The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
fittantial The INCLUDING Bank & Quotation Section Railway Earnings Section lirtimde Railway & Industrial Section Bankers' Convention Section SATURDAY, APRIL 26 1919 VOL. 108 T,Ixt Thrankle 1919. Terms of Subscription-Payable in Advance $1.0 00 For One Year Chicago Cincinnati 6 00 For Six Months Cleveland 13 00 European Subscription (including postage) Detroit 7 50 European Subscription six months (including postage) 22 14s. Milwaukee Annual Subscription in London (including postage) 21 lie. Indianapolis Six Months Subscription in London (including postage) Columbus $11 50 Canadian Subscription (including postage) Toledo Subscription includes following SupplementsPeoria AND INDUSTRIAL (twice yearly) QUOTATION (monthly) RAILWAY 1 BANK AND Grand Rapids ELECTRIC RAILWAY(twice yearly) RAILWAY EARNINGS(monthly) Dayton STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly) Evansville Springfield, Ill Terms of Advertising-Per Inch Space Fort Wayne__ _ $4 20 Rockford Transient matter per inch space(14 agate lines) '22 00 times) (8 Two Months Youngstown s? 29 00 Lexington ,e es nvilisths A gin 9 sCLIrTaI Standing Business Cards 50 00 Akron times) '87 00 Canton Twelve Months(52 Bloomington CHICAGO OFFICE-39 South La, Salle Street,Telephone Majestic 7396. Quincy LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C. Springfield, Ohio. WILLIAM B. DANA COMPANY, Publishers, Decatur Mansfield Front. Fine and Dopeyoter Ste.. Now York. South Bend Published every Saturday morning by WILLIAM B. DANA COMPANY. Danville Jacob Seibert Jr., President and Treasurer: Arnold G. Dana, Vice-President and Jacksonville, Ill_ Lima Secretary. Addressees of both, Office of the Company. Lansing Owensboro Ann Arbor CLEARING HOUSE RETURNS. Adrian telegraph, dm, by made up indicates that the !total bank table, following The Tot.Mid.West. clearings of all the clearing houses of the United States for the week ending to-day have been 87,011,528,022, against 87,670,437,679 last week and 85,948,314,200 San Francisco..__ the corresponding week last year. Los Angeles Seattle Per Clearings-Returns by Telegraph. Portland 1919. 26. 1918. ending Aril Cent. Week Salt Lake City Spokane $3,248,751,252 $2,678,021,773 +21.3 Tacoma New York 433,310,968 415,971,892 +4.2 Oakland Chicago 338,251,492 310,039,554 +9.1 Sacramento Philadelphia 273,329,190 251,826,696 +8.5 San Diego Boston 153,818,412 164,625,220 -6.6 Pasadena Kansas City 125,561,692 119,487,682 +5.1 Stockton St. Louis 87,488,937 84,529,690 +3.5 Fresno San Francisco 124,580,887 101,800,968 +22.4 Yakima Pittsburgh 76,178,280 47,509,696 +60.3 San Jose -Detroit_ 65,177,558 48,966,529 +33.1 Reno Baltimore 47,000,649 50,857,207 -5.8 Long Beach New Orleans Eleven cities, 5 days Other cities, 5 days $4,974,349,317 900,188,763 $4,272,936,907 755,169,417 +16.4 +19.2 Total all cities, 5 days All cities, 1 day $5,874,538,080 1,166,989,942 $5,028,106,324 920,207,966 +16.8 +26.8 S7.041.528.022 $5,948,314,290 +18.4 Total all cities for week The full details for the week covered by the above wl I be 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 the last day of the week has to be in all cases estimated, as we go to press Friday night. Detailed figures for the week ending April 10 show: Week ending April 19. Clearings at 1919. 1918, 00 0000 000000000000 Total New Eng 1916. 00N.00C-0,N0.00000000C-000,4 _ 1917. $ 9,'0 2,673,135,585 4-10.6 , 221,135,226 -6.6 63, 181,775 4-27.7 4-13.8 36,730,068 15,107,241 4-2.7 8,608,062 4-9.9 4,822,191 --20.9 5,468,900 4-20.5 2,992,509 4-17.4 3,327,764 -25.2 2,092,769 ---19.6 2,210,779 ---15.8 1,851,884 ---11.0 2,703,545 4-1.4 987,601 ---21.2 1,932,430 ---3.5 1,534,248 -10.6 1,153,122 --15.5 826,800 4-3.3 750,000 --2.1 934,620 ---14.0 495,842 ---1.2 351,620 --26.7 4-9.1 3,929,151,135 3,052,334,581 C.1 $ $ 3,797,158,840 3,434,318,515 Now York 342,554,075 368,828,806 Philadelphia 07,000,000 75,990,097 Pittsburgh 66,039,988 58,018,506 Baltimore 23,606,150 22,983,017 Buffalo 15,460,348 Washington 14,075,036 4,549,842 5,750,484 Albany 9,310,023 7,728,321 Rochester 3,991,665 3,400,000 Scranton 3,539,089 4,730,816 Syracuse 2,442,823 3,036,783 Reading 2,800,000 3,326,562 Wilmington 2,200,000 2,471,309 Wilkes-Barre.._ _ _ 4,052,578 3,997,920 Wheeling 1,166,930 1,480,369 York 2,700,000 2,707,995 Trenton 2,800,000 3,130,100 Lancaster 1,835,335 2,171,073 Erie 939,000 909,400 Binghamton ___ _ 1,000,000 1,021,230 Greensburg 1,202,871 1,398,980 Chester 812,242 847,564 Altoona 351,078 478,857 Montclair Total Middle.. 4,387,521,877 4,022,891,740 Inc. or Dec. 260,492,617 10,209,700 8,414,956 5,634,521 3,296,341 2,300,000 3,107,657 1,407,808 1,467,092 988,204 50,000 493,814 277,613,994 11,426,000 7,993,453 4,908,489 3,814,960 2,600,000 3,688,756 2,141,238 2,013,066 1,244,664 635,241 710,932 --6.1 --10.7 4-5.3 4-14.8 ---13.5 ---11.5 ---15.7 --34.3 ---27.1 --20.6 ---8.7 --30.5 241,021,923 10,860,900 8,651,453 5,000,000 3,954,481 2,455,000 3,691,447 2,022,876 1,680,114 1,176,432 754,640 633,283 188,280,887 10,384,500 7,181,036 3,941,231 4,218,188 1,998,789 3,772,888 1,900,836 1,307,712 966,462 900,000 650,663 nno nag t110 3111.700.703 -41.4 251 009 AdO 9911 nna 109 Total Pacific Kansas City____ Minneapolis _ Omaha St. Paul Denver St. Joseph Des Moines Sioux City Duluth Wichita Lincoln Topeka Cedar Rapids_... Colorado Springs Pueblo Fargo Waterloo IIelena Aberdeen Fremont Hastings Billings Tot.Oth.West- NO. 2809 Week ending April 19. Clearings at PUBLISHED WEEKLY. Boston Providence Hartford Now Haven Springfield Portland Worcester Fall River New Bedford Lowell Holyoke Bangor Electric Railway Section State and City Section 1918. Inc. or Dec. % 533,888,642 532,281,683 1-0.3 56,535,201 52,675,302 4-7.3 101,577,221, 75,317,204 4-34.9 101,179,156' 67,076,373 4-50.8 30,224,1411 29,108,468 4-3.8 15,301,000, 14,723,000 +3.9 12,750,500 11,160,300 4-14.2 17,133,412 11,778,908 4-45.5 5,279,029. 5,517,318 -4.3 5,237,842i 5,155,448 +15.9 3,439,843: 4,302,280 ---20.1 4,344,1491 3,855,487 4-12.7 2,520,265' 2,177,540 4-15.7 1,344,4571 1,370,461 --1.9 1,800,000; 2,015,116 --10.6 4,792,1321 3,188,068 4-50.3 1,350,000 1,400,000 -3.6 9,060,000 5,664,000 4-60.0 3,801,600 3,200,000 4-18.8 2,110,854 1,559,660 4-35.3 1,639,346 1,408,809 A-16.4 1,514,150 1,056,320 4-43.4 1,293,583 1,087,825 4-18.9 1,337,314 1,240,519 4-7.8 950,000 1,273,307 -25.4 700,000 720,000 --2.8 522,716 537,081 -2.7 1,112,090 993,522 4-12.9 1,203,470 988,509 4-21.8 883,196 902,328 --2.1 323,547 310,161 4-4.3 100,728 80,000 A-25.0 1917. 1 1916. $ $ 1 515,427,980 385,023,523 38,477,925 30,877,100 65,171,939 39,580,111 62,796,552 44,037,851 24,729,836 17,800,000 13,398,806 10,466,617 10,275,600 9,722,900 11,910,685 8,934,874 5,300,000 4,200,000 5,490,290 4,503,408 3,444,257 3,344,834 2,769,676 1,581,141 1,850,692 1,572,427 1,263,967 1,360,889 1,585,107 1,150,348 3,486,133 3,396,120 785,926 722,556 6,281,000 4,396,000 3,351,186 2,501.336 1,198,888 776,818 1,160,989 865,081 976,462 928,103 932,785 671,056 999,862 760,803 1,138,626 831,802 600,000 506,049 417,983 302,225 895,680 760,064 1,137,990 977,947 602,585 340,799 297,643 250,000 151,884 119,080 925,279,578 844,124,997 +9.6 788,310,934 583,261,862 115,764,979 39,551,000 38,652,530 31,309,376 13,629,149 8,671,610 4,501,479 7,500,000 4,086,308 2,259,800 1,413,728 2,437,216 2,484,019 1,116,009 1,191,631 671,094 1,325,262 276,565,190 106,298,733 29,908,000 39,433,435 23,670,203 12,622,212 8,101,993 4,375,383 6,041,317 3,161,789 1,920,998 1,116,813 2,158,380 1,990,933 709,190 857,925 621,716 1,110,382 244,099,402 +8.2 +32.2 ---2.0 +32.3 +8.0 +7.0 +2.9 +24.2 +29.3 +19.7 +26.6 +12.9 +24.8 +57.4 +38.9 +7.9 +19.4 +13.1 90,259,803 31,246,000 22,516,484 18,821,491 13,173,632 6,700,000 2,746,001 5,201,822 2,413,026 2,200,973 1,320,429 1,675,294 1,606,116 682,513 771,319 551,090 742,847 202,628,840 63,591,137 26,747,436 15,115,391 12,196,721 9,611,140 4,453,373 2,479,365 4,452,705 2,072,660 2,425,312 1,600,068 1,262,140 1,156,588 466,347 667,395 400,000 736,689 149,434,476 188,858,899 194,404,783 32,642,088 28,635,299 4-14.0 52,678,626 59,691,855 --11.7 13,717,739 15,570,392 --11.9 20,351,460 22,192,393 ---8.3 16,282,438 20,618,984 ---21.0 11,026,373 10,716,395 4-2.9 9,473,858 4-0.4 9,436,671 6,717,315 4,986,093 4-34.7 10,063,334' 8,739,470 +15.2 4,994,921 4,532,625 4-10.2 3,058,679 3,100,000 --1.3 2,190,555 1,966,380 4-11.4 1,139,124 831,120 4-37.1 848,124 749,913 4-13.2 2,724,098 2,487,212 4-9.5 2,378,290 --19.8 1,907,406 1,885,326 1,937,261 -2.7 1,255,768 4-20.3 1,510,304 887,283 --28.6 633,576 551,317 --22.7 426,518 963,170 4-38.8 1,337,322 384,468,075 396,582,674 ---3.1 135,117,988 34,631,256 36,060,437 13,370,255 15,683,049 15,987,588 8,593,323 6,420,979 6,419,023 6,077,660 3,961,758 2,722,292 2,651,696 1,231,986 670,089 1,794,132 2,785,305 1,556,294 1,017,899 734,182 513,731 1,015,876 299,027,198 84,261,790 20,667,301 19,905,799 13,465,017 11,747,600 8,715,129 6,587,205 3,967,569 4,655,722 4,258,386 2,507,446 1,703,354 1,795,248 862,337 481,693 1,755,228 2,518,700 1,491,537 747,546 390,000 227,465 656,670 193,368,742 152,104,345 161,564,517 St. Louis 60,119,858 40,974,292 New Orleans___ _ 24,208,725 18,465,530 Louisville 13,000,000 14,572,182 IIouston 4,552,641 6,003,319 Galveston 48,601,042 41,616,935 Richmond 14,626,391 14,525,997 Fort Worth 51,696,074 45,252,148 Atlanta 11,510,969 17,157,564 Memphis 6,700,897 6,189,107 Savannah 11,044,171 15,000,000 Nashville 9,508,056 7,748,083 Norfolk 10,971,608 4,630,490 Birmingham 8,155,570 5,156,649 Jacksonville _6,152,567 5,799,246 Chattanooga _ -- 2,258,168 3,079,742 Knoxville 4,839,399 4,773,146 Little Rock 1,649,301 1,729,382 Mobile 3,020,426 3,510,067 Augusta 3,086,100 2,600,000 Charleston 10,404,112 10,469,874 Oklahoma 1,650,000 1,700,000 Macon 5,500,000 2,247,795 Austin 628,185 291,787 Vicksburg 2,645,488 2,150,343 Muskogee 10,495,495 9,937,845 Tulsa 603,216 709,865 Jackson 10,500,000 17,420,627 Dallas 2,339,206 2,469,500 Shreveport Total Southern 488,210,249 481,107,853 6,760,437,679 6,307,597,459 Total all Outside N.Y_ _ 2,963,278,839 2,873,278,944 ---5.9 135,315,518, 96,551,088 --31.8 36,377,275 18,025,796 -23.7 20,382,926 18,828,319 4-12.1 11,587,110 9,257,577 4-31.9 3,249,085 3,368,543 1-16.8 26,328,360, 15,249,389 ---0.7 11,488,781 7,864,432 4-14.2 26,276,410 17,283,252 4-49.1 11,102,308 6,507,672 --7.6 6,071,790 4,385,832 +35.6 10,059,455 7,048,685 +22.7 6,257,432 4,890,880 +13.7 3,442,304 2,621,121 +58.2 3,979,899 3,643,708 +6.1 3,436,573 2,996,956 -26.6 2,704,553 2,291,975 +1.4 3,292,341 2,384,287 -4.6 1,419,391 1,033,183 --14.0 2,520,742 2,105,015 --15.8 2,488,968 2,629,179 ---0.6 6,555,728 3,614,336 --2.9 1,385,885 3,205,875 4-100.2 2,500,423 2,100,000 4-115.7 230,440 208,894 4-23.0 1,592,789 1,163,432 -4-5.6 7,984,173 3,768,830 --15.0 524,184 550,029 4-17.7 12,160,065 6,850,611 ---5.3 1,600,000 +1.5 362,315,808 _250,428,896 +7.2 5,863,334,064 4,454,331,719 +3.1 2,493,961.035 1,781.196,164 1642 • THE CHRONICLE THE FINANCIAL SITUATICN. In addition to the heavy Federal income taxes— the normal tax, the war profits and excess profits taxes and the graded surtaxes on individual incomes—there is now to be a State personal income tax. Furthermore, the State corporation tax, which at present applies to only a limited class of corporations, is to be extended and to be made applicable to all corporations, the rate of the tax being at the same time increased 50%, that is, raised from 3% to 432%. All this was determined in tie hurly burly of the closing session of the Legislature last week. The method pursued in securing the assent of the Legislature to these measures forms one of the interesting episodes of the day and illustrates the desperate steps often taken by politicians to escape public condemnation of unpopular measures. Under the prospective loss of the liquor taxes and the growth in expenditures, New York State is in need of additional sources of revenue. A State income tax, which always seems to appeal to the Legislative fancy, had been suggested as a means for providing the additional revenue, but did not appear to meet with popular favor at a time when the Government, under the stress of war, is imposing Federal income taxes on a perfectly enormous scale. Neither the Republicans nor the Democrats in the Legislature wanted to assume the onus of having put such a law upon the statute books, and yet the date fixed for adjournment of the Legislature, namely Saturday, April 19, at noon, was close at hand and no progress had been made towards enacting legislation for securing the needed new revenue. So on Thursday night, April 17, an expedient was adopted intended to relieve both parties from responsibility for such a measure, or rather put the blame equally on the two parties, so that neither would be at any disadvantage as compared with the other. In indicating the legislative situation which existed on Thursday of last Week, the Albany correspondent of the New York "Times" pointed out that when the Senate and the Assembly reconvened that morning, the Governor had it absolutely in his power to let the Legislature end its labors that week (on Saturday), or to prolong the session for another week at least. The tax measures which were considered essential in carrying on the activities of the State through the next fiscal year had been amended, and under the constitution could not be taken up until the following Tuesday (Tuesday of this week), except with an emergency message from Governor Smith certifying to the necessity of their immediate passage. The Albany dispatch of the New York "Times" then went on as follows: "Such a message the Governor has now agreed to give the Legislative leaders on condition that the State income tax bill be passed by an equally balanced by-partisan vote, so as to eliminate this none too popular measure as a political issue in the next Gubernatorial campaign, as well as in the Assembly campaign this fall. Both the Republican and the Democratic leaders saw the advantage of this in a situation where the Governor is a Democrat, and the Legislature Republican." As a result of this cheap political device, in connivance with the Governor, New York State is now to have a State personal income tax in addition to the Federal income tax and the general corporation tax is to be extended and increased. There was still [VOL. 108. another bill under which municipalities were also to have the right to impose an income tax of their own, wholly apart from the State tax, but whether this bill went through along with the others no one seems to know. At all events, the personal income tax and corporation tax measures, besides a bill providing for a non-resident decedent tax, went through,the vote, according to the newspapers, being practically unanimous for the income tax bill. Thus did these legislative cravens carry out their agreement. Whether they will succeed in escaping popular condemnation, as they hope, remains to be seen. The proposed State income tax begins in a rather moderate way, as did the Federal income tax originally, the rate being 1% of the amount of net income not exceeding $10,000. On the amount in excess, however, of $10,000, but not in excess of $50,000, the rate is to be 2%, and on amounts in excess of $50,000 the rate is to be 3%. The yield altogether is expected to be about $75,000,000. It requires no stretch of the imagination to see that if such a law once gets on the statute book, the rate will rapidly increase, just as did' the Federal tax long before the outbreak of the war put it up at an accelerating pace. It is so easy to raise the rate when waste and profligacy make more revenue imperative, and that circumstance is one of the strongest objections to. the income tax, namely, that it is a direct incentive to waste and extravagance. There are, besides, other objections to a State income tax that do not exist in the case of a Federal income tax. Being confined to State boundaries and applying to distinct communities, the effect must be to drive both capital and population out of the State into neighboring localities, where no such tax is levied. There are also difficulties in the way of equitable enforcement of a State income tax, more particularly in determining just what income is subject to the dominion of the State authorities. At this time, however, the strongest argument against the State income tax is that the income tax burdens imposed by the Federal Government are now so exceedingly onerous as to be oppressive, and can be excused only because of the imperious demands of war. The proposed State income tax is not being levied for any such reason or being justified on any such ground. The Federal surtaxes are an anomaly in a democratic community and they begin very low down in the scale of income; for instance, under the Federal law just enacted 1% additional is levied on the amount by which a man's net income exceeds $5,000 and does not exceed $6,000;2% is imposed on the next $2,000 of income, 3% on the succeeding $2,000, 4% on the following $2,000, 5% on the next $2,000,6% on the succeeding $2,000, 7% on the following $2,000,8% on the next $2,000, and so on until 65% is reached—all this being additional to the normal tax of 12%. In the case of corporations (which have their income diminished by the income tax before it reaches the individual), the taxes are so high that while they are cheerfully borne as a war measure in times of very high war profits, the effect on industry would be throttling if these taxes were continued in peace times, with profits reduced to peace levels. And the imposition of a 43/2% State tax on top of these high Federal taxes might prove the last straw. The Federal tax on the 1918 incomes of corporations is 12%, ahd even on the 1919 incomes will be 10%, to which the State tax (which is to begin with 1919 APR. 26 1919.] THE CHRONICLE • 1643 incomes) would add 43/2% more, making 143/ 2% journment had been fixed for noon of Saturday. altogether for this and coming years. But in ad- Actually the Legislature remained in session for more dition, there are the excess and war profits taxes, than nine hours after that, adjournment not taking which involve peculiar hardships to corporations with place until 9:14 o'clock at night. The familiar praca small capital, since only 8% is allowed on the tice with legislative bodies of turning back the hands actual "invested capital," before the excess profits of the clock was resorted to and carried a step further by stopping the clock altogether. Thus, seemingly, taxes begin. After the deduction of this 8% and the $3,000 the Legislature was performing its work within exemption allowed the excess profits tax is now 30%, schedule time, whereas, actually, the time fixed for of the amount of the net income in excess of the ex- adjournment and within which alone the Legislature cess profits credit and not in excess of 20% of the could legally pursue its work, had long gone by. invested capital, and no less than 65% (in addi- The two income tax measures passed the Senate, on tion to the normal tax of 12%) of the amount of net Friday, the 18th, but did not come to a vote in the income in excess of 20% of the invested capital. Assembly, if newspaper accounts are reliable, until This is on the income of 1918, but even for the taxa- long after the time set for adjournment on Saturday, ble year 1919 and each taxable year thereafter there is the 19th. It is time that this farce of trifling with to be an excess profits tax of 20% of the amount of time by manipulation of the clock be done away with, net income not in excess of 20% of the invested and a splendid opportunity would appear to present itcapital and 40% not in excess of 20% of the invested self for testing the matterin the courtson this occasion. capital. As the normal tax is to be reduced only The foreign export trade of the United States to 10%, this 40% of excess profits tax will make 50% altogether that many of the small corporations during the month of March 1919, reflecting the will be obliged to pay on some portions of their urgent demand for foodstuffs from Europe, and for income. And what is more, after having paid it, a varied line of commodities from the outside world they will not be allowed to deduct it from income, at large, was of extremely heavy volume as measured but in computing the tax for the next year must by value—the only feasible basis of compiling the treat it as if it were income that had remained in results. In only two monthly periods heretofore existence and pay a further and equally heavy tax (January 1917 and January 1919) were heavier on the tax already paid—such is the Federal law. totals reached. Higher prices, of course, have In these circumstances, it is clear that to levy been for some time and still continue to be a factor now a State income tax of 432% must work much in the aggregates,butit is to be said thatthey are now hardship and do grave injustice. Merchants, farm- becoming a less important element in the situation, ers and men of business therefore ought to appear as aside from meat products the divergence from a before the Governor in opposition to the bill and year ago is generally slight. Compared with earlier seek to persuade him not to affix his signature so years, of course, price is decidedly the dominating as to make the bill a law. Perhaps as the Governor factor. This finds ample confirmation in one item was committed in advance to the measure and of exports—meat products. On the basis of the indeed, from the newspaper accounts, fathered it, prices prevailing in 1917 the value of the beef and opposition before him will be useless. Nevertheless pork sent out in March, for instance, would have the attempt should not be omitted. If it fails then been enough lower than the figures reported to citizens throughout the State ought to concentrate practically cover the indicated increase over that all their efforts on the elections for the Assembly. year. Consequently, if advances on other comwhich are to be held next November. There an modities were to be allowed for, a decline rather expression of the popular feeling in the matter can than an augmentation would be shown. In other be readily obtained. words, the current quantitative outflow is less than By pretending to give the measure a bi-partisan two years ago, but at the same time very much character, and having members of both parties vote above normal. for it,the legislators sought,as we have seen,to thwart Amplifying this statement somewhat, we note the popular will and yet escape the consequences that the exports of wheat for the nine months ended of their acts by rendering it impossible, as they March 31 exhibit a quantitative increase of only supposed, for the voters to visit condemnation on 20% over two years ago, but the gain in value is either party; still, though the culpability rests on over 60%, like percentages for flour are 67% and both parties, these legislators can be made to see 163%, and for some articles of iron and steel manuthat they reckoned without their hosts in this in- facture there is a rather similar divergence. Furstance. The voter is not at at all helpless in the thermore, with the volume of cotton sent out fully matter. He can refuse to vote for any candidate 35% less, value is 39% greater, and the percentages for the Assembly who will not pledge himself in for cotton cloth are about 15% under and 95% over. advance to work for a repeal of this new law. He can The appreciation in the cost of mineral oils, too, as support the Republican candidate as against the compared with two years ago, is such that shipDemocratic, or the Democratic as against the Re- ments 9% smaller stand for a value 59% greater. publican candidate where the one will make the This brief analysis would seem to offer sufficient pledge and the other will not; and should in any proof of high prices as a preponderating influence Assembly District both candidates refuse to give in recent foreign trade totals. • Contrasted with a the pledge he can put up and support an indepen- year ago, as already intimated, advances in price, dent candidate pledged to the repeal. although a factor, are much less markedly so. Another thing, it is worth considering whether As regards the exports for the elapsed portion of these measures are not also open to attack on legal the fiscal year 1918-19 (and confining ourselves to grounds. By that we mean, can they be held to be their consideration in the matter of values) it is valid enactments, considering the circumstances and worthy of note that they reach an unparalleled methods by which they were pushed through. Ad- aggregate, exceeding 1917-18 by 606 million dollars 1644 THE CHRONICLE [VoL. 108. and overtopping the previous high record of 1916-17 10 millions less than in February. For the nine by 353Y2 millions. Expansion is found in the ship- months the exports reached $234,891,013, against ments to almost every locality in which our com- which 'there were imports of $56,722,422, largely modities find lodgment, the only conspicuous ex- from Mexico, leaving the net efflux of the metal ception being Russia, to which country the outflow $178,124,591, against $19,384,838 in 1917-18 and has been negligible for some time past. The most $33,037,821 in 1916-17. notable increase is seen in the shipments to Belgium, which for the eight months ended Feb. 28 The annual convention of the National Association (nine months' totals are not yet available) were of Cotton Manufacturers, held at the Hotel Biltmore, nearly 100 million dollars larger than for the like this city, on Wednesday to Friday, inclusive, of the period of 1917-18. The result for Canada is a gain current week, proved more than ordinarily interestof 112 millions, Oceania 52 millions, Asia 23 mil- ing in view of the changed conditions in the industry lions and Africa 15 millions. The South American that have followed the cessation of hostilities in figures also show a satisfactory increase, with the Europe. In common with the vast majority of the gains heaviest in the outflow to Argentina and industries of the United States, cotton goods manBrazil. How important foodstuffs have become ufacturing enjoyed a period of unexampled activity in the export totals becomes clear when we note while the war lasted, and margins of profit were that of the aggregate outflow of 4,385 million dol- extremely satisfactory, as evidenced by dividend lars for the eight months, over one-fourth was of payments. But, with the signing of the armistice, breadstuffs and meat products. In 1913-14 they the need of supplies on Government account pracwere about one-eighth. The augmentation in wheat tically ceased. Under wholesale cancellation of war shipments, as contrasted with 1917-18, is 212 mil- contracts the market for cotton textiles became lion dollars, meat products 340 millions, tobacco rather demoralized and prices dropped from the high 86 millions and lesser gains are to be found in cot- level of 1918 to a comparatively low basis, the decline ton, cotton goods, electrical machinery, fruits and being fully 50% in some cases. On the other hand, nuts, dairy products, mineral and vegetable oils, labor and overhead costs quite generally remained vegetables and wood and manufactures. On the unchanged and there was but little reduction in other hand, decreases are to be noted in animals, the price of the raw material. This state of things chemicals, copper, explosives, iron and steel manu- has left little or no margin of profit and many offers factures and zinc, for which the ending of the war have been below cost of production. In these circumstances this week's session took on new interest largely, if not wholly, furnishes explanation. The merchandise exports in March 1919 were and the deliberations have been looked forward to as $604,945,546, this contrasting with $522,900,238 an opportunity to clear away doubts and open the last year and $553,985,689 in 1917. For the nine way for remedial work. Naturally the papers read all had more or less months of 1918-19 the aggregate at $4,990,560,958 compares with ,384,544,275 in 1917-18 and bearing on the steps necessary to be taken for the ,636,979,245 (the previous high record for the future welfare of the industry and many valuable period) in 1916-17. The imports for March also and feasible suggestions were offered. In addresscovered a greater value than last year, $267,583,- ing the business meeting of the Association on 189 comparing with $242,162,017, but fell slightly Wednesday night, the President, Mr. W. Frank under the 1917 aggregate. For the nine months, Shove,succinctly summarized developments since the however, the inflow of merchandise sets a new high meeting of May 1918 and also touched upon the record, $2,200,955,883 contrasting with $2,083,- future at considerable length. He deprecated the 471,107 and $1,818,069,116 one and two years success of the agitation for a 48-hour week only ago. Among the articles of which the arrivals show because the shorter working day in the cotton mill notable increase there may be mentioned sugar reduces production and consequently raises cost. from Cuba, wool from Australia, burlaps from Furthermore, unless the Southern States adopt the India, tin from the Straits Settlements, cattle from same schedule,it will operate to the disadvantage of Canada, nitrate of soda, cocoanut and soya bean the industry at the North. Discussing quantity oils and meat and dairy products. Declines of production as the principal compelling factor in the noteworthy size are confined to wheat from Canada, reduction of cost of living, Mr.Shove referred to the India rubber, hides and skins and seeds. The net importance of improvement in machinery in increasresult of our foreign trade for March is an ex- ing it, and advocated the establishment of a patents' port balance of $337,362,357, against $280,738,221 department to which inventors, without financial in 1918 and $283,728,560 in 1917. For the nine ability to protect their ideas, could bring their inmonths ended March 31 the excess of exports reaches ventions, under guarantees that they would not be $2,789,605,075, comparing with $2,301,073,168 in exploited except under satisfactory royalties, and for the benefit of the industry in general. The value 1917-18 and $2,818,910,129 in 1916-17. The gold movement for March was again com- of this suggestion is obvious. At the present time probably the most important paratively moderate, as would be expected from the emb'argo on the movement. Imports reached a subject of discussion in the relation between capital total of $10,481,197, against which there was an and labor. On that point Mr.Shove thinks we need outflow of $3,803,229, leaving our net gain of the not disdain to take a lesson from the British, in the metal $6,677,968, and decreasing to $1,418,550 the great strides they are making, toward the establishnet exports for the nine months ended March 31 ment of an industrial parliament—labor and capital 1919. This compares with a similar balance of being equally represented—to settle relations defi$97,833,873 for the period in 1917-18 and an import nitely. Recognizing the difficulties in the way of balance of $651,108,102 in 1916-17. Silver exports organizing such a body here, he yet does not consider for the month indicated a less urgent demand from it impossible And points out the many directions in India, the outflow reaching $23,106,492 or some which it would be of signal b'enefit, not the least of APR. 26 1919.] THE CHRONICLE which might be the prevention of strikes and lockouts. Mr.Shove *goes further and ventures into the realm of speculative thought by arguing that if the League of Nations at present in course of formation is possible, there appears no reason why a universal industrial league of nations should not be formed, composed of representatives from each national industrial parliament. Apparently little or no progress was made over the week end, either by the Peace Conference or its numerous commissions. Just as last week closed there was considerable excitement in Paris, Washington and New York over definite reports from the first named centre, that President Wilson had joined Great Britain in giving France a definite pledge that, in the event of an attack by Germany, the United States would come to her aid, even to the extent of sending armed forces. French representatives at the Peace Conference and Government officials were quoted in most of the advices as asserting, without reservations, that such a pledge had been given. Members of the American delegation, when pressed for definite information, were said to have declined to make any statement except possibly to intimate that the French authorities would have to do whatever talking- might be done in advance of an official announcement. In conservative circles in all the European centres of Europe and this country it was seriously doubted from the outset that our President had entered into any agreement that would be found to be in excess of his powers, or that would embarrass Congress or the nation. Paris advices stated that repeatedly he had explained to the French delegates that it would be impossible for him to "give an advance commitment for the use of American military strength in France." According to reports from the French capital last Saturday, however, President Wilson had sought advice from eminent American authorities on constitutional and international law. They were said to have informed him that, while he could not promise the use of American military and naval forces to protect France, without the consent of Congress, it would not be in violation of the Constitution,in the event of aggressive action by any nation against France, for the Government of the United States to enter into an agreement that would require the President to bring the matter before Congress, with a recommendation that the act be regarded as a cause for war. It was intimated last Saturday also that, within a few days, Premier Clemenceau probably would make a speech in the Chamber of Deputies in answer to the attacks upon him by the"Matin"and other critics, and that as a "trump card" he would disclose the exact nature of President Wilson's reported pledge. The days passed without the French Premier making such a public appearance, and in no other way did he accord open recognition of his political opponents. Much less did he reveal anything about the widely discussed secret assurance reported to have been made by President Wilson. Paris was filled with all sorts of rumors regarding it. On Sunday it was declared in some circles that the promise had not been given in sufficiently definite form to satisfy the French Prime Minister, nothing having been put down in black and white. Certain French officials, on the other hand, were quoted as asserting that the guarantees were perfectly satis- 1645 factory. Moreover, it was stated that Great Britain and France had entered into a defensive alliance against other European nations that might attempt to do either harm, and that President Wilson had "met the French half way in their demand for special guarantees from Great Britain and America for protection of the French frontiers from enemy attack." On Monday came the first direct and explanatory statement of what the President had really done. It was oral in form, brief in length and to the effect "that nothing in the guarantees would be contrary to the principles of the League of Nations." The statement was said to have come from "a high source in the American peace delegation." The French peace representatives and the leading Paris newspapers were quoted, nevertheless, as characterizing the agreement on the part of Great Britain and the United States as an "alliance" with France. The "Matin" even essayed to give an outline of the agreement, speaking of it "as a very brief text, stipulating that the three Powers will give each other mutual support if Germany attacks us again." The paper added that "the signing of the stipulation will occur at the same time as the signing of the treaty." Tuesday Paris cablegrams contained scarcely a mention of this matter, which had been the chief topic of discussion in the Paris press for the three or four days previous. Other questions, to which due reference will be made presently, apparently occupied the public mind, as well as the undivided time and attention of the Peace Conference authorities, particularly the Council of Four, to the exclusion of pretty much everything else. On Wednesday, howdver, it was definitely set forth in a special cablegram to a New York newspaper that President Wilson, in whatever promise he might have made to France, had not "gone outside of his constitutional rights," and further that he had "made no promise that would subject him to criticism." These statements carried special significance because they appeared in a paper that is strongly opposed politically to Mr. Wilson and his policies, both as to the Peace Conference, and in general, and over the name of one of the most prominent American correspondents at the Peace Conference. Going more into detail as to what the Chief Executive of the United States had done, the author of the message said: "The British have agreed that if the Germans shall violate the terms of peace, as they have now been agreed upon, and send troops across the Rhine, the British will move forth to the Continent to the support of France. Mr. Wilson has promised to appeal to the Senate to give a similar pledge for America." Without possessing any direct knowledge of the facts, it would seem that the foregoing statement might pretty clearly and accurately outline the situation. In official circles in Washington the opinion was expressed during the early days of the week that the President had gone no further. All doubt regarding the matter was removed Thursday afternoon, when Joseph Tumulty, Secretary to the President, who is in Philadelphia, wired the following message to the White House, which was later given out under his orders: "In view of the fact that certain newspapers of wide circulation throughout the country have intimated that President Wilson had entered into a secret alliance, or treaty, with some of the great Powers, I conveyed this information to the President 1646 THE CHRONICLE [VoL. 108. and am to-day in receipt of a cablegram from him the German plenipotentiaries would do with the peace giving positive and emphatic denial to this story." treaty when it was handed to them. The statement came from Paris on Tuesday that of all the delegaAlthough announcement had been made that an tions to the Peace Conference, the American was the invitation, said to have been written by President only one that firmly believed that the Germans would Wilson, and signed by all of the twenty-three nations sign the document without more than preliminary represented at the Peace Conference, had gone for- fencing. The other delegates were said to enterward, asking the German Government to have its tain the belief that it might "be necessary to transpeace delegates in Versailles by April 25th, up to the late the terms of the treaty into decisions, or perhaps close of last week apparently satisfactory replies, into acts, to make the Germans accept them." In particularly as to the character and personnel of the Berlin the ultimatum of the Peace Conference redelegates, had not been received by Peace Conference garding the character of the delegation and its powers authorities. Evidently a definite intimation at least was said to have "produced a first-class political senhad come to hand that the German delegates would sation." It was also stated that, immediately upon be scarcely more than messengers to carry the treaty receipt of the note, a Cabinet meeting was called back to the Government authorities at home. On which was in session for several hours. The opinion Monday definite announcement was made in Paris appeared to prevail in official circles that the note that the Council of Four had notified the German meant that the German Government, after a brief Government that merely couriers would not be re- time for consideration of the peace treaty, would ceived at Versailles by the Associated Powers, but be required to say: "Yes" or "No." The message that her representatives, must be clothed with pleni- was received in Berlin on Sunday. Sentiment genpotentiary authority. According to a dispatch from erally was depressed. "Vorwaerts" observed that Berlin received in Copenhagen the same day, Count "the week begins well, as a gypsy said who was to von Brockdorff-Rantzau, the German Foreign Min- be hanged on Monday," while "Tagliche Rundister, had announced that the delegation would schau" regarded the situation as "quite hopeless." number three and would consist of Hamiel von Haim- Prime Minister Scheidemann was quoted as saying hauser, Herren von Keller and Ernst Schmitt. The that the treaty would be considered by the National first named member was First Secretary and Coun- Assembly at Weimar and that a plebiscite, about sellor of the German Embassy at Washington under which there had been rumors for several days, was Count von Bernstorff, and before leaving our national only "a second consideration." Scheidemann also capital was elevated to the rank of a Minister Pleni- suggested that, as there were many interpretations of potentiary. The other two members were spoken of President Wilson's 14 points, both in Germany and as legation counsellors. According to the Berlin abroad, he and his associates thought there "ought dispatch also the delegation would be attended only to be discussion in order to reach a common view by two officials and two chancellory secretaries. as to what is within and what is without their scope." The number and personnel of the delegation were Foreign Minister von Brockdorff-Rantzau was rein marked contrast to those indicated in earlier Ger- ported to have said in a long interview with a special man advices. As far back. as March 12 announce- correspondent of an American newspaper, that Germent was made in Weimar that Foreign Minister many's peace delegation would not sign or recomvon Brockdorff-Rantzau would head a peace dele- mend the acceptance of any peace treaty that ingation in which would be some of the most prominent cludes French control of the Saar Valley, either . men in the new Government and in financial and economically or politically. educational circles as well. Only last week word came from Berlin that the whole delegation, inTuesday came the report from Berlin in definite cluding specialists, clerks and attendants would form that preparations had been under way for number about 200. several days for a plebiscite on the peace treaty, and that the machinery for this referendum to the people No later than Tuesday advices were received from had been put in such good shape that the vote Paris that the ultimatum as to the character and could be taken throughout Germany in forty-eight powers of the German peace delegation, which had hours. According to the advices the German Cabibeen sent by the Peace Conference authorities, had net wished "to avoid the responsibility of either rebeen heeded and that the German Government had fusing or accepting the terms." It will be recalled accepted all the conditions laid down with respect that Chancellor Schiedemann was quoted above as to the Versailles Congress. Moreover, it was stated saying that the treaty would be considered first by that "high personages" would be sent as delegates the National Assembly and that its submission to a who would "have full power to negotiate." The referendum .vote would be only "a second consideranew list was headed by Count von Brockdorff- tion." On Tuesday also the "Echo de Paris" deRantzau, as was that announced on March 12, to clared that the "discussion of the peace treaty by which reference has been made, and includes four the Versailles Congress; after the Germans are called other well-known officials in the Ebert Government in, will not be continued longer than May 15th." and one bank officer. Altogether, it was stated, the The paper added that "the Germans will be required party would number about 75, and could not reach to sign the peace conditions, subject only to ratificaVersailles until April 28, although in the invitation tion by their Government, the Allies not consenting extended April 25 was the date stipulated. On that these conditions shall be submitted to a plebisThursday a Berlin dispatch announced that the dele- cite." Paris advices also received on Tuesday stated gates would not reach Versailles before May 1 at the that while peace conference authorities would not earliest. It was reported in Paris last evening that object to the German plenipotentiaries consulting a definite date had not been fixed for their arrival. the National Assembly at Weimar, they did not proNaturally, as has been true all along, there was pose to conduct negotiations with that distant body. practically no end of speculation this week as to what The reported intention of the German delegation to APR. 26 1919.] THE CHRONICLE 1647 satisfactory to put every disputed point before the National Assem- finding a compromise that would be agree with Mr. to said were Italy. The two Premiers bly, it was declared also, would not be tolerated. onalized, but internati be should Fiume General credence was not given to the reports Wilson that Italian delethe to advanced was this idea when from Paris early in the week that the German delerefuge in took once at they that stated it was gates "engates, upon their arrival in Versailles, would be of intention their closed in a huge gilded cage, not only to keep them the Pact of London and announced its to strictly in, but also to keep the press and public out." It holding Great Britain and France .also from Monwas even declared in those reports that "once they terms. Our President was absent , which was Premiers three the of had reached the quarters reserved for them, they day's gathering which the at and office, au's in Clemence M. held will not pass the barriers until the day for affixing of imsubject only the again was question Adriatic of their signatures to the treaty in the Gallery Rome From . discussed been to have said portance the in Mirrors in the Versailles Palace." Later of the ing reassembl the that day same the word came ConPeace week it was indicated that although the 23 April d from ference authorities were not disposed to make it Italian Parliament had been postpone assohis and Orlando possible for the German delegates, while in Ver- to May 6, because Premier to be present on the be unable would delegates ciate probaall in work, da on propagan carry sailles, to the Peace Conferat detained being date, original bility they would not be treated as prisoners, but ing upon the " comment Romano, "Populo The e ence. annoyanc safeguarded in every possible way from sign a peace cannot "Italy that: declared , be to said situation was and even harm. The latter policy the meeting of time the until n. and delegatio fall, her involving American favored particularly by the deleItalian the congress] Versailles the the so bly acute, [presuma became situation Before the Italian anxious with work general expectation appeared to be that the peace gates will remain in Paris and treaty would be submitted at a plenary session of the activity." According to all the reports and accounts pubPeace Conference to-day for final approval, before anThe n. lished, nothing was accomplished at the informal delivering it to the German delegatio however, week, the of conference between the three Premiers on Monday nouncement toward the end earlier in Versailles arrive morning, so far as the Italian demands were connot that that body would Wilson met than May 1, together with other developments, made cerned. In the afternoon President reit clear that there was no need of undue haste in Lloyd George and Premier Clemeliceau, Orlando reached. was t agreemen acting finally upon the peace treaty. In fact, Paris maining away. Again no advices stated yesterday that it might be physically President Wilson stood firm for the idea that previous secret treaties should not be recognized in the makimpossible to complete the treaty by to-day. ing of the present peace treaty, and to the other Berfrom that Italy's claim to Fiume would be "contrary were reports there idea week the Earlier in principle of the right of peoples to self-detert f and prominen the several von to Bernstorf Count that lin associates were at work on a draft for a League of Na- mination." tions, wliich would be presented to the Versailles Failing to accomplish anything with respect to the Peace Congress. Yesterday dispatches from that situation, it was reported on Tuesday that of the d Italian centre gave what purporte to be an outline of Four had decided to drop it for the Council it way belall that the general provides draft. In a to take up Japan's demand for terriand being as time well, States were which signaneutral and ligerent tories to the Hague treaty, shall be embraced. By tory in the Shantung Province, as presented by Baron day the consent of a majority of the members of the Makino and Viscount Chinda. The very next there that hand, other the league other States may be admitted, but the Holy Paris advices stated, on were indications of weakening on the part of Italy, See would be taken in without this condition. and thus a better prospect of coming to an agreeWhile in Peace Conference circles the attitude ment. At the same time it was said that the Japanthe of the German delegation towards the peace treaty ese delegation might threaten to withdraw from were l demands territoria their if ce Conferen Peace would and ent members their Governm and what its actually do with it, were given due consideration, not satisfied. Apparently the Council of Four deto as has been made clear already, unquestionably cided that the Japanese nut was just, as hard was ment announce definite for the deadlock in the Council of Four over the demands crack as the Italian, of the Italian delegation for Fiume and Dalmatia made in Paris that it had been decided to "disconovertopped every other development. The Italian tinue its hearings on the Chinese and Japanese claims situation is taken up third in this outline of events, to rights in the Shantung Province, and had agreed purely on the basis of sequence, and not upon that merely to terminate Germany's rights in China in t of the reof importance. From the very first of the week it the peace treaty, leaving the settlemen German the to Japan and China of was easily the most troublesome, and to President spective rights experts American date." a later until ns Wilson, at least, undoubtedly the most vexatious, concessio as exParis in quoted are situation Chinese the three on question considered. In the hope that the should ce Conferen Peace the that opinion the pressing absented to an agreement, he Premiers might come demand himself from Sunday's session of the Council of Four, give "uncompromising support of the Chinese should China to although it was held at his own residence. Accord- that the return of Shantung territory this and once, at ce ing to the reports, the President was of the opinion be decided by the Peace Conferen treaty." peace of the part an integral that he had done all in his power to bring about an concession made agreement. Reverting to the Adriatic question, Lloyd George At that time the belief appeared to be entertained reported to have suggested to Premier Orlando was and in Paris that, while Premiers Lloyd George compromise, a recognition of Italy's claims to a as President Clemenceau in a degree sympathized with if her representatives would abandon their Fiume, of in favor ess were neverthel Wilson's ideas, they 1648 THE CHRONICLE [Vol.. 108. claim to the Dalmatian coast. Apparently the in a determined effort to bring about a reconciliation Italian Prime Minister and his associates at the Peace between the Italian delegates and President Wilsen. Conference were pursuing the policy of "all or none," Accordingly he invited Premier Clemenceau, Presion Wednesday they were reported as still remaining dent Wilson and Orlando for a conference at 4 "ihflexible in their demand for all the territory o'clock that afternoon. An opinion said to have granted, them under the Treaty of London, with been expressed by the American delegation was to Fiume in addition." At that time it was claimed in the effect that either the Italians would not "break some Paris advices that the Italian delegates were off with the Peace Conference, or that a new Governnot preparing to leave Paris, "apparently believing ment would be found which would send a new peace that the Allies would approach them with a com- delegation"—the suggestion previously noted. The promise before peace is signed with Germany." conference was held, but apparently without any Late Wednesday afternoon President Wilson issued results. Late Thursday night announcement was a statement, the whole of which did not become made in Paris that Premier Orlando and Salvator generally known in Paris, London and the United Barzilai would leave for Rome before morning, but States until Thursday morning. He declared that that Baron Sonnino, the Foreign Minister, and other since the signing of the Pact of London, the situation, Italian delegates and representatives would remain so far as Italy was concerned, had changed, because in Paris "temporarily." Both the London and Paris of the disappearance of the Austro-Hungarian Em- newspapers were about equally divided in their pire, and furthermore, that Italy's demands for the comment on President Wilson's statement and the Dalmatian coast were no longer justified because situation that it had brought about. "the Austrian naval menace had ceased to exist." It became known in Paris yesterday morning that He also asserted that Fiume could not be given to the Premier, accompanied by Slavator Barzilai, GenItaly but "must be made available as a seaport for eral Diaz and two other members of the Italian the small nations behind it." Throughout his state- mission, had left for Rome the night before at 8:30 ment President Wilson took a strong stand in favor o'clock. In the opinion of the leading Paris newsof the abolishment of secret treaties and apparently papers the Prenier's departure does not constitute appealed to the Italian people, over the heads of a rupture in diplomatic relations. The "Petit their Government and its representatives at the Journal" said, for instance, "it is not adieu but Peace Conference. au revoir." At the Italian headquarters in Paris a Notwithstanding statements to the contrary said distinctly more hopeful feeling was reported to have to have come from trustworthy sources earlier in the prevailed yesterday. It was even declared that "all week, reports, reached here late Wednesday night will be settled within a fortnight. Premier Orlando that Premier Orlando had decided to return to Italy, has gone to Rome to consult Parliament. There"unless there was a satisfactory adjustment of the after we shall see." According to an American Fiume and Dalmatian questions." The Premier him- officer who left Fiume only three days ago and who self made no formal statement when that of Presi- arrived in Paris yesterday, fourteen divisions of dent Wilson first appeared, but a member of the Italian soldiers had been moved to that city over Italian, delegation was quoted as saying that "Presi- which there has been so much controversy at the dent Wilson's statement had broken up the Peace Peace Conference. He is reported to have announced Conference." The real sensation which it caused in also that "virtually all the inhabitants of Fiume, Paris was not fully realized until Thursday. After except Italians, had left the city" before he departed. a conference of the Italian delegates the night be- Cablegrams received late last night conveyed the fore, Premier Orlando addressed a note to Premier impression that the Italian Premier might call ParliaClemenceau as Chairman of the Peace. Conference, ment together at an earlier date than May 6 and that informing him that he and his associates had decided he would be back in Paris for the opening of the Peace to leave Paris at 2 o'clock Thursday afternoon. Congress at Versailles on May 1st or 2d. While the President's statement was spoken of as easily the "sole subject of discussion in official and As early as a week ago to-day gudsses were being unofficial circles," and while the challenge it so un- freely made in Paris as to the probable date of Presimistakably contained was said to have caused \a, dent Wilson's departure for home. Then it was "shock" to the European diplomats, it was reported claimed that information had come from authoriwith great definiteness on Thursday afternoon that tative sources that the peace negotiations had reached both Premiers Lloyd George and Clemenceau not such a stage that he could leave by May 20, and peronly read, but approved the statement in toto before haps by the 15th. As the week advanced, and with it was issued. In face, also, of reports from Rome of the receipt of advices to the effect that the German a large and enthusiastic popular demonstration there delegation would not reach Versailles on April 25, over the stand taken by the Italian delegation, the together with developments at the Peace Conference opinion was expressed in Paris that the Italian people itself, it became clear that it would be necessary to might soon turn against their Ministry and demand advance the President's leaving date—no one could its overthrow. In that event the further suggestion tell how far. Guesses were being made also as to was offered that the new Government might send a when the President would call Congress in special delegation to the Peace Conference with whom an session. The first set of dates ranged from May 15 agreement on all the important Italian demands to June 1. The suggestion was offered that he might could be reached speedily. direct matters during the first few days of the session The facts are that the Orlando delegation did not from Paris. As the Italian situation became more leave Paris at 2 o'clock Thursday afternoon. Upon acute each clay, little or nothing was mentioned in the urgent request of Lloyd George its members the Paris advices about President Wilson going home agreed to remain until 8 o'clock that evening, ac- or the calling of a special session of Congress. It was cording to a definite announcement made during definitely stated that he had decided not to hold the the forenoon. The British Premier took the lead ' George Washington at Brest, but to send her back APR. 26 1919.1 THE CHRONICLE with troops and to detain the dreadnaught Arizona at that port "for a quick trip if necessary." Last evening it was announced definitely in Brest that the George Washington would leave there May 1 for New York with troops, returning by May 20. M it has appeared all along that President Wilson would remain until the peace treaty with Germany was signed, and inasmuch as the latest advices from Berlin stated that the German delegation would not reach Versailles earlier than May 1, there was every indication near the close of the week that the date of the President's home-going was decidedly uncertain. Yesterday it was reported in Paris that there was no disposition to hurry the German delegates. The text of the revised draft of the League of Nations has been cabled to the State Department at Washington, and the understanding is that it will be released simultaneously throughout the world. According to Paris advices two synopses of the peace treaty, one of 250 words and another of 2,500 words, have been prepared under official direction, for publication when the document is completed and the date of releasing it agreed upon. This would seem improbable in view of the statements from Paris yesterday, to which reference has just been made, that it might be impossible to finish the drafting of the treaty itself by to-day. Couriers representing the German peace delegates arrived at Versailles yesterday. Announcement was made in Paris that a plenary session of the Peace Conference will be held Monday, at which the revised draft of the League of Nations covenant and "such portions of the peace treaty as may be completed by that time" will be considered. This would seem to indicate unmistakably that the document will not be finished to-day as originally planned. Regarding domestic affairs in both France and England, almost nothing appeared in the advices reaching this country. Needless to observe that the developments at the Peace. Conference absorbed the attention not only of the respective representatives, but also of the people of both nations. On Thursday it was reported, however, that the French -Government would not permit the use of gold in making payment for even small purchases abroad, so long as exchange is so unfavorable to France. In England the only developments politically were the suggestion of a well-known newspaper editor that Lloyd George should be made head of the League of Nations when it is finally established, and the report that the Northcliffe papers would enter upon a well-definted and determined campaign to bring about his political downfall. No labor outbreaks in Great Britain were reported. The labor element, under the leadership of Arthur Henderson, former member of the War Cabinet, together with a large number of other leaders, sent a telegram to President Wilson congratulating him "on your magnificent declaration for peace based on the 14 points." Continuing,the telegram read: "We are certain that the Italian workers will associate , themselves with the international workers in supporting you." 1649 firm. As in New York, the greatest buoyancy was in the oil shares. On Tbursday the stockholders of the Shell Transport & Trading Co. approved the proposed increase in the share capital to L23,000,000. The new stock will be offered at par, but whether at the rate of one share for every two of old stock held, or one for every three, had not been decided according to the latest advices received. The London & Brazilian Bank is arranging to increase its capital to £3,000,000. The plan calls for the issuance of 25,000 twenty pound shares. On the first call 20% must be paid in. In Germany interest politically was centred chiefly in the ultimatum of the Peace Conference regarding the delegates to be sent to Versailles, which has been dealt with fully in earlier paragraphs. Munich was still a storm centre in local politics. A week ago Premier Hoffman, in desperation, was reported to have requested Gustav Noske to send Prussian troops to help defeat the Bolsheviki. He was also said to have accepted an offer of several thousand troops from Wurtemberg. Advices received direct from Munich on Tuesday stated that, with the approach of the troops, the Soviet Government there had "collapsed like a house of cards during the night," and that the regular Government had resumed "judicial control of the capital," having proclaimed martial law. The same day announcement was made that the Communists in Lindau, spoken of as the most important Communist stronghold in Bavaria, with the exception of Munich, had been completely defeated. Conditions in Berlin appeared to be comparatively quiet. Apparently by reason of a strange case of mistaken identity, the report was sent out from that centre on Tuesday that Herbert Hoover had arrived with a large staff of assistants. Yesterday, however, announcement was made in Paris that he was still in the French capital and had not been away from there for several weeks. He has sent a message which has been published in the German papers, in which he makes it emphatic that the supplies of food cannot continue unless assurances of order throughout the country are given by the Government. A member of the Scheidemann Cabinet is quoted in Berlin dispatches as saying that he and his associates will not resign. Early in the week word came from Vienna that control of the Goverinment and of affairs in that important centre had been taken over by the Soldiers' Council. While it is claimed that there will be. no change in the name of the Government, nevertheless it was declared that it would be Bolshevistic in purpose. Communizing of the property of those unable to offer resistance was reported to have begun promptly. On Tuesday Amsterdam heard that the Hungarian Government, headed by Bela Kun,.had resigned and that already chaos prevailed in Budapest. In the dispatches of the following day expression was.given to the fear that a reign of terror and anarchy 'might develop at any time. Yesterday a dispatch from Berlin stated that Hungary had "closed all her borders in an effort to control the Rumanian invasion and prevent unfavorable news from escaping from the country." The market for securities in London early in the week was cheerful, but developments at the Peace Recently a United States Senator of many years' Conference later naturally restricted operations, experience in public life, in discussing the spread of although the tone of the standard issues continued Bolshevismiin Europe, observed that, following the 1650 THE CHRONICLE French Revolution, a wave of radicalism spread over that country, but that gradually and steadily it subsided. He added that, in his judgment, the rise and fall of Bolshevism would not be dissimilar. Already there are indications that it is slightly, at least, on the wane in some sections of Eastern and Southeastern Europe. On Monday London received a report that the First Bolshevik Army, operating on the northwest frontier of the Ukraine, had surrendered to the Ukrainian forces, who captured 20,000 rifles, 85 guns and 200 machine guns. The next day word came to the British capital also that indicated the defeat of the Bolshevik armies on three important fronts. Appatently the Poles had reoccupied Vilna and two important railroad centres to the south of it. General Marquand in command of Murmansk forces of the Allies had routed the Reds on Lake Vigozero, while the Russians had driven the Bolsheviki before them as they advanced toward Lake Onega. Finally, Admiral Kolchak's Siberian army was said to threaten the entire Bolshevik position in the Ural. After all it is difficult to discover essential differences between a Soviet and a Communist Government. Neither is good as to its general principles. What Russia needs, and what all the countries in that part of Europe need, is a strong central Government that can control the whole country, and not four or five regional Governments such as exist in Russia now, and which Washington advices state the Allies have refused to recognize. Above all, what is needed most in those countries is a more sincere desire on the part of the people for permanent peace and order from one end to the other, and not of some new experiment in the way of a Government. The need of food in Russia apparently is as great as ever. The French Government finally has agreed to have the Nansen Commission undertake the distribution of food there, provided Lenine gives the proper guarantees that hostilities on all fronts will be brought to an end promptly. The French press criticised-this concession on the part of the Government, claiming that it was favored chiefly by the American delegation because most of the food would come from this country and that, therefore, the feeding of Russia would afford an excellent outlet for our surplus supplies. Intimations of this kind are not worthy of a reply, particularly in view of all that America has done toward feeding thb world since the war began, and especially after we entered it. The proposed nationalization of women in Russia is causing a great uproar, as well it should. British revenue returns for the week ended April 19, showed an appreciable decrease, which was due mainly to the Easter holidays and resulted in a deficit of £363,000 in the Exchequer balance. Expenditures for the week were £22,636,000 (against £27,450,000 for the week ending April 12), while the total outflow, including repayments of Treasury bills and other items, totaled £91,558,000, compared with £125,253,000 last week. Receipts from all sources were £91,195,000, in comparison with £125,249,000 a week ago. Of this total, revenues contributed £11,595,000, against £19,080,000; war savings certificates yielded £500,000, against £1,300,000, and war bonds £4,446,000, against £3,- [VoL. 108. 985,000. Advances added £15,000,000, as contrasted with £5,000,000, while from other debt £14,403,000 was received, comparing with £6,873,000 in the preceding week. Sales of Treasury bills, which this week were -somewhat less than the amount repaid, amounted to £45,251,000, as compared with £88,941,000 the previous week. The total of repayments was £52,654,000, against £80,376,000 last week. Treasury bills outstanding now total £978,672,000, which compares £986,199,000 the week before. Temporary advances total £470,392,000. The Exchequer balance now stands at £6,609,000, as against £6,972,000 a week ago. War bond sales last week through the banks were £3,136,000, bringing the aggregate to £44,976,000, and comparing with sales of £4,921,000 the week previous. Sales through the post offices during the preceding week amounted to £272,000, making the total £2,047,000, and the grand total £47,023,000. For the first time in several weeks the Bank of England reported a loss in its gold holdings, the amount being £118,606, while there was also a small reduction, £68,000, in total reserve. Note circulation declined £50,000, and notes'reserved decreased £94,000. The proportion of reserve to liabilities, however, was adyanced to 19.30%, as compared with 19.03% a week ago and 17.74% last year. Public deposits registered the large reduction of £3,119,000, and Government securities fell £5,889,000. Other deposits increased £644,000. In loans (other securities) an .increase of £3,488,000 was shown. • Threadneedle Street's stock of gold on hand totals £85,116,377, which compares with £61,006,239 a year ago and £55,247,617 in 1917. Reserves now stand at £27,403,000, as against £31,046,934 in 1918 and £35,470,527 the year preceding. Note circulation is £76,162,000. This compares with £48,409,305 and £38,227,000 one and two years ago, respectively. Loans amount to £81,793,000. Last year the total was £104,842,901 and in 1917 £114,436,540. Clearings through the London banks for the week totaled £283,760,000, against £469,470,000 a week ago and £362,263,000 last year. Our special correspondent is not as yet able to give details by cable of the gold movement into and out of the Bank for the Bank week, inasmuch as the Bank has not resumed publication of such reports. We append a tabular statement of comparisons: BANK OF ENGLAND'S COMPARATIVE STATEMENT. 1919. 1918. 1917. 1916. 1915. Apr. 23. Apr. 24. Apr. 25. Apr. 26. Apr. 28. Circulation 76,102,000 Public depostts 24,590,000 Other deposits 117,207,000 Government scours. 50,225,000 Other securities_ _ 81,793,000 Reserve notes & coin 27,403,000 Coin and bullion__ _ 85,116,377 Proportion of reserve to liabilities 19.30% Bank rate 5% 48,409,305 34,831,045 140,154,188 50,723,832 104,842,901 31,046,934 61,006,239 38,227,090 52,450,017 117,249,044 37,472,228 114,436,540 35,470,527 55,247,617 34,103,405 61,722,384 85,471,557 33,188,046 88,396,696 43,270,778 58,924,183 34,685,560 132,067,216 87,030,100 51,063,491 146,693,662 39,078,829 55,314,389 17.74% 5% 20.90% 5% 29.39% 5% 17.87% 5% Official -discount rates at leading European centres continue to be quoted at 5% in London, Paris, Berlin, Vienna and Copenhagen; 532% in Switzerland,6% in Petrograd and Norway,6% in Sweden and 43/2% in Holland and Spain. In London the private bank rate has not been changed from 34 5 % for sixty-day and ninety-day bills. Money on call in London remains as heretofore at 33/%. So far as APR. 26 1919.] THE CHRONICLE 1651 we have been able to ascertain,no reports have been The bank statement will be found in more complete received by cable of open market rates elsewhere. form on a later page of the "Chronicle." According to our special cable, the Bank of France reports a decrease of 5,491,409 francs in its gold item this week. The loss was in the stock of gold on hand, the amount held abroad remaining unchanged. The aggregate gold holdings now total 5,540,326,000 francs, comparing with 5,378,863,263 francs last year and with 5,242,196,076 francs the year before; of these amounts 1,978,308,484 francs were held abroad in 1919, 2,037,108,484 francs in 1918 and 1,947,671,846 francs in 1917. During the week, general deposits were further augmented by 60,450,589 francs. On the other hand, silver declined 615,944 francs, advances fell off 15,823,716 francs and bills discounted and Treasury deposits were reduced 2,759,962 francs and 17,174,237 francs, respectively. Note circulation registered an expansion of 3,271,640 francs, thus increasing the total outstanding to 33,978,449,540 francs. This compares with 26,395,251,400 francs at this time in 1918 and with 19,009,852,695 francs in •1917. In 1914, just prior to the outbreak of war, the amount outstanding was only 6,683,184,785 francs. Comparisons of the various items in this week's return with the statement of last week and corresponding dates in 1918 and 1917 are as follows: BANK OF FRANCE'S Changes for Week Gold Holdings—Francs. Dec. 5,491,409 In France No change Abroad COMPARATIVE STATEMENT. Status as of April 24 1919. April 25 1918. April 26 1917 Francs. Francs. Francs. 3,562,017,616 3,341,754,778 3,294,524,230 1.978,308,484 2,037,108,484 1,947,671,846 Dec. 5,491,409 Total Dec. 615,944 Silver Bills discounted__Deo. 2,759,062 Dec. 15,823,710 Advances Ino. 3,271,640 Note circulation Treasury deposits—Dec. 17,174,237 Ine. 60,450,589 General deposits 5,540,326,100 5,378,863,263 5,242,196,076 310,671,620 250,070,621 256,595,354 897,165,197 1,397,328,851 500,395,654 1,215,973,004 1,056,655,909 1,170,409,644 33,978,449,540 26,395,251,400 19,009,852,695 27,883,399 55,763,826 122,128,986 2,799,600,418 3,313,253,054 2,508,787,614 A decline in loans and an increase in demand deposits were the features of Saturday's bank statement of New York Clearing House members. As contrasted with the large expansion of a week ago, the loan item was reduced $30,495,000, while net demand deposits this week increased $78,503,000. Net demand deposits now aggregate $4,011,096,000 (Government deposits of $312,649,000 deducted). Net time deposits also increased, $2,460,000, to $155,111,000. Cash in own vaults (members of the Federal Reserve Bank), declined $553,000, to $95,962,000 (not counted as reserve). Reserves in the Reserve Bank of member banks showed an expansion of $23,498,000, to $563,608,000. An increase was also shown in the reserve in own vaults (State banks and trust companies) of $2,000 to $12,300,000, though reserves in other depositories (State banks and trust companies) decreased $134,000, to $11,758,000. There was a gain in aggregate reserves of $23,366,000, to $587,666,000, as compared with $540,900,000 in the corresponding week of 1918. Reserve requirements, however, were increased $10,286,970; hence the expansion in surplus was brought down to $13,079,030, thus bringing the total of excess reserves to $56,096,300, which compares with $41,672,620 a year ago. The figures • here given for surplus reserves are on the basis of 13% reserves for member banks of the Federal Reserve system, but not including cash held by these banks, amounting on Saturday last to $95,962,000. Circulation was increased $340,000, to $38,815,000. There has been very little change in the rates for either call or time money. On Thursday and Friday somewhat larger amounts of the latter were reported to have been offered than for some weeks. A fairly good-sized amount is understood to have been loaned yesterday for six months on all industrial collateral, at 6%. Otherwise very little business was reported except some renewals at current rates. Call money continued to fluctuate between 5 and 6%. While it was assumed that Stock Exchange houses, with rather extensive Western wire connections, had increased their loans materially, stock brokers, as a whole, stated that there was very little change this week, as has been true ever since the present upward movement started. The head of one Stock Exchange firm that has been doing an active business said that for several months there had been practically no variation in his loans, whereas he had seen them increase $2,000,000 within a couple of hours. As has been stated more than once by the "Chronicle" in recent weeks, the great bulk of the transactions in stocks during the present movement has been for the account of active speculators who do not make commitments for long periods, either on the long or short side of the market: This to a great extent explains the failure of brokers' loans to increase. We need hardly say that outside of the speculation in stocks interest in the financial district, and throughout the country for that matter, has been centred largely in the campaign for the Victory Loan. Unfortunately the reports from Washington regarding the total of the subscriptions from day to day have been rather conflicting. By midweek it was stated that already the half-billion mark had been reached. Only yesterday, however, the reports from that centre indicated that the total of the subscriptions was "approaching" the half billion mark. While several States have filled their quotas, it is not.unlikely that in some sections the subscriptions will come in rather slowly. In the end, however, it is believed that the full amount, if not more, will be obtained. If conditions are favorable, it is intimated that after the Victory Loan campaign is out of the way the banks, to an extent independently, and also in conjunction with the Government, will undertake corporate financing on a rather large scale. General business continues comparatively quiet, so that the demands for funds for purely commercial purposes is not large. From present indications it will be possible for the corporations to finance their requirements later on a pretty satisfactory basis. Comparatively little was said during the week relative to international financing. Conditions in Europe, even at the Peace Conference, were so unsettled that more attention was being given to adjusting them than to the money that will have to be furnished after the Peace Treaty is completed and signed. Referring specifically to rates for money, loans on call have covered a range this week of 49@532% as compared with 53/2@6% last week. On Monday the high was 53/2%, the low 4% with renewals at 5%. Tuesday 532% was still the highest and 5% the renewal basis, but the minimum was advanced to 5%. Wednesday there was no range, 5% THE CHRONICLE 1652 being the only rate quoted all day, while on Thursday 53'% was the high and low and also the ruling rate. Friday's rates were 532% the maximum, 5% the mini/nuru. Renewals were negotiated at 27o. These figures are for loans on mixed col53/ lateral, as all-industrials are quoted M of 1% above this level. In time money the situation remains without important change and trading was still light. Lenders are usually refusing to put out loans for any but the shortest periods and most of the business was confined to renewals, though on Friday a small amount of six months' all industrial money was available at 6%. This is the first time in some weeks that funds for so long- a period have been offered. Nominally, the range of quotations still is 5%@6% for sixty and ninety days and four months' funds and 53/2@6% for five and Six months, unchanged. In the corresponding week of 1918 all periods from sixty days to six months were quoted at 6%. Mercantile paper was quiet but steady. A good demand was reported for the best names, but dealings were still restricted by light offerings. Sixty and ninety days' endorsed bills receivable and six months' names of choice character remain as heretofore at 53@5%,with names not so Well known still quoted at 53'%. Banks' and bankers' acceptances ruled firm and slightly more active, though nothing like real activity is looked for until the Victory loan campaign has come to a close. Local and out of town institutions were in the market as buyers, but transactions in the aggregate were moderate. Rates continue at previous levels. Demand loans on bankers' acceptances were not changed from 432%. Quotations in detail are as follows: Spot Delivery Thirty Sixty Ninety Days. Days. Days. /4®4 6 43 / /4(4)4% 44(4;43 45 4©4 / 4 @)42%4 4%©4% 43 5%@4% 5%@4% 5%04% Eligible bills of member banks Eligible bills of non-member banks Ineligible bills Delivery within 30 Days. 4bid .13 6 bid / 41 6 bid The Federal Reserve Bank of Chicago announced, effective April 21, a rate of 43'%, instead of 4% as heretofore, for discounts maturing within 15 days. The bank, which several weeks ago announced a series of special rates on paper secured by War Finance Corporation bonds, made some changes in these special rates this week and these are indicated in the foot note to the table, along with the special rates recently established by the Federal Reserve banks of Boston, Minneapolis and St. Louis. Prevailing rates for various classes of paper at the different Reserve banks are shown in the following: 1 g 1 ' j • ?... O 4 § S ' ••= ao 1 4 t 1 6 2 1 CLASSES OF DISCOUNTS AND LOAN' New York. DISCOUNT RATES OF FEDERAL RESERVE BANKS. Discounts-Within 15 days,incl. member banks' collateral notes____ 4 16 to 60 days' naturity___ 4% 61 to 90 days' maturity___ 4% Agricultural and live-stock 6 paper over 90 days Secured by U. S. certificates of indebtedness or Li. erty Loan bonds— Within 15 days, including member banks' collat4 eral notes 4% 16 to 90 days' maturity Trade Acceptances4% 16 to 60 days' maturity 61 to 00 davs' maturity— 414 4 S 4 4 4 4% 4% 4% 4% 4 4% 4% 4% 4% 43% 4% 4% 4% 4% 4% 4% 434 5 4% 5 4% 4% 4% 4% 42% 4% 4% 5 5 5 5 5 5 5% 5 5 5% 5% 5% 5% 5% 5% 4 4 4 4% 4 4 4c 4 24% 4 4% 4% 4% 4% 24% 4% 4% 24% 4% 24% 4% 434 4% 04,412a 4% 4126 412b 4% 4% 4% 4% 4346 4% 4%14% 4% 4% 4% 4% 4% 4% 4% 4% 1 Rates for discounted bankers' acceptances maturing within 15 days, 4%; Within 16 to 60 days, 434%, and within 61 to 90 days, 434%. Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper rediscounted has been taken by discounting member banks at rate not exceeding interest rate on bonds. *The Federal Reserve Bank of St. Louis has announced a rate of 5% for member banks' promissory notes maturing within 16 days when secured by War Finance [Vol,. 108. Corporation bonds; also 5% for rediscounts Maturing *Rhin 15 days secured by % for rediscounts from 16 to 90 days War Finance Corporation bonds, and s4cured by War Finance Corporation bonds. The Federal Reserve Bank of Minneapolis announced on April 4 a ratelof 534% for member banks' collateral notes and customers' notes, drafts and bills of exchange of 15 days and under secured by War Finance Corporation bonds; also 5%% for custorders notes, drafts and bills of exchange of 16-60 days where secured by War Finance Corporation bonds and 6% for such paper running from 61 to 90 days. a The Boston Federal Reserve Bank On April 12 announced the following rates on rediscounts secured by bonds of the War Finance Corporation: Either customers' notes or promissory notes of member banks and having 15 days or les@ to run, 5%; customers' notes having from 16 to 90 days to run, 5%% a The Federal Reserve Bank of Chicago announced, effective on April 21, a rate of 4%% for member banks promissory notes maturing within 15 days when secured by U. S. Government bonds or Victory Loan notes, and 534% for such paper of 15-day maturity when secured by War Finance Corporation bonds; for rediscounts maturing within 15 days, secured by War Finance Corporation bonds, a rate of 534% was established effective April 21, while for the same paper with maturities %;the rate for redisCounts'maturing within 90(WI, from 16 to 90 days the rate is secured by War Finance Corporation bonds,is 434%• a Fifteen days and under, 434%. c Until further notice, there is authorized a special rate of 4% for paper, with 16 to 90 day maturity, secured by Fourth Liberty Loan bonds; provided such DaDer has been taken by the member bank at a rate not in excess of the Fourth Liberty Loan coupon rate. Note 1. Acceptances purchased in open market, minimum rate 4%. Note 2. In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade acceptances maturing within 15 days will be taken at the lower rate. Note 3. Whenever application is made by member banks for renewal of 16-clay paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day Paper of the same class. Rates for commodity paper have been merged with those for commercial paper of corresponding maturities. Conditions in sterling exchange have undergone very little change this week. Undoubtedly the market is still marking time pending the signing of the peace treaty and trading has been exceptionally dull, especially during the Opening days of the week, when observance of the Eastern holidays abroad served as an effectual check to dealings at this centre. There , was a good undertone, however, and with the resumption of business later on, one or two prominent financial institutions appeared in the market as buyers of sterling bills, with the result that rates were advanced to 4 663/i for checks and 4 673/s for cable transfers, or well above last week's final figures. The close was firm, with the tendency still upward. It was reported that some of the buying emanated from interests who had been selling French bills and investing the proceeds in sterling. As regards quotations in greater detail, sterling exchange on Saturday was quiet but steady with rates still at 4 649' for demand, 4 659. for cable transfers and 4 623i@4 623/ for sixty days. On Monday trading was at a minimum owing to the holiday abroad, and rates which were largely nominal, remained unchanged. No appreciable increase in activity was shown on Tuesday, although demand and cable transfers were a trifle higher, 4@4 66, respectively; 8@4 65 and 4 657 at 4 643/ 2. sixty days continued to be quated at 4 623ei,4 623/ Wednesday's market was firmer, and under the stimulus of good buying, advances were recorded to 4 65@4 65% for demand, 4 66@4 669' for cable transfers and 4 623-@4 62% for sixty days. Additional strength developed on Thursday, and de2 with cable mand bills moved up to 4 653@4 653/ transfers at 4 6614@4 663'; sixty days were not changed from 4 6231@4 629. On Friday the market was strong and demand again advanced, this % time to 4 66@4 663/8; cable transfers to 4 67@4 671 Closing quo4 633. 63@4 to days sixty and tations were 4 633 for sixty days, 4 66 for demand and 4 67 for cable transfers. Commercial sight bills finished at 4 653, sixty days at 4 623, ninety days at 4 60%, documents for payment (sixty days) 4 62%, and seven-day grain bills at 2. Cotton and grain for payment closed at 4 643/ 4 6534. The week's gold movements showed a falling off and engagements consisted of only one • shipment of $105,000 for consignment to South America. Dealings in Continental exchange have again been restricted in character, and excepting in the case of APR. 26 1919.] THE CHRONICLE 1653 fre arid francs, vatia,tions in rates have been slight. The American Relief Administration announces Here also attention Continues to Centre upon the that payments will be effected at about the following doings of the Peace Conference at Paris, while an tentative rates of foreign currency to the American additional factor in the general inactivity during dollar: Finnish mark, 93/2; Czecho-Slovakian the early part of the week, at least, was the observ- kronen, 15; Gerrnan-Austrian kronen, 20; Jugoanbe of the Easter holidays. on all European mar- Slavian kronen, 173/2; Serbian dinar, 7., and Rukets. As regards French and Italian exchange, no manian lei, 10. No rates have as yet been flied improvement has been shown, and after remaining for Bulgaria or Turkey. Announcements will be about stationary durinjthe eatlier part of the week, made from time to time of the rates at which the weakness developed and further sharp recessions Relief Administration will receive remittances. There were noted. Francs dropped to as low as 6 14 for is nothing new to report with regard to rubles, and checks, or 7 Points below the previous low level (this is German and Austrian exchange is not as yet quoted. the lowest level touched since the beginning Of the The official London check rate in Paria closed at war), and lire touched 7 51 for checks, which is 3 28.37, against 28.00 last week. In New York points under last week's extreme low, in consequence sight bills on the French centre closed at 6 10, of renewal of the pressute of offerings of French and against 6 01; cable transfers at 6 08, against 5 99; Italian bills on a comparatively uniesponsive mar- commercial sight bills at 6 11, against 6 02, and ket. Uneasiness over possible delay in final peace commercial sixty days at 6 16, against 6 07 a week adjtistments because of Italy's attitude over Fiume ago. Lire closed at 7 51 for bankers' sight bills and was held to be partly responsible for the weakness, 7 49 for cable remittances. This compares with but in the opinion of many bankers it is the inevi- 7 43 and 7 41 the preceding week. Belgian francs, table result of the withdrawal of Government regu- which ruled heavy, finished at 6 32 for checks and lations in the face of an unfavorable trade balance 6 30 for cable transfers, against 6 27 and 6 24 last and reflects the continuous and heavy movement of week.. Greek exchange remains at 5 163/ for checks commodities to these centres. The question which and 5 15 for cable remittances. is at present uppermost in the minds of exchange The neutral exchanges ruled dull and featureless, authorities in attempting to forecast the future with trading almost at a standstill throughout and course of exchange is what steps can or ought to be rates little better than nominal. Swiss francs were taken to enable the European nations to meet their well maintained, as also were the Scandinavian exenorinous indebtedness to this country. This is with- changes. Guilders were slightly easier, but Spanout doubt one of the most serious of the problems now ish pesetas remained without perceptible change until confronting the financial authorities, and opinions Friday, when an increase in the demand brought differ as widely as ever as to the mode of procedure about a slight net advance. to be pursued. The advisability of extending credit Bankers' sight on Amsterdam closed at 40 1-16, facilities continues to be actively discussed, and the against403/;cable remittances at405-16,against40%; recent action of the U. S. Government in establish- commercial sight at 40, against 40 1-16, and coming new credits for France, Italy and Great Britain mercial sixty days at 39%, against 39 13-16 in the and some of the neutral countries would seem to in- preceding week. Swiss francs finished at 4 96 for dicate that this means is being adopted to tide over bankers' sight bills and 4 92 for cable transfers, in present difficulties, at least until some idea can be comparison with 4 97 and 4 93 a week ago. Copengained of the seope of the indemnities to be col- hagen checks closed at 24.80 and cable transfers at lected. But, as previously explained, no permanent 25.00, against 24.80 and 25.00. Checks on Sweden arrangements can be made until the deCisions of the finished at 26.60 and cable transfers at 26.80, against peace conferees become known. 26.60 and 26.80, while checks on Norway closed at . It is of interest to observe that in the case' of 25.60 and cable transfers at 25.80, against 25.60 certain portions of the devastated areas of Central and 25.80 on Friday of last week. Spanish pesetas Europe the Federal Reserve Board has devised a finished at 20.30 for checks and 20.35 for cable replan likely to ameliorate considerably the present mittances, as contrasted with 20.15 and 20.25 the acute exchange situation. This was made public week previous. on Thursday and is to the effect that the Division As to South American quotations, no important of Foreign Exchange has instructed exchange deal- change has occurred. The rate for checks on Argeners to refrain from purchasing exchange from any tina has ruled a shade easier and closed at 44.06 soUrce except the American Relief Administration for checks and 44.17 for cable transfers, comparing upon any of the following countries: Finland,Poland, with 44.10 and 44.20 a week ago, while for Brazil Czecho-Slovakia, Getman Austria, Jugo-Slavia, Ser- the undertone was firmer and check rates finished bia, Rumania, Bulgaria and Turkey. It is further at 263., with cable transfers at 263 / 8, against 25% stated that it will be. necessary for dealers to and 26.00 last week. Chilian exchange was not make arrangements direct with the American changed from 9 31-32, nor Peru from 50.125@ Relief Administration in order to make remittances 50.375. to such countries. This regulation is issued for Far Eastern rates are as follows: Hong Kong, 799 the purpose of enabling the American Relief Ad- @80, against 79@.793; Shanghai, 1143/ 2(4)115, ministration to make use of such foreign currencies against 114@1143/2; Yokohama, 513'@513/2, against in the countries concerned aS are received by it 513/ 8@513; Manila, 50 (unchanged); Singapore, for food being shipped. The method to be used, 563 (unchanged); Bombay, 36 (unchanged), and it is explained, will be the purchase Of food on this Calcutta (cables), 363 (unchanged). side of the Atlantic and its sale in the country to which the remittance is directed. Dealings here The New York Clearing House banks, in their will in this way be converted into local currency operations with interior banking institutions, have there and the rate of exchange will be determined gained $4,899,000 net in cash as a result of the curby the relative buying power of the two currencies. rency movements for the week ending Apri1125. 