
the Adriatic question, can now be brought to a speedy agreement. The
already been made by General Order No. 27, issued in May 1918.
The train and enginemen earnestly insist that they should be paid time Adriatic question will be given for the time precedence over other questions
and a half for overtime in road service (instead of pro-rata overtime for and pressed by continual study to its final stage.
The settlements that belong especially to the treaty with Germany
any excess thn due to a failure to maintain a speed of 20 miles per hour
in passenger service and 123i miles an hour in road service, claim ng that will, in this way, be got out of the way at the same time that all other
this is strictly analogous to the allowance of punitive overtime after eight settlements are being brought to a complete formulation. It is realized
that, though this process must be followed, all the questions of the present
hours in work which is paid for exclusively by the hour.
The railroad managements, however, strenuously insist that there is great settlement are parts of a single whole.
no such analogy, because they say that work on the road is in the nature
The work of the League of Nations, the Labor and the
of piecework, also that the higher speed in freight service is frequently
not economic and hence the failure to make it ought not to be penalized, and Reparations Commissions is referred to under separate
also that the employees while on the road cannot be under sZrict supervision headings. In regard to the Saar Valley coal mines, claimed
and can largely in flume° the time consumed and the speed of their trains. by France in reparation
for the French mines destroyed by
The Board of Railroad Wages and Working Conditions recommended
that this question be submitted to a bipartisan board o" eight, 1. e., four the Germans, an Associated Press dispatch under date of
representatives of the managements and four representatives of labor, for April 10 said:
a thorough study and report on this question. This course will
It became known to-day that a provision that the League of Nations
be pursued
and the question will be submitted to Railway Board
of Adjustment should exercise general supervision of the Saar Valley for a period of fifteen
No. 1, which is made up of four representatives of the managements and years was obtained in the settlement
of the Saar problem effected yesterfour representatives of labor. Effective steps will be taken to secure the day by the Big Four.
promptest action possible upon this matter.
At the end of the 15-year period a plebiscite will be taken to determine
the wiEhei of the inhabitants regarding the future form of Government.
The change was made to avoid annexation and establish the principle
INCREASES GRANTED BY RAILROAD ADMINISTRAof self-determination.
TRION TO EMPLOYEES OF AMERICAN
France obtains economic control of the coalfields of the Sarre Valley
up to an amount to recompense her for the losses sustained from German
RAILWAY EXPRESS CO.
occupation of the coalfields of Northern France.
The increases to railroad trainmen during
the past week
have been supplemented by wage advances in the case of
of employees of the American Railway Express Co. The
increases in the latter case, announced by Director-General of
Railroads Walker D. Hines on April 14, averages, it is said,
about $15 a month for approximately 69,000 expressmen.
and represents, it is said, an advance of $25 a month over the
wage scale in effect Jan. 1 1918. The express employees
applied more than six months ago for increased pay, and in
some localities threatened a strike. Later they presented
their case to the War Labor Board, but withdrew it when
assurances were given by the Director-General that the
Railroad Administration's Board of Railway Wages and •
Working Conditions would take up their case. About that
time the American Railway Express Co. was taken over for
operation by the Railroad Administration.
PEACE CONFERENCE DRAWING TO A CLOSE—GERMAN DELEGATES SUMMONED TO
PARIS ON APRIL 25.
The work of the Peace Conference has so far progressed
that a formal invitation has been sent to the German delegates to come to Versailles on April 25. The League of
Nations Commission has finished its work, the final draft
of the covenant being now ready to present to the Conference.
The final report of the Labor Committee was presented and
It was also stated in press dispatches on the 10th that
the Council of Four had united in signing a document
indicting the former Kaiser and directing that he be brought
to trial. The dispatch in question (a. copyrighted cablegram
to the N. Y. "Times") further said:
The charges on which the former Kaiser will be tried are violation of
international morality and violation of the sanctity of treaties. For these
crimes the former Kaiser is regarded by the Council of Four as personally
responsible. These charges are more political than legal.
There was opposition in the Responsibility Commission, which investigated the question of Hohenzollern's responsibility, to bringing him to trial
on charges which would not stand up under legal scrutiny. Secretary Lansing, who is regarded generally among leading peace emissaries as one of the
foremost authorities on international law, submitted a memorandum,separate from the report of the Commission, in which he contended that a
sovereign could not be held responsible legally for acts of his subjects.
The recommendation of a majority of the Commission that the former
Kaiser be tried by a special court for violations of international morality
sanctioned by himself personally prevailed, however. Before adjournment
of yesterday's session of the Council of Four the indict ment of the former
Kaiser had been signed and It was settled that Wilhelm Hohenzollern,
whatever his particular fate may be, will never again be a free man.
In a dispatch sent from Parts to the New York "Times" Wednesday it
was disclosed that the Commission on Responsibilities had decided that the
former Kaiser should not be subjected to danger of the death penalty for the
crimes he had committed against humanity. How far the special high
tribunal to be created as a result of the action of the Council of Four
Wednesday will feel called upon to go in fixing the penalty is a matter upon
which it would be uselss to speculate. The most that may be :Aid is that
the discussions among those who will have a large part in determining
Hohenzollern's fate indicate that at the very least he will never be permitted
again to have that degree of freedom which would afford him opportunity
of becoming a menace to the world's happiness.
1574
THE CHRONICLE
At Monday's (April 14) session of the Council of Four
the question of the Rhine frontier was considered, and although no official statement was issued, the press dispatches
ndicated that a solution satisfactory to France had been
reached. On this point the Associated Press advices said:
It was stated in authoritative quarters to-night that a satisfactory
agreement had been reached on the question of the Rhine frontier, thus
removing the last of the main obstacles in the way to the Peace Treaty
with Germany.
The Council of Four has under consideration a French plan for defense
along the Rhine which provides for a line thirty miles east of the Rhine
which shall be considered a boundary over which German troop6 cannot
cross without making themselves liable to attack by British, French, and
American troops.
The French hope to get allied assistance in policing this military zone
east of the Rhine. as otherwise they would be compelled to transfer their
garrisons from many French towns, thus upsetting long-established military arrangements.
Premier Clemenceau called on Colonel House to-night and expresJed
himself as entirely satisfied with the settlement. This indicates that the
French will secure guarantees which will protect them adequately against
renewed German aggression.
The agreement is believed to include complete demilitarization of both
banks of the Rhine, extending twenty-five miles east of the river and
throughout the German sections along the west bank, in which there will be
no fortifications, no troops, and no conscription.
The possibility that the United States might be appointed
mandatory for Armenia under the League of Nations was
indicated in advices from Paris on the 14th, which said:
As a result of conferences between Premier Clemenceau and Prince
Feisal, son of the King of the Hedjaz, the allied program in the Levant is
reported to have been decided upon. Under the reported agreement
France would obtain Syria, with Damascus and Alexandretta, and the
United States would get Armenia.
It was pointed out that the use of the words "obtain"
and "get" in the above dispatch apparently does not mean
that France and the United States are to acquire the territory,
but that they will become mandataries over them.
The adjustment of the differences between Poland and
Czech° Slovakia over the Teschen coal fields by the erection
of the disputed district into an independent State, was indicated in a copyrighted cablegram to the New York "Sun"
under date of April 15. The dispatch read:
The fate of Teschen, on the eastern border of the country of the CzechoSlovaks, was decided finally to-day. It was determined to resuscitate an
independent State of Teschen, which always has had an ethnographical
and national entity and to withdraw it from political control by either
Poland or Czecho-Slovakia.
This adjustment of the difficulties which revealed themselves in the debates regarding the future status of Teschen coal fields has given birth
to an unique arrangement whereby neither Poland nor Czecho-Slovakia
will be deprived of the benefits of the mines, yet neither will govern the
territory.
Indications are that the status of Teschen will be absolute independence
under the protection of the League of Nations. .
Delegates of the eighteen States which declared war against
Germany, exclusive of the five great Powers, were called to
meet in secret session on April 16 with representatives of the
greater Powers. The matters for discussion, it was said,
included the question of calling in the German plenipotentiaries and also the making known of the peace preliminaries
to these eighteen States. Premier Clemenceau presided at
the meeting. Later in the day the old Council of Ten (the
"Big Four" and their Foreign Ministers, and the two Japanese representatives), held a meeting to consider the procedure
at Versailles, when the German delegates appear. The
Council of Four also met to consider the revision of the
Treaty of 1839 and the demand of Belgium for the annexa, in the Rhine Province of Prussia, and of
tion of Malmedy,
Moresnet, a small territory not heretofore disposed of.
[VoL. 108.
The Director-General of Relief submitted a review of relief measures
effected by the United States, Great Britain, France and Italy during the
month of March through the co-ordination of the Supreme Economic
Council, which shows that supplies amounting to more than 338,000 tons,
to a total value of $111,280,000, were distributed during the month.
[Director-General Hoover's figures recently given out were 388,041 tons,
to the value of $95,000,000.1
The Council considered the measures necessary to increase the supplies.
finance and shipping required for the following months.
The Council again considered the serious deficiencies in the Italian coal
situation, and a committee was appointed to devise definite measures for
the immediate increase of the insufficient supply.
BRITISH AND FRENCH LEGISLATORS DEMAND BIG
INDEMNITY.
Following the action of 370 members of the British House
of Commons, who on April 8 sent a telegram to Premier
Lloyd George demanding that Germany be forced to pay
the utmost possible indemnity, a similar demand was made
on Premier Clemenceau of France on April 12, when 300
members of the Chamber of Deputies associated themselves
with a manifesto signed two days earlier by a group of
French Senators, in which the hope was expressed that full
restitution would be exacted from the enemy and that the
full cost of the war would be imposed "on those responsible
for the greatest crime in history." The resolution said that
the Senators insisted that the peace treaty and the League
of Nations provide legal and territorial guarantees of sufficient strength to prevent further wars.
The action thus taken by the British and French legislators was generally attributed to the alleged dominance of the
Peace Conference by President Wilson, and the fears that
the President's idealism and well-known desire to restore
friendly feeling as soon as possible between the former antagonists, might lead to a peace too lenient to Germany.
Premier Lloyd George's reply to the telegram from Members of Parliament was an unqualified promise to live up to
his election pledges, in which he promised to force Germany
to pay "the whole cost of the war." At that time the
amount was estimated at not less than $200,000,000,000,
but recent estimates place the amount Germany will really
forced to pay at not over 25 billions, increased somewhat by
accrued interest on deferred payments. The British Premier's telegram, sent on April 9, said:
My colleagues and I mean to stand faithfully by all the pledges which
we gave our constituencies. We are preapred at any moment to submit to
the judgment of Parliament, and, if necessary, of the country, our efforts
loyally to redeem our promises.
The failure of the British negotiators to secure better
financial terms from Germany is held responsible for the
overwhelming defeat of the Coalition candidate at the recent
bye-election at Central Hull, which went Liberal for the first
time in its history. The result of the bye-election following
the death of Sir Mark Sykes, Coalition Unionist, who had a
majority of 10,371 over the Liberal candidate at the December general election, showed a Liberal majority of 917 over
the Coalition Unionist candidate. The vote was: Commander J. M. Kenworthy, Liberal, 8,616; Lord Eustace
Percy, Coalition Unionist, 7,699. The defeated candidate
was one of Lord Robert Cecil's chief assistants when the
latter was at the Foreign Office.
ATTITUDE OF SPAIN TOWARD LEAGUE OF NATIONS.
The following letter, addressed by the Spanish Government
to President Wilson, as Chairman of the League of Nations
SUPREME ECONOMIC COUNCIL.
Commission of the Peace Conference, was made public at
The following in regard to the work of the Supreme Coun- Paris on April 2:
Mr. President.—The Government of his Majesty has charged me to
cil was forwarded from Paris by the Associated Press:
The Supreme Economic Council has announced an agreement between
the Associated Governments providing that enemy tonnage, both that
acquired before and since the armistice, would be divided among those
Governments according to their ability to bring the ships into speedy use,
and, in the case of passenger ships, according to their relative needs. This
arrangement will not prejudice the ultimate disposition of the ships under
the terms of the Treaty of Peace.
The vessels will fly the flag of the Allied Maritime Council as well as
the national flag of the country undertaking their management.
A plan for offering surplus stocks of raw materials in the
possession of the Allied Governments for sale to the German
Government during the period prior to the signing of the
peace treaty has been approved by the Supreme Economic
Council, according to an announcement made on the 15th.
The official statement said:
The Supreme Economic Council held its fifth meeting at the Ministry
of Commerce on Monday, April 14, at 10 a. m., under the chairmanship
of Vance McCormick.
It was decided, in view of the large number of questions coming before
the Council which particularly affect Belgium that the Belgian Government
should be invited to nominate a representative who shall have the right to
attend the meetings of the Council and its sections.
The disposal of surplus stocks of raw material in possession of the Allied
Governments for sale to the German Government during the period prior
to the treaty of peace, under arrangements to be worked (nit by a special
committee in conjunction with the blockade and finance sections of the
Council, was seaulroved.
make to Your Excellency, in the capacity of President of the Special
Commission of the Peace Conference for the League of Nations, the following declaration:
The Spanish delegate, present at the meetings held at Paris on the 20th
and 21st of this month, has notified the Government of his Majesty of
the sentiment held at these meetings by the members of the Special Commission of the Peace Conference for the preparation of the League of
Nations and of the explanation given concerning the various articles in the
project of the covenant, upon certain aspects of which the Spanish Commission entrsuted with the study of this !natter thought it expedient to
shed light.
This delegate also said that Lord Robert Cecil, the British delegate, at
the end of the session stated that he did not think it premature to declare
that the Allied Governments would welcome into the League of Natgns all
the neutral countries represented at said meetings.
The Government of His Majesty has noted all of these declarations with
satisfaction, and is happy to be able to give its adjesion to this covenant
as far as the essentials are concerned. With the hypothesis that the new
draft of the essentials, which is to be submitted to tho conference, will not
be changed in its general outlines, and also that the examination of the
proposed amendments will facilitate the introduction or some changes of
matters of detail considered worthy of special attention, Ills Majesty's
Government will take great satisfaction in seconding an undertaking of
such transcendental importance.
At the proper time It will solicit the necessary authorization of the Cortes
to join in the co laboration of the Governments represented at the Peace
Conference by becoming a member of the Society of Nations.
ing, &c.,
Please accept be
QUINONES DE LEON.
APR. 19 1919.]
THE CHRONICLE
NEW SPANISH CABINET.
Premier Maurer of Spain on April 15 announced the
make-up of his Cabinet as follows:
Minister of Foreign Affairs—Manuel Gonzalez Hontoria.
Minister of War—Gen. Luis Santiago.
Minister of Justice—Senor Matamala.
Minister of the Interior—Senor Gorcoechea.
Minister of Finance—Juan de la Cterva.
Minister of Marine—Admiral Miranda.
Minister of Public Instruction—Senor Silvio.
The portfolios of War and Food have not yet been allotted.
The President's speech closed the discussion. There
was no vote, and,
when there were no further remarks, the chairman
of the meeting said the
amendment would be considered adopted. The Commission
then took up
the next article of the covenant.
Manuel Gonzalez Hontoria, the new Spanish Foreign
Minister, represented Spain at the neutral conference in
Paris recently on the League of Nations plan. He is a
Liberal Deputy and has been closely allied to former Premier
Romanones, whose resignation made way for the new Cabinet. Senor Hontoris, in March was reported to be aiding
Premier Romanones in a policy tending to closer relations
with the United States.
LEAGUE OF NATIONS COVENANT COMPLETED—
SUMMARY OF CHANGES.
The completion of the draft of the League of Nation
covenant was announced at Paris on Saturday last (April 12)
when an official statement was issued covering the work of
the final session of the Commission, of which President
Wilson is Chairman. The statement read as follows:
The fifteenth meeting of the Commission on the League of Nations was
held at 8:30 Friday evening, April 11, at the Hotel de Crillon under the
chairmanship of President Wilson.
The Commission resumed its examination of the articles of the covenant
as redrafted by the Committee on Revision. Articles XI to XXVI were
covered in the course of the evening, and the Commission rose at 12:30,
having completed its work. The appointment of a committee which
should draw up plans of the League organization was authorized.
The new text contains twenty-six articles. The entire document has
been carefully revised from the point of view of drafting, and it contains in
addition its specific statement of a number of principles heretofore regarded
by the Commission as implicit as the covenant.
Except for the technical task of bringing the French and English texts
into accord, the covenant is ready for the plenary conference. It will,
therefore, be made public in the course of a few days.
The last few sessions of the Commission witnessed a stubborn struggle over several points which have all along been
matters of controversy, and although the covenant was
finally adopted by vote of the Commission, one gets the
impression, from the press accounts from Paris, that considerable bad feeling was generated and that the struggle is
likely to break out anew when the covenant comes before
the Peace Conference proper for final action.
The principal points in controversy were the amendment
explicitly excepting the Monroe Doctrine from interference
by the League of Nations, the Japanese proposal for racial
equality, and the demand of France for a General Staff
and other military features as an added protection against
future German aggression. Sharp differences developed,
also, in regard to the selection of a permanent headquarters
for the League of Nations. France and Belgium fought hard
for the selection of Brussels, but Geneva, Switzerland, was
finally decided upon.
The Monroe Doctrine amendment was carried, but only
after an earnest appeal, it would seem, by President Wilson.
The text of the amendment, read as follows:
1575
One of its groat purposes, he said, was to maintain territorial
and political integrity, and, having served its great purpose in
the Western World, it
now was being brought to the lands which had felt
the hand of absolutism
and militarism. It was a source of surprise and discourageme
nt, the President said, to hear opposition expressed to such a doctrine
and such a purpose.
Although the Japanese proposal for racial equality within
the League was finally decided against Japan, some accounts
cabled from Paris state that in the actual voting the majority
of the delegates favored the Japanese position, and that the
motion was finally lost only because President Wilson, as
Chairman, ruled that a unanimous vote was necessary.
Stephen Lauzanne, quoted in a special cablegram to the
New York "Times," (given in full elsewhere) made a bitter
attack on President Wilson in the Paris "Matin," on April
14, in which he sharply criticized the methods of voting
on the voting on the various questions coming before
the
Commission, which, he declared, were varied to suit the
interests of the United States and against the proposals
favored by Japan and France. The official communique
dealing with the meeting at which the Japanese proposal
was dealt with was issued on April 12, and read as follows:
At a
meeting of the League of Nations Commission on Friday,
April 11,
the Japanese delegation proposed an amendment to the
preamble of the
covenant as follows: To insert after the words "by the prescription
of open,
just and honorable relations between nations," additional
clause to read:
''By the indorsement of the principle of equality of nations
and just treatment of their nationals."
The amendment was admirably presented by Baron Makino.
In the
course of his speech he emphasized the great desire of the
Japanese Government and of the Japanese people that such a principle be
recognized in the
covenant. His argument was supported with great force
by Viscount
Chinda.
A discussion followed, in which practically all of the
members of the
commission participated. The discussion was marked
by breadth of
thought,free and sympathetic exchange of opinion and
a complete appreciation by the members of the commission of the
difficulties which lay in the
way of either accepting or rejecting the amendment.
The commission was impressed by the justice of the
Japanese claim
and by the spirit in which it was presented. Mention
was freqnetly made
In the course of the discussion of the fact that the covenant
provided for the
representation of Japan on the Executive Council as one of the
Five Great
Powers, and that a rejection of the proposed amendment
could not, therefore, be construed as diminishing the prestige of Japan.
Various members of the commission, however, felt
that they could
not vote for its specific inclusion in the covenant. Therefore,
the Commission was reluctantly unable to give to the amendment that
unanimous
approval which is necessary for its adoption.
The Japanese delegates announced that they reserved the
right to bring the subject before the plenary session of the
Peace Conference for final decision.
The French delegates made their strongest fight on the
question of establishing a permanent General Staff, which
should be ready to take the field quickly in case of military
aggression from any quarter or to carry out the mandates of
the League of Nations. They also demanded close supervision of the manufacture and trade in war materials. Both
proposals were lost, largely, it is said, owing to the opposition of President Wilson and Lloyd George, the first, as
being *likely to breed further wars; the second as an undue
interference with the internal affairs of nations. These decisions have aroused bitter comment in the French papers.
Article X.—A—Nothing in this covenant shall be deemed to affect the France has all along emphasized the need of protection from
validity of international engagements, such as treaties of arbitration or aggression by Germany in the future, and especially
so since
regional understandings like the Monroe Doctrine, for securing the main- the spread
of Bolshevism in Eastern Europe has brought
tenance of peace.
The text of Article X as it stood in the first published into viewIthe possibility of a military and economic union
between Russia and a communized Germany. France, it
draft of the League of Nations covenant was as follows:
The high contracting parties shall undertake to respect and preserve, will be recalled, first demanded a standing army, under
as against external aggression, the territorial integrity and existing political direct control of the League of Nations, and a
frontier on
independence of all States members of the League. In case of any such
the Rhine. This being voted down in the Council of Four,
aggression or in case of any threat or danger of such aggression the Executive
Council shall advise upon the means by which the obligation shall be ful- she demanded that the Rhine provinces be erected into a
filled.
buffer State. This also was rejected. The proposal was
The Associated Press account of the debate on the Monroe theft brought forward for a permanent
General Staff and
Doctrine amendment read in part as follows:
strict measures to prevent the secret accumulation of war
Discussion of the Monroe Doctrine amendment by the League of Nations
Commission last night is described by those present as having been of a supplies. The rejection of these proposals by the League
dramatic character, concluding with a speech by President Wilson depre- Commission has proved disturbing to the French delegates;
cating the opposition which had been expressed and upholding the doctrine they voted
for the covenant when the Commission endorsed
as one of the great bulwarks against absolutism. The debate came late
the final draft, but made reservations on these two points,
in the session, after other subjects had been passed upon.
The British attitude had been in doubt until the last, but Lord Robert and are expected to bring them before the plenary session
Cecil turned the scales by announcing that he saw no objection in the amend- when
the covenant is dealt with finally.
ment in the form presented by the President. M. Larnaude, of the French
The refusal of the Commission to select Brussels as the
delegation, followed Lord Robert with objections to inserting the Monroe
Doctrine.
permanent seat of the League of Nations is another matter
The Chinese also offered objection to the amendment on the ground that
that seems to have aroused strong feeling in France and
its language was so extended that it might validate certain principles and
Belgium. On this point the Associated Press dispatches of
claims affecting Chinese affairs.
The President paid the closest attention to the opposition to the amend- the day had the following to say:
down notes for a
reply. In his speech the President spoke
ment and jotted
with great earnestness and with some evidence of feeling.
the
declared
Monroe Doctrine was enunciated to combat
The President
the Holy Alliance and to hold back the threat of absolutism which was then
menacing Europe and seeking to spread its power to the Western Hemisphere. It served its purpose in keeping this absolute power from the
Western World.
Bitter criticism has been aroused in French and Belgian quarters over the
choosing of Geneva as the capital of the League of Nations. The fact that
President Wilson's speech in behalf of Geneva was wholly responsible or the
choosing of the Swiss city as against Brussels is greatly resented.
"You will not dare to choose a city as the capital of the League o Nations Which incarnates the enmity between races—a city which has been
wronged, doubtless, but which makes a reconciliation between the peoples
1576
THE CHRONICLE
of Europe more distant by the very wrongs it has suffered," President
Wilson is reported to have said to the delegates, in arguing against the
selection of Brussels.
Paul Ilyams, Belgian Minister of Foreign Affaris, particularly resented
the fact that the sub-committee deliberating upon the choice of the seat of
the League never discussed the offer, made by Burgomaster Max of Brussels, of the Edmont Palace.
"Had London, Paris, Rome or Washington been considered," said M.
Hyams, "we would have withdrawn with good grace. But when a small
city was decided on we feel that it is Belgium's right, from a material and
sentimental point of view, that Brussels should have been chosen.
"Had Zurich fought off the Gorman hordes for fourteen days, had Borne
been occupied Aug. 20 1914, had Geneva withstood the terrific bombardment to which Antwerp was subjected, had the Swiss army battled for
four years along the Rhine as the Belgians fought and died along the Ysor,
then we would understand why Geneva would be chosen."
France was the only one of the great Powers to vote for Brussels as the
seat of the League. Signor Orlando, the Italian Premier, who spoke for
only two minutes,said he was bound by the decision of the sub-committee.
When the veto was called for Groat Britain, the United States, Japan and
Italy, with two votes each, and Serbia, Greece, Brazil and Poland, each
with one vote, chose Geneva, a total of twelve votes. France, with two
votes, and China, Czecho-Slovakia, Portugal and Belgium, made up the
minority of six votes. Thus Geneva became the capital of the League of
Nations.
In a session of the League of Nations Commission on
Thursday night (April 10) the Commission listened to a
deputation of woman suffragists headed by Lady Aberdeen.
An official statement issued the following day said:
President Wilson presided at last night's session of the League of Nations
Conunission. The Commission received a deputation from the International Council of Woman Suffragists of the Allied countries and the United
States. Lady Aberdeen introduced a deputation who raised several points
.of interest to women, and before leaving they wore thanked by the Chairman, who assured them the Commission appreciated the merits of the
-suggestions. If all of them were not embodied in the covenant of the
League, they were told, it was because it was deemed unadvisablo to
burden the League with a Multitude of details before experience had
shown of what it was capable.
The Commission discussed the re-draft of the covenant, received from
the Drafting Committee, and covered the articles from I to X. There
will be discussion of the subsequent articles to-night.
An official summary of the changes made in the League
of Nations was issued on April 12, and we give it in full below. For purposes of comparison reference should be made
to the original text of the covenant, as published last February, which will be found in our issue of Feb. 15, page 651.
The summary as issued last Saturday read as follows:
(1) The League of Nations is founded in order to promote International
co-operation and to secure peace. The League will include: (a) The belligerent States named in a document annexed to the covenant; (b) all the
neutral Staten so named; and (c) in the future any self-governing country
whose admission is approved by two-thirds of the States already members
of the League.
A State may withdraw from the League, providing it has kept its obligations to date, on giving two years' notice.
(2) The League will act through an assembly comprising not more than
three representatives of each of the member States, each State having only
one vote, and a council comprising for the present one representative of
each of the five groat Powers and each of four other Powers as selected
from time to time by the assembly.
The number of powers of each class represented on the council may be
increased by the unanimous consent of the council and a majority of the
assembly. Other Powers have the right to sit as members of the council
during the decision of matters In which they are especially interested.
In the council, as in the assembly, each State will have only one vote.
Both these bodies are to meet at stated intervals, the council at least once
a year, and at other times if required; both can deal with any matter
that is of international interest or that threatens the peace of the world;
the decision of both must be unanimous, except in certain specified cases,
matters of procedure, for,instance, being decided by a majority vote.
The League will have a permanent secretariat, under a Secretary-General,
The secretariat and all other bodies under the League may include women
equally with men. A permanent court of international justice and various
permanent conunissions and bureaus are also to be established.
(3) The member States agree:
(a) To reduce their armaments, plans for such reduction being suggested
by the council, but only adopted with the consent of the States themselves,
and thereafter not to increase them without the concurrence of the council.
(b) To exchange full'information of their existing armies and their
naval and military programS.
(c) To respect each other's territory and personal independence and to
guarantee them against foreign aggression.
(d) To submit all international disputes either to arbitration or to inquiry
by the Council, which latter, however, may not pronounce an opinion on
any dispute whose subject matter falls solely within a State's domestic
jurisdiction; in no case to go to war till three months after an award, or a
unanimous recommendation has been made, and even then not to go to
war with a State which accepts the award or recommendation.
(e) To regard a State which has broken the covenant as having committed an act of war against the League, to break off all economic and other
relations with it, and to allow free passage through their territories to the
troops of those States which are contributing armed force on behalf of the
League. The Council Is to recommend what amount of force, if any,
should be supplied by the several Governments concerned, but the approval
of the latter is necessary. (States not members of tee League will be invited to accept the obligations of the League for the purpose of particular
disputes, and if they fail to comply, may be forced.
(f) Not to consider any treaty binding till it has been communicated to
the League, which will then proceed to publish it, to admit the right of the
assembly to advise the reconsideration of treaties and international conditions which do not accord with present needs, and to be bound by no other
obligations inconsistent with the covenant.
A State which breaks its agreements may be expelled from the League by
the Council.
(4) The covenant does not affect the validity of international engagements, such as treaties of arbitration or region! understandings liko the
Monroe Doctrine, for securing the maintenance of peace.
(5) The former German colonies and the territories of the Ottoman Empire are to be administered in the Interests of civilization by States which
are willing to be the manclatories of the League, which will exercise a general
supervision.
[Vol,. 108.
(6) The member States accept certain responsibilities with regard to labor
conditions, the treatment of natives, the white slave traffic, the opium
traffic, the arms traffic with uncilvilized and semi-civilized countries, transit
and trade conditions, public health and Red Cross societies.
(7) The League is recognized as the central body interested in co-ordinating and assisting international activities generally.
(8) Amendments to the covenant require the approval of all the States
on the Council and a simple majority of those in the assembly. States
which signify their dissent from amendments thus approved are not bound
by them, but in this case cease to be members of the League.
STEPHEN LA UZA NNE IN CRITICISM OF THE
METHODS OF AMERICAN PEACE DELEGATES.
The following copyrighted dispatch from Paris appeared
in the New York "Times" of April 15:
The bitterest and most direct attack yet made on the American delegates
to the Peace Conference appears in to-day's "Matin" over the signature of
Stephen° Lauzanne. It is all the more startling since both hero and as the
"Matin" representative in the United States M.Lauzanne has always been
one of the leading promoters of Franco-American friendship. The motive
of his attack is the American refusal to amend the League of Nations so
as to give France adequate protection against future aggression.
As I pointed out months ago, this point is the "acid test" of the League
in French eyes. In default of it the French are forced to demand military
concessions on the Rhino to insure safety for themselves. This explains
their insistence on what short-sighted or Francophobe critics have called
the French imperialist or annexation mania.
"The Americans refused our two amendments," says M. Lauzanne,
"on the grounds that the first, which demanded control by the League of
Nations of national armament programs, would involve infringement of the
national rights, and that the second, which proposed an organization of a
permanent League war staff, ready to take immediate measures in case of
aggression, would be likely to cause war. Just as if the establishment of
fire stations was likely to cause fires. The third amendment of the list
was that of the Japanese, demanding recognition of the equality of nations.
"On this there was really no discussion. The American delegation said
'No'right out, and though there was a majority in Japan's favor.'No'it was.
"The only amendment accepted was the American one regarding the
Monroe Doctrine. For the great public, its wording is inexplicable. But
it was not written for the public. It was written for the Senate of the
United States. For over the deliberations of the Hotel do Crillon there
hovers the shadow of the Capitol of Washington. It is not a question of
justifying the claims of races or of the peoples of the world, but of justifying
the demands of a group of transatlantic politicisns. It is not only in France
that there are muddy pools of politics."
But it is against the system of voting adopted by the League of Nations
Commission that M. Lauzanne inveighs most strongly.
"Since the vote has existed on earth there has been no such strange
method of voting as that which prevails in the League of Nations Committee," he says. "Belgium, seconded by France, asked that Brussels
be the League headquarters. In the vote there were twelve ballots for
Genova, against seven for Brussels. 'The majority has decided; Geneva
is chosen,' said Mr. Wilson. Then, on Friday, comes Japan's amendment
proclaiming the equality of nations. This time, on voting, the majority
went to Japan against the United States, 'A majority is not enough,' said
Mr. Wilson; 'unanimity is necessary. Therefore Japan's amendment is
refused.'
"But the Japanese will make an appeal before the conference. Belgium
will appeal, and France. Then we shall see if there are two sorts of majorities—good when against France. non-existent when against America.
And behind the Conference there are the peoples who judge in the last
resort. It is in them we put our confidence that above all the political and
regional combinations the great principles of justice, clearness, and common
sense will prevail."
LLOYD GEORGE'S ADDRESS ON THE PEACE
CONFERENCE.
One of the striking events of the week has been the address of the British Premier, Lloyd George, in the House of
Commons on Wednesday in defense of his attitude at the
Peace Conference and in defense of the work of the Conference. An outline of the address is furnished in our article on
the Financial Situation, and the address is also made the
theme of comment in an article on page 1551 of this issue. We
give here the full text of the speech, as contained in a copyrighted cable message published by the New York "Times"
on Thursday morning.
I shall ask the indulgence of the members to make some observations
about the present situation. My first impulse, when I returned from
the Peace Conference, was to wait for the much-advertised criticism I had
been told to expect, but diligent inquiries have proved to me that it was
not forthcoming.
The reason assigned in particular quarters Is the remarkable one that I
must not expect criticism until the House has been Informed as to what
the delegates were doing. Coming from such quarters, I should not have
thought facts would have been regarded as the slightest basis for any
criticism. (Hear, Hear.j But I am fully aware that there is a good deal
of impatience in the World for peace.
The task with which the peace delegates have been confronted is Indeed
a gigantic one. No conference that over assembled in.the history of the
world has been confronted with problems of such variety, of such perplexity, of such magnitude, and of such gravity.
The Congress of Vienna was the nearest approach to it. It had to settle
o. It took eleven months. But the problems of the
.
the affairs of Europ
Congress of Vienna, great as they were, sink into insignificance compared
with those that we have to settle at the Paris Conference.
It is not one continent that is engaged. Every continent is affected.
With very few exceptions, every country in Europe has been in this war.
Every country in Asia is affected by the war except Thibet and Afghanistan.
There is not a square mile of Africa which has not been engaged In the war
In one way or another. Almost the whole of the nations of America are
in the war. In the far Southern Seas, islands have been captured and
hundreds of thousands of men have gone to fight in this great struggle.
There has never been in the whole history of the globe anything to compare with this.
Difficulties of Vast Import.
* Ton new States have sprung into existence. Some of them are indeseem dependent, some of thenalmay be protecthem
pendent, some of
APR. 19 1919.1
THE CHRONICLE
1577
torates; and, at any rate, although we may not define their boundaries, it is reactionary or revolutionary, whether it follows one set of people or
we must give indications of them. Boundaries of fourteen countries have another, that is a matter for the Russian people themselves.
The people of this Government thoroughly disapproved of the Czarist
to be recast. That will give some idea of the difficulties of a purely terautocracy, its principles, methods, and corruption. But it was a question
ritorial character that have engaged our attention.
But there are problems equally great, equally impertant, not of a territo- for Russia itself. And we certainly disagree fundamentally with all the
rial character, but all affecting the peace of the world, all affecting the principles upon which is founded the present Russian experiment, with its
well-being of men, all affecting the destiny of the human race, and every horrible consequences—far-reaching bloodshed, confusion,ruin,and horror.
That does not justify us in committing this country to a gigantic military
one of them of a character where, if you make a blunder, humanity may
enterprise in order to improve conditions in Russia.
have to pay.
of
questions
Let
me speak in all solemnity and with a great sense of responsibility.
trade,
and
commerce
Armament, economic questions of
international waterways and railways, the question of indemnities— Russia is a country that is very easy to invade but very difficult to conquer.
[Hear, hear]. not an easy one, [Cheers!, and not one that you can settle It has not been conquered by a foreign foe, though it has been successfully
by telegrams. [Cheers.] International arrangements for labor, practically invaded many times. It is a country very easy to get into, but very difnever attempted before, thanks very largely to the skill and real states- ficult to get out of.
You have only to look at what has happened within the last few years
manship displayed by my right honorable friend the member for Glasgow,
Mr. Barnes, let me say, thanks also to the assistance he had from some to the Germans. They captured millions of Russian prisoners, taking
many
guns. The Russians had no ammunition and there was barely any
honorable and right honorable gentlemen opposite of the Labor Party,
and others who are in the trade union movements—a great world scheme one to resist them. And at last the Russian armies fled, leaving their
guns in the field. Neither M. Kerensky or any of his successors could
—have been adopted.
And tnero is that great organization, the great experiment—an experi- get together 10,000 disciplined men; and yet the Germans to the last
hang—the
moment while their_front was broken in France and their country was
ment, but ono upon which the hope of the world for peace will
menaced with invasion, had to keep a million men in Russia. They had
Society of Nations. [Cheers.]
All of them and each of them separately would occupy months, and a entangled themselves in the morass and could not get out of it. Let that
blunder might precipitate universal war. It may be near or it may be be a warning at times when we are told that the Bolshevik Army is comdistant, and all the nations, almost every nation on earth, is engaged in paratively few and that we can conquer Russia. You would be surprised
at the military advice given to us as to the number of men that would
consideration of these problems.
We were justified in taking some time. [Cheers.] In fact, I don't be required. And I should like to know where they are to come from.
we
that
Supposing you had them, that you gathered overwhelming armies and
mind saying that it would have been imperative in some respects
should take more time but for one fact, and that is, that wo are setting up conquered Russia, what manner of Government are you going to set up
a machinery that is capable of readjusting and correcting possible mistakes there? You must set up a Government that the people want. Does
—and that is why the League of Nations, instead of wasting time, has anybody know what Government they would ask for? And if It is a
saved time.[[Lear. Hear]. and we have to shorten our labors, word crowded Government we do not like, are we to reconquer Russia till we get a Governhours, long and late, because while we were trying to build we saw in many ment we do like?
Lot me give another illustration. We have an army of occupation now
lands the foundations of society crumbling into dust. We had to make
and I know what it costs. You cannot immediately leave Russia until
haste.
you
restore order, and that will take a long time. Has any one reckoned
No Men Ever Worked Harder.
I venture to say that no body of men have worked harder and that no what an army of occupation would cost in Russia?
The Rhine is expensive yet it is not so far from Britain. But Russia,
body of men ever worked with bettor heart. I doubt whether any body
of men have worked under greater difficulties. Stones were cracking with its long line of communications, its deficient transports, its inadequate
men
wild
sometimes
I have road criticisms in this House where the House showed a
resources!
on the roof and crashing through the windows, and
were screaming through keyholes. [Laughter and cheers.] I have come natural desire to control expenditures in this country on railways and
canals. My right honorable friend with all his energy could not spend in
back to say a few things [Cheers] and I mean to say them. [Cheers.1
a quarter of a century as much money on railways and canals as in a single
A Member: To save you from your friends.
enorwhen
year on a military enterprise in Russia.
And
[Laughter.]
The Primo Minister: I quite believe it.
I share the horror for Bolshevist teaching, but I would rather leave
mous issues are dependent upon it, you require calm deliberation, and I
Russia Bolshevist until she sees her way out of it than to see Britain bankask for it.
an
at
rupt. That is the surest road to Bolshevism in Britain.
I ask for it for the rest of the journey, because the journey is not
end. It is full of perils—perils for this country, perils for all lands, perils
Why Kolchak Was Supported.
world.
the
throughout
for the people
I only want to put quite frankly to the House my earnest conviction that
I beg that at any rate men who are doing their best should be loft in if we assume military intervention in Russia it would be the greatest act
peace [Hoar. Head, to do it, or that other men should be sent there. of stupidity that any Government could possibly do. But, then, if that is
There are difficulties rather more trying to the temper than to the judgment, the case, why do you support Kolchak and Denikin and Kharkoff? I
but there are intrinsic difficulties of an extraordinary character.
will tell the House with the same frankness.
You are dealing with a multitude of nations, most of them with a problem
When the Brest-Litovsk treaty was signed there were large territories
of its own, each and every one of them with a different point of view, even of population in Russia that would have neither hand nor part in the shamequestions.
at
angles
different
from
looking
common
aro
problems
whore the
ful act, and they revolved against the Government that signed it. And
and sometimes, perhaps, with different interests. And it requires all the let mo say this—they raised armies at our instigation, and largely at our
tact and all the patience and all the skill that NV.0 can command to prevent expense. It was a sound military policy. Had it not been for these orthe different interests from conflicting.
ganizations which we improvised, the Germans would have secured all the
I want the House and country to bear that in mind. I believe that we resources which would have enabled them to break the blockade. They
have surmounted those difficulties, but it has not been easy. There are would have got through to the grain and minerals of the Urals and the oils
questions which have almost imperilled the peace of Europe while we were of the Caucasus and, in fact, they would have been supplied with almost
sitting there.
every essential commodity of which the four or five years of rigid blockade
I should like to put each member of this House through an examination. had deprived them.
I am certain I could not have passed it. Before I wont to the Peace ConBolshevism threatened to impose by force of arms its domination on those
ference, I had never heard of Teschon, but it very nearly produced an angry populations which had revolted against them. They were organized at
affairs
try
we
to
the
and
and
had
settle
States,
allied
two
conflict between
our request. If we, as soon as they had served our purpose and had taken
of Teschon
all the risks, had said, "Thank you, we are exceedingly obliged to you.
And there are many questions of that kind where missions have been sent You have served our purpose. We no longer need you. Now let the
and whore we have got to settle differences in order to get on with the dif- Bolshevists go their way," we should have been mean and thoroughly
ferent problems of the war.
unworthy.
Those questions are of importance to small States, but it was the quarAs long as they stand there, with the evident support of the populations
rels of the small States that made the groat war. It was the differences of behind them—where there are populations, like those in Siberia and in the
the Balkans, I believe, that disturbed Europe, created an atmosphere of Don and elsewhere who are opposed to Bolshevism—they are offering a
unrest which began the trouble, roused the military temper, and I am not real resistance. Since we asked them to take this stand which contributed
at all sure that it did not incite the blood lust.
largely to the triumph of the Allies, it is our business to stand by our
One of the features of tho present situation is that Central Europe is falling into small States. The greatest care must be taken lest causes of future
We are not sending troops, we are supplying munitions, because if Russia
unrest be created by the settlement which we make. In addition, we have is to be redeemed she must be redeemed by her own sons, and all they ask
and
before us a complete break-up of three ancient empires, Russia, Turkey,
is that they should be supplied with the necessary arms to fight for their
Austria.
own protection and for their own freedom. In lands where the Bolshevild
The Complex Russian Problem.
are sympathetic to the feeling of the populations, I do not in the least
I should like to say a few words about Russia. I have heard very simple regard it as a depature from our fundamental policy not to interpose in the
remedies produced on both sides. Some say: "Use force." Some say: internal affairs of any land that we should support General Denikin, Ad"Make peace." It is not as easy as all that. It is one of the most com- miral Kolchak, and General Kharkoff.
plex problems ever dealt with by any body of men. One difficulty is that
What are we doing next? Our policy is what I called "to arrest the flow
there is no Russia. Siberia, the Don region and the Caucasus have broken of lava"—that is, to prevent the eruption of Bilshevism into Allied lands.
off; and then there is some organization controlling Central Russia. But For that reason we are organizing all the forces of the Allied countries
there is no body of men that can say it is the Government for the whole bordering on the Bolshevist territory, from the Baltic to the Black Sea—
of Russia.
Poland, Czechoslovakia and Rumania.
Apart from all questions whether you can, under any circumstances,
There is no doubt that those populations are anti-Bolshevik.
recognize the Bolshevist Government, you could not apart from this quesThe Bolshevists may menace them or not. Whether they do or not, we
tion, recognize it as the do facto Government of Russia, because it is not, shall be ready for any attempt to overrun Europe by force.
and there is no other Government you could call the de facto Government
That is our policy, but we do want peace in Russia. The world will not
of Russia.
be pacified as long as Russia is torn and rent by civil war. We made our
You have got a vast country in a state of complete confusion and an- effort (I make no apology for it)—an effort to make peace among the
archy. There Is no authority that extends over the whole land. It is warring sections, not by recognizing anybody, but by Inducing them to
Just like a volcano which is still in furious eruption, and the best you can come together with a view of setting up some authority in Russia, which
do is to provide security for those who are dwelling on the lava that it may would be acceptable to the whole of the Russian people and which the
not scorch other lands.
Allies could recognize as the Government of that great Empire.
It is very easy to say about Russia, "Why do not you do something?"
We insisted that it was necessary that they should cease fighting. But
was
It
recognition.
of
is
question
there
no
that
say
me
lot
To begin with,
with one accord, I regret to say, they refused to accede to this essential
never proposed, never discussed, for the reasons I have given. I can give condition. Therefore the attempt was not crowned with success.
two or three more.
The Soviet Republic would not accede to the request that they should
There is no Government representing the whole of Russia. Tho Bol- cease fighting. On the contrary, they suggested that we were doing it
has
and
subjects
crimes
committed
Allied
against
has
Government
shevist
purely because our friends were getting the worst of it.
made it impossible to recognize it oven as a civilized Government. And
I do not despair of a solution in time. There are factors in the situation
the third reason is that it is at this moment attacking our friends in Russia. oven now which are promising. Reliable information which we have reintervention?
Does
anyone
military
propose
What is the alternative?
ceived indicates that whilst the Bolsheviki are apparently growing in
I want you to examine it carefully and candidly before any individual strength Bolshevism itself is rapidly on the wane. It is breaking down
commits his conscience to such an enterprise. I want you to realize what before the relentless pressure of economic facts.
No Meddling With Foreign Governments.
it moans.
No Time to Intervene.
First of all, there is the fundamental principle of foreign policy in this
must inevitably continue. They cannot carry on a great
country that you never interfere with the internal affairs of other countries. 4,This process
such methods. When Bolshevism, as we know it, and as
Whether Russia is Czarist, Republican, Menshevist, or Bolshevist, whether country upon
1578
THE CHRONICLE
Russia to her sorrow has known it, disappears, then the time will come for
another effort at re-establishing peace in Russia. But the time is not yet.
We must have patience and we must have faith.
You are dealing with a nation which, after being misgoverned for centuries, has been defeated and trampled to the ground, largely through the
corruption, inefficiency, and treachery of its Governments. Its losses
have been colossal.
All that largely accounts for the frenzy that has seized upon a great people. That is the reason why the nation is going through the untold horrors of a fanatic and lunatic experiment.
But there are unmistakable signs that Russia is emerging from the fever,
and when the time comes, when she is once more sane and calm and normal, we will make peace in Russia.
It is idle now to say that the world is at peace.
Mr. Clynes—Before the Prime Minister goes further can he make any
statement with regard to approaches alleged to have been made to his
Government by persons acting on behalf of such Government as there is
In Central Russia?
Mr. Lloyd George—We have had no approaches at all except what has
appeared in the papers. There are men of all nationalities constantly
going to Russia and coming back with assertions, but we have had no
approach of any sort or kind. I have only heard reports that others have
got proposals which they assumed came from authoritative quarters, but
these have never been brought before the Peace Conference by any member
of that Conference, and therefore, we have not considered any.
I think I know what my right honorable friend refers to. There is some
suggestion that an American came back. It is not for me to judge the
value of those communications, but if the President of the United States
had attached any value to them he would have brought them before the
Conference, and he certainly did not. [Cheers.]
This Russian situation is a question of the first magnitude and great complexity, but on this I am clear. I do entreat the House of Commons and
the country not to contemplate.the possibility of another great war. We
have had quite enough of fighting. [Cheers.]
I should say something about the general terms of peace. After a long
discussion, not an hour of which was wasted, we have arrived at a complete
understanding on all the great fundamental questions affecting peace with
Germany. We hope that by next week they will be presented to the German delegates.
I want to say something at the beginning in view of the very unfortunate
attempts that have been made to sow dissension and mistrust and suspicion
between nations, who are now engaged in the task'of bringing peace to the
whole of civilization. [Hear, hear.)
I cannot conceive at the present moment any worse crime than this attempt to sow strife, distrust and suspicion between these people whose good
will, whose co-operation, whose common action and common sacrifice have
just saved the world from disaster. These things can be done in domestic
politics and no great harm ensue, but in this crisis of the world's history,
when nothing can save the world but keeping the nations together, this is an
outrage [cheers] because there was never a time when a greater desire was
shown to understand each other's point of view and to make allowances
for that point of view.
Praises Wilson's Sympathy.
The ideal hat America and Europe have been at hopeless variance at the
Conference is untrue. No one could have treated with more sympathy the
peculiar problems and the special susceptiblities of Europe with its long
and bitter memories and national conflicts than President Wilson.
We have never, during the whole of this Conference, forgotten the poignant sufferings and sacrifices in this war of the country in whose capital the
conditions of peace are being determined. We have not forgotten that
France.has been rent and torn twice within living memory by the same
savage brute. We have not forgotten that she is entitled to feel a sense
of security against it [Hear, hear] and upon all questions that have come
before us we came to conclusions which were unanimous.
Now a word about publicity. We considered that question and we came
to'the conclusion, which was unanimous, that to publish these terms before
they were discussed with the enemy would be a first class blunder. I
know in the criticisms there has been a lot of silly talk about secrecy. Yet
no other peace conference has ever yet given so much publicity. I am referring now to the official communications, issued by the Conference, and,
honestly, I would rather a good peace than a good press. [Laughter and
loud cheers.]
There are one or two reasons why we came to the conclusion that we
woul not publish the terms before they were discussed. No peace terms
of any kind ever devised or promulgated can satisfy everybody. I am
not referring to mere political and personal attacks on them, but to honest
criticisms inspired by higher and more sincere motives. Some people will
think that we have gone too far and others that we have not gone far enough.
In eac country people will suggest that the interests of the country have
been sacrificed for some other country, and all that will be published.
Supposing there were men in this country who thought the peace terms
too severe. There would be speeches and leading articles. These speeches
and articles would be published in Germany out of all proportion to the
others, and it would appear in Germany as if British public opinion were
against the peace terms as being too harsh. That would encourage redistance in Germany and make it impossible for us to handle the Germans.
I want to make another point. Supposing the terms proposed by Bismarck had been published in France, what would have happened? The
Communists would have been strengthened by the adhereence of men who
from patriotic reasons would have supported anarchy in preference to what
they considered hard terms. To publish the peace terms prematurely
before the enemy had opportunity to consider them would be to raise difficulties in the way of peace, and we mean to take the action necessary to
prevent their publication.
Before the war was over we stated our peace terms. On behalf of the
Government I made a considered statement, considered by every member
of the Cabinet, as to what we conceived to be the terms on which we could
make peace. That was last year. At that time those terms received the
adherence of every section of opinion in this country. There was no
protest from any quarter. A few days afterward President Wilson proposed his famous Fourteen Points, which practically embodied my statement.
As to Pre-Election Pledges.
I am referred to my pledges before the last election. There are some who
sought to suggest that at the last election I was rushed, and my colleagues
were rushed, into declarations of which we are now rather ashamed and
wish to get out of. I do not wish to get out of them in the least.and may I
say that those declarations were adopted, I think, by every political leader
of every section?
Mr. Asquith said In regard to indemnities and the arraignment of the
Kaiser: "I am in favor of exacting from the wrongdoer the uttermost
farthing." And again, speaking at East Fife the day after my Bristol
speech in answer to a question as to whether he would make the Germans
pay for the war, he said: "Yes, I am in agreement on that matter with
what:the Prime Minister said yesterday."
[VOL. 108.
I am merely putting that as an answer to criticisms that I committed
myself very rashly and indiscriminately under pressure from the electorate
to something that other statesmen had abstained from adopting. On the
contrary, if the right honorable gentleman opposite [Sir Donald McLean,
leader of the Opposition Liberals] will look at his speeches I think he will
find in them something very much on the same lines.
I do not like these lines of high resistance. As it'I were the only man who
ever made an electioneering speech. There are others, so that these pledges
are not pledges merely of my colleagues and myself. I tell the House
that if on reflection, and if after examination of the processes of statesmen
of other lands, if after coming in contact with them I had come to the conclusion that I had pledged the Government to something I could not carry
out, I should have come down here to tell you so, because it would have
been folly, even for an electioneering pledge, to imperil the peace of Europe.
And then the House of Commons would have been free to take its own
action.
But I want to say is this: So far from my coming here to ask for reconsideration, to ask for release from any pledge or promise we have given
to the country and to ask them to make sacrifices, I am here to tell all the
outlines of the peace we have given, for every pledge we have given for
insertion in the peace demands is incorporated in the demands which will
be put forward by the Allies. [Prolonged cheers.]
A Challenge to Northcliffe.
I observe that some of those pledges are being published [the reference
"The Daily Mall."] I am going to issue an
and
Times"
being to "The
Invitation to the same enterprising papers [laughter] that when the peace
terms, the peace demands, put forward by the Allies can be published they
shall publish, in parallel columns, the pledges and the promises made by
the Government. [Laughter and cheers.] That is all I am going to say
about the peace terms; that is all I feel it wise to say.
I know it will be said that we pressed them at the last moment because
of the great agitation and the various communications we received. I have
great respect for all those communicating, but will my honorable friends
believe that we put forward these demands from the very beginning? We
never swerved one iota from them. I told the House so when I came here
some weeks ago, and we never swerved from them. We stand by them
because we think they are just.
We want peace. We want a peace that is just, but not vindictive, We
want peace, a stern peace, because the occasion demands it, the crime
demands it; but its severity must be designed not to gratify vengeance, but
to vindicate justice. Every clause in the terms must be justified on that
ground.
Above all, we want to prevent a repetition of the horrors of the big war by
making the wrongdoer repair the wrongs and losses which he has inflicted by
his wanton aggression; by punishing each individual who is responsible, and
by depriving the nations who menaced the peace of Europe for half a century with flourishing the sword, of their weapons. [A member: "What
about the Kaiser?"] I stand by my pledges by avoiding a condition which
by creating a legitimate sense of wrong would excite national pride to
endlessly seek opportunities for redress. The most permanent security
of all is the power of the nations of the earth federated with a firm purpose
of maintaining peace.
I just want to say one other thing, because I am going back, if this House
wants me to go back [cheers], unless it prefers another. ["No."] There
are many eligible offers. [Laughter.] But whoever goes there is going
to meet emissaries of the enemy, the enemy with whom we have been
fighting for five years.
Must Have Parliament's Backing.
Whoever goes there must go there feeling that he has the fullest confidence of Parliament behind him. I know that Parliament can repudiate
the treaty when it is signed, but it will be difficult to do it once the signatures are attached, and so before any one goes there, Parliament must feel
that at any rate they know that wheover is there will carry out his pledged
to the uttermost of his power.
You cannot always clear up misapprehension. When you see mistakes
you cannot Instantly write and say "That is not so; that is incorrect." You
cannot conduct negotiations under these conditions.
I have one or two questions to ask. I did not object to the telegram the
other day. Let me say a word about it. I have the telegram. You must
remember this: These things when they are sent abroad become international—in France, America, Italy, and Germany—and I am told it was
sent because of information which came from a reliable source. [Laughter.]
Mr. Kennedy Jones—It was sent because of information put forward in
an interview in the Westeminster "Gazette" said to be supplied by a distinguished authority.
Mr. Lloyd George—I wish my honorable friend had explained that to
the 370. The reliable source was an article, an anonymous article in the
"Westminster Gazette." But before he gave that answer he ought to have
compared opinions with my honorable friend there.
Colonel Claud Lowther—May I say that the telegram was sent with
only one object, to strengthen the hand of the Prime Minister? [Laughter.]
Complaints Only of "Reliable" Source.
er Mr. Lloyd George—I never doubted the bona fides of those who sent
that telegram. I am only complaining of the reliable source. But my
honorable friend has given the reliable source. He said it was a telegram
from Paris to the "Westminster Gazette."
Colonel Lowther—Did it do any harm?
Mr.Lloyd George—I think it will have done some good before I have done
with it. [Laughter and cheers.] There is a telegram from Paris. Do my
honorable friends really believe that the Ministers have no source of information? I know the reliable source. I will tell the House something
about the reliable source. .
There were peace terms published in November as a sort of model.
In those peace terms there was not a word about indemnity, not a word
about the cost of the war and reparation; yes, in the strictest sense of the
term—not reparation for lost lives, not reparation for damaged houses,
not even at Broadstairs. [This reference was to the damage done to
Lord Northcliffe's house at the Kentish resort and evoked laughter.]
That was in November. We were not to find any one responsible for the
war at that time, but to try those guilty of offenses against the laws of war.
That is the reliable source. Now we must have everything, the cost of
the war, damage of all sorts, hang the Kaiser and everybody all around,
especially the members of the Government.
In December there were hundreds and thousands of copies of a newspaper
circulated freely at somebody's expense among the soldiers in France,
asking them to return candidates. If they had been returned, the two or
three delegates in Paris would not have been the Foreign Secretary and myself, but would perhaps have been Ramsay MacDonald and Phillip Snowden. Who was that reliable source? I happen to know,and the honorable
gentleman is the man to whom to look for this reliable source, for he knows
something about it.
THE CHRONICLE
APR. 19 1919.]
Critics' Turnabout on Wilson.
At the beginning of the conference there were great appeals to everybody
to support President Wilson. Where did they come from? From the
same reliable sources that are now hysterically attacking all his great
ideals. Just a few weeks ago there was a cartoon in one of those papers
representing Bolshevism as a mere bogey and I as a person trying to
frighten the working classes with this mere bogey. A month ago it was
a monster and I was doing my best to dress it up as an angel [laughter1—
all from the same reliable source. [Laughter.]
Reliable. Now that is the last adjective I could use. Here to-day,
jumping there to-morrow and there the next day. I would as soon rely
on a grasshopper. [Laughter.]
Still, I am prepared to make some allowance to even a great newspaper
proprietor. And when a man is suffering under a keen sense of disappointment, however unjustified or however ridiculous his expectations may be,
a man under those circumstances is always apt to think the world is badly
run. [Laughter.]
When a man has deluded himself and all the people who come near him
into the belief that he is the only man who can do all things and is waiting
for the clamor of the multitude that is going to demand his presence there
to direct their destinities, but there is not a whisper, not a sound. [Laughter,] it is rather disappointing. It is unnerving. It is upsetting. [Laughter.] And if the war is won without him there must be something wrong.
Of course it must be the Government.
Then, at any rate, he is the only man to make peace. The only people
who get near him tell him so. So he publishes the peace terms in advance
and he waits for the call [laughter.] It does not come. He retreats to
sunny climes, waiting, but aot a sound reaches that far, that distant shore
to call him back to his great task of saving the world. What can you
expect he must feel? He comes back and says: "Well,. now I can't see
disaster, but I am sure it is there. It is bound to come."
"Black Crime Against the World."
Under these conditions I am prepared to make allowances, but let me
say that when that kind of diseased vanity is carried to the point of sowing
dissension between the great nations whose unity is essential to the peace
and happiness of the world, when an attempt is made to make France distrust Britain, and France hate America, and America dislike France, and
Italy quarrel with everybody, then I say that not even that kind of disease
is justification for so black a crime against the world. [Hear. Hear.]
I apologize for taking up the time of the House, but I am bound to do
so. I may tell the House why I have been in France for weeks. Here
everybody knows, but it is not the same in France.
They still believe in France that "The Times" is a serious organ. [Laughter.] They do not know that it is a threepenny edition of "The Daily
Mail." [Laughter.] And on the Continent of Europe they really have the
idea that it is semi-official. It shows how long these traditions take to
die out.
I want them to know that I am doing this in the interests of good-will.
It is my only object in taking notice of that kind of trash with which these
papers have been filled for the last weeks.
Soldiers Plead for Speed.
I have talked to many soldiers awaiting demobilization, and the general
word is, if I can express it shortly, "Hurrry up." They want peace badly.
I have heard from the French soldiers "Give us a good peace." Those
who think the people of that country are out for revenge do not understand them. They are out for justice. The world wants to get back
quickly to work, and it wants to get to work under better conditions than
it had before the war. [Hear, hear.]
I have seen now many men from many lands. Without exception I heard
the echo of that resolve on the part of the workers fixed deep in their hearts,
and I am proud that Britain has been first to take action. A profound
impression is created in every country by the quiet way in which Britain is
setting her house in order by conference, by conciliation, by legislation,
and not by wild anarchy and force, and they all say: "Is it not characteristic of British tradition?"
A great labor orator at the Labor Conference on Friday said: "There
are two methods of dealing with the situation—the Russian method and
the English method," and I felt a thrill of pride for my country.
It is essential that the ordinary machinery of commerce and industry be
set going. You cannot do that without peace. There are the men in
nearly every trade with their hands on the lever waiting for the announcement. It is essential that the enormous expenditure of war should be Cut
down ruthlessly [Hear, hear] and as soon as possible. Peace is necessary,
otherwise our effort will be squandered.
One of the beneficent results will be that the great continental menace of
armaments will be swept away. The country that has kept Europe armed
for forty years is to be reduced to an army which is just adequate to police
her cities, and her fleet, which was a source of terror to us, a hidden terror,
will now be just enough to protect her commerce. But we must profit by
that commerce. But we must profit by that; Europe must profit by that,
and not Germany alone.
I know there is a good deal of talk about recrudescence of the military
power of Germany. You get paragraphs about what Germany is going to
do, that she is going to get on her feet again, and about her great armies.
That is not the case. With difficulty—that is our military information—
can she gather together 80.000 men to preserve order. Her guns and her
weapons of offense ofi sea and on land and in the air have been taken away.
A very keen observer who has just come from Central Europe told me:
"I have seen a world going to pieces, men helpless, half-starved, and benumbed, no authority, but no revolution because men have lost heart."
Two British soldiers crossing a square in Vienna saw a hungry child.
They took out a biscuit and gave it to her. You have seen when you throw
a bit of bread on the ground how birds flock from every part, birds you
have not seen before. A hundred children came from nowhere for food.
It was with difficulty that these two British soldiers escaped with their
lives. [A member—"The blockade." Cries of "Order."] That is the
real danger, the gaunt spectre of hunger stalking through the land. The
Central Powers are lying prostrate and broken, and these movements of
the Spaetacists and Bolsheviki and revolutionaries in each of these countries are merely like the convulsions of a broken-backed creature crushed in
savage conflict.
Europe itself has suffered more in the last five years than ever in its whole
blood-stained history. The lesson has been a sharper one than ever. It
has been demonstrated to vaster multitudes of human beings than ever what
war means. For that reason the opportunity of organizing the world on a
basis of peace is such a one as has never been presented to the world before.
And in this fateful hour it is the supreme duty of statesmen in every land
of parliaments on whose will the statesmen depend, and of those who guide
and direct public opinion which has the making of parliaments, not to soil
this triumph of right by indulging in angry passions of the moment, but to
consecrate the sacrifice of millions to the permanent redemption of the
human race from the scourge and agony of war. [Cheers-1
15179
Associated Press dispatches say that at the conclusion of
Lloyd George's speech in the House of Commons William
Adamson, leader of the Labor Opposition in the House, rose
and characterized the speech of the Prime Minister as
eloquent, but not entirely satisfactory. Mr. Adamson's
comment, it is stated, summed up the opinion of others
among his auditors and numerous elements among the
public, whom the newspapers for the last few days had
prepared for illuminating revelations concerning the peace
terms formulated. John R. Clynes, Labor Member and
former Food Minister, declared that it would be better to
kill Bolshevism by feeding than by fighting. He complained that it would be humilitating to receive news of the
peace terms from Germany, and said that apparently Lloyd
George would come to Parliament for a vote of confidence
after the settlement of terms in which Parliament had no
part. At 6:30 o'clock a member called attention to the
absence of a quorum. The doors were opened, but, instead
of the members entering to make a quorum, many of,those
present walked out, and the House was counted out, standing
adjourned for the Easter recess until April 29.
LABOR REPORT ADOPTED BY PLENARY SESSION OF
PEACE CONFERENCE.
The report of the Commission on International Labor
Legislation was adopted on April 11 at a plenary session of
the Peace Conference at Paris, the fourth general session so
far held, and the first since President Wilson's return to
France. Few changes were made in the report as previously
outlined, but such as were made, it is stated, are calculated
to emphasize still further the advisory nature of the labor
program provided for. The Labor Committee had previously
incorporated a provision adverse to any use of force, by the
League of Nations or otherwise, in carrying out the recommendations of the proposed International Labor Conference.
Before the report was accepted by the plenary session on the
11th, an amendment was offered by George Nicoll Barnes,
of the British delegation, and adopted by the Conference,
designed to protect Oriental countries and those that have
not yet attained a high state of industrial proficiency, from
the effects of too sudden an introduction of higher labor
standards. The amendment read:
In framing an act, recommendation or draft of a convention of general
application the conference shall have due regard to those countires in which
climatic conditions, the imperfect development of industrial organization
or other special circumstances make industrial conditions substantially
different and shall stIggest modifications, if any, which it considers may be
required to meet the case of such countries.
Another amendment introduced by Mr. Barnes provided
for extending the period for ratification of labor proposals
to eighteen months instead of one year. A protest against
the adoption of these amendments, or any other changes in
the Labor Committee's report, was cabled to President Wilson
by Samuel Gompers on the 11th, when the latter arrived in
New York on the return from France.
The Associated Press report of the plenary session on the
11th said:
The Commission on International Labor Legislation presented a report
containing a draft convention creating a permanent organization for promoting international regulation of labor conditions, a recommendation for
an international labor conference, and detailed labor terms to be inserted
in the peace treaty.
The report aims to provide against the lowering of labor conditions by
permitting fierce competition after the war and provides for a permanent
international labor bureau and a regular international labor conference.
The commission appointed at the plenary session of the Peace Conference Jan. 18 consisted of fifteen members, representing the United States,
Great Britain, Prance, Italy, Japan, Belgium, Cuba, Poland. and Czechoslovakia. Thirty-five meetings were held, and the report, finished March
24. was made public April 3. Samuel Gompers, President of the American
Federation of Labor, acted as general Chairman.
The entire consideration of the conference centred in the belief that universal peace could be established only if based on social justice. The preamble of the report says:
Conditions of labor exist involving such injustice, hardship and privation to large numbers of people as to produce unrest so great that the peace
and harmony of the world is imperiled, and the improvement of those
conditions is urgently requested, as for example, by regulation of hours
of work, including the establishment of a maximum working day and week,
regulation of the labor supply, prevention of unemployment, provision of
an adequate living wage, protection of the worker against sickness, disease
and injury arsing out of his employment, the protection of children and
young pe:sons and women, provision for old age and injury, protection
of intection of interests of workers when employed in other countries than
their own, recognition of the principle of freedom of association and organizing of technical, vocational, educational and other measuers.
The establishment of a permanent labor organization to remedy industrial evils and injustices "which mar the present state of society" is viewed
as indispensable. In working toward the achievement of the object of the
League of Nations, the report says, every State a member of the League
felt morally bound to accept the principles above enunciated and to participate in the labor organization as a condition to membership in the
League.
The International Labor Conference is to meet at least once a year and
consists of four representatives from each State, including two representing the Government, one the employers, and one the workers. Each dele-
1580
THE CHRONICLE
gation may have two advisers, one of whom must be a woman. When
questions affecting women are under discussion the voting shall be individual, and not the traditional procedure of voting. Employers and employees must be able to express their views with complete freedom and
frankness if the conference is really to be representative of all concerned
with industry, the report says.
The first meeting is recommended for next October at Washington.
The program will sanction the principle of the eight-hour day and the fortyeight hour week, and the prevention of unemployment; will regulate
women's employment before and after childbirth; will prohibit women's
and children's employment during the night or in unhealthy processes
will fix a minimum age for the employment of children, and will seek the
extension of the international conventions adopted at Berne in 1906 prohibiting night work by women and the u.se of white phosphorous in the
manufacture of matches.
The report says that an international labor office is to be established at
the seat of the League of Nations, as a part of the League, to collect and
distribute information on the international adjustment of conditions of
Industrial life and labor—subjects which it is proposed to bring before the
conference—on the conduct of special investigations as ordered by the
conference. This office will be charged with the preparation of agenda
for the conference and the publication of a newspaper in the French, English and other languages.
Its duties in general will be to act as a clearing house on matters relating
to the international interests of labor.
This office is to be controlled by a governing body of twenty-four rnembers, of whom twelve are to be seclected by the Governments, each elected
by delegates at a conference representing employers and workers respectively.
The most difficult question, says the report, wa3 the method of making
the recommendations effective, especially in view of the amendment of
the Constitutions of States, of control of labor legislation as opposed to
Federal control. It was finally agreed that the proposals should take the
form either of recommendations to be submitted to the various nations
prior to being carried out by legislation, or of a draft convention, to be
ratified as a treaty.
Machinery also has been provided by which a State failing to carry out
Its obligations may be subjected to pre.sure.
Before the report was adopted, Emile Vandervelde, the
Belgian Labor delegate, made what was, in effect, a minority
report. He advocated the admission to the International
Labor Conference of delegates from countries with which
a state of war still existed, saying that otherwise he felt there
might be held another conference at which the proletariat
from all countries would be represented and which would
wield more power than the conference to be held in Washington next October. He concluded by saying that questions
relative to the adoption of an eight-hour day, equality of
salaries for men and women workers, and legislation dealing
with night work must be settled.
"There are two ways to arrive at these results," he said.
"One is the Russian way and the other the British method; I
prefer the latter."
In a statement issued in this city on April 11, outlining
the work of the Labor Committee, Samuel t4ompers, who
served as Chairman of the Committee, said:
The report drafted by the Interallied Labor Commission is most satisfactory. It is an instrument that can only make for the good of the working people and the massis of people in all the countries of the world. It
provides for an international labor conference annually and in the interim
a governing board. The governing board is composed of a representative
of each Government, a representative of the employers and a labor delegate. The first conference will be held in this country at Washington next
October, and I have beeen selected as President of this conference. The
deliberations will last ten weeks. A great deal of difficulty was experienced at the sessions of the labor
committee in Paris before the United States could become a party to the
program. This is due to the dual Government of the United States—the
State Government and the Federal Government—with separate labor
legislation. Our program could not trespass on the State's rights to deal
with labor legislation. Provisions were made to overcome this difficulty.
Another difficulty was that the United States could deal with the two
questions by international treaty which did not coincide mainly with the
Governments of other Powers.
The maritime nations objected to our seamen's laws, but a protocol was
drawn up so that no State shall be asked or be required to enforce any
agreement in the covenant of the Interallied Labor Commission which
Involved a lowering of standards for seamen or any other of the laws which
might make standards lower than the existing ones.
The following are fundamental planks in the labor platform: An eight
hour maximum; embodiment of the Clayton act, which holds that labor
of the human being shall not be held as commodity to be bought or sold;
equal wages for men and women in the performance of same duties; child
labor provisions and that each country is guaranteed the right to determine
its own policies.
President Wilson was in accord with the American labor delegation in declining to attend the Berne Labor Conference to meet with representatives
of unrepentant Germany.
I have never heard of a German yet who is repentant for Germany's
crime against civilization. Have you ever heard of a revolution in a country where one man against whom the revolution is directed has been arrested, punished or killed? Yet they call it a revolution in Germany.
I hold that Bolshevists, standpatters and profiteers are equally a menace
to their time. If every effort made by labor in America is opposed or
defeated or trampled upon we shall be powerless to prevent anything that
may happen—there is only that one other alternative.
11.1111.1•••••••••••••••11
INCIPIENT MUTINY AMONG AMERICAN TROOPS
IN RUSSIA—MEN DEMAND TO BE SENT HOME.
An incipient mutiny among American troops in North
Russia was reported in Associated Press dispatches from
Archangel on April 8, which stated that the members of a
company of the 339th Infantry ordered back to the front
refused to go and demanded to know why they were fighting
[VOL. 108.
in Russia when the war against Germany, for which they
had been drafted, was over, and the United States was not at
war with Russia. The Associated Press account, dated at
Archangel, April 8, said:
A company of American troops recently showed some hesitation in
returning to the fighting front south of Archangel, declaring the war with
Germany was over and that the United States was not at war with the
Bolsheviki. The regimental commander, in a speech, said that they
were fighting a desperate defensive battle and appealed to them to stick
it out. The company then left for the front.
The situation arose when the company named was ordered back to
the front after a rest period at Archangel. The officers were informed
that the men did not want to go to the front again. They asked to have
their arguments answered. The men contended that they were draft
men conscripted for the war with Germany, which was finished now;
that America was not at war with the Bolshevik!: that the entire Bolshevist
question was the subject of much political debate and indecision in the
United States, and that so far as they were concerned they were unable
to see why they should be fighting if there was no war.
The regimental commander said that perhaps their own lives depended
on the fighting on this front, and then made his successful appeal, reciting
to the men traditions of the American army.
This incident was only the outcropping of what seems to be the general
feeling among the American troops, officers as well as men. Because of
this feeling, it is admitted more or lees generally that the troops now here
probably will be of.little use after June 1.
When the foregoing appeared in the daily papers on April
11, the War Department gave out the text of a telegram
received several days previously, which had been withheld
for military reasons. The telegram was signed by Colonel
George E. Stewart, commanding the American troops on
that front, and showed that the affair was more serious than
the press advices indicated. It read as follows:
Yesterday morning, March 30, a company of infantry, having received
orders to the railroad front, was ordered out of the barracks for the purpose of packing sleds for the trip across the river to the railroad station.
The noncommissioned officer that was in charge of the packing soon reported to the officers that the men refused to obey.
At this some of the officers took charge, and all except one man began
reluctantly to pack after a considerable delay. Colonel Stewart, having
been sent for, arrived and had the men assembled to talk with them. Upon
the condition that the prisoner above mentioned was released, the men
agreed to go.
This was done, and the company then proceeded to the railway station
and entrained there for the front. That they would not go to the front
line positions was openly stated by the men, however, and they would
only go to Odozerskaya.
They also stated that general mutiny would soon come if there was not
some definite statement forthcoming from Washington regarding the removal of American troops from Russia at the earliest possible date.
There have been persistent demands by the relatives of the
American contingents in Russia that their boys be brought
home, and this, coupled with Secretary Baker's statement
to Congress that the Archangel force would be withdrawn
at the earliest possible date, is supposed to have added to
the dissatisfaction of the soldiers. In addition, the American
and other Allied soldiers in North Russia have been subjected
to a constant fire of propaganda by Bolshevist agents,
printed in English and other languages and distributed to
the men in their billets in the Russian village back of the
lines. Samples of the literature have been received in this
country, and consist of appeals to "Fellow, workers," and
assert that the Allies sought to re-establish Czarism in
Russia. One leaflet, under the caption "All-lies," accuses
the Allies of unwarranted aggression in landing in Russia,
warns the soldiers that they are being used to crush liberty
in Russia, and concludes with the appeal:
Comrades: Do not put your trust in this reactionary gang. Do not
permit yourselves to be used as the tools of the enemies of liberty.
Fellow workers: Be loyal to your class and refuse to do the dirty work
of your masters.
Another leaflet, under the heading "Do You Realize What
You Are Doing?" reiterates the charge that the presence
of the Allies' forces on Russian territory is for the purpose
of restoring the reign of the Czar and concludes:
You have come to murder liberty, not defend it. Just think of the shame
of it. Englishmen helping to crush a people who have succeeded in making
themselves free. We cannot believe you will do it. It would bo the most
shameful act in history. English fellow workers, don't do it.
On April 11 the American cruisers Galveston and Chester
arrived at Murmansk, carrying Brig.-Gen. W.P. Richardson
and two companies of railway engineers. General Richardson and the engineers were ordered to Murmansk at the
time it was decided to withdraw the entire Allied force in
North Russia, and their arrival is expected to reassure
the American troops and prevent any spread of the mutiny.
The specific purpose of sending the two additional coMpanies
of American railway engineers, as explained by Secretary
Baker to the military committees of Congress last February,
was to keep open the railroad from Murmansk south to a
point near the White Sea. This lino, he said, was regarded
as vital by the British for the movement of supplies or
reinforcements.
Arrival of American cruisers at Murmansk increases the
American naval force there to three vessels. The gunboat
Yankton was already on duty. All three ships, it is said,
will remain and be supplemented by eagle boats and sub-
APR. 19 1919.]
THE CHRONICLE
marine chasers. These vessels with whatever forces the
British are sending, will act as a screen for the withdrawal
of the entire shore expedition as soon as better weather permits general movement. A British force of volunteers was
recently reported on its way to Archangel.
1581
tant industrial concerns and commercial houses in the
canton of Aargau and in the neighboring regions. The
Swiss Banking Association in March increased its capital
from 50to 60 million francs by the issue of 20,000 new shares
of 500 francs each. A part of this has been reserved for
exchange with the shares of the Credit Argvoien. The rest*
has been offered in subscription, preference being given to
stockholders of the Swiss Banking Association. Surplus
account has been raised from 12,400,000 francs to 15,000,000 francs. The Swiss Banking Association invites
correspondence from all banks wishing to get into closer
contact with Switzerland. It reports a turnover for 1918
of 15,101,000,000 francs, against 10,445,000,000 francs
for 1917, 8,171,000,000 francs for 1916 and 5,172,000,000
francs for 1915.
DAVID JAYNE HILL ON DANGERS IN PROPOSED
LEAGUE OF NATIONS.
David Jayne Hill, speaking at a Washington birthday
celebration of the Sons and Daughters of tile American
Revolution in Washington urged continuation for the defense of world law of the Entente which has been formed
to suppress German imperialism as an alternative to the
proposed League of Nations. Opposition to the latter was
voiced by Mr. Hill on the ground that it meant abandonment of the traditional policy of Washington,not to speak
Following its usual custom the New York Stock Exchange
of the constitutional objections against it. Mr. Hill is was closed yesterday in
observance of Good Friday. The
quoted as saying:
New York Coffee and Sugar Exchange and the Cotton ExI wiitild not be understood as offering offensive criticism of the plan.
There are many admirable features in it, but in view of complications change will be closed to-day (Saturday) in addition to
that I believe are certain to arise, I would wish to qualify our participation yesterday. The New York Produce Exchange was also
in any compact by precisely the words that were employed in accepting closed yesterday.
convention in 1899, and again in
The Hague
1907.
Mr. Hill, who is a member of the permanent adminJoseph Andrews, heretofore Cashier of the Bank of
istrative council of The Hague and a former Ambassador to New York, N. B. A., of this city, has been elected a ViceGermany, quoted this restriction as follows:
President of the institution. C. P. Hunt, previously
.Nothing contained in this convention shall be so construed aeto require Assistant Cashier succeeds Mr. Andrews
as Cashier of the
the United States of America to depart from its traditional policy of not
Intruding upon, interfering with or entangling itself in the political ques- bank.
tions or policy or internal administration of a foreign State; nor shall
anything contained in the said convention be construed to imply a relinquishment by the United States of America of its traditional attitude
toward purely American questions.
Continuing Mr. Hill said:
That we should faithfully perform our part in the preservation of peace
among the nations and in defense of the great principles of international
law, no patriotic American, I am sure, would for a moment doubt. Nor
can it be assumed that occasions may not arise—for one already has arisen—
when it may become our duty to send armies to distant lands in order to
suppress a common enemy. But this does not require our entering into
an unlimited obligation in all circumstances to assume protection of distant
peoples: to enter into their disputes; to place our resources at the disposal of
a central authority that may at some time be dominated by a combination
of interests adverse to our own; to submit to foreign control our standards
of life, our conditions and rewards of labor, and oven power over our fortunes and our lives. There is no good reason why we should commit our
posterity to such unnecessary hazards.
It is absurd to assume that because we desire Peace, we have a warrant
for believing that national and racial motives no longer exist. For centuries compacts of peace have been made and broken, but the peoples have
remained the same.
The test is in achievement, and what has thus far been achieved in making peace with Germany?
In November 1918 the German armies were defeated in the field, and
an immediate unconditional surrender could have been obtained with a
peace signed at Berlin. Three months later, after long negotiations by
the five great powers among themselves at Paris regarding the permanent
reconstruction of the world and arrangements for universal peace, no peace
has been made and no definite terms of peace have been presented. In
the meantime, Germany, rehabilitated under what professes to be a democratic government, but which includes a large portion of the old element
of control, the army reorganizing and still possessed of arms, and with the
prospect of adding millions to the population by the accession of Austria,
flings the defiance of her 70,000,000 people in the face of the conference
at Paris, claims exemption from payment of indemnities on the ground
that the terms of peace were agreed upon before the armistice and virtually says to the Entente Allies when their armies are largely demobilized:
"If you intend to impose upon us terms to which we have not agreed, you
will have to invade and conquer our country."
Referring to the recent international developments Mr
Hill said Turkey still was in command of the Dardanelles,
that Russia was raising great armies to destroy nationalism
and that "a sympathizer with Bolshevism" had been sent
by the United States to negotiate with the Bolshevists in the
Princes' Island. He added:
What then is the coming peace to be. and when will it be concluded?
Who,in fact, are the victors? I shall not presume to say that Washington
would think of this procedure; but I am confident he would regard it as a
time for this nation to put its trust in itself and not too much in others.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The only public transactions in bank stocks this week
were sales made at the Stock Exchange of 115 shares of
National Bank of Commerce stock. The price of the stock
advanced to 230-15 points higher than last week's sale
price. No trust company stocks were sold.
Shares. BANK—New York. Low. High. Close.
115 Commerce, Nat. Bank of.. 220 230 230
Last previous sale.
April 1919— 215
In accordance with an agreement made under date of
Feb. 17 1919, the Swiss Banking Association (with main
offices at Zurich, St. Gall, Winterthur, Aarau) has taken
over the Credit Argovien, a joint stock company with a
capital of 12 million francs, fully paid, having its principal
office at Aarau and branch banks at Baden in Switzerland,
Laufenburg, Wohlen and Liestal. This institution was
founded in 1872, has developed steadily in the course of
the years, and has an excellent clientele among the impor-
Nathan C. Kingsbury has been elected a director of the
National City Bank of this city. Mr. Kingsbury is VicePresident of the American Telephone & Telegraph Co. and
a director and former Vice-President of the Harris Trust &
Savings Bank of Chicago.
The opening of an uptown office by the Franklin Trust
Co. on April 15 in the 42d St. financial district is another
indication of the activity of this company. The new office
is located in a twenty-three story building at the corner of
Madison Ave. and 40th St. This location is well chosen, as
the opening of the Park Avenue Viaduct to 40th St. will
make this a very busy corner. The banking offices have
been designed by Trowbridge & Livingston, who were the
architects for the Bankers Trust Co., Wall St. The interior
finish is of Cavernell marble with simple iron grills, and
floors of Travertine marble. There is a thoroughly equipped
ladies' room as well as a writing room, and downstairs there
is a directors' room. The Franklin Safe Deposit Co. plans
to open by- autumn a large vault in the basement below the
banking offices, so that this new office shall be thoroughly
equipped to meet all the demands of the neighborhood.
Philip G. Birckhead is Manager of the office and Edward S.
Blagden, Assistant Secretary of the Franklin Trust Co.
since 1917, is to be associated with Mr. Birckhead while
starting this office. A woman's department has been organized by Miss Helen L. Wright.
Arthur C. T. Beers has been elected Assistant Secretary
of the Franklin Trust Co.
•
An "Ownership Certificate Guide," for use in the preparation of income tax ownership certificates which are to be
attached to coupons when presented for collection, has been
issued by the National Bank of Commerce in New York.
The "Guide" reduces to tabular form the provisions of the
Income Tax Law regarding the collection of coupons, showing at a glance the form of ownership certificate required in
each case and the manner in which it is to be filled out.
There are, in connection with these certificates, eight different classifications of owners and twenty-four different ways
for making the ownership certificate returns, depending
upon whether or not the bonds contain a tax-free clause and
whether they are issues of domestic or foreign corporations
and countries. The guide undertakes to simplify the work
of filling out the certificates for all instances.
In the April number of the monthly magazine of the
Commerce Club, it is announced that in order to meet its
growing need for more space for its expanding business the
National Bank of Commerce in New York has bought the
site and building of the Postal Life Insurance Company
adjoining its premises on the north. The announcement
also says:
The property was acquired early in February. The premises secured
have a frontage of 79.6 feet on Nassau Street and 111 on Liberty Street,
running 90.1 feet on the western boundary and 109 on the south. The
purchase
rontage
ittewetaiofNuL
tothe National Bank o ,rewntiteyand
Commerce )wnrhi of the entire
oh
streets.
The Postal Life Insurance building is fifteen stories in height, and is
noted as the first of the city's skyscrapers erected by a real estate syndicate.
1582
THE CHRONICLE
For that reason it was originally known as the Syndicate Building, and was
regarded as one of the finest business structures on the fringe of the financial district. It was for a time owned by the Provident Life Insurance
Company, but when the Postal Life Insurance Company took over the
• business of the Provident, it also acquired its realty holdings.
For the past six mqnths the offices of President James S. Alexander
have -occupied about one-third of the second floor of the Postal Building.
Demand for more working space for the bank's officers necessitated leasing
the additional room. Connection between the President's suite and the
officers' room of the bank was made by cutting through the dividing walls
and the building of a marble stairway to bridge the eight feet of difference
in the levels of the two floors.
The present purchase gives to the bank a full block frontage in an area
which will become an increasingly important section of New 'York's financial centre, for diagonally across Nassau Street from this enlarged National
Bank of Commerce home the Federal Government has acquired sufficient
land for a site for a great Federal Reserve Bank building to cover the
block bounded by Nassau, Liberty and William streets and Maiden Lane.
Purchase of the Postal Life Insurance building is one of the many evidences of unusual real estate activity in the city's financial district, the total
of these transactions being estimated at over $50,000,000 for the first few
weeks of the present year, the fact being cited as indicating the fullest
confidence of banks and commerce in the nation's future business development.
The gross estate of the late James Stillman, Chairman of
the board of directors of the National City Bank, of this
city, is appraised at $40,338,121 in the report filed in the
Surrogate's office on April 4 by the appraiser, William J.
Campbell. The net estate, after the deduction of debts,
funeral expenses, &c., amounting to $2,887,098, is $37,451,023 the estate is subject to a State inheritance tax of $1,381,561, while the Federal tax will amount to over $9,000,000. Stocks, bonds and mortgages constituted the greater
part of Mr. Stillman's fortune, being valued at $34,967,610.
The largest of these holdings consisted of stock in the
National City Bank, which was appraised at $14,507,976.
Some of the other large share holdings credited to the estate
are:
Hanover National Bank
Second National Bank
Fidelity Company
American International Corporation
National Bank of Commerce
Citizens National Bank
New Jersey Zinc Co
Union Pacific common
Union Pacific preferred
Haskell & Barker Car Co
Kennecott Copper Corporation
New York Trust Co
1
United States Trust Co
Corn Exchange Bank
Lincoln National Bank
Chicago Milwaukee & St. Paul RR., preferred
New York Central
Terminal Warehouse Co
U. S. Realty & Improvement Co
Standard Oil Co
Colonial Oil Co
Standard Oil Co
Standard Oil Co
Standard Oil Co
U. S. Trust, Ltd., of London
Properties Co
Interest in Espuela Syndicate
Chicago City & Connecting Railway Co., preferred
$2,249,970
2,095,100
1,970,000
1,350,000
790,350
606,780
852,274
245,700
227,850
111,000
182,707
399,000
274,512
217,465
321,600
242,130
222,250
104,606
168,544
595,584
222,224
241,968
214,656
223,600
103,305
397,331
238,888
140.232
[VOL. 108.
The Westfield Trust Co. of Westfield, N. J., announces
the death of its Assistant Secretary, Samuel Harris Egan, on
April 7.
Request for a charter for the City National Bank of Perth
Amboy,N.J., capital $100,000, has been made to the Comproller of the Currency.
An increase of $150,000 in the capital of the Niagara
County National Bank of Lockport, N. Y., raising it to
$300,000, has been approved by the Comptroller of the
Currency.
The Providence National Bank of Providence, R. I.,
recently increased its annual dividend rate from 8 to 10%,
being the first increase in the rate since 1880. The Providence National Bank is the third oldest bank in the United
States, its original charter having been granted in 1791.
The capital of the institution is $500,000 with surplus and
undivided profits of $1,057,824. William Gammel is
President.
The Comptroller of the Currency has given his approval
to an increase of $25,000 in the capital of the New London
City National Bank of New London, Conn., making the
amount $150,000, instead of $125,000.
The recgnt purchase of practically the entire stock of the
Puritan Trust Co. of Boston by Asa P. French, President
of the Tremont Trust Co. of Boston, and other members of
that company's executive board,will in all probability result
in a merger of the two companies in the near future. On
April 10 the new stockholders took over the banking quarters and books of the institution. The Puritan Trust Co.
was established about eighteen years ago and has a capital
of $200,000 with surplus and undivided profits of $208,894
and deposits of approximately $4,000,000. Frederick W.
Stockman is President and Manager of the company. The
Tremont Trust Co. began business in September 1914 and
has a capital of $200,000, surplus and undivided profits of
$64,144 and deposits in excess of $4,000,000.
Plans to increase the capital of the Union Market National
Bank of Watertown, Mass., from $150,000 to $200,000 have
been approved by the Comptroller of the Currency.
The Tenth National Bank of Philadelphia plans to increase its capital from $200,000 to $300,000. The proposal
An appraisal of the personal effects of Mr. Stillman places was ratified by the stockholders on April 14. The new
the value of his art objects, paintings, jewelry, tapestries, stock is to be disposed of at $120 per share and the enlarged
&c., at $463,049. The chief beneficiaries under Mr. Still- capital will become effective May 7 1919.
man's will are his sons, James A. Stillman, Charles Chauncey
Stillman and Dr. Ernest G. Stillman. Each received in
At the meeting of the stockholders of the Aldine Trust Co.
trust one-third of the residuary estate, which in each in- of Philadelphia on April 10, referred to in these columns
stance amounts to $9,694,571. Upon the death of each son in our issue of Feb. 8, the proposed increase of the capital
his share is divided into separate trusts for each of his chil- of the institution from $200,000 to $500,000 was ratified.
dren. On their deaths the property is to be paid over to The details of the issuance of the new stock have been left
their children. For each of his daughters, Mrs. William G. for decision to the directors.
Rockefeller and Mrs. Percy A. Rockefeller, Mr. Stillman left
the life income from a trust fund of $3,500,000. The trusts
John H. Strawn, Receiver for the defunct First National
are now valued at $3,394,530 each. The sons and daughters Bank of Uniontown, Pa., announced on April 7 that the final
will share equally in the distribution of their father's paintings, (the eighth) dividend, amounting to $238,068 would be
other works of art, silver and household effects. Under the paid to depositors on April 15. This dividend, we underwill the executors had the power to make an unequal distri- stand, represents interest amounting to 16.12% on deposits
bution of these effects, but they did not exercise it. Mr. in the bank from the time of its failure, as already the deposiStillman owned real estate appraised at $1,379,483. He had tors have received 100% on the dollar. According to Mr.
$2,842,730 in cash in various banks. He carried only Strawn, there still remains a considerable sum of disputed
$100,000 insurance on his life. Mr. Stillman's death oc- liabilities, foreigners holding notes against officials of the
curred on March 15 1918.
bank, including J. V. Thompson, former President of the
institution, claiming that such notes are liabilities of the
At the special meeting of the stockholders of the People's bank. These claims and other liabilities will be adjusted
on Jan.
Trust Co. of Brooklyn on April 9, referred to in our issue of in court. The First National Bank closed its doors
March 29, the proposed increasing of the capital stock from 18 1915.
$1,000,000 to $1,200,000 was ratified, the same-to be effecThe Milford Trust Co. of Milford, Delaware, was recently
tive May 15. The new stock was offered to stockholders in
admitted to membership in the Federal Reserve Bank of
stock.
old
of
shares
five
every
to
share
one
of
proportion
the
Philadelphia. The capital of the company,is $50,000 with
surplus of $87,500 and total resources of $1,063,432.
The first company to operate the Morris plan of industrial
At a meeting of the board of directors of the Union Trust
loans and investments was organized by Arthur J. Morris
at Norfolk, Virginia, nine years ago. Its first loan was made Co. of Baltimore on April 14, Hammond J. Dugan was
on March 23 1910. By March 23 last, the number of loans elected a director to succeed the late Thomas O'Neill.
made by over one hundred Morris plan companies operating
In our item last week, page 1484, relative to the National
throughout the United States had reached, it is stated,
660,000 and amounted to nearly $100,000,000. Over one- Bank of Baltimore the part with reference to the capital,
surplus and profits was confused in the setting up of the
third of the entire amount was lent in the year 1918.
type, and we hence give it herewith as it should have read:
APR. 19 1919.]
THE CHRONICLE
The capital, surplus and undivided profits are now $1,780,983, of which
$1,210,700 represent capital, $500,000 surplus and $70,283 undivided
profits.
At a meeting of the directors of the Garfield Savings Bank
Co. of Cleveland April 11, it was decided to issue $150,000
of treasury stock and thereby increase the paid-in capital
of the institution from $350,000 to $500,000. The new stock
consists of 1,500 shares of the par value of $100 each and will
be offered to stockholders of record May 29 at $150 per
share. As stated in our issue of March 8, the Garfield
Savings Bank Co. purchased the 12-story building at 322
Euclid Avenue,formerly the home of the Cleveland National
Bank, and expects to move to its new quarters about June 1.
In keeping with the large and continuous expansion in the
business of the Foreman Bros. Banking Co. of Chicago, the
surplus of the institution was recently increased from $500,000 to $1,500,000, making a combined capital and surplus
of $3,000,000. The deposits of the institution are upwards
of $23,000,000.
1583
The First National Bank of Covington, Ky., (capital
$60,000) has been placed in voluntary liquidation, having
been succeeded by the First State Bank of Covington.
Charles E. Hoge, President of the State National Bank of
Frankfort, Ky., and prominent in the South as a railroad
contractor and financier, died suddenly at Little Rock, Ark.,
on April 1 from heart failure. Mr. Hoge was born in
Albemarle County, Va., in 1845. After serving in the
Confederate Army during the Civil War he moved to Kentucky in 1880, and as partner in the Mason-Hoge Co., was
the builder of portions of several of the well-known railroad
systems of the South and eventually became President of the
Frankfort & Cincinnati RR. As a financier, Mr. Hoge
besides being the organizer and President of the State
National Bank of Frankfort was a director of the Federal
Reserve Bank at Louisville, organizer of the Capital Trust
Co. of Frankfort and Vice-President of the Commonwealth
Life Insurance Co.
Announcement is made of the incorporation of the Federal
Trust Co. of Richmond, Va., under the laws of the State of
Virginia, with an authorized capital of $500,000. The
stock will be sold at $12 50 per share. The subscription
books were opened on April 7 at the office of Hunsdon
Cary, 1001 American Bank Building. A limited amount
of stock is offered to the public at the above price. The following have been chosen directors:
An increase of $250,000 in the capital of the Drovers'
National Bank of Chicago, raising the same from $750,000
to $1,000,000, has been approved by the Comptroller of the
Currency.
•
The Standard Trust & Savings Bank of Chicago has
leased for a term of years running to 1932 the three stores
Donald M. Blair, Treasurer Virginia Paper Co.; Hunsdon Cary, attorney
at 108, 110 and 112 South Clark street, in the building and
counsellor at law; W.D.Duke, Federal Manager Richmond Fredericksbearing its name, at the southwest corner of South Clark and burg & Potomac RR.; J. Shelton Horsley, M.D., St. Elizabeth's Hospital;
J. Ambler Johnston, of Carneal & Johnston, architects and engineers;
Monroe streets, the main floor of which the bank now oc- Chas.
T. Norman, proprietor 0. H. Berry & Co., clothiers; Edward Ragcupies. The property which has just been taken under land, President Montague Manufacturing Co.; W. T. Selden, President
lease will be used by its savings, bond, trust and real estate Mayo Milling Co.; Stewart M. Woodward, of Woodward & Son, wholesale
J. N. Harrison. President Harrison Construction Co., Petersburg,
loan departments. Later on safe deposit vaults will be lumber;
Va.; W. B. McEwen, President McEwen Lumber Co., Norfolk, Va.;
installed. The commercial business and other departments Thos. Steel Trail, of Harris, Forbes & Co., New York City.
of the bank will continue on the second-floor of the buildJ. Fort Abell, previously Cashier of the First National
ing. This gives the bank 47x91 feet on the ground floor
which will be devoted entirely to the departments indicated. Bank of Paducah, Ky., has been elected Vice-President of
The Chicago "Economist" of March 31 had the following the First National Bank of Louisville. Mr. Abell started
his banking business at the age of 18 years as Assistant
to say in part regarding the bank and its plans:
The bank has had plans prepared for attractive improvements which Cashier of the Livingston County Bank and in 1907 he
will add greatly to the appearance of that part of South Clark Street. The assisted in the organization and was the first Cashier of the
plans provide for a new front to be constructed of metal and plate glass exSmithland Bank. Later, in 1911, he became Cashier of
tending through the first and second stories of the building. In the centre
there will be an elaborate and attractive banking entrance. The floor the Paducah Banking Co. He resigned that post in 1917
of the interior will be of marble mosaic and the fixtures of mahogany. A to become Secretary and Treasurer of the Foreman Autobeautiful marble stairway will lead to the banking rooms in the second
story. 'The improvements which will cost in the neighborhood of $50,000 mobile Co., which office he still holds. Mr. Abell became
were designed by the A. H. Andrews Co. Construction will be com- identified with the management of the First National Bank
menced at once in order that the bank may be able to use the space just of Paducah in 1918, as Vice-President and Cashier.
taken at as early a date as possible.
The bank which is one of the more successful of the younger institutions
has pursued an extremely conservative policy. It was founded by Charles
S. Castle, its President, beginning business Sept. 6 1910, in the National
Life Building, 29 South La Salle Street. Its growth has been rapid.
Deposits have on several occasions crossed the $10,000,000 mark.
The City Bank of Kansas City, Mo., (formerly the Oity
Centre Bank) opened for business in its new quarters at the
corner of 18th and Grand streets, on March 17 1919. The
officers of the bank are as follows:
Rufus Crosby Kemper, President; Judge W.. 0. Thomas, Vice-President;
H. J. Voigts, Vice-President; Roy A. Smith, Cashier; William S. Palmer,
Assistant Cashier.
Francis M. Gettys, a Vice-President of the Citizens-Union
National Bank of Louisville, died at his home in that city
on March 31 after a brief illness. Mr. Gettys, who was considered one of the banking experts of the South, was born at
Athens, Tenn., and was graduated from the University of
that State. He went to Louisville at the beginning of 1896
as President of.the American Clothing Co. and later, upon
his election as President of the National Credit Men's Association, gained prominence in national business circles.
Ten years ago he left the clothing business and entered the
service of the Union National Bank, of which he shortly
became Vice-President, and it was largely through his efforts
that last year the consolidation of that institution with the
Citizens' National Bank was arranged. It was also mainly
owing to Mr. Getty's efforts that the Federal Reserve Bank
was established in Louisville. For several terms he served
as President of the Kentucky State Bankers' Association
and he was a prominent member of the Louisville Clearing
IIouse Association. Mr. Gettys wasforty-seven years of age.
The name of the institution was changed to the City Bank
of Kansas City, Mo., on Jan. 22 1919. The bank has a
capital of $100,000.
•
An application has been made to the Comptroller of the
Currency for a charter for the National Mechanics Bank of
Newport News, Va., capital $100,000.
•
A charter for the People's National Bank of Bedford, Va.—
a conversion of the Peoples' Bank—has been issued by the
The Comptroller of the Currency has approved an increase
Comptroller of the Currency. The People's National has of $200,000 in the capital of the
First National Bank of
$100,000.
of
capital
a
Wichita Falls, Tex., raising it from $300,000 to $500,000.
The consent of the Comptroller of the Currency has been
obtained to a consolidation of the Union National Bank of
Columbia, South Carolina, with the People's National Bank
of that city under the charter of the former institution. The
resulting institution will be known as the Liberty National
Bank of South Carolina at Columbia, and will have a capital
of $325,000, which is equal to the combined capitals of the
banks prior to consolidation.
Two important changes were recently announced in the
personnel of the State Bank of Seattle. Hugo Carlson, for
the past seven years Cashier of the institution, has been
elected a Vice-President, and Louis H. Bruns, formerly
Auditor of the Seattle National Bank, has been made Cashier
to succeed Mr. Carlson. Mr. Carlson is a native of Sweden
and received his education and early business training in
that country. He came to this country in 1903 and engaged in business in Seattle. Upon the organization of the
The Fourth National Bank of Greenville, S. C. (capital State Bank in 1905, Mr. Carlson entered its service in a
$100,000) has been placed in voluntary liquidation, having clerical capacity and rapidly advanced until he was made
been absorbed by the First National Bank of Greenville.
Cashier in 1912 and shortly after a member of the board
of directors, a position he still continues to hold. Mr.
1584
[voL. 108.
THE CHRONICLE
Shipments for the coal year (began April 1) 1918-19 aggreBruns, who assumed his new duties on March 17, was born
in Jefferson City, Mo. He entered the old Puget Sound gated 71,667,757 tons, comparing with 77,752,315 tons.