1 THE CHRONICLE 1654 Their receipts from the interior have aggregated $8,'797,000, while the shipments have reached $3,898,000. Adding the Sub-Treasury and Federal Reserve operations and the gold exports, which together occasioned a loss of $72,726,000, the combined result of the flow of money into and out of the New York banks for the week appears to have been a loss of $67,827,000, as follows: Out of Banks. Into Banks. Week ending April 25. Banks' interior movement Sub-Treasury and Federal Reserve operations and gold exports Net Change in Bank Holdings. $8,797,000 $3,898,000 Gain $4,899,000 25,237,000 97,963,000 Loss 72,726,000 $34,034,000 $101,861,000 Loss $67,827,000 Total The following table indicates the amount of bullion in the principal European banks: April 25 1918. April 24 1919. Banks of Gold. I Silver. I Total. I Gold. Silver. I Total. 61,006,239 61,006,239 85,116,377 6,377 England_ _ 85,11 4 24 France a _ 142,480,705 12,400,000 154,880,705 133,670,190 10,240,000143,910,190 Germany 95,696,550 1,037,960 96,734,510117,190,000 6,046,250 123,236,250 Russia *__ 129,650,000 12,375,000 142,025,000129,650,000 12,375,000142,025,000 Aus-Eun c 11,600,000 2,372,000 13,972,000 11,008,000 2,289,000 13,297,000 Spain ____ 90,448,000 25,781,000116,229.000 80,568,000 28,128,000 108,696,000 Italy 35,050,000 3,000,000 38,050,000 34,172,000 3,300,000 37,472,000 600,000 60,713,000 737,000 56,326,000 60,113,000 Nethernis 55,589,000 600,000 15,980,000 600,000 15,980,000 15,380,000 Nat.Bel.h 15,380.000 14,891,000 Switaland 16,759,000 2,614,000 10,373,000 14,891,000 14,337,000 15,997,000 14,337,00 Sweden___ 15,997,000 136,000 9,777,000 137,000 10,522,000 9,641,000 Denmark 10,385,000 6,739,000 8,201,000 6,739,000 8,201,000 Norway _ Tot. week.712,352,632 61,053,9601773,406,592,688,365,429 63,714,250752,079,679 1689,819,111 63,779,850753,598,981 Prev.weekI712,830,894 61,090,5001773,921,39, a Gold holdings of the Bank of France this year are exclusive of £79,132,339 held abroad. *No figures reported since October 29 1917. c Figures for 1918 are those given by "British Board of Trade Journal" for Dec. 7 1917. Ii August 6 1914 in both years. FIXING THE TERMS OF PEACE. We should suppose that the recent remarkable outburst of activity and rising prices on the Stock Exchange must have had reasonably close relation to the expectation of the approaching submission to Germany of the terms of peace. There were other reasons; the accumulating evidence of our country's strong economic condition, the non-fulfillment of predictions regarding a calamitous trade reaction on return of peace, the continuance of our export trade at the maximum figures of the war (at least as far as values are concerned), the prospect of a wholly unprecedented wheat crop. But it is not unreasonable to ask if even these strong incentives to financial confidence could have produced such results on the Stock Exchange if the financial community had not also been convinced that we were approaching the formal and final ending of the war. That the Allied Governments have agreed on the terms of peace with Germany, and that the machinery for ending the state of hostilities is at work to bring about a final settlement, we all now know. The dispute between Italy and the other Entente Powers, regarding possession of the port of Fiume, has nothing whatever to do with the German negotiations. That controversy concerns the terms of peace between Italy and what remains of AustriaHungary, and those terms as a whole are not yet drawn up. The objections to Italy's claim for this port of entry in addition to the larger port of Trieste have been entirely plain. Fiume is the natural commercial outlet for the new Jugo-Slav States which, formerly part of Austria, are now in the ranks of the Entente Powers. The population of the district claimed by Italy is preponderantly Slavic, not Italian. Beyond even this, the Pact of London, signed in 1917, whereby the Western Entente Powers promised Italy certain stipulated territorial gains in case of victory, did not include [VOL. 108. Fiume. Whether a secret pact of the sort would rightly hold in any case, with the changed conditions brought about by the League of Nations, may be debatable. But be that as it may, Italy's only asserted claim for this additional acquisition is that her effort in the war was greater than it promised to be when the London agreement was signed, and ought therefore to receive larger reward. We do not look for any permanently serious result from this awkward controversy. But whatever it may involve politically, the terms of peace with Germany remain unaffected by it. The real question, which the Stock Exchange may or may not have had in mind, is whether the German delegates to Paris, and the German people after them, will or will not accept the Allies' terms of peace. There have been angry protests from German sources; even declarations that Germany would prefer to submit to renewed invasion or to "Bolshevik rule," rather than accept onerous conditions of peace. The correspondents have cabled highly discouraging views. That of itself does not strike us as of very great significance. Passing the question as to how far the previous forecasts of these same correspondents, on the probable outcome of the negotiations in their earlier stages, warrant confidence in their new predictions, it was hardly to be expected that any other attitude than this would be assumed by the German press and public men,in advance of the actual statement of the terms. Certainly no one would have expepted declaration of enthusiastic readiness to accept whatever terms should be proposed. There are at all events some strong reasons for expecting that Germany, after trying to get some modification in the terms, will yield. She is no longer capable of military resistance. She knows that in no other way can her people reenter international commerce, gain access to foreign raw materials, and resume the path of industrial rehabilitation. She knows—or at all events, her intelligent citizens now know—that she is being assessed for damages in requital of unlawful depredation by her army and submarines, and that on that point public opinion in the neutral as well as in the enemy world is against her. As for the danger of "Bolshevist control," in case of the Ebert Government's acceptance of harsh terms, the truth of that matter seems to us to be that the existing Government is stronger to-day than at any moment since the armistice. Not only does it hold power through the distinct mandate of the popular vote of Germany, cast in the very recent national election and ratified by the national assembly, but the very "Workmen's Councils" which are talked of as threatening the Government have within a few weeks, in a vote to express their own party preference, endorsed by nearly three to one the party to which the Ebert Government belongs as against the party which includes the Bolshevist agitators. Even in such industrial cities as Hamburg the result of that ballot was the same. That the Ebert Government as at present constituted might be voted out of office after acceptance of the peace, and replaced by a different personnel, is possible. Any other parliamentary government in Europe might be similarly upset. But that is something very different from overthrow of constitutional government and reversion to anarchy. Historical precedent is often hazardous, but in this APR. 26 1919.] THE CHRONICLE case we have one of more than ordinary value. Conditions in France, when the Prussian Government stipulated surrender of Alsace-Lorraine and a billion dollar indemnity, were closely parallel to present conditions in Germany. Indignation was at white heat; threats of refusal very general. The Communists were beginning to rise against the Provisional Government. Under such circumstances a plebiscite of the French people was taken, through which a National Assembly was elected. When the ruling statesmen submitted to that body the terms of peace imposed by Prussia and accepted by them, their action was ratified by a vote of five to one in the Assembly. OUR SOLDIERS IN WAR OUR DEFENDERS IN PEACE. The opinion is often expressed that our returning soldiers will be against "Bolshevism." And why should not they be? It is a nameless horror, this Bolshevism, but in reality it is anarchy rampant. Who knows better what law, order, discipline, devotion and sacrifice are than the soldier? High over the smoke and carnage gleamed the now historic ideal, but the soldier at some lone listening post in No Man's Land heard only the voice of command. To him that was sufficient. Everything was embodied in the orders which stationed him in a perilous posiion he could not change and dare not desert. Behind him were beloved comrades in arms whose safety depended upon his vigilance; behind these were a people and a nation that he had sworn to defend to the uttermost. What was the nation this soldier defended with his life? What but that representative democratic organism known as the Republic of the United States! Not a mass of small political entities, _sticking together like a lot of burrs, if at all, by the mere contact of their selfish, spinelike interests. State harmony can never be woven of such antagonisms. The cellular structure of any local self-government must unite by a natural growth and a common design to form a national whole. It was the Republic of.the Fathers, sanctified by the free development of time; it was the government of law and order, law which they obeyed by the proffer of death if need be in the trenches; it was a noble nation, capable of the common thought and courageous submission of its people, that these "boys" defended overseas. Shall they come back from their dire disciplinary test of devotion to follow in the wake of wild dreams of doctrinaires, men whose imagination outruns their reason, men who cannot separate desire from deserts? What sent them forth on an unparalleled adventure if it was not the iron rule of a conscript law made and enforced by Government? What caused them to obey, with a unanimity and a sublime devotion if it was not love and respect for this Government, ordained out of the consent of the governed? Shall these soldiers, in the exercise of but ordinary common sense, if you would put it so, come back from arduous and bloody campaigns to weave in common with fanatics the formless fabric of a Socialistic State? Bolshevism a menace to this country? Only when fear flashes in the mind, as a child instinctively is afraid of the dark. The vast reaches of valley homes in "the interior" deny it. In the dark places of pent cities, where the slime of crime grows, where the poisonous fungi of passion propagate, where 1655 into the grimy tenements of ignorance the sunlight of education and knowledge can come but slowly, will this thing called Bolshevism take root. Fear! Fear! The startled mind of the citizen, thrown out of balance by the sudden volcano of war, taking unto itself unconsciously the dangerous dread of a general breakdown of civilization. Natural, perhaps, but only a spectral shape half seen in the darkness. Slowly, through a hundred and forty years, from fathers to sons, have our men and women gathered about them the Lares and Penates of free life and quiet homes, and the independent comforts that dignify and compensate existence itself. Are there none, will there he none, to defend them—the planted acre, the cottage refuge, the opened mine, the road to market, the store, the warehouse, the factory, the bank—individually owned, governmentally sanctioned and guaranteed, laboriously acquired, sacrificingly saved up against the adverse day and generation that may come—will there be none to defend them against the storms of "Division" that sometimes gather in the deserts of Desire? Fear!—the foundation of unhappiness, the fever of unrest, filled with fantasies, where hovels grow suddenly into palaces, where wishes blossom into delights without ways or works, where by the magic of so-called government they who have nothing have all. Startled by the war and its sequel, dwelling too much on far events, the citizen may fear the coming here, too, of a "reign of terror," where, under the rule of despicable tyrants, who kill to keep from being killed, there is no law but that of the firing squad and the stone wall. But that momentary fear will fade into indomitable resolve when the blessings of secure possession, of the fruits of labor, when property, are placed against profligacy, plunder and penury. But what of the soldier? Is it possible that he will hearken for a moment to this besom of disorder and anarchy, this Fear that fashions out of Old World darkness the dread spectre of "Bolshevism?" No! He who has been baptised in the fires of this unspeakable war, when over fair fields ran rivers of flame, when the air rained high explosives of unutterable ruin, when seas gathered their toll with unseen hands, when dead men thickened faster than earth could cover them, this man, who conquered Fear and found his soul triumphant over life and death, that his nation be made safe, his people be made secure, and humanity be glorified, this man will not be alarmed at threats of anarchy and confiscation, nor will he countenance -the vile seizure of civilization by malcontents who hate law and order and all that they preserve. No! The soldier who obeyed and defended his Government, the rights and interests of his friends, against the active Foe, will not succumb to a shadowy Fear, nor will he fail to make short shrift by lawful means of the skulking fanatics who plot in a few pent cities the disruption and overthrow of his own high Government. THE LATEST OF THE "GET RICH QUICK" SCHEMES OF "LABOR." So, in the good State of Illinois, there is born a Labor Party. As reported, its platform announces: "Organized workers are members of it. Unorganized workers are members of it. Clerks, housewives, newspaper men, farmers, school teachers, storekeepers, belong to it. Such heads of organizations 1656 THE CHRONICLE ' [VOL. 108. and business concerns as are not exploiters or prof- of difficult transfer, but of course a "service to soiteers belong to it. There is no place in the.party ciety"(?). Private ownership in land is to be taxed for those who are not workers. There is room out of existence and improvements go free. But within it for all who perform service to society." these are old ideas. Taking possession of banks is There follows a long list of issues, from which we new, though we cannot follow it in detail. Will the take the following: "Public ownership and opera- individual be allowed to retain ownership in his detion of all public utilities, including grain elevators, posits just as he does now in the Postal Savings warehouses, stockyards, abattoirs, insurance and banks, but no commercial deposits be permitted, banks." because declared the odious "power" of those who We are a little surprised that it should have been do not work, the "profiteers" and "exploiters"? discovered by a "labor" machine that there are And if a man can show his title clear to being a unorganized workers as well as the other kind. Of "worker" will the bank, under the control of the the latter we have been duly apprized on many oc- Labor Party, be compelled to loan him funds as a casions. Also, it would be interesting to know "service to society"? All ownership of private whether the leading spirits in this new venture belong property destroyed, and the banks in the hands of to the organized or the unorganized kind of workers, the Labor Party, credit ought to be "easy," even to and the proportion in the movement of each. It those who exploit nothing save their desire to get seems a broad and catholic "party" that has come something for nothing. Public ownership of banks boldly forth in the good State of Illinois. Just any- has a benevolent sound,thirty-five or forty billions of body and everybody who "works" may belong, save resources of this kind are worth dividing if it costs "exploiters" and "profiteers." If the latter work, no more than a vote for the Labor Party of Illinois. it counts nothing in their favor. The sole test is THE CIVIC UPLIFT OF FIFTH AVENUE. "service to society." How the test of exclusion is to be applied by a mere "labor party," that is not The movement.to protect Fifth Avenue from the and does not become a form of "labor union," we encroachment of apartment houses, in the sector do not know, and cannot surmise. Will "profiteers" stretching from Fifty-ninth Street to Ninetieth, and and "exploiters" be prevented from voting for the including the side streets to Madison Avenue, ought candidates of the Labor Party, when election time to prevail by universal consent. And though it may comes round, if they should choose to do so? Most not appear so at first thought, those most interested political "parties" are willing to get all the votes they are citizens who will, probably, never be able to can, and have never been known, as far as we have own a home in the district. From a cultural standobserved, to question a man on his services to society point he who adds beauty to a city is a public beneprior to his actual voting. To belong to the inner factor. When he builds a beautiful home he gives circle of mere party may be another thing, and prob- to the people the joy and uplift which they demand ably will require a password and credentials, but in shall be embodied in their public buildings. And so catholic a party, of what avail? And if all work- when he does so he is entitled to protection in his ers are to be included, why a party? Does it mean own behalf and in that of the public. There can that only drones constitute the parties of Wilson never be too much architectural splendor in a great and Hughes? city. We recognize in the extensive and discursive platThe apartment house is typical of commercialism form about all the "union labor" contentions with and congestion. It is builded for the rents. Space which we are familiar. But there is one we have is valuable, every inch of which is utilized. There is not found heretofore, public ownership of "banks." no profit in deepset windows and sculptural orna"May we not" commend and congratulate the "Labor mentation. Usually its four bare walls are very Party" of Illinois for this progressive step? When plain, and rise to a height limited only by the money the Bolshevists seized the so-called Government of available for the particular investment enterprise. Russia, taking possession of the banks was one of Seen from a distance, in irregular array, these structheir first acts. Why, pray, warehouses, and not tures may be impressive by their massiveness, but banks? Even unorganized workers will need money near at hand they are chilling, almost repellant in in the great Utopian overturn. The warehouses may the severity of their lines, and, if we may say it, in time be empty and then money comes in handy. awaken no warmth to the common brotherhood of With all "public utilities" taken over, and the con- life. Though they may, and often do, possess a sequent disappearance of all values, to be measured wealth of interior decoration, they are in a sense by mere money,it would seem that this forethought more exclusive than the exclusive homes they overof the Labor Party of Illinois is superfluous. Per- shadow or dispossess. haps the idea is to have banks without money. The people of New York derive an important civic Then again, it may be fear of the lurking evil of lesson from the Hudson and from Fifth Avenue. "acquisition," which, rooted in the human race, One is nature, the other art. The tides of traffic cannot yet quite be exorcised by uniting organized that pass up and down these two highways are never and unorganized workers in one grand Labor Party. impeded by the splendid vistas of the one or the inAt any rate, this is the first time "Labor" has de- timate views of varying and ornate facades which manded possession of the banks of the country as far line the other. But one must believe, though it as we now recall. Highwaymen sometimes make de- would be impossible to measure the effect, that those mands upon bank officers that they "turn over," but who look upon these divergent scenes,. are inspired the claim has never been recognized as quite just. by a sense of possession that rises above mere comWell—this appetite for "public ownership" seems mon ownership into the mounting delight of a comto grow by what it feeds on. It now includes in its mon appreciation. And if only those who are imonward march "abattoirs" and "banks," blood and portunate and restive for the better things of life, money. Possibly ideas and ideals will be prohibited would pause, and learn that the spiritual elements to the individual unless given to the public, a matter of use and beauty are free to everybody, they would. APR. 26 1919.[ THE CHRONICLE 1657 find content in the knowledge and joy in this form Savings Stamps, and there is no other means of of ownership. If it is wise and beneficial, as many. raising a public loan so sound and desirable as to cities are now doing, to set aside a civic centre in distribute it in modest sums through all the people which may be grouped in open park-like spaces the and get it out of current savings. Upon this all public buildings that minister to the whole people, are agreed, and the press of the country, harassed and crown these with the genius of our noblest archi- by some senseless laws and regulations which are tecture, then surely those fortunate ones who are administered in the most inconsiderate if not inable to build beautiful homes that cannot hide their tentionally vexing manner, yet flooded from ,Washtasteful and harmonious lines from the eye of the ington by stuff for gratuitous publication, has been citizen, and casual beholder, are worthy of considera- quite in the front line of the patriotic endeavor to tion and thanks. prosecute the war and keep safe every worthy cause. We are glad to give of our limited space to our own It has borne its part in effort and sacrifice, and will endorsement of this project, for, unless we are in- continue doing so. dulging in fantasy, there is a deep truth in it to Yet, as we remarked, some thoughts are sugwhich we cannot too, often recur. Perhaps as a gested, and thoughts never more seriously pertinent municipality we have not rightly appreciated the than now. The first sentence tells us that "wise great gift of the magnificent Hudson. Perhaps we spending is the foundation of intelligent saving," have not held rigidly to the proper uses of our price- and this truism runs through all these sample adless possession in Central Park. But this imperial vertisements like a thread of good common sense. city is a democracy. And a Fifth Avenue devoted to "Saving, spending, security," "wise saving implies exclusive homes builded by the very rich in forms the balancing of all personal and family needs and that only wealth will or can buy, is as much a public means, present and future;" "rational buying means possession as the Hudson or the Park. There is national economy;" "your Government asks you room elsewhere for apartment houses. They, too, to save;" "along with the three R's are you teaching have their uses and benefits which inure to the your children the three S's of business success, people. Where they supplant tenements they are Saving, Spending, Security?" "Uncle Sam denot only needs but benefactions. fines thrift as wise spending, avoidance of waste, The impressive thought to us is that in the over- intelligent saving, safe investment," and so on. It crowding of an ever-increasing city that must lift is all admirable, and Wise old Franklin could not itself to the sky because it cannot spread out over have put it better; but, Uncle Sam, how about yourthe waters that bound it, the maintenance of mere self? life itself presses so hard upon mind and body that Congressman Good of Iowa, who is expected to there is little enough on which the soul can feast free head the Appropriations Committee when Conand independent. The renowned and acclaimed gress meets, has been properly occupying himself, pageants, symbolizing the city's tribute to domestc as some other members of the next Congress in each and world problems, past and present, which the branch have been doing, with some serious study residents, without respect to class, have witnessed of the situation. He goes over some of the approon Fifth Avenue, would have had much of their priations made at the late session, some that failed, lustre and lure dimmed if they had been staged on also estimates of those which will be necessary (alSixth Avenue, even with the Elevated removed. ways estimates, since the monitory Government And while there is a growing spirit everywhere to still lacks either budget or bookkeeping) these formdemand the best for everybody, we do well to hold ing a mass of very serious-looking figures Which need fast to what we have, to treasure up and safeguard not be cited in any detail. Suffice it that he rethe work of those who give of their best for every- minds those who urge return to normal conditions body. And it matters not whether this is done that we can never return to.a pre-war basis. "Never" consciously to add to a city's beauty or done in pride is a long time, yet we need not haggle over it, since of possession, it is done, and the millions receive the it is certain that the youngest child will not live to benefit, according as they love beauty and feel the see the country clear of tax burdens on a heavy uplift of art. However hard and prosaic it may be scale. At the close of the Civil War, the entire there is much in life to be thankful for if we will interest-bearing debt was under 231 billions, and only seek it out. And a walk along Fifth Avenue is Mr. Good says that while our debt just before this a fortune to him who will. And when all is ended war was hardly one billion, the close of this fiscal and the scroll is rolled up, he will have lived most year will find us with a debt of about 24 billions; and best who has found in nature and art the rest that while from the end of the Civil War to 1916 our of his soul, owning the actual when and as he may, annual expenditures never passed 1,150 millions, the but owning the spiritual by possession unlimited. interest charge alone in the fiscal year 1920-21 will exceed a billion. Groaning, scolding, depression, pessimism, are THRIFT AN EXCELLENT IDEA WHICH UNCLE misplaced and worse than useless; we must face the SAM MIGHT APPLY TO HIMSELF. prospect unflinchingly—but with a determination The receipt of a batch of proof-sheets from the to make the best of it,by combined industry,thrift, Savings Division of the War Loan Organization of and economy. Are we ready, determined, prethe Treasury suggests some thoughts and some pared? It does not yet seem clear that we are. Mr. comments. These sheets with electros of a vignette Good proceeds to remind us that strong pressure head of Franklin, bearing the motto "Buy W.S. S.," will be brought on Congress, that "new problems are offered to the press, for gratuitous insertion, as will constantly arise that will make demands;" he "copy to promote wise buying, intelligent saving, puts the subject to the people thus, and every word and good citizenship," all excellent objects and never should be read and re-read until it has been so abso seriously needed in this wasteful country as now. sorbed as to stay in mind and govern men's conThe specific purpose is to promote sale of War duct: 1658 THE CHRONICLE "It will require the exercise of strict economy to hold the expenditures down to approximately these figures. No committee having jurisdiction of appropriations can bring about practice of the economies that are necessary unless Congress is in sympathy with the program for economy. Congress cannot be expected to be in favor of any greater degree of economy than the public will demand; and unless an intelligent public sentiment is aroused throughout the entire country for the inauguration of a strict business-like administration in Government affairs and for strict economy in Government expenditures these estimates of expenditures will be found too low." What of the flood of projects for furnishing employment, boosting business, reaching a helping hand to everybody? The normal income tax for 1918 was three times the rate of the previous year, and as for the additions and surtaxes thp persons who had to wrestle with figuring them and paying them have hardly recovered yet their peace of mind and calmness of nerve, and if half the projects mentioned are undertaken would a 100% income tax suffice? The issue of the "Congressional Record" for Jan. 31 had a straight-from-the-shoulder talk by Congressman Martin Dies of Texas, who said he was retiring voluntarily and returning to his farm, but he wanted to say some true and needed things first. He said them. He wished, he said, -that farmers and all other taxpayers could get back to the truth that "Government is not created to support the people but is a creature to be supported by the people." We are practicing hypocrisy, he declared, leading people to believe in support by Government. This is what has been done: "You have taken the fairest and best Government ever known among men and are making it into the most despicable socialism. You took the American people at a time when they believed they could support themselves and their Government, and you are teaching them, hour by hour and day by day, to expect that their Government shall support them. Instead of telling our magnificent army, when the boys are coming back from France and being demobilized, to go back to their jobs and attend to their former industries, you are leading them to believe that the Government shall take it upon itself as a duty to support them." Mr. A. T. Fuller, representing the ninth district of Massachusetts in the House, spoke with still more frankness and bluntness on the last day of the last Congress. He had gone to the office building of the House to make inquiry about stories he had heard of the great amount Of printed stuff daily sent out under frank, and as he is a new member, fresh from the ideas and customs of private life and not yet indurated to the ways of Washington, he was startled and shocked. The superintendent in charge, he said, told him that at times from five hundred to six hundred clerks there were doing nothing but pack up the stuff into franked envelopes, each of them able to thus dispose of about 1,500 parcels per day. How many such could a Congressman have, Mr. Fuller asked, and how many envelopes, and how much printing? As many as he wanted, was the answer, and on printing there was "no charge to a Congressman." One Congressman, said Mr. Fuller, a while ago thought of being Governor, and it occurred to him that a parcel of books to each elector would smooth the way; so "he sent out 64Q,000 parcels in one day," and as the regular postage would have been 45 cents each, simple [VoL. 108. figuring shows a cost of $288,000, besides the expense of the stuff itself. Mr. Fuller added that one Congressman had attacks upon preparedness printed at the Bureau of Printing, and then sent them out under frank, with franked envelopes inclosed, so that the recipient could turn about and re-mail them to individuals. He also cited the finding of an investigating commission in 1908 that in one year Congressmen sent out under frank one-fortieth of the entire mail matter of the country. This abuse, deceitful and fraudulent, has grown in the war, along with other evils; yet it cannot all be laid at the door of the present Administration, for it is very hoary and very entrenched. Nobody is individually accountable for it, and everybody in Congress uses it; so it stays, and grows. In each successive Congress some member earns and accepts the soubriquet of Watchdog of the Treasury, but very few seek it, for it misses its deserved honor. The country over, thousands feel a personal and selfish interest in spending for every one who feels more than a languid and theoretical interest in saving. Economy is reckoned parsimony, and this, as we all know, is a "great" country. As expenditures have risen, a sectional scramble for them has risen too; the most popular Congressman is he who is alert and successful in getting appropriations to be spent at home; to be esteemed of the country at large does not secure coming back if the folks at home are cold, and does not every one want to come back? So it goes. "Your Government asks you to save;" but your Government itself flings and spills the revenue it gathers as though it were as free and inexhaustible as water and sunshine. Well, what about it all? Are we to go on under the ostrich-like delusion that the rich bear the taxes and we common people divide the benefit of the spending? Come back to Congressman Good's warning: there will surely be an increasing pressure on Congress to spend; no committee can stop the drain unless Congress is stern for economy; Congress cannot be expected,to be more economical than the people demand. It is indisputably so, and it comes down to this: if the country really wants to stop the waste the country must unmistakablk say so. The press can demand care and business methods. Business and financial organizations can do the same. Public opinion can find ways of expression, if only the opinion exists. The most effectual, because evidently the sincerest method is for voters who have a determined opinion to write directly to the Senators from their State and the Congressman from their district. Shall we do this, or shall we just say that of course the Government ought to be careful, and then drift on as before, watching and eager to see how much of the scattered largess is coming to help fructify the place where we have our homes and our private interests? Congress will soon meet, and it awaits word from the country. THE LABOR PROBLEM-2-WHAT CAN BE DONE AND WHO SHOULD DO IT. Happily Bolshevism, base and dangerous as it is, does not come close home to us. For the time at least we are free to consider ills which more immediately concern ourselves, which have been with us longer and which powerfully affect our entire national life. APR. 26 1919.] THE CHRONICLE The late much loved French teacher and writer, Emile Faguet described the modern enthusiasm for democracy as The Cult of the Incompetent in its difficulty in securing wise leadership. In the sudden casting upon inexperienced democracy everywhere the tremendous burdens which are the results of the great war this lack of competent leaders spells disaster for all classes and prolonged misery for many. It inevitably exaggerates the evils which exist in all human society. It constitutes an appeal which those who, by virtue of their position or their attainments, are able to help, cannot fail to recognize. An instance of such response is to be seen in the variety and the immediate effectiveness of the aid which our college professors rendered during the war, to which the Government bears such glowing testimony. The appeal must now be extended to others of a different class. There can be no doubt that the differences between Labor and Capital have developed into a sharp antagonism and that this is waged to-day across a gulf that is widening. We use the terms as in common parlance, to indicate the labor unions, and. the employers or the great class of those who enjoy the chief products of their labor. The contest has become so hot that not only Labor, but many outside their ranks, are coming under the influence of doctrines and leaders who are extremely dangerous to the community. Bolshevism is utterly alien to America, but under that name many various forces are gathering and Europe is convulsed. Meanwhile we are largely content to asseverate our selfsufficiency, and to rely upon "American Institutions" and our own good-will. But meanwhile also the gulf widens, unrest spreads, and an element of fierce bitterness, which for a time was absent from wage questions, has reappeared. As men having advantage of position we who do not belong to Labor are bound in all fairness to ask, not, how can the gulf be closed; that must be done, or human society itself is imperiled; but what is up to us to do? It is obvious that denunciation does no good. No one replies to our accusations. They are explosive as we lay down the morning paper; they repeat themselves in our offices and reverberate in the speeches of our friends, if perchance they get beyond us. No views are changed by them. They may do us good, but threats and abuse persuade no one, and force certainly does not. Furthermore, we are dealing with men, and to-day as never before the world is beginning to think. Admit that much of the thinking is crude, and much entirely erroneous. Nevertheless it is the movement of life in the masses. So far it is auspicious. It is like the reaching out of the hand of one who was long thought dead. Admitting all that may be said in deserved denunciation of Bolshevism, which is as serious a peril to labor as it is to the rest of us, and what may be charged against labor's wrong views and their part in making the gulf and widening it, are we fair in looking to them to close it, or in waiting for them to make the overtures? We alone can do that. We have the advantage of position, we know the problem as they cannot. We are aware of this; we offer compromises; we plan benefactions; we invite their leaders to our councils, sometimes to our dinners; we welcome them to the legislature, even to Congress and the House of Commons. And with what effect? To make their leaders distrusted by their people. One of the worst features of the strikes 1659 to-day is the frequent repudiation of their chosen officers and representatives by the unions. It is a distinctive phase of the retrogression of democracy. It ought to stir all to a complete change of front. Of course some employers have made such a change and hope to stir others to follow their example. They are doing their best to solve the problem of their own employees. But they are as a few drops of rain in time of drought. It signifies nothing. The situation is critical enough to present a challenge to us all.. Some steps are sufficiently plain to open a better way. The first essential is to create a new atmosphere. When men are arrayed in hostile camps much is gained if you diminish the hostility. Schrechlichkeit in any form only increases it. Suppose some positive approach, some apt or series of acts aimed at a better understanding,showing comprehensive knowledge, or personal interest, or mere openness of mind or community of feeling, a bridge then is forming. Victory over the eye is an intelligible phrase. It testifies to the fact that impressions are quickly and definitely created that are independent of ratiocination. They cannot be made by false attitude or disingenuous approach. Ladies going among the poor know, for example, that nothing is gained by wearing poor apparel. Whatever belongs to their station in life is accepted. Dressing down to the poor is a disagreeable condescension. If therefore men of the class whom labor does not know personally, but as a class distrusts or hates, put themselves in a way to secure personal acquaintance with their men, and then take steps to promote mutual understanding and better relations, in some such way,for example, as Mr. John D.Rockefeller, Jr. did in the great strike of the Colorado Coal & Iron employees, and as some others have done, or like several of the great corporations, strive •• steadily and unmistakably to establish conditions of employment that make tor harmony and peace, the gulf, no matter what outside hostile agencies may attempt, cannot widen and new relations are begun in which hostility and distrust will cease. It is to be recognized however that single instances of individual approach are not sufficient. The situation is too extensive and the antagonism too deeply rooted. A general movement is needed, and it must be based on the hearty adoption of a new attitude, and a sincere purpose to solve problems however difficult, and to establish conditions in which all concerned shall unitedly and justly prosper. Mr. Choate, when Ambassador to England, made a notable address at Oxford in which he said: "The measure of national success lies in the amount that we contribute to the thought, the intellectual happiness, the moral energy and the spiritual hope and consolation of mankind." The war has spread the conviction that, as never before, we are all bound up • in that mankind whose welfare he had in mind. He was addressing an audience representing the men who, however diverse their circumstances, stand on the opposite side of the gulf from labor. National • success must embrace the men on both sides, or it fails, and here are the conditions of its attainment. It is idle to discuss whether or not we are making the necessary contribution, or to asseverate that we have no other purpose. The fact is that grave anxiety exists. No man is able to affirm that either the nation or mankind is advancing toward assured •• success. Nor does it suffice for any man or group of men to say that their purpose is sound, and 1660 THE CHRONICLE aimed at that result. Mr. W. D. Hines, the new Director-General of Railroads did this in his recent declaration that the new administration would be conducted "with fidelity to the public interest," and then proceeded to announce a $67,500,000 addition to the yearly wage bill of the roads, when by reason of last year's increase of $800,000,000 by Mr. Mc Adoo the Government is threatened with a deficit of half a' billion dollars per annum on its rental guarantee to the roads. There is need of a positive and unmistakable movement in the interest of all. It must be the expression of a deep and true and generous conviction, both as to the character and the timeliness of the effort. It must be proved by its works, and it must begin with leaders who have both conviction and the advantage of position, otherwise it will not have the necessary influence. The question therefore is who is the man; which is the organization? Where is the breadth of view; and where the vision? The America of the new era must produce them. The old era is gone. We should bury its prejudices with its animosities and its mistakes, that we may save its gains. [VOL. 108. practically equal. In the last normal year, 1913, Canada sold to the British Empire (chiefly United Kingdom) products worth $190,181,000 and to the United States $139,725,000. In all probability Great Britain will always be the chief purchaser of Canada's exportable surplus, although the future will surely see a larger share of livestock, foodstuffs and general raw materials shipped to the American market. Closer trade relations between the two countries cannot be postponed by the old device of national slogans and no economic argument has yet been produced to impress the organized masses of agriculturists to the contrary. This movement towards a more cordial commercial union would seem to offer abundant reasons for more energetic cultivation of the unmatched industrial and financial oppoitunities now awaiting development in many parts of the Dominion. IMMIGRATION AND EMIGRATION IN 1918. The immigration and emigration data for the calendar year 1918, now available, indicate that the net gain in the foreign-born population of the United States during the period was decidedly small, falling below all years in over half a century, excepting only 1908, when, as the outcome of marked depression here, there was actually a net outward movement. No other result, of course, could have been looked for. Everything tended to hamper and check civilian travel upon the seas, even where it was not virtually interdicted. A further reduction in vessels available for service occurred through the activities of the German submarines, which extended their work to these shores and continued sinkings practically up to the date the armistice was arranged. And of the reduced tonnage an increased proportion was required in the moving of American troops to the scene of action and in transporting supplies and munitions. What is surprising, therefore, is not that the movement was relatively small, but that the inflow should have aggregated nearly a quarter of a million; of these the larger part landed at'Atlantic ports or came across the Canadian border. Specifically, the number of aliens who entered the United States through the various seaboard ports and points of crossing on the Canadian and Mexican borders was 225,416 (of which 115,916 immigrants and 109,500 non-immigrants), this comparing with 211,885 (152,959 and 58,926 respectively) the previous year, 428,671 two years ago, 848,231 in 1914 and 1,616,903 in 1913-the latter having been the high yearly record of arrivals. Against this, however, there was a considerable increase in the alien outflow, it having reached 183,945 against 131,183 in 1917 and 164,784 in 1916. It follows, therefore, that the net gain in foreign-born population was only 41,471 against 80,702 a year earlier, 263,887 two years ago, 43,005 in 1915 and over a million (1,017,957) in 1913. The details of the movement for five years are appended: UNITED STATES TRADE WITH CANADA. Ottawa, Canada, April 25 1919. Even a superficial study of Canadian trade tendencies, not only in war years but since 1890, should convince Milted States business men that the Canadian market far outdoes the much-boomed South American and Asiatic fields. In spite of the peculiar fact that a rigid patriotic code has endeavored to steer the trade east and west, with a continuous line from Vancouver Island to the United Kingdom, economic laws have forced a larger and larger proportion of trade north and south. The desire for commercial insulation along the American border has received an undoubted blow by the present cordial relations between the United States and Great Britain. So true is this that were the Reciprocity agreement of 1911 thrown into the ring as the main issue of a Canadian election, it would get little help from its former chief ally, national suspicion, and would have to succeed or fail by economic justification alone. For the fiscal year, March 31 1918, Canada imported from the United States in free and dutiable commodities a total value of $791,005,125 and exported to the Republic $441,390,920. For the same period Canadian exports to the United Kingdom amounted to $861,073,399, while imports from the mother country reached only $81,324,283. Nearly ten dollars worth of goods were bought by Can..1.ans in the United States to one dollar's worth bought in the old country market. This is not the accidental and transitory story of wartime. War necessities exaggerated the ratios, of course, but the tendency of Canada to multiply her purchases in the United States market is visible in the trade returns for twenty years past. For example, in 1890 Canada bought from the United Kingdom goods to Alien Arrivals1918. 1917. 1916. 1915. 1914. 115,916 152,959 355,767 258,678 688,495 the value of $43,277,000 and from the United States Immigrant 68,963 159,736 109,500 58,926 72,904 Non-immigrant $51,365,000. Note the altered relation in 1913, a Total 225,416 211,885 428,671 327,641 848,231 lapse of twenty-three years: imports from the United Alien Departures80,612 67,652 69,725 160,641 293,635 States, $435,769,000 and from the whole of the Emigrant 95,059 123,995 291,743 103,333 63,531 Non-emigrant British Empire, $162,541,000. 183,945 131,183 164,784 284,636 585.378 Total 80,702 263,887 43,005 262,853 41,471 In the field of exports, a different development Net gain in population It is of interest to observe that the net arrivals in appears. From 1868 to 1875 Canada's exports to the united States and the United Kingdom were • the late year by way of Canadian border points were APR. 26 1919.] THE CHRONICLE in excess of the net gain in foreign-born population as a whole. In fact, they were 48,467, of which total quite a little less than half represented net immigration from the Dominion, the remainder being made up of aliens destined to the United States and passing through Canada en route. The inflow over the Mexican border also exceeded the efflux—by 10,758—and a total of 10,433 represents the net influx through Pacific Coast ports, with Japanese the predominant nationaliV. On the other hand, Atlantic seaboard departufes exceeded arrivals by 29,806. Only in the case of Mexicans and Japanese does the foregoir g disclose in any tangible way the nationalities of thk,se who have come to or departed from these shores. From tabulations given in the "Immigration Service Bulletin," however, it is possible to compile the figures, and in doing so we find that the net arrivals of Scandinavians for the 12 months were only 3,889 against 8,024 the previous year, of Hebrews but 2,436 against 8,510, Irish 3,661 against 5,565, French 5,312 against 6,944 and Scotch 4,858 against 5,187. Japanese arrived in greater number in 1918 than the previous year-6,140 comparing with 4,902, and of Africans the inflow reached 7,564 against 6,538. But of several European nationalities the departures were more or less in excess of the arrivals, Poles, for instance, to the extent of 10,177, Italians 3,156, Russians 2,218 and Greeks 1,675. As regards the occupations of those who arrived in 1918, there is little to be said except that among the unskilled, net gains in domestic servants are to be recorded and a loss of ordinary laborers. ourrent ginutsaiUIgitstnssions CONTINUED OFFERING OF BRITISH TREASURY BILLS. The usual offering of ninety-day British Treasury bills was disposed of this week by J. P. Morgan & Co. on a discount basis of 5M%, the rate prevailing in recent weeks. The bills are dated Monday, April 21. NEW CREDITS TO ALLIES. On April 18 a new credit of $100,000,000 in favor of Great Britain was established by the Treasury Department, making the total borrowings of Great Britain from the United States $4,236,000,000 on the same day a credit of $5,000,000 for Rumania was announced, making the total to that country on that date $20,000,000; Serbia at the same time was granted a new credit of $268,608 27, beinging the total advanced to it up to $27,268,607 27. On April 23 a credit of $50,000,000 was advanced to France, increasing its total to $2,752,477,800; there was also established on the same day a further credit of $5,000,000 to Rumania, raising its total to $25,000,000. Press advices from Washington last night, in giving the total credits to the Allies as $9,223,438,766, reported the total in the case of France as $2,667,477,800; and that in the case of Serbia as $27,268,000. The following are the respective amounts announced in these advices: $4,236,000,000 Ozecho-Slovakia Great Britain $41,335,000 ',2,667,477,801 Serbia France 27,268,000 1,496,500,000 Cuba Italy 15,000,000 341,445,000 Rumania Belgium 25,000,000 5,000,000 Liberia Russia 5,000,000 3,412,966 Greece Total ---------------------------------------------$9,223,438,766 6/ CZECHO-SLOVAKIA SEEKS CREDIT. A Washington dispatch published in "Financial America" of April 23 said: ThelCzecho-Slovak1National Assembly has authorized the Finance Minister to seek in the United States and England a loan of $179,000,000 with which to buy food supplies and raw materials, says an official dispatch received by Charles Pergler, Czecho-Slovak Commissioner in this country. 1661 BANKING CONDITIONS IN RUSSIA. Boris Kamenka, President of the Azoff Don Bank, Petrograd, in a statement made public by the Foreign Department of A. B. Leach & Co.,on April 23 expressed himself as follows regarding banking conditions in Russia at present: The Boisheviki have brought the entire banking apparatus to a standstill. Deposits are no more given. The discount and loan business has ceased entirely. Notwithstanding this, the former organization is not destroyed, and will revive quickly the moment the Bolshevik! are overthrown. According to information received by me up till Dec. 15 1918. the condition of the private banks gives no reason for serious anxiety. Securities handed to the banks are intact. In June 1918 the Boishevikl appointed two committees of which the one has audited the books till July 1918 and the other has balanced the books till February 1917. This has been done in collaboration with the former high officials of the banks, and as they have assured me, no serious frauds or thefts have been committed. The banks have had large expenses, but no earnings. However, this means not more than 10-20 million rubles for all banks together. At the same time the earnings of the banks for 1917 were abnormally high. They were never paid out and easily counterbalance the above expenditure. The fear that ultimately the banks would be left with securities made illegal by Bolsheviki decrees is not justified because nobody who knows anything at all about Russian economic affairs attaches any permanent importance to these decrees. FEDERAL RESERVE BULLETIN ON BELGIAN EXPORT CREDIT. Regarding the commercial export credit of $50,000,000 established in New York in March on behalf of banks in Belgium, as noted in these columns Feb. 22, page 720, and March 1, page 823, the "Federal Reserve Bulletin" for April says: It was announced on March 15 that the syndicate of bankers which had had in charge the placing of the so-called Belgian industrial credit had succeeded in completing their transactions and in closing the allotments. This credit is of especial interest because it represents the first actual industrial borrowing in the United States obtained through the regular mechanism of the ordinary discount market for the purpose of European reconstruction since the conclusion of the war. The industrial credit in question was distributed by a group of banks which had joined hands for the purpose of making acceptances in favor of a consortium or group of Belgian banks which, through the National Bank of Belgium, had applied for accommodation to the extent mentioned. This accommodation when released will be used for the purpose of the rehabilitation of Belgian industrial districts, and it is the understanding that such indemnity proceeds as may be obtained from Germany will, if available, be used for the purpose of liquidating the obligation under this credit. In any event, the resources of the Belgian banks are directly pledged to protect the loan. The credit. as already stated, has taken the form of acceptances distributed among considerable number of banks and to be discounted by members of the group after acceptance has been furnished. The drafts are to run ninety days, with arrangements for three renewals, so that in effect the operation has a maturity of a year. These provisions are practically in line with those which had already been established in other connections to govern the so-called "renewal acceptances" of past years. The Board, therefore, has not, as stated in some quarters, developed any new policy in connection with the discounting of drafts of this character, but its attitude in the matter remains unchanged with the discounting of drafts of this character, but its attitude in the matter remains unchanged and is governed by the general instructions on the subject sent out in the beginning of the year 1918 and since then somewhat expanded for the purpose of meeting special conditions as they presented themselves from time to time. It has been suggested that similar acceptance credits be placed on behalf of ether countries which are in need of funds for similar purposes. The Board's position, as already developed, has been that operations of this kind under the general description of "acceptances" should be subjected to reasonable limitation and should not be extended to an exetnt which would result in placing in bank portfolios too large an amount of non•liquid paper having a fairly distant maturity. While the Board recognizes that in the present unusual circumstances of the financial world some relaxation of usual safeguards may be unavoidable, nevertheless it believes that every reasonable precaution should be taken to prevent the undue accumulation of paper subject to renewal. GREAT BRITAIN'S PROHIBITION AGAINST GOLD EXPORTS. Samuel Montagu & Co., of London, in their weekly letter of April 3, note that "Government control over outward movements of gold has been emphasized by an Order-inCouncil, taking effect upon April 1st, prohibiting the export of gold coin and bullion." Reference to this prohibition appeared in our issue of April 5, page 1338. The London "Financial News" in an editorial on April 1, had the following to say in the matter: Gradually the financial policy of the country is becoming defined. Following the decontrol of the exchanges has come the definite decision to continue the control of gold exports. As we stated in discussing the exchange perplexities before the artificial support fo sterling in dollars was abandoned, it was unthinkable that this country should release its gold reserves, and the only alternative was to prohibit the export of gold. The decision now reached obviates the necessity of hoisting money rate in order to protect our gold resources; in other words, the fear of dear money (which might have been quite ineffective in preventing gold withdrawals) has been removed, and expectations are now veering to the other extreme. A reduction of the bank rate (for sentimental purposes) and a lowering of bank deposit rates (for practical reasons) are now anticipated. From the "London Economist" of April 5, page 555, we take the following: ri-By the addition of "gold, coin, and bullion" to the list of articles which we are forbidden to export the Government has taken a step backward from the path of cutting away the restrictions on finance. It is easy to defend the step;still easier to condemn it. It has only regularized the position with regard to gold exports. They have long been practically prohibited by 1662 THE CHRONICLE the power of the Bank of England working through the patriotism of those through whom they would have to be carried out. This power has been strong enough to give our gold stock such protection as it needed hitherto. Now that it is threatened by the larger profit on gold exports involved by the fall in the New York excnange, since the removal of the peg that maintained it, the question has risen whether the appeal to patriotism would suffice. But was it necessary to prohibit before it was actually seen that gold was going in quantities that we could not afford to lose? Might it not have been worth while to try whether an effective 5% bank rate would provide the necessary check? An artificially easy money market, protected by the kindly efforts of the German submarines, was a pleasant economy in war-time, and provided a few millions for our official wasters to muddle away; but now that peace is alleged to have come, there was surely something to be said for trying to get back to business methods and working on the good old banking rule of stopping a demand by readiness in meeting it, combined with a good rate to those who leave their money undistrubed. Instead of which the Treasury has officially nailed the prohibition flag to the masthead,at a time when some people were hoping that some freedom from restrictions might actually be achieved. It was, presumably, actuated by fears that dearer money would be unpopular and expensive to the Exchequer, and by representations from the big banks, which were in a quandary as to the answer that they should give to any of their foreign customers whew anted to take away their balances in gold. It may have been right, but the measures look so like a continuance of the timid and shortsighted policy that has marked our war finance since Mr. Lloyd George's budget of 1915, that it is difficult to avoid some apprehension concerning its results. The Order-in-Council will hold good until the ratification of the peace treaty, and will then cease to be valid except with Parliamentary sanction. The prospect of the present Parliament applying its wisdom to such a question may well make the boldest fo us shudder. There is a comfort in the thought that it may be a long time before the peace treaty is ratified and that something may happen in the meantime to cause the removal of the prohibition. FINANCIAL CONVENTION BETWEEN GREAT BRIT-AIN AND SPAIN. A Madrid cablegram under date of April 22 to the daily press says: The financial convention between Spain and Great Britain, which had been under discussion for several weeks, was signed on Monday, it is announced here. Under the agreement, Spain will loan Great Britain 75,000,000 pesetas at 5%,in return for which Great Britain will permit the free importation of oranges and will export 150,000 tons • of coal monthly to Spain. PROPOSED SPANISH LOAN OF £31,250,000. The following Madrid advices, under date of April 1, credited to the "Exchange Telegraph," are taken from the "London Financial News" of April 2: The Spanish Government will shortly issue a loan of 1,000,000,000 pesetas (about £31,250,000) as a perpetual debt at 4% to consolidate the redeemable debts and cover the total deficit of 800,000,000 pesetas. [vol.. 108. It for his own occupation or that of some person in his employ or in the employ of some tenant from him, the court may make an order, but only after considering all the circumstances, "including the alternative accommodation available." Finally, neither the principal Act nor the new Act applies to houses in the course of erection or built after the passing of the Act. BRITISH TREASURY INSTRUCTIONS AS TO CAPITAL ISSUES. The London "Financial News" of April 3 announced that the Treasury has laid down for the guidance of the Capital Issues Committee the following general principles in regard to the giving or withholding of sanction to applications for licenses: During 'the war the object of the control was to prevent all issues for purposes not immediately necessary for the successful prosecution of the war, with a view to conserving the whole of the capital resources of the country for the needs of the Government, and the immediate needs of war industries. The main object now is to protect the foreign exchanges and to conserve the capital required for development within the United Kingdom. In considering the applications made to them the Committee will therefore take into account the extent to which the proceeds of the Issue will be expended within the United Kingdom and the assistance which the issue may be expected to give to British trade. Preference will be given ceteris paribus to those cases in which the proceeds of the issue are to be applied in British Dominions overseas. It is proposed that the control should be confined to proposals to raise capital from the general investing public, and should not concern itself with the supply of capital as between individuals and firms where no marketable share or security is issued (except, of course, in regard to foreign investment, to which the provisions of Defense of the Realm Regulation 41D apply). Further, it la not proposed to interfere with rearrangements of existing capital or reconstruction of existing companies which do not involve the raising of any additional capital. For this reason the issue of shares by private companies as fully paid up otherwise than in cash to the vendors of undertakings converted into such companies, and proposals for the sub-division and consolidation of existing shares and securities, and for the capitalization of reserves arising out of undistributed profits will be licensed as a matter of course. In order that application may be dealt with expeditiously and oral evidence heard in support of them when necessary, arrangements will be made for the Committee to sit by panels for the purposes of such hearings. the decisions of the panels to be subject to confirmation by the full Committee. No application will be refused without giving the applicant an opportunity of presenting oral evidence, if he desires to do so. All communications on the subject of applications for licenses should be addressed to the Secretary, Capital Issues Committee, Treasury Chambers, S. W. 1. PERSONNEL OF BRITISH CAPITAL ISSUES COMMITTEE. The following is taken from the London "Financial News" ISSUANCE OF "STRIKE TREASURY NOTES" IN of April 3: In the House of Commons last evening Sir Henry Dalziel asked the IRELAND. Chancellor of the Exchequer whether he was now able to make any anThe following account of the issuance of Irish Treasury nouncement in regard to the reconstitution of the Capital Issues Committee. Mr. Chamberlain: The following Committee has now been appointed:— notes by the strikers in Ireland, is contained in Associated Lord Cunliffe (Chairman). Mr. Gaspard Farrer (V.-Chairman.) Press advices from Limerick April 21: The general strike here, incident to the proclamation of Limerick as a military area, assumed a new phase to-day when the Finance Commission of the Limerick Trades and Labor Council announced that it was preparing to issue its own money in the form of 1-shilling and 10-shilling notes, which would be used in the purchase of food for the 14,000 strikers. The money is called "Strike Treasury notes," and is secured by the stock of food which it is proposed to purchase with the financial gifts reaching Limerick from other parts of Ireland and by the "integrity of the workers of Limerick." The announcement of the new financial scheme was made by Tom Johnson, Treasurer of the Irish Labor Congress, who announced also that the Food Commission of the Labor Council had arranged for supplies for the city. This food will be assembled in the warehouses in Limerick and sold to merchants, who will distribute it under the direction of the Labor Council at fixed prices which do not permit of profiteering. The notes are printed in different colors to show their denominations. Those of 10 shillings are inscribed as follows: General strike against British militarism April 1919. The Limerick Trades and Labor Council promise to pay bearer ten shillings. LIMERICK TRADES AND LABOR COUNCIL, Chairman. Treasurer. . The Right Hon. J. W. Wilson, M.P. The Hon. Sir Arthur Lawley. Sir Hugh Barnes. Sir Thomas Elliott. Sir W. H. Mercer. Lt.-Colonel Sir Thomas Robinson. Sir W. Watson Rutherford, M.P. Sir Charles Sykes, M.P. Mr. J. C. Griffiths. Mr. Robert Littlejohn. Mr. II. E. Fass. Mr. Owen Hugh Smith. Mr. A. C. Kelly (Secretary). Mr. C. J. Whittington. The terms of reference are as follows: "To consider and advise upon applications received by the Treasury for licenses under Defense St the Realm Regulation 30F for fresh issues of capital, with a view to preserving capital during the reconstruction period for domestic purposes within the United Kingdom, and to preventing any avoidable drain upon foreign exchanges by the export of capital, except whore it is shown to the satisfaction of the Treasury that special circumstances exist." LONDON STOCK EXCHANGE POSITION AS TO DEALINGS IN CAPITAL ISSUES. According to the London "Financial News" of April 3 the committee of the Stock Exchange has issued the following notice: With reference to the Order in Council published in the London "Gazette" of April 1 1919, as to the further amendment to the Defense of the Realm Regulation 30F, the Committee for General Purposes give notice that under Temporary Regulation 4 (3) their permission is still required for dealings in the Stock Exchange in securities the issue of which does not need RENT RESTRICTIONS IN GREAT BRITAIN. Treasury approval. The London "Economist," in its issue of March 8, says: Applications for leave to deal in such securities should be submitted at The bill to extend the Increase of Rent and Mortgage Interest (War once to the Share and Loan Department, and will be dealt with by the Restrictions) Act was issued on Thursday. It prolongs the operation of Committee as promptly as possible. the existing Act for a period of one year from the termination of the war, In cases which do not require Treasury sanction underwriting may be during which period rents may be increased up to a maximum of 10%, and commenced without application to the Committee, provided that the mortgage interest may be increased by 3 %, provided that, with such company has been duly incorporated and the parties to the underwriting addition, the total rate payable does not exceed 5%. Tenants must be take full responsibility in the event of permission for dealings being subgiven four weeks' notice in writing of an increase of rent, and until the sequently refused. expiry of that period no increase will be payable. The provisions as to Underwriting may not be commenced in the case of issues which require rent and mortgage interest are extended to houses, or parts of houses, Treasury sanction before the permission of the Committee for leave to whose ratable value does not exceed (a) in Metropolitan Police District, deal is obtained. 155: (b) in Scotland, £48; (c) in other parts of the United Kingdom, £42. Any increase of rent or interest beyond the prescribed amounts imposed CHANGE IN GREAT BRITAIN'S CAPITAL ISSUE after March 4 will be irrecoverable, agreement to the contrary notwithRESTRICTIONS. standing. County courts can authorize a larger increase in rent than 10% in cases where (a) the standard rent is lower than that of similar !houses in The decision of the British Government to issue an order the locality, (b) the taking in of boarders has increased wear-and-tear, or (c) the house is sublet. Also the court may prohibit or reduce the increase exempting from the requirement of Treasury licenses all of re..6it the standard rent is higher than that ruling for the same accom- issues of securities by companies established in the United modation in the district The landlord is bound, under penalty, to furnish Kingdom in cases where the issuing company certifies that at the request of the tenant, a staement as to what is the standard rent of the house. If the owner of I.. house nura,...4.,1 aft Sent. 30 1917 requires no part of the issue is to be applied for capital purposes outThe total amount of the issue has not yet been determined, but the printing presses are already at work. APR. 26 1919.] THE CHRONICLE side of the Kingdom was made known on March 24, as reported in our issue of April 5, page 1335. The terms of the new order were published in the London "Gazette" of April 1, according to which the following regulation is substituted for Defense of the Realm Regulation 30 F, which was given in our issue of March 29, page 1215: (1) It shall not be lawful, except under and in pursuance of a license granted by the Treasury— (a) To issue capital in the United Kingdom where the proceeds of the issue or any part thereof are to be applied for capital purposes outside the United Kingdom, or to replace money which has been so applied; or (b) To issue capital in the United Kingdom or to renew or extend the period of maturity of any security where the issue, renewal, or extension is made by or on behalf of a person not ordinarily resident in the United Kingdom. Provided that the foregoing prohibition shall not apply to the issue of shares on an amount not exceeding £100 in all to the subscribers of a memorandum of association. (2) Every prospectus or other document offering for subscription any stock, shares, or securities shall include a statement that no part of the proceeds of the issue is to be applied for capital purposes outside the United Kingdom or to replace money which has been so applied or in cases in which the proceeds of the issue are to be applied .for capital purposes outside ,the United Kingdom or to replace money which has been so applied that the necessary license has been obtained from the Treasury. (3) For the purposes of this regulation a person shall be deemed to issue capital who (i) issues (whether for cash or otherwise) any stock, shares, or securities; or (ii) pays or receives any money on loan on the terms expressed or implied that the money is to be or may be applied at some future date in payment of any stock, shares, or securities to be issued at whatever date to to the person making theioan. The expression "securities" means bonds, debentures, debenture stock, and other marketable securities. (4) Na person shall, except under and in pursuance of a license granted by the Treasury— (a) buy or sell any stock, shares or other securities except for immediate payment, or (in cases whore the purchase or sale takes place in any recognized Stock Exchange), subject to the rules or regulations of such Exchange; or (b) buy or sell any stock, shares or other securities which have at any times since Sept. 30 1914 been in physical possession outside the United Kingdom. (5) Notwithstanding anything in this regulation a person may without a license from the Treasury issue a security (being a security the issue of which would otherwise be prohibited by this regulation), where the issue is solely for the purpose of securing an overdraft or the repayment of a debt contracted or to be contracted in the ordinary course of trade, but a person shall not transfer or accept a transfer of any security so issued without a license except under and in pursuance of a license granted by the Treasury. (6) A license granted under this regulation may be granted subject to any terms and conditions specified therein. Regulation 09D is revoked. The following sub-section is inserted at the end of Regulation 41B: "(6) A Secretary of State or any person authorized by him in that behalf may grant such licenses permitting any transaction prohibited by this regulation as to him shall seem reasonable, and any such license may be granted either specially to an individual or in respect of any particular. enemy or enemy country generally." The London "Financial News" of March 25 contained the following relative to the proposed modification of the restrictions: In the House of Commons last night, Sir Henry Dalziel asked the Chan_ cellor of the Exchequer whether he was in a position to make an announce_ meat in regard to the control of capital issues. Mr. Austen Chamberlain said he had given very careful consideration to the various representations which had been made to him in regard to Defense of the Realm Regulation 30F providing for the control of capital issues, and he had now, after consultation with members of that House who had shown a special interest in the question and with his City advisers, come to the conclusion that in view of the general movement towards the removal of restrictions upon trade and industry, he was no longer Justified in attempting to maintain Government control over the distribution of capital for domestic purposes. , An amending regulation was accordingly being prepared which would exempt from the requirement of a Treasury license all issues by companies established in this country where the issuing company certified upon the prospectus that no part of the proceeds of the issue was to be applied to capital purposes outside the United Kingdom. As regards issues by British companies for capital purposes abroad and issues by, or on behalf of, persons resident abroad, the position was to some extent altered by the recent decision to set free the foreign exchanges, but until the full effect of that decision had become apparent and so long as the domestic demands for new capital, both for trade and industry and for national purposes, were so pressing he did not think it would be safe to remove the restrictions upon investment outside the United Kingdom. The new regulation would therefore provide that no such issues should be, permitted except under license. The restrictions would not apply to rearrangements of existing capital where no new money was raised or to the renewal of maturing securities, except where the person responsible for repayment was a person resident outside the United Kingdom. In its issue of April 4 the London "Financial News" had the following to say editorially on the changed regulations: The recent quick surrender of the Government in the matter of new capital issues still remains something of a mystery. No doubt, however, it partly originated in the Government's keen sense of deep public resentment and the consequent danger to its own existence. Incidentally, we may remind the plundered middle classes that their own policy should be to arouse the apprehension of the Government so as to compel other and equally wholesome surrenders to the dictates of Justice and common sense. However, the new capital regulations just published in the London "Gazette," while containing features very much open to criticism, do, in places, represent an attempt to meet real economic needs. For instance, the very first of these provisions lays it down that— "Every prospectus or other document offering for subscription any stock, shares, or securities shall include a statement that no part of the proceeds of the issue is to be applied for capital purposes outside the United Kingdom or to replace money which has been so applied or in cases in which the 1663 proceeds of the issue are to be applied for capital purposes outside the United Kingdom, or to replace money which has been so applied that the necessary license has been obtained from the Treasury." It was promptly pointed out that this provision prevented any Overseas Dominion banks from issuing (without license) the new capital which they are understood to be anxious to raise in this country. Now, capital raised by a Canadian, South African, or Australian bank can only be utilized for purposes of productivity—the very thing which the Empire wants. No Overseas Dominion bank is likely to raise new capital and leave it idle in the till. From the moment when it stimulates the production of meat, or the growth of corn, or the shipment of produce, it is adding to the food supplies of the world, and therefore to the welfare of humanity as a whole. The argument appears to have been appreciated at the Treasury, for the "general principles" laid down for the guidance of the new Committee include this: "In considering the applications made to them the Committee will therefore take into account the extent to which the proceeds of the issue will be expended within the United Kingdom and the assistance which the issue may be expected to give to British trade. Preference will be given ceteris paribus to those cases in which the proceeds of the issue are to be applied in British Dominions overseas." The trade aspect is all important, as we shall see later. For the moment, however, let us glance at another of the provisions advertised in the London "Gazette." This enacts that— "It shall not be lawful, except under and in pursuance of a license granted by the Treasury— "(a) To issue capital in the United Kingdom where the proceeds of the issue or any part thereof are to be applied for capital purposes outside the United Kingdom, or to replace money which has been so applied." No doubt many prospectuses will, in perfect good faith, include the statement here stipulated. But we can hardly imagine a single instance where it would be, or could be, absolutely and entirely true. Take, for instance, an issue by a big drapery house carrying on business entirely within the United Kingdom. We have no doubt that the directors would consider themselves quite justified in placing the requisite statement at the head of the prospectus. Having done so, and got their money, they would proceed to employ it in the business. Now a drapery undertaking uses cotton, silk, fur, and other commodities, none of which are produced in the United Kingdom. Every consignment of these commodities has got to be paid for, and the payment must invariably include the replacement of the capital expended in production by the foreign exporter, in addition to his profit. Therefore our drapery company cannot, in the ordinary course of business, replenish its stock without using the proceeds of the supposed issue to replace money which has been applied for capital purposes outside the United Kingdom. The purported prohibition is a complete fallacy. As regards the ultimate destination of the capital, upon which so much stress is laid, only the expert can pierce behind the veil of the apparent and visualise the financial reality behind. New capital to the extent of £1,000,000, raised by the Central Argentine Railway for re-equipment looks like an export of the money; yet,doubtless every penny would be spent in this country in rails, locomotives, and rolling stock. And the expenditure besides benefiting home industries, would stimulate Argentine food Production—a consummation devoutly to be wished. We take it that such an issue would be within the benevolent scope of the "general principles," seeing that it would give undoubted assistance to British trade. At all events the recognition of that fact is a step in the right direction; but now that an expanded measure of liberty has been conceded, the city and the financial community in general must press for more, especially as a contemporaneous announcement, published yesterday, reminds us that there is a Stock Exchange censorship, in addition to the Treasury Cerberus, to be passed. The only satisfactory state of affairs will be a return to the status quo ante bellum, in which capital was raised and disposed of in accordance with the Judgment of the expert financial organization centred in the City of London. Such a return may be made with the greater confidence and safety because the investor of 1919 is infinitely better educated than he was in 1914, and, consequently, there is the less necessity (in fact, no necessity at all) for keeping him in swaddlihg clothes. True, the swaddling clothes have become attenuated garments, thanks to yesterday's "general principles," but even in their attenuated form they are superfuous, not to say irritating. The following further information appeared in the London "Financial News" of April 4: Mr. Sugden asked the Chancellor of the Exchequer, in the House of Commons last night, if he would state when he hopes to discontinue all control over capital issues in those cases when the money was required for legitimate trade. Mr. Chamberlain: I fear I am unable, in view of the uncertainty of existing economic conditions, to fix any date. Mr. Sugden also asked the Chancellor of the Exchequer if he would summon a conference of representatives of the cities, municipal boroughs, and county councils of Great Britain to consider how they can organize their respective loans and credit balances, that the present high prices of such loans may be reduced and economy produced also in national loan prices. Mr. Chamberlain: I fear that it is unlikely, in view of the demand for • capital for industrial purposes, that any reduction in the rates of interest paid by local authorities for new borrowings can be anticipated for some time to come. I will consider the honorable member's suggestion in conjunction with my right honorable friend the President of the Local Government Board and the Secretary for Scotland. AUSTRALIA REMOVES CAPITAL RESTRICTIONS. The following London advices, under date of April 23, are taken from "Financial America": A dispatch from Melbourne says that the Australian Government has removed war restrictions on the use of capital. EXTENSION IN CANADA OF ORDER PERMITTING BANKS TO ISSUE NOTES IN EXCESS OF CAPITAL RATIO OF GOLD TO CIRCULATION. In its "Monthly Commercial Letter'for April the Canadian Bank of Commerce (head office, Toronto), states that the Canadian Parliament has consented to extend, for a period of two years after the conclusion of peace,the Orderin-Council issued in September 1914, which permits each bank to issue notes in excess of its paid-up capital to the extent of 15% of its combined capital and reserve. The bank also says: 1664 THE CHRONICLE In discussing the resolution submitted in respect to this subject, Sir Thomas White expressed the opinion that the ratio of gold to circulation In Canada was a favorable one as compared with other countries. His hope, however, was that all such regulations could be safely removed before the expiration of the period mentioned. At the end of July 1914, Just at the outbreak of war, the total amount of gold held by the banks and the Government was $143,754,000, or 70% of the notes outstanding, which amounted to $205,264,000, the amount of the Dominion notes held in the Central Gold Reserve being almost negligible. At the end of January last, the gold held had increased by $63,151,000 and was thus 48.3% of the notes outstanding (always excepting the Dominion notes in the Central Gold Reserve). On the other hand, taking into consideration the total of Dominoin notes, including those in the Central Gold Reserve, and of bank notes issued at the end of January last, the ratio of gold to notes was 39.6% as compared with 69% in July 1914. In Britain at the end of December last the ratio of gold to notes outstanding was 25.6%, and in the United States 65.7%. The Federal Treasury of Australia has issue notes amounting to £57,035,000 against which it hob's 40.4%, or £23,238,000 in gold. While Canada's ratio of gold to currency compares favorably with that of the average belligerent country, her circulation per capita is relatively high. In view of this and similar expansion in BM amn and the United States, the Minister of Finance has taken power to continue restrictions as to the export of gold. "Generally speaking," the Minister stated in Parliament, "it has been the policy and is the policy of the Government to cancel restrictions and regulations just as rapidly as in our Judgment the national interests of the country will permit." CHINA CHARTERS NEW BANK. A copyrighted cablegram to the New York "Times" from Peking, April 23, says: The Chinese Government has granted a charter to the China Development Bank, a Chinese-American concern. Many Shanghai merchants are supporting the undertaking, which rspresents a union of several previous efforts. The Mitsui Kusan Kaisha has advanced 3,009,000 yen to the Ministry of Finance, taking as security the Taku Dockyard. The money will be used for current expenses. [VoL. 108. merce, both domestic and foreign, has resulted in a circulation of bank notes amounting to 3,316,215,325 pesetas (about $597,000,000), which is almost the limit of notes authorized by the royal decree of Aug. 6 1918. In order to avoid any inconvenience to the bank in its operations, an authorization to increase its issue of bank notes was necessary, pending the presentation to Cortes of a law regulating the issues of the bank. Accordingly, a royal decree, published on Jan. 3, authorized the Bank of Spain to increase its bank note issue by 500,000,000 pesetas (about 890,000,000), or up to 4,000,000.000 pesetas, instead of the 3,500,000,000 pesetas authorized in August 1918 on condition that the gold reserves of the bank are in proportion to the increase and that the increase does not disturb the guaranty established by previous legislation. The Bank of Spain may not reduce the gold reserve actually held without the consent of the cabinet or acquire, through the decreed issue, gold that is not in legal circulation without the previous authoriztion of the Minister of the Treasury. NORWEGIAN BANK IN BUENOS AIRES. The following advices with respect to plans for the establishment in Buenos Aires of a bank formed with Norwegian capital, contained in advices received by the State Department at Washington under date of Jan. 20 from Commercial Attache Robert S. Barrett, at Buenos Aires, appeared in "Commerce Reports" March 11: For some time there has been talk of the advisability of establishing a Scandinavian bank in Buenos Aires so as to have a direct exchange and a free movement of merchandise between Argentina and Scandinavia. Before the war a great deal of the Scandinavian business was thrown into the hands of intermediaries in the great shipping centres of Germany, and many transactions were financed through Hamburg and London. The business between the Scandinavian countries and Argentina is increasing, but there seems to be the opinion that to have a great development it is necessary to have both direct exchange and traffic. At first it was considered advisable to have one Scandinavian bank here backed by the banking nterests of Norway, Sweden and Denmark. For the present, this plan has been dropped and it is now announced that a bank formed with Norwegian capital is shortly to be opened in Buenos Aires, and that a branch has already been started in Rio do Janeiro Thirty-two Norwegian banks are said to have combined in furnishing capital for the new undertaking. These banks have sent telegrams to the leading Norwegian firms in Argentina advising of the plans, and requesting that all Scandinavian firms be made acquainted with this new step. GERMAN CAPITAL IS BARRED FROM CHINESE RAILWAY LOAN. The following was likewise contained in copyrighted cable advices to the New York "Times" from Peking, the information in this case bearing date of April 17: CANADIAN BANKS TO ESTABLISH BRANCHES IN The Cabinet has acceded to the request of the American, British and NOVA SCOTIA DISTRICT. French Legations that German interests he excluded from the Four-Power group formed in 1911 for the construction of the Szechuan-Hankow Rail"Commerce Reports" of March 15 publishes the following way, the German interests to be divided among the remaining Powers. advices received under date of Feb. 15 from Consul Charles The agreement provided a gold loan of $30,000,000. The application for a further extension of the currency loan of 1911 M.Freeman, at Sydney: wherein American, British, French and German banking groups participated, has not yet been answered. The period expires in October. The last extension was granted. J. McCURRACH, OF CONTINENTAL & COMMERCIAL NATIONAL BANK, CHICAGO, ON "FOREIGN EXCHANGE." In his treatment of the subject, "Foreign Exchange," before the Foreign Trade Convention at Chicago on April 24, J. McCurrach, Vice-President of the Continental & Commercial National Bank, of Chicago, said in part: In the strict sense of the word, foreign exchange is the index to international transactions, and values are founded on the financial and political stability of the buying or borrowing nation, as well as the individual worth of the actual debtor. The term "foreign exchange" has always been looked upon as rather vague and ambiguous. If our merchants and manufacturers could be induced to look into the matter a little more closely from the proper viewpoint, they would find foreign exchange problems in reality very simple. As a matter of fact, there is nothing which obtains in the general principles of domestic business which cannot be applied to international transactions. The principle of negotiating credits is exactly the same whether it involves the financing of a shipment to Oshkosh or Timbuctoo. The manufacturer will find that his bank will gladly and readily take care of the general detail work, and furnish him with quotations in foreign currency which will invariably euable him to make a much larger percentage of profit than he could possibly make in handling domestic transactions. If the American manufacturer entering the foreign field will consult with his banker, and discuss his problems fully and clearly, he will be convinced in a very short time that the foreign field offers inducements far more profitable than the domestic field; he will be able to give continual employment to the workmen in his factory and thus be able to eliminate the vexatious accumulation of material which he often, in the past, had to dispose of at reduced prices on the home market. It may be necessary for American exporters for some time, at least, to quote their selling price in American dollars, for the reason that during the present period of readjustment, American invoices might appear at a disadvantage if quoted at a rate of exchange very much at variance with the prevailing market. Unless that practice is followed, a sale should be effected against cable quotations and the exchange sold by the exporter to the international banker immediately, as a matter of self-protection. INCREASED BANK NOTE ISSUE IN SPAIN. According to advices received by the Department of Commerce under date of Jan. 7 from Consul General C. B. Hurst, at Barcelona, a Royal decree has been issued authorizing the Bank of Spain to incresae its bank note issue by 500,000,000 pesetas, or from 3,500,000,000 to 4,000,000,000 pesetas. The information from Consul General Hurst is published as follows in "Commerce Reports" of March 6: The development of the banking operations of the Bank of Spain and its naturallconnection with the requirements of Spanish industry and conr During the period of the war the Canadian banks had an understanding that'no new branches were to be established. This understanding to curtail any expansion, it is said, was for the general financial benefit of the Dominion, and in particular to release every possible fit man for the fighting line. With settled conditions following the signing of the armistice, and with the prospect of industrial conditions calling for greater facilities in banking, it is stated that the banks of Canada will, during the present year, establish over 200 branches throughout the Dominion. In this district the Bank of Montreal is about to open a branch at Whitney Pier, a section of Sydney near the Dominion Steel Co.'s plant. The Canadian Hank of Commerce will open a branch in the nearby town of Glace Bay, and in addition has plans in progress for the construction of a bank building at Sydney costing over $70,000. Work on this new structure will start early this season. During the past year the Merchants' Bank of Canada has purchased one of the best business blocks in this city and established a branch. Sydney and the district in general have in the past had banking facilities above the average of like communities in the United States, and with the new establishments should, and will, be able to handle any new business. While conditions in this district do not indicate any great expansion of commercial and industrial business, the branching out of the banks shows a belief in the future that cannot be ignored. One banker of this city states that this expansion was planned even before the war and is but the carrying out of old plans which could not be put through during the war on account of curtailed staff. Now, with plenty of help in view, the original plans will be followed. FOREIGN BOND AND SHARE CORPORATION. The Foreign Bond and Share Corporation has just been formed under the laws of Delaware for the purpose of financing public and private enterprises in Central and South America, the Far East, Europe, and other parts of the world. It will also sell to American investors either the debentures of the corporation, which will be covered by the deposit of the securities of these foreign companies, or the foreign securities themselves. A statement with regard to its organization says: It is the intention of this corporation to reach all classes of investors in the United States, The Foreign Bond and Share Corporation has an authorized capital stock consisting of 100,000 shares of common stock, of the par value of $100 each, and 3,000 shares, with no par value, known as "participation certificates," and a subscribed capital and surplus of $3,000,000. It is understood that the State Department is particularly interested in the development of trade in the manner proposed by the Foreign Bond and Share Corporation. The organizers of this corporation include private banking firms awesome of the strongest financial institutions throughout the UnitedriStates. Among them are Brown Brothers & Co., J. & W.Seligman & Co.,Guaranty Trust Co., Chase Securities Corporation, Central Union TrusdColColumbia Trust Co.. Hayden, Stone & Co.