Natidnal Bank of Seattle as a clerk in 1906 and had risen to for the coal year 1917-18, a shrinkage of 6,084,558 tons.
The shipments by the various carriers in March 1919 and
the position of Assistant Auditor when that institution was 1918 and for the respective coal years were as follows:
consolidated with the Seattle National Bank in 1910. He
March—
12 Mos. to Apr.1—
Road—
1919.
1918.
1918-19.
1917-18.
was made Auditor of the enlarged institution in 1917. Eight Philadelphia
& Reading
tons 667,229 1,339,051 14,007,057 14,798,496
Lehigh valley
622,746 1,355,933 13,209,114 14,221,783
months ago Mr. Bruns resigned his position with the Seattle Central
RR. of New Jersey
309,994 623,611
6,238,053 8,872,635.
National Bank in order to serve in the 44th Infantry of the Delaware Lackawanna & Western..... 658,694 1,155,587 10,892,222 12,528,523
Delaware & Hudson
671,829 861,253 8,834,560 8,754,113
U. S. Regulars. Coincident with the changes in its staff, Pennsylvania
338,977 519,806
5,094,789 5,643,501
Erie
451,572 864,968
8,039,908 8,840,579'
the State Bank also announced that in about a year's time Ontario
& Western
88,116 199,680
1,837,467 2,065,236
129,751 356,888
3,514,587 4,027,499
the institution would remove to the handsome banking Lehigh & New England
rooms in the Leary Building at present occupied by the
Total
3,938,908 7,278,777 71,667,757 77,752,315,
National Bank of Commerce, where it will have ample
accommodation for its rapidly increasing business and the Commercial andMiscellaneonsgews
carrying out of long contemplated plans for development
and expansion.
GOVERNMENT REVENUE AND EXPENDITURES.
—Through the courtesy of the Secretary of the Treasury, we
The Comptroller of the Currency announces the issu- are enabled to place before our readers to-day the details of
receipts and disbursements for March 1919 and
ance of a charter for the Producers' National Bank of Bakers- Government
1918 and for the nine months of the fiscal years 1918-19 and
field, Cal. (capital $200,000), being a conversion of the 1917-18.
Producers' Savings Bank of Bakersfield. Reference to the
Receipts.
March 1919. March 1918. 9 Mos. 18-19. 9 Mos. 17-18.
Ordinary—
$
$
application for a. national bank charter was made in our Customs
17,876,271
122,039,448
126,028,355.
18,106,373
Internal Revenue:
issue of March 22.
Income and excess
W. E. Wilcox, heretofore Chief National Bank Examiner
for the Twelfth Federal Reserve District, was recently elected
a Vice-President and Cashier of the Anglo & London Paris
National Bank of San Francisco, succeeding Harry Coe,
who had been holding the position temporarily, but is now
devoting his entire time to the Foreign Department of the
institution, of which he is chief. Mr. Wilcox, who is 48
years of age, was born in England but came to this country
at the age of 14. His banking career began at the age of
16, and he has had a wide and varied experience, having
held a commission as National Bank Examiner for over
eight years, three years of which time he was Examiner at
Large and covered many States.
Advices from Canada state that the paid-up capital of the
Merchants' Bank of Canada (head office Montreal) is to be
increased from $7,000,000 to $8,400,000 by the issuance
of 14,000 shares of new stock of the par value of $100 per
share. The new stock will be offered to shareholders of
record as of April 30 1919 at $150 per share on the pro rata
basis of one share of new stock for every five shares of
their present holdings.
Advices from Montreal state that a trust. company has
recently been organized by the Merchants' Bank of Canada as an affiliated institution of the latter. The new institution is to be known as the Bankers' Trust Co. and will
have a capital of $1,000,000. It will open for business, we
understand, about May 1 in temporary quarters in the
Merchants' Bank of Canada Building, and branches will be
established at various important points in the Dominion.
James Elmsly, formerly of the Bank of British North Amerca (now merged in the Bank of Montreal), is to be the
Manager of the new institution.
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:
London,
Apr.12.
Week ending April 18—
Sat.
Silver, per oa
d. 48%
Consols, 234 per cents
Holiday
British, 5 per cents
Holiday
British 434 per cents
Holiday
French Rentes (in Paris)__fr. __
French War Loan(in Paris)fr.
Apr.14. Apr.15.
Mon.
Tues.
48 13-16 4834
5534
5534
9534
9534
9934
9934
62.30
62.75
89.50
89.60
profits tax
1,129,821,269
Miscellaneous
118.240,897
Miscellaneous revenue_
31,555,382
Total
1,297,493,819
Panama Canal—
Tolls, &c
355,128
Public Debt—
First Lib.Loan bonds_
40
Second Lib.Loan bonds
440
Third Lib.Loan bonds.
1,001,320
Fourth Lib.Loan bonds
1,236,664
Certifs.of Indebtedness1,141,433,000
War savings and thrift
stamps
10,143,082
Postal Savings bonds
Deposits for the purchase of 1-Year Treas.
Notes (Sec. 18, Fed.
Res. Act, approved
Dec. 23 1913)
Deposits for retirement
of nat 1 bank notes &
Fed. Res. bank notes
(Acts of July 14 1890
702,237
and Dec. 23 1913).._
Total
1,154,516,783
1,888,777,647
914,257,992
338,733,183
102,241,310.
539,780,208
156,329,281
155,701,947 3,263,808,268
924,379,134
31,424,027
89,635,238
16,536,309
1,047,331
5,133,793
4,366,462
14,068
587,931
2,664,346
520,284,929
1,045 3,807,724,921
935,433,200
6,959,021,868
924,638,500 14,946,954,800 0,307,160,000
53,967,865
761,777,144
289,260
129,912,282
1,020,940
10,150,000.
466,090
20,204,522
5,938,700'
979,674,454 23,626,346,185 10,701,191,772
Grand total receipts_2,452,365,730 1,130,423,732 26,895,288,246 11,719.937,368.
Disbursements.
Ordinary—
Checks Sr warr'ts paid
(less bal. repaid,&c.) 977,279,795
Int. on public debt paid 64,902,729
818,472,073 11,986,765,028 4,575,619,029,
1,654,109
55,892,604
309,882,850
Total
1,042,182,524
Special—
Panama Canal: Checks
paid (less balances
1,051,198
repaid, &c.)
Purchase of obligations
of foreign Govern'ts. 322,350,000
Purchase of Fed. Farm
Loan bonds:
Principal
14,000,000
228,064
Accrued interest
_
820,120,182 12,296,647,878 4,631,511,633.
Total
337,629,262
Public Debt—
Bonds, interest-bearing
notes & certificates
1,213,709,092
retired
One-year Treas. notes
redeemed (Sec. 18,
Fed. Res. Act, approved Dec.23 1913)
Nat'l bank notes and
Fed. Res. bank notes
retired (Acts of July
14 1890 and Dec. 23
2,246,985
1913)
335,838,442 2,867,576,349 3,829,134,125.
Total
1,215,956,077
1,512,840
10,737,902
14,301,551,
317,500,000 2,819,984,800 3,783,829,750.
16,550,000
275,602
36,400,000
453,647
30,550,000,
452,822
40,479,252 11,731,645,059 3,347,527,116
1,379,295
19,150,000
19,150,000
16,671,263
18,039,412
41,858,547 11,767,466,922 3,384,716,528
Grand total disburse'ts.2,595,767,862 1,197,823,170 26,931,691,149 11,845,362,284
dipr.10. Apr.17. Apr.18.
Wed. Thurs. Fri.
48 15-18 48 15-16 Holiday
5534
Holiday
5534
96
Holiday
9534
9914
Holiday
9934
62.40
62.85
Holiday
89.82
89.90
Holiday
STOCK OF MONEY IN THE COUNTRY.—The following table shows the general stock of money in the country,
as well as the holdings by the Treasury and the amount in
circulation on the dates given:
The price of silver in New York on the same day has been:
-Stock of Money Apr. 1 19- —Money in Circulation-in U. S. afield inTreas. Apr. 11919. Apr. 1 1918.
Silver in N. Y., per oa__-cts_10134
10134
10134
10134
10134
Holiday
TRADE AND TRAFFIC MOVEMENTS.
ANTHRACITE COAL SHIPMENTS.—The shipments
of anthracite coal in March 1919 as reported to the Anthracite
Bureau of Information at Philadelphia, Pa., amounted to
but 3,871,932 tons, a decrease of 3,337,869 tons, or 46%
from the total shipped for the same month last year. This
almost unprecedentedly low record is accounted for by the
Bureau as being "unquestionably due to the holding off of
consumers and dealers in making purchases, because of the
anticipation of a possible reduction in price on April 1."
The Bureau's re ort says further:
1: The statement issued by the Governor of Pennsylvan a April 4 has done mucli to
correct this impression and a decided improvement has already been evinced in
business for April, with indications that the demand and shipments will continue
to improve during the next few months. The public seems to have taken notice
of the warning issued by the U. S. Fuel Administration that unless consumers and
dealers lay in their supplies during the summer months there is serious danger of
a shortage of domestic coal next winter.
Excess of total disbursements over total rect's 143,402,133
61,399,439
Gold coin (Including bullion
3,092,415,909
in Treasury)
Gold certificates
Standard silver dollars_ _ _ _ 328,434,930
Silver certificates
243,387,418
Subsidiary sliver
Treasury notes of 1890_
United States notes
346,081,016
FederaiReserve notes_ _ „c2,898,210,360
Federal Reserve Bank notes 155,632,180
National bank notes
724,487,192
36,402,903
125,424,916
353,098,171b1,090,679,923 9,029,779,585
601,484,175 975,051,932
38,448,401
81,062,200
77,110,980
207,152,610 452,801,764
12,445,046 230,942,372 215,303,987
1,771,719
1,874,689
15,994,562 330,686,454 335,195,638
50,348,326 2,503,758,764 1,435,723,424
12,828,092 142,804,088
11,594,475
67,465,856 057,021,336 705,825,027
Total
7,587,249,005 550,628,454 5,847,363,641 5,240,261,501
Population of continental United States estimated at 107,160,000. Circulation
per capita, $54 56.
a This statement of money held in the Treasury as assets of the Government
does not include deposits of public money in Federal Reserve banks and in national
banks and special depositaries to the credit of the Treasurer of the United States
amounting to $1,439,741,463 68.
b Includes 8582,685,942 Federal Reserve Gold Settlement Fund deposited with
Treasurer of the United States.
c Includes own Federal Reserve notes held by Federal Reserve banks.
Note.—On Apr. 1 1919 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $823,232,860 gold coin and bullion, 8223,920,780
gold certificates and 8142,103,270 Federal Reserve notes, a total of 81,189,250,910.
against 8900,063,350 on April 1 1918.
APR. 19 1919.1
TIIE CHRONICLE
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.
• 1585
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
Harbison-Walker Retrac.. pref.(guar.). 154 Apr. 19 Holders of rec. Apr. 9a
Holly Sugar Corp., pref. (guar.)
14 May 1 Holders of rec. April 15
Homestake Mining (monthly)(No.536). 50c. April 25 Holders of rec. April
19
Houghton Co. Elec. Lt. com.(No. 28).. 624c. May 1 Holders of rec. Apr. 18a
Per
When
Rooks Closed.
Name of Company.
Preferred (No. 33)
Cent. Payable.
Days Inclusive.
75c. May 1 Holders of rec. Apr. 18a
Idaho Power, pref. (guar.) (No. 10)
14 May 1 Holders of rec. April 21
Railroads (Steam).
Illinois Northern Utilities, pref.(guar.)- 154 May 1 Apr. 20 to Apr. 30
Atch. Topeka et Santa Fe,common (guar.) *154 June 2 *Holders of rec. May 2a Mum.-‘k Pow. Sec., pref. (qu.)(No. 27)_
14 May 15 Holders of rec. Apr. 30
Atlantic Coast Line RR., preferred
Indiana Pipe Line (guar.)
234 May 10 May 1 to May 10
Si May 15 Holders of rec. April 24
Central RR. of N. J.(guar.)
2
May 1 Holders of rec. Apr. 26a Ingersoll-Rand, common
5
Apr. 30 Holders of rec. Apr. 194
Cloy. On. Chic. & St. L., pref. (guar.) 15( Apr. 21 Holders of rec. Apr. la Inspiration Cons. Copper Co. (guar.)._ $1.50 April 28 Holders of
rec. April Ila
Dayton Coal, Iron & Ry.. pf.(monthly) 5c. Apr. 30 Holders of rec. Mar. 22a Internat. Mercantile Marine (extra)
h10 May 15 Holders of rec. May 1
Delaware Lack.& Western (guar.)
$2.50 April 21 Holders of rec. April 4a International Nickel, pref. (guar.)
1% May •1 Holders of rec. Apr. 16a
Great Northern (guar.)
14 May 1 Holders of rec. Apr. 4a Kayser (Julius)& Co., 1st & 2d p1. (qtr.) 1% May 1 Holders of rec. Apr. 2Ia
Nashua et Lowell
414 May 1 Holders of rec. Apr. 15a Kellogg Switchboard et Supply (guar.)
2
Apr. 30 Holders of rec. Apr. 25
New York Central Rli.(guar.)
14 May 1 Holders of rec. April 8a Kelly-Springfield Tire, common (guar.) Si
May I Holders of Yee. Apr. 15
Norfolk & Western adj., pref.(quar.)
Common (payable in common stock). 13
1
May 19 Holders of rec. Apr. 30a
May 1 Holders of rec. Apr. 15
Northern Pacific (guar.)
Kelsey Wheel,Inc., pref. (guar.)
14 May 1 Holders of rec.April 12a
14 May 1 Holders of rec. April 21a
tPero Marquette, prior pref. (quar.)
131 May 1 Holders of rec.'Apr.I18a Kerr Lake Mines, Ltd.(guar.)(No. 7)._ 25c. June 16 Holders of rec. June 2a
Pittsburgh & West Virginia,pref.(No.8) 114 May 31 Holders of rec. May 15a Keystone Telephone, preferred
*$1.50 May 1 *Holders of rec. Apr. 19
Reading Company, common (quar.)_.. $1
May S Holders of rec. Apr. 16a Keystone Tire & RubberReading Company, lot pref. (guar.)
Common (payable in common stock). 115
550c. June 12 *Holders of rec. May 27a
May 20 Holders of rec. May la
Kress (S. H.) Co., common (guar.,- I
May 1 Holders of rec. Apr. 19a
Street and Electric Railways.
Marconi Wireless Teleg. of America_ _
25c. July 1 June 2 to June 14
Carolina Power & Light,common (guar.)
54 May 1 Holders of rec. Apr. 15
Massachusetts Gas Cos. (guar.)
14 May 1 Holders of rec. April 15
corn.
Service,
&
pref.
Cities
54 May 1 Holders of rec. April 15a Miami Copper Co.(mar.)(No. 27)
(monthlY)-50c. May 15 Holders of rec. May la
Common (payable in common stock) fl
May 1 Holders of rec. April 15a Middle States 011 Corp.(monthly)
1
May 1 Holders of rec. Apr. 24
Cities Service, coon. dc pref. (monthly)
Stock dividend
34 June 1 Hollers of rec. May 15
10
May 1 Holders of rec. Apr. 24
Common (payable in common stock)
fl
June 1 Holders of rec. May 15
Midvale Steel & Ordnance (qu.)(No. 10) $1 May 1 Holders of rec. April 15a
Cities Service, Bankers'shares(monthly) 41.1c. May 1 Holders of rec. Apr. 15
Midwest 011, pref. (guar.)
2o
April 19 Holders of rec. April la
Duquesne light Co., pref.(qu.)(No. 17) 14 May 1 Holders of rec. Apr. 1
Midwest Refining (quar.)(No. 18)
$1
May 1 Holders of roe. Apr. 15a
Havana Elec. Ry., L. et P., corn. & pref_ 3
May 15 Apr. 23 to May 15
Extra (No. 1)
50c. May 1 Holders of rec. Apr. 15a
Milwaukee Elec. Ry.& Lt., pref.(quar.) 154 Apr. 30 Holders of rec. Apr. 21a Mohawk Mining (guar.)
SI
May 1 Holders of rec. April 12a
Nashville Ry.& Light, pref.(quar.)_ _ _
14 Apr. 1 Holders of rec. Mar. 27
Nash Motors, preferred (guar.)
14 May 1 Holders of rec. Apr. 18
Pacific Gas & Elet.,com.(quar.)(No. 13) 14 Apr. 21 Holders of rec. Apr. 8
National Biscuit, corn.(qu.)(No.84)___ _ *14 July 15 *Holders of
rec. June 30
Public Serv. Invest., pref. (guar.)(No.40) 154 May 1 Holders of rec. Apr. 21a
Preferred (guar.) (No. 85)
*14 May 31 *Holders of rec. May 17
Philadelphia Company,common (guar.)
750. Apr. 30 Holders of rec. Apr. la Nat. Enamel. et Stamping, corn.(guar.)._
134 May 31 Holders of rec. May 10a
Six per cent preferrel (guar.)
$1.50 May -1 Holders of rec. Apr. la National Lead, preferred (guar.)
14
14 Holders of rec. May 23
Union Srteet Ry., New Bedard,Mass.(gu) 114 May 1 Holders of rec. Apr. 17a New England Company,first pref.(guar.) 24 June
May I Holders of rec. Apr. 16a
West Penn Power, pref.(guar.)(No.3). 14 May 1 Holders of rec. Apr. 19
N.Y. dr Honduras Rosario Min.(guar.) 3
Apr.
30
Holders of rec. Apr. 19
West Penn Trac. et Water Power, pf.(v.) 134 May 15 Holders of rec. May 1
Amortization distribution (No. 7)......_ 2
Apr. 30 Holders of rec. Apr. 19
York (Pa.) Railways, pref. (guar.)_ - 6254o. Apr. 30 Holders of rec. Apr. 19a Nipissing Mines (quar)
25c. April 21 Apr. 1
to Apr. 17a
Northern States Power, pref. (gust.)... 14 Apr1121 Holders of rec. Mar. 31
Pacific Coast Co.,common (guar.)
Banks.
1
May 1 Holders of rec. April 26a
Bowery (gnat.)
*3
First preferred (guar.)
May 1 *Holders of rec. Apr. 26
14 May 1 Holders of rec. April 26a
Extra
.7 May 1 *Holders of rec. Apr. 26
Second preferred (gnat.)
1
May 1 Holders of rec. April 26a
Me, National
*5
May 1 *Apr. 26 to Apr. 30
Pacific Development Corp.(guar.)
8734c. May 15 Holders of rec. April 15
Commonwealth
5
May 1 Holders of rec. Apr. 15
Pacific Potter dc Light, pf. (04.) (No. 35) 14 May 1 Holders of rec. Apr. 22
5
May 1 Holders of rec. Apr. 30a Packard Motor Car, corn. (guar.)
Corn Exchange (guar.)
2
April 30 Holders of rec. April 15a
*2
Pacific (guar.)
May 1 *Holders of rec. Apr. 19
Penmans. Limitett. common (quar.)_ _ _
14 May 15 Holders of rec. May 5
*2
May 1 *Holders of rec. Apr. 19
Extra
Preferred (guar.)
154 May 1 Holders of rec. Apr. 21
Pierce-Arrow Motor Car, common (qu.) $1.25 May 1 Holders of rec. Apr. 15a
Trust Companies.
1
May 1 Holders of rec. Apr. 25
Lincoln (guar.)
Pittsburgh Coal of Pa., corn. (gust.)... 154 April 25 Holders of rec. April 10a
Fire Insurance.
Preferred (guar.)
154 Apr1125 Holders of rec. April 10a
6234c. Apr. 16 Holders of rec. Apr. 15
Pacific Fire (extra)
Pittsburgh Coal of
pref. (guar.)._
15( April 25 Holders of rec. April 10a
Pittsburgh Oil de Gas (guar.)
*2%
May 15 *Holders of rec. April 30
Miscellaneous.
Portland (Ore.) Gas et Coke pref. (guar.)_ _
14 May 1 Holders of rec. April 22
14 Apr. 24 Holders of rec. Apr, 10a Prairie Oil & Gas (guar.)
Alabama Co., 1st & 2d pref. (ouar.)
3
April 30 Holders of rec. Mar. 31a
(guar.).
common
75e.
Note,
American Bank
May 15 Holders of roe. May la
Extra
2
April 30 Holders of rec. Mar. 31a
Apr. 30 Holders of ree Apr. 12a Prairie Plpe Line (guar.)
Amer. Beet Sugar' common (quar.)___ _ p2
3
Apr. 30 Holders of roe. Mar. 31a
*2
American Book (guar.)
Apr. 19 *Holders of rec. Apr. 16
Procter dc Gamble Co., corn. (guar.)
5
May 15 Holders of rec. April 250
American Chicle,common (guar.)
1
May 1 Holders of rec. Apr. 19
Public Serv. Co. of Nor. Ills., corn.(qu.) *14 May 1 *Holders of rec. April 15
2
American Cigar, common (guar.)
May 1 Holders of rec. Apr. 15a
Preferred (guar.)
*154 May 1 *Holders of rec. April 15
Amer. GM & Elec., pref.(qu.)(No.49). 75e. May 1 Holders of rec. Apr. 18
Pyrene Manufacturing (guar.) (No. 26)
25c. May 1 Apr. 22 to Apr. 30
American Glue, common
5
May I Apr. 18 to May 2
Quaker Oats, pref. (quar.)
1% May 31 Holders of reg. May la
Corn.(extra, payable in L. L. bonds).
15 May 1 'Apr. 18 to May 2
Republic Iron & Steel.com (qu.)(N0.10) 134 May 1 Holders of rec. April 21a
American Ice, preferred (guar.)
134 April 25 Holders of rec. April 15a Russell Motor Car, preferred (guar.)- -- 3
May 1 Holders of rec. Apr. 17
Am.La France Fire Eng Inc.,corn.
1
2
May 15 Holders of rec. May 8a St. Lawrence Flour Mills, corn. (gnat.).... 1% May 1 Holders of rec. Apr. 23
Amer. Light de Traction,common (guar.) 254 May 1 Apr. 13 to
Common (bonus)
Apr. 27
1
May
1 Holders of rec. Apr. 23
(payable
in
Common
common stock). 1214 May 1 Apr. 13 to Apr. 27
Preferred (guar.)
15( May 1 Holders of rec. Apr. 23
Preferred (guar.)
154 May 1 Apr. 13 to
Sapulpa Refining (guar.)
Apr. 27
1254c May 1 April 20 to May 1
American Locomotive, prof. (quar.)__. 154 Apr. 21 Holders of rec. Apr. 4d Sears, Roebuck et Co., corn.
2
May 15 Holders of rec. April 30a
(enar.)--,
Amer. Shipbuilding, common (quar.)_
14 May 1 Holders of rec. April 15a shartuck a -tzona Copper Co.
25c Apr. 19 Holders of roe. Mar. lie
(g11,
1'•1
Common (extra)
214 May I Holders of rec. April 15a Sloss-Sheffield Steel et Iron, corn. (gnat.)..
154 May 10
of rec. April 25a
Preferred (guar.)
14 May 1 Holders of me. April 15a Steel Co. of Canada, cam.(qu.) (No. 9) 154 May 1 Holders
Holders of rec. Apr. 10
American Sumatra Tobacco, corn. (gnat.)
254 May 1 Holders of rec. Apr. 25a
Preferred (guar.) (No. 31)
14 May 1 Holders of rec. Apr. 10
Preferred (No. 19)
314 Sept. 1 Holders of rec. Aug. 15a Steel Products Co., common (gust.)... 3
April 19 Holders of rec. April 5a
Amer. Water Works dc Elec.,Inc.,Pf.(gu.) 14 May 15 Holders of rec. May 1
Steel Products. pref. (guar.)
15( rune 1 Holders of rec. May 15a
Anaconda Copper Mining (guar.)
$1
May 26 Apr. 20 to May 14
Superior Steel Corp., common (guar.)- 154 May 1 Holders of rec. Apr. 154
154 May 1 Apr. 20 to
Atlas Powder, pref. (guar.)
First
and second preferred (guar.)- 2
Apr. 30
May 15 Holders of rec. May la
Barnhart Bros. dr Spindler.
Swan & Finch Co
254 May 1 Holders of rec. Apr. 1
14 May I Holders of rec. Apr. 25a Taylor-IVharton Iron et Steel, pref.
First & second preferred (guar.)(qu.)- 15( May 1 April 25 to April 30
Borden's Cond. MHk pref.(M)(N0.70) 154 tune 14 Holders of roe. May 31n Texas Power & Light, pref.(quar.)(No.28)
13( May 1 Holders of rec. Apr. 19
Brill (J. G.) Co., preferred (quar.)
1
May 1 Apr. 23 to
Tobacco Products Corp., cam. (quar.). o134 May 15 Holders of rec. Apr. 30a
Apr. 30
h3
Pref. (o3 accourt azeurn. dividends)..
May I Apr. 23 to Apr. 30
Tonopah Mining of Nevada
150. Apr. 21 Apr. 1 to Apr. 7
British-Columbia Fish. & Pack.(guar.). 131 May 21 May 10 to May 20. Union Oil (guar.)
1% Apr. 21 Apr. d10 to Apr. 21
British-Columbia Pack. Assn.,com.(qu 254 May 21 May 10 to May 20
Extra
1
Apr. 21 Apr. d10 to Apr. 21
Brown Shoe. Inc., preferred (guar.)_ _ _
May 1 Holders of roe.
19a United Alloy Steel Corp. (guar.)
April 19 Holders of rec. April 7a
$1
Brunswick-Balke-Collender, corn. (guar.). *15( May 15 *Holders of rec. Apr.
United Cigar Stores of Am., corn. (qu.) 25( May 15 Holders of rec. April 28a
May 5
254 May 15 Holders of rec. May In United Drug, first preferred (quar.).. 8754r May
Burns Bros., common (guar.)
1 Holders of rec. April 15a
Common(extra payable in com.stock) f254 May 15 Holders of rec. May In
Second preferred ((roar.)
154 lune 2 Holders of rec. May 15a
14 May 1 Holders of rec. Apr. 19a United Electric Securities,
Preferred (guar.)
pref
354
May
1
Holders of rec. April 10a
14 May 15 Holders of rec. Apr. 30
Canadian Cooverters, Ltd. (guar.)
U. S. Glass (guar.)
1
Apr. 25 Holders of rec. Apr. 17
134 Apr, 30 Holders of roe. Mar. 31a U.S.Rubber,first preferred (quar.)
Canadian Explosives, common (quar.)_
2
Apr.
30
Holders of rec. Apr. 15a
Common (extra)
1214 Apr, 30 Holders of rec. Mar. 31a United Verde Extension Mining (guar.)
50c. May I Holders of roe. Apr. 7a
1254 July 31 Holders of rec. Juno 30a
Common (extra)
Vacuum Oil
3
May 15 Holders of rec. May 1
Carbon Steel, second pref. (annual)._ 6
July 30 Holders of rec. July 26
Extra
2
May 15 Holders of rec. May
1
Central Leather,common (guar.)
May I Holders of rec. April 10a Va.-Carolina Chem.,corn.(qu.)(No.47) 1
May 1 Holders of rec. April 15a
Chicago Pneumatic Tool (guar.)
114 Apr. 25 Holders of rec. Apr. 15a
Vulcan Detinning, pref. (guar.)
14
Holders
Apr.
of
Apr.
rec.
10a
20
Cleveland-Cliffs Iron
254 Apr. 25 Apr. 16 to Apr. 25
Preferred (on acct. accum.
Apr. 20 Holders of rec. Apr. 10a
Cluett, Peabody & Co.,Inc.,corn.(quar.) 134 May 1 Holders of rec. Apr. 19a Warner (Chas.) Co. of Del., divs.)____ hl
Commonwealth-Edison (guar.)
*2
May 1 *Holders of rec. Apr. 15
First and second preferred (guar.)
1
4
3
Apr.
24 Holders of rec. Mar. 310
Consolidation Coal (guar.)
134 Apr. 30 Holders of rec. Apr. 24a IVarwick Iron et Steel
.530e. May 15 *Holders of roe. April 30
_
Continental Refining, common (guar
30c. May 15 Holders fo rec. Apr.
Western Grocer, common
4
June 30 Holders of rec. June 20
Coaden & Co., corn.(guar.)(No. 7)___ _ 124e. May 1 Holders of rec. Apr. 30a
Preferred
15a
3
June 30 Holders of rec. June 20
Cresson Cons. Gold M.& M.(monthly)_
10e. May 10 Holders of rec. Apr. 30
Westinghouse Air Brake (guar.)
$1.75 Apr. 30 Holders of rec. Apr. 8
Cudahy Packing, preferred
354 May 1 Holders of rec. Apr. 21
Westinghouse Elec. & Mfg.. corn.(qu.). 8754c. Apr. 30 Holders of rec. Apr. 4a
Depositors Oil & Gas (guar.)
5
Apr. 30 Holders of rce. Apr. 20
Wheeling Mold & Fdy.. corn.(quar.)__
1
May 1 Apr. 22 to May 1
Dominion Bridge, Ltd.(guar.)
2
May 15 Holders of rec. Apr. 30
Common (extra)
3
May 1 Apr. 22 to May 1
Dominion Coal, preferred (qu.)(No. 54)
May 1 Holders of rec. Apr. 12
Willys-Overland Co., corn. (guar.).- 25e. May 1 Apr. 16 to May 13
Dominion Steel Corp., Ltd., pref.(quar.) 154 May 1 Apr. 16 to May
Wilson et Co., Inc.. corn. (cu.)(No. 1)_ _
1
14 May I Holders of roe. April 26
duPont(E.I.)deNein.&Co
.stk (au.) 154 April 2f, Holders of roc A
pi . 10
Woolworth (F. W.) Co., corn. (quar.).
June 1 May 2 to May 21
2
du Pont(E.I. de Nem.Powd.,com.(qu.) 14 May I Holders of rec. Apr 19a
Preferred (quar.)
I% May 1 Holders of rec. Apr 19a
* From unofficial sources. t Declared subject to the approval of Director-General
5
Eastman Kodak,common (extra)
May 1 Holders of rec. Mar 31n of Railroads.
I The New York Stock Exchange has ruled that stock will not be
Edison Elec. HI.of Boston (qu.)(No.120) 3
May 1 Holders of rec. Apr. 15
quoted ex-dividend on this date and not until further notice.
Eisenlohr(Otto) & Bros.,Inc.,com.(qu.) 1
May 15 Holders of rec. May IS
a Transfer books not closed for this dividend. b Less British Income tax. d CorElectrical &cur. Corp. pref. (quar.)..._ .
14 May 1 Holders of rec. Apr. 22a rection.
e Payable In stock. f Payable in common stock. g Payable In scrip.
'
Preferred (guar.) 154 May 1 Holders of rec. Apr. 16
Electric Bond & Share,
h On account of accumulated dividends. t Payable in Liberty Loan bonds. I Red
Elk Basin Petroleum (guar.)
1254e. May 1 Holders of rec. Apr. 15
Emerson-Brantinghatin Co., pref. (qu.)_
134 May 1 Holders of rec. April 18a Cross dividend. m Payable In U. S. Liberty Loan 434% bonds.
4
Eureka Pipe Line (guar.)
n Transfer books closed for annual meeting from May 3 to May 22, both inclusive.
May 1 Holders of rec. April 15
Fairbanks Company, lot pref. (guar.)._ _ 2
May 1 Holders of rec. Apr. 20a
p Declared 8% payable 2% each April 30, July 31 and Oct. 31 1919 and Jan. 31
254 may 1 Holders of rec. April 22
Fajardo Sugar (quar.)
1020, to holders of record on April 12. July 12 and Oct. 11 1919 and Jan. 10 1920,
Refining,
(quar.)
corn.
Sugar
Federal
134 May 1 Holders of roe. Apr. 21a respectively.
g Payable half In cash and half in Fourth Liberty Loan bonds:
Preferred (guar.)
154 May 1 Holders of rec. Apr. 21a
Fisher Body Corp., pref. (guar.)
131 May 1 Holders of rec. Apr. 22a
(qu.)
(No.31)
Ft. Worth Pow. et Lt., pref.
May 1 Holders of rec. Apr. 21
Auction Sales.-Among other securities, the following
Gaston, Williams et Wigmore,Inc.(guar.)
50c. May 15 Holders of rec. May 1
General Cigar, Inc., common (guar.)___ _
1
May 1 Holders of rec. Apr. 24a not usually dealt in at the Stock Exchange were
recently sold
General Motors, common (quar.)
3
May 1 Holders of rec. April 15o
Preferred (guar.)
154 May 1 Holders of rec. April 15a at auction in New York, Boston and Philadelphia:
(guar.)
Debenture stock
154 May 1 Holders of rec. April 15a
By Messrs. Adrian H. Muller & Sons, New York:
Gillette Safety Razor (guar.)
$2
May 31 Holders of rec. May 1
St
Extra
May 31 Holders of rec. May I
Shares. Stocks.
Per cent. Shares. Stocks.
Percent.
Goodrich (B. F.) Co.. common (guar.).
I
May 15 Holders of rue. May 6
20 United Gas & El. 1st p _2434-25
121 Int. Motor Truck,2d pret- 4334
Preferred (guar.)
134 July 1 Holders of tee June 20a 2,000 Mays Cons. Oil. 5o. ea _19c
.
per
48
sh
Int.
Motor
Truck,
pref._
1st
74
(guar.)__
common
Co.,
F.)
(B.
Goodrich
Aug. 15 *Holders of rec. Aug. 5
*I
5 let Nat. Bank of Jersey City _330
25 Osceola Fertilizer
70
Goodyear Tire & Rubber,2d pref.(qu.). 2
May 1 Holders of rec. Apr. 15a
85 Aetna Explosives, pre
614
8 Saline Co.Coal of Chic.,Qom. 10
Granby Cons. Min.. Smelt.& Pow.(cm.) 1 34 May 1 Holders of rec. Apr. 18a
12 Hale & Kilburn Corp.,com
14
50 Knox Hat, 1st pref
4054
Great Northern Paper
154 May 1 Holders of rec. Apr. 24a
12454 Int. Motor Truck, corn_ _ _ 3434
1 Clinton Hall Association- _ - _ 31
154
134
.)__
I54
154
By Messrs. R. L. Day & Co., Boston:
$ per sh.
$ perch. Shares. Stocks.
Shares. Stocks.
100 Bigheart Prod.& Refg.,$10 ea. 10
1 Merchants' National Bank____271
12 Boylston Market Assn., $1,000
218X
42 National Shawmut Bank
850
each
40 Old Colony Trust
240-24034
5 Converse Rubber Shoe, pref.__ 90
2 Plymouth National Bank
12634
•
13914
3 Sullivan Machinery
327 Ludlow Mfg. Associates rights_ 7
205
15 National Union Bank
70
2 Merrimack Mfg., common
Per cent.
Bonds.
4 Pepperell Manufacturing
19034
$1,000 Springfield, Mass., 3345,'22 96,4
1 Con.& Montreal RR., class 2_ 70
2 Merrimac Chemical, $50 each 9334
By Messrs. Millet, Roe & Hagen, Boston:
$ perch.
$ perch. Shares. Stocks.
Shares. Stocks.
10634
5 Hood Rubber, pref
218
95 National Shawmut Bank
100 B. F. Sturtevant, common.... 96
240
•
9 Old Colony Trust
100 Bigheart Prod.& Refg.,$10 ea 10
132
50 Lyman Mills
3334
20 U.S. Worsted, 1st pref
7634 15 Gray & Davis, common
_ 8514
10 Waltham Watch, preferred _ .
188 Ludlow Mfg. Associates rights_ 7
100 Bigelow-Hart. Carpet, com__ _ 8434
By Messrs. Barnes & Lofland., Philadelphia:
Canadian Bank Clearings.-The clearings for the week
ending April 10 at Canadian cities, in comparison with the
same week in 1918,show an increase in the aggregate of 2.0%.
Week ending April 10.
Clearings at1919.
I
Total Canada
$
102,331,556
81,272,866
32,394,970
11,714,291
7,544,175
5,226,619
3,850,496
5,148,175
2,462,573
3,045,743
5,478,013
2,143,521
4,139,628
3,363,611
650,000
758,775
1,875,680
969,753
1,402,142
618,588
472,414
435,875
710,136
915,484
782,533
410,966
1918.
94,054,721
67,676,368
49,849,166
10,546,615
6,448,697
4,394,805
3,763,674
5,213,839
2,472,730
2,599,261
7,024,958
2,422,635
4,140,319
3,887,058
636,897
950,760
2,018,129
903,044
1,467,023
635,801
421,146
482,619
685,992
87$,929
664,192
327,375
280,068,633 274,566,753
Inc. or
Dec.
+8.8
+20.1
-35.0
+11.1
+17.0
+18.8
+1.0
-1.2
-0.4
+17.2
-22.0
-11.5
-0.02
-13.5
+2.4
-20.2
-7.1
+7.4
-4.4
-2.7
+12.2
-9.7
+3.7
+4.3
+17.8
+25.6
1917.
1916.
$
$
58,601,623 65,962,536
44,630,470 43,616,392
46,941,249 28,614,087
5,036,410 5,324,629
4,300,597 3,879,463
3,612,771 3,261,263
2,055,245 2,329,813
4,390,867 3,711,721
1,680,437 1,488,831
1,763,325 1,818,646
5,756,758 4,543,771
1,350,457 1,464,556
2,392,406 2,347,459
2,306,631 1,829,255
483,017
492,731
461,143
715,303
1,497,466 1,094,433
550,020
700,000
850,466
980,349
484,202
385,469
254,037
200,493
394,800
517,015
450,941
448,419
521,812
500,236
466,619
481,160
+2.0 191,737,892 170,203,942
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
•
Currency, Treasury Department:
APPLICATIONS FOR CHARGER.
Capital.
For organization of national banks:
$25,000
The Farmers' National Bank of Comertown, Montana
Correspondent: M. L. Rostad, Comertown.
25,000
The First National Bank of Sweet Springs, Missouri
Correspondent: A. L. Peacock, Sweet Springs.
25,000
The First National Bank of Goltry, Oklahoma
Correspondent: E. B. Weatherly, Enid, Okla.
25,000
The National Bank of Chetopa, Kansas
Correspondent: Geo. D. Lyon, Chetopa.
25,000
The First National Bank of Lava Hot Springs, Idaho.
Correspondent: S. C. Bever, Lava Hot Springs.
25,000
The First National Bank of Woodsboro, Texas
To succeed the Bank of Refugio, Unincorporated, of WoodSboro. Correspondent: H. Cummins, Woodsboro.
60,000
The Port Royal National Bank, Port Royal, Pa
To succeed the Port Royal Bank, Port Royal. Correspendent: D. C. Pomeroy, Port Royal.
For conversion of State Banks:
25,000
The First National Bank of Max, North Dakota
Conversion of the Citizens' State Bank of Max. Correspondent:
Aug. Peterson, Harvey, N. Dak.
25,000
The First National Bank of Dumont, Iowa
Conversion of the Farmers' Trust & Savings Bank of Cumont.
Correspondent: W. V. Escher, Mason City, Iowa.
$260,000
Total
CHARTERS ISSUED.
r"
Original organizations:
$50,000
The First National Bank of Altona, Illinois
E President, D. N. McMaster; Cashier, J. R. Osterberg.
25,000
. The First National Bank of Caruthers, California
President, W. C. Freeland; Cashier, W. H. Lemmon.
'
50,000
1 The Citizens National Bank of Toluca, Illinois
Jas. E. Rattan; Cashier, B. J. Ghiglieri.
President, J.
25,000
The First National Bank of Reed Point, Montana
President, B. T. Deeney; Cashier, F. V. De Cleroq.
r
Conversions of State Banks:
25,000
The First National Bank of Paynesville, Minnesota
Conversion of the First State Bank of the Village of Paynesvine. President, Anson Evans; Cashier, L. W.Kannenberg.
$175,000
Total
CHARTERS EXTENDED.
The First National Bank of Rantoul, Illinois. Charter extended until
close of business April 14 1939.
The Athens National Bank, Athens, Pennsylvania. Charter extended
until close of business April 16 1939.
The First National Bank of Genoa, Nebraska. Charter extended
ts until close of business April 13 1939.
CONSOLIDATION.
The Union National Bank of Columbia, So. Caro., and the Peoples' National Bank of Columbia, So. Caro., under the charter
of the Union National Bank, and under the title The Liberty
National Bank of South Carolina, at Columbia, with capital
$325,000
stock of
325,000
Combined capital of banks prior to consolidation
VOLUNTARY LIQUIDATION.
The City National Bank of Hobart, Okla. Capital
$30,000
Liquidating committee, D. S. Wolfinger and C. M. Carder,
Hobart. Succeeded by the City Guaranty Bank of Hobart.
INCREASES OF CAPITAL APPROVED.
The Drovers' National Bank of Chicago, Ill.:
Capital increased from $750,000 to $1,000,000
The New London City National Bank, New London, Conn.:
Capital increased from $125,000 to $150,000
The Security National Bank of Sioux Falls, So. Dak.:
Capital increased from $200,000 to $250,000
The First National Bank of 13ishopville, So. Caro.:
Capital increased from $50,000 to $100,000
The First National Bank of South Pasadena, Calif.:
Capital increased from $25,000 to $50,000
The Keystone National Bank of Manheim, Pa.:
Capital increased from $100,000 to $125,000
The First National Bank of Orbisonia, Pa.:
Capital increased from $25,000 to $50,000
The First National Bank of Glassboro, N. J.:
Capital increased from $50,000 to $100,000
The Bloomsburg National Bank, Bloomsburg, Pa.:
Capital increased from $100,000 to $125,000
Amount.
$250,000
25,000
50,000
50,000
25,000
25,000
25,000
50,000
25,000
$525,000
Total
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
5 Belmont Driving Club
5134
25 Media Title & Trust,$25 each 55
_38-3914
pf
1st
Elec.,
&
Gas
United
10
Frankto
subscribe
to
rights
2-3
12
427
3 Provident Trust
25-37
lin Trust at $125
Per cent.
Bonds.
30
390 J. T. Jackson Co
$3,000 N. Y.& Richmond Gas 1st
10 Drovers' & Mercnants' Bank,
5s, 1921
7934
60
350 each
1,000 Wilkes-Barre Gas & Elec.
710
1 Philadelphia Trust
93A
1st 55, 1955
10 Excelsior Trust & Sav.,$50 ea_ 6614
. Water 5s, 1926--70-70X
3,000 Springf.
5 Atlantic City Nat. Bank_ _ _ _1,200
1,000 N.Y. Interurban Water 1st
33 People's Nat. Fire Ins.,$25 ea- 20
5814
5s, 1931
10
27 Phila. Life Ins.. $10 each
1,000 Penn Public Serv. 1st 5$,'62 91
31 Germantown Passenger Ity _ __ 91
15 13th dr 15th Streets Pass. Ry_20534 1,000 Ontario Power 1st 5s, 1943_ 8994
1.000 No. Springf. Wat. 5s, 1928_ 683.4
14 Am.Pipe & Construe., $50 ea_ 12
2,000 8orIngf. Cons. Wat.5s, 1958 40
10 John B. Stetson, common_ _ _ 3254_
1• 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
Albert
(Vol, 108.
THE CHRONICLE
1586
Statement of New York City Clearing House Banks
and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending April 12. The figures for the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
(Stated In thousands of dollars-that is, three ciphers (,000] omitted.)
Loans,
Net
CLEARING
Capital. Profits. Discount
HOUSE
InvestMEMBERS.
(.000 milted.) Nat'l, Mar. 4 men',
&c.
Week ending State, Feb. 21
April 12 1919. Tr.Cos,Feb. 21
Members of
Fed.Res.Bank
Bk of NY,NBA
Manhattan CoMerchants' Nat
Mech&Met Nat
Bankof America
National City_
nemical Nat__
ktlantic Nat_ _ Nat Butch & Dr
kmer Exch Nat
Nat Commerce.
Pacific Bank..__
Chat & Phan N
EIanover Nat.._
Citizens' NatMetropolitan __
Corn Exchange.
(rap & Trad N..
National Park_
East River Nat
Second Nat____
First National_
Irving National
N Y County Nat
Continental ___
Chase National.
Fifth Avenue__
Comm'l Exch.._
Commonw'th__
Lincoln Nat.__
Garfield Nat.._ _
Fifth National_
Seaboard Nat__
Liberty Nat.._ _
Coal de Iron Nat
Union Exch Nat
Brooklyn Trust
Bankers Trust_
U 8 Mtge & Tr_
Guaranty Trust
Fidelity Trust_
Columbia Trust
Peoples Trust__
NewYork Trust
Franklin Trust_
Lincoln Trust....
MetropolitanTr
Nassau N,Bkle
Irving Trust......
Farm Loan &Tr
Average
$
5
2,000 5,739
2,500 7,211
2,001 2,836
6,000 11,643
1,500 6,780
25,000 54,132
3,000 9,578
953
1,000
109
300
5,000 6,167
25,000 25,651
500 1,134
3,500 2,822
3,000 17,363
2,550 3,286
2,000 2,404
4,211 8,290
1,511 8,163
5,000 19,439
626
1,000
1,000 4,066
10,001 31,297
4,500 6,112
421
1,000
642
1,000
10,000 16,870
200 2,301
858
200
762
400
1,000 2,067
1,000 1,342
397
250
1,000 3,782
3,000 4,704
1,000 1,122
1,000, 1,271
1,50G 2,289
15,000 17,361
2,000 4,551
25,000 28,52
1,000 1,284
5,000 6,904
1,000 1,412
3,000 10,677
1,000 1,305
663
1,000
2,000 4,402
1,000 1,22'
1,500 1,18
5,000 12,006
Reser,.
Net
with
Time
Cash
In
Legal Demand
DeVault. Deposi- Deposits. posits.
tor tea.
.1iIerag& • •'Iverage• A wag, Average .iverage Avge.
$
50,226
63,014
33,451
157,241
32,001
595,354
88,200
16,567
3,544
118,215
394,487
15,610
104,943
126,613
40,172
53,133
127,453
37,254
200,904
7,183
19,610
257,754
117,021
11,921
7,412
330,923
21,734
7,556
8,228
16,29
13,262
7,224
50,614
80,739
19,110
15,420
42,142
287,410
63,893
510,784
11,625
94,492
28,496
108,719
29,511
23,103
46,284
15,621
41,351
130,993
$
$
s
$
$
33,468 1,846
754
521 4,620
60,101
1,626 9,572
23,660 2,726 1,808
518 3,306
151,903 3,802 3,770
10,506 23,695
26,570
1,036 3,085
14,225 102,210 t668,408 24,433 1,430
60,315 5,403
447
1,742 8,316
577- 145
13,962
514 1,911
3,394
288
514
110
92,564 5,465 4,930
1,770 12,312
280,723 4,636
2,505 38,207
112
1,202 2,385
16,400
84,751 9,225 2,550
5,603 11,418
121,331
150
5,810 15,142
260 991
35,161
961 5,219
45
26,969
2,250 3,754
132,394 2,604
6,350 17,843
51
24,66
50
758 3,280
163,67
3,877 4,954
1,688 21,391
50
7,207
973
129
278
643
16,084
927 2,298
153,514 2,194 8,071
1,435 17,861
119,822 1,119 1,349
3,902 16,496
200
799
745 1,453
11,466
5,611
914
157
275,718 11,330 2,400
7,223 36,076
1,267 2,459 • 19,470
319
973
6.783
8,022
380 1,001
210
47
1,030 2,139
15,544
392
34
12,193
347 1;693
248
492
350 1,025
7,439
70
140
45,247
989 6,659
1,836 1,089
496 7,559
56,02
408
417
11,827
744 1,824
390
388
502 2,093
15,752
762 3,111
28,61. 6,425
237,818 9,224
1,040 31,943
49,522 1,051
617 5,479
3,169 52,042 t460,707 22,691
8,967
516
311 1,182
74,443 6,503
1,039 9,897
26,841 1,817 --,-982 2,674
64,403 2,533
435 7,896
16,523 16,08
437 2,262
19,340 1,408
403 2,621
31,827 1,178
824 3,868
50
862
10,903
429 1,110
42,296 1,094
2,504 5,240
4,171 16,044 t147,415 9,341
198,1001366,1534,684,856 97,914537,045 c3,849,808 150,236 37,883
Totals,actual coedition Apr. 124,784,186 96,515540,110
Total.s.actual co edition April 54,622,863 94,225559,040
Totals.actual co udition Mar.29 4,661,555 96,268527,653
Totals,actual co edition Mar.22 4,709,770 94,629 541,884
----====- =
State Banks. Not Me mbell of Federal Reserve Rant
.11 1,559
16,471 2,425 1,121
GreenwichBank
329
682
5,838
812
250
Bowery Bank__
24,308 2,663 2,108
N Y Prod Each 1,000 1,242
2,000
45,382 4,963 3,269
607
State
Average
Nat'l
Bank
CircaPaton.
EC 4,221
Totals,actual condition
Totals.actual co edition
TotaLs.actual co edition
TotaLs,actual condition
Apr. 12
Apr. 5
Mar.29
Mar.22
3,797,373 151,35538,475
3,886,093 151,05938,250
3.801,555 151,332 37,609
3,809,027 148,883 37,613
-------16,779
5,484
26,303
44,301
29
108
91,999 10,733
6,827
92,867
10,708
10,382
10,234
10,134
6,943
7,639
0,840
6,897
93,353
92,805
92,711
91,222
96,368
90,317
91,928
91,175
79
117
103
85 --, 85
---=
Trust Comoan les. N at Men. hers of F deral Reserve Ba nk.
863 3,061
25,939
41,305
Title Guar & Tr 5,000, 12,033
15,571
805 1,562
23,639
Lawyers T & Tr 4,0001 5,264
779
468
41,509
1,247
Average
9,0001 17,297
64,944
1,668
4,623
41,867 1,179
65,443 1,590 4,949
Totals,actual co edition Apr. 12
41,831 1,300
Totals,actual condition Apr. 5 64,807 1,631 4,882
40,009 1,329
63,955 1,730 4,282
Totals,actual co edition Mar.29
40,530 1,322
64,012 1,771 5,120
Totala,actual condition Mar.22
=
Gr'd aggr., avge,210,850287,6724,841,799 110,315548,495d3,984,184 151,591 37,838
+33,146 +4,108-24,002 -25,856-1,753 -121
Comparison,preev week
Gr'd aggr, act'l cond'n Apr. 124,045.097 108,813652,002 e3,932,593 152,651 38,475
+168,01, +2,575-19,559 -88,136 -411 +225
Comparison,pre v. week
i =.,--- ===-__-= -_,•:-.-_-==_-- =-==--- --= ---•=-.-. --- -- -Gr'd aggr., act'l cond'n Apr. 54.777,987 100,238571,561 4,010,729 153,06238,250
Gr'd aggr, act'l cond'n Mar.29 4,817,438 108,232 538,775 :3,934,275 152,74637,609
lied aggr, act•I cond'n Mar.22 4,864,957 106,534 553,901 3,940,779 150,29037,616
Gr'd agar. act'l contra alar.15 1,923,013 106,799573,879 3,976,668 148,55636,393
tInclu ies deelsits in foreign branches not included in total footings as follows:
National City Bank, 391,193,01): G.itranty Trust Co., 437,017,090: Farmers' Loan
Sc Trust C )., 529.721,000. Bal mei carried in banks In foreign countries as reserve
for such deposits were: N•ational City Bank, $21,160,000: Guaranty Trust Co.,311,694.000: Farmers' Loan & Trust Co., 59,478,000. c Deposits in foreign branches
not incl. d U.S.deposits ded., 5235.116,000. e U.S. deposited tied., $377.190,000.
Bills navable, rediscounts. acceptances and other liabilities. $73,1.867.000.
APR. 19 1919.]
THE CHRONICLE
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Members Federal
Reserve Bank
State banks *
Trust companies*.
Total April 12
Total Apr.
Total Mar.29._
Total Mar.22
Reserve
in
Depositaries
Total
Reserve.
April 12.
1919.
a
Reserve
Required.
Surplus
Reserve.
$
537,045,000 537,045,000 504,982,120 32,062,880
10,733,000
6,827,000 17,560,000 16,716,060
843,940
1,688,000
4,623,000 6,291,000 6,226,350
64,650
12,401,000
11,916,000
12,045,000
11,700.000
548,495,000 560,896,000 527,924,530
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
32,971,470
53,134,210
22,889,810
71,125,740
Actual Figures.
.
Members Federal
Reserve Bank_
State banks*
Trust compantes*
Total Apr. 12._ _.
Total Apr. 5._..
Total Mar.29._
Tntal Mar.22
Cash
Reserve
Reserve
is
in Vault. Depositaries
Total
Reserve.
b
Reserve
Required.
a
a
s
S
10,708,000
1,590,000
, Surplus
Reserve.
$.
540,110,000 540,110,000 498,199,140 41,910,860
6,943,000 17,651,000 16,803,540
847,460
4,949,000 6,539,000 6,280,050
258,950
12,298,000 552,002,000 564,300,000 521,282,730
12,013,000 571,561,000 583,574,000 532,721,410
11,984,000 538,775,000 550,739,000 521,431,410
11.905.000 553.901.000 565.806.000 522.139.460
43,017,270
50,852,590
29,307,560
43.666.540
* 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. 12, $4,507,080; Apr. 5, $4,588,560; Mar. 29,54,507,620; Mar. 22, $4,461,060
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. 12,
$4,540,620; Apr. 5, $4,549,770; Mar. 29, $4,539,960; Mar. 22, $4,466,490.
State Banks and Trust Companies Not in Clearing
House.-Tho State Banking Department reports weekly
figures, showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT
(Figures Furnished by State Banking Department.) Differences from
April 12.
previous week.
Loans and investments
$788,506,500 Inc. $936,200
Specie
8,252,100 Inc.
121,200
Currency and bank notes
16,930,400 Inc.
471,400
Deposits with the F.R. Bank of New York
59,430,500 Dec. 3,764,700
Total deposits
815,143,100 Dec. 1,195,200
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust corn- 738,562,700 Inc.
609,400
exchanges
panics in N.Y.City,
and U.S.deposits
Reserve on deposits
128,336,700 Dec. 6,561,400
Percentage of reserve, 19.2%.
RESERVE.
Stale Banks
-Trust Companies
Cash in vaults
$19,134,400 12.83%
585,478,600 12.64%
Deposits in banks and trust cos_ _ _ _ 12,718,200
8.53%
31,005,500
5.98%
Total
$31,852,600 21.36%
Slate Banks.
Week Ended April 12.
Averages.
Cash
Reserve
in Vault.
1587
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
$96,484,100
18.62%
Trust Companies.
April 12.
1919.
Differences from
previous week.
Differences from
previous weak.
$
$
Capital as of Feb. 21..
25,900,000
1 104,600,000
Surplus as of Feb.21_
43,559,900
172,776,000
Loans & investments 584,837,700 Inc. 6,571,400 2,082,557,400 Inc. 39,019,000
Specie
8,523,300 Dec.
800, 11,587,200 Inc.
833,300
Currency & bk. notes
27,209,100 Inc. 1,988,600, 21,149,800 Inc.
886,900
Deposits with the F.
I
R.Bank of N. Y.
Dec. 8,082,600
Deposits
678,193,300 Inc. 10,775,400 2,041,188,000 Inc. 19,227,300
Reserve on deposits. 107,327,100 Inc. 1,998,900 284,951,200 Dec. 9,387,800
P. C. reserve to dep.
20.2% Dec.
0.1%
16.6% Dec.
1%
•
0
0
Non-Member Banks and Tru3t 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 thoulaids of dollars-that is. three ciphers 10001 omitted.)
Net Loans,
CLEARING
Capital. Profits. DisReserve
Net
NON-MEMBERS1
counts Cash
with Deman
Nat.bks.Mar.4 Investin
Legal
DeWeek ending Statebks.Feb21 ments, Vault. Deposi- posits.
April 12 1919. Tr.cos. Feb. 21 &c.
tories.
Members of
Fed'i Res. Bank
Battery Park Nat_
Columbia
Mutual Bank.._
New Netherland._
W R Grace & Co'
Yorkville Bank
First Nat'l, Jer Cy
Total
$
$
1,500 1,526
1,000
672
200
560
200'
195
500
835
200
633
400 1,379
4,0001
Net
Nafl
Time Bask
De- Circaposits. lation.
Average Average Average Average Average Average
$
$
$
$
12,231
255 1,475
8,233
69
190
15,420
623 2,096 15,161
397
10,877
211 1,466 10,413
308
6,303
216
839
5,555
88
7,010
15
858
4,359
585
10,438
305 1,041
5,943 4,596
11,520
555
769 , 6,943
400
5,802 73,799
2,180
8,542
56,607
6,0431
2,476
1,253
6,747
5,051
320
1,379
7
486
143
1,066
371
308
2,391
12,820
6,034
4,867
467
329
2,021 26,427
2,935
1,888
26,112
796
590
I
State Banks
Not Members of the
Fed'I Reserve Bank.
Bank of Wa.sh Ht
Colonial Bank....,
InternationalBank
North Side, Bklyn
Total
100
500
500
200,
441
1,137
222
220
1,3001
Trust Companies
Not Members of
!Reserve Bank.
red.
Hamilton Tr, Bkin
Mech Tr, Bayonn
Total
500
200
1,045
384
8,285
8,4441
464
309
291
320
5,824
3,999
1,156
4,220
700
1,430 16,7291
773
611
9,823
5,376
Grand aggregate__ 6,000 9,2531116,9551 5,888 11,041 a92,542 12,215
Comparison previo us week'
1+1,456 +318 +415 +2,569 -209
(led aggr, April 4
Gr'd aggr. Mar. 29
(led aggr. Mar.22,
Ord aggr, Mar. 151
6,000 9,253115,499
8,400 11,435160,131
8,400 11,435161.783
8,400 11,300162,975
5.570
7,521
7,488
7,583
10.626
14,168
14,240,
15,2331
89,973
129,073
129,448
134,725
12,424
13,733
14,237
14,278
590
+3
587
1,011
1,015
1,008
a U. S. deposits deducted, $3,934,000.
Bills payable, rediscounts, acceptances and other liabilities, 8,358,000.
Banks and Trust Companies in New York City.-The
Excess reserve, $251,160 increase.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
Boston Clearing House Bank 1.-We give belm a sumthe Clearing House, are as follows:
mary showing the totals for all the i'erns in the Boston
Clearing House weekly statement for a series of weeks:
COMBINED RESITIA'S OF BANKS AND TRUST COMPANIES
IN
GREATER NEW YORK.
Week ended-
Loans and
Investments.
Demand
Deposits.
S
s
,rov.
2
5,493.400.20)
goy. 9
5,471.161,400
8ov. 18
5.489,228,000
3ov. 23
5.470,203.803)
'Toy. 30...._5.360,177.901
3eo. 7
-------5,330,133,600
.
3eo. 14
5,334307,700
3eo. 21
5.373331.660
3eo. 28
5.378,738,500
ran. 4
5,416,980,500
Ian. 11 •
5,173,492,200
ran. 18_
5.495.539.400
ran 25
5,311,711,000
?eb. 1
5,325,768,300
vet). 8
5.192,269,000
?eh. 15
5,509,781,800
I'eb. 2i
5,571,831,301
Aar. 1
5,583,221,000
5,829,511,700
dar. 8
5.649,123,500
1ar. 15
5,698,070,800
day. 22
5,633,730,010 I
der. 29
1,pr. 5
5,596,229,300
tarn 12
5,630,305,500
4.381.815,800
4,430.932,200
4,515,316.900
4,511,208,200
4,449,150,600
4,459.973,900
4,527,415,100
4.592.634,000
4.587,455.700
4,650,393,400
4,635,056.500
4,673,410.100
4.650.053,300
4,630,229.800
4,539.150,100
4,504,3'35,000
4.527,389,800
4,566,358,800
4,571,315,100
4.633,702,000
4,733,613,890
4.618.019.500
4.747,993,000
4.722.748.700
BOSTON CLEARING HOUSE MEMBERS.
*Total Cash
in Vault.
s
139,935,700
137,695.000
141,922,100
141.98'3,700
141,405,200
142.319,200
142,105,300
141,455,900
146,531.400
147,245,300
118,938,000
141,931.500
135,813.100
132.677,300
130,563,700
133,267.700
133,632.400
131,312,200
128,952,600
132,655.200
130,905.000
134,143.000
130,736,900
Inc 407 Ann
Reserve in
Depositaries
Changes frees
previous week.
s
638,211,601
648,002,103
667,230,501
661,674,401
661,755,701
646,1112.501
881.730,004
673,023,904
619,133,504
697,931.004
888,198,703
876,355.701
616,887,00(
618,143,601
615,124.804
628,112,418
825,109,701
643,761,003
647,186,903
658,275.50(
692,405,003
817,395,901
682,805,201
05L640.201
* This item lnelndei sold. silver, legal tenders, Gam vial bank notes and Federal
Reserve notes.
New York City State Banks and Trust Companies.In addition to the returns of "State banks and trust companies in 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 Now York.
For definitions and rules under which the various items
are made tip. see "Chronicle," V.98, p. 11)61.
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. 98, p. 1045).
April 12
1919.
Circulation
Loans, disc'ts & investments_
Individual deposits, incl.U.S
Due to banks
Time deposits
Exchanges for Clear. House
Due from other banks
Cash in bank & in F. R. Bank
Reserve excess in bank and
Federal Reserve Bank._
April 5
1919.
March 29
1919.
4,716,000 Dec.
532,956,000 Inc.
411,852,000 Inc.
109,742,000 Dec.
12,425,000 Inc.
14,095,000 Dec.
57,229,000 Dec.
60,721,000 Inc.
$
1,000 4,717,000 4.731,000
9,190,000 523,766,000 527,631,000
2,277,000 409,575,000 419,234,000
233,000 109,975,000 103,236,000
26,000 12,399.000 12,267,000
1,914,000 16,009,000 14,596,000
2,198,000 59,427,000 56,192,000
2,077,000 58,644,000 57,014,000
15,321,000 Inc.
1,460,000 13,861.000 11,478,000
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending April 12 with eomparative
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 Roserve 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 ineludes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Aril 12 1919.
Two ciphers (00) omitted. Membersof
F R.Systens
Capital
Surplus and profits
Loans. disets & 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 & cash held.
Reserve required
Excess res. & cash in vault
$29,675,0
79,997,0
751,979,0
20,921,0
98,817,0
148,123,0
468,613,0
6,073,0
622,809,0
Trust
Cos.
$3,000,0
7,631,0
27,265,0
491,0
12,0
271,0
18,802,0
3
19,073,0,
1
52,838,0
15,018,0
67,854,0
49,681,0
18,173,0
April 5
1919
1
3,081,0,
821,0,
3,902,0
2,785,0,
1,117,0
Total
532,675,0 $32,675,0
87,628,0, 87,628,0
779,244,0 777,049,0
21,412,01 24,409,0
98,829,0, 104,658,0
148,394,0, 152,611,0
485,415,0 489,892,0
6,073,0
6,007,0
639,882,0 648,510.0
30,412,0, 25.286.0
52,836,01 53,556.0
3,031,01
3.315,0
15,839,0 15,538,0
71,756,0 72,539,0
52,466,0 52,455,0
19,290,0 20,084,0
March 29
1919.
$32,675,0
87,657,0
783,867,0
23,560,0
99,649,0
151,209,0
490,653,0
5,909,0
647,771,0
34,173,0
49,730,0
2,383,0
16,271,0
6,834,0
52,934,0
15,450.0
*Cash in vault is not counted as Deserve for Federal Reserve bank members.
[VoL. 108.
THE CHRONICLE
1588
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different itetns
oontained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published
In the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OP BUSINESS APRIL 4 1919.
Total holdings of U. S. war securities and war paper delined from 3,889.6
Further liquidation of U. S. securities, also large withdrawals of governinvestment deposits are indicated in the Federal Reserve Board's weekly state- to 3,594.7 millions and constituted 25.5 per cent of the loans andFor
the
ment showing condition on April 4, of 772 member banks in leading cities. ments of all reporting banks, as against 26% the week before.
to
29.8
from
percentage
this
of
Is
decline
a
29.3%
banks
City
York
United States bonds, other than circulation bonds, on hand declined New
14.5 millions, while Treasury certificates show a decrease of 59 millions, noted.
demand
Other
millions.
decline
a
155.8
of
show
deposits
Government
certiof
series
first
the
of
before
maturity
the result of further redemption
millions. No
ficates issued in anticipation of the Victory Loan. Loans secured by U. S. deposits (net) increased 42.4 millions and time deposits 7.5
ppreciable change is shown for cash in valut. Reserve balances with the
war obligations fell off 15.1 millions, largely at New York City banks.
reporting an
banks
City
York
New
the
millions,
up
went
22.7
banks
R.
.
Other loans and investments show a decline of 37.4 millions, a larger
decline being reported for the banks in the 12 Federal Reserve bank cities. even larger gain.
(001
omitted.
ciphers
I. Data for all reporting banks In each district. Two
F
Member Banks.
•
Total.
Si. Louis. Minneap. Kan. City Dallas. San Fran.
Chicago.
New York. Philadel. Cleveland. Richm'd. Atlanta.
Boston.
772
$
$
$
$
$
$
$
$
$
8
/5
$
$
268,833,0
35,685,0
18,324,0
13,984,0
6,820,0
16,908,0
19,911,0
15,265,0
25,190,0
40,960,0
11,597,0
49,787,0
U.S.bonds to secure circulat'n 14,402,0
Other U. S. bonds, including
646,292,0
59,508,0 19,363,0 10,536,0 23,272,0 20,127,0 35,414,0
19,251,0 279,783,0 35,384,0 67,665,0 46,098,0 29,891,0
Liberty bonds
1,841,653,0
U.S. certifs. of indebtedness_ 92,521,0 825,844,0 126,727,0 131,389,0 65,524,0 63,463,0 243,564,0 65,732,0 42,752,0 53,265,0 30,310,0 100,562,0
126,174,0 1,/55,414,0 173,704,0 240,014,0 136,812,0 108,619,0 322,983,0 102,003,0 60,108,0 90,521,0 68,761,0 171,661,0 2,756,778,0
Total U.S.securities
89,229,0 26,427,0 10,846,0 12,221,0 7,164,0 22,102,0 1,106,708,0
Loans sec. by U.S. bonds,dm 93,464,0 549,743,0 141,372,0 92,330,0 39,350,0 22,460,0
All other loans de investments 777,023,0 4,009,529,0 620,671,0 982,510,0 372,345,0 299,426,0 1,388,708,0 385,159,0 243,019,0 449,932,0 176,964,0 512,040,0 10,217,326,0
1,267,458,0
Reserve bal. with F. R.bank_ 62,681,0 651,075,0 63,699,0 92,794,01 34,752,0 27,359,0 160,584,0 42,735,0 23,206,0 38,582,0 18,687,0 51,304,0
349,541,0
62,578,0 10,359,0 10,185,0 14,652,0 8,605,0 18,714,0
23,736,0 118,232,0 19,007,0 32,775,0 17,498,0 13,200,0
Cash in vault
694,288,0 4,738,984,0 648,129,0 780,328,01322,573,0 240,754,0 1,176,472,0 299,783,0 221,134,0 385,089,0 152,695,0 430,568,0 10,096,797,0
Net demand deposits
136,043,0 1,686,693,0
106,052,0 271,901,0 22.436,0295,519.0 78,518,0 105,611,0 423,959,0 96,214,0 54,389,0 67,685,0 28,306,0
Time deposits
4525131.0
A 954 n 19 955 n 11 957 0
59 1900 17 47 A
alla 'IRA n as del A 44 450 0 19 977 n 10 501 11
.at Oilg A
(Invrlapv•',man* An ranalto
90
56
106
45
Number of reporting banks....
83
53
44
76
34
37
101
47
2. Data for Banks in Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks.
New York
April 4.
All P. R Bank Cities.
Chicago.
, arch 28.
65
65
No.reporting banks
$
$
U. S. bonds to secure fir39,569,0 • 38,618,0
ciliation
Other U. S. bonds,'mind242,585,0 243,884,0
Ing Liberty bonds
U.S. ctfs. of Indebtedness 758,090,0 779,743,0
1,040,244,0 1,062,245,0
Total U.S.securities
Loans sec. by U.S. bds.,&c. 510,580,0525,200,0
All other loans&investmls 3,605,803, 3,617,397,0
Res. balances with F.R.Bk 617,567,0 590,635,0
r„
104,297,0
Cash in vault
4,357,532,04,294,280,0
Net demand deposits
211,881,0 211,137,0
Time deposits
186,241,0 246,734,0
Government deposits
Ratio of U.S. war securities
and war paper to total
29.8
29.3
loans and investments%
April 4. I March 28.
8
441
I
1,169,0.
1
23,877,01
146,121,0
171,167,0,
64,657,0,
860,930,0,
111,947,0
37,225,0
797,722,0
162,045,0,
37.668,0
1
1
21.4
April 4. I March 28.
F. R. Branch Cities.
April 4.
March 28.
All Other Reporrg Banks
April 4.
March 28.
Total.
April 4.
255
25
160
1601
357
357
$ .
110,005,0
772
26:7
27.0
24.0
24.5
22.8
23.2
25.5
March 28.
772
$
$
$
$
$
$
I
-$
267,756,0
268,833,0
54,829,0 54,829,0 110,098,0
103,906,0 102,922,
I
660,825,0
646,292,0
25,956,0 362,354,0 370,087, 113,663,0 114,143,0 170,275,0 176,595,0
151,364,0 1,247,236,0 1,286,643,0 277,339,Q 290,975,0 317,078,0 323,055,0 1,841,653,0 1,900,673,0
178,489,0 1,713,496,0 1,759,652, 445,831,0 459,947, 597,451,0 609,655,0 2,756,778,0 2,829,254,0
125,112,0 125,698,0 1,106,708,01,121,818,0
106,799,Q 105,131,
64,862,0 874,797,0 890,989,
882,924,06,732,778,0 6,775,137,0 1,524,000,0 1,521,597,0 1,960,548,01,957,987,0 10,217,326,010,254,721,0
110,305,0 947,377,0 925,176,0 148,709,0 149,812, 171,372, 169,833,0 1,267,458,0i 1,244,821,0
350,048,0
349,541,0
55,267,0 90,277,0 90,141,0
55,215,0
35,258,0 204,049,0 204,640,0
807,712,0 7,165,946,0 7,128,256,0 1,251,232,0 1,242,310,0 1,679,619,01,683,872,0 10,096,797,0 10,054,438,0
1,679,152,0
1,686,693,0
514,344,0
510,266,0
485,944,0
488,149,0
682,942,01
162,533,0 684,200,0
608,561,0
452,831,0
61,274,0 86,240,0
59,764,0 81,121,0
54,062,0 331,793,0 441,200,0
44
$
1,169,0
21.5
26.0
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on April 12:
the
Discounting on a large scale by most of the Reserve banks of both war
paper and commercial bills, in connection with heavy withdrawals of Government deposits from special depositaries, is indicated by the Federal
Reserve Board's weekly bank statement issued as at close of business on,
April 11, 1919. The statement also shows a decrease of over 8 millions In
gold reserves due largely to the heavy redemption during the week of
Federal Reserve notes.
War paper on hand increased 92.5 millions, the New York bank alone
reporting an increase of about 64 millions under this head. Other discounts went up 7.4 millions. Acceptances declined 22.2 millions, while
Treasury certificates on hand show a gain of over 7 millions, largely at
New York Bank. For the first time the statement shows in a foot note the
amounts of discounted paper and bank acceptances acquired from other Reserve
banks on hand at the several Federal Reserve Banks.
As the result of the considerable increase in Government deposits, net
deposits show a gain for the week of 74.5 millions. Federal Reserve notes in
circulation increased less than a million, while the banks'aggregate liabilities
on Federal Reserve bank notes increased 2.1 millions. The banks reserve
percentage, as the result of the large increase In deposit liabilities and the
simultaneous reduction of reserves, shows a decline from 52.2 to 51.1%•
The figures of the consolidated statement for the system as a whole are given in the following table,and in addition we present
the results for each of the seven preceding weeks,together with those of the corresponding week of last year, thus furnishing a useful comparison. In the second table we show the resources and liabilities separately for each of tht- twelve Federal Reserve banks.
Thestatement of Federal Reserve Agents'Accounts(the third table following)gives details regarding the transactions in Federal
Reserve notes between the Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
FEDERAL RESERVE BANK OF NEW YORK.-The weekly statement Issued by the bank subdivides some certain items that are included
under a more general classification in the statement prepared at Washington. Thus, "Other deposits, &e.," as of April 11, consisted of "Foreign
Government deposits." $97,204,633; "Non-member bank deposits," $7,216,833, and "Due to War Finance Corporation." $7,033,902.
LIABILITIES OF THI0 FEDERAL RESERVE BANKS AT THE CLOS 113 OP Usi ts1F1s1-1 APRIL 11 1919.
RESOURCES
COMBINED
AND
April ll 1919. April 4 1919. Mar.28 1919. Mar.21 1919. Mar,141919. Mar,71919. Feb. 28 1919. Feb. 20 1919. April 12 1918
$
350,417,000
457.889,000
5.829,000
$
488,762,000
407,971,000
52,500,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund .
945,358,000 946,095,000 896,197,000 902,434.000 839,656,000 858.126,000 815,075,000 814,135,000
1,082,444,000 1,100.173.000 1,113,070,000 1,112,93%000 1,170,601,000 1.163.840.001) 1,137,760,000 1,197,983,000
115,078,000 104,682,000 133,033.000 125,470.000 119.277,000 117,513,000 120,163.000 112,923,000
949,233.000
857,492,000
23,546,000
Total gold reserves
LOW tender notes, silver, Ac
2,142,880,000 2,150,950,000 2,142.305,000 2.140,842,000 2,129,534,000 2,139,479.000 2,122,998.000 2,125.041.000 1,830,271,000
64,724,000
66,491,000
65.725,000
65,983,000
67.203,000
67,736,000
68,219,000
67,678,000
69,109,000
RESOURCES.
Gold coln and certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies
$
$
335,162,000 $333,384,000
610,196,000 612.711,000
$
326.791,000
503,577,000
5,829,000
$
329,741.000
566,864.000
5,829,01)0
$
332.749,000
501.078.000
5,829,000
$
341,070,000
511,227,000
5.829,000
$
345,762,000
463,484,001)
5.829,000
2,211,989,000 2,218,628,000 2.210,524.000 2,208,578.000 2.193,737.000 2,205.462,000 2.188.723.000 2.191.532.000 1,894,995,000
Total reserves
1,767,432,000 1,674.916,000 1,691,010,000 1,691,678,000 1,702,351.000 1,701.487.000 *1 667 965000 1.596.453.000 465,625,000
Bills discounted:
Secured by Govt. war obligations____ 200,492,000 193,066,000 195,230,000 189,861,000 184.012.000 186,210,000 *211.855.000 221,996,000 247,182,000
218,590,000 240.790.000 248,107,000 261,924,000 262.139.000 273.493.000 276.919,000 269.920.000 318,857,000
All other
Bills bought in open market
2,186,514,000 2,108,772.000 2,134,347,000 2,143,463,000 2,148.502,000 2,161.220.000 2,156,739,000 2,088.374,000 1,031,664,000
Total bills on hand
54,237,000
28,095.000
27,094,000
27,223.000
27.057.000
27,222.000
27.138,000
27,134.000
27,136,000
U. S. Govt. long-term securities
185,711,000 178,646,000 173,797.000 172,471,000 168.318.000 159.835.000 155,688,000 147,123,000 142.143,000
17. S. Govt. short-term securities
3,771,000
4.000
4,000
4.000
4,000
4.000
3.000
3.000
22,000
A.11 other earning assets
2,399,383,000 2,314,555,000 2,335,285,000 2,343,160.000 2,344.077,090 2,348.116,000 2,339,525,000 2,263,596.000 1,231,815,000
Total earning assets
8,969.000
9,713,000
9.720.000
9.720.000
9.711.000
9,712,000
9,713.000
10,558,000
Bank premises
deductions
Uncollected items and other
636,384,000 644,959,000 660,066,000 797.303.000 683.017.000 599.197,000 653.465.000 633,806,000 384,824,000
•
from gross deposits
537,000
6,809.000
6,813,000
7,429.000
6.745.000
6,901.000
/.067,000
6,792,000
6,988,000
5% redemp. fund agst. F. it. bank notes
324,000
8,480.000
8.497,000
7,507.000
8.210,000
7,772,000
7,274.000
7.738,000
7,332,000
All other resources
5,272,634,000 5.202,385,000 5.229,928.000 5.373,425,000 5,247.803.000 5.178,134,000 5,206,736,000 5.113,192,000 3,512.495,000
Total resources
LIABILITIES.
74,748,000
81.452,000
81,406,000
81.490.0011
81,562,000
81,612,000
81,641,000
81,658,000
81,750,000
Capital paid in
1,134,000
22,738.000
49.466,000
49.466,000
49.466.000
49,466,000
49,466,000
49,466.000
49,466,000
Surplus
100,523,000
205,675.000
210,547,000
150.783.000
195,559,000
285,785,000
85,008,000 168,147,000
169,972,000
Government deposits
1,628,693,000 1,655,298,000 1,631,167,000 1,604.719,000 1.675,045,000 1.626,076,000 1,620,972,000 1,563.912,000 1,494,537,000
Due to members, reserve account
487,153,000 487,593,000 484,906,000 * 555.383.000 509.112.000 456,289,000 494,653,000 480,257.000 239,270,000
Deferred availability Items
84,321,000
Other deposits, Incl. for. Govt. credits. 128,481,000 120,426,000 117,271,000 *120,062,000 117,522,000 123.363,000 124.032,000 114.758.000
2,414,299,000 2,348,325,000 2,401,491,000 2,565,949,000 2,452,482,000 2,401,287.000 2,450,204,000 2,364.602.000 1,918,651,000
Total gross deposits
2,548,588,000 2,547,670,000 2,521,776,000 2,510,647,000 2,503,095,000 2,488,537.000 2.472,307,000 2,466,248,000 1,499,377,000
F. R.notes in actual circulation
8,000.000
F. R. bank notes in circulation-net liab 151,560,000 149,449,000 145,540,000 142,442,000 139,479.000 136,591.000 134.042,000 133,465,000
10,585,000
44,733,000
45,993,000
20,763.000
21.739.000
23.269.000
30,014,000
26,971,000
25,817,000
&II other liabilities
5,272,634,000 5,202,385,000 5.229,928,000 5,373,425,000 5,247.803.000 5.178,134.000 5.206,736,000 5,113.192.000 3,512,495,000
Total liabilities
-=61.9%
47.0%
45.4%
47.6%
47.3%
51.5%
51.0%
53.2%
55.5%
Gold reserve against net deposit liab
58.8%
53,4%
63.2%
51.4%
51.1%
49.3%
49.4%
47.0%
47.3%
Gold res. sot. F. R. notes in act. ciren
Ratio of gold reserves to net deposit and
60.3%
49.7%
50.5%
48.9%
49.9%
50.0%
50.3%
'49.5%
50.8%
F. ft. note liabilities combined
Ratio of total reserves to net deposit and
62.5%
52.2%
51.3%
51.4%
51.4%
51.8%
51.9%
51.1%
52.2%
F. R. note liabilities combined__ ._ ._
Ratio of gold reserves to F. R. notes In
circulation after setting aside 35%
83.1%
64.3%
63.3%
63.0%
83.3%
_
83.7%
83.5%
82.4%
Against net denosit mouitles
*Amended figures.
APR. 19 1919.]
THE CHRONICLE
1589
April 111919. April 4 1919. Mar.28 1919. Mar.21 1019. Mar. 14 1019. Mar.71019. Feb. 28 1919. Feb. 20 1919. April 12 1918
Distribution by Maturities$
$
$
$
$
1-15 days bills bought in open market_
1,531,100,000 1,529,010,000 1,529,079,000 1,525,076,000 1,530,432,000 1,511,355,000 1,451,139,000
1-15 days bills discounted
78,832,000
75,751.000
78,660,000
87,157,000
99,651,000
83,799,000
82,025,000
81.985,000 536,016,000
1-15 days U. S. Govt. short-term secs_ 1,731,817,000
24,704,000
23,919,000
24,242,000
23,503,000
19,745,000
18,714,000
12,563,000
14,000
1-15 days municipal warrants
29,375,000
3,000
1,000
1,000
105,716,000
16-30 days bills bought in open market_
154,729,000 163,881,000
58,574,000
55,292,000
51.691,000
57,883,000
56,820,000
16-30 days bills discounted
50,859,000
61,563.000
71,998,000
72.289,000
68,850.000
81.948,000
76,479.000
66,051,000
99,869,000
16-30 days U. S. Govt. short-term secs_
57,467,000
21,000
130,000
16-30 days municipal warrants
1,611,000
3,000
3.000
4,000
1,000
4,959,000
31-60(lays bills bought in open market_
108,788,000 115,670,000 221,919,000 225,629.000 207,151,000 202,040,000
95,961,000
31-60 days bills discounted
78,501,000
87.303,000
81,882,000
81.343,000
76,312,000
90,833,000
93,348,000
98.850,000 282,036,000
31-60 days U.S. Govt.short-term secs_ _ 103,634,000
518,000
4,078.000
221.000
202,000
202.000
36,000
31-60 days municipal warrants
3,624,000
3,000
2,109,000
4,000
61-90 days bills bought In open market_
52,050,000
51,427,000
50,922,000
59,319,000
74.323,000
86,221,000 191,538.000
61-00 days bills discounted
15,567,000
10,398,000
16,173,000
21,135,000
17,326,000
16,912,000
25.067,000
23.034,000 103,898,000
61-90 days U.S. Govt. short-term secs_ _
52,742,000
3,890,000
6,506,000
6,466,000
2,815,000
2,816,000
350,000
496,000
350,000
61-00(lays municipal warrants
3,749,000
15,703,000
Over 90 days bills bought in open market
21,315,000
21,252,000
21,015,000
21,047,000
21,130,000
22,321,000
22,996,000
Over 90(lays bills discounted
9,845,000
Over 90 days U.S. Govt. short-term secs
22,264,000 145,974,000 142,851.000 141,542,000 141,828,000 137,072,000 136,624,000 134,080,000
Over 90 days municipal warrants
147,352,000
3,000
13,656,000
Federal Reserve NotesIssued to the banks
2,724,097,000 2.714,089,000 2,705,708,000 2,696,514,000 2,679.024,000 2,670,903,000 2,678.606,000 2,677,835.000 1,625,698,000
Held by banks
175,509,000 166,419,000 183,932,000 185,857,000 175,926,000 182,366.000 206,299,000 211,587,000 126,321,000
In circulation
Fed. Res. Notes (Agents Accounts)Received from the Comptroller
Returned to the Comptroller
2,548,588,000 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
1,499,377,000
4,268,400,000 4,212,880.000 4.192,410,000 4,141,000,000 4,117,600.000 4.071,740,000 4,056,760,000
4,013,680,000
2,211,560,000
1,143,348,000 1,103.556,000 1,071,062,000 1,044,331,000 1,023,629,000 985,686,000 940,247,000
916,175,000 336,527,000
3,125,052,000 3,109,324.000 3,121,378,000 3,096,729,000 3,093,971,000 3.086,054,000 3,116.513,000
400,955,000 395.235,000 415,670,000 400,185,000 414,950,000 415,150,000 437,907,000 3,097.505.000 1,875,033,000
419,670,000 249.335,000
Issued to Federal Reserve banks___ _ 2,724,097,000 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 1,625,698,000
How SecuredBy gold coin and certificates
235,747,000 237,747,000 245,147,000 243,006,000 240,146,000 232.146.000 229.1477
00
-0 215,147,000- 2457251,000
By lawful money
By eligible paper
1,641,654,000 1,613.916,000 1,592,6:38,000 1,583,606,000 1,508,420.000 1,507.063,000 1.490,846,000 1.479.852.000
768,206,000
Gold redemption fund
84,538,000
88,520.000
78,633,000
78,005,000
78.718,000
7.1,457,000
87.438,000
83,379,000
48,504.000
With Federal Reserve Board
762,158,000 773,906,000 789,290,000 791,927.000 851.737.000 852,237.000 871.175,000 889,457,000 563,737,000
Total
2,705.708.000
2,724,097,000 2.714,089,000
2,6913,541.000 2,679,021.000 2.670.903,000 2.678.606.000 2.677.835,000 1,625,698,000
_
Eligible paper delivered to F. R. Agent_ 9 111 010 000 2.037.260.000 2.080.228,000 27084.71
171.000 2.080.990.000 2.101.419,000 2-79;-1-9797
19:0(10 2.022.006.000 1,006,691,000
Amount chargeable to agent
In hands of agent
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL
11 1919.
Phila. Cleveland. Richm'nd. Atlanta. Chicago. Si. Louts. Minneap. ICan.City. Dallas. San Fran.
Total.
I
$
$
$
$
$
$
$
$
$
5
$
2,206,0
19,690,0
247,798,0
26:3,0
8,187,0 23,209,0 3,994,0 8,328,0
92,0 7,091,0 10,890,0 335,162,0
145,010,0 40,281,0 62.945,0 27,382,0 17,095,0 125,561,0 27,190,0 32,468,0
31,332,0 7,269,0 39,881,0 610,196,0
51,196,0 392,808,0 46,544,0 82,635,0 29,588,0 25,282,0 148,770,0 31,184,0 40,796,0 31,42.4,0 14,360,0 50,771,0
Total gold held by banks__
945,358,0
53,778,0 279,939,0 70,073,0 133,975,0 35,944,0 41,291,0 242,786,0 41,704,0 30,139,0 36,877,0 17,798,0 98,040,0
Gold with Fed. Reserve Agent.
1,082,444,0
Gold redemption fund
16,481,0
25,000,0 13,363,0 1,671,0 8,243,0 5,727,0 25,509,0 5,750,0 2,372,0 5,669,0 2,029,0 3,264,0 115,078.0
Total gold reserves
121,455,0 697,747,0 129,980,0 218,281,0 73,775,0 72,300,0 417,065,0 78,638,0 73,307,0 73,970,0 34,287,0 152,075,0
2,142,880,0
6,082,0
Legal tender notes, silver. Ate
53,659,0
547,0
276,0 1,068,0
1,185,0 1,370,0 2,228,0
119,0
124,0 2,219,0
232,0
69,109,0
Total reserves
127,537,0 751I406f0 130,256,0 219,349,0 74,322,0 73,485,0 418,435,0 80,866,0 73,426,0 74,094,0 36,506,0 152,307,0
2,211,989,0
Bills discounted:Secured by Government war obligations (a). 151,733,0 692,682,0 174,201,0 131,219,0 89,157,0 67,952,0 202,040,0 73,068,0 42,040,0 43,378,0 23,240,0
76,719,0
All other
5,564,0
31,507,0 13,186,0 7,269,0 11,112,0 12,805,0 16,134,0 9,620,0 3,431,0 42,670,0 28,848,0 18,346,0 1,767,432,0
Bills bought in open market (b)_
8,032,0
57,017,0 1,021,0 29,719,0 7,170,0 5,741,0 31,173,0 11,052,0 23,841,0 7,394,0 1,923,0 34,507,0 200,492,0
218,590,0
Total bills on hand
165,329,0 781,206,0 188,411,0 168,207,0 107,439,0 86,498,0 249,347,0 93,740,0 69,312,0 93,442,0 54,011,0
129,572,0 2,186,514,0
540,0
U.S. Gov't long-term securities.
1,306,0
1,083,0 1,234,0
1,385,0
377,0 4,476,0
1,153,0
116,0
8,867,0
3,967,0
2,632,0
27,136,0
U. S. Gov't short-term securities 15,416,0
69.544,0 16,281,0 14,416,0 5,360,0 8,474,0 17,612,0 12,068,0 8,809,0 6,248,0 4,400,0 7,083,0
185,711,0
All other earning assets
22,0
22,0
Total earning assets
181,285,0 852,056,0 206,077,0 183,706,0 114,033,0 95,349,0 271,435,0 106,961,0 78,237,0 108,579,0
62,378,0 139,287,0 2,399,383,0
Bank premises
800,0
3,372,0
500,0
875,0
296,0
217,0 2,936,0
541,0
400,0
221,0
400,0
10,558,0
Uncollected Items and other de55,912,0 162,866,0 61,377,0 43,026,0 41,712,0 31%844,0
ductions from gross deposits
80,795,0 44,079,0 18,727,0 49,408,0 18,560,0 28,078,0 636,384,0
5% Redemption fund-F. 11.
745,0
bank notes
1,800,0
825,0
727,0
162,0
415,0
226,0
474,0
23:3,0
689,0
234,0
358,0
6,988,0
212,0
1,992,0
All other resources
1,089,0
451,0
506,0
205,0
570,0
247,0
122,0
456,0
654,0
828.0
7,332,0
Total resources
366,491,0 1,773,492,0 400,124,0 448,134,0 231,031,0 201,515,0 774,397,0 233,168,0
170,745,0 233,626,0 118,653,0 321,258,0 5,272,634,0
LIABILITIES.
Capital paid in
6,784,0
20,956,0 7,585,0 9,210,0 4,165,0 3,192,0 11,418,0 3,826,0 2,974,0
3,742,0 3,200,0 4,698,0
81,750,0
Burplus
2,996,0
21,117,0 2,608,0 3,552,0 2,196,0
1,510,0 6,416,0 1,603,0 1,415,0 2,421,0
1,184,0 2,448,0
49,466,0
Government deposits
28,661,0
23,776,0 6,820,0 24,772,0 1,307,0 5,544,0 30,483.0 12,606,0 12,899,0 10,238,0
Due to members, reserve account 96,905,0 685.637,0 99,079,0 124,60:3,0 53,561,0 45,850,0 223,680,0 59,663,0 50.498,0 67,322,0 3,661,0 9,205,0 169,972,0
37,421,0
83,869,0 1,628,693,0
40,938,0 124,228,0 58,684,0 37,803,0 :35,651,0 22,242,0 52,444,0
Deferred availability items
36,264,0 8,933,0 36,230,0 ,16,456,0 17,280,0 487,153,0
1,736,0 116,119,0
All other deposits
788,0
370,0
48,0
83,0 2,334,0
648,0
216,0
310,0
85,0 5,744,0 128,481,0
168,240,0 949,760,0 165,971,0 187,548,0 90,567,0 73,719,0308,941,0 109,186,0
Total gross deposits
72,546,0114,100,0 57,623,0 116,098,0 2,414,299,0
F. R. notes in actual circulation. 171,205,0 738,128,0 206,336,0 233,042,0 127,601,0 114,078,0 425,279,0 107,763,0 87,692,0
98,740,0
F. R. bank notes-net liability- 14,710,0
33,920,0 15.526,0 12,981,0 5,217,0 8,017,0 19,860,0 9,805,0 5,377,0 13,055,0 49,011,0 189,650,0 2,548,588,0
6,555,0 6,537,0 151,560,0
2,496,0
All other liabilities
9,611,0 2,098,0
1,801,0 1,282,0
999,0 2,483,0
985,0
741,0 1,568,0 1,080,0 1,827,0
26,971,0
Total liabilities
366,491,0 1,77:3,492,0 400.124,0 448,134,0 231,031,0 201,515,0 774,397,0
233,168,0 170,745,0 233,626,0 118,653,0 321,258,0 5,272,634,0
MemorandaContingent liability as endorser on:
Discounted paper rediscounted
with other F. It. hanks...
45,950,0
20,000,0
10,000,0 25,542,0
101,492,0
Bankers' acceptances sold to
other F. R. banks
11,987,0
11,987,0
(a) Includes bills discounted for
other F. It. banks, viz
15,950,0
29,980,0
40,562,0
15,000,0
101,492,0
(b) Includes bankers'acceptances
bought from other F. It. banks
.
With their endorsement_
10,048,0
1,753,0
186,0
11,987,0
Without their endorsement
1.050.0
23.120.0
11.190.0
6.829.0
42.189.0
Two ciphers (00) omitted.
BUSion
New York
RESOURCES.
I
3,414,0
Gold coin and certificates
Gold Settlement Fund, F. R. 11'd 47,782,0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS
AT CLOSE OF BUSINESS APRIL 11 1919.
Boston. New York
Two ciphers (00) omitted.
Phila
Cleveland Richmond Atlanta. Chicago. St. Louts. Minneap. Kan.City. Dallas. San Fran.
Total.
federal Reserve notes:
$
i
$
S
$
s
$
S
S
s
s
$
S
Received from Comptroller__ 286,400,0 1,446,980,0 347,220,0 311,740.0 220,820,0 213,360,0
85,635,0 497,594,0 110,920,0 66,702,0 59,82:3,0 39,793,0 579,400,0 184,320,0 126,880,0 159,700,0 101,960,0 259,620.04,268,400.0
Returned to Comptroller
97,279,0 47,302,0 26,735,0 41,446,0 28,363,0 41,756,0 1,143,348,0
Chargeable to F. R. Agent 200,765,0 949,386,0 236,300,0 275,038,0,160,997,0 173,567,0
482,121,0 137,018,0 100,145,0 118,254,0 73,597,0217,864,0 3,125,052,0
22,220,0 139,000,0 20,900,0 32,320,0. 29,940,0
In hands of F. R. Agent
56,080,0 32,240,0 14,640.0 10,890,0 13,580,0 23,145,0 6,000,0 400,955,0
Issued to F. R. Bank, less amt
returned to F. It. Agent for
redemption'
178,545,0 810,386,0 215,400,0 242,718,0 1:31,057,0
117,487,0 449,881,0 122,378,0 89,255,0 104,674,0 50,452,0 211,864,0 2,724,097,0
0011at'l security for outst'g notes:
Gold coin and etre. on hand
183,740,0
24,870,0
2,504,0
13,052,0
11,581,0
235,747,0
9,778,0
Gold redemption fond
11,198,0 15,183,0 14,106,0
1,944,0 2,787,0 5,801,0 3,773,0 1,587,0 3,517,0 3,133,0 11,731,0
84,538,0
Gold Senn't Fund. F. R. B'd- 44,000,0
85,000,0 54,889,0 95,000,0 34,000,0 36,000,0 236,985,0 37,931,0 15,500,0
Eligible paper. intn'm required 124,767,0 5:30,448,0 145,328,0 108,742,0 95,113,0 76,196,0 207,095,0 80,674,0 59,116,0 33,360,0 3,184,0 86,309,0 762,158,0
67,797,0 32,554,0 113,824,0 1,641,654,0
178,545,0 810,386,0 215.400,0 242,718,0 131,057,0 117,487,0 449,881,0 122,378,0 89,255,0
Total
104,674,0 50.452,0211,864.0 2,724,097,0
Amount of eligible paper deliv165,329,0 781,206,0 148,625,0 166,890,0 101,340,0
ered to F. R. Agent
81,278.0 249,347,0 85,628,0 66,075,0 93,442,0 54,011,0 118,439,0 2,111,610,0
178,545,0 810,386,0 215,400,0 242,718,0 131,057,0
F. It. notes outstanding.
117,487,0 449,881,0 122,378,0 89,255,0 104,674,0
2,724,097,0
7,280,0
F. R. notes held by bank
72,258,0 9,064,0 9,676,0 3,453,0 3,409,0 24,602,0 14,615,0 1,563,0 5,934,0 50,452,0.211,864,0
1,441,01 22,214,0 175,509,0
F. It. notes In actual clreulation. 171,265,0 738,128.0 206.336.0 23:1.042.0 127.601.0 114.078.0 425.279.0 107.763.0
87.692.0 98.740.0 49.011.01189.650.0.2.548.588.0
[VOL. 108.
THE CHRONICLE
1590
ISarliters" Oazette.
Wall Street, Friday Night, April 18 1919.
The Money Market and Financial Situation.-The
universal satisfaction with which the announcement was
received of the favorable terms under which the new Victory
Loan will be offered to the public found expression in an active
and buoyant securities market during the early part of the
week. The assurance that no further offering of this kind
will be made by the Government, the relatively small
amount of the loan and the short time it will be made to
run are features which had not been anticipated or discounted
in Wall Street and therefore played a large part in the
result noted.
News from abroad this week referring to an approaching
end of the Peace Congress with its mission accomplished has
encouraged the hope that ere long steady progress may be
made towards normal industrial and financial conditions.
In the meantime steel, the largest and most important of
all our industries, languishes from one cause or another, and
railway securities, usually the most active and eagerly
sought for by investors on all exchanges, are neglected or
shunned, the cause of which is too well known to need mention here. Moreover, there is increasing evidence of a widespread dissatisfaction with official management of other
public utilities besides the railroads.
Foreign Exchange.-Sterling exchange market follows:
To-day's (Friday's) actual rates for sterling exchange were 4 62%0
3 for cheques and 4 654 for cables. Commer4 62% for sixty days, 4 64,
cial on banks sight 4 64%04 64%,sixty days 4 61%04 61%, ninety days
payment (sixty days) 4 61% ©4 61%.
4 59%04 59% and documents for and
grain for payment 4 6434@J4 6434.
Cotton for payment 4 6434@4 6434
To-day's (Friday's) actual rates for Paris bankers' francs were 6 07 for
long and 6 02 for short. Germany bankers' marks were not quoted. Amsterdam bankers' guilders were 3934 ®39 13-16 for long and 40 1-16©4034
for short.
Exchange at Paris on London, 28 francs; week's range, 27.8734 francs
high and 28 francs low.
week
follows:
The range for foreign exchange for the
Cables.
Cheques.
Sterling Actual- Sixty Days.
4
4 6634
High for t e week__ A 63
6534
Low for the week_ _ _4 6134
46534
464%
Paris Bankers' Francs
5 95
5 96
High for the week__ _6 03
6 01
Low for the week.._ _6 10
6 03
Amsterdam Bankers' GuildersHigh for the week_ _ _
for the week_ _ _
per $1,000
-Chicago, par. St. Louis,
per $1,000
discount. Boston, par. San Francisco, par. Montreal,
premium. Cincinnati, par.
3915-16
39 13-16
Low
Domestic Exchange.
40%
40%
40%
40%
15@25c.
$25
State and Railroad Bonds.-Sales of State bonds at the
Board are limited to $1,000 New York Canal 4s 1960 at
4 and 1,000 Virginia 6s deferred trust receipts at 703/2.
963
The market for railway and industrial bonds has been
more.active than of late and the business better distributed.
In several cases prices have advanced and throughout the
active list they have been well maintained. Of a list of 25
notably active issues only 3 have declined. The most
spectacular feature was Sinclair Oil 7s, which advanced day
by day and closed nearly 12 points higher than last week.
New York Railways 4s show a gain of 2M points and
Hudson & Manhattan A 5s and So. Pac. cony. 5s are 13/2
points higher. On the other hand, Interboro Rapid Transits
have declined more than a point, and U. S. Steel 5s and New
York Central 6s are fractionally lower.
United States Bonds.-Sales of Government bonds at
the Board include $4,000 4s coup. at 1063, Liberty Loan
33/2s at 98.70 to 99.40, L. L. 1st 4s at 95.40 to 95.80, L. L.
2d 4s at 93.50 to 93.80, L. L. 1st 43.s at 95.40 to 95.80,
L. L. 2d 43s at 93.50 to 93.84, L. L. 2d 43ts 1932 to 1947
at 96.02, L. L. 3d 43Is at 95.26 to 95.86, and L. L. 4th 43s
at 93.50 to 94. For to-day's prices of all the different issues
and for the week's range see third page following.
Railroad and Miscellaneous Stocks.-Although the
stock market has been less active than last week, the transactions averaged about 1,150,000 shares per day and previous characteristics have been maintained. That is to
say, the railways have been neglected and left to drift automatically to a lower level, while some of the newer, speculative industrial stocks have been eagerly bought on rapidly
advancing prices. Fluctuations have generally been narrower than last week but Am. Internation Corp. has covered
a range of 10 points, Kelly Spring. Tire and Chandler
Motors 8, Mexican Pet. 732, Gen. Motors 532, Texas Co.
and United Cigar Stores 5 and Bald. Locomotive over 4.
U. S. Steel sold on Wednesday fractionally above par but
fell back to about last week's level. As a result of the week's
operations, of a list of 15 most active railway stocks only
one has advanced. Southern PacifiQ is nearly 2 points
higher than last week and Baltimore & Ohio is as much lower,
while the average level of this group is about a point lower.