—all of New York; First4National Corporation of Boston; Hibernia Bank and Trust Co., Ne Orleans; First Trust & Savings Co., Cleveland; Ango & London Paris National Bank, San Francisco; Mercantile Trust Co., Mississippi Valley Trust Co.. and interests agsociated with National Bank of Commerce—all of St. Louis; and the Central TrustiCo. of Chicago. Otherlinstitutionstwhich have APR. 26 1919.1 THE CHRONICLE expressed their desire to take part in the enterprise will be announced later. The directors of the corporation are: John Henry Hammond and Thatcher M. Brown, Brown Brothers & Co.; Frederick Strauss and William P. Philips, J. & W. Seligman & Co.; Albert Breton and Harold Stanley, Guaranty Trust Co. of New York; E. V. R. Thayer and R. I. Barr, Chase Securities Corporation; James N. Wallace, Central Union Trust Co. of New York; Howard Bayne. Columbia Trust Co.; Charles Hayden, Hayden, Stone & Co.; John Sherwin, First Trust & Savings Co.; R. S. Hecht, Hibernia Bank & Trust Co.; Herbert Fleishhacker; Anglo & London Paris National Bank; Adolfo Stahl of New York and Guatemala; J. Hugh Powers, Mercantile Trust Co.; Breckinridge Jones, Mississippi Valley Trust Co.; T. G. Lonsdale, National Bank of Commerce; Joseph E. Otis, Central Trust Co. of Illinois; and Ernest Gregory, First National Corporation of Boston, and Maurice Hely Hutchinson. A number of the subscribers of the Foreign Bond and Share Corporation are now actively identified with the Asia Banking Corporation, Mercantile Bank of the Americas, the American Foreign Banking Corporation, Banco Mercantile American() del Cuba. the China & Japan Trading Company, and other American financial institutions which have branches in many parts of the world. For this reason, the new corporation is particularly well qualified to develop American trade, to pass upon the value, and to oversee the management of enterprises which it finances. Due to the war, the export trade of the United States has enormously expanded. Due to the same cause, America will soon have the greatest merchant fleet in the world. Neither, however, will avail the American people unless they are willing to invest some of their capital in the foreign countries to which the American merchant fleet sails, and to which American merchandise is carried. As regards the European countries, they now owe the United States such enormous sums that the mere problem of exchange necessitates the taking of of foreign securities by the American public in payment for our exports merchandise to Europe, if such exports are to continue in anything like their present volume. In the past London has been the great international market for the securities of every Government of the earth and of the industries that were among the principal sources of national wealth. British investors always posihave been large buyers of such securities. The new-found financial tion of the United States should result in a similar appreciation on the part of American investors of this factor, which is vital to ,the future of our foreign commerce. counRates of investment return in Latin-American, Asiatic, and other tries needing development are higher than in the United States. There is no reason why, under careful supervision, the American investor should not be given the benefit of such attractive rates of investment return, and at the same time have the protection of good security. FOOD AS MEDIUM OF FOREIGN EXCHANGE. Dealers in foreign exchange were notified on April 22 by F. I. Kent, Director of the Division of Foreign Exchange of the Federal Reserve Board that remittances to nine countries in Central Europe could only be made through arrangements with the American Relief Administration, the new regulation being designed to enable the latter to make use of such foreign currencies in the countries concerned as are received by it for food shipments. The following is Mr. Kent's announcement: April 22 1919. Until otherwise instructed dealers as defined under the Executive Order of the President of Jan. 26 1918 are hereby prohibited from purchasing exchange except from the American Relief Administration upon any of the following countries: Serbia Finland Roumania Poland Bulgaria Czecho-Slovakia Turkey German-Austria Jugo-Slavia It will also be necessary for such dealers to make arrangements direct with the American Relief Administration in order to make remittances to such countries. This regulation is Issued for the purpose of enabling the American Relief Administration to make use of such foreign currencies in the countries being shipped. Full details as concerned as are received by it for food to how remittances may be carried out can be obtained from the American New York City. Broadway, 116 Relief Administration, Dealers who carry out their foreign exchange transactions through metropolitan correspondents must apply direct to such correspondents for information and not to the American Relief Administration. The system which has been devised, while making possible the accomplishment of remittances desired, will at the same time be of great service in getting food into the territory described. F. I. KENT, Director. Supplementing the above the American Relief Administration, at 115 Broadway, New York, issued the following statement: 1665 on the follotving countries, except from the American Relief Administration: Serbia Finland Roumania Poland Bulgaria Czecho-Slovakia. Turkey German-Austria Jugo-Slavia The boundaries of Poland, Czecho-Slovakia and Roumania will be determined by lines of present military occupation but the Administration cannot be certain of delivery in bordering districts. 4. Until further notice the American Relief Administration will receive from persons registered with the Federal Reserve Board as Class A dealers, who formerly maintained direct accounts with their own foreign correspondents in the countries indicated an original and three carbon copies of remittance schedules, giving the name of the dealer, the name and full address of the payee, the amount in dollars and name of the foreign correspondent through whom It is desired that the payment be made. In lieu of such foreign correspondents named where the re-establishment of banking arrangements has not been made, it is understood that the American Relief Administration is authorized by the daler to use such institution for payment as its representative in the country concerned may determine but assumes no responsibility in so doing. For the present no definite exchange rate can be quoted at which conversion can be made when selling remittances with the exception of Polish marks for which a rate of 10% Polish marks per dollar has been named. As definite exchange rates are established, they will be advised to interested dealers by mail, or by telegraph at the expense of dealers requesting such service. Until definite exchange rates are received for the other countries named payments in foreign countries will be made at the best rate obtainable on the date fo payment. In the meantime for the information of yourselves and your customers the American Relief Administration advises that arrangements have already been carried far enough to indicate that payments will be effected at about the following tentative rates: 9% Finish marks per dollar. Finland per dollar. 15 kronen Czecho-Slovakia per dollar. German-Austria 20 kronen per dollar. 17% kronen Jugo-Slavia per dollar. 7 dinar Serbia dollar. per 10 lei Roumania no tentative rate. Bulgaria no tentative rate. Turkey Until definite rates are established at which conversions can be made by dealers, thus enabling them to fill in the foreign currency amount in the remittance schedules, the dollar which is to be transferred to each payee must be given against each name. 5. A draft on New York for the total amount of remittances drawn in favor of the American Relief Administration must accompany each schedule. Upon receipt of such scuedules and after payment of the drafts, cable advice will be sent to Director-General Hoover at the Administration's Paris office, of the amount so received. The Director-General will then authorize the Administration's agents in the countries named so tell an equivalent amount of food nd take in exchange therefor the currency of the country. When the agents of the American Relief Administration In the countries of payment receive the remittance schedules which will go forward by mail from New York to Paris and from Paris to the countries concerned, the agents will deliver them to designated or selected banks together with the amount in foreign money called for by the schedules. 6. In view of the unknown condition of institutions in the countries named above,it is understood ind agreed by the dealer that the Administration may, in its discretion without assuming any liability therefor, deliver the remittance schedules and the amount of foreign money covered thereby to any banking or other institution which it may select, if in its judgment, it is not considered advisable to use the correspondent named in the remittance schedule. In case the Administration makes use of any bank or institutfon other than the correspondent named, it will so notify the dealer as soon as possible. 7. The Administration cannot guarantee to secure return receipts although every effort will be made to do so. 8. Regular forms now used by Class A dealers in their relations with correspondent banks in the United States may be used, provided such forms contain all the information and instructions outlined in paragraph 4. 9. It is understood and agreed by and between the Administration and dealers that the latter may charge their customers a commission not to of 1%, With a minimum charge of 40 cents per remittance. In exceed cases where the remittance comes to a dealer through the medium of one of its correspondents, such correspondent may also collect from its cusof 1%, with a minimum charge of 40 tomer a commission not to exceed cents, but in no case may more than two such commissions be charged for one remittance, regardless of the number of banks handling the transaction. 10. For the present it is understood and agreed that the foreign banks may deduct their charges from the remittances. The Administration will, however, endeavor to secure as fair terms as possible. As dealers re-establish relations with their foreign correspondents and receive rates from such correspondents covering payments against remittances, it may be possible later to allow the deduction of such charges by American dealers when making out their remittance schedules, but until otherwise instructed foreign institutions must make their own deductions. 11. All dealers other than those defined in paragraph 4 must effect tranSfers to the countries named through their metropolitan correspondents to whom they should also apply for information. The Administration cannot undertake to answer mail from any dealers not eligible to make transfers through it as outlined above. 12. Class A. dealers who desire to avail themselves of this service.must accept and agree to all the provisions of this circular in writing. 13. It is understood that the Administration acts as herein outlined for the convenience of the dealer and assumes no responsibility other than the delivery, within a reasonable time, in view of all existing conditions, to the foreign correspondent of the dealer or to such other bank or institution as may be selected by the Administration's representative, as herein provided, of the remittance schedules together with the amount in foreign money covered by such schedules. If the Administration is unable for any cause to make delivery of the remittance schedules to the foreign correspondent of the dealer, or make satisfactory arrangements with any other bank or institution for payment,it will refund to the dealer the amount which it had received, without interest. Any claims made by dealers for non-payment of remittances in accordance with the remittance schedules must be made direct to the dealer's correspondents or the selected banks and not through the medium of the Administration, but the latter will lend its facilities to send forward any such claims to such foreign enr- April 22 1919. REMITTANCES TO CENTRAL EUROPE. To Dealers of Class A: 1. Under Executive Order of the President of the United States dated Feb. 24 1919, creating the American Relief Administration, Herbert Hoover was appointed Director-General. The functions of the Administration to various countries of Europe, consist principally of the shipping food particularly to the liberated peoples until recently under the domination of the Central Empires, food being regarded as the best weapon to combat the spread of anarchy. 2. For the most part these foodstuffs are sold in the currency of the country whore sales are made. Such sales enable the American Relief Administration to widen its scope of action and increase its ability to purchase food, and the conversion of the currency of such countries into American dollars must be made in order to enable it to pay for the food in this country. It has therefore been decided that the American Relief Administration, with the approval of the Federal Reserve Board, take over the remittance business to the countries concerned in such manner as will not interfere with the clientele of the various banks and bankers of the United pondents. States who have hitherto carried on this business. AMERICAN RELIEF ADMINISTRATION. 3. Accordingly, the Director of the Division of Foreign Exchange of the Federal Reserve Board, acting under authority of the Executive Order From the "Journal of Commerce" of April 23 we take the of the President of Jan. 26 1918, has issued an order under date of April 22 relative to the newly announced arrangements: following States United by in the dealers exchange of 1919, prohibiting the purchase 1666 THE CHRONICLE Theodore F. Whitmarsh and Edgar Rickard, joint Directors of the Administration, explained the system as having a double operation. There was a dual motive in creating the agency, first, to open up the 'exchange and, second, to provide a bigger outlet for American food. Owing to the fact that the Post Office Dspartment has not for some time been selling money orders on Central European countries persons desiring to transmit funds there have been unable to do so. Under the new terms money may be forwarded through the ordinary channels by depositing it with any of the class A dealers. An amount of food which may be bought by the designated sum will be sold in the European country and the currency of that nation accepted in payment for the same. This currency then will be placed to the credit of the payee in a bank and he will be notified that it is available. The United States is desirous of expanding its possibilities of supplying European countries with food. This it will gain the added resources for the .purchase and shipment of it by making available the money in the United States that is being held here because there is no medium through which it may be sent to the needy people in Central Europe. The American Relief Administration will work through the regular channels in the United States. It will not receive or distribute money direct from or to individuals, but will operate through banks in such manner as not to underfere with the clientele of the various banks and bankers in the United States who have heretofore developed European Board ruling, banks, express companies, steamship offices and all those doing a foreign exchange business can continue to accept remittances of any amount to be sent abroad but they must transmit only through the designated agency. Mr. Rickard epitomized the system when he said that the American Relief Administration, which was created by President Wilson under the Congressional Act appropriating $100,000,000 for relief of Europe, excluding the Central Powers, was merely "a vehicle for sending food to Europe." "A person desiring to send $500 to his mother in Prague would simply deposit this amount with a bank," Mr. Richard explained. "The bank would notify us that it desired to send the money to the designated person, 'supplying us with the address. We would cable Mr. Hoover at Paris and he would order $500 in food to be sold in Prague where the payee lived. In payment for this food the Administration would accept the equivalent in the currency in use. This would then be deposited with a local bank and the needy person notified of the action. The transfer would thus be accomplished." There are certain practical features to the plan. It is estimated that several hundred millions of dollars will be made available for the purchase of food because of the fact that there has been no means of transmitting It. The co-operation of the American banks with the banks in Central Europe will enable them to pick up their business again and begin to reestablish normal trade conditions. Mr. Rickard explained that there was nothing novel in the undertaking, as it was "merely an extension to individuals of a benevolent exchange systems already established." He said that America was anxious to indulge in charity, but not a parasitic charity. The European people are to receive food that is necessary to prevent them from starving, but at the same time they are to pay for it in whatever currency and securities the United 8:ates athorities may obtain. The exchange medium will be financed by the $100,000,000 Congressional appropriation, and it was said that the present regulations, prohibiting the Federal Reserve banks from buying exchange from other agencies, would be lifted as soon as normality was restored, and the former system put . Into force. The order will have very little effect ,upon the commercial exchanges, it was said, inasmuch as there has been virtually no transmission of money to the nations of Central Europe. There has been some slight outside trading through Switzerland. CHARLES H. SABIN URGES MORE LIBERAL CREDITS TO FOREIGN PURCHASERS. Attention is called to the vital necessity for granting more liberal credits to foreign purchasers of American products, In a statement issued on April 19 by Charles H. Sabin, President of the Guaranty Trust Co. of New York. Mr. Sabin advocates the meeting of international competition by the extension of longer credits that we have given heretofore. Mr. Sabin said: The war literally forced us into world markets on a scale never before even dreamed possible. And we are beginning to realize that our national prosperity is very materially dependent upon the continuation of our vastly Increased production, which exceeds the requirements of our own market and must continue to find an adequate outlet elsewhere. But, owing to the war, other peoples cannot pay us on practically a cash basis for the goods which they want to purchase from us, and which they sorely need. Consequently, we must allow them more time in which to meet their obligations. We must revise our point of view about foreign credits. Our banks can no longer restrict such credits to sixty, ninety, or a hundred and twenty days, and render to manufacturers and exporters the service which the present readjustment period makes imperative. England and Germany built up their great foreign trade prior to 1914 largely by making six months time the selling basis for their goods. If we ar% to hold our own in foreign trade, we must profit by the experience of other countries and adapt ourselves to the needs of the present situation. The war has taught us many lessons; peace will teach us more. We have learned, for instance, that our existing banking system, predicated upon elasticity, is to-day probably the strongest in the world. But we now need to develop greater elasticity in our banking methods, particularly in our point of view regarding credits for the fostering of our foreign trade. This is especially demanded in the selling of our manufactured articles overseas, although it holds true to some extent in the selling of raw materials also. The unpegging of sterling and franc exchange, recently, has surely made clear to us the condition which is bound to prevail if we continue to insist upon the short term credits which we have hold to in the past. When the British and French Governments withdrew their support to sterling and franc exchange, respectively, the tendency, naturally, was to put the American dollar at a premium in England and France, which means that It takes more francs and shillings to equal a dollar and, consequently, less imported goods can be purchased for an American dollar in those countries than was possible prior to the unpegging a:* the exchanges. This will tend to discourage the buying of American goods, and eventually will result in serious curtailment of our foreign trade—unless we counteract that tendency by extending credits for a sufficient period to enable purchasers of our products abroad to pay us at a more convenient time. [VoL. 108. F. H. SISSON ON "UNPEGGING" OF EXCHANGE. Discussing "Some of Our Post War Financial Problems" before the Industrial Conference of the New York Business Publishers Association at the Hotel Astor, this city, on April 11, Francis H. Sisson, Vice-President of the Guaranty Trust Company of New York referred to the recent "unpegging" of or withdrawal of Government support from sterling and franc exchange and stated that "the larger significance of what was seemingly only a financial operation is daily becoming more apparent." Continuing he said in part: It marks in a dramatic fashion the shifting from a war to a peace basis not alone in financing, but also in practically every economic phase of international relations. It is one of the most immediate, vital post-war financial problems and concerns the importer and manufacturer of domestically consumed products as well as the exporter and manufacturer of goods which are sent abroad—for it creates an invisable tariff against American goods in England and France, which sooner or later, but inevitably will affect our domestic trade. We are awakening to a realization that the prosperity of the country to-day depends upon increased production and, consequently, that it behooves us to expand our foreign markets, instead of letting them contract. Our Recent Trade Balance. If we are to increase our production, which, as I have pointed out, is necessary to the maintenance of our posperity, we cannot take goods in full exchange for our products. Besides, we are nearer than any other people to economic independence, and do not need imports in anything like the quantities necessary to settle the trade balance in our favor. Payment in gold is as impossible as it is undesirable. The value of the excess of our imports over our exports in January alone exceeded the total value of gold produced in all countries, except the United States, during 1918. In addition, we now hold more than one-third of the world's reserve of gold coin and bullion, having added about $1,500,000,000 to our store of the precious metal in the last four years. We could not with safety drain other nations of their remaining low stock of gold, if we would, for as we are already their creditors to the extent of about $12,000,000,000, it is imperative for us to help them maintain their currency on as sound a foundation as is practicable under existing circumstances. The granting of credits to purchasers of our goods will very materially aid in solving the immediate problem of financing foreign trade, but, at best, it can be only a temporary expedient. Credit, as you are well aware, is merely the giving of a present value in exchange for a promise to pay. It serves to postpone payment of indebtedness to a more propitious time for the buyer or borrower, but it does not settle the account. This expedient was necessarily resorted to on a colossal scale during the war, and England was able to weather so successfully the financial storm during the early stages of the conflict and to lend large sums of money to her less fortunate allies because she had extensive credit and investment scattered all over the world. When we entered the war, the financing of our allies was naturally taken over by the Government, which advanced credits to them to the extent of more than $9,000,000,000. There remains less than $1,000,000,000 of the fund appropriated by Congress for the purpose to be lent to our allies. And it is to meet the situation created by this circumstance that the Government is arranging to aid American export trade by advancing $1,000,000,000 through the War Finance Corporation. Without entering into consideration of the merits of this plan, it will readily be seen that it consists merely of the granting of credits for purchases here and, therefore, can only be in the nature of an expedient, even though the credits extend over a period of five years. Furthermore, if the value of our exports continue to exceed the value of our imports at the proSent ratio oven $1,000,000,000 cannot long be effective as a remedy. While there has been no official statement issued by the British or French Government as to the reasons for withdrawing their support from sterling and franc exchange, respectively, one result is inevitable, namely, the curtailment of the purchase of American goods in Franco and England. This is probably one of the two principal reasons for the so-called "unpegging" of these exchanges. The other reason was doubtless the high cost of supporting pounds and francs at the figures at which they had been held prior to the withdrawing of the Government support. The Invisible Tariff. Both England and France realize the danger of piling up huge indebtedness for our products on top of the pyramid of such obligations already existing. They are well aware that by permitting exchange to take its natural course, the American dollar must inevitably be at a premium, Which means, of course, that less can be purchased in France and England by the dollar than heretofore, and, consequently, buying of American goods will be discouraged. As I have remarked, "invisible tariff" is thus created against our products. We cannot criticize England or France for taking this protective measure, particularly when we consider that the support of sterling exchange necessitated the purchase by British agents of between $3,000,000.000 and 34,000,000,000 worth of sterling in the American market during the period in which exchange was controlled by the British Treasury. As one English authority recently explained England "had been bearing the burden of maintaining the relation of sterling to the dollar not only up to the day when the United States came into the war, but ever since. It has been very costly borrowing dollars daily or weekly at 5y6%'in New York to pay for all the sterling bills offered in London at 4.76 per pound. "A point often arises in the relation of debtor and creditor when it is the creditor, and not the debtor, who is on the anxious seat," this same authority observed, and he added, "I think that this is the case now in our relation with the United States. At any rate, I am satisfied that it is quite as much the interest of the United States to-day to maintain the relation of dollar to sterling as it is ours to maintain the relation of sterling to dollar, and it is about time to leave the exchange to adjust itself." It might have been advisable, however, to have cushioned the shock by a gradual readjustment, but that would not have altered the fact that so long as our dollar is at a premium, this country will be a good one to sell in but a poor one to buy from—which is a vital element not only in the present exchange situation, but also in the whole problem of financing foreign trade. The Solution. The solution seems to lie, as I have indicated, in the purchase here of _foreign securities. We may as well understand now that we can never hope to recall all of our foreign loans, and that, knowingly or otherwise, we have invested abroad on a permanent basis. There is no doubt about our having to invest abroad some of the heavy interest due us on foreign loans. APR. 26 1919.] THE CHRONICLE But that should prove to be one of our greatest assets, as it proved to be one of England's when the unparalleled crisis of 1914 shook the foundation of civilization. It means also that we are in world affairs on a scale never dreamed of a few years ago—and we are there to stay. Comprehending that truth, we must take full advantage of it, not only for our own sake but likewise for that of our debtors. Our prosperity now is more than ever contingent upon the prosperity of other nations. In helping them to rehabilitate themselves we are helping ourselves. And we are amply able to render the needed assistance in the form of foreign investments. Government Co-operation Imperative. The utmost care must be exercised in determining what foreign securities shall be offered to the American public. We shall have imperative need for expert knowledge of all factors behind these securities. Our banks can be trusted to do their part in this new field, but they cannot perform their function fully and properly unless they and our investors have the support of our Government. D. C. WILLS ON ACCEPTANCES IN FOREIGN TRADE. D. C. Wills, of the Federal Reserve Bank of Cleveland,in discussing "Acceptances in Foreign Trade" at the National Foreign Trade Convention in Chicago on April 24, stated that: "The first phase in the development of acceptances in the United States might be termed that of exploitation and explanation. "The second phase," he added,"has been the establishment of an open market and we are in the midst of that phase at the present time." In describing the operation of the acceptance system, Mr. Wills remarked: Now, however, since an open market capable of absorbing a considerable volume of acceptances has been established, Reserve Banks are in most cases confining their purchases to endorsed bills, and the open market has shown its strength in absorbing and selling to primary purchasers nearly all the available unendorsed bills. A call money market in New York and at one or two other centres for call loans secured by acceptances has also stimulated the development of the open market. Quite a number of private houses handling investments or commercial paper have added departments for dealing in acceptances. The formation of discount houses with substantial capital, starting in New York and now extending to other Federal Reserve cities, for the purpose of buying bills and selling them with or without their endorsement, is another significant feature of the growth of the acceptance movement. The theory of the Reserve banks' discount policy at the present time is that the preferential rate should be accorded to paper secured by Liberty bonds and United States certificates of indebtedness in order that special facilities may be provided to subscribers of these issues. The experience on the part of many banks throughout the country will, in my opinion, result in a widespread market for acceptances after the pressure for Government requirements has been released. The use of the trade acceptance in foreign trade has thus far in most part been limited to imports, foreign houses, especially in the Orient, drawing on mercantile distributors in the United States. There is no reason, however, when credit information on concerns abroad becomes more readily available, why trade acceptances originating here and drawn on companies abroad should not find their way into the discount market. Through the medium of acceptances, tne American exporter or importer can confidenty count on receiving as comprehensive and as favorable financial assistance in dealing with his clients in other countries as is received by any of his foreign competitors. JAMES A. FARRELL ON AMERICAN MARITIME POLICY. • At last night's banquet of the National Foreign Trade Convention in Chicago, the chief speech was that of James A. Farrell, President of the United States Steel Corporation. Speaking on the "American Maritime Policy," Mr. Farrell said that "In connection with the development of American shipping, from first to last the impelling force of the process has been the dictates of necessity. Anything which could properly be called policy that has guided the process has been," Mr. Farrell continued, "the product of a felt want, and to that extent at least has lacked the element of deliberate choice." Coming to the present situation, Mr. Farrell concludes that the "temporary appearance as a military necessity of the Government of the United States as a shipbuilder and shipowner on a colossal scale does not render it any less a fact that the future of the American merchant marine must depend on the attractions which it offers to the employment of private capital and the application of private enterprise." He added: The steamship business is one requiring special and exceptional aptitudes. The men engaged in it have to match their wits against the keenest in the world have to be prompt in decision, resourceful, expedient and expert in the calculation of probabilities. Those are qualities which are not usually forthcoming when a Government assumes the functions of private enterprise. As a commercial proposition, Government-owned ships in foreign trade could only result in disorganization of existing trade routes in which Government ships mightengage, while bringing about a complete paralysis of individual effort to obtain for private American ships a larger share of American sea-borne commerce. Thus, in the event of Government ownership and operation of merchant vessels becoming a settled policy, the problem of the future of American shipping would solve itself by the extinction of private endeavor. Discussing the proposal to use our Government-built ships for the benefit of the nation, Mr. Farrell says: Any policy which places at the disposal of any single class of producers a fleet of Government steamers is bound to be unsuccessful. How, for example, under the policy indicated, could it be determined in whose interest the necessity for the development of foreign trade was most pressing what section of the country would it favor; and would it take account of the transportation of manufacturers wholly finished, half finished, or of crude materials? 1667 Mr. Hurley's plan, with perhaps a few minor exceptions, appeals to many shipping men of experience having at heart the upbuilding of an American merchant marine as a plan dictated equally by business sense and equity and in the public interest. Looking to the future, Mr. Farrell was of the opinion that there "will be no return, for some time at least in any country, of so-called pre-war prices of materials and labor. Shipbuilding materials and equipment are on a lower level in the United States, since the signing of the armistice, than in any other producing country ship plates and structural material having declined $12 per ton here with a corresponding reduction in collateral forms of iron and steel products." Mr. Farrell also said in the course of his remarks: If, in other respects, we are able to meet the competition of the world on equal terms, especially with types of ships built or to be built, comparable with those of our competitors, experienced in long voyage trades, the relatively high wages of American officers, engineers and seamen sufficient in numbers to operate economically with safety will not prove to be a serious handicap. Of course it is essential that laws requiring the employment of an excessive number of seamen or engineers, be repealed by the establishment of a definite policy. One of the earliest requirements of theshipping situation is likely to be a general international agreement about the employment of the agencies of ocean transportation in the least wasteful and the most effective way. The freedom of the seas, as a working formula of peaceful intercourse, should find a larger conception. It should stand for open ports and as free an interchange of commodities as the fiscal necessities of the nations will allow. To ourselves, with a merchant marine commensurate with the resources of our country, the lesson will come with new force, that to sdl we must also buy. EDMUND D. FISHER ON PART CREDIT MUST PLAY IN FOREIGN TRADE EXPANSION. According to Edmund D. Fisher, Vice-President of the Bank of Detroit, at Detroit, Mich., "to expand our foreign trade on a sound basis, we must have in mind the international relations involved, and unless the results are ultimately of a reciprocal nature, the cumulative effect may be dangerous." These observations of Mr. Fisher were contained in an address delivered by him yesterday (April 25) at the Sixth National Foreign Trade Convention in Chicago, under the title of "What Part Must Credit Play in the Expansion of Our Foreign Trade." Mr. Fisher explained at the outset that the purpose of his address was "to show that in the extension of our foreign trade, credit properly used may be an instrument of helpfulness in the rehabilitation of nations, a stimulant to the establishment of sound fiscal policies, and a guide to a proper economic balance in international commerce—in its highest use a deterrent to future commercial war." In part he said: The enormous destruction of wealth, the great diversion of effort from productive enterprise, and the consequent impoverishment of many nations, mean that American export trade promises to continue large for many years to come. Credit, then, stimulated by a new purpose and new necessities, must take new forms, enlarge its vision, lengthen its life and help to nourish and to rebuild. The years of war brought startling changes. The invisible balance of trade against the United States was practically wiped out, and a growing invisible balance against Europe established. To this has been added during the last four years the necessity of providing for the payment of at least ten billions of dollars for excess exports from the United States. The Allies shipped us much gold during the early part of the war in payment of supplies, but were later compelled to finance through various forms of short time and long time credit. The credits established by the United States for the Allies and other nations to March 17 1919 were $8,859,567,836. Other well-known credits were placed directly with American investors, such as: $500.000,000 Anglo-French 5-year 55, due Oct. 15 1920. 150,000,000 United Kingdom 3-year 5s, due Nov. 1 1919. 94,500,000 (France) America'Foreign Security 5s, due Aug. 1 1919. These, with other short time loans to European Governments, amounted In the aggregate to $1,299,923,000, in addition to the direct loans to the Allies. Credit, then, has necessarily been extended in proportions previously unknown in the history of finance, and the demand is likely to continue for years to come. We must, of course, continue to help the stricken nations of Europe—supply them with food, assist them to resume their normal industry—and rebuild their ruined homes. This all means that credit in its various forms must be cheerfully extended, although the time of payment will be remote. But the expansion of our foreign trade will not be confined to Europe. Other parts of the world need American goods and are eager to trade. China has recently extended an invitation to the United States, and the South American field is only limited by the amount of credit we are willing to extend. Long time credit, granted to finance the development of industry in the weaker nations, may become an instrument to promote sound fiscal policy. Credit granted under proper stipulations as to its use, promotes continuing business and may be an effective instrument in national development. Credit, however, is generally granted to promote individual business, and with little reference to broad economic principles involved. A balanced trade—that is, trading commodities for commodities—is of more economic value than trading commodities for debt. We can't use debt, but we can use commodities. The accumulated credits and those that are to be added to them by the necessities of the case, may make the volume dangerously large in the first instance, and may stimulate the production for export by the European nations, that may tend to. disorganize our domestic commerce. Their may be dangers in developing a foregin trade not well balanced. Each nation should only export that raw material and manufactured goods which each is best fitted to produce. It is a debatable question whether the European war debt owing the country can ever be satisfactorily paid Gold would not be acceptable in 1668 payment, for it would largely tend to inflate our prices. Goods in competition could not safely pay it, for they would disorganize our industry. What we do need, and what would be satisfactory payment under normal conditions, we will get in normal imports from our proper share in the adjustment of the balances of our continuing foreign commerce— coffee, tea, spices, rubber, raw materials and goods we cannot well produce or manufacture ourselves. , Some feel that the billions of war debt owing to us by the Allies are really in effect our share of the loss, and therefore that we might well consider whether it should all be permitted to remain a mortgage on future European effort, and a possible menace to ourselves. The debt might happily be scaled down under certain stipulations by which the United States would have certain territorial advantages in the West Indies and in the Pacific, contiguous to our present holdings, and trade concessions which would tend to stabilize our future foreign commerce. Probably the best basis for the safe expansion of our foreign trade on a sound credit and sound economic basis, would be to adopt some such plan in a spirit of both helpfulness and good business. China, as has been stated, is asking us to trade. She has never forgotten the return of the Boxer indemnity. The expansion of our foreign trade is somewhat dependent upon the development of a sound diplomacy, wise enough to command the respect of nations, and supported by a national policy calculated to safeguard our credit in the world markets, or supported by international policy developed by a concert of nations. It must be borne in mind, however, in considering the general subject of our foreign trade, that the European Allies will be very much on the defensive. Embargoes have already been promulgated, and the ultimate efficiency of necessity will soon be expressed. England is already striving to reduce her foreign purchases. As an example, the total value of boots and shoes exported to Great Britain in 1916 was about $4,500,000, in 1917 nearly $2,000,000, and in 1918 but little over $1,000,000. England is naturally manufacturing all she can for herself, and this trend indicates a tendency which will gradually be expressed in a growing export ability by the nations of the world. European effort is bound to be supported by American capital in addition to the loans to nations. American capital is bound to flow into Europe In various forms—gifts and loans from relatives; long-term loans to railroads and industrial corporations; loans in form of finance bills constituting a continuing floating debt; loans to municipalities and the usual acceptances and commercial credits to finance moving goods. Millions were poured into the United States after the Civil War, and stimulated a speedy recovery. Credit, however, must be advanced with care and discrimination. We do not want to promote anarchy. Credit may become a powerful instrument to developing social stability. Russia, for example, is not to be fed unless war ceases. In granting foreign credits, American bankers must discriminate in favor of those advances which tend to stabilize and make permanent our commercial relations with foreign countries, and with due regard to sound economic principles. They must continue to sharply discriminate between fixed and fluid credit; financing that which will be run for a short period and placing long-time credits with the investing public. Such action, properly developed and properly applied, will tend to promote our commerce on sound lines and act as a preventive to future commercial wars. CHANGES IN THE STAFF OF THE FEDERAL RESERVE BANK OF ST. LOUIS. Under date of April 14 William McC. Martin, Chairman of the Board of the Federal Reserve Bank of St. Louis, makes the following announcement concerning recent changes in the staff of the bank: At a meeting of the board of directors of this bank held on Feb. 19 1919, the resignation of Mr. R. R. M. Clabaugh as Assistant Cashier was presented and accepted with regret, effective Feb. 28 1919. On March 15 1919 the resignation of Mr. William W. Hoxton as Deputy Governor was presented to the board of directors and accepted with regret, effective March 31 1910. At a meeting of the board of directors on April 2 1919, Mr. 0. M. Attebery, Cashier, was elected Deputy Governor; Mr. J. W. White, Assistant Cashier, was elected Cashier, and Mr. W. H. Glasgow, of the credit department, was elected Assistant Cashier. The resignation of Mr. John M. Davis as manager and a director of the Little Rock Branch of the Federal Reserve Bank of St. Louis was also presented at this meeting and accepted with regret, effective April 2 1919. At the same meeting Mr. A. F. Bailey, Cashier of the branch, was elected manager and a director, and Mr. M. H. Long, Assistant Cashier of the American National Bank, Little Rock, Arkansas, was elected Cashier of said branch. APPLICATIONS FOR NATIONAL BANK CHARTERS AND CAPITAL INCREASES. • According to an announcement made public.under date of April 5 by Comptroller of the Currency John Skelton Williams, during the three months ending April 1 1919 96 applications were received for charters for new national banks and 88 applications for increases in the capital of existing national banks were approved. The Comptroller added: These 184 applications for new charters and increases came from 37 States, distributed as follows: New England States, 6; Eastern States, 28, Southern States, 49; Middle States, 36; Western States, 44, and Pacific States, 21. The States asking for the largest number of charters for new national banks since Jan. 1 were: Texas, 9; California, 8; Montana, 7; New York,6; Massachusetts, Minnesota and Kansas, 5 each; and Pennsylvania, Ohio, North Dakota, Oklahoma and Idaho, 4 each. In the matter of additions to capital, applications for increases were approved for 11 banks in Texas, 8 in Pennsylvania, 6 in New York, 5 each in North Carolina, Indiana and Oklahoma, and 4 each in Virginia, Illinois, North Dakota and California. From Jan. 1 1919 to April 1, 44 charters have been granted for new national banks. Three requests were refused, and applicatious for 189 new charters are now under investir:ation and yet to be actul upon, including 45 requests from State banks which as:: permission to convert into national banks. Against these 184 applications for new charters and increases of capital, the total number of national banks reported as going into voluntary liquidation in this three months' period (exclusive of those consolidating with other national banks) was only 28. So that the number of applications for new charters and for increases in capital stock approved for this period was [Vat. 108 THE CHRONICLE more than six times as great as the number of banks liquidating in the same period. The capital of the national banks for which new charters have been asked since Jan. 1 1919, plus the approved increases in capital, was $15,433,000. The total capital of all national banks liquidating (exclusive of those consolidating with other national banks) was $2,955,000 in addition to two larger banks in New York State which denationalized in that period—the capital of those two banks was $6,000,000, making the total capital of all national banks leaving the system for any cause during the past three months $8,955,000. The proposed capital of the new banks for which charter applications are pending exceed fourteen million dollars. INIMI10=MIMMOMMI• NEW YORK BANKING LAW AMENDED AS TO INVESTMENTS IN RAILROAD BONDS. Governor Smith signed on April 10 the bill amending the New York State banking law designed to remove any doubt as to the legality of railroad bonds as investments for savings banks on account of the operation of railroads by the Federal Government. The bill was passed by the State Senate on March 13 and by the Assembly in April. We give below the text of the bill as enacted into law, showing the new matter in italics: AN AC't to amend the banking law, in relation to the investment of the deposits and guaranty fund of savings banks in the bonds of railroad companies whose roads are operated by the United States. The People of the State of New York, represented in Senate and Assembly, do enact as follows* Section 1. Subdivision 7 of Section 239 of Chapter 369 of the laws of 1914, entitled "An Act in relation to banking corporations, and individuals, partnerships, unincorporated associations and corporations under the supervision of the banking department, constituting Chapter 2 of the consolidated laws," is hereby amended by adding at the end thereof a new paragraph to read as follows: The time during which any railroad is operated by the Government of the United States under the provisions of an Act of Congress approved Aug. 29 1916, an Act of Congress approved March 21 1918, or any other act or acts of the Congress of the United Slates, and the earnings made and dividends paid during said time shall not be taken into consideration in determining whether the bonds of the railroad corporation comply with any of the provisions of this section. Any railroad corporation, which, at the time that the operation of its railroad by the Government of the United States under the provisions of such act or acts began, had complied with the provisions of Paragraph E of this subdivision for one or more years next preceding the commencement of such Government operation and control shall be entitled to include in computing the period of five years prescribed by the provisions of said Paragraph E each year a portion of which its railroad shall have been operated by the Government of the United Stales under the provisions of such act or acts in determining whether such corporation has complied with the provisions of said Paragraph E each year for five years as required by said paragraph. Except as hereinbefore provided, whenever a reference is made in this subdivision to a period of five years preceding the date of an investment in the bonds of any railroad corporation, such period shall,be deemed exclusive of any time during which the property of such railroad corporation has been operated by the Government of the United States under the provisions of such act or acts. Any bonds acquired prior to the passage of this amendment and at any lime hereafter which comply with the provisions of this section as amended may so long as they continue to comply herewith be retained as investments authorized by law. Sec. 2. This Act shall take effect immediately. BILL ENACTED IN NEW YORK AUTHORIZING STATE BANKS TO EXERCISE FIDUCIARY POWERS. A bill amending the New York State Banking law, authorizing State banks to exercise fiduciary powers under the same conditions as national banks are authorized to exercise them by the Federal Reserve Act, was signed by Gov. Smith at Albany on April 10. The following is the text of the bill, as placed on the statute books; the new matter is shown in italics, while the old law stricken out, is shown in full face brackers: AN ACT to amend the banking law, in relation to fiduciary powers of banks. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. Article 2 of Chapter 369 of the laws of 1914, entitled "An Act in relation to banking corporations, and individuals, partnerships, unincorporated associations and corporations under the supervision of the banking department, constituting Chapter 2 of the consolidated laws,", is hereby amended by inserting therein, after Section 24, a new section to be section 24a, to read as follows: Sec. 24a. Special authorization to banks to exercise fiduciary powers; when issued; contents; filing and recording. The superintendent may by special authorization grant banks applying therefor the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates. assignee, receiver, committee of estates of lunatics or in any other fiduciary capacity in which trust companies are permitted to act. Before authorizing any bank to exercise such fiduciary powers or any of them the superintendent shall be satisfied that such bank has in good faith complied with all the requirements of law and fulfilled all the conditions precedent to the exercise of such powers imposed by this chapter. In passing upon applicants for permission to exercise such fiduciary powers, the superintendent may lake into consideration the amount of capital and surplus of the applying bank, wheiher or not such capital and surplus is sufficient under the circumstances of the case, the needs of the community to be served and any other facts the applicaand circumstances that seem to him proper, and may grant or refuse tion accordingly: provided that no special authorization shall be issued to any law of a trust such bank having a capital less than the capital required by or cause an company in the same place; and the superintendent shall examine examination to be made to ascertain whether such bank has the requisite capital. all the requirewith complied faith If satisfied that such bank has in good ments of law and fulfilled all the conditions precedent to the exercise of such powers imposed by this chapter, the superintendent may, within six months after the date on which the application of such bank was filed, issue under to his hand and official seal, in triplicate, a special authorization certificate has such bank. Such certificate shall state that such bank named therein comptied with_the provisions of this chapter and with all the provisions of law APR. 26 1919.] THE CHRONICLE applicable to banks exercising fiduciary powers, and that it is authorized to exerelse such fiduciary powers as are enumerated therein. One of the triplicate special authorization certificates shall be transmitted by the Superintendent of Banks tothe bank thereby authorized to exercise the powers enumerated therein, another shall be filed and recorded in the office of the superintendent and the third shall be filed by the superintendent in the office of the clerk of the county in which such bank is located, and the County Clerk shall record such certificate in the book of records of incorporations in his office. Sec. 2. Section 105 of said Chapter 369 of the laws of 1914 is hereby amended to read as follows: lkiSec. 105. Deposit .of securities with the superintendent. Every bank shall, until an order of the Supreme Court is obtained declaring its business closed, keep on deposit with the Superintendent of Banks as a pledge of good faith and as a guaranty of compliance with the provisions of this chapter, interest bearing stocks or bonds of this State or of the United States to the amount of one thousand dollars, which shall be registered in the name of the Superintendent of Banks of the State of New York in trust for such bank. Every such bank authorized by the superintendent to act in any fiduciary capacity shall be required to deposit additional securities with the Superintendent of Banks of the kind and in the amount which would be required of a trust company having the same capital and located in a place of the same population under the provisions of Section 184 of this chapter. Such securities shall be registered in the name of the Superintendent of Banks of the State of New York as trustee for the beneficiaries of priva'e and court trust fund* held by such bank and securities so deposited shall be held for the protection of such private and court trusts and subject to sale and transfer, and to the disposal of the proceeds thereof by the superintendent only on the order of a court of competent jurisdiction. The bank, so long as it shall continue solvent and comply with the laws of the State may be permitted by the superintendent to collect the interest on the securities so deposited and from time to time to exchange such securities for others as provided by Section 35 of this chapter, and may examine and compare such securities as provided by Section. 36 of this chapter. In case of the involuntary liquidation of any such bank authorized to act in a fiduciary capacity, the proceeds of the sale of such additional securities deposited by it shall be applied in the first instance to the payment pro rata of the claims of the beneficiaries of such private and court trusts. r..! Sec. 3. Section 106 of said Chapter 369 of the laws of 1914, as amended by Chapter 98 of the laws of 1918, is hereby amended by adding at the end thereof a new subdivision, to read as follows: 8. When specially authorized by the Superintendent of Banks to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which trust companies are permitted to act. Banks in such cases shall not be required to give any bond unless the court or officer making the appointment shall require it, in which event such banks shall have power to execute such bond. No official oath shall be required of any bank acting in any such fiduciary capacity. Sec. 4. Section 111 of said Chapter 369 of the laws of 1914 is hereby amended to read as follows: Wee. 111. Restrictions on deposit of bank's funds(.] and on conduct of business of banks specially authorized to exercise fiduciary powers. No bank shall depositu any of its funds with any other moneyed corporation unless the latter has been designated as a depositary for the bank's funds by a vote of a majority of the directors of the bank exclusive of any director who is an officer, director or trustee of the depositary so designated. Banks exercising fiduciary powers under special authorization from the Superintendent of Banks, granted under Section 24a of this chapter, shall segregate all assets held in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books and records showing in proper detail all transactions engaged in under the authority of such special authorization. No such bank shall receive in its trust department deposits of current funds subject to check, or the deposit of checks, drafts, bills of exchange or other items for collection or exchange purposes. Funds deposited or held in trust awaiting investment by any such bank exercising fiduciary powers shall be carried in a separate account and shall not be used by the bank in the conduct of its business, unless it shall have first set aside in its trust department stocks or bonds of a kind in which savings banks are required by this chapter to invest their deposits. In the event of the failure of such bank, the owners of the funds held in trust for Investment shall have a lien on the bonds or other securit'es to set apart in addition to their claim against the estate of the bank. It shall be unlawful for any such bank exercising fiduciary powers to lend any officer, director or employee any funds held in trust under the powers conferred by this subdivision. Any officer, director or employee making such loan or to whom such loan is made shall forfeit five thousand dollars to the people of the State. Sec. 5. This Act shall take effect immediately. AGGREGATE OF CERTIFICATES OF INDEBTEDNESS ISSUED IN ANTICIPATION OF VICTORY LOAN. It was reported this week, in press dispatches from Washington, in the announcements with regard to the subscriptions to the ninth offering of Treasury certificates in anticipation of the Victory Liberty Loan that the aggregate amount of certificates outstanding in anticipation of the loan is approximately $5,315,878,000 to date. According to the "Federal Resrvo Bulletin" for April, just available this week, a table is given showing that in the eight preceding offerings $4,920,256,500 certificates were placed in the hands of the banks in anticipation of the Fifth Loan. With the $646,024,500 subscriptions allotted in the ninth offering it would appear that the aggregate amount exceeds $5,500,000,000. We take the following from the April number of the "Federal Reserve Bulletin": 1669 been $1,379,811,785. Estimated expenditures up to the end of this fiscal year will bring the outlay for the fiscal year as a whole to about $18,000,000,000 or $19,000,000,000, of which sum there had been expended up to the end of March $15,164,224,227. Congress has in the meantime adopted legislation designed to afford new sources of revenue from taxation, the first installment of which was turned into the Treasury on March 15. ,This legislation, however, will not suffice to meet the requirements of the Department, as the figures already furnished amply show. In the following table are furnished details concerning the issues of certificates of indebtedness which have been placed in the hands of the banks in anticipation of the Fifth Liberty Loan: Series • dated: Dec. 5 1918 $613,438,000 Dec. 19 1918 572,494,000 Jan. 2 1919 751,684.500 Jan. 16 1919 600,101,500 Jan. 30 1919 687,381,500 Feb. 13 1919 620,578,500 Feb. 27 1919 532,381,500 Mar. 13 1919 542,197,000 Total $4,920,256,500 SUBSCRIPTIONS TO NINTH OFFERING OF TREASURY CERTIFICATES OF INDEBTEDNESS. Subscriptions of $646,024,500 were received to the ninth offering of Treasury certificates of indebtedness issued in anticipation of the Victory Liberty Loan. A minimum of $500,000,000 was:offered, and the oversubscription is the largest recorded for any of the issues of the series of certificates put out preliminary to the Victory Loan. The certificates in the ninth offering are dated April 10 and will mature Sept. 9 1919. Subscriptions to the certificates, which are known as Series 5-J, were received up to April 17. Of the total subscription ofi$646,024,500 payment in the approximate amount oft;.$16,135,000 was made in Treasury certificates of Series 5-a,dated Dec. 5 1918. The results by Federal Reserve districts in the cases of the ninth offering, arranged in the order of the percentage of their quotas, follow: Federal Reserve District— New York Chicago Cleveland Philadelphia Richmond St. Louis Dallas Minneapolis Boston Atlanta San Francisco Kansas City Totals Quota. Sub. Allotted. $169,000,000 $275.355.000 70,000,000 99.886,000 45,300,000 62,000,000 35,309,000 39,160,500 17.303,000 18,843.500 20,009,000 21.761,000 12,009,000 12,879,000 17,300,000 18,310,000 43,300,000 43,705.000 14,600,000 13,274,500 35,303,000 27,850,000 20,003.000 13,000,000 $500.000,000 $646,024,500 Secretary of the Treasury;Glass in making public the results of the offering announced that a subscription of $50,000,000 by the Japanese Government had been reported by the Federal Reserve District:of/New York. "The action of the Japanese Government,",saidja Treasury statement, "is very helpful in its effect upon international exchange and is greatly appreciated by thelTreasury." In another item we refer to the aggregate of the preceding eight offerings. TENTH OFFERING OF TREASURY CERTIFICATES IN ANTICIPATIONLOF VICTORY LIBERTY LOAN. The tenth and t. lastToffering of Treasury certificates of indebtedness inranticipation of the Victory Liberty Loan was announced by Secretary of the Treasury Glass on April 21. The present offering is for a minimum of $500,000,000. The certificates, which will bear date May 1 and mature October 7, wilUcarry the usual rate of 4 and will be known as Series:5-K. Subscription books will close May 8. Two announcements regarding the new offering were made this week by the Federal Reserve Bank of New Yprk; the first, dated April 21, said: The Federal Reserve Bank of New York stated to-day that the Secretary of the Treasury has announced that the tenth offering of certificates of indeStedness in anticipation of the Victory Liberty Loan which, following the bi-weekly schedule outlined by the Treasury Department, would ordinarily have been dated and issued on Thursday, April 24. will be dated and issued on May 1st. The ninth issue was oversubscribed by nearly 30%, the largest oversubscription of any of the issues of the series in anticipation of the Victory Liberty Loan. In its statement of April 22 the bank said: The Federal Reserve Bank of New York stated to-day that the Secretary The financial situation which has called forth the new offering of notes of the Treasury has announced a new issue of Treasury certificates of very a only general that known description well of is so the circumstances indebtedness for a minimum amount of $500,000,000 to be dated May 1 attendant upon the placing of this loan need be furnished. The Treasury 1919, and to mature Oct. 7 1919, with interest at the rite of 4%% per has, from the beginning of December last to the end of the month of annum. March, issued in certificates of indebtedness intended to anticipate the This is the tenth issue of U. S. Treasury certificates of indebtedness in proceeds of this flotation approximately $4,700,000,000, after deducting anticipation of the Victory Liberty Loan, and will be known as Series 5-K. exchanges and redemptions. These obligations run five months from their The Secretary of the Treasury states that with the issue of Series 5-K now date of issue. At the present time the expenditures of the Treasury are offered for subscription, the fifth series of certificates of indebtedness running at the rate of about $1,300,000,000 per month, a figure decidedly will close, and that there will, therefore, be no further issues of certificates less than the rate of expenditure in January and about the same as that In connection with the Victory Liberty Loan. The first issue (Series 5-A) which,,was established during February. The exact outlay for March has in anticipation of the,Victory Liberty Loan was dated Dec.5 1918, and the 1670 THE CHRONICLE [VOL. 108. succeeding issues have been issued generally at bi-weekly periods there- subscribed for by such owner and still owned by him at the date of his tax after in amounts ranging between $500,000,000 and $750,000,000 for each return. Note Purchase Fund.—The Secretary of the Treasury is authorized, issue. Subscriptions to the above issue will be received by the Federal Reserve from time to time, until the expiration of one year after the termination Bank of New York, as fiscal agent of the United States, up to the close of of the war (as fixed by proclamation of the President), to purchase notes business on Thursday, May 8 1919, and payment for certificates allotted of this issue at such prices and upon such terms and conditions as he may must be made at par and accrued interest on and after May 1 1919, up to prescribe. The par amount of notes of this issue which may be purchased in the twelve months' period beginning on the date of issue shall not exMay 8 1919, inclusive. In connection with the above offering the Secretary of the Treasury ceed one-twentieth of the par amount of such notes originally issued, and further announced tbat Treasury certificates of indebtedness of Series 5-A in each twelve months' period thereafter, shall not exceed ono -twentieth maturing May 6 1919, will be accepted at par with an adjustment of of the amount of the notes of such issue outstanding at the beginning of accrued interest in payment for any certificates of the current Series 5-K such twelve months' period. The average cost of the notes of this issue purchased in any such twelve months' period shall not exceed par and which shall be subscribed for and allotted. accrued interest. Cumulative Sinking Fund.—The Victory Liberty Loan Act provides in Section 6 (a) as follows: "That there is hereby created in the Treasury a TREASURY CIRCULAR DESCRIBING VICTORY cumulative sinking fund for the retirement of bonds and notes issued under LIBERTY LOAN OFFERING. the First Liberty Bond Act, the Second Liberty Bond Act, the Third We give herewith the full official text of the circular of Liberty Bond Act, the Fourth Liberty Bond Act, or under this Act, and outstanding on July 1 1920. The sinking fund and all additions thereto the Treasury Department, issued under date of April 21, are hereby appropriated for the payment of such bonds and notes at describing in detail the Victory Liberty Loan offering: maturity, or for the redemption or purchase thereof before maturity by the Secretary of the Treasury at such prices and upon such terms TREASURY DEPARTMENT, and conditions as he shall prescribe, and shall be available until all such Office of the Secretary, bonds and notes are retired. The average cost of the bonds and notes Washington, April 21 1919. purchased shall not exceed par and accrued interest. Bonds and notes 1919, Department circular No. 138.—Loans and Currency. purchased, redeemed or paid out of the sinking fund shall be canceled The Secretary of the Treasury invites subscriptions, at par and accrued and retired and shall not be reissued. For the fiscal year beginning interest, from the people of the United States, for $4,500,000,000 of United July 1 1920, and for each fiscal year thereafter, until all such bonds and States of America convertible gold notes of 1922-1923 of the Victory Lib- notes are retired there is hereby appropriated, out of any money in the erty Loan, authorized by an Act of Congress, approved Sept. 24 1917, as Treasury, not otherwise appropriated, for the purposes of such sinking amended and supplemented by the Acts of Congress approved April 4, fund, an amount equal to the sum of (1) 2 % of the aggregate amount July 9'and Sept. 24 1918, and March 3 1919 (Victory Liberty Loan Act). of such bonds and notes outstanding on July 1 1920, less an amount equal to the par amount of any obligations of foreign Governments held The notes are offered in two series. by the United States on July 1 1920, and (2) the interest which would have Description of Notes. been payable during the fiscal year for which the appropriation is made Series.—The 44% convertible gold notes of 1922-1923 shall be on the bonds and notes purchased, redeemed, or paid out of the sinking 4% - fund during such year or in previous years." exempt, both as to principal and interest, from all taxation now or hero after imposed by the United States, any State, or any of the possessions Further Privileges.—The notes will be receivable as security for do of the United States, or by any local taxing authority, except (a) estate or posits of public moneys, but will not bear the circulation privilege. inheritance taxes, and (b) graduated additional income taxes, commonly Application, Allotment, Payment, and Delivery. known as surtaxes, and excess profits and war profits taxes, now or Official Agencies.—The agencies designated by the Secretary of the hereafter imposed by the United States, upon the income or profits of Individuals, partnerships, associations, or corporations. The notes of Treasury to receive applications for the notes now offered are the Treasury Department in Washington, and the Federal Reserve banks in Boston said series shall bear interest at the rate of 44% per annum. 34% Series.—The 354% convertible gold notes of 1922-1923 shall be New York, Philadelphia, Cleveland (with branches at Cincinnati and exempt, both as to principal and interest, from all taxation (except estate Pittsburgh), Richmond (with branch at Baltimore), Atlanta(with branches or inheritance taxes) now or hereafter imposed by the United States, any at New Orleans, Birmingham, and Jacksonville), Chicago (with branch State, or any of the possessions of the United States, or by any local taxing at Detroit), St. Louis (with branches at Little Rock,Louisville, and Memauthority. The notes of said series shall bear interest at the rate of 34% phis), Minneapolis, Kansas City (with branches at Omaha and Denver), Dallas (with branch at El Paso) and San Francisco (with branches at Salt per annum. Denominations; Both Series.—Bearer notes with interest coupons at- Lake City, Portland, Seattle, and Spokane). The Federal Reserve banks tached will be issued in denominations of $50, $100, $500, $1.000, $5,000, have been designated as fiscal agents of the United States, to receive apand $10,000. Notes registered as to principal, and as to interest payable plications, to give notices of allotments, to receive payments, and to make after Dec. 15 1919, will be issued in denominations of $50, $100, $500. delivery of the notes allotted. Subscribers may send their applications, ac$1,000, $5.000, $10,000, $50,000, and $100,000. Such registered notes companied by the required payment,direct to any of said banks or branches. Subscribers' Agencies.—Large numbers of national banks, State banks, will have coupons attached thereto for interest payable Dec. 15 1919. Provision will be made for the interchange of notes of different denomi- and trust companies, investment bankers, express companies, newspapers, department stores, and other corporations, firms, and organizations have the transfer of registered nations and of coupon and registered notes and for notes, without charge by the United States, under rules and regulations patriotically offered to receive and transmit applications for the notes without expense to the applicants. The Secretary of the Treasury appreprescribed by the Secretary of the Treasury. Date of Notes, Interest Dates, Maturity, and Redemption; Both Series.— ciates the value of these offers, and will have application blanks widely The notes will be dated and bear interest from May 20 1919, and will ma- distributed, through the Federal Reserve banks, to these institutions ture on May 20 1923. Interest will be payable on Dec. 15 1919, and throughout the country. Subscribers' agencies must transmit or cover thereafter semi-annually on June 15 and Dec. 15, and on May 20 1923. by their own subscriptions all applications received by them: in the latter The principal and interest of the notes are payable in United States gold case they must specify the number of subscribers and the aggregate amount coin of the present standard of value. The notes may be redeemed, at of notes subscribed for by each and furnish such further information as the option of the United States, under such rules and regulations as the may be prescribed by the Secretary of the Treasury; and allotment may Secretary of the Treasury may prescribe, on June 15 or Dec. 15 1922, in be based upon such information. No commissions will be paid upon subwhole or in part, as to either or both series, at par and accrued interest, scriptions, and those who receive and transmit applications are therefore on four months' notice of redemption given in such manner as the Secretary rendering the service to subscribers as a patriotic duty. Only the Federal of the Treasury shall prescribe. In case of partial redemption of either Reserve banks are authorized to act as fiscal agents of the United States or both series, the notes to be redeemed will be determined by such method in connection with the operations of selling and delivering notes of the as may be prescribed by the Secretary of the Treasury. For convenience Victory Liberty Loan. Terms of Application.—ApplIcations must be accompanied by payment in case of any partial redemption, the notes will be issued in several blocks of approximately equal face amount and bearing distinguishing letters. of 10% of the amount of notes applied for. No payment other than the From the date of redemption designated in any such notice of redemption 10% required upon application should accompany any application for an aggregate amount of notes in excess of $10,000. Applications for an interest on notes called for redemption shall cease. Conversion Privilege.—Any holder of notes of either series shall have aggregate amount of notes not in excess of $10,000 may, at the option of the option of having the notes held by him converted at par into notes of the subscriber, be accompanied by payment in full, at face value without the other series, with adjustment in respect to accrued interest but other- interest, for the note or notes applied for. Applications must be for notes wise without charge by the United States, under such rules and regula- to an amount of $50 or some multiple thereof. The subscriber should intions as may be prescribed by the Secretary of the Treasury. Such rules dicate on the application blank whether coupon or registered notes are and regulations may provide for the suspension of such privilege of con- desired; if no preference is indicated, either coupon notes or registered notes version from time to time, in respect to all or any part of the notes of either may be delivered. All applications will be deemed to be for notes of the or both series, (a) to and including July 15 1919, to facilitate deliveries 44% series, except applications specifying notes of the 34% series; but upon the original issue, (b) for a period not exceeding one month before the subscriber may, nevertheless, at any time before completion of payany interest payment date, and (c) for the period, or any portion thereof, ment, by notice in writing, elect to receive notes of either series in the first from the date of any notice of redemption (but not more than four months instance. Time of Closing Applicatton Books.—Applleatton.i accompanied by payand one week prior to the date of redemption) to and including the date of redemption designated in such notice. In any event, on the date of re- ment as aforesaid must reach the Treasury Department or a Federal Redemption designated in any such notice of redemption the privilege of con- serve bank, or one of said branches, or some incorporated bank or trust version of all notes thereby called for redemption shall cease, and if all the company within the United States (not including outlying territories and notes of either series be called for redemption, the privilege of conversion possessions), not later than the close of business on May 10 1919. Appliof notes of the other series shall cease. The notes are interconvertible, cations received by any incorporated bank or trust company on or before the privilege of conversion extending to notes issued upon coversion as May 10 1919, must, by such ban% or trust company, be transmitted to, well as notes issued upon original subscription. The privilege of con- or covered by its own subscription to, the Federal Reserve bank of the version continues throughout the life of the notes subject to the provision district in which it is located, reaching such Federal Reserve bank not later than the close of business on May 20 1919, accompanied by payment hereof and of such rules and regulations. as aforesaid. The right is reserved by the Secretary of the Treasury to Miscellaneous Provisions of Law and Regulations. • close the subscription on any earlier date, to reject any applications, and Additional Tax Exemption for Liberty Bonds.—In addition to all other to waive delay in making application and payment. exemptions provided by law, the interest received on and after Jan. 1 Allotment.—ApplicatIons from any one subscriber for an aggregate 1919, on an amount of bonds of the First Liberty Loan converted, dated amount of notes not in excess of $10,000 will be allotted in full. ApplicaNov. 15 1917, May 9 1918, or Oct. 24 1918, the Second Liberty Loan, tions for an aggregate amount of notes In excess of $10,000 will be received converted and unconverted, the Third Liberty Loan, and the Fourth subject to allotment. The issue will be limited to $4,500,000,000, except Liberty Loan, the principal of which does not exceed $20,000 in the aggre- as it may be necessary to increase the amount of the issue in order to make gate, owned by any individual, partnership, association, or corporation, allotment in full on applications from subscribers for aggregate amounts shall be exempt from graduated additional income taxes, commonly known of notes not in excess of $10,000, and except as it may be necessary to inas surtaxes, and excess-profits and war-profits taxes, now or hereafter crease or decrease the amount of the issue in order to facilitate allotment, imposed by the United States, upon the income or profits of individuals, and the Secretary of the Treasury reserves the right to reject any applies, partnerships, associations, or corporations: Provided, That no owner of Mil for an aggregate amount of notes in excess of $10,000, to make allotsuch bonds shall be entitled to such additional exemption in respect to the ment of part of the amount of notes applied for, to make allotment in full interest on an aggregate principal amount of such bonds exceeding three upon applications for smaller amounts, and to make reduced allotments times the principal amount of notes of the.Victory Liberty Loan originally upon, or to reject, applications for larger amounts, and to make classified APR. 26 1919.] THE CHRONICLE allotments and allotments upon a graduated scale and his action in these respects will be final. The Secretary of the Treasury cannot undertake to collate applications with a view to the precise ascertainment of the aggregate amount of notes applied for by each subscriber and, while reserving the right to reject any application or to reduce the amount of notes applied for In any case where it appears that the aggregate amount of notes applied for by any one subscriber is not truly shown on the face of any one application, the allotment may be based upon the several applications and reports filed with the several Federal Reserve banks and the Treasury Department and without collation within or as between the said banks and the Treasury Department; and his action in these respects shall be final. Allotments will be made before June 3 1919, and the basis of allotment will be publicly announced. Notices of allotment will be mailed promptly thereafter by the several Federal Reserve banks. Terms of Payment.-Paymeat for notes allotted, in addition to the 10% paid on application, must be made so as to reach a Federal Reserve bank or a branch thereof as folio:6s: 10% on July 15, 20% on Aug. 12, 20% on Sept. 9, 20% on Oct. 7, and 20% on Nov. 11 1919, with accrued interest from May 20 1919, on the five deferred installments. Receipt of installment payments made to official agencies prior to payment in full will be acknowledged by the several Federal Resreve banks. Payments must be made when and as herein provided under penalty of forfeiture of any and all installments previously paid, and of all right and interest in the notes allotted. Payment for notes allotted may be sooner completed, but only so as to reach a Federal Reserve bank or a branch thereof on May 20 1919, or, with accrued interest from May 20 1919 (the previous Installment or installments having been duly paid), on July 15, Aug. 12, Sept. 9, or Oct. 7 1919. Payment for notes allotted to subscribers for aggregate amounts of notes in excess of $10,000 cannot be completed on May 20, but may be completed, with accrued interest from May 20 1919 after public announcement of the basis of allotment, on a date or dates, not earlier than June 3, nor later than June 17 1919, named in the announcement of allotments, or on any later installment date. Upon applications for aggregate amounts of notes in excess of $10,000, no payment other than the 10% required will be received with the application, and in case of partial allotments upon such applications, the excess of 10% payment will be applied upon the next installment or installments, and no accrued interest will be charged on that part of any installment covered by the amount so applied and in case of the allotment of less than 10% of the amount applied for, the balance of the 10% payment made with the application will be returned as promptly as possible without interest. In case of the rejection of any application, the 10% payment made with the application will be returned as promptly as possible without interest. Payment in United States Treasury Certificates of Indebtedness.-Payment of (1) the first installment of 10% upon application, or (2) completion of payment upon application; or on May 20 1919, when and as permitted hereunder, or (3) completion of payment on the date or dates, not earlier than June 3, nor later than June 17 1919, named in the announcement of allotments, when and as permitted hereunder, may be made in Treasury certificates of indebtedness of Series V of any issue not previously matured. Payment on July 15 1919, and subsequent installment dates. may be made in Treasury certificates of the issues, if any, maturing or called for redemption on the said installment dates, respectively. Treasury certificates will be received at their face value. The accrued interest on Treasury certificates (which, in the case of payment of the first installment, or payment in full, when and as permitted hereunder, on or before May 20 1919, will be computed to May 20 1919, or earlier maturity) will be paid to the subscriber. Treasury certificates thus presented must not be of a larger face value than the amount then to be paid on the subscription, and subscribers should obtain certificates in appropriate denominations in advance. Treasury certificates of any series acceptable In payment of taxes will not be accepted in payment on subscriptions for notes. How to Make Payments.-It is strongly recommended that subscribers avail themselves of the assistance of their own banks and trust companies, In which case they will, of course, make payments through such institutions. In cases where they do not do so, subscribers should make payment either to the Treasury Department in Washington or to a Federal Reserve bank, or branch thereof, in cash, or by bank draft, certified check, post office money order, or express company money order, made payable to the order of the Secretary of the Treasury, if the application is filed with the Treasury Department In Washington (thus: "The Secretary of the Treasury, Victory Liberty Loan Account"), or, if the application is filed elsewhere, made payable to the order of the Federal Reserve Bank of the district in which the application is filed (thus: "Federal Reserve bank , Victory Liberty Loan Account"). Incorporated banks of and trust companies in the United States, duly qualified as special de. positaries of public moneys under Department Circular No. 92 as amended and supplemented April 17 1919, may, up to the amount for which such depositaries, respectively, shall be qualified in excess of then existing deposits, when so notified by Federal Reserve banks, make payment by credit of amounts payable hereunder on or before May 20, and on, the date or dates not earlier than June 3 nor later than June 17 1919, named in the announcement of allotments, and, if and to the extent from time to time authorized by the Secretary of the Treasury, on later installment dates. Delirery.-Notes will be delivered promptly after due completion of payment therefor. Notes of the 434% series may be delivered prior to May 20 1919, to subscribers for aggregate amounts of notes not in excess of $10,000, who make payment in full in cash upon application on or before May 10 1019. In making deliveries before May 20 1919, the right is reserved to deliver notes of the largest denomination or denominations, not exceeding $1,000, contained la the respective amounts of notes subscribed for. A limited amount of notes of the 4X% series will be made available to incorporated banks and trust companies within the United States prior to May 10 1919, for delivery to subscribers for aggregate amounts of notes not in excess of $10,000, but only upon the terms and conditions set out in the official application blank (Form L and 0 182) provided for that purpose. Notes will be delivered by the several Federal Reserve banks as fiscal agents of the United States as far as practicable in accordance with written instruetions given by the subscribers, and, within the continental United States, at the expense of the United States. Interest.-As the notes are dated May 20 1919, no accrued interest will be due on subscriptions for aggregate amounts of notes not in excess of $10,000, paid for in full on or before that date, when and as permitted hereunder. No rebate of interest will be allowed either on account of full payment in advance of May 20 1919, or on account of the first installment of 10%• Upon completion of payment when and as permitted hereunder on the date or dates, not earlier than June 3 nor later than June 17 1919, named in the announcement of allotments, or upon completion of payment on July 15, Aug. 12, Sept. 9, Oct. 7, or Nov. 11 1919, the subscriber will be required to pay accrued interest from May 20 1919, on the deferred installment or installments at the respective rate or rates borne by the notes to be delivered. Further Detatts.-The Secretary of the Treasury reserves the right to make special arrangements for subscriptions for the notes at not less than par from persons in the military or naval forces of the United States. 