On the other hand, of a list of 20 notably active industrials
15 have advanced, several from 2 to 6 points, the latter
figure applying to the Texas Company.
Outside Market.-A large volume of business was
transacted on the "curb" this week 3vith the tone of the market strong, though profit taking at times caused some irregularity in price movements. Oil stocks were in demand and
large advances were recorded in the Standard Oil issues.
Ohio Oil gained some 17 points in an advance to 362. Prairie
Oil & Gas jumped from 670 to 708 and sold finally at 705.
Standard Oil of N. J. rose from 674 to 704 and Standard
Oil of N. Y. from 352 to 376. Vacuum Oil sold up from
413 to 429. Among the other oil shares Commonwealth
Petroleum 'gained over 43/2 points to 46% and sold finally
at 463/2. Houston Oil common was conspicuous for a
rise of 113/2 points to 92. International Petroleum was
erratic and after early loss from 30 to 243/2 sold up to 31
but reacted and finished at 283/2. Merritt Oil was in demand
and improved from .313/2 to 333 reacting finally to 32.
Midwest Refining gained 4 points to 171 but weakened
subsequently to 168. Sinclair Gulf Corporation after an
early decline from 473/2 to 45 ran up to 523%, the final transaction for the week being at 51. Among the industrials
Savold Tire, a new addition, was a feature and on heavy
transactions advanced some 13 points to 37, the final figure
being 3432. Fisk Rubber, "w. i.," sold up from 34% to
4. Intercontinental
36 and down to 34 with the close at 343
Rubber weakened at first from 21% to 20%, then advanced
4, reacting finally to 223. Cramp Shipbuilding
to 233
4 to 116. Amer.
made a sensational advance from 943
Road Machinery after early loss of 4 points to 51 jumped
to 67 but moved downward again resting finally at 58.
Gen. Asphalt corn. fell from 65 to 603/2, the pref. going
down from 993/2 to 9332. Nat. Aniline & Chem. coin. rose
from 263/2 to 28 and sold finally at 273%. Peerless Tr. &
Mot. Corp. advanced from 233/2 to 25. Remington Typewriter corn. moved up from 48 to 56 and ends the week at
55. Swift International sold up 3 points to 623/2 and at
61% finally. Mining stocks continue active with the Divide
stock the feature. Bonds quiet and firm.
For daily volume of business see page 1599.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending April 18. for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
Jan
Mar 50
100 400 3434 Apr 17 35 Apr 16 33
Adams Express
Apr
Apr 91
100 91 Apr 15 91 Apr 15 91
AmBrakeShoe&Fdy100
Mar
Jan 168
100 163 Apr 15183 Apr 15 160
100
Preferred
Jan
100 89 Apr 14 89 Apr 14 8434 Jan 95
100
American Express
Am Malt 1st pref ctfs of
Apr 5334 Apr
800 53 Apr 15 5334 Apr 16 51
deposit stamped
Am Smelters Securiti
Mar
100 422 9234 Apr 14 9234 Apr 15 9234 Feb 94
pref Series A
Feb
Jan 119
100 10934 Apr 14 10934 Apr 14 105
100
American Snuff
Feb
Jan 98
400 94 Apr 15 96 Apr 16 93
Am Sumat Tob pref_100
Apr
Jan
14
Apr
12
Apr
36
4554
Gds_10021,100
1734
4534
Associated Dry
Jan 8134 Apr
100 600 7834 Apr 14 80 Apr 15 68
Associated Oil
Jan
Mar 8
Atlanta Birm & At1_100 400 634 Apr 16 7 Apr 17 6
Feb 11534 Mar
500 115 Apr 14 115 Apr 15 110
100
Barrett pref
Batopilas Mining_ _ _ _20 1,900 134 Apr 15 134 Apr 12 134 Jan 134 Feb
Apr
100 98 Apr 14 96 Apr 14 9034 Mar 96
100
Beth Steel pref
Mar
Apr 98
125 97 Apr 16 97 Apr 16 97
Bklyn Edison Inc_ 100
700 21 Apr 14 2134 Apr 17 1934 Mar 2434 Mar
Bklyn Rap Tr ctfs dep._
Jan
100 8034 Apr 17 8034 Apr 17 7734 Apr 82
100
Bklyn Union Gas
Apr
Feb 80
500 7834 Apr 15 7934 Apr 17 71
100
Brown Shoe Inc
Apr
Feb 100
100 100 Apr 12 100 Apr 12 98
100
Preferred
800 934 Apr 15 934 Apr 14 834 Mar 1034 Mar
100
Brunswick Term'l
Apr
Jan 25
200 2334 Apr 12 24 Apr 15 16
100
Butterick
Apr
900 5934 Apr 17 6034 Apr 15 5634 Mar 62
Calumet & Arizona _10
Apr
Apr 46
100 46 Apr 14 46 Apr 14 46
Canada Southern....100
Apr
100 1,00 97 Apr 17 99 Apr 14 9134 Jan 99
Case (J I) pref
Mar
Apr 34
100 28 Apr 15 28 Apr 15 27
Cent Foundry pref_ _1
Mar
300 3034 Apr 12 3334 Apr 12 3034 Apr 35
Certain-Teed Prod no par
Jan
Chic St P M AL Om_ _100 400 6534 Apr 16 6534 Apr 16 6534 Apr 82
Jan
300 6434 Apr 14 65 Apr 15 6034 Feb 85
Cluett,Peabody&Co 100
200 6 Apr 14 6 Apr 14 534 Apr 834 Jan
Cons Interstate Call_ _10
Apr
20010834 Apr 14 109 Apr 14i0434 Jan 109
Continental Can pref 100
Apr
Jan 71
Continental Insur____25 600 69 Apr 16 71 Apr 17 58
Jan 18434 Apr
100 17934 Apr 17 17934 Apr 17 150
Cuban-Am Sugar.....100
Apr
Feb 95
100 9334 Apr 15 9334 Apr 15 80
Detroit United Ry 100
Jan 2934 Jan
100 27 Apr 15 27 Apr 15 27
50
Elk Horn Coal
Jan 4034 Apr
Federal M & S pref_ _100 400 39 Apr 14 40 Apr 12 33
Fisher Body Corp.no par 9,400 59 Apr 12 6434 Apr 14 3834 Jan 6434 Apr
Apr
Feb 100
100 800 9934 Apr 15 100 Apr 14 91
Preferred
Apr
300173 Apr 12 179 Apr 17 18334 Feb 179
General Chemical_ _ _100
Jan
108
Feb
16
Apr
104
16
104
Apr
40
10234
100
Preferred
Jan 6134 Apr
General Cigar Inc__ _100 7,000 5734 Apr 12 5934 Apr 15 47
Gen Motors deb stk_100 14,960 9134 Apr 12 9434 Apr 14 8234 Feb 9434 Apr
Feb
100 8 Apr 16 8 Apr 16 734 Feb 10
Gulf Mob & Nor ctfs 100
Apr
300 67 Apr 14 70 Apr 17 5434 Jan 70
100
Hartman Corp
Feb 118
Jan
10011634 Apr 17 11634 Apr 17 115
Int Harvester pref 100
Feb 48
Mar
100 9,300 37 Apr 17 44 Apr 12 28
Jewel Tea,Inc
Mar
Apr 91
100 1,900 80 Apr 17 89 Apr 12 80
Preferred
Apr 117% Apr
Kayser (Julius) & Co 100 1,800 106 Apr 14 11734 Apr 17 105
Mar
Jan 41
Kelsey Wheel Inc..,.100 200 36 Apr 15 36 Apr 15 34
Feb
Jan 95
100 .150 92 Apr 15 92 Apr 15 89
Preferred
Apr
Apr
99
89
12
Apr
9834
15
Apr
89
1040,000
Rub_
&
Keystone Tire
Apr 2034 Mar
200 17 Apr 17 17 Apr 17 17
Lake E & West pref 100
Apr 24% Jan
100 300201 Apr 15201 Apr 15 201
Liggett & Myers_
Jan 11134 Jan
50011034 Apr 14111 Apr 17 107
100
Preferred
_100
10010034 Apr 1710034 Apr 17 9434 Jan 10034 Mar
Loose-Wiles 1st pref.
68% .Jan
1414734
Apr
Apr
15151
Apr
80014734
100
(P)
Lorillard
Jan 10934 Feb
200 109 Apr 14 109 Apr 14 107
100
Preferred
Jan
Mar 88
200 75 Apr 14 76 Apr 17 70
Manhat(Elev)Ry gu 100
Apr
Jan 86
100 11,300 76 Apr 12 86 Apr 17 60
May Dept Stores
50 2,900 3734 Apr 16 3834 Apr 14 2934 Jan 3934 Apr
National Acme
Mar
Jan 126
National 13iscult____100 3,100 12134 Apr 17125 Apr 17 109
100 400118 Apr 17118 Apr 17 11534 Jan x121 Mar
Preferred
Apr
Jan 76
100 76 Apr 12 76 Apr 12 70
Nat Cloak & Suit__ _100
Mar
900 834 Apr 16 934 Apr 12 534 Feb 14
Nat Rys Mex 2d pref 100
100 3034 Apr 15 3034 Apr 15 2834 Apr 3034 Feb
N 0Tex & Mex v t c_100
Apr 70
Apr
100 63 Apr 15 63 Apr 15 63
NYCh1&StLlstpf_100
100 45 Apr 12 45 Apr 12 4234 Jan 4534 Apr
100
2d preferred
200 2034 Apr 15 21 Apr 14 1934 Feb 2634 Jan
New York Dock... 100
Jan 55
Jan
200 50 Apr 16 5034 Apr 16 46
Nova Scotia S & C._100
Mar
Jan 47
100 4634 Apr 14 4634 Apr 14 43
Ohio Fuel Supply_ - __25
Apr
Mar 57
Owens Bottle-Mach...25 3,900 5334 Apr 12 57 Apr 15 46
Apr 10336 Apr
200 103 Apr 1510334 Apr 14 103
100
Preferred
Apr
100 43 Apr 16 43 Apr 16 4034 Mar 43
100
Pacific Coast Co
Feb
Jan 29
200 2334 Apr 15 25 Apr 12 22
100
Pacific Tel dr Tel
Mar
Mar 37
200 30 Apr 14 30 Apr 14 30
Penn-SeabSt'lv t c no par
Apr 5434 Apr
200 5234 Apr 14 5234 Apr 14 51
Punta Alegre Sugar...50
Jan
Jan 27
200 2234 Apr 15 2334 Apr 16 22
St L-Fran pref A___ _100
Feb
Mar 88
100 8634 Apr 12 8634 Apr 12 85
Sloss-Sheffield pref...100
Apr
Apr 140
23140 Apr 15140 Apr 15 140
So Pacific tr ctfs
Apr
Jan 150
100 150 Apr 14 150 Apr 14 132
So Porto Rico Sugar_100
Apr
Jan 110
100 110 Apr 16 110 Apr 16 107
100
Preferred
Apr
Mar 218
30021534 Apr 15218 Apr 15 200
Texas Co full pd recto. _ _
i0021'534 Apr 1621534 Apr 16 19034 Mar 215% Apr
Recta 50% paid
Jan
Jan 320
60250 Apr 16275 Apr 17 180
Tex Pac Land Trust_100
Feb
Jan 221
300214 Apr 15217 Apr 15 207
100
Tidewater 011
Apr
900 4434 Apr 15 46 Apr 17 3734 Jan 46
Transue & W'ms_no par
Jan 17334 Apr
100 900147 Apr 12 17334 Apr 16 115
Underwood
Apr
100 120 Apr 12 120 Apr 12 9034 Jan1120
100
United Drug
Jam 5554 Apr
5034
5534
14
14
Apr
Apr
5534
200
50
1st preferred
Apr
JanI122
100
50011934 Apr 15 122 Apr 16 91
2d preferred
200 21 Apr 14 21 Apr 15 16% Feb 2454 Mar
100
U Express
Apr
Jan
14
Apr
14
Apr
3734
3734
37
1734
500
US Realty & Impt 100
Jan
550 5451 Apr 15 5734 Apr 14 5454 Apr 75
Wells,Fargo Express 100
Apr
10034
Feb
9634
12
12
Apr
Apr
10034
100
10010034
pref
Co
&
Wilson
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
OCCUPYING TWO PAGES
1591
lot record of sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
April 12.
Monday
April 14.
Tuesday
April 15.
Wednesday
April 16.
Thursday
April 17
Friday
April 18
Sales/Or
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
11
On Oasis of 100-share lots.
Lowest.
par $ per share
$ per share $ per share $ per share $ per share $ per share $ per share
Railroads
914 917
9158 92
9178 92
3,200 Atch Topeka & Santa Fe.-100 90 Feb 3
9114 92
9134 92
86
*86
8612 86
8614 8612 8612 8612 *86
Do prof
876
87
100 88 Jan21
974 9712 98
98
98
98
400 Atlantic Coast Line RR-100 95 Mar27
_
4712 4734 4638 4712 -46- -4638 -4538 -46 14,000 Baltimore & Ohio
478 471
100 44 Jan21
*54
55
56
5313 5412 5212 53
*54
Do pref
2,600
5214
51
100 51 Apr17
2178
21
2114
4
2158 214 2112 2138 2112
2138 213
4,800 Brooklyn Rapid Transit 100 1818 Jan27
15912 1598 15978 160
159 159
160 16012 159 15934
1,300 Canadian Pacific
100 15534 Jan21
5814 58
5834 5834 .5814 5878 58
2,700 Chesapeake Sr Ohio
57511 58
58
100 5334 Jan21
74 758 *712 8
*734 74
712 734
600 Chicago Great Western- _100
758 758
74 Jan21
2434 2434 2438 2412 2334 24
2,200
Do prof
2314 2334 2313 2334
100 2314 Apr16
3534 3714 3638 37
3612 374 3638 374
3634 37
9,800 Chicago Mllw & St Paul 100 3413 Feb15
6618 6818 6614 67
13,650
6812 69
6658 6712 6638 668
Do pref
_100 6512 Jan21
95
95
95
9414 9414 9418 9414
9458 9458 95
1,010 Chicago & Northwestern_100 934 Jan21
Do pref
*128 133 *129 132 *128 13012 *128 131 *128 13012
100 131 Mar10
3,300 Chic Rock 1s1 & Pao temp etts. 2218 Jan21
2314 2358 2312 2334 2358 2378 2312 233* 2314 2334
7618 7614 76
*7612 7712 7612 77
76
1,700
7512 7512
7% preferred temp Ws-.7314 Jan21
65
6412 6478
66
1,700
*6512 6612 6514 6514 6514 66
6% preferred temp ctfs___ - 614 Jan21
*33
*33
35
*33
35
35
35
600 Clev Chi Chic & St Louls 100 32 Feb17
35
35
35
68
*65
*65
*65
70
65
70
68
65
100
Do pret
•65
100 64 Apr 2
25
235$ 2358 *23
400 Colorado & Southern
*2312 25
2358 24
*2313 25
100 1934 Jan22
*52
*52
*52
53
53
5312 *52
53
Do 1st pret.
*52
5312
100 4814 Jan 3
*43
48
48
*43
*43
48
*43
48
48
Do
2d prof
•43
100 45 Feb 4
100 Delaware & Hudson
*10534 109 *10634 10812 10658 10658 *104 106 *105 106
100 101
Jan20
100 Delaware Lack dr Western_50 17213 Mar18
180 180 *175 185 *175 185 *176 182
*176 180
418
4
418
1,800
4
*213 312
Denver & Rio Grande_ _ 100
418
4
*334 5
334 Jan 8
*612 714
7
7
678 678
1,300
7
7
Do pref
7
7
100
618 Feb 3
16
164 16
1618 16
5,000 Erie
164 1618 1578 16
1618
100 1518 Jan21
2618 27
26
2638 26
3,600
2658 27
Do 1st pref
2612
27 • 27
100 2434 Jan21
*17711 19
*1814 1812
300
184
18
Do 2d pref
100 1712 Apr 3
904 91
- 9034 91
9,655 Great Northern pref
9218 -96i8
91
"a"
100 9018 Apr17
4238
12,850
4278 42
Iron Ore properties..No par 3134 Jan 2
4114 4114 4178 4134 4218 42
41
99
9934 9934 9912 9912
500 Illinois Central
9978 99
9914 9914 *98
100 96 Jan21
4
4
378 4
378 4
5,000 Interboro Cons Corp ,.No par
44
378 4
4
318 mar24
13
2,200
13
1338 1234 13
13
1312 1312 1234 13
Do pref
100 1118 Mar29
2018 2138 2012 214
11,000 Kansas City Southern.._.100 1634 Jan30
*19
20
1914 1914 1912 20
53
521
5258
5212
240
1
*51 2
*5112 52
Do pref
15212 5212 5258
100 4912 Jan21
7,000 Lehigh Valley
5414 5312 54
5314 5358 5358 5378 5312 5334
54
50 5314 Apr15
200 Louisville & Nashville-100 113 Mar 8
11512 11512 117 117
98
4
1,300
1014 -.978 -1-014 -Ws -WS
10
-134
Minneap & St L (new)-___100
IN Jan21
500 Missouri Kansas & Texas_100
64
6
612
618 614 *6
*6
64
438 Feb10
*11
12
200
*11
12
11
11
*11
12
Do _ prof
*11
12
100
812 Jan13
5,300 Missouri Pacific trust ctfs_100 2234 Jan21
2312 2358 2312 2334 2312 2334 2314 2312 2314 2312
610
5118 514 *5012 5114 5012 5058 5012 5012
Do prof trust ctts
51
51
100 4914 Jan21
6,900 New York Central
73
7334
7338 7334 7414 7412 7312 7414 7312 74
100 6914 Jan21
10,000 N Y N H & Hartford_-_100 2534 Feb13
2858 29
2778 2812
2778 2918 2812 2914 2834 29
300 N Y Ontario & Western-100 1813 Jan21
1912 1912 .19
*19
20
1978
1912 1912
1,600 Norfolk Sc Western
10312 10312
1-64.34 10334 104
10412 10412 10478 10478
100 103 Mar 8
4,600 Northern Pacific
9134 9214 9112 9178 914 9178 9078 9112
9178 92
100 8858 Jan21
14,500 Pennsylvania
444 4378 4413 4378 444 434 44
4418 44
44
50 4378 Mar20
1314 131
1,400 Pere Marquette v t c
1314 1314
1338 133* 1312 1312
100 1218 Jan21
50
ia" "66" *60 6214 *60 63
Do prior pref v t c
63
*60
63
*60
100 56 Mar27
*39
43
*39
40
43
*39
Do
43
pref v t 0
*39
100 39 Apr 7
3512 3638
9,500 Pittsburgh & West Va
357s - .5ig 358 3512 37
3558 3614 35
100 34 Jan21
4180
80
8218 80
81
500
Do pref
8012 8012 81
81
81
100 79 Jan31
843
1
8
8
33,100
x83
854
823
1
4
4
83
84
12
Reading
8313 8438 8334 8434
50 75 Jan21
100
*3713 384 *3713 3812 *3712 3812 *3713 3812 3734 3734
Do 1st pref
50 364 Jan 9
*37
3812 *3512 3812 *3512 3812
3812 *37
3812 .37
Do 2d pre
5 37 Jan 2
13
1213,
1234
4
123
123
4 1234 1234
1,800 St Louis-San Fran tr etts_100
1212 *1212
*12
1034 Jan21
*16
*16
17
17
*14
17
17
*16
17
*16
St Louis Southwestern....A00 17 Jan28
*32
32
32
35
*32
32
35
*30
32
100
*30
Do pref
100 2812 Feb 4
*712 734
734 734
734 734
500 Seaboard Air Line
100
738 Feb13
1712
*17
*17
18
Do pref
100 1534 Feb 3
joifs fE34 5-6"
10358 10338 104
66
126,900 SouthernPacific Co
100 9518 Jan21
2734 2778 2758 2778 2778 2818 2734 284 2712 28
8,200 Southern Railway
100 25 Jan21
6734 68
69
6712 6778 *67
*68
68
69
*68
1,800
Do pref
100 6834 Jan21
3218 3212
3158 3314 3238 3338 3212 33
313* 32
14,500 Texas & Pacific
100 2712 Jan21
*45
48
48
45
*45
45
48
*45
48
100 Twin City Rapid Transit.._100 38 Jan16
12914 13014 12834 12912 12812 12834
12834 1294 12912 130
6,100 Union Pacific
1-00 1244 Jan21
73
73
73
73
73
7312 73
73
73
73
1,041
Do pref
100 72 Jan14
1214 1212 1214 1278
1238 1212 13
1014 11
10
12,400 United Railways Invest_ _100
714 Jan 9
2714 2612 2738 2612 2714 27
25
25
25
2878
20,700
Do pref
100
_ 15 Jan13
*818 812
8
818
778 8
778 78
8
8
2,000 Wabash
tuu
734 Jan20
3134 3213 3134 32
3112 3158
*3212 33
3212 33
2,300
Do pref A
100 3012 Jan21
21
*19
2112 *20
21
*19
2112 *20
*20
20
Do pref B
100 19 Jan21
104 10
10
10
1018
1018 103* 10
934 10
5,100 Western Maryland (new)_100
93.1Apr 17
*18
25
*18
25
*18
25
25
•15
*18
25
2d
Do
Pacificpref
100 217 Mar15
17
18
17
1714 1714 *17
*17
18
*17
18
200,
100 17 Feb 3
*53
55
*5312 55
5334 5334 *534 55
*53
55
200' wWesternWesternDo pref
100 521s Feb20
*8
813
734 734
8
77a 772 *734 81
8
400 Wheeling & Lake Erie Ry_100
734 Mar 5
*17
*18
*17
20
20
20
*17
20
417 20
Do pref
100 17 Jan30
*32
*32
*32
36
36
*32
36
35
*32
35
Wisconsin Central
100 3014 Jan22
Industrial & Miscellaneous.
3234 3234 33
344 3234 34
3234 3312 32
4
7:100
800 Advo
DanceprR
3414
efumely
100 21
Jan21
6612 6658 6614 67
67
6712 6734 6814 68
6812
100 5613 Jan20
77
7914 7778 7812 7658 7712 7634 7712 7658 7734
7,400 Ajax Rubber Inc
Jan13
50
88
334 378
358 35s
2,400 Alaska Gold Mines
313 358
313 3513
358 358
10
318 Apr 4
218 214
214 214
218 214
5,900 Alaska Juneau Gold Minl_10
218 218
218
2
134 Jan 2
3618 3718 3634 38
374 3834 3712 3834
3712 38
33,600 Allis-Chalmers Mfg
100 30 Jan21
92
91
9038 9038 91
9213 93
1,800
91
Do pref
93
9314
100 817
, Jan23
108 10858 107 10834 106 109
108 10813 108 10914
13,000 Amer Agricultural Chem 100 9978 Jan29
100 1084 *100 10012 100 100
100 100
10012 10012
500Do pref
100 98 Jan 9
7412 7514 75
77 1 7614 7612 7534 7612
5,000 American Beet Sugar
7512 76
100 62 Jan 3
9213 *86
*92
*92
93
9212 9213 9212 *92
200
9234
100 8434 Jan13
4958 5012 497s 5078 5058 5218 5114 5214 51
41,600 American Can
5134'
100 427s Febll
an
10112 10112 *10012 102
*101 102
102 102 *10112 10214
300Do pref
100 9878 Jan 6
9312 94
9278 93
9413 9534 94
9312 95
16,400 American Car & Foundry_100 8418 Feb10
9478
11614 11614 11634 11634 *116
300
Do pref
100 113 Jan18
"io" W1"8 49 -071 53 544 5278 5334 53 117
44,100 American Cotton Oil
5512
100 3958 Jan 2
93
*___ 93
600Do pref
100 gg Jan 7
1312 "5"
la
13
1314 13
1314 13 - 1318
6,800 Amer Druggists Syndicate_10 103s Jan24
2114 2138 2113 2278 2213 23141 23
2478 24
63,800 American Hide & Leather.100 134 Jan 4
2612
100 1004 10014 10114 10012 10178 10158 105
10414 1073*
33,500
Do pref,100 714 Jan 2
4658 474 4712 4834 4758 48341 4814 50
17,100 American Ice
4878 4934
100 38 Jan21
6418 6534 264
65 I 6534 6814 68
64
64
6,200
Do prof
6914
100 54114 Jan20
7718 8214 7678 8314 8134 84510 83
8658 8412 8612
295,050 Amer International Corp-100 5238 Feb 8
5378 5338 545*' 5312 5414 5314 5412
5114 5218 52
35,300 American Linseed
100 4418 Mar 1
9612
97
98381
9158 9414 94
9713 9778 9512 9612
9,300
Do pref
100 85 Mar 1
6634 6614 6634 6612 6938' 6713 6938 68
681
66
43,200 American Locomotive
100 58 Jan21
104 104 *10313 105 I*104 105
*103 104
400
10438 10438
Do prof
100 100 Jan14
158 158
.114 158
112 112
112 113
112 112
800 American Malting
100
Jan17
1
*6134 53
*52
*6134 53
54 I 5234 53
200
*53
Do 1st pref certifs of dep__
5334
4312 Feb19
7034 71
7158 7112 7214 71
70
7018 71
11,400 Amer Smelting & Refining_100 6218 Feb 6
713
8
10458 105 1'10412 10512 *10412 ‘10512
10434 10434 105 105
1,000
Do pref
100 103 Feb20
82381, 82
8134 8212 8234 8118 8213, 82
81
10,200 .American Steel Foundries_100 68 Feb 8
87
12712 12812 129 13012 130 13012' 12758 13038; 12814 1304
12,000 American Sugar Refining_ _100 11114 Jan21
*116 1171 11712 11712 *116 11712 *116 11712 *11634 11712
400
Do prof
100 11312 Jan 6
10434 10978 103 10658 10713 110 1 10634 10934 107 10812
38,400 Amer Sumatra Tobacco__ _100 9612 Jan13
10414 10478 10438 10434 10418 10418
10458 10518 1043s 105
5,600 Amer Telephone & Teleg_ _100 9834 Jan29
20734 20734 207 20758 207 20718 20734 208 20734 20978
• 1,800 American Tobacco
100 19178 Feb 4
100 100 *100 101 14'100 101
*100 101
200
1007s 1007s
Do pref (new)
100 100 Feb24
6513 6712 6612 6712
5812 594 5812 5912 5914 64
17,400 Amer Woolen of Mass__ 100 4514 Jan16
9828 6928
9934 9934 994 9012 9978 9978 *99 100
500
Do pref
100 9438 Feb 8
43
42
4212 4158 4214
4138 4138 4138 4278 42
5,700 Amer Writing Paper pref..100 2758 Jan 2
14
14
1413 1414 1414
*1313 1412 1378 1412 14
2,000 Amer Zinc Lead & Smelt -25 11 Jan31
45
4313 4378 *4314 4412 *44
4312 4412 *43
500
4412
Do pref
25 40 Jan21
6118 617s 6114 6152 6178 6214 6134 6234 x6034 6112
18,500 Ancaonda Copper Mining_ _50 564 Feb 6
127 12812 1274 13452 13412 13812 135 139
13313 13712
90,500 Atl Gulf & W I SS Line__100 92 Feb 8
*6712 70
70
70
6978 70
72
*69
7014 7014
700
Do pref
100 64 Jan29
9312 9113 9414 9078 9214
913s 91
8912 9114 90
86,400 Baldwin Locomotive Wks_100 6478 Jan29
*13014 13212 131 13112 13018 13112 13078 1314 131 131
2,600 Barrett Co (The)
100 103 Jan 2
7734 __ -- ---- 75
76
7612 7612 7612 *76
76
2,700 Bethlehem Steel Corp....100 5513 Jan20
7614 77
7578 7712 7614 7673
7614 77
754 77
107,560
Do Class B common 100 5538 Jan21
10834 10878 10838 10812
10778 10778 108 1004 10918 110
1,800
Do cum cony 8% pret___ 10158 Jan22
2012 2018 204
2014 2014 2014 204 20
20
201
3,200 Booth Fisheries
No par 1814 Jan14
163 16434 163 16434 16212 163
163 1631 16134 165
6,700 Burns Bros
100 138 Feb 6
718 738
714 712
74 73111
7
738
74 714
2,600 Butte Copper dr Zinc v t o..5
54 Feb20
8
223
2178
213
4
2214
214 2112 2112 231s
214 2144
11,400 Butte & Superior Mining_ _10 167s Febll
• Bid and asked pricsig no sales on this day. t Ex-rights. I Lees than 100 shares. a Ex-div. and rights. s Es-dividend
-;6- -61-4
iaa- 1- .-
10314
-JaK,
Highest.
PER SHARE
Range for Previous
Fur 1918.
Lowest.
Highest.
$ per share $ per share $ per share
9114 Jan 31 81 Mar, 9934 Nov
89 Jan 41 80 Jan 9213 Nov
99 Jan 6' 8938 Apr 109 Nov
5012 Mar12
4813 Dec 62 Nov
5613 Marll
53 Apr 6413 Nov
2678 Jan 8
2538 Dec 484 Jan
165 Feb27 135 Mar 17478 Oct
6034 Mar12
4934 Jan 6238 Nov
918 Feb27
6 Apr 11 Nov
27 Feb27
1813 Apr 32 Nov
4112 Mar12
3714 Apr 5414 Sept
7478 Mar12
6614 Apr 8638 Nov
98 Mar12
3912 Mar 107 Nov
133 Jan17 125 July 137 Jan
2812 Jan 3
18 Apr 3212 Nov
8014 Jan 3
5634 Jan 38 Nov
67 Jan 3
46
Jan 75 Nov
364 Feb27
26 Feb 40 Nov
70 Jan16
5884 May 70 Nov
284 Mar10
18 Apr 2713 Nov
5412 Mar21
47 Apr 55 Nov
4778 Mar 3
40 Apr 48 Dec
10912 Mar12 10012 Apr 11934 Nov
18234 Jan 2 160 Apr 185 Sept
514 Jan14
7 Nov
214 Jan
838 Feb26
5 Apr 1358 Jan
18 Mar10
14 Apr 2338 Nov
31 Mar 3
2318 Jan 364 Nov
22 Jan14
1812 Jan 2714 Nov
9513 Jan 2
Jan 10612 Nov
86
4412 Mar12
2518 Jan 3412 Nov
100 Mar22
92 Jan 10512 Nov
712 Feb24
912 Jan
434 Dec
24 Feb24
1714 Dec 4713 Jan
2134 Feb27
1518 Apr 2414 Nov
5378 Mar24
46 Jan 5912 Nov
574 Jan25
Nov
119 Jan13 110% D
Jan16
'
14 Nov
24
53
1238 Feb28
Nov
7 Feb27
1414 Feb27
5
7
134
2 Nov
61
6
7
41%2
3 Aprj
Ja
sn
7
u 13
27 Jan 3
20 Jan 3158 Nov
5434 Jan 3
41
Jan 62 Nov
7758 Mar12
674 Jan 8458 Nov
3458 Mar10
274578 May
2114 Mar 3
1814 Wrri 2438 Nov
10814 Jan 2 102
Jan 1124 Nov
9458 Mar12
8118 Jan 105 Nov
46 Jan 7, 4314 June 5018 Nov
1514 Mar 4.
94 may 1878 Nov
60 Apr 4
5212 Apr 64 Nov
4318 Jan15
30 Apr 50 Nov
4038 Feb271 2258 Jan 4038 Nov
83 Feb271 61
Jan 82 Nov
8678 Mar12: 7018 Jan 9614 Oct
3812 Feb 41 35 Jan 39 May
3812 Mar 7j 35 Mar 40 July
1414 Jan 3;
938 Apr 1714 Dec
193s Mar 3: 19 Oct 25 Nov
3378 Mar10; 28 Oct 404 Jan
- 878 Jan 3'
7 Apr 12 Nov
1914 Mar12,1
154 Apr 2514 Nov
10634 Apr 7' 8012 Jan 110 Nov
3014 Mar 3
205* Apr 3478 Nov
70 Jan 2
57 Jan 7514 Nov
3618 Jan 3
14 May 2912 Dec
49 Feb28
32 Dec 6514 Jan
13234 Mar 3 10934 Jan 13713 Oct
7434 Mar 5
Jan 7634 Nov
69
1314 Feb21
434 Jan 12 June
2878 Apr17
1013 Apr 21734
0 May
9 Mar 3
7 Apr 1134 July
3614 Mar12
3078 Dee 4413 Jan
22$8 Mar 3
Dec 2612 June
1238 Jan 9
110914 Dec
26 Mar14
20 Jan 32 June
2212 Mar 4
13 Jan 2434 Nov
6112 Jan 9, 46
Jan 66 June
934 Feb27
8 Apr 1234 Nov
21 Mar 3' 1712 Apr 26 Nov
364 Mar 7
297s Dec 3934 Oct
3434 AprlO
11
Jan
6812 Apr17
2578 Jan
81 Feb27' 49 Jan
414 Jan15
114 Apr
238 Mani
113 Apr
1784 Jan
3834 Apr16
9314 Apr17
7214 Jan
11034 Apr 9
78 Jan
108 Mar15
894 Jan
48 Nov
7933 Apr 8
9212 Apr16 .082 Sept
5214 Apr 1
34513 Jan
103 M10
ar
894 Jan
9534 AprI6
6814 Jan
11634 Apr16 106 Jan
5512 Apr17
25 Jan
93 Apr 3
78 May
1414 Mar 7
2613 Apr17
117s Jan
10738 Apr17
50 Jan
50 Apr16
114 Jan
6914 Apr17
3854 Jan
9112 Apr 8
5112 Sept
5412 Apr17
27 Jan
9838 Apr15
6914 Jan
6938 Apr15
534 Jan
105 Mar 5 x95 Jan
438 Jan 7
238 Sept
53 Apr16
41 Sept
7838 Jan 3
73 May
107 Jan14 103 Sept
8734 Mar10
58
Jan
133 Apr 8
98 Jan
118 Feb 5 10814 Mar
118 Mar12
6034 Jan
10858 Mar10
905s Aug
215 Mar12 14013 Jan
106 Jan 6
924 Sept
6712 Mar15
4478 Jan
102 Mar12
92 Jan
4353 Apr 9
2014 Apr
15 Feb28
11 Dec
45 Mar19
3834 Dec
6314 Mar10
59 Dec
139 Apr16
9734 Jan
7014 Apr17
58 Jan
9414 Apr16
564 Jan
1353, Apr 7
85 Jan
7612 Apr14
60 Dec
7713 Apr16
5934 Nov
110 Apr15
9613 Jan
2234 Jan 6
21
Jan
165 Apr 14 108 Feb
778 Apr10
51s Dec
2512 Feb28
1613 Jan
2634 Nov
6278 Nov
7214 Dec
538 Nov
313 June
37 may
864 may
106
Oct
101 Aug
84 Feb
9113 May
5034 May
99 Dec
9334 Dec
11512 Dec
4434 Oct
88 DecD
224 Sept
947g Aug
49
Oct
Oct
61
604 Oct
4713 Dec
92 Dec
7184 May
10238 Dec
1312 Feb
48 Dec
9434 Oct
11014 Nov
95 Nov
116 May
11412 Deo
145 May
10914 Feb
19834 Dec
10012 Dec
6078 May
9634 Dec
3931 Aug
2138 July
5314 July
2-7414 Oct
12014 Feb
6758 Nov
10134May
110 Dec
96 May
94 May
10678 Apr
2813 Sept
6112 Oct
1127s July
3312 May
New York Stock Record-Concluded-Page 2
1592
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.
Saturday
April 12
Monday
April 14
Tuesday
April 15
Wednesday
April 16
Thursday
April 17
Friday
April 18
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest
Highest
PER SHARE
Range for Preview"
Year 1918.
Lowest
Highest
IndustrlaI&Mise.(Con.) Par $ per share
$ per share $ per share $ per share $ per share $ per share $ per share
$ Per share $ Per share $ per 844"
0112 11212 6113 6213 6012 6178
6112 62
6114 62
8,100 California Packing_ ___No par 4814 Jan 2 6338 Apr 8
3613 Jan 50 Nov
25
2512 2512 2534 26
2734 2613 2734 2834 27
12,000 California Petroleum
12 Jan 2472 Nov
100 2038 Jan 2 2834 Feb21
6912 6934 70
70
70
7158 7013 7014 7114 7114
Do prof
3,700
100 644 Jan 2 7434 Mar 7
36 Jan 7012 Dec
7533 7638 7514 773
7634 7712 767$ 78% 77% 79
51,300 Central Leather
100 5613 Feb 8 8012 Apr 9
5434 Dec 738 Feb
*10778 10913 10933 1093 *10813 10913 10913 10912
Do pref
200
100 10413 Jan 7 10912 Apr 9 10113 Dec 108 Nov
4134 4234 4173 4313 4134 4212 4134 4214 4114 42
12,400 Cerro de Pasco Cop__.No par 31
Jan22 4334 Apr10
2914 Mar 39 Nov
140 146
139 141
145 147
1404 14514
9,400 Chandler Motor Car
14614 148
100 103 Jan18 152 Apr10
6814 Jan 10973 Doe
2353 2373 23% 2414 23
2313 2333 2314 24
23,800 Chile Copper
25 174 Jan21 2473 Mar28
23%
Oct
1413 Apr 24
36% 37
367 37
4,500 Chino Copper
3612 37
5 324 Feb 6 3838 Apr 7
3634 3714 364 3634
3133 Dec 4714 May
4213 4158 4214 42
4333 4214 4258 4218 43%
6,100 Colorado Fuel & Iron_ _100 3434Feb 10 447 Apr 9
42
3434 Jan 5412MaY
4578 467s 45% 4634
4513 4518 4513 46
10,100 Columbia Gas & Elec
100 3914 Feb I 4673 Mar18
4534 46
2834 Mar 4473 Dec
954 9513 9533 9413 9413 *94
95
*93
9514
900 Consolidated Gas(N Y)._100 874 Jan27 08 Feb27
95
8234 July 1053 Nov
7734 7812 78
79
78
100 6513 Feb10 8213 Mar10
7812 7734 7734 78
2,300 Continental Can, Inc
7813
6513 Oct 95 Feb
61
6038 6138 6034 6158 60
123,500 Corn Products Refining_100 46 Jan21 6153 Apr16
60%
5914 6014 60
297 Jan 504 Nov
105 105 *104 10513 105 10514 *101 106
Do pref
*104 106
100 102 Jan23 108 Mar19 2904 Jan 104 Dec
500
6953 6833 6914 6734 6913 67
24,600 Crucible Steel of Amerlea_100 524 Feb 7 7014 Mar14
6712
6634 6734 67
52 Jan 747 May
9412 9412 9413
Do prof
100 91
9413 *9314 9412 *93
9334 9334 *93
300
Jan 2 95 Marll
88 Jan 9134 June
29
2918 30
26
2614 2614 2833 2838 30
44,400 Cuba Cane Sugar___ _No par 2033 Jan27 3112 Jan 9 ' 2713 Apr 34 Nov
30
100 6913 Mar 1 80 Jan 9
7758 7814 774 78
Do prof
11,800
7733 7714 78
76
76
76
7714 Dec 83 Feb
144 144 148 14
1413 14
14
10 105 Jan31
4,800 Dome Mines, Ltd
1414
1478 Apr15
1414 14
6 June 15 Nov
294 2973 2914 3014 2958 3014 29
30
19,060 Gaston W & W Ine__No par 254 Jan21 3334 Mar 3
2938 30
2534 Oct 39 Feb
162 16314 163 164
16113 162
*160 162
100 14413 Feb 3 164 Apr10 12734 Jan 1584 Oct
16014 161
2,100 General Electric
17712 181
17634 179
17434 17613 17513 18314 z17978 181
78,000 General Motors Corp_ _100 1184 Jan21 18314 Apr14 10634 Jan 104 Aug
9234 9412 *9212 9413 9213 93
9214 9233
1,100
753 Oct 88 Feb
Do pref
100 82 Jan 6 9413 Apr14
-digs -di- 6638 67
6714 6712 67
6614 67
5,400 Goodrich Co (13 F)
68
100 5613 Jan10 713 Feb27
38 Jan 597 Oct
109 109
*10714 109 *107 108
10912 10912 *107 110
Do pref
200
100 103 Jan 8 10913 Apr16
9558 Dec 104 Dee
68
6778 678 *66
*66
*66
68
*6334 68
68
100 Granby Cons M S & P_ ..100 65 Mar21 80 Jan 3
74
Jan 86 Oct
4238 4234 4214 4234 417 4214 41% 424 4113 4238
5,100 Greene Cananea Copper..100 41 Feb13 4613 Jan 9
3812 Jan 5814 Nov
5218 5334 5313 5312
*5212 55
5114 5218 5178 52
• 900 Gulf States Steel tr otfs_100 4912 Feb 8 6173 Jan 3
5834 Dec 11112 Apr
497$ 5014 50
5014 504 5134 50% 5514 53% 55
20,200 Haskel & Barker Car--No par 40 Feb 6 554 Apr16
34 Jan 4914 July
49
4934 4814 491s 4853 4933 49
4918
15,700 Inspiration Cons Copper_ 20 4213 Feb 6 527 Apr 7
4934 49
4118 Dec 5812 Oct
1912 21
2034 201
2018 2133 20
2013
3,600 Internat Agricul Corp
2073 •18
100 1013 Jan 2 2138 Aprill
10 Jan 19 June
7414 76
74
74% 74% 7434 7514
75
73
73
3,600
Do pref
100 48 Jan 4 77 Apr 9
38 Jan 65 June
127 12713 12712 12734 127 128
12614 131%
127 128
13,700 Inter Haverster (new)
100 11018 Jan21 13133 Apr17 104 Oct 121 Nov
30
314 297 3133 3034 3334 3334 3533 3318 34%
226,600 Int Mercantile Marine...100 2114 Jan31 3538 Apr 16
21
Jan 33 Oct
11234 11434 113 11413 115 11753 11534 11834 11512 11634
193,440
Do prof
100 9234 Feb10 11834 Apr16
8333 Jan 12513 Nov
2613 267$ 2614 2612 2633 2638 2634 294 2834 30
132,300 International Nickel(The) 25 2413 Feb 3 3233 Jan 3
27 Jan 35 Nov
45
454 4513 46
46
45
4513 4612 4514 4534
7,900 International Paper
100 3014 Jan 3 4834 Feb27
244 Jan 4513 May
7314 7314 7314 73
73
73
73
*7214 73
73
900
Do stamped pref
100 62 Jan13 7512 Mar10
58 Jan 6513 Jan
12014 122
126 129
12814 12973 512234 12512 12113 124
36,100 Kelly-Springfield Tire.... 25 68 Jan21 12978 Apr14
41 Apr 72 Dec
32
3214 3214 32% 324 3213
3173 32
3134 32
11,400 Kennecott Copper....No par 2913 Feb13 3334 Jan30
29 Mar 4114 Nov
7014 704 70% 7013 7038
694 704 6934 704 70
4,000 Lackawanna Steel
100 6212 Jan21 2728 Mar10
6513 Dec 9158May
27
2713 2713 28
2712 27
Jan22 2813 Apr10
27
3,200 Lee Rubber & Tire.. No par 21
2713
2734 27
12 Apr 24 Dec
48
4778 47
5112
4734 47% 48
4713 4712 47
4,300 Loose-Wiles Biscuit tr otfs_100 404 Feb17 5112 Apr17
1713 Jan 4553 Dec
109 110
10914 10914 *107 110 *107 110
*107 110
300
Do 2d pref
100 94 Feb 5 110 Apr17
53 Feb 96 Dee
*71
78
*70
75
•70
75
*73
75
*73
Mackay Companies
78
100 70 Jan22 7334 Feb 4
70 Dec 7813 Feb
*64
*6313 65
65
*6334 65
*64
*6334 65
65
Do prat
100 64 Jan15 65 Jan 4
57 Jan 65 May
3834 3913 39
39
3933 40
39
1,600 Maxwell Motor,Inc
39
39% 39
100 268 Jan22 41 Mar14
2313 Jan 4213 Nov
67
6634 6712 68
3,300
67
6814 6714 68
100 503$ Jan22 698 Mar14
Do 1st pref
50 Dec 697 Nov
-51" -3133 3113 32
3012 3114 3013 3034
1,700
Do 2d prof
100 1914 Jan 2 3313 Mar14
19 May 3238 Nov
1813s 18314 182 18373 186- 1-891-2 18612 18934 18413 18713
119,700 Mexican petroleum
100 16234 Jan23 19714 Jan 2
79 Jan 194 Oct
110818 10818 *10313 10818
*10312 10818 *106 1084
25
Do prof
100 105 Feb 7 108 Mar10
87 Jan 107 Dec
*2358 2334 2313 2334 2312 2334 2338 2334 2313 23%
2,300 Miami Copper
a 2184 Feb 7 241 Apr 7 2214 Dec 334 Jan
4613 4758 4678 4734 54613 47
48
29,020 Midvale Steel de Ordnance_ 50 4014 Feb 7 48 Mar10
46% 45% 4618
41 Dec 61 May
_
7013 7013
100 Montana Power
100 69 Mar28 77 Mar 3
64 June 8112 Nov
1713 1753 1714 -1-713 -17- -1-7
18%
6,000 Nat Conduit & Cable_No par 14 Feb 8 1834 Apr 7
1
2 173$ 1734 18
13 Nov 2133 July
5,600 Nat Enam'g & Stamp'g_ _100 454 Feb 8 5834 Apr16
5613 5612 5658 5712 5712 5734 58
5834 5712 5734
3714 Jan 5413 May
*100 102
*9913 100
100 100
9914
99
600
Do pref
9913 99
100 93 Jan15 100 Mar31
88 Nov 9913 Feb
70
*69
7034 7133 7114 72
100 64 Janll 7314 Apr17
70
7153 7314
70
6,700 National Lead
4314 Jan • 6934 Dec
*108 110 *108 110 *108 110
200
109% 1097$ 110 110
Do prof
100 107 Jan 3 1104 Jan25
993 Mar 10513 May
5 1513 Mar18 1713 Jan 3
2,900 Nevada Consol Copper
1613 Dec 2178 May
1638 1638 1638 1638 1653 1678 1653 16% 1612 1634
110 110
800 New York Air Brake_._ _100 9114 Feb 3 2115 Mar14
111 111
*109 113 *108 113
110 112
9813 Dec 139 May
*50
52 .50
*51
51
52
.
50
52
*50
52
North American Co
100 47 Janll 52 Mar 4
3713 Aug 5713 Nov
4138 4312 4212 4358 42% 4314 42
4114 42
43
130,000 Ohio Cities Gas(The)._ 25 a3534 Feb14 447 Jan 3
3513 Mar 48 Oct
1034 11
11111 1134 10'78 1134 10% 1114 1012 11
207,100 Oklahoma Prod & Refining 5
8 Feb 3 1134 Apr14
718 718
7
718 738 7
812 Mar18
734 8
713 8
6,100 Ontario Silver Mining__ 100
8 Feb 1
414 Jan 13 June
33
33
34
33
40
*31
3714 40
3633 8434
37
2912 Feb 8 40 Apr15
19,200 Pacific Mall SS
2312 Jan 40 Dec
8114 8234 817 8213 83
8453 8334 85% 8314
89,500 Pan-Am Pet & Trans
50 67 Jan21 8573 Apr16
6314 Oct 7214 Oct
146 14718 14414 14414
600
Do pref
100 117 Jan22 148 Apr 9
86 Jan 12412 Oct
48
-ars 4814 4914 491-4 ;ii- 161-2 48 48
48
550 People's G L & C (Chic)_100 4513 Jan22 5234 Mar10
Nov
3953 Jan
35
355
35
36
36
3634 36
18,100 Philadelphia Co (Pittsb) 50 30 Jan 3 378 Apr17
37%
364 36
ov
3514 Oct
21 Apr 61.
4913 5014 4978 51
54934 508 5014 5114 5014 5114
3EI,400 Pierce-Arrow M Car...No par 3834 Jan22 5114 Apr16
34 Jan 5134 Nov
105 105
100 10113 Jan 3 1054 Mar13
100
Do prof
8934 Jan 104 Dec
"io- 2038 201 2073 21 213-4 2112 /1-78- 2034 2314
3114
Apr17
125,300 Pierce Oil Corporation.... 25 16 Jan 2
15 Sept 191$ Oct
4914 4913 5012 4934 5112 494 5014
4812 4834 49
17,600 Pittsburgh Coal of Pa
42 Jan 5834 Feb
100 45 Feb 3 514 Apr16
*84
86
*8412 86
*8412 87
300
864 87 •8412 87
100 8513 Mar17 87 Jan 9
Do prof
7934 Jan 857 Dec
7012 7178 7133 7258 72
7012 71
7253 7113 72
7,000 Pressed Steel Car
100 z59 Febll 728 Apr 9
5512 Nov 73 Aug
*9934 102 *100 102 *100 102 *100 102
*9934 102
Do prof
100 100 Mar 3 104 Jan14
93 Apr 100 Aug
87
*83
85
*86
*83
87 .83
*83
87
V
Public Serv Corp of N J 100 82 Jan31 9184 Jan 7
85 Oct 1094 Mar
12073 1201 12014 12012 1204 12012 120 12033 1204 1204
1,900 Pullman Company
100 11178 Feb14 12234 Mar19 1004 Jan 13214 Nov
7958 7953 7913 7953 8058 8134 81
83
7,200 Railway Steel Spring
81% 81
100 6813 Feb10 8314 Mar14
454 Jan 7813 Dec
10613 10634 10634 10634 10613 10612 10634 10634 *10512 108
600
100 104 Feb 4 108 Apr 3
95 Jan 10513 Dec
Do pref
207 21
20% 21
207 21
21
21
21
21
3,000 Ray Consolidated Copper_ 10 19 Mar 4 2134 Jan 3
1914 Dec 2614 May
82
7,400 Republic Iron & Steel
8212
8213 8253 834 84
8314 83% 8253 84
100 7113 Jan18 86 Mar12 z7253 Jan 96 May
*10213 10234 10218 1021s *102 10213 10233 10233 102% 10233
9238 Jan 10213 Sept
300
Do prat
100 100 Jan13 105 Mar19
9113 9214 9138 9234 9213 9312 9113 9314 9112 9212
10,300 Royal Dutch Co (Am shares) 7034 Jan21 9913 Feb20 z70 Dec 145 Oct
• 8914 9014 8913 9014 90
9138 89
58,600
Certfs for New York shares. 8613 Mar13 95 Mar21
9118 8918 90%
77
77
773 83
7,200 SaxonMotor Car Corp.-100
8
9
814 814
614 Mar21 12 Feb26
8
434 Aug 18 Nov
84
*178 184
182 182
180 180
800 Sears, Roebuck & Co__ 100 16813 Feb13 18514 Jan 8 13384 June 17812 Dec
18014 18014 18012 18034
124 1218 1218 1218 *12
13
400 Shattuck Ariz Copper_ _
1213 1212
10 10 Feb19 1313 Jan10 213 Dec 1814 Feb
03
4958 5012 5018 5418 5418 56
316,400 Sinclair Oil & Rerg___No par 3314 Jan 2 56 Apr15
2514 Apr 39 Feb
5413 5512 -53
5312 5312 53
5312
53
39 Jan 7114May
5158 52
54•
1,900 Sloss-Sheffield Steel & Iron 100 4613 Feb10 59 Mar12
4212 4338 4112 4273 4118 4134 41
9,000 Stromberg-Carburetor_No par 3634 Jan10 4338 Apr14 _
41%
4034 43
73,900 Studebaker Corp
6818 6734 6812 68
3373 Apr 727g Nov
6558 6634 66
.100 4554 Jan22 7014 Apr16
7014 68% 7014
9813
99
200
*98
98
8013 July 100 Nov
*97
*98
99
98
984 *98
100 92 Jan22 9813 AprIl
Do prof
8,000 Stutz Motor Car of Am_ No par 4214 Feb14 59 Apr14
57
37 Oct 55 Dec
57
58
5738 5733 59
59
5813 554 5718
3414 Mar 4553 May
*40
40
1,000 Superior Steel Corp'n
3913
3914 3913 *38
100 32 Jan21 4112 Apr 2
4012 40 4012 *38
95 Feb 100 Sept
100 9734 Mar29 98 Mar12
*9713 9812 *9713 9812 *9712 9812 *974 9813 *974 9812
Do 1st pref
1218 Mar17 1534 Apr 8
8,600 Tenn Copp & C tr etts_No par
1414
1414 14
1234 Dec 21 July
134 1414 14
1414 14
1434 14
213 21818 21513 21712 218 22214 219 22214 217 220
47,700 Texas Company (The)......100 184 Jan 2 22214 Apr15 13613 Jan 203 Oct
24,500 Tobacco Products Corp..100 7253 Jan29 93 Mar22
4812 Mar 8238 Dec
89
8914 904 9014 9078
9033 894 90
8913 91
100 10033 100 100
100 100
1,000
99% 100
Do prof
100 9912 Mar20 106 Jan 8 28714 Mar 10478 Dec
88
100 Union Bag & Paper Corp.100 75 Jan 3 84 Mar12
415
65 Jan 80 May
*80
85 *7513 86 •75
80
86
43
4312 4312 45
4438 46
31,700 United Alloy Steel_ ___No par 373$ Janll 4773 Apr16
47
4614 47%
367 Oct 4412May
13014 13312 13134 13314 13112 13334 134 13513
13078 135
52,300 United Cigar Stores
838 Mar 10834 Dec
100 10714 Jan 2 1384 Mar18
117 *11112 117 *11114 117 *11114 117
Do prat
100 106 Feb 5 111 Mar21 10114 Jan 110 July
•168 17312 *168 174
173 17678 172 17612 iii" fif"
4,900 United Fruit
100 157 Feb10 17673 Apr15 11614 Jan 16613 Deo
2212 2212 2214 23
2234 2314 2278 2278
2278 23
2,400 US Cast I Pipe 4. Fdy_ _ -100 14 Jan15 2334 April
1118 Apr 19 May
*58
60 .58
60
200
5912 5912 5873 5873
5914 *58
41 Mar 4734 Feb
100 4212 Jan18 5973 Apr 11
Do prof
7114 755s
7018 72
6738 6758 70
6612 6778 06
99,700 U S Food Products Corp..100 66 Apr 8 7553 Apr17
9714 Jan22 15934 Apr 9 296 Dec 137 May
15212 15518 15013 154
154 15734 15214 15712 151 155
58,800 U S Industrial Alcohol94 Oct 99 Mar
*106 107
10678 10678 10658 10658 107 107 *107 108
600
100 9614 Jan 2 108 Mar14
Do prof
Jan 8012 Dec
51
86
24,400 United States Rubber_ _ -100 73 Jan21 9014 Apr 9
88
858 864 8534 8714 87
87% 8614 88
11013 111
1,300
100 109 Jan20 11253 Apr12 295 Jan 110 Dec
Do 1st preferred
1123$ 1123$ 1117 11233 x1103$ 1103$ 11012 111
*4812 50
3213 Apr 5034 Oct
*4813 50
4914 4933 4873 48%
*49
50
300 U 8 Smelting Ref & M.-- 50 4314 Jan21 5112 Mar12
100
*4514 4712 *44
4713 *4533 4712 *44
Do pref
4712 4713 4713
ao 45 Jan18 50 Mar 2 4233 Apr 4734 Dec
8613 Mar 11612 Aug
407,200 United States Steel Corp. 100 8814 Feb10 10034 Apr10
9914 9834 9953 9834 10013 984 99
9738 9853 98
100 11313 Feb10 11673 Apr 5 108 Mar 11353 Dec
1164 11653 11612 1164 11613 1165 11612 11634 1165s 1103
2,670
Do pref
7114 Dec 93 Oct
7518 7514 7434 7534 7413 7434
6,200 Utah Copper
7312 7434 7434 75
10 6513 Feb 7 78 Apr 7
11 Sept 104 Nov
1534 164
1638 1638 1638 1638 1534 16
800 Utah Securities v t o
100 13 Jan 2 1712 Feb 4
3334 Jan 6014 Nov
9,600 Virginia-Carolina Chem_ - _100 51 Feb10 6213 Apr 9
5914 62
6033 60% 59% 614
-ars
2'6013 61
98 Jan 11353 Dec
112 112 *111 114
300
112 112
112 112 *11113 112
Do prof
100 110 Jan 7 11413 Apr 3
50 Jan 7313 July
Virginia Iron C & C
100 54 Mar31 5934 Mar12
7714 Aug 9538 Apr
600 Western Union Telegraph_100 8438 Mar27 89% Jan13
8634 8634 8634 iff34 863$ 867 ;ii- 87
384 Jan 4713 May
69,300 Westinghouse Elea & Mfg_ 50 4012 Jan21 4953 Apr16
4773 4812 4958 48
48%
4633 4612 4633 474 47
59 Jan 6412 Feb
6313 634
100
*63
*63
Do 1st preferred
65
*63
50 61 Feb27 6313 Mar 4
65
65
65
*63
3634 Jan 49 Nov
4,800 White Motor
50 45 Jan 3 5713 Feb28
55
5558 5618 55% 5614 5513 55% 5512 56
5534
2 3073 Mar18
Jan27
1512 Jan 30 Nov
2953 3013 z29% 3013 2912 30
34 j
2958 30
2912 2978
48,000 Willys-Overland (The) 25
9
Apr 8
95
75 Jan 8914 Nov
*9212 9412 *93
100
Do prat (new)
4514 Jan 7714 Dec
Wiil;
19,000 Wilson & Co,Inc, v t c No par 6538 Jan20 86 Apr10
8358 8412 83% 8511
125 125 •124 126
100 120 Feb 7 13312 Jan 9 110 Mar 12813 Oct
125 125
200 Woolworth (1
•123 125
'
1 W)
Oct 115 Sept
•116 117 .116 117 *116 117 *116 117
Do pref
100 115 Jan22 1174 Jan17 111
34 Jan 69 Aug
10,100 Worthington P&M vt 0.-100 50 Feb13 7212 Apr16
7073 7134 7013 7212
6812 6834 68% 71
853$ Feb 91 Apr
400
04
100 88 Jan 9 9434 Mar18
93
94
94
94
04
Do prof A
94
94
04
*92
59 Jan 704 July
100 66 Jan 3 754 Apr17
73
1,900
7413 7512
*72% 74
Do pref fl
73% 743s 74% 7413 75
53
,1614
1E-
16-
164
"ior2
-7754 Vf"
• Bid and asked prices: no sales on this day. g Lees than 100 shares,
Es-rights. a Es-dly. and rights. 2 Es-dividend.
New York Stock Exchange-Bond Record. Friday. Weekly and Yearly
1593
Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"-except for interest and
defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 17
11.'3
t
U. S. Government.
3s lot Liberty Loan__ _1932-47
45 let Liberty Loan
1932-47
1927-42
45 2d Liberty Loan
43.4e let Liberty Loan_1932-47
43je 2d Liberty Loan__ _ _1927-42
43-is 2d Liberty Loan_. 1932-47
44s 3d Liberty Loan
1928
4 Xs 4th Liberty Loan
1938 A
28 consol registered
d1930
consol
coupon
23
di330
48 registered
1925
Se coupon
1925
Pan Canal 10 30-yr 23
k1936
Pan Canal 10.30-yr 2e reg_1938
Panama Canal 33 g
1961
Registered
1961
Philippine Island 48
1914-31
Price
7'hursday
April 17
Bid
Week's
Range or
Last Sale
Ask Low
Range
Since
Jan, 1.
High NO. Low
High
99.00
95.50
93.56
95.50
93.55
Sale 98.70 99.404322 98.20 09.80
Sale 95.40 95.80 823 92.50 90.00
Sale 93.50 93.80 2327 92.10 94.10
Sale 95.40 95.80 755 94.20 96.60
Sale 93.50 93.84 3503 93.44 95.32
96.02 06.02
1 95.42 96.02
5-155 Sale 95.26 95.86 15743, 94.90 96.50
93.58 Sale 93.50 94.00 24960 93.50 95.72
97
9834 Apr '19 _
9778 9834
98 Mar'19
98
98
1-513- ;;--- 105 Apr '19 -- 10433 106
10614 Sale 10614
10614
4 10414, 10614
9814 Mar'19
9814 9814
09 July'18
91) ;7.;; 91 Mar'19
8712 91
90
91 NIar 19 _
91
91
100 Feb 'lb
Foreign Government.
1919 FA 99%
Amer Foreign Secur Es
Anglo-French 5-yr M Exter loan_ AO 97
Argentine Internal 53 of 1909._ MS 82
Bordeaux (City of) 3-yr 6s 1919 MN
993s
Chinese (Ilukuang Ry) 55 of 1911
13 I 69%
Cuba-External debt 5s of 1904_ MS 9912
Ester dt 5e of 1914 ser A.._1949 FA 9118
External loan 4348
1940 FA
8312
Dominion of Canada g 55_ 1921 AG 9758
do
do
1926 AG 97
de
do
AO 9678
French Repub 53-49 secured loan_
Japanese Govt-£ loan 4 As_ 1925
8
-n I-1111Second series 4548
1925 ii I 9118
do do "German stamp"_
8578
Sterling loan 4e
1931
-3 t 7558
Lyons (City of) 3-yr 68
1919 NI N
9938
Marseilles (City of) 3 yr 68_1919 MN 993s
Mexico--Exter loan £ 5s of 181)0 Q J I 65
Gold debt 43 of 1904
1954 J D 55
Paris (City of) 5-year Os_ 1921 AO 9838
Tokyo City 5,8 loan of 1912
MS 814
U K of (It Brit & Ireland9912
3-year 534% notes
1919 M N
5-year 534% notes
1921 MN 9838
Convertible 534% notes_ _1910 F A
20-year gold bond 55411-1937 FA 99
These are prices on the basis of $.5tof
Sale 9958
9934 655 9914 9978
Sale 9612
9718 1891 95% 9778
85
84
84
1 84
93
Sale 9914
9938 26 99 10212
70
70
70
5 70
7218
Sale 98
9912 23 9212 0912
9312 9118 Apr '19
9012 9312
8712 83
4 82
83
8414
9778 9734
9778 78 9734 99
Sale 9634
83 9633 98
97
Sale 9678
9714 17 9678 984
- 11:154/c. Mar'19
103 10033
Sale 91
42 8678 9258
92
Sale 91
9118 40 86
93
Sale 85%
86
89
6 84
1 75
7714 7578
7578
7738
Sale 9914
9938 28 99 10212
Sale 994
15 9834 10212
9938
8014 70 Apr '11)
61
7912
58
55 Apr '10
61
50
Sale 974
9812 305 9612 10014
Sale 814
2 804 83
82
Sale 993s
99,18 95 9914 l009Sale 98
9812 222 9
9734 99
10014 Jan '19
100 10158
Sale 987g
270 9812 10134
99
State and City Securities.
/V Y City-43j3 Corp etock_1960
4313 Corporate stock..._1964
4AS Corporate stock ____1966
43s Corporate stock July 1967
1965
4%a Corporate stock
1963
434e Corporate stock
1959
4% Corporate stock
1958
4% Corporate stock
1957
4% Corporate stock
4%Corporate stock reg. _1956
1957
New 4348
Corporate stock
1957
4
3% Corporate stock _ 19.54
1901
N Y State-4s
Canal Improvement 4s
1961
1962
Canal Improvement 45
Canal Improvement 4s_ 1960
Canal Improvement 4 30_1964
Canal Improvement 434e-1965
Highway Improv't 493_1963
Highway Improv't 41is....1965
Virginia funded debt 2-38_1991
(is deferred Brown Bros etre_ __
96
Sale 96
96
96
9638 96
96
96
9638 96 Apr '19
10034 101 10078
101
10078 Sale 10034
10078
10034 101 1007a
10112
91
9158 91
9118
91
91
91
9118 ____ 9012 Mar'19
9012 91
91 Mar'19
10081 __
101
101
101
Sale 10078
101
8112
8158 Apr '19
9612 07
99 July'18
9612 Apr '19
91112 101
9612
9754 Dee '18
9634 Sale 9634
9634
10612 10712 10634 Apr '19
10212 Dee '18
1071.1
10633 Mar'19
10018 June'18
784 Deo '18
69
7-61, 7012
7012
2 96
9714
2 96
98
96
9914
10 10038 10134
2 10012 10112
21 100 102
6 9034 9212
5 9012 9214
9012 9013
91
91
5 10012 102
11 10038 10112
8112 82
9612 974
---- - -9634 9034
10634 108
101;58 1-65-15g
63
- -_
7434
Railroad.
41905 Q J 5514 5538 5538
Ann Arbor let g 48
5538
3 55
58
Atchison Topeka & Santa Fe1.995 A 0 814 Sale 8114
Gen g 4s
82
00 8114 8512
Registered
1995A 0 __89
82 Mar'19
80
82
733Adjustment gold 4s
41995 Nov
4 77
7458 Mar'19
_ _ 744 8034
Registered
41995 Nov •_.._ 86
7312 June'18 ---7353 75
Stamped
41995 M N
74 Apr '19 - - - 74
7912
•____ 7612 761s Apr '19 ---- 74
Cony gold 43
19553
77
Cony 4s Issue of 1910
1960 J D 95
Sale 9134
95
13 9358 9514
East Okla Div let g 48-1928 M S 8912 9018 9018 Apr'
9018 9218
Rocky Mtn Div 1st 43_1965 J
7018 74
J
74
74 I
1 74
74
7712 Sale 7712
Trans Con Short L let 43_1958 J
J
7712
1 7712 81
Cal-Aria let & ref 43-43"A' 1962 MS 8112 85
85 Apr '19 _
85
85
S Fe Pres & Ph 1st g 5s__ _1942 MS 93 10018 9934 July'17 ---All Coast I. let gold 48-.41952 M S 8018 81
814
8118
1 8118 8512
Gen unified 4343
1964 3D 8012 8214 8312 Apr '19
8212 88
Ala Mid 1st gu gold 53
1928 MN 9678 ---- 9612 Feb '19
9618. 9612
82
Bruns & W 1st gu gold 43_1938
89 ! 78 Oot '18 ---- - - Charles & Say 1st gold 78.1936• J 112
:12978 Aug '15'...-74
L & N coil gold 4s
01952 MN
Sale 74
7812
Sav F & W 1st gold 68.-1934 AO 105 --- 108 Dec7'181.-..1
1_ - -- - let gold 5s
193 AO 964 _ -,105 July'15,---Bait & Ohio prior 3%a
J 883s Salo 8818
1925 J
8813 51 88 8914
Registered
41925 Q J 87 ___ 87 Feb '19
87
87
let 50-year gold 43
41948 AO 757 Sale 75
8212
75
Registered
41948 Q J --7518 9234
751 3754 Sale 7518 Mar'17
10-yr cony 434s
1933
7512 42 73
80
Refund St gen 58 Series A_1995 3- 6 7734 Sale 7712
79
42 7712 8212
Pitts June 1st gold (is__ _1922 J
J 984 - - - 112 Jan
'121-- - - - - - P Juno & M Div let g 3%to 1925 M N 85
8714 844 Apr '19,--- - 834 8614
PLE&W Va Sys ref 43 1941 MN
713-i 73
7178 Apr '19 -- 7178 78
Southw DIY 1st gold 3348_1925 J
J 8334 8612 8312
83t8
2 83
8614
Cent Ohio R 1st c g 4348-1930 M S 8738 -_-- 8934 Mar'19
8934 8934
Cl Lor & W con 1st g 53..1933 AO 9513 ____ 9512 Apr '19
9512 9512
Monon River 1st go g 59-1919 FA
10114 Nov'16
Ohio River RR 1st g 53_ _ _1936 ID 944 --__ 96 Jan
'19
-6ti - 96
General gold Os
1937 AO 89
9133 Mar'19
9118
90
Pitts Clot & Tol 1st g 68.._1922 AO 994- 994 Mar'18
Tol & Cln div 1st ref 43 A _1959 J
6212
J
6072 6312 Apr '19 -- 6.112 68
Buffalo R & P gen g .58
1937 M S 9713 107
99 Mar'19
99
99
1957• N 874 --- 9912 Oet
Consol 4348
'17
All & west 1st g 4s gu...1998 AO
75
9612 97 Nov'16
Clear & Mall 1st gu g M 1943 J
J 8812 _ _ 1034 Feb '16
Roeh & Pitts let gold 6s 1921 FA 10034 ____ 10078 Apr
i0678
1922 J D 1014 103 10112 Apr '19
Consol 1st g 68
'19
101 10112
Canada Sou cons gu A 5s_ 1962 AO 90
92
9218 Apr '19
88
9578
Car Clinch & Ohio let 30-yr 58'38 J D 7512 8318 80 Mar'19
82
80
1945 FA
Central of Ga 1st gold 5s.....p1
994 ---_ 100 Mar'19
100 10012
•N
Consol gold 53
90
914 90
90
944
1 89
Chatt Div pur money g 43 1951 3D 74
7514 7514 Mar'19
754 7514
Mac & Nor Div 1st g 5a-1946 J
J 83 ____ 90 May'18
J
1947 J
Mid Ga & Atl
59
904 --_ 9758 June'17
_
1946 • J 92 _
Mobile Div 1st g 5s
9134 Jan '10
9134 9134
cen titn & of Ga coll g 58-1937 MN 8834
89 Mar'19
89
80
1987 J
J 10212 10258 102
Centof N J gen gold 5.8
103 ---6 102 105
41987 Q J 100 102 101
Registered
101
2 101 10114
Am Dock & Imp gu 53-1921 J
J 994 10034 9914 Apr '19
9914
99
Leh & Ilud Riv gen gu 5s_1920 J
J 964 - - 100 Apr '18
N Y
Long Br gen g 43-1941 M S 8833 --- 10012 Jan '13
Cent Vermont 1st gu g 4s_e1920 Q F 55
68
65 Jan '19
65
65
Chesil & 0 fund & impt 5s._1929
9114 Sale 9114
9114
9318
4 89
1939 MN 97
1st consol gold Os
9914 99 Apr '19
974 L9912
1939• N _
Registered
9734 10412 Jan ,17
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 17
Price
Thursday
April 17
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Chesapeake & Ohio (Con)Bid
Ask Low
High Na.I Low High
General gold 4343
S 7734 7812 7738
7712 16 77
834
Registered
MS 73
754 8634 Mar'17
20-year convertible 4%3_1
7934
993
990
22 FA
19
Sale 7958
7978 54 775 -81-12
30-year cony secured 5.8_1946 A0 854 Sale 8558
864 67 8414 89
Big Sandy let 4s
3D 7812
75 Nov'18
Coal River Ry 1st gu 48-1
72
8234 8512 Nov'16
19
945
44 ID
-Craig Valley 1st g 58
8258 9634 9634 Feb '16
1940 J
Potts Creek Br 1st 4s
1946 J
J 6658
8434 Jan '13
It & A Div 1st con g 4s_ 1989 J
75
J
75
2 "ig" "fEls
7514 75
2d coneol gold 4s
1989 J
J
6933 85
71 Oct '17
Greenbrier Ry lot gu g 48_1940 NI N
7118
8812 Sept'16
Warm Springs V 1st g 5s 1941 MS 804
11314 Feb '15
Chic & Alton RR ref g 3s_ 1949 AO
51
53
50
8 50 -bi
5114
Railway 1st lien 3345
37
1950 J
J
Sale 3634
26 3534 40
37
Chicago Burlington & QuincyDenver Div 48
FA 100
9914 Jan '19
9914 9914
Illinois Div 3
J
74
77
74
75
4 734 7534
Illinois Div 48
8412 Sale 8212
J
J
6 8212 854
8412
Iowa Div sinking fund 58_11119
9
99424
19
992 AO 99,
8
9934 Jan '19
9934 9934
Sinking fund 4s
4919 A0 9914 Sale 9913
2 99
9914
9934
Joint bonds. See Great North.
Nebraska Extension 4s_ 1927• N
9212 Sale 9212
924 10 9212 9334
Registered
8818 9338 91 Mar'18
1927 MN
General 43
MS 8078 Sale 8012
17 80
8078
8312
Chic & E Ill ref & imp 43 g_ _1
J
27
30
195
955
8J
28 Mar'19
25
29
II 8 Mtg St Tr Co ctfs of dep...
2518 2812 25 Mar'19
22
25
let ooneol gold 6e
-45 100 102,2 194 Feb '19
1934
10312 104
General consol 1st 5s
7112
1937 NI N
81,2 75 Feb '18
75
75
US Mtg & Tr Co ctfs of dep_
74
704 Apr '19
7014 7618
Guar Tr Co ctfs of dep _____
70,2 75 Nov'18
- _
Purch money 1st coal 58..1942
9734 Feb '13
Chic & Ind C Ry let 5s. 1936 J
25
J
32 Mar'17
Chicago Great West 1st 43..1959 M S 60
Sale 5012
6012 45 59
6212
Chic Ind & Loulsv-Ref 63_1947 J
J 1004 --- 103 Jan '19
103 103
Refunding gold 5s
1947 J
.1 83 ---- 10012 Apr '17
--- Refunding 4s Series C
6812
1947 J
J
8412 Apr '17
Ind & Louis,
/ 1st gu 4s_ 1956 J
J 6018
70 Nov'16
Chic Ind & Sou 50-yr 4s
78
1956 J
84
J
7834 Feb '19
783 78g
Chic L S & East 1st 434e
1969 J D 82
973s Dec '16
---Chicago Milwaukee & St PaulGen'l gold 48 Series A____e1989 J
7212
J 72
72
7612
Registered
_ 72
e1989 Q J
92,
8 Feb72
'6
112
Permanent 45
85
1925 J D 82
7 8112 84
82
82
Gen St ref Ser A 434a__a2014 A 0 6912 Sale 69
6978 14 6612 7414
Gen ref cony Ser B 5s_ ..a2014 F A
7734 Sale
24 7734 817
Gen'l gold 33.4s Ser 13._ _ _e1980 J
64
J 63
6
8
:
76
0
7 Nov'18
7
88
012
General 4343 Series C____e1989 J
8012 84
J
80
84-33
25-year debenture 48
72
Sale 72
1934 J
3 704 734
72
Convertible 434e
1932 J D 7514 Sale 7514
77
29 75
8178
Chlc& L Sup Div g 53
96
9834
1921 J
J
9758 Dec '18
ChIc & Mo Itly Div 5s_ 1926 J
J - _ 100
92 Oct '18
Chic&PWlstg5s
.6f12 98
19213 J
9712
9712
97
9858
C M & Puget Sd 1st, gu 43_1949 J
6914
693
8 6033
J
6812 70
Dubuque Div 1st s f 6s_ _ _1920 J
- 993 Apr6
J 9914
'
919
8 ..--! 9938 9978
Fargo & Sou assum g 63 1924 J
J 9934 1.1113 10478 Sept'17 -La Crosse & Diet 58
9818 100
19193 J
9958 Feb '19
99 -£1.4;
,
;
WIs & Minn Div g Os
9034 101
1921 J
J
1 97
9818
Ms Valley Div 1st 6s
9612 ____ 97
1920 J
J
99 Jan9'719
99
99
Milw & Nor let ext 4348..1934 .1 D 88 ____ 8834 Mar'19
8834 8b
Cons extended 4343
9014 9012 Dec '18
1934 J D 85
Chic & Nor West Ex 4s 1886-1926 F A 8814 9312 89
1 89
89
89
Registered
1886p
-119
92
86
A 8618 92
7Q
F F
95 Dec '18
General gold 334s
70
71
70 Mar'19
-i6
71
Registered
67
71
7012 Apr '19
69
7012
General 43
:
INI N 8818 81
1987
887
8258 Apr '19 ---- 81
8258
Stamped 4s
8112 82
814 Oct '18 ---General 5s stamped
99
Sale
9833 101
Sinking fund 63
1879198
29
N 10153 104 10158
7A
M O
9814 Apr9
'
9
19
8 75 um% 10158
Registered
1879-1929 A 0
10912 Apr '16
Sinking fund 5s
1879-1929 A 0 9633 98
9633 Apr '19
9618 9612
Registered
1879-1929 A 0 9614 -96 Nov'18
D
Debenture 5s
994 98 Mar'19
1921 A 0 98
98
98
Registered
98
1921 A 0 97
98 Mar'19
97
98
9314 95
SInking fund deb 5.8
1933 M N
9612 Feb '19
9612
9612
9038
Registered
1933 M N
97 Nov'18
- -- _
Des Plaines Val 1st gu 4348'47 M S 8018 -- 10112 Oct '16
Frem Elk & Mo V 1st 6s 1933 A 0 10614
10618
- 1064
icie:
18 109
ManGB&NWlst33.4s..1941 3 J 61
88 Jan '17
Milw & S L let gu 33.43_1941 J J
Mil L S & West 1st g 63_1921 M S 7.(76371
i5634 10034
Ext & Imps f gold 5s
1929 F A 903- 19
68316 4 j.raft:19
6
9814 99
Ashland Div 1st g 6s.._ _1925 M S 104 ____ 101
5 104 104
104
104
Mich Div let gold 6s 1924 J
10614 1024 May'18
J
Mil Spar dc N W 1st gu 43_1947 M S 7412 84
7814 Feb '19
78
784
St L Peo & N W 1st gu 58 1948J
J ---- 9458 93
93
10 93
98
Chicago Rock Tel 3c Pac7538 Sale 7538
Railway general gold 4s_..1988 J J
7714
7538 7912
Registered
1988 J
J
Refunding gold 4s
.
4 -gLe 7
1934 A 0 -772
7N.: MaY
7118
2 55 70
761k
20-year debenture 5s
1932 J J
7012 Mar'19
7012 7012
RI Ark & Louis lot 4348..1934 M S 6812 69
8712
2 6712 72
68,4
Burl C R & N 1st g
_ _ _1934 A 0 •••••-• rn! 95 Apr '19
9478 96
CRIF&NW 1st gu 53 1921 A 0 921a 9812 9714 Feb '19
9714 9714
Cho Okla at G gen g 5a_ _g1919 J
J 985* ---- 97 May'18
- --Consol gold 58
1952 M N
---- 93 May'18
____
Keok & Des Moines let 53 1923 A 0 69
Sale 69
69
65
7033
St Paul & K C Sh L 1st 4343'41 F A
69
Sale 69
3 6612 71
69
Chic St P M &0 cons 6s
1930 J D 10618 Sale 106
13 105 107
107
Cons tia reduced to 3348 1930 J D 844 864 88 Sept`18
Debenture 5s
9314 9218
1930 M S 90
9218
1 91 -if
North Wisconsin let 65
1930 J J 10258 ---- 118 Nov'16
St P & S City lot g Os_ 1919 A 0 ---- -- 100 Feb '19
kW Superior Short I. let 53 g_c1930 M S 92 _
95 May'18
Chic T II & So East let 53..1960 J D
60 Feb '19
-66- -64.Chic & West Ind gen g 6s__g1932 Q Si 10312 Sale 10312
6 10212 10312
10312
Consol 50-year 4s
62
Sale 62
6233 10 61
65
din
& D 2d gold 4543
57
2 .J1 1
3
193
90 May'17
C Find & Ft W let gu 4s g 1923 M N
88 Mar'll
Day At Mich let cons 434e 1931 J
-_--; 79 Nov'18
J
- - --Cies,Cln Ch & St L gen 43_1993 J
6812 70
6712 Apr '19
6712 7212
20-year deb 4 kis
78
1931
J
7878 7814
4 76
7834
80
General 53 Series B
1993
D 8214 8434 8614 Aug '18
- -Cairo Div 1st gold 4s
7314 79
1939 J
J
7834 Apr '19
7834
Cin W & M Div 1st g 43_1991 J
6734 73
J
6734 Feb '19
6734 6734
St L Div let coll tr g 43_ 1990 NI N
72
70
74 Mar'19
74
7618
Spr & Col Div let g 4s.._ _1940 NI S 7438
744 Jan '19
7418 744
1940 J
7034
J
_ 84 Nov'16
W W Val Div 1st g 4s
C I St L & C consol fis__ _ _1920 M N
9934 10018 99 Sept'18
let gold 4s
k1936 Q F 8214 90
87 Dec '17
Register
k1936 Q Fed
884 May'15
Cin S & Cl cons 1st g 53__1928 J J 9234
_ _ 934 Mar'19
937k 937g
CCC&Igenconsg 63_19341 .1 10313 101 107 Feb '19
107 107
Ind B & W 1st pref 4s__ _ _1940 A 0 7518
_ 94 July'08
0 Ind & W 1st pref 53
8238 _
11938 Q J
Peoria & East 151 cons 43_1940 A 0 51
54 Apr 19
E5
51
56
Income 43
13
1990 Apr
1718 1212 Feb '19
12
1212
Cleve Short L 1st gu 434s. _ _1061 A 0 *85
_ 87 Mar'19
87
89
Colorado & Sou 1st g 4s__ _ _1929 F A
8714 Stile 87
883s 14 87
8914
Refund & Ext 4 343
1935 M N
784 Sale 7734
7 7714 7912
7812
Ft W & Den C 1st g6s
1921 J D 98
9934 99 Feb '19
99
9934
Conn & Pas Rive let g 4e. 1943 A 0 - -- Cuba RR let 50-year 53 g- -1952 J
9434 93 Feb '16
3
- Del Lack & WesternMorris & Ess let gu 3343._2
20
1 3
J D
10
90
J
73
72
71 Oct '18 ---N Y Lack & W let Oti
10034 1017s 1007s
10078
5 idO78 10073
9712 _
Construction 50
1923 F A
9758 Mar'19 -- 9534 Ka
Term
g
rouvt
920
g 34
3 M
45NA
2
100
F
9114 96
9212 Apr '19 -- 9212 9212
Warren tirefmP
67'2 ---- 10218 Feb '08 .-
No price Friday; latest this week. a Due Jan. d Due APril, aflis
May. 0 Due Juno. h Due July. k Due Aug.•Des04S. JPDssNiy. f Due Dee.
.
e3
OPS1011 sale-
BONDS
N. Y. STOCK EXCHANGE
Week ending April 17
-i3
Z
Price
Thursday
April 17
Week's
Range or
Last Sale
i
QA
1
BONDS
N. Y STOCK EXCHANGE
week en ling April 17
Range
Since
Jan. 1.
High No. Low High
Bid
Ask Low
Delaware & Hudson9613
1922 J .1 9614 97 I 9612 Apr '19 --- 96
1st lien equip g 4 yis
8114 15 83% 8514
8412 81
1913 RI N 82
let & ref 4s
91
9514
6 91
92 1 91
1935 A 0 91
20-year cony 5s
755s 77
Alb & Susq cony 330-.1948 A 0 7218 7512, 76 M tr'19
Renss St Saratoga lit 79_1921 M N 10214 101 110234 Apr '19 ----' 10234 10234
1
Denver St Rio Grande6714 31 6612 73
1936 1 J 6734 Sale' 6612
1st cons g 4s
734 72 Apr '19
76
72
1936 J J 70
Consol gold 430
79
Ir'19
M
791s
79
8I
777
75
D
J
59-1928
gold
Improvement
5714
4018 16 45
4712 45
1955 F A 46
1st & refunding 59
Rio Or June 1st gu g 59-1939 J 0 77 - - 8734 Nov'16 -.- .._ __ _ _
. 6114 Apr '11 ---- ---- -_
Rio Or Sou 1st gold U....1910 J .1 _ _ _ _ gil
39 July'17 --,
1940 j j
Guaranteed
18 631s 7214
6612
e 61
dRio Or West 1st gold 4s 1939 J J -6E1;-g9
10
56
57
53
Mtge & coil trust 45 A...1949 A 0 53
82 Dec '16 ---Det & Mack-lst lien g 4s-1995 J D 63 73
57.513
55--July'16
78
5)
D
J
1995
Gold 4s
8114
_ 8112 8112 Mar'19 ---- 81
Del Illy Tun Ter Tun 4 As_ _1961 M N _
_ _ _ .._
'
Dul Missabe & Nor gen 5.4_1941 J J gi ---- 9614 June18
9258
2 9258 911s
9258
Dul & Iron Range 1st 55_ -1937 A 0 9212 100
1937 A 0 ......... .... - 10512 Mar'08
Registered
-- -- - 8412 83 Feb '19 -_-83
Dul Sou Shore & Atl g Is..,,1937 J J 81
Elgin Joliet & East 1st g 5.1_1911 M N 914 ____ 99 Nov'18
9.
9914
-9
% i567s
1920 M S 9914 10)4 9934
Erie 1st consol gold 79
781s Oct '18 ---- ---- -N Y & Erie 1st ext g 4s_ -1917 MI N 81%
9014 981s June'18 ---- - - - --1919 M S 9914 ---2d ext gold 5s
1923 M S 9118 ---- 9312 Jan '18 ---3rd ext gold 434s
1920 A 0 96% ---- 9912 July'17 ---- ---- -- - 4th ext gold Is
1923 1 D 8218 .- 9134 Nov'15 -5th ext gold 45
NYLE&Wlstgfd 75..1920 M S 9712 10012 100% July'IS ---- ____ _.
7012
6512
4 65
53 66 6538
Erie 1st cons g 4s prior._.1996 1 J
1996 J J ---- ----84 Deo 16 ----,
Registered
6 5213 5812
53% 53
53
let consol gon lien g 4s.1996 J J 53
73 June'19 --1996 J J
Registered
Penn coil trust gold 45.._1951 F A -fir "ii" 7734 Feb '19 ---- -ii5-8 -ii.47
20 4618 49
4612
50-year cony 45 Ser A-1953 A 0 457s 47
4878
4634 11 46
4612 4612
1953 A 0 46
do Series II
48% 91, 4712 52%
Gen cony 4s Series D.--1953 A 0 4812 Silo 4818
9518
1932 M N 9018 9078 93 Apr '19 ---- 93
Chic & Erie 1st gold 54
Clev & Mahon Vail g 5s 1933 1 J 9153 --- 10618 Jan '17
t- 'lo"
3 -it l2
98
Erie & Jersey 1st s f Os. _ -1955 J J 98 ---- 98
97
97
96
1' 9518 101
Genesee River 1st s I fis- 1957 J J 97
108 108
Long Dock consol g Os_ -1935 A 0 107 ---- 108 Mar'19
Coal & RR 1st cur gu 6s-1922 NI N 9318 -- 103 Jan '18 .- -. ___ __ _ _
1943 J J 8712 ---- 10212 July'17 -- ____ _ _ _ _
Dock & Impt 1st ext 5s
.. _ __._
- 85 Jan '18
N Y & Green L gu g 55...._1946 M N
1 71
-- 71
8110
7814
71
71
N Y.Flusq & W 1st ref 5.4-1937 1 J 813%-'06
Dee
10014
--F
---A
1937
2d gold 4I45
1940 F A ___- 61% 60 June'18 ---General gold 5s _
1913 M N 881s 9814 97 Dec '18 ---- - -- - - - - Terminal 1st gold 59
1910
Mid of N J 1st ext 5s
72
72 Jan '19 .-- 72
Wilk & East lit gu g 5.4_1942 J D 60 'Ai
Ev & Ind 1st cons gu g 63-1926 J2312Jan '17 ---"66" "di"
Evansv & T II 1st coos fls-1921 J .1 -6i""gi" 98 Feb '19
5 -- 8518 June'17
19-12 A 0
let general gold bs
Mt Vernon 1st gold 6s_ 1923 AG ---- ---- 108 Nov't 1 ...9858 95 June'12 --Sun Co Branch 1st g 5s 1930 A
8238 10 "if "ii"
D 825 Sale 81
Florida E Coast let 430.-1959 J 0__
Fort St U D Co 1st g 430_1911 J J ---- ----92 Aug '18 ---- _ _ _ _
. 5612 Oct '17 ---- __ _ _ _ _.
Ft Worth & Rio Or 1st g 4s.1923 J J 57
78
-,...,
80
'18
Dec
7014
0
A
Galv nous St Hen 1st 53-1933
9553 102 -6ii -66Great Nor C B & Q coil 4s 1921 j j 9552 Sale 9512
/11921 Q J 951 9512 95% Apr '19 --.- 95% 9558
Registered
8538
6 85 89
851s
let & ref 4Iis Series A ____1901 J J 85% 86
---- 90 June'16 ---1961 J J
Registered
1933 J 1 88 --- 8912 Apr 'IS ---St Paul M & Man 4s
1933 J 1 10718 109 10312 Apr '19 ---- 10812 10312
1st consol g (39
1933 J 1 102 ---- 118 Apr '17 -.Registered
95
93 Apr '19 ---95
J 93
J
4349_1933
gold
to
Reduced
J 9012 99 10212 M ay'16 ---1933 J
Registered
-18ggis
938812 861s Mar'19 ---- -85
1937 .1 D 85
Mont ext 1st gold 45
1937 1 I) 83% ---- 9512 M tr'18 -.....Registered
. 8512 Nov'15 --1940 J J 77
Pacific ext guar 4s .C
E Minn Nor Div 1st g 43_1943 A 0 7758 -..-- 80 Nov'18 ---1922 J .1 10058 - - 10014 M iy'18
Minn Union 1st g Os
id612 ii1131-2
10612
1937 1 J 10612 -Sae 10612
Mont C 1st gu g Os
1937 J J 102 --_- 13014 May'06 --Registered
2
98
-6i- "6912
98
---93
.1
J
1937
1st guar gold 5s
10934 Aug '16 -Will & S F 1st gold 59_1938 J D 9612
4 5114 Feb '19 --- "if" "ii '5114 -'79-1Green Bay ec W deb ctfs "A"..... Feb
612 61
6
618 16 613 818
Fob
Debenture ctfs "B"
8212
Gulf & S fist ref & t g 5s__b1952 J J ---- 7814 80 Jan '19 --__ 80
83
77 Apr '19 ---- 77
78
77
Hocking Val 1st cons g 4 yis 1999 J J
-- - - 7312 June'18
J
1999 J
Registered
Col & II V 1st ext g 49.--1943 A 0 76% ---- 7312 Oct '18
7614
7614 -.Li -i0-1-4 -i1i1-4
1955 F A 7614
Col & Tol 1st ext 4s
Houston Belt & Term 1st 53_1937 J J 80 -gg1-2 85 Dec '18 ......
Illinois Central 1st gold 49_1951 J J 851 -- 87 Mar'19.,.... -go- - -fig - 92 Sept'17 __ - --- - - -1951 J J ---- ---Registered
1951 J J 7218 ---- 7534 Oct '18 ---- --- -- -1st gold 3 As
1951 J J 7114 --- 84 Nov'15 --- ---- - Registered
Extended 1st gold 3 As__ _1951 A 0 7218 --_- 80 June'17 -... ....__ _
1951 A 0 7138 ____
Registered
1951 M S ---- 81 -go-let gold 3s sterling
1951
Registered
79
77 Feb '19 ---- '77
S
A O
1952 M
Collateral trust gold 4s
1952 A 0 - - ----95-18 Sept'12 ---- ---.
Registered
7 7812 8114
793,
e 7912
1955 M N 7934
1st refunding 4s
7212
7212
3 72
7212
7214 73
1952
Purchased lines 3I4s
1 73
775s
73
73
1. N 0 & Texas gold 4s_ __1953 M N 7314 76
1 711s 711s
71%
7118
711s 73
1953 M N
Registered
Cairo Bridge gold 4s....1950 J D 78 ---- 78 Nov'18 --Litchfield Div 1st gold 39_1951 J J 60 ---- 79 Feb '14 -- - --- - -- J 6712 --- 7312 Nov'18 -.- -- - - - - - Louisv Div & Term g 336s 1953 J
1953 1 J ---- ---- 83 Aug '12 ---Registered
-- ---1921 F A 9718 ---- 102 June'16 -_- --- - -Middle Div reg 54
Omaha Div let gold 3s_ 1951 F A 61 ---- 58'4 Sept'18 -- - - - - - - - 65
62 Oct '18 -- - -- - -- - St Louis Div & Term g 39_1951 J J 61
6518 Oct '18
1951 J J 7018 73
Gold 330
1951 J J 6458 --_- 80 June'18 ---- -- -- -- - Registered
1951. J J 6714 8112 805s Nov'la --- -- - - -- - Springt Div 1st g 3Iis
8012 Dec '13 ---1951 F A ' 3
Western Lines 1st g 49
--- - - •
1951 F A ---- ----92 Nov'10 ---- ---Registered
-11712 May'10
1923 .1 D iiii;
Belley & Car 1st as
73
Carb Sr Shaw 1st gold 49 1932 M S 7318 ---- 73 Mar'19 ---- 73
Chic St L. & N 0 gold 5s 1951 J D 99 ---- 9834 Feb '19 -- 9118 9914
1951 J D 9412 --__ 951s Feb '19 _- 9518 951s
Registered
8512 July'18
1951 J D 6612 Gold 334s
.80
1951
Registered
11 87
95
712
'
88
Joint 1st ref Si Series A.1963 J D 87 90 8
Mernph Div 1st g 4s_ 1951 J D 7212 -__- 7018 Oct '18 -- _ _.._ _ _
78
65 Nov'17 ---1951 J D 71
Registered
St Louis Sou 1st gu g 49_1931 M S 8038 ---- 7934 Jan '19 ....._ -70.1-4 -76.3-4
8014 Feb '19 -- 8014 82
1950 J .1 80% 98
Ind 013c Iowa 1st g 4s
1919 M N 9214 9512 93 Apr '19 ---- 93 90
Int & Great Nor 1st g 64
82 Feb '19 ---- 82 82
James Frank & Clear 1st 49_1959 J 0 8034 90
7 60 643s
601s
Kansas City Sou 1st gold 3s_1950 A 1 60 (3012 60
78 Oct '09
1950 A 0
Registered
827s
3 815s 8518
Apr 1950 J J 8218 8312 8158
Ref & Impt 5s
17 76 81
77
Kansas City Term 1st 4s_ _1960 J .1 77 Sale 76
90
88
89 Mar'19 -- 89
Lake Erie St West let g 53..1937 J J 80
8038 Feb '17 ---1941 J J ---- 80
24 gold 54
803s Oct '18 --- - -- - - --- North Ohio 1st guar g 53..1915 A 0 _-_- 95
92
89 Apr '19 ---- 89
Leh Val N Y 1st gu g 434s..1910 J J 8714 89
93
89 Oct '17
1940 J J 84
Registered
-- - - -- -2 7512 8012
80
Lehigh Val (Pa) cons g 4s...2003 M N 80 SAIO 80
90
General cons 43.4s2003 M N 8312 ---- 85 Apr '19 --- 85
----
---.
----
----
--_-
_-__
____.---_ _ -_
juiy-,55 ........
---- ----
"g3 "8-1"
--
*No price Friday: latest bid and asked this week. a Due Jan. I Due Feb.
[VOL. 108.
New York Bond Record -Contin ue:1-Page 2
1594
t
Price
Thursday
April 17
Week's
Range ot
Sale
Last
ce
Range
Since
Jan. 1.
High No. Low High
Ask Low
Bid
,
1911 AA O 100 -__ 10014 Feb '19 ---- 9818 10214
Leh V Term Ity ist gu 5s_ 1
-O 10178 102 113 Mar'17
Registered
21 10118 102%
102
10178 Sale 1017s
Lob Val RR 10-yr coil 6s_n1928
J 10014 10012 9714 Mar'19 __-- 9714 9714
Len Val Coal CO 1st go g 59-1933
--105 Oct '13
193'3
Re4istered
--;
j "i61
1933
1st list reduced to 4s
"id" July-i;
Leh 3, N Y lit guar g
-... ....... ___
1915
S 7"
Registered
(3 .- -981; Apr '19 ____ 9634 9812
- "66
-6 5s
Long isid 1st cons gold 5s_311931
9914 June'18 ---- __-311931
J 87 98
1st consul gold Is
80
79 Jan '19 .- --I 79
81
4) 76
1913
General gold Is
80% Mar'19 ----1 86% 88%
8958 95
1922
Ferry gold 134s
9914 Oct '06 ---- ___ _ __ .
1932
D 75
Gold Is
7514 Mar'19 -- 7514 7514
5 7314 79
1949
Unified gold 1s
84
84 Apr '19 ---- 76
D 80
1931
Debenture gold Is
7612 Marl!) ---1 75
7712
1937
N 7314 76
20-year p m deb 53
.761s
75
'19
Apr
75
5
7314
1919
4s_
Ma
Guar refunding gold
95 Jan '11
1919
Registered
-64.-"- 91 Jan '19 ___ - -6i - "fii N Y 11 & M II 1st con g 5s_ 1935
5 92
92
92
.- 92
214
1927
1 90
N Y&RI8 1st gold 5s
90% Apr '19 --- 9035 91
Nor Sh B 1st con g gu 5s_o1932
8314
1
86
86
86
83
85
_1927
5
55___
g
let
Ark
&
Louisiana
103 Feb '19 -_--- 108 108
Louisville & Nashv gen 69_1930
9714 10012
9714 Apr '19
N 9714 104
Gold Is
1
84
31
851 -ii
j 8118 85
19
7
10
93
Unified gold 4s
9638 Jan '17.
1910
Registered
9712 . 9712
1 6 1Z 66 1931
N 8712 100
Collateral trust gold Is
93,2 Feb '19 --31 10
93
11
1 10
5:
93
N 9218 95
0
31
193
L Cin & Lox gold 430_ _ ,
104
J 10238 104 104
N 0& M 1st gold 6s
100
---'19
100
Jan
100
91312
J
1930
2d gold 6s
_..-- 7912 7912
7912 Jan '19 .__
34 84
Paducah & Mem Div 4s...1946
10014 10014
10014 Jan '19
1
20
05
,
St Louis Div 1st gold 69_ 1
i 5514 57
5514
5514
57
5514.
S
2d gold 3s
79 Apr '19 ---- 75% '79
N 7612 79
All Knox & Cin Div 4s_ 1955
95 Nov'18 ---- ____ _._ _
co 96%
All Knox ds Nor 1st g 53 191.6
10312 Sept'18
S 10134
[render Bdge Isle f g 63_1931
7612 -:?) -ig - -glii
7612 Oslo 7612
Kentucky Central gold 4s. 1987
1 9218 9514
9218
9218
O 9218.93
Lea & East 1st 50-yr 5sgu 1965
8713
'19 -- 8538 8712
Apr
8412
L&N&M&Mlstg4301945
1 '71
'73
73
73
73
J 71
L & N-South M joint 4s 1952
95 Feb '05 --- ____ ____
h1952
Registered
---'13
Aug
95
"64'
92
A
N Fla & S 1st gu 5s___1937
97% Muy'16
N &C Bdge gen gu g 434s.1945
A10118..... 10138 Jan '19 ---- 101-1-4 101-3-s
Pen.sao & All let gu g fis__1921
A 9614 98'2 96-18 Mar'19 --- 9638 963s
S & N Ala cons gu g 5s___1936
9212 9278 Apr '19 ---- 9278 93
O 88
Gen cons gti 50-year 58_1903
- ---S 7038 ---- 60 July'18 ---L & Jeff Bdge Co gu g 4s_ __1945
-Manila Kit-Son lines 45_ __1936
N
77 Mar'[0
S ____ 60
77
97
,
1
Met Internat 1st cons g 49..1
_
-- 75 Nov'10
0
Stamped guaranteed
9112 Juno'17;
Midisitd Term-1st s f g 5.4_1925
101 July'18 -1927
D iff"
Minn St Louis 1st 7s
-671; 69'O 97 ---- 9712 Apr '19 - Pacific Ext 1st gold 6s____1921
7814
781 4 76 Apr '19 ---- 76
1934
N 78
1st consol gold Is
2 4112 4715
4218
421s
43
5 42
1st & refunding gold 48....1949
_
50% Dec '13 -50
Ref & ext 50-yr Si Su A 1962
60 Feb '15............
- -Des M & Ft 0 1st gu 45_1935
6 7812 7712
7712
El; 7612
37
95
,
D -7331;"
d A d 59 _ 1
Centrall
RaCe,in
Iow
21 42
44
461s
S 43 Sale 4234
Refunding gold
4 8338 89
8412
J 8112 Silo 8338
Mgt P&SSMcong1s1n1gu-1193
938
97.'4 Feb '19
9734 9734
co Is
1st cons
92 Jan '17
-gg1941
1st Chic Term s f 4s
Jan
9.112
'19
9
9213
J
gu_'26
int
4s
g
1st
A
&
M SS
-- _ _ _
95 Dec '16
1949
J 811 1 90
Mississippi Central 1st 5s
Missouri Kansas & Texas- 100
6212 69
5
4
623
6212
Sae
6212
1st gold 4s_
29
29
g1990
A
2d gold 4s
2 Sept'18
29
11' 3
28
2012 3
1944
1st ext gold 5s
6 -4
2- - -3
2-2
4-2
:
1-31
4234 Feb '19
43
40
2001
1st & refunding 4s
43
43
43 Feb '19
41
40
Trust Co cents of dep
2978 2978
2918 Mar'19
30
Gen sinking fund 130._ 1936
30
40 Nov'18St Louls Div 1st ref g 4s__2001
25 405% secured notes "eat" '16
_
6912 Apr 17
Dail & Waco 1st gu g 59-1910
-- •60 Oct '18
A 57
Kan City & Pac 1st g 42..1990
50
50
50 Jan '19
55
40
Mo K & E 1st gu g 5s____1942
7112 Jan '19
70
80
M K & Okla 1st guar 5s__1912
51
3 74
1%
50
7
50% Mar'19
5012 59
MK&TofTlstgug 5s 1942
51 Dec '18
65
Sher Sh & So 1st gu g 5s__1942
301s Nov'18
50
Texas & Okla 1st gu g 59.-1943
Missouri Pacific (reorg 00)5 833o 877
8334
A 8334 Silo 8334
1st & refunding 55 Ser A__1965
4 9114 947k
9112
A 9112 Salo 9136
1st & refunding Is Ser Ba 1923
8912
8 881s 92
A 88118 8912 8912
• 1st & refunding Is Ser C__1926
Sale 5812
59
5912 117 5758 6312
1975
General Is
2 98% 100
9938
9,3,5 9912 903s
Missouri Par 1st cons g 63_1920
58 Oct '18 -1945
40 year gold loan 49
-'17
Apr
82
8712
extended
7s
3d
at 4%-- 1938
100 Feb '13---A
Boonv St L & S 1st 5s gu _1951
6614 1412 9712 Dee '13
1948
Cent Br U P 1st g 49
-g153.-4 82
8014
8034
8334
80
1938
A
Pac R of Mo 1st ext g 4s
1003.4 Apr '18
8738
1938
2d extended gold 5.4
4
95 --5 - .