1671 Further details may be announced by the Secretary of the Treasury from time to time, information as to which, as well as forms for application, may be obtained from the Treasury Department or through any Federal Reserve bank. CARTER GLASS, Secretary of the Treasury. EQUITABLE TRUST CO. ON TAX EXEMPTION TO HOLDERS OF LIBERTY BONDS. The Equitable Trust Company of New York has issued a, pamphlet showing the total exemption from taxation now possible to any one holder of the various Liberty Loan issues and the amount of each issue that may be held. Under the provisions of the Victory Loan bill there has been made available an additional exemption for holders of Liberty bonds amounting to $30,000, without subscription to the new Victory Loan and $20,000 additional if a subscription to the Victory Loan is entered. The total amount of the various issues exempt from taxation, including tax exemptions authorized by the Victory Loan Act, now amounts, the Equitable Trust Co. points out, to $160,000 par value. Its summary follows: A summary of the total possible tax exemption for any one holder of Liberty bonds, leaving out of consideration the First 3Si% Liberty Loan, which is exempt from all taxation with the exception of estate and inheritance taxes. Since the enactment of the Victory Liberty Loan Act the total possible holdings of Liberty bonds exempt from sur-taxes, excess-profits and warprofits taxes are as follows: Aggregate of First 4s, First 43is tissues of May 9 1918 and October 24 19181 Second 4s and 44s,Third 4Xs, Fourth 4Xs,Treasury Certificates and War Savings Certificates $5,000 First 4Xs tissue of Oct.24 1918 only] until the expiration of two years after the termination of the war 30,000 Fourth 4Xs until the expiration of two years after the termination of the war 30,000 The aggregate of First 4s, First 44s [issue of May 9 1918 onlyj Second 4s and 43(s, and Third 44s, as to the interest received after Jan. 1 1918, until the expiration of two years after the termination of the war-this exemption conditional on original subscription to and continued holding at date of tax return of two-thirds as many bonds of the Fourth Liberty Loan 45,000 Under the terms of Sections 2 [al and 2 [ts] of the Victory Liberty Loan Act, the following additional exemptions become immediately effective. The following exemption is independent of any subscription to the Victory Loan: The aggregate of First 4s, First 4s tissue of May 9 1918. and Oct. 24 19181 Second 4s and 4Xs, Third 43s, and Fourth 4Xs as to the interest received on and after Jan. 1 1919, until the expiration of five years after the termination of the war 30,000 The following exemption is dependent on subscription to the Victory Loan: The aggregate of First 4s, First 43is tissue of May 9 1918. and Oct. 24 19181 Second 4s and 4(s, Third 43s, and Fourth 4Xs as to the interest received on and after Jan. 1 1919, provided the aggregate principal amount does not exceed three (3) times the principal amount of notes of the Victory Loan originally subscribed for and still owned by thessubscriber at the date ofj his tax return 20,000 Total possible exemptions, subject to conditions above summarized $160,000 VICTORY LIBERTY LOAN CAMPAIGN. The three weeks nationwide campaign to raise $4,500,000,000 through the sale of Victory Liberty notes was officially brought under way on Monday last, April 21. An appeal in behalf of the loan came from President Wilson in Paris on April 19, his cabled message saying: For two anxious years the American people have striven to fulfil the task of saving our civilization. By the exertion of unmeasured power they have quickly won the victory without which they would have remained in the field until the last resource had been exhausted. Bringing to the contest a strength of spirit made doubly strong by the righteousness of their cause, they devoted themselves unswervingly to the prosecution of their undertaking in the full knowledge that no conquest lay in their path excepting the conquest of right. To-day the world stands freed from the threat of militarism which has so long weighed upon the spirit and the labor of peaceful nations. But as yet we stand only at the threshold of happier times. To enter we must fulfil to the utmost the engagements we have made. The Victory Liberty Loan is the indispensable means. Two years ago we pledged our lives and fortunes to the cause for which we have fought. Sixty thousand of our strongest sons have redeemed for us that pledge of blood. To redeem in full faith the promise of this sacrifice we now must give this new evidence of our purpose. WOODROW WILSON. While the official opening of the campaign was set for April 21, it was stated that reports to the Treasury Department at Washington on April 19 disclosed that the drive had already started in numerous communities. The Treasury Department in a statement issued on April 21 said: Early indications were that the Victory notes were receiving general distribution and not being bought up largely by banking institutions. Several telegrams from different sections of tne country called particular attention to this feature of the campaign and showed great pride in the fact that such was the case. Last night the subscriptions for the country were reported as nearing $500,000,000. In the Federal Reserve District of New York the total subscriptions yesterday were announced as over $150,000,000. On Thursday April 24 when the total 1672 THE CHRONICLE [VOL. 108 for the twelve Federal Reserve Districts officially reported 000,000 each; Corn Exchange Bank, $2,500,000; Central to Washington was $396,496,000, the amounts for the dif- Savings Bank, $2,200,000 ($1,200,000 through Bank of America and $1,000,000 through Bank of Manhattan Co.); ferent districts were given as follows: District Subscription Seamen's Bank for Savings and Manufacturer's Trust Co., Boston $61,047,050 New York 124,000,000 $2,000,000 each; Williamsburgh Savings Bank, $1,500,000; Philadelphia 26,422,100 People's Trust Co., Brooklyn, $1,200,000; Hornblower & Cleveland 27,835,200 Richmond 18,959,000 Weeks, Baldwin Locomotive Works, Empire Trust Co. and Atlanta 1,601,700 Chicago 64,628,950 its customers and W. J. Wollman & Co. (through National St. Louis 40,918,100 Minneapolis S 13,138,100 Bank of Commerce), $1,000,000 each. Kansas City 9,027,450 Some of the larger subscriptions reported unofficially on Dallas 1,737,650 San Francisco 7,181,150 Tuesday were: Dry Dock Savings Bank, $3,000,000 ($1,The amounts assigned to the various districts were indi- 000,000 through Corn Exchange Bank, $1,000,000 through cated in our issue of Saturday last, page 1562. The amount Bankers Trust Co., $1,000,000 through Bank of America); to be raised in the New York Federal Reserve District is Bank for Savings, $2,500,000; Bankers Trust Co., $1,615,$1,350,000,000. George W. Hodges, Vice-Director of the 000; Aetna Life Ins. Co. of Hartford, Connecticut Mutual Government Loan Organization, in 'charge of sales in New Life Ins. Co. and Heidelbach-Ickelheimer & Co., $1,500,000 York, announced on April 18 the allotments for the sub- each; Garfield National Bank, T. A. Gillespie Co. (through districts of the New York Federal Reserve District, based Liberty National Bank), International Mercantile Marine on a total allotment for the district of $1,350,000,000. These Co., Republic Iron & Steel Co. and Johns-Manville Co., allotments were computed by the allotment committee of $1,000,000 each. Subscriptions of $1,000,000 and over on Wednesday were which R. M. Byrnes is Chairman, and are as follows: unofficially reported as follows: Bethlehem Steel Corporation New York City. Manhattan $927,022,200 and Standard Oil Co. of New York,$5,000,000 each; Citizens' Brooklyn 59,857,400 Savings Banks, $2,000,000 (through Corn Exchange Bank, 2ueens 7,076,000 ronx 4,975,600 $500,000; Greenwich Bank,$1,000,000; Guaranty Trust Co., Richmond 1,630,400 $500,000); Union Dime Savings Bank, Greenwich Bank and Total $1,000,561,600 Liggett & Myers Tobacco Co., $2,000,000 each; Citizens' Sub-District Allotments. Savings Bank, $1,500,000 (through Corn Exchange Bank, Sub-Districts— Quota. No. 1 Buffalo) $65,440,000 $500,000; Greenwich Bank, $1,000,000); Fidelity Trust Co., No.2 Rochester) 31,661,100 No. 3 Syracuse and Utica) 43,607.700 T. A. Gillespie & Co. (additional, through Guaranty Trust No. 4 Binghamton) 14,175,000 Co.), United Cigar Stores and Standard Oil Co. of New JerNo. 5 Albany) 52,036,600 No.6 Long Island) Outside New York City 8,131,100 sey, $1,000,000 each. On Thursday subscriptions of $1,No. 7 Northern New Jersey) 107,887,500 000,000 by M. W. Thompson and the Central Leather Co. No.8 Fairfield County, Conn.), Westchester and Rockland Counties, N Y 26,499,400 and associated companies were reported. Secretary of the Total Outside $349,438,400 Treasury Carter Glass, who is on a speaking tour in behalf Total for District $1,350,000,000 One half the sum of the entire New York Federal Reserve of the loan ,issued the following appeal on April 21 to officers employees of the Treasury Department: District is asked to raise in the Victory Liberty Loan cam- and "Four Liberty Loans have 'gone over the top.' Our country's appeal paign and nearly 68% of the quota set for the metropolitan to its men and women to make the last great popular war issue of Governdistrict has been allotted to the committees of the Rainbow ment obligations—the Victory Liberty Loan—an overwhelming success reaches every corner of our country to-day, and I feel sure that the patriotDivision of the Government Loan Organization. The huge ism of peace will find expression in this loan no less effectively than the selling agency, numbering 3,500 committeemen and more patriotism of war in other loans. The great battle for liberty and democthan 15,000 workers, set out in the campaign with the sum of cracy is over, and the victory is won, but let us not forget that all the boys who made this victory possible are not yet home,and that the wounded $669,128,000 as a goal. In announcing the quotas Craig must be rehabilitated and cared for. Colgate, Chairman of the Advisory Trades Committee, the "A world is to be rebuilt, and in the rebuilding America is playing a tremendous part, and America's part is your part and my part, the part of executive body for the Rainbow Division, said: every man, The Rainbow Division has been asked to raise for the Victory Liberty Loan one-half of the quota of the entire Second Federal Reserve District. This is approximately one-third less than it raised for the Fourth Liberty Loan and the individual committees comprising the Rainbow Division, figured out on the same general basis, are asked to raise approximately one-third less than they raised in the Fourth Liberty Loan. This is as near as one can arrive at the quotas treating all committees on the same basis. The total amount for all the committees figures out $669,128,000. It was deemed fairer to make allotments on the same general basis to all than to attempt to adjust each quota according to the prevailing business conditions affecting certain committees. Mr. Hodges, Vice-Director of the Government Loan Organization in charge Of sales, on April 21 made the following report regarding the progress of the sales campaign in various parts of the Second Federal Reserve District: A number of communities have sent in word to us on the first day of the campaign that they have gone over the top. Other towns have made such progress as to indicate that they will reach their quotas shortly. This is a most encouraging sign, since the reports, generally speaking, come from points in the Federal Reserve District which are remote from the larger cities. Enthusiasm for the Victory Liberty Loan, and determination to see it through to a successful conclusion, are not confined, therefore, to the larger communities, but is widespread. woman and child in America." Former Secretary of the Treasury McAdoo participated in the dedication exercises at Victory Way in New York on April 21. Mr. McAdoo, who for the past three months had been in California, made a numberof speeches on his way to New York, where he arrived on April 19. On April 18 the former Secretary issued a statement at Washington, in which he said: "Another Liberty Loan is impending, and it is one of the important questions immediately before the country. It involves the honor of the American people. We sent our men to Europe; we conscripted the youth of this land; we took men by the strong arm of Government. We did this thing because a supreme crisis in civilization had presented itself. It was necessary to do it, and we knew that the price of victory was the blood of our sons. We chose 4,000,000 of them to go out and die if necessary to win that victory. "Have you visualized the price of victory? It means laying down so many dead bodies. It means piling up on those so many legs of human beings, so many arms, so many eyes, and so much flesh in one form or another. It is a terrible picture, but is the price which those splendid men of the nation who go out to fight for it must pay just as inevitably as we must submit to taxation or lend our money to the Government to help win that victory. "Let me draw a contrast. Suppose that you had been summoned by your country to give your leg for it. Suppose the Government said,'That is all we ask of you, your right leg, your eye, or your arm, we need it, we must have it; we cannot save the country without it.' How would you feel There is not a man who would not say,'Take all my wealth, all my lands, all my property of every kind, but let me keep my right leg, or let me keep my arms, or my eyes.' You are not asked to make any such sacrifice. Others have made that sacrifice for us. What are you asked to do. You are asked to exercise a glorious privilege, the privilege of doing your small part by merely lending some money to your Government on the most admirable security on earth with an adequate interest return. Is that much? I should like to see the American citizen who would not come up and do his part in the circumstances." Governor Alfred E. Smith of New York was the purchaser of the first Victory Loan note to be sold in New York City, a $1,000 note having been bought by him at one minute past twelve Sunday night April 20 at the "Argonne Forest" erected in Times Square. Former Secretary Of the Treasury McAdoo was also a buyer on this occasion, having purchased two $0 notes. Among the subscriptions reported in the New York Federal Reserve District on Monday last, the 21st, one for the Irving National Bank and the Irving Trust Co. at $40,000,000 was the largest. Concerning the subscription Lewis E. Pierson, Chairman of the Board of the At the dedication of Victory Way former Secretary McIrving National and Vice-Chairman of the board of the Adoo stated that there were three important things we sent Irving Trust made the following announcement: our soldiers to accomplish and which they have accomplished: Believing that their customers will subscribe very heavily to the Victory Loan Bonds, not only for reasons of patriotism, but because of the sub- First, the vindication of the violated rights of America; stantial benefits residing in the rates of interest and the maturity, and second, to destroy military despotism and autocracy; third, particularly in the tax exemptions, the Irving National Bank and the Irving Trust Company have evidenced their faith in the success of the loan to make victory so conclusive that out of it would come an by entering subscriptions to the bonds in the amount of $40,000,000 for end forever to such conflict. Mr. McAdoo reminded his the account of their customers and themselves. hearers that the Victory Liberty Loan is "a sacred, national Other large subscriptions of the day, reported unofficially, debt." Pointing to a number of wounded men, he paid a were: Emigrant Industrial Savings Bank, $5,000,000; Bow- tribute to their sacrifice and said: "The Government does ery Savings Bank and General Motors Corporation, $3,- not ask any citizens here to contribute a leg or a limb but APR. 26 1919.] THE CHRONICLE 1673 it does ask them to contribute to the support of this loan." The speaker said that more than 70,000 American soldiers are sleeping in France, and that therefore 720 million dollars of the Victory issue must be used to pay the debt owed to the mothers and dependents of these men. same intensive methods of distribution as have been so successfully used in the past. In the Fourth Loan the committees distributed to over 22.000,000 subscribers who purchased, in amounts of from $50 to $10,000. inclusive, the sum of approximately $4,000,000,000 of bonds. If equally good distribution can be realized at this time, a very large oversubscription Is assured. The Secretary has tried to devise a note which shall be a choice investment at the time of its issue and which will maintain its market. Having done this, it is now up to the Liberty Loan committees to complete the work. OVERCONFIDENCE IN VICTORY LOAN. It should again be emphasized that it is of the utmost importance that A Treasury Department statement issued yesterday subscriptions for these notes should be obtained from the public and not from the banking institutions where reserves should be left free to take care (April 25) said: of the commercial needs of the country, particularly during this period of Chairmen in many parts of the country report that already they are readjustment from wartime production to peace-time production, and also having difficulty in making it clear that the Loan is not certain to be to care for any short-,term borrowings which the Treasury Department subscribed regardless of effort expended. The opinion seems to have may need to make in the future. obtained currency that because of the very attractive features of the Loan, Attention should be called to the fact that this is the last Liberty Loan such as, interest rate and short term, that its success is assured. In an and that those people who had heretofore limited their subscriptions to the effort to combat this belief workers throughout the country are redoubling amount which they could pay for in six months' time because of the probatheir efforts and explaining that this Loan is no different from any of the bility of another loan within that period, can now more readily afford to rest in that is can be floated only with the most enthusiastic support of obligate themselves for a longer period of time. every one. Let this be truly a loan of the people, a loan of victory, a loan of gratCleveland District reported to-day that difficulty was being experienced itude. in the mining sections of its territory because the mines had been closed down for many months. The Cleveland District to-day had sold $107,380,000 in notes and was well up among the leaders. 113,000 VICTORY NOTES OF $50 AND $100 DENOM Fifteen counties in the Atlanta District had obtained their allotments NATION READY FOR DISTRIBUTION BY to-day. San Francisco District predicted to-day that it would have $100,000,000 NEW YORK FEDERAL RESERVE BANK. by the end of the week. The Bond Issue Division of the Federal Reserve Bank of Galveston, Tex., always one of the first cities to obtain its quota, again has gone over the 100% mark along with the rest of Galveston County. New York announced on Apruil 24 that 100,000 pieces of ADRIATIC GLAZED WITH VICTORY LOAN SLOGANS ON TRIP TO LIVERPOOL AND BACK. More gaily and variously bedecked than any other ship has been, even in the days of experimental camouflage, the White Star liner Adriatic will sail from this port Monday. The sides and stern of the famous transport will be covered with Victory Liberty Loan posters, fixed by a special process and glazed so that they will remain firm and bright when the big vessel sails into the view of waiting American troops in Liverpool. So will she'deliver America's Victory Liberty Loan message "over there." The Adriatic will carry a dargo of food for war sufferers in Europe, and bring American soldiers home on the return trip. The poter-covered steamship will be visible as she sails out of New York Harbor Monday. Moving pictures of the spectacle will be taken for display in New York. PANORAMA OF VICTORY ON MAY 3 TO BE A UNIQUE PAGEANT IN NEW YORK. Next Saturday, May 3, New York will see a spectp,cle unequalled in the history of the city—the Panorama of Victory, whereby, in honor of the Victory Liberty Loan, there will march on Fifth Avenue from 110th Street to Washington Square, a display of America's wai effort. The Panorama of Victory will show why our weight in the balance brought the end of the war; it will show what Liberty bonds produced. There will be scores of floats, each one showing some part of our preparation; some part of our equipment, or its use. There will be airplanes, one of them taxi-ing along under the power of its own Liberty motor; there will be five miles of it and eighty bands. America spent very much money in a very s•tort time and so brought the war to an end. The Panorama of Victory will show in detail where the money went and how and why the present Victory Liberty Loan is needed to finish the job. $50 Victory notes, and 13,000 pieces of $100 Victory notes, all of the 4Y4% series and of the coupon class, have been distributed to banks in the New York Federal Reserve District. These 113,000 pieces, it is stated, were shipped in response to an insistent demand from all parts of the district for Victory notes for cash sales "over the counter." Banks in various parts of the New York District have sent in applications to the Bond Issue Division for more than 200,000 of the $50 notes and more than 100,000 of the $10Q notes. MAYOR HYLAN OF NEW YORK ASSURES CO-OPERATION BY POLICE IN VICTORY LIBERTY LOAN. In response to a request from the Liberty Loan Committee a delegation, headed by Martin Vogel, Assistant Treasurer of the United States, and A. M. Anderson, director of the Government Loan Organization for the New York ,Federal Reserve District, called on Mayor Hylan last week regarding the co-operation of the police of the city in the Victory Liberty Loan Campaign. Deputy Police Commissioner Frederick A. Wallis, who had charge of the police work in the Fourth Liberty Loan campaign, in which the police quota was placed at $50,000,000 and the police went over the top with $150,000,000, was called into the conference by the Mayor. In discussing a published report that the police would not aid in the campaign, it was made clear that there had been a misunderstanding as to what assistance the Liberty Loan Committee wanted from the police. The matter was adjusted and the Mayer offered the co-operation of the police and all the city departments. as far as possible and consistent with their duties. Mr. Hylan instructed Deputy Commissioner Wallis to give the Liberty Loan Committee his fullest possible co-operation and to get Commissioner Enright and work out the details of the work of the police in doing what they can to make the Victory Liberty Loan a success in the Metopolitan district. The Mayor was asked that the police be allowed to sell bonds during the closing week of the Victory Liberty Loan campaign and he said that he hoped this also might be worked out. L. B. FRANKLIN ON IMPORTANCE OF SECURING VICTORY LOAN SUBSCRIPTIONS FROM PUBLIC INSTEAD OF BANKS. L. B. Franklin, Director of the War Loan Organization of the Treasury Department, in a statement seeking to impress DEPOSITS OF SUBSCRIPTIONS TO VICTORY LIBERTY LOAN. upon Liberty Loan committees the importance of securing subscriptions for the Victory Liberty Loan notes from the The following ruling was made by George W. Dodge, public and not from the banking institutions, says: • Vice-Director of the Government Loan Organization in In reaching a determination as to the various characteristics of the Vic- charge of sales, in accordance with regulations of the Treastory Liberty Loan, particularly as to the rates of interest on the notes, the ury Department: limitation of the amount, and the rejection of oversubscriptions, the Sec"All subscriptions to notes of the Victory Liberty Loan should be made retary of the Treasury had in mind particularly the great importance of insuring a wide distribution of those notes to real investors so that they through the banks in which are deposited the funds which are to be used could be paid for out of present or future savings and consequently without in payment of the notes, or from which money is borrowed to buy the notes, regardless of whether the subscriber is domicied within or without creating any strain on the banking reserves of the country. The terms as announced have met with universal approval; but it should a certain sub-district. This ruling is made because quotas are based on be impressed upon every Liberty Loan committee in the country that the banking resources." real task before us is not accomplished simply by raising the specified amount of money. If that had been the sole object, it is probable that the DEDICATION OF VICTORY WAY. amount of the loan would have been fixed at a larger figure and the oversubscriptions accepted. Martin Vogel, Assistant ,Treasurer of the United States, It is most important at this time, with the dissolution of the great volun- presided at the dedication exercises of Victory Way which teer Liberty Loan organization after the close of this campaign, that everything possible should be done to prepare the way for an absorption of the occupies the Plaza in Park Avenue between 45th and 50th overflow of Government bonds, which has been the chief reason for the Streets. decline in the price of the old issues, and the plan of the Secretary was "A temple of victory, a temple without a roof"—this was adopted with particular reference to this situation. It is now the task of the Liberty Loan committees to conduct the cam- the apt description given of Victory Way by Martin Vogel paign in such a way that this result will be realized. We must pursue the in his opening address. Mr. Vogel spoke of the victory 1674 TILE CHRONICLE of American arms and our duty to perpetuate through the Victory Liberty Loan the military triumph. The loud speaking .telephones installed by the American Telephone Company were given their first use during the speaking and proved effective in carrying the message of each speaker to the crowd. The magnificent mural friezes, the pyramids of captured German helmets, Pershing's Band and the handsome columns encircling the thorughfare were objects of interest to the throng that early made its appearance. Mr. Vogel was a speaker at the Victory Liberty Loan Rally on the steps of the Sub-Treasury • on Monday last and on this occasion he said: Friends, Americans, Countrymen, lend me your ears, but lend the Government your money for four years. I can say only a few words, but no matter what else I have to do I would not forgo the opening of this final campaign around the historic Sub-Treasury, which will be recorded in histbry as one of the greatest meeting places for all war work during this war. As we assemble here 'midst the trophies of war, our minds revert to a • day in April two years ago, when goaded by the insolence of Germany, this mighty nation took up the gauntlet and entered the war. At that time we pledged all we have and all we are, on the altar of our country, for the honor of our flag, for humanity and for civilization. We recall that but less than a year ago the situation for the Allies and for ourselves was grave, very grave indeed. Civilization was in the balance. It seemed that nothing could stop the onrushing Hun. The armies of the Allies were bending but never breaking, and we were calling out to them: "Hold on, brave soldiers of France and England, we are coming two million strong." And they held, and we came, and, to the blare of trumpets of war, our boys marched on to the battlefields of France and Flanders, met the enemy, dashed at them and brought the Huns to their knees. At that time we were praying, we were hoping, we were dreaming of the day of victory. Our dreams have come true, for we have to-day the day of Victory. But the spirt voices of our dead heroes, those boys now lying in the little mounded graves, are calling out to us—to you and me— "Men and women of America, do your duty." And to-day ten thousand, aye one hundred thousand Paul Reveres, are riding through every village and farm calling this message to every citizen of this country, and from shore to shore the citizenry of this country is rising enthusiastically and patriotically. Our answer will be: "Brave boys, depend upon us. We will fulfill our sacred obligation." Then, and then only, can we with clear conscience bare our heads and turn proudly to that flag which flies over "the land of the free and the home of the brave." GOVERNOR STRONG WELCOMES PERSHING'S BAND AT LUNCHEON IN BANKERS' CLUB. Pershing's Band, which is playing such a big part in the Victory Liberty Loan, left the Pennsylvania Hotel early last Monday. Headed by several motorcycle policemen the band in motor buses was taken down Seventh avenue to Eighth street, thence to Lafayette, 10 Chambers street to Broadway and thence to the Bankers Club, 120 Broadway, where they were entertained at luncheon by members of the club. At the Bankers' Club an address of welcome was delivered by Benjamin Strong, Governor of the Federal Reserve Bank of New York. Governor Strong told the members of the band of the part they are expected to take in making the Victory drive a success. Governor Strong said: You boys made good on the other side and we know you will finish the job on this side. You are all a credit to the country that gave you to us and we know you feel the same as we do. Success will crown our every effort and to you boys will be attached the glory. Governor Strong's remarks were greeted with enthusiasm by the members of the band. After luncheon they were escorted to the Sub-Treasury steps where they took part in the noon-day meeting. [VOL. 108. The munitions for which the notes will help pay were factors in speeding the end of the war and saving hundreds of thousands of lives of American soldiers. For this we women will do all in our power to further the success of the Victory Liberty Loan. FORMER BOROUGH PRESIDENT MARKS' DEFINITION OF"V"IN VICTORY LIBERTY LOAN. Former Borough President Marcus M. Marks' definition of the "V" of the Victory Liberty Loan before thousands who attended the meeting at Liberty Altar, Madison Square, on April 22 started an avalanche of small subscriptions which aggregated more than $5,000 in fifteen minutes. Exercises . were conducted under the auspices of the Women's Committee of the National Civic Federation, of which Mrs. Marks is President. Mr. Marks said: The "V" of the Victory Liberty Loan stands for valor and for victory. When one has no money with which to buy Victory notes, the "V" stands for vexations; for the one who has money and declines to buy Victory notes the "V" means vicious; for the one who has money and fears to buy Victory notes the "V" means vacant and void—empty headed. It is not a penalty but a privilege to invest in the Victory Liberty Loan. By ending the war with Victory we saved our self-respect. We have our lives, we have our self-respect. Whatever we have is worth paying for. VICTORY NOTES RECEIVABLE AT PAR AND ACCRUED INTEREST IN PAYMENT OF ESTATE OR INHERITANCE TAXES. Arthur M. Anderson, Director of the Government Loan Organization of the Second Federal Reserve District, on April 21 called attention to a new ruling by the Treasury 4% series. Department regarding Victory Notes of the 43 This ruling, Mr. Anderson announces, is as follows: Notes of this series, which have been owned by any person continuously for at least six months prior to the date of his death and which upon such date constitute part of his estate, shall under rules and regulations prescribed by the Secretary of the Treasury be receivable by the United States at par and accrued interest in payment of any estate or inheritance tax Imposed by the United States under or by virtue of any present or future law upon such estate or the inheritance thereof. The Victory notes of the 3X% series are not receivable in payment of estate or inheritance taxes. EVERY SUBSCRIBER TO VICTORY NOTE ENTITLED TO FIFTH LIBERTY LOAN BUTTON. The button issued to subscribers to the Victory Liberty Loan is simple in design. On a plain dark blue background is a big white "V," signifying both Victory and the Fifth Liberty Loan. Above the "V," following the curve of the button's rim, is the word "Liberty," below the "V" also following the curve, is the word "Loan." The button is the same size as that issued for the Fourth Liberty Loan. Millions of these buttons have been distributed to various loan organizations ready for issuance to banks, booths and canvassing agents. Each subscriber is entitled to a button as a taken of his enlistment in the vast army of bond buyers. The buttons of the Fourth and Fifth Loans are considerably smaller than those issued for the first three loans. The Fourth Loan button, on a background of dark blue, bore a flag of red with a white centre, crossed by four blue bars, while around the rim of the button ,ran the words "Fourth Liberty Loan." The button for the Third Loan had a blue background with a broad red rim. In the centre was a big Liberty Bell, in white, circled by the words "Third Liberty Loan." The button for the second Loan also was blue with a red rim, and inside that a narrow white one; the figure of Liberty, taken from the Bartholdi statue, appeared on the right side of the button and the words "1 own a Liberty Bond" on the left, within the red and white borders. The First Loan button had a red centre with a broad blue border in which in white•were the words "Get Behind the Government." In the red centre were a white and blue figure of Liberty and the words "Liberty Loan of 1917." MRS. CARTER GLASS IN WASHINGTON SPEAKS OVER LONG DISTANCE TO CROWDS AT CEREMONIES IN VICTORY WAY. Mrs. Vincent Astor in New York and Mrs. Carter Glass, wife of the Secretary of the Treasury, in Washington, D. C., were the principal speakers to a noon day crowd of 6,500 persons at the opening of "Mothers' and Wives Day" at Victory Way, Park Avenue Plaza from 45th to 50th Streets on Tuesday last. Mrs. Glass spoke over the long distance HINTS FOR VICTORY LIBERTY LOAN SUBSCRIBERS. loud speaking telephone from the Capitol in a plea for the For the guidance of the prospective purchaser of a Victory loan. Her words were distinctly transmitted to every one Note, the Subscription Department of the Government Loan on Victory Way by means of the great receivers hanging at Organization has prepared the following: 1. If you wish to subscribe to a $50. $100 or $500 note, you may buy a various points twenty feet over the crowd's heads. Mrs. book upon which payments mhy be made weekly. Astor, who said she spoke as the wife of an American officer coupon 2. If you buy on the partial payment plan and obtain a receipt book, in France, told interestingly of her work in Bordeaux. Mrs. do not, in addition, sign a subscription blank for the same note. Each notes to the amount indicated Glass, in her telephonic address, said that since the Gov- blank you sign is your pledge to buy a note or sign more than one blank for the same note. ernment has entered housekeeping on a gigantic scale the Do3.not by giving him a subscripobtain credit canvasser a You cannot help women of America must support it. Mrs. Glass said: tion for a note which you have already bought through the receipt book No one knows better than the housewives of the country the necessity of or in any other way. 4. Write your name and address plainly, and spell your name to the canpaying bills since the Government is housekeeping on a gigantic scale. The women of the United States appreciate fully the Government's prob- vasser. If you are subscribing other than on the coupon book plan, be lem and its purpose in the Victory Liberty Loan. This loan will help pay sure to indicate the name of the bank where you wish to make your paythe bills for goods ordered and delivered in the course of the war. That ments. If this is a branch bank, give the address of the branch and go is, I think, why the women of the nation are assuming so great a responsi- there at once to make your initial payment unless you have paid it to the salesman. bility in this loan. APR. 26 1919.] THE CHRONICLE 5. Do not hesitate to give your first payment to an authorized canvasser if he carries an official identification card. You will receive an official receipt and save yourself much inconvenience, because you will not find it necessary to appear and stand in line at a bank to make your first payment 6. Subscribe early. DEMAND FOR COUPON BOOKS FOR VICTORY LIBERTY LOAN NOTES. An indication of the appeal which the Victory Notes are making to the people of New York City is given in the demand by the banks of the metropolitan area for coupon books which represent sales of $50, $100 and $500 notes on the weekly partial payment plan. George de B. Greene, chairman of the Manhattan committee of the Government Loan Organization, stated on April 22 that 950,000 coupon books in denomination of $50, in addition to a substantial number of $100 and $500 books, have been made available to the banks of the metropolitan district in response to the public demand. To distribute as widely as possible the notes of the Victory Liberty Loan through the medium of the coupon books, banking arrangements have been made to finance these popular subscriptions to an amount of $110,000,000. It is stated that the number of $50 books already distributed is larger than the total amount of books of all denominations sold during the Fourth Liberty Loan campaign in the metropolitan district. The mechanism for handling the partial payment sales has been improved since the previous campaign, and the number of banks and other stations where the books are on sale has been increased. The terms upon which the coupon books may be purchased are more favorable than those which had to be fixed during the Fourth Liberty Loan campaign. The subscriber to a $50, $100, or $500 note on the weekly partial payment plan has forty-eight weeks in which to complete his or her payments after making the initial payment of 4%. The weekly payments are 2%. VICTORY WAY SUPREME SPECTACLE OF THE VICTORY LIBERTY LOAN. Victory Way, a glittering thoroughfare of Triumph occupying the plaza on Park Avenue from Forty-Fifth to Fiftieth Street, is the principal feature of the Victory Liberty Loan drive in New York City. The five-block plaza, both in the daytime and at night, will be the hub of metropolitan Victory Liberty Loan activities; heroes of the war, soldiers, sailors, marines, air aces, prominent speakers, theatrical stars and others will be present daily to aid the drive. H. Van Buren Magonigle, President of the Architectural League of New York, and chairman of the Advisory Art Committee of the Liberty Loan Committee, is the architect of the Victory Way. The elaborate decorative scheme and spectacular illuminations will make an even more beautiful picture than the Altar of Liberty and the Avenue of the Allies, the high achievements of the preceding campaigns. On April 12 Mr. Magonigle was quoted as saying: The architectural and painted decorations of Victory Way are designed on a scale commensurate with the importance of the Victory Liberty Loan. The space chosen on Park avenue, between Forty-fifth and Fiftieth streets, is of vast dimensions and affords every opportunity for an impressive spectacle, and the creation of a frame in which the daily picture of the Victory Liberty Loan drive may be presented. The decorations do not attempt to simulate or imitate actual architecture. In decorations of this character, their temporary nature must be borne in mind in the design. For this reason painted decoration rather than molded and modeled forms has been used as well as flags. The effect at night has also been taken into consideration and elaborate plans have been made for novel methods of illumination. /to 1675 Twelve thousand German helmets have been forwarded to New York by General Pershing. These helmets will be exhibited in two grew, pyramids at Forty-sixth and Forty-ninth streets in the centre of Park avenue. Surmounting each pyramid will be a winged figure of Victory by Herbert Adams of the Advisory Art Committee. At the bases of the helmet piles will be exhibited captured machine guns. Festoons of laurel will be used the decorate the bases. Sixty-three captured German 77's, seventy-five gun carriages, hundreds of rifles, machine guns, trench mortars and gun platforms (all taken from the Germans by our Yanks in their drive) will be exhibited. "The Colonnade of the States" will include the space from Forty-sixth to Forty-seventh street, and from Forty-eighth to Forty-ninth streets, on both sides of the plaza. Fifty-two columns, each 56 feet high and 5 feet in diameter, will form the Colonnade. A-top each column will be an eagle, and in the 48 spaces between the columns will be hung the flags of the forty-eight States of the Union. About the tops as well as nearer the base of each column will be festoons of lights and of laurel. Opposite the Avignon, an apartment house, on the block between Forty-seventh and Forty-eighth streets, will be the speakers' stand. The background of the stand will be formed by a freieze of mural paintings 160 feet long and 10 feet high. The centre panel will contain a painting. "Victory," by Arthur Drisp, Vice-Persident of the Architectural League of New York. Six other paintings, grouped three on a side, will depict "Continents of the Earth Contributing to Victory." Across from the speakers' stand will be a band stand. During the drive a famous military band will be an attraction at the meetings here. This particular area will be called the Court of the States. Between Forty-ninth and Fiftieth streets, north of "The Colonnade of the States," will be a Public Forum, for the staging of pageants and ceremonies. Tall obelisks will mark the roadways on each side of a platform to occupy the central park of the avenue. The official flagpole of Victory Way will be in the centre of this platform, and at sunset each day the Stars and Stripes will be lowered with appropriate ceremonies. From the stage at Fiftieth street to the northern pyramid of helmets, the Forum will be framed by flagpoles bearing the flags of all our allies in the world war. This part will be designated the Forum of the Allies. Allied flags also will deck the block between Forty-fifth and Fortysixth streets. By day and by night navy airplanes and dirigibles will soar over Victory Way, engage in mimic battles and shower down Victory Loan literature. Captain S. V. Parker, commandant of the Naval Air Station at Rockaway Point, has arranged to have the dirigible stationed at that naval base fly above Victory Way in the daytime. It will be equipped with a radio 'phone outfit, to co-operate with a device which should prove one of the greatest attractions at the thoroughfare. Big Speaking Program Planned. Schools, organizations, foreign language groups, singing societies and clubs will co-operate in the exercises at the Forum. Veterans of all the New York military units, as well as those from other States, will speak. Each day a nationally-known speaker will deliver the principlal address. JULIUS H. BARNES'S ACCEPTANCE OF POST AS UNITED STATES WHEAT DIRECTOR. The acceptance by Julius H. Barnes of the post of United States Wheat Director was announced this week. In this newly-created position Mr. Barnes will direct the handling of the whole 1919 wheat crop and administer the billiondollar fund appropriated by Congress to take care of that crop under the Government-guaranteed price. As noted in these columns April 12, page 1465, Mr. Barnes was selected for the place on the recommendation of Herbert Hoover. As Wheat Director Mr. Barnes will be responsible to President Wilson. In addition to the administration of the billion-dollar fund, Mr. Barnes will remain President of the U. S. Grain Corporation, the $150,000,000 Government Corporation which will continue to function as the commercial agency for carrying out the Government policies and which also acts as the purchasing representative of the American Relief Administration. President Wilson in his cable to Mr. Barnes requesting him to become Wheat Director said: I should be glad to know if you would accept the position as Director of the Administration we must create for the execution of the guaranty of the 1919 wheat crop. Your responsibility will be directly to myself after Mr. Hoover's retirement as Chairman of the Grain Corporation on July 1st. The experience which you have gained and the success which You have attained in handling the wheat and cereal crops under the Food Administration has been so generously recognized by expressions from the different sections of the community that I feel it would be a national loss if we could not have your services continued until the completion of this most important national undertaking. I should like to take this occasion to express the high appreciation and gratitude which I have for the services performed not only by yourself but by the Directors, Vice-Presidents and other members of the Grain Corporation. The sacrifice which these gentlemen have given in a time of national emergency, the skill and integrity with which they have carried out so difficult an economic undertaking is one which I am sure the whole of our people must appreciate. I am in hopes that those gentlemen will remain with you in this service and I would be glad if you would convey to each of them my personal gratitude for the exhibition of sacrifice and willingness to national service which is so promising to the future welfare of our people. Selection of the Park Avenue plaza as the area for Victory Way was made for two reasons. Fifth Avenue has been practically given over to decorations of welcome to returning soldiers. It was desired not to conflict with the welcoming plan of the Mayor's Committee and at the same time it was necessary to have a spectacle that typified solely the spirit of Victory, which is the theme of the Victory Liberty Loan drive. Furthermore, the location on Park Avenue, directly back of the Grand Central Terminal, is more central than any other in town. Each block on Fifth Avenue from Madison Square to the north side of 49th Street will be Mr. Barnes in his cabled acceptance to the President relinked up with Victory Way by eight 30-foot flag poles, four on each side of the block, banners bearing the Victory Way plied: appreciate most gratefully your expression of approval of the work symbol pendant from crossbars connecting the opposite ofImyself and my associates in the Grain Corporation for the past two poles. Going east on 46th and 49th Streets from Fifth years under Mr. Hoover, and I shall convey with great pleasure and pride Avenue, the visitor to Victory Way will be guided by the to those associates the personal appreciation you so generously express. We have no misconception regarding the scope of the large problems to be same decorative scheme. The cross-streets also will be met in administering justly the national wheat price guaranty this coming decked with bunting, and from the roof of a building at year. Only care and patience and a great desire to use influence and author46th Street and Fifth Avenue will be flashed every night a ity justly can find the right solution, and with your kind invitation to great searchlight, pointing toward the Park Avenue plaza. carry these problems directly to yourself, I accept the responsibility you tender with a sincere desire on my part to discharge its duties in the interAn announcement concerning the features says: 1676. THE CHRON CLE ests of our whole people, and I shall endeavor to carry into that service also my present associates, possessing already, as I believe they do, the public confidence. The executives of the Grain Corporation in the fourteen zones into which the United States has been divided for administrative purposes held a meeting in New York last Wednesday (April 23), at which time the personnel of the Grain Corporation for the coming year was determined upon. Mr. Barnes and the men associated with him were all large purchasers and exporters of foodstuffs before the outbreak of the war, and all are volunteer workers who withdrew from their private grain interests to serve the country. The Grain Corporation was formed Aug. 14 1917 to buy, distribute and export the national wheat crop under the Food Control Act. Since the organization of the American Relief Administration two months ago by Mr. Hoover to supply food to Europe the Grain Corporation has also acted as its agent in purchasing all supplies in the United States and !Erecting their shipment abroad. LITTLE CHANGE OF RETURN OF 5-CENT BREAD— POLICIES OF U. S. WHEAT DIRECTOR. In a statement issued on April 21 respecting the policy of his administration, U. S. Wheat Director Julius H. Barnes, referring to the fact that "Congress has made effective a national guaranteed price of wheat," added: [VOL. 108. fact that all other materials, all operating costs, and all labor costs, have gone up so high that this increase would more than offset any drop in the price of flour. UNITED STATES TO BUY BLENDED FLOUR FOR EYPORT—EUROPE ON WAR BREAD BASIS. "Financial America" stated yesterday (April 25) that it had been learned in the afternoon that the Grain Corporation would send out notices to the flour trade that, beginning next week, the Government will buy blended flour in addition to present grades of wheat flour for export. This flour, it is stated, will contain a proportion of wheat mixed with a certain percentage of barley flour, corn flour and rice flour. Paris cablegrams yesterday said: An increase in the milling percentage, which will virtually put the world back to a war bread basis for the next three months, is part of the program adopted by the Supreme Food Council. under the Chairmanship of Herbert C. Hoover. The program also includes a complete plan for securing and distributing food to Allied, liberated, neutral and enemy countries until the next harvest One object of the program is to determine the available food supply and to so distribute shipping as not to put undue pressure on any one market. A statement appearing in last night's papers said: Americans will continue to eat "white bread," restored late last year after months of milling on a "Victory Flour" basis, despite the return of European countries to a war bread basis announced by the Supreme Food Council, Julius H. Barnes, President of the Food Administration Grain Corporation and Federal Wheat Director, said to-day: A survey of wheat stocks, Mr. Barnes said, had convinced his departIn redeeming that guaranty to the producer, we shall undoubtedly acquire large quantities of wheat. Its resale policy is one of great public inter- ment that the American supply was sufficient not only to warrant conest. My conception is that that policy cannot be intelligently decided tinued production of all wheat flour, but to meet the export demand until until crop outturns are more definitely known here, and abroad. We t le next harvest. Reversion in Europe to the war bread basis, Mr. Barnes asserted, might shall be prepared to act on one of several alternate policies. Congress had a clear conception of the difficulties of the coming year, and delegated help to impress upon Americans the alarming food shortage in the war-torn to the President large powers and discretion. While the national policy and neighboring lands. During the war, he added, English millers exof resale must be decided by factors developing with season, there are tracted 86% of the wheat berry. When the armistice was signed, more certain fundamentals which I conceive to be right and just, and on which bran was thrown out in the process, reducing the extraction percentage to 71. It had now been restored, he said, to 75%, and the Corporation's an operation may be based. advices were to the effect that a similar standard was to be adopted for They are these: First: The guaranty is clearly intended for the benefit of the producer, other belligerents and liberated countries, while neutrals sharing in the and the license power may be used to control trade practices so as to assure inter-Allied food distribution would be required to take similar action. The 75% basis, the wheat director stated, was approximately that of the proper reflection of the guaranteed price reaching all producers. Second: In the event of surplus wheat production, domestic consumers the American "Victory Flour," milled during the greater part of the war. Necessity five months after the cessation of hostilities of re-establishing shall not pay more for wheat than prices concurrently accepted from forthe war bread regulation, Mr. Barnes pointed out, showed the dire straits eign buyers. Third: The national Treasury should be protected by the realization in which European countries had been placed by the ravaging of harvest of a world price, as far as it can be determined, and any Governemntai lands and the killing and disabling of millions of agriculturists. policy of artificially subsidizing is unsound. Mr. Barnes's statement also said: Five ravaging years have created a world food position unparalleled. It cannot be remedied at once. We cannot build a wall around our own fortunate country and refuse to share our plenty with the unfortunates of Europe. American food, American shipping, American organization and American leadership, under Herbert Hoover, have saved a total in actual lives and in suffering that should stand in American pride beside the military record of our soldiers. War has broken down the structure of international finance, ocean transport, commerce and distribution, affecting millions of people. The community shop, the wholesaler, the railroads that distribute and the banks that facilitate payment, are gone or disorganized in these war areas. Trade revives slowly, and whether we would or not, Government aid must be extended until trade can walk upright again. It would be well for America to have a full appreciation of this. The wheat crop of 1918—the second largest in our history—is consumed or pledged. Fortunately, outside of the direst weather conditions, America may confidently expect in 1919 the largest wheat crop ever grown. In relation to Federal acquisition of wheat, which he predicted would be carried out on an extensive scale in enforcing the farmers' guaranty, particularly if the world price should be lower than the Government.basis, effective June 1, 1920, Mr. Barnes is said to have stated that three plans were under consideration: Direct dealing with the farmers; purchasing through the country grain exchanges, which would necessitate keeping 20,000 accounts, and buying through the mills, which would reduce the number of clients to 7,000. It is further said that he expects reduced wheat and wheat products prices within two months, but sees little chance of a return of the 5-cent loaf of bread. The New York "Times" states that, estimating that wheat will have to sell at onequarter of its present price if the 5-cent loaf of bread is to return, Mr. Barnes said: The bakers tell us that wheat flour is 45% of the completed loaf. I would say that there would have to be a considerable fall in the price of wheat, and that it would have to sell at 25% of its present price, to effect cutting in half of the present loaf price. The general living scale and the cost of labor would also have to be figured in. The statement that "even though the price of flour falls so that it costs the bakers of the country no more than the water they use in their bakeries, the price of bread will not fall to its former level," was attributed to George S. Ward of New Yprk, President of the American Association of thei Baking Industry, in an address delivered at the annua convention of the Southeastern Association of the Baking Industry at New Orleans on April 22. Mr. Ward is also quoted as saying: There is no present prospect of any reduction in the price of flour. But the price of bread cannot go to the old figure. The reason for this is the U. S. ATTORNEY-GENERAL PALMER DECLINES TO 'PASS ON LEGALITY OF COTTON ACREAGE REDUCTIONS. U. S. Attorney-General Palmer is said to have declined on April 24 to give an opinion on the legality of the action of Southern cotton growers to reduce their acreage with the purpose of holding up cotton prices. It was made known on April 18 that the Attorney-General had been asked for an opinion by Secretary Houston of the Department of Agriculture. The opinion, it was explained on the 24th, had been sought to throw light on the situation which had caused complaints from a number of cotton consuming interests. Since the question did not involve directly any administrative matters with the Department of Agriculture, however, the Attorney-General declined to rule. This, it was stated, is in accord with a law limiting the Attorney-General's opinions to specific problems arising in Governmental administration. It was pointed out on the 18th that appropriation bills for anti-trust prosecution of the Department of Justice for several years have contained a clause forbidding employment of the trust laws against farmers for any cropraising activities. The Clayton anti-trust Act also specifies that farmers shall not be affected by its provisions. FIXING OF PRICES IN AUSTRALIA. A Melbourne dispatch (via Montreal) on March 23 said: It is estimated that the Commonwealth's wheat yield this year will be 40,000,000 bushels less than in 1917-18. The Federal Government has fixed prices of many commodities, including.bread, jam and tobacco. Approval has been given by the Federal Government to the recommendation of the Repatriation Committee for vocational training for members of the Australian and Imperial forces who wore under twenty years of age when they enlisted. Acting Premier Watt states that the Federal Government has clearly informed Premier Hughes that while Australia is anxious to secure British soldiers as settlers, she will settle Australian soldiers first. BREWING OF BEER STOPS MAY 1. The statement that the brewing of beer would stop on Thursday next, May 1, under the Food Conservation Act of Nov. 21 1918, was made by the Internal Revenue Bureau on April 24. This prohibition, it is pointed out, will affect all beer including that now being produced by many manufacturers, containing 2%7 0 alcohol, for which the internal revenue authorities now issue revenue stamps without having decided specifically whether this production v:olates APR. 26 1919.] THE CHRONICLE 1677 existing laws and regulations. Regulations heretofore issued by Commissioner Roper provide: REMOVAL OF JAMAICAN IMPORT RESTRICTIONS. The War Trade Board announced on March 22 that it The Act of Nov. 21 1918 provides that no grains, cereals, fruit or other food products may be used in the production of fermented malt liquors had been informed that the prohibition of the importation after May 11919. . . . into Jamaica of motor cars, motor-car parts and accessories, Officials stated that the 23 4% beer could hardly be con- furniture, and perfumery had been removed, and that such strued as anything other than "fermeted malt liquors." commodities may now be imported. into Jamaica freely. Persons who may be planning to make liquor in their own homes after national prohibition becomes effective, July 1, IMPORTATIONS OF DYESTUFFS. are to be warned by revenue authorities as to the penalties According to an announcement made by the War Trade to which they will be subject. The Internal Revenue Bureau has sent to revenue collectors and agents a summary of laws Board on March 27, hereafter all aplications for licenses to on the subject and penalties with the suggestion that they import dyes or dyestuffs must be accompanied by a statement giving complete specifications of the character of the be made known widely. dyes or dyestuffs proposed to be imported. A supplemental -General, in A. Mitchell Palmer; United States Attorney an interview in Philadelphia on April 24, stated, according information sheet, procurable from the Bureau of Imports, to the New York "Tribune," that if brewers are engaged Washington, or from any branch office of the Board, should in the manufacture of beer after next Thursday action will be used for this purpose. be taken against them by the Department of Justice. Mr. Palmer is quoted as saying: GOVERNMENT SELLING SURPLUS LEAD STOCKS IN As the law stands, the manufacture of beer, whether it contains 2.75% SMALL LOTS. or any alcohol, is prohibited. We expect to enforce wartime prohibition According to the U. S. Bulletin of April 21, the War very strictly. Prosecutions will be under the Department of Justice, which has, under the law, the enforcement of every statute which carries a Department has authorized the following statement from the penalty. Office of the Director of Sales: The 2.75% beer matter is being thrashed out in the courts of New York, and I am co-operating with the brewers of New York to get a speedy decision in the suit pending there, so the brewers may know where they stand. I shall expect them to stand by that decision, and have asked them to notify the brewers throughout the country to that effect. Meanwhile, the manufacturers of beer violates the law, regardless of its alcoholic content. That is the contention of the Department of Justice. Wholesale action against brewers will result after May 1, if beer is manufactured, regardless of Mr. Root. I have been told that it used to be "Hires's root beer," but that it is now "Beer hired Root." Disposition of the surplus stocks of lead owned by the War Department is being made at current local market prices in the community in which the surplus is held. This surplus is scattered throughout the country and in no one place is there a large quantity. Reports from the various bureaus show a total amount of 7,000 tons of lead to be in possession of the War Department. This surplus of 7,000 tons represents but a small percentage of the year's production of lead and and is not sufficient in quantity to effect the market in any way. The surplus lead is not being placed on the market in quantity at any one time, but is being sold in small quantities in various places. Instructions issued by the War Department to its selling organization provide for the sale of lead at current market prices. According to the "Tribune," Attorney-General Palmer said that he is not concerned regarding any regulations made for the bottling of beer. He declared that it is a matter which solely concerns the Department of Internal Revenue, DECENTRALIZATION OF OPERATING DIVISION OF and as it is out of his jurisdiction he said that he had no UNITED STATES SHIPPING BOARD. desire to discuss the subject. A decentralization plan of organization for the Division of Operations of the U. S. Shipping Board, effective May 1, LUMBER INTERESTS' ATTITUDE TOWARD STABILI- was announced on April 23. Under it, it is stated, exporters and importers will be afforded the opportunity of dealing ZATION PLANS OF INDUSTRIAL BOARD. directly with authorized agents of the Board at all important The "U. S. Bulletin" of April 10 prints in full the stateports of the United States. The following is the text of the ment issued by the Industrial Board of the U.S. Department order as published in the "Journal of Commerce" of April 24: to the attitude of the Southern Pine To Managers of Commerce relative and Operators and Officers of Division of Operations: Lumber Manufacturers on the question of stabilization of A decentralized plan of organization for the Division of Operations will market conditions, to which we referred April 14, page 1466, become effective as of May 1 1919. The purpose of this plan, so far as the necessities of a unified policy will and we give the Board's statement in its entirety herewith: permit, is to delegate all problems of operation to our agencies and through In view of the dispatch from New Orleans dated Apr. 2 to the effect that the Southern Pine Lumber Manufacturers had declined a proposal of the Industrial Board of the United States Department of Commerce,that they enter into a joint price agreement as a means for stabilizing market conditions, Mr. Peek, Chairman of the Industrial Board, states that neither the Southern Pine Association or any other representative of industry have ever been invited to enter into a price agreement, but have been invited to co-operate with the Industrial Board in an effort to stabilize prices'by getting industry voluntarily to make prices as low as present cost and labor condition will justify. Below is quoted a letter received from the Southern Pine Association, signed by Mr. J. E. Rhodes, Secretary, endorsing the plan: SOUTIIERN PINE ASSOCIATION. New Orleans, La., March 7 1919. Mr. William C. Redfield. Secretary Department of Commerce, Washington, D. C. Dear Sir.—I am instructed to submit to you the resolution below which was adopted by the manufacturers of Southern Pine in the annual meeting of this association, held in New Orleans, February 25, and 26: "Be it Resolved, That this Association endorses the general purpose of the plan of Secretary Redfiald as announced in the public press and pledges itself to lend its efforts to the furtherance of a program that looks to the betterment of industrial conditions. "It is further Resolved, That this organization recommend to Secretary Redfield for his consideration the selection of John H. Kirby as a man well qualified to advise on matters of national import wherein lumber products are involved." This matter is respectfully submitted for your earnest consideration. I beg to state that the lumber manufacturers of the South not only appreciate and endorse the plan which you have proposed for the stabilization of prices, but would be glad to do anything within their power to assist you in carrying out same. Yours truly, SOUTHERN PINE ASSOCIATION, J. E. RHODES, Secretary-Manager. EXPORTATION OF WHEAT FLOUR TO THE EAST COAST OF ASIA. The War Trade Board made known on March 26 that applications will be considered for the exportation of wheat flour to the East Coast of Asia,namely,Siberia, Manchuria, Japan, Korea, China, Siam, French Indo-China, Federated Malay States, Straits Settlements, and the East Indies. Applications should be filed with the War Trade Board in Washington or any of its branch offices. such agencies to establish direct dealings with managing and operating agents of the Shipping Board. This relationship to include examination and approval of accounts, through representatives of the Comptroller, in order to ensure prompt reimbursement for disbursements by operators and managers for,account of United States Shipping Board. It is also desired to afford exporters and importers the opportunity of dealing directly with authorized agents of the Shipping Board at all the principal ports of the United States. Districts with headquarters and Assistant Directors or District Agents. as named will be as follows: General offices—Washington. North Atlantic District—Connecticut River to Cape May, Assistant Director, New York. New England District—Atlantic Coast, Halifax, N. S., to Connecticut River. District agent, Boston. Agent, Halifax. Philadelphia District—Philadelphia and Delaware Bay. District Agent, Philadelphia. Baltimore District—District Agent, Baltimore. South Atlantic District—Ports of South Atlantic, Hampton Roads to and including Miami. Assistant Director, Norfolk, Agents, Savannah, Ga.; Charleston, 5.0,; Brunswick, Ga.; Fenandina, Fla.; Jacksonville, Fla. Gulf District—Ports of Key West to Mexico. Assistant Director, New Orleans. Agent, Key West, Fla.; Tampa, Fla.; Pensacola, Fla.; Mobile Ala.; Gulfport, Miss.; Port Arthur, comprising Beaumont and Orange, Tex.; Galveston, comprising Texas City and Houston. Pacific Coast District—All Pacific Coast ports. Assistant Director, San Francisco. Agents, Seattle, Portland, Los Angeles, Honolulu. Great Lakes District—Great Lakes, including St. Lawrence River to Montreal, Assistant Director, Cleveland. There shall be for each district: 1. An Assistant Director or District Agent with a staff adequate to care for the activities of the district. Where necessary, agencies directly under the districts will be created. 2. An Assistant Comptroller or District Auditor and staff sufficient to meet the volume of business of the district, with Agency Auditors at agencies where necessary. 3. An Assistant Treasurer or Cashier for each district, or agency where necessary. All instructions, assignments, &c., to be directed and issued by the General Office through Assistant Director or District Agent: Operators and Managers shall report through Assistant Director or District Agent and not direct to General Office, except that one copy of Daily Bulletins, Operators' Daily Reports and Operators' Reports of Arrivals and Sailings shall be addressed to General Offices and District of Local Agents. Settlement of accounts with Operators and Managers shall be made by the Agency Auditors, who shall audit and make all adjustments and settlements at their respective ports, then forward accounts to Assistant Comptroller or District Auditor, who shall review the same and make final adjustment and settlement before forwarding to the General Office. A general outline of respective organization and activities of General Office and Field Offices is attached 1678 THE CHRONICLE Complete instructions to follow. Director of Operations. Following are the details of organization and functions of the general nd field offices: General Office. Director of Operations—Assistant Director of Operations: Traffic trades rates, claims. Allocations and assignments. Construction and repair department. Department of governmental and foreign relations. Personnel departments, deck section, engineer section, steward section, supervisors, supercargoes. Contract department. Supply department. General dispatch agent. Office management committee, mails and files, telegraph and cable. Field Office. Assistant Director or Operations or District Agent.—Traffic department, assistant director, chief inspector, assistant director, port captain, port engineer, port steward, assistant directors, price expert, purchasing agent, dispatch agent, assistant director. Director of Operations—Relating to operations: Supervision and general control. Definition of policy and procedure. General orders affecting all agencies. Regularity of procedure. Approval of trade allocations and rates. Comptroller—Relating to auditing and accounting: Supervision and control, definition of policy and procedure. Regularity of procedure. All communications with foreign governments and Government departments. Control of finances, statements, reports and statistics. , Assistant Director or District Agent—All communications to be addressed to assistant director for attention of party interested. Regularity of procedure. Details of operations, supervision and control of operators and managers as directed by the general office. Authority to approve of and direct operations and management within district, according to policies outlined by general office. General office to approve all exceptions to policies prescribed upon recommendations of district. Recommendations as to reliability and capability of operators and managers,recommendations as to available cargo, recommendations as to tonnage requirements, recommendations as to rate fluctuations. Supervision or certification of all accounts Assistant Comptrollers or District Auditors—Complete audit and settlements with managers and operators. Irregularities, overcharges, &c., to be brought specifically to the attention of assistant director. All accounting to be direct with operators and managers facilitating settlement. Completed accounts to be forwarded to general office. Policy and procedure as directed by Comptroller in accordance at all times with policy of director of operations. J. L. ACKERSON SUCCESSOR TO CHARLES PIEZ AS DIRECTOR-GENERAL OF EMERGENCY FLEET CORPORATION. Chairman Edward N. Hurley, of the U.S. Shipping Board announced on April 11 the appointment of J. L. Ackerson to succeed Director-General Charles Piez of the Emergency Fleet Corporation in full charge of ship construction. Mr. Ackerson had been a Vice-President of the corporation, with which he has been connected for many months. Mr. Piez presented his resignation several months ago, expressing a desire to return to his private business. ivoL. 108. Explosives, especially prepared for use in war. Field glasses. Gases tor war purposes. Guns and machine guns. Gun mountings, limbers and military wagons of all descriptions. Harness or horse equipment of a military character. Implements and apparatus designed exclusively for the manufacture of munitions of war, or for the manufacture or repair of arms or of war material, for use on land or sea. Mines, submarines, and their component parts. Projectiles, charges, cartridges, and grenades of all kinds and their component parts. Range finders and their component parts. Searchlights and their component parts. Submarine sound signaling apparatus and materials for wireless telegraphs. Torpedoes. Warships, including boats, and tneir component parts of such a nature that they can only be used on a vessel of war. It is to be understood that the exportation of the following articles, viz., barbed wire and implements for fixing and cutting the same; articles of camp equipment and their component parts; clothing and equipment of a distinctly military character; electrical appliances for use in war and their corrponent parts; military wagons of all descriptions, and harness or horse equipment of a military character, is only forbidden on account of the military use to which such articles can be put. If exporters have information showing that the articles are destined for civil purposes, the same should be submitted with the applications for export licenses. American exporters are advised that merchandise is permitted to be exported to German Austria only upon the understanding that it is intended to supply the internal domestic needs of that country; and that, without the consent of the Inter-Allied Trade Committee at Vienna, the re-exportation of such merchandise from German Austria to countries commercial relations with which are not authorized is forbidden, and further, that such re-exportation constitues a violation of the Trading With the Enemy Act. For the exportation of commodities to German Austria, applications should be filed on Form X—A. No supplemental information sheet will be required, unless the commodity is a manufacture of gold, in which case Supplemental Information Sheet X-29 should be attached. For importations into the United States from German Austria, individual import licenses will be required, in accordance with the regulations applicable to importations from the neutral countries of Europe. The War Trade Board have received no official advices concerning the regulations governing importations into German Austria, and prospective exporters should therefore communicate with their customers abroad before making definite commitments, so that the importers may comply with any import regulations that may be in effect. The following are the suggested routes for postal and cable communications and remittances and merchandise shipments: Postal communications should be addressed via Franco or Italy or Switzerland, and sent either on French or Italian licensed liners carrying mail. Cablegrams and cable remittances should be made via French cable lines. Merchandise should be shipped on vessels proceeding directly to Adriatic ports, preferably Trieste. REMOVAL OF ITALIAN IMPORT PROHIBITIONS ON LEATHER AND SHOES. The War Trade Board announced on March 1 that it CHANGES IN STAFF OF EMERGENCY FLEET COR- had been informed that the prohibition upon the importation of leather and shoes into Italy has been removed, and PORATION OP' U. S. SHIPPING BOARD. Several changes in the executive personnel of the Emergency Fleet Corporation were announced on April 23 by Howard Coonley, Vice-President. The changes announced were: that such commodities may now be imported into Italy upon obtaining an Italian import license therefor. ---------REMOVAL OF RESTRICTIONS ON IMPORTATIONS INTO THE LEEWARD ISLANDS. P. J. McAuliffe, first assistant of the ship construction division, to succeed Daniel Cox, head of the division. R. E. Talbert, assistant to succeed M. B. Ferris as head of the contract division. Captain R. N. Bakenhaus, U.S.N., to succeed Admiral H. H. Rousseau as head of thy shipyard plants division. G. H. S. Rollason of the shipyard plants division, to succeed A. E. Pfeffer as head of the material supplies department. On April 14 the War Trade Board announced that it had been informed that the prohibitions against importation into the British Leeward Islands have been removed, and that all commodities may now be imported into such territory without restriction. WAR TRADE BOARD'S ANNOUNCEMENT AS TO RESUMPTION OF TRADE WITH GERMAN AUSTRIA. In an announcement issued on April 1 the War Trade Board said: Acting concurrently with the competent authorities of the other associated Governments, the War Trade Board announce that all persons in the United States are authorized, on and after April 2 1919, subject to the rules and regulations o the War Trade Board, to trade and communicate freely with persons residing in German Austria. In its announcement the War Trade Board said: In accordance with this authorization, applications will now be considered for licenses to export or import all commodities to consignees or from consignors in German Austria, except that, for military reasons, the importation into German Austria of the following commodities will be restricted, and export licenses for the same will be granted only in exceptional cases: Aircraft of all kinds, including aeroplanes, airshirs, balloons and their component parts, together with accessories and articles suitable for use in connection with aircraft. Apparatus which can be used for the storage or projection of compressed or liquefied gases, flame acids, or other destructive agents capable of use in warlike operations, and their component parts. Armor plates. Armored motor cars. Arms of all kinds, including arms for sporting purposes and their component parts. Barbed wire and implements for fixing and cutting same. Camp equipment. Camp equipment, articles of, and their component parts. Clothing and equipment of a distinctively military character. Electrical appliances adapted for use in the war and their component parts. RESUMPTION OF TRADE WITH POLAND. Acting concurrently with the competent authorities of the other associated Governments, the War Trade Board announce that all persons in the United States are authorized, on and after April 1 1919, subject to the rules and regulations of the War Trade Board, to trade and communicate freely with persons residing in Poland. In accordance with this authorization, applications will now be considered for licenses to export or import all commodities to consignees or from consigonrs in Poland. For the exportation of commodities to Poland, applications should be filed on Form X—A. No supplemental information sheet will be required, unless the commodity is a manufacture of gold, in which case Supplemental Information Sheet X-29 should be attached. American exporters are advised tnat merchandke is permitted to be exported to Poland only upon tie understanding that it is intendedtto supply the internal domestic needs of that country; and that the re-exportation of such merchandise from Poland to countries commercial relations with which are not authorized is forbieden, and that such re-exportation constitutes a violation of the Trading With the Enemy Act. All shipments to Poland should be routed via nanzig. For importations into the United States from Poland, individual import licenses will be required, in accordance with the regulations applicable'to importations from the neutral countries of Europe. The War Trade Board have received no official advices concerning the regulations governing importations into Poland, and prospectivelexporters should therefore communicate with their customers abroad before making definite commitments, so that the importers may comply with any import regulations that may be in effect. Supplementing the above, the War Trade Board on April 12 issuedlan announcement saying: All shipments made to Poland via Danzig should he conisgned to the order of the "Relief Administration, Danzig," for the account of the APR. 26 1919.] THE CHRONICLE actual Polish importer as subconsignee. Duplicate shipping documents should be forwarded to the Relief Administration at Danzig. Upon the arrival of the shipment the Relief Administration will, as promptly as possible, forward the same to Poland, and will indorse over and forward to the Polish consignee all shippingdocuments in its possession. RESUMPTION OF TRADE WITH ESTHONIA. The War Trade Board also reports that, "acting concurrently with the competent authorities of the other Associated Governments," all persons in the United States are authorized, on and after April 1 1919, subject to the rules and regulations of the War Trade Board, to trade and communicate freely with persons residing in Esthonia. The Board says: In accordance with this authorization, applications will now be considered for licenses to export or import all commodities to consignees or from consignees in Esthonia. The procedure for the exportation of commodities to Esthonia is in all cases as follows: 1. Exporters should apply for licenses to the Bureau of Exports, Washington, D.C., or any branch office thereof, using Application Form X—A. 2. Commodities contained in the "Free List" for the Northern Neutral countries (see W. T. B. R. 648, issued Mar. 15 1919) may be exported freely without the necessity of obtaining import certificates. 3. For the exportation of all other commodities the exporter in the United Spites, before filing his application for export license, must receive advice from the prospective importer in Esthonia that there has been issued by the Allied Blockade Committee in London a certificate The number of this stating their approval of the proposed consignment. certificate should be forwarded by the importer in Esthonia to the American exporter, who should specify such number on the application for export license. The War Trade Board have been informed that there is in London a delegation representing the Esthonian Government, and importers in Esthonia can doubtless obtain further information regarding their certificates through this delegation. 