9512 912
91
StLIrNI&SgencongIs 1931
(412_
102 july'14 _- _
Gen con stamp gu g 59..1931
8 7812 8212
81
80 "g(i1"2 80
1929
Unified & ref gold 45
_77. _
807s Oct '17 1929
Registered
12 7214
75
7334
75
1933
Riv St 0 Div 1st g 49
Sept'15
78
Verdi V I & NV 1st g 5s_....1926
1.1
02
4i-; 10315 10238 Apr '19
Mob & Ohio new gold Os....1927
9518 ---- 95 May'18
311927
1st ext gold 6s
71 Nov'1885
1938
General gold 4s
865 -5 -80-5S -80.5;
&Ps
A 8612
Montgomery Div 1st g 59_1947
8678 8878
81378 Mar'19
87
84
1927
St Louis Div 59
2 8012 8012
8012
801s 8134 8012
St L & Cairo guar g 4s......331
6 9834 1.00
9834
9834
9834 100
Nashv Chatt & St L 1st 58..1928
10012 10414 11014 Mar'17 -Jasper Branch 1st g Os__ _1923
-Eci" 59"
50 Mar'19
Nat Rye of Met pr Hen 4344_1957
-35 Aug '18 -1977
Guaranteed general 4s
-96% Feb '13 _1
26
)5
Nat of Met prior lien 4 30_ 1.9
21
'18
Aug
--lit consol 45
2 -1365;
971s 0812 0712
65
9718
1953
New Orleans Term 1st 4s
1 94
95
9712
Silo 95
N 0 Tex & Mexico 1st as_ 1925
5812
5012 5138 52 Apr '19 ---- 52
1935
Non-cum income 55 A
New York Central RR9934
9738 79, 97
9738 Sale 9715
Cony deb Os
3 7312 7814
76%
A 7512 7614 7512
Consol 4s Series A
11 82
827,1
85111
82 8378 827s
20
.1
13
1193
"A"
Ref & imp 4
m YorkS,Bud RivNew
73
7178 10 70
71
7118 71
109,977
725s 6678 Aug '18
68
Registered
"iti"
84
82
8314 81
1934
Debenture gold 4s
79 Nov'18
Registered
-6,11-4 -Ji6512
A 65 6814 65
Lake Shore coil g 334s-19
4
33
99
87
67
ll'? Jan 'Ili
651s
---A
Registered
6011(15 7()
Silo 136
A 08
10
3
95
,
Mich Cent coil gold 349_19
75 Mar 17 ____
A
Registered
Battle Cr & Stur 1st gu 39_1989
- -- -831s ---Beech Creek 1st gu g 4s 1936
- -9534 Nov'16
1936
Registered
-ggl; 96 104 May'16
6
30
93
,
1
2d guar gold 58
-Registered
85 ---Beech Cr Ext 1st g 33.4s.311951
Z"
1931
751s --"
Cart & Ad 181 gu g 49
9034 -Golly Sc Oswe 1st go g 59_1942
Oct '18
7558 --1991
Moh & Mal 1st gu g 4s
A 6934 -- 8912 Feb '10
1936
N J June R guar 1st 4s
75 ---- 80 May'17
N Y & Harlem g 334e....2000
9714
9712 _--- 9714 Feb '19
N Y & Northern 1st g 5s-1923
74
Due June. 31 Due July. si Due Begs. s Due Oel. 3 Onclon 5413.
"9712
1595
New York Bond Record-Continued--Page 3
APR. 19 1919.]
132
BONDS
N. Y. STOCK EXCHANGE
Week ending April 17
Price
Thursday
April 17
tt
Week's
Range or
Last Sale
Oc
Po
Range
Since
Jan. 1.
Ask Lore
MIS No. Low Hish
Bid
N Y Cent & H R flIt (Con)1 78
7814
80
NY & Pit 1st cons gu g 45_1993 A 0 7914 ____ 7814
Pine Creek reg guar 65____1932 J D 10358 ____ 113 May'15
99
99 Apr '19
99
W & 0 con 1st ext 5s__h1922 A 0 0812 99
67
67
76 ____ 67 Jan '19
J
Rutland 1st con g 440-1941 J
6118 6118
6158 _ _ _ 0111 Fob '19
Og & L Chain 1st gu 4s g _ 1948 J J
67
67
5612 ___ 67 Feb '19
Rut-Canada 1st gu g 4s_1949 J J
---J
8134 ____ 101 Nov'16
St Lawr & Adir 1st g 55._1906 J
---- - - - 1996 A 0 8834 ____ 103 Nov'16
2d gold Os
957g --5 953s 9578
957
J
9578 97
Utica & Blk Rh,gu g 4s._1922 J
72
72
73
72
73
1997 J D
72
Lake Shore gold 340
---- -1997 J D ____ 7214 7338 Nov'18
Registered
6
90
87
8612
873
8
88
87
1928
M
S
45
Debenture gold
89
8634 10 86
8(334 Salo 8612
1931 M N
25-year gold 43
8378 Nov'17
---1931 M N
Registered
---------J
1
913
4
Ka A & It 1st gu c 5s_ -1938
---9518
1934 J .1
Mahon C'l RR 1st 55
103 May'17
Pitts & L Erie 2d g 5s. __a1928 A 0 95
Pitts McK & Y 1st gu 6s 1932 J J 10374 ____ 13018 Jan '09
1934 J J 10238 ____ 12314 Mar'12
2d guaranteed 8.9
1931 M S 9314 ____ 9912 Aug '17
Michigan Central 5s
1931 Q pa
9812 Nov'18
Registered,.
84
82
1940 3 3 821 831 84 Mar'19
4$
87 Feb '14
------1940
J
Registered
1951 M S 7038 __ 90 June'08
J L & 5 1st gold 30
7012 7012
70 --_- 7012 Apr '19
1952 M N
1st gold 340
marl°
85
82
20-year debenture 48_1929 A 0 ___ 8312 83
83
2 80
8214
N Y Chi & St L 1st g 4s 1937 A 0 8214 Sale 82
Nov'17
____
85
0
77
1937
A
Registered
75
7412
5 71
7412 Sale 7412
1931 81 N
Debenture 4s
2 75
8118
7518
West Shore 1st 4s guar_2361 J J 7D12 7578 75
3
74
7834
74
74
Sale
74
2361
J
3
Registered
0912 9912
9912 ____ 9912 Feb '19
N Y C Lines eq tr 5s_ _1919-22 M N
9838 July'17
Equip trust 430__1919-1925 J J - -402
8634 10 -63- -863-4
NY Connect lit gu 4;0 A-1953 F A 8634 Sale 84
N Y N II & Hartford54
53
53 Feb .19
60
1947 M S
Non-cony deben 4s
50
5012
1947 P.1 S 49 ___ 50 Apr '19
Non-cony sleben 3;0
53
5018 Apr '19
5018 52
195 A 0
Non-cony deben 350
1 53
53
5678
5312 5112 53
1955 J
Non-cony deben 48
3 52
53
5912
5.112 53
52
1956 hi N
Non-cony deben 15
1 50
5112
62
5112
52
50
19563 J
Cony debenture 350
82
80
88
8138 8218 80
J
1948 J
Cony debenture Os
50 Oct '17
---1930 F A
Cons fly non-cony 4s
9112 Jan '12
---- ---19.14 J J
Non-cony deben 48
60 July'18
---- ---1955 J J
Non-cony deben 4s
--------- ---a-Non-cony deben 4s__1055 A 0-.
......
---- - - 1950 J J
Non-cony deben 48
7334 Dee' 18
- -- --Harlem R-Pt Chen 1st 46_1954 M N -743
7912
Dee
'17
- - - - -- B & N Y Air Line 1st 4s_1055 F A 7234 ---- 6212
6212
6212
Jan
'19
55
617
8
J
48-1961
J
gu
1st
Eng
Cent New
---1930 M S ---- --Hartford St fly let 4s
1061, 1;-I-a-y
'
9034
---Housatonic R cons g 5s 1937 M N
1954 61 N 7014 ---- 87 July'14
Naugatuck RIt lit 4s
Aug '13
N Y Prov & Boston 48_1942 A '0 8138 ---- 83
44
4334 Sale 4278
J
NYW'ches&B let ser [44e'46 J
_
--__
0
A
49-1939
Boston Terminal 1st
1945 J
J 9034 ---New England ooss 56
-70""
J 7434
1945 J
Consol 48
49 Feb '19
Providence Secur deb 4.9_ _1957 M N
9978 Dec '13
Prov & Springfield 1st 5,5_1922 J J 85
___
883s Feb '14
09
S
---1956
61
48
1st
Term
Providence
_
W & Con East let 4;0-1043 J
66 -661-4
-6E14 ---i -65 - 70
N Y 0 & W ref let g 4s., ,,g1092 M 5 65
9212 June'12
Registered $5,000 Only.j1092 M S ---- 70
1955 J D 6112 ___ 60 Apr 18
General 41
6912 Apr '19
6712 6912
6913 70
Norfolk Sou 1st & ref A 5s 1981 F A
8158 June'18
1941 M N 8758 95
Nonf & Soil 1st gold 5s
2
108 i6611931 M A 108 109 108 Mar'19
Nod& Wait gen gold 08
Improvement & ext g 6s1934 F A 10613 --- - 122 Nov'16
New River let gold 6s..- _1932 A 0 10612 10812 10718 Deo '18
-611-2 -661-2
8334 83 Apr '19
N & W Ry 1st cons g 48..1990 A 0 82
1090 A 0 ---- -- 9312 Dee '16
Registered
6 797 82
797s
Disti 1st lieu & gong 4s_1944 J .1 7074 Sale 7978
8412
84
1932 J D 7112 --- 8412 Feb '10
10-25-year cony 48
11714 May'17
1932 M S
10-20-year cony 48
10418
5 164-12 16112
10412
1938 M S
10-25-year cony 440
106
10612 52 10512 10818
1-0612
1929
10-year cony 6s (w I)
843
4
Apr
'19
8312
843
8418
86
0
4
1941
B
4e
joint
Pocah C & C
9733 ---_ 103 Sept'16
C C & T 1st guar gold 58_1922 ./ J
76
7834 76
1 76 -if 77
Seto V & N K 1st gu g 4s 1989 M N
raillien
prior
Northern Pacific
8212 17 82
8
212 Sale 82
86
way & land grant g 4s. J907
82 Mar'19 ---- 82
82
Registered
-gale 5814 5858 21 5818 0178
a2047 Q F
General lien gold 3s
58 Oct '18
a2047 Q F
Registered
8512
-6E1-2 -66 2047 J J 8512 8712 8512
Ref & Imp 440 ser A
74 Aug '18
86
St Paul-Duluth Div g 4s 1996 J D 76
102
-1. i6i - 102
St P & N P gen gold 68_ 1923 F A 10218 10112 102
4 Sept'17
Registered certificates_ A923 Q A 10118 - - - - 1033
97 Feb '19
97 - 0812
St Paul & Duluth 1st 5s 1931 1? F 9718 ---_
78 Deo '18
7418 85
1968 J D
1st oonsol gold 4s
3612 Deo '10
85
71
1948 Q M
Wash Cent 1st gold 4s
10774
10714 1073
Nor Pan Term Co let g 69_1933 J J 10712 ---- 76 Mar'19
15 7478 7978
7614
1081 1 J 7618 Salo
Oregon-Wash 1st & ref 4s
85
2 85
88
1946 .1 D 85 _-_- 85
Pacific Coast Co 1st g 5s
J 8012 95 1001s Feb '17
Paducah & Ills 1st a f 4;0 1955 J
9533
953s
-6571s -66.3;
Pennsylvania RR 1st g 45_1923 M N 9533
997s
Apr
'19
9078 9978
1919 M S 0931 9973
Consol gold Is
1919 Q M 991s 9934 9914 Feb '19
9914 9914
Registered
8812 9014 Noy'18
N 86
Consol gold 4s
1943
-8612 -6912
1948 M N 8612 8814 8912 Mar19
Consol gold 48
9414 -19 94
9414 94
9014
Consol 430
1960 F A 94
8612 73 8418 8978
D 861 1 Sale 8534
General 430
1985
9478 293 91
9734
General 5s
1968 J D 9478 Sale 9414
Alleg Val gen guar g 4s
1942 M 9 84,s ---- 8712 Nov'18
D RIM & 15'ge 1st gu 45 g 1936 1? A 81 ---- 8.112 Sept'18
8712 -/if.-2
Phila Halt & W 1st g 4.9 1943 M N 87 ---- 8712 Jan '19
Sodsts Bay & Sou 1st g 58_1924 J 3 96 --- - 102 Jan '93
---Sunbury & Lewis 1st g 48_1036 J J 8012 - - -- ---- - -935s 92 Dee' 17
N J RR & Can gen 4s_ A944 NI S 80
Pennsylvanla Co98
23 9738 9812
1021 J J 9712 Sale 9712
Guar 1st gold 4348
9612 9612
Registered
J 97 __- 0612 Apr '19
1921 J
87 Feb '17
Guar 3;0 coil trust reg A_1937 M S 7078
78
78
7678 7812 78 Jan '19
Guar 330 coil trust ser 13_1941 F A
1942 3 D 77 --- 8114 July'17
Guar 330 trust ctfa C
8634 Des '10
1944 J D 75
88
Guar 340 trust Ws D
85 Apr '19
835 85
Guar 15-25-year gold 48-1931 A 0 8438 go
8514 87
46-year guar 4s Ws Ser EA952 61 N 8018 8458 8512 Feb '19
88 Oct '17
---Cm Leb & Nor gu 4s g__ A942 M N 813
9014 May'17
1935
N 881s05
CI & Mar 1st gu g 450
---9634 May.18
A
212
CI & I' gen gu 450 ser A-14-N J
---104 Deo '15
Series B
---- ---Ms Feb '12
Int reduced to 3;0_1942 A 0
---73l
'12
Oct
1948
M
N
901s
C 3 Yis
1950 F A 73
8812 Feb '17
3:8
Series D 340
Erie & pItts gu g 340 B_1940 J
88 Apr '17
7
7
1
1
19.10 J J
---- 0018 July'12
Series C
8418 Dec '18
Gr R & leg 1st gu g 450-1941 J J 8514 88
831a 8312
8312 Apr '19
Ohio Connect 1st gu 49.-1943 M S 85
9738
93 May'10
Pitts Y & Ash 1st cons 513-1927 M N
J 8914 ____ 9834 Apr '17
Tot W V & 0 gu 440 A-1931 J
1933 J J 8914
92 Des '17
Series B 414s
1942 M S 7812
8818 Sept'17
Series C 4s
!1412 9419
9412 9412 Jan '19
P C & St 1", gu 450 A-1940 A 0 91
1942
A
0
9234 0234
9074 9612 9234 Jan '19
Series B guar
1942 M N
9058 99
99 June'17
---Series C guar
1945 M N 8878 9033 9038 Sept'18
Series D 4n guar
8834 - - _ _ 9012 Sept'18
---Series E 330 guar gold_1949 F A
No price Friday; latest bid and asked a Due Jan. le Due Feb. g Due June.
I
BONDS
N.Y. STOCK EXCHANGE
Week ending April 17
'.1.
Price
Thursday
April 17
Week's
Range or
Last Sale
re
Ran"
Since
Jan. 1,
High No, Low High
Bid
Ask Low
P. C. C.& St. L (Con.)91 Sept'18
Series F guar 48 go1d1953 J D 8878 93
1957 M N
8878 8912 885s Mar'19
Series G 4s guar
-685s -885
;
9058 9212 91 Apr '19
Series I cons gu 440_1963 F A
91
91
C St L & P let cons g Is..,.1032 A 0 10078 10434 102 Jan '19
102 102
00 June'17
PeOrla & Pekin Un 1st Os g_..1921 Q F
2d gold 430
b1921 M N ---------87 Mar'16
8373 84
837g
Pere Marquette 1st Ser A 58_1956 -8414
_ __
gifs 881,
7012 Sale 7012
1 6814 7214
1st Series B 4s
1956
7012
47 Mar'19
Philippine 1ty 1st 30-yr s f 4s 1937 i -i 4534 47
45
47
98
0
___99
Jan '18
Pitts Sh & L E 1st g Is
1940 A
9114 ____ 9714 Dec '17
J
1943 J
1st consol gold 53
8314 Sale 8212
Reading Co gen gold 4s
8312 -29 821s 8634
1997 J
J
J 8118 8012 8112 Mar'19
1997 J
Registered
8112 8112
8414 Mar'19
Jersey Central coil g 48_ -1951 A 0 8112 84
8414 85
Atlantic City guar 4s g_1951 J
.1 ____ __
st Jos Ac Grand Isl 1st g18 .....1017 J J 6012 70 -66- ivia-;•i5
66- -66St Louis & San Fran (reorg Co)J
6012 Sale 5934
Prior lien Ser A 45
1950 J
6012 56 59
64
75
37 7412 7974
Prior lien Ser 13 55
J ____ 7434 7412
1950 J
Sale 63
6312 13 6212 69
Cum adjust Ser A 6s__h1955 A 0 63
4212
4212
42
7 4012 4512
Income Series
Oct
4214
es A Os
3 10318 ____ 103
103
St Louis & San Fran gen 6s_1931 J
2 102 103
J
9612 98
9612 Apr '19 __-- 9612 98
General gold 55
1931 J
J
70 __- 78 May'10
St L & 5 I? RR cons g 48 199(3 J
- ---Southw Div 1st g 5s
1947 A 0 i.o.i
._ low, 90 May'17
102
K C Ft S & M cons g 6s.1928 M N
102
161-12 16314 •
68
68 Apr '19 ____ 66s 7512
K C Ft S & M Ry ref g 48_1936 A 0 67
K C & M R & B 1st gu 55_1929 A 0 8714 90
851s Aug '18
661
N
6718
6614
4
68
St L SW 1st g 48 bond ctfs 198 M
5
66
714 74
5519
2d g 45 income bond ctls_p1989 J
J ---. 57
5812 Feb '19
1932 J D 61
Consol gold 4s
62
5938 Apr '19
5712 6134
let terminal & unifying 5s_1952 J J _5_9__ _S_a_1! 59
59
-i5 5833 62
_1
J D
Gray's Pt Ter let gu g 53947
9812 Jan '14
65
1943 J J 6412 6512 6434
S A & A Pass 1st gu g 4s
64.12 -66-7114 71 Mar'19
1950 A 0 70
Seaboard Air Line g 48
72
71
1950A 0 7018 7218 70 Apr '19
Gold 4s stamped
70
74
4814 44 47
01949 F A 48
Sale 47
Adjustment 5s
5314
1959 A 0 5718 Sale 5718
Refunding 4s
5718
57
80
76 Apr '19 __
All Birm 30-yr 1st g 48_81933 M S 7312 79
74
80
75 ____ 76 Apr '19 ---- 76
Caro Cent 1st con g 4s.....1949.9 J
78
Apr '19; 19
5 -_- 10014 10034
Fla Cent & Pen 1st ext 65_1923 J J 1001 131 10014 D
1st land grant ext g 5s_ A930 J J ---- ---- 101
8
J
J
901
95
1943
90
Jan
'19
---- -66- -66Consol gold 55
9112 ____ 0012 June'18
Ga & Ala fly 1st con 5so1945 J J
J 9358 ____ 94 Apr '19
Ga Car & No 1st gu g 5s 1929 J
94 -94
Seaboard & Roan 1st 58_1926 J .1 9512 ____ 9512 Mar'19 ____ 9512 96
Southern Pacific CoGold 4s (Cent Pac coll)__k1949 J D 7414 '7578 75 Apr '19 ____ 75
77
90 Feb '14
--- _
k1949 J D
Registered
84
107 -663-4 -6E74
20-year cony 48
g1929 M 5 -833t -Sale 8334
MIL 133 100 10634
20-year cony 5s
1934 J D 10512 Sale 10358
'7938 79
79
79
Cent Pao 1st ref gu g 4s1949 F A
14 78
83
-2
-- _ai„. 8
87
27
12 Sept
8
'
2176
2
1949 F A -S
Registered
Mort guar gold 340_k1929 J D
10 gi.re -8E34
100 0
Through St L 1st gu 48_1954 A 0 768
1;letir:18
19
7512 80
9158 i6fG II & S A NI & P lst 591931 M N
__2d exten 5s guar
J 85
97
____
1931 J
9634 Jan '18
Gila V G & N let gu g 5s1924 M N
9112 102
95 Nov'18
Hosts E & W T let g bs
1933 M N 0258 9312 9258 Mar'19
-0274
_ 100 Oct '16
1st guar 5s red
1933 hi N 9258
9934 97 Mar'19
II & T C 1st g 58 Int gu
J 97
1937 J
-67- -683-4
9318 Apr '19
Gets gold 4s int guar
1921 A 0 9318 94
Waco & N W div 1st g 65'30 M N 94 10018 94 Mar'19
94
313 94
318
86 _9_5_ 19
J
03
014 O
Ncotv:1
18
7
A & N W 1st gu g 5s
1941 J
99
Louisiana West 1st 6s_
1921 J J
-Morgan's La & T 1st 68..1920 J .1 97 102 100 Apr '18
No of Cal guar g 5s
1938 A 0 937a ___ 10218 Oct '18
9712 10112 9712 Apr '19 ---J
Ore & Cal 1st guar g 58_1927 J
6 -66-12
9612 ____ 10712 Sept,'16
So Pac of Cal-Gu g 58_ 1937 NI N
923s 93
93 Jun '19
So Pac Coast 1st gu 4s g 1937 J J
San Fran Terml 1st 45_1950 A 0 7813 Sale 78
9
77 -814
94 Nov'16
& N 0 con gold 5s
1943 J J
-6-1-2 :
5
s
030
:
178 106
806
04 A0g8.
1955 .1 J -8
So Pac RR 1st ref 4s
0116
2 53
9314 29 -9
Southern-1st cons g 5s
1994 J .1 9278 Sale 9234
6
7.6
2
9-11 :
%
9
631
58
5
Registered
9 .1
A 0 -joii
Develop & gen 4s Ser A1
19
99
54
6634 51 -66- -684
6774 66 Apr '19
Mob & Ohio coil tr g 4s
1938 M S 68
8813 --- 9012 Mar'19
9012 9012
Mem Div 1st g 4)
-Is-5s.....1996 J J
7018
71
1951 J .1 7018 71
7018 7412
St Louts div let g 48
93 Jan '19I 93
Ala Gt Sou 1st cons A 58..1943 J D 8612
93
8712 8814 8712 Apr '19
8712 88
Atl & Chart AL 1st A 450 1944 J J
9334
9334
1st 30-year 5s Ser B......_1944 J J 9312 96
9318 9718
1948 J J 74 ___ 74 Apr '19 --- 74
All & Danv 1st g 4s
74
_--- 8112 Mar'16
2d 4s
A 0
.1
4 _ __ _ 75 Feb '17
Atl & Yad 1st g guar 4s.._1949
1948 j
E T Vs & Gs Dly g 53_1930 J J 9558 9918 97 Mar'19 -_------ -67 - -if96 Apr '19
1956 M M 9212 94
921s 97
Cons let gold 5s
1938 M S 9212 9512 9514 Jan '19
5514
,
E Tenn reorg lien g 5s
9514 9
52 Jan '19
52
1946 A 0 57
. Gs Midland let 3s
i0-63-4 10012 1001 -I 10012 101
Ga Pac Ry 1st g Os
J .1 10(114 10134 100 Oct '18
19
925
2i
_
Knoxv & Ohio 1st g 6s_ -1
- 1-- 97
J ;
9112 Oct '18
Mob & Mr prior lien g 58_1945 J
1945 J J ---- 6812 68 Jan '18
Mortgage gold 45
99
95 Jan '18
Rich & Dan deb 5s stmpd_1927 A 0 96
70
71 Apr '19
1948 M N 66
-9"
;
10
Rich & Meek let g 58
9912
9912
1919 M N 9934 100
So Car & Ga 1st g 5s
Virginia Mid Ser D 4-5s-1921 M S 9514 __-- 10212 June'll
192661 8100 93 Apr '18 _-_
Series E 5s
1920 M S -6Z- ____ 10412 Dee '16
Series 1? 55
1936 M N 9434 97
96 Mar'19
66- 6E"
General Is
8158 Sept'18
Vs & So'w'n 1st gu 58_2003 J J 8734 ___
7878 701s Nov'18
1st cons 59-year 5s 1958 A 0 70
1924 F A 8614 --__ 9378 Mar'17
W 0& NV 1st Or WI 4s
Spokane Internal hat g 58_1955 J J ---- ---- 9534 Mar'17
9012 85 Apr '19
Term Assn 01St List g 440.1939 A 0 86
1894-1944 F A 9012 9312 93313 Apr '19
_ go3C8 -6
1st cons gold Is
08113
2
7412 72
72
2 72
Gen refund s f g 45
1953 .J J 72
77
St L M Bridge Ter gn g 58_1930 A 0 0058 9112 9512 July'18
7 8078
Texas & Pao 1st gold Is.....2000 .1 D
8978
-66- 92
___ 41 Sept'18
42000 Mar -------2nd gold income Is
1931 J J 75 ____ 86 /slay'18
La Div B L let g Is
W Mtn W & N W 1st gu 5s1930 F A ---- ____ 10612 Nov'04 ---94
9012 Oct '18
Tol & Oblo Cent 1st gu 5s._1935 J J 92
90
1935 A 0 87
87 Jan '19
Western Div 1st g 5s
87
87
_ 7512 93 Oct '18
1935 .1 D _
General gold bs
80
1990 A 0 75
75 Apr '19
Ran & M let gu g 4s
8'7
89
1927 J J
89
89
al 20-yPar Is
91
__
89_ 30 Feb '19 _
36
36
Tol P & W let gold 48
J -fi" _
15
7 .31 I
7518 751s
192
Tol St L & NV pr lien g 340_1
7518 Feb '19
5112
12 45
1950 A 0 5118 -Sale 51
50-year gold 4s
5112
1874Mar'06
191'7 F A _-_- 20
Coll trust 48 g Ser A
18 Aug '18
20
Trust co etts of deposit
80 Apr '17
7012 87
Tor Ham & Buff 1st g 4,3_311946 J D
8914 Dec '18
Ulster & Del let cons g 5s_1928 J D ____ 95
1952 A 0 ___
6931 58 Sept'17
1st refunding g 4s
1947 J J
87
14 8512 -6678634 Sale 8658
Union Pacific 1st g 4s
g
8412 8512 Oct '18
1947 J J
__
Registered
1927 J J _867s ---5
8678 Sale 8678
20-year cony 4s
62008 NI S 81
81
Sale 7978
8312
1st & refunding 4s
6 79
104
10 10234 108
10-year perm secured 68_1928 J J 10312 Sale 10312
7612
7912
Ore RR & Nay con g 48._1948 J D 7958 81
2 7914 88
1 10038 10112
Oro Short Line 1st g 8.8-1922 F A 10034 104 10058
10058
98
97
1916 J
J
98
9714
let consol g 58
3 9678 9878
1929 J D 8458 Sale 8474
85
35 8412 88
Guar refund 45
1926 J J
9234 ___ 8
989 FebDee :1187
Utah & Nor gold 5s
1933 J J
83
86
1st extended 4s
5012
7874,,___ 8012
1955 F A
4 8074 80's
Vandalla cons g 4s Ser A
1957 M N
7814 ____ 8018 June'18
Consols 48 Series B
J
1834 35
35 Sept'17
Vera Cruz & P 1st gu 4;0_1934 J
-861;
h Duo July. k Due Aug. o Due Oct.
p Due Nov
g Duo Dec.
Option sato.
New York Bond Record-Concluded-Page 4
1596
• BONDS
N. Y. STOCK EXCHANGE
Week ending April 17
.qt
Price
Thursday
April 17
Week's
Range or
Last Sale
High No.
Bid
As* Low
N 8912 Sale 8912
5
8912
Virginian 1st 5s series A____1962
7
9413
1930 MN 9414 Sale 9414
Wabash 1st gold 55
2
8434
2d gold 50
1939 FA 8478 85
8434
90 Aug '18
1939 J J
Debenture series B
1921 MS 971 ___- 98 Nov'18
let lien equips Id g 5s
1951 .1 J 65 ____ 65 Sept'18
1st lien 50-yr g term 4s
1941 J .1 89 ____ 8814 Feb '19 ---Det & Ch Ext 1st g 5s
Des Moines Div 1st g 4s 1939 J J ---- 7712 80 Aug '12 ---67 Feb '19 68
1941 AG -Om Div 1st g 3)is
Tol dc Ch Div 1st g 4s__ _1941 MS 65 ---- 74 Jan '19 ---7512 7512 Mar'19
1915 FA 75
Wash Tenni 1st gu 3)4s
_ 82 Aug '18
1945 FA 8218
let 40-yr guar 45
6
59
5873 535s
1952 AO 58
West Maryland 1st g 4s
9733 Mar'19
1937 .1
9738 99
West N Y & Pa lst g 5s
1913 AO --_- 863s 70 Dec '18
Gen gold 48
p1943 Nov
- 36 Oct '17
Income 5s
8212 15
Western Pact 1st ser A 58_1946 MS 8233 Sale 8238
93 Oct '18
Wheeling & L E let g 5s____1926 AO 9312 96
9512 100 Feb '17
Wheel Div 1st gold 5s____1928 J J
903g Mar'17
Exten & Impt gold 5s____1930 FA
64 Jan '19
64
Refunding 4 s series A __1966 MS 59
1
5914
7515 5914
1949 M S 65
RR let coneol Is
75 Feb '19
82
Winston-Salem S B 1st 4s_..1960 J .1 75
1949 J .1 734 7812 78 Apr '19
Wig Cent 50-yr 1st gen 4s
75 Apr '19
Sup & Dul div & term 1st 4s'36 MN 7212 80
Range
Since
Jan. 1.
Low
894
9338
83
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 17
High
9412
98
89
-- - 8814 8814
67 67
74
74
7512 754
58
6214
973s 100
-8112
-g(j..-.2
_
64
5914
75
77
724
64
65
75
80
75
tt
Miscellaneous
Adams Ex coil tr g 4s
1948 M
Alaska Gold M deb 6s A
1925 M
Cony deb 6s series B
Am SS of W Va 1st 5s
1920
8M
Armour & Co 1st real est 4)is'39 J
Booth FLshertes deb 5 f (Is__ _1926 A
Braden Cop M coil tr a f,6s_1931 F
Bush Terminal 1st 4s ex 1
2A
,
9t530
Consol 6s
1955 .1
Buildings 53 guar tax
Chic C & Conn Rys s f 5s_ _ _1927 A
Chic Un Stat'n let gu 4)is A 1963 .1
Chile Copper 10-yr cony 70_1923 M
Recta (part paid) cony 6s sor A A
Coll tr & cony Os ser A
1932 A
Computing-Tab-Rea s f Gs_1941 J
Granby Cons MS& P con Os A 28 M
Stamped
Great Falls Pow lets f 58_19
M
92
40
8 'NI
lot Mercan Marine s f 64...A941 A
Montana Power 1st 55 A
1943 J
Morris & Co lets 14)ie
1939
Mtge Bonds(N Y)4s 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
Niag Lock & 0 Pow 1st 58__1
A
032
1954 NI
Nor States Power 25-yr 5s A 1941 A
Ontario Power N F let 5s__1943 F
Ontario Transmission 5s
_1945 M
Pan-AmPet&Trlst conv6s '19-'27 J
Pub Serv Corp N J gen 56_1959 A
Tennessee Cop let cony 68....1925 M
Wash Water Power 1st 5s....1939 J
Wilson & Co 1st 25-yr s f 05.1941 A
Price
Thursday
April 17
Bid
__-273s
2738
0
A
0
0
0
0
0
0
0
[VOL. 108.
Ask
61
30
30
Week's
Rants or
Last Sale
Low
High
60
60
2714
2714
2638 Apr '19
8712 Sale 87
8
8712
-- 90 Feb '18
9312 94
9312
94
83
81 Apr '19
81
8013 8514 8034 Apr '19
794 80
80
80
1
58 Mar'18
40
50
8434 86
8512 Apr '19
117
11712 84
Sale 117
8712 42
8733 Sale 8614
8634 Sale 863s
8634 56
8
8231 Sale 8234
84
9812 Feb '19
9833 100
98 Jan '19
9814
9313
_ 954 Apr '19
084 Sale 971s
99
779
8
92 Sale 9112
02
834 8778 83 Feb '19 --83 Apr '14
94 June'16
68
71
69 Mar19
934 NIar'19 __
95 06
1014
101 Mar'19
8912 Oct '17
9014 93
89 8014 Apr '19
87
9012
9012
9012 _
84 June'17
__ 95
137 _-_- 140
140
-8
6
7612 Sale 76
784
91
92 Salo 91
5
3
90
8934 9014 90
Sale 985s
100
59
100
Moo
Z4
88j0059w
2
5
Range4 I838615551::
26
35
86
8834
_
--0212 96
79l
81
10534 118
8212 8712
9
87
14 0
88
71s
8234 8513
98
98
9314 951s
9
97
1 102
9578
83
83
69 -ifA
937g 97
Street Railway
101 101
0
6314
8 62
76
Brooklyn Rapid Tran g 6s 1945 A 0 6212 64 62
45
53
8714 00.
0
1st refund cony gold 4.1_2002 J .1 4614 4912 46 Apr '19
9534 Dec '18
89
91
A
6-year secured notes 5s__ A918 J J
---_ 9614 Aug '18 -Ctrs 3-yr sec 7% notes opA1921 J ..1
814 14 75 86
3-yr 7% secured notes_ _h1921 3 J 8178 Sale 811g
11214 140
944 92 Dec '18
Bk City 1st cons 58....1916-1941 J .1
754 80
0
80 May'12
Bk Q Co & S con gu g 5s-1941 M N ---- 70
9212
91
101 May'13
90
93
Bklyn Q Co & lst 5s_-_ _1941 J .1
2 7814 Apr '19
"ii- "fit;
Bklyn Un El 1st g 4-58_1950 F A -first -7619634 100
0
1950 F A 774 874 784 Mar'19
Stamped guar 4-53
7134 7915
63 Apr '19 - 57
68
Manufacturing & Industrial
Kings County E 1st g 4s 1940 F A 64 67
1949 I? A 64
62 Jan '19 _- 62 62
68
Stamped guar Is
Am Agri° Chem let o 58____1928 AO 99 Sale 09
9913 18 98 101
5434 Mar'19 - 5434 5434
Cony deben 5s
Nassau Bloc guar gold 43-1951 .1 J 50 55
10814
9 100 110
1924 FA 10814 Sale 108
A
1927 F
734 29 73 81
73
7312 73
Am Cot 011 debenture 5s__ _1931 MN 8634 8814 8814 Apr '19
Chicago Rys 1st 5s
Conn Ry & L 1st & ref g 4301951 .1 J 83 85
8514 Mar'19
Am Illde & L1stifgfs..19t9 MS 100
Sale 100
8514 88
100
10, 0
88
934 10012
894
1951 J J 83 8,112 8614 Oct '18
Stamped guar 414s
Am Sm & let 30-yr 5s secA '47 AO 9012 Sale 901s
-903A 35, 894 93
Del United 1st cons g 4SO--1932 .1 .1 74 Salo 74
2 71
7534
,ern Tobacco 40-year g 65
8112 '
119 11913
1944 A0 11814 ---- 11912 Mar'19
S
Ft Smith Lt & Tr 1st g 50
1936
60 84 Jan '14 -Gold 4s
1951 PA 7558 7812 7512 Apr '19 -- 7212 784
1957 F A 57 Sale 5512
70 -Ei- -861"
Am Writ Paper 1st s f
Bud & Manhat 56 ger A
57
99114
99
2 88
_1919 5 .1 9112 9912 99
16 Silo 1534
45 14
Adjust income 58
1957 -16
90 Sale 00
16
90
Trust Co ctfs of deposit
38 88
9014
50_._
1932 F
1 9012 9012
90 93 904
N Y & Jersey 1st fis
9012
Baldw Loco Works 1st 58_1940
094 101 10112 Mar'19
101 10112
06 274 4334
Intarboro-Metrop soil 43.s_1956 A 0 324 Sale 3214
33
Cent Foundry lit s f 6s
78 Apr '19 ____1 78
82
81
1931 FA 78
Interboro Rap Trail 1st 53._1986 .1 J 6838 Salo 683s
Cent Leather 20-year g 53_1925 AO 9558 98 0512
96
13 9512 97
6934 166 6634 7412
6512 Apr '19 -- 6512 7214
Manhat Ry(N Y) cons g 48_1990 A 0 6818 70
Consol Tobacco g 48
8012 7312 Dec '18
-1951 PA 74
Stamped tax-exempt
1990 A 0 664 7414 69 Apr '19
69
Corn Prod Ref'g s f g
MN 994 100
7412
9912 Feb '19 ---. 994 994
Manila Elec. Ry & Lt s f 58_1053 IY1
781s ---- 77 Mar'19
1st 25-year s f 5.1
100
18 994 10012
77
77
1934 MN 100 10113 100
Metropolitan Street RyDistil Sec Cot cony 1st g 56_1927 A0 9012 92 91
92i2Mar'196 894 91
60
Bway & 7th Av 1st c g 58_1943 3 D 6114 7512 6114 Apr '19
E I du Pont Powder 410-1936 JD 9212 100
924 9212
70
9 19
62 Apr '19
70
62
68
Col & 9th Av 1st gu g 5e 1993 M S 58
General Baking 1st 25-Yr 68-1936 JD 8414 ____ 88 Feb '10
88
88
7214 74 Jan '19 --- 74
Lex Av & P F lat gu g 56_1993 M S 60
Gen Electric deb g 350
74
7111
4 714 734
1942 PA 7113 Sale 7112
51 Dec '18 -- - -Met W S El (Chic) 1st g 4.1_1938 F A
Debenture Se
10034
5 974 101
1952 NI S 10034 Salo 10034
1004 June'17 ---Milw Elec By & Lt cons g 58 1926 F A 95
Ingersoll-Rand 1st fis
- ---1935 .1 J 9778 --- 96 Nov'18 ----I....
--77 ___Refunding & exten 40_1931 J
8412 8112 Dec '18
Int Agrlo Corp 1st 20-yr 54-1932
814 61 7812 8214
N 8114 Sale 81
---- --1(119 J J
let Paper cony s f g 5s
9834 Aug '17
Minneap St let eons g 58
98
1935 J J 98 --__ 98 Apr '19 -_ 98
---8612 9713 July•17
Montreal Tram let & ref 51_1941 J .1 82
1st & ref s f cony 5s ger A..1947
9012 Nov'18
87 92
-5 61 -41
61
7212 61
iA0 111 112 111
Liggett & Myers Tobaci 75_1944
New On By & Lt gen 4)0_1935 .1 J 61
11114
7 111- 1137
;
58
63
60 Feb '19 -- 55
55 65
94
A 9312 Salo 9312
94
9 90
N Y Municip Ry lat s 58 A 1966 J
1951
Sale 1097s
1942 J J 43 Sale 40
444
4312 75 39
N Y Rys 1st ft E & ref 4s
Lorillard Co (P) 7s
111
11 10934 113
1944 A 0 111
(11942 A 0 13 Sale 1212
A 904 92
1312 100. 1012 1514
30-year adj inc 5s
68
9112 Apr '19 -- 9014 94
1951
55
55
58
55 62
Mexican Petrol Ltd con 6s A 1921 A 0
NY State Rys 1st cons 43.e 1962 M N 55
165 Nov'18
185 Jan '19
8812 Nov'16
Portland By 1st & ref 5s____1930 M N 7514 79
1st lien & ref gs series C 1921 A 0
182 185
-95 Apr '19 ___ _ 95 96
95
96
Portid fly Lt & P 1st ref 58_1942 F A 6112 ---- 6212 Apr '19
Nat Enam & Stamps 1st 55_1929
6212 6312
934 --... 94 Aug '18 Portland Gen Elea lit 58.1935 J .1 85 __-- 9012 Feb '17
Nat Starch 20-year deb,55 1930
-95 July'17
St Jos By L El & P 1st g 5s-1937 M N 81
9514
9558 99
National Tube let 54
96
hi 94 9913
1942
- --9912 10212 Mar'12
N Y Air Brake 1st cony 68_1928
SkPaul City Cab cons g 58..1937.1 J 85 --997s Apr '19 --__ 985s 1014
99711 100
----5034
1960 .1 J 5034 51
50
544
51
Third Ave 1st ref 4s
Pierce 011 5-year cony 66_41920
11334 Sale 10734
11334 184 10014 11334
Adj income 5s
a1960 A 0 2738 Sale 27
275s 33 25
10-year cony deb 65
100 Sale 974 100
3212
2571 8834 100
51924
89
97 Deo '18
Third Ave Ry 1st g 58
1937 J
91
Sinclair Oil & Refining931z Apr '19
Tri-City Ry & Lt 1st s f 50_1923 A 0 9234 94
-6312 "if"
11912 571 984 11912
1st s I 7s 1920 warrants attach F. A 11912 Sale 10734
lJndergr of London 4 As
1933 J J 72 ---- 76 Mar'18
A 991s Sale 97
do without warrants attach
994
9918 484 95
1948
Income Os
7112 90 674 Apr '19
95 Sale 95
6713 78
Standard Milling let 56____1930
.95
95
3 93
65 Dec '18
6612 75
United Rye Inv 58 Pitts Ise...1926
The Texas Co cony deb 6s__1931
10218 103 102
103
10 10012 103
88 8912 88
4814
United Rys St L 1st g 43.- 1934 J J 4914 50
712 D
Union Bag & Paper 1st 56_1930
Meo
ar:11:
4912 50 4312 621g
85
8934
1924 A 0 --_- 694 50 June'17
St Louis Transit gu 5s
Stamped
1930
32 Mar'19
33
United RRs San Fr a f 48...„1927 A 0
22 -313;
Union Oil Co of Cal lot 611_1931
93 -6-i" 0378 Jan '19 ____ -637;
3312
Union Tr(N Y)°Us dep ____ - -- 311s Sale 3018
3214 124 22
US Realty & I cony deb g 5s 1924
7212 Sale 7213
7314 42 60
74
Equit Tr (N Y) inter ctfs____
313s Sale 3034
10334 Sale 1033s
S Rubber 5-year sec 7s-1923
3312
10334 17 10234 10434
3214 39- 22
Vs By & Pow 1st & ref 58--1934
75
7634 767a Apr '19
1st & ref 5s series A
764 79
8712 Sale 8733
877s
1947
873* 144 86
US Smelt Ref & M cony 60_1926
A 9812 100
984
100
8 9734 100
Gas and Electric Light
Va-Caro Chem 1st 15-yr 50_1923
9514 9534 9512
954 111 9514 96
103 Sept'15 -99
Atlanta 0 L Co 1st g &L....1947
Cony deb 6s
0 10012 10112 1014
10112 38 10014 10214
41924
9314 9314 Apr '19 --- 93 -66Bklyn Un Gas 1st cons g 5s-1945
91
West Electric lit 55 Dec..__1922
074 Sale 9712
977s
4 97
994
Cinoin Gas dc Eleo lat&ref 5s 1956 A
-__- -- 91 Dee '18 ---Columbia 0& E let 58
1927 .1
8315 87 89 Apr '19 ---- 82 89
Coal, Iron & Steel
97 Feb '15 -- - - Columbus Gas 1st gold 50_1932
87 93
_
9512 9578 9512
Beth Steel 1st ext a f 5s
2 9512 9634
1926
9573
Consol Gas cony deb 60......1920
102
100 Sale 100
62 100 103
884 Sale 8812
1st & ref 511 guar A
894
89
1942
5 87
Cons Gas EL&P of Bait 5-yr 58'21
99 Apr '19 -- 9612 99
20-yr p m & Imp if 58_1936
85 Sale 8473
968 99
86
85
15 80
Detroit City Gas gold 58_1923
964 --- 9612 Mar'19
961s 964
Buff & Susq Iron s f 58_1932
90 May'18
01
96
Detroit Edison 1st coil tr 5s..1933
96 Apr '19 ---- 9512 0612
9012 98
8614 July'18
Debenture 5s
-a1926 NI
1st ds ref 54 ser A
9312 934 934 Apr '19 ---- 93 94
51940
Cahaba C M Co let gu 6s__1922
101 Dec '14
94 Feb '18 -Eq GLNY 1st cons g 56_1932
90
Colo F & I Co gen f lis-__1943
A 891 01
00
85 ____ 100 Feb '13
Gas & Else Berg Co o g 58-1949
A 74
Col Indus let & coil 5s gu__1934
75
744 7434
-- 7 734 7712
A 8512 90 924 Nov'17 -Havana Else consol g 58____1952
Cons Coal of Md let&ref 50_1950
874 8834 88
90
88
5 87
4
0014 Mar'19 -- 0014 -6•61Hudson Co Gas 1st g 5s___1949
90 _
08 Feb '19
Elk Horn Coal cony Cs
1925
95
9834
94 Feb '18
Kan City(Mo) Gas 1st g 50_1922 A 0 9253 --_ 904 Dec '16 ....__
Or Riv Coal & C 1st g 68_51919 A 0
8134 17,8214 35'3
93 Feb '19
Kings Co El L & P g 58
Illinois Steel deb 43e
-6i- 04
1937 A 0 9312
1940 A 0 •717- Sale 8312
Purchase money Si
2 100 105
Indiana Steel let 5e
96
1997 A 0 100 108 10014 1004
9812
1952
974 9512
9512
9, 05
Convertible deb 8s
90 98
1925
9412 100 98 Apr '19
Jeff & Clear C & I 2d 5s_ _1928
96
Ed El Ill Mtn let con g 44_1939 .15
82 Apr '10 --__ 794 84
82 _
Lackawanna Steel 1st g 53_1923 A 0 9614 963s 963g
9634 131 9614 98
9012
9934 10 9014 9934
Lao Gas L of St L lat g 50_41919
9934 100 9934
let cons Ss series A
5 88
897s 9018 897s
1950
894
Ref and ext 1st g 55
1934 A 0 9112 94 93
93
5 93 . 97
Midvale Steel &0cony 5 f 581936
8834 Sale 884
133, 86
8912
89
Milwaukee Gas I. 1st 48..
1927
Pleasant Val Coal lets f 56_1928
8012
8714 ---- 8714 Apr '19 -- 8714 88
Newark Con Gas g 58
1E48
89
_ 10,14 Apr '17 -Pocati Con Collier 1st s f 50_1957
4/ 8734 88
8634 8734 8734
8734
NYGELH&Pg 5s
9312 9212
1948
93
7 -f/Tra -1747.
93
9312 11 924 9534
ReDub I & S 10-30-yr Se s 1_1940 A 0 924 Sale 9212
Purchase money g 48
A 7214 Sale 7214
724 15 69
1949
St L Rock Mt & P58 stmpd..1955
827s 8034 Mar'19
7414
, 8034 8034
Ed Else Iii 1st cone g 58-.1995
99 Mar'19
954 98
.1 91
Tenn Coal I & RR gen 53_1951
9138
92
98 100
9138 92
92
NY&Q El LAP 1st con g 5s-1930
A 89
9612 9612 Aug '17 ---U El Steel Corp-jcoup__ _d1963 NI
1001g Sale 10018 10038 1271 9938 10112
Pacific,0& El Co-Cal 0& Ef 10-60-year 581reg ____d1963 NI
10014 994
994 10 9912 1004
9312
9313
Corp unifying & ref 5s
1937
934 91
2 9312 964
Utah Fuel let s f 5s
1931 NI
87
Pacific G & E gen & ref 5s 1942 .1
80 8612 86
8615 33 8518 88
70
Victor Fuel 1st s f 5a
55
70 • 70 Mar'19
70
1953
Pao Pow & Lt 1st & ref 20-yr
Va Iron Coal & Coke let g 50 1949
8558 8534 86 Apr '19 -- 86
875s
A
15s International Series__ _1930
82
- 91
82
2 82 88
Pat & Passaic G & El 58..._1949
100 July'17
85
Telegraph & Telephone
Poop Gas & C 1st cons g 88_1943 A 0 99 100 1004 Apr '19
100 Rif Am Telep & Tel coll tr 48
844 85
8412
5 8334 8513
1929
8412 _8
Refunding gold 58
7514 Apr '19
1947
75
76
Convertible 4,8
7812 80
7414 774
1936 M
783s Mar'19
Ch G-L & Coke 1st gu g 58 1937
82 844 96 13ept'17
712 9
70
812
884 Sale 887g
75
20-yr convertible 4iis
894
- 8
---1933
Con()Co of Ch let gu g 581936
J --- 844 100 Apr '17
30-yr temp coil tr 5s
907s 91. 904
1948
25 90 94
91
Ind Nat Gm & Oil 30-Yr 581938
89 Mar'17
A 1024 Sale 1025s
9818
7-year convertible 6s
05
034 104
103 .1.2(2 19
1925
Mu Fuel Gm 1st gu g 5s 1947
94 July'17
Cent Dist Tel let 30-yr 58_1943
98 9712 00 Apr '19
A
Philadelphia Co cony 5s
1919
9914 Nov'15
Commercial Cable let g 48_2397
65
- 73 Nov'17
---9214 21 91
Cony deben gold 58
1922
-4-27
;-El; 9218
Registered
9258
2397
084 Jan '18
9612 ____ 96 Apr '19
Stand Gas & El cony if 6e...1926
9314 -93371 9314
94 96
Cumb T & T 1st & gen 5s
9314
1937
0 93
Syracuse Lighting 18t g 5s 1951
85 ____ 974 May'17
Keystone Telephone 1st 6s 1935
---- 9834 98 Apr '16
Syracuse Light & Power 58-.1954
70 Nov'18
'7312
99
Mich State Teleph 1st 5s-1924
A 921s 9214 92 Mar'19
Trenton 0& El let g 5&_._1949
90 ---- 9833 Oct '17
N Y&NJ Telephone Si g....1920
9 1 -69;
9834 99
984 Jan '10
9 :38
11
Union Eke Lt & P lit g
- 94
90 Mar'19
NY Telep let & gen e f 4As-1939
90 92
2 8758 9112
8334 Sale 88
8834 11
Refunding dc extension 5s-1933
DT 80 _ _ 1015s Nov'16
Pacific Tel & Tel lit Se
1937
913s Sale 013s
9112
United Fuel Gas 1st a f 80
1936
95 97
98 Apr '19
95 98
South Bell Tel AT let if 58-1941
904 917s 0073
9118
Utah Power & Lt 1st 5s._ 1944
9312 Sale 934
A 8834 Sale 8834 894 6 88 8913 West Union coil tr cur 6a 1938 .1
4 9
00
378 94
31d
2
931s
Utica Mac L & P Is; g 5s_ _ -1950
90 -- 101 June'17
Fund & real est g 454s-1950
8512 86
8678 Apr '19 --- 864 924
Utica Gas & Moo ref 5s
1957
8312 9212 90 Feb '19
90 90
Mut Un Tel gu ext
-1941
09 10112 Sept'17
Westeheiter Luc gold /Ss__ _1050
8114
Of) Feb '19
1115
90 92
90
Northwest Tel gu 4 5s_4i g 1934
94 Nov'16
No grim Friday; latest bid add Mild.a Due Jam.4 Dee APT& I Duo MAW.I D110 Jane. A Due July. CDtie Aug. e Due Oat. 10110 Nov. Due Deo,8 Option sale
.•••1•11
BOSTON STOCK EXCHANGE-Stock Record
APR. 19 1919.]
1 Salesfor
SHARE PRICES-NOT PER CEMTUM PRICES.
Saturday
APrtt 12
Monday
April 14 I
Tuesday
Thursday
Wednesday
April 15 1 April 16 ' April 17
Friday
April 15
1
137 137 *137 138
137 1371,*135 137 i 135 135
7512 7514 70
75
75
75 31 75
75
7512
75
91
91
*91
91
91
*93
91
95
01
30
30 I 30
30
30
30
3018 30
30
30
*155
____ 169 159
•151
_ *100
___*1
*1
2
*1
2
*1
2 +160Last Sale12
2
*612 10
*612 10 I *612 10
Last Sale 7
*613 10
e____ 135 *____ 130 *____ 130 *____ 130
134 134
*87 --_- 8812 8812 .87 --__ *37
____ +87
___11212 11212 *11212 115 *11212 115
115 115
•11213 115
___- 54
*54
54
54
53
*5312 ____
55
55
*10212 ____ *10212
102 102 *10212 _- +10212 ---Last Sale 70
80 '78 16- w7-3SO
" *73 80
Last Sale 1
Last Sale 5
2812 -28T4
2812 -28C8 2713 28 I
-2812 287
28
_-__
Last Sale 9173
+90
* _- 94
_- *90
_- *90
*95
96
90
95 -9-0
96 -60
95
95
_ _I
19
•17
18
19
20
_-_20
*19
Last-SliE 95
4614 4612 46
4614 4512 46
4612 4012 47
46
52
52
53
53
52
52
53
5112 53
*53
Dec'13
Feb'19
Mar'19
Apr'19
Apr'19
Mar'19
Feb'19
10778 10914,*10712 10812 103 103
•103 10834 108 103
Good
997 100
10014 10014 +100 10012 100 1008 100 100
Friday
6518 6518 65% 6538 6534
6514 6512 6512 65
65
*.85 .94 1.65 .01 *.85 .94 +.65 .91
.65 .65
*314 4 I +314 4 I
- +334
_334 334
+33412712 12712 130 130 1 13012
13114
- *12712 128
-128% 12853
117 11714 117 11712 *11612 119 I 118 118
11612 11673
10112 10431 104 10178 10414 104781 10118 105
104 10112
6714
6512 6012 07
65
*63
60
.
60 i *58
58
9918 9912 9938 9912 9912 9934 9914 9934
99
99
*8312 ---- 3312 3312 *84
91
85
89
89
*80
_--, *80 -___ +80
_--- I *80
85
80
80
_......1 +21
*21
____1 *21
___ *21
Last S tie 21
Apr'19
____
•127 12812 12'7% 13314 13518 13813 13618 137
136 13618
3.r8
_1_6
108
70
70
20
2014 2014 2014! 2012 2012 2014 2014
2012
1418
1414 14
14
14141 1414 1414 14
1414 14
411
1112 *1114 1112 +11114 11121 1112 14
14
13
53
5
531
*514 531 *514 534 *5
5
534
16212 16212
166,2 16812 16514 18612 *101 163 1.162 163
5613 5614 56
5712' 5612 5734 *5612 5714
57
58
•159 161 *160 162
16134 16134
161 183% *182 164
2818 2818
2314 2814 2814 283, 28
283
*28
28
71
45
+412 5
612 7
434 44' *412 5
24
24
24
20
20
20
20
23 1 20
*19
3
3612 *3534 37
37 I 353 3534 *35
3614 3611 *36
813 8%
814 834'
813 83
813
8
ifs 814
*9512 08
95
96 I *94 -__- 95
---- 96
81
80
8114 8014 81
8313 8312 8313 s81
83
68
63
69
*68
09
*88
68
88
68
68
*134 135 135 135 1358 1357 140 140 *135
Last Sale 91
Apr'19
____ *90 -- -_ +90
___ .90
.90
9314
93
94
93
93
9314 9314 9314 9314 94
5112 5112 *50
50
51
____
50
*50
*4714 51
120 120 *120 120% 1+118
+120 121-14
5312 5314 5313 53 -531-2
53
52
52
53
52
15
15
___
+15
*15
15
15
____.1 15
15 I
41
40
41
4338 438 4114 4334 4512. 4334 44121
14512 147
14514 147
144 145341
13912 140
14014 144
02
*61
62 I
*6012 ---- 6113 8113 *61
173 17612 173 174341
172 178
172 172
1713 172
5114 5078 5112 5012 5112 503 5112 51
51
5112,
2753 273i 2714 2734 2712 2712 2712 2712 2714 2712'
9918 98% 998 9958 10038 9814 93731
9758 9338 98
117 117
_
1163 11634 1163 1163
1014 1012 1014 10331
1018 103
10
10
iS -1-01-1
1.50
1
+.85
1
75
7412 7412 73
358 334 +358 4
+.25 .30 +.25 .30
37
3812 3912 37
+1312 1412 *14
15 _
*43
45 I 4144_
1112 11341 1112 -1-2
+.25 .30 41.20 .30
2012
+20
2012 4120
6012 6012 603* 6038
405 405 1 400 405
*1212 1312 *1212 1312
4313 4312 43
4312
+278 3
.278 3
612 513
512 5%,
814 8381
838 1338
3
3
3
3
63
68
*6712 6912
+42
43
*42
43
*513 6
*512 0
*.50 .00 +.50 .80
4312 4312 43
4312
78
78
7912 7012
26
2018 2618 2618
*514 512 *514 513
114
.118
114 *1
414 41
414
*4
212 212
*212 3
*238 3
*214 3
413 431
*411 412
414
4
314 353
314 312
3% 334
5712
5534 5634 57
*161.1 17
+1614 17
134
.134 2
134
1612 1012 1634 1712
713
*8
7
*5
*812 918 *834 9
6012 6012
9
9
873 9
*113s 1134 *1114 1112
.45 .45
.1%45 .60
*1
114 •1
114
34
34
35
*34
49
49
49
49
143 143 *1413 15
58
56
56
56
213.1 *2012 21
*21
45
45
50
+45
*1314 14
*1314 14
214 214
*214 212
.90 '1%50 .75
+.11 .15 *.11 .16
514
*414 518 *4
2
2
2
2
+212 253
238 23
.81 .81
.81 .81
49
49
49
49
*47
4714 47
47
21
2
4 2 V,
2
818
8
814
*8
I% 2
178
*13
2
2
214
*2
+.90
1
.80 .85
173
17
17
17
+.80
1
*.60
I
•Bid and asked priest)
*.50
1
73
73
37
37g
+.25 .30
3612
36
*1312 1413
45
*44
1112 1131
..26 .30
23
*22
60
60
400 405
1212 1212
4314 4312
278
278
538 512
814 81
4
31
4 31
*67
69
*4112 4213
6
6
*.50 .76
4334 4334
81
*79
2618
26
514 514
+1
114
414
*4
234
+214
*212 3
+412 434
418
4
3% 334
5712 5712
*1014 17
+158
134
1714 1712
7
*6
*812 918
1112
+.30
.1
3'334
49
1434
58
*2014
*45
*1314
2
.75
91.11
*412
+178
212
*Ai
49
4634
2
8
*178
2
*.00
17
*.60
1134
.50
114
3334
49
145
56
21
50
14
2
.75
.15
5I8
2
212
.85
49
4712
214
8
2
214
.95
17%
1
*.50
1
.60 .60
*7314 7412 7212 73141
358
353 *312 3781
'1%25 .30
Last Sale .30 Apr'19
3812 3612, 36
36 1
*1312 1412'
Last Sale 1412 Apr'19
45
*43
Last Sale 4312 Apr'19
*1112 12 I*1134 12 1
.30 .30 *.30 .40!
23
*22
Last Sale 207k Mar'19
60
60
*5912 6012
405 405
400 405
1214 1212
*1212 14
4312 4334 43
4312
3
*27
*278 3
558 55
*512 55
812 83
8,(
1 4 858
3
3
3
3
*67
69
*65
68
Last Sale 4412 Apr'19
+4114 4214
512 512 *5
6
Last Sale .50 Apr'19
*.50 .60
45
45
45
42
8012 8013
81
.
1 79
20
2618 2638 20
512 512 *514 532
11
Last Sale 11
*1
Apr'19
414 414
4
4
218
218
2
2
214 212
214 214
414 414
*412 431
33
4
418
4
314 334
*358 4
5714
6612 5712 *57
Last Sale 1673 Apr'19
*1614 17
13
I%
I%
+158
1712
1714 1714 171
Last Sale 7
7
*6
Mar'19
Last Sale 9
*312 913
Feb'19
6012 0012 *60
0012
878 9
9
9
1112 1112 1112 1112
+1.30 .
.
1.30 .50
114
*1
Last Sale 1
Mar'19
3358 3358 34
34
50
50
*49
50
143 1434 143 143
56
4155
*55
56
*2012 2114
Last Sale 2118 Apr'19
+43
45
*43
45
14
14
*1314 14
2.4 214
214
214
.75 .75 +1.50 .75
'.11 .15
Last Sale 12
Apr'19
Last Site 5
*412 518
Apr'19
134
178
134 2
*212 25
*213 258
.82 .82
.82 .83
4918 4912 4312 49
4712 4712 47
4712
2
218
2
2
77
818
73
8
113(8 17
2
*13
*2
2,4
+2
214
1.90 .96 *.90 .95
16
16
153 16
*.60
1
Last Sale .60 Apr'19
I
the
Week
Shares.
STOCKS
BOSTON &roof<
EXCHANGE
1597
Range Since Jan. 1.
Lowect
Highest
Railroads
14 Boston & Albany
Jan 8 145
100 131
Apr 3
428 Boston Elevated
100 843 Mar24 8014 Apr 5
21 Boston & Lowell
100 85 Feb 8 95
Jan 3
195 Boston & Maine
100 28
Jan30 33 Mar 7
1 Boston & Providence
100 159 Apr15 103
Jan
Boston Suburban Elec _no par
Do pref
Feb 3 11
7
no par
Jan14
10 Chic June Ry & U S Y____100 134 Apr17 135
Jan 4
3 Do pre
100 81 Feb14 8813 Apr 8
28 Connecticut River
JanI5 115 Apr 0
100 112
.
55 Fitchburg pref
100 53 Apr10 58
Jan 2
2 Georgia Ry & Elec stampa.100 993* Mar15 103 Apr 5
Do prof
100 70 Mar15 74 Feb27
15 Maine Central
Jan23 83 Jan
100 80
Mass Electric Cos
100
1 Mar21
312 Jan14
Do prof stamped
100
4 Mar27 1714 Jan14
550 N Y N II & Hartford
100 257 Feb13 3412 Mar10
Northern New Hampahlre_100 9173 Mar31 01 Mar 1
66 Old Colony
100 95 Apr12 105
Jan 3
361 Rutland prof
100
18 Apr14 20
Jan13
Vermont & Maaaachusetts_100 - 95
Jan 0 100
Jan18
416 West End Street
50 40 Mar21 50 Apr 3
245 Do pref
50 4912 Mar13 56 Apr 5
Miscellaneous
130 Amer Agricul ChemIcal
100 100
Jan29 110 Apr 9
326 Do pref
100 9712 Jan 3 10212 Mar15
1,332 Amer Bosch Magneto_no par 643 Mar10 6778 Mar20
300 Amer Pneumatic Service
25 550 Jan 2
114 Feb 3
10 Do pref
50
212 Apr 8
6
Jan 8
164 Amer Sugar Refining
100 111
Jan 2 13213 Apr 8
109 Do prof
100 113
Jan 2 119
Apr 5
1,089 Amer Telep dr Teleg
100 99
Jan29 10314 Mar I0
14 American Woolen of Mass 100 46
Jan20 6738 Mar1 1
260 Do prof
100 94
Jan21 10112 Mar12
115 Amoskeag Manufacturing__
79 Feb15 91
Apr16
4 Do pref
7812 Jan 9 84 Mar22
Art Metal Construe Inc__ 10 1712 Jan21 22 Feb20
380 All Gulf & W I SS Lines __100 97 Feb 3 137 Apr16
70 Do prof
100 63 Feb15 70 Apr16
445 13ooth Fisheries
no par
1814 Feb 7 2212 Jan 2
487 Century Steel of Amer Inc.. 10 1358 Jan10 1512 Mar17
675 Cuban Portland Cement__ 10 10 Mar26 14
Jan 2
120 East Boston Land
10
413 Jan 4
6% Jan14
102 Edison Electric Mum
100 16212 Apr17 172
Jan 2
2,721 Fairbanks Co
25 5212 Jan21 6114 Jan 2
60 General Electric
100 1408 Feb 7 18338 Apr15
230 Gorton-Pew FIsheries
50 23 Aprll 3213 Jan10
41 Mar26
2,322 Internat Port Cement__- 10
714 Apr10
235 Do prof
Jan 4 24 Apr17
50 18
151 Intornat Products
no par
19 .Mar20 40 Mar26
709 Island 011 & Trans Corp_- 10
Jan 2
6
9% Feb20
35 McElwain (W 11) 1st pref_100 90 Jan17 99 Mar26
348 Massachusetts Gas Cos--100 80 Apr17 86
Jan 9
151 Do prof
100 68 Aprll
71
Jan13
25 Mergenthaler Linotype
100 130 Feb10 140 Apr16
New Eng Cotton Yarn____100 91
Apr 8 92
Jan 7
88 New England Telephone_..100 90
Jan22 90 Mar10
30 Nova Scotia Steel & 0 ___100 46 Mar 5 52
Jan25
4 Pullman Company
100 11312 Feb13 12212 Jan15
525 Punta Alegre Sugar
50 48 Feb 1 5412 Apr 8
130 Reece Button-Hole
Jan 3 1514 Apr10
10 14
15,648 Stewart Mfg Corpn
3218 Jan23 4512 Apr16
2,426 Swift & Co
Jan30 147 Apr15
100 115
53 Torrington
25 5212 Jan13 6118 Apr15
1,037 United Fruit
100 15712 Feb10 17612 Apr16
2,941 United Shoo Mach Corp
25 44
Jan13 52 • Apr 7
282 l)o prof
25 2614 Jan 2 31
Jan25
2,450 U S Steel Corporation
100 8814 Feb10 10058 Apr10
31
Do prof
100 113
Jan 2 117 Apr14
2,505 Ventura Consul 011 Fields- 5
734 Jan21
1053 Apr10
alining
50 Adventure Con
Feb 6 .75 Feb 6
21
' .56
52 Ahmeok
25 8213 Mar22 75 Mar 4
90 Alaska Gold
3 Apr 5
10
414 Mar 11
Algomah Mining
25 2013 JanI5 30c Feb 7
174 Allouez
"5 36 Mar24 44
Jan21
Amer Zino, Lead & Smelt.. 25 105 Febll
1412 Apr10
Do pref
25 39 Feb15 47 Mar18
290 Arizona Commercial
5 1034 Feb28 12% Jan 8
900 Butte-Balaklavit Copper
10 20e Jan30 30c Jan17
Butte & Sup Cop (Ltd)_ 10 1712 Jan23 2414 Feb28
205 Calumet & Arizona
10 57 Feb10 63 Jan 4
70 Calumet & Heels
25 350 Mar14 445
Jan 3
00 Centennial
"5 12 Mar21
15 Apr 2
430 Copper Range Co
25 39 Mar 5 4412 Apr 4
50 Daly-West
2 MarlI
20
314 Marll
817 Davis-Daly Copper
4% Feb13
6 Apr 2
10
1,292 East Butte Copper alln
8 Feb28
10
9,3 Jan 3
470 Franklin
212 Mar21
25
3% Jan 8
10 Granby Consolidated
100 68 Mar 1
7313 Feb13
100 421 Mar27 4534 Jan 2
Greene Cahanea
210 Hancock Consolidated
614 Apr 4
25
48 Feb 6
Indiana Mining
25 50c Mar 8 750 Feb18
1,019 Island Creek Coal
1 42 Apr16 48
Jan 4
30 Do prof
1 78 Apr12 8231 Jan21
382 Isle Royale Copper
Jan 2 27 Feb27
25 24
60 Kerr Lake
5
4
Jan17
534 Jan24
"5
Koweenaw Copper
99e Mar 4
114 Apr 8
406 Lake Copper Co
25
3 Jan25
412 Jan 2
70 La Salle Copper
2' Apr16
25
2% Jan 3
575 Mason Valley Mine
5
214 Feb18
3 Jan 9
180 Massachusetts Consol
25
4 Feb 7
5 Apr 3
1,623 Mayflower-Old Colony
2 Jan13 31'4 Apr14
25
640 Michigan
212 Feb24
"5
413 Jan23
122 Mohawk
25 4912 Feb 7 5812 Apr 7
Nevada Consolidated
5 1514 Mar26 1678 Apr 9
2 Apr 13
25
1 Mar 8
95 New Arcadian Copper
5 143 Mar 5 1712 Apr1,4
780 Now Cornelia Copper
7 Mar31
912 Jan18
Now Idris caulekellver ____ 5
100
878 Febll
1012 Jan28
Now River Company
190 Do prat
100 5712 Mar 1 6312 Jan20
722 NIptssing Mines
814 JanI5 1034 Jan13
5
9 Feb20 11% Apr 9
185 North Butte
15
100 North Lake
25 400 Jan 7 60c Feb20
25 7.50 Mar15
OnbwaY Mining
1% Jan13
170 Old Dominion Co
25 3012 Mar 5 37 Apr 3
60 Osceola
25 45 Mar17 52
Jan14
1218 Feb 8 15 Apr 9
10
315 Pond Creek Coal
47 Quincy
25 52 Mar22 61
Jan 3
Ray Consolidated Copper.. 10 1912 Feb 8 2118 Apr10
20 St Mary'* Mineral Land__ 25 40 Mar 4 451s Apr10
210 Seneca Copper Corp....no par
13
Jan22
1412 Jan 4
331 Shannon
10
112 Mar15
312 Jan 9
000 South Lake
25 40e Jan13
11
4 Feb14
80 Jan 1 1
South Utah M & S
5
140 Feb10
Superior
4 Mar 8
25
Jan 4
6
1,370 Superior & Boston Copper- 16
3 Jan 4
.1 Mar28
115 'Trinity
25
2 Feb 3
3 Jan13
1,800'Tuolumne Copper
1 74e Apr 1 90c Febll
412 US Smelt Refill & Min
Jan21 5158 Mar12
60 43
245 Do prof
50 4414 Jan24 4912 Mar14
820 Utah-Apex Mining
Apr12
2
318 Jan 3
5
085 Utah Consolidated
Vs Jan 2
712 Jan18
5
746 Utah Metal & Tunnel
1
114 Jan28
214 Mar12
160 Victoria
214 Jan 2
25
114 Mar13
25 50c Jan 9
114 Jan 4
79 Winona
370 Wolverine
25 15 Mar 5 19
Jan14
Wyandotte
25 400 Mar13 600 Apr 1
Ex-dividend and rights. s Assessment paid. 0 Ex-IROOk dividend. 18 Ex-rights. z Ex-dividend. ie Half-paid.
Range for Previous
Year 1918
Lowest
Highest
12212 Apr
Jan
37
80 July
Jan
19
Apr
150
.50 Dec
1014 Mar
138 July
8212 Apr
104 Feb
Jan
53
106 Sept
Oct
70
7712 June
134 Sept
812 Jan
27 Feb
Oct
84
£8812 June
Jan
20
80 Aug
37 Feb
Jan
47
146 Nov
80 Nov
104 Nov
40 Sept
170 Aug
3 June
15 June
Apr
147
8512 Dec
125 Nov
Jan
85
11614 Jan
Feb
Si
88 Nov
713 May
33 May
40 May
95 Nov
11212 Dec
Jan
25
Oct
90
50 July
62 Apr
7813 Jan 106
881.4 Jan 100
.40 July
4 Sept
Jan
09
107 June
9034 Aug
4512 Jan
Jan
90
6012 Jan
Jan
76
11 Feb
Jan
98
6812 Jan
Jan
21
10% May
1113 Nov
Jan
4
134 June
2712 Juno
Jan
128
27 Aug
412 Oct
12 Apr
_
318 Aug
88 Sept
x7714 Jan
62 June
107 June
Jan
88
8212 July
53 Dec
Jan
102
Jan
29
Jan
11
Oct
27
102 Aug
Jan
45
11512 Jan
3812 July
2434 Aug
87 Mar
108 Mar
Jan
5
12 June
89 Dec
1% Apr
.15 July
4012 Dec
10 Dec
4012 Dec
Jan
11
.20 Oct
16% Dec
61 Dec
425 Dec
1034 June
40 Dec
113 Apr
4% Dec
812 Mar
3 June
7312 June
Jan
39
4% Dec
.40 July
44% Dec
7912 Oct
1913 Jan
5 Jan
.80 Sept
334 Dec
2 Jan
2% Dec
3% Sept
.85 Mar
.40 June
1012 Dec
1612 Dec
114 Aug
-934 Dec
12 Aug
8312 Dec
8.4 Jan
1012 Dec
.25 Feb
12 June
32 Dec
4812 June
1234 Dec
59 Dec
1912 Dec
38 Dec
Jan
7
2% Dec
13 Sept
.10 Dec
4 Feb
114 Aug
213 Sept
.73 Dee
36 Apr
42 July
11 May
7 Dec
1 Dec
1% Dec
12 Nov
18 Dec
.40 May
Oct
Dec
,1a;
212 2
1558 Mar
11512 May
115 Dec
10918 Oct
6058 May
9712 Deo
92 Nov
82 June
x19 Dec
12014 Feb
6714 Nov
2813 Sept
1478 Dec
1712 May
534 May
186 Nov
6414 Nov
15734 Nov
35 Aug
713 Oct
23 Nov
653 Dec
93 Nov
9114 Nov
71 Nov
147 Nov
Oct
95
10012 Oct
Jan
89
130 Nov
51 Dec
13% Mar
4112 Nov
14814 Aug
58 Dec
166 Deo
4812 May
2612 May
11812 Aug
113% Deo
9 Nov
134 J80
86 Nov
538 Nov
.45 May
54 Feb
2114 July
64 July
1814 Aug
.48 Nov
33 May
7312 May
470 Deo
1412 Feb
5112 Nov
3 Sept
678 Mar
12 Nov
8 Feb
84% Oct
57% Nov
1018 Jan
Jan
1
70 May
84 Feb
29 July
612 Oct
1% May
8s4 May
3% Mar
6 Feb
7 Jan
412 Nov
4% Oct
6612 May
2013 May
212 July
1714 Mar
Jan
20
Jan
80
978 Apr
1733 May
.95 Mar
158 Dec
4512 Jan
65
Jan
2014 Feb
78 May
2524 May
Jun
57
15% Dec
5% Jan
2
Jan
.20 Jan
878 Nov
4% Sept
412 Feb
1% Aug
5012 Oct
4712 Nov
413 Nov
Jan
12
31
/
4 Apr
3 Jan
2
Jan
36
Jan
1,
1 4 Mar
Outside Stock Exchanges.
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange April 12 to April 17, both inclusive:
Thurs.
Range since Jan. 1.
Last Week's Range Sales
Sale.
of Prices.
for
Low.
Price. Low. High. Week.
High.
Bonds.
U,11 Lib Loan 334s_1932-47
lit Lib Loan 48_1932-47
2d Lib Loan 4s__1927-42
lit Lib L'n 434s_1932-47
2d Lib L'n 4%8_1927-42
3d Lib Loan 4 yi s_ _ 1928
4th Lib Loan 4Xs_ _1938
Atch Top & S Fe 4s__ _1995
AUG& W ISS L 531959
Gt Nor-C B & Q 4s_ _ _1921
K C Ft Scott & M 6s..1928
KCM&B income 56 1934
1929
Mass Gas 4%s
1931
430
Miss River Power 5s_ _1951
Pond Creek Coal (is_ A923
Punta Alegre Sugar 65 1931
Swift & Co 1st 56
1944
Western Tel & Tel 53_1932
98.54 99.14 $27,450 98.04 Feb 99.64 Mar
95.04 95.54 7,200 91.64 Jan 95.54 Apr
93.34 93.60 13,100 92.04 Jan 94.02 Jan
95.04 95.80 38,050 93.24 Mar 96.50 Jan
93.14 93.80 22,850 93.04 Mar 95.90 Jan
95.14 95.76 77,200 94.40 Mar 96.50 Jan
93.34 93.86 131,000 , 93.34 Mar 96.50 Jan
1,000 81% Apr 83% Jan
81% 81%
Feb 83% Jan
8134 33.000 79
79
95% 95% 1,000 95% Jan 95' Jan
1,000 101X Apr 101X Apr
101X 101X
Mar 74
'2,000 72
Mar
73
73
Apr 94
Mar
2,000 90
90
90
Apr 87( Mar
1,000 83
83
83
1,000 77y, Jan 79( Jan
79
79
Feb
3,000 92
Jan 95
94
94
Jan 94
Mar
6,000 87
91% 92
96% 96% 96% 18,500 95% Mar 96% Jan
Mar
Jan 91
89% 89% 1,000 89
99.04
95.14
93.34
95.14
93.34
95.14
93.34
Chicago Stock Exchange.-The complete record of
transactions at the Chicago Stock Exchange from Apr. 12
to April 17, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Thurs.
Sales
Range since Jan. 1.
Last Week's Range for
Week.
Sale.
of Prices.
Low.
StocksPar. Price. Low. High. Shares.
High.
American Radiator_-_100
Amer Shipbuilding____100 115
Armour dc Co preferred___ 104%
Booth FisheriesCommon_new (no par) 2034
Preferred
100 '79
Chic City & C Ry, pref___ ____
Chic Pneumatic Tool.. _100
Chic Rys part ctf "2"____ _ ____ _
Commonw'th-Edison_ _100 112
Cudahy Pack Co, com_100 11134
Deere & Co, preferred_100
Diamond Match
100
Hartman Corporation_100
Hart Shaft & Marx,com100
Illinois Brick
Libby(W I)
3034
10
Lindsay Light
10
Preferred
Middle West Util,com_100 3634
100
Preferred
People's Gas Lt & Coke 100
Quaker Oats Co, pref_ _100
Sears-Roebuck, com___100 180
Shaw W W, pref
100
Stewart Warner Speedom
Common
100 94
Swift & Co
100 146
Swift International
6034
Union Carbide & Carbon
(no par) 6934
Co
Unit Paper Board,com_100
Ward, Montgom & Co, pf_
Western Stone
Wilson & Co,common_100 83
Preferred
100
Bonds.
Armour & Co 430_1939
Chic Cy 8c Con Rys 53.1927
Chic Rys 4s, Series "B"
Commonw-Edison 58_1943
Liberty Loan 2d 43%s
______
Liberty Loan 4th 4X s_
Rain:.6. en lqt 17 rig _ 11)44
275 275
110 115
1013% 105
20
'78
8
67
53%
112
111
98
11434
66
7834
66
29
173%
934
29
55
4834
102
180
0934
10 275
995 100
16,831 1003
2034 1,540 18
235 78
79
130
8
634
316 6034
68
100
5
534
363 111
115
708 10034
112
368 95
98
115
125 109
215 543%
67
79
229 68
275 56
6634
23,804 1934
31
1,975 16
18
100
934
934
360 24
3634
64
310 49
70
46
4834
103
150 101
40 16834
18234
20 9934
105
3,698 84
913.4 94
12,039 11534
140 148
5934 623-1 16,100 4134
6634
1934
110
434
81
100
70
21,508 50
1934
100 1734
40 110
110
5
60
4
85
765 6634
100
10 95
873% 8734 $1,000
42
3,000
42
1,000
42
42
9334 9334 11,000
93.32 93.32 50,000
93.32 93.38 300,000
9611 9614 11.500
Apr 290
Feb 120
Mar 105
Feb
Apr
Mar
Feb
Apr
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Apr
Feb
Feb
Mar
Jan
Feb
Feb
Apr
22
83
11
70
9
115
113
99
115
67
79
68
31
1834
934
3634
64
52
103
183
105
Jan
Mar
Apr
Mar
Mar
Feb
Apr
Feb
Pan
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Feb
Feb
Apr
Apr
Jan 94
Jan 148
Jan 65
Apr
Apr
Apr
Jan 7134
Jan 2134
Jan 112
Jan
534
Jan 85
Feb 100
Apr
Jan
Jan
Mar
Apr
Mar
8734 Apr
Apr
42
42
Apr
93
Feb
93.32 Apr
93.32 Apr
9514 Mar
88
4934
60
9434
93.32
93.70
9811
Fe
Jan
Jan
Jan
Apr
Feb
Jan
Pittsburgh Stock Exchange.-The
complete record of
transactions at the Pittsburgh Stock Exchange from April 12
to April 17, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
[VOL. 108.
THE CHRONICLE
1598
Sales
nfill.
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
22 4434
Amer Roll Mill, com___25 4434 4434 4434 ,
210 16
American Sewer Pipe__100 2034 log 2034
280 79
Amer Wind Glass Mach100 8334 8334 84
180 7734
100 8034 80
8034
Preferred
50
63-1
Carnegie Lead 8c Zinc_ -5
734 73-4
45 3934
Columbia Gas & Elec__100
4534 453-1
25 130
140 140
CommonWealth Trust_100
24
30 15
Consolidated Ice, prof..50
2434
94
94
73 91
Crucible Steel, pref____100
10 9634
99
99
Farm Dep Nat Bank..100 09
46 118
118 118
Harb-Walk Refrac,com100 118
370
134
Indep Brewing,com _ _ _ _50
334 334
334
424
50
Preferred
534
934 10
228 280
1,829 170
100 273
Lone Star Gas
1,700 4834
50 5114 50
5134
Mfrs Light & Heat
5
1,360
8
834
Nat Fireproofing, com 50
834
1,160 10
1514 173%
Preferred
50 17
1 2234 1934 2234 6,385 16
Ohio Fuel Oil
25 46
Ohio Fuel Supply
453-4 4634 2,195 4234
2,136 2834
Oklahoma Natural Gas_25 34
3134 34
Oklahoma Prod & Ref 25 1034 103% 113% 3,465
834
514 6
650
2
Pittsb Brewing, corn _50
240
7
50
Preferred
1334 1434
3
110 45
Pittsburgh Coal, com__100 4914 4834 49%
8e
16c 170 29,000
Pittsb-Jerome Copper__ _1 16o
340 460 26,600 210
Pittsb & Mt Shasta Cop_1 35c
8
Pittsburgh Oil & Gas__100 12
113-4 1234 3,868
1 2200
2400 2400
Pittsb Stk Exch memb'ship
225
%
%
Riverside East 011, com__5
%
100
234
3
5
3
Preferred
7o
70
1,000
6o
1
San Toy Mining
85 122
125 130
Union Natural Gas__ -100 128
31
32
150 30
100
U S Glass
415 8834
U S Steel Corp, corn.._100
9834 100
99
1,043 93
98
West'house Air Brake_ _50 99
785 4014
Weat'house Elea 8c Mfg_50 4834 47
493%
X
Bonds.
Indep Brewing 6s_ _1955
Pitts!) Brewing 6s____1949
49
68
50
68
316,000
5,000
36
52
High.
Apr 4734 Jan
Jan 2134 Mar
Jan
Jan 88
Jan 82
Mar
Mar
734 Apr
Feb 463.4 Mar
Mar 140
Mar
Feb 2434 Apr
Jan 94
Apr
Jan 99
Jan
Apr 120
Jan
Jan
434 Mar
Jan
1034 Mar
Jan 280
Apr
Jan 53
Jan
Jan 1034 Jan
Jan 1834 Jan
Jan 223-4 Apr
Feb 47 IMar
Apr
Jan 34
Mar
Apr
Jan
63.4 Mar
Jan 15
Mar
Feb 5034 Apr
Jan 200 Feb
Jan 46c Apr
Jan 123% Apr
Mar 2400
Apr
Feb
1
Jan
Jan
3
Apr
Feb
90 Jan
Jan 130
Apr
Feb 33
Jan
Feb 10034 Apr
Jan 10234 Mar
Jan 4934 Apr
1134
Jan
Jan
50
Apr
6834 Apr
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stook Exchange from April 12
to April 17, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Thurs.
Sales
Last Week's Range for I
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.!
Range since Jan. 1.
Low.
High.
10
234 2% 6,385
2
Jan
Atlantic Petroleum
3% Jan
234
100
72
Jan 7234 Mar
BaltimoreTube
72
200 70
100
85
85
Feb
Preferred
39 71% Feb 85
6
6
1,380
6
Apr
6
Apr
Boston Sand & Gravel____
Apr
44
44
10 44
Apr 44
Preferred
1.50 Feb
1.10
1.05 1.10 2,175
1.00 Mar
Celestine Oil vot trust_
26
12 26
Feb 26
Feb
26
Commercial Credit, pref.25
Jan
25
24% 25
60 24% Apr 25
Preferred 13
563 10334 Apr 110% Mar
Consol G,E L & Pow__100 10434 10334 10434
Jan
8034 8114
567 79% Feb 83
Consolidation Coal_ ___100 81
Apr
9%
10,510
6% Feb 10
5
9% 10
Cosden & Co
4
4% Apr
5
4% 4%
515
Jan
Preferred
43.4
Jan 40% Feb
33% 3534
710 32
Davison Chemical..no par 34
Jan
Mar 30
Elkhorn Coal Corpn_ _50
27% 2734
35 27
3 72% Jan 86
Feb
Houston 011 trust ctfs..100 8514 85% 8534
Feb
Preferred trust ctfs_ _100 86
83
86
373 7234 Jan 90
Mt V-Woodberry Mills73% 74)4
64 71
Feb 7634 Mar
Preferred v t r
100 74
50
72% 7234
50 71
Mar 80
Feb
Northern Central
82
Apr
Pennsylv Water & Pow.100 85
85
947 7734 Jan 85
15
16
195 15
Mar 20% Jan
United Ry & Electric_..50 15%
27
105 2434 Mar 2734 Apr
Wash Balt & Annapolls_50
27%
37
20 3534 Feb 3734 Mar
Preferred
50
3734
Bonds.
Bait Elec stamped 5s_1947 9234 92% 9234
B dr 0 5-yr coil 6s, w 1_ _ _ _
97)4 9734
City & Sub 1st 5s_ ___1922
9714 9724
Consolidated Gas 5s__1939
99
99
1954
87% 88
General 434s
84
84
Consol G,E L & P 430'35
100% 100% 10034
7% notes, w 1
COnsol'n Coal cony 6s.1923 99% 9914 99%
92% 94
Cosden & Co ser A 6s..1932 94
1932 95
9234 95%
Series B 6s
(Old Co) refund 68_1926 95
95
95
98% 98%
Elkhorn Coal Corp 6s.1925
Fla Cent & Penin extend 6s
10034 nog
lions 011 div ctfs_ _1923-25 106
106 106
Kirby Lum Contr 68..1923
9834 9814
Minn St & St PC jt 5s 1928 8934 8934 8934
71% 7134
United Ry & Elec 4s 1949
50% 51%
1949
Income 4s
Wash Bait & Annap 581941 8114 81% 81%
87
\Aram & Weldon 4s_ _1935
87
$1,000 9214 Jan 94
5,000 9734 Apr 97%
2,000 9734 Mar 100
1,000 99
Apr 100%
5,000 87% Apr 89
2,000 84
Apr 85%
25,000 100% Mar 10034
53,000 993.4 Jan 100%
37,000 8434 Jan 94
60,000 8514 Jan 95%
5,000 91
Jan 95
Feb 993%
2,000 98
2,000 100
Apr 101
1,000 98% Jan 112
6,000 98% Apr 99%
1,000 8934 Mar 93%
9,000 70% Apr 76%
11,000 50
Mar 5534
14,000 81% Apr 83%
Apr 87%
1,000 87
Mar
Apr
Jan
Mar
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Jan
Feb
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Philadelphia Stock Exchange.-The
complete record
transactions at the Philadelphia Stock Exchange from
April 12 to April 17, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Thurs.
Sales
Range since Jan. 1.
Lass Week's Range for
of Prices.
Sale.
Week.
Par. Pries. Low. High. Shares.
Low.
High.
Stocks-
of
100
American Gas
10
American Milling
American Rys. pref_ _100
American Stores _ _.no par
Baldwin Locomotive__100
100
Preferred
50
Cambria Iron
50
Cambria Steel
Elea Storage Battery..100
100
General Asphalt
100
Preferred
10
Insurance Co of N A_
100
J G Brill Co
100
Preferred
Keystone Telephone_ _50
Lake Superior Corp...100
50
Lehigh Navigation
50
Lehigh Valley
Midvale Steel & Ord_ _50
50
Minehill & S H
50
Northern Central
50
Pennsyl Salt Mfg
Pennsylvania
50
Penn Traffic
234
Philadelphia Co (Pitts).50
Pref (cumulative 6%)50
Phila Elec of Pa
25
Phila Rap Tran v t r
50
Philadelphia Traction. 50
50
Reading
50
1st preferred
Tono-Belmont
1
Tonopah Mining
50
Union Traction
100
United Cos of N J
50
United Gas Impt
U S Steel Corp
100
Warwick Iron & Steel__10
West Jer & Sea Shore_ _50
Westmoreland Coal_ _50
100
Wm Cramp & Sons_
20%
105%
70
63%
96
45
19%
67
64
8234
44%
37%
35%
2534
24%
3%
38%
6934
98%
113%
65
65
10
10
10
605
64
64
50
2014 2014
55
91% 94%
500
30
10514 10514
10
4034 40%
110 115
7,
69
70% 3,223;
66
63
65%
95
96
113,
14'
29% 29%
2,710
37
47
91
91
256
8
9
1914 20
3,840
67
68
293;
533.4 54%
600
47
47
6;
51% 51%
50
51
72
72
82%
98
82
44
44% 1,998
175
23% 214
37% 37%
25
34
812
35g
2534 25% 1,956
24% 24% 1,350
80
66% 67
225
83
85
100
3734 37%
334 3% 2,400
1,830
334 334
3834 39
70
27
189 190
67% 70
1,708
9734 100% 3,127
9
9
76
42
42
107
20
7334 7334
11,553
93 115
60
10
64
2034
65%
100%
40
110
5134
39
76
25%
19%
91
8
17
67
5334
41
50
71%
8134
44
234
30
31%
2414
z23%
6634
7634
37
234
214
37
185
67%
88%
8%
42
7314
75
Jan
Apr
Mar
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Apr
Mar
Jan
Apr
Apr
Jan
Jan
Feb
Apr
Mar
Apr
Jan
Jan
Jan
Jan
Apr
Jan
Mar
Jan
Jan
Jan
Feb
Apr
Feb
Jan
Mar
Mar
Feb
Bonds08.70 99.10 $1,150 98.39 Feb
US Lib Loan 3348_1932-47
100 02.30 Feb
95.20 95.20
1st Lib Loan 43_1932-47
93.30 93.50
950 91.80 Jan
2d Lib Loan 4s_ _1927-42
300 93.20 Apr
93.50 93.50
2d Lib Loan 43481927-42
3d Lib Loan 4348.-1928 95.36 95.30 95.84 20,200 94.50 Feb
4th Lib Loan 434s._1938 93.54 93.30 93.80 29,600 93.20 Mar
100 8334 Apr
Am Gas & El 5s sma11.2007 8314 8334 8314
2,000 100
Apr
100 100
Baldwin Locom 1st 5s 1940
Mar
Elec & Peop tr ctfs 4s_1945 69% 6934 69% 3,500 65
200 65
68
68
Mar
small
1945
do
9834 98% 1,000 98
Feb
Harwood Electric 6s _1942
62
1,000 58
Jan
62
Lake Superior Corp 58 1924
102 102
8,000 10134 Jan
Lehigh Valley 6s
1928 102
Northern Central10034 10034 2,000 AO% Apr
1926
2d 5s, series A
1,000 86% Apr
Penna RR gen 430-1965 863% 86% 8634
1968 94% 94% 94% 3,000 93x Mar
General 5s
Mar
76
75
13,000 72
Peoples Pass tr ctfs 4s 1943 76
Philadelphia Co86
1,000 85% Apr
86
Cons & coil tr 58 stpd '51
Phila Electric 1st 5s 1966 93% 93% 93% 16,000 9334 Jan
400 93X Feb
1966 93% 93% 94
small
do
1997 833% 8234 83% 6,000 8234 Apr
Reading gen 4s
10034 100%
1,000 100% Jan
Spanish Am Iron 138_1927
70% 41,000 62% Jan
United Rys Invest 5s_1926 70% 70
Apr
200 70
70
70
1926 70
Small bonds 58
Jan
97
2,000 95
97
1930
Weisbach Co 5s
500 0634 Apr
1930 9614
96%
small
do
083%
69
12%
69%
28
9434
10534
41%
115
72%
72%
108
29%
47
91
2134
73
5634
47
54
75
84X
46%
3%
37%
3634
25%
28
71
8614
38%
33%
334
39%
190
74%
100%
9
46
75
115
Jan
Apr
Jan
Feb
Apr
Apr
Feb
Apr
Mar
Feb
Feb
Apr
Apr
Apr
Apr
Feb
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Mar
Apr
Mar
Jan
Jan
Jan
Apr
Mar
Feb
Apr
Jan
Jan
Jan
Mar
Apr
Jan
Jan
Apr
99.70 Jan
95.20 Apr
93.68 Jan
95.30 Jan
96.38 Jan
95.64 Jan
88% Jan
10034 Mar
Jan
71
75
Jan
98% Apr
63% Mar
10234 Jan
btril
10034 Apr
8934 Jan
98
Jan
76
Apr
8934 Feb
96 4 Jan
97% Jan
86X Jan
101% Feb
Ma.1
72
70 LApr
Apr
97
96X Apr
THE CHRONICLE
APR. 19 1919.]
1599
7'hurs.
Sales
for
Last Week's Range
Week.
of Prices.
Sale.
Price. Low. High. Shares.
Volume of Business at Stock Exchanges
Stocks (Concluded)TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Week enitng
April 18 1919.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
Nov York Stock
Ilichange.
536,365
1,114,500
1,187,230
1,303,161
976,810
State, Muss.
& Foreign
Bonds.
Railroad,
Par Value.
Bonds.
$844,000
$50,851,000
1,696,000
107,401,500
2,026,000
114,137,500
2,125,000
119,680,600
1,730,000
89,077,000
HOLI DAY
$5,576,000
16,112,000
11,060,000
9,826,000
10,405,000
$8,421,000 $4,088,000 $52,979,000
5,118,066 $481,147,600
Jan. 1 to April 18.
Week cncitnu April 18.
1919.
$162,000
673,000
756,000
1,467,000
1,030,000
U. S.
Bonds.
1919.
1918.
1918.
56,986,155
37,892,887
2,182,595
5,118,066
Stocks-No. shares_ _ _
$481,147,600 $205,560,000 $5,729,440,855 $3,545,840,350
Par value
$45,200
$12,400
$11,500
Bank shares, par
Bonds.
$697,203,200
$235,190,500
Government bonds- $52,979,000 $22,144,000
134,746,000
2,598,5001
4,088,000
66,757,000
State,mun.,&c.,bonds
133,310,500
3,754,500,
8,421,000
87,633,000
RR.and misc. bonds
Total bonds
$65,488,000 $28,497,000!
$965,259,700
$389,580,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week ending
Apr4118 1919
Baltimore.
Shares. Bond Sales.' Shares. Bond Sales. Shares. 'Bond Sales
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
8,279
18,658
13,065
18,935
12,145,
Total
71,0821
$35,350!
75,900,
115,750!
117,050
61,500
$405,550
$7,250
3,437
5,624
16,150
60,300
6,437
13,185
31,500
12,147
40,500
HOLI DAY.
40,830
$155,700
2,1441
7,545
5,522
6,206
3,848
$17,000
89,000
70,000
33,100
80,400
25,265
$289,500
Now York "Curb" Market.-Below we give a record of
the transactions in the outside security market from April 12
to April 17 (April 18 Good Friday holiday), both inclusive.
It corers the week ending Thursday 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, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily 'records
of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particulady as regards mining shares. In the circumstances,
it is out of the question for any ono to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Thurs.
Sales
Last Week's Range for
Week endinf Apr. 17.
Sale.
of Prices.
Week.
Low.
Price.
High. Shares.
Par.
Stocks91.1
AetuaExplosives_r(no par)
Guaranty 'rrust ctfs_
Am Road Machinery _ r 100 58
Amer Writing Pan com 100
Brit-Ant Tob ordinary_ El
LI 23%
Ordinary bearer
100 26
Bucyrus Co.r
Chalmers Mot Corp-r_(t) 1051
Cities Serv Bankers sharesr 364
Clalborne&Annap Ferry r5 11
Cramp (Wm.)& Sons S.
100 116
& Eng Bldg
EmersonPhonograph_ _5
Endicott .rnson Corp_ r 150
100
Preferred vr i..r
25 5734
Fairbanks & Co_ r
Famous Players-Lasky
(no par)
Corp
Fisk Rubber new w l_r_ _25 34%
100 See no
Old stock
100
Second prof _r
Freeport Tex Co.r (no par) 43
General Asphalt corn_ r 100 604
100 94
Preferred _r
Gillette Safety Razor r (t)
com..100
Sig
&
Switch
Hall
Havana Tobacco prof r 100
Hocking Val Products r 100
855
Hupp Motor Car Corp-10
Intercontinental Rubb_100 223(
Internat Products_r
100
Jones Bros Tear
Lackawanna Co Coal r_10 27
Libby, McNeil & LIbbyr10 3034
415
Marconi WIrel Tel of Am_5
Morris (Philip)& Co_ _ _ _10 12
27%
Aniline&Ch,com.r.100
Nat
814
Nat Fireproofing corn r 50
50
Preferred _ r
100.
Nat Ice & Coal_r
8%
811
51
6%
23
2311
22
9%
36
9
9%
854
67
7%
2334
23%
30
104
36%
14
11,100
200
10,700
6,100
100
7,000
20,700
30,500
8,800
24,050
9431
3%
52
100
56
116
4
55
100%
5734
2,450
1,200
1,100
1,600
2,300
56
70
34
36
to below.
140 140
41
43
60% 65
93% 994
147 150
515
511
355
3%
10
10%
84 8%
20% 2334
3755 37%
244 24%
25
3055
2951 3114
455
4%
1151 1331
2655 28
811
834
16
16%
61
63
3,000
13,950
Range since Jan. 1.
Low.
64
6%
8
215
22
23
1215
43'
35
7%
Jan
Feb
Feb
Jan
Mar
Mar
Mar
Mar
Feb
Mar
High.
10%
915
67
7%
244
25%
30
12
38%
16
Feb
Feb
Apr
Apr
Feb
Feb
Apr
Mar
Mar
Apr
Apr
Jan 116
82
415 Mar
Feb
2
Apr
44
Apr 54
Apr
994 Apr 100
60% Fell
54% Mar
46
29
40 112
1,100 33
1,300 3914
400 83%
1,050 109
800
4%
3,200
3
600
9
14,200
4%
13,700 10%
200 35
100 2415
8,800 10%
13,500 19
6,000
4
13,000
7
5,000 24
500
64
140 134
400 47
Apr
Apr
70
39
Apr 145
Feb
45
Jan 724
Jan 109
Jan 150
Mar
Jan
Apr
1035
934
Jan
Jan 23%
Apr 41
Mar 28
36
Feb
314
Jan
5
Jan
14
Feb
Mar 30
12
Feb
Jan 2051
Jan 67%
Apr
Apr
Apr
Mar
Feb
Feb
Apr
Apr
Jan
Apr
Mar
Apr
Mar
Mar
Mar
Apr
Mar
Apr
Mar
Jan
Jan
Mar
N Y Shipbuilding (no par) 37
N Y Tran.sportation____10 16
No Am Pulp&Pap _(no par)
4%
Pacific Gas & Elec comr100
Pearson Coal_ r
2%
1
Peerless Tr & Mot Corp_50 2431
Perms Coal & Coke_r__50
Perfection Tire & Rubb r 1
1
Poulsen Wireless_ r_ _ _ _100
Rem'ton Typewr'r r_ _100 55
Savold Tire r
25 34%
Standard Gas &Elec corn 50 37
Stewart Mfg_r
441.5
Submar Boat Corp v t o_ 5 14%
Swift Internat'l_r
15 6131
Thernells Bros Co,Inc r 10 1134
Triangle Film Corp vt c_ 5
1
Union Carb & Carbon_r(t) 693.4
United Profit Shar1ng25e 1 7-16
U S Steamship
24
10
Wayne Coal
a 3%
World Film Corp v t o__ -5 5-16
RightsIsland 011&Tr(to take bds)
Former Standard 011
Subsidiaries
Anglo-Amer Oil_ r
El
Buckeye Pipe Liner.. _50
Galena-Sig Oil com_r _ _100
Oil_
r
Ohio
25
Prairie Oil& Gas_ r__ _ _100
Prairie Pipe Liner_ _ __100
South Penn 011_r
100
Standard 011 (Calif)_r_100
Standard 011 of N J_r_100
Standard Oil of N Y_r100
Vacuum 011_r
100
20%
705
704
376
427
35
37
1,4001
16
19
300
4% 4x
2,900
100
57
57
215 3
2,700
8,800
234 25
24%
800
23
341 232,000
6
74 2,000
14,050
48
56
24
38 205,200
15,800
37
40
4,700
415.4 45
5,700
14
1531
5935 6255 17,000
800
1031 1134
7-16 11,5 100,000
2,300
6515 70
14 1 9-16 26,500
235
2% 28,500
3% 3% 5,800
2,500
5-16
7c
1835
97
108
345
670
272
305
270
674
350
413
20c 340,000
2035
97
109
362
703
276
305
273
704
376
429
19,100
10
20
275
275
30
90
70
702
440
150
Range since Jan. 1.
Low.
Jan
25
Mar
10
2% Jan
1% Apr
52
Apr
Mar
Mar
Apr
Feb
Mar
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Feb
Mar
Apr
Apr
Apr
Feb
Jan
Apr
Mar
Apr
20c
Apr
Jan
Mar
Feb
Jan
Jan
Mar
Apr
Jan
Apr
Jan
Jan
20%
97
109
362
708
276
320
280
731
376
437
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Apr
Jan
Jan
Apr
Fe
Feb34
Feb
5
Apr
24
Apr
2915 Apr
Apr
38
10
405i F b
Jan
10
Mar
31 Feb
6015 Feb
7-16
2 6j
Mar
lan
3% Feb
.4e. Mar
18
23
7c
1615
91
88
315
630
263
292
258
668
310
395
High.
37
19
535
58
334
25
2414
1
715
56
38
40
45
164
65%
114
115
73
255
555
4%
Other 011 Stocks
37/s
43-4 Apr
2% 4% 58,000
Allen 011_ r
1
34 Jan
2,500
Alliance Oil& Ref _r
415 Apr
515
53-4 Mar
414
5
555
5,700 3-16 Jan
3-16 3-16
5-16 Jan
Barnett Oil& Gas r
1
11
6% Apr
Boone 011_ r
6
3
13% 49,800
Mar
5
6%
470
Feb
37c 390 28,000 18e
Boston-Wyoming 011_ r_l 38c
Jan
Cont'nw'th l'etr l_r WI(t) 464 4211 4715 20,300 37
Mar 51% Mar
37,500
Apr
10
Jan
Cosden & Co. com_r__...5
9% 10
9%
1,600
1% Ix
2
Mar
Crystal 011 & Refining_ r_l
14 Feb
7,000
Elk Basin Petroleum_r_ _5
8% Apr
6
Jan
84
734 sx 150,900
10c
Sc loo
Apr
40
Jan
Esmeralda 011 Corp_r___1
8c
2% 34 70,000
Jan
3% Feb
2
Federal 011_r
5
3%
74,600
6% Apr
555
3% Mar
Glenrock 011.r
10
615
2,800 10
.9% 10%
Mar 10% Mar
Hercules Petrol Class A r 10 10
12,000 400 Mar 52o Mar
41c 43c
IIoma Oil Co_r
1
3,800 10
19
Home Oil & Refg _r w LAO 154 154 17
Mar
Feb
6,900 75
Apr
Houston Oil, corn_r___1(10 92
8014 92
Jan 92
5% Apr
214 5% 70,000 550 Feb
Hudson Oil _r
1
3%
14,300 16% Jan 35% Apr
Internet Petroleum_ r CI 2834 244 31
9% Mar
Island 011 & Transp_r__10
7% 8% 110,000
8
655 Jan
Jan
540 6c 36,400 54c Apr 16e
Kenova 011
1
6C
Apr
3115 33% 70,000 21
Merritt Oil Corp,r
Jan 33
10 32
Mar
3% 15,500
3
2% Jan
Metropolitan Petroleum.25 3 3-16
Mar
1% 20,000
1.13 Jan
Midwest 011. corn _c
1 1 11-16 1 9-16
2,150 124
167 171
Apr
Midwest Refining _r
Jan 171
_50
4% Apr
4% 59,500
3
1
Morton Pet of Me_w l_r_l
Mar
44
Apr
7
27,100
7
6%
4% Apr
National Oil r
10
6%
59c Mar
53e 58e 30,000 460
Feb
Northwestern 011_ r
640 Mar
56e 112,000 220
38e
Omar Oil& Gas. oom _ _
Jan
V:
1% Apr
234 Apr
Orient 011 & Gas_ r
24 3,700
2
1
254
154 17% 48,000 1114 Feb
17% Apr
10 1615
Pennok 011_r
3-16 Apr 50c Apr
250 50c 68,000
Pennsylvania Gasoline_ __1 30e
2% Apr
2% Apr
300
234
215
Penn Wyoming Oil _ r_ _ _ _5
2%
Jan
30c
160 19c 65,000 130 Feb
1 111.6
Queen 011.r
Apr
96c
Rangeburnett 011.r
i% 91,000 350 Mar
4.000 14
Apr
Apr
14
15
15
Ranger Gulf r
5
Apr
450 45e 39,000 23e Mar 450
Ranger-Homer 011_ r_ _1 41c
12% Apr
3,500
6
Mar
915 11
Rickard Texas Co_ r
93-4
5
Apr
52c 810 114,600 42c Mar 81e
Rock 011
Ito 81c
Mar
Mar 43
40
Salt Crk Produc Assoc r 25 41
4155 13,300 38
7
8% Jan
Sapulpa Refining_r
Jan
74 8% 18,400
5
84
4.5
Sinclair Gulf Corp_ r___(t) 51
52% 61,000 22
Jan 52% Apr
Apr
118 205
766 38
Sinclair Oil warrants_ r _ 200
Jan 205
24 3%
800
215 Apr
Southern Oil & Transp r 10
Mar
420 440
5,300 36c
Southwest 011_ r
Feb 44c Mar
1 44c
Southwest Prod & Refg r 5
1,700
4
Mar
454 4%
43-1 •pr
4%
Jan
% Mar
51
Stanton 011_ r
55 10,700
34
1
Sterling Oil & Ref _r
7% Apr
6% 74 32,240
415 Apr
5
7%
Texana Oil & Itet_r
Jan
134, Apr
62c 1 1-16 119,800 1 1c
34,800
Apr
255 3
2
Texas-Ranger Prod& R r
811c
3
Apr
Apr
4,500
8% Apr
Valverde 011 Prop_r___(t)
84 915
931
4 , Apr
5,450
215 Jan
2% 4
Victoria Oil _r
10
3%
6,455 30
Apr
43
68
Mar 63
Western States 011 & L r 1 65
6
Mining Stocks.
Adelphia M & M r
1 33e
390
Alaska-Brit Col Metals, l
Allied Gold _r
1 69c
America Mines_ r
1 1 1-32
Amer Tin & Tungsten r_ _1
Arizona Butter
1 50
Atlanta Mines
1
9-16
Big Lodge Copper CO-1 31c
Boston & Montana Dev 5 610
Butte-Det Cop & Zinc_ _A
Butte & N Y Copper_ _.1
Caledonia Mining
1 33e
Calumet & Jerome CoP-r.1
34
Canada Copper Co Ltd_ _5
1%
Candalarta Silver_ r
1 67c
13c
Cash Boy
1
Cerbat Silver (new)_ r _1
334
Consol Arizona Smelt
5 1 3-16
Cresson Con Gold M & M 1
515
Divide Syndicate_r
1 11c
El Salvador Silver M
34
1
2%
Eureka Croesus Min Co _ rl
First Nat Copper
5
Flagg Tunnel Ni_r
54
5
Florence Hilver_r
1 740
Fortuna Consolidated _ r.1
Gadsden _r
3%
5
Golden Gate Explor_ r __ _5
3%
Golden Rule
1
3-1
Goldfield Consol
10
5150
Goldfield Merger_r
1
1 9-16
Gold Zone Divider
Hamilton M & S MAr,1
42e
Hasbrouck Divide_ r
Recta Mining
25e
Iron Blossom r
10c
Jim 13utler_r
1 38c
14c
Jumbo Extension
1
Kewanus_ r
1
La Rose Mines Ltd
5
Liberty Bell Divide_r__ _1 31c •
12e
Lone Star Cons'd_r
1
Louisiana Cons
1
MacNamara Mining _r 1 75c
Magma Chief.r
1
34
Mangan M of Am_ r
1
Booth_r
a
17,500
31c 33e
16,200
38c 40e
68c 69e 33.400
1 11-32 4,800
%
% 3,300
6,300
36
50
16,000
Sc
6c
34
'A 10,800
19,300
30e 34c
16,400
60e 63c
3c
Sc 38,000
300
3-4
34
12,500
300 39c
15 7-16 9,100
5,100
134
63c 67c 32,100
10540 13c 24,200
4,100
3% 355
14 1% 10,100
5
515
4,100
11c
15c 95,000
3%, 35,000
234
2
215 52,500
1%
1%
100
53,5 5,100
555
70c
5,300
78c
50c 56c 50,600
34 3% 3,500
19,500
354 4
9-16
3,000
5,100
180 20e
515c 5150 4,000
1% 275,000
97c
71c
72c
600
30e 45c 157,900
54 5%
1,800
200
7-16 7-16
37c 41c
7,500
140
4,500
10c
5150 515c 3,000
300
%
51
340 112,000
18c
915c 130 120,000
55
5-16
5,200
76c 245,000
68c
5-16
% 21,500
14 24 55,700
26c Mar 34o Apr
500
Jan
35c
Feb
Apr
66c Mar 69c
% Mar
134, Feb
% Mar
% Mar
Mar
36
Apr 64
3150 Feb 63.4c Mar
% Mar 15-16 Jan
Apr
1215c Jan .35c
Apr
42e
Feb 64c
Cc Mar
Apr
2c
3-4 Jan
94 Apr
Apr
270
Jan 390
34 JIM
ifs Feb
215
1 5-16 Jar
Feb
Apr
52e
Jan 670
15%c Mar
50
Feb
434 Mar
315 Apr
1
Feb 1 9-16 Jan
5% Jan
4% Apr
150
Apr
10e
Apr
3% Apr
151 Mar
215 Apr
114 Feb
2
Jan
1% Feb
54 Apr
514 Apr
Jan 85e
Feb
600
Apr
580
24c Feb
6% Feb
3
Feb
434 Mar
24 Feb
34 Jan
35 Feb
Jan
170 Feb 240
80 Mar
5e
Feb
79c
Apr
Apr 1%
41c
Jan 77c liar
20c
Apr 45c
Apr
‘“,f, Jan
5% Apr
7-16 Feb
530
Jan
30o
Apr 440
Feb
10c Apr
16c Mar
Jan
80
50 Feb
7-16 Jan
34 Feb
Apr
Apr
18c
34c
300 Mar
So Feb
.
/isi Apr
% Apr
340 Mar 82c
Apr
55
Feb
22c
Feb
Apr
70c
Apr 2%
1600
MR.
THE CHRONICLE
[VOL. 108.
-
• Mining (Conduded)-
Th'day
Sales
Last Week's Range for
Sale.
of Prices.
Week.
[Price. Low. High. Shares.
New York City Realty and Surety Companies
Range since Jan. 1.
Low.
High.
Marsh Mining_r
1
60
Co
2,000
30 Feb
80 Apr
Mason Valley
5
2
3
7,150
2
Apr
3% Jan
MoKInley-Darragh-Sav_ 1
500 50o
500 450
Jan 50o Mar
Mother Loder
1 41c
390 440 14,000 28o Feb 470
Apr
Nat Tin Corp_r
500
1%
1% 1% 24,700
% Mar
1K Apr
Nevada Divider
100 230
210 240 41,000 17o Apr 250
Apr
Nevada Ophir Mlning_rlOo
150 20c 16,000 150 Apr 20c Apr
Nipisteng Mines
5
9
9% 3,000
8% Jan
934 Mar
Nixon Nevada
1
25e 31(3 13,500 25o
Apr 48o
Jan
Onondago Mines Corp_r-1
3
3
3% 3,300
3% Jan
3
Jan
Ray Hercules
-5
2
2
1,700
2K
1% Jan
3% Jan
Rex Consolidated Min..._1 14c 13340 1434o 12,000 13340 Apr 14%c Apr
Rochester Mines
19c 21c
1 20c
8,600 17o Mar 32o
Fen
Seven Metals NIin_r
1
330 40c 20,000 330
Apr 41c M'ar
Silver Dollar M
1%
1% 1% 1,000
1% Apr
134 Apr
Silver King Divide
32o
24o 340 111,000 210
Apr 370 Mar
Standard Silver-Lead____1 5-16
% 5-16 1,600i
% Jan
% Jan
Stewart
leo 30o 75,000 14o Mar
1 24o
30e Apr
Sutherland Divider
440
330 470 287,000 290 Apr 470 Apr
Tonopah Belmont Dev_r 1
3% 3%
200 2 9-16 Jan 3 13-16 Mar
Tonopah DivIde_r
1134c 9%o 11%c 24,800 5%o Mar 11%c Mar
Tonopah Extension
1 27-16
234 234 3,150
1% Jan
3
Feb
Tonopah Midway
55
55
500 55
Apr
Apr
56
Tuolumne River Placer 1
30c 45c
2,500 :30o
Jan
1.55 Feb
United Copper_r
1
34
% Apr
%
% 4,100
% Apr
United Eastern Mining....1
434 47/s 4 15-16 3,450 3 3-16 Jan
534 Mar
United Mines of Arisona..1 5-16
g 5-16 19,900 3-16 Jan 5-16 Apr
U S Continental_r
110 140 18,000
1 14c
do
14c Apr
Jan
Unity Gold Mines
6
5
5% 6% 6,500
4% Mar
734 Mar
Ward Min & Milling_r_l 34c
300 360 10,000 23o Mar 40e
Feb
Washington Gold Quarts-1 79c
780 79c 10,400 710 Apr 94o Mar
West End Consolidated-5 1 13-16
1% 1% 4,850
1
Apr
Mar 2
White Caps Extension_10o
6c
5%c 6o
1,500
2c
Jan
70 Apr
White Caps MIning.....10e 26c
180 26c 19,100 10o
Jan 35c Apr
White Knob Cop,pf-r_ 10
1% 1%
200
134 Jan
lA Jan
BondsAm T & T 6% notes-1924 100
99% 100 150,000 08% Jan 100
Apr
Amer Tob serial 7s... _1923
10334 103% 2,000 102% Jan 104% Feb
Anaconda Cop Mln Os -'29 93%, 98% 98% 252,000 97% Feb 99% Jan
Beth Steel serial 7s_ _ _1922
101% 101% 7,000 101
Jan 10134 Apr
Federal Farm Loan 5s.. _ 103% 103K 10334 20,000 103
Jan 10434 Mar
Con'! Elea 6% notes--1920
10034 10034
1,000 10034 Jan 10134 Mar
Ills Cent 5345
1934 97
96% 97
77,500 96
Mar 97% Apr
knterboroltT7e
1921
88% 89% 103,000 85
Jan 92A Feb
Island Oil & Trans 7s
80
80
85
12,000 80
Apr 85
Apr
Laclede G L coil 7s w 1 1929
99% 99% 10,000 99% Apr 101
Mar
Coll 7s (old)
99% 100
3,000 99% Apr 10034 Apr
Nat Conduit & C 6s_r1927
87% 87% 15,000 87% Apr 8734 Apr
N Y Telephone 66-1949 10034 99% 100% 50,000 99% Feb 101% Jan
Russian Govt ()34s_r_1919 58
57% 60
90,000 48
Jan 72
Feb
s_ r
1921
52
52
2,000 47
Jan 65
Feb
St Paul Union Dep 534s '23
99
99
10,000 98% Jan 90% Jan
Sinclair Gulf Corp 63_1927 100
98% 101 172,000 83
Jan 101
Apr
Swift &Co 6% notes_r 1921 100% 100% 100% 36,000 99% Feb
Apr
Wilson & Co Inc 6s._.1928 96% 95% 96% 200,000 92% Jan 10034
9634 Apr
* Odd lots. t No par value. 3 Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found. o New stock.
r Unlisted. re When issued. r Ex-dividend. y Ex-rights. s Ex-stock dividend.
Dollars per 1,001) lire. flat.
Note.-Range of sales of Fisk Rubber, old stock, reported last week as 44 low, 47
high, should have been 144 low, 147 high.
CURRENT NOTICES
-At 10534, McClure, Jones & Reed, 115 Broadway, and Colgate,
Parker & Co., 49 Wall St., this city, are jointly offering 4,500 shares Continental Guaranty Corporation capital stock by advertisement in this issue.
The corporation's business consists of the purchase and sale of high-grade
acceptances and commercial paper. It finances the distribution of automobiles, motor trucks for 22 manufacturers including such well-known
concerns as Whys-Overland Co., Dodge Bros., Ford Motor Car Co. of
Canada, Dort Motor Car Co. and White Motors Co. See to-day's advertisement for other particulars. Circular will be mailed on request.
-An interesting review of the ecohomic and industrial development of
the United States from 1790 to 1918 has been prepared by E. Kerr, author
of "The Effect of Wars and Revolutions on Government Securities,"
and is being distributed by Imbrie & Co., bankers, New York, Chicago,
Boston, Pittsburgh and Milwaukee.
-The Andrew Teller Co. of Cleveland, 0., who have been for several
years dealing in local securities, announce the opening of a bond department and will handle Government, municipal and high-grade industrial
bonds. Brigg S. Young,formerly of Detroit, is manager and correspondent
for this department.
New York City Banks and Trust Companies
All prices now dollars
per share.
Banks-N.Y Bid
Ask.
Banks.
Bid. Ask. Trust Co's. Bid
America'__ 140
--- tIrving (trust
! New York.
Amer Exch.. 240 250
certificatee) 340
___ Bankers Trust 413
Atlantic__ 170 IRO Liberty
665 600 Central Union 430
Battery Park 200 207 Lincoln
270 300 Columbia._ _. 340
Bowery •___ 425
_- Manhattan'. 210 215 Commercial__ 100
BroadwayCe. 135 145 Meth de Met_ 385 305 Empire
280
Bronx Boro• 125 175 Merchants_ _ _ 150 160 Equitable Tr_ 430
Bronx Nat__ 150 155 Metropolitan* 180
____ Farm L dc Tr. 460
Bryant Park 145 155 Mutual ....._ 375Fidelity
218
Butch & Dro
26
35 New Nettle_ 200 6-.1Fulton
240
Cent Mere__ 160 170 New York Co 135 145 Guaranty Tr_ .418
Chase
430 440 New York
440
Hudson
130
Chat & Then_ 843
_-Pacific•
150
Irving Trust- !See
Chelsea Exch 100 110 Park_
690 710
Chemical_ _ _ 500 520 Prod Exch•
250 300 Law Tit & Tr IN
11a
7t
Citizens__ _ _ 228 233 'Public
255 265 Lincoln Trust 175
City
450 460 'Seaboard_
480
Mercantile Tr
Coal & Iron.. 210 220 Second
425
& Deposit. 220
Colonial'_.. 400
Shaman __ 115 125 Metropolitan_ 360
Columbia'.
175 185 State •
128 138 Mutual(WeetCommerce-. t220 t230 23d Ward.... 115 130
cheater) -Comm'l Ex.. 390 410 Union Each.. 170 180 N Y Life In 105
CommonUnitedStates* 1160 176
& Trust... 790
wealth s.... 200
--_- Wash Mao_ 275... N Y Trust... 610
Continental. 107 115 Westch Ave_ 160 175 Scandinavian 302
Corn Exch.. 373 380 Yorkville *._. 290 310 Title Cu & Tr 385
Coemoplan• 100 110
U S Mtg & Tr 435
Cuba (ilk of) 180 185
Brooklyn.
United Star
905
East River.... 150Couey Island* 140 155 Westchester._ 130
Europe
110
First
101) 200
Fifth A venue•2200 500 Greenpoint
150 166
Brooklyn
Fifth
215 230 Hillside •
110 120 Brooklyn Tr. 500
First
970 1000 Homestead •
70
80 Franklin
225
Garfield __. 185 193 Mechanics' •.. 70
80 Efarnliton___ 260
Gotham_ _ ...... 185 195 Montauk•..... 85
95 Kings County 650
Greenwich'__ 340..._ Nassau
200 210 Manufacturer 160
Hanover
760 780 National City 130 137 People's
295
Harriman.... 301
-___ North Side_ 195 205 Queens Co- 70
Imp & Traci__ 555 570 People's...... 130 140
• Banks marked with a (*) are State banks. t Sale at auction or at
Exchange this week. I Includes one-half share Irving Trust Co. t New
y Ex-rights.
2
ii6
Ask.
418
440
347
110
295
440
470
225
260
425
140
Irving
Bank
125
185
365
126
810
620
310
400
445
920
140
510
235
270
700
165
305
80
Stook
dock.
Alliance R'Ity
Amer Surety.
Bonddc M ()CityInvesting
Preferred...
Allprices now dollars per share.
Bid. Ask.
Bid. -Aar
Bid.
60
70 Lawyers Mtge 117
-__ Realty Arson
62
67 Mtge Bond__ 92
97
(Brooklyn)_ 82
260 265 Nat Surety_ ZIO 245 175 Casualty.. 185
28
35 N Y Title &
U S Title Guar 60
77
Mortgage._ 102 107 West & Bronx
70
Title & M G 150
Ask.
90
200
170
Quotations for Sundry Securities
All bond prices are "and interest" except where marked "f."
1
Standard Oil Stocks Per Share
RR. Equipments-PerCt. Basis .1
Par Bid. 45k ;Baltimore & Ohio 434s
5.90, 5.55
Anglo-American 011 now. £1 201s 2012 'Buff Koch & Pittsburgh 4346 5
5:6
95
5'1 5.6
5.65
5
Atlantic Refining
100 1270 1280 I Equipment 45
Borne-Scrymser Co
100 500 515
Equipment 6s
5.951 5.65
Buckeye Pipe Line Co..
60 .97 100 'Canadian Pacific 434s
6.00: 5.60
Chesebrough Mfg new....100 315 340 :Caro Clinchfield & Ohio 5s.... 6.301 5.75
Continental 011
100 609 610 1Central of Georgia 4348
6.25 5.75
Crescent Pipe Line Co..
5() .36 39 Chlcago & Alton 434s
6.80 6.00
Cumberland Pipe Line_ _100 195 205
Equipment Sc
6.81 6.00
Eureka Pipe Line Co
100 165 170 Chicago & Eastern Ill 534a... 7.0 6.00
Galena-Signal 011 com
100 115 118 Chic Ind & Louis,
/ 434s6.30 5.80
Preferred old
100 125 150 Chic St Louis & N 0 big
5.90 5.40
Preferred new
103 107 Chicago & N W 434.
5.6 5.25
Illinois Pipe Line
100 188 192 Chicago RI & Pan 434s
6.3 5.85
Indiana Pipe Line Co.- 50 104 107
Equipment Ss
6.3' 5.85
International Petroleum.. Cl .28 211 E
Colorado
ora
5sdo & Southern 5s
6.
1 5.90
5.85
National Transit Co.-12.50 .2212 2312
New York Transit Co_ _1
185 195
Equipment 434s
6.45 5.85
Northern Pipe Line Co._ 100 112 11.5 Hocking Valley 412s
5.9 5.45
Ohio Oil Co
25 *370 374
Equipment 5s
5.95 5.45
Penn-Mex Fuel Co
25 .1,54 57 Illinois Central 156
5.75 5.35
Prairie 011 & Gas
lii 700 710
Equipment 4345
5.7 5.35
Prairie Pipe Line
P 276 280 Kanawha di Michigan 434a... 6.2 5.60
Solar Refining
100 360 370 Louisville & Nashville
6.0
6.1 5.50
5.70
Southern Pipe Line Co.. 100 165 170 Michigan Central 5$
South Penn 011
100 305 310
Equipment as
6.10 5.70
Southwest Pa Pipe Linee 1
98 100 Minn St P & S
4%5.... 5.90 5.40
Standard Oil (California) 100 274 278 Missouri Kansas & Texas Sc. 67..:0105 0
70
0
Standard 011 (Indiana)_ _100 795 805 Missouri Pacific 58
7.00 6.
06:00
Standard Oil (Kansas). -100 570 590 Mobile & Ohlo
Standard Oil (Kentucky)100 395 105
Equipment 430
6.35 5.70
Standard 011 (Nebraska).100 525 510 New York Central Linea Se
5
5.95
.05 5.5M
5
Standard Oil of New Jer_100 702 707
Equipment 434s
Standard 011 of Now Y'k 100 375 378 N Y Central RR 4122
6.20 5.75
Standard 011 (Ohio)
100 530 550 NY Ontario di West 43,4s
6.25 5.75
Swan & Finch
100 97 100 Norfolk & Western 4345--- 5.6
05 5.25
5
Union Tank Line Co_ ..1
118 120 Pennsylvania RR 434s
Vacuum 011
100 420 430
Equipment 4s
5.65 5.25
Washington 011
1 *35 40 St Louis Iron Mt & Sou 5s
6.75 6.00
St Louis & San Francisco Sc. 7.00 6.25
Seaboard Air Line be
5.50 6.00
Ordnance Stocks-Per ShaEquipment
re
434s.650 0.00
Aetna Explosives pref.. 100 60 65 Southern Pacific Co 4345..... 6
5.
.7
15
5 5.65
5.35
American & British Mfg..100
2
4 Southern Railway 430
Preferred
100 20 30
Equipment Sc
6.15 5.65
Atlas Powder common__ -100 143 148 Toledo & Ohio Central 4s- 6.50 5.75
Preferred
02
100
Babcock & Wilcox
8 113
2
100 114
Tobacco Stocks-Per 55 are.
Bliss(E W)Co common_ 5 '2
65
15
0 37
0
.6
Pa, 512. Ask.
Preferred
American Cigar oommon.100 130 135
50
Canada Fdys & Forgings.100 185 195
Preferred
1
81 90
Carbon Steel common__ _1
z82 87 Amer Machine & Fdry_l
80 95
1st preferred
100 95 105 British-Amer Tobac ord-£1 *22 24
2d preferred
Ordinary, bearer
100 65 70
*23 24
Colt's Patent Fire Arms
Conley Foil
205 225
Mfg..
25 *46 48 Johnson Tin Poll & Met-1
19
80 100
duPont(E I) de Nemours
MarrAndrews di Forbes_ 1
200 210
& Co common
Preferred
100 260 270
ill 90 100
Debenture dock
100 93 9412 Reynolds(R J) Tobacco-1
400 425
Eastern Steel
100 73 78
B common stock
1
350 380
Empire Steel & Iron com_100 25 35
Preferred
III 110 113
Preferred
A dividend scrip
100 70 75
98 100
Hercules Powder com
100 220 228
B dividend scrip
98 100
Preferred
100 106 109
Young (J f3) Co
III 125 150
Niles-Bement-Pond com.lII 103 106
Preferred
III 100 110
Preferred
100 06
Phelps-Dodge Corp
100 240 29
79
0
Short Terns Notes-Per Cent,
Somali Man ufacturing _ _ 1
340 360 Amer Cot 011 5a 1919...ht&
991 994
Thomas Iron
7% notes Sept 1919
5 *23 29
10038 1005a
Win Repeat Arms corn w 1 _ _ 4100
Amer Tel & Tel 6s 1924_ F&
997s 100
Preferred w 1
d90 100 Balto & Ohio Sc 1919_ __J&J 9938 9958
Woodward Iron
ill 35 45 Canadian Pao(is 1924.M&S 2 10612 10014
Preferred
85 05 Del dr Hudson 54 1920_5'&A 9844 99
Fed Sugar Rfg 5s 1920__J&J 9814 9914
General Elec Cs 1920_
1004s 10056
Public Utilities
6% notes (2-yr) 1919.J&
10015 1003s
Amer Gas & Elec cont..- 5 0148 150 Great North Se 1920..
98 9834
Preferred*
50 *z42 44 K C Tenn Ry 434s 1921-J
96 gets
Amer Lt & Trao corn__ _ _1
236 240
Se Nov 15 1923__NI&N 1 100 1004
Preferred
100 97 99 Liggett&MyersTobes'21J&
100 10012
Amer Power & Lt corn _ _1
56 5
20
8 N Y Cent 59 1910-M&S 1
0938 995s
Preferred
1
78 78 Penn Co 434s 1921-J&D 1
97 9714
Amer Public Utilities coati
Pub Fier Corp NJ 7s '22.M&8 9512 97
Preferred
1
35 Southern Ry 6131922 w I bidi
9912 9914
Carolina Pow&Light corn 100
35 Swift&Co 6s 1921 w i V&A 1 100 10014
Cities Service Co corn__ _100 355 360 Utah Soo Corp es'22.M&S 1
91 92 4
Preferred
100 79 4/80
Colorado Power com___ _100 24 27
Industrial
Preferred
93 100 I
1
and Miscellaneous
Com'w'th Pow Ry & Lt I
22 25 I American Brass
1
210 212
Preferred
100 47 50 'American Chicle com
100 96 98
Elec Bond & Share prof...100 d93 95 ' Preferred
100 78 80
Federal Light & Traction.1
9 12 'American Hardware
100 135 138
Preferred
100 46 60 'Amer Typefounders corn _1 II 42 45
Great West Pow 5,51946-1&J 84 87 I Preferred
10
88 92
Mississippi Riv Pow cow _100 10 12 Borden's Cond Milk com-1
103 110
Preferred
100 39 43 I Preferred
100 r 99 101
First Mtge 13ei 1961..
77 80 Celluloid Company
1
130 136
Northern Ohio Elec Corp (t) 418, 21 Columbia Graphoph Mfg (t) '250 252
Preferred
100 55 65
Preferred
1
93 95
North'n States Pow com..10( 70 73 Freeport Texas Co
(t) *42 43
Preferred
10( 90 9212 Havana Tobacco Co
1
134 214
North Texas Elec Co corn let 45 55
Preferred
1
314 4
Preferred
10( 65 75 , let g 5s June 1 1922__J-1 150
Pacific Gas & Elec corn..10( 5612 53 Intercoutinen Rabb com.10
22 2212
let preferred
100 83 90' Internist Banking Co_ _ _3
160
Puget Sd Tr I. & P corn iv 15 20 International Salt__ _ _.10
55
Preferred
10( 62 67
let gold Se 1951
A70
7134
Republic Ry & Light_ _ _100 22 24 International Silver pref _1
90 92 1
Preferred
100 59 62 'Lehigh Valley Coal Sales..
•80 85
South Calif Edison corn. 100 88 92 Otis Elevator common __I
80 85
Preferred
100 98 102 I Preferred
1
00 ;95
Standard Gas & El (Del). 5C •37 39 ,Remington Typewriter• i
Preferred
50 44 45 1 Common
1
54 56
Tennessee Ry L & P com_100
5
6 1 1st preferred
101. 0112
Preferred
100 21 23 I 2d preferred
1
92 :95
United Gas & Elec Corp..106
3
5 :Royal Baking Pow corn_ _1
135 145
let preferred
100 25 27
Preferred
1
97 109
211 preferred
100
1
5
8 Singer Manufacturing
188 192
United Lt & Rye corn_ _._100 39 41
Texas Pee Coal & 011_ 10C 2000 2100
1st preferred
10( 70 73 W'houseChurchKerr&Co 1
62 65
Western Power common_100 16 18
Preferred
1
81 86
Preferred
100 64 66
I
'
'Per share. b Bads. d Purebasee also !Jaye accrued dividend. a New sisd2.
/ Flat price. is Nominal. - Es-dividend. y Ex-rights. (I) WItkOttt Dar value.
APR. 191919.]
THE CHRONICLE
Investment anti
1601
ailitoact gutelliffente.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month,
and the lasttwo
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns
of the electric
railways are brought together separately on a subsequent pager
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
!Jan. 1 to Latest Date.
Previous I Current
Year.
Year.
Previous
Year.
$
$
1 $
$
Alabama & Vicksb_ February201,895 161429
448.180
345,607 Mo Okla & Gulf...._ February
91,526 148,444
192,615
291.277
Ann Arbor
1st wk pr
67,692 1.119,179
753,993 Missouri Pacific ___ February 7.054.732 6,261.878
85,0
13.865.364 12,132,721
Atch Topeka & S Fe February 12568683 10540239 25.597,223 21,375,027 Monongahela
February
240,803 182,8511 546,164
341,023
Gulf Colo & S Fe February 1,418,517 1.442,759 2,858,530 3,041,274 Monongahela Conn. February
174.940 125,609; 388,454
256,692
Panhandle & S Fe February
769,511
897,145 Montour
366,074 442,971
February
61.432
66,829
145,590
140,122
Atlanta Birm & At! February
739.954
676,585
Nashv
358,429 336,312
Chatt & St L February 1,369,382 1.403,776 2,883.360 2,597.444
Atlanta & West Pt_ February
439.653
331.779 Nevada-Cal-Oregon 1st wk Apr
217,638 166.043
3,375
4,673
55,183
56,202
Atlantic City
February
511,459
315,566 Nevada Northern February
215,919 130,974
127,786 173,280
310.622
400,413
Atlantic Coast Line February 4,959,225 4,357.022 10.847,066 8,570.977 Newburgh & Sou Sh February
127.714
57.682
257.389
105,054
Baltimore & Ohio.._ February 11228986 8,976,321 24,561.103 16,507.956 New On Great Nor February
167.335
158,015
343,549
306,145
B &0 Oh Term February
230.761
90,816
163,461 New Orl & Nor East February
103,075
451,359 443,887
957,053
901,103
Bangor dr Aroostook February
889,559
614,893 N 0 Texas & Mex February
419,074 292,854
146,277 165,484! 242,916
338.966
Bellefonte Central_ February
16,487
5,495
11,475
7,174
Beaum S L & W_ February
113,483 121,889; 235,345
245,049
Belt Ry of Chicago_ February
475,683
418,716
219,450 257,282
St L Browns & M February
368.627
312.431
1
769,335
638.003
Bessemer & L Erie_ February
625,530 560,147 1,288,381 1,019,110 New York Central_ February 20513580 16882343 45,335,185 33,129,149
Bingham & Garfield January
146,137
146,137 264,349
264.349
Ind Harbor Belt_ February
445,743 339,694, 1.051,589
551,688
Birmingham South.. February
114,876
223,459
57,972 106,148
Lake Erie & West February
693,143 564.4971 1.457.610 1,086,974
Boston & Maine
February 4,462,979 3,921,623 9,908,464 8,013,797
Michigan Central February 5,229,848 4,047,422
11,130.385 7,552.835
Bklyn East D Term February
135,215
62.152
115,358
68.352
Clev 00& St L_ February 4,970,524 4,098.856 10,318.405
7.631,878
Buff Roch & Pittsb 2d ark Apr 192,041 342,889 3,917,779 4.583,686
Cincinnati North February
194.769 169.188
428,326
309,231
Buffalo St Susq
Febrile
357,097
199,407
393,071
Pitts & Lake Erie February 2.375.042 1,881.431
5,167.882 3.691,724
Canadian Nat Rys_ 2d wk pr 1,583,458 1,671,776 22.605,753 18.070,270
Tol & Ohio Cent_ February
526.076
629,391
1.127.057
992.854
Can Pac Lines in Me February
636,329
223,269
456,487
326.163
Kanawha & Mich February
221.829 291.347
489.794
541,529
Canadian Pacific_ _ 1st wk Apr 2,920,000 2,983,000 38,690,000 35,137,000 NY Chic & St Louis
February 2,009,538 1,119.983 4.078.902 2,107,793
Caro Clinch & Ohio February
908.066
420,169 348,718
649.696 NYNH Sr Hartf February 6,954.768
5,918,148 14.291.542 11.907.513
Central of Georgia.. February 1,546,001 1.644,264 3,204.807 3,187.191 NY Ont & Western February
615,507 682.429 1.409.0301,366,632
Central RR of N J.. February 3,002,683 2,637.714 6,614,686 5.072.246 N Y Susq & West February
271.377 258,461
604,443
509.474
Cent New England.. February
978.870
459.431 374,258
746,516 Norfolk & Western.. February 5,832,320
5.076.193 11.932.334 9,864.096
Central Vermont — February
798.802
366,505 267,841
583,594 Norfolk Southern._ February
459.287 432,797
940,710
769,442
Charleston & W Car February
237.035 209,921
495,015
419,668 Northern Alabama_ February
115.149
84,424
226.805
163,511
Ches & Ohio Lines_ February 4,796,049 4,214,230 10,828,119 7,776.571 Northern Pacific_
Internat._
_February 6.844.715 6.031.437 14.779.065 12.196.267
Chicago & Alton_ _ February 1,823,758 1.436,375 3,856.411 2.670.001
Minn &
February
85.375
82,428
162,211
164.400
Chic Burl & Quincy February 10479346 8,910,265 22,126,427 18.018,970 Northwest'n Pacific February
363.072 315.553
746.477
662,937
Chicago & East III_ February 1,726.538 1.618,833 3,819,754 2,926,210 Oahu Ry & Land Co February
99,506 107,217
218,809
223,814.
Chicago Great West February 1,611,063 1,308,824 3.264,680 2,449.640 Pacific Coast
February
372.707 528,909
862.056 1,075,822
Chic Ind & Loulsv. February
857,079 648,696 1.724,413 1,138,757 Pennsylvania RR February 26048657
56,526,140
19118070
38.775,520
Chicago Junction.... February
251,631 207,445
367,847
Balt Ches & Atl February
566.436
88,963
32,210
177,040
41,758
Chic Maw & St P._ February 9.816,028 7,322,765 20.870,745 14,815,284
Cumberland Vall February
374,408 290.143
855.456
592.186
Chic & North West_ February 9.063,485 7.069,550 18,859,327 13,87.9.153
Long Island
February
1.402.621
1.095,135
2,902.203
2,219,600
Chic Peoria & St L.. February
113.707 157,276
239,012
282.216
Mary'd Del & Va February
73,559
21,461
157,028
30.793
Chic R I & Pacific._ February 7,503.341 6,462.895 15.506,298 12,771.195
N Y Phila. & Norf February
576,666 357.678 1.192,476
701.507
Chic R IA Gulf.... February
692,664
W Jersey & Seash February
354,328 334,061
725,657
677,793
480.805
1.413,680
940,113
Chic St P M & Om_ February 1.853,166 1..618,777 4.168.004 3.277,893 Pennsylvania Co.__ February
6.775.759
4.626,354 14.248,645 8.783,254
Chic Terre H & S February
291,941 297.985
515.272
Grand Rap & Ind February
639,331
531,477 432,077 1,046.255
800,642
()Inc Ind St Western February
466,293
206,498 257,606
439.641
Pitts C 0& St L. February 6,042,521
4,905.695 14,019,795 9,384,726
Cin NO & Tex Pac_ February 1,294,901 825.223 2,806.018 1,675.977 Peoria & Pekin Un_ February
91,768
196.490
95,386
175.660
Colo & Southern...... 1se wk Apr 200,001 185,007 3,278,348 3,025,358 Pere Marquette
February 2.236.940 1,542.526 4.710.374 2,804.552
Ft W & Den City February
844,760 570,675 1,618,545 1.205.917 Perkiomen
February
75,416
154.920
52.231
107,493
Trin & Brazos Val February
170,528 Phila Beth & N E.... February
214.353
79,344
98.142
67.766 114.050
183,050
241,578
Oolo & Wyoming.... February
157.069 Pittsb & Shawmut_ February
196.686
100.403
79,792
71.281
191,828
78,139
178.990
tCrip Crk & Col Spgs January
22,403
79,635 Pitts Shaw & Nor February
79,635
22,403
68,388
168,890
229.612
97,867
Cuba Railroad_ — January
1.166,271 1.231.835 1.166.271 1,231.835 Pittsb & West Va... February
98,312
220.567
97.922
231.070
Delaware & Hudson February 2,273,580 1.958,698 4,937,534 4.081.061 Port Reading
February
245.591
470.028
92.665
187,231
Del Lack & West .. February 5.355.451 4.196,2.51 11,0.54,505 8,590,197 Quincy Om & K 0_ February
78,867
80,107
163.350
153,430
Deny & Rio Grande February 2.103,300 1.035,285 4.671,765 4,377,764 Reading Company:
Denver & Salt Lake February
301.928
135,330
165.244
71.659
Phila. & Reading. February 4.695,025 4,475,363 10,646,006 8.973.034
Detroit & Mackinac February
204.450
172.889 Rich Fred & Potom February
103,665
09,061
628,502 350.517 1,388,873
762,866
Detroit To! & 1ront February
646,770
283.782 121.095
233.853
Wash Southern.._ February
332,145 196.683
778,950
427,098
Del & To! Shore L.. February
144.408
365.831
160.707
255.377 Rutland
February
298.286 262.686
625.850
572,655
Dub & Iron Range.... February
225.967
123.439 102,058
205.094 St Jos & Grand Isl'd February
216.862 215.755
447.424
416,910
Dui Missabe & Nor February
385,500
193,451 142.930
285.918 St Louis-San Fran.. February 5.797.250
4.167.646 11.600.991 8.577.163
Dul Sou Shore & Atl 4th wk Mar 150,523 121.868
941,301
837,214
Ft W & Rio Gran February
105,324 116.837
196,413
197.228
169,329 123.466
Duluth Winn & Pac February'
336.076
255.993
St L-S F of Texas February
94,127 122,934
193,591
267.390
East St Louis Conn February
93,522
192.119
74.273
137.075 St Louis Southwest February
971.498 996.043 1,970,775 1.899.119
Elgin Joliet & East.. February 1,847,007 1.042,868 3.799.212 1,903.413
St L S W of Texas February
471.175
582.637
971,69 1.156,891
El Paso & So West_ February 1,011.243 1,228.640 2,092.076 2.448,256 St Louis Transfer.,_ February
94.703
78.203
194.331
148.392
Erie Railroad
February 8.335,757 4.731,132 13,290.383 9.265.760 San Ant & Ar Pass_ February
355,925 324.075
705,497
702.580
Chicago & Erie February
804.897 603.169 1.628,169 1.105.983 Seaboard Air Line February
3.368.612
2.704.291 6,708.909 5,233.427
967,507 828,647 1,975,659 1,584.141 South Buffalo
Florida East Coast. February
February
136.468
73.112
304,212
155,941
74,569
Fonda Johns St Glov February
80.379
173.883
154,843 Southern Pacific.... February 11068001 9.742.550
23.991.803 20,675.967
Ft Smith & Western February
111.124 101.063
225.459
212.149
Arizona East__ _ February
336,886 341.290
707,768
709,686
Galveston Wharf_ February
137.924
70,563
147.173
51.911
Galv Harris* S A February 1,570.017 1,567.482
3,385,669 3,311.710
Georgia Railroad_ February
463,249 449.366 1,008,741
881.563
Hous & Tex Cent February
608,835 668.632 1,294.470 1.395.280
88,975
Georgia & Florida
155.468
February
76,622
174.318
Hous E & W Tex.. February
173.060 158.592
366,038
327.190
652,763
Gr Trk Lin New E. February
315.993 136.894
290,375
Louisiana West'n February
270,614 329.896
608,706
640.991
93.902
Grand Trunk Pic_ tat wk Mar
866.931 1.002.937
80.202
Morg La & Texas February
530,966 589.582 1.227,325 1,186,939
Grand Trunk Sys.. 2d wk Apr 1,263,483 1,058.517 16.541,886 11,514,887
Texas & New On February
529,715 562,878 1.110.645 1.125.237
Grand Trunk Ky. 2d wic Mar 1,160,131 923,169 10,876.798 7,836,902 Southern Hallway.., February 9,507.704
7,775,887 19,634.133 15.052,445
Grand Trk West_ February 1.ii 830.586 2,952,935 1,743.736
Ala Great South.. February
735.517 562.377 1,548,756 1,106.389
Great North System February 6,209.835 5.007,441 15,084,235 10.793.064
Mobile & Ohio_
February 1,138.118 936.998 2,353.261 1.917,588
Gulf Mabile & Nor.. February
180,495 187,309
375.161
358.941
Georgia Sou & Fla February
366.517 250.966
775,424
517.741
343.985
Gulf & Ship Island_ February
168.300 192,052
379,727
South Ry in Miss February
151,164 108.329
296,520
229,827
441,056 732,135
Hocking Talley
950.820 1.355.250 Spokane Internat'l_
February
February
65.581
60.705
138,412
131,009
7,210,448
25.216
Illinois Central _
16.429.173 13.543.526 Spok Portl &
February
February
520,384 556,429 1.073,46' 1,294.281
29.126 988,964 2,135,143 2.041.487 Staten IslandSeattle
Internet & art Nor February
R T February
144,300
71.018
328,807
144.987
88,363
Kan City Mex & Or February
133.470
72.679
191.442 Tenn Ala & Georgia 1st wk Apr
2,668
35,319
2.086
29,508
97,805
142,790
67,786
K Mex & 0 of Tex February
206,339 Tennessee Central_ February
173.269 148.382
416,307
275,501
Kansas City South. February 1.134.301 1.173,221 2,397.956 2.264,434 Term RR Assn
ofStL February
283,871 274,015
584.582
526,329
83,854
Texark & Ft Sm. February
110,975
209.084
178.990
St L Mer Bdge T February
206,377 239.651
462,252
442,083
Kansas City Terre_ February
204,746
85.887
97.076
176,694 Texas & Pacific.... let wk Apr 617,208 434,149 8,272.743 6,240,523
Lehigh & dud Fly_ February
187,362 126,836
393.768
275.538 Toledo Poor & West February
112,116
119,578
273,849
213.167
Lehigh & New Eng. February
191.409
162.822
469,950
388.627 Toledo
L & West February
511.955 482,383 1.087,578
881,816
Lehigh Valley_ ._
February 4.101,561 3,257,889 9.164.126 6,453,778 Ulster StDelaware_
February
69,389
51,177127.379
102.203
Los Any & SaitLake February 1,305.160 969.752 2,605.901 1.983.742 Union &
Pacific
February
7,615.256
5.523.304 16.209,730 11.347,254
Louisiana & Arkan February
189.630 147.068
345.823
280.359
Oregon
Short
Line
February
2,485,770
2,042.704
5,431,303
4.456,296
Louisiana Ity&Nav February
284,770 211.476
558,024
419314
Ore
RR&N February 1,879,162 1,489,869 3,912.765 3,134.394
Louisville & Mashy. February 7,954.794 6.724.821 16,211.010 12.968.651 Union-Wash
RR (Penn)... February
532.634 326.081 1,115.590
630.549
219.768 209,722
Louisv Fiend A St L February
458.456
376,475 Utah
February
99.134
95,111
200.805
210.319
February 1.271,707 895.612 2,688.123 1,847.393 Vicks
Maine Central
Shreve & Pac February
264.171 197,094
398.749
533,757
60.011
Midland Terminal. February
110,739
Virginian RR
February
593,609 765,070 1,551,01. 1.430.198
309.510 219,361
Midland Valley._ February
613.962
486.861 Wabash RR
February
3,321,093
2,582,547
7.062.811 4.927.915
31,481
25,624
4th wk Mar
Mineral Range_
248,119
278,657 Westero Maryland_ February
883,077 903,314 2,214,745 1,822.135
MInneap & St Louts February
865,746 818,353 1.791,568 1.693.374 Western Pacific_
__ .. February
727,577 717,919 1,598,43. 1,576,211
Minn St P & 61 M February 2.790,644 2.036.901 5.966.000 4.021.872 Western
Ry
of
Ala.
February
199.348
167.140
425.247
349.580
Mississippi Central February
67,901
93,719
142.607
178,669 Wheel & Lake Erie_ February
608,264 703.479 1,387,680 1,384,712
Missouri -Kan & Tex February 2,374.860 2.035.787 4.998,218 4,078,628 Wich
& N W. February
150.947
282.602
79.837
167.535
Mo & T ity orrex February 1.741.938 1.374,348 3.482,093 2.864.537 YazooFalls
&
Miss
Vail_
February
1.789,615 1.511,963 3,649.782 3,024.464
91,764 119,767
Mo &North Arkan_ February
234.649
213.254
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
* Maly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
3d week Jan (1-I roads) _ ... 6.810,241 4,48,084 +1.842.157 37.09
4th week Jan (14 roads) ..... 10,082.381 7,814,588 +2.267,793 28.87
let week Feb (14 roads) ... 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 5,606.328 +1,206.319 21.52
let week Mar (11 roads).- -- 6.124.280 5.682,239
t442.041 7.78
2d week Mar (14 roads)..- - 0.390.893 5,649.076
741,817 13.13
3d week Mar (11 roads)......_ 6.728.645 6,220,703
507,852 8.16
4th week Mar (14 roads)_ --_ 10,785,495 9.545,903 +1,239,592 12.99
venal..
An.'
11')
rnral
,
a1
6.747.704
1st
6.602.753
-4-144.951 2.20
t Road owed to operate all steam lines Dec. 31 1918. •We no longer
*Monthly Summaries.
Current
Year.
Previous
Year.
Decrease or
Decrease.
%
Mileage. Curr.Yr. Pre,.Yr.
I
April
233,734 232,255 369.409.895319.274.981 ±50.134,9141 15.70
May
230.355 228.892 374.237.097 342.146.098 +32.091.001 9.38
June
220.303 219.294 383.165.528 323.163.161 +40,002.412 12.38
July
231.700 230,570 463.684.172 346.022.857 +117661 315 34.00
August
230.743 230.010 498.269.306 362.509,561 +135759.795 37.4E
September...232,186 232,378 487,140.781,357.772.850 +129367.931 36.16
October __ —230.184 230,576 484,824.750 377.867.933 +106956.817 28.30
November -.232,274 232,259 438.602.283356,438.875 +82.163,4(18 23.06
December - _232.774 232,399 438.365,3271335.607.571 4-102757756 30.62
January —.232,655 233,199 395,552.020 284.131,201 +111420.819 89.22
February _ _ -232,957 233,266 351,048.747 289.392.150 +61,656.597 21.31
nclude Mexican roads in an/ of our totals.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of April. The table covers 12 roads and shows 2.20% increase -in the aggregate over the same week last year.
First Week of April.
1918.
1918.
$
$
67,692
85,072
Ann Arbor
193,383
Buffalo Rochester & Pittsburgh
342,889
Canadian National Railways
1,450,444 1,569,763
2,921,000 2,984,000
Canadian Pacific
185,007
200,001
Colorado & Southern
Grand Trunk of Canada
Grand Trunk Western
1,274,553 1,012,494
Det Grand Haven & Milw
Canada Atlantic
4,673
3,375
Nevada-California-Oregon
2,086
2,668
Tennessee Alabama & Georgia..
617,208
434,149
Texas & Pacific
Total (12 roads)
Net increase (2.20%)
[VoL. 108.
THE CHRONICLE
1602
6,747,704 6,602,753
Increase. Decrease.
$
17,380
$
149,506
119,319
63,000
14,994
262.059
1,298
582
183,059
478,074
144.951
333,123
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies reported this week:
Latest Gross Earnings.
Name of Road
or Company.
Month.
Tennessee Power.._ _ _ February
k Tenn By,Lt & P Co February
Texas Power & Lt Co February
Third Avenue System February
DDEB&BRR_ December
42dStM&St N A By December
UnionRyCo(NYC) December
Yonkers Railroad._ December
N Y City Inter By December
December
Belt Line Ry
December
Third Avenue __
Twin City Rap Tran_ February
Virginia By & Power_ February
Wash Bait & Annap_ January
Westchester Electric_ December
February
York Railways
Youngstown & Ohio_ February
Current Previous
Year.
Year.
209,545
532,780
291,958
764,758
43,524
133,892
221,886
70,263
57,491
44,919
326,619
829,500
688,288
204,345
46,106
109.479
34,126
162,124
442,621
272,768
693,966
37,254
127,651
209,282
65,555
54,718
50,113
336,419
780,373
608,730
172.438
43,616
91.542
29,760
Jan. 1 to Latest Date,
Current
Year.
Previous
Year.
431,333
1,094,769
603,162
1,565,310
484,552
1,625,015
2,662,944
823,621
680,588
568,563
3,797,105
1,704,084
1,413,739
204,345
589,783
227.451
71,426
3
320,693
882,949
551,588
1,442,317
455,616
1,766,080
2,910,070
824,866
733,081
677,840
4,117,833
1,622,097
1,224,316
172,438
554,914
189,070
60,583
a Includes Milwaukee Light, Heat & Traction Co. b Includes all sources.
fEarnings given in milreis. g Includes constituent or subsidiary companies.
h Subsidiary companies only. j Lewiston Augusta & Waterville Street Ry.
earnings, expenses, &c., not included in 1919. k Includes Tennessee 113%.
Light & Power Co., the Nashville By. & Light Co.. the Tennessee Power
Co. and the Chattanooga By. & Light Co. 1 Includes both elevated and
subway lines.
Electric Railway and Other Public Utility Net Earn-
-Gross Earnings--NetEarnings
Previous
Current
Previous
Current
ings.-The following table gives the returns of ELECTRIC
Year.
Year.
Year.
Year.
Roads.
railway and other public utility gross and net earnings with
$
$
$
$
Grand Trunk of Canada_Feb c840,000 c519,000 cdef63,700cdef190,300 charges and surplus reported this week:
c1,744,600 c1,131,500cdef210,800cdef329,600
Jan 1 to Feb 28
-Gross Earnings--Net Earnings
42,200
34,641
107,217
99.506
Oahu Ry ,Sr Land Co_ b_Feb
Previous
Current
Previous
Current
85,022
91,263
223,813
218,809
Jan 1 to Feb 28
Year.
Year.
Year.
Year.
Companies.
52,231
11.853
Feb
75,416
38,132
Perkiomen_ b ..
$
$
$
66,629
20.779
107,493
154,920
Jan 1 to Feb 28
3,169
1,554
13,036
12,199
97,867 def39,362 def40.717 Atlantic Shore Rg_b_ __Mar
68,388
Pittsb Shaw & North_ b_Feb
229.612 def58,819 def58,214 BrazTr Lt&Pow Co Ltd_ Feb c7,972,000 c7,315,000 c3,864,000 c3,565,000
168,890
Jan 1 to Feb 28
c7,261,000
c8,147,000
c16.494.000c15,152,000
Jan 1 to Feb 28
Feb 903,336
400.838 def162,407 def137.133
So Pac SS Lines_b
61,999 de1235,101 Utah Securities Corp (sub1,823,827 1.111,726
Jan 1 to Feb 28
317,109
319,427
571,237
sidiary cos only)_a_ _ _Mar 596,256
b Net earnings here given are before the deduction of taxes.
7,048,497 6,811.904 3,759,196 3,634,241
Apr 1 to Mar 31
c Given in pounds sterling.
a Net earnings here given are after deducting taxes.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
b Net earnings here given are before deducting taxes.
c Given in mlireis.
• Balance,
Jan. 1 to Latest Date.
Latest Gross Earnings.
Fixed
Net after
Gross
Name of Road
Surlflus.
Charges.
Taxes.
Earnings.
Current Previous Current
Previous
or Company.
'
$
Year.
Year.
Year.
Year.
Month.
7,086
20,645
27,731
81,841
Bangor By & Elec Feb '19
def3,950
19,942
15,992
67,485
'18
Co
94,929
240,445
335,374
942,247
'19
mos
283,576
February
12
Pow
150.678
El
134,804
Co
317,376
Adirondack
137,254
367,639, 230,385
887,921
'18
499,334
230,193 206,780
412,102
Alabama Power Co.._ February
28,908
12.716
1398,795 1163.848 1.398,795 1,163,848 Caddo Oil & Ref Co Feb '19
41,624
204,565
hAmer Pow & Lt Co.. January
48,490
March
12,362
34,655
12,199 13,036
32,129
60,852
159,453
Atlantic Shore By.. _
'18
of Louisiana, Inc
552,300
143,388
179,365 140,915
366,018
268,588
695,688
Aurora Elgin & Chic.. February
12 mos '19 2,207,079
432,943
164,436
141,606
81.841 67,485
145,261
574,549
Bangor By & Electric February
'18 2,002,960
59,713
28,441 19,847
41,377
Baton Rouge Elec Co February
11,548
21,273
32,821
142,147
Ry & Feb '19
198.565 170,418
433,748
357,113 Chattanooga
Blackstone V G & El February
1,082
30,565
31,647
137,791
'18
Light Co
bBrazillan Trac L & P February 17972000 17315000 116494.000115152,000
126,716
285,866
412,582
1,858,986
'19
mos
12
7,192
9,721
18.495
14,751
Brock & Plym St Ry_ February
361,669 def150,590
211.079
1,422,833
'18
gBklyn Rap Tran Syst December 2667,703 2422,455 31,368,395 30,563.718
170,050 1,714,846
Mar '19 1,947,819 1,884,896
95,154
42,964 36,295
77.723 Cities Service Co
Cape Breton Elec Co February
192 1,938,252
'18 1,975,212 1,938,444
35,248 28,047
28,047
35,248
Cent Miss V El Prop January
700,119 20,689,385
12 mos '19 21.992,476 21,389,504
188,470
142,147 137,791
270,793
Chattanooga Ry & Lt February
19,474,696
2,648
19.477.344
19,850,979
'18
5.568,693
_
_
1975,212
_
March
1947,819
5,856,285
Co_
Cities Service
180.912
540,602
721,514
47,536
47,536 40,772
40,772 Commonw Pow, Feb '19 2,036,430
Cleve Painesv & East January
478,854 def14,145
464,709
°Columbia Gas & EL December 1123.844 1125,086 11.451.863 10.865.673
Ry & Light Co Syst '18 1,619,202
1,469,196
6,159,414
7,628,610
22,784,373
208,462
February
96,461
'19
86,677
205,439
12 mos
Columbus(Ga) El Co
'
19,894,954 7,001,073 5,382,618 1.618.455
191,926
191.926176,909
176,909
Colum (0) Ry,P & L January
128,943
126,200
Com'w'th P. Ry & Lt February 2036,430 1619.202 4.185,984 3,319,672 Misiimers Power Feb '19
255,143
666,387
156,797
213,970
103,288 74,884
93,999
99,327
Connecticut Pow Co_ February
193,326
483,420
'18
Co
682,732
1,502,463
682,732 520,963
520,963
1,414,903
Consum Pow (Mich)_ January
2,917,366
6,952,836
'19
mos
12
198,998 211,037
414,720
442,643
977,328 1,370.673
jeumb Co(Me)P&L. February
'18 5,832,147 2,348,001
518.832
247,207 193.186
388,663
Dayton Pow & Light February
def1,470
56,657
55,187
198,998
March
1375,361 1140,245 4,155,920 3,560.508 Cumberland Co Pow Feb '19
gDetroit Edison_
70,702 def48,489
22,213
211,037
& Lt Co (Portland, '18
gDetroit United Lines February 1671,025 1354.922 3,418,908 2,761,194
167,798
530,883
998.681
3,198,977
'19
mas
12
Me)*
290,598
141,929 131,230
272,201
Duluth-Superior Trac February
112,194
829,466
941,660
'18 3,068,576
704,801
338,383 311,063
610,751
East St Louis & Sub_ February
262,071
138,117
400,188
1,375,361
'19
Mar
Co
Edison
110,965
110.965 84.459
84,459 Detroit
Eastern Texas Elec_ _ January
231,144
97,094
328.238
'18 1,140,245
248,030
120.067 103.875
218,235
g El Paso Electric Co February
829,908
408,747
3 mos '19 4,155,920 1,238,655
118,373
55,338 52,629
106,470
Fall Rivey Gas Works February
775,472
291,499
1,066.971
3,560,508
'18
333,629
333,629 310,344
310,344
Federal Lt & Trac__ _ January
69,946 def10,135
225.371
59,811
105,490 110,655
230,473 East St Louis &
338,383
Ft Worth Pow & Lt.._ February
Feb '19
19,423
66,648
464,641
February/
181,822
222.154
376,005
86,071
_
Co..
311,063
Galv-Hous Elec
quburban Co System '18
97,382
819,869
121,264
917,251
101,792
121,264 101,792
g Georgia L,P & Rys January
12 mos '19 4,309,937
350,304
789,726
Grand Rapids By Co December 117.656 117.238 1,278.348 1,303,860
'18 3,742,457 1,140,030
713,725
406,016 348,452
831,765
g_Great West Pow Sys February
z28,520
12,846
41,295
105,490
Worth Power Feb '19
135,264 112.829 1.325.181 1,186.731 Port
Harrisburg Railways December
36,756
12.073
48,829
110,655
'18
& Light Co
726,357
726,357 645,010
645,010
Havana El Ry,L & P January
149,156 z432,767
576,280
1,300,058
'19
mos
12
114,989
54,931 55,196
113,552
Honolulu R T & Land February
431,687
125,342
557,029
1,086,826
'18
84,392
39,679 35,101
76,183
Houghton Co El L Co February
24,508
16,092
40,600
88,281
49,959
25,504 26,645
56,068 Huntington Devel- Feb '19
Houghton Co Tr Co_ February
21,493
16,773
38,266
82,276
'18
opment & Gas Co
590,372 527,636 1,249,337 1,090,552
b Hudson & Manhat_ February
273,367
191,880
465,247
12 mos '19 1,004,923
b Illinois Traction..__ February 1353,235 1165,482 2,814,271 2,397,553
183,188
193,439
376,627
709,314
'18
3813.648 3569.021 3,813.648 3,569,021
IInterboro Ra,p'Fran_ January
x64,511
23.831
88,321
Feb '19
248,148
164,233
131,560 Kansas Gas &
78,365 66,003
Jacksonville Trac Co February
26,700
27,849
54,549
183,533
'18
41,920
51,850
25,141 20,054
Electric Co
Keokuk Electric Co.. February
x352,455
408,976
743,697
2,241,968
'19
mos
12
38,443
26,924
18,854 13,149
Key West Electric Co February
204,556
293,862
498,418
'18 1,775,137
191.455
191,455 141,555
141,555
Lake Shore Elec Ry_ January
x83,079
160,085
78,070
78,070 47,120
47,120 Milwaukee Elec
229,930
Lewist Aug & Watery January
Mar '19 1,219,825
x83,655
141,301
226,094
15,917 15,871
251,122
201,177
949,756
Long Island Electric.. December
'18
Ry & Lt Cot
328,460
328,460 272,478
497,785 x226,199
272,478
683,851
Louisville Railway.._ January
3 mos '19 3,611,093
z86,999
422,505
86,259 63,493 • 182,213
131.763
477,895
Lowell Electric Corp.. February
'18 2,848,690
145,503
13,399 11,002
125.713
Manhat Bdge 3c Line December
32,635
39,879
72,514
252,993
Railway Feb '19
1219,825 949.756 3,611,093 2,848,690 Nashville
31,147
a Milw El Ry & Lt Co March
40,626
71.773
198,928
'18
Co
Light
&
December
2,213.392
186,906
1,976,461
158,989
Riv
Pow Co
Mississip
498,602
479,812
978,414
2,988,074
'19
mos
12
525,310
252,993 198,928
403.449
Nashville By & Light February
368,552
489,526
858,078
'18 2,454,308
636,755
318,721 248,556
509,915
New England Power_ February
11,874
13,162
25,036
70,156
Mar '19
408,027
188,701 131,672
261,879 North Carolina
Newp N&H Ry,G&E February
9,693
12,950
22,643
•
58,121
'18
Public Service Co
507,628
45,144 32,785
470,198
N Y & Long Island._ _ December
123,074
157,948
281,022
739,929
12 mos '19
151,859
12,079 11,265
167,906
N Y & North Shore_ _ December
103,261
155,395
258,656
641.270
'18
967,319 1,132,362
81,609 67,830
N Y & Queens Co.__ December
def3,021
7,638
4,617
48,715
Dec '18
New York Railways.. December 979,862 918,775 11.212,760 12.406,651
acific Gas &
1,201
7,847
9,048
42,418
44,254
20,023 16,149
33,188
'17
Northampton Trac__ February
Electric Co
25,137
91,399 def66,262
673,935 533,095 1,370,129 1,081,487
534,068
12 mos '18
Northern Ohio Elec_ _ February
93,501 def41,644
51,857
474,291
229,801 237,353
491,021
487,665
Ietti• '17
North Texas Electric February
156,929
z29,133
6,828
December
6,562
158,304 Pacific Power &
46,174
Ocean Electric (L
73,381
159,469
Feb '19
36,890
329,975
159,469 145,080
298.142
36,678
Pacific Power & Light February
73,568
145,080
'18
Light Co
49,842 35,228
100,338
x351,463
72,371
516,562
Pensacola Electric Co February
12 mos '19 1,892,700 )37 861,801
461,471
Phila Rapid Transit.. November 2764,923 2512,229 28,820,945 27.104.497
439.211
'18 1,691,184I 900,682
99,838
48,915 40,564
82,023
Phila & Western_ ___ February
52,290
30,539
82,829
180,642
Feb '19
180,642 135,324
370,671
273,185 Portland Gas &
Portland Gas & Coke February
34,910
29,471
64,381
135,324
'18
Coke Co
686,911 577,581 1,390,458 1,167,368
Port(Ore)Ily,L&PCo. February
352,249
483,250
835,499
1,894,947
12 mos '19
92.562 83,186
182,600
165.307
Porto Rico Railways_ February
294,257
340,219
634,476
'18 1,415,151
444,253
37,595 30,416
444,538
Richmond Lt & RR_ December
104.073
184,189
288,262
686,911
Feb '19
St L Rocky Mt & Pac December 378,985 422,020 5.137.089 3,992,780 Portland Ry, Lt
72,404
177,792
250.196
577,581
'18
665,250
583.594 on;& Power Co
53,502 56,459
Santiago El Lt & Tr.. December
358,343
2,232,500
2,590,843
7,890,219
'19
mos
12
210,515
96.400 85,198
178,572
Savannah Electric Co February
349,840
'18 6,240,740 „ _aa45,385
820,747
62,417 60,617
855,600
Second Avenue (Rec) December
58.700437293
206,351
18,758 15,694
218,643 Tennessee
-209:645--101,993
Co
Feb'19'
Southern Boulevard_ December
----..
"
;r
I- N -v.
-"
22,348
51.363
73,711
714,256 643,458 1,514,749 1,306,799
162,124
Southern Cal Edison.. February
'18
314,014
636,564
346,642
22,129 19,321
950,578
281,838
Staten laid Midland_ December
12 mos '19 2,347,792
70,520
207.596
619,729
173,551 E -nrcp.v 'el- 1 fr1831,957,665
102,948 87,102
690,255
Tampa Electric Co__ February
APR. 19 19191
Gross
Earnings.
$
Feb '19
291,958
Texas Power &
'18
Light Co
272,768
12 mos '19 3,299,754
'18 2,716,619
Tennessee Ry, Lt Feb '19
532,780
Power
Co
'18
&
442,621
12 mos '19 6,355,799
'18 5,310,167
1603
THE CHRONICLE
Balance,
Net
Earnings. FixedChgs. Surplus.
16
$
x45,816
55,586
101,319
57,432
47,532
104,964
670,799 x406,493.
1,075,260
462,875
568,909
1,031,784
74,306
136,031
210,337
42,683
137,116
179,799
808,776
2,376,269 1,567,493
155,608
1,789,784 1,634,176
Pere Marquette Railway Company.
(Report For the Fiscal Year ended Dec. 31 1918.)
The Annual Report was cited at some length in V. 108,
p. 1382. It also gives the following comparative Income
Account for two calendar years, on the old basis, as if the
company were still operating the property.
The report as published embodies information as to the corporate
transactions during the year ended Dec. 31 1918. The following table
shows for comparative purposes and continuity of historical data, the
x After allowing for other income received.
results of Federal operations combined with corporate revenues and exIncludes Milwaukee Light, Heat & Traction Co.
penses for the same period. In the income statement for 1918 previously
Railway department only.
published in this column one item was inadvertently omitted.
Lewiston Augusta & Waterville Street By. earnings, expenses, &c.,
1918.
1917.
Cal. Years-1917.
Cal. Years1918.
got included in 1919.
$
$
Avge.mileageoper. 2.238.54 2,248.49
Net oper.revenue_ 5,567,136 6,126,410
Oper. Revenues-.
$
New York Street, RallwaYs.
119,962
Freight
22,200,348 16,850,266 Non-oper.income_ 142.144
4.233,797 4,213,804
- Passenger
-Gross Earnings--Net Earnings
Gross income__ 5,709,280 6,246,371
344,679
Mail
281,591
Previous
Current
Previous
Current
640,479
864,731
711,953 Taxes
Express
855,327
Year.
Year.
Year.
Year.
Roads.
3,818
3,283
ino.charges_
Miscel
.
Misc.
revenues
1,387,153
1,383,948
$
$
3,585
1,502
Uncoll. ry. revs.._
427,681
353,490
209,909
Hudson & Manhattan_ _Dec 646,366
equipment
Tot.
oper.
Hire
of
23,507.855
revs-28,955,012
5,078,422 4,427,004 2,156,503 2,204,110
Jan 1 to Dec 31
495,628 1,282,832
-Debit
Oper. Expenses909,433 1,072,315
Interboro R T (Sub Div) Dec 2,201,767 2,098,776
654,185
654,260
Niatnt.way&struc. 3,790,387 2,425,689 Rentals
22,008,671 22,117,110 9,470,355 11,918,866
Jan 1 to Dec 31
Maint.of equipm't 5,607.546 3,420,626 Interest on bonds_ 1,687,760 21,687,760
1,991
474.064 Int. on bills pay'le
1,642,151
4,702
do (deprec'n) _ 536,348
305,506592,580
(El
Div)_Dec
1,580,457
Interboro R T
344,773
442,858
18,873,102 18,395,025 5,526,584 7,232,349 Traffic
Jan 1 to Dec 31
1,971,721
Surplus
1,997,413
Transportation_
_
_
12,233,619
9,925,781
Total Interboro R T__Dec 3,782,284 3,740,927 1,214,939 1,664,895
61,442
57,136 Divs,on prior pref40,881,933 40,512,135 14,996,939 19,141.225 Misc. operations
Jan 1 to Dec 31
326,667
644,976 erence stock_
b
825,442
254,688
678,017 General
Brooklyn Rap Transit__Dec 2,667,703 2,422,455
Transportation
for
31,368,395 30,563,718 7,892,077 10,079,487
Jan 1 to Dec 31
Cr.11,681 Cr. 9,685
investment
103,187
918,775
155,820
New York Railways_ _ _ _Dec 979,862
Bal.of income__ 1,997,413 1,645,055
Jan 1 to Dec 31
11,212,760 12,406,651 1,676,897 2,993,660
Tot.oper.exp-_23,387,876 17,381,446
def1,482
def4,891
60,617
second Ave (Receivers)_Dec
62,417
a For the purpose of comparison,figures for three months ended March 31
106,726
139,914
855,600
Jan 1 to Dec 31
820,747
1917 are stated on basis of interest charges of the new company.
b The surplus as reflected by the general balance sheet as of Dec.31 1918
142,218
110,359
336,419
Third Avenue
Dec 326,619
amounted to $2,313,806. Dividends aggregating $560,000 were declared
Jan 1 to Dec 31
3,797,105 4,117,833 1,311,253 1,445,764
during
the year 1918 upon the prior preference stock of the company, and
Dry Dock, East B'way
were paid out of surplus as of Dec. 31 1917, viz.: Feb. 1 1918. 1M %.
def4,633
& Battery
2,464
37,254
Dec
43,524
$140,000;
May 1 1918, 13%. $140,000; Aug. 1 1918, 15%. $140.000;
25,310
34,275
Jan 1 to Dec 31
455,616
484,552
Nov. 1 1918, 13.1%. $140,000.-V. 108. p. 1512.
21,146
42d St Man & St N Ave_Dec 133,892
127,651 def10,210
398,415
559,610
Jan 1 to Dec 31
1,625,015 1,766,080
Illinois Central Railroad Co.
5,001
9,905
Belt Line
50,113
Dec
44,919
94,460
75,250
Jan 1 to Dec 31
677,840
568,563
(69th Annual Report-Year ended Dec. 31 1918.)
6,462
6,555
N Y City Interboro
54,718
57.491
Dec
The annual report, issued this week, furnishes no state101,709
161,099
733,081
680,588
Jan 1 to Dec 31
ment of operations by the United States Railroad Adminis3,358 - 3,3T5
15,694
Southern Boulevard __ _Doc
18,758
218,643
25,506
.,40,062
206,351
Jan 1 to Dec 31
tration. The income account, covering merely the accrued
209,282
20,656
* 8,8r1
Union By (N. Y.0)__Dee 221,886
standard return under proposed contract with the Govern2,662,944
2,910,070
393,768
657,340
•
Jan 1 to Dec 31
ment, and the income from outside investments, &c., to43,616
46,106
4,169
3,289
Westchester Electric_ _ _ _Dec
554,914
589,783
gether with the deductions for interest and other fixed
Jan 1 to Dec 31
105,701
90,661
70,263
65,555
Dec
Yonkers
7,232
6,577
charges. The report will be cited more fully another week.
823,621
824,866
Jan 1 to Dec 31
125,351
175,347
A summary shows the following:
81,609
_Dec
NY & Queens County_
67,830 def31.063 def33,988
967,319 1,132,362 def221,887 def189,169
Jan 1 to Dec 31
CORPORATE INCOME ACCOUNT FOR THE YEAR ENDED DIN. 31.
Inc. or Dec.
Long Island Electric___ _Dec
15,917
1917.
15,871
1918.
def4,848
def3,294
Jan 1 to Dec 31
226,994
251,122
Railway Income:
def2,134
21,280
.282,373
return
*$16
standard
Accrued
Dec
45,144
N Y & Long Island
32,785
def3,116
def4,680
t764.953
Revenues prior to Jan. 1 1918Jan 1 to Dec 31
507,628
470,198
33,446
69,657
Ocean Electric
Dec
6,562
6,828
def1,796
def1,448
$17,047,326
Total
Jan 1 to Dec 31
156,929
158,304
54,332
52,726
$67,624
Corporate oper. exp. current year..
New York & North Shore Dec
12,079
t1,523,840
11,265
def1,522
def36
Expenses prior to Jan. 1 1918
Jan 1 to Dec 31
151,859
167,906
35,554
4,634
$15,455,863 $22,911,624 -$7,455,761
Net railway income
Manhat Bdge 3c Line_ _ _ Dec
13,399
11,002
618
1,978
-472,141
1,400,864
928,723
Federal income tax accruals
Jan 1 to Dec 31
145,503
125,713
16,498
30,263
Richmond Light dc RR....Dec
37,595
30,416
4,080
def6,032
-$6,983.620
$21,510,760
$14,527,140
deducting
taxes
after
Net,
Jan 1 to Dec 31
444,253
444,538
38,239
62,814
+425,032
1,739,924
2.164,956
Dividend income
Staten Island Midland_ _Dec
22,129
19,321 def10.077
+2,747,387
def9,587
1,601,298
Income from funded securities_ __ _ 4,348,685
281,838
Jan 1 to Dec 31
346,642 def67,886
def5,674
+18.427
975,985
994,412
Other non-operating income
Note.-All the above net earnings here given are after deduction of taxes
$22,035.193 $25,827,967 -$3,792,774
Gross income
-$195,453
$1,814,481 $2,009,933
Deduct-Rent leased roads
+130,187
8,607,806 8,477,619
Interest on funded debt
+572,311
35,635
607,946
Interest on unfunded debt
-65,194
113,454
Miscellaneous
48,258
FINANCIAL REPORTS.
118,200
118,200
To sinking and other reserve funds
-1,254
56,933
55,679
For investment in physical prop_....
1
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies whicli
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Mar. 29. The next will appear in!that of April 26.! •
Chicago Rock Island & Pacific Rai1way.1
(39th Annual Report-Year ending Dec. 31 1918.)
The remarks of President Charles Hayden, together with
the income account for the years 1918 and 1917, and a
comparative balance sheet of Dec. in,
be found on
subsequent pages of this issue.
OPERATING ACCOUNTS FOR CALENDAR YEARS.
1918.
1917,
1916.
1915.
8,250
Average mileage oper___
8,218
8,228
8,088
Operating Revenues$69.186,218
Freight
$59,690,072 $55,141,668 $47,404,207
27,891,233 23,301,086 19,674,370 18,500,032
Passenger
7,212,114 6,617,564
Mail, express, &c
5,395,120
6,073,091
Total oper. revenue_$104,289,565 $89,608,722 $80,889,129 $71,299,359
structs.$15,399,934
&
way
of
Maint.
$10,863,551 $10,097,734 $9,883,148
Maint. of equipment_ _ _ 25,511,678 16,885,582 13,168,137 12,298,662
1,263,563
1,795,112, 1,716,087
Traffic
1,841,640
44,356,604
Transportation
33,884,630 27 769 887 27 191,120
613,654
Miscellaneous operations
573,724
5
5 8,085
'525,528
'
2,540,736
2,336,506
General
1,968 289
1,860,665
Transportation for inv _ _ Cr.135,842 Cr.293.001 Cr.153:945
Cr.22,862
Total oper. expenses.$89,550,327 $66,046,104 $55,091,717 $53,610,457
$14,739,238 $23,562,618 $25,797,412 $17,688,902
Net earnings
-V.108, p. 1164.
Louisville & Nashville Railroad Company.
(68th Annual Report-Year Ending Dec. 31 1918.)
The text of the annual report, signed by Chairman H.
Walters and President M. H. Smith, together with the income account and profit and loss account for 1918, and a
omparative b ance sheet of Dec. 31, will be found on
t ge 0 this issue.-V. 108, p. 1390.
Total appropriations of income__
$173,879
$175,133
-$1.254
Income balance transferred to credit
$10,782,823 $15,016.193 -$4,233.370
of profit and loss
* Of this amount $3,225,000 was received to Dec. 31 1918.
t These items are included in income of current year under instrustions
of the Inter-State Commerce Commission.-V. 108. p. 1060.
New York Ontarie& Western Railway Co.
(Report for Fiscal Year ended Dec. 31 1918.)
Pres. John B. Kerr, N. Y., April 5, wrote in substance:
Federal Contract.-The agreement for compensation was executed by
Director-General McAdoo on Dec. 20 1918, the amount from Jan. 1 1918
being fixed at $2,103,589, payable in quarterly installments en the last
days of March, June, September and December, with interest at 5% per
annum on any payments deferred. The income account contained in this
report is, therefore, exclusive of any details or results of operation.
Income Account.-The following shows the income of the company received or accrued for the calendar year 1918, the charges against income
and the resulting net:
I Deductions (Con.)Income ItemsAnnual U. S. compensation_ _$2,103,589 Income & war tax accruals__ $80,000
32,047 Interest on funded debt
1,194,205
Interest on above
12,371
3,027 Amortization of discount..
Miscellaneous rent income_ _ _
7,482
Miscellaneous income
Income from:
143,060 Corporate general expenses___
25,245
Funded securities
29,4971
Unfunded securs. & accts._
960 Bal., net income for year '18 $805,573
Sinking Funds, &c
Net amount of rev. & expense
91,955
$2,312,180 items prior to Jan. 1 1918_
Gross income
Deductions$197,710 Bal. carried to p. & 1. acct
Rent for leased roads
9,594 (agst. $977,467 for year '17) $713,618
Miscellaneous rents, &c
In addition to the net shown above, the company received from the
Scranton and Elk Hill Coal Companies $200,000, being the balance of the
back interest to July 1 1912, on the mortgages held by your company,
previously credited in income as it accrued, which, added to the net above
shown, aggregates $913,617, applicable to any corporate purposes. A further payment of $51,300 on account of interest since accrued was made
and credited in income.
Federal Operations, &c.-In the appendix attached will be found statement of the revenues and expenses of the Railroad Administration for
the year 1918, together with other statistical information relating to
operation.
Previous to the execution of the agreement with the Director-General.
the Railroad Administration had advanced to the company on account
of compensation $575,000, leaving due $1,528,589 at Dec. 311918, besides
interest on deferred payments.
The Director-General took over the cash on hand at Dec. 31 1917,
amounting to $2,427,888.
The accounts have been stated to Dec. 31 1918 by the Federal Auditor,
showing a balance due this company at that date (subject to some revision
and claims which will not materially change the result) of $593,131.
1604
THE CHRONICLE
[Vol,. 108.
The total indebtedness of the Railroad Administration to your company at Dec. 31 1918 was, therefore. $2,121,721 (exclusive of interest),
which has since been reduced to $1,478,721 by payments on account of
compensation aggregating $643,000;
• In addition to the cash mentioned, the Director-General took over all
material and supplies on hand at Dec. 311917, inventoried at $1,205,936,
but under the agreement this account will not be settled until the terminationl'of Federal control.
Dividend Status.-Your directors were desirous of paying a divided of 1%
upon the common stock and sought approval for the same early in the
year. The Director-General at first suggested that the dividend be
limited to % of 1%, but upon reconsideration on Mar. 24 consented to
the payment of 1%. In view of the uncertainty as to the time when
the Director-General will be in position to settle the deferred payments due,
your directors have decided to postpone action until such time as the
Railroad Administration has been put in position to pay its debts by the
needed action in Congress.
Financial.-During the year the company purchased and now holds
$188,700 Liberty Loan bonds.
On Nov. 1 the mortgage bonds of the Wharton Valley By., amounting
to $75,000 guaranteed by this company, matured and were purchased and
taken over into the treasury. Under the present conditions, it was deemed
best to defer any extension or refunding of the debt.
in The additions and improvements made during the year were only such
as were actually necessary and approved .by the corporate officers.
lie The company has no floating debt, the amount unpaid on subscription
for Liberty bonds at Dec. 31 having since been paid, and there is no change
in the funded debt except the reduction in car trust notes by payment of
$202,000 falling due.
GENERAL STATISTICS FOR CALENDAR YEARS.
1917.
1918.
1916.
Miles operated
569
568
568
No OperationsPassengers carried, number
1.581.807
1,804,150
1,852,592
, Passenger carried 1 mile
83,836,174 76,447,833 76,055,653
Rate per passenger per mile
2.587 cts. 2.277 cts. 2.310 cts.
Freight carried (tons)
6,153,261
5,729.517 5,421,102
Freight (tons) carried 1 mile
776,038,894 775,230,400 810,896.961
Rate per ton per mile
0.889 cts. 0.742 cts. 0.781 cts.
Earnings per freight train mile
$3.86
$4.42
$3.25
Earnings per passenger train mile
$2.13421
$1.56103
$1.49598
Gross earnings per mile
$18,658
$15,11
$15,638
"Thetaled-Freight-TiiiffirReceriiir(rircl:-Milk-577PassengerWains.)
Calendar Years1918.
1917.
1916.
1915.
Milk revenue
$920,569
*801,923
$844,257
$835,509
Coal revenue
4,315,090 3,712,295 3,551.119 3,944.202
OPERATING RESULTS FOR CAL. YEARS (U. S. RR. Administration
Data for 1918).
[For company's income account see text above.)
Pi'Earnings1917.
1918.
1916.
Passenger
$2,168,484 $1,741,046 $1,756,925
Freight
6,901,018
5,755,296
5,498,495
Mail and express
275.063
295,083
232,234
Miscellaneous
1,550,440
1,373,453
1,306,442
Thus far the receipts from the 8-cent fare have proved inadequate to
meet the cost of the service, but this fare will be continued in force long
enough to provide an experience of several months.
•
The trustees have considered, with the aid of experts, every means of reducing the cost of service, and they believe that a zone system should at
least be given a trial, with an inner zone and an outer zone in each of which
a fare of five cents might be tried. Since Dec. 31, however, measures
were introduced in the Massachusetts Legislature which, if enacted, would
prohibit or make inexpedient any attempt at a zone system. The experiment is therefore, for the time being, postponed.
Power.-During the year the Somerville sub-station was completed (on
Feb. 4), with a capacity of 4,000 kilowatts; the capacity of the Washington
Village sub-station was increased from 4,000 to 6,000 kilowatts.
At Lincoln power station work was commenced on June 20 1918 in connection with the installation of a new 25,000 k. w. A. C. turbo-generator,
replacing one 2,700 k. w. (D. C.) vertical cross-compound engine-driven
unit. The new unit should be in operation in the spring of 1919.
At South Boston power station the new 35,000 k. w. General Electric
turbo-generator was completely wrecked on Feb. 14 1918. The repairs
will be borne by the contractor; they will probably be completed in the
spring of 1919. An additional 2,000 k. w. rotary converter is being installed at the Charlestown power station.
To carry the load anticipated for next winter, it will probably be necessary to add additional converters at both Lincoln and Charlestown.
The capacity of the power stations owned at the present time in active
service is 94,000 (D. C.) with 6,390 k. w. in inactive stations. This comprises the equipment in 6 active and 2 inactive main stations and 13 subpower stations.
Cars.-During the year the trustees have purchased 200 new centre-entrance motor cars and 50 centre-entrance trailer cars. These will cost approximately $3,028,000. Eighty G. E. 74 type motors on semi-convertible
cars have been replaced by Westinghouse type 306 at a cost of approximately
$64,000; 364 G. E. 202 type motors on the No.3 semi-convertible cars have
been replaced with G. E. 203 type, which cost approximately $362,000.
Final deliveries have been received on the 42 new elevated cars ordered in
1916. The trustees have authorized obsolete rolling stock, to the value of
$750,000, destroyed.
Elevated Extension.-The Everett Elevated extension will be operated in
1919, using the temporary station erected south of the Boston & Maine
"Everett" station. This should relieve congestion at Sullivan Square.
Fares.-A five-cent fare for school children was effective Jan. 1 1919.
Wages.-During the year the enployees have revelved wage increases
which, if applied to a full year, would amount to about $4,000,000, viz.:
(a) From March 1 1918, 2 cents per hour war bonus, awarded by Henry B.
Endicott, Executive Manager of the Public Safety Committee. (b) From
May 1 1918, yi of a cent per hour for car and train employees and 1 cent
per hour to other employees under 3-year agreement with the Amalgamated
Association. (c) From June 15 1918 on award of National War Labor Board
Increases aggregating $3,500,000 per annum. (d) Agreements have also
been effected with ten craft unions.
The total payroll for the 6 months ending Dec. 31 1918 amounted to
$6,695,031, of which $6,379,987 entered into the cost of service, and shows
an average per passenger of 3.915 cents.
Depreciation.-The statute requires the trustees to set aside "such allowance as they may deem,necessary or advisable for depreciation of property
and for obsolescence.' After reviewing the report made by John A.
Beeler consulting engineer, and in order to put the property in the best
Total
310,895,005 89,164,878 38,794,166 condition for economical operation, the trustees voted: "That a general
Operating Expensesdepreciation credit be established in the sum of $167,000 for July 1918 and
Maintenance of way, &c
31.557,483 $1,013,043 $1,005.159 each subsequent month."
Maintenance of equipment
2,763,995
1,524,323
1,410,091
Sulnvay Rentals.-The trustees upon assuming office were confronted with
Traffic expenses
102,125
96,415 the subway rentals which the company is now obliged to pay to the City of
113,189
Transportation expenses
5,300,294 3,729,855
3.476,432 Boston and which are charged to the car rider in the cost of operation.
General expenses, &c
250,625
212,654
240,169
The trustees believe that subways are nothing more than highways under the surface and that the public should own all its highways whether on
Total
$9,974,524 $6,620,579 36,200,753 'the surface or below the surface.
Net earnings
3920,482 $2,544,299 $2,593,413
The company owns the subway in Cambridge from Harvard Square to
Taxes...and uncollectibles
298,574
316,623
267,164 the Cambridge Bridge. The trustees have petitioned the Legislature for
authority to sell that subway to the Commonwealth of Massachusetts,
Operating income
$621,908 $2,227,676 $2,326,249 acting in behalf of the communities served by the railway. Such sale would
Hire of equipment
64,808
furnish capital much needed for permanent investments which would inure
0ther,income
82,192
58,758
to the benefit of the car rider and the public and secure economies which
must work toward a reduction in fares.
Gross corporate income
$680,666 32,374,676
The trustees have also asked that the company be reimbursed from the
BALANCE SHEET, DECEMBER 31.
public treasury for the subway rentals which it is called upon to pay. They
now approximate 111,500,000 per annum. With the Cambridge Subway
1918.
1917.
1918.
Ev
1917.
the amount would be about $2,000,000. The legislation sought means that
Assets$
Liabilities$
$
$
Road & equipm't _85,101,055 85,155,080 Common stock..__58,113.983 58,113,983 while these rentals must be paid under existing contracts, the communities
Improve ts leased
Preferred stock___
4,000 served by the railway would contribute from general taxation a sum suf4,000
railway property 111,835
77,754 Mortgage bonds_ _28,630,000 28,630,000 ficient to reimburse the company for the amount so paid.
(Signed by the trustees: James F. Jackson, Chairman; Winthrop Coffin,
Investin affil. cos.:
Equip, trust notes 993,000 1,195,000
Stocks
2,312,138 2,312,138 Traffic balances_
106,494 Stanley R. Miller, Samuel L. Powers, John F. Stevens.)
Bonds
6,269,156 6,205,135 Loans & bills pay.. 135,000
INCOME ACCOUNT.
Advances
57,611
267,611 Accts. & wages_ __
25,857
413,585
Year ending Year ending 6 Mos. to Year *riding
Other investments a188,042
242 Insur., &o.,res'ves 280,392
280,392
Dec. 31 '18. Dec. 31 '17. Dec. 31 '16. June 30 '16.
Cash
44,230 1,777,888 Misc. accts. pay_
37,482
39,413 Revenue miles run
53,021,816 59,455,693 29.835,503 58,572,308
Time drafts & dep.
650,000 Other unadjusted
Revenue pass. carried.. 348.664,700 381,017,338 189,415,158 363,477,041
Special deposits
29,000
15,680 accounts, &c__ _
82,442
130,959
EarningsTraffic balances
108,476 Matured Interest,
Passenger
$20,337,460 319,008,052 39,444,521 318,126,247
Agents & conduc'rs
229,881 dividends and
Mails,rentals,adv.,&c_
639,505
725,824
353,359
560,725
Mat'ls!& supplies_ 1,205,936 1,219,078 rents unpaid_ __
62,061
33,269
Miscellaneous _ _ 142,192
557,069 Unmatured diviTotal
$20,976,965
$9,797,880 $18,686,972
$19,733,876
U.S. RR.Admin.:
dends declared..
1,162,144
Operating
Expenses
Compensation__ 1,528,589
Accrued int., diviGeneral & miscellaneous $2,094,829 $1,948,381
$962,995 $1,841,396
Int.def.compen.
32,046
dends &o
325,234 Malnt. of way & struc
321,551
2,372,932
997,277
1,778,175
1,733,379
Due,excl.compen. 593,131
Accr. depr.,equip't 2,110,460 2,197,878 Maint. of equipment_.*
1,609,863
742,862
1,324,965
Int.t& diva. receiv.
28,410
28,410 Profit and loss__ 7,347,949 6,659,706 Transportation expense; 3,142,369
7,772,434
3,230,220
6,522,360
5,928,096
Disct, on fund. dt. 322,202
334,574
Power
2,604,366
684,892
1,681,940
1,233,259
Other unadjusted,
Traffic
9,167
12,479
6,405
18,901
&c., accounts__ 183,702
363,041
Total
08.150,176 09,292,057 Total
98,150,176 99,292,057
a Includes U. S. Government bonds, $188,700.
Compare "Annual Report" of the New York New Haven & Hartford
RR.-V. 108, p. 1512.
Boston Elevated Railway Company.
(First Report of Trustees-Calendar Year 1918.)
TheAboard of trustees appointed by the Governor of
Massachusetts, pursuant to Chapter 159 of the Special Acts
off 1918, report in substance:
Total oper. expenses_$17,996,097 $13,547,124
6 Mos. end. 6 Mos. end.
Dec. 31 '18. June 30 '18.
Net earnings
$693,280 $2,287,588
Interest on deposits, &c..
9,452
24,343
Int.from securs. owned_
9,671
6,395
Inc.from sink. fund,&c_
16,640
16,640
Miscellaneous
1,361
1,226
$6,630,726 $12,079,996
Year ending 6 Mos. end.
Dec. 31 '17. Dec. 31 '16.
$6,186,752 $3,167,154
7,722
16,460
16,027
32,302
16,640
33,280
2,489
3,375
Total
$742,019 $2,324,577 $6,271,283 $3,210,918
DeductionsInt. on West End debt-- $514,530
$497,199
$928,500
$438,970
Taxes, West End
258,225
284,418
554,106
290,136
orTrusteeship.-From Jan. 11918 to July 1 1918 the railway was operated Corp. franchise, Federal
Income, &c., tax, Bosbyithe stockholders, and, from July 1 1918 to and including Dec. 31 1918,
ton Elevated
187,933
183,378
159,794
326,396
by trustees appointed by the Governor under the provisions of Chapter 159
Tax on earnings
82,787
of the Special Acts of 1918.
88,834
88,069
183,958
93,292
This Act was accepted by the Boston Elevated By. Co. and by the West Rental of subway
747,045
747,045
1,483.857
726,580
End Street By. Co. on June 3 1918, and certificates that it had been duly Divs. on West End stk..
4,590
4,590
4,590
9,180
accepted and that the $3,000,000 preferred stock named therein had been Div. on Som. Horse By..
Rent Old Col.St.Ry,&c.
26,979
36,895
35,249
71,366
duly subscribed for were filed on Tune 24 1918.
660,294
560,294
$31,719
1,087,041
intSeven-Cent Fare.-The trustees in fulfillment of their obligation under Int.on Bos.El.fund.debt
77,251
104,118
33,094
87,531
thelstatute with reference to the establishment of fares, in July fixed the Int. on unfunded debt
.178,320
178,319
178,033
356,622
rate of fare at 7 cents, effective Aug. 1 1918, being advised that this in- Wash. St. tunnel rent
34,779
41,542
71,360
85,480
crease of 2 cents in the rate of fare should increase the total revenue by East Boston tunnel rent
do extensions rental
50,364
50,351
49,400
99,608
0
,00,000 per year, or sufficient to pay the cost of service within the meanCambridge Conn'g rent35,562
85,525
71,104
of the statute.
35,562
106,573
108,954
210,849
104,361
For the four months under the 7-cent fare the passenger receipts as com- Boylston St.sub. rental_
236,106
2,637
pared with 1917 showed an increase of $999,034, and the number of revenue Dorchester tunnel rent_
8,727
13,816
12.300
4,648
passengers carried during the same period decreased 21,972,995. The Miscellaneous
per cent for each month was as follows:
Total deductions_ _ - $3,156,448 $2,896,853 $5.553,777 $2,803,657
KIncreasejor DecreaseAug
Sept.
Oct.
Nov. 4 Mos.
Balance
def.$2,414,430 def.$572,276
$717,506
$407,261
Passenger/receipts, increase__ _23.79%9 12.09% 2.91% 21.03% 15.82
Pref. dividends_ _ _ _(2,04 1-6)61.250
(3%)835,779 (3)716,382
No. of revenue pass., decrease_ _11.49 20.02% 26.48% 13.64% 17.38
During part of the four months the business was seriously affected by Common dividends.._ _(2M)596,985
the epidemic of influenza, which necessitated the closing of schools and
$118,273
$572,276
$309,121
places of amusement for nearly four weeks, with the result that the earn- Balance, deficit,for yr-- $3,072,665
ings in Oct. 1918 under a 7-cent fare were less than $50,000 in excess of
Volume of Business for Six Months endedJune 30'18. Dec. 31 '18.
October 1917 under a 5-cent fare.
Total revenue passengers carried
185,699.883 162,964,817
v* Bight-Cent Fare.-The award of the War Labor Board was made in Octo- Decrease as compared with 1917
4,551,109 27,801,529
ber and established a higher scale of wages than had been anticipated.
Or a decrease of about
2.39%
14.57%
The trustees thereupon fixed the fare at 8 cents, effective Dec. 1 1918.
Note.-From Jan. 1 1918 to July 1 1918 the railway was operated by the
Under the.8-cent fare, the passenger receipts for December 1918 aslcom- stockholders, and from July 1 1918 to and including Dec. 311918 the railpared with Dec. 1917 increased $595,039, or 36.28%,1while the number of way was operated by trustees appointed by the Governor under Co prorevenue passengers:carried showed!a, decrease of 4,883,564,or 14.86%.
visions of Chapter 159 of the Special Acts of 1918.
;
APR. 19 1019.]
THE CHRONICLE
1605
BALANCE SHEET BOSTON ELEVATED RAILWAY DEC. 31.
RESULTS IN YEAR 1918 FOR COMPANIES PARTICIPATING IN COMMON
1918.
FUND (ACT, 1915).
1917.
1918.
1917.
Assets-$
LiabilitiesDisposal of net income, showing in parentheses proportion to Und. El. Rys.
Road & equipm't_56,034,987 54,380,801 Common stock.-23,879,400 23,879,400
Metropolitan London City & South Central London (lea. Associated
Inv.In affil. cos.:
Prem.on cap. stk. 2,707,428 2.707,428
Dist. Ry. Elec. Ry. London Ry. London Ry. Omnibus. Equip.Co
Stocks
201,510
201,510 Preferred stock_
3,000,000
Advances
1,439,067 1,775,965 Funded debt
26.586.000 26,586,000 Bal., forward
29,029
30,656
21,266
11,147
38,548
72,623
Other investments 196,744
254,187 Mortgage notes
125,000
125,000 Net income__ 583,703
650,604
152,404
227,571
593,553
231,255
Imiscell. Physical
Non-negot'ble debt
property
a946,026
988,311
to affiliated cos- 1,214,943 1,209,415
612,732
681,260
173,670
238,718
634,101
303,878
Cash
924,941 1,005,157 Loans dr notes pay. 5,143,100 2,900,000 Int.rents,drc. 347,971
299,150
47,003
59,633
108,412
10,833
Special deposits... 1,513,525
344,398 Vouchers & wages 1,755,924 1,592,313 Contingencies
Loans and notes
Matured Int., &o. 1,004.731
345,604
&renewals__
35.000
35,000
25,000
285,000
20,000
42,656
receivable
5,327
5,002 Int.,&o.,accrued.. 831,507
Dim.Payments806,588
Accounts recelv•le 297,587
140,209 Taxes accrued.-- 333,588
333,419 Guar. stock__ (4)57,430
Prepaid rents, &o_
68,820
145,994 Miscellaneous....
23,531
110,859 First pref__(4A)67.500 (4)126,947 (5)42,500(4%)21,600
(8)36,000
Mat'l and supplies 3,253,824 2,225,997 Insur.res've, &c_ _
44,172
572,226
U.EI.Ry.