4. The details of all import certificates issued in London for shipments to Esthonia will be transmitted by the American representative on the Allied Blockade Committee to the War Trade Board, Washington, D. C., where the same will be used to verify the applications that are presented for consideration. Imports from Esthonia to the United States will be subject to the same rules and regulations which govern the importation of commodities from . other countries in Europe. J. LEONARD REPLOGLE ON PRICE STABILIZATION PLAN OF INDUSTRIAL BOARD. In expressing himself in accord with Director-General of Railroads Hines in opposing the price fixing plan of Secretary Redfield to stabilize business J. Leonard Replogle, formerly Director of Steel Supplies fo the War Industries Board, had the following to say in a statement issued on April 24: Business was showing a slight but consistent improvement at the time the Redfield Committee was organized, and while buying was far below normal, operations at the mills were on a fairly satisfactory basis, many of the non- war industries whose steel requirements were curtailed on account of the necessities of the war had reached the point where their stocks were depleted and they felt the necessity of buyihg at the best prices obtainable. Business was actually improving. The announcement of the plan to artificially regulate prices immediately caused cessation in the buying movement which had started. About three months have elapsed since it was announced that it was the intention of the Redfield Committee to help stabilize business, but the only effect of this announcement and the deliberations since that time has been to retard the devlopment of business generally. The law of supply and demand is a natural process which cannot be helped by artificial methods or by any number of committees, regardless of how capable they may be. As I understand it the Attorney-General has not passed on the legality of the plan, which of itself is bound to create additional uncertainties even if the authorized buying agencies of the Government and the manufacturers are in complete accord as to the basis of prices. There are many high cost producers of many commodities who, on the basis of supply and demand, might be temporarily forced to suspend operations until improvement in volume of tonnage and values resulted in such conditions as to enable them to operate at a profit, but I question very much whether any Governmental agencies or trade committees have the right to create artificial prices or conditions which make it possible for a large percentage of manufacturers to operate at a profit, necessitating sa shut down of many industries and unemployment of labor. As I understand it the agreements entered into are conditional on the maintenance of present wage schedules. Ther may be many plants in this country where employees, after full recognition of the situation, would gladly accept a slight revision in the wage schedule rather than be thrown out of employment and have their revenues entirely cut off. In any event this should be a matter as between the employer and the employee, and while there is a general recognition that until living costs are materially reduced, no radical revisions in wage schedules are possible, wedo not feel that it is proper to make agreements of this kind, certainly without the consent of the employees themselves. I believe that the schedule of prices announced is fair and reasonable and at least so far as rails are concerned that the prices are proportionately lower than obtained in pro-war times. The modern heavy high speed train demands a rail of very high standard, necessitating the very best of materials and extreme care in manufacture. Specifications are difficult and inspection in the last four or five years unusually severe, resulting in a comparatively small yield from the ingot. The old $30 price on open hearth steel rails has netted the manufacturers a lower margin profit than the average yield from other steel products—the steel mills epecializing in Oal realized very little profit, some of them having been unable to pay any dividends to the stockholders for many years prior to the war. Judge Gary has shown that the labor increase alone on rails is now $19 48 a ton in OCCOSs of pro-war costs; without taking many other factors of increased costs into consideration it would appear that the prices of $45 per gross ton for Bessemer rails and $17 for open hearth rails are an low as should reasonably be expected. I know that the costs of several of the mills are in excess of the prices quoted. I believe, however, that the Director-General of Railroads is corroc: in his opinion that open market conditions should prevail. The rather 1679 general opinion that under open market conditions prices for steel products would sag to a considerable extent is, I believe, a fallacy which would be very quickly dissipated, as the prevailing costs of the steel manufacturers, large and small, are such that this would not be possible. Under tbe law of supply and demand it is quite probable that the price of many commodities would shortly be considerably in excess of the schedule now under discussion. If anything will prevent an early expansion of the steel business and business' generally it is continued artificial restrictions of this character and when President Wilson announced in his message to Congress "thus the war comes to an end" it was time for paternalism to cease and the law of supply and demand to take effect. If steel prices are to be artificially regulated it is reasonable and proper to assume that hundreds of other commodity prices should be also, including coal, petroleum, copper, lead, lumber, leather, cotton, wheat, corn and other materials of this kind, and if it takes three months of negotiations on steel to reach the point we have to-day how long will it.take and how long will general business be deferred by similar negotiations on other commodities. If the industrial committees were composed of a thousand of the most capable men in this country it would take six months to a year to work out all of these problems, and in the interim business chaos might result. I have the greatest possible admiration for the committees of steel manufacturers and also the Industrial Board of the Department of Commerce—all men of great ability who have contributed wonderful service throughout the war period, but if they now disband and go home, I be. lieve the best interest of the country will be served, as even those who were favorable to the plan originally now recognize that whatever merit it had if all Governmental agencies had promptly endorsed the plan, has been lost. FORD, BACON & DAVIS COOPERATING WITH GOVERNMENT IN SETTLEMENT OF WAR CONTRACTS. In pointing out that in many instances action upon War Contract Claims presented to the Government for payment is being seriously delayed, due to the methods used in preparing the claim, and failure to fully understand and comply with the requirements of the Government, including its various decisions with reference to claims matters, Ford, Bacon & Davis of New York, under date of April 11, said: This firm is now actively co-operating with Government contractors in preparing and presenting claims resulting from cancellation or readjustment of contracts. To handle this work its staff of valuation and claim experts, comprising trained engineers and accountants with construction and operation experience with some 150 different kinds of business, has been largely increased, and, in addition, the necessary legal experts experienced In this sort of work obtained; we are, therefore, in a position to assist your operating and legal departments in preparing and presenting your claim. if needed, including appearance before the Claims Board. In personal direction of this claim work is Colonel Charles N. Black, of this firm, previously at the head of the Procurement Division of the Ordnance Department in Washington, which position he occupied when ordered to France and assigned to duty as Assistant to the Chief Ordnance Officer of the American Expeditionary Forces. Co-operating with Colonel Black, and in charge of the necessary legal work, If Mr. Irving E. Burdick, formerly counsel to Mr. D.0. Jackling, Director of the U. S. Government Explosive Plants. NOT NECESSARY TO PRESENT WAR CLAIMS THROUGH PAID AGENTS. The War Department Claims Board, through Acting Secretary of War Benedict Crowell, its President, on April 18 issued a statement urging war contractors to present their claims to the War Department direct, instead of through hired agents. Claims presented direct by contractors, the statement says, will receive exactly the same attention and consideration as those presented through a claims organization or agency. The statement by Mr. Crowell read as follows: The attention of the War Department has been directed to the fact that several privately owned organizations or agencies have been created for the purpose of preparing or presenting to the War Department for adjustment, payment or discharge, contractors' claims arising out of the suspension or termination of contracts. While the War Department, of course, can have no objection whatever to contractors availing themselves of any facilities for the presentation of claims which may seem desirable to them, it is important that it be clearly understood that the organizations and agencies referred to above are of purely private character and have absolutely no official connection with the War Department. There has been set up within the War Department a comprehensive organization for the consideration and disposal of all claims arising under contractural relations, implied or express, with the War Department. There has also been set up a special board known as the Board of Contract Adjustment for the purpose of hearing appeals on petitions of the contractors from any decisions made by the Bureau boards. Any contractor, who, after due negotiations with the Settlement Board of any Supply Bureau, feels that the award of settlement offered to him is not just, has the right to file a petition on appeal with the Board of Contract Adjustment, which will then review the case, making settlement direct or returning it to the Bureau Board with directions as to basis of settlement. The contractors, in submitting their claims to the Board of Contract Adjustment, are not required in any degree to waive their right of appeal to the Court of Claims in the event they are unwilling to accept the decision of the Board of Contract Adjustment. It is therefore believed that every facility has been afforded contractors for the prompt and efficient determination of their rights as claimants. Every claim, whether under express or implied contract, will receive careful and full consideration, while settlements in every instance will be made as promptly as possible. The War Department. at all times, will give claimants full information concerning the presentation and handling of claims, and no one should feel that any information at the disposal of the War Department may be more readily obtained through the intervention of a privately owned organization or agency. Claimants may apply either personally, or in writing, to Major Erskine Bain.s, recorder of the War Department Claims Board, Room 2402, Mu- 1680 THE CHRONICLE nitions Building, Washington, D. C., for any information concerning filing of claims against the•War Department, and this information will be given promptly and In as full detail as possible. The War Department particularly desire to point out that claims presented direct by contractors will receive exactly the same attention and consideration as those presented through a claims organization or agency. TO ABOLISH RESTRICTIONS ON TRADE WITH NEUTRALS. Advices to the daily papers on April 22 reported that the Supreme Economic Council had authorized the announcement of the abolition of the blacklist, licensing and rationing systems as applied to neutrals, thereby crowning the consistent efforts of the American economic delegates since January for the removal of hampering wartime restrictions on trade. This decision, it was said, will grant that freedom of intercourse without which the resumption of foreign commerce, so urgently required by trade and industry in the United States and throughout the world, has been almost impossible. The dispatch further said: The announcement will be made simultaneously April 25 by the various Governments involved. It will authorize shipments of raw materials and manufactures, other than re-export commodities, without license formalities, freely to countries, not including Germany and Bolshevist Russia. Enforcement of restrictions against re-export to these still blockaded countries will be left to the control of associations to which shipments to neutrals adjacent to Germany still must be consigned. The discussion of the German blockade problem developed a diversity of opinion, and a special meeting of the Council tomorrow will endeavor to reach a decision on the question of permitting a limited supply of cotton and certain other raw materials to go to Germany. The American delegates favor limited concessions, believing this essential In order to permit a certain resumption in the German economic life if the surrender of Germany to Bolshevism is to be avoided and the country kept from lapsing into such a condition of insolvency and economic collapse that nothing but dead assets would be available for reparation purposes. The Americans believe also that Germany is now stripped so bare of textiles and other commodities of popular consumption that there will be little or no danger, under proper limitations, of German export competition with the Entente countries before the factories of the latter are able to get on their feet again and resume manufacture for export. A proposal for an amendment of the Brussels agreement will be submitted to the Council, removing the requirement that Allied representatives control German exports to see that all the proceeds are applied to the purchase of foodstuffs. The machinery of control has proved somewhat burdensome on the associated Governments, and it is believed that selfinterest and the keen requirement of foodstuffs will suffice to have the German Government itself maintain the necessary restrictions and prevent the proceeds being applied to unnecessary imports. SALES OF SURPLUS WAR SUPPLIES. Surplus war supplies to the total value of $140,723,850 have been disposed of by the War Department, according to an announcement made on April 22. Details were given as follows: Railway rolling stock, $68,993,837. textiles, including wool, $47,266,221 animals, $13,729,237; subsistence, $2,559,289; clothing and equipage, $2,306,540; machinery and engineering equipment, $2,247,554; aeroplanes, $999,237; non-ferrous metals and scrap, $746,709; fuels, $344,767; miscellaneous building materials, $232,015; electrical equipment, $198,285; oils, greases, &c., $183,993; chemicals and acids, $137,300; office equipment, $133,240. Other items, each totaling less than $100,000, bring the grand total up to $140,723,850. [Vol-- 10s. profit per ton was only 90 cents. The capitalization of his thirteen plants is $24.448,000, putting the net earnings under 6% and permitting dividends of only 4%. At the conference where these figures were read attention was called to the fact that the common brick interests supplying this market at the present price had actually figured on a maximum return of 2% and in some cases had been and actually were operating at a loss. The Government asks us to co-operate to the maximum of our ability, and even to crowd that into actual sacrifice for the time being, to make it possible for the small operator to proceed with his building program. When we find such pitiable examples as the results of under construction here in this market what else can we do but to meet the immediately pressing need. We believe it is just as patriotic for us to help in sheltering the people at home as it was to help house the soldiers in training for service abroad and records will show that in the majority of cases the prices paid by the Government for basic building materials, outside of steel, did not allow of profits sufficient to carry our overhead expenses during the late reconstruction period. Now we are asked in the face of the biggest demand for building materials the country has ever known, to shrink our profits, to stabilize our prices to help alleviate this latest menace of lack of proper housing. We are glad to patriotically co-operate in this regard. but it is not to be interpreted by builders as meaning that the Government, or anybody else, has got us on the run, and that if we hold off a little longer prices will be down to pre-war times. Price recessions downward in supplemental material lines in the general co-operative plan to meet the under-constructed situation include a further 15% reduction over the recent 25% drop in the price of American Radiators, a 5 to 10% drop in floor plates, 3% on pipe hangers, a general drop in boiler tubes, cement coated nails and linoleum. Lumber if firm with price advances promised in many lines. February in the local building material market will mark the low spot for building material demand for the war period. During war time Government requirements took up the private building slack. Besides it was a short month. The gain in local movement of all materials in New York distributing yards during March was 13% and the April movement has already passed that figure. Outside of New York where building materials are now cheaper than any other part of the country, constructon is getting well under way. This is particularly noticeable in the New Jersey, Connecticut and New York State suburbs. SEEKING TO PROVIDE WORK FOR RETURNING SOLDIERS. The following is self-explanatory: UNITED STATES DEPARTMENT OF LABOR. Headquarters 27th Division Employment Bureau, 615 Hall of Records Building, Chambers and Centre Streets, New York City, April 4 1919. Financial Chronicle, New York City, N. Y.: Gentlemen: The enclosed circular tells of the work which we are seeking to do for the discharged soldiers of the 27th Division. If we can get employers to list their help wants with us, this task will be well done and the men will be helped in the way that will be of most benefit to them, to employers and to the community through the money they will be able to spend if they are working at their accustomed vocations. The 27th Division is composed of men from all wallkr of life, and were employed at all sorts of occupations. We believe if the various papers will give publicity to the free service which this bureau is giving to these men, especially the papers that are published for special trades and Interests, this work will be accomplished with the same dispatch and thoroughness that we have performed our other war activities. Thanking you for the co-operation we are sure you will freely and gladly give for the men of the 27th Division, we are, Very truly yours, HEADQ UARTERS 27TH DIVISION EMPLOYMENT BUREAU. THOMAS CRIMMINS. THE LEAGUE OF NATIONS WOULD MAKE US CARETAKERS OF THE WORLD. The Farmers and Merchants National Bank of Los EFFORTS TO HELP THE BUILDINGS TRADES. Ultimate relief of the increasingly critical rent problem Angeles in its monthly financial letter, under date of April was assured by co-operative action of the building material 15 1919, in a discussion of world conditions,has the following distributors last week, according to the Dow Service Daily to say: The injection of the League of Nations into the Peace Conference has, Building Reports. We quote as follows: Perhaps the most notable evidence of unity of purpose to relieve the building shortage here was the feat of moying more than twenty barge loads of Hudson common brick to Brooklyn, where the dearth of homes is greatest, despite the harbor strike, thereby placing at the disposal of prospective builders approximately 8,000,000 brick at a time when practically the last brick was being moved out of dealers' reserves. Tne prices, despite a demand as great as known in recent years, still held at $15 or $1 50 below the Government fixed yard price basis, reflecting the same co-operation toward price stabilization that has featured cemant and limo during the last week, and which now also obtains in the sand, gravel, grit and crushed stone markets. After many weeks of effort the sand, grit and gravel companies reached an acceptable price level last week without Federal assistance and once more these important building commodities are quotable in official lists. The new base prices for delivered material at job Manhattan and Bronx are: $1 80 for sand and grit, $2 75 for gravel and $2 75 a cubic yard for crushed stone. Simultaneously announcement was made at Washington that after May 1 ten cents a ton rebate would be allowed on freight rates for sand, gravel, stone and grit where the rate is over 40 cents a ton. The plaster interests of the country are the latest to fall in line with the general movement that seems to be attaining national scope to guarantee prices to consumers at a fixed level for the 1919 season at least. The negotiations had not reached a stage Saturday noon when a public statement could be made, but it was said that definite progress toward this end was being made. By way of showing to prospective builders what this movement of guaranteeing prices means to the manufacturer of basic building materials, the Vice-President of one of the largest Portland cement manufacturing companies prepared a statement wherein he said that if the cement manufacturers of the country could be assured a profit of a dollar a ton on their commodity they would be elated, calling attention to the difference between the profits on this basic material and that of steel which is nearer $10 a ton. Cost of cement at his mills in 1913 averaged 62 cents a barrel and sold at 82 cents net. In 1918 the cast per barrel was $1 44 and the net selling price was $1 62 and with five barrels to a ton the net without doubt, delayed the final peace terms. Hourly the situation of Europe becomes gloomier and more dangerous to the peace of the world. The people of the United States will never consent to the proposed Constitution for a League of Nations unless the same is amended so as to fully protect American sovereignty and relieve America from doing police duty beyond the Atlantic. Since Cain inaugurated the performance by killing Abel, the old world has been in a constant state of ferment. There, the God of War has been constantly in the saddle. England, France and Italy are the logical policemen of the lands beyond the Atlantic., They would be only too pleased to put the expensive task of keeping the peace, in all territory contiguous to Constantinople, upon the United States. This would involve our keeping the Bulgarians within their own territory, safeguarding the Armenians from persecution, and teaching the blood-thirsty Turk to observe the amenities of national life. Relying upon our generosity, we might be invited to maintain the territorial integrity of all of England's Colonies, also of those of France and Holland. In the face of the demands made upon America, and apparently assenteu to by our President, we should be duly thankful that England has not arranged for us to po'ice unhappy and belligerent Ireland. Inasmuch as there is not a municipality in the United States capable of entirely suppressing vice within its own boundaries, the proposition that we virtually become the caretaker of the world looks absurdly preposterous. It would appear to be a case of idealism gone wild, of lunacy intoxicated. RESIGNATION OF JOHN TVALSH AS CHIEF COUNSEL OF FEDERAL TRADE COMMISSION. John Walsh, of Wisconsin, first chief counsel of the Federal Trade Commission, has resigned that post to resume the private practice of law in Washington. His resignation was accepted to take effect April 15th. In a statement Mr. Walsh assigns as his reason for disconnecting himself with the work of the Commission the inability longer to APR. 26 1919.] THE CHRONICLE make the."pecuniary sacrifice incident to Government service." Prior to his connection with the Commission, Mr. Walsh was one of the leading figures of the Wisconsin bar, having been actively engaged in law practice in that, his native State, for more than fifteen years. Mr. Walsh, a delegate to the Democratic national convention in Baltimore, in 1912, had the distinction of seconding the nomination of Woodrow Wilson for the presidency. A resolution unanimously adopted by the Commission expressing its deep regret at his resignation, follows: Whereas, Mr. John Walsh, Chief Counsel Federal Trade Commission, has tendered his resignation to take effect April 15 1919, and the same has been accepted, therefore be it Resolved, That the Federal Trade Commission takes this occasion to express to him its deep appreciation of his services to this body. Those services have been distinguished by many excelling qualities in his daily contact with the activities of the Commission since its organization. First among his attributes, proved through years of faithful and industrious application to the problems before this body, hive been his sense of evenhanded justice, his pre-eminent- judgment in the equities and his ripened learning in the law. These have had constant and courageous expression in the discharge of his important duties here. Mr. Walsh stands high in our account, and the Commission parts with him and his services with reluctance. We also give herewith Mr. Walsh's statement: I regret exceedingly the necessity of disconnecting myself from the great and important work being carried on by the Federal Trade Commission. That this work will grow in importance and value to the public is now established and assured. I feel a sense of distinction in having been associated with this work during the years of its development, and with the men of high purpose and ability, who are steadfastly carrying on that great work in the public interest. It is only with a sense of obligation to my family that I feel unable longer to make the pecuniary sacrifice incident to Government service, and am, therefore, compelled to return to the private practice of my profession. DECLINE IN IMPORTS FROM EUROPE. As indicative of Europe's lack of exportable material, a compilation of the National City Bank of New York shows that the imports of the United States from Europe in the current fiscal year are the smallest in value in the past twenty years, despite the fact that prices of all articles are abnormally. high. The bank had the following to say on April 14 regarding its compilation: Imports into the United States from Europe in the fiscal year 1919, • which ends with the month of June, will be but about $300,000,000 against more than $900,000,000 in the calendar year 1912 and an average of nearly $900,000,000 in the three years preceding the war. The total from Europe in the eight months ending February, the latest available figures, is less than one-third that of the same period of 1913, the figures for the eight months ending with February 1919 being but $187,800,670 against $628,497,666 in the eight months ending with February 1913. On the other hand, the imports from all other parts of the world show a marked increase. From North America the imports of the eight months ending with February 1919 are 8662.768,967, against $230,150,912 in the corresponding months of 1913; from South America, 8371,266,945. against $159,978.626 in the 1913 period; from Asia, $532,432,400, against $183,432,193 in 1913; from Oceania, $139,871,602, against $128,281,587 in the 1913 period, and from Africa, $309,248,017, against $18,008,501 in the same months of 1913. The falling off in the imports from Europe occurs in the trade of practically every country of that continent. From the Central Powers and European Russia the imports of the eight months ending with February 1919 aggregated but little more than $2,000,000, against $120,000,000 in the 1913 period; from the Scandinavian States about 86,000,000 against approximately $15,000,000 in 1913; from Netherlands $6,110,000 against $24,082,000 in the 1913 period; from France, $33,323,000, against $127,154,000; from Italy, $13,432,000, against $35,561,000; from Switzerland, $11,467,000, against $16,585.000; from Spain, $15,335,000, against $15,590,000, and from the United Kingdom, $84,701,000, against $210,175,000 in the corresponding period of 1913. These reductions occur in nearly• all the important classes of material imported from Europe, and while it is not possible to state exact figures of imports by articles from Europe for the fractional year 1919 the figures for 1918 are sug'gestive as to the principal articles affected in the 1919 figures. Art works, for example, imported from Europe in 1918 were but $3,478,000 against $32,494,000 in the fiscal year 1914; cotton embroideries in 1918, $1,308,000, against $10,617,000 in 1914; cotton laces, $5,168,000, against $18,668,000; decorated chinaware, $1,209,000, against $6,505,000; India rubber (the product of European colonies), $13.240,000, against $43,668,000; cheese, $518,000, against $10,854,000 in 1914; champagne, $2,163,000, against 34,419,000; silk ribbons, $111,000, against $3,112,000; artificial silk, $827,000, against $4,078,000; woolen cloths, $1,036.000, against $12,769,000, and woolen dress goods. $919.000, against $6,758,000 in 1914. The table which follows shows the imports into the United States from Europe in the eight months ending with February 1913 to 1919 inclusive: Value of Merchandise Imported into the United States from Europe. 8 Mos. End. with Feb. Year— Year— 8 Mos. End. with Feb. $623,497,66611917 1913 $390,055,430 594,763,705 11918 1914 234.037.652 431,327,33411919 1915 187,800,670 371,505,4181 1916 1681 "The War Trade Board have no knowledge of the establishment of a bu- • reau of the character above described, nor have they ever considered a proposal to make available for such purpose the records of the Bureau of War Trade Intelligence." ANNUAL MEETING OF U. S. CHAMBER OF COMMERCE NEXT WEEK. The seventh annual meeting of the Chamber of Commerce of the United States takes place next week at St. Louis, April 28 to May 1. It is pointed out that the meeting, coming as it does on the eve of an extraordinary session of Con .ress, furnishes an opportunity for obtaining a composite opinion from the business world on many things that Congress will take up. A very large part of the things that Congress will be called on to consider touch industry and business at some point. At St. Louis the representatives of business from forty-eight States attending the meeting will express their views not only as to policies and principles but will advance detailed programs as to carrying them out. A call has been sent out asking a meeting at the time of the convention of the Advisory Council of American Industries, made up of chairmen of the nearly 400 War Service Committees named under the Chamber's direction during the war, to represent industry before the Government. These men will come together for the first time since the first of the year, when they met at New York to form an organization to perpetuate the War Service Committees. The subjects for discussion and action at St. Louis include the disposition and operation of the country's railroads and merchant marine; proposed revision of anti-trust legislation; the future of public utilities; foreign relations and foreign trade; agriculture; industrial production; domestic distribution; waterways and highways; industrial relatons; international commercial arbitration; finance and Victory Loan. The lastnamed subject will be discussed at the meeting by Secretary, of the Treasury Carter Glass. The speakers will also include William.C. Redfield, Secretary of Commerce; Edward N. Hurley, Chairman of the U. S. Shipping Board; Walker D. Hines, Director-General of Railroads; Senator Albert S. Cummins; George Ed. Smith, President of the American Manufacturers' Export Association, and others. The French Government is sending to the meeting as speaker a special representative in the person of Maurice Casenave, formerly French Minister to Brazil, who comes to the United States as Director-General of the French Services in this country, succeeding the French High Commission. ILLINOIS LABORITES ORGANIZE NEW PARTY. A new labor party was organized at Springfield, Ill., on April 10, at a convention called by the Illinois State Federation of Labor. The movement is an outgrowth of the labor party which took part in the recent municipal election in Chicago, and aims to affiliate with similar niovements already under way in other localities so as ultimately to become a national party. It aims also to work in close harmony with the Non-Partisan League, the farmers' organization which now rules North Dakota and is reaching out for control of other agricultural States. Leaders declare that the new movement will 'draw largely from the membership of the present Socialist party. The platform of the new party was summarized as follows in press dispatches from Springfield: Labor is the primary and just basis of political responsibility and power. It is not merely the right but the duty of the workers, by hand or brain, to become a political party. The labor party is destined to usher in the new day of freedom in the United States—freedom from the grind of poverty; freedom from the ownership of Government by big business: freedom from the slave-driving of workers by profiteers, and freedom of the men and women who buy food and clothing and pay rent from exploitation at the hands of the money kings of "kingless" America. Organized workers are members of it. Unorganized workers are members of it. Clerks, housewives, newspaper men, farmers, school teachers, storekeepers belong to it. Such heads of organizations and business concerns as are not exploiters or profiteers belong to it. There is no place in the party for those who are not workers. There is room within it for all who perform service to society. The labor party was organized to assemble into a new majority the men and women who work, but who have been scattered as helpless minorities in the old parties under the leadership of the confidence men of big business. WAR TRADE BOARD NOT TO ESTABLISH CREDIT Hence the organization of the labor party. RATINGS. The first convention of the new State party enunciates the following of issues to which it pledges itself, its members and its candidates: The War Trade Board issued the following announment program Democratic control of industry and commerce for the general good of on April 21: thwe who work with hand and brain and the elimination of autocratic The attention of the War Trade Board having been called to a statement domination of the forces of production and distribution either by selfish appearing in the "Weekly Bulletin" of the American Manufacturers' private intere ;ts or bureaucratic agents of government. Export Association of March 29 1919 to the effect that "with certain records The freedom from economic hazard which comes with a minimum wage which have been secured by the Bureau of War Trade Intelligence (of the based upon the cost of living and the right of the workers to maintain, War Trade Board) as the nucleus for the service, it is proposed to build without the labor of mothers and children, himself and his family in health up a new and distinct bureau of the Government whose sole duty it will be and comfort, with ample provision for recreation and good citizenship. to furnish American exporters with credit ratings on firms in foreign counLeisure in which to enjoy happiness and improve the mind and body by tries who purchase American goods," they have authorized the following the institution of a maximum working day of eight hours, and maximum statement: working week of 48 hours, both for men and women 1682 THE CHRONICLE Abolition of unemployment by reducing the hours of work still further, as necessary to permit all those who are able to work to find occupation, and full pay for those who, for a time, are unemployed because of illness, accident or temporary loss of work Equality of men and women in Government and industry, with complete enfranchisement of women and equal pay for men and women doing similar work. IV;Reduction of the cost of living to a jusG level immediately and as a permanent policy, by the development of co-operation and the elimination of wasteful methods, middlemen and all profiteering in creation and distribution of product. Taxation of land values but not of improvements. Public ownership and operation of all public utilities, including grain elevators, warehouses, stock yards, abattoirs, insurance and banks. Public ownership, preferably Federal. of the mines, and in the meantime State regulation which will prevent wasteful competitive methods of mining. A democratic system of public education from kindergarten to university, w th free text books, and with opportunity for full cultural and vocational education for every child. Abolition of the State Senate. Abolition of the power of judges to issue and enforce injunctions to dep ive citizens of their rights in industrial disputes. No law to be declared by the Supreme Court unconstitutional unless three fourths of the judges so decide. The development of co-operative trade and industry and enactment of needed legislation favorable to that purpose. Complete restoration at the earliest possible moment of all fundamental political rights—free speech, free press and free assemblage—and the liberation of all persons held in prison or indicted under charges due to their championship of the rights of labor or their patriotic insistence upon the rights guaranteed to them by the Constitution. Resolution adopted by the convention also demanded the restoration of standard time, employment of soldiers and sailors in road 'construction, lifting of the Allied blockade against the Central Powers, that public utilities taken over by the Government shall not be returned to private ownership, and the removal of Postmaster-General Burleson "because of his alleged reactionary attitude toward labor, free speech and a free press." The convention likewise denounced Harold F. McCormick of the International Harvester Company,who was accused of employing convalescing soldiers from Fort Sheridan on his Lake Forest estate to break a strike of landscape gardners, and asked for an investigation by the War Department. Endorsement was given to "a League of Nations which will protect the peace which has been won," and secrecy at the Paris Peace Conference was denounced. INCREASE IN WEIGHT LIMIT OF PARCEL POST PACKAGES BETWEEN U. S. AND NICARAGUA. Postmaster Patten on April 21 called attention to the following announcement by the Post Office Department: "The Postal Administration of Nicaragua and this Department having agreed thereto, the maximum weight applicable to parcel post packages exchanged between Nicaragua and the United States will be twenty-two pounds, instead of eleven pounds, as heretofore, effective May 1 1919, the postage rate on parcels from the United States to Nicaragua to remain at 12 cents a pound or fraction of a pound. REPORTS OF U. S. SHIPPING BOARD REGARDING MARINE AND DOCK LABOR. The adoption of a plan of safeguarding American industry against extreme rvolutionary industrial propaganda is the keynote of a report just issued by Ex-Governor Robert P. Bass, of New Hampshire, covering the period of his service as Director of the Marine and Dock Industrial Relations Division of the United States Shipping Board. According to Mr. Bass, the only hope of America resisting the tide of industrial unrest which is now sweeping over the whole civilized world, is in the development and early application of a constructive industrial program, in which program publicity and education carried on by the Government will hold • a leading place. Mr. Bass says: [VOL. 108. which it works and labor's corresponding responsibility. A Means must be found to measure the results of labor's actions and to make these clearly understood by the men who actually do the work. If possible, we must convince employees that there is a way in which they can give expression to all their legitimate aspirations; that there are impartial and effective means for the constructive development of those principles which are today demanding expression throughout the industrial world. Such educational work is sorely needed at this time for the purpose of establishing a sound basis of industrial relations between the Government, the productive workers, and the management in industry. It may perhaps serve as a safeguard against extreme revolutionary industrial propabanda. which now threatens the industrial organization of the whole civilized world. The time has passed when the appeal to patriotism will have any influence. Revolutionary industrial propaganda can never be stilled by arbitrary suppression, by court decisions, by imprisonment, or by strongarm methods. In my opinion, the use of these methods constitute, grave national danger. It will jeopardize our whole industrial organization and present system of civilized development and will destroy our present form of government. The kind of disorganizing propaganda now so farreaching in its scope can not be forcibly suppressed. It can only be successfully combated by enlightened, sound and universal education among those whom this propaganda is intended to reach. Mr. Bass declares his conclusions are based upon more than a year's experience with the Shipping Board in the handling of marine and longshore labor problems, in which work he continued the work begun by Vice-Chairman Stevens prior to the latter's departure for Europe as American delegate to the Inter-Allied Shipping Council. In this report there also appears a comparison of wages on American and foreign ships. It is shown that practically all of the leading European maritime powers operating vessels in the Transatlantic trade pay substantially the same wages as those awarded by the Shipping Board for American seamen. The report also contains a complete review of American marine and longshore wages from 1914 until the close of 1918, and many other facts concerning the present and future of American shipping. The report of Mr. Bass as Chairman of the National Adjustment Commission, also just issued, contains the authentic text and accompanying explanations regarding all awards of that body from the organization of the commission to Dec. 31 1918. The reports just issued covet' the period ending Dec. 31 1918, the date of Mr. Bass's resignation from the Shipping Board. His work as director of the Marine and Dock Industrial Relations Division is being continued by Herbert B. Ehrmann and he has been succeeded as Chairman of the National Adjustment Commission by Prof. William Z. Ripley. Other active members of the National Adjustment Commission are T. V. O'Connor, repreienting the International Longshoremen's Association E. J. Barber, representing the deepsea steamship lines; E. A. Kelly, representing the coastwise lines; Major Samuel Rosensohn, representing the War Department; and Lieutenant-Commander Glenn B. Davis, representing the Navy Department in an advisory capacity. The Secretary of the Commission is B. M. Squires, of the Department of Labor. FESTUS J. WADE ON AMERICAN WAGES AND FOREIGN TRADE. The subject of American wages and the foreign trade of the United States was discussed by Festus J. Wade,President of the Mercantile Trust Co. of St. Louis, in an article appearing in the April 10th number of "The West at Work." In this article Mr. Wade expresses surprise that "some few of our business men are apparently feeling discouraged over the very thing in our situation as compared with that of other nations that ought to encourage us," viz.: the relation of the cost of American labor to world trade. Mr. Wade says in part: It must be borne in mind that there is sound fundamental reasons for The Government should systematically inform both employers and em- the increase of wages throughout the United States, which may be briefly ployees in regard to many matters of the utmost interest and importance summarized as follows: (a) The shutting off of immigration, decreasing our labor supply for to each. It should acquaint labor with the Government's activities and service five years to the extent of at least five million men during that period. (b) The more than two million men yet in the army who are not deto labor in the past. It should create in labor an appreciation of its joint interest with capital mobilized. production. of (c) The high cost of living occasioned by the war. and with the Government in the problems (d) The natural awakening of the minds of employers that the laborer Satisfactory assurances should be given that labor will have a substantial voice in determining the distribution between capital and labor of the is worthy of his hire and must be paid more than mere bread and meat money if we want to continue to be the greatest nation on earth. profits of production. (e) The certain way to cause the elimination of I. W. W., Bolshevism Labor should be promised its reasonable share of any increase in proand radical Socialism will be not only to pay living wages, but more, so duction. There should be a joint determination of wages, hours and conditions that some might be laid by for the rainy day, and for the education of the employees'family. of work. Before the war came on we certainly had demonstrated that we could Based on the foregoing principles, great emphasis should be placed on command a place in the markets of the world, not only for our raw malabor's interest and responsibility in the processes of production. Finally, there should be a detailed analysis and full explanation of all terials, but also for our finished products. In the year that ended June 30 the processes and problems of production, accompanies by explanations to 1913. the United States sold $776,000,000 worth of finished manufactured each group of workmen as to the particular way in which they can facilitate goods in the markets of the world—or about $2,500,000 for every working day—not to speak of $320,000,000 worth of manufactured foods and and improve these processes. I believe that we have emphatically come to the time when we must over $400,000,000 worth of manufactures for further use in manufacturmake it clear to the workman himself that production is his problem and ing. This made a grand total of more than $1,500,000,000 of all kinds that he will profit or suffer in direct degree as this problem is effectively of manufacturers sold by us in the foreign market against the cempetition or ineffectively handled. In order to make this possible, labor must be of the whole world. Now what we ought to ask ourselves, as sensible -day by comparison with that of 1913 given its full responsibility, together with the power to act in relation men, is whether our situation to to that responsibility, we must promulgate a labor policy which affirms is better or worse as far as holding our own in the foreign markets is conunder the conditions determining cerned. in voice lat:or's right to a substantial APR. 26 1919.] THE CHRONICLE 1683 Natural law will prevent European wages going back to the old levels. The cost of everything workmen consume has been raised by taxation. Wages must roughly correspond to this increased cost. It is a law of compensation that the difficulties which arise out of increased costs are relative and not absolute. If the other fellow's costs come up when yours do, you can meet him on the same competitive basis as before. We cannot size up the situation by simply noting the fact that our own costs have increased. What has happened to our competitors' costs? When we get the answer to this question, the whole matter appears in a new light. European wage earners must and will be paid compensation to enable them to assist in paying interest on the colossal debt of European nations. Since 1913 the man-power of our throe principal competitors, Great Britain, Germany and France, has been very much reduced by the killing off in war of strong and effective men. The effect of the war losses on the man-power of the United States has been,from an industrial point of view, almost negligible. The other factor of importance in this question of wages is the amount of taxation. The taxation of all the great industrial nations of the western world has been tremendously increased, but the Increase relatively to taxable wealth has been much greater in England, France and Germany than it has in the United States. This reduction of the labor forces of Europe and increase in the burden of taxation resting on European industries can have but one effect. It will inevitably tend to raise the level of European 'wages nearer to the level of wages in the United States. The United States will not censor a cablegram between Lima and Paris, but the French will, and such a cablegram will have to conform to the rules and regulations of French censorship, whereas a cablegram between Lima and New York is subject to no censorship whatever. Similarly, a cablegram from Mexico City to London, or through Londdn, must conform to the British regulations, whereas a cablegram from Mexico City to Boston is subject to no restrictions. The British Government has not decided whether it will permit cablegrams in private code between the United States and South America to pass via London, but it is hoped that such cablegrams will be subjected to no interference in London and that both cable routes from the United States to South America may be equally free from censorship restrictions. The restoration of the right to use private code between United States territory and all points in the Far East (other,than to or through Vladivostok) and the re-establishment of the same privilege with Central and South America, will prove highly beneficial to cable users and tend materially to hasten the resumption of normal trade. Prompt notifications will be given of any modifications in the rules and regulations of British, French or Italian censorships whereby private code may be used on cablegrams to, from or through their respective territories. Cablegrams between United States territory and points in Europe, Africa and Asia Minor, which are not within British, French or Italian territory will be censored by the United States as formerly and the same restrictions and regulations will remain in force. censorship an formation extracted from business correspondence. The assertion that all important business information from American mail was being registered, tabulated, and studied for the benefit of British trade was constantly made in Scandinavia before and after the entry of the United States into the war. This action will involve the reimposition of American censorship for these mails to prevent the dissipation of German securities and assets required for reparations and efforts to open an illicit German trade, but It Is thought that the change to censorship by American officials will be welcomed as ending a source of irritation and closing the door to any suspicions of discrimination against American business, while simultaneously speeding the mail service by the use of direct steamers. Parcel post service to the Northern European neutrals will probably be reopened at the same time. With regard to the lifting in part of the British censorship BRITISH AMBAOADOR DENIES CENSORSHIP IS in South American cable messages, the dispatches from on April 21 said: USED TO FAVOR BRITISH BUSINESS INTERESTS. Washington Modification of British censorship regulations to permit the use of Following the apperance in the daily papers of a Paris private codes in cablegrams passing through London from the United dispatch to the effect that business information from Amer- States to South America was announced to-day by the Navy Department. The restrictions imposed by the British authorities as to the censoring ican mail and cables was being tabulated and recorded by of commercial messages and the delay said to result therefrom and on the the British censorship for the benefit of British merchants use of code have been the subject of a number of protests by American business interests and organizations. These concerns and organizations and business men, Lord Reading, British Ambassador to this have charged that the British censorship operated to the advantage of country, on April 11 issued a general denial that any such British firms in regaining trade, and that it gave British firms an undue practice was being followed. The statement was called forth advantage, especially in South America. It was announced in Paris advices on April 17 that British by a Press Association dispatch from Paris which said in part: European censorship of mails and cables to European neutrals continues censorship on mails between the United States and Northern in full force. Complaints backed by evidence are constantly being re- European neutral States would probably be removed within ceived in Paris. These are to the effect that the censorship is being utilized not alone for the legitimate purpose of preventing or hampering trade a fortnight, as a result of friendly negotiations with British with Germany, but also to give the nationals of the country exercising the representatives there. The dispatch further said: unfair advantage Over American competitors through in- Lord Reading's letter of denial was given as follows in the daily press: Lord Reading, the British Ambassador, emphatically denies the truth of the suggestions contained in the message from Paris, published in some • of this morning's newspapers, to the effect that the censorship of commercial cables has been, or is being, used to promote British, at the expense of American, trade. Lord Reading adds that every complaint of this character received by the British authorities has been fully investigated and in no instance has it been found that the complaint had any foundation in fact. Lord Reading is ready to have inquiry immediately into any further complaints, and will give them every attention. DAILY BULLETIN TO REPORT CABLE SERVICE CONDITIONS. Owing to the uncertainties surrounding the dispatch of cable messages under present disorganized conditions, Postmaster-General Burleson has directed Newcomb Carlton, Federal Cable Director, to furnish to the press a daily bulletin Paris advices on April 17 reported that British censorship of the condition of the cable service to countries with which on mails between the United States and the Northern American cablers principally do business, in so far as the European neutrals would probably be removed within a information is obtained from foreign countries. A press dispatch from Washington under date of April 18, reporting fortnight, as a result of friendly negotiations. this fact, said further: Delays in transmission to Australia have been recently reported as CABLE CENSORSHIP TO SOUTH AMERICA AND THE great as nine days and to South Africa even greater. Considerable delays FAR EAST LIFTED. have also been reported in cables to Holland, Italy and other points in Extensive modifications in the censorship of cable messages Europe, and to Brazil, where the cable connection is by way of Europe. Great delays are also reported in messages to India and Asiatic points. were announced by the Navy Department on April 17. At the present time the delay on the Atlantic cables to London is from said, cable was messages to Latin America 4 to 20 hours, and from London to Paris the delay, should not be more than After that date, it and the Far East (excepting Vladivostok) would no longer 2 to 5 hours more, but, due to the disorganized conditions in Europe, delays in messages from London and Paris as distributed to the be censored by the American authorities; cablegrams to and are sometimes very great. There is only one Pacific cable, and Continent that with from points in British, French or Italian territory are like- limited capacity, and the delay has been some 6 to 7 days, when the cable wise to be free from American censorship. The Depart- is in fair condition. There has recently been a break in this cable, however, in deep water, necessitating relays at certain points by wireless and cutting ment called attention, however, to the fact that the British, off direct communication to China so that the Messages from China have French and Italian censorships had not been lifted, and to go by Japan and be relayed by a slow route. that messages passing through their territory would still be censored. On April 21, however, the Navy Department INCOME TAX BILL PASSED BY NEW YORK LEGISLATURE. announced that the British censorship had been modified Before its adjournment on April 19 the New York State to permit the use of private. codes in cablegrams passing through London from the United States to South America. Legislature passed the bill providing for a State income tax, The Navy Department's announcement in the matter of as well as the measure increasing from 3 to 43'% the tax on net incomes of business corporations in the State and the the American censorship was as follows: The Navy Department, through the chief cable censor, had', to-day, made non-resident decedent's estate tax bill. The bills were hurimportant and far reaching modifications in the operations of the United ried through in the closing hours of the session, following an States cable censorship. As a result of these relaxations persons in the United States or any of its possessions may now cable, without any inter- agreement on the tax program reached on April 17 by Demoference whatsoever by United States censorship, to points in Central, cratic and Republican leaders. This, it is stated, was after South America and the West Indies, including Mexico and Cuba. Governor Smith had indicated that he would send an emerFor instance, cablegrams in private code are permitted from Chicago to Valparaiso, or from Havana to Honolulu or from New York to Mexico City. gency measure to the Legislature to facilitate the passage of The United States has also stopped censoring cablegrams to or from the amended income tax bill without delaying adjournment, points within British, French or Italian territory, irrespective of the route a contingency which seemed imminent as a result of the or other terminus of such cablegrams, likewise cablegrams between all parts of the world and Central and South America are not censored by the United differences between the Senate and Assembly bills. The States, and in addition, cablegrams to and from the Far East, excepting Assembly bill provided for the enforcement of the income tax only those to or from Vladivostok, are no longer subject to United States by the State Controller's office, while the Senate bill procensorship. It is, however, to be noted that British, French and Italian censorships vided for enforcement by the State Tax Commission; the are still in operation, and the fact that the United States has stopped Assembly bill likewise levied a flat tax of 2%, while censoring certain cablegrams does not mean that such cablegrams will not proposed a graduated tax. As explained be subjected to censorship by Great Britain, France or Italy, as the case the Senate in the New York "Times," the tax measures essential to, may be. 1684 THE CHRONICLE -carrying on the activities of the State through the next fiscal year had been amended, and, under the Constitution, could not be taken up until April 22, except with an emergency message from the Governor certifying to the immediate necessity of their passage. The Republican Senators in conference on'the 17th decided upon the final form the measure would take, the endorsement of Speaker Sweet (Republican) of the House furnishing assurance of the passage of the bill by the House. As agreed to by the Republican Senators, and finally passed, the bill fixes the tax at 1% on incomes up to $10,000, 2% on incomes from $10,000 to $50,000, and 3% in excess of $50,000. The bill was passed by the Senate on April 18, when that body also passed the bill increasing the tax on The Assembly business corporations from 3 to 4 passed both measures on the 19th. The other tax measures passed by the Legislature include a bill extending the operation of the inheritance tax law to the estates of non-resident decedents, and a bill limiting the levy on real estate in New York City to 2.25%. The State income tax becomes effective immediately, but does not apply to 1918 incomes. It is effective on incomes for the year 1919. Returns must be filed by March 15 1920 and payments must be made in full before June 1 of that year.. It applies to every resident of the State, excepting salaries or other compensation of officials or other employees of the United States, including those in the military or naval forces. It likewise applies to income from property owned and from every business, trade, profession or occupation carried on in this State by nonresidents of the State. Single persons are allowed an exemption on incomes of $1,000 or less; the head of a family or married person living with husband or wife, a personal exemption of $2,000. Additional exemption at the rate of $200 is allowed for eabh dependent person under 18 years of age. Income derived from Federal, State or city bonds will be exempt from taxation. The State Comptroller is given full control over the administration of the law and collection of the tax. The yield from the State income tax is estimated at $45,000,000, to be divided between the State and the localities where collected. The corporation tax is expected to yield $24,000,000, two-thirds going to the State and onethird to the different localities: the decedent inheritance tax, it is figured, will yield some $3,500,000. We expect to publish next week the full text of the income tax bill. THE NEW ENGLAND TELEPHONE STRIKE ENDS. The strike of telephone operators in the New England States came to an end on April 20, when the workers voted to accept a settlement providing for increased wages and recognition of the principle of collective bargaining. The strike, which began on April 15, and tied up the phone service in all the New England States, except Connecticut, involved about 8,000 girl operators and several thousand linemen and inside electrical workers who went out in sympathy. In the final settlement the operators received an increase, according to the strike leaders, of about $3 a week, retroactive to Jan. 1: in future operators will receive maximum wages of $19. a week after seven years' service, as against a present maximum of $16. The male strikers receive advances of from 623/2 cents to a dollar a day. The strikers also.won the right to bargain collectively, the denial of which delayed the settlement for several days. So great was the inconvenience caused to business interests by the cutting off of telephone communication that Governor Coolidge of Massachusetts at one time proposed to Postmaster-General Burleson that the State of Massachusetts take over the telephone lines "for the duration of the disability of the United States Government to furnish telephone service to the New England States." The Governors of Massachusetts, Rhode Island and New Hampshire united in cablegram to President Wilson, appealing to him to intervene to settle the strike, but the President declined on the ground that he could not act intelligently at such a distance. The present's reply, sent to Secretary Tumulty, said: (VoL. 108. Mayor Peters of Boston finally went te Washington to see the Postmaster-General, and the latter in turn sent a special agent of the Department to Boston to confer with the strikers. Mr. Burleson himself,"as Postmaster-General, acting for these telephone operatives," finally laid the strikers' demands before General Manager Driver of the New England Telephone & Telegraph Co., with instructions to report upon the merits of the same. A series of conferences with the heads of the unions were thereupon held and the settlement speedily reached. In stating that the increased wages granted to operatives will probably result in higher rates for service in the New England district, a special dispatch to the New York "Tribune" under date of April 21 said: One effect of the strike, and the consequent Increased wages, estimated at $1,800,000 a year, will be higher telephone rates for New England, and an official of the New England company said to-night this increase must come unless the Post Office Department is prepared to meet a considerable loss on the telephone business of this section. There is also the possibility that demands for another increase in wages will be made by the telephone workers in Octobetk The settlement made yesterday leaves the unions free to ask that the schedules now being made up be subject to a request for revision if, after six months' trial, they are found to be unsatisfactory to a majority of the girls, not to mention the 8,000 male employees. The men returned to work without any question to-day. ---• THE CONTROVERSY OVER TELEGRAPH RATES. In a lengthy statement issued on April 12, the Wire Board of the Post Office Department set forth the reasons why, in its opinion, the recent increase of 20% in telegraph rates was necessary. Incidentally, the Board took occasion to explain its attitude toward the Postal Telegraph Company in the controversy which has raged between that company and Postmaster-General Burleson, and which resulted in the recent deposition of Clarence Mackay from the management of the Postal. In regard to rates, the Wire Board, after calling attention to the large increase in the cost of labor and supplies during the war, declared that "the time has now came when it is no longer possible to render telegraph service to the industries of the country at pre-war prices." In regard to the Postal Telegraph Co., which has declared the increase in rates to be unnecessary, and offered to restore the old rates of its lines are returned to the company's control, the Wire Board's statement declares that the Postal is not a national system; that it operates only in the larger cities, where it competes for the most profitable business; that the Postal carries only a small part of the relatively unprofitable Government business; and that it is necessary, as a matter of public policy, to adjust rates to a basis that will allow the Western Union, with its offices scattered all over the country, to operate at a profit. "The fact that the Postal Company could contiziue to carry business at the old rates and still earn its compensation is of practically no significance in constructing a fair schedule of rates for the country as a whole," the report states; "such rates must cover the cost of rendering service to all points. Sound policy dictated a schedule of rates which shall give all the people telegraph service." Mr. Mackay, President of the Postal Cable Co. on April 14 issued a statement denying the validity of this argument, and blaming the increased rates on the alleged excessive compensation being paid by the Government to the Western Union. Mr. Mackay's statement is referred to at greater length below. The statement by the Wire Board of the Post Office Department was as follows: The Wire Board has made available the figures upon which is based the increase of telegraph rates made necessary by the increased wage scale and higher cost of materials used in the telegraph operation. While the price of products and service of various industrial, mercantile and miscellaneous corporations of the United States has increased 100% telegraph service has been rendered to the country at pre-war prices throughout a period when Industrial and business profits were unprecedented. The Increase of 20% in telegraph rates should be considered In comparison with the 100% increase in other prices, and it is less than that found necessary to add to the railroad freight rates and is no greater than has been made generally in other public utility rates, in order to obviate financial collapse. The purpose of the Wire Control Board is to make the lowest rate that will maintain the service required by the public. In making a rate suffcien to maintain the telegraph service of the country discrimination could not Tell them that I appreciate the seriousness of the situation, but that I be made between two companies performing this service. am unable to act intelligently from this distance. A service might be maintained within certain limited fields, where the cost Mr. Burleson's alleged delay in settling the strike also of operation is light in comparison with the volume of concentrated business at a considerable less rate than is necessary to cover a service extensive resulted in 'a cabled protest to President Wilson, signed by enough to meet the public needs. Francis J. Finneran. President of the Democratic Club of During the six months from August 1918 to January 1919, the Postal Massachusetts, and eleven members of the State Legislature. Telegraph system carried only approximately one-sixth, of about 17% of business of the country, and only about one-twelfth, or 835 %, of the The cablegram which called for the removal of Mr. Burleson the Government business, which is unprofitable. The Western Union, therepn the ground that he was "wrecking the party," said: fore, carried approximately five-sixths, or about 83%, of the business of Burleson wrecking the party. Remove him and settle this strike. the country, and eleven-twelfths, or 9135% of the Government business. APR. 26 1919.J THE CHRONICLE The extension of the telegraph service into the fields that are less profitable than are the great business centres, and the handling of Government business claimed by both companies to be at a loss of 50% of the operating cost, are a charge upon the gross revenues which is escaped by a company which avoids the rendering of this necessary public service. If all telegraph operations that are not sufficiently profitable were done away with regardless of the public needs, no increase of rates would be necessary to maintain a service limited to the profitable fields as is the acknowledged plan of the Postal System. If both telegraph companies so limited in their service, it would be disastrous to the industries and business of the country. If the telegraph rates were made sufficient to meet only the cost of operation covering one-sixth of all the service of the country so arranged as to tap only the most profitable business, much of the telegraph service for the rest of the country would be destroyed. This would be advantageous to those who luxuriated in the cream of business, but would be disastrous to the public. The increase of business of the Western Union Telegraph Company in 1918 over 1916 was 38%; that of the Postal System was only 9%. Yet the earnings of the Postal System for the month of January last, after adjustment for depreciation and wage increase, were $222,297. During 1919 the increase in the operating expenses of the Western Union, due to an increase in the number of employees, and in the wage rates combined, will be $13,000,000 in excess of the increase in its gross revenues. 0 The number of employees of the Western Union was increased 597 while the gross revenues increased but 54%. The reason why the increase of traffic was proportionately greater than the increase of gross revenues was that the Government business, which is carried at approximately 40% of the commercial rates, was fourteen times greater In January 1919 than in January 1916. We are informed that the Postal Telegraph avoided carrying the unprofitable Government business, as far as it was possible for it to do so; and the Western Union carried about 11-12ths of the entire volume; and that in some instances instructions were Issued by the officials of the Postal system to their subordinates to avoid this Government business whenever it could be done, a plausible excuse being suggested, such as shortage of operators, &c. If the policy of operating the wire service at only such points of concentrated business as would make the service highly profitable, and of eliminating Government messages, were applied to both telegraph companies, there would probably be no occasion for an increase of telegraph rates to meet the increased cost of material and wages in the operation of the system. The burden of increased cost of labor and material has been rendered heavier by the fact that the volume of business has fallen off since the signing of the armistice, and has produced a situation where it is no longer possible to render telegraph service at pre-war rates. Under the stimulus of war demands, American prices, as shown by the Index number of wholesale prices prepared by the United States Bureau of Labor Statistics, have risen steadily since the latter months of 1915. By July 1917 the price level had risen to 185% of the 1914 prices. At this point price-fixing by the Government agencies checked the rise for some months. But by January 1918 the level of 185% had been recovered and the prices continued to advance until they reached 207% in September. Despite the signing of the armistice, they have receded but slightly from this point. During all this period the prices for telegraph service have remained at the pre-war level. Materials and supplies which the telegraph companies purchase, have, however, followed the course of general prices. Public regulation does not limit the prices which utilities must pay for materials and supplies; they must therefore pay the same price upon the market as other buyers. They were confronted by a steady and enormous increase of all costs entering into their operation, while retaining a fixed low price for service. It requires only common sense and elementary arithmetic to disclose that this course inevitably brought the properties to a point where revenues were no longer adequate to cover cost. Following the signing of the armistice the telegraph business fell off. The question of necessity for a rate increase to meet past wage increases Is answered by a review of the Western Union Telegraph Company's operations. In January. 1916, the land line revenues of this company amounted to $3,805,000. The total pay-roll for the employees in the commercial and traffic departments and in nonfunctional offices amounted to $1,408,226. The pay-roll at that time amounted to 37% of the gross revenues and was at the rate of $51 92 per employee per month. By January, 1919, the revenues from the land line had Increased to $5,860,000 and the payroll of these employees had increased to $3,300.067, or an average of $76 63 per employee. The payrolls of these employees amounted to 66.3% of the total revenues, as against 37% in January, 1916. The number of employees increased by 59% and the gross revenues of the company by 54%. The average increase per employee per month on commercial, traffic and non-functional payrolls was $24 71, or approximately 48%. The number of employees at present averages 45,000. The increase in rate of pay, therefore, amounts to $13,343,400 per year. The increases since June, 1918, amounts to $7,786,000, and since January, 1918, to $9,277,000. The monthly payroll has increased from $1,408,226 to $3,300,867. This is an annual increase of $22,711,692. If the rate of wages of these employees had remained the same as on Jan. 1 1916, the increase in the payroll would have been at the rate of $914,155 Per month, or $10,969.865 per year. The company would then have had a profit larger by the difference between $22,711,692 and $10,969,865, or $11,741,827. In addition to the increases of wages for this class of employees, that for those in the plant department amounted to $2,138,830. Therefore, the increase in operating expenses traceable to wage increases alone amount to more than $14,000,000. The increase in operating expenses due to the larger number of employees and the higher wage rate combined, will amount to $27,60S.000. The gross revenues of the Western Union for 1919, under the old rates, are estimated at $68,000,000, as against $54,000,000 for 1916. The increase in the revenue is $13,000,000 short of the increase in wages. The 20% rate increase now made will yield approximately $12,000,000 additional revenue per annum on this property. The wage increases during the year 1918, including the increase effective Dec. 31, brought wages in January, 1919, to the point where they are $10,600,000 per annum in excess of a year ago, and $8,500,000 in excess of June, 1918. The operations of the company have been carried on with this increased wage schedule since Jan. 1 1919. The increase in the telegraph rates now made is e:timated to add $9,000,000 to the revenues of the Western Union for the remaining nine months of the calendar year. The Pasta! System has not had a similar increase in operating expenses. No figures are available as to the payroll, but the total operating expenses amounted in 1916 to $9.543,972; in 1917 to $10,401,876, and in 1918 to approximately 510,500.000. This smaller increase is explained principally by the smaller growth of business of the Postal System. The following table shows the gross revenues of the Postal and of the Western Union for the years 1916, 1917 and 1918: 1685 LAND LINE GROSS REVENUES. Western Union. Postal System. Total. $54.016,171 513,644,987 $67,661,158 66,528.711 14,907,097 81,435,808 74,505,512 14,930,896 89,436.408 Increase, 1918 over 1916: Western Union, 38%; Postal System, 9% total, 32%. The relative growth of traffic on the Western Union was even more rapid than the figures of gross revenues indicate, because its increase in the volume of Government business carried was much more rapid than that of the Postal System. Even with its small increase of business, it is clear that the increase in the operating expenses of the Postal Telegraph System could not have been limited to 10% if the same increase in wage rates had been made by that system which was made by the Western Union. The net earnings of the Postal Telegraph system have not fallen to the same extent as have those of the Western Union. During the six months, August 1918 to January 1919, the net earnings of the Postal, as shown by their accounts, were $1,832,821. After adjustment for depreciation , awarded them by the Postmaster-General, and for the wage increase for the months of January, these earnings were $1,652,821. The earnings for the month of January, after wage and depreciation adjustment, were $222,296. Some persons jump to the conclusion since the earnings of Postal Telegraph system were still substantially under the old rates, the increase was unnecessary. The Postal Telegraph system is not a national system in the sense that it furnishes service at all points where it is desired in the public Interest. It has approximately one-tenth as many offices as the Western Union and carries one-sixth of the telegraph business of the nation. It competes for much more than one-sixth of the nation's business, however, because its offices are located in the larger cities. Two-thirds o' the telegraph business of the country originates in these business centres. The Postal-Telegraph system is, therefore, in a position to select from all the business offered that which can be most profitably handled, and this it seems to have done in most efficient manner. The fact that the Postal Company could continue to carry business at the old rates and still earn its compensation is of practically no significance in constructing a fair scuedule of rates for the country as a whole. Such rates must cover the cost of rendering service to all points, including just compensation for the property used. The Postal system reaches oify a fraction of the points at which telegraph service is rendered, and at the points which it does reach it could not carry one-half the business offered. Sound public policy dictates a schedule of rates which shall give all the people telegraph service. Under such a schedule of rates the Postal system will reap the benefits that come to the competitor who strives only for the more profitable business, but this situation is inevitable as long as this condition exists in the telegraph field. The fact that the Postal Company could operate at its present rates and still make profits is of little significance in passing upon the general schedule of rates. A comparison of the effects of increased prices upon general business profits with that upon the telegraph profits is enlightening. The net income of the industrial, mercantile and miscellaneous corporations reported to the Commissioner of Internal Revenue increased from $2,697,618,000 in 1913 to $6,697,000,000 in 1916; to $8,300,000,000 in 1917; to $7,500,000,000 in 1918, and it is estimated will not fall below $5,000,000,000 in 1919. While there has been a rise of 70% in the general wage schedule this is more than offset by the rise of 100% in the price of products and service sold by the corporations. During this period our national dividend, which represents income of all the people, including wage-earners, has increased from $35,000,000,000 to $72,000,000,000. The number of people reporting incomes of $3,000 and over increased from 357,598 to 697,055, while their incomes amounted to $7,500,000,000 in 1917, as against $3,900,000,000 in 1913. As against this, the earnings of the telegraph company, which renders a national service, have been extinguished for the year 1919 unless rates are increased. These comparisons are the more significant when we realize that 80% of the telegraph service is rendered to the very industries and establishments which have made these large profits in 1916 and subsequent Years. It should also be noted that it is these industries which have sold to the telegraph companies the materials and supplies. at largely advanced Prices, and it is their competition for labor, together with the increased cost of living brought about by the high prices of their products, which has been directly responsible for the increase in wages and has necessitated the present advance in rates. The time has now come when it is no longer possible to render telegraph service to the industries of the country at pre-war prices. Year1916 1917 1918 Mr. Mackay in the statement referred to above declared that Mr. Burleson's "explanations don't explain," and added: I find, however, that the real explanation is to be found in the report of the Western Union Telegraph Company for 1918 to the Inter-State Commerce Commission, which has just been filed. It appears from an analysis of that report that Mr. Burleson has paid that company as compensation for five months, August to December, inclusive, more than that company earned to the extent of about $2,500,000. This means a loss of over $5,000,000 for a whole year. Why did he give them more than they earned? And why did he give the Postal Company less than half of what it earned? If Mr. Burleson had given both companies exactly what they earned and no more, there would have been no occasion for raising the telegraph rates 20%. The Postal Company has repeate lly said it would be content with what it earned. And even if Mr. Burleson was willing to saddle the Govermnent with a loss of $5,000,000 overpayment to the Western Union, why does he now saddle the public with $16,000,000 of increased telegraph rates? He gives the Western Union $5,000,000 more than it should get, gives the Postal $2,000,000 less than it should get, and then extorts from the public $16,000.000 more than there is any occasion or excuse for extorting. No wonder Mr. Burleson is busy explaining. In a previous statement issued on April 1, criticizing the increased rates established by the Postmaster-General, Mr. Mackay expressed his opinions as follows: "The total telegraph business of the country is approximately $80,000,000," said Mr. Mackay, "and this 20% increase ordered by Mr. Burleson means an increase of $16,000,000 to the telegraph users. That it is absolutely unnecessary to increase telegraph rates is shown by the fact that the representstives of the Postmaster-General now find that we have been able to hold up our earnings and profits to expectations, and those earnings and profits to expectations, and those earnings and profits for the year commencing July 31 1918 (the date when the Government claims to have taken control), will be More than twice the compensation which Mr. Burleson has given our company. During the six months ending Jan. 31 we have 1686 THE CHRONICLE earned more than the compensation awarded to us by Postmaster-General Burleson for a whole year. "If we had been allowed to keep our property and operate it we would not have thought of increasing the rates, and there would not have been the slightest occasion for raising the rates. The real fact is that Mr. Burleson has agreed to pay the Western Union more than he should have agreed to, and in order to realize that amount he has to raise the rates. A second reason is that the Western Union Telegraph Company is not administered carefully and economically. Even now, when the Government is supposed to be in control of both companies, the Western Union has a horde of solicitors running around trying to get business away from the Postal. "These solicitors do not create any telegraph business, and they are as useless as would be solicitors for a street ralway. The receipts and expenditures of the Postal system, as administered by our own staff ever since the Government assumed to take control on Aug. 1 1918, show there has been no material change to require or even to justify an increase in rates. The receipts and expenditures of the Western Union, however, as we gather from their reports, tell a different story, and that is why I say I believe the trouble is due first to the fact that Mr. Burleson agreed to pay them too much compensation, and, second, to the fact that the Western Union is not administered carefully and economically. "What Mr. Burleson intends to do with the profits which he is taking away from us we do not know. We do know that if we had been left alone there would have been no increase in rates and no loss of profit to us. As It is now, the Western Union is ahead of the game, but the public loses $16,000.000 a year, and we lost about $2,000,000 under Mr. Burleson's award to us. Our profits from Aug. 1 1918 to Aug. 1 1919 will apparently be at least $3,680,000, without any of the increased rates, and yet Mr. Burleson proposes to allow us only $1,680,000 of this amount. In other words, Mr. Burleson gives us $1,680,000 and he keeps $2,000,000 of our profits, and also keeps all of these increased rates which our property may earn. This is what I call a 'raw deal.' "If Mr. Burleson will return our lines to us at once we will carry on the telegraph business at the old rates at once. This certainly is a fair proposition, and should appeal to the American public, who are paying the increased telegraph rates. [voL. 108. and employee. Machinery for the adjustment of grievances must be provided which will work smoothly and instantaneously. Every feasible opportunity must be given to the workman to be informed as to the conduct duct of the business of which he forms a part. He must not be deprived of his employment without valid cause. Wherever it is practicable and really desirable by the workmen themselves to have representation on the board of direction, I think that, too, should be conceded. It would give them a better notion of the problems, complexities and cares which the employer has to face. It would tend to allay the suspicions and to remove the misconceptions which, so frequently, are the primary cause of trouble. The workman would come to realize that capitalists are not, perhaps, quite as wise and deep as they are give), credit for, but on the other hand, a good deal less grasping and selfish than they are frequently believed to be, a good deal more decent and well meaning, and made of the same human stuff as the worker, without the addition of either horns or claws or hoofs. 2. The worker's living conditions must be made dignified and attractive to himself and his family. Nothing is of greater importance. To provide proper homes for the workers is one of the most urgent and elementary duties of the employer, or, if he has not the necessary means, then of the State. 3. The worker must be relieved of the dread of sickness, unemployment and old age. It is utterly inadmissable that because industry slackens, or illness or old age befalls a worker, he and his family should therefore be condemned to suffering or to the dread of suffering. The community must find ways and means of seeing to it, by public works or otherwise, that any man honestly desirous to do an honest day's work shall have an opportunity to earn a living. Those unable to work must be honorably protected. The only ones on whom a civilized community has a right to turn its back are those unwilling to work. 4. The worker must receive a wage which not only permits him to keep body and soul together, but to lay something by for a rainy day to take care of his wife and children, and to have his due share of the comforts, joys and recreations of life. 5. Labor, on the other hand, must realize that high wages can only be maintained if high production is maintained. The restriction of production is a sinister and harmful fallacy, most of all in its effect on labor. The primary cause of poverty is under-production. High wages accompanied by proportionately high cost of the essentials of living don't do the worker any good. And they do the rest of the community a great deal of harm. The welfare of the so-called middle classes, I. e., the men and women living on moderate incomes, the small shopkeeper, the professional man, the farmer, is just as important to the community as the wefare of the wage earner. If through undue exactions, through unfair use of his power, through inadequate output, the workman brings about a condition in which the pressure of high prices becomes intolerable to the middle classes, he will create a class animosity against himself which is bound to be of infinite harm to his legitimate aspirations. OTTO H. KAHN ON RELATIONS OF CAPITAL AND LABOR. In a presentation of his views on the relations of capital and labor, Otto H. Kahn, speaking at the celebration of Founders' Day at Carnegie Institute, Pittsburgh, April 24, made the statement that "It must be admitted, unfortunately, that for a long period in the past, society failed to give labor a square deal or to do anything like its duty by labor. But in their rightful resentment against exploitaC. E. MITCHELL ON GOVERNMENT OWNERSHIP OF tion and in their determination for the redress of just grievRAILROADS. by misled plausible be to itself permit not should ances, labor he is "unalterably opposed to Govthat declaration The added: Kahn fallacies or self-seeking agitors." Mr. It must not give credence, for instance, to the absurd preachment that ernment ownership and operation of railroads," was made by practically all wealth other than that produced by the farmer, is the product Charles E. Mitchell,President of the National City Company of the exertions of the working men. There are, of course, many other of New York, in an address before the Canadian Club at factors that enter into the creation of wealth. Thus, the "directive "The experience with Governmentfaculty," the quality of leadership in thought and action is not only one Montreal on April 21. absolutely needful in all organized undertakings, great or small, but it owned roads in Canada," said Mr. Mitchell, "is the experibecomes increasingly rare and, consequently, increasingly more valuable ence with State lines in almost every part of the globe. Most as the object to which it addresses itself increases in size, complexity and of them do not earn interest on the investment, and practidifficulty. The way to progress is not to pull everything down to a common level cally none earns the taxes which would have been forthof mediocrity, which means ultimately a common level of wretchedness, coming from private railways, to say nothing of the profits but to help everybody up. It is not material success which must be abolished; it is poverty and accruing to private capitalists under private management. justified discontent which must be abolished. He added: by multiplication. We cannot abolish poverty by division, but only It is not by the spoliation of some, but by creating larger assets and broader opportunity for all that national well-being can and must be enhanced. I wonder how many people realize that, if all incomes above $10,000 were taken and distributed among those earning less than $10.000, the result, as near as it is possible to figure out, would be that the income of those receiving that distribution would be increased barely 10%• And the result of any such division would be an immense loss in national productivity by turning a powerful and fructifying stream into a mass of rivulets many of which would simply lose themselves in the sand. I wonder how many people know that the frequent and loud assertion that the great bulk of the wealth of the nation is held by a small number of rich men, is wholly false; and that the fact is, on the contrary, that seveneighths of our national income goes to those with incomes of $5,000 or less, and but one-eighth to those with incomes above $5,000. A year and a third of Government operation of railways in the United States has proven that we cannot expect our case to be any exception to the proven rule, for the results have been such that, while a year ago the great majority of the American people were moderately in favor of Government ownership, to-day the number has dwindled almost to the vanishing point. Indeed, it now includes only the unthinking portion of that great body of railroad labor which has benefited by the free and easy dispensation of other people's money and has as yet failed to realize that, in the ultimate, labor interests will not be best served by their development as a cog in the machine of politics, and also, a few students of the situation who, worn by the struggle to see through the fog of the problem, have become so discouraged as to be willing to consign the roads to rest in peace in the arms of a paternalistic Government which stands ready to force the taxpayer to meet any deficiency resulting from Government operation. that, first of all, labor is entitled to a living wage. After that, capital is entitled to a living wage. What is left over belongs to both capital and labor, in such proportion as fairness and equity and reason shall determine in all cases. The application of that formula is, of course, complex and difficult, because there are so many different kinds of labor and there are so many different kinds of capital. Not unfrequently the laborer and capitalist overlap and merge into one. You have skilled labor and unskilled labor and casual labor; you have the small employer, the large individual employer, the corporate employer, the inventor, the prospector, &c. And then, circumstances and conditions vary greatly, of course, in different parts of the country and in different industries. It is impossible to measure by the same yardstick everywhere, but the principle of fairness can be stated, the desire can be stated to do everything possible to bring about good feeling and good understanding between labor and capital, and willingly and freely to co-operate so that labor shall receive its fair share in the fruits of industry, not only by way of a wage return, but of a larger return in comfort, in joy, in the happiness of life. It seems to me that, in the main, right-thinking men of capital and of labor would concur in the following points: 1. The workman is neither a machine nor a commodity. He is a partner with capital. He must be given a full voice in determining the conditions under which he works either through organization in each factory or other unit, or through labor unions, or through both. Everything practicable must be done to infuse interest and conscious purpose into his work, and to diminish the sense of drudgery and monotony of his daily task. The closet possible contact must be maintained between employer Three given to the return of railroad property to private operation; First, the reconstruction of the Inter-State Commerce Commission, with rate fixing authority and responsibility definitely established; second, an immediate rate increase sufficient to take up the burden of the wage increase granted during Government'operation, and, third, the passage of such legislation as will provide for a division of profits above what shall be determined to be a reasonable return to invested capital. 'With these things accomplished, we should be ready for private operation. That complete severance from Government responsibility for railroad credit should be immediate and for every road at the same hour, seems to me, however, a preposterous suggestion. The corner to be turned must not be a sharp one The return must be gradual, both in method and point of time. I feel that the Government should continue its guaranty of standard rental return as now established for such a period, probably two or three years, as will enable private managements to get back a firm hold upon their affairs. Under such continuance of guaranteed return, let the Government turn back the properties with reasonable working assets to the private owners, leaving for gradual settlement and adjustment the counter claims inevitably to be made as between the Government and the private owners for later but as early an adjustment as may be possible. Let private management reinstate itself, with the requirement upon each road to pay over to the Government any excess over the Government guaranteed rental return and with the right to call upon the Government during the guaranty period for any deficit between its net operating revenue and such guaranteed rental. But lot there be provision that at any time during this two to three year period of continued Government guaranty any "The time has come," Mr. Mitchell asserted, "to solve problem of the future for the railroads and the longer the the labor the with deal should "The principle on which we delay the more difficult the solution." In expressing his question is very simple." Mr. Kahn continued: to the solution, Mr. Mitchell said: It is the principle of the Golden Rule. I think the formula should be views as things appear to me essential to be done before consideration is APR. 26 1919.] THE CHRONICLE railroad company may, if it so elect, release the Government from its guaranty and receive thereafter the full net return resulting from its operations, subject to a division of excessive earnings as heretofore suggested. I am of the belief that, under this plan, the owners of the majority of our large railroad companies would release the Government from its guaranty within the first year, and that the roads continuing to work under the guaranty to the end of the period, which would naturally be the weakest of the companies, would be comparatively few. 1687 and rate regulation which will bring about between the railroads andithe Government a relation of mutual trust and co-operation. Holders of railroad stocks and bonds agreeing with the principles as stated above and wishing to co-operate in the movement to get representation for the individual investor are urged to send their names to the Railway Investors' League, 61 Broadway, New York. The League is declared In recounting the results under Government control, Mr. to be an entirely independent organization "having no affiliations with anybody—the bankers, the railroads, Mitchell said in part: In the fifteen months which have passed since the beginning of this third labor, the shippers, or anyone else." It is in no way constage—the Government operation stage—the railroads have well served nected either with the National Association of Owners of their war mission. The President's plan of organization was simple and effective. He constituted the office of Director-General of Railroads, Railroad Securities (the Warfield Committee) or with the appointing thereto the Secretary of the Treasury, who proceeded to work Association of Railway Executives. It is, the circular out an executive control by the appointment of a number of conspicuously declares, "nothing more nor less than a nation wide union able railroad executives. Freight rates were advanced 25% and passenger rates 50%. The spirit of the people was high. They showed their willing- of investors, banded together for mutual protection and ness to co-operate in every possible way. They accepted their rate in- the enforcement of their rights as the real owners of the creases. They were charitable in their view of the service rendered. railroad properties. The officers of the Railway InvesWhile it is fair to say that the railroads were obviously not operated to make the most favorable financial statement, it is true that there was tors' League are given as: President, John Muir; Vicenever a time when they were operated under greater co-operation from Presidents, B. C. Forbes, Lionel Sutro and Franklin Escher, those to whom service was rendered. Tho country was divided into seven great traffic regions, and for these regions were appointed Regional Directors, who were, for the most part, the presidents of leading trunk lines. On paper, the scheme was sound. The fact that these operators, however, working to a man to the height of their efficiency and power, were unable to produce satisfactory results, and service deteriorated and morale became constantly lower, is a striking commentary on the general subject of Government operation. The roads were free from hampering restrictions and yet the net earnings fell off $285,000,000, compared with the previous year, the railroads earning only 75% of the amount which the Government had guaranteed them as rental. Notwithstanding the increases in rates, which were far greater than private management had ever dreamed of asking, and which produced greater gross revenue by $865,000,000, the people of our country, after suffering inferior service, were called upon as taxpayers to advance $210,000,000, the amount by which the net earnings failed to equal the guaranteed rental. In other words, the American people paid $865,000,000, more in rates for inferior service and were taxed $210,000,000, in addition, so that the true cost to the people of one year of Federal operation amounted to $1,075,000,000. With these figures before you, I need not repeat that the popular passion for Government ownership and operation has materially cooled during the past year. The Railroad Administration, through appreciation of necessities of war conditions or otherwise, increased the wage bill of our railroads within one year $965,000,000, which advance followed an advance made by the companies themselves in the previous year so that the total advances in the yearly wage bill arising since our entry into the war are no less than $1,260,000,000. The annual wages paid by our railroads to-day aggregate $3,000,000,000--an amount equivalent to the gross earnings of all roads during the year 1915. Considering that the war-time increase in prices of railroad materials has added to operating costs between $500,000,000 and $600,000,000 annually, and that the yearly wage scale has been increased by $1,260,000,000, while the entire advance in rates has added only about $1,000,000,000 to annual railroad revenues, it will be clearly seen that the railroad financial situation is far worse than it has over been before. Much as we may dislike the thought, a further increase in rates to compensate, in large measure, for this increase in operating expenses, is inevitable. While there may be some hope that the cost of coal and rails and other suppliea may come down and the increased volume of traffic may compensate for such increases as remain,it is difficult, in view of the political aspect of the situation, to believe that railroad wages will lend themselves to reduction under the natural laws of economies as will the industrial wage. A rate increase equivalent in result to the wage increase should unquestionably be made forthwith. RAILWAY INVESTORS' LEAGUE URGES INVESTORS IN RAILROAD SECURITIES TO CO-OPERATE. In anticipation of the taking up of the railway question at the coming session of Congress, the Railway Investors' League, which was organized two years ago "to give representation to the small investor" and which claims a membership of many thousands, is sending out a circular urging co-operative action on the part of individual holders of stocks and bonds. The circular says: The railroad executives and the shippers have each presented a plan satisfactory to them. Labor has offered to come in and relieve the owners of the trouble of running their properties. Bankers and economists without number have made statements as to what they think about it. The shareholder alone, the man who really owns the properties, has remained silent, watching the lots being cast for his garment—and the price of his securities go steadily down. The Railway Investors' League, it is explained, did not come forward with a plan at the time of the recent hearing before the Senate committee, feeling that "nothing definite could possibly be accomplished before Congress adjourned." With a special session of Congress about to be called, it is pointed out, the situation has changed and it is high time now for the "individual shareholder, the man who really owns the properties, to come forward in defense of his rights." • While not yet ready to advance a plan of its own for the solution of the railroad problem, the Railway Investors' League states the following principles on which it believes any solution of the problem satisfactory to the holder of railroad stocks and bonds must rest: 1. Return of the railroads, within a reasonable length of time, to private ownership. 