(26,028)
(6.000)
&o.,funds.. 835.750
835,750 Depreciation fund 1,506,300
741,326 2d pref
(5)73,500
z
z
z
z
z
Discount on fundOperating reserve_ 933,763
728,512
U.E1.Ry. (73,500)
ed debt
288,463
313,344 Prem.on fund. d't
•
12,315 Ord'y shares
(2)186,559
(2)29,600:(4)120,000y(8)179.758 (14)70,000
Mlscell. Items__ 170,274
112,336 Miscell. reserve__ 233,819
50,000
U.E1.Ry.
(179,257) (29,207)
(179,758) (70.000)
Surplus
def.3.146,366 sur.28,558 Def'd partio.
inc.stock___
70.00
Total
66,176,845 62,728,062 Total
66,176,845 62,728,962
U.ELRY.
(70,000
Further cona Miscellaneous physical property (purchased from the West End Street
ting•cles, &o.
10,000
10,000
5,000
By. Co.).-V. 108. p. 1510.
Bal.,forward
21,331
23,604
24,567
17,485
60,931
74,389
Underground Electric Railways Co. of London, Ltd.
(21st Report-Balance Sheet Dec. 31 1918.)
Chairman Right Hon. Lord George Hamilton, London,
Feb. 21, wrote in substance:
Ordinary stock, £3,000,000, U. E. Ry. Co. guaranty
on £2,548,671.
y Including tax. z No such stock outstanding-V. 108,4%
p. 785. 685.
Results.-The net income from investments, &c., after deducting general
expenses, income tax, loss on foreign exchange, and proportion of commission and discount on 5% notes, and adding balance from last account,
amounted to £709,749. Having deducted the interest on the 434% bonds
due 1933. the 5% 3-year Secured notes due 1920 and the 6% First Cum.
Income debenture stock due 1945, a surplus remained of £482,603.
Interest plus income tax on the 6% Income bonds due 1948, viz.: 2%
for the half-year ended June 30 1918, paid Sept. 1 1918, and 3% for the
half-year ended Dec. 311918, to be paid March 1 1019, calls for £445,910,
leaving a balance of E36,693.
The income from investments, &c.. amounted to £760,265, as compared
with £606,730 for 1917, being an increase of £153,534 7s. 8d. This increase is mainly derived from the increased dividends of the various transportation companies of London, in which your company is interested.
Joint Operation.-For the year 1918 the aggregate gross revenue of the
five companies parties to the common fund authorized by the London
Electric Railway Companies' Facilities Act, 1915, was £7,743,451, and the
aggregate amount retained by them for "revenue liabilities," including
reserves, was £7,111,760, leaving £631,690, which amount was credited to
the common fund. This amount, in accordance with the common fund
agreement dated Dec. 211915, was apportioned among the five companies
as follows: City & South London Ry., 6%• Central London RY" 20%;
London Electric By., 30%; Metropolitan District By., 12%, and London
General Omnibus Co., 32%.
The total number of passengers carried by the five companies is estimated to have been 001,000,000, exclusive of through inwards passengers
to the Metropolitan District Ry. from other controlled railways. Also
owing to the Metropolitan District Ry. being under Government control,
the average faro per passenger for the five companies cannot be given in
this report.
The traffic carried by each of the four railway companies mentioned has
been exceedingly heavy, and arrangements have been made to obtain
early delivery of rolling stock, some of which was ordered in 1914.
Parliamentary Bills.-Both the London Electric Ry. and City & South
London Ry, companies are actively engaged on plans for proceeding with
the essential schemes of development for which Parliamentary authority
has already been obtained, and for which contracts had been let shortly
before the outbreak of hostilities in 1914. The capital expenditure will
necessarily be heavier than when Parliament sanctioned the schemes, and
both companies therefore find it necessary to make fresh applications to
Parliament.
London General Omnibus Co. Ltd.-Many of the omnibuses of this company were taken over by the'
Government and the remainder require replacement. The company has in hand, in capital and reserve funds,
£2,300,000 towards the reinstatement of the whole fleet.
During 1918 the company acquired control of the Associated Omnibus
Co. Ltd., and subsequently agreed to purchase its entire undertaking.
• Associated Equipment Co., Ltd.-This company has been almost wholly
occupied in producing 3-ton lorries for Government service. This work
will soon be completed and the replacement of omnibuses of the London
General Omnibus Co. can be undertaken.
Results.-The increase in gross earnings was due to the 10% increase in
rates (other than residential and municipal rates), amounting
$846,068,
and to the extraordinary conditions created by the exigenciesto
of the war.
Moreover, we were not compelled to discontinue service to any
of the
so-called non-essential industries.
The expenses include an amount which we believe will be sufficient to
meet the additional taxes imposed by the Federal tax law for 1918, then
being practically double the levy of 1917.
The increase in fixed charges is due to the interest on additional securities
sold during the year.
The total commercial connected load as of Dec. 31 1918 was equivalent
to 6,456,080 fifty-watt lamps, an increase of 961,300. The total connected load of railway, railroad and other utilities as of Dec. 31 1918 was
35,950 kilowatts, an increase of 1,000 kilowatts. The net business secured was equivalent to 981,300 fifty-watt lamps, but being principally
allied with Government work to the exclusion of new commercial business,
the net increase in customers was only 7,095.
Additions.-During the past year the modern generating station in
Chester, Pa., was practically completed; it will have an ultimate capacity
of 120 000 k.w. Two units of 30,000 kilowatts each have been placed in
operation, operated in parallel over the high tension line with our main
generating station at Christian St., and the Schuylkill River, Philadelphia,
the new station should result in increasing the efficiency of She entire
system in a satisfactory manner.
Late in the year the Hunting Park sub-station structure at Hunting Park
Ave. and Fox St., Philadelphia, was completed and the initial sub-station
equipment of 15,000 k.v.a. was installed. The ultimate capacity of this
station will be 30,000 k.v.a.
Rates.-The increase of 10% in rates received last year was, by order of
the Commission, limited to a period expiring Feb. 5 1919, but upon order
dated Jan. 27 1919, it was continued until Feb. 5 1920.
Bonds.-On June 28 1918 we sold $1,500,000 1st M.5% gold bonds, and
on Jan. 29 1919 another $1,500,000, making the outstanding amount
$40,835,000, including the $2,500,000 deposited as collateral under the
Two-year Note Indenture of 1918. (V. 108, p. 586; V. 106, p. 826, 2762.)
Stock.-The offer to the stockholders of 20% (34,997.550) new stock
to which reference was made last year, brought out subscriptions to a total
par value of $1,803,205.(V. 107, p. 2103)•
Outlook.-As a result of war conditions many industrial establishments
had to call upon us to furnish them part or all of the power required to
execute their war contracts, and there never was a greater opportunity
than the present for increasing our business. We are adding new business
as rapidly as we can, consistent with our capacity to furnish the service.
REVENUE ACCOUNT. YEAR ENDING DEC. 31.
1917.
1918.
1916.
1915.
Incomefrom invest..&c. £760,265
£606,730
£653,361
£680,741
DeductionsGeneral expenses
£7,960
E10,789
£6,981
£11,813
Income tax
31,090
Loss of foreign exchange
13,182
31,932
20,289
Interest on bonds, &c
109,944
/1115,766
106,508 • 95,252
Interest on 1st cum. inc.
debenture stock
78.380
76,380
76,380
76,380
Interest,&c.,on notes
44.860
45.674
31,500
31,500
Guar,Cent. London Ry.
13,466
•
13,466
26,931
Int. on income bonds-a(3%)445,910 (4)337,602 (5)406,178 (6)438,731
Total expenditures_ _ _
£754,712
£606,223
£661,303
£680,607
Balance, sur. or clef_ _ _ _ sur.£5.553
sur.£507 def.£7,942
sur.£134
Previous surplus
30,634
31,140
38,576
38,442
Total surplus
£31,141
£36,693
£30,634
£38,576
a Including income tax.
Note.-The Central London Railway Co. is paying a dividend
the rate
of 4%'on Its ordinary stocks, and no amount is therefore payableat
this
company's guaranty on £2,548.671 of the stock which assented inunder
the
of the trust deed dated Dec. 13 1912; £13,466 was so paid in 1917. terms
BALANCE SHEET DEC. 31.
Assets1917.
1918.
1916.
Stocks and shares
£14,620,175 £14,620,175 £14,620,175
Corn. & disc. on 5% prior lion bonds_
428,830
428,830
428,830
do
do
do
on 5% notes....
10,674
21,348
Loans and mortgages42,500
54,000
41,000
Interest and dividends receivable_ _ _
297,555
210,981
204.826
Sundry debtors and debit balances.:
140,653
98,911
95,091
Treasury bills
123,461
95,484
98,076
Cash at bankers and on hand,&c_ _ _ _
22,839
12,819
57,873
Total
£15,678,667 £15,552,569 £15,545,871
LiabilitiesShare capital issued
£5,000,000 £5,000,000 £5,000,000
"A" ordinary shares
59,949
59,949
59,949
4% bonds of 1933
1,832,400 1.832,400
1,832,400
6 income bonds
6,330,050 6,330,050 6.330,050
debenture
stock
cum.
6%
1,273,000
1,273,000
1,273,000
4 % 3-year secured notes (1917)..,.
700,000
700,000
5 o 3-year secured notes (1920)
700,000
Unclaimed interest and dividends_ _
29,870
38,346
23,144
Sundry creditors, credit balance
34,196
37,863
34,731
x Interest payable on 435% bonds_ _ _
54,972
58,899
54,972
Interest payable on debenture stock_
38,190
38,190
38,190
x Interest payable on income bonds.
271,2$7
188.801
168,801
Credit revenue account
36,603
30.634
31,141
Total
£15,676,687 £15,552,569 £15 545,871
The list of shares, &c., owned Dec. 311918 carried in the balance 'sheet
at £14,620,175, is precisely as was printed in V. 106 p 2443 (except for
one item noted below), embracing at par value (a)'
£16463,445 pledged
under trust deeds;(b) £2,930,595 free assets. The exception is in the item
of Met. Dist. Ry., $1,470,000, not £1,500,000, of whoso pref. stock is
wnekand pledged.
The Philadelphia Electric Company.
(Report for Fiscal Year ending Dec. 31 1918.)
Pres. Jos. B. McCall as of April 9 wrote in substance:
CONSOLIDATED-INCOME ACCOUNT FOR CALENDAR
(Inter-Company Accounts Eliminated.)
1918.
1917.
1916.
Gross earnings
$14,503,851 $12,160,769 $10,260,072
Oper. expenses, rentals,
taxes, &c
9,875,642
7,705,216
5,484,976
Not earnings
$4,628,209 $4,455,553 $4,775,097
Fix. chgs., renewals; Am_ 2,595,815 2,437,359
1,981,046
Dividends
(7%)_ 1,749,192
1.749,189
1,574,313
YEARS.
1915.
$8,777,924
x6.363.374
$2,414,550
1,574,313
Surplus for the year... $283,202
$269,005 $1,219,738
$840.239
x In 1915 includes "fixed charges, renewals, &c.," separated in later years.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Incl. Phila. Elec. Co., Delaware County El, Co., Bala & Merlon El. Co.,
Cheltenham El. Lt., Ht. & Pow.(Jo.; with all inter-co. items eliminated.)
1918.
1917.
1918.
1917.
AssetsLiabilities$
$
Property & plant_76.013,315 63,384,058 Capital stock..
24,987,750
U.S. Lib. bonds__ a18,100
251,500 Phila.El.Co.lstM.:
Stocks and bonds
4% bonds
1,671,700 1,671,700
of other cos____ 440,646
444,936 5% bonds
35,163,300 33,063,300
Cash
1,310,966 1,915,906 Del. Co. El. Co
Accounts recelv 2,493,675 1,873,646
1st M 5s
300,000
300,000
Materials dr supp_ 2,508,622 2,297,545 P.E.Co. gold notes:
Prepaid accounts_
164,377
1-yr. 5s,Aug.1'18
79,278
9,500,000
Unamortized debt
2-yr. 6s secured,
disct. & expense 3,052,503 2,707,567
Feb. 11920.., 7,500,000
Deferred charges_ 395,100
46,599 Notes payable_ _
2.900,000 2,900.000
Accrued interest__
3,394 Accounts payable_ 3,000,458 9,838,078
2,632
122,000 Accr.liab.(not due) 1,442,431
S. F. amort. acct. 182,151
925,863
S. F. Del. Co. El.
Reserve for renewCo. 1st M. 5%
als dr replace'ts_ 5,991,780 5,167,665
33,467 Other reserve,
gold bonds
37,970
Trustees' deposit
misc. accounts_ 122,301
146,640
acct. for tr. ctfs_ 229,482
240,518 Deferred credits__
82.890
64.889
P. E. Co. 1st M.
P. E. Co. 1st M.
S. F.5% bonds.b4,000,000
S. F.5% bonds.b4,000,000
Del. Co. El. Co.
Del. Co. El. Co.
6%M.gold bds.c10,000,000
6%M.gold bds.c10.000,000
3,602,830 3,319,628
Surplus
100,765,440 78,485,513 Total
Total
100,765,440 78,485,513
a After deducting $442.500 notes and accounts payable on acct. of bonds.
b Of this amount $2,500,000 are pledged with Girard Trust Co.. account
of 2-yr.6% secured gold notes, the remaining 31,500,000 are in the treasury.
c Pledged with Girard Trust Co., account of 2-year 6% sec. gold notes.
Stocks and Bonds Held Dec. 31 1918.-(a) By Philadelphia Electric Co.;
Penn Electric Light Co., $8826,147 shares; Delaware County El. Co., 36.922.738 shares; Bala & Merlon El. Co., 1,006 shares; Chelten ham El. Lt.,
Ht. & Pow. Co., 5,000 shares; U. S. Liberty 4%,$14,200; 43i%,3rd Loan.
$25,950; 43(%. 4th Loan, $420.450; Racquet Club bonds, $27,000; the
Phila. Elec. Co. directors' stock, 240 shares, and First Mtge. sinking fund
account, $189,100; Electrical Testing LabatorY, 3,090 shares; Phila. Elec.
gold trust certfs. 4s (scrip). $43, and U. S. War Savings stamps, $10,000.
(5) By Delaware County Electric Co.; Ridley Park Auditorium, 20 shares.
(c) Insurance Fund: Chester El. Lt. & Power Co., 20 shares, Phila. El. Co.,
12,200 shares; Delaware County El. Co. 1st M.5% gold bonds, $145,000;
Phila. Elec. Co. 1st M. sk. fd. gold bonds, 5%,48,100; Temple UniveritY
6% note $70; Syracuse Lt.& Pow. Co. coll. trust 5%,$10,000, cash, $3,436;
-V.108,P. 586.
1606
THE CHRONICLE
United States Rubber Company.
(Report for Fiscal Year ended Dec. 31 1918.)
The company's annual report, including the remarks of
Chairman Samuel P. Colt, and also the consolidated income
account and balance sheet for the late fiscal year, will be
found in the "Advertising Department" of this issue of the
"Chronicle." The usual comparative tables, together with
an abstract of text of the report were given in V. 108, p. 1384.
The net sales of the company for the year 1918 were
$215,398,425, an increase of more than $39,000,000 over the
sales of the previous year, while the net profits, after allowing
for depreciation, interest, and all other income charges,
aggregated $16,072,042, leaving the sum of $11,090,540 to
be carried to surplus, after meeting the company's preferred
dividends for the year.
Among the aforesaid deductions in 1918 were income charges, net,
Including inventory adjustments and provisions for Federal. Canadian and
British taxes, amounting to $19,289,535, contrasting with $7,760,148 in
1917.---V. 108, p. 1384, 1171.
General Motors Corporation, Detroit and N. Y. City.
(Report for the Fiscal Year ended Dec. 31 1918.)
For income account and balance sheet in full, see adv. pages
Pres. W. C. Durant, Detroit, Mich., April 9 1919, wrote
in substance:
Results.-The net manufacturing profits of $35,504,576 are after deducting the sum of $4,616,344, to cover depreciation of buildings, machinery
and equipment. These profits are exclusive of profits which accrued to the
several companies in 1918. prior to their acquisition by the Corporation.
The combined profits of General Motors Corporation and subsidiary companies before deducting Federal taxes for the twelve months ended December 31 1918 including the proportion of profits which accrued to the several
companies in 1918, prior to the acquisition of the assets by the General
Motors Corporation amounted to $45,541,726.
Full charges have been included in operating expenses to cover all depreciation in inventories. Inventories Dec.31 were on a thoroughly conservative basis, being valued at or below cost.
There is included in the Consolidated Balance Sheet as of December
31 1918 the assets and liabilities of the following divisions and subsidiary
companies in addition to various sales companies with nominal capital:
(1) General Motors Group;(2) Chevrolet Group;(3) United Motors Group;
(Compare V. 108 p. 587.
Capital Stock-The capital stock of the Corporation outstanding on
Dec.31 1918 was as follows:(1) Debenture stock,6% Cumulative,$29,175,300;(2) Pref. stock,6% Cum., $19,671,000;(3) Common,$147,379,900.
The changes since the last annual report, Dec. 31 1917 are: Debenture
stock increased, $29,175,300; Preferred stock decreased, $5,800; Common
stock increased, $70,506,600. The increases are explained as follows:
New Stock Issued as ofDates Shown
Debenture
Common
Cash
May 2 1918 for all the assets of Chevrolet Motor Co. (of Dela.) except
its General Motors stock
$28,268,400
Dec. 31 1918 for all the assets, subject to liabilities, of United Motors
Corporation
$29,869,200 9,956,400
Nov.1 1918 for all of the capital stock
of Chevrolet Motor Co. of Canada,
Ltd., McLaughlin Carriage Co.
Ltd., and the balance of the stock
of McLaughlin Motor Car Co.,
Ltd. not already owned by the
Corporation
4,900,000
550,000
Dec. 31 1918 for all the capital stock
of Lancaster Steel Products Co.
and $1,566,000 General Motors
debenture stock
500,000 1,617,500
July 1, 1918 in exchange for 22,975
shares(a controlling interest)of no
par value Scripps-Booth Corp.
common stock
381,200
Dec. 31 1918 in exchange for entire
$387,100 pref. stock of Harrison
Radiator Corporation
387,100
38,710
July 1 1918 for entire $1,000,000 common stock of Janesville(Wis.) Machine Co
1,000,000
New issue common stock sold
24,000,000
Issued to employees under bonus plan
out of balance in treasury Dec. 31
1917
1,361,,900
Issued for services
21,200
Less: acquired through such purchases.
1,581,000
[VOL. 108.
War Products.-Of the 23 operating units, 18 were engaged on Government
contracts. The gross value of the products actually completed was approximately $35,000,000. At the time the armistice was signed the orders and
contracts in hand exceeded $50,000,000.
Early in 1918 our Truck Division received a large order for its Model
16 chassis to be used for ambulance mounts. The Army finally made this
Model the standard 3,
/ ton chassis for all arms. General Motors furnished
over 5,000 of these vehicles.
The Quartermasters Corps, early adopted the Cadillac as the standard ,
cfficers' car. A total of 2,350 Cadillac cars were supplied.
The Cadillac Eight-cylinder engine, was adopted by the Ordnance
Department as the power plant for the 2 ton artillery tractor. A total
of 1,157 engines were supplied for this purpose.
At the time the armistice was signed there were orders for over 10,000
Liberty Aircraft Engines on our books and 2,528 Liberty engines were'
actually completed and delivered.
The Jackson-Church-Wilcox Division, operating an entire plant on trench
mortar shells, reached a production of 20,000 per day.
Government Claims.-Substantially every claim against the Government
has been satisfactorily adjusted.
Tractor Business.-The development of the tractor business is continning most satisfactorily, and the production of Samson tractors in
quantities is expected to be reached shortly. The future is encouraging.
New Common Stock.-In order to provide additional capital to meet the
expansion program adopted by your Board, there was authorized an issue
of $24,000,000 par value of Common capital stock, which was sold without
expense to the corporation, for $28,800,000 subject to the right of the common stockholders to subscribe therefor. (V. 108 p. 83,174.)
Bonus Plan.-The corporation has adopted a bonus plan under which
stock of the corporation is distributed each year as a reward to employees,
who have contributed to its success in a special degree, by their inventions,
ability, industry, loyalty or exceptional service. There was awarded for
the year 1918,under this plan,a total of 24,334 shares of the common capital
stock, at a cost to the corp. of approximately $2,798,410. (V. 108,p. 1514.)
Outlook.-The outlook for the coming year is most promising. Since the
signing of the armistice and the subsequent liquidation of the war contracts,
the plants have been reconverted in an incredibly short time to their regular
lines, and as a result the manufacturing operations are considerably advanced, the number of cars, trucks and tractors sold for the quarter ending
March 31 1919 inclusive being 82,456; the net profits before deducting
Federal taxes are estimated at upwards of $20,000,000.
Regular divs. of3% quarterly were paid on the common stock in 1918.
Number of Stockholders.-At this date we have over 12,000 stockholders.
A Du Pont Alliance.-The corporation is to be congratulated upon the
association with the E. I. du Pont de Nemours & Co. resulting from the
acquisition of a large stock interest by that company which insures financial
stability and the cooperation of the finest engineering organization in the
country.(Compare V. 108 p. 1054.)
INCOME ACCOUNT.
Gen.Motors Co.
Gen Motors Corp.
5 Mos. to
Cal. Yr.
7 Mos. to Year ending
Dec. 31, '17 July 31 '17 July 31 '17
1918
Cars & trucks sold
86,901 Not stated
182,062
246,834
• g
Net sales
See text 96,295,741 Not stated 172,677,490
Net prof. aft. deprec.,&c 35,504,576 17,359,488 17,275,367 29,132,542
War taxes,&c.
20,113,548 2,848,574 4,053,316 4,053,315
Balance
15,391,028 14,510,914 13,222,051 25,079,226
General Motors proportion thereof
14.825,530 14,284,873 13,104,864 2,478.916Preferred dividends..-(6
611,896(7)1,048,964
1,180,901
491,890
Common dividends_(12 11,237,310(3)2,294,199(7)5,381,131 Not stated
Deb.divs. 5mos(6%p.a.
739,566
Balance, surplus
1,667,753 11,498,784 7,111,837 1 8.350,821
a Cash dividends paid on common stock: Feb. 1, 3% on $2,292,150
May 1, 3% on $2,292,567; Aug. 1, 3% on $3,205,704; Nov. 1. 3% nn
$3,446,889.
PROFIT AND LOSS ACCOUNT FOR CAL. YEAR 1918.
Profit and loss surplus Jan. 1, 1918
$11,508,393
Surplus for year per Income Account above after deducting
dividends on common stock
1,667.753
Additions thru acquisition of properties: Chevrolet Motor Co.
(Del.), $8,065,083; United Motors Corp., $9,714,608; other
companies, $653,101; total
18,432,792
Profit from sale of new common stock
4.800,000
Profit and loss surplus Dec.31 1918
$36,408,938
Note.-The various tangible and intangible assets acquired by the Corp..
during the year were valued and written on the corporation's books at the
same aggregate amount as they had been carried on the books of the corporations so purchased. As these amounts are in excess of the par value
of the securities of the General Motors Corp., issued in payment for such
assets, the difference results in an addition to the surplus account of the
corporation, as shown above.
The properties of the Chevrolet Motor Co., of Can., Ltd., the McLaughlin Carriage Co., Ltd., and McLaughlin Motor Car Co., Ltd., which
were acquired during the year, were appraised and the book values adjusted
to agree therewith.
CONSOLIDATED BALANCE SHEET (INCL. SUB. COS.)
DECE dBER 31.
1918.
1917.
1917.
1918.
AssetsLiabilities (Con.) $
$
Increase in outstanding
$29,175.300 $70,506,600 $1,588,710 Real est., plants
Com.stk.(auth.
and equipm't_ 76,756,431 38,657,835 $200,000,000):147,379,900 76,873,301.
x An amount in cash equal to the dividends on the debenture and common Invest, in allied
Fur. money bds.
225,000
stock subsequent to Oct. 1 1918 with also 106,000 shares of United Motors
&c.,co's
2,839,531 2,030,273 Outstanding can.
stock owned by General Motors Corp.
30,636,621 18,865,645 stk. (par val.)
Cash
Indebtedness.-The notes payable of $10,802,154 shown on the balance Liberty bonds.._ 28,852,018 1,255,000 & surplus of
sheet. represent $7,000,000 borrowed from banks on account of war business Marketable sec_
172,305
sub. cos. not
which has since been paid, and the balance of $3,802,154 covers indebted- Sight drafts_ - 3,316,385 7,590,279 owned by G.M.
ness assumed in the purchase of properties during the year, all of which will Due from U. S.
Corp.cap.stk. 2,960,401
540,500
be liquidated at maturity.
Govt. on war
859,083
427,764
Surplus
The other indebtedness on Dec. 31 1918, consisted of current accounts
contracts
449,856 Accts. payable_ 18,453,317 10,665,718
7,305,627
payable, of $18,453,317 (composed wholly of obligations for merchandise. Notes&accts.rec. 21,995,360 5,555,403 Notes payable 10,802,154
etc.). and $3,769,865 liabilities accrued but not due,for pay rolls, ordinary Inventories
91,137,513 46,559,394 Taxes, pay-rolls
taxes and other sundry items.
Deferred expen..
854,435 &sundriesaccr 3,769,865 4,858:327
762,652
Working Capital.-The net working capital of Dec. 31 1918 amounted to Good-will, patReserves:
$149.902,029 (as against $64,554,766 Dec. 311917).
ents,dm,&c_ 35,714,893 11,971,603 For div. on pt.
The current assets here include: Cash, $30,636 621; Liberty bonds(par
& deb. stk.,
value $30,238,993) cost. $28,852,018; marketable securities, $172,305;
488,463
196,768
pay. Feb. 1
299,489,336 133,789,724
Total
sight drafts against B L attached.$3,316,385; due from U. S. Government
For Fed. taxes
on war contracts, $7,305,627; notes ($1,285,908) and accounts receivable,
Liabilities& extra.expen 25,863,823 6,939,019
$21,995,359; inventories at cost or less, $91,137,513.
Deb. stk.(auth.
For conting_ 3,863,421 1,871,818
It will be seen from the above that the net working capital has been
3150,000,000)x29,175,300
P.& L. surplus36,408,937 11,508,393
increased during the year by $85,347,263 of which amount $27,164,610 Pref. stk. (auth.
represents the increase through the purchase of properties. The invest$20,000,000) _x19,671,000 19,676,800 Total
299,489,336 133,789,724
ment in Liberty Bonds of$28,852,018 represents a par value of$30,238,993.
The large increase in the outstanding accounts receivable Is due to the
x In addition to the stock held by the public as here shown the company's
greater number of companies entering into the consolidation.
treasury held on Dec. 31. 1918 $1,581,()00 Debenture stock $13,300 preCapital Expenditures.-The permanent investment has been increased by ferred and $3,921,200 common stock. V. 108 p. 1514.
$46,732,040, viz.:
Additions through purchase of properties: Chevrolet Motor Co.
Pacific Gas & Electric Co., San Francisco.
(of Delaware) $13,471,758; United Motors Corporation,
$23,414,150; other companies, $3,719,427
$40,605,335
(Income Accountfor Calendar Years 1916 to 1918.)
Expended during the year (net) covering first unit of Central
Forge Division plant in Detroit;site for Buick and Chevrolet
1918.
1916.
1917.
assembly plants in St. Louis, Mo.,motor plant for the Olds
$22,595,516 $19,813,381 $18,615,498
Gross-operating Revenue.. .
Motor Works Division at Lansing;site for the Samson Trac7,233,201
Operating & administrative expenses 9,740,549 8,904,330
tor plant at Janesvillw, is., etc
$6,126,705 Taxes
1,253,239
1,782,939
972,565
2,457,121
2,870,841
2,375,115
Good-will, Patents Copyrights, Etc.-The increase in good-will, etc., is Maintenance and depreciation
due to the acquisition of various properties, and is made up as follows: Uncollectible accounts, &c
240,000
336,000
228,000
Chevrolet Motor Co. (of Delaware), $6,998,991; United Motors CorporaTotal deductions
$14,730,329 $12,854,691 $10,808,882
tion, $16,408,065; other companies, $610,334; total, $24,017,390; less Net earnings from operation
$7,865,187 $6,958,690 $7,806,616
patents, agreements,etc. written off, $274,100; net increase,$23,743,200.
508,347
Profits on merchandise sales, &c_ _ _ _
510,201
509,886
Sales.-The net sales of General Motors Corporation and subsidiary
Total net income
$8,375,388 $7,467,037 $8,316,502
companies for the year,(not including the companies purchased during the
interest
other
4,100,907
Bond
and
3,844,934
4,117,065
year prior to their acquisition) amounted to $269,796,830. The net sales
185,050
187,019
173,186
of all companies for the twelve months ended December 31,1918, amounted Bond discount and expense
Further depreciation reserve
1,000,000
to $326,044,756. Number of cars, trucks and tractors sold, 246,834.
1,471,105
1,490,463
1,374,638
Employees.-The payrolls for the year 1918 aggregated $52,500.000. Preferred dividend (6%)
Balance, surplus
The number of employeesin the service of the Corporation and itssubsidiary
$1,580,840 $1,709,975 $2,923,743
companies on December 31 1918 was 49.118.
-V. 108. D. 1512, 269.
1607
THE CHRONICLE
APR. 191919.]
Principal Barrett Products.
(1) Roofings.-Tarred felt and coal tar pitch, for gravel or slag roofs;
Everlastic "rubber" slate-surfaced roofing; Everlastic slate surfaced
shingles; Everlastic fiber coating; Elastigum, for repairing roofs, &c.
(2) Roads and Pavements.-Tarvia,for construction. repair & maintenance.
(3) Wood Preservation.-Creosote oil, for treating lumber, under pressure.
and Carbosota liquid creosote oil, for brush, spraying, dipping, &c.
(4) Floor Coverings.-Congoleum, felt base printed, art rugs and carpets.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
(5) Coal Tar Pitch.-For roofing, waterproofing, paving, fiber conduits,
1915.
1918.
1916.
1917.
insulating compounds, pulverized fuel, &c.
$35,031,234 $26,129,317 $19,440,509 $11,666,413
Sales billed
9,582,264 (6) Miscellaneous Products.-Flotation oils, lamp black oil, Everjet paint
Cost (incl. deprec'n,&c.) 23,339,431 19,144,107 14,699,744
(black), Eternium paint (for structural steel, &c.), pitch coke (metallurgical), Creonoid (cow spray and lice destroyer).
Factory profit
$11,691,803 $6,985,210 $4,740,765 $2,084,149
347,257
262,709
229,844
Other income
283,112
Chemical Department Products.
•
Net profit
$11,974,915 $7,215,054 $5,003,474 $2,431,406 For dyestuff
manufacturers-Benzol, toluol, xylol, naphthalin, phenol,
Selling, publicity, &c.,
anthracin, carbazol, alpha-naphthylamin.
1,353,054
1.838.454
expenses
1,906,264
2,220,166
For manufacturing chemists-Carbolic acid, cresylic acid, resorcin.
Reserved for Federal inFor paint and rubber specialty manufacturers-Benzols, toluols, coal tar
come & war excess
naphthas, crude carbolic acids.
1,298,300
profits taxes & conting. 4,549,000
Miscellaneous-Motor benzol, disinfectants, paracumarone resins, shingle
Special amoritzation__579,882
stain oils, pyridin, phenantluln, nitro naphthalin; commercial sulphate
Preferred dividends_(10%)1,619,423(10)1618,375(9)1,426,455 (3)475,485
of ammonia (nitorgen for commercial fertilizers); Arcadian sulphate of
ammonia (garden use); benzol, toluol, xylol and solvent naphthas.
$602,867
$3,006.444 $2,392,115 $1,738,565
Balance,surplus
Allis-Chalmers Manufacturing Co., Milwaukee, Wis.
(Sixth Annual Report-Year ending Dec. 31 1918.)
The report, including the remarks of President Otto H.
Falk, and the profit and loss account and balance sheet, is
given on subsequent pages.
BALANCE SHEET DEC. 31.
[For details see a subsequent page.)
1917.
1918.
1917.
1918.
$
Assets16,500,000
Real est.,bidg.,&o.11,292,697 11,419,608 Preferred stock__ _16,500,000 26,000,000
Pat's,good-will,&c.19,409,074 19,615,805 Common stock_--26,000,000
Notes payable.._ 400,000 1,849,610
Allis-Chalm.Treas102,515 Acc'ts payable__ t 1,569,9075 745,774
122,320
ury stook
t 229,594
pay-roll-f
Accrued
pref.
Unpaid bal.of
222,586 Reserve for erec'n
131,995
shares to empl
and completion
Real eat. mtges.,
of contr'ts billed 1,003,177
805,656
648,745
&c. non-oper
Accr'd taxes (incl.
let d.6% bonds,
Federal taxes)__ 4,749,436
971,177
878,851
Bull.E1.Mfg.Co. 879,251
947,767 Adv. collections on
1,951,139
Cash
contracts
3,202,720
842,707
Market,&c.,securs.
405,168
4,733,138 1,600,282 Pref.div. pay.Jan. 404,585
at cost
Add. compensa'n,
Notes&acc'ts rec.,
7,150,491 7,673,276 &c., reserve...._ 335,714
less reserve
1,156,342 1,080,306
17,436,478 12,410,127 Reserves
Inventories
22,779 Profit and loss_ _ _ _ 8,470,049 5,463,604
36,601
Unexp. insurance_
63,791,930 54,893,596
Total
-V. 108. Ia. 975.
Total
63,791,930 54,893,596
Jones Brothers Tea Company.
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
Assets$
$
LiabilitiesPlants & equipm't 18,155,924 16,864,028 Pref.stock
7,811,400
Furniture & fixt's_ 288,318
235,330 Common stock_..16,343,l00
Contr's& good-will 3,416,014 3,416,014 Notes payable__ _ _ 1,590,000
Cash
2,878,326 1,647,033 Accounts payable_ 9,862,443
Marketable secur's 2,669,174 1,150,992 Accrued dividends 563,193
Notes & accts. rec.13,618,874 11,959,363 Miscel. reserves__ 861,021
Inventories
10,348,782 6,629,127 Reserve for est.
Invest.in 0th. cos. 3,140,477 2,895,101
Federal taxes__ 2,000,000
Prepaid charges
185,071
105,585 Res.for depr.,&a_ 4,307,471
Deferred charges_ 145,947
73,812 Bonds of sub. cos_ 2,610,000
Minority interests
7,837
Deferred income__
Surplus
8,890,441
Total
54,846,905 44,976,385
--Ir. 108, p. 1166.
Total
1917.
7,811,400
16,343,100
154,504
7,286,736
389,202
269,633
420,000
2,846,364
2,625,000
9,371
26,384
6,794,691
54,846,905 44,976,385
Inspiration Consolidated Copper Co.
(Reportfor Fiscal Year Ending Dec. 31 1918.)
Pres. Cornelius F. Kelly on April 12 1919 wrote in subBt.:
Operations were conducted continuously, but, due to shortage of labor,
maximum production was not obtained. There was mined: Concentrating
ore, 5,110,101 tons; silicious oxide ore. 29,031 tons; total, 5,139,132 tons.
No development work for the purpose of increasing ore reserves was perNet profits
formed during the year.
Reserved for working capital
A total of 14.88 miles of underground openings were driven, making a
Preferred dividends (7%).
total of 127.85 miles; 10.01 miles of such work were destroyed in the
Common dividends (1%)
process
of mining during the year.
taxes
income
Excess profits and
The concentrator treated 5,110,101 dry tons of ore containing 1.36%
The yield of copper from the concentrating ores was 19.08 lbs.
def.$48,759 sur.$49,116 copper.
Balance, surplus or deficit
per ton
The refined copper returnable in New York by the smelter as the result
CONSOLIDATED BALANCE SHEET DEC. 31.
of all ore treated in 1918 was: From concentrating ores, 97,476,577 lbs.;
1917.
from oxidized ores sent direct to smelter, 1,063,464 lbs.; total, 98,540,041
1918.
1918.
1917.
Stock$
lbs. Of this amount 70,694.324 lbs. were sold at an average price of
$
AS3CC1PPref., 7% cum_ 4,000,000 4,000,000 24.778 cents per lb.
Plants, machinery,
958,694 Common
The cost of copper derived from ores treated was, exclusive of deprecia10,000,000 10,000,000
fixtures, &c........ 940,088
Notes payable._
600,000 tion and Federal income tax, 11.259 cents per lb.
1,350,000
Good-will & trade10,571,516 10,571,516 Accts. payable.._ 431,266
The increased costs are due to increases in wages, the cost of fuel oil and
176,25(1
marks
126,225 Agents' deposits__
8,432
7,959 general supplies, State and county taxes, freight rates and refinery charges
Invest.in scour57,029 on copper produced, and a decreased recovery in pounds of copper per ton
73,678
Mdse.and mat'ls_ 4,434,437 3,093,208 Accrued inc. tax__
335,877 Pt. div. pay. Jan.2
70,000
50,000 of ore, due to abnormal conditions prevailing in the markets for necessary
Accts. receivable- 396,245
8,012
7,524 Res. unred. tickets 550,000
550,000 supplies, and to the fact that the ore treated was slightly more refractory.
Agents' deposits
20,050
Res.for insurance_
Fuel Supply.-To protect the fuel oil supply we purchased jointly with
54,213
43,209
Lib. Loan bonds
564,556 Surplus: Approp'd
411,815
the Anaconda Coper Mining Co., owner of the International Smelting Co.,
Cash
91,968
62,152
work'g capital 300,000
150,000 a tract of 160 acres of oil-producing land in the Bakersfield district of CaliDeferred sharges_
Unappropriated
85,301 fornia. The Arizona Oil Co., incorporated with an authorized capital of
36,543
S2,500,000, in $100 shares, of which 16,320 shares have been issued, owned
16,874,131 15,719,748 Total
16,874,131 15,719,748 one-half each by your company and the Anaconda Copper Mining Co., has
Total
taken over the property. Our net investment in this stock amounts to
108, p. 1168.
$794,668. The transaction was consummated on May 21 1918. since
which date 329,622 bbls. of oil were produced to Dec. 311918.
Barrett Company (New Jersey).
Inventory.-Copper on hand at the end of the year unsold is shown at cost.
CONSOLIDATED
INCOME ACCOUNT FOR
CALENDAR YEARS.
1918.
1917.
$604,919
$636,146
150,000
150,000
280,000
280,000
150,000
100,000
73,678
57,030
(Report for Fiscal Year ending Dec. 31 1918.)
Pres. Wm. Hamlin Childs, April 7, wrote in substance:
TONS OF ORE MINED AND COPPER PRODUCED-CAL. YEARS.
-Tons Ore Mined- -Lbs.Copper Productthe
costs
of materials and labor, referred to in our cfrThe increase in
1917.
1918.
1918.
1917.
cular letter of April 1 1918, continued during 1918; and, in common with Concent. ore, Inspir. Div_ -5,110,101 3,891,075 97.476,577 79.346.033
the
company
earnings
industries,
suffered
a
and
diminution
of
sales
other
23,667
Oxidized
29,031
1,063,464
ore
1,220,949
during the last two months of the year. Notwithstanding these handicaps, however, the net earnings before reserves were set up to cover ad5,139,132 3,914,742 98.540.041 80,566,982
Total'
justments of inventories and of income and excess profit taxes, were the
largest in our history.
COST OF COPPER DERIVED FROM CONCENTRATING ORES.
After providing sufficient reserves to cover depreciation, amortization,
-Cost per Pound-Cost per Ton Ore-and for the increased amount of income and excess profit taxes, the net
1917.
result shows $20 82 per share upon the common capital stock outstanding
1918.
1918.
1917.
10.439c. Not stated $2.0099
11.259c.
on Jan. 1 1919, which result, we trust, will be considered by our stock- Cost of copper, &c
holders to be a satisfactory one.
The Barrett Company and all of its subsidiaries and departments have
INCOME ACCOUNT.
continued the policy adopted at the beginning of the war of complete co1917.
operation with. the Federal Government to the fullest extent, and have
1918.
1916.
continued this policy by the offer of re-employment to all of the 700 men Sales of copper
$17,516,323 $21,242,217 $33,496,343
who entered the service.
Deductions$3,743,032 $2,933,877 $3,335,889
In Dec. 1918 the directors declared an extra dividend on the common Mining expenses and development
4,673,143 3,702,224 4,590,398
stock of 1%, making the rate of the dividend for the year 1918 8%• In Ore transportation,&c
750,000
750.000
March of this year they declared a quarterly dividend of 2%, which rate Depreciation
750,000
1,716,352 2,459.345
Transp. of metals, refin. & se,ll'g exp_ 2,323,404
they expect to be able to continue under normal conditions.
condition
financial
of
its
all
present
the
of
and
1,065,743
The
Barrett Company
1,185,249
Federal
corporation
taxes
subsidiary companies and departments is an eminently satisfactory one, Administration expenses,&c
1
50,927, --4-7-87789
and the business outlook for the future is as promising as can be expected Copper in process & on hand (at cost)Cr2,978,099
1,101,399
Cr.290,063 Cr.177,144
Interest. &c
in view of the general unsettled state of the country.
151,034
9,455,736
Dividends paid
9,751,228 8,548,051
CONSOL. INCOME ACCOUNT FOR CAL. YEARS (INCL. SUB. COS.). Dividend rate
(40%)
(41h%)
36K%)
1918.
1915.
1917.
1916.
Total deductions
$18.742,896 $19,912.713 $21,414,904
Net sales to customers__$41,339,665 $34,297,371 $27,800,185
def.$1,226,573sr.$1.329,504sr.12,081,439
sur. or def
32,211,839 27,173,091
Details not Balance,
Cost of goods sold
$12,784,433 $14,011,005 $12,681,501
20,012,1021 stated in Total surplus
$9,127,826 $7,124,280 $7,788,083
1915.
Netfrom sales
BALANCE
SHEET
DECEMBER 31.
2,022,476
income
2,111,591
1,759,521
Other
1917.
1918.
1915.
1917.
Gross inc.(all sources)__$11.150,301 $9,235,871 $9,547,604 $6,652,639
Assets4,382,318 3,531,455 Mines, min.claims
Admin., gen., &c., exp_ 4,647,235
5,562,627
($20
Capital
stock
713,506
Miscel. charges & losses17,168,859 17,110,201
23,639,340 23,639,340
per share)
and lands
Reserve for Fed. taxes- 2,000,000
Bldgs.& equip't__ 8,392,086 8,355,041 Accts Awages pay.
accrued taxes. 3,125,161 2,314,550
2,180,337
&
1,932,383
Supp.
&
prep.
exp.
$3,789,561 $3,673,244 $5,165,286 $3,121,184 Accts. receivable_ 286,336 4,733,312 Divs. payable Jan. 2,363,934 2,363,934
Net income
4175,308
$211,220 Cash & cash assets 13,928,171 12,495,735 Depreciation
$211,856
$158,657
Bond, &c., interest
2,250,000 1,500,000
545,122
175,000 Copper on hand__ 2,978,099
425,265
333,249
Develop't reserve_ 1,565,689
Prof. dividend (7%)
797,843
Common (cash) div--(8%)1,306,912(7)1,034,542(17)2,026,426 (7)761,932 Inv.in sundry cos. 794,668
Surplus
12,784,433 14,011,005
divs_
(5)538,000
(stock)
(7)790,900
Common
Adjust. of security val.. Cr.335,726 Cr.268 055
45,728,556 44,626,672 Total
Total
45,728,556 44,626,672
420,000
750,000
Reserves
Prop.app.tominorityint.
2,196
Note.-The balance sheet and income statement are made up on the same
1,142
7,728
8,772
basis as heretofore. In order, however, to comply with the Government
for the purpose of computing depletion, an addiTotal deductions ---- $1,693,812 $1,404,750 $4,068,003 $2,113,880 income tax requirements
mining property as of March 1 1913 has been recorded
Balance, surplus------- $2,095,749 $2,268,494 $1,097,283 $1,007,304 tional valuation ofthe
company; but, for the sake of uniformity, the result
upon the books of
x Represents depreciation treated this year as a manufacturing expense of those entries has been omitted from the current statements.-V. 108. D.
1514.
and included in "cost of goods sold.'
.
1608
THE CHRONICLE
Calumet & Hecla Mining Company.
(Report for Fiscal Year ending Dec. 31 1918.)
President Rodolphe L. Agassiz, Boston, Mar. 20, reports
in substance:
Production Cost.-Our copper product for the year was 67,968.357 lbs.,
and cost us 21.05c. per lb.,
Alining and mine taxes on 58.722,969 lbs.,
15.01c., and reclamation, 9,245,388 lbs., 7.20c.; or
an average on the 67,968,357 lbs. of
smelting, refining, Eastern offices and corporation
taxes, 1.76c.; depreciation
13.95c.•'
and depletion, 5.34c.
We had on hand Jan. 11918, 17,967,381 lbs., which had
12.60c. per
lb., so that the total of 85.935,738 lbs. cost an average ofcost
per lb.
Of this total we delivered 78,367,248 lbs., and had on hand19.29c.
Dec.
31 1918
7,568,490 lbs.
Earnings Statement.-We received for the copper delivered (78,367,248
lbs.) 24.28c. per lb., or $19,027.052. The cost at 19.29c. per lb., plus
selling and delivery, .50c., was $15,507,297, leaving
a profit of 4.49c. per
lb., or $3,159,755.
Oar miscellaneous receipts aggregated $2,679.791, namely: Dividends from
ether companies, $1,856,941; interest (balance). $246,353; silver sales,
238,368; custom smelting and refining, $116,891; Insurance Co. scrip,
86,258; Buffalo rentals, $39,763; sundries, $95,218. On the other
hand,
miscellaneous charges amounted to $1,250,350, viz.: Additional
Federal
taxes, $786.834; obsolescence of construction, depreciation of1917
stamp
mill,
patents, &c., $364,918; and sundry items, $98,598.
The total net income, therefore, was $4,949,196. Dividends paid aggregated $5,500,000. and reserve (estimated) for 1918 Federal taxes, $600,000
balance, (deficit] $1.150,804.
Capital and Investment Assets.-We paid for constructio ($1.179,585
).
&c. $1,182,785, and received from sale of 9,000 shares ofn pref.
stock of
White Pine Copper Co.,S225,000,and sundry items. $81,157; net, $876,628.
The increase in reserves for depreciation and depletion was $3,966.873,
and the balance of current assets Dec. 31 1918 was $12,565,926, against
$10,626.485 Dec. 311917.
Operations and Mine Cost per Ton of Rock, Excludin7 Construction,
Year1915.
1916.
1917.
1918.
Rock treated: tons
3,188,583
3,166,274
3,159.570 2,876,392
Mine cost per ton
$1.71
$2.03
$2.52
$.07
Ref. copper from mine,lbs71,030.518 71,349,591 68,419,826
58,722,969
Copper per ton of rock,lbs
22.28
22.53
21.65
20.42
(a) Conglomerate RockMine cost per ton
$2.13
$2.63
$3.26
$4.09
Copper produced, lbs_ _51,738,588 51,785,016 50,415,860
42,329,816
Copper per ton, lbs
29.74
29.97
28.78
28.00
(b) Osceola RockMine cost per ton
$1.07
$1.32
$1.80
$1.88
Copper produced, lbs_ _19,291,930 19.564,575 18,003,966
15,393.153
Copper per ton of rock..
13.32
13.60
12.79
11.58
The nine operating shafts on the conglomerate lode have attained the
following depths: Calumet Nos. 5 and 6, 6,155 ft.; No. 4, 7,995 ft.;
No. 2,
6,186 ft.: Slope shaft. 1,588 ft.; Heels No. 6, 7,874 ft.; No. 7, 7,977
ft.;
South Hecla No.8,6,102 ft.; Nos.9 and 10, 8,132 ft.; Red
Tamarack No. 3, 5,253 ft.; No. 5, 5,308 ft. Sinking has Jacket, 4,900 ft.
discontinued on Calumet No. 2 and South Hecla No. 8. been permanently
The work of removing shaft pillars and arches has been carried on with
81 drills and has afforded 477,541 tons of rock.
Drifts.-In the Hecla branch advanced 2,261 ft., and in the South Hecla
branch 1,298 ft., opening an average grade of rock; in the Red
1,314
ft. opened, 409 ft. fair grade and 905 ft. poor; of 1,676 ft. Jacket,
branch, 1,411 ft. was a fair grade and 265 ft. poor; 600 ft.InonTamarack
Calumet
branch, fair grade.
New Haula le Level Replaces Four Shafts.-Because of the excessive cost
of maintaining Nos. 6 and 7 shafts, Hecla, and Nos. 9 and 10 shafts, South
Hecla, it has been decided to discontinue sinking at these points, and in
order to reach the ground lower down in this end of the mine a haulage
(at the elevation of the 80th level) connecting this territory with thelevel
Red
Jacket shaft is being driven in an Amygdalold lode 180 ft. under the Conglomerate. This haulage level when completed will have
a total length
of 7,800 ft.. 2,826 ft. of which have already been driven.
From this haulage level sub-shafts will be sunk through which the lower
part of the Conglomerate can be mined. All of the product gotten
in these
lower workings will be trammed by power to the Red
Jacket shaft. When
the haulage level is completed and sub-shafts are started, work
mining
of
the shaft pillars now supporting Nos. 6 and 7 shafts, Hecla, and Nos.
9 and
10 shafts, South Ilecla, will be commenced.
On the Osceola lode the operating shafts have attained the following
depths: No. 13, 3,232 ft.; No. 14. 2,958 ft.: No. 15, 3,002 ft.; No. 16, 3,274
ft.; No. 17, 2,279 ft.; No. 18, 1,460 ft. The openings on
this lode show
about the same grade of rock as last year.
Flotation.-On completion in the early summer of the remaining plants
all Conglomerate rock will be subjected to either flotation or leaching
as a
final treatment.
Wages.-The high rate of wages, abnormal cost of supplies, and shortage
of men, account for the increased cost of production.
The old base rates to which was added a premium of 10% and a bonus
of 50 cts. per day, were discontinued on May 1, and new base
rates were
established by adding 15% and 50 cts. per day to the old base rates.
On
Oct. 1 there was a second increase in wages of from 10% to 30%, the larger
increase applying to the lower rates of wages.
I
For comparative income account see "Chronicle" of
April 5, page 1391:
CURRENT ASSETS
1918.
Assets2
Cash
x1,128,961
Accounts recelv 4,292,737
Copper on band
1,459,743
Notes receivable
Liberty bonds...... 4,402,900
Supplies
4,801,511
AND LIABILITIES DECEMBER 31.
1917.
1918.
1917.
Liabilities$
2,130,273 Accounts payable_ 2,919,025 1,250,314
4,139,257 Res'ves, income &
2,263,787 excess prof.taxes
338,292 and charges_
600,000 1,384,622
1,170,000
3,219,814
Total liabilities_ 3,519,925 2,634,937
Total assets_ _ _16,085,851 13,261,422 Balance of assets_12,565,926 10,626,485
TOTAL OF $150.750,000 DIVS. PAID BY CAL,. ct HECLA MINING CO.
To Dec. 311911, $115,850.000; in 1912, $4,200,000; in 1913. $3,200,000;
in 1914, $1000,000; in 1915, $5,000,000; in 1916, $7,500,000;
in 1917,
$8.500.000; in 1918. $5,500,000.
Other Mining Companies-Diva. Received Therefrom, Earnings, &c.
(1) Dividends from1915.
1916.
1917.
1918.
Total.
Ahmeek
$1,743,112 $1,225,600 $1,573,248 $991,680 $5,533,640
Allouez
41,000
287,000
492,000307,500,
Centennial_,
41,500
41,500
83,000
166.000
Isle Royale'
32,300
98,730
197,737
82,967
411,734
Osceola
2,112,782
524,000
656,620
335,600 3,629,002
Superior..
50,100
50,100
100,200
Total received
$3,929,194 $2,226,930 23,011,205 $1,800,747 $10,968,076
(2) Earnings, Copper
Cost
Net
Est. 1918 Dividends
Balance,
dec. 1918- Production. per Lb. Income. Fed'i Tax. Declared. Sur.
or Del
Ahmeek
24,851,235 14.300. $3,174,625 $1,640,000 $1,600,000 def. $65,375
Allouez
7,071,218 19.730.
361,484
172,000
600,000 def. 410,516
Centennial_ __ 2,492,857 18.65o.
128,795
15,000
180,000 def. 66,205
Isle Royale___15,442,508 16.510. 1,219,404
591,100
375,000 sur. 253,304
La Salle
1,832,665 21.81c.
77,056
8,800
sur. 68,256
Osceola
15.919,647 17.67e. 1,203,953
660,882
961,500 def. 418,429
Superior
1,676,446 25.060.
51,780
5,300
None xsur. 17,835
White Pine__ 3,273,680 24.27c.
125,507
15,100
4,375 ysur. 95,479
y Total
72,560,256
$6,342,604 $3,108,182 $3,720,875 def.$525,650
x After allowing for miscellaneous charges,Superior,$28,645; White Pine,$25,653.
y Editor's totals.
(3) Shares Owned in- Owned. Issued.
Issued.
Ahmeek Mining Co_...... 99,168 200,000 Superior Copper Co.__ Owned.
50,100 100,000
Allouez Mining Co
41,000 100,000 Great Lakes Trans. Corp 2,000
Centennial Cop. M.Co_ 41,500 90,000 Isle Royal Copper Co__ 33,187 150,000
Cliff Mining Co
28,785 60,000 White Pine Copper Co.Gratiot Mining Co
60,100 100,000 Common
42,602 85,320
La Salle Copper Co.. 152,977 302,977 Preferred
10,000 10,000
Osceola Cons. Min. Co_ .. 33,560 96,150 Calumet Transp. Co
3,482
[For the details of the operations of these companies, reference should
be made to
reports appended to the pamphlet.-Ed.}-V. 108, p. 1391.
,
[VOL. 108.
International Paper Company, New York.
(21st Annual Report-Year ended Dec. 51 1918.)
President Philip T. Dodge April 1 wrote in substance:
•
Results -The gain from all sources was $8,708.682. After deducting
plant depreciation, reserve for taxes, interest on
bonds and the full dividend
of 6% on the pref. stock there remained $3,522,026,
as surplus, making
the total surplus Dec. 31 $19,442,872.
The surplus for the year is reflected in the greatly increased inventory
and in the reduction of the bonded debt, $4,723,000 bonds having
been
retired within the year.
Inventory.-The unexpected termination of the war resulted
in
the
delivery of wood in greater quantity than could be foreseen and consequentl
y
the inventorics show an unusual stock in hand. The possession
wood, which will be steadily reduced to a normal volume will be of of this
marked
advantage. The quantity consumed by us in 1918 was
651.000 cords.
Output.-During the year your mills produced
tons of paper, of
which about two-thirds was newsprint and the 472,668
remainder
higher grades
in great variety. The mill at Niagara with a capacity of practically
tons per year, was out of operation because of the diversion of 50,000
its water
by the Federal Government for war purposes (without compensation
of any
kind so far to the company.) Substantially one-half
our profits resulted
from the manufacture of special papers-small in of
volume
as
compared
with newsprint.
Floating Debt.-The increase in bank loans is due largely to conditions
which will disappear when general business operations approach
the normal.
It was deemed- unwise to fund the indebtedness under
existing conditions.
Status.-Generally speaking, the business and financial
conditions of
the company stand out in marked and favorable
contrast with the distant
past. The company is financially stronger and its
properties are in better
condition. The preferred dividend, reduced for eight
years, is re-established on the 6% basis and there is no reason to fear its
discontinuance.
The accumulated preferred dividends had been largely paid and
it is expected the balance will in some manner be adjusted. in due time
Handicaps.-Throughout the year there
a constant shortage of
labor, marked inefficiency of new labor, anwas
unprecedented increase in
wages, a great increase in the cost of all materials
and
In freightt. constant
Governmental interference with means of transportation
and beyond these'
costly investigations for price-fixing.
These investigations brought about mainly by publishers who apparently
believed that huge profits were being made and that •there was
a conspiracy to maintain prices. The decision of the
arbitrating judges proves
the falsity of these ideas.
Special taxation has been a heavy burden.
payment to the
Federal Government was for an amount sufficientAtosingle
build and equip a mill
producing 30,000 tons of newsprint paper per year.
Wages -Recognizing that the war had increased
cost of living and
that justice to its men required higher wages, the the
company voluntarily
increased their pay from time to time to tho amount
of approximately
$2,000,000-and this above the union scale. Nevertheles
s the unions
threatened to close the mills. The matter was referred
to
the War Labor
Board which in the latter part of June made a
under which the
company, sustained in its main contentions, paid decision
its men a largo additional
amount for past labor. Labor appealed as to part
of the decision. In
Jan. 1919 an award was made and from this labor again
appealed with no
result at the date of this writing.
Wages now paid per ton in the mills are more than twice the rate
Pulp Wood.-Owing to the vast consumption for various uses, of 1913.
the wood
of the continent, suitable for pulp, is rapidly disappearin
g. The remaining
stand is largely in the Canadian Provinces where your company
extensive holdings in fee and under Crown leases, in addition to has very
its large
holdings in the United States. The strength of every newsprint
manufacturing company must be largely in its timber
holdings, the value of
which will steadily increase as the supply decreases.
time the cost of
producing paper must rise to levels which to-day seemInimpossible.
The Candian wood from leased Crown lands is not available to the
United
States mills, since its exportation to the States
is prohibited, although
exportation was permitted when the leases were made.
unfair condition is due to the failure of the Washington legislatorsThis
and officials to
protect a home industry.
Price-Fixing.-The investigation by the Federal Trade Commission
developed the fact that the administration
expense of this company was
the lowest of all the paper companies investigated
, being less than half the
average of all of them, while its selling expense was
in the same ratio.
The Commission named a maximum price to govern
manufacturers, so manifestly inadequate that an appeal was taken the
to the Judges
of the U. S. Circuit Court In New York as arbitraturs.
The Judges overruled the Trade Commission and advanced
the price
$8 per ton. When it is considered that your company produces commonly
more than 300,000 tons of newsprint pape: per year, it is apparent
that the
loss of the additional amount given by the Judges
would have affected the
company in a most serious and dangerous way. Later
the price fixed by
the Judges was further advanced by the Trade Commission
to cover the
additional cost due to increased wages and Federal increase in freight
rates,
but no advance was allowed for the increased cost of wood.
Improvements. &c.-As far as conditions would permit, the restoration
and improvement of the plants has been carried on systematically
in order
to secure greater economy and efficiency. Hydraulic plants particularly
are being so designed that they can be used for
public service, alone, or In
connection with existing plants and lines. Developmen
ts are also in view
outside of the United States in order that certain valuable
non-paying properties may be put on an earning basis.
The high cost of labor and materials has made it injucidious to
undertake many needed and planned improvements.
Your directors are impressed with the need of strongly butteressing
company against the strains of business readjustment, and realize your
their
duty to make still stronger the foundations which are destined to
bear an
even greater superstructure as our carefully
deliberated plans of improvement and expansion are executed.
RESULTS FOR CALENDAR YEARS,
1918.
1917.
1916.
1915.
Net earnings
87,831,323 812,366.338 $7,002,793 $2,648,906
Other income
363,562
565,835
463,034
472,775
Totalincome
$8,194.885 $12,932,173 $7 465,827 $3,121,681
Bond interest
$385,521
$726,704
4826,983
3847,834
Contingency reserve.. _ _
500,000
Deprec. of mill plants.... 1,556,786 1,524,682
1,518,117
1,054,332
Reserved for taxes
1,100,000 2.500,000
Balance
$5,152,578 $8,180,787 $4,620,727 $1,210,515
Preferred dividends__(6%)1,500.000(6)1,461,10
0(3 .5)784,234 (2)448,134
Surplus for the year
$3,652,578 $6,719,687 $3,836,493
$771,381
Previous surplus
15,452,186 16,238,743 12,402,250 11,630,869
Total
$19,104,764 $22,958,430 $16,238,743 $12,402,250
Prof. div. settlement
x7,506,244
Total p. &I.surplus_ _$19,104,764 $15,452,186 $16,238,743
$12,402,250
x Stock and cash dividends paid and reserved for
of deferred cumulative dividends on preferred stock.payment in serttlement
INTERNATIONAL PAPER CO. BALANCE SHEET DEC.
31.
1918.
1917.
1918.
1917.
Assets$
$
$
$
Mill plants & water
Common stock....19,764,008 19,750,940
powers
37,829,601 39,237,258 Preferred stock ___24,724,676 24,709,430
Woodlands
2,456,004 2,904,346 Bonds
7,189,060 11,942,000
Secur. (incl. U. S.
Accounts payable.. 1,124,851 1,313,314
Govt. bonds) 12,107,893 11,396,113 Notes payable_
9,365,000
Sinking fund
419
688 Accrued bond int_
81,950
Cash
1,206,733 2,426,428 Dividends payable 375,000
375,000
Accts.& notes rec_ 6,269,682 5,219,749 Deterred div.
pay_ 658,811
695,293
Mater.,supp., &c.21,397,041 12,762,692 Reserved for taxes.
1,100,000 2,500,000
Adv. to sub. cos.,
Insurance
394,698
340,634
purch. woodrds. 1,983,195 1,983,030 Conting. reserve _ 952,192
500,000
Deferred assets
319,205
272,495 Surplus
19,104,764 15,452,186
Due from sub. cos. 1,183,225 1,457,947
Total
84,752,999 77,660,746
Total
84,752,999 77,660,746
The consolidated income accounts and balance sheets for
1918 and 1917 were published last week.-P. 1507.
APR. 19 1919.]
THE CHRONICLE
1609
chandIse have been included in the profits for the year. To set up the item
of unearned discounts required $367,692 out of the 1918 earnings.
After making charges for dividends paid, reserves and all adjustments,
including a reserve for Federal taxes both income and excess profits, the
surplus account shows a balance of $2,673,671, as against $2,294,552 on
31 1917.
Coal Supply.-In all departments the equipment was improved and Dec.
Very satisfactory progress has again been made during the year by Lord
added to so that our capacity for efficient production is greater than at
Taylor, of which your company owns control, the Surety Coupon Co.,
any previous time except in regard to coal supply. The unworked metal- &
is wholly owned by your company, and 0. G. Gunther's Sons,iof
lurgical coal remaining within the boundaries of the leases of our existing which
your company owns common stock.
collieries is limited, and this fact, added to the shortage of suitable labor, which
Prospects for the year 1919. we believe, are largely dependent on the
caused a reduction In the tonnage of coal produced. Our coal reserves general
readjustment incident to the reconstruction period following the
some
development
involves
their
but
most
and
valuable,
large
very
are
war. Business will be done this year on a falling market, but merchandise
considerations of locality which would have to be very carefully studied stocks
in the various stores are in good shape and with the policy of conserbefore large expenditures on new collieries are undertaken.
they will not suffer any serious loss due to
Ore, &c.-In common with coal and steel enterprises everywhere in vative buying, we believe thatfor
all stores in January and February has
prices. The business
North America the Company is experiencing a lessened demand for coal reduced
better than last year and it would seem that the showing for 1019
and steel, and the regulations of the British Government regarding the been
will
be
to
satisfactory.
continued
have
situation,
shipping
the
with
coupled
ore,
sale of Iron
•
prevent sales of ore.
CONSOLIDATED RESULTS FOR CALENDAR YEARS.
Collieries.-The coal output for the year was 502,051 tons, compared
operations
the
in
used
was
mined
coal
the
of
1917.
1918.
with 477,171 tons in 1917;80%
Profits of retail dry goods stores wholly owned,
of the company and its subsidiaries.
after deducting from their sales the cost of merUnder SPct Coal Leases.-The main deep of the Princess Colliery has been
distant
and
Shaft,
Princess
the
chandise sold, selling and general expenses and
extended to a point situated 12,000 feet from
interest paid by them and also, in 1917, reserves
slightly over one mile from the main block of the undersea leases. Widened,
for excess profits and income taxes (of the dry
strengthened, and largely equipped with a double track haulage it is now
goods stores wholly owned) and all other adjustexcellently adapted to handle the undersea coal contained in the area
ments
$1,689,628
sub-let from the Dominion Coal Co. and the very large body of coal that
Iles seaward. The question of a rearrangement of the submarine coal Profits, &c., as above, excluding Federal taxes._ _ _ $2,065,342
134,394
174,559
leases, north and south of Sydney Harbor, is now under consideration by Add income of parent company from other sources
the Provincial Government.
Total
Iron Ore Mines.-The new haulage slopes at Wabana Mines (No. 3
$2,199,736 41,764.187
Slopes) reached the main submarine area during the year. These slopes Deduct expenses of parent company other than
those reimbursed by sub. cos.. 415,790; interest
are a little over two miles long and with a section 10x17 feet, and a grade
paid by parent company, $21,970; accounts reaveraging about 14% they give easy access to our main ore deposit. (See
ceivable. &c., written off, $30,366
98,125
109,302
in the last annual report, V. 106, p. 1801.) Further workings in the submarine area have confirmed previous estimates of the great value of this Reserve for excess profits and Income taxes of the
parent company and wholly owned stores
asset. Sufficient modern equipment having been installed the first ore
528,500
124,000
was hoisted on Jan. 7 1919.
Net current profit
Iron ore to the extent of 119,138 tons was shipped to North Sydney from
$1,573,110 $1.530,884
Dividends on first preferred stock
(6%)829,122(U4)201,306
Wabana during 1918.
Dividends on second preferred stock
(79)470,785
Iron and Steel Manufacture at New dlasgow and Sydney Mines.
Cr. 2,321
Dividends on treasury stock
1918.
1917.
1916.
Tons.
Tons.
Tons.
Balance surplus account
$275,524 11.329,578
110,829
106,617
101.016
Coke made
77,162
76,659
83,363
Limestone quarried
SHEET DEC. 81.
•
CORP.-BALANCE
ASSOCIATED
GOODS
DRY
7,827
6,573
6,516
Dolomite quarried
92.174
86,153
81,597
Pig iron made
Assets1917.
1918.
127,808
129.506
129,903
Capital securities of retail dry goods stores wholly
Steel ingots made
122,745
125,161
123,763
owned, the values of which are based on net
Steel ingots cogged
104,753
122,869
106,111
tangible assets (see below)
Steel billets rolled
$16.890,042 $18.719.343
All capital securities-Addeo Realty Corp., $1,Total shipments of finished steel. forg93,343
101,609
98,910
600,000 Surety Coupon Co.,$200,000 Associated
ings, &c., from New Glasgow
Dry Goods Corp. of N.
Operating Conditions.-Early in 1918 our production was practically
1,825,000
1,925.000
$25,000; total
orders were Other investments-Lord &Y..
taken in charge by the War Trade Board. Our bookings of of
Taylor,9,855 shares of
our steel
1st pref., 14,600 shares of 2d pref., 24,207 shares
all subject to its approval, and while only a little over 50%
to
position
a
make
In
not
was
company
the
munitions,
of
common stock; total
2,329,103
output was used for
2,331,623
forward bookings for either domestic or export business. by the Immediate Lord & Taylor 6% gold notes
1,400,000
do 7% debenture bonds, due Jan. 1 1923_ _ _ _
The signing of the armistice on Nov. 11 was followed
750,000
for
occupation
immediate
no
left
and
orders,
C. G. Gunther's Sons, 2,000 shares com. stock
cancellation of the munitions
100,000
-10-0;05456
that portion of our employees and plant previously engaged in the manu- Notes receivable of Musical Instruments Sales Co.,
facture of shells.
$37,308; contracts receivable sale of capital stock
the
and
reluctance
markets
steel
and
iron
the
of Musical Instrument Sales Co., $16,667; misc.
The unsettled condition of
notes and accounts rceivable $31,800 in 1917.._
of purchasers to make commitments, has left a comparatively small ton139,232
53.975
nage of unfilled orders on our books Dec. 31.
Cash, $302,353; due from subsidiary cos., $20,370
322,723
461,016
on
1918
during
spent
was
$1,495,117
U. S. Government (Liberty) bonds-4% at par..
Capital Expenditure.-The sum of
90.000
extensions chargeable to capital account. This amount was chiefly Interes rec'd accrued,$49,000; int. prepaid. $9,763
$8,763
expended in completing the No. 3 Slopes and accompanying surface plant Treasury stock held against undeposited stock of
at the Wabana Mines, extending the main deep at Princess Colliery, in
United
Dry
and
Associathe
Companies
Goods
the construction of the steamship Watuka and in various incidental extented Merchants Co
22,800
22,800
sions and additions to the steel works at Sydney Mines and New Glasgow.
Treasury stock owned
19,400
14,850
Shipbuilding.-During 1918 the SS. War Bee, a steel ship of 2,400 tons
deadweight cargo capacity, 248 ft. 9 in. long by 35 ft. beam and 20 ft.
Total
$22,315,562
$23.260,108
of
ship
steel
the
same
a
Watuka,
moulded depth, was completed. The SS.
Liabilitiesdimensions was also built and placed in our own service. Work is now Capital (amount filed with Virginia State Corp.
progressing on two steel vessels for the Canadian Department of Marine,
Comml ision) [against which there have been
moulded
In
depth.
each 270 ft. long by 38 ft. beam, and 20 ft. 6 in.
issued 1st pref. stock (auth.. $20.000,000), $13.Eastern Car Works.-During the year 3,362 cars were built. Orders for
818,700; 2d pref. stock (auth.. 410,000.000),
were
forty-ton
cars
flat
received
500
and
cars
service
general
fifty-ton
550
$6,725,500, and common stock (such., 420,000.from the Canadian National Rys, early in 1919.
000), $14,985.000]
$16,001,000 $16,001,000
Capital reserve
3,578,742 3,578,742
PROFIT AND LOSS ACCOUNT FOR CALENDAR YEARS.
Notes payable,$900,000;due to sub. cos.,$317,472
1.217,472
1917.
1918.
1916.
Reserve for organization and other expenses, $14,$11,525,780 $12,359,114 $11,425,440
Volume of tusiness
392; and reserve for Federal excess profits and
$3,535,525
$3,069,449
$4,222,373
Profit from operations
income taxes, 36,000
20,392
144.798
976,113
1,208,969
1.490,586 Amount deposited with this company by the-trusDisct., deprec., war tax, &c
612,065
752,858
627,309
Bond interest
tees in dissolution of the Associated Merchants
80,000
80,000
80,000
Preference dividends (8%)
Co. and the United Dry Goods Co. and held to
(5%)750,000(234)562.500
Ordinary dividends (cash)
their instructions,$22,800,and applicable to payment of uncalled for dividends, $740
23.540
23,540
$886,492
$697,978 $2,024,478 Res, for dIv. on cap. stock to be issued for undoBalance surplus
1,730,092 3,532,115
1,510,609
Previous surplus
posited certifs. on cap, stock held against undoposited stocks of United Dry Goods Cos. and
$2,616,584 $4,230,093 $3,535,087
Total surplus
18,217
.Associated Merchants Co
(20)2500,000
Ordinary dividends (stock)
2.673,671
2,294.553
Surplus as per income account above
Nova Scotia Steel & Coal Co., Limited.
(18th Annual Report-Year ended Dec. 31 1918.)
President D. H. McDougall says in substance:
$2,616,584 $1,730,093 $3,535,087
Profit and loss surplus
BALANCE SHEET DEC. 31 (INCL. SUBSIDIARY COMPANIES).
1918.
1917.
1917.
1918.
Liabilities (Con.)- $
$
$
Assets$
6% let M.sk. fd.
Mining prop., real
gold bonds East.
est., bldgs., plant,
Car Co., Ltd.,
rnsebY.& equip.23,229,766 22,988,439
due July 1 1952- 955,400
067,500
Co's. bonds purch.
109,394 6% let M. bonds
for sinkg. fund_
86,937
N.S. Land Co.,
72,786
Def. bal. recelvle_
67,404
Ltd., due July 1
Inventories
3,158,661 5,555,324
1924
22,800
26,300
Accts.& bills rec_ _ 2,793,827 4,275,207
50,000 6% Mortgage deCanada VIct'y bds. 2,025,134
benture debt_ 4,500,000 4,478,600
Call loans
063,582
258,289
Cash
2,627,625 2,163,023 Bills payable
Accts.& wages pay. 883,655
Comm.& discount
915,617
400,000 Int. accrd. on bds.
on securities..- 300,000
180,829 & debent. stock. 312,595
Develop. exp.,&c..
311,208
72,564
71,657 Pref. div. payable
Prepaid accounts63,418
20,000
Jan.2
20,000
dividend
Ordinary
35,288,917 35,866,658
Total
payable Jan. 2- 187,500
375,000
471,240
Deferred credits
Liabilities635,171
8% cum. pref. stk. 1,000,000 1,000,000 Reserves for renewOrdinary stock_ _15,000,000 15,000,000 ale, &e., and
936,596
income taxes... 340,728
6% cum. pref. stk.
719,862
For conting.,&c. 536,095
Eastern CarCo ,
a750.000. 750,000
General reserve. 2,000,000 2,000,000
Ltd
2,616,585 1,730,092
Surplus
5% 1st M. sk. Id.
gold bonds due
35,288,917 35,886,658
5,691,420 5,742,423 Total
July 1 1959
a Dividends paid on this stock up to Dec.311916.-V. 108, p. 1169, 1064.
Associated Dry Goods Corporation.
(Report for the Year ending Dec. 311918.)
Pres. Samuel W.Reyburn on March 19 1919 wrote in sub.:
PK The consolidated cash account of the stores wholly owned, as of Dec. 31
1918, shows cash On hand and in banks of 41,332,693. They also have
.among their assets 41,2.103,256 equity in Liberty bonds. _ The parenitncne
nidrrawen money which amounted Dec. 31 1
eor a
sef
eene4e
tnirplerhed
11'he net earnings of the stores wholly owned before making provisions
for Federal taxes and unearned discounts for the year 1918 amount to
32,_433,033, as against 41,698.629 in 1917.
The merchandise inventories of the stores have been stated at the close
of 1918 net of discounts and In consequence no discounts on unsold mer-
i
Total
$22.315,562 $23,260,106
CAPITAL SECURITIES OF RETAIL DRY GOODS STORES WHOLLY
OWNED.
Assets
Tang.Assets. Liabilities.
Dec. 31 '18. Dec. 31 '18. Dec. 31 '18. Dec. 31 '17.
J.McCreery&Co.,N.Y. $5,262,011 $1,121,845 $4,140,166 $4.191.152
Hahne 8c Co.,Newark __ 5,559,915
711.784 4,848,131
4,807,322
Wm.flengerer Co., Buff 1,850.832
291,532
1,559,300
1,590.931
J.N.Adam & Co.,Buffalo 1,878,632
1,392,370
1.417,425
461,207
1,468,401
Powers Merc.Ce.,Minn. 1,781,099
1,414,796
366,303
2,461,604
2,287,821
Stewart & Co., Balt_ ___ 3,457.468
995,864
981.347
1,048,620
Stewart D.0.Co.,Louisv 1,460,322
411,703
Total
$21,250,280 $4,360,238 $16,890,042 $16,719.343
Tangible assets include equity of $1,213,256 in Liberty bonds. Liabilities include reserve for Federal taxes. $522,500. Real estate owneditby
Hahne Realty Co. Is included in Hahne & Co. assents net of mortgage.
Stewart & Co. mortgage $570,000, included in liabilities.-V.108, p. 1513.
Republic Railway & Light Co.
(Income and Surplus Statement for Year Ended Dec. 31 1918.)
Gross earnings
Operating expenses, depreciation and taxes
1917.
1918.
35,548,046 34.889.916
4,136,918 3,341,183
Net earnings
Non-operating income
$1,411,128 $1,548,732
115,581
67,206
Gross income
Deductions (including interest charges)
7% cum.pref. div.(of subsidiary companies)
$1,526,709 $1,615.938
992,668
759,427
265,836
245,000
Balance, surplus
Profit and loss Dec. 31 1917. after adjustments
$268,204
x580,810
Total surplus
Dividends-Republic Ry.& Lt. Co., preferred
Common
$849,014 $1,228,306
311,484
311,484
123,169
248,240
Consolidated surplus
$414,361
4611,511
616,795
$668,582
x Consolidated surplus Dec. 31 1917, $668,582; add balance of appropriation made Dec.31 1916 for replacements. restored to surplus, $118,632;
and deduct discount and financing expense on company's notes 3156,334;
and sundry adjustments, $50,071; balance, $580,810, as shown in table.V. 107, P. 2477.
. 1610
THE CHRONICLE
[VOL. 108.
Receivers Appointed-Bondholders' Committee.-
GENERAL INVESTMENT NEWS
At Chattanooga on April 17 John Graham of Philadelphia and Percy Warner of Nashville were appointed receivers of the Chattanooga Railway &
Light Co. by Federal Judge Sanford on petition of the Commercial Trust
RAILROADS, INCLUDING ELECTRIC ROADS.
Co.of Philadelphia, trustee under the 1st Consol. Mortgage of Chattanooga
Railways Co. dated 1906.
Abilene & Southern Ry.-Federal Contract.The following committee has been formed at Baltimore to look after the
The Direchor-General of Railroads on April 15 signed the operating con- interests of the $625,000 bonds of the Chattanooga El. Ry. Co. dated 1898:
tract with this company, fixing the annual compensation at $278,375. Charles C. Homer Jr., President of Savings Bank of Baltimore; A. Elzey
Waters of Townsend, Scott & Sons; John C. Legg Jr. of Mackubin, Good-V. 107. p. 801.
rich & Co.,and Joseph B. Kirby of the Safe Deposit & Trust Co. The Safe
Deposit & Trust Co. has been named as the depositary. Default took place
Boston & Maine RR.-Hearing Postponed.Jan. 1 1919 as to the principal of these bonds then maturing, but the interJudge Morton in the United States District Court on April 14 postponed est due on that date
was paid through the Maryland Trust Co. Negotiathe hearing of the petition for the discharge of the receiver until April 21. tions are said to be in progress between this committee and the committee
-V. 108, p. 1510, 1274.
representing the Consolidated Mortgage bondholders with a view to reorganization. William G. Baker Jr. of the banking firm of Baker, Watts
Buffalo Creek RR. Co.-Federal Contract.&iCo., Baltimore, is a member of this latter committee.-V. 108, P. 77.
The Director-General of Railroads on April 15 signed the operating concompensation
company,
fixing
the
annual
at
$409,397.
tract with this
wo., Cleveland Ry.-Franchise Extended.-V.93. p. 43.
'The City Council of Cleveland. Ohio, has passed the franchise extending
the Tayler grant for a period of ten years and causing it to expire 25 years
Buffalo Rochester 86 Pittsburgh Ry.-Annual Report.- from May 1. The new ordinance provides for a 7-cent fare for that section of Cleveland east of Ivanhoe Road, where the fare is now 15 cents.
Inc. or Dec.
1917.
1918.
+$3,276,410 The.new„ordinance,goes into effect about May 10.-V. 107, p. 2187.mime
$3,276,410
Government compensation
$14,975,000
-14,975,000
Operating revenue
Colorado Southern Ry.-Terms of Settlement Regarding
52,281 11,878,566 -11,826,285
Operating expenses
Net revenue
Tax accruals and incollectibles
$3,224,129 $3,096,434
x150,000
506,359
+$127,695
--356,359
Operating income
Rentals and other income
$3,074,129 $2,590,075
279,208
1,316,001
+$484,054
--1,046,793
Gross income
Equipment, &c., rentals
Rent leased lines, interest, &c
Appropriations
Preferred dividends (6%)
Common dividends (5%)
$3,353,337 $3,906,076
$319,061
2,205,026
1,847,195
29,355
671,715
360,000
360,000
525,000
630,000
-$552,739
-$319,061
+357,831
-642,360
$78,105
$233,956
+$155.581
Balance, surplus
x Under the agreement with the Director-General only the taxes commonly called war taxes (estimated this year at $150,000) are to be paid
by the company.-V. 108, p. 1390.
Canadian National Ry.-Legislation.-
Trinity & Brazos Valley Ry.-
See Chicago Rock Island & Pacific By. under "Reports and Documents"
on a subsequent page.-V. 108, p. 479. 378.
Columbusl(Ohio) Ry. Power & Light Co.The United States Supreme Court in a decision on April 14 held that this
company cannot abandon its franchise, which requires it to sell tickets at
the rate of eight for 25 cents. The Court, however, recognized the difficulties of the case.-V. 108, p. 1511, 87.
Cumberland & Pennsylvania RR.-Federal Contract.The Director-General of Railroads on April 15 isgned the operating contract with this company, fixing the annual compensation at $255,592.
-V.85, p. 1401.
Cumberland Street Ry.-Protective Committee.See Rhode Island Suburban By. below.
Delaware & Hudson Co.-Bonds Authorized.-
The New York P. S. Commission has granted this company permission
A resolution has been presented in the Canadian House of Commons,
providing for the incorporation of the Canadian Northern Railway,Co. to to issue $4,460,000 4% 35-year First & Refunding Mtge. bonds to be sold
operate the Government railways and such other railways as the Govern- for not less than 90. The proceeds will be used (a) to retire $1,700,000 57
ment may purchase or acquire. The bill also provides that if the Govern- notes; (b) for reimbursement for additions and betterments, $524,611; anti
ment purchases the Grand Trunk system, it will be operated by this (c) for proposed additions and betterments, $2,235.566.-V. 108, p. 1274.
company.
Denver 86 Salt Lake RR.-Bill Passed.Senate of the State of Colorado on April 17 by vote of 20 to 12 passed
Chicago Milwaukee & St. Paul Railway Co.-Status theThe
measure for the acquisition of the property of this company and the
Under Government Operation-Annual Compensation $27,- boring
of the James Peak tunnel. The measure, however, was passed
946,771, but only $6,275,000 Paid During the Year, Neces- without the appropriation of $100,000 for condemnation proceedings. It
is provided that the measure shall be voted upon by the people of the State
sitating Loans of $13,857,000 to Meet Interest Charges- at
an early date. Compare V. 108, p. 1390.
$2,912,846 Also Due on Open Account, $10,872,712 for
Improvements, $3,000,000 for Maturing Trust CertificatesFurther $13,500,000 Needed for Additional Rolling Stock.President R. M. Calkins in circular of April 12 says in brief:
On the basis of the average annual railway operating income covering
the three years ended June 30 1917 (the "test period"), the rental computed for the company and its six subsidiary railways, as certified to by
the Inter-State Commerce Commission, amounts to $27,506,771. We
filed claims somewhat in excess of $2000,000 for extra compensation on
account of newly constructed branch lines, electrification of lines in Montana and Idaho, and other improvements and terminal facilities.
t After ten months negotiations the contract was executed on Mar. 29
1919. The general policy has been to deny all claims for extra compensation. However due to the recent expenditures for the installation of the
electrical operation of 440 miles of the company's railway between Harlowton. Mont., and Avery, Idaho, in February the company was allowed extra
compensation of $440,000 per annum, making the total annual compensation $27,946,771.
Income, Receipts. Disbursements. &c., for the Year ended Dec. 31 1918.
Annual compensation due system from the U. S. RR. Administration for year 1918, incl. $440,000 extra compensation ..$27.946,771
Other Income ($2,302,240)Rentals received-miscell_ $234,214 x Miscellaneous interest_ _ _ $414,431
Non-oper. property income 251,240 Income from sinking & Ins.
reserve funds
34,801
Dividends,securities owned 170,344
9,295 Miscellaneous
44,238
Interest,securities owned__
aRevenue prior to 19181,143,676
$30,249,011
Total income for year 1918
Income Deductions (aggregating $24,007,501)
Interest
on
notes
$16,767,186
$663.084
bonds
on
Interest
163,215 Miscell. income charges..
153,953
Corp. organization exp....
376,628 To sinking fund reserves..
147.104
War taxes accrued
27,520 Expenses prior to 1918_ _ 5,583,965
Miscell. rentals paid..
124,845
Exp.separ. oper. proper_
86,241,510
Net corporate income (see note "a &
a & b These items being for operations prior to June 1 1918 represent an exceptional net charge of $4,440,289, against the company in
favor of the U. S. RR. Administration.-Ed.
x On additions and betterments, and on advances to subsidiary cos.
While the amount of the annual compensation to the company, under
the terms of the agreement with the Direetor-General is $27,946,77 ,1 only
a small part of this amount, viz., 36,275,000, was paid by the United
States Railroad Administration to the company during the year 1918.
The company was, therefore, under the necessity of borrowing:
(a) To meet interest payments and other corporation obligations: From War Finance Corp., $8,500,000; N. Y. banks,
$13,857,000
$4,500,000; U. S. RR. Admin., $857,000; total
(b) Due the U. S. RR. Administration for open accounts to be
2,912,846
deducted from the 1918 compensation
(c) From the War Finance Corporation to retire trust certificates of Puget Sound & Willapa Harbor Railway Co.(one
of the six subsidiary railways) matured June 1 1918, the
3,000,000
payment of which the company had guaranteed
(d) The U. S. RR. Administration also has a charge against the
company on account of expenditures made by it for additions
and betterments to the company's property during the year
10.872.712
1918, amounting to
Furthermore, the United States Railroad Administration has allocated
to the company 100 heavy type Mikado engines and 3,000 box cars (1,000
of which are to be built in the company's shop at Milwaukee), the cost
of which the company is obliged to meet. [Probable cost over at least
$13,500,000.-Ed.1
These last three charges will be financed as soon as conditions will permit.
While your board is hopeful of better conditions, and more favorable
results for the year 1919, the complications and uncertainties of the railroad situation in general render it impossible to make a definite forecast
at this time. Meanwhile, the property is being well maintained and with
theireturn of normal conditions it is confidently expected that more favorable results will follow.-V. 108, p. 1511, 1060.
Chattanooga (Tenn.) Ry. & Light Co.-Earnings.-
Detroit & Mackinac RR.-Federal Contract.The Director-General of Railroads on April 15 signed the operating contract with this company, fixing the annual compensation at $310,654.
-V. 107, p. 905.
Evansville & Ohio Ry.-Mortgages.This company having the authority of the Indiana P. S. Commission on
April 5 filed two deeds of trust:(1) for 8750,000 issued to secure a general
mortgage on 30-year income bonds; trustee, Mercantile Trust & Say. Bank.
and (2) for $1,200,000,securing an issue of 30-year 5% First and Refunding
Mtge. gold bonds, American Trust & Say. Bank, trustee.-V.108,p.378.
Hudson & Manhattan RR.-Bond Application.The company has applied to the New York P. S. Commission for permission to issue $1,054,000 First Lien & Refunding Mortgage bonds, the
proceeds to be used in part to reimburse the treasury for expenditures for
additions and betterments and part for the retiring of underlying bonds and
mortgages and for playing obligations incurred in the purchase of rolling
stock.-V. 107. 13• 1919.
International Traction Co.-Deposits.The protective committee for the holders of the Collateral Trust 4% gold
bonds, Elliott C. McDougal, Chairman, gives notice that the Committee
has limited to the close of business on May 1 1919 the time within which
bonds may be deposited under the Protective Agreement dated Dec. 10
1918.-V. 108, p. 578, 480.
Kansas City Mexico & Orient RR.-Federal Contract.The Director-General of Railroads on April 15 signed the operating contract with this company, fixing the annual compensation at $150,000.
-V. 108, p. 268.
Kansas City Railways.-Fare Decision.The Kansas P. U. Commission on April 10 handed down a decision under
which street car fares in Kansas City, Kan. will continue to be 5 cents.
Trips across the State line will be made for 6 icents.-V. 108. p. 1390, 579.
Kansas City Southern Ry.-Dividend Paid.The dividend of $1 on the pref. stock declared payable April 16 1919 to
holders pf record Mar.31 1919 has been paid with the approval of the Director-General, the stock being quoted ex-div. on Apr. 16.-V. 108. p. 1275.
Louisville & Northern Ry. & Ltg. Co.-Wage Demands.
This company and the Louisville & Southern Indiana Traction Co. have
made voluntary wage advances of 5 cents per hour.-V. 107. p. 2376.
Manhattan (Elevated) Ry.-Position of Stock.-Joseph
Walker & Sons, N. Y., have issued a circular saying in brief:
This 7% stock is now selling in the vicinity,of 75,or near the lowest level
in its history as a guaranteed stock. Until about twp years ago it was
considered in the best class of investment shares. However, we consider
that the Manhattan stock is in a much stronger position than most N. Y.
City traction securities, our reasons being as follows:
(1) Payment of its 7% guaranteed dividends is a prior charge on the
Interborough Rapid Transit Co.'s earnings to the interest on I. R. T.
First & Ref. 5% bonds.
(2) Any default under the Manhattan Co. lease constitutes default
under the Interborough's mortgage.
(3) There has never been a time since the lease was made in 1903, when
the Interborough has not earned the rental of the Manhattan By. several
times over. This includes the period of Aug., Sept., Oct. and Nov. of
1918, the worst in the company's history; the rental was earned about
twice over in those months, before the Interborough bond interest.
(4) The lease has always been a profitable one to the Interborough
except since July 1918. For this reason it seems unlikely that,in the event
of a receivership for Interborough Rapid Transit Co., the receiver would
be allowed by the court to break the lease. [To date we understand the
Interborough is about $20,000,000 ahead as a result of operating the
elevated lines.-Ed.]
(5) The franchise of the Manhattan Ry. Co. does not limit the company
to a five-cent fare, which gives it an advantage over most of the traction
companies in this city. This privilege may be of great value to the company in the future.
Between 1905 and 1917 the stock has sold as high as 175 and as low as
93 ;in 1918from 1033,5 to /8%;and this year as low as 70.-V.108,p. 171.
Oper. Exp.
Net
Gross
Interest, Balance.
Calendar
Memphis Dallas & Gulf RR.-Federal Contract.&c.
Earnings.
& Taxes. Earnings.
(see note.)
Years$1,843,947 $1,441,612 $402,335 *$303,952 sur.$ 98.383
The Director-General of Railroads on April 12 signed the operating con19181
359,785 def. 142,346 tract with this company fixing the annual compensation at $28,285.
1,138,903 217,439
1,356,342
1917'
412,178
356,324 sur. 55,855 -V. 107, p. 1385.
823,444
1,235,623
1916'
* The 1918 interest charge excludes interest on $2,165,000 Chattanooga
Nashv. Chattanooga & St. Louis Ry.-Federal Contract.
Rys. Consols accruing after May 11918, amounting to $72,167, defaulted
The Director-General of Railroads on April 15 signed the operating conNov. 1 1918. Earnings of Chattanooga railway lines are included in above
statement, although they contribute practically nothing toward the interest tract with this company, fixing annual compensation at $3.182,089.
-V. 107. P. 1670.
actually paid on Railway bonds.
APR. 19 1919.]
THE CHRONICLE
Nashville (Tenn.) Ry. & Light Co.-Earnings.- •
Gross
Calendar
Net (after Interest, Pref.Dirs. Bal.for
Earnings.
Years&c.
Taxes).
(5%). Com.,&c.
32,866,213 $969,347 $481,655 $125,000 $362,692
1918
2,458,321
1917
868,903 490,071
125,000 253,832
2,383,041
1916
929,853 508,971
125,000
29o,882
-V. 106, p• 1461.
Northern Ohio Traction & Light Co.-Bonds.-
This company has applied to the Ohio P. U. Commission for authority
to issue $5,995,000 Refunding bonds, of which $3,000,000 are to bear
interest at 4% and the balance at 5%. The company also seeks permission
to issue $713,1300 First Mortgage 5s.-V. 108, p. 1061.
Ottumwa Ry. & Light Co.-Fare Ordinance.The City Council of Ottumwa,Ia.. has passed an ordinance recommendid the return to the five-cent fare, the six-cent fare being allowed on
Dec. 23.-V. 108. p. 79.
Pawtuxet Valley Elec. Street Ry.-Protective Committee.
See Rhode Island Suburban Ry. below.
Philadelphia Co., Pittsburgh.-Decision.-
1611
St. Louis Transit Co.-Deposits of Bonds.-The committee named below representing holders of the 5% 20year Improvement bonds in view of the appointment of a receiver for the United Rys. Co. of St. Louis (see below),
urges deposit of bonds (on or before May 10), with either
the Bankers Trust Co., N. Y., or the Mercantile Trust Co.,
St. Louis, depositaries. (See adv. pages.)
Committee.-Edwin M. Bulkley, Chairman; Edwards Whitaker, ViceChairman; F. J. Lisman, Charles S. Ludlam, George L. Edwards. Oonnsill, Masten & Nichols, N. Y.; Samuel A. Mitchell, St. Louis, and with
Secretary, W.Lorne Scovil, 25 Broad St., N. Y.-V.106. p• 1689•
St. Paul Bridge & Terminal Co.-Federal Contract.The Director-General of RRs. on April 15 signed the operating contract
with this co. fixing the annual compensation at 367,509.-V. 107, p. 697.
Scranton (Pa.) Electric Co.-Bond Offering.-Harris,
Forbes & Co. are offering at 95 and int. $659,000 First &
Refunding(now First Mtge.)5% gold bonds of 1917 making
the total now outstanding $6,068,000.
Judge Charles P. Orr in the United States District Court at Pittsburgh on
April 10 dismissed the suit brought to hold this company responsible for
The company is a consolidation of several companies controlling the entire
the interest due upon bonds of the United Traction Co., a subsidiary of
the Pittsburgh Railways Co. The plaintiff wished the Court to make the electric light and power business of Scranton and various adjoining towns,
including Carbondale, Dunmore, Pittston, Forest City, Priceburg, Avoca.
bonds an obligation of the Philadelphia Co.-V. 108. p. 683, 579.
Jessup, Mossic, Fell and Taylor,the
population served being about
Pittsburgh & West Virginia Ry.-Status, etc.-Smith & 350,000. The company also does thetotal
entire central station steam-heating
business in Scranton. The First & Ref. Mtge. bonds of the Scranton
Gallatin, members New York Stock Exchange, 111 Broad- Electric
Co. are secured, in the opinion of counsel, by a first mortgage on
way, N. Y. City, have issued a second circular regarding the entire property, rights and franchises of the company.
Earnings for Year Ended February 28 1919.
this property, saying in brief:
$2,304,092'Annual bond interest
As of March 1 1919 Pittsburgh & West Virginia By. and West Side Belt Gross earnings
$303,406
896,953 I Balance
RR. had cash on hand $1,342,557 and held 2d, 3d and 4th Liberty Loan Net, after taxes
593,552
Net earnings approximately three times bond interest.
bonds, par value, $550,000; while the Pittsburgh Terminal RR.& Coal Co.
Band Issue.-These bonds are secured by a first mortgage en the entire
held cash on hand $947,448 and Liberty Loan laonds, par value $1,171,450.
The cash in sinking fund for retirement of 1st M.bonds amounted to 38.584; property of the company.-V. 106, p. 819.
cash and Liberty Loan bonds. $222,600; U. S. certificates of indebtedness
Spokane & Inland Empire RR.-Six-Cent Fare.45,6%, $100,000; total, $331,184.
The funded debt of all properties on March 1 1919 was as follows: Wes,
The Washington P. S. Commission has authorized this company and the
Washington Water Power Co. to charge a six-cent fare. The companies
Side Belt 1st M. bonds, $379,006; Equipt. Notes, series "A" and "B.
$1,870,000; Coal Co. 1st M. bonds outstanding, $3,490,000; total, $5,739,- had applied for permission for a 7-cent fare compared with their present
000, as against cash and Liberty bonds held by the Railway Co's and the five-cent fare.-V. 108. p. 270.
Coal Co. aggregating $4,011,455. The obligations retired since April 1
Tennessee Ry., Light & Power Co.-Combined Earns.1917 aggregate $1,614,345, and there has been expended on the railway
properties alone for real estate, betterments and equipment $1,200,919.
Cal. Years1917.
1918.
1918.
1917.
'Me I.-S. C.Commission has certified the 3-year average ofthe Pittsburgh Gross earnlngs_ _ _$6,146,619 $5,258,659 IDIvs. on stocks of con& West Virginia and West Side Belt to be $429,657; but this is obviously Net aft. taxes, Ace_32,282,988 $1,798,9231 stit. cos. not owned3108,235 $108,235
*1,469,302
too low, as it is based upon earnings prior to reorganization and is not even Int., &a
1,510.051 Balance, surplus
$705,451 $180,637
* Interest on Chatt. Rys. consols accruing after May 1 1918, 372,167,
a fair return on the new money invested in the property since the receivernot included in 1918 as default, was made on Nov. 11918. See explanation
ship. Undoubtedly a more just contract will be made.
The Coal Co. stock is carried at the original cost of the property on the in V. 107, p. 1836; V. 108, p. 7'7. Also compare Chattanooga Ry. & Light
books of the old company. This is undoubtedly much below its present Co. above, Nashville By. & Light Co. below and Tennessee Power Co.
value. So far as we know, there is no truth in the rumor of the sale of the under "Industrials."-V.108, p. 80,974; V. 107, p.974.
property. There have been negotiations tending to its enlarged use by
Trinity & Brazos Valley Ry.-Settlement.other railways, but these are still at best only negotiations. In regard to
See Chicago Rock Island & Pacific Ry. under "Reports and Documents"
the segregation of the Coal Co., this cannot be effected without fully protecting the equity of the pref. stock and with the railway operated by the on a subsequent page.-V. 108, p. 685, 380.
Government it is a question that may be much better and more satisUnited Electric Rys.-Charter Legislation.factorily solved in the future.
The Rhode Island House of Representatives on April 16 adopted the
Dividends on the common stock at the present time in our opinion should
not be considered, for, notwithstanding our strong position, we do not Act granting a charter to the United Electric Railways Co., the
new corknow what our compensation will be from the Government, nor how soon poration designed ultimately to take over the holdings of the Rhode
Island
the coal business, at present poor, will improve. The improvements, Co. and its underlying corporations.
betterments and equipment requirements for 1919 will take approximatly
As passed, the Act grants a charter to Governor Beeckman, Zenas W.
3676.800, and should arrangements for trackage facilities be made with any Bliss and Bank Commissioner George H. Newhall. It provides that the
other railway or railways it will be necessary to double track a large part corporation shall be capitalized at $500,000 and vests in the incorporators
of the main line, which will require large cash expenditures. It is, there- authority to take over the property of the Rhode Island Co. and related
fore, important that the cash position be kept as strong as possible.- companies on a basis to be agreed upon. It provides that the P. U.
ComV. 108, p. 879.
mission shall approve all stock and bond issues of the new corporation and
that the State of Rhode Island shall always have one member of the board
Port Huron Southern RR.-Federal Contract.of directors of the company, in order that the State may know "what is
The Director-General of Railroads on April 15 signed the operating going on" in the corporation.
The Act now goes to the Senate for concurrent action.-V.108. p. 1512.
contract with this company, fixing the annual dompensation at $11,025.
Rapid Transit in New York.-Clark Street Tunnel.-
United Light & Railways Co.-Earnings.-
Bonbright & Co. furnish a report of earnings for the first two months of
On April 15 the new Clark Street tunnel under the East River connecting
the Borough Hall station of the Interborough east side subway, with the the year showing the following notable increases over 1918, viz.: Gross
Wall and William St. of the west side line, was placed in operation.- earnings increased $262,702 (18.1%) to $1,710,148; net earnings increased
$51,011 (11.9%) to $469,732; and the balance after the pro rata preferred
V. 108, p. 1512, 1061.
dividend charge increased 336.158 (93.7%) to $74,719.
• Rhode Island Co.-Successor Co. Charter.The new 22,500 k. w. turbo-generator set in the Moline station of the
Tr -City Railway & Light Co.,it is reported,has been in successful operation
See United Electric Railways below.-V. 108, p. 1276.
for several months with a marked economy in cost of electrical production
Rhode Island Suburban Ry.-Protective Committee for this large subsidiary.-V. 108, p. 481.
Extension of Time.-The committee, Michael F. Dooley,
Chairman, representing bondholders of this company, has
consented to serve likewise in a protective capacity for the
bondholders of the Pawtuxet Valley Electric Street Ry. and
the Cumberland Street Ry., subsidiaries, and has extended
the time for depositing bonds until May 15 1919 with either
the National Exchange Bank, Providence, or the Bankers
Trust Co., N. Y. City., depositaries. (See advertising
pages). Compare V. 108, p. 1061.