2. Private ownership and operation under close Government supervision and rate regulation—with the Government guaranteeing to the owners of the railroads a fixed return on the amount of their investment. 3. Development of a proper machinery for Government supervision PRESIDENT WILSON'S STATEMENT AS TO FIUME AND PREMIER ORLANDO'S REPLY. The outstanding feature of the peace conferences has been the statement of President Wilson respecting the claims of Italy as to Fiume. In this statement, issued at Paris oil April 23, the President points out that every condition associated with the Adriatic settlement has been changed since Italy entered the war; he contends that "Fiume must serve as the outlet of the commerce, not of Italy, but of the land to the north and northeast of the port, Hungary, Bohemia,Rumania and the States of the new Jugo-Slav group." "To assign Fiume to Italy," he continues, "would be to, create the feeling that we have deliberately put the port upon which all those countries chiefly depend for their access to the Mediterranean in the hands of a Power of which it did not form an integral part and whose sovereignty, if set up there, must inevitably seem foreign, not domestic or identified with the commercial and industrial life of the region which the port must 'serve." The following is the President's statement in full: In view of the capital importance of the questions affected, and in order to throw all possible light upon what is involved in their settlement, I hope that the following statement will contribute to the final formation of opinion and to a satisfactory solution: When Italy entered the war she entered upon the basis of a definite private understanding with Great Britain and France, now known as the Pact of London. Since that time the whole face of circumstances has been altered. Many other powers, great and small, have entered the struggle, with no knowledge of that private understanding. • The Austro-Hungarian Empire, then the enemy of Europe, and at whose expense the Pact of London was to be kept in the event of has gone to pieces and no longer exists. Not only that, but thevictorY, several parts of that empire, it is agreed now by Italy and all her associates, are to be erected into independent States and associated in a League of Nations, not with those who were recently our enemies, but with Italy herself and the Powers that stood with Italy in the great war for liberty. We are to establish their liberty as well as our own. They are to be among the smaller States whose interests are henceforth to be safeguarded as scrupulously as the interests of the most powerful States. The war was ended, moreover, by proposing to Germany an armistice and peace which should be founded on certain clearly defined principles which set up a new order of right and justice. Upon those principles the peace with Germany has been conceived, not only, but formulated. Upon those principles it will be executed. We cannot ask the great body of powers to propose and effect peace with Austria and establish a new basis of independence and right in the States which originally constituted the Austro-Hungarian Empire and in the States of the Balkan group on principles of another kind. We must apply the same principles to the settlement of Europe in those quarters that we have applied in the peace with Germany. It was upon the explicit avowal of those principles that the initiative for peace was taken. It is upon them that the whole structure of peace must rest. If those principles are to be adhered to. Fiume must serve as the outlet of the commerce, not of Italy, but of the land to the north and northeast of that port, Hungary, Bohemia, Rumania, and the States of the new .1'11130-Slav group. To assign Fiume to Italy would be to create the feeling that we have deliberately put the port upon which all those countries chiefly depend for their access to the Mediterranean in the hands of a power of which it did not form an integral part and whose sovereignty, if set up there, must inevitably seem foreign, not domestic or identified with the commercial and industrial life of the regions which the port must serve. It is for that reason, no doubt, that Flume was not included in the Pact of London, but there definitely assigned to the Croatians. And the reason why the line of the Pact of London swept about many of the islands of the eastern coast of the Adriatic and around the portion of the Dalmatian coast which lies most open to that sea was not only that here and there on those islands, and here and there on that coast, there are bodies of people of Italian blood and connection, but also, and no doubt chiefly, because it was felt that it was necessary for Italy to have a foothold amidst the channels of the Eastern Adriatic in order that she might make her own coasts safe against the naval aggression of Austria-Hungary. But Austria-Hungary no longer exists. It is proposed that the fortifications which the Austrian Government constructed there shall be razed and permanently destroyed. It is part also of the new plan of European order which centres in the League of Nations that the new States erected there shall accept a limitation of armaments which puts aggression out of the question. There can be o fear of the unfair treatment of groups of Italian people there, because dequate guarantees will be given, under international sanction, of the q ual and equitable treatment of all racial or national minorities. 1688 [VOL. 108. THE CHRONICLE In brief, every question associated with this settlement wears a new aspect—a new aspect given it by the very victory for right for which Italy has made the supreme sacrifice of blood and treasure. Italy, along -With the four other great Powers, has become one of the chief trustee o the new order which she has played so honorible a part in establishing. And on the north and northeast her natural frontiers are completely restored, along the whole sweep of the Alps from northwest to southeast to the very end of the Istrian Peninsula, including all the great watershed within which Trieste and Pole lie, and all the fair regions whose face nature has turned toward the great peninsula upon which the historic life of the Latin people has been worked out through centuries of famous story ever since Rome was first set upon her seven hills. Her ancient unity is restored. Her lines are extended to the great walls which are her natural defense. It is within her choice to be surrounded by friends; to exhibit to the newly liberated peoples across the Adriatic that noblest quality of greatness, magnanimity, friendly generosity, the preference of justice over interest. The nations associated with her, the nations that know nothing of the Pact of London or of any other special understanding that lies at the beginning of this great struggle, and who have made their supreme sacrifice also in the interest, not of national advantage or defense, but of the settled peace of the world, are now united with her older associates in urging her to assume a leadership which cannot be mistaken in the new order of Europe. America is Italy's friend. Her people are drawn, millions strong, from Italy's own fair countrysides. She is linked in blood, as well as in affection, with the Italian people. Such ties can never be broken. And America was privileged, by the generous commission of her associates in the war, to initiate the peace we are about to consummate—to initiate it upon terms which she had herself formulated and in which I was her spokesman. The compulsion is upon her to square every decision she takes a part In with those principles. She can do nothing else. She trusts Italy, and In her trust believes that Italy will ask nothing of her that cannot be made sunmistakably consistent with those sacred obligations. The interests are not now in question, but the rights of peoples, of States new and old, of liberated peoples and peoples whose rulers have never accounted them worthy of a right; above all, the right of the world to peace and to such settlements of interest as shall make peace secure. These, and these only, are the principles for which America has fought. These, and these only, are the principles upon which she can consent to make peace. Only upon these principles, she hopes and believes, will the people of Italy ask her to make peace. The Associated Press, in Paris cablegrams on the 23d, reported that, after a conference held by the Italian delegation to the Peace Conference to discuss President Wilson's statement, it was announced that the delegates would leave Paris the next day. These accounts also stated: Premier Orlando expressed profound surprise at the declaration of President Wilson, which, he said, came at a time when he was "about to make a supreme attempt at conciliation." "The Italian delegates, hoping to see the Italian problem adjusted amicable," he continued, "might have taken some other decision than ceasing to collaborate in the labors of the conference, had this statement not been issued." The Premier added that he would address a message to the Italian people, who, he said, "will express themselves." Following the publication of Mr. Wilson's note on the Adriatic question newspaper men flocked to the Hotel Ourde, where the Italian delegation makes its headquarters. In the salon reserved for Italian newspaper men Premier Orlando received the correspondents. He recalled to them the fact that Italy had consented to all possible concessions regarding the Dalmatian hinterland, and added that he had received this morning from England, France and the United States a reply recognizing the rights of Italy over the Italian cities of Dalmatia, but refusing to give recognition to Italian claims on Flume, which would become a free city without mandatory administration by any Power. "The delegation having learned that this was the opinion of President Wilson," he said,"declined in the course of a meeting to acknowledge the declaration of Mr. Wilson which was published this evening and decided to address to France and Great Britain, signatory nations to the treaty of London, a letter setting forth the impossibility of continuing participation in the labors of the peace conference and expressing regret that the declaration of Mr. Wilson had rendered impossible the last supreme effort toward conciliation on the part of Italy. The message paid homage to the loyalty the loyalty and fidelity of France and England." An Associated Press cablegram from Paris, April 23, also said: It was stated to-night in an authoritative American quarter that Mr. Wilson's statement regarding Fiume was submitted by him to Mr. Lloyd George and M. Clemenceau two days ago. He had previously laid it before the American delegation, which had approved it. It was said that Premier Lloyd George approved President Wilson's statement without reserve, and that Premier Clemenceau has described it as "admirable" and has said that he "would not change a word." It is explained that the reason that Mr. Lloyd George and M. Clemenceau did not join in the statement was the fact that they were parties to the Treaty of London. It was also made known that Premier Orlando had prepared a statement for the Italian Parliament, which went forward last night. It has not been made public here, and its contents are as yet unknown. the governments), I should feel deep regret in recalling that this process, heretofore applied to enemy governments, is to-day applied for the first time to a government which has been and intends to remain a loyal ally of the great American Republic, namely, to the Italian Government. Premier Orlando says that he might complain that such a message addressed to the Italian nation had been published at the very moment when the Allied and Associated powers were negotiating with the Italian Government, the help of which had been sought and appreciated in numerous serious questions, heretofore discussed in intimate and complete solidarity. "Above all," he continues, "I should have the right to complain if the declarations of the Presidential message have the purpose to oppose the Italian people to the Italian Government, because it would misconstrue and deny the high degree of civilization which the Italian people has attained, and to oppose the Italian people and Government would be to admit that this great free nation would submit to the yoke of a will other than itsown, and I should be forced to protest strongly against suppositions unjustly offensive to my country." Referring to President Wilson's statement, Premier Orlando says it entirely purports to demonstrate that the Italian claims, beyond certain limits laid down in his message, violate the principles upon which must be founded the new regime of right, justice and liberty among peoples, and adds that he never denied these principles, and that even President Wilson would do him the justice to say that in the long conversations they had had together he (Orlando) had never relied upon the formal authority of a treaty by which he knew President Wilson was not bound, but merely relied on reason and justice, upon which Italy's claims were based. Signor Orlando deplores that he could not convince President Wilson although the President admitted that justice and truth are the monopoly of no man, and that all men err. The Conference, he points out, has had to change its mind many times, and he does not think himself disrespectful by asking it to change it again. "I consider as unjustified the application that, in his statement, President Wilson makes of his principles toward the Italian claims," Premier Orlando continues. "It is impossible for me in a document of this mature to repeat the detailed arguments which have been produced in Italy's behalf. I might simply say that no one will receive, without reserve, the affirmation that the collapse of the Austro-Hungarian Empire should imply the reduction of Italian aspirations." Citing the President's argument that the concessions granted bring Italy to its natural defenses, the Alps, Signor Orlando says: "This recognition is of great importance, provided the eastern flank of this wall does not remain open and that the right of Italy should be interpreted to include the line of Monte Nevoso, which separates the water running toward the Black Sea and the Mediterranean." He recalls that the Latins from the earliest dawn of Italian history designated this mountain the "Italian limit." "Without this protection," says the Premier,"a dangerous breach is left in this admirable barrier of the Alps, rupturing the unquestionably political, economic and historical unity of the Istrian Peninsula. I contend, furthermore, that he who is entitled to the honor of proclaiming to the world the rights of the free determination of peoples should recognize this right for Fiume, an ancient Italian city which proclaimed its Italian nature before the Italian ships arrived—an admirable example of national conscience perpetuated throughout centuries. "To deny this right only because of the small number concerned would mean the admission that the criterion of justice toward peoples varies according to their territorial extent." Premier Orlando then points out that Antwerp, Genoa and Rotterdam are international ports serving as an outlet to divers peoples and territories without having to pay for the privilege by sacrificing national conscience, and continues: "It Is impossible to qualify as excessive the Italian aspirations toward the Dalmatian cost, Italy's boulevard throughout centuries, which Roman genius and Venetian activity made noble and grand and whose Italian character, defying for centuries implacable persecutions, still shares the same thrill of patriotism with the Italian people." The principle proclaimed with reference to Poland that denaturalization based on violence does not create rights, the Premier contends, should be applied to Dalmatia. Passing to the argument of "cold statistical statements," the Premier affirms that among the national reconstructions occupying the Peace Conference none of the reconstructed nations will count within their frontiers a relatively slighter number of persons of alien race than would be attributed to Italy, and asks why only Italians should be suspected of imperialistic cupidity. The history of the negotiations, he declares, will show that the Italian delegation acted not only with firmness but with a grand spirit of conciliation. He concludes his statement as follows: "The Presidential message ends With a warm declaration of America's friendship for Italy. I reply in the name of the Italian people, and proudly claim the right and honor to do this as one who, in the most tragic hour of this war, proclaimed the cry of resistance at all costs. This cry was heard and replied to with courage and abnegation, of which there are few more striking examples in the world's history. "Italy, thanks to the most heroic sacrifices and purest blood of her children, was able to ascend from the abyss of misfortunes to the radiant crest of most glorious victory. In the name, therefore, of Italy, I express with all my power the sentiment of admiration and profound sympathy which the Italian people professes toward the American people." Premier Orlando left Paris for Rome on the night of the 24th, accompanied by Salvator Barzilai, General Diaz and two other members of the Italian mission. On April 24th A lengthy statement replying to that of President Wilson the Paris cablegrams stated that, according to the Havas was issued on April 24 by the Italian Premier, Vittorio Agency, the Premier, when he reiterated on that morning Orlando, and the Associated Press reports the substance that he would leave Paris, added; We do not break with our allies, but hand over our interests to their of it as follows: mission. fulfill Yesterday, while the Italian delegation was discussing counter propositions which had been received from the British Prime Minister and which had for their aim the conciliation of contradictory tendencies which were manifested concerning Italian territorial aspirations, the Paris newspapers published a message from the President of the United States in which he expressed his own thought on one of the gravest problems which has been submitted to the judgment of the conference. The practice of addressing nations directly constitutes surely an innovation in international relations. I do not wish to complain, but I wise to record it as a precedent, so that at my own time I may follow it, inasmuch as this new custom doubtless constitutes the granting to nations of larger participations in international questions, and, personally, I have always been of the opinion that such participation was the harbinger of a new order of things. Nevertheless, if those appeals are to be considered as addressed to nations outside of the governments which represent them (I might say even against hands, trusting they will loyally their The following press dispatch from Washington, April 24, appeared in the daily papers yesterday: Secretary Tumulty, in a statement issued to-night at the White House, said a cablegram had been received from President Wilson in Paris "giving a positive and unqualified denial" to reports that "the President had entered into a secret alliance or treaty with some of the great Powers." The statement given out at the White House at the direction of Mr. Tumulty said: "In view of the fact that certatn newspapers of wide circulation throughout the country have intimated that the President had entered into a secret alliance or treaty with some of the great Powers, I conveyed this information to the President and am to-day in receipt of a cablegram from him giving positive and unqualified denial to this story." Press dispatches from Paris several days ago said it was understood that the President was considering an understanding with France providing for APR. 26 1919.] THE CHRONICLE 1689 the assistance of the United States in event of any further aggression on the part of Germany. These dispatches asserted that the President upon his return might lay the details of such an understanding before the Senate. hope of adding extensive territories and it even hopes to receive extensions of the Bulgarian frontiers in Southern Macedonia along the Aegean coast and in Thrace. Czecho-Slorakia. The new State of Czecho-Slovakia is carving out its territories almost TERRITORIAL CLAIMS BEFORE THE PEACE entirely at the expense of the old Austria-Hungary. The old Kingdom of Bohemia, Moravia and the Slovak regions of Northern Hungary already CONFERENCE. have been incorporated into the proposed State, but there are certain conview of the long struggle at Paris to harmonize the flicts with the Poles, Ruthenians, Rumanians and Germans, as well as with territorial claims of the various nations, the following sum- the Austrians and the Magyars, because the Czechs claim that parts of German Saxony and German Silesia belong ethnographically to the new mary, setting forth the territorial ambitions of the respective State. States, forwarded from Paris by the Associated Press on The Czecho-Slovaks are coming into opposition to Polish claims in Silesia and sections of Galicia, while to the northeast Czecho-Slovak expansion has Feb.2, takes on added interest: brought them into contact with the Ruthenians, or Ukrainians, in Eastern The delegates of the five great powers are now in a position to compare Galicia and with other spheres claimed by the Rumanians. The new State clearly their own aspirations and those of all their allied firends and to see desires expansion southward over a frontage on the Danube and over a the differences that must be reconciled. The maximum of hopes, often corridor to the Adriatic. overlapping, has been told freely, and It remains for the Peace Conference Poland. to adjust them into a co-ordinated whole. The desires of the several The Poles, with an inadequate army, are endeavoring to establish poscountries as presented may be compressed thus: session of disputed regions on three sides of Russian Poland and Galicia, France. which constitutes the nucleus of the new Polish State. The Poles desire France wants, first of all, Alsace-Lorraine unconditionally and the right Eastern Galicia to include Lemberg, which is in the Ukraine, and the disprovince of Cholm, in Little Russia. puted the their to in relation frontiers French the to discuss and ultimately to fix To the northeast the Poles desire to have Vilna recognized as Polish. Rhine, which may require the creation of buffer States. One of these would be the Palatinate and another Rhenish Prussia. France desires Both the Lithuanians and the Bolsheviki have raised claims to Vilna, the also to annex the basin of the Saar River, which might be called a reannexa- Bolsheviki supporting their pretensions by a menacing military offensive. The Poles are contending against the Germans not only for German Silesia tion. France will insist that so far as the left bank of the,Rhine further to the and Posen and West Prussia, as provinces populated chiefly by Poles, but north is concerned the conference should forbid military works of any also for the city of Danzig, so as to provide Poland with direct access to kind—barracks, bridgeheads, forts and fortresses—in that zone. The the sea. Belgium. feeling is that the people inhabiting that zone should be free to decide for Belgium asks that her reparation for damages wrought by Germany themselves whether they wish to join France, form an independent State shall be the first lien upon German assets, to the extent of at least 15,000,or return to Germany. The French bill for reparation is not yet complete, but it has been an- 000,000 francs ($3,000,000,000), or up to a much larger sum if Germany 66,000,000,000 about be will it that does not return the machinery and the materials taken from Belgium. Deputies of Chamber the in nounced Belgium believes that she should be paid first because she was the first to francs ($13,200,000,000). the in Syria be invaded; because her neutrality was violated, and because she has sufThe French Government does not ask for a protectorate in too is there adpopulation the that fered more from despoliation than any other country in the war. •ordinary senses because it considers her of account on France, but necessary. Belgium, which has reasserted her independence and thus emerges from protectorate a make to vanced traditional interests in that country,feels that she should be called upon to her old state of neutrality, desires from Holland the left bank of the Scheldt ,exercise some sort of guardianship or guidance until Syria should be fully and the peninsula of Maastricht, which protrudes into Belgian Limburg. Belgium also will assent to a plebiscite in Luxemburg to decide whether .able to govern herself. that country wishes to join Belgium or France, or to retain its autonomy. Great Britain. Great Britain's delegation believes that a society of nations is desirable Japan. and obtainable, and that it must be established by the present Peace ConJapan enters the peace conference, as Baron Nlakino, the senior delegate, ference. She advances no Continental purposes, other than those of a has said, "with no territorial ambitions in China." and that, as for Tsingpermanent and just peace under the principle of self-determination and tau,"she will hand it back to China under the terms of the notes exchanged that there shall be international freedom of transit by railroads and water- between China and Japan in May, 1915." This is interpreted by Japan as -ways, which is Great Britain's general definition of freedom of commerce in permitting her to retain certain former German concessions on the Shantung times of peace. peninsula. Japan, Baron Makino explains, "neither intends nor desires Great Britain will take mandatory power over the German islands south to interfere in Russian affairs, but is willing if solicited, to aid Russia in .of the equator for Australia and over German Southwest Africa for the restoring order." 'Union of South Africa. She also will have the mandate over German East China. Africa and some parts of Arabia, and s e has particular claims in this The Chinese delegates ask to be guaranteed from foreign imperialism or respect over Mesopotamia. Great Britain will enter a pool with the other aggression, and desire the gradual abolition of "consulbr rights" and to be Allies in the matter of indemnities, especially reparation for air raid damallowed to impose higher duties on importations. The Chinese also ask ages and shipping loses. for the return of Kiau-chow. Italy. Switzerland. Italy asks for the Trentino as far as the Brenner Pass, including the Switzerland appears to be the only neutral State which has so far prewhole of southern Tyrol, Trieste, Istria, Flume, Zara, Sebenico, the larger sented her desires to the Peace Conference. The Swiss Government has part of the Dalmatian Islands, Avlona and its hinterland, a protectorate represented that, while Switzerland would be glad to participate in a soover Albania, possession of the islands in the Aegean which were taken from of province Adana the and if war France and ciety of Nations, yet because of her mixed nationalities she could not do Turkey during the Tripolitan so if that should mean the use of her troops in policing the world by force, England should take territory in Asia Minor. The Italian contention is that the Dalmatian Islands and such parts of as, perhaps, against Italy, France or Germany. Switzerland desires an outlet to the sea by making the Rhine a neutral the Dalmatian coast are not assigned to Italy shall be neutralized. Should French desires, since if Alsace-Lorraine beFrance and England extend their colonial possessions in Africa, Italy de- stream. This is in accord with comes French from Basle northward and an independent buffer State • sires to enlarge her possessions in Eritrea and Tripoli. should be erected out of the Palatinate and Rhenish Prussia, as suggested Rumania. by Marshal Foch, it would be necessary to neutralize the Rhine. Territorial contentions in the Balkans are complicated and present cliff!: Scandinavia. cult problems. Rumania desires to retain possession or that portion of The territorial aspirations of the three Scandinavian Powers are considRussian Bessarabia given her by the Central Powers under the cancelled ered modest. Denmark wishes to annex that part of Northern Schleswig treaty of Bucharest and now in her possession. Rumania also desires inhabited predominantly by Danes, but has not asked to regain the provSouthern Dobrudja, as ceded to her by Bulgaria after the second Balkan inces of Schleswig and Holstein taken from Denmark by Prussia in the war • war. Possession of Bessarabia and the Dobrudja commands the mouth of of 1864, or to extend her frontiers southward to the Kiel Canal. the Danube. Norway has certain aspirations to Spitzbergen or a part of it, but is not To the westward. Rumania wants to annex the Hapsburg provinces of pressing these claims energetically. Bukowina and Transylvania and a considerable part of the rich agricultural A strong Socialist movement in Sweden favors the union with Sweden - district of Banat. It is here that the Rumanian aspiration conflicts with of the Aland Islands, which are regarded as the Swedes as the naval key those of Serbia, which affirms that under the war agreements with the to Stockholm. Swedish interests in this connection are in conflict with Entente she should have a large portion of Banat as well as other sections those of Finland. of former Austria-Hungary, adjoining old Serbia to the north, to round out the proposed Jugo-Slav State. Both Rumania and Serbia have moved troops into Banat to secure their claims and French troops have established J. G. LONSDALE'S PROPOSAL FOR LONG TIME CREDITS a neutral zone to prevent hostilities between them. In Serbia. Serbia's claim to take from the Hapsburg Monarchy the provinces of Bosnia and Herzegovina are opposed by no one in the Entente group. The plans for the incorporation into Jugo-Siavia of the Hapsburg province of • 'Croatia, except as to the coastal region of Flume,are also considered as subject to the internal decision of the southern Slays. Jugo-Slav and Italian aims are in sharp conflict in the settlement of the Adriatic coast problem, involving the future of Fiume and the Croatian seaboard along the islands of Dalmatia and Albania. The union of Montenegro and Serbia as part of the Greater Jugo-Slay State has been voted by the Montenegrin Parliament, but the faction representing King Nicholas and his adherents protests against a union which shall not leave to Montenegro entire local self-government. There is also a conflict between the plans of Jugo-Slav statesmen and those of Czecho-Slovakia, who desire a wide corridor from Bohemia to the Adriatic to Hungary and Croatia to secure an outlet to the sea. Greece. Greece wishes Northern Epirus and Thrace, with the exception of Constantinople and the shore of the Bosporus, and the Dardanelles, which Premier Venizelos wishes to place under international control. Greece asks for the Vilayet of Smyrna in Asia Minor and the former Turkish islands In the Eastern Mediterranean, including those known as the Dodeca,nesus, claimed by Italy. Bulgaria. Although Bulgarian capitulated without conditions and her future territories depend upon the conquerors, her Government has not abandoned FOR RE-ESTABLISHING COUNTRIES ABROAD. A plea for long-time credits to all countries with a view to assisting them in re-establishing themselves, and at the same time to supply them with our surplus products, was made by John G. Lonsdale, President of the National Bank of Commerce in St. Louis at the meeting of the Council of Foreign Relations held at the Metropolitan Club in New York on April 2. In presenting his proposal Mr. Lansdale said in part: I propose a central financial organization to be called the Export Associations' Financial Syndicate, which shall undertake by national campaigns the flotation of long-time securities, growing out of transactions originating with the export associations. The capital stock of this organization should be at least $50,000,000 to begin with. I leave out of consideration how this stock is to be subscribed, for it will be easily procured if the big business and financial institutions of the country get behind the organization. I would have the syndicate make a rigid credit investigation of all foreign securities proposed to be offered to the public through the export associations. If the investigation is wholly favorable, the syndicate would underwrite the issue, pending general public distribution of the securities. But I would not have the syndicate permanently pledge its credit on any issue Whatsoever. The capital stock of the syndicate would be employed in margining loans from banks which might be necessary in underwriting the various issues of securities. 1690 THE CHRONICLE [VOL. 108. The syndicate would charge a fee for investigating any foreign securities regardless of what the findings might be, and would charge an additional fee for underwriting those issues which come into its possession to be sold. The process of distribution to the public would entail a continuous advertising and selling campaign and to this end the active co-operation of banks throughout the country would be engaged. The original fee charged by the syndicate would be such as to permit of satisfactory remuneration to the distributing banks. I would have these securities so offered for sale made payable at any bank in the United States which might become affiliated with the syndicate as selling agent. The syndicate would not engage in any operations which might be construed as competitive with commercial banks organized especially to promote foreign trade. There are many other details, of course, which would have to be worked out, but the basic ideas are these: The syndicate by the rigidity of its credit investigations and by the strict impartiality of its judgment would establish a reputation that would give any securities approved by it a standing which they could not otherwise acquire; by the plan of underwriting approved offerings from the Export Associations, the process of foreign selling would be much facilitated and by the wide ramifications of the syndicate, a constant selling pressure would be exerted upon all classes of investors, I would have the syndicate handle only those transactions which originated with a seller in the United States, who must offer credit in order to make his sale. This plan, to a certain extent, employs the German banking Idea, whereby banks became virtually partners in industrial enterprises. For, whatever might be the cource of the capital used by the syndicate, it is essential that the control of the syndicate and the granting of credits be vested in bankers. I say this is essential, for the reason that the banks of the country are to give their unqualified 0. K. to these securities by acting as continuous selling agents and hence they must know that the securities are sound investments. The foreign-born element in the United States, who are all thrifty, should constitute substantial and consistent buyers of sound securities originating in their respective countries. We need to develop in the United States just such a security market as exists in London, where securities originating all over the world can be sold as readily as United States Steel on the New York Stock Exchange. The securities listed on the New York Exchange are but very few in number compared with the London exchange list. In this age, when war is a giant matching of national resources of men and materials—and the latter is not less important than the first—a nation can have no better first line of economic defense than heavy investments in foreign fields. ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. Only ten shares of bank stock were sold at the Stock Exchange this week. No sales of either bank or trust company stocks were made at auction. In view of the short time between the date on which forms were available and the due date (March 15), of calendar year returns required under the Revenue Act of 1918, notice was given through the public press and otherwise that tentative returns (forms 1031 T and 1040T) accompanied by a first installment to one-fourth of the estimated tax due would be accepted on that date, and that in such cases forty-five days would be given in which to file complete returns, but that interest at the rate of one-half of 1% per month upon the amounts by which such installment payments fell short of the correct amounts would be collected. In the case of corporations which filed form 1031 Ton or before March 15, a further extension, where needed, to June 15 1919, in which to file complete returns on Form 1120 is hereby granted, but all such corporations will be required to pay on or before June 15 a sum sufficient, with the amount paid on March 15, to equal one-half the tax due as shown by the return on Form 1120, together with interest at the rate of one-half of 1% per month on any deficiency in the first installment. It is not deemed necessary to grant an extension of time beyond the fortyfive days originally granted for the completion of personal returns, except on special request therefor for sufficient reason given, but the above ruling as to interest on deficient installments applies to them. An extension of time in which to file returns of corporations making returns for a fiscal year ended either on Jan. 31 or Feb. 28 1919, will on request be granted to June 15 1919, but Such extension shall not operate to extend the due date of any installmnet of tax after the first. Interest at the rate of one-half of 1% per month will be collected from the time the first installment would have been payable if the extension had not been requested. The time for filing returns on information (Forms 1906 and 1099), fiduciary returns (Form 1041), withholding returns (Form 1042 accompanied by Form 1098 and Form 1013), returns of partnership and personal service corporations required to file returns on a calendar year basis, and all other returns required under the Income tax and profits tax provisions of the law, which are not the basis for the assessment of the tax, is also extended to June 15 1919. DANIEL C. ROPER, Commissioner. porter's own local bank. The Mercantile Bank of the Americas was organized in 1915 by Brown Bros and J. & W. Seligman & Co. of New York. Since then numerous other important banks in various parts of the country have been added as stockholders. Its capital is $3,500,000 and its statement shows surplus and undivided profits of $1,400,000. Many offices and affiliated institutions have already been established by this bank throughout South and Central America and the Far East, Direct branches are located in Paris, France and Barcelona, Spain. It has setabllshed its own banks in Cuba, Colombia, Peru, Venezuela, Brazil and Nicaragua. It also has close affiliations in Ecuador, Honduras, Costa Rica, Salvador, Guatemala, China, Japan and the Philippines. Through its own direct offices and by means of its affiliations it is able to render a service of great value to the American firms interested in foreign trade. Shares. BANK—New York. Low. High. Close. Last previous sale. 10 Commerce, Nat. Bank of__ 237% 237% 237% April 1919— 230 Three New York Stock Exchange memberships were reported posted for transfer this week, the consideration in each case being given as $75,000. The last previous sale was at $70,000. • A book which serves as an interesting souvenir of the 120th anniversary of the Bank of the Manhattan Company of this city has just been issued by the institution. The edition is limited to 2,000 numbered copies. The Bank of the Manhattan Company was chartered on April 2 1799 and the first directors' meeting was held on April 111799. Shortly after receiving its charter the Manhattan Company purchased the house at 40 Wall Streetfor $30,000 for its main office. It commenced business there on June 10 1799, and has been located there ever since. On April 22 the Manhattan Company opened its books for public subscription to its capital stock, and the volume just issued contains facsimiles of the autograph signatures as written in the original subscription book. Over 400 rare autographs of leading citizens of New York at the close of the eighteenth century are also presented in the book. *— A foreign trade bank to serve the Mississippi Valley is to be established shortly in New Orleans, according to a statement made by an official of the Mercantile Bank of the Americas of New York. It will be known as the MerFURTHER EYTENSION OF TIME GRANTED CORPO- cantile Bank of the Americas, a direct branch of the parent institution in New York. In announcing the proposed RATIONS FOR FILING INCOME TAX RETURNS. Notice of an additional forty-five-day extension for the establishment of the New Orleans Bank the Mercantile filing of complete income tax returns in the case of corpora- Bank says: New Orleans as the Southern gateway to our great national valley has tions was given by Daniel C. Roper, Commissioner of Inbeen selected as the location in which such a bank can render the greatest ternal Revenue, on April 14. The first extension was from service to middle western exporters and importers, particularly in conMarch 15 to May 1. In announcing the further extension nection with South American trade. It is believed that this bank will fill a long felt need and receive the to June 15 Commissioner Roper called attention to the fact endorsement of the business and banking interests of the Mississippi Valley. that it is to the interest of corporations to file their returns The Mercantile Bank of the Americas engages only in such forms of at the earliest possible moment in order to avoid the interest banking as facilitate overseas business and does not compete with local banks for local deposit business. The aim of the bank is to supplement charge of one-half of 1% a month. The following notice was the facilities already offered by local financial institutions and to assist sent to Collectors of Internal Revenue by Commissioner them in developing the foreign business of their clients. The Mercantile Bank of the Americas prefers to have business come to it through the exRoper: The importance of the merchant marine in the development of foreign trade, and facts that the exporter should .know concerning the technique of shipping by ocean carrier, are set forth in an illustrated booklet just issued by the Guaranty Trust Company of New York under the title "Shipping's Share in Foreign Trade—Fundamentals of Ocean Transportation." The book is one of the series dealing with export trade which the company is putting out, and is written to meet the needs of the newcomer in the field as well as to provide a handy reference for the experienced trader. Figures showing the development of the foreign trade of the country during the past few years, factors which must be considered in the determination of freight rates, the functions of "tramp" and privately operated vessels as opposed to liners, methods of computing the of vessels, and similar technical information is capacity PAYMENT OF FEDERAL TAXES BY CORPORATIONS presented in the publication. There is also a passage deIN ADVANCE. fining the customary commercial terms used in quoting We take the following from the U.S."Bulletin" of April 21: prices to foreign buyers, and a description of the various The attention of the Bureau of Internal Revenue has been directed to procure in making an export published statements that the payment of Federal income and excess-profits papers which the shipper must taxes in advance of the date when due will injure taxpayers in the compu- shipment, as well as of those carried by the master of the tation of invested capital. vessel. This is incorrect. Accounts payable on account of such taxes for the pre- ceding year may be included in computing invested capital up until the date when such taxes beome due and payable irrespective of whether the taxes are actually paid before• or after that date. The corporation cannot increase its average invested capital by postponing payment, and suffers no reduction of average Invested capital by making payment in advance. The Gotham National Bank of this city has opened a bond department under the management of John G. Scattergood, Vice-President of the bank. Edward H. Gaxcin APR. 26 1919.] THE CHRONICLE 1691 has been elected a director of the bank, succeeding the late joined the staff of the Union Stock Yards Bank nine years Dr. Thomas Kelly. Mr. Gamin is President of the As- ago and under his managemeq the institution has enjoyed great prosperity and expansion. The directorate of the bestos & Rubber Works of America. enlarged bank will be formed of the members of the directors Albert Hirst of Albert Hirst, Inc., has been elected a of both institutions. The headquarters of the enlarged bank will be in the Liberty Bank Building at the corner of Court director of the Broadway Central Bank of this city. and Main streets, which will be enlarged and modernized for The American Trust Company of this city, which opened the purpose. The Union Stock Yards Bank, we underfor business on Jan. 27 1919, had at the close of business stand, will continue to occupy its quarters at Broadway and Fillmore St. The State Banking Department has April 18 deposits of over $3,000,000. formally approved the consolidation. David Crawford Clark, formerly of the banking firm of Clark, Dodge & Co. of this city, died on April 19 after a The South Side Bank, a new Buffalo institution, opened brief illness. Mr. Clark who was in his fifty-fourth year, its doors for business on April 5 at 2213 Seneca Street, near retired from active business in 1917 to devote his entire time Cazenovia Street, that city. The new bank will provide to philanthropic work. He had entered upon a banking banking facilities not only to the thickly populated section career following his graduation from Harvard University of Buffalo in which it is located, but also to the adjoining in 1886, and besides his connection with the firm mentioned, towns of West Seneca, Ebenezer, Gardenville, Springbrook had formerly been a director of the Atlantic Safe Deposit and Elma. The bank has a capital of $100,000 and a surCompany and the United Traction and Electric Company. plus of $25,000. Its stock is in shares of $100 each. At the time of his death he was a director of the American The officers of the new bank are: Ernest Feyler, ChairAgricultural Chemical Company. man of the board of directors; Edward A. Duerr, President; Herman Manzel and John Winegar, Vice-Presidents, and An office has been opened at 17 Sherborne Lane, King Howard Sullivan, Cashier. Mr. Duerr began his banking William street, London, by the National Bank of Commerce. career twenty years ago in the Bank of Buffalo, subsein New York. Kenneth H. Rockey is in charge of the new quently going West and being identified with the National office. Bank of Commerce of Kansas City, Mo., and the Union Stockyards Bank of Kansas City, Kansas. Later he reFrank C. Munson was elected a director of the Bank of turned to Buffalo and was connected with the People's April 22 on city this Mr. 1919. New York, N. B. A., of Bank. He was appointed a State Bank Examiner in 1917. Munson is President of the Munson Steamship Line. Mr. Sullivan for many years was Cashier of the Frontier Telephone Co. and later was associated with the People's Oscar Stiner, President of the Cosmopolitan Bank of this Bank of Buffalo. city, located in the Bronx at Prospect and Westchester avenues, died on April 21 after a two weeks' illness. Mr. A State bank is being organized in East Syracuse, N. Y., Stiner was in his fifty-seventh year. Mr. Stiner was made by professional and business men of that place. The new Bank in Cosmopolitan March. the President of Harold. bank—which is the first financial institution to be organized Stiner, his son, is Chairman of the Board of the Cosmopoli- in the village—is to have a capital of $50,000 with surplus tan Bank. of like amount. The First Trust & Deposit Co. of Syracuse has contracted to underwrite the stock and will hold a conFrederick J. Hodson has become Treasurer of the Wash- trolling interest in the institution, although the bank will be ington Trust Company of Newark, N. J., succeeding T. L. entirely independent • and not a branch of the Syracuse R. Crooks who has been made Vice-President of the com- company. Property, we understand, has already been pany. In assuming his new post Mr. Hodson resigns as secured at the corner of Manlius and Ball streets, East Assistant to F. B. Adams, Vice-President of the National Syracuse, on which to erect a home for the new institution Newark-Essex Banking Company of Newark, N. J. which is to embody the latest features of a modern bank building. The name of the new bank has not been defiAccording to cable advices received by R. E. Saunders, nitely determined. It is hoped to have the bank in operaagent of the National Bank of South Africa, Ltd., 10 Wall tion this fall. Street, New York. The National Bank of South• Africa, Ltd., will add a million dollars to its reserve fund, making At a special meeting of the directors of the American it $5,250,000 and will declare a dividend of 6%, plus a bonus Trust Co. of Boston, held on April 10, Charles H. Bowen of 1%. Net profits for the year amount to $2,365,000. and Walter Tufts, Jr., were elected Vice-Presidents of the after providing fully for all bad and doubtful debts. In- institution. Mr. Bowen has been Secretary of the Amerivestments stand at under present market price. Two huncan Trust Co. since 1900 and this position he will continue dred and fifty thousand dollars is written off bank premises. to hold after assuming his new duties as a Vice-President. to made reserve fund and Allocations of $1,000,000 will be Mr. Tufts was until recently connected with the Guaranty $250,000 to the staff pension fund. . Trust Co. of New York. At the annual meeting of the board of trustees of the With the approval of the Comptroller of the Currency, Rhinebeck Savings Bank of Rhinebeck, N. Y., on April the capital of the Second National Bank of Malden, Mass., 11 the following officers were elected: • been doubled, making it $200,000 instead of $100,000 President, M. V. B. Schryver; First Vice-President, Jacob H. Strong; has Second Vice-President, Charles Ferris; Treasurer and Secretary, A. Leo as formerly. Stickle. • Mr. Schryver, who has been a trustee for 30 years A new banking institution has been organized in Atand First Vice-President for 24 years, succeeds A. M. lantic City, N. J., under the title of the Bankers' Trust Traver, who resigned after 24 years in the Presidency. Co. It will have a capital of $100,000 in shares of $100. A charter has been granted the new company and it will A merger, effective May 10, has been arranged between the open for business about June 1 at 1210 Atlantic avenue. Liberty Bank of Buffalo (capital $500,000) and the Union The officials of the Bankers' Trust Co. will be: Sigmund Stock Yards Bank of that city (capital $500,000). The.re- Ojserkis, President; Emerson L. Richards, Vice-President, sulting institution, which will continue the title of the Lib- and B. Forest 'Cramer, Secretary and Treasurer. Mr. erty Bank, will be one of the largest financial institutions in Ojserkis is President of the Boardwalk National Bank. Buffalo, with capital of $1,500,000, surplus of $1,000,000, deposits of $28,300,000 and total resources of more than Theophilus B. Stork was elected a director of the Mer$30,000,000. Oliver Cabana Jr., who for many years has chants Union Trust Company of Philadelphia on April 16. been Chairman of the Board of Directors of the Liberty Under an agreement signed recently by Judge Rose in Bank, will continue in that capacity with the enlarged institution; John A. Kloepfer, President of the Union Stock the United States Court the suit brought by certain stockYards Bank, will be President, and Henry C. Zeller, Presi- holders of the defunct State Bank of Maryland of Baltident of the Liberty Bank, will be Vice-President. Mr. more (the affairs of which were taken over by the Baltimore Zeller's reason for retiring to the Vice-Presidency of the new Trust Co. in April 1917 as stated in these columns April bank is, we understand, in order that he may be able to 28 of that year) against the directors to hold them liable devote more time to his private interests. Mr..Kloepfer for losses alleged to have been sustained by the bank be- 1692 THE CHRONICLE [VoL. 108. cause of their negligence, has been compromised. The $500,000 to $600,000, the additional shares to be sold at $125 per share. After the capital has been increased as provisions of the agreement are as follows: Summerfield Baldwin, George 'f. Phillips, Thomas J. Pyle, S. Forry indicated, it is proposed to declare a stock dividend of Laucks, Joshua S. Rawlings, Edwin L. Turnbull, William W. Cloud, S. $125,000, which is to be used for the purpose of paying for Proctor Brady, Henry B. Reinhardt, R. Miller Arnold and Henry W. the capital stock and surplus of the Second North-Western Matthews to pay the Baltimore Trust Company, which was appointed receiver for the bank, after undertaking to liquidate its affairs, $147,500 in State Bank, which is to be located at Mailwaukee Avenue, settlement of all its claims. corner Central Park Avenue. This institution will be To pay also a sum equal to $6 25 for each of the 20,000 shares of the bank stock outstanding except that held by the directors. Any balance re- owned and controlled by the stockholders of the Northmaining after paying the stockholders is to be refunded to Summerfield Western Trust & Savings Bank, Chicago. The new inBaldwin. stitution will begin business on or about May 20 1919. To pay also a sum not to exceed $2,000 for court costs and disbursements by Maio, & Brady, attorneys, for the complainant stockholders. To pay also a counsel fee of $15,000 to attorneys Machen & Williams and Maloy & Brady, jointly. According to a petition filed by the Baltimore Trust Co. asking that the compromise offer be accepted and ratified the liabilities of the defunct bank exceeded the assets by more than $150,000 and were constantly increasing because of accumulating interest. But the Baltimore Trust Co., as sole creditor, was willing to compromise its claim in order to avoid further litigation to enforce the stockholders' statutory liability. Announcement was made on April 11 that a consolidation been arranged, effective May 26, between the Lamberton National Bank of Oil City, Pa., and the Oil City National Bank of that place under the name of the latter. The resulting institution will be one of the largest national banks in Northwestern Pennsylvania, having a capital of $300,000 with surplus of like amount and resources in excess of $6,000,000. The Lamberton National Bank (capital $100,000) was founded in 1861 while the Oil City National Bank (capital $100,000) was established four years later. The Lambertons will continue to be identified with the enlarged institution. Tom 0. Mason has been' elected President of the Republic State Bank of Minneapolis, Minn., succeeding Edward Mattson, resigned. A. H. Gilbertson, heretofore Cashier, has been made First Vice-President; Geo. A. Kohler, Second Vice-President, and A. J. Zachman, previously Assistant Cashier, succeeds Mr. Gilbertson as Cashier. Frederick E. Murphy was elected a member of the executive committee. The new President, Mr. Mason, is President of the Haugen State Bank of Haugen, Wis., and Vice-President of the First National Bank of Glenwood, Minn. had A new banking institution was opened for business in Omaha on April 1 under the title of the Omaha Trust Co. The new trust company has a capital of $200,000 fully paid in and is located in the Omaha National Bank Building. It will make a specialty of handling bonds and other high grade securities and will maintain a Real Estate Mortgage Loan Department. The Omaha Trust Company was organized by the Omaha National Bank and is affiliated with that institution. J. H. Millard and Walter W. Head are President and First Vice-President respectively of both the Omaha National Bank and the Omaha Trust Company. William Brooks Clift is also a Vice-President of the Omaha The Comptroller of the Currency has approved an in- Trust, and Charles W. Mead is Secretary of the latter. crease of $25,000 in the capital of the Keystone National Bank of Manheim, Pa., raising the amount from $100,000 An increase of $50,000 in the capital of the Security Nato $125,000. tional Bank of Sioux Falls, South Dakota, raising the same At a meeting of the directors of the Fifth-Third National from $200,000 to $250,000 has been approved by the CompBank of Cincinnati on April 15 the following changes were troller of the Currency. made in the official family: • The consent of the Comptroller of the Currency has been Monte J. Goble, Vice-President; Charles T. Perin, Vice-President; William A. Hinsch, Vice-President; Charles H. Shields, Cashier. obtained to the increasing of the capital of the Muskogee Edward A. Vosmer, Assistant Cashier, was designated Assistant to the National Bank of Muskogee, Okla., from $100,000 to $200,President, with authority to sign as such. Harry Nagel was designated as Assistant to Vice-President Goblet with 000. As stated in our issue of March 29, the bank recently authority to sign as such. absorbed the Guaranty State Bank of Muskogee. 7 Louis C. George was designated as Assistant to the Cashier and authorized to sign as such. The Northeast Bank is the name of a new institution which will open for business in Kansas City, Mo., on May 1 with capital of $100,000 (par $100). The bank will locate at the corner of St. John and Elmwood Avenues and will fill a long felt want in the northeast district of Kansas City. Officers chosen for the first year are: H. J. Coerver, PresiMr. Goble, one of the new Vice-Presidents, had pre- dent; H. M. Metcalf, Vice-President, and William Crowell, viously been Cashier, while Vice-President Perin had been Cashier. Assistant Cashier. The now Cashier, Charles H. Shields, had likewise been an Assistant Cashier before last week's By the announcement recently that a trust agreement changes. had become effective between the Citizens Union National Bank of Louisville and the Fidelity & Columbia Trust Co. Announcement was made on April 14 that arrangements of that city, the proposed union of these two institutions had been completed for the merger of the State Banking which has been under consideration for many months and Co. of Akron, Ohio, with the Summit County Bank of that to which we made reference in these columns in our issue city. The enlarged institution will be known as the State of Dec. 7, was consummated. Under the trust agreement Savings & Trust Co. and will have a capital of $500,000 the two institutions are unified and form not only one of (par $100) and surplus of $100,000. A 16-story building the strongest financial organizations in Louisville but in is to be erected as a permanent home for the new institu- the South, with capital of $3,000,000,surplus of $2,500,000 tion, we understand, by the State Savings & Trust Build- and deposits of $31,769,028. It is proper to state that each ing Co. which also will have a capital of $500,000. This institution will preserve and retain its separate corporate building will be located at the southwest corner of Main existence and identity. The banking quarters of the Citiand Market streets, the present site of the State Bank of zens Union National Bank are located in the Inter-Southern the State Bank of Akron. The officers of the State Savings Building and in order that the Fidelity & Columbia Trust & Trust Co. will be: B. A. Shriber, President; C. C. Bot- Co. may be accommodated under the same roof, the Interzum, W.F. Bierley and H. H. Frost, Vice-Presidents; W.J. Southern Company, which owns the building, has purchased Heepe, Cashier and J. B. Merriman, Secretary and Treas- an adjoining piece of property on which it will erect an urer. annex to the main building and thus provide ample accommodation for the unified institutions. Plans to this The Comptroller of the Currency has approved an in- end are already under way and it is expected the new quarcrease of $300,000 in the capital of the Kalamazoo National ters, which with the present banking rooms of the Citizens Bank, Kalamazoo, Mich., thereby raising it from $200,000 Union National Bank, will be the permanent home of the to $500,000. institution, will be ready by Christmas. J. D. Stewart is. President of the Citizens Union National Bank and John A special meeting of the stockholders of the North-Western W. Barr, Jr., is President of the Fidelity & Columbia Trust Trust & Savings Bank of Chicago has been called for the Company. purpose of increasing the capital stock of the bank from With these changes the official family is as follows: Charles A. Hinsch, President; Edward A. Seiter, Vice-President; Monte J. Goble, Vice-President; Charles T. Perin, Vice-President; William A. Hinsch, Vice-President; Charles H. Shields, Cashier; Lewis E. Van Ausdol, Assistant Cashier; Frederick J. Mayer, Assistant Cashier; Samuel McFarland, Assistant Cashier; Edward A. Vosmer, Assistant Cashier and Assistant to the President. APR. 26 1919.1 THE CHRONICLE Walter 13. Murphy, former teller and general bookkeeper in the Mercantile Bank & Trust Company of Savannah, Ga., has been made Assistant Cashier of the institution. The Hibernia Bank & Trust Co. of New Orleans by purchasing on April 3 the property at 813-815 Union Street in addition to its acquisition a few weeks previously of property at 810 Gravier Street has thus squared up and completed the site for its proposed new building which extends along Carondelet Street from Gravier Street to Union. The total frontage of the new Hibernia Bank Building will be 176 feet on Carondelet Street, 109 on Union Street and 109 on Gravier Street. The building will thus have a ground area of more than 19,000 square feet, or nearly half an acre. This latest acquisition gives the'bank a frontage of 109 feet on Union Street and was purchased, we understand, for $33,000. 1693 London County, Westminster & Parr's Bank so well represented in the way of branches and close association in the United Kingdom and Ireland, as well as Continental Europe, and the Royal with such extensive representation in Canada, the United States, the West Indies and South America, the new alliance would seem to be an ideal one and one from which will likely accrue the greatest advantage to the Dominion in the way of assisting and stimulating Canada's export trade. In view of the price of $200 per share agreed upon by the boards of the two institutions for the 10,000 shares which the English bank is to acquire of Royal stock, it is interesting to recall that the last issue of shares was allotted to the shareholders of the Canadian bank at the very favorable price of $150 per share. The London County, Westminster & Parr's Bank, Ltd., has a capital of £6,830,990, with surplus of £7,430,000 and deposits of approximately £270,000,000. On the other hand, the Royal Bank of Canada has a capital of 814,000,000 a reserve fund of $15,000,000 and deposits of $295,730,316. IMPORTS AND EXPORTS FOR MARCH. The Bureau of Statistics at Washington has issued the An increase of $25,000 in the capital of the Citizens Na- statement of the country's foreign trade for March and from tional Bank of Weatherford, Texas, has been approved by it and previous statements we have prepared the following: the Comptroller of the Currency raising the same from FOREIGN TRADE MOVEMENT OF THE UNITED STATES. 8125,000 to $150,000. (In the following tables three ciphers are in all cases omitted.) MERCHANDISE. At the monthly meeting held by the board of directors of the Bank of Italy of San Francisco on April 7 initial steps were taken to increase the capital stock of the corporation from $5,000,000 to $10,000,000. A call was issued for a special meeting of the stockholders to be held on Monday, June 2 1919 for the purpose of considering and acting upon the proposition. The bank issues an announcement saying: The contemplated increase is rendered necessary by the requirements of the State Banking Law, the limit of required capital reserve in the savings department having been almost reached. It is also deemed advisable to provide additional capital to meet the cost of constructing the new bank building to be erected in San Francisco on the corner of Powell and Eddy streets. Ten thousand shares of the new stock will be issued immediately upon the authorization of the increase, present stockholders being entitled to the first right to purchase one share of the new issue for every five shares now owned. Similar action was taken on Friday, April 4, by the board of directorof the Stockholders Auxiliary Corporation, the bank's subsidiary corporal tion, increasing the capital stock from $500,000 to $1,000,000, a special meeting of the stockholders being called for Wednesday, June 11 1919, for the purpose of authorizing the increase. Each share of Bank of Italy stock carries with it a share in the Auxiliary Corporation and the price at which the combined shares is to be put out Is $150. As indicative of the remarkable growth of this banking institution attention is directed to the fact that it began business in October 1904, with a paid in capital of $250,000. With this latest of 10,000 additional shares the paid in capital will be Increased to $6,000,000, with surplus and undivided profits of $2,500,000. The total resources of the bank to date approximate $100,000,000. As a result of a competition held by the Bank of Italy for the selection of plans for the congtruction of its new home, Bliss & Faville, architects, were awarded the contract on April 4. The new building, which is to be erected at the corner of Eddy and Powell streets, will be in the Italian style of architecture and of a simplicity and dignity in keeping with the institution. It will consist of six stories and basement and cost approximately $500,000. The banking quarters will be on the first floor and, the remaining floors with the exception of the sixth, which will be given over to the Employees' Welfare Association, will be occupied by the executive offices of the bank. The safe deliosit vaults will be located in the basement. Building operations, we understand, will not be commenced until some time in July. Exports. 1919. January $622,674 February March April May June July August September_ October November December 1917. $504,797 411,362 522,900 500,443 550,925 483,799 507,468 527,162 550,396 501,861 522,236 565,886 588.080 604,945 Total Imports. 1918. $613,325 467,648 553,986 529,928 549,674 573,467 372,758 488,656 454,507 542,101 487,328 600,100 The development is one of the most important and far-reaching which has occurred in the Canadian banking field in recent years, linking up the Royal with one of the five great English banks. The London County Westminster & Parr's Bank is one of the oldest, strongest and most important institutions in the United Kingdom, having over 700 branches In England alone. It has also a number of offices in Spain and Belgium, and is about to enter the Dutch field. In addition to this Continental connection, tho bank also controls an affiliated institution in France, the London County & Westminster Bank, Paris, Limited, as well as the Ulster Bank, Limited, all the shares of which it owns. Although the price of $200 per share is some $10 under the current market value of the stock, the advantages to accrue from a close connection with the English institution are so obvious and far-reaching that the directors of the Royal Bank of Canada, in a circular letter now being sent to the shareholders, urge the latter to forego their rights to the new capital issue. The new and closer affiliation of the:two banks will place the Royal in a most favorable position with regard to Europeanybusiness.A.With the 1918. $212,993 235,171 267,583 36.149.245 56.233.478 1917. $233,942 207,715 242.162 278.981 322,853 260,350 241,878 273,003 261,669 246.765 251,008 210,887 $241.794 199,480 270,257 253,936 280,727 306,623 225,926 267,855 236,197 221,227 220,535 227,911 53.031.213 52.952.463 GOLD. Exports. 1919. January February March April May June July August September_ October November December $3,746 5,084 2,810 3,560 3,599 2,704 7,200 3.277 2,284 2,178 3,048 1,580 $20,720 22,068 17,920 16.965 57,698 67,164 69,052 46,049 31,333 11,154 7,223 4,538 $41,070 $371,884 $3,396 3,110 3,803 Total Imports. 1919. 1917. 1918. 1918. $2,113 3,945 10,481 1917. $4,404 2,549 1,912 2.746 6,621 31,892 2,597 1,555 2,611 1,470 1,920 1.766 $58,925 103.765 139,499 32,372 52,262 91.339 27,304 18,692 4,172 4,150 2,905 17,065 $62,043 $552,4154 SILVER. Exports. 1919. 1918. $19,615 33,100 23,106 January February March April May June July August September_ October November_ December Total Imports. 1917. $6,628 6,519 13,432 12,251 46,381 8.566 40.686 20,549 10,3401 32,038 7,150, 48,3061 $5.887 7,694 5,556 4,353 6,272 8,965 5,538 7,504 10,465 6,983 4,789 10,125 8252,8461 $84,131 1919. 1 55,5761 6.7571 8,198 1918. ' 1917. $5,998 4,449 6,963 5,081 7,298 5,351 5.220 7,257 7,172 6,766 5,490 4,330 $3,340 2.478 2,977 2,376 4,741 2,235 3,420 5,681 5,796 5,050 9,086 6,156 371.375 $53,341 EXCESS OF EXPORTS OR IMPORTS. Gold. Merchandise. On April 16 an announcement was made in Montreal by the Royal Bank of Canada to the effect that the institution had entered into a close'reciprocal arrangement with the London County, Westminster & Parr's Bank, Ltd., of London, under which the latter institution had offered to purchase for investment 10,000 shares of stock of the Royal Bank of Canada at $200 per share. In commenting on the alliance between these two great banks the Montreal "Gazette" of April 17 said in part: 1919. 1919. Jan.. +409.681 Feb__ +352,909 Mar _ +337,362 April_ May. June July Aug Sept Oct_ Nov Dec_ 1918. +270.855 +203.647 +280,738 +221.462 +228,072 +223,449 +265,590 +254,159 +288,727 +255.006 +271,228 +354,999 1917. 1 1919. Silver. 1919. $ I I 1918. $ $ $ $ +371,531 +1,283 -658 +14,039 +630 +268,168 -835 +2,535 +26.343 +2,070 +898 +14,908 +6,469 +283.729 -6,678 +814 +275,992 +7,170 +268,947 --3,022 +39,083 +266,844 --29,188 +3,215 +146,832 4-4.603 +35.465 +220,8011 +1,722 +13,292 +218,310' +3,168 --327 +320,874 +25,272 4-708 +266,793 4-1,128 +1.660 +372.189, +43,976 --186 +3.118.032 +3,281,0101 Total 1918. -20,973 +181.471 4- Exports. -Imports Totals for merchandise, gold and silver for nine months: Gold. 9 I Merchandise. SitterMon. Excess Excess (000s. Excess of Exof onti!ExInExImIm0J fed.) ports. ports. Exports. ports. I ports. Exports ports. Exports I I 1 I $ T--I $ $ S '18-19 4,990,561 2,200,956 2,789,605 29,8771 28,458 1,419234,891 '17-18 4,384,544 2,083,471 2,301,073 180,989, 83,155 97,834 71,983 '16-17 4,636,980 1,818,069 2,818,911 150,094 801,2021651108 58,690 :15-16 2,095,425 1,504,663 1,490,762 58,516337,8311279315 44,080 '14-15 1,931,078 1,213,614 717,464 141,3111 71,888 69,423, 37,861 '13-14 1,883,222 1,398,353 484.869 46,689 57.289 110.600 16,403 IExcess of imports. a I $ 56,766 178,125 52,598, 19,385 25,652 33,038 26,071 18,009 20,533 17,328 40,938 24,535 Similar totals for the three months since Jan. 1 for six years make the following exhibit: 3 Mos. (000 omitled.) Gold. Merchandise. Exports. ports. Excess Exof Exports. ports. $ 1919..1,815,700 715,747 1,100,253 1918..1,439,059 683,820 755,239 1917..1,634,959 711,530 923,429 1916..1,142,562 591,876 550,686 1915.. 864,297 405,254 459,043 80,143 1914.. 565,486 485,343 I Excess of imports. Silver. I Excess Erof Porte. Exports ports. SS I $ 10,309, 16,539 16,230 11,640: 8,866 2,774 60,708302,1911241483 34,673 30,801 3,872 2,669 45,243 f42,574 18,625 21,493 12,868 Excess Imof ports. Exports 75,822 20,531 55,291 26,579 17,410 9,169 19,137 8,801 10,336 15,330 7,328 8,002 11,768 7,164 4,604 11,484 6,800 4,684 CURRENT ASSETS AND LIABILITIES. GOLD. LIABILITIES. $ 776,206,086 86 Gold certfs. outstand'g_ 825,404,955 00 1,786,989,840 97 Gold settlement fund, Fed. Reserve Board__1,384,692,802 10 152,979,025 63 Gold reserve Avail, gold in gen.fund.. 200,119,145 00 ASSETS. 2,563,195,927 83 Total 2,563,195,927 83 Total Note.-Reserved against $346,681,016 of U. S. notes and $1,771,719 of Treasury notes of 1890 outstanding. Treasury notes are also secured by silver dollars in the Treasury. SILVER DOLLARS. LIABILITIES. ASSETS. $ Silver certfs. outstand'g $207,152,610 00 1,771,719 00 247,372,730 00 Treas. notes of 1890 out. Silver dollars Available silver dollars in general fund 38,448,401 00 Total Total 247,372,730 00 GENERAL FUND. ASSETS. Avail. gold (see above)_ 200,119,146 10 Avail, silver dollars (see 38,448,401 00 15,994,562 00 above) United States notes.._ _ _ 50,348,326 00 Federal Reserve notes_ 12,828,092 00 Fed. Res, bank notes_ _ 67,465,855 90 National bank notes_ _ _ 44,668 22 Conned checks on banks 12,445,046 07 Subsidiary silver coin_ _ 1,426,168 27 Minor coin 13,791,908 92 Silver bullion Unclassified (unsorted 4,646,787 02 currency, Atc.) Deposits in Fed'l Land banks 830,000 00 z Deposits in Federal 280,210,029 57 Reserve banks Deposits in special depositaries account of sales of Liberty bonds and certfs. of indebt _ 825,458,000 00 Deposits in foreign depositaries: To credit Treas. U.S. 271,702,382 37 Deposits in nat'l banks: To credit Treas. U.S. 52,176,674 77 To credit other Gov10,194,376 97 ernment officers_ _ _ Deposits in Philippine Treasury: To credit Treas. U.S. 6,710,392 37 To credit other Gov3,672,692 15 ernment officers_ _ _ DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY. (Payable on presentation.) $ Funded loan of 1891, continued at 2%, called for redemption May $4,000 00 18 1900: interest ceased Aug. 18 1900 19,950 00 Funded loan of 1891, matured Sept. 2 1891 13,050 00 Loan of 1904. matured Feb. 2 1904 478,400 00 Funded loan of 1907, matured July 2 1907 11,060 00 Refunding certificates, matured July 1 1907 Old debt matured at various dates prior to Jan. 1 1861, and other 900,470 28 items of debt matured at various dates subsequent to Jan. 1 1861 Certificates of indebtedness, at various interest rates, matured___. 42,448,000 00 2,267,400 00 Loan of 1908-18 . 247,372,730 00 LIABILITIES. Treasurer's checks out. 1,131,143 78 Depositsof Government officers: Post Office Dept_-- 38,690,959 44 Board of ,trustees, Postal Savings Sys7,754,533 40 tem (5% reserve)._ Comptroller of the Currency, agent for creditors of insolv1,537,338 72 ent banks Postmasters, clerks of 28,527,935 46 courts, arc Deposits for: Redemption of Fed'i Res. notes(5% Id.) 189,373,905 79 Redemption of Fed'I Res, bank notes (5% fund) 5,290,030 00 Redemption of nat'l bank notes(5% Id.) 25,485,128 98 Retirement of additional circulating notes, Act May 30 331,290 00 1908 Exchanges of cur21,787,295 36 rency, coin, &c_ _ _ 319,909,560 93 *Net balance 1,548,603,948 67 1,868,513,509 60 1,868,513,509 60 Total Total *The amount to the credit of disbursing-officers and agencies to-day was $2,088, gations of foreign Governments are held Book credits for which obi 533,616 78. by the United States amount to $234,554,036: Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for the retirement of outstanding national bank and Federal Reserve bank notes are paid into the Treasury as miscellaneous receipts. and these obligations are made under the Acts mentioned a part of the public debt. The amount of such obitgatiens to-day was $40,408,292. x The available cash in Federal Reserve banks, in accordance with telegraphic reports received, was $173,025,000. The difference is due to net disbursements in transit and in process of examination. FINANCIAL STATE 1ENT OF U. S. NOV. 30 1918. (Formerly Issued as "Statement of the Public Debt.") The following statements of the public debt and Treasury cash holdings of the United States are as officially issued as of Nov. 30 1918: CASH AVAILABLE TO PAY MATURING OBLIGATIONS. $ Settlement warrants,maBalance held by the tured interest obliof the Treasurer gations, and checks United States as per outstanding: daily Treasury state$8,293,384 32 Treasury warrants__ _ mentfor Nov.3019181,414,716,767 13 Matured interest obliDeduct-Net excess tits59,265,622 89 gations_a bursements over reofficers' Disbursing ceipts in November 209,017,294 28 checks reports subsequently received 219,793,755 16 Balance free of current 918,346,710 48 obligations 1,194,923,011 97 1,194,923,011 97 a The unpaid interest due on Liberty Loans is estimated in cases where complete reports have not been received. PUBLIC DEBT BEARING NO INTEREST. (Payable on presentation.) Obligations required to be reissued when redeemed: United States notes Less gold reserve $ 348,681,018 00 152,979,025 63 $46,142,330 26 Total Ms of Loan- TREASURY CASH AND CURRENT LIABILITIES. The cash holdings of the Government as the items stood Mar.31 are set out in the following. The figures are taken entirely from the daily statement of the U. S. Treasury for Mar. 31. Gold coin Gold bullion [vol.. 1.08. THE CHRONICLE 1694 INTEREST-BEARING DEBT. (Payable on or after specified future dates.) Outstanding Nov. 30 1918 Interest Amount Total, Issued. Registered. Coupon. Payable. 2s, Consols of 1930____Q.-J. 646,250,150 48, Loan of 1925 Q.-F. 162,315,400 Panama Canal Loan: 2s, Series 1906 Q.-F. 54,631,980 Q.-F. 30,000,000 2s, Series 1908 50,000,000 38, Series 1911 --Q.-M. 28,894,500 38, Conversion bonds_Q.-J. 27,362,000 38, 1-yr. Treas. notes-Q.-J. Var., certfs.of indebt __Mat. 2,824,387,500 73,712,000 25, Cents. of indebt__J.Sr.J. 33.8, First Liberty Loan_ _ _ 1,515,537,950 45, First Lib. La. converted 568,318,450 384,450,450 4 s, First Lib. Ln. cony__ 45, Second Liberty Loan_ _ _ 3,807,862,400 43s,Second Lib. La. cony_ 2,922,285,950 43js, Third Liberty Loan__ 4,170,128,750 4 Xs, Fourth Liberty Loan _ a5,428,258,389 11,258,880 2M s, Postal Savings Bonds (1st to 15th series) b4s, War Savings and Thrift 021,373,223 Stamps 597,824,000 1,900,050 103,865,050 14,624,850 599,724,050 118,489,900 10,100 48,944,080 25,805,520 141,880 43,344,900 6,655,100 6,678,000 22,218,500 9,301,000 2198099500 73,712,000 257,788,300 1155779600 22,515,550 168265,600 76,052,650 308397,800 93,259,050 729287,400 420,983,050 2369007900 454,829,700 3599363550 10,539,980 48,954,180 25,947,400 50,000,000 28,894,500 9,301,000 2,198,099,500 73,712,000 1,413,567,900 190,781,150 384,450,450 822,526,450 2,789,990,950 4,054,193,250 5,423,258,389 718,900 11,258,880 907921,564 907,921,584 19,151,071,514 Aggregate of int.-bear. debt.23,627,027,972 a This amount represents receipts of the Treasurer of the U. S. on account of principal of bonds of the Fourth Liberty Loan to November 30. b The average issue price of War Savings Stamps for the year 1918 with interest at 4% per annum compounded quarterly for the average period to maturity will amount to $5 on Jan. 1 1923. Thrift Stamps do not hoar interest. c This amount represents receipts of the Treasurer of the U. S. on account of proceeds of sales of War Savings Certificate Stamps and U. S. Thrift Stamps. RECAPITULATION. NET DEBT. GROSS DEBT. Debt bearing no int__ $241,161,177 69 Gross debt(opposite)_519,438,375,022 28 DeductDebt on which interest has ceased 46,142,330 26 Balance free of curInterest-bearing debt_ _19,151,071,514 33 918,346,710 48 rent obligations_ _ _ _ *Net debt Gross debt $19,438,375,022 28 $18,520,028,311 80 .The amount of $7,295,964,447 70 has been expended to above date in this and preceding fiscal years from the proceeds of sales of bonds authorized by law for purchase of the obligations of foreign Governments. When payments are received from foreign Governments on account of the principal of their obligations, they must be applied to the reduction of the interest-bearing debt of the United States. - 1.1111.•••• . THE ENGLISH GOLD AND SILVER MARKETS. We reprint the following from the weekly circular of Samuel Montagu & Co. of London, written under date of March 271919: GOLD. The Bank of England gold reserve againstits note issue is £82,781,365. an increase of £734,365, as compared with last week's return. The vivacious leader writer of the "Capital" of Calcutta thus comments in its issue of the 21st ulto. anent the Indian mohur: "Apropos of this hoarding propensity, it would be interesting to know what has become of the special issue of gold mohurs, recently minted with the express object of financing the crops in the Punjab. In Messrs. Samuel Montagu & Co.'s Annual Bullion Letter mention is made of the special precautions taken by the Government of India to safeguard the new coin for the chief purpose for which it had been struck,and so thoroughly has it been safeguarded, that it has, so we are authoritatively informed, practically disappeared from circulation, and is not in circulation even in the Province for which It was specially designed. There are, we learn, two specimens in existence in Calcutta. There may perhaps be a few specimens elsewhere, but practically the entire issue has been absorbed, and the gold mohur of 1918 Is for all practical purposes, as extinct as a certain fabled bird." SILVER. 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 future the par of 95 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 25th from that of 47%d. 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. INDIAN CURRENCY RETURN.S Feb. 28. Mar. 7. Mar. 15. (In Ws of rupees)15287 15371 15148 Notes in circulation 2367 2602 2563 Silver coin and bullion in India 1098 1201 1001 Silver coin and bullion out of India 1813 1814 1737 Gold coin and bullion in India 12 12 12 Gold coin and bullion out of India 1608 1608 1608 Securities (Indian Government) 8250 8250 8250 Securities (British Government) Between the 7th and 15th inst. 128 lacs of rupees were coined by the Indian mints. The stock in Shanghai on the 8th inst. consisted of about 30,600,000 ounces in sycee and 16,800,000 dollars. No fresh news has come to hand. Quotations for bar silver per ounce standard: cash_49 7-16d. cash_47Ud. I Mar. 27 Mar. 21 48.531d. 47Y 4 d. \Average " 22 5% 47%d. Bank rate " 24 49 5-16d. Bar gold per oz. standard_.77s. 9d. " 25 493-16d. " 26 No quotation fixed for forward delivery. The quotation to-day for cash delivery is 1 11-16d. above that fixed a week ago. We have also received this week the circular written under date of April 3 1919: Excess of notes over reserve 193,701,990 37 GOLD. Obligations that will be retired on presentation: The Bank of England gold reserve against its note issue is .C83,493,655, Old demand notes 53,012 50 National bank notes and Federal Reserve bank notes assumed an increase of £712,290 as compared with last week's return. by the U. S. on deposit of lawful money for their retirement- 40,561,757 00. Government control over outward movements of gold has been empha6,844,417 82 Fractional currency sized by an Order-in-Council, taking effect upon April 1, prohibiting the Total 241,161,177 69 export of gold coin and bullion. APR. 26 1919.] THE CHRONICLE During the fifty years ending 1917-1918, India has imported and retained £253,000,000 of gold-say one-ninth of the world's production during that period. As India has also imported and absorbed in this half-century the lion's share of the silver output, the amount of precious metal which it has assimilated, notwithstanding the exiguous individual wealth of its population, is really astonishing. The West African gold output for February 1919 amounted to £112,616. as compared with £112,865 for February 1918 and £104,063 for January 1919. SILVER. The recent fluctuation in the price of silver is merely a reflex of the American exchange which has been very sensitive in the current week. The maximum price of silver is now based upon the rate of American exchange ruling at the time of "fixing," and not that of the day before, as originally arranged. The present is obviously the correct method. The Shanghai exchange has risen to 4s. 834d. the tael. We understand that about £400,000 worth of silver has been engaged for shipment to India, doubtless on account of the Indian Mints. INDIAN CURRENCY RETURNS. (In Lacs of Rupees)Mar. 7. Mar. 15. Mar, 22. Notes in circulation 15371 15341 15287 Silver coin and bullion in India 2563 2602 2750 Silver coin and bullion out of India 1201 984 1001 Gold coin and bullion in India 1737 1737 1814 Gold coin and bullion out of India 12 12 12 Securities (Indian Government) 1608 1608 1608 Securities (British Government) 8250 8250 8250 The note issue shows a reduction for the first time since Jan. 7th last. The coinage during the week was 70 lacs. The stock in Shanghai on March 22 1919 consisted of about 30,300,000 ounces in sycee and 17,700,000 dollars, compared with about 30,600,00 ounces in sycee and 16,800,000 dollars on March 8 1919. Statistics for the month of March are appended: Highest price for cash 50d Lowest price for cash 473d. Average price for cash 48.17 Quotations for bar silver per ounce standard: April 3 48%d. Mar. 28 cash_50d Average 49.52d. Mar. 29 %d. 493 Bank rate 4934d. Mar. 31 49 946c1. Bar gold per oz. standard_ _ _77s. 9d. April 1 April 2 49 3-16d. No quotation fixed for forward delivery. The quotation to-day for cash delivery is 9-16d. below that fixed a week ago. ' We have also received this week the circular written under date of April 10 1919: GOLD. The Bank of England gold reserve against its note issue is £83,653,740, an increase of £160,085, as compared with last week's return. On March 10 the Bank of Spain paid for British and American gold coin 25.20 pesetas for each pound sterling and 5.18 pesetas for each dollar. The price has therefore reverted to that which constituted the normal gold par between these countries. Gold to the value of $1,602,000 has been reported to be engaged in New York for shipment to South America. CURRENCY. The issue of currency notes in small denominations is proceeding apace. Notes of 5s. and 10s. value are about to be issued in Jamaica, and the Government of Mysore is considering the introduction of currency notes in that State. The "Times" under date of April 8 states that ninety million nickel coins, pierced in the centre to distinguish them from silver, will shortly be put in circulation in France under the law of Aug. 5 1913 permitting the coinage of nickel money to take the place of copper. SILVER. In correspondence with the movements (not quite so wide as last week) with States of America the price has fluctuated the United exchango of the daily with the exception of to-day. The Shanghai exchange has risen to 4s. 934d. the tael. INDIAN CURRENCY RETURNS. • Mar. 15. Mar. 22. Mar. 31 (In Lacs of Rupees)15341 15371 15346 Notes in circulation Silver coin and bullion in India 2563 2750 3235 1127371 0 Silver coin and bullion out of India 984 504 Gold coin and bullion in India 1737 1737 12 12 Gold coin and bullion out of India 12 Securities (Indian Government) 1608 1608 1608 Securities (British Government) 8250 8250 8250 The value of coins minted during the week amounted to 149 lacs. The stock in Shanghai on March 29 1919 consisted of about 30,750,000 ounces in sycee and $17,900,000, as compared with about 30,300,000 ounces n sycoe and $17,700,000 on March 22 1919. Quotations for bar silver per ounce standard: cash_48 15-16d. April 4 cash_48 9-16d. April 3Average " 48.833d. April 5 " 4834d. April 7 5% " 48 13-16d. Bank rate April 8 Bar gold per oz. standard_ _ _77s. 9d. " 48%cl. April 9 " 48 15-16d. No quotation fixed for forward delivery. The quotation to-day for cash delivery is 1-16d. above that fixed a week ago. 1695 Merchandise Movement at New York. Month. Imports. Customs Recepts at New York. Exports. 1918-19. I 1917-18. 1918-19. 1918-19. 1917-18. 1917-18. $IsIsIs 96,101,747 95,713,123 237,731,867210.181,903 July 9,215,233 11,190,794 August _ 122,452,147122,231,660 209,108,295 274,627,773 8,589,023 10,684,750 September 115,731,618 99,805,185 197,725,054242,132,080 8,438,132 9.469,365 October 105,821,699 91,319,436182,657,189 219,908,712 7,350,251 9,548,029 November 98,787,677 89,530,607,231,464,051 270,128,789 7,390,251 8,733,214 December 91,969,882 91,511,471:222,987,829209,467,362 6,342,530 7,142,266 January_ _ 85,880,208 83,164,970 264,544,534 248,203,724 8,026,387 7.488,551 February _ 110,759,849 94,303,999'311,376,177 168,713,182 9,856,349 8,177,780 March 130,844,316 98,360,412312,9O4,175251,325,068 10,600,101 9,870,168 Total -958,349,14387O,940,9132170498971 2094688 593 75,808,257 82,304,917 Imports and exports of gold and silver.for the 9 months: Gold Aforemelt at New York. Month. 1918-19, July August_ _ _ September October November December January February _ March Total _ 1917-18. 5 5 627,829 904,838 688,892 1.245,038 559,988 980.609 456,282 1.225,028 531,690 1,090,73 861,0711 908,57 649,358 1,070,270 993,993 529,787! 668,246 628,514 5,573,143 Slicer-New York. Eroorts. Imports. 1917-18. 1918-19. s I 3.903,713 268,600. 737,990 381,200, 221,832! 985,950, 2,517,2891 2,346,310, 2,311,250, Imports. Exports. 1918-19. 1918-19. $ s S 1,803,038 2,435,000 2,421,115 2,985,275 2,012,001 2,784,204 1,551,11 6,358.613 1,738,094 1,513,080 1,846,753 13,579.959 . 7,038 6,299,043 2,566,942 5,574,910 2,360,639 3,979,692 19,179,282 12,337,552 11,331.81q 7,484,497 3,911,375 1,187,606 657,940 3,170,387 301,073 9,047,595 13,474,134 59,561,522 16,306,734 45,509,776 Auction Sales.-Among other securities, the following not usually dealt in at the Stock Exchange were recently sold at auction in New York, Boston and Philadelphia: By Messrs. Adrian H. Muller & Sons, New York: Shares. Stocks. Per cent. Shares. Stocks. Per cent. 20 United Gas & Elec., 1st 70 Knox Hat, Inc., 1st pref.-- 4534 preferred 24-2434 1,650 Nixon Nev. Mg.,$1 each_1$1,436 50 Northwestern Devel., pref_55 lot 10 Southern Pacific Co lot 100 Transocean Finance & Com$300 U.S. Liberty bonds 1 merce Corp., corn $50 lot 18,425 Waahoe Copper, $1 each_ $1,000 24734 Manahan Moth Paper, 16,675 Nixon Nev. Mg.,$1 each. lot $10 each $1,950 lot $200 U.S. Liberty 1st 45 5,500 Railways Co. General, $10 500 Animated Picture Prodeach $2 per sh. ucts, Inc., $10 each_ _ _ _$50 lot 50 E.St. Louis dr Sub.,com_ _ _ 334 50 Hudson Realty 540 lot 200 Dixie Meadows Mg., $1 ea_S1 lot 75 Chelsea Realty,$10 each.$125 lot By Messrs. Millet, Roe & Hagen, Boston: Shares. Stocks. $ per sh. 8-12ths 1st Nat. Bank, New Bedfd 25 4 Naumkeag Steam Cotton 164 10 Hamilton Manufacturing 126 16 Lockwood Co 110 12 U. S. Worsted, 1st pref 753( Shares. Stocks. 20 Soule Mills 12 Butler Mills, common 7 American Mfg., preferred 2 Fairhaven Mills, preferred $ per sh. 109 97 89 88 By Messrs. R. L. Day & Co., Boston: Shares. Stocks. $ per sh. 24 Nat. Union Bank 208-20834 14.1st Nat. Bank, Boston 470 27 Nat. Shawmut Bank 228 9 So. Berwick Say. dr Tr l00% 4 Framingham Nat. Bank 149% 10 Arlington Mills 115 7 Bigelow-Hart. Carpet, pref._ 98 18 Salmon Falls Mfg., common_ 78 14 Lawrence Manufacturing 13044-13034 Shares. Stocks. $ per sh 1 Ipswich Mills, common 168 10 Ludlow Mfg. Associates_13834-13834 5 Androscoggin Mills 18234 5 Merrimack Mfg., common 70 140 5 Sullivan Machinery 8 Pemberton Bldg. Trust 27 5 Lawrence Gas 11534 10 Hood Rubber, pref. ex-div 1055( 17 Merrimack Chemical, $50 each. 93 By Messrs. Barnes & Lofland, Philadelphia: Shares. Stocks. 15 per sh. 25 Media Title & Trust,$25 each_ 55 2 Peoples Trust, $50 each 3934 43 Pa. Mutual L. Ins.,$10 each_527 lot 6 Phila. Bourse, corn., $50 each. 534 4 1st Nat. Bank of Phila 239 20 10th Nat. Bank of Phila 120 5 Nat. Bank of Germantown_ _ _147Yi 8 Bank of North America 260 1 Philadelphia Trust Co 700 (1 Logan Trust 156% 5 West End Trust 160 3 1-3 Franklin Trust rights to subscribe at $125 31-33 25 Finance Co. of Pa., 1st pre(__ _105 16 1st Nat. Bank of Woodbury__ _1503i 1 Fire Assoc. of Phila.,$50 par_.32534 Shares. Stocks. per sh. 84 H.K. Mulford,$50 each_ .5834-5834 1 John B. Stetson, common 33034 40 Wm.Sellers dr Co.,Inc 81 116 Tabard Inn Corp., pref.,$10 eat $3 97 Tabard Inn Corp.,corn.,$10 ear lot 10 United Gas & Elec., 1st pref_38-39)( Bonds. Per Cent. $20,000 Atlantic C. Gas 1st 5s, 1960 455( 2,000 West Cheater St. Ry. 1st 5s, 1932 7934 1,000 Ches. dr Del. Canal 1st 48, 1927 81 750 Cleve. dr Erie Ry. let 5s,'29 1834 13,400 Williamst'n Glass 1st 5s,'38 12 100 Overbrook Golf Club 5s,'24 90 Canadian Bank Clearings.