Rutland Railroad.-Earnings.-Corporate Income Account1918.
Federal compensation ____________________________________ *31,023,883
Other income
117,997
Total income ____ _ ________________________________ 31,141,880
Interest, rentals, ______ ___
598,405
Net corporate income
$543,475
Profit and ions surplus Dec. 31 1918
32,338,274
*Of this amount $241,000 had been received up to the close of the year.
Company's Income Account1918,
Inc.
or Dec.
1917.
Operating revenue
$4,540,589 $4,325,369 Inc. $215,220
Income after expenses & taxes_ __(def.)73,004
795,833
868,837
Inc.
Equipment,rents, &c
104,049
178,877 Dec. 74,828
Not operating income
$31,045
3974.710 Dec.$943,665
Other income
18,400
Inc.
18,400
Net income U. S. RR. Admin___
$49,445
$974,710
$925,265
Dec.
-v. 108, p. 270.
St. Louis & Suburban Ry.-Committee for General Mtge.
5s.-The below ,named committee, representing holders of
5% General Mtge. bonds due April 1 1923, in view of the
receivership of the United Rys. Co. of St. Louis (see below)
urges deposit of bonds with the Mississippi Valley Trust Co.,
St. Louis, or the New York Trust Co., N. Y., depositaries.
The committee says:
The stock of the St. Louis & Suburban Ry. was taken over by the United
Railways Co. some years after the organizaiton of the latter company, and
payment of these bonds, both as to principal and interest, was guaranteed
by the United Railways Co. This guarantee is in jeopardy through
the receivership.
Committee.-Herman C. Stifel, Chairman, Pres. Stifel-Nicolaus Investment Co., St. Louis; John L. Johnston, Pres. Liberty Bank of St. Louis;
Wm. G. Lackey, V.-Pres. Miss. Valley Trust Co., St. Louis; Sidney H.
March, of Ladenburg, Thalmann & Co., N. Y.• A. C. F. Meyer, Pres.
Lafayette-South Side Bank St. Louis, with Coscai• H. Wibbing, Secretary,
207 N Broadway St. Louis, and Jeffries & Corium, St. Louis, attorneys.
-V. 106,
.
p. 2561%
United Rys. Co. of St. Louis.-Appointment of a Receiver-Protective Committees Unite.-Judge Dyer in the U.S.
District Court at St. Louis on April 12 appointed Rolla Wells
of St. Louis as receiver for this company, the appointment
being made under the petition filed April 11 on behalf of
Samuel W. Adler of New York, in which petition the company joined in the prayer for a receivership. The appointment of the receiver was due to the inability of the company
to repay the 6 months' loan made by the War Finance Corp.
of $3,235,000 borrowed June 1 1918.
The receiver in an announcement following his appointment is
as
saying that universal transfers will be continued; that there will quoted
be no disintegration of the railway system whatever, and that the service, if anything, would be improved.
The two committees formed for the protection of the First
General Mtge. 4% gold bonds, due 1934, have given notice
that in view of the company's admission of insolvency that
in future they will work together in the interest of these bonds
only; Chairmen Breckinridge Jones, Pres. of the Mississippi
Valley Trust Co., and N. A. McMillan, Chairman of the
board St. Louis Union Trust Co.
Depositaries.-Mississippi Valley Trust Co., St. Louis; St. Louis Union ,
Trust Co., St. Louis; Central Union Trust Co., N. Y.; Farmers'
&
Trust Co. N. Y.; Girard Trust Co., Phila., and Mercantile TrustLoan
& Deposit Co.,
'
Baltimore.
Wage Demands.-
Employees of the company in St. Louis have made a formal demand for
a wage schedule of from 55 cents to 65 cents an hour with a basic eighthour day. The men ask for the opening of the contract for discussion which
would increase the present wage scale of from 35 to 42 cents with a basic
nine-hour day.-V. 108, p. 1513, 1391.
United Traction Co., Pittsburgh.-Decision.-
See Philadelphia Co. above.-V. 108, p. 785, 685.
United Traction & Electric Co.-Extension of Time.-
The protective committee, representing holders of the company'05%
bonds, P. L. Spaulding, Chairman, has extended the time for deposit of
bonds until May 15 1919, deposits to be made at the Rhode Island Hospital
Trust Co., Providence, or the First National Bank, Boston. Depositaries
or the Central Union Trust Co., N. Y., agent for deposits. Compare
V. 108, p. 1166, 1061.
Wages.-Railway Workers' Increase-Harbor Strike.-
See preceding pages in this issue.-V.108, P. 985, 789.
Waycross 8; Southern Ry.-Co-operative Contract.-
The Director-General of RRs.on April 15 signed the co-operative contract
with this company. (Compare V. 108, P. 235.)-V. 105, p. 1803.
THE CHRONICLE
1612
Western Allegheny RR.-Co-operative Contract.Co-operative contracts between the Director-General of RRs. and this co.
and the Southern Georgia By. were signed April 14.-V. 107, p. 2290.
Western Pacific RR.-Standard Return Not Acceptable.The Executive Committee for this company has declined
to accept as its Standard Return the average operating income for three years ended June 30 1917 which was placed
at $1,917,038. Steps are to be taken forthwith to obtain an
adjudication of the claim of the company which holds that
$4,557,195 is a fair sum to be paid.
Statement by President C. M. Levey in Presenting Claim.
This average is plainly inequitable as a fair measure of the company's
Just compensation under Federal control because1. During the whole of the test period the company's system was in an
undeveloped condition by reason of its recent construction, and from
March 3 1915 to July 14 1916 was in a receivership and in process of reorganization;
2. Since July 14 1916 the company has made large expenditures for additions and betterments, for branch lines and for equipment, which were not
reflected in the net railway operating income for any part of the test period.
The test period comprises the fourth,fifth and sixth years of the operation
of the railroad. During the whole of this period the system was a new
enterprise, in an undeveloped and unfinished condition, and thus unable to
provide the facilities needed to get its share of the business and to meet
the fierce competition to which it was subjected.
The average for the period is, therefore, plainly not a fair measure of the
company's just compensation. It should, at least, be allowed as compensation its earnings for the last year of the test period, amounting to $3,112,628, and in addition a fair sum on account of the earnings of branches and
feeders acquired since July 14 1916 and a fair return on account of other
expenditures made which have reduced operating expenses and none of
which is reflected in the test period.
The claim for a total compensation of $4,557,195 was based on the following items:
Net railway operating income for year ended June 30 1917
$3,112,628
Estimated net earnings from branch lines and other facilities
not reflected1917___.623,500
Decrease in hire of equipment on account of purchase of new
equipment delivered in July 1917
235,888
6% int. on new equipment contracted for prior to Dec. 311917.
but delivered in June and October of 1918 at cost of $4,120,000 247,200
Depreciation on equipment 25 % on $4,120,000
92,700
Yearly saving in water service
40,114
6% int. on $523,287 capital expended completed in 1918 or work
still in progress
35,176
6% int. on value of construction material above normal on Dec.
18,492
31 1917, amounting to $308,206
Loss In express earnings March 1 to June 30 1917
26,097
Annual expenses of maintaining corporate organization
94,000
-V. 107, p. 1921, 1186.
Wheeling & Lake Erie RR.-Bond Application.This company has applied to the Ohio P. U. Commission for authority
to issue $958,000 5% bonds, the proceeds to reimburse the treasury for
expenditures made.-V. 108, p. 1061.
Worcester Consolidated Street Ry.-Extension.The Massachusetts P. S. Commission has approved this company's
petition for an extension for two years from Jan. 1 1919 of the $115,000
twenty-year 5% First Mortgage bonds of the Worcester & Clinton Street
By. at a rate ofinterest increased to 7%.-V. 108, p. 685, 271.
INDUSTRIAL AND MISCELLANEOUS.
Alaska Gold Mines Co.-Earnings.Calendar YearProduct value
Operating expenses
Mining profit
Other income
1916.
1917.
1918.
$1,136,223 $2,009,632 $1,837,291
1,233,167
1,724,474
1,543,908
(def.)$96,944
Deb.19,621
$285,158
12,071
$293,383
37,198
Total income
Extraordinary expenses
Interest
(der.)3116,565
$297,229
26,403
228,552
$330,581
219,685
Net income
Depreciation
(def.)$336,250
311,724
$42,274
312,996
$112,834
217,747
[Vol.. lOS
Cambria Steel Co.-Operations Reduced.An official statement says: "Hoped-for increase in volume of business duo
to cutting of steel prices a few weeks ago has not resulted in any material
increase in orders and as a consequence the number of men employed during the week will be reduced to a low figure. The blast furnace department will operate but five out of 11 furnaces, the same as last week. No.2
plate mill will be idle. Car shop is running at less than capacity.-V.108,
p. 1513, 786.
Chile Copper Co.-Extension of Bonds.Notice is given that an extension until Sept. 29 1919 has been granted
to holders of the Second Extended Installment receipts of the Collateral
Trust 6% gold bonds, Ssries A, of this company. The holders of the receipts who elect the extension may surrender their receipts at the Guaranty
Trust Co. on or before May 29 and receive in exchange Third Extended
Installment receipts. Interest on the new receipts will be paid at the rate
of 6% per annum.
Holders of Second Extended Installment receipts electing to pay the
final installment on May 29 1919 will receive the bonds called for by
their receipts.
Production (in Lbs.).1919-March-1918. Decreased 1919-3 Months-1918. Decrease.
8,275,901
5,624,000116,600,611 24,876.512
4,568,000 10,192,000
-V. 108, p. 1167.
Cincinnati Abattoir Co.-Offering of 7% Notes.-Imbrie
& Co., N. Y., are offering by advertisement on another
page $1,000,000 7% Sinking Fund gold notes, dated April
1 1919, due Apr. 1 1929. Authorized and issued $1,000,000.
Interest A. & 0. The company agrees to pay, in so far as it lawfully
may, the normal Federal income tax not to exceed 2%. Denom.$1,000 c*.
Callable on 30 days' notice at 102 and int. Trustee, Central Union Trust
Co. of New York.
Data from Letter of President Joseph Ryan, Dated April 8 1919.
Company.-The company carries on a pork and beef slaughtering, packing and canning business in successful operation for 25 years. The property is held under a long-term lease from its subsidiary company, the Abattoir Realty Co., all of whose 4,000 shares of common stock it owns. The
value was appraised as of Dec. 1917 at $1,228,000. In addition, the company owns real estate and equipment to the value of $202,429. The company also leases a modern 10-story curing and cold-storage warehouse with
a capacity of 3,000,000 lbs. of meat. Present capacity of the plant is
8,000 hogs and 3,000 cattle per week.
Security.-The direct obligation and only funded debt, except $46,760
Car Trust notes secured on 50 of the 159 refrigerator cars. The company,
so long as notes of this issue are outstanding, will not, without consent
2-3ds of the outstanding notes, place any mortgage except under restrictions.
The company will maintain net tangible assets equal to 250% of notes
outstanding, of which the net quick assets shall be not less than 150%.
Earnings for the Year 1918.
Net sales$31,380,4281 Net after taxes
513
4997
7
$4
161:
581,497 Depreciation
Net operating profit.. _
Estimated Federal taxes
120,000 Applicable to int. charges- 310,100
Balance Sheet as of Dec. 31 1918, After Fffect of Present Financing.
Liabilities (Total $3,598.730)Assets (Total $3,598,730)Real estate & equipment.. $202,429 7% gold notes
$1,02
702
0:50
000
0
Notes payable
108,0
Cash
7,659 Accounts payable
Notes receivable
52,880
732,219 Accrued
Accounts receivable
8,652
1,591,708 Reserved for taxes, est_ _ _
Inventory
122,160
Securities
132,162 Deferred, against deprec_
135,244
8,130 Reserve for spee'l expenses
Special fund
60,000
Non-current receivables
21,754 First pref. outstanding_ __ 465,639
Abattoir Realty Co. stock 445,000 Second pref. outstanding_
373,649
,
Common stock outstand'g 383,400
Subscription receivable__ _
Deferred charges_
140,717 Profit & loss, surplus..___
274,604
Roll.stk.,less notes $144,215 346,644
Purposes of This Issue.-Will enable the company to take care of increasing foreign business.
Sinking Fund.-On or before Mar. 1 of each year beginning 1920, until
th;s entire issue is retired, the following sums, in cash or in notes of this
issue, will be deposited for the sinking fund: $50,000, Mar. 11920; $75,000.
1921; $100.000. 1922 to 1927 incl., and $125.000. Mar. 1 1928.
Colorado Fuel & Iron Co.-Sub. Co. Bonds Called.Fifteen ($15.000) First Mtge. 5% sinking fund gold bonds of the Rocky
Mountain Coal & Iron Co. (outstanding $395,000) have been called for
payment May 1 at par and int. at Columbia Tr. Co., N.Y.-V.108,p.1514.
Consolidated Gas, Electric Light & Power Co. (Baltimore).-Meeting Postponed.-The meeting of the stockholders called for April 16 to vote on authorizing the General
American Graphophone Co.-Payment of Notes.We learn officially that $300,000 in cash has been deposited with the Mortgage for $100,000,000 was postponed until April 30,
trustee to pay the $300,000 6% Serial notes due May 1.-V. 107,p.2377. pending settlement of certain details.-V. 108, p. 1167.
American-Hawaiian Steamship Co.-Stock Purchase.Copper Range Co.-Earnings.Ten thousand shares of this company's capital stock, constituting one-
Balance, surplus or deficit
-V. 108, p. 975.
def.$647,974def.$270,722sur.3112,834
1918.
1917.
Copper produced,lbs_ _ _ 37,498,197 43,043,301
14c.
Production cost per lb _ _
12c.
Received per lb
24c.
28c.
Proceeds
$9,283,305 $12,943,156
American Malting Co.-Admitted to List.198,258
154,776
The N. Y. Stock Exch. has admitted to list $345,000 Guaranty Trust Co. Interest, &c.,received_ _
certificates of deposit for First Pref. stock plain and stamped.-V. 108, p.
Gross
income
$9,481,563
$13,097,932
• 1391, 1166.
Net after local taxes_ _ _ _ 4,182,734 7,366,201
Surplus earnings ofAmerican Milling Co.-Stock Increase.Copper Range RR__ _ $108,781
$109,657
The stockholders have approved the proposition to increase the auth.
Miscellaneous
cr.16,052
capital stock from $700,000 to $1,400,000. Of the new stock $350,000 will
54 Champion net 1,395,900 2,525,086
be common shares to be offered stockholders at par, $10 pr share. The Deduct
Dividends
2,366,394 3,943,912
remaining $350,000 will consist of 7% Cum. Prof. stock, par $100.
Stockholders of record April 15 have the privilege of subscribing at par
Balance,surplus
$529,221 $1,022,912
for one share of the additional common stock for each two shares of stock -V.
108, p. 786.
held.-V. 108. p. 1062.
fifth interest, have been purchased by W. A. Harriman for an amount
reported to be between $6,000,000 and $7,000,000. The stock, it is stated,
has been held by the Mexican Government.-V. 106, p. 192.
1916.
1915.
54,747,498 53,739,442
9c.
8c.
25c.
17c.
$13,840,167 $9,352,846
69,868
20,274
$13,910.036 $9,373,120
8,811,441
5,306,284
.$202,600
$157,531
deb.549 deb.44,530
2,935,303
1,854.523
3,941,648
1,182,003
$2,136,541 $2,382,759
Continental Guaranty Corp.-Offering of Capital
Stock.-McClure, Jones & Reed and Colgate, Parker &
Co. are offering by adv. on another page, at 1083/2 ,to yield
7%%, $500,000 capital stock (par $100) of this corporaAmerican Sumatra Tobacco Co.-Six Months' Report.- tion, whose business consists in the purchase and sale of
high-grade acceptances and commercial paper. AuthorIncome Account for Six Months ended Jan. 31.
1918-19. 1917-18.
1918-19.
1917-18.
ized, and, including this issue, outstanding, $2,000,000.
Gross profit on
Pref. divs_ ___ $68,722
$68,722
American Steel Foundries Co.-Merger Off.-
Negotiations looking toward the acquisition by purchase of control of
the Griffin Wheel Co. has been stopped following the decision of the
Griffin estate not to accept the offer of the Steel Foundries Co. Compare V. 108, p. 1276, 1062.
sales
221,451
$689,994 $1,077,556 Common divs. 366,135
Oper.expenses 153,604
158,683
Int., disc., &c.
Surplus_ _
68,818
69,874
$32,715 $558,916
Total incl
Total profit $467,572 $849,089
prey. surp-$2,949,103 $1,975,429
15% stock dividend on common stock
1,022,085
Profit and loss surplus
$1,927,018 $1,975,429
The balance sheet of Jan. 31 1919 shows outstanding $1,963,500 pref.
stock, $7,835,985 common (against $6,813,900 July 31 1918); notes paynotes payable, $2,857,500 (against $1,175,000 for all notes July 31 1918);
also among assets accounts and notes receivable, $1,900,696 (against
$3.736,770); inventories. $1,204,609 (against $942.873); crop-growing ex
penditures,$2,989,340 (agst. $1,796,475 July 31 1918).-V. 108,p.785,271
Beatrice Creamery Co.-Acquisition-New Stock.See Fox River Butter Co. below.-V. 107, p. 2378.
Calumet & Hecla Mining Co.-Production.Output (in Lbs.)March 1919
March 1918
3 months in 1919
3 months in 1918
-V. 108, p. 1391, 1167.
Cal. ec. Hec. Subsidiaries.
Total.
4,592,295
5.059,758 9,652,053
13,784,569- 13,784,569
15,676,333 15,915,988 31,592,321
-38.002,089-- 38,002,089
Data from Letter of V.-Pres. H. L. Wynegar, dated Mar. 11 1919.
Company.-The corporation is a banking institution, organized under the
Banking Law of N.Y.,and subject to examinations by State bank examiner.
It is the successor to the Guaranty Securities Corp.. which latter corporation began business in April 1916. The business consists first in financing
the distribution of automobiles and trucks'by factories to distributors or
dealers; and second, retail sales by dealers to ultimate users.
Business.-The corporation purchases trade acceptances from manufacturers, which are either endorsed or guaranteed by them,and discounts notes
of the ultimate purchasers of automobiles or trucks endorsed by dealers.
These acceptances and notes are further supported by a lien on the cars or
trucks sold, which are in turn protected by proper insurance and by a bond
of indemnification against conversion on the part of the purchaser.
The corporation is further secured by an agreement on the part of the
manufacturer or dealer to repurchase for cash to the full amount of the acceptance, the automobile or truck in the event that the acceptance is not
paid at maturity, and in the case of retail sales, the purchaser, in addition
to making a substantial payment down, must pay off his note in monthly
installments.
It is the policy of the corporation never to renew a note, and out of some
110,000 motor vehicles financed, it has been necessary for this corporation
to repossess only 95 vehicles.
Up to Feb. 28 1919 the volume of trade acceptances purchased from
manufacturers aggregated $38,068,475, and the amount of notes purchased in the financing of retail sales $28,340,416.
APR. 19 1919.1
THE CHRONICLE
These trade acceptances and notes when purchased are trusteed with the
Metropolitan Trust Co. of N. Y., and securities are issued up to 90% of the
underlying collateral, such securities bearing the certification of the trust
company as to collateral deposited. These securities aro known at the
present time as "Collateral Trust Gold Notes." Banks and trust companies up to Feb. 28 1919 had purchased the paper of this corporation aggregating in volume $49,684,500. On this amount there had matured
and been paid up to Feb. 28 1919 346.136.000.
Earnings.-The corporation, though organized during the war period,
has earned and built up a surplus of $124,331 after paying seven quarterly
dividends of 2% each.
Purposes of Issue.-The increase of $1,000,000 in the capital stock, taken
with the capital that it now employs, places the corporation in a position
to handle annually $35,000,000 to $50,000,000 of business.
Dividends.-This corporation has paid continuous dividends of 2% per
quarter from Jan. 11917 to the present.
Directors.-J. D. Dort, President Dort Motor Car Co.; director Genesee
County Savings Bank, Flint, Mich.; Charles P. Howland, of Murray. Prentice & Howland, attorneys, New York; D. R. McLennan, of Marsh & McLennan, insurance, New York and Chicago; director Continental & Commercial National Bank. Chicago; A. L. McMeans, Secretary Dodge Bros.,
Inc., Detroit, Mich.; Edward S. Maddock, President of the corporation,
Now York; J. P. Maguire, Asst. Cash. Liberty Nat. Bank, N. Y.•, W. W.
Mountain, director Genesee County Savings Bank, Flint, Mich.; Wm. M.
Ramsay, agent the Merchants' Bank of Canada, New York; Alfred P.
Sloan Jr., President United Motors Corp., New York; President Hyatt
Roller Bearing Co., _• director Scripps-Booth Co., Detroit, Mich.; director
Empire Trust Co., New York.•, George C. Van Tuyl Jr., Chairman of the
Board of the corporation ;President Metropolitan Trust Co., New York;
H. Mercer Walker, Vice-Pres. Equitable "frust Co., New York; John N.
Willys, President the Willys-Overland Co.; Vice-Pros, the First National
Bank, Toledo, 0.; Howard L. Wynegar, Vice-Pres. of the corp., Now York.
Denver Gas & Electric Light Co.-Bonds Called.-
Sixty General Mtge.5% gold bonds dated May 1 1903 of $1,000 each and
twenty-one of $100 each, aggregating $62,100, have been called for payment
May 1 at 105 and int. at the Equitable Trust Co., N. Y.-V.108, p. 83.
East Boston Gas Co.-New Stock.The Massachusetts Board of Gas & Electric Light Commissioners has
approved the issue of 12,000 shares of new stock, par $25, the proceeds
to be applied to the payment and cancellation of an equal amount of the
obligations of the company.-V. 106, p. 1690.
Electric Bond & Share Co.-Obituary.George E. Claflin, a Y.-Pres., died suddenly Apr.18.-V.108,p.1514, 787.
Federal Mining & Smelting Co.-Director.-William Loeb Jr. has boon elected a director to succeed William J. Hall,
resigned.-V.108, p. 1168.
Ford Motor Co.-Street Railway Franchise.-
Application has been made for a franchise calling for the construction
of a system of street railways to connect the Ford blast furnaces, ship-yard
and tractor plant. .t is understood that gasoline will be used to run the
street cars, which will charge a fare of 2% cents a mile.-V. 108, p. 976.
Fox River Butter Co.-Sale.The stockholders of this company will vote April 28 on selling the assets
of the company to the Beatrice Creamery Co. The stockholders are to be
given an option of either receiving cash for stock or they may receive in
exchange a like amount of stock in the Beatrice Company, which company.
It is understood is increasing its authorized capital stock by $2,500,000, of
which $1.000,000 is to be 7% cumulative preferred, and the balance common issuable to provide for this merger.-V. 107, P. 2379.
Gaston, Williams & Wigmore, Inc., N. Y.-Div.Reduced.
1613
modern bolt and nut factory; (b) at Duncannon, 2 finishing mills and 12
puddling furnaces. At Lebanon, the company owns about 30 acres and
at Duncannon about 600 acres and 80 dwellings.
Products consist of bar iron, iron channels and angles, bolts, nuts, spikes,
track bolts, wharf and dock spikes, &c. Present output about 70,000 tons
of finished product per annum.
Capitalization (Par of Stock $100)Authorized.
Issued.
First Mortgage 6s
*3750,000
$500,000
Underlying lien
Closed
37.000
Preferred stock, 7% cumulative
1.000,000
999,800
Common stock
1,000,000
923,393
* Balance issuable for improvements and betterments at not exceeding
70% of cost, when earnings are 3 times interest charges, incl. bonds to be
issued, and also to retire underlying lien.
Purpose of Issue.-To erect and construct a rotary furnace plant and billet
mill at Lebanon, Pa., with production of 500 tons of billets per day.
Security.-An absolute first mortgage on all property at Lebanon, and
a mortgage, subject only to an underlying lien of $37,000, on the property
at Duncannon. An appraisal as of Oct. 31 1918 shows real estate, buildings and equipemnt, $2,595,838 (replacement value), and $1,930,612
(sound value).
Sinking Fund.-Mortgage will provide for a cumulative sinking fund of
$25,000 a year, which, it is estimated, will retire the entire issue of bonds
before maturity.
Earnings for Calendar Years and 10 Months 1910.
10 Mos. 1918. 1917.
. 1916.
Net income
$633,402
$361,283
$342,179
Depreciation
163,532
189,211
50,000
Taxes
84,794
*27,500
5,843
Net earnings
$170,251
$359,397
$286,335
* Approximate.
Directors (and Officers).-William C. Sproul (Pres.), Felton Vent (VicePros.), Burrows Sloan, Howard Longstreth (Sec.-Treas.), P. M.
Sharpies,
William I. Schaffer, John C. Brown (Gen. Mgr).
Lone Star Gas Co., Fort Worth, Tex.
Calendar YearsGross earnings
Expenses, taxes and interest
Gas purchased
Depreciation and canceled leases
Other charges
Net profits
Dividends paid
1918.
1917.
1916.
$2,818,517 $1,913,503 $1,519.386
835,402
577,114
377.960
500,765
33,471
695,789
525,823
590,710
180,841
4,465
32,996
$605,720
$772,630
$517,720
433,326 . 400,000
325,000
Surplus for period
$172,394
$372,630
$192,720
Total surplus as per balance sheet.. $1,053,706
$881.312
$508,682
BALANCE SHEET DEC. 31 1918.
Aseets-Liabilities-1918.
1917.
1918.
1917.
Property account_ 39,726,380 $8,911,024 Capital stock ___$5,852,900 $6.000,000
Cash
13,988
17,962 Bonded debt
250,000
375,000
Notes receivable_
Notes
payable_ _ _ _ 410,000
1 232,694
150,000
Accounts receiv__ 421,729f
Bills payable
215,785
115,530
Other assets
668,757
80,000 Stockh'rs sub.acct.
2,060
Res've for interest.
5,826
8.250
Taxes accrued
63,000
Deprec'n reserve.. _ 3,040,578 2,648,588
Surplus
1,053,706
881,312
Total
$10,830,854 $9,241,680 Total
$10,830,854 59,241,680
-V. 108, p. 1064.
Lord & Taylor, N. Y.-Bonds.-
A quarterly dividend of 50 cents has beeh declared on the capital stock,
The annual report of the Associated Dry Goods Corp. on a preceding
payable May 15 to holders of record May 1. This compares with $1 paid page discloses the fact
that company has taken over and now holds
quarterly since July 1916. President George A. Gaston is quoted as saying: $750,000 7% debenturethat
bonds of Lord & Taylor. due Jan. 1 1923 in place
earned
less
ddring the last six months than during the similar of the $1,400,000 6% gold
'The company
notes which it held Dec. 311917.-V. 104, p.
periods of 1917 and 1918, but business was already increasing after the 1493.
slowing down due to the armistice. He stated that the foreign associated
companies of Gaston, Williams & Wigmore now were firmly established
Maxwell Motor Co., Inc.-Tenders.and that the outlook was encouraging.
The Central Union Trust Co. of N. Y., as trustee, having on hand $145,15 paid off $1,000,000 of its serial notes,leaving 245, will receive tenders
"The company on April
on May 16 for the sale of7% cum. 1st pref. stk. cer$2,000,000 outstanding.'-V. 108, p. 1168.
tificates (not exceeding 2,880 shares) at not over par($100).-V.107,p.2013.
General Gas & Electric Co.-Earnings.-
Cal. Years1918.
1917. 1
1918.
1917.
Divs.on stk.owned $79,125 $126,521 Net revenue
$208,535 $251,750
Int. on bds.owned 92,975 88,975 Gross income_ _ _ _$213,945 $254,760
Int.on notes rec.,&c.49,367 57,479 Int. & discount
188,031 173,648
Total revenue_ _$221,467 $272,975
Net income__ _ _ $25,914 $81,112
In 1917 a dividend of 343.750 was paid on the cumulative preferred stock.
-V. 106, p. 2343.
Griffin Wheel Co.-No Sale Negotiations.-
See American Steel Foundries Co. above.-V. 108. p. 976.
Houston Gas & Fuel Co.-Stock Decreased.-
This company has decreased its authorized capital stock from $2,100,000
to $2,050,000, consisting of 1,500 shares of common stock and 5,500
shares
of preferred, both classes having the par value of $100. Compare V,
108.
p. 384.
Hudson River Vehicular Tunnel.-Bill Signed in N. Y
Governor Smith at Albany on April 12 signed the bill providing for an
initial appropriation of $1,000,000 with which to begin the construction
of the vehicular tunnel beneath the Hudson River. A similar bill has already been signed by Governor Edge of New Jersey. Compare V. 108,
p. 1514, 1393.
International Mercantile Marine Co. (N.
The directors on April 17 declared a cash dividend of 10% on
of back dividends on the $51,725,500 6% cum. pref. stock, payable account
May 15
to holders of record May 1, thereby reducing the amount of accumulated
dividends to 57%.-V. 108, p. 1393.
Jones Brothers Tea Co.-Sales.-
1919-March-1918.
$1 324,609 $1,109,173
- 108. p. 1168, 883.
Increased 1919-3 Mos.-1918.
$215,436133,624,195 $3,152,572
Increase.
$471,623
Judge Mining & Smelting Co./-Income Account.-
Calendar YearsTotal income
Expenses
General expenses and taxes
Dividends
Balance
1918.
1917.
$1,090,342
$992,863
865,534
884,905
46,468
49,408
(50%)240,000 (100)480,000
1916.
$2,212,271
1,861,138
39,750
435,000
def.$61,660 def.$421,450 def.$123,617
(S. S.) Kresge Co.-Sales.-
Mexican Eagle Oil Co.-Transfer to Royal Dutch.See Royal Dutch Co. below. Compare V. 108, P. 1393.
Middle West Utilities Co.-Offering of Five-Year Notes.A. B. Leach & Co. Inc., are offering at 97 and int., yielding
nearly 73
4%, $506,000 5-year 7% Convertible gold notes
dated March 1 1919, due March 1 1924.
Interest payable in Chicago or N. Y. Interchangeable denominations
of $1,000. $500 and $100 c*. Redeemable all or part at any time upon
60 days' notice, prior to Mar. 1 1920, at 1073i and int.; on Mar. 1 1920
and prior to Mar. 1 1921. at 105 and int.; on Mar. 1 1921, and prior to
Mar. 1 1922, at 102% and int..• on Mar. 1 1922 and prior to Mar. 1 1923
at 101 and hit.; on Mar. 1 1923 and thereafter at 100 and int. Interest
now payable without deduction of the normal Federal income tax of 2%.
Continental & Commercial Trust & Savings Bank, Chicago, trustee.
Data from Letter of Pres. Samuel Insull, Dated March 10 1919.
Company.-Through subsidiaries, operates public utility properties in 15
States, serving 463 communities having a population estimated at about
1,272,250. At the close of the year 1918 electric customers numbered
172,803. gas 49,145. water 20,424, and heat 1,927, a total of 244,296 customers for these services, showing an increase during the year of 36,640,
or 17.65%, of which increase 21,757 are customers of newly acquired
operating companies.
CapitalizationAuthorized. Outstanding.
Preferred stock
$20,000,000 $12,750,600
Common stock
20,000,00 9,945,462
Ten-year 6% Collateral bonds
Three-year 6% Collateral notes, 1920-22
5,100,000 3,888,900
Five-year 7% Convertible gold notes (this issue)_ 2,500,000
500,000
Security.-The 5-year notes outstanding are secured by the pledge of the
following pref. stocks of corporations controlled by the company and by
common stock of the company, viz.:
Stocks PledgedPar Val. (Tot. $750,000).
Cnetral Illinois Public Service Co.6% cumulative pref. stock__ $300,000
Public Service Co. of Okla. 6% cumulative pref. stock
100,000
Illixfois Northern Utilities Co.6% cumulative pref. stock
100,000
Kentucky Utilities Co. 6% cumulative pref. stock
100,000
Middle West Utilities Co. common stock
150,000
Earnings for the Fiscal Years ending April 30 1918 and 1917.
1918.
1917.
Total income (incl. securities received)
$1,955,211 $1,824,069
Total expenses, incl. misc. int. charges, taxes, &c.._ 362,670
373,109
9
9
Net income
$1,592,541 $1,450,960
Annual interest on bonds and notes outstanding
731,084
Conversion Privilege.-At the holder's option, notes aggregating $500 or
notes aggregating $1,000 may be exchanged at any time for a block of
pledged stock to be withdrawn in the same proportion as it is pledged,
(S. H.) V..ress & Co.-Sales.excepting that in the case of the conversion of notes aggregating $500 the
Increase.' 1919-3 Mos.-1918.
1919-March-1918.
block of stocks will necessarily include one whole share of common stock
Increase.
$1 945,696 $1,745,525 3200,171134,684,095 $3,940,321
$743,774 of the Middle West Utilities Co. and a fractional scrip certificate represent108. p. 1064, 970.
ing one-half of one share of the common stock.
[Regarding the company's issues of 3-zear (3.7
o, Collateral gold notes,
Lebanon Valley Iron & Steel Co.-Offering of Bonds.- notes
have been issued in Series "A," "B, "C, 'D" and ".N.; totalling
Lloyd & Palmer of Philadelphia are offering at 97 and int., to yield over $3,888,900, as above.I-V. 107, p. 909.
6.25
$500,000 First M.20-year 6% Sink. Fund gold bonds dat
dated March
Militor Motors Co.- fotor Vehicle irger.-A merger of
15 191ó, due March 1 1939. Interest M.& S., total authorized $750,000.
Molted. all or part at option of co. on any hit, date at 105 and int. Com- the interests of the Knox Motors Co. of Springfield, Mass.,
pany covenants to Pay normal Federal income tax, not to exceed 2%.
and all of Penn. State tax. Denom. $1,000 C. Commercial Trust Co., with the Militor Corporation of New York is announced by
Philadelphia, trustee.
N. R. Sinclair, President of the amalgamated company,
Data from Pres. William C. Sproul, Dated Phila., Mar. 17 1919.
who says in brief:
Company.-Owns and operates plants at Lebanon and Duncannon, Pa*
The consolidated corporation will be known as the Militor Motors Co.
Equipment (a) at Lebanon, 4 finishing mills, 10 puddling furnaces and and
will have a capital of $2,500,000. The original Militor Corporation
1919-March-1918.
$3 142,190 $3,011,669
- 108, p• 1168, 876.
Increase., 1919-3 Mos.-1918. . Increase.
3130,521138,388,835 $7,156,052 $1,232,783
1614
THE CHRONICLE
was organized for the production of war vehicles for the Government. In
its extensive laboratories at Jersey City were developed the Militor Motorcycle and the Militor standardized four-wheel drive truck. The heavy
duty Militor truck was designed for and adopted by the General Staff of
the U. S. Army as the standard fonr-wheel drive truck for Government use.
The Milner motorcycle grew out ofa 4-cylinder shaft drive vehicle originally
manufactured in Buffalo.
With the end of hostilities the Militor Corporation began immediate
plans for peace production in large quantities. To the above lines will be
added the production of a light passenger car, with, it is anticipated, the
famous line of Knox motors. 'rho Knox plant at Springfield has more
than 230,000 sq. ft. of floor space and a complete equipment particularly
suited to the products of the Militor company.
The officers are: Pres.. N. R. Sinclair; V.-Pres., George W. Dunham;
2d V.-Pres., R. L. Notman; Treas., E. 0. Sutton, formerly Treasurer of
the Knox Motors Co.
The general executive and sales offices of the Minter Motors Co. are
located at 111 Broadway, New York City.
Mountain States Telephone 8t Telegraph Co.-Pres't.
B. S. Read has been elected President to succeed E. B. Field, deceased.
-V. 108, p. 385.
[VOL. 108.
Earnings for Years ended Feb. 28.
1918.
1919.
1918.
1919.
Gross earnings_ _2480,833 $606,381 Ann. int. charges
$79,134
Bal. for deprec'n,
Net, after taxes&
2127.253
&c.
amor.
maintenance_ _ _2159.573 $206,387
Equity.-The aggregate value of the properties is largely in excess of the
total funded debt. The notes are followed by $500,000 Preferred 7% cumulative stock and $700,000 common stock, on which dividends are being paid
at the rates of 77 and 4% respectively.
Franchises.-The company operates under adequate franchises from the
city of Phoenix; one for gas, expiring 1947, electricity, expiring 1936.-T.
106, p. 925.
Paragon Refining Co.-Stock Increase.The stockholders will vote May 14 on increasing the authorized common,
stock from $5,000,000 to $25,000,000. An announcement says: "The company recently acquired considerable acreage adjacent to its Toledo plant
and plans to increase its refining capacity to 10,000 barrels a day. The
company is installing a new refining process and is erecting additional tankage on the property recently acquired." Compare V. 108, P. 978. 167.
Philadelphia Brass Works.-Trustee's Sale.-
National Brick Co. of Laprairie, Ltd.-Interest.Auctioneers will sell on April 24 the plant, real estate, machinery, &c.,,
Holders of the company's bonds will vote April 30 on anutorizing the of this company located at East Downington, Pa.
company to defer the payment of all or a portion of the interest on its
outstanding bonds from Apr. 1 1918, until such time as the earnings are
Phillips Petroleum Co., Bartlesville, Okla.-Pref.
sufficient to make such payments, subject to the following conditions:
(a) A minimum of 2% shall be paid on Apr. 1 1922 and yearly thereafter. Stock Offered.-Strandberg, McGreevy & Co., Kansas City,
6%.
at
bear
interest
shall
and
interest
Mo.,recently offered at par, $100 per share, the small unsold
(b) Deferred payments of balances
(c) Sinking fund provision shall be 2% from April 1 1922. (d) All scrip portion of a total auth. issue of $3,000,000 7% cumulaIssued in Feb. 1916. representing three years' bond interest and all interest
on
interest
with
6%
the
together
tive convertible preferred stook. A circular shows:
on bonds and scrip from Apr. 1 1918,
deferred payments to be paid in full and all bonds redeemed for sinking fund
Dividends payable quarterly. Redeemable from 25% of yearly eariVnes
purposes and outstanding bonds of $319,000 in excess of sinking fund First redemption April 1 1920 at $105; $1.00 per share premium added
are
paid.-V.107. each year thereafter up to $107. Convertible one share of preferred into
payment to be also redeemed before common dividends
p. 2013.
two shares of common at any time or within 30 days after call for redemp.
Company produces crude oil, natural gas and casing head gasoline.
National Lead Co.-Status, &c.Controls approximately 50,000 acres. Now in operation 240 oil and gas
At the recent annual meeting of the stockholders on April 17 President wells, two gasoline plants, large proven acreage yet to be developed, 40
proifts
large
to
the
using
opposed
was
Management
the
that
Cornish stated
chilling outfits making further extensions. Operating in Ranger and
made during war times for the purpose of increasing dividend rates, and that Stephens Counties, Tex.; Lee County, Ky.; Eldorado and Cowley Counno increase in dividends would be made unless it could be conservatively ties, Kansas; Osage and other districts in 0kla, &c. Chartered Accountmaintained.
ants' Certificate as at Dec. 311918, with this preferred issue added, shows
It was also shown that there are several proposals under consideration in total invested capital of $7,851,383, of which 2714,938 is cash and current
connection with the United States Cartridge Co., none of which has yet assets. Total preferred issue, including this offering $3,000,000. Ne •
from
company's
the
accruing
been adopted. It was stated that the profits
funded debt, no bonds, mortgages or other obligations. Common stock
operation could not be estimated at this time.-V. 108, p. 1507. 585.
issued and outstanding 90,500 shares (no par value). Common stock earnings have been reinvested.
Nevada Consolidated Copper Co.-Earnings.Data from President Frank Phillips, Bartlesville, Okla., March 20
1915.
1916.
1917.
1918.
Organization.-A Delaware corporation, organized in July 1917. We
Copper produced,lbs__ _ 76,607,062 82,040,508 90,735,287 62,726,651 have
had 15 years or more practical experience and L. E. Phillips, Viceeta.
17.647
21.04 cts. 23.75 cts. 25.83 cts.
Average price
and myself are the principal owners. In 1918 the company
16,124,961 $19,484,271 $23,436,637 211,069,671 President,
Copper produced
by drilling and purchase, 109 oil wells, making a total of 240 proadded,
615,606
929,655
795,451
662,695
produced
Gold and silver
ducing oil and gas wells now owned. An interest in a few of these wells
by partners. Wells are located in Kansas. Oklahoma, Texas
$16,787,656 $20,279,722 $24,366,292 $11,685,276 Is owned
Total revenue
and Kentucky, in which States the company controls approximately 50,000 •
$14,437,280 $11,635,375 $9,996,023 $6,544,593 acres.
Total expenses
Also has considerable natural gas production. Between four and
billion Cu. ft. of gas was sold during 1918. Two gasoline plants are
Net operating profit__ $2,350,376 $8,644,347 $14,370,269 $5,140,683 five
655,000 in operation, one constructed last year; extensions are being provided.
900,000
/825,000
700,000
Dividends on invest.,_ _ _1
Earnings.-The last six months in 1918 earnings were nearly double
109.919
165,090
1468,251
f 351,694
Interest,rentals, Szc_
those for the first six months, and so far in 1919 this ratio of increase is
being maintained. The earnings are now more than six times preferred
$3,402,070 $9,937,599 $15.435,359 $5,905,602 requirements,
Totalincome
including this issue. The net earnings for this year should
x
244,665
Ore extinguishment,&c_
$2,000,000 before allowing for depreciation and Federal taxes.
exceed
568,303
Replacement, &c
This pref. stock is offered for the purpose of liquidating obligations inextensions on present properties and to enable
23,402,070 $9,124,631 $15,435,359 $5,905,602 curred in new purchases,
Balance,surplus
make further expansion.
z6,648 235 y8,297,747 7,937,396 2,999.185 the company toBalance
Dividends
Sheet, as at Dec. 31 1918 (adjusted to show this
Consolidated
30%
75%
83%
66%
Rate per cent
additional issue of Preferred Stock) shows: Cash, $513,724; notes and •
gasoline and supplies, $141,763: real'
3826,884 $7,937,396 $2,906,417 sects receiv. (less reserve). 259,451;
Balance, surplus.._def.$3,246,165
leaseholds and equipment, gasoline plants, tank cars, &c., 37,085,Total p. &I.surplus_ _ $9,934,361 $13,180,527 212,353,643 24,849,556 estate,
315: charges deferred, $51,130: total assets, $7.851,383 Offsets preferred ,
x Included in operating expenses.
stock issued, including this offering, at par value ($100 a share), $3.000,y Includes $999,729 capital distribution.
000;corn. stock issued 90,500 shares, equity value of common, $4,851,383.
z Includes $5,298,561 capital distributions.-V. 108, p. 1064.
Officers and Directors-Frank Phillips, President, President Bartlesville Nat. Bank; L. E. Phillips, V.-Pres., V.Pres. Bartlesville Nat. Bank;
New England Telephone & Telegraph Co.-Strike.H. E. Koopman, Secretary and Treasurer; John G. Phillips, Assistant
with
England.
New
throughout
company
this
by
Operators employed
Sec'y and Treas.•. George S. Marshall, John H. Kane, Fernando P. Neal,.
the exception of Connecticut, on April 15 went on strike, having refused Banker, Kansas City, Mo.: R. P. Brewer, V.-Pres., Southwest Nat. Bank
the Postmaster-General's offer of settlement.
of Cora., Kansas City, Mo.
fol17
April
on
effect
took
this
of
company
A strike of the men's union
lowing the walkout of the operators.-V. 108, p. 1279, 1169.
Ranger Gulf Corp.-Stock Sale.-J. R. Bridgeford &
Co., New York, recently offered and sold an issue of $1,250,000 capital stock par value $10 each. The company
no bonds or other indebtedness.
Ohio Cities Gas Co.-Acquisition-Lease Negotiations.- has
The corporation owns oil and gas leases altogether representing 5,189
North American Company.-Subsidiary Company.-
See United Rys. Co. of St. Louis below.-V.108. p. 1161, 274.
Press dispatches from Columbus, Ohio, state that negotiations are now
being concluded for the purchase of the properties of the Moore Oil Co. acres variously located in Oklahoma, Texas and Kansas.
Negotiations are reported to be under way for a lease on about 40,000
Ray Consolidated Copper Co.-Earnings.acres of oil lands owned by the Texas & Pacific Oil & Gas Co. in the Ranger
1918.
1917.
Calendar Years1916.
Field, Texas.-V. 108. p. 884, 585.
Copper production (lbs.)
83,599.160 88,582.649 74.083,540.
_
_
22.941c.
pound_
received
per
26.724c.
price
23.986c.
Average
-Control.
Co.
Steel
Otis
$19,209,311 $21,278,071 $20,06 ,783
revenue
It is reported that negotiations for the purchase of this company, of Operating
4,414,112 9,978,656 11,86 .150
earnings
Cleveland, 0., controlled by British interests, are being carried on by Net
437,647
Other
389,344
income
224,015
that
London
reported
from
is
it
William Salomon & Co. of New York.
715,133
charges
150,000
367,738 •
that $120 per share has been offered for the preferred stock and $210 for Sundry
x6.624,152
5,125,832
Dividends
•
4,337,954
1189.
p.
108,
-V.
the common shares.
def.$472,377Sr33,077,016Sr$7,378,473
Balance, surplus or deficit
Ariz.).-Offering
(Phoenix,
Co.
Electric
&
Gas
Pacific
of One-Year Notes.-Bonbright & Co. Inc., are offering at
99 and int. to yield over 8% $300,000 One-Year 7% gold
notes to be dated April 15 1919, due April 15 1920. A circular shows:
company will pay the normal Federal income tax not in excess of
in
2% which it may lawfully deduct at the source. Tax refundable
Pennsylvania. Callable all or part upon 30 days' notice, at any time prior
to Oct. 15 1919, at 100i and int., and thereafter at 100 and int. Int.
A. & 0. 16 at the New York Trust Co., N. Y., Trustee. Denom. of
21,000. 2500, $100c*.
Company.-Incorporated in May 1906 in Arizona, and owns and operates
plants for the manufacture and distribution of electricity and gas for light,
is
heat and power purposes in the city of Phoenix and vicinity. Power
secured chiefly from the Salt River 'Valley Water Users' Association, operating the Salt River Valley project of the U. S. Reclamation Service
(Roosevelt Dam) under a power contract extending until August 1926.
street
The company supplies power to the manufacturing industries, the
adrailway and for street and other lighting in the city of Phoenix and will
jacent territory. Owing to the large demand for power the company
with
connect
to
length
in
miles
line
70
about
transmission
now build a
theplants of the Arizona Power Co., which will furnish large additional
sources of cheap power for which there is large demand and which is not
obtainable from the Roosevelt Dam.
Authorized. Outstanding.
Capitalization$700,000
$2,000,000
Common stock
500,000
2,000,000
Preferred 7% Cumulative stock
300,000
500,000
notes
One-Year 7% gold
*69,500
300,000
Ten-Year 67 Convertible debentures
899,400
1,250,000
First Mtge.6% Sinking Fund gold bonds
* In addition there are 217,500 in the treasury.
Security, &c.-The direct obligation of the company. The remaining
0 of the cost of ex$200.000 of notes may be issued at not exceeding 807
at
tensions, &c., subsequent to Apr. 15 1919, only when net earnings are
the notes
including
debt,
funded
all
on
charges
least 23' times interest
applied for. As long as any of these notes are outstanding and unpaid,
the company will not place any new mortgage.
Purpose of Issue.-To build a transmission line 70 miles in length to obtain power from the steam and hydro-electric plants of the Arizona Power
Co. and for other additions and betterments.
POThe
x Includes in 1917 $5,835,562 for dividends and $788,590 capital distribution.-V. 108, p. 1065, 978.
Republic Iron & Steel Co.-Quarterly Earnings.Income Accountfor Quarter ended Mar.311919,compared with 1918 and 1917.
1918.
1919.
1917.
*$1,o72,475 *23,527,729 *24,814,583
Net (after Federal taxes)
200,971
Other income
254,327
41,675
Total income
Depreciation and renewals
Exhaustion of minerals
Interest charges
$1,773,446 $3,782,056 $4,856,258
454,571
496,255 • 252,498
86,494
71,932
51,580 •
178,425
192,101
205,253
Balance
Preferred dividends (1 3
Common dividends(1% )
)
$1,053,956 $3,021,768 $4,346,927
437,500
437,500
437,500
407,865
407,865
407.865
Balance, surplus
$208,591 $2,176,403 $3,501,562
* These are the net earnings from operations, after deducting charges
for maintenance and repairs of plants, amounting to $1,298,708 in 1919.
21,003,071 in 1918 and $721,334 in 1017, respectively, and also after provision for excess profits, &c., taxes. Compare V. 108, p. 1054.
Option.A press dispatch from Pittsburgh states that this company has secured
an option on controlling interest of the De Forest Sheet & Tin Plate Co.
which has 10 sheet mills near Niles, Ohio.-V.108, p. 1054, 386.
Royal Dutch Co.-Acquisition of Mexican Eagle Interest.
Referring to the recent statements relative to the sale to the Royal Dutch
Co. of an amount said to be 2,500,000 shares in Mexican Eagle stock by
Lord Cowdray and associates, Amsterdam dispatches atatet hat the Royal
Dutch Company plans an issue of 85,000.000 guilders of new stock at about
325%. the issue being brought out in payment for Mexican Eagle shares.
The purchase, it is understood, is being made jointly by the Royal Dutch
and Shell 011 companies together in the proportions of 60% and 407. respectively. The purchasers are reported to be planning an expenditure
a $100,000,000 in development work in Mexican oil fields during the
coming four years.-V. 108, p. 1065, 282.
APR. 19 1919.]
a
THE CHRONICLE
Rogers-Brown Iron Co.-Income Account.1918.
1917.
1916.
1915.
Net income
$4,038,820 $2,039,338 $2,798,023 $1,239,769
Rentals and royalties_ - _
223,354
245,456
274,282.
204,405
Bond, &c., interest __ _ _
467,914
485.792
513,182
543,102
Sinking fund
153,754
158,241
167,462
210,154
Exhaustion of minerals._
161,325
172,352
115,868
80,752
Plant depreciation, &c.._
435.917
250.000
200,000
Mine devel., exp., &c
297.156
Res. for Federal taxes
1.846,886
Bond discount
152,917
Special charges
93,477
Pref. dividends(7%)
108,500
108,500
108,190
77,400
Common dividends_ _ ..(8%)400.opo(8%)400,000
(4%)200,000
Total deductions..___ $3,797,650 $1,911,818 $2,071,748 $1,073,121
Balance, surplus
$241,170
$127,520
$726,275
$166,648
Total p. & I. surplus Dec. 31 1918, after further provision
of $532,677 for
4epreciation, $2,353,949; Dec. 31 1917, 32,645,456.-V. 107.
13. 1835.
San Diego Consolidated Gas & Elec. Co.-Bond Issue.
This company has applied to the California RR. Commission for
thority to issue $107,000 First Mortgage 5% gold bonds and $325,000 auferred stock. The two issues are desired for the purpose of covering preuncapitalized construction expenditures from June 30 1918 to Feb. 28 1919,
and estimated construction expenditures from Feb. 28 1918 to June 30
1920.-V. 107, p. 2382.
Savage Arms Corporation.-New President.-
President A. E. Berle has resigned and has been elected Chairman.
W. L. Wright, formerly Vice-Pres. and Gen. Mgr., succeeds Mr. Berle
as President.-V. 108, p. 1516.
Shell Transport & Trading, Ltd.-Stock Increase.-
A cable dispatch from London reports that a meeting of the stockholders will be held April 26 at which time a vote will be taken on the proposal to authorize an increase of £8,000,000 in the authorized capital stock,
making the total amount £23,000,000.-V. 107. P. 1008.
1615
supplies at Mar. 311919, approximate 524.650.000, an increase over Dec.
31 1918 of about 3300,000. Current assets are over 5 to 1 of current
liabilities. Crude oil in storage approximates 10,650.000 net barrels, and,
including stocks controlled through the agency, about 12,050.000 net barrels. Current liabilities approximate $4,400,000, or about $570,000 less
than at end of 1918. During the three months there has been a decrease
in 1st M. bonds in hands of public of $103,000.
Capital stock outstanding at Mar. 31 1919 amounted to $43.571,500.
Surplus and operating reserves at Mar. 31 1919 approximated $21.150,000.
The regular quarterly dividend of $1 50 per share, together with an extra
dividend of Si per share, was declared April 7 1919, payable on April 21
1919 to stockholders of record April 10 1919.-V. 108, p. 1516, 781.
United Alloy Steel Corp.-Directors.-
George Charles and J. A. Buell, both of Canton, Ohio, were elected directors to succeed E. D. Rogers and E. H. Wells,resigned.-V.108.p.1516.
United Service Co., Scranton, Pa.-Earnings.-
Calendar Years1918.
Gross earnings of subsidiary co's- _
31,277,663
Net after taxes, drc., of sub. cos_ _ _ _
386,868
Int. & div. on oblig'ns held by public
159,189
Amortization and reserves
15,551
Pref. dividends(6%) United Ser. Co_
82,983
Common dividends United Ser. Co..
51,248
1917.
5983,523
350,377
139,9181
13,9571
81.083
51,243
1916.
$793.264
315,158
128,059
78,074
50,836
Balance, surplus
$58,189
$64.171
$77,897
United Servace Co. stock outstanding Dec. 31 1918: Pref., $1,480.550:
common, $1,281,200.
Companies included in above report: Ohio Service Co., Warren Light &
Power Co., Warren Electric Co., Jefferson Electric Co., Wabash Water &
Light Co., East Penna. Gas & Electric Co.
Sub. Co. Bonds.-
See East Pennsylvania
Gas &
Electric Co. above.-Y. 106, p. 1143.
United States Rubber Co.-Annual Report-Officers, &c.
-The annual report will be found in our advertising pages.
The directors on April 17 elected the following officers,
Sinclair Oil & Refining Corp.-Reportfor 6 Moe. ending
executive committee and operating council for the ensuing
Dec. 31 1918.-Pres. H. F. Sinclair, Apr. 16, said:
Results.-Net earnings for the six months, before deducting interest and year, namely:
•discount, depletion and depreciation, amortization and Federal taxes, will
amount to approximately 38,500,000.
Additions, &c.-The oil and gas leases of the producing subsidiaries have
,been further developed with satisfactory results, and late in the year the
remaining one-half interest in the Garfield 011 Co. operating extensively in
the Garber oil field, was acquired. Your company's
interests have been
further extended in the Ranger field in North Texas, and It has also acquired jointly with the Texas & Pacific Coal & Oil Co., and also with the
• Sinclair Gulf Oil Co., valuable leases in various portions of this field.
These properties are being actively developed and should prove a valuable
additional asset.
War Pipe Line Co.-At the request of the Government, War Pipe Line
.Co. constructed a pipe line from Drumright, Okla., to Freeman, Mo.,about
232 miles, closely paralleling your present trunk lino system. In compliance with the agreement with the War Finance Corp. this pipe litre is
to be leased to the Sinclair-Cudahy Pipe Line Co., and we
'
intend to acquire
in the near future all of the outstanding stock.
Befineries.-A large installation of a cracking process now being constructed at the East Chicago refinery should be completed and in operation
during the coming summer. The casinghead gasoline plants completed
and in operation are manufacturing in excess of 30,000 gallons of gasoline
per day. Additional units under construction will add to this production.
Peace Basis.-Your company has experienced but little difficulty since
the signing of the armistice in returning its sales to a peace basis. Except
for fuel oil, little adjustment of the market for its products have
been
necessary.
Directors.The board of directors has been increased from 21 to 31 members, and
the following directors were elected: John A. Bell, C. A. Braley,
C. E.
Crawley, Joseph M. Cudahy, G. W. Davison. J. Fletcher Farrell, George
H. Flinn, S. L. Fuller, 0. M. Gerstung, J. C. Hawkins, William Huttig,
W. II. Isom, J. G. Johnson, E. R. Kemp, H. W. Kenwell, G. Herman
Kinnlcutt, C. A. Lockard Jr., John R. Manion, Ray Morris,
Nichols, J. W. Perry, William P. Philips, K. Porter, W. G. Post,Acosta
R. W. Ragland, Theodore Roosevelt Jr., E. W. Sinclair, H. F. Sinclair,
A. Steinmetz, A. G. Waldschlagel, H. P. Wright.-V.
p. 177.
Standard Oil of California.-Obituary.-
President William S. Rheem died suddenly on April 7 at Santa Cruz,
Cal.-V. 103. p. 1162, 1065.
Steel Co. of Canada, Ltd.-Earnings.Cal. Year- 1918.
1917.
1918.
1917.
Profits
83,932,669 $6,040,319 Pref. divs. 7% $454,741 $454,741
Deproc., &c__
987,739 1,383,531 Corn. divs.6% 690,000
690,000
Bond,&c., int. 515,172
515,203 Surplus
2.4996,843
Total p. & I. surplus Dec. 311918. after deducting1,285,018
$160,000 for special
reserve, was $7,322,872.
*After deducting $1,434,451 for excess cost of construction due to
war
conditions.-V. 107. P. 808.
Tennessee Power Co.-Earnings.Cal. Yrs.1918.
1917.
1918.
1917.
Oross earns_ _$2,237,151 $1.940,124 Net earnings_ $877,149
3682,029
Oper.expenses $840,344 $816,159 Interest
629,266 x605,485
Rentals
435,658
368,936
Taxes
84,000
73,000Bal., surplus.. $247,883
$76,544
x After deducting $18.107 for interest on
undeveloped water powers
charged to capital in 1917 and to income in 1918.-V. 106, P.
1466.
Texas & Pacific Coal & Oil Co.-Stock Increased.-
The shareholders on April 16 approved the proposal to
increase the
authorized capitalization from $5,000,000
$6,000,000.
Stockholders of record May 1 will have the to
right to subscribe
the
$1,000,000 now stock at $100 a share, payments to be made 50%for
on or
before June 2 and on or before Sept. 30
Subscriptions to fractional
shares must be paid in full on or before1918.
Juno 2.
President IL L. Marston says:"Attention of stockholders
is called to the
fact that any extra dividend which they receive
upon their present holdings
of stock, between Juno 2 and Sept. 30, will assist
the
in
payment
of the
second installment."-V. 108, p. 1516, 978.
Union Carbide & Carbon Co.-Acguisition.-'
This company, which already controls about 50% of the stock of the
Oxweld Railroad Service Corp., has, according
to an announcement,
an offer of two shares of its stock for one share of the Oxweld stock,made
It is reported that this offer to the extent of 90% of the Oxweld stock and
has
accepted,
thereby giving the Union company control of the minority
been
stock holdings.-V. 108, P. 1171.
Union Oil Co. of California.-Quarterly Report.President W.L. Stewart
in circular of April 7 says in brief:
Profits earned from all operations, less general expense, regular taxes,
interest charges, and employees' share of profits, were approximately as
follows:
Erngs.for 3 Mos.end. Mar.31- 1919.
Increase. %
1918.
Profit,before depreciation
$3,550,000 $3,100,000 $450,000 15
Provision for depreciation
1,200.000
950,000
250,000 25
' Profit subject to Federal income
Ea and excess porofits taxes
$2,350,000 $2,150,000 $200,000
9
Production of crude oil by the company and controlled companies cornbinedjapproximates 1,955,000 net barrels, a decrease from last year of about
70,000 barrels. On Mar. 11 1919, the company brought in a 3,000 barrel
per day well of high grade oil, in virgin territory located in Orange County,
Southern California. We have over 1.000 acres of land under lease in
the locality of this well.
Sales for three months aggregate 312,270,000, an increase of $3.100,000,
or130%. Owing to the largo deliveries of fuel oil, we show a reduction in
the quantity of crude oil in storage as compared with Jan. 1.
Capital Expenditures approximate $1.200,000, consisting principally of
the cost of new drilling and additions to manufacturing and distributing
plants.
Current Assets consisting of cash, U. S. Government bonds and Treasury
certificates, accounts and bills receivable, oil inventories and materials and
Officers.-Chairman. Samuel P. Colt; Vice-Chairman, Lester Leland;
Pres., Charles B. Seger; Vice-Presldents, James B. Ford, Homer B. Sawyer, Elisha S. Williams, J. Newton Gunn, Ernest Hopkinson, W. G.
Parsons; Treasurer, W. H. Blackwell; Comptroller, W. G. Parsons; Secretary, Samuel,Norris; Asst. Treas., John D. Carberry; Asst. Comptrollers.
H. B. Hubbard and W. 0. Cutter; Asst. Secretary, John D. Carberry.
Executive Committee.-Samuel P. Colt, Chairman; Lester Leland, Charles
B. Seger, James 13. Ford, Walter H. Dollen, Nicholas F. Brady.
Operating Council.-Charles B. Seger, Chairman; Homer E. Sawyer,
Elisha S. Williams, J. Newton Gunn, Ernest Hopkinson, Theodore W hittelsey, W. G. Parsons.
Director.-
Mortimer IL Davis of Montreal has been elected a director to succeed
Edgar B. Davis, resigned.-V. 108, p. 1384. 1171.
U. S. Industrial Alcohol Co.-Stock Sale-Directors.At the annual meeting on April 17 it was learned that the large holdings
of this company's stock in possession of the American International Corp.
were sold late in 1917. The amount paid has not been made public.
II. Rogers and Oliver Jennings were elected directors to succeed William
S. Kies and Richard P. Tinsley.-V. 108, p. 1389.
Vacuum Oil Co.-Extra Dividend.The directors have declared an extra dividend of 2%. along with the
regular semi-annual payment of 3%, both payable May 15 to holders of
record May 1. In May and Oct. 1918 an extra of 2% was also paid.
Compare V. 107, p. 1389.
Valvoline Oil Co.-Board Increased from 9 to 10.-
S. Bywater has been elected a director. which increases the board from
9 to 10 members.-V. 108, p. 1516.
Virginian Power Company.-Earnings.Calendar YearsGross earnings
Net,after taxes
Other income
Bond interest
Other interest
5804,716
313,601
215,807
46,532
5577.761
211,111
3,716
196,724
34.214
$424.951
193,638
21,210
194,833
32.414
Balance, surplus
$12,398
$51,262 def.$16,111
Compare map and statement in "Railway and Industrial Section."
Report will be more fully cited another week.-V. 107, p. 1673.
Washington Water Power'Co.-Six Cent Fare.See Spokane & Inland Empire RR above.-V.108, p.975.685.
Willys-Overland Building (N. Y.).-Offering of First
Mtge. Bonds.-S. W. Straus & Co., Inc., are offering at
par and int., to net 6%, $600,000 First Mtge. 6% Serial
bonds dated Apr. 15 1919, due $15,000 annually, Apr. 15
1920-1928, and $465,000 Jan. 1 1929.
Int. A. & 0. 15 at the offices of S. W. Straus Sr Co., Inc. Callable at
102 and int. Denom.$1,000,$500 and $100.
Security.-Tho direct obligation of the 521-531 West 57th St. Corp..
which has leased the mortgaged property for ten years to Willys-Overland.
Inc., a subsidiary of the Willys-Overland Co. of Toledo, 0., the latter unconditionally guaranteeing the lease.
A direct, closed first mortgage on the land and building. 10 stories in
height, erected in 1917 of the best fireproof reinforced concrete construction
at 521-531 West 57th St., N. Y.City,fronting also on 518-28 West 58th St.
l'roperty appraised at 31,100.000; is used for sales, warehouse and service
purposes.
Earnings.-Under lease, lessee must pay a net rental of 385,000 a year
and all expenses.
Willys-Overland Co.-Building Co. Bonds.See Willys-Overland Building above.-V. 108. p. 1386.
Wilshire & Hotel Co., Los Angeles.-Bond Offering.-
S. W. Straus & Co., Inc., are offering at par and interest $3,500,000
First Mortgage 6% serial bonds, dated Apr. 15 1919, due serially 1922.
1931, secured by a direct first mortgage on the properties of the Alexandria
Hotel and the California, a new hotel in Los Angeles, the appraised value
of which property is $6,000,000.
Wilson & Co.-Initial Dividend.An initial dividend of $1.25 has been declared on the common stock,
payable May 1 to holders of record April 26. Prseident Thomas E. Wilson
is quoted as saying that the directors, in making this declaration, intended
to put the common stock on a $5 annual dividend basis. "The earnings."
he adds, "would justify more but it is the policy of the company to be
conservative."-V. 108. P. 1299, 1055.
Winchester Co., New Haven, Conn.-Incorporated.This company on April 17 filed a certificate of incorporation with the
Secretary of State for Connecticut with a capital of $30,000,000, of which
$12,750,000 is paid in.
An official circular says:
The new company was incorporated to take over the stock of the depositing stockholders of the Winchester Repeating Arms Co., amounting to
about 97% of the total.
Among the directors elected to the new company were: T. G. Bennett,
J. E. Otterson, L. K. Liggett of the United Drug Co., and C. S. Sargent.
Jr., of Kidder, Peabody & Co.
At the annual meeting meeting of the stockholders of the Winchester
Repeating Arms Co., Mr. T. G. Bennett, formerly Pres., was elected
Chairman of the Board, and J. E. Otterson was elected President.
The application for an injunction made by a dissenting minority stockholder, Elmer E. Demarest of Jersey City, was denied in an order signed
by Judge S. Thomas of the United States District Court(at New Haven).
Winchester Repeating Arms Co.-Successor Incorp.See Winchester Co. above.-V. 108, p. 1171, 886.
THE CHRONICLE
1616
gtports nut
[VOL. 108.
porantents.
THE CHICAGO ROCK ISLAND AND PACIFIC RAILWAY COMPANY
AND PROPRIETARY COMPANIES
THIRTY-NINTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1918.
To the Stockholders:
During the entire year 1918 the transportation system of
your company has been in possession of the United States
Government, pursuant to the act of the President of the
United States of December 28 1917, in taking possession
of the railways of the country for war purposes, and has
been operated by the Director-General of Rai roads, appointed by the President in his proclamation of December
26 1917. Under this proclamation, and under the Act of
Congress of March 21 1918, which prescribed the compensation to be paid to the railway companies for the use of their
property, the minimum annual rental to be paid to your
company for the use of its railway property by the United
States Government is the average net railway operating
income for the three year period ended June 30 1917. The
Act contemplated that each company might enter into a
contract with the Director-General fixing its compensation
on the above basis, but furthet provided that where, by
reason of receivership or other abnormal causes, the average
for the three year period appeared plainly inequitable as a
measure of just compensation, the President of the United
States might fix such compensation as in his judgment
would be just. Also that pending the execution of the
contract, the President might advance to any company on
account of its compensation, not exceeding ninety per cent
of its estimated standard return computed as above.
The average annual net railway operating income of your
company for the three-year period prescribed in the Act,
including the net railway operating income of The Chicago
Rook Island & Gulf Railway Company, was $15,883,891 07, which is sufficient to pay the full dividends upon
the preferred stocks of the company, and to allow a margin
for the sommon stock of approximately two per cent. As
no contract has yet been entered into with the Government,
we have not actually received this compensation, although
it has been accrued upon the books as corporate income.
The Railroad Administration has advanced only $1,700,000
on account of the company's compensation, but has assisted
us to procure our cash requirements from the War Finance
Corporation, through demand loans secured by collateral
at six per cent.
During the first six months of Federal control, the Director-General permitted the railways to be operated by their
owners, but for and on account of the Federal Government;
so that, although the officers of your company were actually
conducting the operations of the railroad property, yet they
were doing so as agents of the Director-General, and the revenues belonged to and remained the property of the Federal
Government, the company's income being the rental credited
to it by the Director-General.
On July 11918, the Director-General appointed his own
staff for the operation of the property, and since that date
the officers of your company have had no direct voice in its
management. The Director-General's staff, for the most
part, was chosen from your company's officers, Mr. J. E.
Gorman, President, becoming Federal Manager. These
officers were required to sever all connection with your
company. Mr. Charles Hayden was then elected President
of the company, Relations between the Federal Manager
and his staff, on the one hand, and the officers of your company on the other, have been most cordial.
Since the formation of the Federal Staff for operating the
railway property, your directors have given constant attention to the matter of maintenance and up-keep,and also have
carefully observed what was being done to the property by
the Federal Government in the way of additions and improvements. Their purpose is not only to see that the
property is maintained to the standard existing when the
property was taken over, but also to protect the company
against charges for additions and improvements rendered
necessary by war conditions, which are not for the best
interests of the property, considered as an operating railroad in peace times.
CLAIM FOR JUST COMPENSATION.
The "standard return" of your company is based on its
average net railway operating income for the three-year
period ended June 30 1917, called the test period. Your
directors are of the opinion that on account of the receivership of your company, extending over a large past of the
test period, and by reason of other special and abnormal
circumstances existing during that entire period, as will be
more fully set forth below, this standard return of $15,883,891 07 is not a fair measure of just compensation for the
use of the property during Federal control, and that special
consideration should be accorded to the owners in the
matter of compensation.
Your directors, therefore, applied to the Director-General
of Railroads for an allowance of extra compensation on account of these various matters, and presented the following
items for his consideration:
1. Revision of income account for the three year test
period in order accurately to reflect the actual operating
$583,862 06
income during that period
In explanation of this claim, the income account during
the test period contained a number of items which were not
strictly chargeable to the operating expenses of the railway
proper and which the Director-General will not have to
incur. In addition thereto, certain adjustments of the returns to the Inter-State Commerce Commission were rendered necessary by reason of the fact that accounts were
kept on an accrued basis instead of on an actual basis, so
that the accounts as reported did not reflect the actual income of the property. The total of these adjustments
requested, was as stated above. The details were as follows:
I.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Annual Average
for lest period.
$45,000 00
Receivership expenses
101,464 01
Equalization of accrued expenses
95,000 00
Freight revenue on Government shipments
'20,653 23
Express revenue omitted from test period
A. & B. items involving less than $200 charged to operating
65,683 93
expenses during test period
Excessive charges to operating expenses through insurance
31,621 31 ,
fund
143,230 39
Corporate expenses
49,355 33
Overstatement of income taxes
14,439 66
Overcredit of mail pay (deduct)
46,293 47
Overcharge due to inventory adjustments
3583,862 06.
In other words, the actual net operating income of the
railway property during the test period was greater by the
above yearly average than the estimated standard return.
2. Deferred maintenance made up by
$1,514,774 39
the Receiver
The maintenance expenses during the test period were
far above normal, because the Receiver, during the reeetvership, and the company prior thereto, were engaged in rebuilding and reconstructing the property, greatly bettering
the condition existing at the beginning of the period. From
a comparison of the maintenance expenses during the test
period with the expenses for ten years prior thereto, due allowance being made for the difference in labor costs, it was
estimated that the maintenance expenditures, by reason of
making up deferred maintenance during the test period,
were greater than in the preceding ten years by the following
amounts:
Maintenance of way and structures
Repairs to freight cars
Repairs to locomotives
Total
Annual
Average.
$996,193 23
639.190 96.
333.822 51
$1,969,206 70
A portion of this of course is normal maintenance charge,
but as the figures cover a period of thirteen years, it is calculated that ten-thirteenths of this excess expenditure, or
$1,514,774 39, was deferred maintenance, and as it has
been made up the Government will not have to incur similar charges, and therefore additional compensation should be
allowed to the owners accordingly.
3. Expenditures during the test period not fully reflected
in the operating railway income:
(a)4,000 box cars purchased during this period $606,733 00
October 23 1915, the receivers placed in service four
thousand new box cars. Obviously, the effect of those was
not felt in the fifteen months preceding their acquisition,
although said fifteen months were included in the test period.
The company contends that since the test period figures
did not reflect the income of these cars, its compensation
should be increased by an annual amount estimated at what
its increase in net income would have been had these cars
been hr service during the entire test period. The best
estimates your officers were able to make, produced the
above ftures.
8,093 29
(b) New Bridge, Memphis, Tenn
This bridge was placed in service July 16 1916. Its total
cost was $5,128,000. Xour company owns one-third interest in the bridge. The immediate effect of its construction was to lessen the bridge tolls paid by your company at
Memphis to the extent of approximately $130,000 00 a year.
Spread over the time during the test period when the bridge
was not in service, this would increase the average net income during the test period by $88,093 29, for which claim
was made.
(c) Additions and betterments made since
$129,248 87
test period
After the close of the test period, but before the property
was taken over by the Government, additions and betterments were made to the extent of approximately $2,100,000,
for which we asked the Government to pay additional rental
of six per cent upon their cost, or $129,248 87.
$1,811,333 73
4. Confiscatory State rates
During the whole of the test period, the rates made by
various States through which your property is operated were
abnormally low. The two-cent fare was prevalent in Oklahoma, Arkansas, Nebraska, Missouri, Kansas, Iowa, 1111-
APR. 19 1919.]
THE CHRONICLE
nois and Minnesota. In certain of these States there has
since been a judicial determination that the rates were confiscatory. Your company through the coercion of various
State governments having carried passengers and freight
during the entire test period at rates which the courts have
judicially determined to be confiscatory, has now no recourse in the way of recovering the amounts which it should
have,been allowed to charge, but it does not seem equitable
to your directors, that the United States Government should
measure the rental to be paid during Federal control by
rates which its own courts have condemned.
It is impossible to compute the total amount by which
the revenues of your company were depleted during the test
period through these confiscatory rates, but our estimates
showed an average loss of at least $1,811,333 73 per annum,
and since the Director-General is no longer bound by these
rates and has promptly superseded them, it was felt that this
amount should be added to the company's compensation.
The total amount of additional compensation claimed in
the above manner, was $5,193,045 34. This claim has
been fully presented to the Director-General, but up to this
time no allowance whatever has been granted upon the
same. The alternative to executing a contract on the
standard return is to accept ninety per cent of the standard
return and sue in the'Court of Claims for the additional
compensation. Your directors are giving this matter their
careful consideration, and believe it their duty to acquaint
you with the facts. A copy of the application to the Director-General for additional compensation will be sent to
any stockholder upon request.
ALLOCATION OF NEW EQUIPMENT.
In addition to the 30 new locomotives purchased by your
directors in 1917, and delivered in May 1918,the DirectorGeneral has allocated to your company 20 road locomotives
and 10 switching locomotives, at a total cost of approximately $1,432,670. Your directors have protested against
this allocation, believing that the additional locomotives
were not necessary at this time. At the date our objections
were filed with the Director-General, twenty-three Rock
Island locomotives, including fifteen of the thirty that had
just been purchased, were being used on foreign lines, so
we felt that it was not fair to the Rock Island to buy new
power for it, when the power it already had was not being
used on its own road. At this writing there arc approximately ninety idle locomotives on the system, so this protest
is even more meritorious now than when it was made. We
objected also because of the high prices, due to war conditions.
The Director-General has also allocated to your company
one thousand box cars and one thousand coal cars at a total
cost of approximately $5,610,000. Your directors have
protested against this allocation, basing their protest on
the ground that the acquisition by the receivers of four
thousand new box cars and the rebuilding of three thousand
old oars, rendered the purchase of new equipment unnecessary at this time; we believe this is demonstrated by the
fact that the hire of equipment accounts since the purchase
of these now cars, reflected a constant credit balance, and
the fukher fact that the Rock Island's equipment, measured
by its actual freight movement, was in excess of the ear capacity required to handle its traffic, and was above the average of that of the other roads in the United States. Your
directors also objected to the acquisition of equipment at
war prices (approximately $2,850 a car, as compared with
approximately $850 a car paid for the cars purchased by
the Receiver in 1915). This protest has been overruled,
and the Director-General still insists that the company pay
for these two thousand cars.
TEMPORARY FINANCING.
When the property of your company was taken over by
the United States Railroad Administration, all cash on hand
was taken over and all accounts collectible were taken by.
the Government as fast as received. This left the corporation with no funds until May 1 1918, when a separate corporation cash account was inaugurated, after which time
the revenues derived from property not under Federal control were taken directly into the corporate treasury. Those
revenues are barely sufficient to pay the current salaries
and expenses of the corporate organization. However,
the Federal officers paid the current obligations of the corporation, including the interest and rental and dividend
requirements up to and including those maturing on July
1 1918, charging the amount of the payments to the company's current open account with the United States Railroad Administration.
The Administration also provided the funds to pay for
additions and betterments to the property (although your
company .will ultimately bear the expense of all capital
charges agreed upon), with the exception of the thirty locomotives purchased by the company prior to Federal control and delivered in May last. The money to pay for these
was borrowed by your company from the United States
Railroad Administration and the loan subsequently was
transferred to the War Finance Corporation, Since July
1 1918, as the company has not been receiving its compensation regularly, it has been necessary to apply to the Railroad Administration each month for the funds necessary
to pay interest, rentals, dividends, and maturing obligations. Only enough was furnished for immediate needs.
An adequate working fund was not allowed, the cash on
1617
hand usually running from $25,000 to $100,000. Of moneY
received in 1918 from the Railroad Administration, $1,700,"
000 was advanced on account of compensation and $6,000,000
was loaned on six per cent demand notes secured by First
and Refunding bonds as collateral.
At December 31 1918, the Railroad Administration, in
considering the application for $3,700,000 needed for January
1 1919 obligations required your company
to
the War Finance Corporation, the $6,000,000tooftransfer
loans and
obtain the additional $3,700,000, making $9,700,000
in
all, from the War Finance Corporation. That Corpora-tion, of course, required ample collateral, which fortunately
your company had on hand to provide for the loan. Be-,
cause of receiving only $1,700,000 on account of compensation, your company was obliged to borrow in all $12,200,000 on short term loans, the details of which will
be
found on page 38[pamphlet report].
The Railroad Administration took over on December 31
1917 materials and supplies costing $9,792,282 27. No
credit has been allowed to your company for this amount,
but at the termination of Federal control it is expected
that
the Government will make a satisfactory adjustment
as
between the quantity of materials and supplies taken over
and the quantity returned to the company.
TRINITY AND BRAZOS VALLEY RAILWAY.
In 1915 the Receiver disaffirmed the company's contracts of 1906 and 1914 with The Colorado & Southern
Railway Company, relating to the purchase of a one-half
interest in the Trinity & Brazos Valley Railway, a
Texas
line, extending through track connections from Fort Worth
and Dallas to Houston and Galveston. The Colorado
&
Southern instituted suits in the Supreme Court of New
York to recover the amounts due upon said contracts.
These suits were pending until an agreement was reached
whereby the claims were submitted to the United States
District Court for the Northern District of Illinois, as
part
of the receivership cause, and that Court, on December
23 1918, entered a decree holding the company
liable and
directing it to pay to The Colorado & Southern Railway
Company $6,613,925 13, which under the receivershi
decree was payable in six per cent preferred stock. Thep
Court also ordered the company to pay $176,354 52in cash,
being the amount due on certain bond and note guaranties
made by your company. Thereupon an agreement was
reached with The Colorado & Southern Railway Company
whereby, in lieu of delivering to that company the preferred
stock required by the decree, your company paid
sixty per
cent of the face amount thereof in cash, and this settlement
was consummated in February of this year, the funds for
the payment being provided by the sale of $4,500,000 threeyear six per cent gold notes of your company, secured by
$7,500,000, face amount of First and Refunding bonds.
The issue of these notes was approved by the Director-General of Railroads and the Illinois Public Utilities Commission. As a result of the settlement, your company becomes
the owner of $4,380,000, face amount, of the First Mortgage bonds and $152,000, face amount, of the capital stock
of the Trinity & Brazos Valley Railway Company, being
one-half the entire bond and stock issue.
The latter company has been in the hands of a receiver
since 1914, but its property is now being operated by the
Director-General, who paid it as compensation $100,000
and agreed to operate it without further expense to the,
owners during Federal control. The lifting of the receivership and reorganization of the company will be given consideration promptly upon the termination of Federal control.
FEDERAL VALUATION.
As stated in the last annual report, all field inventory
work in connection with the physical valuation of the property of your railroad conducted under the direction of the
Federal Government Was completed in May 1917.• The
right of way field work, or land valuation, is approximately
98 per cent completed, the uncompleted land valuation
work being in connection with the large terminals. About
95 per cent of the maps and profiles required have been
completed and filed with the Division of Valuation of the
Inter-State Commerce Commission. At the time this report reaches the stockholders the valuation will have been
substantially completed. The amount expended in connection with this valuation during the year 1918 aggregated
$167,894 08; the total expense of the valuation to December 31 1918 was $731,451 68.
GENERAL.
The Industrial Department under the direction of the
Federal manager continues to locate manufacturing and
commercial establishments along the lines. During the
year 54 industries, costing approximately $1,335,000, have
been located along the line, and it is estimated that they
will employ approximately 1,800 men. Conservative estimates made by the Traffic Department indicate that these
industries will create an additional movement of 10,000
carloads of revenue freight over the lines of your company
and in addition will materially increase the movement of
less than carload freight. While this is of no immediate
benefit during Federal control, the traffic originated by
these industries may be expected to increase the company's
revenues in the event the property is returned to it.
Additional track facilities for industries have been constructed as follows: 50 tracks, to serve private industries,
[VOL. 108.
THE CHRONICLE
1618
3 tracks to serve coal mines, and an extension of 21 tracks
to industries requiring additional capacity.
The number of retired employees having reached the
age limit and those permanently incapacitated continues
to show an increase, there being 284 retired employees on.
the pension roll during the current year. To such employees $109,505 18 was paid in the way of pensions. The
total amount distributed to pensioners since the inauguration of the bureau, January 1 1910, to December 31 1918,
was $595,831 27. During Federal control 01 payments
provided for in the company's .pension plan are borne by
the Director-General.
As a measure of economy, the New York offices of your
company were moved during the year from 14 Wall Street
to the Manhattan Life Building, 66 Broadway. Information relative to the company's affairs can be obtained at
this office, as well as at the general offices in Chicago.
In order that you may have a fair grasp of what the property is doing, we submit on pages 13, 14 and 15 [pamphlet
report]not only the corporate income account of the company
and its subsidiary companies, but also the income account of
the railway property, showing the result of its operations under the Director-General, and for comparative purposes a
consolidated income account exhibiting a combination of the
two.
It will be noted that the net operating income of $9,217,000 60, shown in the Federal income account, lacks
$6,666,890 47 of being sufficient to earn the standard return or compensation to your company. This is partly
due to the fact that large increases in wages were made
effective January 1 1918, and accrued prior to the dates on
which the increased freight and passenger rates to provide
revenue for increased cost of operation became effective.
The increase of about thirty per cent on the average, in
passenger rates, became effective June 10 1918, and the
increase of twenty-five per cent in freight rates became
effetive June 25 1918. Had these increased passenger
and freight rates been in effect from January 1 1918, assuming that the same volume of traffic would have moved
at the increased rates, there would have been added to the
operating revenues approximately $10,000,000 without
any increase in expense. Adding that amount to the net
operating income shown in the Federal income account
would produce a net of $19,217,000 60 or $3,333,109 53
more than the standard return or compensation. The
increases in wages of employees granted up to the close
of the year 1918, a part of which were effective for only a
portion of the year, aggregate nearly $20,000,000 per annum.
Your Directors urge that you, as stockholders of these
valuable properties, take an active interest in the shaping
of legislation which will so vitally affect them, and communicate with your representatives in Congress to make
your views known. The Board will further advise you from
time to time of developments of interest to the company
in this respect.
Additional information desired by any stockholdet relative to the affairs of the company will be cheerfully supplied.
It is a pleasure to acknowledge the efficient and loyal
service rendered by the employees of your company.
By order of the Board of Directors,
CHARLES HAYDEN, President.
April 14 1919.
ROCK ISLAND LINES.
CORPORATE INCOME ACCOUNT.
YEAR ENDED DECEMBER 31 1918.
Standard Return:
*The Chicago Rock Island and Pacific Ry.
$14,912,378 91
Co.-certified
tThe Chicago Rock Island and Gulf By. Co.
971,512 16
-not certified
315,883,891 07
Operating Expenses-General:
$40,730 13
Salaries and expenses of general officers
16,018 79
Salaries and expenses of clerks and attendants
17,434 03
General office supplies and expenses
19,339 35
Law expenses
6,194 50
Insurance
2,000 00
Pensions
4,367 51
Stationery and printing
4,862 16
Valuation expenses
12,708 33
Other expenses
123,654 80
548,780 09
Railway tax accruals
$672,434 89
Total operating expenses and railway tax accruals_
Total operating income
Non-operating Income:
Income from lease of road
Miscellaneous rent income
Miscellaneous non-operating physical property
Separately operated properties-profit (coal
mining companies)
Dividend income
Income from funded securities
Income from unfunded securities and accounts
Miscellaneous income
Gross income
Deductions from Gross Income:
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Separately operated properties-loss
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges
$15,211,456 18
$15,857 88
137,518 65
23,021 05
198,950 84
50,855 00
84,568 87
41,169 00
3,091 20
$361,583 34
4,985 78
4,596 23
40,232 97
9,204,830 46
269,446 30
399,714 75
PROPOSED LEGISLATION.
As pointed out in my letter sent to you by authority of
your Board on March 7 1919, your directors have given attention to the various plans of railroad legislation now being
considered at Washington, and have agreed upon certain
fundamental principles which were called to your attention
in that letter. They are as follows:
1. No necessity for extension of the present control beyond twenty-one months after the final declaration of peace,
which should be ample time for the legislators of this country to pass such legislation as is necessary. Naturally,
perfecting legislation should be passed from year to year
thereafter, just as perfecting legislation has been passed in
respect to the Federal Reserve Bank Act. Furthermore, if
a longer period than twenty-one months were to be adopted,
there would be less incentive for the legislators to give their
immediate attention to this matter of vital importance.
2. Private operation and ownership of the railroads rather
than Government ownership, but such private operation
to be under efficient regulation, that shall be constructive
rather than merely punitive.
3. The railroads should not be returned to their owners
without new legislation looking to improved conditions,
including:
(a) To avoid unnecessary and wasteful competition, the
Sherman Law should be amended to permit mergers, consolidations, and the pooling of facilities, equipment, and
traffic, under supervision of the Federal Government.
(b) Federal control over rates and regulations should
be in the same hands as control over wages, and the law
should require that wages be taken into accountin fixing rates.
(a) The Federal Government should have exclusive jurisdiction over the issue of securities necessary for improvements
and refunding purposes; also over rates and other matters
affecting carriers, leaving only strictly local matters to State
regulation.
4. Owners of railroad securities should have representation on the Federal governing body.
5. If private capital is to be depended upon for developing
and extending the railroads, any scheme of legislation must
be so framed that sufficient incentive will be offered to such
private capital. It is necessary not only to protect private
capital that already is invested, but to make it attractive
for additional capital to seek railroad investments. In
order to accomplish this double object it will be absolutely
necessary either to guarantee a fixed interest return on investments or to establish and maintain a rate structure which
will permanently assure an ample return on property investment of the railroads as a whole.
6. Federal Government supervision should extend to
water routes and other trade routes that compete with
theIrailroads.
Balance of income
Dividends:
7% Preferred
6% Preferred
555,032 49
315,766,488 07
10,285,389 83
35.481,098 84.
32,059,547 00
1,506,480 00
3,566,027 00
Balance surplus (carried to credit of profit and loss) equal to
$1.915,071 84
2.55% on common stock
PROFIT AND LOSS.
Credit balance December 31 1917
379 37
938'
'
$1,915,071 84 39
Surplus for year ended December 31 l918
Interest guaranteed on bonds of Consolidated
Indiana Coal Company accrued and
charged income, but not paid. Further
liability removed by cancellation of entire
issue of Consolidated Indiana Coal Com343,774 98
pany's bonds
Cash received from Guaranty Trust Company
and Second Liberty Loan bonds from Consolidated Indiana Coal Company, also cash
from sale of land in Iowa, credited to indebtedness of Consolidated Indiana Coal
691,662 41
Company, heretofore written off
Cancellation of operating reserves created
through charge to profit and loss for the
protection of claims, &c. under correspond1915, but not inence, during the year'
cluded in audited accounts. These reserves are no longer required on account of
1,628,385 81
the railway not operating its property
2,586 73
Profit and loss on land and securities sold_
Recovery of portion of losses charged off in
4,908 88
previous years
Sundry adjustments, &c., not affecting cur20,593 31
rent year's income
$4,606,983 96
Total
Less:
Depreciation on:
$15,113 40
Tracks removed
Structures sold, removed and
659 59
destroyed
Equipment sold, dismantled
135,343 71
and destroyed
Keokuk and Des Moines Railway
Company-Lossfrom separate
232,796 13
operation
Revenues and expenses prior to
January 1 1918 (charged by
U. S. RR. Administration)_ _ _2,204,423 46
Settlement for legal services and
minor disbursements, printing
certificates of capital stock,
&c., incident to the reorganization of The Chicago Rock
Island & Pacific Railway
Company at the close of the
25,346 80
receivership
Expense in connection with issu3,557 70
ance of funded securities
Other miscellaneous adjustments
not affecting current fiscal year 34,895 00
$2,652,135 79
$1.954.848 17
$11,893,227 54
Credit balance, December 31 1918
* Represents the annual average railway operating income based on
reports rendered to the Inter-State Commerce Commission for the three
years ended June 30 1917, loss one-half of the war taxes for the year 1917,
as certified by the Inter-State Commerce Commission.
t Represents the annual average railway operating income based on
reports rendered to the Inter-State Commerce Commission, with no war
taxes deducted; not yet certifiediby thelInter-State Commerce Commission.
APR. 19 1919.]
THE CHRONICLE
FEDERAL INCOME ACCOUNT.
Showing Result of Operationo^f
by the Director-General
linrPora7serty
YEAR ENDED DECEMBER 31 1918.
Transportation-Ratl Line Revenue:
Freight revenue
$69,186,217 60
Passenger revenue
27,891,232 71
Excess baggage revenue
173,067 18
Parlor and chair car revenue
12,114 46
Mail revenue
1,513,687
12
Express revenue
3,049,394 02
Other passenger train revenue
...,
252,104
05
Switching revenue
616,016 55
.
Special service train revenue
19,925 50
Other freight train revenue
11,045 46
$102,724,804 65
Incidental RevenueDining and buffet
$514,201 21
Hotel and restaurant
34,618 64
Station and train privileges
106,172 22
Parcel room receipts
20,048 51
Storage-freight
52,712 18
Storage-baggage
22,026 94
Demurrage
574,042 54
Telegraph and telephone service
31,840 22
Rents of buildings and other property
55,855 98
Miscellaneous
60,554 24
1,472,072 68
Joint Facility Revenue:
Joint facility revenue-Cr
$98,405 07
Joint facility revenue-Dr
5,717 31
92,687 76
Total railway operating revenues
$104,289,565 09
1619
Operating Expenses:
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation-Rail line
Miscellaneous operations
General
Transportation for investment-Cr
$15,399,933 82
25,511,678 11
1,263,563 30
44,356,603 78'
613,653 66
2,417,081 06
135,841 64
689,426.672 09
Net revenue from railway operations.. _ _ _
$14,862,893 00
Railway tax accruals
34,449,893 23
Uncollectible railway revenue
11,559 95
4,461,453 18
Total railway operating income
$10,401,439 82
Non-operating Income:
Rentfrom locomotives
$419,421 66
Rent from passenger train cars
177,856 01
Rent from work equipment
32,074 76
Joint facility rent income
379,522 85
Miscellaneous non-operating physical property
998 75
Income from unfunded securities and accounts
76,813 75
Miscellaneous income
2,624 97
1.089,312 75
Gross income
$11,490,752
57
Deductions from Gross Income:
Hire offreight cars-debit balance
$342,418 79
Rent for locomotives
232.314 61
Rent for passenger train cars
197,275 40
Rent for work equipment
28,751 04
Joint facility rents
1,429,140
26
Interest on unfunded debt
43,851 87
2,273.751 97
Balance of income
$9.217,000 60
Standard return
15.883.891 07
Net deficit
66,666,890 47
CONDENSED GENERAL BALANCE SHEET-Corporate Only.
DECEMBER 31 1918 AND COMPARISON WITH PREVIOUS YEAR.
ASSETS.
Increase (+). or
Decrease (-).
1917.
Investments:
$
Investment in road and
equipment
348,415,231 54 342,042,874 22 +6,372,357 32
Improvements on leased
railway property
351,172 83
+70,252 39
280,920 44
Deposits in lieu of mortgaged property sold_ _ _ _
500 00
500 00
Miscellaneous physical
Property
3,905,304 11
+30,906 50
3,874,397 61
Investments in affiliated
companies
17,085,316 46 16,059,869 10 +1,025,447 36
Other investments
3,358,883 69 2,258,883 69 +1,100,000 00
. Total investments
373,116,408 63 364,517,445 06 +8,598,963 57
Current Assets:
Cash
44.230 48
4,104,441 97 -4,148,672 45
Demand loans and deposits
-52,500 00
52,500 00
Special deposits
2,828,453 36
3,721,980 66
-893,527 30
Loans and bills receivable_
19,772 83
-81471
20,58704
Traffic and car service
balances receivable
250,343 58
879,549 01
-629,205 43
Net balance receivable from
agents and conductors_
1,827,907 51 -1,827,907 51
Miscellaneous accounts
receivable:
U. S. Government
14,183,891 07
+14,183,891 07
Total compensation
accrued_$15,883,891 07
Less am't
received. 1,700,000 00
1918.
$
Other miscellaneous accounts receivable_ _ _ _
Material and supplies
Interest and dividends receivable
Rents receivable
Other current assets
650,504 80
74,222 92
1,885 96
577 36
Total current assets__- 17,964,266 68
Deferred Assets:
Working fund advances_ _ _
30,619 00
Other deferred assets:
U. S. Government
22,285.983 28
Cash Dec.
31 1917-$4,169,409 18
Demand
loans and
deposits _
52,500 00
Agents and
conductors
1,826,756 90
Material &
supplies _ 9,792,282 27
Assets Dec.
31 1917,
collected.. 5,580,973 22
Road property retired, not
replaced _ 345,403 08
Equipment
retired_ _ _
381.434 87
Revenues
prior to
3an. 1 '18 137,223 76
Total deferred assets_ 22,316,602 28
Unadjusted Debits:
Rents and insurance premiums paid in advance_ _ _ _
3,521 50
Other unadjusted debits__
892,938 43
Securities issued or assumedUnpledged. Pledged.
1918_326,571,725 99 $19,350,000 00
1917_ 45,421,658 23
Total unadjusted debits_
Grand Total
3,021,885 86 -2,371,381 06
9,792,282 27
9,792,282 27
53,098 07
+21,124 85
35,773 13
-33,887 17
1,009,328 89 -1,009,906 25
24,519,334 91 -6,555,068 23
154,177 55
-123,558 55
+22,285,983 28
LIABILITIES.
Stock:
Capital Stock:
7% Preferred
*6% Preferred
Common
Total
Less held in treasury
1918.
i
29,422,189 00 29,422,160 00
25,108,100 00 25,000,000 00
75,000,000 00 75,000,000 00
+2900
+108.100 00
129.530,289 00 129,422,160 00
517,477 50
517,477 50
+108.129 00
Total outstanding in
hands of the public_129,012.811 50
Long Term Debt:
Funded debt unmatured_ _262,535,598 60
Less held in treasury
-15,904,24849
Total outstanding in
hands of the public_ _ _216,631,350 11
Non-negotiable debt to
affailiated companies__ _
153.025 03
389,765 28
Total deferred liabilities_ 25,963,256 98
35,596 79
3,533,805 96
896,459 93 3,569,402 75
414,293,737 52 392.760,360 27
128,904,682 50
+108,129 00
265.134,525 40 -2,598,926 80
44,904,180 73 +1.000,06776
220,230,344 67 -3,598,994 56
147,375 03
+5,650 00
Total.long term debt_ _ _216,784,375 14 220,377,719 70 -3.593,344 56
Total capital liabilities_ _345,797,186 64 349,282,402 20 -3,485,215
56
Current Liabilities:
Loans and bills payable_ _ _ 12,200,000 00
+12,200,000 00
Traffic and car-service
balances payable
23,004 18
859,004 60
-836,000 42
Audited accounts and wages
payable
78,923 74 6,660,855 66 -6,581,931 92
Miscellaneous accounts payable
3,431 64
450,532 65
-447,101 01
Interest matured unpaid
3,580.775 84
2,866,790 89
+713.984 95
Dividends matured unpaid.
1,103 50
1,779,989 00 -1,778,885 50
Funded debt matured unpaid
320,000 00
448.890 18
-128,890 18
Unrnatured interest acced- 1,582,122 31
1,674,254 65
-92,132 34
Unmatured rents accrued258,708 98
528.619 20
-269,910 22
Total current liabilities_ 18,048,070 19 15,268.938 83 +2,779.133 36
Deferred Liabilities:
United States Government. 25,573,491 70
+25.573,491 70.
Additions &
betterme'ts
-approved.$3,173,660 70
Corporate
income
transactions
2,134,239 09
Corporate
transactions
55,003 07
Liabilities,
Dec.31 '17
paid
18,267,074 37
Expenses
prior to
Jan. 1 '18_ 1.943,51447
Other deferred liabilities__
154,177 55
Increase (+), or
Decrease(-).
$
1917.
$
1.123,687 88
-733,922 60
1,123,687 88 +24,839.569 10
Unadjusted Credits:
Tax liability
654,188 09 2,646,830 41
Insurance and casualty reserves
708,129 40
726,587 66
Operating reserves
70,713 60 2,857,324 91
Accrued depreciationEquipment
+22,162,424 73 fUnited States Government: 6,548.428 83 6.597,627 76
Additions and betterments-not approved_ 2,612.932 20
Other unadjusted credits__ 1.933.236 29
4,254,215 49
-32,075 29
-2,640,867 53
Total unadjusted credits. 12,527,628 41 17,082,586 23
Corporate Surplus:
Additions to property
through income and surplus
64,367 76
64.367 76
Profit and Loss:
-2,672,942 82 Balance (Credit balance)_ _ 11,893,227 54 9,938.379 37
Grand Total
+21,533,377 25
414.293,737 52 392,760,360 27
-1,992,642 32
-18.458 26
-2,786,611 31
-49,198 93
+2.612,932 20
-2,320,979 20
-4,554.957 82
+1,954,848 17
+21,533,377 25
Note.-in stating the assets and liabilities of the companies forming the
* Under the final decree in the receivership cause, $10,000,000 sixad
Rock Island Lines, the holdings of The Chicago Rock Island & Pacific cent
preferred stock was reserved to be issued in settlement of such cl
6
Railway Company in the bonds and capital stock of the auxiliary lines, as might be allowed
by the Special Master. Up to December 31 1918.
together with loans between the various companies, have been eliminated $108,100 of this stock had been issued.
from the liabilities and a like reduction made in the assets pertaining
t This item comprises expenditures for additions and betterments
thereto; the figures shown, therefore, represent the book value of the charged to the Corporation by the United States Railroad Administration,
not accepted by the Corportaion. They are included in the property
assets and the liabilities without duplication.
account and the credit carried as unadjusted pending final determination.
[VoL. 108.
THE CHRONICLE
1620
CORPORATE AND FEDERAL COMBINED INCOME ACCOUNT.
YEAR ENDED DECEMBER 31 1918, COMPARED WITH PREVIOUS YEAR.
(This combined income account is submitted for the purpose of comparison with previous years.)
DECREASE.
INCREASE.
1917.
1918.