-The clearings for the week ending April 17 at Canadian cities, in comparison with the same week in 1918, show an increase in the aggregate of 14.1%. Week ending April 17. Clearings at- ENGLISH FINANCIAL IARKETS-PER CABLE. The daily closing quotations for securities, &c., at London, as reported by cable, have been as follows the past week: London, Apr.19. Sat. Week ending April 25. d. Holiday Silver, per oa Holiday Consols, 234 per cents Holiday British, 5 per cents Holiday British,434 per cents French Rentes (in Paris), fr. Holiday French War Loan(InParis),fr. Holiday Apr.21. Apr.22. Apr.23. Wed. Tues. Mon. Holiday 4834 4834 Holiday 5534 5534 • Holiday 96 06 Holiday100 Holiday 62.70 Holiday 89.82 100 62 89.35 Apr.24. Apr.25. Thurs. Fri. 483-i 48 13-16 5534 5534 96 9634 100 100 62.50 89.25 _ _ The price of silver in New York on the same day has been: SilverinN.Y..PerOZ...CtS.lOi34 10134 10134 10134 10134 10134 Commercial andWiscellarceonsgews FOREIGN TRADE OF NEW YORK-MONTHLY STATEMENT.-In addition to the other tables given in this department, made up from weekly returns, we give the following figures for the full months, also issued by our New York Custom House. 1919. 1918. 'Inc. or 1 Dec. I I % I 1917. 1916. $ 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 Windsor $ $ 125,279,524 89,295,123 +40.3 1'02,897,713 73,141,702 74,910,709 66,580,728 +12.51 85,120,986 47,730,978 36,791,056 47,947,794 -23.3! 71,518,849 27,787,733 11,285.756 9,972,358 +13.2 8,748,581 5,678,681 7,218,039 6,339,462 +13.9 6,542,517 5,038,511 5,233,325 4,330,335 +20.9 4,564,711 3,552,467 3,783,443 4,903,512 --22.8 3,286,651 2,131,607 5,630,163 5,501,924 +2.3 6,803,935 3,220,190 2,769,738 2,075,157 +33.4 3,042,509 1,721,$59 2,884,728 2,481,765 +16.2 2,970,385 1,964,761 5,589.665 7,013,980 -20.3 7,397,954 3,823,543 2,929,638 1,890,320 +55.0 1,919,762 1,441,343 4,173,184 3,517,745 +18.6, 2,923,866 2,010,998 3,559,534 3,362,658 +5.9, 3,217,535 1,735,741 625,912 +2.7 640,758 586,101 517,785 753,366 825,289 -8.7 1,014,388 464,216 1,898,755 1,697,521 +11.8 2,073,721 1,135,636 1,009,626 999,457 +1.0 975,535 680,606 1,897,965 1,261,124 +50.4 1,260,625 941,976 500,000 555,652 -10.0 589,603 444,513 523,456 393,669 +33.0 421,940 285,324 388,694 754,173 584,219 =33.6 344,010 777,296 765,765 +1.5 778,919 588,009 989,303 925,134 +6.9 754,515 551,517 700,000 693,452 +0.9 718,200 617.292 1,289,349 1,276,749 t1.0 Total Canada 303,407,071'265,816,804 +14.1 321,423,674 187,550,695 • [Vol.. 108. THE CHRONICLE 1696 National Banks.-The following information regarding national banks is from the office of the Comptroller of the Currency, Treasury Department: p - _ APPLICATIONS FOR CHARTER. Fai Capital. For organization of national banks: $25,000 The Dumont National Bank, Dumont, N J Correspondent, Earle F. Watson, Dumont. 30,000 The First National Bank of Coats, Kan Correspondent, I. N. Shriver, Coats. 25,000 The First National Bank of San Joaquin, Calif Correspondent, Herman Janss, San Joaquin. 50,000 The First National Bank of Tranquility, Calif Correspondent, E. E. Slater, Tranquillity. 25,000 The Menard National Bank, Menard, Tex Correspondent, J. R. Smart, Menard. For conversion of State banks: 25,000 The Montana National Bank of Broadus, Mont Conversion of the Powder River State Bank, Broadus. Correspondent, L. IC: Hills, Miles City. The Farmers & Merchants National Bank of Lake Crystal, 25,000 Minn Conversion of the Farmers' & Merchants' State Bank of Lake Crystal. Correspondent, Union Investment Co., Min• neapolis. 25,000 The First National Bank of Stuart, Va Conversion of the Bank of Stuart, Incorporated, Stuart. Correspondent, S. A. Thompson, Stuart. $230,000 Total CHARTERS ISSUED. Original organizations: $500,000 The Citizens' National Bank of Boston, Mass President, Guy A. Ham; Cashier, Wilbur F. Veale. 25,000 The National Bank of Munfordville, Ky President, J. H. Richardson; Cashier, H. F. Mansfield. 25,000 The First National Bank of Wilsall, Mont President, H. F. Brink; Cashier, 0. E. Bahr. Conversions of State banks: 25,000 The First National Bank of Tuttle, No. Dak Conversion of the First State Bank ot Tuttle. President, Jno. F. Robinson; Cashier, A. F. Fir. 50,000 The First National Bank of Collinsville, Ala Conversion of the Farmers' & Merchants' Bank, Collinsville. President, 0. L. Hall; Cashier, J. P. Cox. $625,000 Total INCREASES OF CAPITAL APPROVED. Amount. The Kalamazoo National Bank, Kalamazoo, Mich. Capital increased from $200,000 to $500,000 The Second National Bank of Malden, Mass. Capital increased from $100,000 to $200,000 The First National Bank of Crawford, Nebr. Capital increased from $40,000 to $50,000 The Citizens' National Bank of Weatherford, Texas. Capital increased from $125,000 to $150,000 The Muskogee National Bank, Muskogee, Okla. Capital increased from $100,000 to $200,000 The First National Bank of Marengo,Ia. Capital increased from $50,000 to $65,000 American Security & Trust Co., Washington, D. C. Capital increased from $3,000,000 to $3,400,000 $300,000 100,000 10,000 25,000 100,000 15,000 400,000 $950,000 Total CHANGES OF TITLE APPROVED._JO The 'Scott County National Bank of Oneida. Tennessee, to "The First National Bank of Oneida." CONSOLIDATIONS. The First National Bank of Abingdon, Va., and the Citizens' National Bank of Abingdon, Va., under the charter and title of the First National Bank of Abingdon, with capital stock of.. _ _ _$100,000 $125.000 Combined capital of banks prior to consolidation Amount of reduction $25,000 The First National Bank of Stillwater, Minn., and the Lumber, inn., under the charter men's National Bank of StillwaterM and title of the First National Bank of Stillwater, with capital $350,000 stock of $350,000 Combined capital of banks prior to consolidation VOLUNTARY LIQUIDATION. Capital. For consolidation with other national banks: $25,000 The Union National Bank of Purcell, Okla Liquidating agent, R. E. Leavitt. Absorbed by the Chickasaw National Bank, of Purcell. Other liquidations: $50,000 The National Bank of Fairfield, Maine Liquidating committee, R. A. Jewell, John P. Lawry and Geo. E. Wilson, Fairfield. Assets to be taken over by the Fairfield Savings 8, Trust Co. DIVIDENDS. The following shows all the dividends announced for the future by large or important corporations: Dividends announced this week are printed in italics. Name of Company. When Per Cent. Payable. Books Closed. Days Inclusive. Railroads (Steam). 334 Apr. 22 Holders of rec. Apr. 1 Alabama it Vicksburg Atch.Topeka & Santa Fe,common (qu.) 135 June 2 Holders of rec. May 2a Atlantic Coast Line RR., preferred__.._ 2% May 10 May 1 to May 10 May 1 Holders of rec. Apr. 26a 2 Central RR. of N. J. (guar.) Dayton Coal. Iron & Ry., pt.(monthly) Sc. Apr. 30 Holders of rec. Mar. 22a 2.26 May I Holders of rec. Apr. 21a Elmira & Williamsp9rt, common 134 May 1 Holders of rec. Apr. 4a -Great Northern (quar.) 434 May 1 Holders of rec. Apr. 15a Nashua dr Lowell 1X May I Holders of rec. April 8a New York Central RR.(quar.) May 19 Holders of rec. Apr. 30a 1 Norfolk & Western adj., pref.(quar.)_ _ _ Norfolk de Western, common (guar.) *15i June 19 *Holders of rec. May 31 13( May 1 Holders of rec.April 12a Northern Pacific (quar.) 750. May 31 Holders of rec. May la Pennsylvania(guar.) tPere Marquette, prior pref. (guar.)._ - 13.4 May 1 Holders of rec. Apr.il8a May 31 Holders of rec. May 15a Pittsburgh & West Virginia,pref.(No.8) May 8 Holders of reo. Apr. 16a Reading Company, common (quar.)--- $1 June 12 Holders of rec. May 27a Reading Company, 1st pref. (quar.)_.... Vicksburg Shreveport & Pacific, pref._ 234 Apr. 22 Holders of rec. Apr. 4 P. Street and Electric Railways. American Railways, preferred (quar.) Bristol db Plainville Tramway (guar.)_ _ _ _ Cape Breton Electric Co., Ltd., common_ _ Preferred (No. 26) Carolina Power & Light,common (guar.) Cities Service, corn. & pref.(monthly)... Common (payable in common stock)_ Cities Service, corn. & pref. (monthly).... Common (payable in common stock) _ Cities Service, Bankers'shares(monthly) Commonwealth Pow., Ry. & Lt., pf. (qu.) Connecticut Ry. de Lig., cont. (guar.)._ _ _ Preferred (guar.) Duquesne Light Co., pref.(qu.)(No. 17) Havana Elec. Ry.,L.& P.,com.& pref_ Milwaukee Eleo. Ry.& Lt.. pref.(quar.) May 15 *Holders of rec. May 10 May 1 Holders of reo. Apr. 24a 2 134 May 1 Holders of rec. Apr. 23a May I Holders of rec. Apr. 23a 34 May 1 Holders of rec. Apr. 15 34 May 1 Holders of rec. April 15a May 1 Holders of rec. April 15a /1 34 June 1 Holders of rec. May 15 I Holders of rec. May 15 June /1 41.10. May 1 Holders of rec. Apr. 15 0135 May 1 Holders of rec. Apr. 22a 134 May 15 May 1 to May 15 134 May 15 May 1 to May 15 134 May 1 Holders of reo. Apr. 1 3 May 15 Apr. 23 to May 15 134 Apr. 30 Holders of reo. Apr. 21a 4.1 Name of Company. When Per Cent. Payable. Books Closed. Days Inclusive. Street and Electric Rye. (Concluded). I May 15 Holders of rec. Apr. 30 Montreal L.,H.& Pow. Cons. (guar.)__ _ Public Serv. Invest., pref.(qu.)(No.40) I% May 1 Holders of rec. Apr. 21a 750. Apr. 30 Holders of reo. Apr. in Philadelphia Company, common (quar.) $1.50 May 1 Holders of rec. Apr. in Six per cent preferred (quar.) -Union St.Ry., New Bedford, Mass.(qu.) 1% May 1 Holders of rec. Apr. 17a West Penn Power, pref.(guar.)(No.3)134 May 1 Holders of rec. Apr. 19 West Penn Trac.& Water Pow., pf.(qu.) 134 May 15 Holders of rec. May 1 York (Pa.) Railways, pref. (quar.)......_ 62340. Apr. 30 Holders of rec. Apr. 19a Banks. American Exchange National Extra Bowery (quay.) Extra Chemical National (Id-monthly) City, National Commonwealth Corn Exchange (quar.) Lincoln National (guar.) Pacific ((Mar.) Extra 5 2 3 7 334 5 5 5 234 2 2 May May May May May May May May May May May Trust Companies. Farmers' Loan & Trust (quar.) Hamilton (Brooklyn) (guar.) Kings County (Brooklyn) Lincoln (quar.) 5 3 7 I May I Holders of rec. Apr. 19a May 1 Holders of rec. Apr. 25a May 1 Apr. 26 to Apr. 30 May 1 Holders of rec. Apr. 25 Fire Insurance. Globe de Rutgers (guar.) Extra 10 5 1 1 1 1 1 1 1 1 1 1 1 Holders of rec. Apr. 24 Holders of rec. Apr. 24 Apr. 26d to Apr. 30 Apr. 26d to Apr. 30 Apr. 26 to Apr. 30 Apr. 20 to Apr. 30 Holders of reo. Apr. 15a Holders of rec. Apr. 30a Holders of rec. Apr. 29a Apr. 20 to Apr. 30 Apr. 20 to Apr. 30 Apr. 30 Apr. 26 Apr. 30 Apr. 26 to to Apr. 30 Apr. 30 Miscellaneous. American Bank Note, common (quar.)_ 750. May 15 Holders of reo. May in Apr. 30 Holders of rec. Apr. 12a Amer. Beet Sugar. common (quar.)...._ p2 American Brass (guar.) *134 May 15 *Holders of rec. Apr. 30 4.134 May 15 *Holders of rec. Apr. 30 Extra May 1 Holders of rec. Apr. 19 1 American Chicle,common (quar.) May 1 Holders of rec. Apr. 15a 2 American Cigar, common (quar.) Amer. Gas & Elec.. pref.(qu.)(No.49). 75o. May 1 Holders of rec. Apr. 18 May 1 Apr. 18 to May 2 5 American Glue, common Corn.(extra, payable in L. L. bonds).. (5 May 1 Apr. 18 to May 2 May 15 Holders of reo. May 8a 2 Am.La France Fire Eng.,Inc.,corn.(qu.) Amer. Light & Traction,common (quar.) 234 May 1 Apr. 13 to Apr. 27 Common (payable in common stock). f235 May 1 Apr. 13 to Apr. 27 134 May 1 Apr. 13 to Apr. 27 Preferred (quar.) Amer. Shipbuilding, common (guar.)... 134 May 1 Holders of rec. April 15a 234 May 1 Holders of rec. April 15a Common (extra) Preferred (quar.) 134 May 1 Holders of rec. April 15a 135 May 15 Holders of rec. May 1 American Soda Fountain (guar.) American Sumatra Tobacco, corn. (qu.).. 234 May 1 Holders of rec. Apr. 25a Preferred (No. 19) 334 Sept. 1 Holders of rec. Aug. 15a Am. Water Wks.& Elec., Inc., pf.(qu.) ln May 15 Holders of rec. May 1 American Zinc, Lead de Smelling (guar.)_ $1.50 May 1 Holders of rec. Apr. 28 May 26 Apr. 20 to May 14 Anaconda Copper Mining (guar.) $1 134 June 2 Holders of rec. May 3 Associated Dry Goods, 1st preferred Second preferred 13-4 June 2 Holders of rec. May 3 Atlantic Steel, preferred 334 May 1 Apr. 23 to May 1 134 May 1 Apr. 20 to Apr. 30 Atlas Powder, pref. (quar.) Barnhart Bros. & Spindler. First & second preferred (quar.) 134 May 1 Holders of rec. Apr. 25a May 1 Apr. 20 to May 1 4 Bergner & Engel Brewing, preferred Bethlehem Steel, common (guar.) 13.4 July 1 Holders of rec. June 16a X July 1 Holders of rec. June 160 Common (extra) 13.4 July 1 Holders of rec. June 16a Common B (guar.) X July 1 Holders of rec. June 16a Common B (extra) 134 July 1 Holders of rec. June 16a Non-cumulative preferred (par.) 2 July 1 Holders of rec. June 16a Cumulative convertible pref. (guar.) Bigelow-Hartford Carpet Corp., pref.(qu.) 135 May 1 Holders of rec. Apr. 23 May 15 Holders of rec. May 8 4 Bond & Mortgage Guarantee (guar.) Borden's Cond. Milk.pref.(qu.)(No.70) lA June 14 Holders of rec. May 310 1 May 1 Apr. 23 to Apr. 30 Brill (J. G.) Co., preferred (quar.) May 1 Apr. 23 to Apr. 30 Pref. (on account accum. dividends)_ h3 British-Columbia Fish.8,Pack.(quar.)_ 134 May 21 May 10 to May 20 234 May 21 May 10 to May 20 British-Columbia Pack. Assn.,com. (qu 134 May 7 Holders of rec. Apr. 30 Brampton Pulp & Paper, yid.(guar.)_ __ June 2 Holders of rec. May 21 Brooklyn Edison Co.,Inc.(guar.)(No.77) 2 IX May 1 Holders of rec. Apr. 19a Brown Shoe, Inc., preferred (quar.) Brunswick-Balke-Collender, corn. (qu.)_ . 134 May 15 *Holders of rec. May 5 June 14 *Holders of rec. May 31 *$2 Buckeye Pipe Line (guar.) 235 May 15 Holders of rec. May In Burns Bros., common (quar.) Common(extra payable in com.stock) f234 May 15 Holders of rec. May in 134 May 1 Holders of rec. Apr. 19a Preferred (quar.) May 1 to 25 May 1 Apr. 24 Butler Bros.(guar.) May 15 Holders of rec. Apr. 30 CanadaFoundries & Forgings, corn. (qu.)_ 3 134 May 15 Holders of rec. Apr. 30 Preferred (guar.) Canadian Converters, Ltd.(guar.) 13-4 May 15 Holders of rec. Apr. 30 Canadian Explosives, common (guar.). 134 Apr. 30 Holders of rec. Mar. 31a Common (extra) 1234 Apr. 30 Holders of rec. Mar. 31a Common (extra) 1234 July 31 Holders of rec. June 30a July 30 Holders of rec. July 26 Carbon Steel, second pref. (annual).- _ 6 Cedar Rapids Mfg. & Power (guar.) 34 May 15 Holders of rec. Apr. 30 Central Leather. common (guar.) 134 May 1 Holden, of rec. April 10a May 1 Holders of rec. Apr. 26a Chic. Wilm. & Franklin Coal,com.(qu.). 5 134 May 1 Holders of rec. Apr. 280 Preferred (guar.) 75c. May 15 Holders of rec. May in Cleveland Automatic Machine,corn.(qu.)1X May 1 Holders of rec. Apr. 254 Clinchfiekl Coal Corp., pref. (guar.) Cluett, Peabody & Co.,Inc.,com.(quar.) 134 May 1 Holders of reo. Apr. 19a May 15 Holders of rec. Apr. 30 1 Columbia Gas & Elec. (guar.) May 1 *Holders of rec. Apr. 15 *2 Commonwealth-Edison (quar.) 4.134 Juno 16 *Holders of rec. May 9 Consolidated Gas (N. Y.) (guar.) 13-4 Apr. 30 Holders of reo. Apr. 24a Consolidation Coal (guar.) 300. May 15 Holders fo rec. Apr. 30a Continental Refining, common (guar.). 1234o. May 1 Holders of rec. Apr. 154 Cosden & Co. corn.(quar.)(No. 10c. May 10 Holders of rec. Apr. 30 M.& M.(monthly). Cresson Cons. 334 May 1 Holders of rec. Apr. 21 Cudahy Packing, preferred 5 Apr. 30 Holders of rce. Apr. 20 Depositors Oil dc Gas (quar.) 134 May 1 Holders of rec. Apr. 26 Diamond Ice & Coal, pref. (guar.) *2 Juno 16 *Holders of rec. May 31 Diamond Match (guar.) 2 May 15 Holders of rec. Apr. 30 Dominion Bridge, Ltd. (guar.) Dominion Coal, preferred (qu.)(No. 54) IX May 1 Holders of rec. Apr. 12 Dominion Steel Corp., Ltd., pref.(quar.) 135 May 1 Apr. 10 to May 1 du Pont(E.I. de Nem.Powd.,com.(qu.) 134 May 1 Holders of rec. Apr. 19a 134 May 1 Holders of ree. Apr. 19a Preferred (quar.) 5 May 1 Holders of rec. Mar.31a Eastman Kodak,common (extra) May 1 Holders of rec. Apr. 15 Edison Elec. Ill. of Boston (qu.)(No.120) 3 May 1 Holders of rec. Apr. 254 2 Edison Elec. Ill. of Brockton (guar.) May 15 Holders of rec. May in Eisenlohr(Otto) & Bros.,Inc.,com. (qu.) 1 Electrical Scour. Corp. pref. (quar.).... 134 May 1 Holders of rec. Apr. 22a Preferred (quar.) 134 May 1 Holders of reo. Apr. 16 ' Electric Bond & Share, May 1 Holders of rec. Apr. 23a 2 Elgin National 1Vatch (guar.) 1235c. May I Holders of rec. Apr. 15 Elk Basin Petroleum (quar.) Ernerson-Brantingham Co., pref. (qu.). lu May 1 Holders of rec. April 180 4 May 1 Holders of rec. April 15 Eureka Pipe Line (quar.) May 1 Holders of rec. Apr. 20a Fairbanks Company, 1st pref. (guar.)._ 2 23.4 May 1 Holders of rec. April 22 Fajardo Sugar (quar.) Federal Sugar Refining, corn. (quar.)_ _ _ 134 May 1 Holders of rec. Apr. 210 134 May 1 Holders of rec. Apr. 210 Preferred (quar.) 134 May 1 Holders of reo. Apr. 22a Fisher Body Corp. pref. (guar.) Ft. Worth Pow.& Lt., pf.(qu.)(No.31) 134 May 1 Holders of reo. Apr. 21 500. May 15 Holders of reo. May in Gaston, Williams & Wigmore, Inc.(qu.) Juno 2 *Holders of rec. May 22 *2 General Chemical, common (par.) 1 May 1 Holders of rec. Apr. 24a General Cigar, Inc., common (guar.)._ _ 134 June 2 Holders of rec. May 26a General Cigar, Inc., pref. (guar.) May 1 Holders of rec. April 15a 3 General Motors, common (quar.) 134 May 1 Holders of rec. April 16a Preferred (quar.) Debenture stock (quar.) 134 May 1 Holders of rec. April 15a $2 May 31 Holders of rec. May I Gillette Safety Razor (guar.) May 31 Holders of reo. May 1 $1 Extra (quar.). Co.. May 15 Holders of ree. May 5 1 common F.) Goodrich (B. 14 .Inly 1 finkirra nf tPe June 20e Preferred Wpm)- APR. 26 1919.] THE CHRONICLE 1697 Per When Cent. Payable. Books Closed. Per When Books Closed. Days Inclusive. Name of Company. Cent. Payable. Days Inclusive. Miscellaneous (Continued) Miscellaneous (Concluded) Goodrich (B. F.) Co., common (guar.). 1 Aug. 15 Holders of rec. Aug. ba Wilson de Co., Inc., corn. (qu.)(No. 1). 13.4 May 1 Holders of rec. April 26a Goodyear Tire & Rubber,2d pref.(qu.)_ 2 May 1 Holders of reo. Apr. 15a Woolworth (F. W.) Co., corn. (guar.)_ _ 2 June 1 May 2 to May 21 Cons. Granby Min:.Smelt.& Pow.(qu.) 134 May 1 Holders of rec. Apr. 18a Yale et Town Manuf. (extra)(No. 101)-. May 5 Holders of rec. Apr. 29 5 Great Northern Paper 154 May 1 Holders of rec. Apr. 24a Great Western Sugar, common (guar.)._ 4,1X July 1 *Holders of rec. June 15 •From unofficial sources. t Declared subject to the approval of Director-General Common (extra) *10 July 1 *Holders of rec. June 15 of Railroads. 3 The New York Stock Exchange has ruled that stock will not be Preferred (guar.) July 1 *Holders of rec. June 15 quoted ex-dlvidend on this date and not until further notice. Harbison-Walker Refract., corn. (quar.) ' 13i June 2 *Holders of rec. May 23 a Transfer books not closed for this dividend. b Less British income tax. d Preferred (guar.) *13i July 19 *Holders of rec. July 9 rection. e Payable in stock. f Payable. ln common stock. g Payable In CorHercules Powder, pref.(quar.) 4.1,4 May 15 *Holders of rec. May 5 h On account of accumulated dividends. i Payable in Liberty Loan bonds. scrip. Holly Sugar Corp., pref. (quar.) 134 May 1 Holders of rec. April 15 I Red Houghton Co. Elec. Lt. com.(No. 28)._ 62540. May 1 ,Holders of rec. Apr. 18a Cross dividend. in Payable In U. S. Liberty Loan 4 X % bonds. Preferred (No. 33) n Transfer books closed for annual meeting from May 3 to May 22, both inclusive. 75c. May 1 Holders of rec. Apr. 18a Idaho Power, pref. (guar.)(No. 10)._ _ _ 15( May 1 Holders of rec. April 21 p Declared 8% payable 2% each April 30, July 31 and Oct. 31 1919 and Jan. 31 Illinois Northern Utilities. Pref.(guar.). 154 May 1 Apr. 20 to Apr. 30 1920, to holders of record on April 12, July 12 and Oct. 11 1919 and Jan. 10 1920, Ilium.& Pow.Sec., pref.(qu.)(No.27). 134 May 15 Holders of rec. Apr. 30 respectively. g Payable half in cash and half in Fourth Liberty Loan bonds. Indiana Pipe Line (guar.) $1 May .15 Holders of rec. April 24 Ingersoll-Rand, common Apr. 30 Holders of rec. Apr. 19a 5 Inspiration Cons. Copper Co. (guar.)._ $1.50 April 28 Holders of rec. April ha Statement of New York City Clearing House Banks Internat. Mercantile Marine (extra)... MO May 15 Holders of rec. May la International Nickel, pref. (guar.) 134 May 1 Holders of rec. Apr. 16a and Trust Companies.-The following detailed statement Kaministiguia Power (guar.) May 15 Holders of rec. Apr. 30 shows the condition of the New York City Clearing House Kayser (Julius) & Co., 1st & 2d p1.(qu.) 134 May 1 Holders of rec. Apr. 210 members for the week ending April 19. The figures for the Kellogg Switchboard & Supply (quar.)_ Apr. 30 Holders of rec. Apr. 25 geny-springtield Tire, common (guar.) $1 Holders May 1 of rec. Apr. 15 separate banks are the averages of the daily results. In the Common (payable In common stock). 13 May 1 Holders of rec. Apr. 15 .(quar.)(No.11) Kelsey Wheel, Inc., pref. May 1 Holders of rec. April 21a case of totals, actual figures at end of the week are also given. Kerr Lake Mines, Ltd. (guar.)(No.7). 250. June 16 Holders of rec. June 2a NEW YORK WEEKLY CLEARING HOUSE RETURN. *$1.50 May 1 *Holders of rec. Apr. 19 Keystone Telephone, preferred (Stated in thousands of dollars-that is, three ciphers [,000] omitted.) Keystone Tire & RubberCommon (payable in common stock)./15 May 20 Holders of rec. May la CLEARING Keystone Watch Case (guar.) Net Loans, *13i May 1 *Holders of rec. Apr. 24 Reserve Nat'l HOUSE Kress (S. H.) Co., common (quar.) May 1 Holders of rec. Apr. 19a 1 Capital. Profits Discount, Cash with Net Time Bank MEMBERS. Lehigh Coal & Navigation (guar.) 2 May 31 Holders of rec. Apr. 30a Investin Legal Demand De- CircuLima Locomotive Works, Inc., preferred (.000 omitted.) Nat'l, Mar. 354 May 10 Holders of rec. Apr. 30a ments, Vault. Depos Deposits. posits. lation. Week ending State, Feb. 21 Loft, Incorporated (guar.) 154 May 1 Holders of rec. Apr. 18a ctc. tortes. Lowell Elec. Light Corp.(guar.)(No.92). 254 May 1 Holders of rec. Apr. 25a April 19 1919. Tr.Cos,Feb. 21 Manufacturers' Rubber, pref. (quar.)___ Apr. 25 *Holders of rec. Apr. 19 , Marconi wireless Telex. of America Members of 250. July I June 2 to June 14 Average.. Averag Averag Average Average Avge. Fed.Res.Bank Mason Tire & Rubber, cam. (guar.) May 20 Holders of rec. Jan. 31 2 $ Bk of NY,NBA 2,000 5,739 June 2 *Holders of rec. May 15 Massachusetts Gas Cos., pref *2 50,803 559 5,054 34,000 1,846 785 Manhattan Co_ 2,500 7,210 63,135 1,485 7,058 14( May 1 Holders of rec. April 15 Massachusetts Gas Cos. (quar.) 58,991 Miami Copper Co.(guar.)(No. 27)_ -- 50e. May 15 Holders of rec. May la Merchants' Nat 2,000 2,836 34,016 509 3,025 23.456 2,729 1,828 1 Mech & Metals 6,000 11,643 158,566 10,143 20,724 May 1 Holders of rec. Apr. 24 Middle States 011 Corp.(monthly) 149,595 3,945 3,778 Bk of America_ 1,500 6,781 May 1 Holders of rec. Apr. 24 10 Stock dividend 32,157 1,017 3,879 27,177 Midvale Steel & Ordnance (qu.)(No. 10) $1 May 1 Holders of rec. April 15a Nat'l City Bank 25,000 54,132 584,647 14,062 99,194 8655,368 24,276 1,433 $1 May 1 Holders of rec. Apr. 15a ChemicalNat__ 3,000 9,578 Midwest Refining (guar.)(No. 18) 88,918 1,678 8,688 57,762 5,694 448 500. May 1 Holders of rec. Apr. 15a Atlantic Nat..... 1,000 Extra (No. 1) 958 16,833 527 1,916 14,338 556 144 May 1 Holders of rec. April 12a NatButch&Dr Mohawk Mining (guar.) $1 300 109 3,543 108 620 3,565 299 1,‘ Amer May Exch 1 Nat 5,000 6,167 122,232 1,855 12,37 Nash Motors, preferred (auar.) Holders of roe. Apr. 18 90,878 5,352 4,908 N Bkof Comm_ 25,000 25,651 403,62 May 31 *Holders of rec. May 15 National Acme Co. (guar.) 2,374 34,867 270.145 4,629 National Biscuit, corn. (quar.) (No. 84) 134 July 15 Holders of rec. June 30a PacificBank___ 500 1,134 15,52 1,135 2,514 16,300 150 Preferred (guar.) (No. 85) May 31 Holders of rec. May 17a Chath & Phenix 3,500 2,822 107,382 5,727 12,254 87,015 9,259 2,695 National Carbon, common (guar.) May 1 Holders of rec. Apr. 19a Hanover Nat_ $1 3,000 17,363 126,328 5.767 19,342 123,695 150 2 Preferred (guar.) May 1 Holders of red. Apr. 19a Citizens' Nat__ 2,550 3,286 39,797 891 5,494 35,714 251 991 Nat. Enamel.& Stamping, corn. (guar.) 134 May 31 Holders of rec. May 10a Metropolitan.. 2,000 2,404 55,485 2,214 4,004 29,117 45 412 National Grocer, common Corn Exchange. 4,200 8,290 125,654 5,866 16,373 June 30 *Holders of rec. June 19 127,226 2,840 Imp & Trad N. . 1,500 8,163 Preferred June 30 *Holders of rec. June 19 37,782 722 3,574 25,929 51 134 June 14 Holders of rec. May 23a National Park_ 5,000 19,439 204,993 1,446 20,997 National Lead, preferred (guar.) 160,219 3,839 4,982 20o. May 1 Apr. 29 to May 1 New Central Coal East River Nat. 1,000 626 7,344 292 1,005 7,482 136 50 23( New England Company,first pref. (qu.) May 1 Holders of rec. Apr. 16a Second Nat Bk_ 1,000 4,066 20,061 907 2,360 16,388 848 3 May 6 Holders New England Investment Co First Nat Bank 10,000 31,297 295,587 1,496 18,492 146,491 2,194 8.225 4.1H May 29 *Holders of rec. May 1 New River Company, preferred Irving National 4,500 6,112 121,826 4,129 18,892 of rec. May 17 126,146 1,123 1,360 4 New Jersey Zinc (guar.) N Y County Nat 1,000 May 10 Holders of rec. Apr. 30 421 11,865 737 1,515 11,604 732 199 Apr. 30 Holderrs of rec. Apr. 19 Continental _ 1,000 N.Y.& Honduras Rosario Min.(quay.) 3 642 7,564 149 855 5,665 Amortization distribution (No.7)- - 2 Apr. 30 Holders of rec. Apr. 19 Chase National. 10,000 16,870 345,769 7,235 48,190 279,884 11,385 2,350 1 Pacific Coast Co., common (quar.)_ May 1 Holders of rec. April 26a Fifth Avenue__ 200 2,301 21,718 1,231 2,766 19,339 1X May 1 Holders of rec. April 26a Commer'l Etch First preferred (guar.) 200 858 7,659 318 1,019 6,972 1 Second preferred (guar.) May 1 Holders of rec. April 26a Commonw'th__ 400 762 8,203 401 1,151 8,098 8754o. May 15 Holders of rec. April 15 Pacific Development Corp. (guar.)._ Lincoln Nat'l__ 1,000 2,067 17,016 1,282 2,088 16,206 47 210 Pacific Pow. az Lt., pt. (qu.)(No. 35).... Garfield Nat'l__ 1,000 1,342 May 1 Holders of rec. Apr. 22 13,550 349 1,812 12,434 38 398 Packard Motor Car, corn. (guar.) April 30 Holders of rec. April 15a Fifth National_ 250 397 7,599 288 1,067 7,811 459 245 Penmans, Limited, common (guar.). Seaboard Nat'l_ 1,000 3,782 May 15 Holders of rec. May 5 51,771 970 6,862 46,076 140 70 Preferred (Oiler.). Liberty Nat'l__ 3,000 4,704 May 1 Holders of rec. Apr. 21 76,869 725 8,133 58,148 1,833 1,430 $1 Pennsylvania Coal de Coke (guar.) Coal & Iron Nat 11,500 11,333 May 10 Holders of rec. May 6 19,829 752 1,353 11,797 414 419 Pennsylvania Rubber,corn.(qu.)(No. 11) 134 June 30 Holders of ree. June 1,000 Nat Etch Union 1,271 15,709 2,397 519 17,213 392 399 13‘ June 30 Holders of rec. June 15 Preferred (guar.) (No. 11) Brooklyn Tr Co 1,500 2.289 42,726 729 3,296 27,526 6,374 Pierce-Arrow Motor Car, common (qu.) $1.25 May 1 Holders of rec. Apr. 15 230,035 9,236 15a Bankers Tr Co_ 15,000 17,361 285,152 1,020 30,853 Pittsburgh 011 az Gas (guar.) 23.4 May 15 Holders of rec. April 30a U S Mtge az Tr. 2,000 4,551 67,018 633 9,162 54,541 1,161 Pittsford Power, pref. (guar.) Guaranty Tr Co 25,000 28,525 514,682 3,074 53,768 b458,102 24,075 134 May 1 Holders of rec. Apr. Plant(Thomas G.) Co., pref.(qu.)(No.71) 15‘ Apr. 30 Holders of rec. Apr. 23a Fidelity Tr Co_ 1,000 1,284 11,798 321 1,259 9,172 517 17 Portland (Ore.) Gas et Coke, pref.(qu.). 134 May 1 Holders of rec. April 22 Columbia Tr Co 5,000 6,9134 92,212 1,001 9,786 72,209 6,571 Prairie 011 & Gas (guar.) April 30 Holders of rec. Mar. 31a Peoples Tr Co. 1,000 1,412 28,151 933 2,622 26,070 1,808 2 Extra April 30 Holders of rec. Mar.31a New York Tr Co 3,000 10,677 107,501 426 8,918 64,356 2,657 Prairie Pipe Line (guar.) 3 Apr. 30 Holders of roe. Mar.31a Franklin Tr Co. 1,000 1,305 30,290 513 2,385 17,058 1,616 Pressed Steel Car, corn. (qu.)(No.35).... 2 June 4 Holders of rec. May 14 Lincoln Tr Co_ 1,000 663 23,204 409 2,864 19,677 1,398 • Preferred (guar.) (No. 81) 1X May 27 Holders of rec. May MetropolitanTr 2,000 4,402 46,213 806 4,152 31,667 1,207 6 Procter & Gamble Co.,common (quar.)_ 5 May 15 Holders of rec. April 250 Nassau N,Bkln 1,000 1,220 15,847 380 1,157 10,860 862 50 Public Fiery. Co. of Nor.Ilia., corn.(qu.) Irving Trust Co g2,250 g1,197 May 1 *Holders of rec. April 15 43,084 2,455 6,227 44,003 1,126 Preferred (guar.) Farm Loan & T 5,000 12,006 132,782 4,152 15,774 c150,441 .9,271 *114 May 1 *Holders of rec. April 15 Pullman Company (guar.) (No. 209)...... 2 Columbia Bank 1,0001 672 May 15 Holders of rec. Apr. 15,824 614 2,626 16,046 397 Pyrene Manufacturing (guar.) (No. 26) 25e. May 1 Apr. 22 to Apr. ,30 1 154 May 31 Holders of rec. May 30 Quaker Oats. pref. (guar.) Average ' 200,350 367,044 4,777,832 97,331 556,653 *3,837,771 152,63538,538 la Republic Iron & Steel.com (qu.)(No.10) 134 May 1 Holders of rec. April 21a 254 May 15 Holders of rec. May 9 Riordan Pulp ete Paper, Ltd. common. _ Totals,actual condition Apr. 19 4,754,226 95,962 563,608 *3,876,015 153,76038,815 134 June 30 Holders of rec. June Preferred (guar.) Totals,actual condition Apr. 12 4,784,186 96,515 540,110 3,797,373 151,35538,475 20 Russell Motor Car, preferred (guar.)._ Totals,actual condition Apr. 54,622,863 94,225559,040 3,886,093 151,659 38,250 May 1 Holders of roe. Apr. 17 St. Lawrence Flour Mills, corn. (guar.). 151 May 1 Holders of rec. Apr. 23 Totals,actual condition Mar.29 4.661,555 96,268 527,653 3,801,555 151,33237,609 1 Common (bonus) May 1 Holders of rec. Apr. 23 State Banks, Not Me mbers of Federal Reserve Bank Preferred (guar.) May 1 Holders of rec. Apr. 23 1254c May 1 April 20 to May 1 Greenwich Sapulpa Refining (guar.) 500 1,559 16,693 2,490 1,196 16,775 38 Sears, Roebuck & Co., corn.(quar.)_ _ _ 2 May 15 Holders of rec. April 30a Bowery 250 812 6,048 688 333 5,549 Sierra Pacific Elec. Co., pt. (qu.) (No.39) 1;4 May 1 Holders of rec. Apr. 23a N Y Prod Exch 1,000 1,242 24,468 2,853 1,974 25,981 Sloss-Sheffield Steel & Iron, corn.(qu.). 134 May 10 Holders of rec. April 25a State 2,000 6071 49,511 5,073 3,476 45,356 80 Smith(A.0.) Corp., pre.(quar.)(No.10) May 15 Holders of rec. May la 2 Average 3,750 4,2211 96,720 10,904 6,979 Standard Milling, corn. (gu.)(No. 10) May 31 Holders of rec. May 21 93,661 118 Preferred (guar.) (No. 38) May 31 Holders of rec. May 21 4.3 Totals,actual condition Apr. 19 Standard Oil (Indiana) (guar.) June 14 *Holders of rec. May 7 98,277 10,519 7,195 93,760 127 Extra Totals,actual condition Apr. 12 96,368 10,708 6,943 Juno 14 *Holders of rec. May 7 93,353 117 Standard Oil of N. Y.(quar.) Totals,actual condition Apr. 5 90,317 10,382 7,639 *4 June 16 *Holders of rec. May 19 92,805 103 Steel Co. of Canada, corn.(WO (No. Totals,actual condition Mar.29 134 May 1 Holders of rec. Apr. 10 91,928 10,234 6,840 92,711 85 9) 134 Preferred (guar.) (No. 31) May 1 Holders of rec. Apr. 10 Steel Products. pref. (quay.) stot Members of Federal Re serve Ba nk. 134 June 1 Holders of rec. May 15a Trust Compan leStewart-Warner Speedometer Corp. (qu.). 2 Title Guar & Tr 5,000 12,033 May 15 May 1 to May 5 41,490 888 3,019 25,6691 724 Superior Steel Corp., common (quar.).. 1;4 May 1 Holders of rec. Apr. 15a Lawyers T & Tr1 4,000 5,264 23,862 784 1,519 468 15,630 First and second preferred (guar.)- 2 May 15 Holders of rec. May la Swan & Finch Co. Average 9,000 17,297 65,352 1,672 4,538 254 May 1 Holders of rec. Apr. 1 41,299 1,192 Taylor-Wharton Iron & Steel, pref. OW 154 May 1 April 25 to April 30 Texas Pow. & Lt., pref. (qu.)(No. 28)Totals,actual condition Apr. 19 64,999 1,781 4.563 154 May 1 Holders of rec. Apr. 19 41,3211 1,224 Tobacco Products Corp., corn. (guar.). 01% May 15 Holders of rec. Apr. 30a Totals,actual condition Apr. 12 65,443 1,590 4,949 41,8671 1,179 Trenton Potteries, non-cum. pref. (guar.). 1 Apr. 25 Holders of rec. Apr. 18a Totals,actual condition Apr. 5 64,807 1,631 4,882 41,8311 1,300 United Cigar Stores of Am., corn. (qu.) 254 May 15 Holden of rec. April 28a Totals,actual coluditIon Mar.29 - 83,955 1,730 4,282 40,009 1,329 United Drug, first preferred (guar.).-- 87540 May 1 Holders of rec. April 15a 1. Second preferred (aim.) 154 June 2 Holders of rec. May 15a Gr'd aggr.,avge 213,100 388,564 4,939,904 109,907 568,170 d3,972,731 153,94838,638 United Electric Securities, pref 1+98,105 -408 +19675 -11,453 +2,3 354 May 1 Holders of rec. April 10a Comparison,prv . week +700 U.S. Rubber,first preferred (quay.).... 2 Apr. 30 Holders of rec. Apr. 15a United Verde Extension Mining (guar.) 50c. May 1 Holders of reo. Apr. 7a Gr'd aggr, act'l cond'n Apr. 194,915,502 108,262 575,366 e4,011,096 155,111 38,815 Comparison,pre v. week United Wire et Supply, corn. (guar.)._ *1 ! -30,495 -551 +23364 +78,503 +2,461 +340 May 1 *Holders of rec. Apr. 22 __ _ 4.13.5 May 1 *Holders of rec. Apr. 22 Senior 'preferred (guar.) Preferred (guar.) Gr'd aggr, act *1yi May 1 *Holders of rec. Apr. 22 ' . cond'n Apr. 12 4,945,997 108,813852,002 03,932.593 152,651 38,475 Gr'd aggr., Vacuum Oil Apr. act'icond'n 5 571,561 4,777,987 106,238 4,020,729 3 of 153,06238.250 rec. May 1 May 15 Holders I* Extra 2 May 15 Holders of rec. May 1 Gr'd aggr, act'l cond'n Mar.29 4,817,438 108,2321538,775 3,934,275 152,74637,609 Va.-Carolina Chem.,corn.(Q11.)(No.47) 1 May 1 Holders of rec. April 15a ord aggr, act'l cond'n Mar.224,864.957 106,534553,901 3,940,779,150,290 37,618 Warwick Iron & Steel 30e. May 15 May 1 to May 15 'Includes deposits in foreign branches not iitluded in total footings as follows Western Grocer, common 4 June 30 Holders of rec. June 20 National City Bank,$91,604,000; Guaranty Trust Co., $59,260,000; Farmers' Loan 11, Preferred June 30 Holders of rec. June 20 3 & Trust Co.,$31,322,000. Balances carried in banks in foreign countries as reserve Westinghouse Air Brake (guar.) $1.75 Apr. 30 Holders of rec. Apr. 8 Westinghouse Elec. & Mfg.,corn.(qu.)_ 87;4c. Apr. 30 Holders of rec. Apr. 4a for such deposits were: National City Bank, $23,180,000; Guaranty Trust Co.. $15,281,000; Farmers' Loan & Trust Co.,$9,586,000. c Deposits in foreign branches Wheeling Mold & Fdy., corn.(quar.)__ _ 1 May 1 Apr. 22 to May 1 not incl. d U.S. deposits ded., $351,043,000. eU. S. deposits ded., $312,649,000. Common (extra) 3 May 1 Apr. 22 to May 1 Bills payable, rediscounts, acceptances and other liabilities, $710,529,000. Willye-Overland Co., corn. (quar.) 250. May 1 Apr. 16 to May 13 I As of April 3 1919. g As of April 2 1919. Name of Company. $ I $ 134 114 154 134 134 • STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS AND TRUST COMPANIES. STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY. Trust Companies. Slate Banks. Week Ended April 19. Averages. a Reserve Required. April 19. 1919. Cash Reserve In Vault. Reserve in Depositaries Members Federal Reserve Bank_ State banks * Trust companies._ _ _ 10,904,000 1,672,000 3 556,653,000 556,653,000 503,489,280 53,163,720 6,979,000 17,883,000 16,858,980 1,024,020 15,150 4,538,000 6,210,000 6,194,850 Total Apr. 19_ _ _ _ Total April 12_ Total Apr. 5.. Total Mar.29_ _ 12,576,000 12,401,000 11,916,000 12,045,000 568,170,000 580,746,000 526,543,110 548,495,000 560,896,000 527,924,530 572,497,000 584,413,000 531,278,790 528,443,000 540,488,000 517,598,190 Total Reserve. Surplus Reserve. 54,202,890 32,971,470 53,134,210 22,889,810 Actual Figures. Reserve Cash in Reserve in Vault. Depositaries Members Federal Reserve Bank_ State banks* Trust companies._ Total Apr. 19_ _ _ _ Total Apr. 12.... Total Apr. 5 Total Mar.29_ _ _ _ 10,519,000 1,781,000 b• Surplus Reserve Reserve. Required. Total Reserve. 563,680,000 563,603,000 508,494,750 55,113,250 837,200 7,195,000 17,714,000 16,876,800 145,850 4,563,000 6,344,000 6,198,150 12,300,000 575,366,000 587,666,000 531,569,700 12,298,000 552,002,000 564,300,000 521,282,730 12,013,000 571,561,000 583,574,000 532,721,410 11,964,000 538,775,000 550,739,000 521,431,440 56,096,300 43,017,270 50,852,590 29,307,560 * 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. 19, 54,579,050 Apr. 12, $4,507,080; Apr. 5, $4,588,560; Mar. 29, $4,507,020. b This is the reserve required on net demand deposits in the case of State banks anti 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. 19, $4,612,800; Apr. 12, $4,540,620; Apr. 5, $4,549,770; Mar. 29, $4,539,960. State Banks and Trust Companies Not in Clearing House.-The State Banking Department reports weekly figures showing the condition of State banks and trust oompanies 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 Stare Banking Department.) Differences from previous week. April 19. $790,372,600 Inc. $1,866,100 Loans and Investments 8,500 8,260,600 Inc. Specie 966,700 15,963,700 Dec. Currency and bank notes 316,900 59,113,600 Dec. Deposits with the F. R.of New York • 801,488,200 Dec. 13,654,900 Total deposits Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S. deposits 716,764,300 Dec. 21,798,400 111,700 128,225,000 Dec. Reserve on deposits Percentage of reserve. 19.2%. RESERVE. State Banks- -Trust Companies $67,234,700 13.15% $16,103,200 11.93% Cash in vaults 6.50% 33,251,600 8.62% 11,635,500 cos_ Deposits in banks and trust Total 527,738,700 20.55% $100,486,300 19.65% . [Vol,. 108 THE CHRONICLE 1698. Differences from! previous week. I April 19. 1919. Differences from previous week. $ $ $ $ 104,600,000 25,900,000 Capital as of Feb. 21_ 172,776,000 43,559,900 Surplus as of Feb.21. Loans& investments 594,553,100 Dec. 9,715,400 2,102,575,400 Inc. 20,018,000 26,500 11,560,700 Dec. 102,100 8,421,200 Dec. Specie 414,100 20,735,700 Dec. 681,200 26,527,900 Dec. Currency & bk. notes Deposits with the F. 50,457,200 Dec. 2,041,300 207,679,700 Inc. 9,079,700 R. Bank of N. Y.. 680,080,700 Inc. 1,887,400 2,042,984,900 Inc. 1,796,900 Deposits Reserve on deposits_ 104,323,100 Dec. 3,003,600 295,715,000 Inc. 10,763,800 0.7% 17.3%'Ino. 0.6% 19.6% Dec. P. C. reserve to de9- Non-Member Banks and Trust Companies.--Following is the report made to the Clearing House by clearing non-member institutions which are not included in the "Clearing House return" on the following page: RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE. (Stated in thousands of dollars-that is, three ciphers 10001 omitted.) Net Loans, Net Reserve *Net Capital. Profits DisCLEARING with Demand Time counts, Cash NON-MEMBERS DeDeLegal In Nat.bks.Mar.4 InvestWeek ending Statebks.Feb21 ments, Vault. Deposi- posits, posits. tories. April 19 1919. Tr.cos. Feb.21 &c. Members of Res. Bank. ' Fed. Battery Park Nat.. Mutual Bank__ _ _ New Netherland_ _ W R Grace & Co's Yorkville Bank _ _ _ First Nat'l, Jer Cy Total State Banks Not Members of the Fed'l Reserve Bank. Bank of Wash Hts Colonial Bank.._ _ InternationalBank North Side, Bklyn Total Trust Companies Not Members of the Fed', Reserve Rank Hamilton Tr,Bkln Mach Tr, Bayonne Total Nat'l Batik Circelentos. $ 1,500 200 200 500 200 400 Average Average Average Average Averag Average $ $ $ $ 195 8,43 69 242 1,185 1,526 12,804 329 190 1,514 10,604 560 11,145 106 5,62 891 205 195 6,582 585 4,214 15 886 835 6,577 6,099 4,626 334 1,103 633 10,670 394 7,051 912 569 1,379 11,522 3,000 5,130 59,300 1,555 6,491 42,018 5,715 100 500 500 200 441 2,479 1,137 12,346 222 6,575 220 5,327 319 1,378 715 486 144 1,064 259 320 2,408 12,991 5,812 5,101 463 320 1,300 2,021 26,727 2,89: 1,787 26,312 783 500 290 1,045 384 8,474 8,546 455 196 281 449 5,626 4,086 1,13 4,21 700 1,430 17,020 651 730 9,712 5,352 Grand aggregate_ _ 5,000 8,581 103,047 5,104 9,008 a78,042 11,85 -13,908 -784-2,033--14,500 Comparison previo us week 9,253 116,955 5,888 11,041 92,542 12,215 11 6,000 Gr'd aggr, April Gr'd aggr, April 4 6,000 9,253 115,499 5.570 10,626 89,973 12,424 Gr'd aggr, Mar.29 8;400 11,435160,131 7,521 14,166 129,073 13,733 Gr'd aggr. Mar.22 8,400 11,435161,783 7,488 14,240 129,448 14,237 589 589 --1 590 587 1,011 1,015 a U. S. deposits deducted, $1,250,000. Bills payable, rediscounts. acceptances and other liabilities, 9,788,000. Banks and Trust Companies in New York City.-The Excess reserve, $291,440 decrease. and banks House Clearing City York averages of the New trust companies combined with those for the State banks Boston Clearing House Bank.-We give below a sumand trust companies in Greater New York City outside of mary showing the totals for all the items in the Boston the Clearing House, are as follows: Clearing House weekly statement for a series of weeks: COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN GREATER NEW YORK. Week endedNov. 2 Nov. 9 Nov. 16 Nov.23 Nov.30 Dec. 7 Dec. 14 Dec. 21 Dec. 28 Jan. 4 Jan. 11 Jan. 18 Jan. 25 Feb. 1 Feb. 8 Feb. 15 Feb. 21 Mar. 1 Mar. 8 Mar. 15 Mar.22 Mar. 29 Apr. 5 April 12 April 19 BOSTON CLEARING HOUSE MEMBERS. Loans and Investments. Demand Deposits. *Total Cash in Vault. 5,499.400,200 5,471,164,400 5.489,226.000 5.470,203,800 5,360,177,900 5,330,133,600 5,384,107,700 5,373,134,600 5,378,736,500 5,416,960,500 5,473,492,200 5,495.539,400 5,544,714,000 5.525,768,300 5.492,269,000 5,509,784,600 5,571,631,800 5,583,221,600 5,629,541,700 5.649,123,500 5,698,070,800 5.633,730,000 5,596,229,300 5, . ,3 , 00 5,730,276,600 4.364.815,800 4,430,932,200 4,515,346,900 4,511,208,200 4,449,150,600 4.458.973.900 4.527.415.100 4.592.634,000 4,587.455,700 4,650,393.400 4,635,056,500 4.673,410,100 4.650,058.300 4.630,229.800 4.539,150,100 4.504,485.000 4,527,389,800 4,566,358,800 4,571,345,100 4,633,702.000 4.73:4,613,800 4,618,029,500 4,747,993,000 4,722,746,700 4,689,495,300 139,935,700 137,695.000 141,922,100 141,983,700 141,405,200 142,319,200 142,105,300 141,455.900 146,531.400 147,245,300 148,938,900 141,934.500 135,813,100 132,677,300 130,568.700 133,267.700 133,632,800 131,342,200 128,952,600 132,655,200 130,905,000 134,143.000 130,736,900 135,497,500 134,131,300 Reserve in Depositaries 638,211,600 648,002,100 667.230,500 661,674,400 661,755,700 046,812.500 661,730,000 678,028,900 649,133,500 697,931,000 688,196,700 676,355,700 646,887,000 648,143,600 645,124,800 628,112,400 625,109,700 643,761.000 647,186,900 658,275,500 692,405,000 627,395,900 682,805,200 651,649,200 672,170,700 • This Item includes gold, silver, legal tenders, national bank notes and Federal Reserve notes. April 19 1919. Changes from previous week. April 12 1919. April 5 1919. $ 4,000 4,716,000 4,717,000 4,712,000 Dee. Circulation Loans, dIsc'ts & Investments_ 542,177,000 Inc. 9,221,000 532,956,000 523,766,000 Individual deposits, Incl.U.S. 434,696,000 Inc. 22,844,000 411,852,000 409,575,000 115,577,000 Inc. 5,835,000 109,742,000,109.975,000 Dub to banks 78,000 12,425,0001 12,399,000 12,347,000 Dec. Time deposits 17,103,000 Inc. 3,008,000 14,095,000 16,009,000 House_ Clear. for Exchanges 67,543,000 Inc. 10,314,000 57,229,000 59,427,000 Due from other banks Cash in bank & in F. R.Bank 64,575,000 Inc. 3,854,000 60,721,000 58,644,000 Reserve excess in bank and Federal Reserve Bank_- 17,642,000 Inc. 2,321,000 15,321,000 13,861,000 Philadelphia Banks.-The Philadelphia Clearing House statement for the week ending April 19 with comparative figures for the two weeks preceding, is as follows. Reserve requirements for members of the Federal Reserve system are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash in vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve system the reserve required is 15% on demand deposits and includes "Reserve with legal depositaries" and "Cash in vaults." Week ending April 10 1019. New York City State Banks and Trust Companies.In addition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished by the State Banking Department. the Department also presents a statement covering all the institutions of this class in the City of New York. For definitions and rules under which the various items are made up,see "Chronicle," V.98,p. 1661. The provisions of the law governing the reserve requirements of State banking, institutions as amended May 22 1917 were published in the "Chronicle" May 19 1917 (V. 104, p. 1975). The regulations relating to calculating the amount of deposits and what deductions, are permitted in the computation of the reserves were given in the "Chronicle" April 4 1914 (V. 93, p. 1045). Two ciphers (00) omitted. Membersof IP.R.System Capital Surplus and profits Loans. disc'ts & investmls Exchanges for clear.House Due from banks Bank deposits Individual deposits Time deposits Total deposits U.Saleposits(not included) Res've with Fed.Res.Bank Res've with legal deposit's Cash in vault* Total reserve & cash held_ Reserve required Excess res. & cash in vault 829,675,0 79,997,0 747,367,0 22,731,0 116,242,0 152,404,0 475,166,0 0,058,0 633,628,0 Trust Cos. $3,000,0 7,631,0 27,273,0 558,0 12,0 288,0 19,268,0 19,556,0 50,759,0 15,100,0 65,859,0 40,040,0 16,819,0 3,625,0 845,0 4,470,0 2,847,0 1,623,0 April 12 1919. April 12 1919. 532,675,0 87,628,0 779,244,0 21,412,0 98,829,0 148,304,0 485,415,0 6,013,0 630,882,0 30,412,0 52,836,0 • 3,081,0 15,839,0 71,756,0 52,466,0 19,290,0 532,675,0 87,628,0 777,049,0 24,409,0 104,658,0 152,611,0 489,892,0 6,007,0 648,510,0 25,286,0 53,656,0 3,345,0 15,538,0 72,539,0 52,455,0 20,084,0 Total. 332,675,0 • 87,628,0 774,640,0 23,289,0 116,254,0 152,692,0 494,434,0 6,058,0 653,184,0 30,484,0 50,759,0 3,625,0 15,945,0 70,329,0 51,887,0 18,442,0 *Cash In vault is not counted as reserve for Federal Reserve bank members. 1699 THE CHRONICLE APR. 26 1919.] Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items ()outlined 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. IN CENTRAL RESERVE STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED AND OTHER SELECTED CITIES AS AT CLOSE OP BUSINESS APRIL 11 1919. Payment for the 9th series of Treasury certificates issued in anticipation credited to New York City member banks. Other loans and investments of the Victory Loan accounts for the principal changes in the condition on went up 19.1 millions, the New York banks reporting a still larger increase. Aggregate holdings of U. S. war securities and war paper increased from April 11 of 773 member banks in leading cities. Heavy withdrawals during the week of Government deposits apparently necessitated in turn sub- 3,594.9 to 3,867.1 millions and constituute 26.9% of the loans and investstantial drafts by country banks on their balances with New York cor- ments of all reporting banks, as against 25.5% the week before. For respondents, as may be seen from the large decrease in not demand do- the New York City banks an increase in this ratio from 29.3 to 31.2% is posits reported by the New York member banks. As on former occasions shown. Government deposits show a gain of 271 millions, largely at the payment by subscribing banks was made chiefly in the form of book credit. banks in the 12 Federal Reserve cities. Other demand deposits (net) fell Accordingly the increase in Government deposits shows close correspon- off 80.7 millions at New York City, and 2.7 millions at Chicago banks, while increasing 32 millions outside these two centres. Time deposits dence with the increase in Treasury certificate holdings. As against mere nominal increases in the holdings of Liberty bonds and went up 6.2 millions, cash in vault-6.5 millions, while reserve balances, war paper the statement shows an increase for the week of 267.6 millions mainly with the New York Federal Reserve Bank, declined 15.1 millions. In the amount of Treasury certificates on hand, of which 151.9 millions is 1. Data for all reporting banks in each district. Two ciphers (00) omitted • Boston. Member Banks. Number of reporting banks__ S New York. Philadel. Cleveland. Richm'd. Atlanta. 45 106 s $ 56 $ 83 90 Chicago. 47 St. Louis. Minneap. Kan. City Dallas. San Fran. 101 37 35 44 76 Total. 53 773 19,911,0 16,908,0 6,870,0 13,984,0 18,324,0 35,658,0 268,950,0 49,890,0 11,597,0 40,915,0 25,220,0 15,265,0 U.S.bonds to secure circulat'n 14,102,0 Other U. S. bonds, including 57,743,0 18,609,0 10,701,0 22,773,0 20,327,0 34,449,0 647,493,0 19,075,0 284,715,0 34,826,0 67,676,0 40,609,0 29,900,0 Liberty bonds U. S. certifs. of indebtedness.. 113,501,0 985,191,0 141,931,0 133,681,0 75,177,0 70,805,0 261,568,0 73,463,0 49,283,0 57,637,0 36,135,0 111,068,0 2,109,440,0 146,978,0 1,319,802,0 188,354,0 242,272,0 147,096,0 115,970,0 339,222,0 103,980,0 66,854,0 94,394,0 74,786,0 181,175,0 3,025,883,0 Total U.S.securities 93,072,0 26,509,0 11,116,0 12,290,0 6,839,0 22,363,0 1,110,132,0 Loans see. by U.S. bonds, &e. 91,772.0 550,865,0 141,573,0 93,328,0 38,217,0 22,188,0 All other loans & investments 780,162,0 4,039,017,0 613,398,0 086,070,0 371,980,0 302,908,0 1,386,878,0 388,035,0 244,860,0 444,667,0 176,880,0 502,522,0 10,237,377,0 Reserve bal. with F. R. bank_ 68,530,0 640,022,0 67,307,0 87,692,0 35,126,0 28,843,0 154,287,0 39,710,0 24,758,0 38,600,0 16,961,0 50,641,0 1,252,477,0 64,246,0 10,265,0 8,425,0 15,453,0 9,233,0 20,374,0 356,145,0 24,221,0 121,411,0 18,836,0 31,605,0 18,354,0 13,719,0 Cash in vault _ 713,371,0 4,662,636,0 645,302,0 753,936,0 324,536,0 246,163,0 1,191,787,0 298,380,0 228,903,0 385,309,0 159,258,0 436,516,0 10,047,102,0 Net demand deposits 105,972,0 271,271,0 22,605,0 290,939,0 79,051,0 108,704,0 425,440,0 99,954,0 55,167,0 68,321,0 29,044,0 136,522,0 1,692,990,0 Time deposits nn 9(1,3 n An7 9150 41460.0 52.162.0 19,707,0 15,259,0 63,688,0 23,444,0 12,312,0 14,486,0 17,752,0 723,775,0 2. Oats for Banks in Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks ,All F. B. Bank Cities Chicago New York April 11. April 4. April it. 1 April 4. 44 65 65 No. reporting banks $ $ $ U. S. bonds to secure cir1,109,0, 39,569,0 39,580,0 culation , Other U. S. bonds, includ22,428,0 247,177,0 242,585,0 ing Liberty bonds U. S. ctts, of indebtedness 910,015,0 758,090,0 152,267,0 Total U.S.securities__ _ 1,198,772,01,040,244,0 175,854,0 67,605,0 Loans see. by U.S. bds.,&c. 511,151,0 510,580,0 All other loans&investin'ts 3,632,539,03,605,803,0 849,253,0 104,811,0, 817,567,0 603,466,0 F.R.Bk with Res. balances 37,455,0, 106,448,0 104,297,0 Cash in vault_ 4,276,755,04,357,532,0 794,988,0 Net demand deposits 163,057,0 211,881,0 211,024,0 Time deposits36,445,0 386,906,0 186,241,0 Government deposits Ratio of U.S. war securities and war paper to total 22.2 29.3 31.2 loans and investments% April li. 1 F. R. Branch Cities. 1 All Other Reporrp Banks Total. April 4. April 11. i April 4. , Apr11 11. April 4. April 11. I April 4. 1 44 256 256 357 160 160 357 773, 773 . $ $ 1 $ $ $ 1 1,109,0 103,967,0 103,956,0 54,829,0 54,829,01 110,154,0 110,098,0 208,950,0, 268,883,0 1 I 23,877,0 303,896,0 362,427,0 113,758,0 113,663,01 169,839,0 170,275,0 647,193,0 646,365,0 146,121,01,451,961,01,247,366,0 312,763,0 277,339,01 344,716,0 317,078,0 2,109,440,0 1,841,783,0 171,167,0 1,919,824,0 1,713,749,0 481,350,0 445,831,0; 624,709,0 597,451,0 3,025,883,0 2,757,031,0 64,657,0 876,660,0 874,840,0 107,993,0 106,799,0' 125,479,0 125,112,0 1,110,132,0 1,106,751,0 860,930,0 8,749,195,08,733,746,0 1,525,392,0 1,524,000,01,962,790,O 1,960,548,0 10,237,377,010,218,294,0 111,947,0 029,282,0 947,471,0 150,592,0 148,709,0 172,603,0 171,372,0 1,252,477,0 1,267,552,0 37,225,0 208,270,0 204,087,0 .56,691,0 55,215,0 356,145,0, 349,579,0 93,184,0 90,277,0 797,722,0 7,084,255,0 7,166,614,0 1,204,003,0 1,251,232,0 1,698,844,0 1,679,619,0 10,047,102,0 10,097,465,0 162,045,0 879,904,0 684,355,0 496,395,0 488,149,0 516,691,0 514,344,0 1,692,990,0 1,686,848,0 37,608,0 570,260,0 331,793,0 69,375,0 59,764,0 61,274,0 723,775,0 452,831,0 84,140,0 21.4 28.2 26.7 25.3 24.0 22.8 23.0 26.9 25.1 The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on April 18: Substantial gains in gold reserves, largely through deposits by the U. S. Treasury, also through transfer by the New York Bank of "earmarked" Federal Reserve Board's gold to its reserve account, are indicated in the weekly bank statement Issued as at close of business on April 18 1919. paper and acceptances, and war of liquidation considerable saw The week some reduction in Federal Reserve note circulation. War paper on hand declined 46.5 millions, while other discounts show a nominal increase. A large reduction Is shown for acceptances on hand, all the banks reporting net liquidation of this class of paper. U. S. short- term securities on hand Went up .3.3Imillions, the increase representing chiefly additional investments by the banks in 2% Treasury certificates to secure Federal Reserve Bank note circulation. Total earning assets show a decline for the week of about 64 millions. Mainly as the resultof largo withdrawals of government deposits•the net deposit liabilities of the banks show a decline of 42.8 millions. This together with a smaller decline in Federal Reserve note circulation and an increase of 19.3 millions in gold reserves accounts for a rise in the banks' reserve ratio from 51.1 to 52.1%. The figures of the consolidated statementfor the system as a whole are given in the following table,and in addition we present the results for each of the seven preceding weeks,together with those of the corresponding week of last year, thus furnishing a useful comparison. In the second table we show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts(the third table following)gives details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks. FEDERAL RESERVE BANK OF NEW YORK.-The weekly statement issued by the bank subdivides soda certain Items that are included as of April 18, consisted of "Foreign under a more general classification In the statement prepared at Washington. Thus, "Other deposits, &c. Government deposits," $98,108,477; -Non-member bank deposits," 86,712,623, and "Due to War Finance dorporatiou.'$9,401,315. COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL Rms Ellyn BANKS AT THE CLOSE OF BUSINESS APRIL 18 1919. Apr. 18 1919. AVr1111 1910. April 4 1919. Afar,23 1919. Afar, 21 1919. Mar. 11 1919. Mar.7 1919. Feb. 28 1919. Apr. 19 1918. -RESOURCES. Gold coin and certificates Gold settlement. fund, F. R. Board 001(1 with foreign agencies $ 346,145,000 612,365,000 $ s 335,162,000 3333,384,000 610,196,000 612,711,000 s s $ a $ s 345,702,000 463,434,000 5,829,000 488,829,000 413,819,000 52,500,000 958,510,000 945,358,000 946,095,000 890,197,000 902,434,000 839,056,000 858,126,000 815,075,000 Total gold held by banks Gold with Federal Reserve agents_ _____ 1,085,519,000 1,082,444,000 1,100,173,000 1,113,070,000 1,112,938,000 1,170,601,000 1,163.840,000 1,187,760.000 118,128,000 115,078,000 104,082,000 133,038,0(10 125,470,000 119,277,000 117,513,000 120,163,000 Gold redemption fund 955,148,000 854,822,000 23,179,000 326,791,000 563,577,000 5,829,000 329,741,000 506,864,000 5,829,000 332,749,000 501,078,000 5,829,000 341,070.000 511,227,000 5,829,000 Total gold reserves Legal tender notes, sliver, &c 2,102,157,000 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 1,833,149,000 09,109,000 08,702,000 65,158,000 67,678,000 65,983,000 67,730,000 67,203,000 65,723,000 68,219,000 Total reserves Bills discounted: Secured by Govt. war obligations All other • Bills bought in open market 2,230,859,000 2,211,989,000 2,218,028,000 2,210,524,000 2,208,578,000 2,196,737.000 2,205,162,000 2,188,723,000 1,898,307,000 Total bills on hand (7. S. Govt. long-term securities (I. S. Govt. short-term securities All other earning assets 2,119,159,000 2,180,514,000 2,108,772,000 2,134,347,000 2,143,46:3,000 2,148,502.000 2,161,220.000 2.1.56.739,000 1,116,322,000 27,136,000 27,137,000 46,675,000 27,057,000 27,094,000 27,134,000 27,223,000 27,138,000 27,222,000 189,038,000 185,711,000 178,646,000 173,797,000 172,471,000 168,348,000 159,835,000 155,683.000 46,295,000 22,000 3,293,000 4,000 4,000 3,000 3,000 4,000 4,000 1,720,960,000 1,767,459,000 1,674,916,000 1,691,010,000 1,691,678,000 1,702,351,000 1,701,487,000 *1 667 965000 201,314,000 200,465,000 193,000,000 105,230,000 189,801,000 184,012,000 180,240,000 *211,855,000 196,885,000 218,590,000 240,700,000 248,107,000 261,924,000 262,139,000 273,493,000 276,919,000 564,724,000 243,321,000 308,277,000 2,335,334,000 2,399,383,000 2,314,555,000 2,335,285,000 2,343,160,000 2,344,077,000 2.348,116,000 2,339,525,000 1,212,585,000 Total earning assets 10,558,000 10,558,000 9,720,000 9.713,000 9,720,000 9,713,000 9,712,000 9,711,000 Bank premises Uncollected items and other deductions 855,440,000 1136,384,000 844,959,000 600,066,000 797,30:1,000 033,017,000 599,197,000 653,465,000 387,655,000 from gross deposits 6,988,000 409,000 8,454,000 8,792,000 6,745,000 6,813,000 7,007,000 7,429,000 6,901,000 5% redemp. fund agst. F. R. bank notes 7,332,000 261,000 7,738,000 7,5(17,000 8,210,000 8,497,000 7,995,000 7,274,000 7,772,000 All other resources 5,248,646,000 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 3,499,217,000 Total resources LIABILITIES. 81,750,000 81,452,000 74,829,000 81,490,000 81,562,000 81,658,000 81,774,000 Capital paid in 81,612.000 81,641,000 49,466,000 49,466,000 49,466,000 49,466,000 1,134,000 49,466,000 49,466,000 49,460,000 49,466,000 Surplus 85,008,000 168,147,000 235,785,000 150.783,000 195,559,000 210,547,000 75,499,000 106,501,000 109,972.000 Government deposits 1,050,860,000 1,628,693,000 1,655,208,000 1,631,167,000 1,604,719,000 1,075,045,000 1,626,076,000 1,620,972,000 1,469,860,000 Due to members, reserve account 496,788,000 487,153,000 487,593,000 484,906,000 * 555,383,000 509,112,000 456,289,000 494,653,000 256,220,000 Deferred availability items 88,322,000 Other deposits, incl. for. Govt. credits- 131,307,000 128,481,000 120,426,000 117,271,000 "120,062,000 117,522,000 123,363,000 124.0:52,000 Total gross deposits 2,390,516,000 2,414,299,000 2,348,325,000 2,401,491.000 2,505,949,000 2,452,462,000 2,401,287,000 2,450,204,000 1,889,901,000 2,513,704,000 2,548,588,000 2,547,670,000 2,521,770,000 2,510,687,000 2,503,095,000 2,488,537,000 2,472,307.000 1,514,287,000 F. R.notes in actual circulation 7,895,000 F. R. bank notes In circulation-net flab 135,074,000 151,560,000 149,449,000 145,540,000 142,442,000 139,479,000 136,591.000 134,042,000 20,763,000 26,971,000 45,993,000 11,171,000 28,112,000 21,739,000 411 other liabilities 25,817,000 30,014,000 23,269,000 1 ,Total liabilities Gold reserve against not deposit liab Gold res. agst..F. R. notes in act. circ'n Ratio of gold reserves to net deposit and F. R. note liabilities combined Ratio of total reserves to net deposit and F. R. note liabilities combined Ratio of gold reserves to F. R. notes In circulation after setting aside 35% against net deposit liabilities 'Amended figures. 5,248,646,000 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 3,499,217,000 45.470 47.6% 63.6% 55.5% 47.37 55.2% 51.6% 53.2% 51.0% 58.0% 51.4% 47.3% 53,4% 47.3% 49.4% 19.3% 47.0% 51.14 50.5% 49.5% 50.6% 50.3% 50.0% 48.9% 40.9% 49.7% 60.8% 52.1% 61.1% 52.2% 51.9% - 51.6% 51.4% 51.4% 51.3% 62.9% 63.8% 62.4% 63.7% 03.5% 63.3% 63.0% 63.3% 03.1% 1700 THE CHRONICLE [VOL. 108. Apr. 18 1919. Apri111 1919. April 4 1919. Mar.28 1919. Mar.21 1919. Mar. 14 1v19. Mar.7 1919. Feb. 28 1919 Apr. 19 1918, Distribution by Maturities$ $ $ $ $ 3 $ $ 3 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 1-15 days bills discounted 75,751,000 99,651,000 78,832,000 87,157,000 68,050,000 78,660,000 82,025,000 f 581,700,000 83,799,000 24,704,000 1-15 days U. S. Govt. short-term secs- 1,667,271,000 1,731,817,000 23,919,000 23,503,000 14,000 24,242,000 18,714,000 19,745,000 1-15 days municipal warrants 3,000 1,000 29,375,000 1,000 29,896,000 12,541,000 16-30 days bills bought in open market.. 154,729,000 168,881,000 58,574,000 55,292,000 57,883,000 54,691,000 16-30 days bills discounted 68.850,000 50,859,000 72,289,000 46,792,000 71,998,000 61,563,000 76,479,000 f 200,131,000 81,948,000 16-30 days U. S. Govt. short-term secs_ 57,467,000 76,460,000 21,000 16-30 days municipal warrants 3,000 1,611,000 3,000 250,000 1,000 4,000 4,399,000 31-60 days bills bought in open market.. 108,788,000 115,670,000 221,949,000 225,629,000 207,151,000 202,040,006 81.343,000 31-60 days bills discounted 76,312,000 81,882,000 87,303,000 78,501,000 93,343,000 f 206,190,000 67,867,000 90,833,000 31-60 days U.S. Govt.short-term secs_ _ 202,000 221,000 518,000 4,078,000 96,412,000 103,634,000 202,000 492,000 31-60 days municipal warrants 3,624,000 3,826,000 3,000 1,986,000 50,922,000 61-90 days bills bought in open market.. 51,427,000 52,050,000 59,319,000 86,221,000 1 74,323.000 61-90 days bills discounted 14,176,000 15,567,000 16,173,000 17,326,000 10,398,000 21,135,000 16,913,000 25,067,000 f 113,781,000 61-90 days U.S. Govt.short-term secs_ _ 2,315,000 6,466,000 58,325,000 6,506,000 3,890.000 52,742,000 2,816,000 26,000 350,000 61-90 days municipal warrants 3,749,000 3,184,000 13,004,000 Over 90 days bills bought in open market 21,315,000 21,252,000 21,047,000 21,015,000 21,130,000 22,321,000 1 Over 90 days bills discounted 23,806,000 f 14,520,000 Over 90 days U.S.Govt.short-term secs 151,882,000 22,264,000 145,974.000 142,854,000 141,542,000 141,828.000 137,072,000 136,624,000 1,000 Over 90 days municipal warrants 147,352,000 3,000 14,365,000 1 1 1 Federal Reserve Notesburned to the banks Held by banks 2,736,384,000 2,724,097,000 2.714,089.000 2,705,704,000 2,696,514,000 2.679,024,000 2,670.903,000 2,678.606,000 1,639,056,000 192,680,000 175,509,000 166,419.000 183,932,000 185,857.000 175,926,000 182,366,000 206,299,000 124,769,000 In circulation Fed. Res. Notes (Agents Accounts)Received from the Comptroller Returned to thb Comptroller 4,316,560,000 4,268,400,000 4,212,880,000 4,192,440,000 4,141,060,000 4.117,600,000 4,071.740,000 4,056,760,000 2,243,360,000 1,173,891,000 1,143,348,000 1.103,556.000 1.071,062,000 1.044,331,000 1,023,629,000 985,686,000 940,247,000 340,841,000 Amount chargeable to agent In hands of agent 3,142,669,000 3,125,052,000 3,109.324,000 3,121,378,000 3,093,729,000 3,09:3,971,000 3,086,054,000 3,110,513,000 1,902,546,000 406,285,000 400,955,000 395.235,000 415.670.000 400,185,000 414,950,000 415,150,000 437,907,000 263,490,000 2,543,704,000 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 1,514,287,000 Issued to Federal Reserve banks__ __ 2,736,384,000 2,724,097,000 2.714,089.000 2.705,708,000 2.696,544,000 2,679,021,000 2,670.903,000 2,078.606.000 1,639,056,000 How SecuredBy gold coin and certificates 232,747,000 235,747,000 237,747,000 245,147,000 243,006,000 240.146,000 232,146,000 229,147.000 243,530,000 By lawful money By eligible paper 1,650,865,000 1,641,654.000 1,613,916,000 1,592,638,000 1.543.601.000 1,508,420,000 1,507,063,000 1.400,816,000 748,234,000 Gold redemption fund 78,718,000 7.3,457,000 88,520.000 84,538,000 78,005.000 75,595,000 78,633,000 87,434,000 50,043,000 With Federal Reserve Board 777,177,000 762,158,000 773.906,000 789,290,000 791.927.000 851,737.000 852,237,000 871.175,000 561,249,000 Total 2,736,384,000 2,724,097,000 2.714,089,000 2,705.708,000 2,696.514,000 2.679.021,000 2,670.903,000 2.678,006,000 1,639,056,000 a AAA 791 non a 1 1 i Ain non 21127 9nn non 2 nctn 92R nnn 2 n324 7nn non 2 MO (AO ntIn 2.161.410.000 2.000 009 (Inn 1.077 671 nnn WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 11 1919 Two ciphers (00) omitted. Boston. New York. Cleveland. Rtchm'nd Phila. Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran. Total. RESOURCES. S Gold coin and certificates 3,753,0 Gold Settlement Fund.F.R.B'd 41,523,0 .$ 11 $ $ 3 • $ $ $ $ 255,616,0 106,0 22,980,0 2,209,0 8,275,0 22,971,0 3,900,0 8,270,0 121,0 176,507,0 42,331,0 50,415,0 26,882,0 17,770,0 127,991,0 22,361,0 31,419,0 29,994,0 Total gold held by banks. 45,276,0 Gold with Fed. Reserve Agents .. 52,058,0 cliti redemption fund 18,969,0 432,123,0 42,437,0 73,395,0 29,091,0 26,045,0 150,962,0 26,261,0 39,689,0 30,115,0 14,472,0 48,644,0 958,510,0 277,386,0 68,438,0 130,845,0 33,749,0 42,837,0 245,896,0 42,564,0 29,325,0 35,372,0 17,427,0 109,622,0 1,085,519,0 25,000,0 15,135,0 623,0 9,552,0 5,244,0 26,086,0 4,937,0 3,015,0 7,041,0 1,929,0 597,0 118,128,0 Total gold reserves Legal tender notes, sliver, dio 116,303,0 6,371,0 734,509,0 126,010.0 204,863,0 72,392,0 74,126,0 422,944,0 73,762,0 72,029,0 72,528,0 33,828,0 158,863,0 2,162,157,0 80,0 2,273,0 130,0 52,502,0 587,0 1,368,0 1,353,0 2,248,0 320,0 1,131,0 289,0 68,702,0 Total reserves 122,674,0 Bills discounted: Secured by Government war obligations (a). 148,618,0 All other 5,864,0 Bills bought in open market (b)- 6,402,0 671,695,0 106,448,0 126,582,0 83,680,0 68,975,0 200,298,0 71,320,0 37,069,0 45,370,0 21,190,0 78,995,0 1,720,960,0 28,744,0 14,688,0 8,469,0 9,472,0 10,976,0 17,701,0 9,325,0 7,294,0 43,471,0 29,283,0 16,027,0 201,314,0 54,730,0 914,0 24,017,0 6,705,0 5,577,0 27,548,0 8,476,0 21,229,0 5,479,0 1,888,0 33,920,0 196,885,0 $ 3. 7,114,0 10,830,0 7,358,0 37,814,0 $ 346,145,0 612,365,0 787,011,0 126,330,0 206,044,0 72,979,0 75,494,0 424,297,0 76,010,0 72,159,0 72,608,0 36,101,0 159,152,0 2,230,859,0 Total bills on hand 160,884,0 539,0 U. B. Gov't long-term securities. U. S. Gov't short-term securities 16,416,0 All other earning asiets 755,169,0 182,050,0 159,068,0 99,857,0 85,528,0 245,547,0 89,121,0 65,592,0 94,320,0 53,081,0 128,942,0 2,119,159,0 116,0 8,367,0 3,967,0 2,633,0 377,0 4,477,0 1,153,0 1,306,0 1,385,0 1,083,0 1,234,0 27,137,0 69,521,0 17,280,0 16,031,0 5,360,0 8,474,0 18,612,0 12,068,0 8,819,0 6,013,0 4,400,0 6,044,0 189,038,0 Total earning assets 177,839,0 Bank premises 800,0 Uncollected items and other deductions from gross deposits_ 62,349,0 6% Redemption fund-F. R. bank notes 816,0 288,0 All other resources 825,996,0 200,715,0 176,182,0 106,451,0 94,379,0 268,636,0 102,342,0 74,527,0 109,200,0 61,448,0 137,619,0 2,335,334,0 400,0 541,0 217,0 2,936,0 296,0 500,0 3,372,0 875,0 221,0 400,0 10,558,0 Total resources LIABILITIES. Capital paid In Surplus Government deposits Due to members, reserve account Deferred availability items All other deposits 174,489,0 49,683,0 54,546,0 51,243,0 32,339,0 81,038,0 45,072,0 11,175,0 51,515,0 22,493,0 19,504,0 1,812,0 1,706,0 875.0 90,0 397,0 c1,351,0 825,0 698,0 441,0 347,0 1,426,0 699,0 520,0 274,0 255,0 132,0 702,0 474,0 334,0 770,0 358,0 859,0 655,446,0 8,454,0 7,995,0 364,766,0 1,794,386,0 378,751,0 438,919,0 232,410,0 203,217,0 779,032,0 224,759,0 158,248,0 234,899,0 121,367,0 317,892,0 5,248,646,0 6,784,0 2,996,0 17,501,0 95.906,0 46,174,0 3,290,0 20,956,0 7,585,0 9,209,0 4,180,0 3,201,0 11,404,0 3,826,0 2,978,0 3,748,0 3,201,0 4,702,0 81,774,0 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 17,169,0 5,005,0 12,928,0 3,838,0 20,681,0 7,304,0 5,075,0 6,284,0 4,351,0 6,375,0 106,561,0 707.853,0 93,438,0 126,462,0 51,635,0 45,401,0 229,370,0 61,415,0 48,193,0 75,061,0 37,789,0 83,337,0 1,655,860,0 127,069,0 43,172,0 42,358,0 42,005,0 24,667,0 63,185,0 32,366,0 6,915,0 34,316,0 18,568,0 15,993,0 496,788,0 118,400,0 107,0 1,844,0 752,0 442,0 241,0 77,0 255,0 337,0 56,0 5,506,0 131,307,0 Total gross deposits 162,871,0 F. R.notes in actual circulation. 174,092,0 F. R. bank notes-net liability_ 15,396,0 All other liabilities 2,627,0 970,491,0 142,367,0 182,190,0 93,717,0 74,063,0 315,080,0 101,422,0 60,424,0 115,916,0 60,764,0 111,211,0 2,390,516,0 738,169,0 208,296,0 227,698,0 125,792,0 115,216,0 423,145,0 106,357,0 87,224,0 98,063,0 48,523,0 191,129,0 2,543,704,0 33,808,0 15,668,0 14,383,0 5,185,0 8,200,0 20,333.0 10,521,0 5,430,0 13,101,0 6,531,0 6,468,0 155,074,0 9,845,0 2,227,0 1,887,0 1,340,0 1,027,0 2,654,0 1,030,0 777,0 1,650,0 1,114,0 1,934,0 28,112,0 Total liabilities 364,766,0 1,794,386,0 378,751,0 438,919,0 232,410,0 203,217,0 779,032,0 224,759,0 158,248,0 234,899,0 121,367,0 317,892,0 5,248,646,0 MemorandaContingent liability as endorser on: Discounted paper rediscounted 10,000,0 27,230,0 25,000,0 with other F. R. banks.. 36,330,0 98,560,0 , Bankers' acceptances sold to other F. It. banks 10,143,0 10,143,0 (a) Includes bills discounted for . 10,000,0 53,560,0 other F. R. banks, viz 25,000,0 10,000,0 98,560,0 (b)Includes bankers acceptances bought from other F. It. banks With their endorsement_ 187,0 9,212,0 744,0 10,143,0 Without their endorsement.. 9,317,0 4,854,0 3,170,0 17,341,0 c Includes Government overdraft of $630,000. STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS APRIL 11 1919 Two ciphers (00) omitted. Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minnow). Kan..City. Dallas. San Fran. Total. Federal Reserve notes: S $ 3 $ $ $ 3 $ $ 3 3 $ $ Received from Comptroller__ 291,040,0 1,473,280,0 352,820,0 342,620,0 221,220,0 217,000,0 585,360,9 184,660,0 126,880,0 159,700,0 101,960,0 260,020,0 4,136,560,0 Returned to Comptroller 88,355,0 509,246,0 113,554,0 69,833,0 62,018,0 40,747,0 99,690,0 48,941,0 27,549,0 42,951,0 28,833,01 42,174,0 1,173,891,0 Chargeable to F.R.Agent In hands of F.R. Agent 202,685,0 21,860,0 Issued to F.It. Bank.less amt. returned to F. R. Agent for redemption: 180,825,0 Collat'l security for outsrg notes: Gold coin and ctfs. on hand_ Gold redemption fund__._ 9,058,0 Gold Serm't Fund, F. R. B'd_ 43,000,0 Eligible paper, min'm required 128,767,0 964,034,0 239,266,01272,787,0 159,202,0 176,253,0 485,670,0 135,719,0 99,331,0 116,749,0 73,127,01217,846,0 3,142,669,0 143,600,0 20,600,0 32,320,0 29,540,0 57,170,0 33,080,0 14,640,0 10,540,0 13,580,0. 23,355,0 6,000,0 406,285,0 820,434,0 218,666,0 240,467,0 129,662,0 119,083,0 452,590,0 121,079,0 88,791,0 103,169,0 49,772,0 211,846,0 2,730,384,0 21,870,0 . 2,504,0 183,740,0 11,581,0 13,052,0 232,747,0 8,646,0 12,549,0 13,975,0 1,749,0 3,333.0 5,391,0 2,134,0 2,773,0 2,012,0 2,662,0 11,313,0 75,595,0 85,000,0 55,889,0 95,000,0 32,000,0 37,000,0 240,505,0 40,430,0 13,500,0 33,360,0 3,184,0 98,309,0 777,177,0 543,048,0 150,228,0 109,622,0 95,913,0 76,246,0 206,694,0 78,515,0 59,466,0 67,797,0 32,345,0 102,224,0 1,650,865,0 --------180,825.0 Total Amount of eligible paper deliv160,884,0 ered to F.R. Agent 180,825,0 F. It. notes outstanding 6,733,0 F. R. notes held by bank 820,434,0 218,666,0 240,467,0 129,662,0 119,083,0 452,590,0 121,079,0 88,791,0 103,169,0 49,772,0 211,846,0 2,736,382,0 ,-, •.-,. ...................., ,.......,..,„ gqi2 inn n 9AQ 0011 17A nn9 n 755,169,0 152,730,0 158,223,0 99,843,0 80,342,0,245,547,0 88,975,0 62,070,0 94,320,0 53,081,0 113,540,0 2,064,724,0 820,434,0 218,666,0 240,467,0 129,662,0 119,083,0452,590,0 121,079,0 88,791,0 103,169,0 40,772,0 211,846,0 2,736,384,0 82,265,0 10,370,0 12,769,0 3,870,0 3,867,01 29,445,0 14,722,0 1,567,0 5,106,0 1,249,0 20,717,0 192,680,0 • n 997 ACM n 19A 7(19 11 Ilc 91R A ,192 14A n inn :157 n R7 224 0 OR Alla 11 4R A21 (1101 190 11 2 A41 704 n APR. 26 1919.] Jjg ti it(Ts THE CHRONICLE 05. 41. C 11 C. Wall Street, Friday Night April 25 1919. The Money Market and Financial Situation.-The security markets have displayed increasing, activity and strength this week, the reason for which is not altogether clear. Doubtless the near approach to an end of the Peace Congress is regarded with satisfaction and the favorable condition of winter wheat as reported by the Agricultural Department this week increases the probability that former estimates of that crop. will be fully realized, but in these facts there is nothing new. Probably, now as has sometimes before been the ease, there is no logical reason, except a very general one, for the present extraordinary eagerness to participate in Stock Exchange operations. Foreign Exchange.-Sterling exchange ruled firm and somewhat higher this week. In the Continental exchanges francs and lire were again the weakest features. To-day's (Friday's) actual rates for sterling exchange were 4 63©4 6334 for sixty days, 4 66©4 6634 for checks and 4 67©4 6734 for cables. Commercial on banks, sight, 4 659j4 6534; sixty days, 4 6204 6234; ninety days, 4 60% ©4 6034. and documents for payment (sixty days), 4 6234 4 62%. Cotton for payment, 4 65©4 6534„ and grain for payment, © 65%. 4 654 To-day's (Friday's) actual rates for Paris bankers'francs were 6 14@)6 20 for long and 6 09©6 15 for short. Germany bankers' marks were not quoted. Amsterdam bankers' guilders were 39% for long and 40 for short. Exchange at Paris on London, 28.37 fr.; week's range, 28.07 fr. high and 28.37 fr. low. The range for foreign exchange for the week follows: Sterling ActualCables. Sixty Days. Checks. High for the week 4 6734 4 6634 4 6334 Low for the week 4 625 4 6534 4 6434 Paris Bankers' FrancsHigh for the week 6 01 6 07 5 99 Low for the week 6 11 6 14 6 20 Amsterdam Bankers' GuildersHigh for the week 40 3-16 40 7-16 3934 Low for the week 40 5-16 40 1-16 393 Domestic Exchange.--Chicago, par. St. Louis, 15625c. per $1,000 discount. Boston, par. San Francisco, par. Montreal, $25 125 per $1,000 premium. Cincinnati, par. State and Railroad Bonds.-Sales of State bonds at the Board are limited to $92,000, Virginia 6s deferred trust receipts at 70 to 70%. Enormous transaction in the various Liberty Loan issues and activity in the drive for subscriptions to the new Victory Loan have diverted attention from the regular market for railway and other bonds so that the latter has been dull and narrow. Prices have generally been well maintained, however, and in several cases substantial additions have been made to last week's quotations, including Bait. & Ohio cony. 414, Ches. & Ohio cony. 5s, Chile Copper 6s, Mo. Pac. gen. 4s, and So. Pac. 5s. United States Bonds.-For to-day's prices of all the different issues see third page following. Railroad an Miscellaneous Stocks.-The wave of speculation which has been steadily gaining in size and momentum in the stock market for some time past has this week reached unusually large proportions. The transaction totaled nearly 1,700,000 shares on Wednesday and have averaged over 1,500,000 shares per day throughout the week. In this movement railway issues have been much more prominent than of late for both activity and strength. Of a list of 12 conspicuously active issues all have advanced and these gains have been much better held than those recorded in the miscellaneous list. To-day's market maintained the general characteristics noted above. St. Paul and Canadian Pacific are the only railway stocks which did not advance and a considerable number of industrial issues added to their previous gain. As a result of the week's operations Atchison and Southern Pacific are 2 points higher, Baltimore & Ohio 2% and others in this group are up 1% to 2 points. Industrial stocks have been more irregular. Am. Sum. Tobacco has dropped 5 points, Mexican Petroleum over 8, and International Paper 2%. On the other hand Studebaker has covered a range of 9 points and closes near the highest, Kelly-Springf. Tire advanced 6 points and lost more than half the gain, and Am. Locomotive shows a net gain of 5. U. S. Steel advanced nearly 5 points and retains about half the gain, closing fractionally above par. Outside Market.-Trading on the "curb" this week was the most active of the year, the volume of business being exceptionally heavy. Prices at the beginning moved up sharply and many new high records were established. As the week advanced trading fell off, profit-taking causing some irregularity in price movements though the undercurrent of the market was strong.Oil shares made heavy gains, especially the Standard Oil issues. Galena-Signal Oil corn. sold up some 12 points to 130; Ohio Oil, 15 points to 404; South Penn Oil, 13 points to 322, the last named reacting to 310. Standard Oil of N. Y. was in constant demand and advanced some 30 points to 395 with the final transaction at 381. Among the other oil shares Houston Oil coin. was active and at one time sold at 104, an advance of 9 points, but later fell back to 95 and closed to-day at 973/2. Commonwealth Petroleum, an exception to the general rule, lost 4 points to 43 and ends the week at 43M. Glenrock Oil advanced from 63/2 to 834, reacted to 634 and 8. Midwest Refg.rose about 10 points to finished to-day at 6/ 177, the final transaction to-day being at 176. Sinclair Gulf Corp. sold up from 51 to 5434: then down to 50, the close to-day being at 52. In industrials most of the specialties sold up to new high records, though in quite a few 1701 cases part of the advance was subsequently lost. Cramp Shipbuilding continues in demand, gaining 11 points to 126, but lost all the gain, the final figure being 118. Savold Tire, another prominent feature, sold up over 8 points to 42 and ends the week at 41. General Asphalt corn. was up over 83/ points to 683/ and closed to-day at 68. The pref. advanced from 97 to 102. Libby, McNeil & Libby rose from 303 to 3432, fell back to 30 and ends the week at 3034. Nat. Aniline & Chem. corn. advanced from 273 % to 3332, reacted to 30% and finished to-day at 32%. Remington Typewriter sold up from 55 to 63. Submarine Boat improved from 143./i to 18 and reacted to 16. For daily volume of business see page 1170. The following sales have occurred this week of shares not represented in our detailed list on the pages which follow: STOCKS. Sales Week ending April 25. for Week. Range for Week. Lowest. Highest. Range since Jan. 1. Lowest. Highest. Par. Shares $ per share. $ per share. $ per share.$ per share. Adams Express 100 1,200 30 Apr 25 323.( Apr 23 30 Apr 50 Jan Am Brake Shoe & F_100 100 91 Apr 23 91 Apr 23 91 Apr 91 Apr American Express_ _100 300 8234 Apr 25 8334 Apr 24 82% Apr 95 Jan Am Malt 1st pref ctfs of deposit stamped__ 4,800 53 Apr 19 5534 Apr 24 51 Apr 5534 Apr Am Smelters Securities 100 Pref series A 300 93 Apr 23 9334 Apr 24 9234 Feb 94 Mar American Snuff 100 100 114 Apr 21 114 Apr 21 105 Jan 119 Feb Preferred 100 100 9434 Apr 19 9434 Apr 19 9434 Apr 99 Jan Am Sumat Tob pref.:100 900 9334 Apr 25 95 Apr 21 93 Jan 98 Feb 100 1,400 1 Apr 22 4 Apr 25 1 Ann Arbor Apr 4 Apr Assets Realization_10 1,800 134 Apr 21 234 Apr 21 1 Jan 33.4 Mar Associate1 Dry G'ds_100 9,800 41 Apr 24 4434 Apr 25 1734 Jan 4534 Apr 1st preferred 100 300 70 Apr 25 7334 Apr 25 61 Mar 7354 Apr Associated Oil 100 1,500 7934 Apr 21 82 Apr 24 68 Jan'82 Apr Barrett, pref 100 400115 Apr 24 115 Apr 19 110 Feb 11534 Mar Batopilas Mining_ _ _ _20 1,800 Apr 21 134 Apr 24 134 Jan 134 Feb Beth Steel pref 100 200 97 Apr 19 97 Apr 19 9034 155 97 Apr 22 98 Apr 23 9 Bklyn Edison Inc_ 100 Mar Apr8 97 Mar Apr Bklyn R Tran ctfs dep__ 900 2034 Apr 22 21 Apr 24 1934 Mar 2434 Mar 100 200 80 Apr 21,80 Apr 21 7734 Apr 82 Bklyn Union Gas Jan Brown Shoe Inc 100 900 80 Apr 21 8334 Apr 24 71 Feb 8334 Apr Brunswick Terml_ _ _100 2,900 934 Apr 24 11 Apr 22 834 Mar 11 Apr Buff & Susq v t c extd100 100 70 Apr 24 70 Apr 24 70 Apr 70 Apr Preferred v t a extd100 100 50 Apr 25 50 Apr 25 50 Apr 60 Apr Butterick 100 400 2434 Apr 23 2434 Apr 23 16 Jan 25 Apr Calumet & Arizona_ _10 500 5954 Apr 19 6034 Apr 23 91 Mar 6 56% MJ 99 2 A pr Case (J I) pref 700 97 Apr 24 98 Apr 23 100 Jan Cent & So Am Teleg..100 10114 Apr 24 114 Apr 24 107 Jan 11734 Jan Certain-TeedProd no par 4,000 3534 Apr 22 46 Apr 23 3014 Apr 46 Apr Chicago & Alton_ _100 400 7 Apr 24 734 Apr 24 Jan Cluett, Peab'dy & Co100 500 6534 Apr 22 69 Apr 23 60% 7 Ae F rbr 69754 Apr Preferred 100 20010434 Apr 19 10434 Apr 21 10354 Jan 108 Jan Comp-Tab-Record...100 100 4634 Apr 21 4634 Apr 21 3734 Jan 4734 Apr Cons Interstate Call_ _1 300 534 Apr 23 6 Apr 22 534 Apr 834 Jan Continental Can pref 100 10010934 Apr 19 10934 Apr 19 10434 Jan 10934 Apr Continental Insur25 400 7134 Apr 19 74 Apr 21 58 Jan 74 Apr Cuban-Am Sugar ..100 700417934 Apr 2118434 Apr 23 150 Jan 18434 Apr Deere & Co pref 500 97 Apr 21 98 Apr 24 9334 Feb 98 100 Apr Detroit Edison 100 30111 Apr 23113 Apr 24 110 Jan 11234 Apr Detroit United 100 100 9034 Apr 23 9034 Apr 23 80 Feb 95 Apr Duluth (3 S AC Atl_ _ _100 200 354 Apr 23 4 Apr 23 555 FA br 7444 Apr 234 Feb AprApp Preferred 100 634 Apr 23 634 Apr 23 5% 100 Elec Storage Battery 100 2,500 74 Apr 25 7634 Apr 25 Feb Apr Elk Horn Coal 50 100 2734 Apr 23 2734 Apr 23 27 Jan 2934 Jan 300 1034 Apr 21 1234 Apr 23 934 Feb 13.A. Apr Fed'l Mg & Smeltg_ _100 100 800 38 Apr 19 40 Apr 24 33 Preferred Jan 4034 Apr Fisher Body Corp no par 3,800 60 Apr 24 6334 Apr 19 3834 Jan 6434 Apr 200175 Apr 22 175 Apr 22 16354 Feb 179 General Chemical_ _ _100 Apr 100 200103 Apr 24 10334 Apr 21 10234 Jan 108 Preferred Feb General Cigar Inc_ _ _100 7,200x57 Apr 24 60% Apr 21 47 Jan 6134 Apr Gen Motors deb stk_100 3,700 91 Apr 24 93 Apr 21 8234 Feb 9434 Apr 100 100 71 Apr 25 71 Apr 25 5434 Jan 71 Hartman Corp Apr 200 9734 Apr 23 98 Apr 23 94 Homestake Mining i00 Jan 100 Feb Int Harvester pref 100 1,100 11534 Apr 2511634 Apr 21 115 Feb 118 Jan Jewel Tea,Inc 100 12,500 3754 Apr 19 4034 Apr 22 28 Feb 48 Mar Preferred 100 400 82 Apr 19 .8434 Apr 24 80 Apr 91 Mar Kayser (Julius) & Co 100 300125 Apr 21 130 Apr 22 105 Apr 130 Apr Kelsey Wheel Inc 1041 1,500 37 Apr 19 43 Apr 22 34 Jan 43 Apr Keystone Tire & R._ _1040,080 91 Apr 19 9934 Apr 22 89 Apr 9934 Apr 100 107 Apr 25 107 Apr 25 106 Kresge(SS)Co pref_100 Feb 107 Apr Kress (S H)& Co i00 400 66 Apr 22 66 Apr 23 60 Jan 66 Apr 100 106 Apr 22106 Apr 22 105 Preferred 100 Jan 10734 Feb 100 100 6934 Apr 24 6934 Apr 24 6 Laclede Gas 167 93.6 % AAF br r2 8,3 091 mj aanr Jan Lake Erie & West_ _ _100 300 7 Apr 21 734 Apr 22 Feb Preferred 100 1,000 1634 Apr 21 18 Apr 25 111 Liggett & Myers pfd 100 Apr 100 22 III Apr 22 107 Jan Jan 100 1,225 150 Apr 23 152 Apr 24 14734 Apr 11154 Jan Lorillard (P) 16834 Manhattan (El) guar 100 1,100 74 Apr 25 77 Apr 21 70 Mar 88 Jan May Dept Stores100 6,300 8434 Apr 19 9134 Apr 22 60 Jan 9134 Apr Preferred 100 500107 Apr 2110834 Apr 24 104 Jan 10834 Apr National Acme 50 9,600 3734 Apr 24 3934 Apr 21 2954 Jan 3954 Apr National Biscuit_ _ _i00 300124% Apr 19 125 Apr 19 109 Jan 126 Mar Natl Cloak & Suit_ _ _100 400 7834 Apr 23 8034 Apr 24 70 Jan 8034 Apr 100 105 Apr 23105 Apr 23 10334 Feb 10534 Apr Preferred 100 Nat Rys of Mex 2d pf100 2,900 834 Apr 21 934 Apr 25 534 Feb 14 mar NO Tex.& Mex v t c 100 2,600 29 Apr 19 35 Apr 25 2834 Apr 3654 Feb N Y Chic & St Louls_100 400 25 Apr 19 26 Apr 23 25 Apr 30 Jan 2d preferred 200 4234 Apr 19 4234 Apr 19 4234 Apr 4534 Apr 100 New York Dock100 4,600 213.4 Apr 21 26 Apr 23 1934 Feb 2654 Jan 100 600 47 Apr 21 50 Apr 23 4434 Mar 50 Preferred Apr Norfolk Southern-100 500 1534 Apr 24 17 Apr 23 15 Mar 1834 Jan Norf & Western pref_100 200 71 Apr 19 7134 Apr 19 71 Apr 75 Feb Nova Scotia S & C 100 900 50 Apr 21 5434 Apr 23 46 Jan 55 Jan Ohio Fuel Supply____25 600 4634 Apr 21 4734 Apr 23 43 Jan 4754 Apr Owens Bottle-Mach...25 1,400 54 Apr 2415634 Apr 21 46 Mar 57 Apr Pacific Coast Co_ 150 45 Apr 22 45 Apr 22 4034 Mar 45 100 Apr Pacific Tel & _ _ _100 200 24 Apr 24 24 Apr 24 22 Jan 29 Feb Penn-SeabSt'l vtc no par 200 30 Apr 23 30 Apr 23 30 Mar 37 mar Peoria & Eastern_ _ _ _100 400 5 Apr 23 5% Apr 23 454 Mar 534 mar Pitts C C & St L 100 4434 Apr 25 4434 Apr 25 4434 Apr 49 100 Mar Punta Alegre Sugar_50 3,600 53 Apr 21 5754 Apr 25 51 Apr 5734 Apr St L-S Fran pref A 100 3,800 2234 Apr 21 28 Apr 25 22 Jan 28 Apr Savage Arms Corp_100 900 54 Apr 25 5934 Apr 21 5334 Jan 63 Mar Sears-Roebuck pref-100, 100 120 Apr 22 120 Apr 22 120 Mar 120 Mar Sloss-Sheffield pref_ 100 100 86 Apr 25 86 Apr 25 85 Mar 88 Feb 287 14334 Apr 23 14334 Apr 23 14334 Apr 14334 Apr So Pacific tr ctfs Standard Milling_ _100 300140 Apr 25 143 Apr 22 124 Jan 149 Apr Preferred 100 300 9134 Apr 191 93 Apr 25 Stewart-Warner 100 9434 Apr 251 9434 Apr 25 100 Tex Pac Land Tr_ _100 418290 Apr 25300 Apr 25 8 853410 6 8 j J:annn 3243 990X : AA J pu rr Third Avenue Ry_ _100 800 14 Apr 191 1434 Apr 25 1354 Jan 1634 Feb Tidewater Oil 100 730215 Apr 19 226 Apr 24 207 Jan 226 Apr Tol St L & W pf tr rec_ _ 600 10 Apr 22 10 Apr 22 10 Mar 10 [Mar Transue & W'ms_ _no par 1,400 4634 Apr 22 48 Apr 21 3734 Jan 48 Apr Underwood 100 80015734 Apr 25170 Apr 21 115 Jan 17334 _ Apr United Drug 100 70012834 Apr 24130 Apr 19 9034 Jan 130 i Apr preferred 1st • 50 100 54 Apr 22 54 Apr 22 5034 Jan 5534t Apr 100 2d preferred 5001i8'% Apr 24120 Apr 22 91 Jan 122 , Apr United Dyewood_ _ _ _100 100 5834 Apr 24 5834 Apr 24 58 Jan 60 1,, Feb United Paperboard 100 100 2034 Apr 21 2034 Apr 21 20% Apr 2034 1 Apr S Express 100 900 24 Apr 22 2434 Apr 24 1634 Feb 24% :Mar U S Realty & Impt100 12,100 37 Apr 19 4534 Apr 23 17% Jan 45 Apr 300 54 Apr 24 5534 Apr 21 54 Wells, Fargo Express 100 Ap 75 .Jan Wilson & Co pref. _100 31010034 Apr 24101 Apr 21 9634 Fe 101 Apr 1 134 Ex-rights. 1702 Record, Daily, Weekly and Yearly New York Stock Exchange-Stock OCCUPYING TWO PAGES Fos record of sales during the week of stocks usually Inactive. see preceding Page. 1Snlesfor the Week Friday April 25 Shares HIOH AND LOW SALE PRICES-PER SHARE, NOT PER CENT. Saturday 1 April 19 a Monday April 21 Tuesday April 22 Wednesday April 23 Thursday April 24 STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range Since Jan. 1. On basis of 100-share lots. Lowest. Highest. Railroads . Par $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share 92 93 9234 9314 9214 9234 9214 9312 6,400 A tch Topeka & Santa Fe....100 90 Feb 3 9414 Jan 3 91 9178 9114 92 100 86 Jan21 89 Jan 4 Do prat 600 8814 8614 87 *86 87 8612 8612 8614 8634 *86 *8612 87 97% 9712 1,100 Atlantic Coast Line RR-100 95 Mar27 99 Jan 6 9712 9712 9712 *9712 98 *9734 98 9712 9734 97 100 44 Jan21 5012 Mar12 14,500 Baltimore & Ohio 453 46 4678 4712 464 478 4634 48 4514 46 4538 47 100 50 Apr21 5612 Marll Do pref 4,700 *52 54 52 52 52 53 50 5138 5078 5138 52 *51 Transit.. 10 1838 Jan27 2678 Jan 8 Rapid Brooklyn 4,100 21 21 2114 2118 2114 2078 2114 21 2112 2118 2114 21 100 15534 Jan21 165 Feb27 159 159 15834 15912 16012 16034, 160 16078 16012 16012 15914 15914 2,200 Canadian Pacific Ohio 100 & Chesapeake 4 Jan21 6112 Apr25 26,900 533 6012 607 8 6112 603 6114 6012 6114 4 *5734 5834 5734 5358 583 9% ,Feb27 718 Jan21 814 812 1,600 Chicago Great Western.._100 8 814 814 814 734 8 *712 8 *712 8 100 2314 Apr16 27 Feb27 2434 25 25 2558 1,500. Do pref *23 24 2312 2312 2378 2478 2434 25 3412 4112 Mar12 & St Paul_100 Feb15 Milw 9,400 Chicago 3712 37 3734 3712 3712 3814 *3612 37 3614 3678 3678 378 100 6512 Jan21 7478 Nfar12 Do pref 6712 6838 6734 6734 6638 6714 8,500 6614 6612 66 67 6634 69 94 94 94 94 931 9434 9414 9478 9414, 9458 948 9412 3,000 Chicago & Northwestern..100 93% Jan21 98 Mar12 7 36 312 .iTan13 100 128 Apr22 12 Do pre? 200 130 130 *126 12918 *127 130 128 128 . *126 130 -i:1is -211-2 2412 2534 20,800 Chic Rock Is]& Pao temp ctfs. 22% Jan21 23 23% 2438 2438 25 2318 227 23 7314 Jan21 8014 Jan 3 2,900 7% preferred temp ctfs____ 77 7634 *76 7434 75 7412 7412 7414 7634 7618 7614 76 61% Jan21 67 Jan 3 6% preferred temp ctfa____ 6512 6512 6512 6534 6534 1,900 64 6414 6334 63% 6418 658 65 3614 3612 *3812 3812 1,000 Clev Cin Chic & St Louis...100 32 Feb17 38 Apr23 38 *25 36 __ 3512 3638 36 100 64 Apr 2 70 Jan16 200 Do pref *65 68 ---- ----6612 6612 *65 70 100 1934 Jan22 2814 Mar10 58 -211-2 -iii8 -2-5-1-2 *2434 2612 1,200 Colorado & Southern 2412 - :11-. *2312 24 -2312 -232 24 100 4814 Jan 3 5412 Mar21 5312 *53 100 Do 1st pref *52 55 53 5312 *52 53 *52 5312 *52 53 100 45 Feb 4 47% Mar 3 200 Do 2d pref_ 48 *44 48 *44 45 45 48 *43 47 *43 47 *43 Jan20 10912 Mar12 900 Delaware & Hudson__ _ ... _100 101 *103 108 104 10412 10418 10418 10412 10412 *10414 10514 10438 10438 400 Delaware Lack & Western.._ 50 17212 Mar18 180 23 14 2 __.ai2 _..i.5..2 ____ ____ 176 178 *178 180 180 180 176 176 8 18512 10(, 3 3,300 Denver & _ ... Jan 5 512 Rio Grande_ 4 33 *3 4 458 312 3% 334 334 Ajapnr252'' Do pref 100' 8 912 15,200 6% Feb 3 714 818 712 734 614 738 612 612 612 612 Mar10 100 1518 Jan21 1578 16 157 1618 1578 1634 1634 1678 1612 1678 1612 1678 10,300 Erie 31 Mar 3 Jan21 100 2434 2712 28 2,900 Do 1st pret 28 28 *2414 2478 2612 27 28 27 2212 Je an2 n14 100 1712 Apr 3 95 800 Do 28 pref -ii31.8 -181-8 1814 1814 1778 1773 19 1834 19 19 100 8958 Apr21 9112 -oi- -913; 13,800 clreat Northern pref 8978 9014 8958 90 89% 9178 91% 9134 91 Iron Ore properties_ _No par 3134 Jan 2 4518 Apr231 4518 4334 4434 4338 4418 63,600 44 42 4238 42 45 4418 447 600 Illinois Central 100 96 Jan21 100 Mar22 9912 100 *9812 100 *98 9912 987 9878 9934 9934 *9812 100 5 5 712 Feb24! 4,800 Interboro Cons Corp_ No par 318 Mar24 378 37 3 4 3 4 3 4 3 7 8 3 4 3 4 3 334 334 334 378 Do pref 100 1118 Mar29 24 Feb241 1314 1334 2,500 13 13 1212 1312 1212 1312 1234 1234 *1234 13 100 1634 Jan30 2312 Apr231 2238 217 23 25,800 Kansas City Southern 2058 21 2034 2118 2133 2314 2214 2312 22 700 Do prat 100 49% Jan21 53% Mar241 *5112 53 *5112 53 5212 5314 53 5314 *52 54 5312 5312 50 5314 Apr15 5718 Jan25' 5338 53% 5312 53% 5338 5434 5414 5434 5438 5412 5438 5412 5,600 Lehigh Valley 9 Jan13. 11142 AA pprr2285 12 200 Louisville & Nashville-100 113 Mar 8 111 *114 118 117 117 _ *114 117 118 118 --,. _ 11,600 1212 Minneap & St L (new)___100 11 1218 113 4 918 Jan21 *912 1014 934 -1-0 934 1034 -10% 11-18 4% Feb10 9 1012 6 618 612 812 934 1114 98,000 Missouri Kansas & Texas-100 6 6 98 1078 Do prat 100 812 Jan13 2012 Apr24' 2012 1812 1912 29,400 *1012 11 1312 1734 1718 1812 17 1034 11 2278 2338 2318 2312 2312 2514 2538 2618 2518 2612 2534 2734 104,200 Missouri Pacific trust ctts..100 2234 Jan21 2784 Apr25 100 4914 Jan21 5434 Jan 3 53 5434 12,300 Do prat trust Ws 54 53 5334 53 *50 51 5112 5118 53 *50 7412 8,100 New York Central 100 6914 Jan21 7758 Mar12 7312 7312 73 7338 7414 74 7312 7312 7412 747 75 34 1% 14 M me arr,13 0 *28114 2812 28 2812 2834 3038 2938 2934 2914 2914 2912 2978 10,300 N Y N H & Hartford-100 2534 Feb13 2 20 20 1,600 N Y Ontario dv Western..-100 1812 Jan21 20 1912 1912 1912 1912 1934 1978 20 *19 *19 100 103 Mar 6 10814 Jan 2 104 104 104 10412 104 10512 10412 10478 10334 10414 104 10418 4,600 Norfolk & Western 4% M jaan r17 2 7,900 Northern Pacific 46 100 88% Jan21 9 9012 91 90 9012 90% 9234 917 9234 911s 9134 9134 917 50 4334 Apr21 4414 4373 4418 438 441 26,352 Pennsylvania 4378 44 4334 44 437 4438 44 100 12% Jan21 15% Mar 4 147g 1414 1414 2,200 Pere Marquette v t 0 14 1412 1484 1414 15 1338 14 Do prior pref v t c____100 56 Mar27 60 Apr 4 6114 ------- *60 *60 6114 *6012 6114 *60 *3912 42 100 39 Apr 7 4318 Jan15 _ Do pref v t c :, 43 *39 *3918 43 *39 43 - -- - 3812 3638 11,900 Pittsburgh & West Va_--100 34 Jan21 4038 Feb27 3738 363678 fi. -3W2 -3-.. 36 3738 3634 61143538 36 *80 83 100 79 Jan31 83 Feb27 *81) 83 300 Do pref 83 *80 *78 84 80 80 *7912 84 8218 83 50 75 Jan21 88% Mar12 8212 • 84 8338 8412 8334 8434 8334 8434 8338 8412 49,600 Reading 3712 3612 37 50 3612 Jan 9 3812 Feb 4 900 Do 1st prat 3718 371 *3612 3812 *3612 3812 *3612 3712 *37 7 3712 5 37 Jan 2 3812 Mar 7 Do 28 pref *3512 3812 *3512 3812 *3678 3812 *3678 3812 *3678 3712 *38 1712 Apr25 1234 1234 1278 131 1314 1512 1538 1612 1514 1612 1514 1712 53,600 St Louis-Sail Fran tr ctts_100 1034 Jan21 19 19 1,200 St Louis Southwestern---100 16 Apr22 1612 19 01718 20 *14 17 *14 17 16 16 19 5% Mar Apr23 3 34 100 2812 Feb 4 3 34 *33 3512 400 Do prof 35 35 *32 35 *33 34 3314 34 8% Jan 3 100 814 814 1,500 Seaboard Air Line 812 738 Feb13 78 814 *8 734 8 ---- ---1812 1,300 Do pref 100 1534 Feb 3 1914 Mar12 1814 *1712 1812 *18 1812 18 -ii" ig18 _ 10634 10538 10714 208,300 Southern Pacific Co 100 0518 Jan21 10712 Apr22 10514 106 10812 iii652 0614 10712 10578 107 10538 38,400 Southern Railway 100 25 Jan21 3014 Mar 3 2818 2834 2778 29 2712 2734 2738 28 28 2878 2838 29 6812 800 Do pref 100 6634 Jan21 70 Jan 2 6838 6834 *68 69 6712 68 *6714 6812 68. 6812 69 100 2712 Jan21 4734 Apr25 3212 3212 3212 3612 3534 4012 3878 4112 3834 4234 4112 4734 246,300 Texas & Pacific 200 Twin City Rapid Transit 100 38 Jan18 49 Feb28 *39 45 44 44 45 45 *45 48 48 *45 48 *45 100 124% Jan21 132% Mar 3 12818 12812 12814 1293 129 13038 12934 13014 12912 12978 12912 13018 11,400 -Union Pacific 7312 1,000 73 73 *73 Do prof 100 72 Jan14 7434 Mar 5 73 73 73 73 73 73 73 73 714 Jan 9 1414 Apr25 127 1358 1212 1312 1238 1278 127 1338 1212 1314 1234 1414 11,700 United Railways Invest-100 Ap ar r23 1 3 275 28 4100 2734 29 prof 15 Jan13 • 29% m 29 2834 2934 2812 2978 27 2834 28 8 838 77 100 734 Jan20 77 812 834 10 " 3:000 Wabash D ash 814 878 818 778 734 77 32 32% 3312 6,200 32 Do pref A 100 3012 Jan21 3614 Mar12 3112 32 3112 3234 3214 33 3112 317 21 1,000 Do pref B 2012 2012 --------20 100 19 Jan23 2238 Mar 3 ---19% 1918 --_014 10 1034 16,200 Western Maryland (new).100 1034 10 9% Apr21 1238 Jan 9 978 -1-61-2 10 934 --97-s 95s 98 200 *18 25 no 25 100 2434 Apr22 26 Mar14 28 pref Do *18 25 *18 25 2434 2434 17 18 1,9 3,100 17 100 Western "iiPacific 17 Feb 3 2212 Mar 4 fi *1714 18 17 17 17 18 53 54 5412 5412 53 800 100 5218 Feb20 6112 Jan 9 Do prof *53 54 *5312 54 5312 5312 54 934 Feb27 838 812 838 938 10,900 Wheeling & Lake Erie Ry_100 734 Mar 5 812 812 814 8 *734' 812 *734 8 200 *18 20 1912 1912 Do pref 100 17 Jan30 21 Marl *17 20 *17 20 1834 1834 ---*31 35 37 *31 36 *34 100 3014 Jan22 3612 Mar 7 1,500 Wisconsin Central 35 3334 3512 36 -31- *34 Industrial & Miscellaneous. 