8,249.83
.38
$69,186,217 60
27,891,232 71
1,513,687 12
3,049,394 02
1,084,273 20
514,201 21
1,050,559 23
$59,690,072 25
23,301,086 47
1,834,811 06
2,403,415 96
986,974 06
528,986 14
863,376 07
$9,496,145 35
4,590,146 24
15.91
19.70
645.978 06
97,299 14
26.88
9.86
187,183 16
21.68
$104,289,565 09
$89,608,722 01
$14,680,843 08
16.38
$15,399,933 82
25,511,678 11
1,263,563 30
44,356,603 78
613,653 66
2,540,735 86
135,841 64
$10,863,551 04
16,885,582 11
1,795,112 31
33,884,630 46
573,723 56
2,336,506 00
293,001 27
$4,536,382 78
8,626,096 00
41.76
51.09
10,471,973 32
39,930 10
204,229 86
157,159 63
30.90
6.96
8.74
53.64
$89,550,326 89
$66,046,104 21
$23,504,222 68
35.59
$14,739,238 20
$23,562,617 80
$4,998,673 32
11,559 95
$4,345,202 00
24,367 81
$653,471 32
15.04
89,729.004 93
$19,193,047 99
Operating Expenses:
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment-Cr
Total railway operating expenses
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenue
Total railway operating income
Other Income:
Rent from equipment (other than freight cars)
Joint facility and miscellaneous rent income
Income from lease of road
Miscellaneous income
Total income
Deductions from Income:
Hire of freight cars-debit balance
Rent for equipment (other than freight cars)
Joint facility and miscellaneous rents
Rentfor leased roads
Interest on funded and unfunded debt
Other income charges
Total deductions
Balance of income (or deficit)
*Dividends
$215,149 80
%
$321,123 94
17.50
14.784 93
2.79
$531,549 01
29.61
$8,823,379 60
37.45
$12,807 86
52.56
$9,464,043 06
49.31
$30,363 91
5.55
$9,248,893 26
44.85
$75,413 16
277,564 11
14.13
16.22
1,130.346 60
19,196 50
10.62
4.14
$68,406 54 12.19
$560,945 89
547,405 41
8,245 53 108.32
7,61235
313,231 79. 168,861 64 53.91
$629,352 43
517,041,50
15,85T88
482,093 43
Total ether income
Amount.
%
31.52
Average mileage operated
Operating Revenues:
Freight revenue
Passenger revenue
Mail revenue
Express revenue
Other transportation revenue
Dining and buffet car revenue
Miscellaneous revenue
Total railway operating revenue
Amount.
8,218.31
15.05
$1,644,345 24
81,429,19544
811,373,350 17
$20,622,243 43
$342,418 79
458,341 05
1,434,126 04
361,583 34
9,518,128 63
444,543 95
8539,063 34
533,754 21
1,711,690 15
276,501 66
10,648,475 23
463,740 45
$12,559,141 80
$13,095,098 36
$535,956 56
4.09
$1,185,791 63
$3,566,027 00
$7.527,145 07
$1,779,773 50
$8,712,936 70
115.75
$881,482 13 163.52
85,081 68
30.77
$1,786,253 50 100.36
above.)
* The dividends for 1918 were paid from balance of standard return after providing for all corporate charges. (See table
LOUISVILLE & NASHVILLE RAILROAD COMPANY
SIXTY-EIGHTH ANNUAL REPORT-YEAR ENDED DECEMBER 31 1918.
Louisville, Ky., April 2 1919.
To the Stockholders of the Louisville ct Nashville Railroad Company:
MILEAGE.
T,627.95
Total mileage
BONDED DEBT.
$203,488,164 91
Bonded Debt, December 31 1917
Bonds IssuedUnified, Fifty-Year, 4% Gold
Atlanta Knoxville & Cincinnati Division, 4%
South & North Alabama RR. General Consolidated, Fifty-Year, 5%
Lexington eic Eastern Ry. First Mortgage, Fifty-Year, 5% Gold
Kentucky & Virginia RR. First Mortgage, Fifty-Year, 5% Gold
Lewisburg & Northern RR., First Mortgage, Fifty-Year, 5% Gold
Bonds Drawn for Sinking FundsRedeemedEvansville Henderson & Nashville Division Gold
General Mortgage Gold
Pensacola & Atlantic Railroad First Mortgage Gold
Pensacola Division First Mortgage Gold
Newport & Cincinnati Bridge Co., General Mortgage
Unredeemed (Not Presented for Payment)
General Mortgage Gold
Pensacola Division First Mortgage Gold
Henderson Bridge Co. First Mortgage Gold
$882,000 00
4,491,000 00
114,000 00
672,000 00
362,658 14
664,347 25
$150,000 00
696,000 00
119,000 00
34,000 00
14,000 00
29,000 00
2,000 00
7,000 00
$7,188,005 39
1,013,000 00
38,000 00
$1,051,000 00
DeductHenderson Bridge Company First Mortgage Bonds drawn for Sinking Fund-Unredeemed De6,000 00
cember 31 1917, redeemed during the year and paid into Sinking Fund
31,045,000 00
Bonds MaturedRedeemed$616,000 00
Equipment Series "A" 5% Gold
\Unredeemed (Not Presented for Payment)
34.000 00
Equipment Series "A" 5% Gold
650,000 00
Bonded Debt December 31 1918, total issue (See Balance Sheet, Table HI)
1,695,000 00
5,401,005 39
8208,979,170 33
Less
Bonds Owned (see page 24, pamphlet report)In Treasury
Deposited in Trust as Collateral
Deposited account of Georgia Railroad Lease
Held in Sinking Funds
Total Outstanding Bonded Debt in hands of public, December 31 1918
Total Outstanding Bonded Debt in hands of public, December 31 1917
Decrease in Bonds outstanding in hands of public
$35,066,345 33
3,929,000 00
500,000 00
1,371,000 00
$40,866,345 33
$168,112,825 00
169,689,825 00
$1.577,000 00
APR. 191919.]
THE CHRONICLE
1621
The following table shows the equipment on hand at the close of each of the past ten years:
Locomotives
Freight Cars
Passenger Cars
Work Equipment
1909.
1910.
1911.
1912.
1913.
1914.
1915.
1916.
1917.
1918.
914
42,131
584
1.405
959
43,791
602
1,519
988
45.242
616
1,652
1,010
43,556
613
2.072
1,057
46,398
661
2,666
1,080
46,666
671
2,583
1,095
45,953
659
2,358
1,073
47,505
660
2.264
1,102
52,435
666
2.243
1,149
52,955
683
2.287
AUTOMATIC BLOCK SIGNALS.
who have verified your accounts annually in the past, to
The work on automatic block signals has progressed slowly assist your newly created auditing force in this
complicated
on account of difficulty in securing labor and material. At work.
the close of the year automatic signals were in operation
FINANCIAL.
between the following points:
There has been no increase in the amount of stock outLouisville, Ky., and Cincinnati, Ohio
112.00 miles standing, and the outstanding Bonded Debt shows a deCovington, Ky. and Etowah, Tenn
345.63 miles crease.
of $1,577,000, which amount represents $650,000
Calera and Mottromery, Ala
63.00 miles
Maunie, Ill., an Howell, Ind
27.80 miles Equipment Bonds Series "A," matured, and $1,127,000
Evansville, Ind., and Mortons, Ky
57.10 miles Bonds purchased or drawn
to meet Sinking Fund requireGuthrie, it,., and Nashville, Tenn
48.36 miles.
ments, less $200,000 Lexington & Eastern R'y First MortTotal
653.89 miles gage 5% Bonds sold during
the year.
The installation of signals between Mortons, Ky., and
Of the original issue Series
5% Equipment Trust
Guthrie, Ky., 38.9 miles; between Jackson, Ky., and Bonds, aggregating $6,500,000,"A"
Oakdale, Ky., 11.3 miles, and between Maplewood, Tenn., on January 1 1919, $2,925,000. there remains unmatured
and Brentwood, Tenn., via Radnor Yard, 14.5 miles, is
Arrangements have been made to issue shortly Equipin progress.
ment Trust Bonds, Series "B," for $7,323,000 00, to bear
RADNOR YARD.
not
exceeding 6% interest and to mature in equal semiThe work on the Radnor Yard, near Nashville, Tenn.,
installments for a period of fifteen years.
mentioned in report for the fiscal year ended December annual
The Director-General has agreed to pay currently to the
continued
was
during
1917,
the
year and the yard was Corporation in cash so much of the
31
amounts of accruals from
placed in full operation on March 10 1919.
equipment salvage and of the charges to Operating ExSECOND TRACK BETWEEN CORBIN, KY., AND ARKLE, KY. penses for equipment depreciation
and retirements as do
CUMBERLAND VALLEY DIVISION.
not exceed the cost of equipment acquired since December
The construction of approximately eight (8) miles of 31
1917, either upon its own motion or upon the order of the
second track was commenced. The drainage structures Director-General,
provided the Corportion will agree to
were built and grading was about 70% completed during apply the
amounts paid exclusively either to the payment
the year.
of cash installments or deferred obligations or indebtedness
ADDITIONAL YARD FACILITIES AT CORBIN, KY.
to the Director-General for equipment purchased by or on
commenced
in
This work was
September 1917, and grading account of the Company during Federal Control, or to the
the
at
close
of the year.
was well under way
payment of the Company's maturing obigations under
FEDERAL VALUATION.
equipment trusts made before Federal Control and now
The valuation of the property of this Company is being outstanding, and also will agree that the amounts of such
carried on by forces of the Inter-State Commerce Com- depreciation, retirements and salvage so paid over to the
mission and practically all of the field work has been com- Company will • be deducted from the amount expended
for new equipment on which interest return is to be allowed
pleted. The accounting work is still in progress.
during Federal Control.
FEDERAL CONTROL.
ORGANIZATION AND ACCOUNTING.
For the entire year 1918 your property, under the President's Proclamation and the Act of Congress, has been
The Director-General in assuming control of the Railoperated under Federal Control by the Director-General roads and certain other related properties, took over for
and his staff located in Washington, D. C., through the operating and accounting purposes nearly all of the ComGeneral Officers of the Company for a few months and later pany's officers and employees, including several of the
through Regional Director C. H. Markham, succeeded by executive officers, so that the Corporation's present adRegional Director B. L. Winchell, and their staff, located ministration roll is materially changed and reduced. He
in Atlanta, Ga., and by Federal Manager W. L. Mapother, also entered in his balance sheet several items from that of
located in Louisville, Ky.
the Corporation as of December 31 1917, including the item
The Agreement between the Director-General and the of Materials and Supplies, which becomes in your balance
Company was not executed until March 14 1919. It is sheet a Deferred Asset for the reason that it is to be settled
printed in full at the end of this [pamphlet] report.
for only at the termination of Federal Control: also Net
The Director General was unwilling to include in his Balances Receivable from Agents and Conductors and other
Operating Expenses after June 7 1918, any salaries, ex- items in Current Assets and Current Liabilities and in Unpenses or office rent of the Corporation's executive organiza- adjusted Assets and Unadjusted Liabilties, which he agrees
tion, although these expenses were included in estimating to collect or pay and to credit or charge currently in his
the "Standard Return." This executive organization is account with the Corporation.
essential to continue the Company's corporate life, to neThe very heavy cost of new equipment allotted to your
gotiate contracts and agreements, and constantly to assure
the Corporation fair increases of its compensation as set Company by the Director-General in 1918, aggregating,
forth in its Agreement and to both supervise and co-operate with equipment ordered by the Company before Federal
in carrying out its terms, to approve or protest all atlditions Control, but to be paid for after December 311917, $12,and betterments and to supervise and check all such ex- 398,445 00, made it desirable to care for $7,323,000 00 of
penditures, to see that corporate franchise and contract this expenditure by an issue of Equipment Bonds prerights are preserved, to secure proper maintenance and viously mentioned.
Because of the liberal cash balance in the Corporation's
accounting so that the properties will be returned "in as
Treasury on December 31 1917, accumulated to care for
good repair and complete equipment" as when taken over.
unusually
heavy additions and betterments already auThe following properties are enumerated in The Agreement as taken over by the President and compensation thorized or in preparation, the Company has been able
therefor is certified by the Inter-State Commerce Commis- to care for its current expenses and proper additions and
betterments of all kinds during the year without borrowing,
sion, aggregating $17,310,494 67:
except through the Equipment Bonds mentioned. The
Louisville & Nashville Railroad.
Owensboro & Nashville Railroad.
total amount of "Standard Return" advanced by the DiMorganfield & Atlanta Railroad.
rector-General to December 31 1918, was $3,000,000 00.
The Maysville & Lexington Railroad, Northern Division.
The Maysville & Lexington Railroad, Southern Division.
The Public and the Congressional mind has been more
Swan Creek Railway.
Bay Minette & Fort Morgan Railroad.
clearly impressed during 1918 with the great importance
Long Branch Coal Railroad.
of railroad transportation and with the necessity of its conPontchartrain Railroad.
This standard compensation and the income from other tinued growth to keep pace with the development of the
sources will yield a return which will care for all fixed charges, Country.
The most serious problem which has been forced upon
rentals, taxes, &c., and enable the payment of 7% dividends
to stockholders, and leave a reasonable surplus for the the Railroads during Federal Administration, under war
conditions is the enormous increase in wages which has also
betterment and improvement of the properties.
•
been the prime factor in increasing the cost of practically all
INCOME STATEMENT.
materials.
The year's income statement consists of the "Standard
If these advances are to be permanent, railroad freight
income
collected from other than operating and
Return" and
passenger rates must again be raised in order to yield
expenses
the
and taxation required to be a fair net return to the railroads.
receipts and of
Corporation.
paid by the
The Profit and Loss statement is only a conservative
Attention is called to the report of the Auditor for the
approximation, as the accounting required,. after The details of the year's business.
executed,
to
separate corporate from operAgreement was
ating receipts and payments, to adjust interest charges,
The Board acknowledges the fidelity and efficiency with
the
terms
of the Railroad Act and The which the officers and employees of the Company have
&C., according to
Director
-General, has not yet been com- served its interests.
Agreement with the
pleted.
For the Board of Directors,
officers
considered it judicious to employ
Your executive
H. WALTERS, Chairman.
S0114.
Messrs. 'Tasking &
Certified Public Accountants,
M. II. SMITH. President.
[VOL. 108.
THE CHRONICLE
1622
TABLE NO. I-INCOME ACCOUNT.
Corporate IncomeStandard Return for Use of Roads
Income from Lease of RoadClarksville & Princeton Branch
Paducah & Memphis Division
Freight Station, &c., East St. Louis, Ill
Yard at 11th and Oak Sts., Louisville, Ky
Track No. 62, Sheffield, Ala
$17,310.494 67
$12,039 70
206,506 20
692 98
1,976 88
604 62
221,720 38
38.474 40
166,494 51
Miscellaneous Rent Income
Miscellaneous Non-operating Physical Property
Dividend IncomeChicago Indianapolis & Louisville Railway Stock
Nashville Chattanooga & St. Louis Railway Stock
Sundry Stocks
From stocks held under Georgia Railroad lease
$77,468 00
803,887 00
32,367 00
73,083 00
986,805 00
Income from Funded SecuritiesSundry bonds and notes maturing more than one year after date
From bonds heldunder Georgia Railroad lease
Income from Unfunded Securities and Accounts
Income from Sinking Funds
$513,952 56
620 00
514,572 56
584,312 91
446 41
•
$19,823,320 84
Gross Income
Deductions from Gross IncomeRent for Leased RoadsNashville & Decatur Railroad
Rents of other roads
$134,867 49
87,331 12
222,198 61
26.937 05
15,065 00
7,412,686 01
37,243 60
71.898 63
886,393 23
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Funded Debt
Interest on Unfunded Debt
Corporate Expenses
Federal Taxes
Miscellaneous Income ChargesAccrued premiums on bonds drawn for Sinking Funds
U. S. Income Tax paid on Interest on Tax-Exempt Bonds
,
Total Deductions front Gross Income
$96,815 00
34,828 04- 131.643 04
8,803,964117
$11.019,356:67
Net Income
Disposition of Net IncomeIncome applied to Striking Funds
Miscellaneous Appropriations of Income
84,702 74
85,616 46
170,319 23
Total Appropriations
$10,849,037 47
Income Balance Transferred to Credit of Profit and Loss
•
Dr.
Dec. 31 1917.
$221,418,346 88
65,416,863 31
$286,835,210 19
1,778,944 57
1,376,913 49
1,290,000 00
S86,913 49
4,082,716 86
5,321,241 16
14,913,200 85
TABLE NO. III-GENERAL BALANCE SHEET.
ASSETS.
INVESTMENTS:
Investment in Road and EquipmentRoad
Equipment (see Note)
,
Improvements on Leased Railway Property
Sinking FundsTotal Book Assets
Bonds, this Company's Issue
Miscellaneous Physical Property
Investments in Affiliated Companies(a) StocksIn Treasury
Pledged
$225,718,626 39
67,291,065 08
3293,009,691 47
1,806,536 88
$1,458,908 73
1,371,000 00
87,908 73
4,176,818 82
$5,362,161 66
14,913,200 85
20.275,362 51
$20,234,442 00
$1,581,019 15
1,200,000 00
(b) BondsIn Treasury
Pledged
$2,781,019 15
1,521,470 60
1,461,383 18
(c) Notes
(d) Advances
$1,681,019 15
1,200,000 00
2,881,019 15
1,483,362 99
1,630,586 99
26,270,331 64
325,998,314 83
494,837 74
8,292,390 07
Other Investments(a) Stocks
(b) BondsIn Treasury
Pledged
38,292:390 07
455,269 77
$564,721 61
38,300,284 86
1,300,000 00
9,600,284 86
398,287 82
(c) Notes
10,563,294 29
39,242,497 58
$336,912.581 83
$328,024,597 62
$16,404,211 72
1,442,708133
615,761 50
500,000 00
URR ENT ASSETS:
Cash
Time Drafts and Deposits
Special DepositsTotal Book Assets
Bonds, this Company's Issue
Stock
Cash
5 00
115,756 50
$115,761 50
306,496 73
2,367,509 17
1,869,779 13
3,006,317 91
11,287,797 95
171,134 66
23,228 70
"
$3,268,698 11
8625,926 50
600,000 00
$6 00
126,921 50
125,926 50
232,242 69
437,315 35
Loans and Bills Receivable
Traffic and Car Service Balances Receivable
Net Balance Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Interest and Dividends Receivable
Rents Receivable
Net Balance Due from United States Government
lig.YWI
226,821 gi
23,228 70
6,834,970 83
10,793,442 04
$36,994,945 80
DEFERRED ASSETS:
Working Fund Advances
Other Deferred AssetsSouthern Railway Company's Proportion of Bonds Issued Jointly
5,913,500 00
Other Accounts
1,055,080 07
United States Government-Accrued Depreciation for 1918
United States Government-Material and Supplies
:33,060 92
69,092 05
35,913,500 00
984,028 41
5,555,981 51
11,009,197 25
23,462,707 17
36,968,58007
23.405,768 09
$7,037,672 12
UNADJUSTED DEBITS:
Other Unadjusted Debits
CONTINGENT ASSETS:
L. & N. Terminal Co. Fifty-year 4% Gold Bonds outstanding, endorsed by Louisville & Nashville
2,500,000 00
Railroad Company and Nashville Chattanooga & St. Louis Railway
'Memphis Union Station Company First Mortgage 5% Gold Bonds guaranteed by the Louisville &
2,500,000 00
Nashville Railroad Company and other interested Railroad Companies
698,156 01
1,186,725 30
2,500,000 00
2,500,000 00
5,000,000 00
35.000,000 00
Grand Total
$378,243,940 74
828,079,339 94
3,929,000 00
Securities Issued or Assumed-Unpledged
Securities Issued or Assumed-Pledged
3375,899,948 87
$35,066,345 33
3,929,000 00
Note.-Does not include 83,465,700 for equipment delivered in 1918, which is to be placed in a Trust Agreement covering equipment costing approximately $9,764,826, with the Safe Deposit & Trust Co. of Baltimore, as Trustee.
THE CHRONICLE
APR. 19 1919.1
1623
LIABILITIES.
Dec. 31 1917. STOCKS:
Capital StockFull shares outstanding
$71,917,200 00
Fractional shares outstanding
720 00
Original stock and subsequent stock dividends unissued
82,080 00
$72,000,000 00
12,116 76
Cr.
$71,917,200 00
720 00
82.080 00
$72,000,000 00
12,116 76
Premium on Capital Stock
$72,012,116 76
$72,012,116 76
10,995.02
10,995 02
GOVERNMENTAL GRANTS:
Grants in Aid of Construction
LONG TERM DEBT:
Book LiabilityFunded Debt--Unmatured
203,488,164 94
Held by or for this Company$28,079,339 94 In Treasury
1,290,000 00 In Sinking Funds
3,929,000 00 Deposited as Collateral
500,000 00 Special Deposit
$208,979.170 33
$35.066,345 33
1,371,000 00
3,929,000 00
500,000 00
$33,798,339 94
40,866,345 33
Actually outstanding
Liability of Southern Railway Company for Bonds Issued Jointly with this Company
$169,689,825 00
5,913.500 00
$175,603,325 00
360,489 37
$175,963,814 37
316.118 94
5,864,584 07
900,655 95
2,068,869 50
111,927 93
108,000 00
2,520,000 00
994,936 65
6,286 87
7,900 00
$12,899,179 91
42,829 25
3,522,419 92
11,700,613 79
23,565,389 27
345,642 82
1.773,011 53
$40,907,077 33
2,385,269 43
736,208 49
193,877 51
$3,315,355 43
68,092,572 67
$168,112,825 00
5,913,500 00
$174,026,325 00
354,364 11
Non-Negotiable Debt to Affiliated Companies-Open Accounts
174,380,689 11
CURRENT LIABILITIES:
Loans and Bills Payable
Traffic and Car Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Interest Matured, Unpaid
Dividends Matured, Unpaid
Funded Debt Matured, 'Unpaid
Unmatured Dividends Declared
Unmatured Interest Accrued
Unmatured Rents Accrued
Other Current Liabilities
$1,300,000 00
167,660 95
327,304 22
448,523 01
2,213,362 00
118,294 00
150,000 00
2,520,000 00
986,647 40
--1.771-0-645
8,240,541 58
DEFERRED LIABILITIES:
Other Deferred Liabilities
UNADJUSTED CREDITS (see Note):
Tax Liability ________________________________________________________
Accrued Depreciation-Road
Accrued Depreciation-Equipment
Accrued Depreciation-Miscellaneous Physical Property
Other Unadjusted Credits
3917,595 30
12.681,672 50
25,957,514 66
388,763 11
777,813 66
CORPORATE SURPLUS:
Additions to Property through Income and Surplus
, Sinking Fund Reserves
Appropriated Surplus not Specifically Invested
$2,398,676 98
821,273 73
223,625 70
k 35,962 03
40,723,359 23
Total Appropriated Surplus
Profit and Loss-Balance
$3,443,576 41
72,052.708 73
$71,407,928 10
CONTINGENT LIABILITIES:
L. & N. Terminal Co. Fifty-year 4% Gold Bonds outstanding, endorsed by Louisville & Nashville
Railroad Company and Nashville Chattanooga & St. Louis Railway
Memphis Union Station Company First Mortgage 5% Gold Bonds guaranteed by the
2,500,000 00
&
Nashville Railroad Company and other interested Railroad Companies
Louisville
75.496.285 14
2,500.000 00
2,500,000 00
2,500,000 00
$5,000,000 00
5,000,000 00
Grand Total
$378,243,940 74
$375,899,948 87
Note.-Does not include liability for $3,465,700 for equipment delivered in 1918, which is to be placed in a Trust Agreement covering equipment
costing approximately $9,764,826, with the Safe Deposit & Trust Co. of Baltimore, as Trustee.
TABLE NO. 11-PROFIT AND LOSS ACCOUNT.
CREDITS.
Balance to credit of this account January 1 1618
Credit Balance transferred from Income Account
*Revenues Prior to January 1 1918Railway Operating Revenues, received direct
Hire of Freight Cars-Credit Balance, received direct
Rent from Passenger-Train Cars, received direct
, Rent from Work Equipment, received direct
Revenue Prior to January 1 1918. received through United,States Railroad Administration
$68,092,572 67
10.849,037 47
$377,146 46
227,858 24
6,281 31
139 50
88.378 57
$699.804 08
11 41
Add-Elkton & Guthrie RR. and Glasgow By (Debit)
Profit on Road and Equipment Sold
DonationsEstimated value of land, labor and material donated for transportation purposes
Miscellaneous CreditsUnpaid amounts on Pay-rolls, Vouchers, and Freight Claim Authorities audited prior to January 1
1914, written off
Sundry amounts
699,815 49
8,543 33
2,261 08
$52,071 42
27,726 61
DEBITS.
79,798 03
$79,732,028 07
*Operating Expenses, Joint Facility and Equipment Rents, Taxes and Uncollectible Railway Revenues,
prior to January 1 1918
$2,543,190 38
Less-Elkton & Guthrie RR. and Glasgow Ry. proportion
2,011 19
$2,541,179 19
Surplus applied to Sinking and other Reserve Funds
362 50
Dividend Appropriations of SurplusCash Dividend, 3%7
0, payable August 10 1918
$2,520,000 00
Cash Dividend, 3M%, payable February 10 1919
2.520,000 00
5,040,000 00
Surplus Appropriated for Investment in Physical Property
2,261 08
Debt Discount extinguished through Surplus
4,392 65
Loss on Retired Road and EquipmentOriginal cost and expense of removal of facilities abandoned prior to January 1 1918, and not replaced,less salvage recovered and depreciation accrued
65,254 84
Miscellaneous DebitsSundry amounts
25,869 08
Balance Credit
72,052,708 73
$79,732,028 07
* These amounts, in the report to the Inter-State Commerce Commission, are credited to Income Account-"Miscellaneous Accounts," or, are
charged to Income Account-"Miscellaneous Income Charges" in accordance with the Commission's requirements, but in this report are carried direct
to Profit and Loss, as all of the charges or credits arose account of business prior to January 1 1918, and there were no corresponding "lap-over" items
at.,December 31 1918 accruing to or chargeable against this company, to off-set these amounts.
- -O'Brien, Potter & Co., bankers and investment counselors of Buffalo,
have
occupied
Savii
Main St. Alterations will be begun on the building just as soon as the
& Co., 61 Broadway, this city, are offering andladvertising 215
business
of
the
arrangements
bank
will
permit
of
their
vacating.
another
page
$1,000.000 Cincinnati Abattoir Co. 7%
for in- vestment on
-Hartshorne, Fales & Co., members of the N. Y. Stock Exchange,
sinking fund notes due April 1 1929. Price and description data on
application.
7141 71 Broadway, this city, have in preparation a letter discussing the prospects
and possibilities of the Commonwealth Petroleum Co. The letter will be
-R.H.Simpson & Co.. members New York Stock Exchange,61 Broad- sent by the firm to inquirers who ask for Circular No. C.E.44.
way, announce that Louis D.Stanton,formerly Assistant Treasurer of the
-P. W.Chapman & Co., 112 So. La Salle St., Chicago, and 53 William
Guaranty Trust Co., has been admitted to membership in their firm.
St., New York City, have prepared for free distribution special reports on
Chestnut
Streets,
&
3d
Co.,
Philadelphia, have Issuedfgg general conditions and investment opportunities in the Republic of Hayti.
-Moyer &
cular regarding the status and prospects of the Electric Storage Battery„Co. Copies will be mailed upon request.
CURRENT
NOTICES
1624
THE CHRONICLE
[VOL. 108.
ALLIS-CHALMERS MANUFACTURING COMPANY
SIXTH ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31 1918.
Milwaukee, Wis., April 4, 1919.
To the 3tokholders:
On behalf of the Board of Directors, there is submitted
herewith a report on the affairs of the Allis-Chalmers Manufacturing Company for the fiscal year ended December
31 1918, including Profit and Loss Account and Balance
Sheet am of December 31 1918.
PROFIT AND LOSS ACCOUNT.
Sales billed
$35,031,233 78
Cost, including depreciation and development expenditures- 23,339,430 59
Factory profit
Selling, publicity, administrative and general expenses..
$11,691,803 19
2,220,166 46
Manufacturing profit
Add—Other income:
Interest, discounts, royalties, commissions, etc
$9,471.636 73
283,112 25
Total profit and income
19,754,748 98
Deduct—
Provision for Federal taxes and for general
contingencies
$4.549,000 00
Special amortization of buildings, machinery
and facilities installed by reason of war
requirements
579,882 22
5.128,882 22
Net profit, carried to balance sheet
$4,625,866 76
BALANCE SHEET DECEMBER 31 1918.
ASSETS.
Properly Account:
Land. Buildings, Machinery, Tools and
Equipment—at Depreciated Values_ _ _ _$10,662,866 IV
Land, Buildings, Machinery,
Tools and Equipment,Bullock Works—at Depreciated Values
$1,565,830 88
Deduct—First Mortgage 6%
Gold Bonds of Bullock Co_ 936,000 00
629,830 88
Patents, Patterns, Drawings and Good-will 19,409,072 62
330,701,770 67
Treasury Securities, Etc.:
First Mortgage 6% Gold Bonds of The
Bullock Electric Manufacturing Com$879,251 00
pany $925,300 par value (at cost)
3,166 Shares Preferred and 2,2923 Shares
Common Stock Allis-Chalmers anufacturing Company
122,320 50
Balance owing for Preferred Stock of the
Company allotted to employees under
additional compensation plan
131,995 10
Real Estate Mortgages, Land Sales Contracts and Property not required for operations
648.745 45
1.782,312 05
Current and Working Assets:
Inventories of Work in Process, Manufactured Stock, Raw Materials and Supplies$17,436,478 40
Accounts and Notes Receivable (less Reserve)
7,150,490 90
Sundry Marketable and other Securities
(including Liberty Loan Bonds and
Treasury Certificates at par, $4,118,050) 4,733,137 66
Cash in Banks and on hand
1.951,139 23
Prepaid Insarance
36,601 13
31,307,847 32
$63.791,930 04
LIABILITIES.
Capital Stock Issued:
Preferred
Common
$16,500,000 00
26,000,000 00
$42,500.000 00
Curent Liabilites:
Notes Payable
Accounts Payable and Pay-Rolls
Advances Received on Contracts
Reserves for Erection and Completion of
Contracts Billed
Accrued Taxes (including provision for Income and Profits Taxes)
Reserves for Additional Compensation and
Employees' Extra Payments
Dividend on Preferred Stock Payable January 15 1919
$400,000 00
1,569,907 15
3,202,720 18
1,003,176 92
4,749,436 41
335,714 31
depreciation and amortization of buildings and equipment
used for war purposes.
Adequate provision has been made from the year's earnings to meet all requirements for taxes including an estimated amount for Federal Income and Profits Taxes. Development expenditures and experiments to provide for new
lines and broaden the present lines of manufacture aggregated $274,195 42 which has been charged to the cost of
manufacture.
DIVIDENDS.
In the year 1918 four dividends of two and one-half per
cent each were declared Oil the preferred stock—a total of
ten per cent, of which seven per cent was for regular dividends and three per cent on account of accumulated dividends. After these payments there remained four per cent
in arrears on dividends on the preferred stock. The surplus as per Balance Sheet at the close of 1918 after deducting
dividends paid and declared was $8,470,048 54.
LIBERTY BONDS AND TREASURY CERTIFIOATBS.
The Company and as employees subscribed to all issues
of U. S. Liberty Bonds as well as Red Cross, Y. M. C. A.,
United War Chest and other relief funds. At the close of
the year the Company was the owner of $1,686,350 00 par
value of Liberty Bonds Lud $2,000,300 00 of U. S. Treasury Certificates.
INCREASE IN PLANT AND WORE...NG CAPITAL.
To provide for increased volume of bl•siness it has been
necessary to expend larger amounts than usual for capital
improvements. These expenditures aggregating $1,632,312 09 consisted principally of additions to equipment, new
buildings and extensions to buildings.
The net working capital of the Company as of December
31 1918, comprising cash, receivables, marketable securities
and current inventories, less notes and accounts payable,
pay rolls, dividends, taxes accrued (including provision for
Federal Taxes) and other current obligations amounted to.
$19,642,307 35 as compared with $16,431,545 74 on December 31 1917, an increase of $3,210,761 61 for the year.
UNFILLED ORDERS.
The volume of unfilled orders on hand December 31
1918 after deducting cancellations of Government work
was $23,153,703 16.
GENERAL.
The Additional Compensation and Extra Payment Plans
referred to in previous reports have been continued. Industrial conditions have made it necessary to adjust wages
and salaries at various times throughout the year.
The unprecedented conditions have occasioned demands.
and furnished problems requiring extreme diligence and
careful attention on the part of the entire organization.
During the year there has been maintained a spirit of cooperation on the part of officers and employees which has
been a large factor in the results achieved. The Board of
Directors desires to express its sincere appreciation of the
efficient services rendered.
The annual meeting of the Company will be held at its
principal office in Wilmington, Delaware, at twelve o'clock
noon on May 8 1919.
By order of the Board of Directors.
OTTO H. FALK, President.
404,585 00
11,665,539 97
Cable Address: "Pricewater" Milwaukee. Montreal
Toronto
Winnipeg
Vancouver
157,235 18
PRICE. WATERHOUSE & CO.
London
1,156,341 53
Paris
Profit and Loss Account:
First National Bank Building
Petrograd
Balance January 1 1918
$5,463,604 28
Buenos Aires
Add—Net Profit for the year ending
Milwaukee
Rio de Janeiro
Dec. 31 1918, as per statement attached 4,625,866 76
Valparaiso
Cairo
$10,089,471 04
Alexandria
Deduct—Dividends on Preferred Stock deApril 2 1919.
clared during the year 1918, being 7%
To the Directors of the Allis-Chalmers Manufacturing Company, Milwaukee,
regular and 3% on account arrears—fa1,619,422 50
Wisconsin.
8,470,048 54
We have examined the books and accounts of the Allis-Chalmers Manu$63,791,930 04 facturing Company for the year ending December 311918, and certify that
the Balance Sheet as at that date and relative Profit and Loss Account are
INCOME ACCOUNT.
correctly prepared therefrom.
During the year only expenditures for actual additions and extensions
The net profit for the year 1918 was $4,625,866 76 com- have
been charged to property account, and a substantial provision for the
extraordinary cost of additions and facilities installed by reason of war
pared with $4,010,490 51 for the preceding year.
and conditions has been charged to operations. Ample proThe books and accounts of the Company have been au- requirements
vision has been made for depreciation and accruing renewals of buildings
dited by Price, Waterhouse & Co., Chartered Accounts, and equipment. All expenditures incurred for experimental and developwork have been charged off as operating expenses.
whose certificate is appended. A complete examination ment
The book inventories of work-in-process, manufactured stock, materials
and verification of of all inventories was made before closing and supplies (which are certified by the responsible officials to be correct
to contain no obsolete or unsalable stock, except at appropriate values,:
and the values of raw materials and supplies included therein and
have been valued on the basis of cost less provision for shrinkage in market
are not in excess of market prices; any obsolete or unsalable prices of materials.
We have verified the cash and securities by actual inspection or by cerstock having been written down to appropriate values. The tificates
from the depositaries or other satisfactory evidence of ownership.
large volume of orders on the books and entered during the
Full provision has been made for bad and doubtful debts and for all
ascertainable liabilities, including the estimated amount of Federal income
year necessitated a substantial increase in the inventories.
profits taxes payable for the year 1918.
The Company has as usual established liberal reserves to andWe
certify that in our opinion the Balance Sheet is drawn up so as to
the true financial position of the Company at December 31 1918.
cover general contingencies. The large production requiring show
that the relative Profit and Loss Account is a fair and correct statement
continued action by day and night shifts has resulted in and
of the results of the operations for the year ending on that date.
heavier maintenance and called for greater reserves for
PRICE, WATERHOUSE & CO.
Reserves:
For General Contingencies
For Liability under Employees'Compensasation Act
3999.106 35
New York
Chicago
Philadelphia
Boston
St. Louis
Pittsburgh
Milwaukee
Detroit
San Francisco
Los Angeles
Seattle
APR. 19 1919.]
THE CHRONICLE
1625
Declaration that labor of a human being should not be
considered a commodity or an article of commerce: 2. An
international maximum 8-hour workday; 3. A Standard and
adequate living wage for all labor performed whatever that
COMMERCIAL EPITOME
may mean; 4. Equal pay for equal work performed by man
or woman in equal quantity and of equal quality; 5. ProhibiFriday Night, April 18 1919.
Business is steadily expanding and it is believed that the tion of child labor. Australia has declared a moratorium
pace will quicken after the peace treaty is signed. Textiles to protect those who are financially embarrassed as a result
of the influenza epidemic raging there. The airplane as
are active and rising. The sales of print cloths at Fall a
commercial utility has evidently come to stay. The
River have recently been notably large. And as a significant
sign of the times New England mill shares have been rising Atlantic ocean despite the big risks of engine failure will
sharply. The trade in woolen and silks has also increased undoubtedly be crossed before long. The first airplanes may
considerably. It is believed that the sale of American start from St. Johns, Newfoundland, to-day and from
cotton fabrics will be considerably increased. A large Limerick, Ireland, also to-day. The people are learning
percentage of the cotton spindles of the world are in Europe, to expect anything. And now it is stated as something which
day will doubtless sound almost primitive that Pilot
but the American textile industry has advanced rapidly some
Leon D. Smith of the Postal Aerial Service has just carried
during the war and with Europe bare of cotton and none too 157
pounds of mail,in addition to a full cargo load of gasolene
favorably situated financially it is believed that America's
Washington to New York in the record time of one
trade in cotton goods will be considerably larger than normal from
hour
and 58 minutes, or at the rate of 111 miles an hour.
for perhaps a year or two. And this country is pushing its His time
from Washington to Philadelphia, 128 miles, was
export business in steel, however sluggish the domestic
trade may be. And this causes the British trade, it is one hour and 11 minutes and from Philadelphia to Belmont
Park,
New
York, 47 minutes. Rents are rising here and
understood, more or less anxiety. Bessemer steel rails are
quoted at $55 in this country and British export rails across alleged "profiteering" by landlords is causing sharp comthe waterS are as high as $72 25 which., even allowing for plaint. Flats and apartments are scarce. Young married
freightage, evidently gives the American manufacturers couples offer to buy furniture, if the salesmen will find them
noteworthy leeway in the race for foreign business. It is flats. Some want the matter brought to the attention of
the New York Legislature. Arbitrary raises in rents it is
said that the cost of coal at the mines in Wales, England, is said,
about $6 20 a ton, with some prospect of its being raised The are made by grasping landlords on inadequate notice.
underlying trouble, of course, is the scareity of houses
judging from recent appearances. Under such circumstances
it is believed that England will be handicapped in competi- all over the country, due to the war and the suspension of
tion with this country in the export business of coal, iron construction which it caused. Nor should the fact be overand steel. It would be hard fortune if from a big exporter looked that the cost of running buildings has enormously
it should be forced by dire circumstances to become for a time increased—labor and fuel are both very much higher, and
are also mounting. And now the banks facing a
an importer. Some, too, lay stress on the high average taxes
Victory Loan are not, it seems, in a position to advance
efficiency of the skilled worker in this country as likely to funds
count for not a little in the competition for foreign business Three as freely to builders as they will be able to do later on.
bills to curb so-called rent profiteers permit only one
with other countries. In Europe, too, wages are very high,
increase a year, limit profits of subleasing and extending
and in some parts higher, it would appear, than in this coun- rent
their time between notice of dispossess or rent increase on
try. At the same time Europe must buy heavily from Amer- the
one hand, and the date of its taking effect on the other.
ica of food, clothing, and numerous raw materials. Mean- It
is stated that the importations of liquor into the United
while the outlook for the wheat crop in this country was
never better. It seems reasonably certain from present States will be permitted and this country will remain "wet"
appearance that the winter wheat crop will be far the largest until the constitutional amendment becomes effective next
ever raised. Indications also point to a big spring wheat January, if President Wilson proclaims demobilization over
acreage. We are sending wheat rapidly to Europe and prior to July 1. If prohibition is enforced it will have to be
increasing quantities of late of rye flour, not to mention by the U. S. District Attorneys, not it appears by the
meats, &c. The exports of lard and meats in fact have been States. The question of revenue requirements of the
Government, some expect, will keep the country "wet"
on a noteworthy scale for some time past a fact which has until
January next. Merchants watch the increasing cost of
driven prices for these commodities steadily upward.
The steady rise in the stock market attracts attention in the railroads in the matter of wages, &c., with keen interest
the commercial world. It tends to inspire confidence. Also not to say anxiety. It is safe to say that they generally
it is noted with satisfaction that the Victory Loan instead agree with Vice-President Sisson of the Guaranty Trust Co.
of being $6,000,000,000 will be $4,500,000,000 and the rate when he says that arguments for Federal control of the rail4%,the term of the loan being only four years. roads after the war are political buncombe. He adds that
of interest 43
This means, of course, that there will be less of a draft.on the wage increase just granted was economically unnecessary
the banks than had been feared. That is important at this and will have to be offset by taxation. Also that there had
time as there is no doubt that money is badly needed in this been increases of 25% in freight and 50% in passenger rates
country for reconstructive work of all kinds, which has with service becoming steadily worse. • All these facts argue
been delayed for several years. Houses and other buildings against Government control. This applies also in a general
are scarce and in demand. If advances can be had on a but not less convincing manner to telegraphs and telephones.
larger scale there is no doubt that building will be pushed with Careless service and discourteous treatment of the public
vigor in spite of the high prices for lumber, bricks, cement are miming the evils. A not unimportant item in New York
and other materials. In fact such worklis alreadylincreasing. City's development is that Fourth Avenue with its conAccording to reports to the Department of Labor building tinuing street, Park Avenue, was opened the other day as
contracts were awarded for the week ending!April 4, to the an uninterrupted thoroughfare from Astor Place to Harlem
total of $60,864,085, compared with $43,590,325 awarded River. The cost has been $2,501,150 and brings 50 years of
to the preceding week and to $27,751,076 in the first week of patchwork to an end.
LARD active; prime Western, 30.90@31.00c.; refined to
March.
Ifte
The business in luxuries continues very animated owing the Continent, 32.50c.; South America, 32.75c.; Brazil in
to the increased spending power of farm workers and mech- kegs, 33.75c. Futures advanced to a new high record.
anics and others identified with the great industrial concerns Shorts have covered with almost frantic speed. Receipts
of the country. High prices paid for farm products and of hogs have been insufficient. There have been big orders
labor in the field, factory and on the railroads continues for them. Exports from New York last week reached
igreatly to stimulate the demand for luxuries of all sorts, 5,394,114 lbs. of lard and no less than 32,544,782 lbs. of
including homes, finer clothing, automobiles, jewelry, bacon. Of the 14th inst. pork moved up 1700 to 20 points;
cigars and cigarettes, &c. New York probably has more ribs 82 to 87 points and lard 57 to 60 points. This is cited
hotels than any other city in the world, and, on the whole, as an illustration of the dynamic strenth of the market.
not only larger but finer, but big as the supply is it is not It is based on the vast export requirements and the exceptionally strong cash position. To all appearance thefoundasufficient.
tion could hardly be stronger. Hogs touched $20 70 early
The New York Cotton Exchange and the New Orleans in
the week at Chicago and $21 at Kansas City. English
Cotton Exchange will be closed to-day and to-morrow. quotations
have been advanced. On Thursday prices reacted
The Liverpool Cotton Exchange will be closed to-day,
Saturday, Monday and Tuesday. The New York Coffee & but are higher for the week.
Sugar Exchange will be closed to-day and to-morrow. The DAILY Ci.')SING PRICES OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Sat.
Wed. Thurs. Fri.
New York Produce Exchange, the Chicago Board of Trade, May delivery.
cts..29.97 30.57 30.45 30.25 30.10
Roll
and the New York Stock Exchange will be closed to-day July delivery
28.90 29.47 29.32 29.10 29.02
day
only. A London dispatch says that English food prices
PORK, firmer; mess, $56@$57 nominal; clear, $51@$57.
are coming down and that by the end of May a saving of a Beef remains steady at $35ev$36 for mess; packet,$38ig$39;
dollar a week in the food bill of the workingman's family extra India mess, $64@$66. No. 1 canned roast beef,
would be effected. Such relief would also be welcomed to $4 50; No. 2,
75. Cut meats in good demand and firm
the great mass of the population in this country. They are at 30%@32c. for pickled ham, 10 to 20 lbs. and 33@33c.
not falling in the U. S. Householders in this country for pickled bellies. A big export demand has prevailed for
grumble at the persistent high prices for food. China has bacon, &c. Actual exports are very heavy. Pork has been
heard of it and has sent 3,500 cases of eggs, 8,000 miles to soaring at Chicago. Meats continue very high. And now
New York. Bakers and hotels are purchasers at about the American Meat Packers' Association has issued a
three colts below the domestic price. The world is face to statement from Chicago that lower prices may not be exface with the old question of labor. The five chief points pected until the war stricken countries of Europe are enabled
which the Committee on International Labor Legislation to resume their quota of production. On Thursday pork
hopes to have incorporated in the peace treaty are: 1. closed at $48.75, a sharp rise for the week. Butter, creamery
Tannntercial T,inxts
THE CHRONICLE
1626
extras, 643/s©65c. Cheese, flats, 30@333c. Eggs, fresh
gathered extras, 45 M@46c.
COFFEE on the spot has been fairly active and steady;
Rio No. 7, 163'ic.; No. 4 Santos, 21@213c; fair to good
Cucuta, 203/9203c. Futures have advanced on large
trading. Brazilian markets have risen. New high levels
have been reached on this movement. Not that the trading
has been heavy individually; quite the contrary. But in
the aggregate the buying of Dec. has been rather large.
It was mostly for Wall St. But some think Europe in
reality has been a buyer for long account. On the other
hand, advances have brought about liquidation. The short
interest has been reduced. In other words, the technical
position theoretically at least has been somewhat weakened
though evidently this does not call for any particular emphasis. On Thursday futures closed 14 to 25 points higher.
July ended has risen 73 points during the week touching
16.25c. to-day. Closing prices were as follows:
[VOL. 108.
bales the previous week, making the total receipts since
Aug. 1 1918 4,281,368 bales, against 5,095,114 bales for the
same period of 1917-18 showing a decrease since Aug. 1
1918 of 813,746 bales.
Sat.
Galveston
Texas City
Port Arthur, &c_
New Orleans____
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
N'port News,&c.
New York
Boston
Baltimore
Philadelphia
May____e_16.2516 30 Aug A..._15.880]5 90 Dec _..c..15.19@15.20
15.59015.61 Jan
15.16015.18
June
16.17(16.20 Sept
15.46015 48 March____15.16015.18
July
16.10€116.15 Oct
Nov
15.32015.34
TM-sag thig vrt-ple
*Estimated.
Pennsylvania dark $400
Cabell
2 77
Crichton
1 75
Corning
285
Wooster
2 85
Thrall
2 25
Strawn
2 25
De Soto
2 15
North Lima
2 38
Total this wk.
Mon.
Tues. I Wed.
Thurs.
Fri.
Total.
2,457
257
3,924
2,908
419
5,841
1,28
26
3,895 20,311
936
____
2,608
466
3,771
27
5,41
1,72
*4,000 27,093
208 2,540
1,312
1,498
5,981' 5,319
100
17,
1
,
1,817 1,302
460
37
382
821
30
577
922
81
632
248
543
755
1,76
25
586
70
386
1,892
386
9,582
766 3,471
1,277
____
293 '3,339
72
124
124
----R.n24 10.64R 12.804 14.108 11.983 11.564 69.131
45
27
The following shows the week's total receipts, the total
SUGAR remains at 7.280. for centrifugal 96 degrees test, since Aug. 1 1918 and the stocks to-night, compared with
Cuban and Porto Rican; granulated, 9c. Cuban exports last year:
are on an unusually big scale. Atlantic ports receipts have
Stock.
been abnormally large. And they may continue so for some
1917-18.
I
1918-19.
Receipts to
little' time to come. The Equalization Board has arranged
This Since Aug This Since Aug
April 18.
for shipments from Cuba this month of 280,000 tons.
1918.
1919.
Week. 1 1918. Week. 1 1917.
Latterly there has been greater activity in purchases of raw Galveston
20,311 1,439,390 8,484 1,491,601 228,218 284,031
sugar. Business in refined is increasing slowly. Western Texas City
41,842
14,056
63,634
66,948
936
.8,102
Arthur
beet sugar is in brisk demand. But as regards cane sugar Port
21,418
53,527
196
Pass,&c_
it must be confessed that jobbers and manufacturing in- Aransas
New Orleans
277,665 1,172,289 20,190 1,386,033 433,310 431,741
12,000
16,478
92,016
211
2,540 122,273
terests are buying cautiously even if a trifle more freely than Mobile
30,213
9,812
Pensacola
recently.
11,250
13,800
20,417
38,000
Jacksonville
386
9,582 803,910 187,46 986,850 185,309 271,658
OILS.-Linseed in fair demand and firmer; city raw, car Savannah
12,500
1,200
Brunswick
57,180
500 120,500
lots, $1 53; 5 bbl. lots, $1 56. Lard, prime edible, steady Charleston
57,565
44,705
3,471 147,012
627 191,921
45,926
57,712
90,866
1,277
91,734
967
Wilmington
at 2.50c. Cocoanut oil, Ceylon, bbls., steady at 143/2@ Norfolk
94,987
3,339 250,763 2,336 278,306 124,029
15c. Corn oil, crude, wood, 18@183'c. Newfoundland N'port News,Stc2
5,247
2,987
92
82,578 147,739
7,416
188 109,336
cod, 90@95c. Spirits of turpentine, 773/@78c. Common New York
16,939
10,965
96,889
21,907 • 317
Boston
72
to good strained rosin, $12 50@$12 60.
35,827
74,937
6,170
124
17,027
742
Baltimore
8,125
3,312
5,931
90
PETROLEUM in good demand and steady; refined in Philadelphia
barrels, cargo, $17 25@$18 25, bulk, New York, $9 25©
69,131 4,281,368 53,313 5,095,114 1,232,152 1,461.820
Totals
$10 25; cases, New York, $20 25@$21 25. Motor gasolene
In order that comparison may be made with other years,
in steel barrels to garages, 243/Ic.; to consumers, 263/2c.
totals at leading ports for six seasons:
Gas machine, 413c. Receipts of crude petroleum during we give below the
March by the Eastern pipe lines, according to the "Oil City Receipts at-- 1919.
1914.
1915.
1917.
1916.
1918.
Derrick" were 2,091,837 bbls. showing an increase of 135,988
45,027
54,974
20,151
8,484
26,655
Galveston
___
20,311
bbls. over February figures, but the daily average of 67,478 TexasCity,&c
294
2,488
171
3,891
936
196
bbls. shows a loss of 2,373 bbls. as compared with the New Orleans_ 27,093 20,190 18,796 15,871 30,685 25,746
429
5,974
1,230
3,919
Mobile
2,540
211
previous shorter month. At the same time the daily average Savannah
6,022
10,388
15,799
' 9,582
18,463
12,620
400
for this report is larger than for any other month of March Brunswick_
4,000
10,000
500
2,500
3,754
7,185
5,470
930
Charleston,&c
3,471
627
since 1912. The daily average for Feb. was 69,851 bbls.; Wilmington
3,334
967
238
6,712
1,277
3,783
for Jan. 66,775 bbls.; for Dec. 66,850, Nov.63,471, and for Norfolk
4,179
12,054
12,093
8,530
2,336
3,339
4,267
3,765
92
109
3,925
N.Ac.
Oct.69,464 bbls. which was the largest monthly average N-port
1,330
5,029
9,197
1,247
7,536
All others_ _ _ _
582
during 1918.
South Lima
$2 38
Indiana
2 28
•
Princeton
2 42
Somerset, 32 deg__ 260
Ragland
1 25
Electra
2 25
Moran
2 25
Plymouth
2 33
Corsicana, heavy_ 1 05
Illinois, above 30
degrees
_ __$2 42
Kansas and Oklahoma
2 25
Caddo, La., light_ 2 25
Caddo, La., heavy 75
Canada
2 78
Healdton
1 20
Henrietta
2 25
Ain,. An
69,131
53,313
71,799
113,603
152,756
83,172
1 4_281 RAR 501)5114 6.051.520 8.100.051 0.549.069 9.897.446
The exports for the week ending this evening reach a total
of 95,702 bales, of which 47,932 were to Great Britain,
to France and 47,770 to the other destinations.
Exports for the week and since Aug. 1 1918 are as follows:
TOBACCO.-Domestic 1918 crop has been firmer, espeFrom Aug. 1 1918 to April 18 1919.
Week ending April 18 1919.
cially for Connecticut and Wisconsin, with a better busiExported toExported toness not only in these growths but also in that of PennsylExports
Great
Great
from
vania. But Ohio has been unsettled; bids and asking prices
Total.
Britain. France Other. Total. Britain. France. Other.
are too far apart for business. Old-crop domestic is steadier
121,788
317,614
1,041,327
14,001
49,616
Galveston__
601,925
35,615
but rather quiet. Havana and Porto Rico descriptions
15,800 15,800
City
have been quiet but steady. On the whole, however, the Texas
330
330
Pt. Nogalez
150 4,160 439,737 222,358 167,560 829,655
NewOrleans 4,000
market shows some signs of waking up.
74,584
74,584
Mobile ____
9,922
COPPER in small demand and steady at 153@153'c. Pensacola__
_
9,922
11,968 197,849 162,202 182,466 151,503 496,171
Savannah__ 7,581
for electrolytic. Tin in small demand and steady at 723/2c. Brunswick
44,325
_
44,325
Lead has met with very little demand but prices have re- Charleston _
1,582
182
1,000
400
22,405 22,405
Wilmington
mained steady at 4.95@5c. Spelter dull and easier at Norfolk____
31
33,957
33,92
6.40c. It is stated that the War Department is disposing New York_ -r7513
664 1,4015 288,358 50,750 220,543 550,651
Boston ___
26,322
5,577
300 32,199
of 7,000 tons of surplus lead at current prices.
Baltimore__
12,555
12,555
PIG IRON has been quiet and more or less unsettled. Philadel'a__
2,300 21,426
19,12
12,437
447,502 447,502
Washington
Everything waits on the issue of the dispute at Washing- San
117,332 117,332
Fran....
8,550 8,550
ton as to prices. Buyers in the meantime hold aloof. And
Total__- 47,932
47,770 95,702 1,713,164 583,9701,463,5893,760,723
certainly that is not surprising. But of course everybody
hopes that the deadlock will end in the near future in some Tot.'17-18* 4,795
86 23,042 27,923 1,916,527 484,242 1,048,9703,449,739
way and that business will then take on a new lease of life. Tot.'16-17- 29,482 14,120 28,748 72,3502,262,826 749,792 1,564,8634,577,481
But just at the moment optimism is certainly not the domi*Figures adjusted to make comparison with this season approximately correct.
nant note in this branch of business. On the contrary, if
In addition to above exports, our telegrams to-night also
anything the pessimistic twanging on one string is perhaps give us the following amounts of cotton on shipboard, not
being rather overdone.
cleared, at the ports named. We add similar figures for
STEEL trade halts pending the settlement .of the price New York.
question. In some districts it is said only 50% of the
On Shipboard, Not Cleared forcapacity is in operation. The fact that the Railroad AdOther Coastministration will not pay the prices recently decided upon has
Leaving
Great
GerStock.
Apr.18 at- Britain. France. many. Contl. wise. Total.
certainly cast more or less of a gloom over the steel business, or rather certain branches of it. The export outlook Galveston ____ 8,443 16,000
4,040
500 28,983 199,235
258 34,650 398,660
New Orleans__ 14,272 3,460
16,660
is believed to be better than domestic prospects.
Savannah ____ 1,000
3,000 4,000 181,309
COTTON
Friday Night, April 18 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
69,131 bales, against 66,458 bales last week and 78,025
Charleston____
Mobile
Norfolk
New York*
Other ports*
Total 1919
Total 1918
Total 1917
*Estimated.
600
1,1716
2,700
2,500
"NO
2,000
1,000
30,355 22,460
22,750 9,000
33,592 15,706
2,800
2,000
600
1,440
200
7,500
5,500
56,965
15,038
123,829
75,078
99,165
25,500 4,558 82,873 1,149,279
21,779 21,162 74,691 1,387,129
18,963 11,551 79,812 1,036,998
APR. 191919.1
THE CHRONICLE
Speculation in cotton for future delivery has been rather
brisk of late, at higher prices for the week. The rise was
due largely to predictions that peace will be signed by
April 25. This is supposed to open up prospect of increased
exports next month. Also, the weather at the South has
been more or less unfavorable., Certainly, the season is late.
Various reports put it anywhere from two weeks to 'a month
late. Some even say more than this. And though there
has been talk to the effect that the campaign for a reduced
acreage was illegal, reports are insistent to the effect that
some reduction will certainly be made. The Department of
Justice will not prosecute those who do reduce their acreage.
And the familiar arguments are not forgotten of high prices
for fertilizers, mules and supplies generally, together with
the scarcity of labor. And potash,.it is supposed, forms a
very small ingredient in most of the fertilizers now being
sold. As to the possibility of getting German potash in time
or in any large quantity this season it is said to be rather slim.
Also, it is declared, that there is no likelihood of its being
sold at anything like the relatively low prices current before
the war. Meanwhile the Liverpool market has been steadily
rising. What is more, Manchester has sent more cheerful
reports. It told of a better demand at stronger prices. On
this side of the water New England mill shares have rapidly
risen. Some have moved upward 10 to 15% within two
weeks. Fall River print cloth sales last week were estimated
at as high as 370,000 pieces. This alone seemed to wake
up the bears with a start. Besides, print cloths here have
been very active and rising. Yarns have also been firm
with a better demand. All this has offset reports of a rather
poor trade at Southern mill centres. But now there seems
to be some improvement at the South also. Thousands of
soldiers are returning to the country. Naturally, as the
army is demobilized it will return to civilian clothing. This
means a big demand for textiles, of one sort or another. The
textile industry seems to be one of the few in this country
which is now going ahread. Certainly it is not held up like
iron and steel pending the question of prices. The demand
for men's and women's wear goods is well known to be sharp
in many parts of the country. The buying power of the
working and agricultural population of the United States
was never so great as now. Women earning abnormal wages
have more money to spend than ever before in American
history. This, of itself, is a powerful lever in moving trade
and prices. And apart from this, with the advent of peace
apparently near at hand, it is believed that exports to
Europe will soon expand. Also, the fact is emphasized that
the supplies in consuming establishments, according to the
Census figures, were only 1,462,566 bales on April 1, against
1,720,406 bales on the same date last year, 2,053,904ba1es
in 1917 and 1,979,764 bales in 1916. And stocks outside of
this, it is maintained, are not abnormal. They are smaller
at the ports than last year and also than in some other
recent years and, though they are large in the interior towns,
the total of American cotton in the world, it is maintained,
is not large enough to base an expectation of lower prices
upon it.
The French Commission has been buying July here if it
has sold October. Italian and Japanese interests have also
bought. Liverpool has been a steady buyer on the differences. Wall Street has been buying October and December.
The West, especially Chicago, has also bought to some
extent. But largely it has been a case of domestic trade and
foreign buying. Liverpool and the Continent have bought
persistently. That, at any rate, has been a powerful force
in lifting prices. Europe has about two-thirds of the mills
of the world, but it is bare of cotton. This fact, it is contended, offsets any seeming plentifulness of supplies in this
country. And Europe, of course, must buy here. Sterling
exchange has latterly been stronger, moreover.
On the other hand, prices have been rising for some little
time. A reaction, if only for a time, would not surprise
many. The South has been a steady seller against the
actual cotton. This hedge selling has, from time to time,
caused temporary setbacks. The May delivery has lagged
behind other months until to-day. Some attribute this to
a fear of tenders. Futures have been rising faster than
spots. In fact, at times during the week spots have been
reported easier at the South. Some who were long of May
and short of July have been selling out May and buying in
the July. Italian exchange early in the week broke sharply,
i. e., 7 to 8 cents in a single day. Then there are those who
believe that Europe is in no position to buy cotton. They
argue that it will have to buy gradually. Also the Census
exhibit of consumption in March showed a noteworthy
falling off compared with recent months. The active
spindles in Marcia were 32,642,376, against 33,799,976 in
March last year. The stocks in country storage and at
compresses on April 1 were 4,318,828 bales, against 3,250,957 bales on the same date last year. Some think that
the acreage will not be cut down if prices continue to rise.
They think it stands to reason that the South will plant a
full acreage if it sees that it is likely to get full prices. It
grumbled at 20 cents for the fall months, when they were
around that price recently. But October during the week
has reached 24.28 cents and December 23.83 cents, which is
certainly a very different matter. On Thursday prices
advanced on good foreign and domestic buying, partly for
1627
Chicago and partly by sold out local bulls anxious to get back
after futile waiting for a predicted sharp reaction. The
weather was bad east of the Mississippi; too cool and rainy
in parts. The season is late. Peace is supposed to be close
at hand and with it a better business. Middling upland
on the spot closed at 28.65c., a rise of 20 points for the week.
The Exchange is closed Friday and today.
The following averages of the differences between grades,
as figured from the Apr. 16 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on April 24:
Middling fair
2.08 on
Strict good middling
1.60 on
Good middling
1.18 on
Strict middling
0.63 on
Strict low middling
1.73 off
Low middling
4.78 off
*Strict good ordinary
8.08 off
*Good ordinary
10.18 off
Strict good mid."yellow" tinged.1.38 off
Good middling "yellow" tinged_1.93 off
Strict middling "yellow" tinged-2.87 off
*Middling "yellow" tinged
4.48 off
*Strict low mid."yellow" tinged_6.68 off
*Low middling "yellow" tinged_ _9.48 off
Good middling "yellow" stained_4.45 oft
*Strict mid. "yellow" stained-_5.98 off
*Middling "yellow" stained
7.55 off
*Good middling "blue" stained__5.80 off
*Strict middling "blue" stained_ _6.83 off
*Middling "blue" stained
8.35 off
* These ten grades are not deliverable
upon new style contracts.
The official quotation for middling upland cotton in
New York market each day for the past week has been: the
April 12 to April 18Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
28.45 28.70 28.65 28.30 28.65 Hol.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Apr. 18 for each of the past 32 years have been as follows:
1919_c
1918
1917
1916
1915
1914
1913
1912
28.65
30.30
20.40
12.10
10.35
13.10
12.25
11.85
1911_c
1910
1909
1908
1907
1906
1905
1904
14.90
15.05
10.75
9.90
11.10
11.85
7.85
14.00
1903_c
1902
1901
1900
1899
1898
1897
1896
10.40
9.19
8.38
9.88
6.31
6.25
7.44
7.94
1895_c
1894
1893
1892
1891
1890
1889
1888
694
'
7.56
7.94
7.12
8.94
11.81
10.81
9.75
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns
which
show at a glance how the market for spot and futures closed
on same days.
Spot
Market
Closed.
Saturday_
Monday.
Tuesday ___
Wednesday_
Thursday
Friday
Futures
Market
Closed.
SALES,
Spot. Contract Total.
uiet, unchanged__ Very steady___
uiet, 25 pts. adv__ Very steady___
uiet,5 pts. dec._ _ - Steady
uiet,35 pts. dec._ - Steady
uiet. 35 pts. adv_ _ Strong
OLIDAY
Total_
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
April 12. April 14. April 15. April 16. April 17. April 18.
Old Contraa:
April'•
Range
Closing-- 25.05 -25.23 -25.50 -25.38 -26.10 -MayRange
24.55-.85 24.75-.10 25.10-.50 25.10,50 25.40-.00
Closing_ _ _ 24.85 -25.03-.10 25.30 -25.18 -- 25.90 JuneRange
Closing
23.95 -24.49 -25.15 -- 25.13 -- 25.45 JulyRange
23.70-.76 23.75-.30 24.30-.95 24.90-.10 24.88-.40
Closhig---- 23.75 -24.29 -24.95 -25.03 -25.25 AugustRange
23.55
23.90 00
Closing...- 23.00 -23.50 -24.00 -24.00 -25.00 SeptemberRange
23.75-.12
Closing..._ 22.45 -- 23.50 -23.92 -23.90 -- 24.50 OctoberRange
22.05-.10 22.34-.50 22.70-.03 22.75-.04 22.90-.50
Closing.-- 22.10 -22.50 -22.90 -22.90 -23.50 NovemberRange
Closing_ _ _ 22.15
22.40 -22.90 -22.90 -23.50 DecemberRange
--22.18-.75---23.00 -23.00 Closing_ _ _ _ 22.20-.25 22.60-.70 23.07-.17 22.90-.00 23.50 JanuaryRange
Closing.... 22.10 -- 22.50 -22.90 -22.90 -23.50 FebruaryRange
Closing_
22.00 -22.40 -- 22.80 -- 22.90 -- 23.50 New Contract.
HOLIAprilDAY.
Range
26.12-.48 26.35-.70 26.75-.10 26.70-.08 26.80-.40
Closing.... 26.45 -26.65-.70 26.85-.92 26.78-.81 27.39-.40
JulyRange
24.27-.49 24.40-.65 25.12-.63 25.18-.66 25.29-.90
Closing
24.40-.43 25.00-.05 25.45-.52 25.30-.40 25.80-.90
AugustRange
24.10
Closing_
23.40 -- 24.00 -24.45 -24.36 -24.80 SeptemberRange
23.45 -24.25 -24.35 Closing.... 23.20 -23.80 -24.17 -- 24.05 -24.50 OctoberRange
22.48-.80 22.67-.29 23.35-.93 23.46-.93 23.62-.28
Closing_ _ _ 22.68-.70 23.27-.29 23.67-.73 23.70-.76 24.20-.28
NovemberRange
Closing.- _ 22.40 -122.91 -23.37 -- 23.38 -23.85 December22.06-.3822.32-.85 22.97-.50 23.05-.52 23.20-.83
Range
Closing_ _ _ 22.25-.28,22.81-.83 23.27-.30 23.28-.32 23.75-.83
January21.97-.07,22.17-.45 22.77-.20 22.89-.21 23.00-.55
Range
Closing_ _ _ 22.07 -,22.63,67 23.05-.10 23.05-.10 23.47-.55
FebruaryRange
Closing_ _ 21.97 -,22.53 -22.95 -22.95 -23.37 -March1
21.70-.76 22.00-.30 22.50-.00 22.50-.85 22.61-.35
Range
Closing.... 21.87 -22.40-.45 22.75 -22.75 -23.35 1270. 1 260. J 25c. 0 24c. I 23e.
1628
THE CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the !complete fiures for to-night
(Friday), we add the item of exports from the United States,
minding in it the exports of I.- riday only.
April 18Stock at Liverpool
Stock at London
Stock at Manchester
1919.
bales_ 493.000
13,000
69,000
1918.
417.000
20.000
61.000
1917.
680.000
24,000
52.000
1916.
813.000
54.000
79,000
575,000
498.000
187,000
8,000
86,000
74,000
124,000
2.000
14.000
9,000
756,000
*1.000
*1.000
274,000
7,000
95.000
22.000
*1,000
946,000
*1.000
*1,000
305.000
14,000
80.000
125,000
*1.000
355,000
149.000
401,000
527,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
[VoL. 108.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1918-19-Since
. Week. Aug. 1.
5,199 a444.687
12,054 384,205
22,918
716
702
92,280
53,303
1,000
95,343
156
33,216 644,762
-1917-18Since
Week. Aug. 1.
12,762a1,026,918
9.596 347.209
9,630
--3.816
74,327
34.081
848
1,846 178,621
11.243 558,357
Total gross overland
53,043 1,737,498
Deduct ShipmentsOverland to N. Y., Boston, &c
196
46.440
Between interior towns
28
44.458
Inland, &c., from South
3,452 181,627
39.811 2.229,143
April 18ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes. &c
Total to be deducted
3,676
272.525
1,247 287,093
2,423
82,525
*15,600 a567,220
19.270
936,838
Total European stocks
930,000 647.000 1.157.000 1,473,000 Leaving total net overland *
49,367 1,464,973
20.541 1,292,305
20,000
28,000
India cotton afloat for Europe..
55.000
46,000
333,772 151.000 231,000 368,008
Amer. cotton afloat for Europe
* Including movement by rail to Canada.
95.000
48,000
Egypt, Brazil.&c.,afloat for Eur'e 38.000
33.000
The foregoing shows the week's net overland movement
379,000 317.000 135.000
86.000
Stock in Alexandria. Egypt
Stock in Bombay, India
977,000 *599.000 860.000 1,112,000 has been 49.367 bales, against 20,541 bales for the week last
1,232,152 1,461.820 1.116,410 1,338,795
Stock in U. S ports
1,469,042 1.197.106 995.490 966,013 year, and that for the season to date the aggregate not overStock in U. S. Interior towns
15,180
1.422
U. S. exports to-day
17,681. land exhibits an increase over a year ago of 172 668 bales.
-1918-19- -1917 18
5,394,146 4.497.348 4,598,300 5,440,497
Total visible supply
In Sight and Spinners'
Since
Since
Of the above, totals of American and other descriptions are as follows:
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
American3ecelpts
at
ports
to
April
18
69.131
53.3
13
5.095,114
4.281.368
Liverpool stock
bales_ 328,000 246,000 560.000 598.000 Net overland to April 18
49.367 1,46 1.973
20.541 1.292,305
41,000
31,000
Manchester stock
46.000
68,000
Continental stock
318,000 *127.000 *339,000 *421.000 Southern consumption to Apr. 18a 58,000 2.633,000 86.000 3.074,000
American afloat for Europe
333,772 151.000 231,000 368.000
Total marketed
176.498 8.379.341 159.854 9,461,419
U.S. port stocks
1,232,152 1.461.820 1,116,810 1,338.795 Interior
stocks in excess
*27,376
772,426 *41.416
842,614
1,469.012 1.197.106 995,490 966,013
U. S. interior stocks
1.422
15,180
17,681
U. S. exports to-day
Came into sight during week 149,122
______ 118.438
Total in sight April 18
9,151,767
10.304,033
Total American
3,737,146 3.215.348 3,288,300 3,777,497
East Indian, Brazil, &c.
75.452 1.993,120
Liverpool stock
165.000 171.000 120,000 215.000 North. spinners' takings to Apr.18 20.429 1.590,006
London stock
13.000
20.000
24,000
54.000
* Decrease during week. a These figures are consumption; takings not
Manchester stock
28,000
30.000
6,000
11.000
Continental stock
36.000 *22.000 *62.000 *106.000 available.
20.000
28.000
55.000
46.000
India afloat for Europe
Movement into sight in previous years:
38,000
95.000
48.000
33,000
Egypt, Brazil, &c., afloat
Bales.
WeekSince Aug. 1Bales.
Stock In Alexandria. Egypt
379.000 317.000 135.000
86.060 1917
152,613 1916-17-April 20.
April 20
11.251,794
Stock'in Bombay. India
977.000 599.000 860,000 1,112.000 1916-April
21
184,468 1915-16-April 21
10.607.373
200.332 1914-15-Awl'23.
13.623,183
Total East India, &c
1,657.000 1,282,000 1,310,000 1,663.000 1915-April 23
Total American
3,737,146 3,215,348 3.288,300 3,777,497
QUOTATIONS FOR MIDDLING COTTON AT OTHER
Total visible supply
5.394,146 4,497,348 4,598,300 5,440,497
Middling upland, Liverpool
18.20d. 22.79d. 12.26d.
7.82d.
Middling upland, New York_ - _
28.65d.
30.25c.
19.85e. 12.10c.
Egypt. good sakel, Liverpool_.._.. 30.08d. 32.glil. 29.10d. 15.50d.
Peruvian. rough good, Liverpool.. 30.00d. 39.00d. 19.50d. 13.25d.
Broach. fine. Liverpool
16.10d.
7.60d.
21.93d. 11.90d.
Tinnevelly. good, Liverpool
16.35d. 22.18d
12.08d.
7.72d.
* Estimated.
Continental imports for past week have been 40,000 bales.
The above figures for 1919 show a decrease from last week
of 3,851 bales, a gain of 896,798 bales over 1918, an excess
of 795,846 bales over 1917 and a loss of 46,351 bales from
1916. •
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Towns.
Ala., Eufaula
Montgomery
Selma
Ark., Helena_
Little Rock
Pine Slut _
Ga., Albady
Athens
Atlanta
Augusta
Columbus-Macon
Rome
La.,Shreveport
Miss.,Columbus
Clarksd• Is -__
Greenwood___
Meridian
Natchez
Vicksburg_ _
Yazoo City..._
Mo.,St. Louis_
N.C.,Gr'nsboro
Raleigh
O., Cincinnati.
Okla., Armor'
Chickasha
Hugo
Oklahoma
S.C.,Greenvill
Greenwood
Tenn.,Mephi
Movement to April 18 1919. I Movement to April 19 1018.
Receipts.
I Ship- Stocks • Receipts.
Ship- Stocks
me 48.1 April
me,ts.I April
Week. Season. Week. 18.
Week. Season. Week. 19.
5341
3841
200
2,052
964
75
925
3,849
4,816
462
2.392
1.282
8011
100
1,585
1,500
320
6581
316,
275'
4,735
600,
150,
1,800,
4,446
60,495
57.312
36,704
149,552
120,987
10,279
117,456
177,403
364,685
51,610
177,850
44,945
114,474
18,682
124,093
125.678
36,819,
39.3311
32.080
38,880
455,255
36,744
6.617
117,641
3,233
642 24,772
723 18,618
241 5,900
1,631 46,285
3,017 50.358
125 4,350
1,300 40,609
3,440 27,135
8,673 181.502
866 30,221
1,997 41,271
958 14.918
1,447, 51,847
125 4,455
2,5851 41,909
2,500, 41.000
420' 14,900
1,1891 13,301
731 9,009
375 15,700
5,199 24.263
700 9,060
150
162
1,400 23,400
10
4,326
269 48,099
32 33,939
513 40,727
3,035 221,214
700 135,791
77 12,381
703 118,818
3,479 311,359
3,605 426,646
450 35,789
2,483 160,260
700 54.159
962 193,638
42
9.930
200 103,794
1,776 125.897
376 33.868
28 51.253
89 29,632
70 37,978
12.543 1,033,924
500 51,142
109 10,473
3,238 112,649
13,750
1,125 58,337
738 34.096
758 43,395
4,315 119.253
13.266
33,531 1,159.502
24
1,725
1 26,991
85 21.088
189 53,294
800 125,505
469 61.263
11,231 1.833,162
178 103,209
9 30,141
16 2,825
312 6,552
15
655
4,614 9,703
10,975 39,698
2.793 52.500
162 1.665
1,542 30.490
5,787 44,896
9,904 128.990
600 7,750
3,666 22.729
1,599 10.500
1,218 32,409
137
947
2,200 31,636
4,820 36,956
762 9,769
286 5,871
968 6,944
370 15,000
12,762 16,359
11.000
225
227
6,155 19,941
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Closing Quotations for Middling Cotton onWeek ending
April 18.
Galveston
New Orleans.._ _
Mo Ile
Savannah
Charleston
Wilmington
Norfolk
Baltimore
Philadelphia _
Augusta
M mphis
Dallas
Houston
Little Rock
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
27.10.
26.25
26.00
26.50
26.00
26.00
25.25
27.50
28.70
26.25
26.50
26.75
26.25
27.50
26.75
26.00
26.50
26.00
27.75
26.75
26.25
27.00
26.50
25.50
27.50
28.95
26.25
26.50
27.05
27.25
26.25
25.75
27.50
28.90
25.75
26.50
27.50
27.60
26.25
28.00
27.13
26.25
27.00
26.50
25.75
25.75
27.50
28.55
26.50
26.75
27.40
27.60
26.25
28.25
27.25
26.50
27.25
26.50
27.50
28.90
26.75
27.00
27.90
28.00
26.50
HOLI.
DAY.
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
Saturday. Monday, Tuesday. 1Ved'day.IThursd'y, Friday,
April 12. April 14. April 15. April 16.'April 17. April 18.
Old ContractMay
July
October
December
New ContractApril
May
July
October
December
January
March
ToneSpot
Options
24.90-.00 24.90 -25.30-.40 25.60 -.25.75 23.50-8523.89 -24.05-.25 24 03 -24.50-.65
21 00-.l0 21.70 -22.30 -22.58 -22.91-.00
20.70-.80,21.40 -22.00 -22.28 -122.61 25.90 -26.45 -26.65 -I Nom. I27.45-N..
24.90 -25.45-.47 25.85 -26.00 -26.45 - DAY.
23.70-.73 24.24-.32 24.65-.66 24.74-.77 25.12-.22
21.89-94 22.45-.50 22.80-.81 22.94-.98 23.45-.49
21.58-.63 22.19-.20 22.54 -22.67-.71 23.18-.20
21.28-.3521.95 -22.30-.35 22.47 -'22.91-.96
21.08-.15.21.75 -22.10 -22.27 -22.71-.7S
Quiet I Steady
Bar.st'dy Firm
Steady
Steady
Steady
Firm
Steady
Firm
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening indicate that
the weather, on the whole, has been fairly favorable for
cotton during the week, but rather low temperature at night
has tended to retard germination in some sections. Texas
719 6.800
5001 44,094
498 4,242 reports are to the effect that in some northern districts the
56 27.044'
989
1,767 4,384
34,023
5,500
1,322 3,359 fields are still too wet for -planting, but in the southern por1,700 71,223 1,900 23,200
4,053 25,032
13,769
9,624
5,175 tion of the State early plantings have improved.
13,' 766,900 19,855387,637
35,006371,127
Galveston, Tex.-The weather during the week has been
1,268
1,198
1,180
7,333
647
Nashvil e. . . Tex., Abilene
--ai 647 more favorable for cotton, although cool weather has retarded
130 5,400
Brenham ____
75 16,756
106
781 germination. In the northern section fields as a rule are
1,711 42,926 1,267 7,878
Clarksville1,681 4,364
934 15,700
650 79,342
1,800 13,500 still too wet for planting. The early planted in the southern
Dallas
26,542
843
739 4,596
Honey Grove_
645 7,602 portion has improved during the week. It has rained on
27,635 1,549,729 38,760265,685
Houston
12,058 194,840
3,194 108,512 3,589 14.110
Paris
14,835 one day during the week to the extent of one inch and twelve
300 39,479
305 1,900
26 hundredths of an inch. The thermometer has averaged 66,
San Antonio...
Total, 41 towns 81,2565,348,958 108,632 1469042 89,4407,095,663 130,856 1197106 the highest being 74 and the lowest 58.
Abilene, Tex.-We have had no rain during the past week.
The above totals show that the interior stocks have de- The thermometer averaged 64, ranging from 40 to 88.
Brenham, Tex.-It has been dry all the week. The thercreased during the week 27,376 bales and are to-night 271,936
bales more than at the same time last year. The receipts at mometer has ranged from 48 to 84, averaging 66.
Brownsville, Tex.-Dry all the week. Average thermomall towns have been 8,184 bales less than the same week
last year.
eter 74, highest 92, lowest 56.
APR. 19 1919.]
THE CHRONICLE
Cuero, Tex.-It has been dry all the week. The thermometer averaged 67, the highest being 89 and the lowest 45.
Dallas, Tex.-We have had rain on one day during the
past week, to the extent of ten hundredths of an inch.
The thermometer has averaged 65, ranging from 46 to 83.
Henrietta, Tex.-Dry all the week. The thermometer
has ranged from 40 to 82, averaging 61.
Huntsville, Tex.-Rain on one day of the week. The
rainfal has been twenty hundredths of an inch. Average
thermometer 62, highest 83, lowest 40.
Kerrville, Tex.-It has been dry all the week. The thermometer averaged 59, the highest being 82 and the lowest 35.
Lampasas, Tex.-We have had no rain during the past week.
The thermometer has averaged 63, ranging from 38 to 88.
Longview, Tex.-It has rained on one day during the week,
to the extent of one inch and thirty-five hundredths. The
thermometer has ranged from 47 to 88, averaging 68.
Luling, Tex.-Dry all the week. Highest thermometer
86, lowest 45, . verage 66.
Nacagdoches, Tex.-It has been dry all the week. The
thermometer averaged 64, the highest being 89 and the
lowest 38.
Palestine, Tex.-We have had rain on one day during the
past week, to the extent of twenty hundredths of an inch.
The thermometer averaged 66 ranging from 48 to 84.
Paris, Tex.-It has rained on one day during. the week,
to .the extent of thirty-four hundredths of an inch. The
thermometer has ranged from 42 to 85, averaging 64.
San Antonio, Tex.-Dry all the week. Average thermometer 66, highest 84, lowest 48.
Taylor, Tex.-It has been dry all the week. Minimum
thermometer 44.
Weatherford, Tex.-We have had no rain during the past
week. The thermometer has averaged 64, ranging from
42 to 85.
Ardmore, Okla.-Dry all the week. The thermometer
has ranged from 43 to 85, averaging 64.
Muskogee, Okla.-Rain on one day of the week. The
rainfall has been nine hundredths of an inch. Average
thermometer 62, highest 81, lowest 42.
Eldorado, Ark.-It has rained on one day during the week,
to the extent of ninety-five hundredths of an inch. The
thermometer has averaged 63, the highest being 85 and the
lowest 41.
Little Rock, Ark.-We have had rain on two days during
the past week, to the extent of fifteen hundredths of an inch.
The thermometer has averaged 63, ranging from 43 to 83.
Alexandria, La.-It has rained on one day during the
week, to the extent of nine hundredths of an inch. The
thermometer has ranged from 45 to 81, averaging 63.
New Orleans, La.-Rain on one day of the week. The
rainfall has been one inch and fifty-two hundredths. Average thermometer 68.
Shreveport, La.-It has rained on one day during the week,
to the extent of one inch and thirteen hundredths. The
thermometer averaged 63, the highest being 83 and the
lowest 45.
Columbus, Miss.-We have had rain on one day during the
past week, to the extent of one inch and fifteen hundredths.
The thermometer averaged 64, ranging from 42 to 86.
Vicksburg, Miss.-It has rained on two days during the
week, to the extent of one inch and sixty hundredths. The
thermometer has ranged from 45 to 81, averaging 62.
Mobile, Ala.-Cool nights have been unfavorable for
early cotton. Plowing on bottom lands is progressing
nicely. Rain on one day of the week. • The rainfall has
been two inches and forty-six hundredths. Average thermometer 65, highest 82, lowest 53.
Montgomery, Ala.-It has rained on one day during the
week, to the extent of one inch and seventy-one hundredths.
The thermometer averaged 66, the highest being 85 and the
lowest 47.
Selina, Ala.-We have had rain on one day during the
past week, to the extent of one inch and ten hundredths.
The thermometer averaged 64, ranging from 39 to 84.
Madison, Fla.-It has rained on three days during the
week, to the extent of two inches and forty-three hundredths.
The thermometer has ranged from 53 to 85, averaging 69.
Tallahassee, Fla.-Rain on three days of the week. The
rainfall has been one inch and fifty-one hundredths. Average thermometer 68, highest 84, lowest 52.
Atlanta, Ga.-It has rained on three days during the
week, to the extent of one inch and fifty-seven hundredths.
The thermometer averaged 62, the highest being 82 and the
lowest 42.
Augusta, Ga.-We have had rain on two days during
the past week, to the extent of ninety-three hundredths of an
inch. The thermometer has averaged 68, ranging from
50 to 87.
Savannah, Ga.-It has rained on one day during the week,
to the extent of twenty-four hundredths of an inch.
Charleston, S. C.-Rain on two days of the week. The
rainfall has been fifty-one hundredths of an inch. Average
thermometers 65, highest 84, lowest 56.
Greenwood, S. C.-It has rained on two days during the
lweek, to the extent of one inch and ten hundredths. The
thermometer averaged 62, the highest being 80 and the
lowest 43.
Spartanburg, S. C.-It has rained on three days during the
week, to the extent of ninety-nine hundredths of an inch.
'The thermometer has averaged 63, ranging from 42 to 84.
1629
Charlotte, N. C.-It has rained on three days during the
week, to the extent of one inch and one hundredth. The
thermometer has ranged from 43 to 80, averaging 62.
Weldon N. C.-Rain on two days of the week. The
rainfall lias been seventy-five hundredths of an inch.
Highest thermometer 88, lowest 42, average 65.
Memphis, Tenn.-It has rained on two days during the
week, to the extent of one inch and fifty-nine hundredths.
The thermometer averaged 62, the highest being 82 and the
lowest 46.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero
Above zero
Above zero
Above zero
Above zero
Apr. 17 1919. Apr. 19 1918.
Feet.
16.6
10.4
21.6
22.2
12.3
18.4
19.5
12.0
28.9
44.7
of gauge_
of gauge..
of gauge..
of gauge_
of gauge..
RECEIPTS FR'INel THE PLANTATIO Nis -The rollowng table indicates th- actual movement el.eh week rroin the
!plantations. The figures do not include overland releipts
nor Southern Ponsornption; they are sifn ply ti •tt 3 e Mont Of
the weekly movement from the plantations of tiro part of
the ()eon which finally reaches the market t,hroolh th., outports:
Week
end'o
Feb.
28._
Mar.
7_ _
14_
21._
28._
Apr.
4_
18 _
Receipts at Ports.
1919. I 1918.
1917
Stocks at Interior Towns.
1919.
1918.
Receipt,'!Torn Pinqations
1917
1919 I 1918 I 1917,
92.531, 97.216 70.610 1.513,617 1.295.9281.141.72S 96.935 117.34•
I
I
78.501 109387. 65.068 1.520.370 1,268.932 1.126.179 85.2541 82,191
84.626104.36:1 74.958 1.522,179 1 272.797 1.110,691 88.435 108.22
78.891 93.749 80.9701.523,374 1,277.93111.088.650, mostil 98.88*
87.657, 76.620 83.041 1.521,143 1.283.596 1,064,801 85.426 82.28.
62,327
49.519
59.470
58.929
59.192
78.0251 74.681 75.572 1.506,474 1,270.758 1.061.254 63.34 61)4: */1.829
66,518 71,337 64.264 1.496,418 1,238,522 1,026.113 56.492 39.101 29,119
69.131 53.313 71.799 1.469,04211,197,106 905,504 41.755 11.897 41,190
The above Autetneut. shows: I .-T1i.il
1..)1 .1
IsAipts
from the plantation. since Aug. 1 1918 are 5,053,794 hales;
in 1917-1g were 5,937,728 hales, and in 19111-1 w..".• 6,693,299 bales. 2. That although the receipts at the ont port., the
past week were 69,131 hales, the 00t1131 movement from
plantations was 41,755 hales. the ,balance being taken from
stocks at interior towns. Last year receipts from the plantations for the week were 11,897 bales and for 1917 they
were 41,190 hales.
COTTON CONSUMPTION AND OVERLAND MOVEMENT TO APRIL 1.-Below we present a synopsis of the
crop movement for the month of March and the eight months
ended March 31 for three years:
Gross overland for March
bales_
Gross overland for 8 months
Net overland for March
Net overland for 8 months
Port receipts in March
Port receipts in 8 months
Exports In March
Exports in 8 months
Port stocks on March 31
Northern spinners' takings to April 1_
Southern consumption to April 1
Overland to Canada for 8 months (incl.
In net overland)
Burnt North and South In 8 months
Stock at Northern interior mkts. Mar.31
Came in sight during March
Amount of crop In sight April 1
Came In sight balance of season
Total crop
Average gross weight of bales
Average net weight of bales
1918-19.
1917-18.
1916-17.
219.000
1.628.844
192.479
1.368.236
356.844
4.094.833
504.979
3.466.919
1.306.563
1.527.527
2,475.000,
183.415
2.095.279
111.791
1.213.154
416.114
4,913.656
305.680
3,342.294
1.536.763
1.802.169
2.832.000
171.470
2.038.949
66.863
1.451.699
345.532
5.860.597
290.918
4.378.612
1.213.279
2.316,385
2.801.000
148.515, 140.039
100.494
1,383
_1
6.9921
22.000
21.692
25.635
809.362
856.905
721.395
8,753.069 9.885.810 10.822.296
2.026.086 2.153.273
11.911.896 12.975.569
512.60
511.95
515.72
487.60
486.95
490.72
FIRST COTTON-GINNING PLANT IN ZULULAND.
-Vice-Consul Charles J. Pisar, at Cape Town, South
Africa, reports to the Department of Commerce as follows:
The first cotton-ginning plant in Zululand recently commenced operations at Amatikulu, after almost a year's preparatory work. This plant,
which Is owned by Zululand Cotton Co., is equipped with an 80-saw gin.
the largest of Its kind on the market. The capacity of the gin is between
1,500 and 1.600 pounds of lint for an eight-hour day, which represents
2 tons of seed cotton. The machinery is of American manufacture. An
8-horsepower engine, also of American make, supplies the motive power.
Arrangements have been made with the South African Fat and Oil
Industries (Ltd.). to absorb all the seed produced.
The oil will be extracted and cakes made from the residue for feeding
dairy cattle and other live stock.
The installation of this ginnning plant is looked upon as one of farreaching importance for the cotton growers in Zululand. and It Is believed
that cotton growing there, which has been receiving special attention from
Government experts, will undergo a very rapid development In the near
future.
DOMESTIC EXPORTS OF COTTON MANUFACTURES.-We give below a statement showing the exports
of domestic cotton manufactures for February and of the
eight months ended Feb. 28 1919, and for purposes of comparison, like figures for the corresponding periods of the
previous year are also presented:
manufaaures
of
Cotton Exported.
Month ending Feb. 28. 8 Mos. ending Feb. 28.
1919.
1918.
1918-19
1917-18.
yards 55.507.551 43,406,320 384.077.633 504.609,794
Piece goods
value 113.785,808 16.889,667 388.538.015 170.630.240
Piece goods
Wear'g appl. knit goods.value 2.663,644 1,014,024 15.751.816 10.587,563
Wear'g apparel, all other value 1.176,995
754.926
9,319.470
7.071.861
value
Waste cotton, ace
490,684
770.281
7,124.939
6.673.929
value 1.672.345
Yarn
9.209.507
502.197
5,134,302
value 3.441.000 1.288.326 20.683.879 12.195,916
All other
Total manufactures of _value 123.510.073 110,939,824 8150.627.626 1113.293,811
[VOL. 108.
THE CHRONICLE
1630
ENGLISH COTTON MILL SHUT DOWN.-Advices by
cable from London are to the effect that the cotton spinning
mills in Lancashire, Yorkshire, Chehire and Derbyshire
producing American single yarns will be closed from April 11
to 28 inclusive. About 40,000,000 spindles, it is stated, will
be idle, as a result 100,000 operatives are affected and consumption of cotton will be reduced about 80,000 bales.
NEW YORK COTTON EXCHANGE.-By-Law Amendment.-The members of the New York Cotton Exchange
on Wednesday, by a vote of 69 to 1, voted to amend the
by-laws by striking out the second paragraph of Section
106 and substituting the follows:
notice may be issued is de-
When the last day on which a transferable
clared a holiday too late for the issuance thereof on the preceding notice
day, such notice may be given or transferred in the usual manner on such
holiday. Members having contracts open in the current month must
keep their offices open for the purpose of receiving such notices. transferWhen the last delivery day is declared a holiday too late for a
able notice to be issued requiring delivery on the preceding business day,
then the delivery shall be completed on the business day following said
holiday.
EGYPTIAN COTTON CROP.-The Alexandria Cotton
Co., Ltd., of Boston has the following by mail from Alexandria under date of Feb. 28:
Weather conditions have been favorable lately; winds have been prevalent but have done no harm, as they have been mostly southeasterly'
temperatures have been above normal. In South and South Central
districts about one-half of the total area has been sown, and the remainder
will probably be completed during the next fortnight. Sowing in the
of
North Central districts has hardly commenced yet; owing to the nature
sowing
the soil a preliminary watering is necessary in these districts, and
will not become general until about the middle of March. In the Northern
districts of the Delta,land preparations are progressing and a first ploughing has been completed over the greater portion. A certain proportion of
the land, mostly belonging to the smaller growers, is, however, still under
clover, and not likely to be Dioughed until about the middle of March;
these catch crops are detrimental to the cotton crop, owing to causing a
late start, but happily the practice is not extensive. On the whole the
general prospects of the crop are fairly good so far.
Total t ales.
736
NEW YORK-To Liverpool-April 11-Bardic. 736
100
To Lisbon-April 14-Bobbring,100
120
To Barcelona-April 12-Western Star, 120
444
To Genoa-April II-Tunica,444
GALVESTON-To Liverpool-April 11-Sagauche, 16,031_ 35,615
April 15-Ameland, 16,372.._ _April 16-Ikala, 3,212
3,001
ToAntwerp-April I4-Hornby Castle, 3,001
To Ghent-April 14-Hornby Castle 11,000
11,000
4,000
NEW ORLEANS-To Liverpool-April 15-Craftsman,4,000
150
To Port Barrios-April 11-Coppename, 150
SAVANNAH-To Liverpool-April 12-Dunachton,7,581
6 8
To Genoa-April 17- estri, 11,968
11,9
SAN FRANCISCO-To Japan-April 7-Azumasan Maru, 3,131;
53,250
Shiny° Maru, 5,119
'100
To China-April 7-West Vaca, 100
200
To Philippines-April 7-West Vaca,200
TACOMA-To Japan-April 1-Andes Maru, 6,132.._April 512,437
75
Panama Maru,4.830... _April 10-Meichu Maru,1,4.
_
95,702
Total
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Grt. Britasn.Beig'm. Port'l. Spain. Italy. Japan. China,ctc. Tot.
1,400
New York_.... 736
___
--------------..___
_-- 49,616
_-_
Galveston _ .._ _35,615 14,0111
___
__- ---4,150
New Orleans.._ 4.000 ---- - - - - --__
--------19,549
Savannah ____ 7,581
______
____ 11,968
____
300 8,550
____
San Francisco_ ____
____ 8,250
____
____
____ 12,437
...._ 12.437
Tacoma
Total]
47,932 14,001
100
450 95,702
120 12,412 20,687
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Sales of the week
Of which speculators took
Of which exporters took
Sales. American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Mar. 28.
13,000
12,000
8,000
55,000
471,000
303,000
37,000
27,000
131,000
100,000
April 4. April 11. April 16.
14,000
18,000
26,000
21,000
42,000
495,000
325,000'
61,000
53,000
173,000
140,000
12.000
7,000
45,000
497,000
329,000
50,000
.
151,000
124,000
8,000
1,000
28.000
493.000
328.000
27,000
14,000
165.000
140,000
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The.following brief but comprehensive statement indicates
The tone of the Liverpool market for spots and futures
at a glance the world's supply of cotton for the week and each day of the past week and the daily closing ices of
since Aug. 1 for the last two seasons, from all sources from spot cotton have been as follows:
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
1g17-18.
1918-19.
Cotton Takings.
Week and Season.
Season.
Week.
Week.
Season.
4,649,019
5,397,997
Visible supply April 11
2.814,776
3,027,450
Visible supply Aug. 1
American in sight to April 18_ _ 149,122 9,151,767 118,438 10,304,033
Bombay receipts to April 17_ -- b50,000 1,815,000 46,000 1,306,000
68,000
1,000
22.000
Other India shipm'ts to April 17
729,000
662,000 13,000
b8,000
Alexandria receipts to April 16
153,000
4.000
158,000
b3.000
Other supply to April 16 *__
5,608,119 14,836,2174,831,457 15,374,809
Total supply
DeductVisible supply April 18
5,394,1461 5,394,1464,497,348 4,497,348
Total takings to April 18_a_._ 213,973 9,442,071 334,109 10,877,461
176,973 7,364,071 280.109 8,608,461
Of which American
37.000 2,078.000 54,000 2,269,000
Of which other
4,Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total includes the estimated consumption by Southern mills,
2,633,000 bales in 1918-19 and 3.074,000 bales in 1917-18-takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners, 6.809,071 bales in 1918-19 and 7,803,461 bales in 1917-18,
of which 4,731,071 bales and 5,534,461 bales American. Is Estimated.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-The following are the receipts and shipments for
the week ending Mar. 26 and for the corresponding week of
the two previous years:
Alexandria, Egypt,
March 26.
Receipts (cantars)This week
Since Aug. 1
1918-19.
1917-18.
9,888
4,615,127
104.330
5.130,419
48,071
4,691,391
-66
The statement shows that the receipts for the week ending
Mar. 26 were 9,888 cantars and the foreign shipments
were 13,486 bales.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
firm but unchanged. We give prices for to-day below and
leave those for previous weeks of this and last year for comparison:
1918.
1919.
Feb. d.
21 2734 O
Q
28 27
Mar
26%
14 26%
21 25
28 24%
Apr.
sra)
4 25
11 26% O
18 26% (4
32s Cop
Twist.
(1.
s. d. d
d.s. d.
29% 18 6 Q25 0 17.68 38%
29 186 026 0 17.18 39%
r28;i, 16 9
28% 16 9 024 6
@24 0
27 16 6 Q23 6
26% 16 6 023 0
16.24 40
15.36 41
15.32 41
15.78 41%
27 16 6 Q23 0
28% 17 0 Q23 3
28% 17 0 (423 3
15.24 4234
16.88 44
18.20 435
CC@ COCO CO
323 Cop
Twist.
854 lbs. Shirt- Cot'n
fags, Common Mid.
Upl's
to finest.
s. d. d.
d. s. d.
40% 18 4%0259 23.15
40% 18 4gQ26 9 23.81
4134
43
43
4454
18 4%026 0
18 4%026 9
18 4%026 9
18 4%026 9
23.59
23.63
24.10
24.32
4534 191034028 134 24.05
48;4 200 @286 24.38
46 21 6 028 6 22.79
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 95,702 bales. The shipments in detail as made
up from mail and telegraphic returns, are as follows:
Mid.up'ds*
Sales
HOLIDAY.
Fair
business
doing.
17.19
17.28
4,000
4,000
Fair
business
doing.
17.50
MI
4,000
Quiet.
18.20
HOLIDAY.
3,000
Steady, Steady, 5
Steady,
Steady,
7013 pts. 17022 pts. 50 10 pts. pts. dec. to
advance, advance. advance. 5 pts. adv.
Futures.
Market 1
5
opened
Steady,
Steady,
Steady,
Steady,
Market, f
{
1017 pts. 34041 pts. 106 pts. 16027 pts.
4
advance, advance, advance. advance.
P. M. I
*Spot trading value.
The prices of futures at Liverpool for each day are:
Sat.
April 12
to
.‘pr11 11.
Mon.
Tues.
Wed.
Thurs.
Fri.
12341 4
m m.p.
m.
1234i 1234 1234 4 1234 4 1234 4 1234 4
p. m.ip.m.p.m.p.m p. m.p. m.p. m.p. m.p. m. .
d. d. d. a.
d.
d.
a.
Emergency,Cont ractsr- d.
17.39 17.41 17.68 17.79 17.83 17.85 18.00 8.01
April
,..
New Contracts:
HOLT- 15.78 15.93 18.24 18.34 18.35 18.35 16.44 16.54
May
DAY. 15.52 15.03 15.0016.00 18.01 18.01 10.12 16.23
June
15.24 15.3515.60 15.71 15.74 15.74 15.84 15.99
July
15.0/ 15.1315.34 15.47 15.52 15.49 15.6015.76
August
14.64 14.73 14.0 15.09 15.14 15.13 15.24 15.39
September
I
HOLIDAY.
BREADSTUFFS
151,068 11,276 172,626
1.932 181,065
To Liverpool
109,836
87,156 • 2,950161,553
To Manchester, &c
97,987
To Continent and India_ 10.057 106,472 3,350 64,415
_ 22,543
105,215
1.497 37.098
To America
13,486 411,791 6,300 399.579 11,336L185,664
Total exports
Note.-A cantar is 09 lbs. Egyptian bales weigh about 750 lbs
834 lbs. Shirt- Cot'n
tugs, Common Mid.
Upl's
to finest.
Fair
business
doing,
1916-17.
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)-
Market, I
12:15 {
P. M. L
Friday Night, April 18 1919.
Flour has been quiet but firm. Buyers, in other words,
are purchasing on a very cautious scale. But dealers,
on the other hand, are not easing prices at all. They lay
great stress on the scarcity of cash wheat. High grades for
milling purposes are very strong at the West. Strange
as it may sound it is said that Minneapolis is selling wheat
to the Red RiVer Valley. Country mills are buying at other
terminal points. They missed their market. The Government has been buying rye flour more freely but definite
information as to the quantity is not easy to obtain. Some
estimates are 100,000 to 200,000. Others double these
quantities. In any case, the Government has been buying
freely. That fact seems indisputable. But so far as can
be learned it has bought no corn products nor apparently
any barley flour. Wheat flour may now be exported under
the War Trade Board License to all Allied and neutral
countries of Europe and Africa, under the ruling lately
announced. The restrictions,, however, still continue on
the exportation of wheat through the control of the United
States Grain Corporation, New York.
WHEAT stocks are still rapidly decreasing. After a falling off last week of 8,066,000 bushels, against a decrease in
the same week last year of only 1,230,000 bushels, the
American visible supply is now 77,015,000 bushels, against
2,465,000 a year ago. Winter wheat c
@FedFRASER