3214 31 32 100 21 Jan21 3434 AprIO 7,600 Advance Rumely 3334 3214 3314 32 3338 3414 33 3414 33 5613 Jan20 7034 Apr21 6912 6834 6912 6812 6918 9,900100 Do prof 6834 70 70 7034 6914 7012 69 8912 914 2 A japnr1 25 5 8714 8412 46,600 85 50 86 Jan13 84 Rubber Inc 88 8218 Max 7712 79 7838 7934 7958 81 35 312 358 *312 358 3,300 Alaska Gold Mines 10 33 334 318 Apr 4 312 312 312 312 338 2 218 178 • 2 2% Marll 2l8 2 5,300 Alaska Juneau Gold Min'g_10 24 134 Jan 2 2 n 218 2 2 100 30 Jan21 3938 Apr21 38 3834 3818 3938 3734 39 3734 3812 3738 3812 3714 378 23,800 Allis-Chalmers Mfg 94 *93 94 1,500100 8178 Jan23 9434 Apr21 9412 9412 94 Do pref 93 94 94 95 9434 *93 17,400 Amer Agricultural Chem_100 99% Jan29 11134 Apr23 10838 10914 10912 11012 109 11112 1095s 11134 10834 11014 109 110 *99 100 *99 100 98 Jan 9 108 Mar15 700100 100 100 Do prat 100 100 *100 10012 9978 100 100 62 Jan 3 7938 Apr 8 7612 7714 757 7612 7614 7712 758 7634 7538 76% 6,000 American Beet Sugar 7638 77 9234 *92 9234 *92 100 8434 Jan13 9212 Apr16 9234 *90 93 Do prof *92 9234 *92 9234 *92 5312 5134 5218 504 5214 MOO American Can 100 4278 Febll 53% Apr21 5314 52 52 5114 515 5112 535 400 04 9: 19 05 3% 10214 10214 *19 100 98% Jan 6 103 Mar10 Do prof *10112 10214 102 102 10218 10218 17 Apr24 -515.4 -6i500 American Car& Foundry-100 8418 Feb10 19718 937 9478 9458 9618 .9338 95 31.4 9414 9718 11612 11612 100 113 Jan18 Apr22 *115 117 11612 117 1 561 2800 American Cotton Oil 8 - -i67-2 100 3958 Jan 2 58% Apr23 5434 5612 -L8i4 -E63-4 5984 5772 -86i2 "gii2 -. _ 9234 9234 ---- ----100 Do pref 100 88 Jan 7 93 Apr 3 43,600 1312 4 1338 1378 1314 Amer Druggists Syndicate-10 1038 Jan24 1414 Mar 7 -1278 ii- -1234 li" -i5" 11- -Mil I412658 2712 2614 2778 253 2634 2634 2738 2638 2758 2714 2818 81,700 American Hide & Leather 100 1318 Jan 4 2818 Apr25 Do prat 100 7114 Jan 2 11212 Apr24 10734 10978 108 11034 10712 10834 10834 11014 108 11212 111 11238 55,900 4814 10,200 American Ice 493 50 4934 48 100 38 Jan21 5058 Apr21 4934 508 4914 5014 4912 5014 49 691s 6912 6912 6912 5,900 100 5434 Jan20 7112 Apr21 70 70 Do pref 6914 6978 7012 7112 6912 71 87 214,100 Amer International Corp-100 5233 Feb 8 9112 Apr 8 8838 8434 8678 85 8614 8912 86 91 8434 8712 86 5312 5418 5414 5512 5334 5514 533 547 53 5414 5234 5334 30,000 American Linseed 100 44% Mar 1 55% Apr21 1,100 100 85 Mar 1 9833 Apr15 947 948 *9412 9512 9458 945 Do prat 96 96 94 9434 *94 95 Apr25 5 723 71 70 738 98,200 American Locomotive---100 58 Jan21 6812 6914 69 7114 7012 72 7012 69 400 8 38 Mar 100 Jan14 107435 -------- 104 104 10412 10412 *10412 105 10414 10414 *104 105 Do pref Jan17 2 134 2 1 13 453 Jan 7 5.800 American Malting 13, 2 100 112 1% 112 15g 112 15 4312 Feb19 Apr22 Do 1st pref certifs of dep.._ 54 54 - ----- --------- ---- *5514 5612 1,700 *53 55 12 734 7138 7134 35.700 Amer Smelting & Refining_100 62% Feb 6 78% Jan 3 7378 7112 7112 -iii4 -ii- 7112 7234 72 100 Feb20 107 Jan14 *105 106 103 1053 4 100 prof *10512 10534 Do *105 10534 *105 10534 *10434 10534 10534 9414 957 9334 9578 59,300 American Steel Foundries_100 68 Feb 8 97 Apr23 88 9038 90 9112 9834 9334 97 93 12938 12938 7.700 American Sugar Refining_100 11114 Jan21 133 Apr 8 129 1293s 1293s 13034 12712 12914 129 13012 *128 130 11312 Jan 11812 Apr23 118 118 11812 11812 *117 119 400100 Do pref *11834 11712 11712 11712 118 118 10712 110 10734 10834 z10458 10538 24,500 Amer Sumatra Tobacco_ -100 96% Jan13 118 Mar12 10778 109 10918 11038 10838 110 19,200 Amer Telephone dr Teleg....100 9884 Jan29 10858 Mar10 10014 102 10418 10418 104 1047s 10334 10438 103 10483 10112 103 208 20812 2,740 American Tobacco 100 19178 Feb 4 215 Mar12 20812 20934 209 209 *206 210 208 20934 208 209 310 100 100 Feb24 106 Jan 6 10078 1007 *10012 101 *10012 101 Do pref (new) 10078 10078 10012 10012 *10012 101 6614 68 13,600 Amer Woolen of Mass__ 100 4514 Jan18 6934 Apr22 6812 6934 68 688 6934 6634 6714 68% 688 6814 7 99 500 100 9438 Feb 8 102 Mar12 998 Do prof 9912 9978 *99 100 9958 9938 998 995 *99 100 4412 23,800 Amer Writing Paper prof. 100 2758 Jan 2 4554 Apr22 4538 44 42 4212 4258 4553 4334 4534 4312 4512 44 1,800 Amer Zinc Lead & Smelt _25 11 Jan31 15 Feb28 14 14 14 1412 14 14 14 14 14 14 25 40 Jan21 47 Apr25 -45i2 iiii 4312 4312 4412 45 4512 46 46 46 46 47 •••'' 2,200 Do pref 6114 63 6134 6258 6183 618 28,300 Ancaonda Copper Mining_50 5612 Feb 6 6314 Mar10 61 6112 62 6168 6112 62 13314 13514 13414 13538 25,700 Atl Gulf & W IBS Line...100 92 Feb 8 13914 Apr19 13412 137 13534 13914 13718 13914 134 137 71 300100 64 Jan29 7112 Apr24 *70 72 Do prof no 72 7012 7012 *70 72 7112 7112 71 9214 9034 109,900 Baldwin Locomotive Wks.100 64% Jan29 9414 Apr16 9034 9214 9184 9338 90 9212 9034 9212 9053 93 127 129 128 130 100 103 Jan 2 13538 Apr 7 3.300 Barrett Co (The) 131 131 131 131 130 13218 12918 131 7458 7512 *74 76 100 5512 Jan20 76% Apr23 1.600 Bethlehem Steel Corp.. 758 767 767 7512 7612 *7534 7712 75 7438 7638 748 75 166,700 7514 7638 7512 7678 7338 7534 7514 778 Do Class 13 common-100 55% Jan21 7712 Apr16 10934 10934 1,400 eenv 8% pref.... 10183 Jan22 11012 Apr23 merice 10912 10912 109% 10912 10934 11018 11014 11012 110 110 40,700 Booth Fisheries No par 1814 Jan14 2412 Apr23 2234 2212 2412 2134 2212 21% 22 20 2014 2014 2138 21 163 16412 162 16314 6.600 Burns Bros 100 138 Feb 6 164 16412 16358 184% 16312 165 16412 166 73 10 8 3 738 738 *7 2.400 Butte Copper & Zino v t o_..5 ' enbr2 7 712 518 Feb20 16 7 7 7 7 57 1132 AA: 7 7 28 753 22 2238 2/1g 22 7.300 Butte & Superior Mining__ In 157g Febll *2114 22 2114 221s 2138 2112 2112 23 •Bid and asked prices so sales on this day. $ Ex-rights. 1 Less than 100 shares. a Ex-dly, and rights, 5 Ex-dividend. PER SHARE Range for Previous Year 191.8. Lowest. Highest $ per share $ per share 81 Mar. 9934 Nov 80 Jan! 9212 Nov 8953 Apr,' 109 Nov 4812 Dec! 62 Nov 53 Aprj 6412 Nov 2538 Dec1 4814 Jan 135 Marl 1747 Oct 4934 Jan' 6238 Nov 6 Apr 11 Nov 1812 Apr 32 Nov 3714 Apr 5414 Sept 6614 Apr 8638 Nov 8912 Mar 107 Nov 125 July 137 Jan 18 Apr 3212 Nov 5634 Jan 88 Nov 46 Jan 75 Nov 26 Feb 40 Nov 5834 May 70 Nov 18 Apr 2712 Nov 47 Apr 55 Nov 40 Apr '48 Dec 10012 Apr 11934 Nov 160 Apr 185 Sept 7 Nov 214 Jan 5 Apr 135 Jan 14 Apr 2353 Nov 23% Jan 3612 Nov 1812 Jan 2714 Nov Jan 10612 Nov 86 ja on v 30 412 N 24531: av n Jo 2N 9 12 714 D ee 10 : 6451118 Jan Dec 15% Apr Jaen e 4 55 352 D 110 712 43 612 20 41 f2 17 712 2414 Nov. 5912 Nov Jan 12434 Nov Apr 1578 Nov 634 Nov Jan Jan 1312 Nov Jan 3158 Nov Jan 62 Nov No 45788 MayNov 45 Jan 8 n 2453 Nov 1814 102 Jan 11214 Nov 81% Jan 105 Nov 44 0: 7 1 NovNov 18 e 5 9 3 J mua ny 5213 30 221528 61 Apr Apr Jaa ann n Jan 64 Nov 50 Nov 403 Nov 3980624 May7fl 35 35 Mar 1933 Apr Oct 28 Oct 7 Apr 1518 Apr 203 40 July c Doev 1714 N 25 4013 Jan 12 Nov Doev e 9514 2N 2 215 110 Nov Apr 347 Nov 85 14 7012 M jja aay nn 32 Dec 6514 Jan 10934 Jan 13712 Oct 69 Jan 7634 Nov 212 0134 Jnne err 1 Jappen 174 82 DAA 310 4 073 May July nn e ua 4: 1 JJ 4 26 1912 Dec 10 Dec 1734 Feb 20 Jan 32 June 13 Jan 2484 Nov 46 Jan 66 June ov 234 Ne 16 1712 8 Aprr 2 2978 Dec 3954 Oct 263.1 Nov 62% Nov ,49 Jan 7214 Dec 114 Apr 2 Nov 3 18 June 25 118 2 A j 1734 Jan 37 May 7214 Jan 8612 May Oct 78 Jan 106 8918 Jan 101 Aug 48 Nov 84 Feb z82 Sept 9113 Mat 3458 Jan 5034 May 8914 Jan 99 Dec 6814 Jan 9334 Dec 106 Jan 11512 Dec 25 Jan 4484 Oct 78 May 88 Dec 11 Jan 1178 Jan 2218 Sept 50 Jan 947 Aug 1113 Jan 49 Oct Oct 3834 Jan 61 5112 Sept 60% Oct 27 Jan 4712 Dec 6914 Jan 92 Dec 5312 Jan 7134 May 295 Jan 10238 Dec 238 Sept 131 Feb 41 Sept 48 Dec 73 May 945 Oct ov 10 514 Ne 103 58 Sj eapnt 19 98 Jan 116 May 10814 Mar 11412 Dec Fa ey b 49 514 M 96434 AugJan 10 14012 Jan 19834 Deo Sept 10012 Dec 1 S 4 94 27 6078 May 92 Jan 9634 Dec 2014 Apr 395 Aug 11 Dec 2153 July 3834 Dec 5314 July 59 Dec 27414 Oct 9734 Jan 12014 Feb 58 Jan 6758 Nov 10 May 561s Jan 10134 Jan Dec 685 0 Dec 96 May 5934 Nov 94 May 3 : 7 1 Apr 2612 Jan 106 21 Jan 2812 Sept 10 1812 6 Feb n 6112 Oct 51 Dec 11278 July 3 M New York Stock Record-Concluded-Page 2 1703 Pot record of sales during the week of stocks usually inactive, see second page preceding. HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CONT. Saturday April 10 Monday April 21 Tuesday April 22 Wednesday I Thursday April 23 April 24 Friday April 25 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 Previous Year 1918. Lowest Highest $ per share $ per share $ per stuns Industrial&Misc.(Con.) Par $ Per share $ per share $ per share $ per share $ per share $ per share $ per share 2 6312 Apr 23 31312 Jan 50 Nov 6133 63 62 6234 6312 62 6234 6158 6212 20,900 California Packing____No par 4814 Jan 2 6078 6114 61 Jan 12 Jan 2478 Nov California 204 29% Apr22 Petroleum 100 25,200 28 27 2814 2738 2914 2812 293 8 4 28 277 2712 2914 2634 36 Jan 7012 Dec Do pref 100 641 Jan 2 7434 Mar 7 7212 4,100 7234 7212 7234 7212 7234 7212 7212 72 71 71 71 5434 Dec 7338 Feb 100 5612 Feb 8 82 Apr23 7978 8138 8014 8138 73,700 Central Leather 7834 7912 8018 8178! 7912 8112 8034 82 Apr25 met Jan 7 111 10412 10112 Do 100 Dec 108 Nov 600 111 11012 *10912 11012 10312 10913 10912 11014 11014 10912 •108 110 Jan22 4414 Apr23 2914 Mar 39 Nov 4258 4312 26,900 Cerro de Pasco Cop--No par 31 4134 4214 4134 4218 4218 4414 4278 44 4114 42 6814 Jan 1097 Dec 100 103 Jan18 152 Apr10 4,200 Chandler Motor Car 143 144 146 14814 145 14513 145 147 143 144 14518 147 1412 Apr 24 Oct 25 1718 Jan21 24% Mar28 2358 42,500 Chile Copper 2118 2314 2334 2314 2414 2314 2334 23 2234 2312 23 5 324 Feb 6 3838 Apr 7 3158 Dec 4714 May 3658 3558 3578 7,200 Chino Copper 3638 3612 3612 3634 3614 3613 3613 3714 36 3434 Feb 10 4478 Apr 9 Colorado Fuel & 100 3434 Jan 5413 May Iron 4,300 4312 425 8 425 8 4414 4313 43 4313 4412 433 4 43 4334 43 2834 Mar 447 Dec 100 3914 Feb 1 46% Mar18 4,000 Columbia Gas & Elea 4558 46 46 4634 4558 464 4578 4638 46 4613 4678 46 8234 July 10538 Nov 3,600 Consolidated Gas (N Y)_100 8718 Jan27 98 Feb27 95 9338 9318 9414 9412 9178 95 93 94 *93 94 94 100 6512 Feb10 8213 Mar10 6512 Oct 95 Feb 7812 7912 19,000 Continental Can, Inc 79 7938 814 788 81 7718 7712 7812 7934 79 2978 Jan 5018 Nov Refining 100 46 Jan21 6358 Apr21 6218 6312 6218 6312 6112 6234 6112 6214 109,100 Corn Products 6134 6112 635 61 Do pref 100 102 Jan23 108 Mar19 29012 Jan 104 Dec 200 105 105 *104 106 105 105 *10412 106 Mar14 Crucible Steel Jan 747 May Feb 7 of 704 America_100 52 5218 41,900 -13'1 1 4 3 s di 34 6934 -6738 -6-9 6714 6734 6712 68% 6658 6938 68 Do pref 100 91. Jan 2 95 Marll Jan 9134 June 86 9413 9412 9412 9413 9412 9318 9412 1,900 9412 *94 *9414 9413 *94 Jan 9 3112 Cane Sugar____No par Jan27 Apr 34 Nov Cuba 2038 2713 15,400 2814 2778 2858 2814 2812 2914 2912 2812 29 2914 2934 291iI 7714 Dec 83 Feb Do pref 100 6912 Mar 1 80 Jan 9 7714 6,600 7758 7778 7758 7734 7712 7758 77 7734 78 775 78 10 1058 Jan31 1478 Apr15 9,300 Dome Mines, Ltd 6 June 15 Nov 14 1412 14 1414 14 14 1434 1414 1412 14 14 14 255 Oct 39 Feb 2912 14,300 Gaston W & W Inc._No par 2518 Jan21 3334 Mar 3 2912 29 2912 30 1 29 2912 3018 2934 3014 2912 30 100 14412 Feb 3 164 Apr10 1273 Jan 15812 Oct 16134 16358 7,500 General Electric 162 16218 160 162 160 16112 16058 163 *160 161 General Motors Corp_ 18314 Apr14 1063 Jan 184 Aug 100 Jan21 11812 56,400 17814 1813 4 17812 18114 17912 183 17812 18014 178 18014 8 17934 1807 Do pref 840 100 82 Jan 6 9412 Apr14 9313 *90 92 7558 Oct 88 Feb 9318 92 93 93 9318 92 9234 9234 93 100 5612 Jan10 74 Apr23 38 Jan 5978 Oct 701 7314 704 7134 76,000 Goodrich Co (B F) 7212 7214 74 6738 6734 7118 71 67 prof Do 100 103 Jan 8 Apr16 800 10912 1077 8 --------1077 3 95 5s Dec 104 Dec 108 108 108 108 108 108 *10634 108 6612 1,100 Granby Cons M S & P 100 64 Apr21 80 Jan 3 74 Jan 86 Oct 6534 6534 *65 6534 6534 6534 6558 66 64 *6234 66 21,900 Greene Cananea Copper_100 387 Apr25 4612 Jan 9 3812 Jan 5814 Nov 4012 3878 40 39 42 4234 4112 4234 3912 42 4134 42 2,500 Gulf States Steel tr ctfs_100 4912 Feb 8 6178 Jan 3 583 Dec 11112 Apr 5412 5412 *5212 55 53% 5134 5212 5312 55 5213 524 52 5234 13,700 Haskel & Barker Car__No par 40 Feb 6 5514 Apr16 34 Jan 4914 July 5234 52 5338 52 53 53 5434 53 54 5358 55 4938 26,200 Inspiration Cons Copper__ 20 4213 Feb 6 5278 Apr 7 49 4118 Dec 5813 Oct 50 49 4912 4914 50 4913 4973 4938 5118 4914 1914 1912 1834 1834 2,100 Internet Agricul Corp___100 104 Jan 2 2158 Aprll 10 Jan 19 June 1912 1912 1978 . 20 1912 207 *2012 22 100 48 Jan 4 77 Apr 9 Do pref 38 Jan 65 June 7378 7378 7338 7312 3,400 7318 7478 731 7414 7312 74 74% 75 23,2001 Inter Haverster (new) 100 11018 Jan21 135% Apr23 104 Oct 121 Nov 131 13518 13234 13558 13134 13314 13212 134 130 132 12934 132 21 Jan 33 Oct 3714 3834 3614 3778 3614 3814 251,100 lot Mercantile Marine-100 2114 Jan31 39 Apr 22 337a 347 353g 3838 375 39 100 9234 Feb10 118% Apr16 Do pref 4 11758 120,300 8358 Jan 12512 Nov 11678 11814 117 11834 11718 11838 117 11814 11578 11712 1153 2618 2658 123,100 International Nickel(The) 25 2413 Feb 3 3238 Jan 3 27 Jan 35 Nov 2718 2858 2614 27 2814 29 29 30 2912 30 100 3014 Jan 3 5312 Apr23 2412 Jan 4512 May 5014 53121 5112 5312 5112 5212 119,500 International Paper 4914 51 49 52 4514 48 100 62 Jan13 7612 Apr23 Do stamped pref 7512 7512 3,600 75 58 Jan 6512 Jan 76121 75 7412 74 7514 76 7338 7338 74 25 68 Jan21 12978 Apr14 12313 124 17,600 Kelly-Springfield Tire 41 Apr 72 Dec 122 12338 124 12612 12514 12714 12412 12612' 12334 125 par 291 Feb13 33% Jan30 29 Mar 4114 Nov 3214 3218 3212 3218 3214 3214 3314 3218 3234 32% 3214 19,700 Kennecott Copper____No 100 32 6212 Jan21 272% Mar10 6512 Dec 9158May 7112 7112 7034 7114 5,200 Lackawanna Steel 7012 7012 72 7018 7018 7012 7112 70 Jan22 3513 Apr22 21 3212 Rubber & Tire___No par 3112 34 33 31,400 Lee 12 Apr 24 Dee, 35 32 3513 2714 27 2734 2734 27 5212 6,400 Loose-Wiles Biscuit tr ctfs_100 4018 Feb17 57 Apr21 1712 Jan 4558 Deo5312 5478 5012 5218 52 5414 55 57 5234 5418 55 100 94 Feb 5 110 Apr17 Do 2d pref 53 Feb 96 Dec *110 120 *110 117 *110 117 *105 115 *105 115 *105 115 Jan22 70 Feb 4 8100 Mackay Companies 73% *7012 753 70 Dec 7812 Feb *73 7533 7512 *73 75 *71 75 *70 75 *70 100 64 Jan15 65 Jan 4 Do pref 65 100 57 Jan 65 May 6418 6418 *64 65 *64 65 *64 65 *64 65 *64 100 2634 Jan22 42 Apr23 2312 Jan 4212 Nov 4018 4078 3978 4078 17,600 Maxwell Motor, Inc 42 4134 3978 4012 40 4178 40 39 100 5038 Jan22 72 Apr 23 17,200 Do 1st pref 69 71 6933 70 50 Dec 6978 Nov 7018 72 69 68 68 1 6712 69 67 100 1914 Jan 2 33% Apr23 3234 3134 32 Do 2d pref 5,600 19 May 3238 Nov 3212 3214 3373 32 3112 324 3214 3212 32 100 16234 Jan23 1974 Jan 2 Mexican petroleum 164,400 18312 18578 18514 1815 8 18234 1843 4 79 Jan 194 Oct 186 18258 190 184 8 1877 186 _ ___ Do pref 100 105 Feb 7 1084 Apr19 *107 110 200 87 Jan 107 Dec ---10818 108% ------107 107 -2353 /375 2134 Feb 7 2458 Apr 7 2214 Dec 331 Jan _- 2373 24 8 3,400 Miami Copper 23% 2334' 2338 2378 2358 2378 24 /438 4718 4512 4638 4538 4578 32,900 Midvale Steel & Ordnance- 50 4014 Feb 7 48 Mar10 41 Dec 61 May 4618 4634' 4612 4678 455 4658 46 71 7112 7014 71 100 69 Mar28 77 Mar 3 100 Montana Power 64 June 8112 Nov 7312 ---- --- 7018 7018 7034 72 *70 49,700 Nat Conduit & Cable_No par 14 Feb 8 2112 Apr23 13 Nov 2138 July 1958 1914 2113 1958 2034 1934 20 1912 19 177g 1778 18 100 451 Feb 8 61% Apr23 5978 61 5934 61 13,900 Nat Enam'g & Stamp'g 3714 Jan 543k May 6078 6012 613 5814 5934' 5913 60i2 60 100 93 Jan15 100 Mar31 100 100 *96 104 Do pref 100 88 Nov 9912 Feb *98 100 *98 100 *96 100 I *96 100 7013 7012 7013 71 100 64 Janll 7314 Apr17 1,700 National Lead 4314 Jan 6934 Dee 71 I 703 71 7218 71 7158 72 I 71 100 107 Jan 3 1104 Jan25 100 Do pref 99% Mar 10513 May 10934 10934 *108 111 *108 111,•108 112 *108 110 *109 110 1 13 *1638 1612 3,200 Nevada Consol Copper_.._ 5 1512 Mar18 1712 Jan 3 1612 Dec 2178 May 1633 1634 1612 1634 1634 16341 1614 165 100 9114 Feb 3 z115 Mar14 700 New York Air Brake 9812 Dec 139 May 10912 11178 11178 11178 112 112 - ---- --- *109 11178 *109 112 100 47 Janll 52 Mar 4 *50 52 51 51 3713 Aug 5712 Nov *50 *52 200 North American Co 51 51 51 51 .50 *50 4433 4212 4338 40 25 a3534 Feb14 44% Jan 3 35% Mar 48 Oct 4134 140,308 Ohio Cities Gas (The) 4458 4358 4434 43 4238 4353 43 8 Feb 3 11% Apr14 1012 104 1014 1012 116,300 Oklahoma Prod & Refining 5 1078 1118 1078 1118 1034 11 1034 11 818 Apr21 512 Mar18 44 Jan 13 June 714 4,000 Ontario Silver Mining__ _J00 7 718 714 733 74 78 773, 753 818 713 713 2312 Jan 40 Dec 5 2913 Feb 8 40 Apr15 35 35 1,800 Pacific Mall SS 3533 3633 3512 3512 3512 3558 3538 3558 3434 35 857 s Jan21 Apr16 67 50 8412 823 Trans 634 Oct 724 Oct 8212 4 Pet & 8412 837 Pan-Am 823 4 50,100 8238 84 8512 833 8 8334 85 100 117 Jan22 148 Apr 9 86 Jan 12412 Oct 14612 14612 *143 147 Do pref 100 5234 Mar10 39% Jan 61 Nov _ -ii1-2 "5-6- 4812 49 48% 4812 2,300 People's 0 L & C (Chic)_100 45% Jan22 4134 ---____ ----To. •-i-gApr25 50 30 Jan 3 21 Apr 3514 Oct 4078 3914 4134 97,100 Philadelphia Co (Pittsb) 39 3718 -3-81q 3714 40 3712 3773 374 38 34 Jan 5134 Nov 5278 51% 5212 5033 5138 5014 5158 '74,400 Pierce-Arrow M Car-No par 3834 Jan22 5278 Apr22 5014 5134 5134 5212 51 100 10112 Jan 3 10512 Mar13 8934 Jan 104 Dec Do pref 400 0514 105 12 1048 1048 105 105 15 Sept 1918 Oct .5f2 -2-413 -25i4 -215; 271,200 Pierce Oil Corporation- 25 16 Jan 2 3114 Apr17 -2 254 2634 2438 2534 2334 238 26 100 45 Feb 3 514 Apr24 42 Jan 58% Feb 5178 505 5178 5033 51 16,200 Pittsburgh Coal of Pa 4918 5014 5018 5138 4934 5034 50 8713 Apr23 100 8512 Mar17 pref 8712 8712 *863 Do 793 4 Jan 85% Deo 87 4 8713 87 200 87 8 *867 87 1 *85 *8412 87 100 z59 Febll 75 Apr23 5512 Nov 73 Aug 7312 747 738 748 19,000 Pressed Steel Car 715 7214 7212 7334 73 , 7414 7334 75 100 100 Mar 3 104 Jan14 93 Apr 100 Aug Do pref 3130 100 10018 *100 102 *100 102 *100 102 *100 102 *100 102 85 Oct 10912 Mar 87 I *8312 838 *83 118 iii- 1-2-1-- i.i.. 1_2y ___2_,i(55 Public Serv Corp of N J.._100 82 Jan31 9134 Jan 7 87 1 *83 *83 100 11178 Feb14 122% Mar19 10018 Jan 13214 Nov Pullman Company 120 12018' 12012 12118 12033 12134 1213s 100 6812 Feb10 8812 Apr23 4512 Jan 7812 Dec 8633 8678 8812 8614 8714 853 8614 31,450 Railway Steel Spring 87 I 85 8414 85 82 100 104 Feb 4 108 Apr 3 95 Jan 10512 Dec Do pref *10512 108 ,*106 108 ,*106 108 *106 108 *107 108 *107 108 Mar 4 21% Jan 3 1914 Dec 261g May 2012 2012 2018 2058' 2014 20141 2012 2078 208 2034 2018 2038 7,209 Ray Consolidated Copper_ 10 19 7112 Jan18 86 Mar12 z7258 Jan 96 May 8214 8112 8112 8253 Republic Iron & 8312 Steel_...._1001 14,700 815 8 8112 z8112 82 I 8178 8238 808 *10212 10378 92% Jan 10212 Sept 100 100 Jan13 105 Mar19 Do pref 900 10213 10212 102 10218 102 102 1 10312 10312 1038 10378 99% Apr25 270 Dec 145 Oct 9914 44,700 Royal Dutch Co (Am shares) 7034 Jan21 92 93 I 03 9434 9212 9434 9314 9512 9414 9634 95 9312 9633 9512 9912 260,100 Certfs for New York shares_ 8612 Mar13 9912 Apr25 90% 9034! 9034 934 9114 93141 9258 947 614 Mar21 12 Feb28 434 Aug 18 Nov 778 8 78 818 3,655 Saxon Motor Car Corp_100 818 8 8141 81 818' 8 *758 812 100 16812 Feb13 18514 Jan 8 133% June 17612 Dec *182 185 1,600 Scars, Roebuck & Co 18212 18212 183 1844 183 18412 18314 18334 183% 184 1313 Jan10 1214 Feb19 10 1214 10 z13 Dec 1814 Feb *12 Ariz Copper Shattuck 1212 1212 600 1212 1212 1214 *12 13 *1214 13 547 5578 165,600 Sinclair Oil & Ref'g___No par 3314 Jan 2 57% Apr21 2514 Apr 39 Feb 5578 5558 5758 5514 5612 544 5638 5434 56 55 39 Jan 7114 May 5312 3,600 Sloss-Sheffield Steel dc Iron 100 4612 Feb10 59 Mar12 5534 5458 5434 253 54 53 54 *53 55 53 54 4278 4134 4218 3,800 Stromberg-Carburetor_No par 3634 Jan10 43% Apr14 4278 42 41 4012 403 414 407 41 40 100 4534 Jan22 7812 Apr21 3378 Apr 727 Nov 7618 7814 7434 7612 7434 7714 155,500 Studebaker Corp (The) 6012 748 74 7812 7473 77 8012 July 100 Nov 100 92 Jan22 9812 Aprll Do pref *98 9812 *98 9812 ---- par 4214 Feb14 5958 Apr21 37 Oct 55 Dec Am_No of Motor Car - Stutz 0 .2 -6 . 11-2 --. 61-2 163 --5-,;76() 583 593 4 -bi31-2 -5-8- 58 5712 -59156 100 32 Jan21 4112 Apr 2 344 Mar 4538 May 400 Superior Steel Corp'n 39 3918 3918 3912 3938 3933 39 39 3914 *38 39 39 95 Feb 100 Sept 100 9734 Mar29 98 Mar12 Do 1st pref 9812 *9712 9812 *97 9812 *97 9812 *97 9812 *97 *97 99 1234 Dec 21 July 1412 1478 40,700 Tenn Copp & C tr ctfil_No par 121s Mar17 1612 Apr22 14 1412 1412 1478 1434 1612 151 1638 1434 153 100 184 Jan 2 2224 Apr15 13612 Jan 203 Oct 21714 22012 21712 21834 23,300 Texas Company (The) 21012 222 21814 22034 219 221 21912 221 93 Mar22 Jan29 4812 Mar 82% Dec _100 Corp_ 7238 Products 003 4 884 Tobacco 8912 897 3 55,940 898 9038 92 9114 9234 8912 905 90 100 9912 Mar20 106 Jan 8 28714 Mar 104% Dec Do pref 490 101 101 *100 102 *9912 10078 *100 101 *100 101 84 Mar12 Jan 3 65 75 Jan 80 May Corp_100 Paper *7512 *7512 82 & 86____ 83 Union Bag 82 *75 100 *75 "id-iiii" par 3738 Janll 4778 Apr16 36% Oct 4413 May 47 46% 46 451 In; 46 4612 4512 4612 45% 4633 4618 464 10,300 United Alloy Steel____No 100 10714 Jan 2 13934 Apr21 8334 Mar 10834 Dec 13512 1383 13638 1393 133 13614 1333 1358 13312 135% 1327 1313 71,400 United Cigar Stores 100 106 Feb 5 111 Mar21 10114 Jan 110 July *115 117 *11114 117 *11114 117 *11114 117Do pref 100 157 Feb10 17678 Apr15 1164 Jan 16612 Dec 172 172 *170 17112 1,000 United Fruit 173 173 lii- iii" iiii:ifff" 172 174 100 14 Jan15 26% Apr23 11% Apr 19 May 253 2612 2518 28 15,100 U S Cast I Pipe Jr Fdy 2612 2614 267 253 2612 25 25 23 4212 Jan16 66 Apr 21 41 Mar 4734 Feb 100 pref 5912 6114 63 Do 5s 2,900 66 64 6434 65 6318 63 65 6314 6378 8 7912 Apr21 7914 77 7912 7514 78 7413 7734 7414 7558 7418 7512 126,800 U 8 Food Products Corp...100 66 Apr 76 14914 151 15114 15314 151 15334 148 152 47,300 U S Industrial Alcohol___ 100 9714 Jan22 15934 Apr 9 z96 Dec 137 May 14734 1533 14814 151 100 9614 Jan 2 108 Mar14 94 Oct 99 Mar 250 Do pref 108 108*10631 108 §108 108 *107 108 *107 108 Jan21 9014 Apr 9 51 Jan 8012 Dec 8758 8914 -8.- -8712 893 8912 8714 8918 8658 8778 57,500 United States Rubber__ _100 73 Jan20 874 88 1123s Apr12 z95 Jan 110 Dec 100 109 Do 1st preferred 112 112 *111 112 112 112 §11178 11178 1,345 111% 11138 11112 112 Jan21 Apr 50% Oct 4314 3 5112 50 3213 Mar12 M Smelting Ref & S U 5012 49 50 3,400 4912 4912 4912 5034 5014 49 4938 50 49 42% Apr 47% Dec 50 45 Jan18 50 Mar 2 4712 *46 4712 Do pref 474 4714 *4518 4712 *46 300 46 4712 46 *45 8612 Mar 1161 Aug 995 10034 938,000 United States Steel Corp-100 8814 Feb10 103 Apr23 9978 102 9834 9934 9933 10012 9814 10014 9914 103 100 1134 Feb10 116% Apr 5 108 Mar 113% Dec Do prof 11612 11634 11638 11658 1164 116% 116% 11634 11612 11678 11612 116% 2,600 7114 Dec 93 Oct 10 65% Feb 7 78 Apr 7 7514 12,200 Utah Copper 75 7534 74% 77% 75 75112 7612 75 77 7458 75 11 Sept 1634 Nov 13 Jan 2 1873 Apr23 100 Securities v t c 18 Utah 18 6,100 101 1673 1718 17 183 16 187 18 8 167 1634 Apr23 Feb10 63 51 33% Jan 6014 Nov 100 Chem Virginia-Carolina 6014 61 6113 13,500 6112 6278 6113 613 63 6114 6112 6138 613 100 110 Jan 7 11412 Apr 3 98 Jan 11358 Dec 400 Do pref 112 112 *112 114 *11134 11212 11218 11218 11214 11214 *111 113 50 Jan 7312 July 100 54 Mar31 59% Mar12 5434 8 800 Virginia Iron C & C 50 812 __ __ 7714 Aug 95% Apr 4 -813C4 -g.6171 8614 8534 8612 -ia- -13(i1-2 2,500 Western Union Telegraph-100 84% Mar27 8978 Jan13 -air2 1W1-2 -8614 2613812 Jan 4713 May 60,230 Westinghouse Elm & Mfg_ 50 4014 Jan21 50 Apr25 484 4958 4834 497 4878 50 4814 4914 483 4914 484 49 65 Apr23 61 Feb27 59 50 Jan 6413 Feb 1st preferred 6412 65 Do 6412 65 500 65 *6312 *63 65 *63 65 64 64 50 45 Jan 3 60 Apr22 3634 Jan 49 Nov 5812 60 58 5914 57 58 57 5834 30,700 White Motor 59 57 57 55 25 2314 Jan22 3312 Apr21 1512 Jan 30 Nov (The) Willys-Overland 32% 223,200 314 3312 323 3 3318 325 8 33 3212 321 313 3134 2958 100 8734 Jan 7 9512 Apr21 75 Jan 8914 Nov Do pref (new) 9514 9514 1,300 9512 95 9514 9512 95 95 95 95 86 Apr10 454 Jan 7714 Dec ie. 1-2 84 8312 847 .735;4 -•-i 85 85 z8238 8314 16,800 Wilson & Co,Inc, v t o No par 6538 4 8458 851 1 120 Jan22Feag2? 13312 Jan 9 110 Mar 12812 Oct Woolworth 121 12412 (F W) 12414 ----------123 500 *123 12434 1233 1233 --- -11712 Jan17 111 100 115 Oct 115 Sept 116 116 *116 117 *116 117 200 116 117 Do pref 34 t Jan 89 Aug 6818 3,400 Worthington P & M v to-100 50 Feb13 7212 Apr16 69 6712 68 673 8833 68 3 T•77151.2 "7112 68 735i2 -ifi98 Apr24 ,..._100 88 Jan 9 98 *97 Apr Feb 91 853 3 98 pref A 97 Do 9514 9514 *95 98 813 96 *95 913 *96 100 88 Jan 3 774 Apr23 59 Jan 7012 July Do pref B 77 7714 76 7612 764 1,800 77 76 76 78 7634 *76 76 •Bid and ached paw no Wed on tbill dal. I Leta than 100 Cams 2 EA-righti. a 141-d1v. and Yhtnta. a Ex-dividends 1104 • New York Stock Exchange Bond Record, Friday, Weekly and Yearly Jan. 1909 the Rzchange method of quoting oon,13 was chanyed and prices are now-"and interest"-except for interest and defaulted bonds. BONDS N. Y. STOCK EXCHANGE Week Ending April 25 Price Friday April 25 Bid U. S. Government. 33s let Liberty Loan...._1932-47 J D 1932-47 S D 48 1st Liberty Loan 1927-42 MN 48 2d Liberty Loan 430 let Liberty Loan__ A932-47 J D 4325 2d Liberty Loan__ -1927-42 M N 1932-47 S D 432s 2d Liberty Loan 1928 MS 4325 3d Liberty Loan 1938 AO 43is 4th Liberty Loan d1930 Q J 2,3 consol registered d1930 Q J 28 consol coupon 1925 Q F 48 registered 1925 Q F 41 coupon 1c1936 Q F Pan Canal 10-30-yr 28 Pan Canal 10-30-yr 2s reg-_1938 Q N 1961 Q M Panama Canal 38 g 1961 Q M Registered 1914-34 Q F Philippine island 4s Week's Range or Last Sale Ask Low Range Since Jan. 1. IfighiNo. Low High Sale 98.44 99.00 3760 98.20 99.80 Sale 95.50 95.90 1146 92.50 99.00 Sale 93.10 93.50 1936 92.10 94.10 Sale 95.40 96.00. 841 94.20 96.60 Sale 93.20 93 54 3514 93 20 95.32 96.02 Apr '19,-.-...42 96.02 9-5-10 -Sale 95.02 95.30 17133 94.90 96.50 93.30 Sale 93.12 93.54 23499 93.12 95.72 9778 9834 97 994 9834 Apr '19 98 Mar'19 98 98 1 10438 10618 106 ---- 10618 10018 1 10414 10614 106 106 Sale 106 9814 Mar'19 0814 9814 99 July'18 91 Mar'19 9012 91 Mar'19 91 91 100 Feb '15 98.70 95.88 93.40 95.88 93.50 Foreign Government. A 99% Sale 9938 99% 51 9914 99% 1919 Amer Foreign Secur 55 97 1368 95% 9778 9638 Sale 9612 Anglo-French 5-yr bs Exter loan_ A 84 Apr '19 84 93 82 85 Argentine Internal bs of 1909_ __ 9912 38 99 10212 9912 Sale 9938 Bordeaux (City of) 3-yr 6s 1919 7218 69 7158 70 Apr '19 - 70 Chinese (Hukuang Ry) Sc of 1911 5 92% 100 9912 100 99 100 Cuba-External debt Be of 1904_ 9012 9312 A 91Is 9312 9118 Apr '19 Exter dl 58 of 1914 ser A....1949 8414 82 A 8312 8412 83 Apr '19 1949 External loan 4548 9734 177 9634 99 1921 A 0 9734 Sale 9674 Dominion of Canada g 5s 79 96% 98. 97 9634 Sale 9658 1926 A do do 9634 Sale 9634 97,8 36 96% 98% do ---1931 A do 1013A. Mar'19 103 10533 French Repub 5345 secured loan.. 119 8678 9258 92 -Sale 91 Japanese Govt--£ loan 4345_1925 1 91 9112 86 93 Sale 91 1925 Second series 4 30 8578 8714 52 84 89 do do "German stamp"_ 30 75 77 773s Cif -Sale 77 1931 3Sterling loan 45 9938 52 99 10212 9912 Sale 9914 1919 Lyons (City of) 3-yr 68 9912 43 9834 102% 0912 Sale 9938 Marseilles (City of) 3-yr 68-1919 D.4 6 65 7912 61 73 65 65 Mexico--Exter loan £ 58 of 1899 55 Apr '19 61 50 47 58 1954 Gold debt 48 of 1904 9812 9612 10014 9838 Sale 97% Paris (City of) 5-year Os__ _1921 A 4 79% 83 7978 7978 Sale 7978 Tokyo City 5a loan of 1912 K of Gt Brit & Ireland4 Sale 9938 9958 282 9914100X. 1910 MN 995 3-year 5 A % notes 9958 345 9734 99 1921 MN 98% Sale 9838 5-year 554% notes 10014 Jan '19 100 10158 Convertible 535% notes 1919 FA 09 2 993s 434 9812 10134 20-year gold bond 5348_1937 FA -663These are prices on the basis of -55; WI; State and City Securities. X Y City-4%s Corp stock_19633 4328 Corporate stock__1964 454s Corporate stock _..__1966 A 430 Corporate stock July 1967 1965 434s Corporate stock 1963 434s Corporate stock 4% Corporate stock 1959 1958 4% Corporate stock 1957 4% Corporate stock 4%Corporate stock reg 1956 New 430 1957 1957 4 A % Corporate stock 1954 335% Corporate stock 19131 N Y State-4s Canal Improvement 45...._1961 Canal Improvement 43_1962 Canal Improvement 45.. 196() Canal Improvement 430_1964 Canal Improvement 4349_1965 Highway Irnprov't 430_1963 Highway Improv't 454s1965 A Virginia funded debt 2-38_1991 438 deferred Brown Bros ctfs_ Railroad. Ann Arbor let g 45 h1995 Q J Atchison Topeka & Santa Fe1995A 0 Gen g 48 1995A 0 Registered M905 Nov Adjustment gold 4s h1995 Nov Registered Stamped 61995 M N Cony gold 4s 1955 -1 11 1990'S D Cony 48 issue of 1910 East Okla Div 1st g 48_1928 M S Rocky Mtn Div let 4s 1965 J J Trans Con Short L 1st 4s- 1953 J J Cal-Ariz 1st St ref 4 As"A"1962 M S Fe Pres & Ph 1st g bs__ _1942 M S AU Coast L 1st gold 4s----h1952 M S Gen unified 4345 1964 J D Ala Mid 1st gu gold 55...._1928 M N J Bruns & W 1st gu gold 4s..1938 Charles St Say 1st gold 7s-1936 J J L St N coil gold 4s 01952 M N Say F St W 1st gold 58___1934 A 0 1934 A 0 let gold bs 1925 J J Belt & Ohio prior 330 Registered 61925 Q 1st 50-year gold 4s 61948 A 0 Registered 61948 Q J 10-yr cony 4345 1933 Refund & gen bs Series AA95 9 Pitts Juno 1st gold 65...._1922 J J P June & M Div 1st g 330 1925 M N P LE& W Va Sys ref 48._1941 M N Southw Div 1st gold 3348_1925 J Cent Ohio R 1st c g 4 As_ _1930 M S CI Lor & W con 1st g 58_1933 A 0 Monon River let gu g 5e-1919 F A Ohio River RR 1st g 58_1936 D 1937 A 0 General gold bs Pitts Clev St Tol 1st g 6s....1922 A 0 Tol & Ctn div 1st ref 4s A..1959 J J 1937 M S Buffalo R & P gen g bs 1957 M N Consol 4 As All & West 1st g 4s gu---1998 A 0 Clear & Mah 1st gu g 58_1943 J J Roch & Pitta 1st gold 68_1921 F A Consol 1st g 68 1922 J D 1962 A 0 Canada Sou cons gu A 5s Car Clinch & Ohio let 30-yr 5s'38'S. D Central of Ga let gold 5s_p19.15 F A Consol gold 5s 1945 M N Chatt Div pur money g 45 1951 J D Mae & Nor Div 1st g 58-1946 L J Mid Ga & Atl Dlv bs 1947 J J Mobile Div 1st g bs 1946 J Cen t RR & B of Ga coil g 58_1937 M N Centof NJ gen gold 58 1987 J J VaRegistered 61987 Q k Am Dock & Imp gu 58.-1921 J .1 Leh & Hud Riv gen gu 5(3_1920 J J N Y & Long Br gen g 4s_ -1941 NI S Cent Vermont let gu g 48-e1920 Q F Chess & 0 fund & impt 68_1929 J J 1st consol gold 58 1939 FA N ' Registered. 1939 M N 9612 9634 9618 9614 96% 96% Sale 9612 9812 9934 96 Apr '19 10118 10112 1001 Apr '19 10118 10118 10112 10118 10112 10112 Sale 10118 9114 9112 911s 9112 9114 91% 91% 9114 9112 91 91 91 Mar'19 9012 91 310118 Sale 10118 10118 101 1011s 10112 101 82 _ _ _ 8133 Apr '19 9612 9712 99 July'18 9612 Apr '19 9012 101 96% 9712 9734 lIec '18 9612 _ 9834 Apr '19 10634 Apr '19 106% 10212 Dec '18 10633 Mar'19 100-a Jun0'18 787 Dec '18 7034 • 70 -dfai, 70 547s 5514 5518 5514 51 96' 9714 2 96 98 9914 96 10038 10134 5 10012 10112 3 100 102 25 9034 92% 6 9012 9214 10 9012 91 91 91 10012 102 1 10038 10112 8112 82 9612 9712 4 -9634 -9 .61 10634 103 1065-8 1(716; 5 92 -63 7434 11 58 55 82 Sale 805 82% 116 8078 8812 82 80 82 Mar'19 ---- 89 75 76 7518 7518 --ii 7418 8034 __-- 86 7312 June'18 - -._ -- - 7912 9 74 76 76 Sale 7512 75 7612 7512 7512 10 74 77 93 94 95 95 ) 3 9338 9514 8912 9018 90% Apr'19 --- 90% 9218 74 75 74 74 1 74 74 7518 79 7712 Apr '19 -- 7712 81 83 85 85 Apr '19 ---- 85 85 9534 100% 9934 July'17 --807s 81 8018 81 i 17 -icils iiii 80% 8012 8312 Apr '19 ----I 8212 88 9712 99 9714 9714 10 9612 9714 821 89 78 Oct '18 ---. 1 ___ _ _ 11214 _ 12978 Aug '15 --7434 28 -i3.7412 b315 78 -; 7412 75 10714 42 10714 10714 10738 --_- 10714 i.o.4 . 1 9633 _-_105 July'18-.-- --- _ . 88 88121 23 8812 Sale 88% 87 ____ 87 Feb '19 ---- 87 87 8212 7578' 25 75 755 Sale 753 7514 9234 Mar'17 ---7834 81 73 80 ' iti34 Sale 7538 78 33 7714 8212 7712 Sale 7714 98.8 __ _ 112 Jan '12 ---847 8714 84% Apr '19 ---- -i1- 12 -iovi 72 3 7133 78 7212 73 73 8314 Sale 8314 8338 69 83 8614 8738 ___ 8934 Mar'19 ---- 8934 8934 9518 ____ 9512 Apr '19 ---- 9512 9512 10114. Nov '16 ---9413 _ 96 Jan '19 ---- 96 06 89 91% Mar'19 ---- 90 911s 0912 _--_ 9918 Mar'18 ---- --- - - -62% 658 6312 Apr '19 ---- 6312 68 99 9763 _ __ 99 Mar'19 ---- 99 8712 9912 9912 Oat '17 ---- -------75 --__ 97 Nov'16 -8812 _ __ 103% Feb '16 ---- ---- -2 idoI4 i667-33 10034 101 10033 10034 10114 103 10112 Apr '19 --- 101 10112 907 92 92% Apr '19 ---- 88 957 82 7812 8018 80 Mar,j9 --- 80 9978 ____ 100 Mar89 -.-- 100 10012 4 89 58 947 9034 90 90 7514 7514 754 M! 74 J,9 --83____ 90 Ma123.*18 - -- __ 9758 .21.1tre'17 .... -75149078 9134 6134 -92 94 9/34 Jan '19 ._ ia -89 --__ 8878 8878 10212 9 10 82 6 18 09 5 102 Sale 102 100 102 101 Apr '19 --- 101 10114 9914 10034 0914 Apr '19 ---- 99 99,4 *9614 -- 100 Apr '18 --8833 ---- 10012 Jan '13 .-------ii" ii" 55 68 65 Jan '19 9312 6 89 9114 ---9114 9 9114 2 2 9714 9912 9718 98 98 98 . -- 9818 10412 Jan '17 -------- BONDS N. Y.STOCK EXCHANGE Week Ending April 25 Price Friday April 25 Week's Range or Last Sale Range Since Jan. 1. Bid Ask Low High No, Low High Chesapeake & Ohio (Con)8318 7813 8014 36 77 1992 1%1 S 7812 80 General gold 430 73 8634 Mar'17 --„I-„. 76 1992 Registered 20-year convertible 4 As...1930 F A 80 Sale 7978 8012 59 774 8112 8734 182 8414 89 30-year cony secured 5s-1946 AO 8738 Sale 8578 , 75 Nov'18 1944• D 7812 Big Sandy 1st 4s 8512 Nov'16 -.Coal River Ry let gu 48_1945'SD 72% 1910 J j 8234 _ _ 96 a Feb '16 -Craig Valley let g 5s J j 6658 -.- 8434 Jan '13 -Potts Creek Br 1st J 7512 --__ 7514 7512 It & A Div 1st con g 48- II/89 275 "ig1; -2d consol gold 48 1989 J J 69% 7338 71 Oct '1-, _ 8812 Sept'16Greenbrier Ry let gu g 45_1940 MN 741s - 113j Feb '15 ---Warm Springs V 1st g 5s 1941 MS 8014 53 Chic & Alton RR ref g 3s_ 1949 AO 521s 5278 5114 Apr '19 ---- 50 Sale 37 37 4 3534 40 Railway 1st lien 3348 1950 J J 37 Chicago Burlington & Quincy1 9914 9938 _ 9938 99% 1922 FA 991s Denver Div 4s 3 7318 7534 Sale 75 75 Illinois Div 330 1949 J .1 75 8212 8578 Illinois Div 48 1949 J J 8358 85 8412 Apr '19 9918 9938 10 9934 9934 Iowa Div sinking fund 58_1919 A0 9938 100 1 99 9918 9934 Sinking fund 4s 1919 AO 9918 9914 9918 Joint bonds. See Great North. 9212 9334 1927 MN 9218 9212 9212 Apr '19 Nebraska Extension 4s 1927 MN 8818 93.8 91 Mar'18 Registered 8114 8034 81 8114 8312 80 General 48 1953 M 28 Mar'19 29 25 Chic & E III ref & imp 4s g_ _1955 J J 2512 30 2518 2812 25 Mar'19 22 25 TJ S Mtg & Tr Co ctfs of dep__ 10312 104 jut oonsol gold 6s 1934 AO 100 105 104 Feb '19 714 8412 75 Feb '18 75 75 General consol let 5s 1937 MN 7112 7014 Apr '19 7014 761s U S Mtg de Tr Co ctfs of dep.. 7112 7512 75 Nov'18 Guar Tr Co ctfs of dep..... ---9734 Feb '13 Purch money 1st coal 58_1942 FA ---32 Mar'17 Chic & Ind C Ry 1st 58_1936 J J --__ 25 61 Sale M S -014 59 )5912 62 Chicago Great West 1st 4s 1959 103 103 Chic Ind & Loulsv-Ref (38_1947 J J 10018 -- 103 Jan '19 -- 10012 Apr '17 Refunding gold bs 1947 J J 85 8412 Apr '17 Refunding 48 Series C 1947 J J 6812 6018 -(1151g Ind & Louisv let gu 0_1956 J J 62 -- 60% 7834 Feb '19 7884 78% Chic Ind & Sou 50-Yr 4s___.1956 J J 76 2 -8 112 7 -:. . 12 9738 Dec '16 - -Chic LB & East 1st 430 1969'SD 8 Chicago Milwaukee St St Paul72 72 3 72 7612 Gen') gold 45 Series A..--e1989 J J 9258 Feb '16 ---Registered e1989 Q J 82 Apr '19 ---- -if1-2 84 Permanent 45 1925 J 6816914 34 6612 7414 4 -69 7:114 68 Gen & ref Ser A 4 As____a2014 AO -gi Bale 7714 78 32 774 8178 Gen ref cony Ser B 58.....(12014 FA 78 66 Nov'18 -Gen'l gold 334s Ser B__e1989 J J 63 64 8012 8012 6, 80 8453 General 4 As Series C..._-e1989 J J 8012 84 7078 73% 25-year debenture 433 1934 J J ---- 7212 72 Apr '19 ----I 70 7612 66 75 76 6 94 Sale 7814 8178 Convertible 434s 1932'SD 9 J j 9758 Dec Chic & L Sup Div g 5s 1921 -7 2 19 -300 8 92 Oct '18j-Chic & Mo Riv Div be_ _1926 J J -9 9712 Apr '19 -- 97 Chic St P W lat g bs 1921 J J 9853 69141 17 6812 70 Sale 6814 C M dz Puget Sd 1st gu 0_1949 J J 69 9914 903/3 Apr '191-- 99% 9973 Dubuque Div 1st 8 f 68-.1920 J 993 4 100 1047 8 J J Sept'17 ---Fargo & Sou assum g 68_1924 9958 Feb '19,---- "W 998 La Crosse & D lst bs 1919 J J 98% 100 97 Apr '19 ---- 97 9818 Wls & Minn Div g be 1921 J J 9638 101 9678 99 Jan '19---- 99 99 Wis Valley Div let 65.... _ _1920 J J 8834 8834 Milw & Nor 1st ext 430-1934'SD 89 -___ 884 Mar'19 815s 9014 9013 Dee '181-Cons extended 4 --1934'SD 89 ___ 89 Apr '19 ---- 89 89 Chic & Nor West Ex 4s 1886-1926 FA 95 Dec '181-Registered 1886-1926 P A 8613 88 71 70 Mar'19,-- "70""ff General gold 330 1987 MN 70 71 7012 Apr '19I-- 69 7012 Registered p1987 Q F 67 8112 8318 11 81 8258 General 4s 1987 M .N 8112 84 82 81% Oct 'Is ---Stamped 48 1987 MN 81 99% Sale 9918 itif 9958 15, General 5s stamped 1987 M N Sinking fund 68 1879-1929 A0 102 104 10158 Apr '19 -..- lops 10152 10912 Apr '16 -1879-1929 AO Registered Sinking fund 5.9 1879-1029 AO -17(73-s ti; 96$8 Apr '19 ---- "idis -6613 90 Nov'18, 1879-1929 AO 9614 Registered 98 98 Debenture 5s 1921 AO 9712 99% 98 Mar'19 98 98 Mar'19 97 98 Registered 1921 AO 97 9612 Feb 9612 9612 Sinking fund deb bs 1933 MN 9 6 3 1 11 4 1 166 00 97 Nov'18 Registered 1933 MN - - -.1 10112 Oct 16,-Des Plaines Val 1st gu 4345'47• S 80 L8 4 _ 10918 Apr '19'---- 16618 fir Frem Elk & Mo V 1st 6(3_1933 AO 103, 61 _88 Jan '17 ---_ Mania B & N W 1st 330_1941 J J Milw St S List gu 330_1941 J J 774 15634 Mil L S & West Ist g 68_1921 M 1664 1664 08 2 98 99 Ext & imps f gold 5s 1929 FA 90's__._ 98 Ashland Div 1st g 68_1925 MS 104 _-_- 104 Apr '19 ---- 101 104 104 1094 10218 May'18 Mich Div let gold 6s 1924 .1 75 84 7814 Feb '19 ---- -78 Mil Spar & N %V 1st gu 48-1947 m 7814 9433 95 93 Apr '19 --.- 93 98 St L Peo dr N W 1st gu bs 1948,1 Chicago Rock Isl & Paz- 76 7718 7512 76 8 75, Railway general gold 45...1988 8 7912 7148 May'18 -Registered 1988 J 7218 1931 A 0 7:12 73 7314 Refunding gold 48 J 20-year debenture 58 1932 Sale 6 77 013 Mar" -7-4 -9 -1 6 7 :2 -7 7f2 06.112; R I Ark & Louis 1st 4 As_1934 M Burl C RAN 1st g 58 1934 A 0 0214 -- 95 Apr '19 ---- 947 96 925 8 9818 9714 Feb '19 --- 9714 9714 CRIF&NW 1st gu 58_1921 A 0 98os 97 May'18 Cho Okla & Gi gen g 58...g1919 - ---- 93 MAY'I Consol gold 58 1952 M N 1 65 "f6i 681s Kook dr Des Moines 1st 581923 A 0 6512 6914 6818 8-6613 71 68 St Paul & K C Sh I. let 430'41 F A 6612 6812 68 106 10014 1061s Apr '19 --- 105 107 Chic St P M &0 cons 6s_ 1930 J Cons Os reduced to 330-1930 .1 D 841s 8618 88 Sept'18 -9018 93 92% Apr '19 _-91 ---97 Debenturebs 1930 M J 102% ....- 118 Nov'16 North Wisconsin 1st 65_1930 10 ,6 0 F 1.66 meaby:119 St P & S City lst g (9s_.,1919 40 8 Superior Short L let 58 g_c1930 MS 60 60 6i3s 60 Feb '19 Chic T H & So East 1st 533_1960 J O -- 104 10312 Apr '19 --- 10212 10313 Chic & West Ind gen g 6s...41932 Q 61 753 62 13 61 65 1952 J J 6138 6212 6112 Consol 50-year 4s 00 May'17 CinH St D 2d gold _1937 J J 83 Mar'll ___ .430_gu 4sg 1923 M N C Find & Ft W 1st 79 Nov'18 Day & Mich 1st cons 430 1931 J J 6712 4 -6 6812 -7-1-2 Clev Cin Ch & St L gen 48_1993 J 7bY) 7812 782 -6 7812 10 76 80 1931 J J 20-year deb 4348 1993'SD 8214 8434 86.4 Aug '18 -General 5,9 Series B 7834 Apr '19 1939 J J 7314 70 Cairo Div 1st gold 4s ff4 , 6734 Feb '10 -6754 Cin W &6I Div 1st g 4s 1991 J J 6612 73 74 Mar'19 --- 74 Ms St L Div 1st coil tr g 4s._1990 MN 7258 75 743 8 --- 741* Jan '19 ---- 7418 7418 1940 M S Spr & Col Div 1st g 4s -------1940 J J 7078 ---- 84 Nov'113 W W Val Div 1st g 48 9934 100,8 99 Sept'18 -------C 1St L & C consol 6s_..1920 MN 812D m ---- ---k1936 Q F 8214 90 87 1st gold 4s k1936 Q F Registered 93 -E713 Cin S & Cl cons 1st g 58_1928 J J -93 Sale 93 10363 10318 107 C C C St [gen cons g 68_1934 J J 102 104 10318 Ind B & W 1st pref 48_ _1940 AO 7818 ---- 94 July'08 8238 0 Ind & W 1st pref bs___d1938 Q J -51--9 - -E6-51 Peoria dr East 1st cons 48_1940 40 51 Sale O 13 16 1212 Feb '19 -- 12 1212 1990 Apr Income 4s __ 85 36 1 86 89 86 Cleve Short L lst git 4 As_ _1961 40 7914 2 15 5, 8714 77 89 8 78 712 4 7 1929 FA 87 874 87 Colorado & Sou let g 4s 7814 781 78 1035 MN Refund & Ext 430 9954 10 99 9934 1921 J O 98 --- 9934 Ft W & Den C 1st g (3s Conn & Pas Ilivs 1st g 48_ 1943 40 -944 Cuba RR let 50-year 58 g.-1952 J J Del Lack & Western73 1 morels & Ess 1st gu 330..2000 .1 ID 73 ___ _ 73 7378 17 1921 J J 10012 10178 100% Apr '19 ..-- 100 03 078 N Y Lack St W lst (is 1923 P A 9712 _ _ _ 9758 Mar'10 -- 9534 101 Construction bs 9212 Apr '19 ---- 9212 9212 Term & Improvt 4s____1923 MN 9114 96 Warren let ref gu g 334e.2000 P A 0712 ---- 1021s Feb '08 -_ FT* No price Friday; latest this week. a Due Jan. d DUO April. o Due May. I Due Juno. 6 Due July. k Due Aug. 0 Due Oct. r Das Nov. y Due Dee. a Option sale. BONDS N. Y.STOCK EXCHANGE Week ending April 25 4p. Price Friday April 25 Week's Range or Last Sale 1t Range Since Jan. 1. BONDS N. Y.STOCK EXCHANGE Week ending April 25 Bid Ask Low High No. Low High Delaware & Hudson9512 96 1922J J 9634 97 9612 Apr '19 1st lien equip g 4 As 2 83% 8514 1943 M N 83 8312 8414 1st & ref 4s 8414 1935 A 0 9012 9134 9038 90% 10' 9018 95% 30-year cony 5s 75N1 77 76 Mar'19 Alb & Susq cony 33-s._..1946 A 0 7318 75 10234 10234 Reuss & Saratoga 1st 7s-1921 al N 10214 104 10234 Apr '19 Denver & Rio Grande6612 73 68 1936 J J 68 Sale 68 let cons g 45 1 72 76 727s 1936 J J 727 Sale 727 Consol gold 4 As 79 79% 758 79 Mar'19 Improvement gold 55-1923 i D 75 24 45 46 5714 1955 F A 46 Sale 45 let (lc refunding 5$ 8734 Nov'16 -Rio Or June 1st go g 59.-1939 J D 77 117 1 ju piry: 6 39 114 A 38 Rio Or Sou 1st gold 4s-....1910 J J 1940 J J Guaranteed 11 -E768 8 72 Rio Or West let gold 4s-1939 J J -a- "Ere 6514 59 57 56 Apr '19 ---- 56 Mtge & cell trust 45 A._1949 A 0 55 ---Dec '16 D 78 82 1995 J 65 4s lien g Dot & Mack-let 78 7512 Juiy'16 1995 .1 D 50 Gold 4s 8112 Mar'19 81 8414 Det Riv Tun Ter Tun 4 As--1981 M N ---- 80 Dui Missabe & Nor gen 5s-1941 J J 9778 ---- 9634 June'18 -9258 Apr '19 ---- 92% 9412 1937 A 0 9238 100 Dui & Iron Range 1st 5s 10512 Mar'08 1937 A 0 Registered -- 83 Feb '19 -- 83 83 1937 J J 8414 -8412 Dui Sou Shore & Atl g 5s Elgin Joliet & East 1st g 58-1941 M N 9312 ---- 99 Nov'13 9934 1920 M S 9934 110 5 993 1007 998 Erie 1st consol gold 7s N Y & Erie 1st ext g 4s_ _1947 M N 8134 -_ -- 7818 Oct '18 --1919 M 3 9914 994 9618 June'18 -2d ext gold 5s ---1923M S 9118 ---- 9312 Jan '18 -- ---3rd ext gold 4 As 1920 A 0 96% ---- 991. July'17 -4th ext gold 5e .- 9134 Nov'15 -1928 J D 8218 6th ext gold 4s NY LE&W lstg fd 7s 1920 NI S 9713 10018 1001s July'18 Erie 1st cons g 4s prior_ 1996 J J 653 66•'8 6512 Apr '19 - "6i" i612 81 53 Dec '16 1998 i J Registered 5312 20 81(2 5612 1st consol gen lien g 48_1996 J J 53 dale 73 June'19 1996 J J Registered -fiz; "ii7734 Feb '19 82 'Penn coil trust gold 4s 1951 F A 79 4518 49 47 4612 Apr '19 50-year cony 4s Ser A 1953 A 0 46 4612 46 4612 37 46 48% 1953 A 0 45 do Series B 46 4712 52% 49 Gen cony 4s Series D _1953 A 0 49 Sale 4812 _ 93 95% Chic & Erie 1st gold 50_ -1982 M N 90-93% 93 Apr '19 10678 Jan '17 Clev & Mahon Vail g 5$-1933 .1 J 91 9512 idf Erie & Jersey 1st s 1 6s_ 1955 J J 0812 9978 94 Apr '19 9578 101 1957 J J 96% ---_ 07 Apr '19 Genesee River 1st s f Os 1935 A 0 107 112 103 Mar'19 - 108 108 Long Dock consol g 6s.. - 103 Jan '18 Coal & RR 1st cur gu 6s 1922 M N 9318 1.0212 Juiy'17 - - Dock & Impt 1st ext 5s__.1943 J .1 8712 __ --85 Jan '18 87 N M 5s-1946 L gu g Green Y & N 75 71 Apr '19 71 7814 N Y Susq & W 1st ref 5s-1937 J J 71 10014 Dec '06 1937 F A 2d gold 4 As -131778 60 June'18 1940 F A General gold 53 - - ---Terminal 1st gold 5s--1943 M N 8812 9814 97 Dec '18 ---Mid of N J 1st ext 53-1940 A 0 86 -,...- 108 Jan '17 -72 70 Jan '19 D 60 J 72 72 1912 Wilk & East 1st gu g 5s 2312 Jan '17 Ev & Ind 1st cons gu g 6s 1928 J J 97 96 Feb '19 96 98 Evansv & T H 1st cons 6s_1921 J J 94 1st general gold 5.9_ _ _ ....1942 A 0 6558 -- 8518 June'17 --- 108 Nov'll Mt Vernon 1st gold 68_1923 A 0 9858 95 June'12 Sun Co Branch lst.g 5s-1930 A 0 ___ 81 35 Florida E Coast 1st 4)0_1959 J D 811-2 83 828 Apr '19 -- 92 Aug '10 Fort St U D Co let g 430-1941 1 J 5612 Oct '17 Ft Worth & Rio Or 1st g 4s-1928 J J 57 7014 0 78 80 Dec '18 Galv Hous & Hen 1st 5$--1933 A 9538 358 953 -66 Great Nor C B & Q coil 4s_ _1921 J J 9512 Sale 9512 h1921 Q J 953 9512 953 Apr '19 95% 95% Registered. 9 85 86 89 let & ref 43i0 Series A._._1961 J J 86 Sale 85% ---- 96 June'16 1961 J J Registered 88 J J 1933 8912 Apr '18 St Paul M & Man 4s 10812 losti Apr '19 1933 J J 107% --1st consol g 68 10812 10812 1933 J .1 102 __ 118 Apr '17 Registered 95 93 Apr '19 -- "66" "E" Reduced to gold 4)43_1933 J J 93 1933 J J 9058 99 10212 May'16 -Registered 8618 Mar'19 -- "El; "iii Mont ext 1st gold 4s _ 1937 J D 8518 86 1937 J D 8318 --- 9512 Mar'16 -Registered ---Pacific ext guar 4s S.. _ _ _1940 J .1 77 --- 8512 Nov'15 ---- ---- ---5 E Minn Nor Div 1st g 4s 1948 A 0 77 ---- 80 Nov'18 -- ---J 10058 -1922 J 10014 May'18-Minn Union 1st g Se 1937J J 10718 10834 -- 10613 Apr '19 Mont 0 lst ea•6s i6612 1937 J .1 102 ..-- 13614 May'08 - Registered _ 1937 J J 91 98 98 Apr '19 -- 98 1st quer gold 5s 9912 10934 Aug '16 -Will & S F let gold 5s 1938 J D 961 Feb 5114 "A"..__ 27914 deb ctfs 5114 Feb '19 'Green Bay & W 52 ▪ 51 Feb 612 712 612 Debenture Ws"13" 612 3 8'8 8% 7614 80 Jan '19 .Gulf & S I let ref & t g 5s-b1952 J J 80 8212 1 J 78 1999 Sale 4s 77 g Hocking Val 1st cons 77 83 1999 J J 7312 June'18 Registered 7 18 4 7312 Oct '18 Col & H V 1st ext g 4s--1943 A 0 7614 78 1955 7614 Apr '19 Col & Tol 1st ext 4s "ii1"4 7614 Houston Belt & Term 1st 58.1937 J J 844 8812 85 Dee '18 -l'Illinots Central 1st gold 4s-1951 J J 85 ---- 87 Mar'19,-- 86 88 1951 J 92 Sept'17' Registered ---1951 J ,) 7218 let gold 33.s 7534 Oct '18 ---- ---1951 J J 7134 84 Nov'15 -Registered ---80 June'171---- ---- -- Extended 1st gold 3As-1951 A 0 721 1951 A 0 7138 Registered 81 *__ S 1951 M 76- Jui;.55 1st gold 3s sterling 1951 M Registered 77 Feb '19 • Collateral trust gold 411-1952 A 0 7813 81 79 77 953 Sept'12 1952 A Registered -1955 M N 7978 81 794 79% 1st refunding 48 3 7812 8414 1952 J J 7112 Sale 'Purchased lines 33.s 7112 7212 112 74 L N 0& Texas gold 4s_ __1953 M N 7314 745 74 112 250 73 77% 1953 M N 701 73 71% Apr '19 Registered 7118 7118 78 Nov'18 Cairo Bridge gold 48_..1950 J D 78 •Litchfield Div 1st gold 3s_1951 J J 60 .._ 79 Feb '14 ▪ ---• Loulsv Div & Term g 3)0 1953 J J 675a ---- 7312 Nov'18 ---1953 J - -Registered ---1921 F A 971g ---- 18 03 2 J Middle Div reg 5s Auunge:16 2 ---5814 Sept'18 - Omaha Div 1st gold 3s._1951 F A 61 ---65 62 Oct '18 St Louts Div & Term g 38_1951 J J 81 --1951 J J 7014 7312 6518 Oct '18 Gold 3545 ____ 645 1951 J J Registered 80 June'lti ---Springf Div 1st g 354s.__.1951 J J 67% 8112 80% Nov'16 ---- 1951 F A 765 80 8012 Dec '18 Western Lines 1st g 4s -A F 1951 Registered ---- 92 Nov•10 -- 1923 J D 9512 ___ _ 11712 May'10 Belles' & Car 1st 6s Cash & Shaw 1st gold 4s 19:32 M 5 735 73 73 1951 J D 9812 3 9118 9934 Chic St L & N 0 gold 5e 7 98 334 Mat:1 ' 918 1951 J D 0412 Registered 9513 Feb '19 95% 951s 1951 J D 6052 Gold 354s 851 July'18 1951 J D _ Registered Joint 1st ref 5.4 Series A_1963 J D 8934 -go -6690 87 95 Memph Div 1st g 45-1951 J D 7212 7018 Oct '18 -78 1951 J D 71 Registered 7 ov:110 an 05 7934 JN 7934 -i63St Louts Sou 1st gu g 40_1931 M S 805 4 1950 J J 8012 ____ 8014 Feb '19 --- 8014 82 Ind III & Iowa let g 48 96 Int & Great Nor 1st g 68----1919 M N 9214 9512 93 Apr '19 ---- 93 82 82 James Frank & Clear 1st 48.1959.3 D 803 90 82 Feb '19 6438 Kansas City Sou 1st gold 35_1950 A .1 6712 63 60 6012 15 60 1950 A Registered 78 Oct '09 _ Apr 1950 J J 84112 85 82% 85 Ref & Inuit 5s 9 8158 8534 7638 Sale 7658 Kansas City Term 1st 45-1960 J J 77 42 76 81 90 Lake Erie & West let g 50-1937 J J 8312 90 89 Mar'19 ---- 89 1941 J J 74 8058 Feb '17 -2d gold 53 8033 Oct '18 North Ohio 1st guar g 58..1945 A Leh Val N Y 1st gu g 4 54s-1940 J J 8714 8912 89 Apr '19 ---- 89 -92" 1040 J J 82i2 88 89 Oct '17 ____ Regtstered 8018 8 "fi "8012 Lehigh Val (Pa) cons g 48-2003 M N 8018 Sale 80 2003 M N 8312 85 85 Apr '19 General cons 454s 90 *No price Friday; latest bid and asked this wesx. a Due Jan, b Due Feb. 1705 New York Bond Record-Continued-Page 2 Ara. 26 1919.] 13 I Price Friday April 25 Week's Range co, Lass Sale 1 -1 °I Range Since , Jan. 1. Bid Ask Low High No. Low High 10014 Feb '19 ---- 9812 10214 Leh V Term fly 1st gu y 5:3_1941 A 0 ---- ---- 113 Mar'17 -Registered - - - --- Lob Val RR 10-yr coil 6s-711 10214 _2 . 0_ 10 194 9 2.,A 0 10218 102% 1017 97 1:8 4 19 07 214 % Leh Val Coal Co 1st gu g 5s_193:3 I -5 9812 10012 9714 Mar'iii Registered 1933 J .1 --_- ---- 105 Oct '13 1st lot reduced to 43 7914 1933 1 J ---Leh & N Y 1st guar g 4s......_1945 M S '703s 7912 "76" Jui37.17. Registered 1945 M S _____ Long IBM 1st cons gold 5s h1931 @ J -9 1 ApT.-.15 9834 981 . 67 8 -671i -ii; 1st consol gold Is 98 h1931 Q J 87 9914 June'18 -1938 j ij 7612 7814 79 Jan '19 General gold 4s 79 80Ferry gold 454s 8618 Mar'19 -- Ma 86% 1922 M S 89% 98 Gold 4s 1 '06 19:32 J D 75 ___ . 9914 0, 751 "fi14 Unified gold 4s 1949 M 8 74 79 7514 Mar'19 Debenture gold 5s mpa 74 012 A r;119 ____ 1 76 84 _ 8 19, 11943 39 4 7J wim N D s 8 70 3 _f4_74 20-year p m deb Os 75 7712 Guar refunding gold 4s 75 1949 M S 7612 75 Air '19 Registered ----95 Jan '11 -----N Y B & M 13 1st con g 58_1935 A 0 94 ____ 94 Jan '19 ---- 94 94 N Y & R. B 1st gold 58 1927 M S 92 92 Apr '19 ---- 92 92 93 Nor Sh B 1st con g gu 58_01932 Q J 9014 ___ 90% Apr '19 _- 90% 91 Louisiana & Ark 1st g Os 1927 M S 85 83 86 Apr '19 -- 86 8814 Louisville & Nashv gen 6s.19302 D -_ --_ 103 Feb '19 _--- 108 108 Gold Os 1937 m N -9714 104 - 9714 Apr '19 9714 10012 Unified gold is 85 Sale 8434 8512 25 8312 8812 19 Registered 94 40 0j J Jj Jan '17 Collateral trust gold 58_1931 M N -53-1------2 -- 65 8 1171S- 987812 2 100 L Cin & Lox gold 4)0_1931 M N 9218 95 93% Feb •19 93's. 9318 N 0& M 1st gold 6s 1930 J J 10258 104 104 Apr '19 -- 10312 10512 26 gold (is 1930.3 J 9512 -- __ 100 Jan '19 -- 100 100 Paducah & Mem Div 4s_1946 F A 78% 81 7912 Jan '19 ---- 7912 7912 St2I0 .ou giosi0D3 1: let gold 68_1921 M S 100 Sale 100 1 100 10014 100 1980,m 9 55 60 55% Apr '19 5514 57 All Knox & Cin Div 4s_ 1955 M N 7612 785 79 Apr '19 75% 79 All Knox & Nor 1st g 513_1946J D 9718 100% 95 Nov'18 ---Render Bdge 1st s f g 6s_ _1931 M 6 10174 ____ 10312 Sept•18 -Kentucky Central gold 4s.1937 J .1 7658 79 7612 Apr''19 ---- "ii" "i6i Lex ttz East let 50-yr Os gu 1965 A 0 9412 ____ 92% Apr '19 ---- 9218 9514 L&N&M&M lstg 4 As 1945 M S 8412.... 8712 Apr '19 8558 8712 L & N-South M joint 4s 1952 5 -I 71 73 9 75 3 A Fepbr: 0 19 5 71 73 h1952 @ J --_- _ _ . _ Registered N Fla & 5 1st gu a 5s____1937 F A 9218 98 95 Aug '18 -II & C Bdge gen gu g 4 As_1945 J .1 8218 __ 9778 May'16 ---Pensac & All 1st gu g 68_1921 F A 101% ---.. 10138 Jan '19 ---- 10114 5 & N Ala cons gu g 5s___1936 F A 96% ___- 9658 Mar'19..... 96% 954 Gen cons gu 50-year 58_1963 A o 8812 9212 92% Apr '19 ---- 92% 93 L & Jeff Bdge Co gu g 4s___1945A1 8 705 ___ 60 July'18 -Manila RR-Sou lines 4s___19:36 M N ------.. -------.---Mex Internat. 1st cons g 4s__1977 M S 60 77 Mar'10 ...Stamped guaranteed 1977 M S ------ ----75 Nov'10 ---- -Midland Term-lst s f g 58_1925 J 0 Minn St Louts 1st 75 1927 J D 1 -0 -1-- 1. 014 .7Jun -..:-_ 18 uly e:17 8 -------Pacific Ext 1st gold 6s 1921 A 0 95 ____ 97% Apr '19 ---- 9712 99 7612 76 1st consol gold 5s 1934 M N 74 76 3 76 7814 1st & refunding gold 43_19491m 8 4212 Sale 4112 44 14 41% 471s Ref & ext 50-yr 5s Ser A _1962,Q F 4634 5013 Dec '18 --Dee M & Ft D let gu 4s-1935 --:-_- -___ 60 Feb '15 -Iowa Central let gold 58_1938 J D 761-2 8218 7612 Apr '19 - 761k 771 43 ---8 42 4618 Refunding gold 4s 1951 M S 4212 Sale 4212 M St P&8S M cong 4sintgu_1938 J J 81, 4 Sale 8434 8434 20 83% 89 l938,,,, __ 9618 --__ 9734 Feb •19 9734 9734 let cons 58 1941IM N 88 ---- 92 Jan '17 lat Chia Term s f 4s 9413 94I M S S M & A 1st g 4s int gu_•26,1.1 J 9212 94 94% Jan '19 95 Dec '10 Mississippi Central 1st 59_1949'.1 J 8118 90 ---Missouri Kansas Jr Texas62 24 82 63 19902 D 64% 67 1st gold 4s 69 33 32 13 29 34 g1990 F A 31 34 2d gold 4s 28 2012 29 10 28 28 1944 M N 28 1st ext gold 5s 25 42 47 2004 M S 47 Sale 43 1st & refunding 45 47 40 46 43 Feb '19 43 Trust Co certfs of dep ______ 43 8 29% 31 Gen sinking fund 454s._ 1936 .1- -5 31 30 278 4 30 8 Nov'16 St Louis Div 1st ref g 4s__2001 AO 25 32 5% secured notes "ext" '16 Dail dc Waco 1st go g 5s__1940 MN ------ 7972 Apr' i5 -- --Kan City & Pac let g 4.1_1990 FA 57 ____ '60 Oot '18 ---- --55 50 Jan '19 _ _ 50 Mo K & E let gu g 59_ _1942 AO 40 ao M K & Okla 1st guar 5s...1942 MN 60 70 7115 Jan '19 _ _ 7112 7112 M K & T of T let gu g 5s 1942 MS 5012 59 50% Mar'19 5058 51 51 Deo '111 • Sher Oh & SO gu g 5s__1942 J O ---- 65 ---Texas & Okla 1st gu g 5s-1943 MS -..-- 50 30% Nov'18 ---Missouri Pacific (reorg Co) 83% 8778 let & refunding 59 Ser A__1985 FA 8334 87 8334 Apr '19 6 9114 94% 9158 1st & refunding 5s Ser Ba 1923 FA 91% 9412 9158 89 13 8818 92 let & refunding 58 Ser C__1926 FA 89 Sale 8834 Sale 58% 6114 326 5731 6312 1975 MS 61 General 4s 9914 9912 11 981s 100 Missouri Pac 1st cons g 88-1920 MN 9958 100 1945 MS ---- -- 58 Oct '18 40-year gold loan 4s 1938 MN 6712 -- 82 Apr '17 3d 75 extended at 4% 100 Feb '13 Boons,St L & S 1st 5s gu_1951 FA Cent Br I7 P 1st g 4s1948 J O 6814 84 2 9712 Dec '13 8034 Apr '19 -16-1 4 82 Pac Rot Mo let ext g 4s 1938 FA 8018 90 1938 J J 8738 ---. 10034 Apr '18 2d extended gold 5s 1 94 94 St L Ir M & S gen con g 5s 1931 AO 94 Sale 94 9612 -- 102 July'14 Gen con stamp gu g 5s....1931 AO 8012 Sale 80 8012 9 "fili 821* 1929 J Unified & ref gold 4s 8078 Oct '17 1929 J J Registered 7534 7434 "ff lily & G Div 1st g 411-1933 MN 75 7534 _ 78 Sept'15 9118 Verdi V I & W lst g 5s_1926 M 10218 10312 10214 10214 102I l051 Mob & Ohio new gold 68-1927 J h1927 J J 9518 --- 95 May'18 1st ext gold 6.1 1938 MS 65 --- 71 Nov'18 General gold 48 _ 8658 Apr '19 86's 8658 Montgomery Div 1st g 53_1947 FA 8678 87 86% 87 84 88 87 1927 J St Louis Div 5.1 8014 2.018 St L & Cairo guar g 4s 1931 J J 80% 8158 80% Apr '19 9834 100 Nashv Chatt & St L 1st 5s_1923 AO 9814 98% 9834 Apr '19 Jasper Branch 1st g 68_1923 J J 10058 10414 11014 Mar'17 50 Mar'19 "50- 59 Nat Rye of Mex pr lien 454s.1957 J J 35 Aug '16 Guaranteed general 4s 1977 A0 967 Feb '13 Nat of Mex prior lien 4 As_1926 J J 21 Aug '18 1st consol 4s 1951 A0 New Orleans Term 1st 45 6658 6834 1953 J J -67irs "RV 6718 Apr '19 94 95 N 0 Tex & Mexico 1st 6s 1925 ID 95 9534 95 9712 50 50 5014 Non-cum Income 5s A 1935 AU 5018 51 5812 New York Central RR97% 97 1935• N 97% Sale 97% 9934 Cony deb 65 1998 FA 73% 7614 7513 7312 7814 76 Consol 4s Series A 82 8218 2013 AO 8214 8312 82 Ref & Imp 454s "A" 8512 New York Cent dc Hud Riv7058 Sale 70 71 11 70 1997 .1 73 Mortgage 354s 7258 667s Aug '18 1997 J J 68 Registered 83% 1934• N 8312 83% 8358 6 82 86 _...-Debenture gold 411 79 Nov'18 1934 MN Registered • 6512 1998 FA 6518 66% 65 6414 68 Lake Shore colt g 3 As 67 67 1998 FA *---- 65,), 67 Jan 19 Registered 6618 2 65 70 6612 66 Mich Cent coil gold 33.4s._1998 FA 66 - 78 75 Mar'17 1998 FA Registered 5418 Battle Cr & Stur 1st gu 33_1989 J -861-4 Dec-i; Beech Creek 1st gu g 48_1936 J J 8334 9534 Nov'16 Registered 1936 ▪ J 104 May'16 1936 J J 8818 2d guar gold 58 1936 J J Registered Beech Cr Ext 1st g 3 As_b1951 AO 65 ___ 49 Nov'16 1941 J O 75'2 Cart & Ad let gu g 4s Gouv & Oswe 1st gu g 51‘...1942 3D 9034 g 48_1991 MS 7534 -- 7314 Oct '18 Mob & Mal 1st N J June Ft guar 1st 4s_ 1986 FA 7012 --__ 8912 Feb '16 75 SO May•17 N Y & Harlem g 3 As__ _ _2000• N 9714 Feb '19 N Y & Northern 1st g 56.1923 A0 9712 -9714 Due June. 11 Due July. •Due Sins. • Dee eel. s Otscioa tau. •- 1706 BONDS N. Y. STOCK EXCHANGE Week ending April 25 New York Bond Record-Continued-Page 3 Price Friday April 25 Week's Range or Last Sale Range Since Jan. 1. BONDS N. Y. STOCK EXCHANGE Week ending April 25 I.:: t ,-, gio Price Friday April 25 [VOL. 108. Week's Range or Last Sale 43 _g a .14- Range Since Jan. 1, =N. High No, Low High Ask Low Rid N Y Cent & H R RR (Con)7814 Apr '19 80 78 N Y & Pu 1st cons gu g 48_1993 A 0 7914 Pine Creek reg guar 63_ _ _ _1932 J D 10334 ____ 113 May'15 ____ 99 Apr '19 -66 -ii R W &0con 1st ext 5s_h1922 A 0 9858 67 67 Rutland 1st con g 434s......1941 J J 77 ____ 67 Jan '19 6118 6118 Og & L Cham 1st icu 4.15 g _1948 J J 62 _ _ _ 6118 Feb '19 67 6'7 Rut-Canada 1st gu g 4s_1949 J J 5613 ____ 67 Feb '19 -___ _St Lawr & Adir 1st g 58-1996 J J 8478 ____ 101 Nov'16 103 Nov'16 1996 A 0 8878 2d gold 8s - -6.53 ; 9578 Utica & Bik Riv gu g 4s....1922 J .1 957g ____ 957s Apr '19 _ 7 71.12 '73 72 '7158 7112 1997 J D Lake Shore gold 334s _ _ - 733s Nov'18 1997 J D Registered 8738 8738 1 -8612 -90 1928 M S 8712 88 Debenture gold 4s 8634 1 86 89 1931 M N 8634 87 8634 25-year gold 4s 1931 M N ____ ____ 8378 Nov'17 ---- --Registered ----. --Ka A & G R 1st gU o 5s__ -1938 J J 92 ---____ -1934 J J 9518 ___ loll; Dee Mahon C'l RR 1st 5s ____ _ _ _ ___ 103 May'17 Pitts & L Erie 2d g 5s_ _01928 A 0 95 ____ 13018 Jan '09 --- --Pitts McK & Y 1st gu 68-1932 J .1 10378 12311 Mar'12 1931 J J 10258 2d guaranteed es 1931 M S 9358 ____ 9912 Aug '17 Michigan Central 5s 9812 Nov'18 1931 e Pa _ r Registered 82 8-4 1940 J 384 Mar'19 4o - _ 87 Fob '14 1940 J 3 ---- ---Registered 1951 M S 7014 - -__ 90 June'08 J L & S 1st gold 334s 703s --5 -fcii -i6ii 1952 M N 7038 Sale 7033 1st gold 334s , 82 85 20-year debenture 48_1929 A 0 - 8312 83 Mar'19 82 6 80 83 ZIChl & St L 1st g 4s 1937 A 0 8012 8134 82 1937 A 0 77 ____ 85 Nov'17 -- -- - - - Registered 7412 1 71 75 1931 M N 7412 7458 7412 Debenture 4s 75 8112 2361 J J 7514 7578 75 Apr '19 West Shore 1st 4$ guar 74 Apr '19 74 7834 86 2361 J J 74 Registered 9912 9912 N Y C Lines eq tr 58_1919-22 NI N 9912 ___ 9912 Feb '11) 983s July'17 Equip trust 4345_1919-1925 .1 J -__ 102 2 -id - -ifi386 4 N Y Connect let gu 434s A 1953 F A 82 _-__ 8512 N Y N H & Hartford60 5530 9 410 54 53 1947 M S Non-cony deben Is 5013 Apr 50 Non-cony deben 334s 1947 M S 49 ---5018 Apr '19 5018 52 50 Non-cony deben 334s 1954 A 0 1955 J i -5i.- 5112 53 Apr '19 ---- 53 5678 Non-cony deben 4s 59 5412 53 Apr '19 ---- 52 52 1956 M N Non-cony deben 43 3 50 50 50 52 50 1956J J 49 Cony debenture 334s 8014 14 80 88 1948 J J 801,4 Sale 80 Cony debenture 6a ---Cons Ry non-cony 454_1930 F A - ---- 50 Oct '17 195-1 J J --------9113 Jan '12 -- ---- - Non-cony deben 45 July'18 -- -- Non-cony deben 4s 1955 J J -------- 60----- ---Non-cony deben 4s 1955 A 0 ---- _-- ---- _---- ---.-- --- -- 5318 1956 J J Non-cony deben 4s 4 150(.7IA ---- ---Harlem It-Pt Cites 1st 4s_1954 M N 7434 __-- -H3B & N Y Air Line 1st 4s_1955 F A 7234 ---- 7912 Dec '17 -1 6058 -6218 6012 Cent New Eng let gu 4s_1961 J J 6012 Sale 6012 ---Hartford St Ry let 4s 1930 M S 4 ::.---- Mirk l'a-a-yIri ---- --Housatonic It cons g 5s 1937 M N -170.3-1954 M N 7014 __ 87 July'14 Naugatuck RR lot 4s N Y Prov & Boston 48_1942 A 0 8158 __ 83 Aug '13 4312 4414 15 427 -E3 NYW'ches&B 1st ear I 4346'46 J J 4373 44 _.,.... ---- ---Boston Terminal 1st 4s- 1939 A 0 ____ ____ -....---- ---1945 J J 9034 --_New England cons 5s 1945 J J 743 - - _ -'Fr Consol 43 40 _--40 Feb '19 ---- 40 Sept'17Providnc Occur deb 4s 1957 M N ---- -Prov & Springfield let 58_1922 J J 85 ____ 997s Dec '13 -----Providence Term 1st 4E1_1956 M S 69 ____ 883s Feb '14 -- ------1943 J J W & Con East 1st 4345 5 85 70 N Y0& W ref 1st g 45-.01992 M S -68- "ii;l-e' -66- -OW" 9212 June'12 ---Registered 35,000 Only. g1992 M S --- 70 60 Apr '18 --641 .1 D 1955 General 4s 7 671, 6912 6912 Norfolk Sou 1st & ref A 515_1961 F A 68 6912 6918 815a June'18 --1941 M N 8758 95 Nor!& Sou 1st gold .50 1931 M A 108 109 108 Mar'19 -- 108 10912 Norf & West gen gold 6s Improvement & eat g 6s-1934 F A 10414 ____ 122 Nov'16 New River let gold 613-1932 A 0 ---- 10812 10718 Deo '18 -8112 861, Sale 82 N & W Ry 1st cons g 4s-1996 A 0 82 9313 Dee8 ' 216 --3 -7 Registered 1906 A 0 5 797 82 80 Dly'l 1st lien & gen g 48_1944 J J -al- -goig 797s 8412 ivleaby:17 9 84 7114 2F 14 1932 J D 72 ---- 18 10-25-year cony 48 1932 M S 10-20-year cony 4s 10418 10413 10412 Apr '19 10-25-year cony 434s_ 1938 M S joF 2 -_-_:: 10618 10634 65 10512 10818 10-year cony 6s(w1) 1929 8312 82 8338 86 Pocah C & C joint 45-1941 .1- 15 8313 8412 833s 103 Sept'16 -0 a & T let guar gold 58_1922 J .1 9712 6 -fa.- 81 7913 Selo V & N E let gu g 48-1989 NI N 7918 Sale 77 Northern Pacific prior lien rail8234 23 82 86 way & land grant g 4s 1997 Q J 8218 8214 8214 _ 82 Mar'19 --- 82 82 Registered 1997 Q .1 , 5858 2 5818 6178 General lien gold 3s 09047 Q F -1- 581- 5812 Oct '18 0047 Q F ---- ---- 58_ Registered 2047 J J 8512 87 8512 Apr '19 ---- -iglg 90 Ref & imp 434s ser A 80 74 Aug '18 -St Paul-Duluth Div g 4s 1996 J D 76 1923 F A 10214 10412 102 Apr '19 -- 102 102 St P & N P gen gold 6s Registered certificates..1923 Q A 10038 ____ 10334 Sept'17 _ 97 Feb '19 97 9358 St Paul & Duluth let 58_1931 F F 9714 78 Dee '18 --_ 1968 J D 76 85 1st consol gold 4s 3612 Dec '10 ---85 71 1948 Q M Wash Cent let gold 4s 8 10714 idi3Nor Pao Term Co 1st g 6s 1933 J J 10712 ____ 1073s Mar'19 5 7478 797s 7614 7612 7614 Oregon-Wash 1st & ref 45_1961 J J 76 Pacific Coast Co 1st g 5s-1946 J D 85 ____ 85 Apr '19 ---- 85 88 Paducah & Ills 1st s f 434s 1955 J J 8012 95 1001s Feb '17 ---Pennsylvania RR 1st g 4s....1923 M N 9538 ___ 9538 Apr '19 ---- 953 95.15 1919 M 5 9934 9978 9978 Apr '19 --- 9978 9978 Consol gold 5s 1919 Q Is/ 9914 9981 9914 Feb '19 ---- 991, 9914 Registered 1943 51 N 865s 8812 9014 Nov'18 ---_ Consol gold 4s 6 864 -i618 8614 1948 M N 8614 8734 8612 Consol gold 4s 9414 19 9313 9614 1960 F A 9313 Sale 9312 Consol 434s 8612 16 8418 8978 1965 J D 86 Sale 86 General 4340 308 94 95 9734 1968 J D 95 Sale 9434 General 5s 1942 M S 8414 85 8713 Nov'18 ---Alleg Val gen guar g 4s D R RR & B'ge 1st gu 4s g 1936 F A 81 ____ 8413 Sept'16 --__ Philo Bait & W 1st g 4s 1943 M N 87 -__ 8712 Jan '19 --Sodus Bay & Sou 1st g 5s_1924 J J 9614 ___ 102 Jan '93 ----Sunbury & Lewis 1st g 4s..1936 J .1 8058 - --c7if --- -- -- --U NJ RR & Can gen 451_1944 M S ma 9358 -0- DePennsylvania Co9733 9812 9713 Apr '19 1021 J .1 9713 98 Guar 1st gold 4A8 9613 9613 9612 Apr '19 1921 J J 9578 Registered -__ 87 Feb '17 Guar 334s coil trust reg A_1937 51 5 7713 78 78 Guar 330 coil trust ser B_1941 F A 7718 7813 78 Jan '19 1942 J D 77 ____ 8114 July'17 Guar 334s trust Ws C _ 8634 Dee '16 1944 J D 751s 88 Guar 3345 trust °Us D 8334 85 85 Apr '19 Guar 15-25-year gold 4s 1931 A 0 85 86 8514 87 40-year guar 4s etfs Ser 0.1952 rd N 801s ____ 8512 Feb '19 --1942 AI N 8138 ____ 86 Oct '17 Cin Lob & Nor gu 48 g -----1935 M N 8814 95 9614 May'17 Cl & Mar let gu g 434s Cl & P gen gu 434s ser A_1942 J J 9212 ---- 9634 May'18 Series B 1942 A 0 9212 --__ 104 Dee '15 Int reduced to 33.0_1942 A 0 ___- --__ 9614 Feb '12 90111 Oct '12 1948 M N 734 .. Series C 3343 81312 Feb '17 1950 F A 7318 Series D 334s Erie dc Pitts gu g 334e B 1940 J I 7738 ---- 88 Apr '17 1940 J J 773s 9018 July'12 Series C 8418 Dee '18 Or R & I exist gu g 430.1941 J J 8538 83 Ohio Connect 1st gu 4s_ 1943 M 5 8518 --_ 8312 Apr '19 Pitts Y & Ash 1st cons 5s_1927 M N 9738 ---- 93 May'10 Tol W V & 0 gu 434/3 A 1931 J .1 8914 ....-- 9834 Apr '17 92 Dec '17 1933 J J 8914 Series B 43,48 8818 Sept'17 1942 M S 79 Series C 4s 9412 9412 Jan '19 -- 9413 941$ P 0 C & Bt L gu 4AS A 1940 A 0 91 1942 A 0 9058 9612 9234 Jan '19 9234 9234 Series B guar 99 June'17 -- - _ 1942 M N 9058 99 Series C guar Sept'18 9058 Series D 4s guar 90 3 3 8 9 1945 311 N Series 0334s guar gold _1949 F A 8834 .._ ._ 9013 Sept'18 ...-- Due Feb. 0 Due June. A •No price Friday;latest bid and asked a Due Jan. ..ir Bid Ask Low High No. Low High P. C. C.& St. L (Con.)93 91, Sept'18 _ Series F guar 4s gold___1953 J D 89 1957 M N 89 8938 89 89 i ii5; ii Series 0 4$ guar 9058 9213 91 Apr '19 ___- 91 91 Series I cons gu 4348-1963 F A C St L & P 1st cons g 5s 1932 A 0 10078 10134 102 Jan '19 ---- 1C12 11)2 100 June'17 ____ ____ _ _ _ _ Peoria & Pekin Un 1st es g 1921 Q F ---- -----87 Mar'16 81921 M N --_ 2d gold 4348 84 8512 20 837g 8812 Pere Marquette 1st Ser A 554_1956 -- -- 8412 85 1956 __ __ 6878 7118 7012 Apr '19 ____ 6814 7214 1st Series B 4s Sale 46 47 13 45 4'7 Philippine Ry 1st 30-yr s I 4s 1937 J .1 46 Pitts Sh & L E 1st g 5s 1940 A 0 98 -- 99 Jan '18 --.... ____ _ _ 1943 J J 9438 -__ 9714 Dec '17 1st consul gold bs 1997 1 J 8314 8312 8278 8338 26 8218 8634 Reading Co gen gold 48 1997 J J ___ 8912 8112 Mar'19 ___ 8113 8112 Registered 9 84 8114 Mar'19 _-- 8414 85 Jersey Central coil g 4s...-1951 A 0 1315____ __ Atlantic City guar 4s g...1951 J .1 ____ ___ St Jos & Grand Isl 1st g 4s _ _1947 J J 6012 70 60 Mar'19 ---- 60 60 St Louis & San Fran (reorg Co) J 62 Sale 6078 62 112 59 64 1950 J Prior lien Ser A 4s J 7413 Sale 7378 7418 25 737s 7938 1950 J Prior lien Ser B is Sale 63 131 6212 69 Cum adjust Ser A 6s____h1933 A 0 66 66 4614 211 4012 4614 4614 Sale 4214 h1960 Oct Income Series A 68 106 4 102 106 St Louis & San Fran gen 6E1_1931 J .1 10313 ____ 10318 1931 J J 9612 Apr '19 __.: 9613 98 97 98 General gold 58 St L & S F flit cons g 4s 1990 3 J 70 ---- 78 MaY'16 ---- ---- --Southw Div 1st g 5s 1947 A 0 -,-- ---- 90 May'17 ---- -, - ,,-K C Ft S & M cons g 60_1928 M N 192 10314 102 Apr '19 ..-- 10112 19314 Sale 6712 68 K C Ft S & 51 Ry ref g 45_1936 A 0 68 6 661s 751s 8518 Aug '18 _______ _ K C & M R & B 1st gu 5s-1929 A 0 8812 90 6734 8 66 74 St L S W 1st g 4s bend ctfs 1989 M N 6712 Sale 6712 2d g 4s income bond ctls-p1989 I J --_, 58 , 5812 Feb '19 ____I 5714 5812 60 12 5713 6134 1932 J D 60 Sale 5958 Consol gold Is 59 8 5838 62 let terminal & unifying 58_1952 J J 5838 5878 59 Gray's Pt Ter 1st gu g 55_1917 J D 85 ____ 9812 Jan '14 __I __ _ 6412 4 6413 68 8 A & A Pass 1st go g 4e 1943 .1 J 6412 ___ 6412 7114 71 Mar'19 ........1 71 1930 A 0 70 72 Seaboard Air Lino g 4s 7218 1950 A 0 7015 7218 721s 3, 70 74 Gold 4s stamped 4812 34' 47 01949 F A 4814 Sale 48 5314 Adjustment 5s 5713 1959 A 0 5712 Sale 5712 6 57 60 Refunding 4s 7312 79 S 76 Apr '19 ___ 74 80 .At' Birm 30-yr 1st g 4s_e1933 M J 7518 ____ 76 Apr '19 ____ 76 76 A Caro Cent 1st con g 4s_ _1949, Fla Cent & Pen 1st ext 68.19231J J 1001 10 1 10014 Apr '19 ___- 10C114 10034 __ 101 Dee '15 let land grant est g 5s 1930'J J ---- ---90 Jan '19 __:.: -90 90 Consul gold 58 1913 J 3 9018 95 Ga & Ala Ry 1st con 50_01945 J J 9112 -__- 9013 June'18 ___ _ _ _ _ _ 9412 6 94 9413 Ga Car & No let gu g 50_1929 J J 9412 ____ 94 9513 Mar'19 _- 9513 96 Seaboard & Roan 1st 5s 1926 J J 9514 Southern Pacific Co7513 81 '75 '7'7 Gold 45(Cent Pao coll)_k1949 J D 7478 7534 75 ___ ___ k1949 J D ,.- 7858 90 Feb '14 _ Registered 8334 Sale 8312 8418 378 8234 g1929 M S -- 8553 26-year cony 4$ 1934 J D 10634 Sale 10512 107 1197 /00 107 20-year cony 543 801s 29 '78 Cent Pao let ref gu g 4s 1949 F A 79 ' 1 79 83 -__ 8712 Sept'16 ______ _ 1919 ic A -------Registered 84 8278 Apr '19 ....- 8978 8534 Mort guar gold 3348._k1929 J D 82 80 80 Mar'19____ 7512 80 Through St L 1st gu 48_1954 A 0 77 0 H & S A M & P 1st 531931 M N 918101 100 Oct '18 _____ ____ 1931 J J 85 97 9634 Jan '18 __ _ _ _ _2d exten 55 guar Gila v.0& N 18t gu g 58_1924 M N 9113 102 95 Nov'18___-9253 Mar'19 ____ 9252 9258 Hous 0 & W T 1st g 58..._1933 M N 9258 95 1933 NI N 9258 ____ 100 Oct'16-1st guar 55 red 97 Mar'19 __. 97 9834 H & T C 1st g 56 int gu-1937 J .1 97 98 9358 Apr '19 __ 9318 9318 Gen gold 4s int guar-1921 A 0 9318 94 94 Mar'19 __ 94 94 Waco & N W div let g 65'30 in N 94 100 95 93 Nov'18 1941 J J 86 A & N W let gu g 53 __-- ----1921 J J 9918 ____ 10014 Oct '17 ___ _____. Louisiana West 1st 6s Morgau's La & T 1st 6s_ _1920 J J 97 102 100 Apr '18 __ _ _ 1938 A 0 9412 10218 Oct '18 ____ _ _ _ No of Cal guar g 58 Ore & Cal 1st guar g 58.-1927 J J 9713 10112 9712 Apr '19 ___ 96 9813 __ ..„._ So Pao of Cal-Cu g 58.-1937 M N 9658 ____r _ 10712 Sept'16 So Pao Coast let gu 45 6.-1937 3. J 9212 93 93 93 Jan ' 19 93 5 7834 7834 1 77 San Fran Terml let 4E1_1950 A 0 '418 8034 Tex & N 0 con gold 5s......1943 J J ------- 94 Nov'16 8038 371 7912 8312 So Pac RR 1st ref 45 1955 1 J 801s Sale 80 9314 16, 9212 9658 1994 J .1 927s Sale 9212 Southern-lst cons g 53 1994 J J-.,.. 9378 10014 Aug '16 _ - _I ---- ---Registered ; Sale 6612 6734 38, 66 Develop & gen 4sSer A-1956 A 0 1571 6834 6712 66 66 4' 66 Mob & Ohio coil tr g 48-1938 M' S 64 6758 91 50 9013 91 Mein Div 1st g 4348-58-1996 J J 9018 ____ 9012 St Louts div lst'g 48 1951 J .1 7078 7212 7018 Apr '19.._ 701s 7412 93 _ 93 Ala Gt Sou let cons A 5s._1943 J D 8658 .....-- 93 Jan '19 ALI & Chart A L 1st A 43481914 J J 8734 8814 8712 Apr '19 __ 8712 88 9334 Apr '19 ____ 93111 9718 1st 30-year 55 Ser B___1914 J J 9312 96 74 10 '74, 74, 1948 J J 72 -__ 74 Atl & Danv 1st g 43 1948 J J ......-- ---- 8112 Mar'16 _... ---- --2d is At' & yad let g guar 48_1949 A 0 7914 _-_ 75 Fob '17 97 Mar'19 ___ 97 E T Va & Ga Div g Els- _1930 J J 9558 99 97 Cons 1st gold 5s 1956 M M 9258 9434 96 Apr '19 ___ 9218 97 E Tenn reorg lien g 58-1938 M S 9212 9512 9514 Jan '19 __ 9514 9514 1946 A 0 67 61 52 Jan '19 ___ 52 Oa Midland let 38 52 1922 J J 9931 1005s 10013 Apr '19 __ 10C112 11)1 Ga Pao By 1st g (is Knoxv & Ohio let g 6s_ _1925 J J 10034 10134 100 Oct '18 ______ __ 97 9113 Oct '18 ____ __ _ Mob & Sir prior lien g 5s.1945 J .1 91 1945 J J 6812 68 Jan '18 __ _ _ -- -Mortgage gold 48 9618 99 95 Jan '18 Rich & Dan deb 5s stmpd_1927 A 0 --Rich & Meek let g 13s 70 71 Apr '19 ____ 71 1919 M N 66 71 9912 Apr '19 ......_ 99 100 So Car & Oa let g 58 1919 M N 9034 100 Virginia Mid Ser D 4-58_1921 M S 9714 ---- 10212 June'll __ 93 Apr '18 _----1926 M El --_- 100 Series E 50 . :__-- -L 1926 M 5 9514 --- 10412 Dec '16 ___ Series F 58 1936 NI N 9478 97 96 Mar'19 __-_ -96-96General 5s Va & So'w'n 1st gu 55_2003 J J 8814 9412 815s Sept'18 __ 7578 7018 Nov'18 __-__ --- -_ -------1st come 50-year 55-1958 A 0 70 1924 F A 863s ---- 9378 Mar'17 __-- W 0& W 1st cy gu 4s Spokane Internat 1st g 58_1955 J I -,,-- ---- 9534 Mar'17 -_-_-_- - -_-_ Term Assn ot St L lst g 430.1939 A 0 8814 9012 85 Apr '19 __ 85 - -911.2 1st cons gold 5s 1894-1944 F A 913s 93 9338 Apr '19 ..„.. 0338 98111 72 74 72 Apr '19..- 72 Gen refund s f g 45 1953 J J 7'7 _ __ St L M Bridge Ter gu g 58_1930 A 0 9058 941z 951z July'18 D 88 93 8973 Apr '19 _ 89 - 92 2000 Texas & Pao 1st gold 5s - 41 Sept'18 _-_, g2000 Mar -------2nd gold income 53 7514 ---- 86 May'18 _-1931 La Div B L 1st g 5s __ __ - --- -W Min W & N W let gu 5s1930 F A ---- ____ 10612 Nov'04- _ 95 92 92 Tol & Ohio Cent 1st gu 5s 1935 J J 92 i ii02 19:15 A 0 80 90 87 Jan '19 __ 87 87 Western Div 1st g 5s 1935 J D ---- 7512 93 Oct '18 ....-- - ---General gold 55 Ran & m let gu g 48 1999 A 0 75 80 75 Apr '19 __ 75 75 7 9 89 Apr '19 __ 89 1927 J J 91 2d 20-year 55 Feb '19.._ 36 36 Tol P & W let gold 4s 19t7 .1 J --------30 -73 8312 751s Feb '19 _-- 7518 751s 25 J J Tot St L & W pr lien g 3;4s 5318 52 52 1950 A 0 51 11 45 52 50-year gold is 1858 Mar'06 ____ _ _ ___ _ 1917 F A --- 20 Coll trust 43 g Ser A _ ---- 20 18 Aug '18 __ ____ _ _ _ Trust co &is of deposit.. 80 Apr '17 _____ _ Tor Ham & Buff 1st g 45_51946 J -CI 7013 87 Ulster & Del 1st cons g 58_1928 J D ___ 95 8914 Dee '18 __ _ _ __ _ 70 58 Sept'17 1952 A 0 _ 1st refunding g 45 1947 I J 8 3- Sale 863s 8658 -17 8512 8978 Union Pacific 1st g 4s 1947 J .1 ---- ----8512 Oct '18 _ ___- Registered 8 Sale 8678 1927 J .1 861720-year cony 4s 8712 -13 8518 8912 7934 Sale 7934 8313 02008 M 5 1st & refunding 45 7934 6 79 10-year perm secured 6s_1928 J J 10318 Sale 10318 10358 41 10234 106. 80 7 7914 86 Ore RR & Nay con g 4s__1946 J D 80 81 80 Ore short Line let g(39_1922 F A 10034 10114 10034 10034 18 10038 10112 1946 J J 9612 9712 9658 9658 7 0658 9878 let consol a 58 1929 J D 86 Salo 8458 39 8412 88 86 Guar refund 4s 1926 J J 9312 ____ 98 Dee '17 __ _ _ _ Utah & Nor gold 5!5 _1933 J J 83 86 89 Feb '18 1st extended 4s Vandalla cons g 4s Sec A____1955 F A 7812 ___- 8012 Apr '19 .8012 801i 1957 M N 7813 ___ 8013 June'18 Consols 4s Series IT ---Vera Cruz & p let gu 4348_1934 J J 1884 35 35 Sept'17 -----Due July. k Due Aug. 0 Due Oct. p Due Nov, if Duo Doe, Option gale. Pries Friday April 25 BONDS N. Y. STOCK EXCHANGE Week ending April 25 1Veek's Range or Last Sale 4,1 Bid High No.1 Ask Low 71 N 8938 9112 8914 90 Virginian let 5.8 series A____1962 7I 19:39 M N 94% Sale 9418 9134 Wabash 1st gold 53 5 19'39 FA 8434 Sale 8434 2d gold 5.9 8472 90 Aug '18 1939 J Debenture series B 98 Nov'18 1921 MS 97% 1st lien equips fd g 5s J 65 --__ 65 Sept'18 1951 1st lien 50-yr g term 4s J 89 ____ 8814 Feb '19 1941 J Det & Ch Ext 1st g 5s J ---- 7712 80 Aug '12 Des Moines Div 1st g 4s 1939 J 67 Feb '19 63 Ores Div 1st g 33's1941 1a 0 - 74 Jan '19 1941 MS 65 Tot & Ch Div 1st g 4s 10 75 75 1945 FA 7512 75 Wash Terml 1st gu 330 82 Aug '18 1915 FA 82% 1st 40-yr guar 4s 2 57% 1952 A 0 57% Sale 57% West Maryland 1st g 4s 3 J 9618 9718 9678 9738 1937 J West N Y & Pa 1st g 5s 1913 AG ---- 863s 70 Dec '18 Gen gold 45 38 Oct '17 p191:3 Nov Income 55 5 83 Sale 8212 Western Pao 1st ser A 55 A9411 MS 83 93 Get 'Is Wheeling & L E 1st g 5s____1926 AO 9312 90 J ---- 9512 100 Feb '17 Wheel Div 1st gold 5s......-1928 J 9038 Mar'17 Exton & Inapt gold 58_-_-1930 FA 64 Jan '19 -65 Refunding 4143 series A __BM MS 59 2 65 65 1949 M S 6018 69 RR 1st consol 45 J 75 75 Feb '19 82 Winston-Salem S B 1st 45_1900 J J 78 Apr '19 77 73 1941) J Whi Cent 50-yr let ten 4s 75 75 7512 73 Sup & Dot div & term 1st 4s'36 MN Street Railway Brooklyn Rapid Tran g 5s 1945 A let refund cony gold 48_2002 6-year secured notes 5s__ _1911 Ctfs 3-yr see 7% notes opA1921 3-yr 7% secured notes_h1921 Bk City 1st cons 58_1910-1911 13k Q Co &S con pig 55 1941 ill 1941 Bklyn Q Co & S 1st 5s 1950 Bklyn Un El 1st g 4-5s 1950 Stamped guar 4-58 Kings County E 1st g 4s 1949 1949 Stamped guar Is Nassau Elee guar gold 43_1951 .1 1927 Chicago Etats 1st 5s Conn Ely & L 1st & ref g 4 Nis1951 1951 Stamped guar /Nis Det United 1st cons g 410-1932 Ft Smith Lt & Tr 1st g 5s_ -1936 1957 Hod & Manhat 53 ser A 1957 Adjust Income 53 1932 N Y & Jersey 1st 58 Interboro-Metrop coil 4, 4s1056 A Interboro Rap Tran 1st 55._1986 Manhnt 113,(N Y) cons g 48_1990 A 1990 A Stamped tax-exempt Manila Sloe Ry ttc Lt s f 53_1953 Metropolitan Street EYSway & 7th Av 1st c g 58_1913 Col & 9th Av 1st gil g 59._1993 Lox Av & P F1stgug5s..i993 lvi Met NV S El (Chic) 1st g 44..1933 Mile/ Elec Ely & Lt cons g 5s 1926 Refunding & exten 430-1931 MInnettp St 1st cons g 5s__ _1919 Montreal Tram 1st Sc ref 58_1911 New Orl Ely & Lt gore 4 Y0-1935 N Y Municip Ely 1st St 58 A 1966 1942 N Y Rys 1st R E & ref 4s n1942 30-year adj Inc 5.8 N Y State Rye 1st cons 4%s 1982 iii Portland Ely 1st & ref 5s____1930 Portld Ry Lt & P 1st ref 58_1912 Portland Gen Else 1st 5,3_1935 St`Jos Ely L It Sc P 1st g 5s_ _1937 StiPaul City Cab cons g 5s__1937 19130 Third Ave 1st ref 4s n1960 Adj Income 5.s 19:37 Third Ave Ry 1st g 55 TrI-City Ely & Lt 1st 5 f 5s 1923 A Undergr of London 4;4s__19:13 1918 Income 68 United Rye Inv 53 PItts ts.8_1926 1934 United Rys St L 1st g 4s 1924 A St Louis Transit go 5s United RBA San Fr 9 f 48_ _1927 A __ -Union Tr(N Y) ctfs dee Eqult Tr (N Y) Inter ctfs-__ 1934 J- Va Ely & Pow 1st & ref 58 Gas and Electric Light Atlanta 0 L Co lot g 5s 1947 .1 Bklyn On Gas let cons g 53_1015 111 CIncln Gas Sc Else lst&ret 59 1950 A 1927 Columbia 0 & E lit 58 Columbus OW 1st gold 5.9_1932 Consol Gas cony deb 6s 1920 Cons Gas EL&P of Balt 5-yr 58'21 1923 Detroit City Gas gold 5s Detroit Edison let coil tr 58_1933 1st & ref 5s ser A h1940 Ni Rd 0 L N Y 1st cons g 58..1932 Gas & Else Berg Co c g 5s1949 Havana Eiec consol g 5s..- _1952 Hudson Co Gas 1st g _1919 1,1 Kan City (Mo) Gas 1st R 56_1922 Kings Co El I. & P g 5s 1937 A Purchase money Os 1997 A Convertible deb fis 1925 Ed El III 13kn 1st eon g 43.1939 Lac Gas L of St L 1st a 58_61919 Ref and Oct 1st g 5s 19'31 A Milwaukee Gas L 1st 4s 1927 Newark Con Gas g 5s ..3943 1941 NYGELII&Pg 58 Purchase money g 1s..1949 Ed Elm III 1st cons g 5s 1995 NY&Q El L&P 18t con g 5E4_1930 Pacific 0 & El Co-Cal 0 & M1937 NI Corp unifying & ref 58 Pacific G Sc E gen & ref 53_1942 Pao Pow & Lt 1st Sc ref 20-yr 15s International Series. _1930 F 1949 NI Pat St Passaic 0 & El 5s Peop Gas A,0 1st cons g 68_194:1 A 1917 Refunding gold 53 Ch 0-1. AL Coke 1st gu g 5s 1937 .1 Con 0 Cool Ch let gtt g 541936 Ind Nat Gas A, Oil 30-Yr 531936 NI Mu Fuel Gas 1st git g 5s.._1947 Ni Philadelphia Co cony 58.- _ _1019 1922 Ni Cony deben gold 54 Stand Gas & El cony s 168._1926 Syracuse Lighting 1st g 5s 1951 Syracuse Light & Power 58_1954 .f 1949 Trenton 0 Sc El 1st g 5s Union Elea Lt & P lit g 5,3_1932 Ni Refunding Sc extension 58_1933 1936 United Fuel Gas lets t 6s Utah Power .1, Lt 1st 51...._1944 1950 Utica Eiec L & P 1st g 58 1957 Utica Gas & Elec ref 5s Westchester Lte geld 5s _ _ _ _1950 0 A A A A A A -A 0 0 0 A A A .1 .1 0 0 .1 0 0 A 0 A .1 A A A 0 A Low 8914 93% 83 High 9112 98 89 8314 8814 67 74 75 67 74 7512 577g 62'4 9678 100 - --8112 8612 - ---____ 61 5914 75 77 7214 64 65 75 80 75 8 60 70 61% 6114 7512 6114 62 68 62 Apr '19 70 53 74 7218 74 Jan '19 - 74 60 - 51 Dec '1.8 -95 --_- 10012 June'17 -- 77 8112 8112 Deo '14 _9834 Aug '17 82 8612 9712 Juty'll' 61 61 7212 61 Apr '19 61 55 63 60 Feb '19 55 61 63 39 4418 44 4234 Sale 4134 166 1012 1514 13 1214 Sale 1214 62 55 5134 55 Apr '19 50 8812 Nov'Ill 7514 79 6212 6313 6434 -- 6212 Apr '19 9012 Feb '17 85 95 July'17 78 _ 85 991z 10212 Marlt Sale 50 5012 23 50 50 5112 46 25 28 2734 Sale 2712 3212 97 Dec '13 97 _ 89 9:112 Apr '19 9234 91 9312 97 76 Marl@ 72 7112 90 6712 Apr '19 -tiff; 73 7512 05 Dee '18 68 _ 4912 9 4312 521 51 5012 51 ---- 6912 50 June'17 32 Mar'111 30 323, 22 Sale 30 3112 53 22 30 3312 _ 3012 30 314$ 83' 22 3312 76% 79 .76. 7712 767 Apr '19 __ 103 Sept'15 9318 9314 Apr '19 ---91 Dee '18 8512 89 Apr '10 -97 Feb '15 93 40 101 Sale 10012 99 Apr '19 ---96% ____ 9612 Mar'19 -96 Salo 96 96 9312 9378 931 Apr '19 ---01 Feta '18.85 _ __ 100 Feb '13 --__ 9218 Nov'17 90 86 00 ___ 0014'M:telt 9212 __ 9078 Dee '16 93 Feb '19 9:312 _ 101 103 10014 Apr '19 93 Apr '19 9112 100 8012 ____ 82 Apr '19 -9934 100 9934 Apr '111 6 93kt Sale 93 93 8714 __ 8714 Apr '19 ---89 ___ 10412 Apr '17 -9 91% 9314 9312 9314 72 73 7214 Apr '19 -99 Mar'19 9512 93 89 101 9612 Aug '17 ---91 86 0 BONDS N. Y. STOCK EXCHANGE Week Ending April 25 Range SirICS Jan. 1. 7 62 713 6273 6212 62% 61 53 45 45 4514 4912 4514 9534 Dec '11 9614 Aug '18 86 81% 31 75 81 31% 8118 917 92 Doe '18 --80 May'12 ---- 70 101 May'13 ------72 7914 7814 Apr '19 78 78 7134 791s 7712 7712 80 78 57 63 '19 63 Apr 66 62 62 62 62 Jan '19 68 62 5434 7 50 50 50 Sale 50 7312 10 7212 81 72 7234 7212 8514 88 821s 8412 8514 Mar'19 8614 Oct '11 8218 83 8112 7412 -13 71 7312 7334 75 31 Jan '14 6014 5712 53% 179 54 -572 29, 14 17 17 Sale 16 17 1 90 9012 90 90 9:3 90 318 27% 4334 33 30% Sale 30 6312 197 61334 7412 6714 Sale 67 6512 7214 6512 Apr '19 6318 71) 7412 69 69 Apr '19 6618 72 77 77 7818 -- 77 Mar'19 13 95 91 0 ____ 8312 87 101 0 0 0 8 34, 94 Sale 9312 86 93% 86% 93 --82 95 89 moo i-di0613 93 2 9 1112 6911' 6 994 -- - --- _ 0014. 902! . 94 94 100 105 9l) 93 79% 84 9'2 99 93 732 8714 _5171.2 04 10 98 _ 4114 7( 1o 20 96% 95 4 8 2 83 3'18 83 82 Apr '19 ___ 82 _ 100 July,11 ---7.'7. _7_42_4 i616 icii100 100 75 7514 Apr '19 82 8178 96 Sept'17 100 Apr '17 _ 89 Mar'17 ___- _ _ ...........: 94 July'lf 9914 Nov'li 92 -02l; 921s 92% -14 -of - 02.5,, 1 94 9612 96% S ale 97112 9512 85 ____ 971k May'IT -- -- ....... 7:312 70 Nov'll --- -90 . _ 983e Oct '17 __--_ 90 Mar'19 .__ 90 -oi _ 10158 Nov'18 _ .. 94 6 -64:- 93 07 9:3 94 8.134 89 8834 89% 8 83 8912 90 1111. June'17 -- -- - _ _ _ 83 9212 90 Feb '19 ---- 91) 85 9712 90 Feb '15 -_- )(92 - _ 85 91 09 116 *No Price Friday; latest bid and Mead. a Due Jan. d DueApril. # Due May, 1707 New York Bond Record-Concluded-Page 4 APR. 26 1919.] Miscellaneous Adams Ex coil tr g 48 1948 Alaska Gold Ni deb (Is 1926 Cony deb Os series B Am S'S of NV Va 1st 58 1920 _Armour Sc Co 1st real est 4 A8' 39 "-Booth Fisheries deb s f 6s 1926 A Braden Cop Ni coil tr s f 68_1931 Bush Terminal 1st 48 1952 A 1955 Consol 5s Buildings 5s guar tax ox..1900 A 1927 A Chic C Sc Conn Itys ii 5s Chic Un Stat'n 1st go 410 A 1963 Chile Copper 10-yr cony 78_1923 Elects (part paid) cony 6s ser A A Coll tr Sc cony 69 ser A 1932 A Computing-Tab-Roe s f 68..1941 Granby Cons M S Sc Peon 6s A 28 Stamped 1923 Great Falls Pow 1st s 1 5s 1910 Int Mercan Marine s f 6s 1941 A Montana Power 1st 5s A....1913 Morris Sc Co let s f Mtge Bonds(N Y) Is ser 2._1966 A 10-20-year 5s series 3_ _ _ _1932 N Y Dock 50-yr 1st g 4s 1951 Niagara Falls Power 1st 5s 1932 .1 Ref & gen as a1932 A Niag Lock Sc 0 Pow 1st 58_1954 Ni Nor States Power 25-yr 59 A 1941 Ontario Power N F 1st 53_1943 Ontario Transmission 58____1945 rn Pan-AmPet&Trlst convas '19-'27 Pub Serv Corp N J gen 513_1959 A Tennessee Cop 1st cony Os .1925 Ni Wash Water Power 1st 58..1939 Wilson Sc Co 1st 25-yr s f 6s_1911 Ask Bid 60 55 2714 30 2714 30 Range Since Jan, 1, Week's Range or Last Sal. Low High No.! Low High GO Apr '19 _- 59 65 2714 Apr '19 _ 35 25 35 2633 Apr '19 26 88 88 Sale 8738 0 --_- -- 90 Feb '18 9334 A 9338 93% 9334 81 Apr '19 83 0 81 8012 8514 8034 Apr '19 80 Apr '19 0 7934 80 58 Mar'18 50 0 40 8434 8512 8512 Apr '19 120 11714 Sale 117 8878 0 8812 Sale 8714 8812 0 88% Sale 8634 84 84 Sale 84 98 ____ 9812 Feb '19 98 Jan '19 9412 93 9518 Apr '19 9312 100 0 9334 -Sale 9313 Sale 92 92 9214 83% 8734 83 Feb '19 83 Apr '14 0 94 June'16 A 7O 08 6818 6318 9378 Mar'19 95 96 0 101 101 Mar'19 9014 93 8912 Oct '17 0 8714 89 8914 Apr '19 9012 9112 9012 Apr '19 A _ 95 84 June'17 _ 140 12-3140 75 -Bile 75 7612 90 9312 91 Apr '19 .1 901.1 9218 90 Apr '19 5 100 0 9934 Sale 99 1Ylanufacturin3 & Industrial Am Agrie Chem 1st c 5s____1928 A A Cony deben 55 1924 Am Cot 011 debenture 53..._1931 Am Hide & L 1st s f g fis 1919 Ames Sin Sc R let 30-yr 51 ser A '47 A 0 Am Tobacco 40-year g 68---1911 A 0 A 1951 Gold 4s Am Writ Paper 1st c f -1919 Trust Co ctfl of deposit 5s_- _„-.1Baldw Loco Works let 5s-1940 6 Cent Foundry 1st s f 68..-1931 F A Cent heather 20-year g 5s...11125 AO Consol Tobacco g 4s 1951 FA N Corn Prod Iterg e f g 5s 1931 let 25-year s f 5s 1931 MN Distil See Con cony 1st g 53_1927 AO E I du Pont Powder 4 30_1936 3D D General Baking let 25-yr 63_19313 Gen Electric deb g FA Debenture 5s 1952 MS J Ingersoll-Rand 1st 59 1935 J lot AgrIc Corp let 20-Yr 55.._1932 MN Int Paper cony s f g 58 J 1935 J 1st Sc ref s f cony 58 ser A.1947 Liggett Sc Myers Tobac 7s 1944 -6 Cs A 1951 Lorillard Co (P) 78 1944 AO 5s 1951 FA Mexican Petrol Ltd con Gs A 1921 AO 1st lien AL ref as series C 1921 AO Nat Enam Sc Stampg 1st 58_1929 D Nat Starch 20-year deb 59_ _1930 J J National'rube 1st 59 1942 M N Y Air Brake 1st cony 68_1921 MN Pierce 011 5-year cony 68_41920 J O 10-year cony deb 135 h1924 J .1 Sinclair Oil & Refining1st s f 78 1920 *arrants attach A do without warrants attach FA Standard Milling 1st 5s____1930 Ni N The Texas Co cony deb 6s__1931 J J Union Bag Sc Paper 1st 5s...1930 J J J Stamped 1930 J Union Oil Co of Cal 1st 5s 1931 J J US Realty Sc I cony deb g 56 1924 J J U S Rubber 5-year see 7s 1923 J let Sc ref 53 series A 1947 J J U S Smelt Ref Sc M cony 65_192(3 FA Va-Caro Chem let 15-yr 5s_1923 JO Cony deb f,s 81924 AO West Electric let 58 Dec_ ___1922 J J Coal, Iron & Steel Beth Steel 1s3 ext s r 5s 1928 1st & ref 58 guar A 19421W 20-yr p in Sc imp s I 5s 1936 Butt Sc Stmq Iron s t 5s 1932 a1928 M Debenture 56 Cahaba C Ni Co 1st go 88_1922 Colo F & 1 Co gen s f 5s____1913 F Col Indus let Sc eon 5s gu_1934 F Cons Coal of 'NM Ist.ttret 58_1950 Elk Horn Coal cony as 11)25 .2 Or Riv Coal & C 1st g (Ss_ _h1919 A 1940 A Illinois Steel deb 430 1932 M Indiana Steel 1st 59 1928 Jeff Sc Clear C Sc I 26 5s Lackawanna Steel let g 58_1923 1950 let cons 58 series A Midvale Steel Sc 0 cony e f 5319.31 Pleasant Val Coal 1st s f 5s 1923 Pocah Con Collier 1st 6 f 53_1957 Repub I Sc S 10-30-yr 5s f_1910 St L Itock Mt Sc P 5s strnpd_1955 Tenn Coal I& RR gore 58-1951 1 113 1:3 S Steel Corp-I COUP.._81 Price Friday April 25 17 86 8334 --2 9212 96 ____I 80% 81 85% 80 791s 81 -8512 89 323 10534 120 73 8212 8878 280 8112 8812 8 8234 8512 ____ 97 9812 98 98 93% 951$ 410 97 102 95% 16 91 83 ____ 83 _ ___ 3 6818 71 9378 97 101 101 -8714 90 91 89 11214 140 7, 75 80 9212 91 93 90 156 9634 100 ee 9812 Sale 9812 15 98 101 10312 109 109 11012 117 100 11012 8634 88 8814 Apr '19 ____1 88 891 100 Sale 100 100 5 9934 10012 8934 90 90 90% 52 8912 93 11814 11912 Mar'19 119 11912 75% 82 7512 Apr '19 7212 7812 9912 9978 9912 9912 68 88 9934 8978 Sale 89% 1 86 89% 9014 9912 99% 10112 Mar'19 ---- 101 10112 81 82 78 81 . 4 78 82 9534 Sale 95% 96 93 9512 97 74 8012 7312 Dec 'IS 9912 100 9912 Feb '19 2 -6(>119912 10112 9934 100 9912 10012 92 90 9012 91 5 8912 91 9212 100 9212 Mar'19 9212 9212 88 Feb '19 88 88 7112 7312 7112 Apr '19 ----, 7112 7312 9934 10012 10034 Apr '19 9712 101 97% 95 Nov'18 8118 8114 81 8133 14 7612 8214 93 Apr '19 98 98 98 85 92 9012 Nov'18 11214 113 112 15 111 11378 11214 9314 Sale 9314 9358 12 90 94 11134 11212 11112 112 17 10934 113 91 8934 91 92 23 9014 94 165 Nov'18 185 Jan '19 ..Jl82 185 -66" -9-i 95 96 98 8 95 9312 ---- 94 Aug '18 96 Apr '19 96% 99 9912 94 997$ Sale 99% 99% 96% 101% Sale 118 119 132% 220 10014 132% 2 10512 Sale 1023 11014 427 8834 11014 a 121 Sale 119 124 9914 Sale 99 998 9318 93 95 Apr '19 102 Sale 10134 1027g 83 8912 3812 Mar'19 8618 ____ 87 Dec '18 9 94 93% Jan '19 73 73 Sale 72% 103 10338 10312 10312 8734 Sale, 871z 8733 9912 100 1100 Apr '19 9512 9534' 9512 95% 10118 10112 10138 10133 9758 9734 9778 9758 96 8612 8518 91 961s 8738 Sale 96 2211 981$ 124 636 95 997g ____' 93 95 33 10012 103 8934 85 -. 3 747i -101 -6(172. -6 69 10234 10434 126 86 8772 ____' 9734 100 11 9514 96 10 10014 10214 20 97 9914 I 1 957 Apr '19 ___. 8712 89 1 37, 8478 8518 10 90 May'18 ____', 9512 87 80 __-_ 9634 8972 86 _ _ _. ------- ....__ 8914 91 7418 7412 91 87 -819'13 4( ; Utsaft111?t r fr 8,51sreg „ " 1-rs 1951 Victor nom let s f 58 Va Iron Coal Sc Coke 1st g 59 1919 11' D 06 18 oe ju 8 -_:lY;14 _1 ---_--- - -- - -90 Apr '19 ____ 88 9018 7312 74 I 15 7312 7712 8718 87% 4 87 90 93 Feb '191 ____I 95 9834 --- .--- 94 Feb '181_ __I - - -- - - -. 8434 Sole 84 8514 20 8214 8512 9614 Sale 96 9812 4 95 96141 96 -- I_ .1 Ws 10 ill - -1ii 99 8 97 6'2 9 99 134 8 678 Apr '19 __ 86 9013 8178 Sale 88% 89 41 86 8012 8012 , 8712 88 8 . 734 8734 10 8734 88 94 Sale 9234 94 80 8278 8034 Mar'19_.,_. 1 9 9 80 2 803 2314 5 91 92 9512 92 92 10018 Sale 10018 10012 121 9 13% 10112 99 92 --- 113,3 9978 Apr '19 ____! 9912 10014 ----87 55 70 70 Mar'191____1 70 70 85 8534 93 Apr '19 _-_-. 86 8734 Telegraph Sc Telephone Am Telen Sc Tel coil It 4s.,...1929 Convertible 41 20-yr convertible 4 Nis_ -193:3 57 6 ) :4 ) 13 1: 1 , 30-yr temp con tr Si. 7-year convertible (Is Cent Dist Tel let 33-yr 58 1943 Commercial Cable 1st g 45-2397 Registered Climb T Sc T let Sc gen 58-.1937 Keystone Telephone let 5s__1935 Mich State Teleph let 5i.- _1924 N y Sc a,r jTelephone 5s g_ _1920 N y Taipp ist ,k gen S f 4 148_1939 Pacific Tel Sc Tel 1st 53___19:17 South Bell Tel Sc T lets t 51_1911 West Onloa coil tr cur 58_1931 Fund Sc real eat g 41.0.--_1950 Milt On Tel Ku ext 58____1911 Northwest Tel cg 448 g _ _1931 8414 111 8334 8512 8418 8114 84 7813 Mar'19 7812 80 77 7812 88 87 8858 90 5 8512 90 9013 Sale 90 62 90 91 94 A 10134 Sale 1011% 10318 326 113134 101 96 9712 96 Apr '19 96 9812 65 _-__ 73 Nov'17 641:3 Jan 'IS 9314 9338 9314 9314 1 93 94 98 Apr '16 93234 9214 A -913-1 9 9212 9214 1 90 9812 99 9812 1 9812 9812 9812 8734 Sale 8734 8814 6 87% 9112 9012 Sale 9012 91% 121 9012 9534 90 Sale 90 9312 90% 17 j 90 9112 93 93 93 94 1 1 93 86 86% 813 92 8618 9 86 - - 99 10112 Sept'17 8114 ____ 94 Nov'16 A A 0 0 0 0 Due June. /I Due July. k Due Aug. o Due Oot, D.DUI1 Noy. Due Doe, a Option sale 1708 BOSTON STOCK EXCHANGE-Stock RecordSii BNO• SHARE PRICES-NOT PER CENTUM PRICES. Saturday April 19 Monday Tuesday Wednesday April 21 I April 22 I April 23 Thursday April 24 Friday April 25 Salesfor the Week Shares. STOCKS BOSTON STOCK EXCHANGE -ia- 16- -5a-.48i2 46- -- g4 1 II 43 •Bid and asked prim 4 Es-dividend and rights. 4 Assessment paid Irs-otook dividend. Range Since Jan. 1. Lowest Railroads 1 *135 ___I 135 135 ,*135 138 135 135 100 74 Boston & Albany 7412 75 7334 75 I 73 7312 7212 73 -ii12 721:1 100 749 Boston Elevated • *91 ____ *91 __-* *91 Boston & Lowell - Last Sale 91 100 Apr'19 30 30 30 -3012 31 -31 30 31 -- ___ 308 Boston & Maine 100 *160 170 __ *161) 165 160 1609Boston & Providence 100 *1 2 *1 2 *1 2 Last Sate 12 Dec'18 Boston Suburban Elec _no par *612 10 *612 10 *612 10 Do pref Last Sale 7 no par Feb'19 *134_ *134 *134 --Chia June Ry dr U S Y____100 Last Sale 134 Apr'19 *87 -89 *87 89 *8'7 -S9 Do pref Last Sale 8812 Apr'19 100 *11212 115 *11212 115 ---- --Connecticut River Last Sale 1121Ar' . 100 5112 5134 -------53 53 53 53 52 -53 __ 126 Fitchburg pref 100 10212 10212 *10212 ____ *10212 ---. *10212 103 103 77 Georgia Ry & Elect stampd.100 0 pre Last Sale 70 Mar'19 100 wig- 16 -go- 16-1 -go- 16*78 8 Maine Central 80 ---- ---100 Mass Electric Cos Last Sale 1 Apr'19 100 Do prof stamped 100 2L w, ast 2 .59 a3 14 e 5_ _ __Ap_e_1_9_ „,z,-! -,,,;;;; ...-„, 7„-.17 „,-iigi. 4 -Z-72.4 Ze..4 -6014 -Zei2 /V7g 397 N Y N H & Hartford 100 Northern New Hampshire_100 Last Sale 91% Mar'13 16- - ;5g- ---: 79 Old Colony 100 95 95 --- --21 21 *21 24 *21 14 *21 100 24 -100Rutland pref _ *100 Vermont Sr Massachusetts_100 Last Sale 95 Feb'19 46- -,6-1i -ig 45 45 45 451 41 440 West End Street 50 53 53 I 53 53 54 54 ------___ 210 Do pref *53 54 50 Miscellaneous • 10912 11012 10912 11138 11014 112 100 10912 110 *10914 110 566 Amer Agricul Chemleal 9978 100 , 100 100 100 100 9912 100 *9934 100 92 Do pref 100 6534 67 1 6612 68 6712 69 69 6978 693W 707 11,765 Amer Bosch Magneto_no par .65 .65 *.60 .65 .65 .65 *.05 .89 *.65 .89 300 Amer Pneumatic Service 25 *334 4 4 4 I *4 --_4 4 _ 15 Do pref 50 *129 131 12912 12912 130 130 *129 131 12934 1293, 31 Amer Sugar Refining *412-100 11612 117 117 117 1 117 118 11712 11712 47 Do pref . 100 104 1047 10312 10412 10278 10414 10112 103 iooT2 11118 3,715 Amer Telep & Teleg 100 6814 6814 6812 6812 6912 6912 *68 51 American Woolen of Mass-100 69 . *67 68 9914 9934 9914 9912 9914 9938 9918 993A 9912 9934 208 Do pref 100 90 90 90 90 123 Amoskeag Manufacturing____ 90 90 89 1 *80 __ 2 Do pref ---- *80 81 20% 2058 205 2058 *21 ---- *21 ---------55 Art Metal Construe Inc__ 10 13714 138 *135 137 1 135 135 134% 1-3458 135- 116105 Atl Gulf & W I SS Lines_ A00 _ ' 72 72 --- , 71 __ ____ 71 30 Do pref 100 -2534 2078 - 2034 2212 -2212 1312 2214 23 22 22 2,410 Booth Fisheries no par 1414 1438 14 1414, 14 1418 1414 1414 144 1414 488 Century Steel of Amer Inc_ 10 1318 135 1234 13341 1314 1314 1312 131 131 11 485 Cuban Portland Cement__ 10 *514 534 512 512 534 614 *512 6 - ---- ----495 East Boston Land 10 162 162 16112 16112 *160 16112 157 16014 156- 157 128 Edison Electric Ilium 100 5714 5734 57 5714 5714 59 5812 5812 3,447 Fairbanks Co 58 59 25 *161 163 , 15938 16034 16112 16112 16012 16112 198 General Electric 100 2812 2912 29 3078 30 31% 30 50 3138 -5i- If- 4,769 Gorton-Pew Fisheries 6 612 6 612 6 638 614 612 --------1,080 Internet Port Cement___. 10 2312 237 2312 2312 *21 23 _______ 125 Do pref 50 *21 23 3534 3534 *35 36 I 35 35 20 Internat Products no par *3412 36 ---- --8 814 8 814, 83X. 838 814 838 --_- ____ 1,323 island 011 & Trans Corp___ 10 *96 _ - *96 --I 96 15 McElwain (W H) 1st pref 100 96 95 96 I ---- ---81 -81- I 7958 1012 7912 80 79 7934 79 79 611 Massachusetts Gas CO8-100 68 68 68 68 ' 6812 6812 68 68 68 68 66 Do pref ______ ____.100 *135 ____ *13512 ___ *136 140 4 Mergentbaler Linotype__100 140 140---90 __ *90 ___ *90 ,Last Sale 91 -Ap-r'19 New Eng Cotton Yarn_ __100 - 1 9212 93 9212 -9212 9112 931 9314 -94 639 New England Telephone. 100 91 9 1 52 *4812 50 52 *4838 52 54 __ 100 Nova Scotia Steel & C_.__100 54 - -------*120 12012 12012 --- *121 122 31 Pullman Company 100 ---- ------53 -53-14 5234 53 5314 5314 5312 5378 54 -57 50 7,875 Punta Alegre Sugar * _ * ,15 Reece Button-Hole . 15 10 15 -„ 44% 151-2 4438 15-32 45 4538 4434 4612 -4534 -461 8 9,678 Stewart Mfg Corpn 14412 14512 145 14534 14412 145 144 145 1423 1433 100 1196 Swift & Co *60 6112 60 60 *60 6112 60 --- ----- 23„ Torrington 25 6112 174 175 I 17312 174 17212 17312 172 173 17114 172 531 United Fruit 100 5114 5212 5112 52 5134 52 , 5-12 52 5112 5112 5,813 United Shoe Mach Corp 25 2714 2712 27 2714 27 2712 2714 2712 ,,, 408 Do pref 25 9912 10038 9838 100 99% 103 997 10134 -9934 100 --14 3,973 IT S Steel Corporation__ _100 116% 11618 --- 117 117 Do pref 100 ---lois 161-2 1058 1058 10% -1-1 1 1034 11 85 Ventura Cohn: 11110J Fields_ 5 -1034 -1-078 8,485 I *.60 1 1.50500 .60, *.50 1 ' *.50 1 *.50 25 1 Adventure Con 7212 72 *70 72 72 I 72 *70 7214 *71 7212 125 Ahmeek 25 338 338 312 312 *338 334 *338 334 312 312 If 270 Alaska Gold *.25 .30 *.20 .30 t.20 .25 Last Sale .30 Apr'19 25 Algornah Mining_ 36 3614 35 36 35 36 25 *35 335 Allouez 37 *35 37 *1312 1412 *1312 1412 *1412 15 Last Sale 1412 Apr'19 Amer Zinc, Lead dr Smelt. 25 45 *43 46 45 *44 45 *45 47 *45 47 10 Do pref 25 12 12 1112 1134 1112 1134 *1134 1214 1134 12 695 Arizona Commercial 5 *.30 .40 *.30 .40 *30 .40 .30 .30 * .30 .40 100 Butte-Balaklava Copper 10 22 21 22 *21 22 22 *2112 2212 *2112 22 10 Butte & Sup Cop (Ltd)__. 10 5912 5912 5914 5934 5934 6012 5912 60 336 Calumet & Arizona 10 *5812 59 405 407 400 400 400 400 400 400 390 395 71 Calumet dr Heela 25 12 1214 12 12 *12 13. *12 13 *12 13 45 Centennial 25 43 4312 431 4314 4314 4418 4318 4312 4212 43 767 Copper Range Co 25 *27 278 3 3 *278 3 Last Sale 278 Apr'19 20 Daly-West *513 534 *512 55 512 512 5/ 9 6 558 320 Davis-Daly Copper 558 558 10 858 9 9 9 834 8% 970 East Butte Copper Min 10 858 834 *812 87 3 3 3 3 3 3 278 3 605 Franklin 25 *234 3 65 65 05 05 6512 6512 *6612 6812 *66 110 Granby Consolidated__ _ 100 68 *4114 4278 *4112 42 *3912 41 Last Sale 4412 Apr'19 100 Greene Cananea 5514 534 *5(4 53 *512 534 5.4 VA *512 534 100 Hancock Consolidated 25 *.50 .60 *.50 .60 *AO .60 Last Sale .50 Apr'19 Indiana Mining 28 4514 4514 4518 4518 4512 4512 44 *44 4518 44 165 Island Creek Coal 1 *8012 82 8014 8014 *80 82 *8012 82 *53012 82 5 Do pre: 1 2512 26 *2512 26 2512 2614 *25 2512 590 Isle Royale Copper 2512 *25 25 532 522 *514 538 512 512 *514 513 58 55 545 Kerr Lake 5 *1 114 112 112 *1 114 *1 114 *1 25 Keweenaw Copper 114 25 *4 414 *4 414 *4 414 4 4 150 Lake Copper Co 25 334 334 *2 212 *218 212 *218 214 30 La Salle Copper 218 218 *218 212 23 *214 234 *214 234 218 218 *214 212 *214 212 25 Mason Valley Mine 5 414 414 412 413 414 414 438 458 *412 434 320 Massachusetts Consol_ 25 37 334 412 4 334 4 4 4 1,047 n macyf hilgoawner-Old Colony... 25 378 37 *33 *334 4 334 334 *334 4 245 25 33, 334 4 4 57 57 *5612 5712 57 5812 58 330 Mohawk 25 58 *57 58 *1614 17 *1614 17 *1614 17 Last Sale 167 Apr'19 Nevada Consolidated 5 114 112 *112 134 *112 134 *112 134 *112 134 103 New Arcadtan Copper 25 17 1714 1718 1714 1714 1712 1712 1712 1712 1734 805 New Cornelia Copper 5 *6 7 *6 7 *6 7 Last Sale 7 Mar'19 New Idria Quicksilver____ 5 .10 ,_ no ____ :la ,, Feb'19 100 Last Sale 9 New River Company 61 -61-12 -02-1. 2 6212 6212 *62 6212 140 Do prof 100 834 918 --gE8 -134 858 834 *858 834 930 Nipissing Mines 5 858 858 11 1114 11 11 11 11 11 11 1118 1118 1,401 North Butte 15 *.30 .50 .25 .25' *.30 .50 *.30 .50 *.30 .50 100 North Lake. 25 *1 114 *1 114 *1 114 Last Sale 1 Mar'19 011bway Mining 25 34 34 3312 3313 3312 34 34 33 460 ON Dominion Co 3312 *33 25 *48 50 49 49 *48 50 48 48 *47 50 40 Osceola 25 144 15 *1434 15 141 *1412 15 1412 15 10 Q P(untinduCreek Coal 5511 5534 56 56 I 56 56 14125 12955 57 • 57 *56 25 57 2012 2012 no 2034. *2014 21 2038 2038 2018 2018 300 Ray Consolidated Copper_ 10 *43 48 *43 46 1 45 45 *44 10 St Mary's Mineral Land *44 48 48 25 14 14 1314 1314 13 14 1312 *13 14 *13 240 Seneca Copper Corp__no par 214 214 214 214 *2 232 232 238 214 212 10 426 Shannon *1 *-50 .90 112 Last Sale .75 Apr'19 25 South Lake *.11 .15 *.11 .15, *.11 .15 Apr'19 Last Sale 12 South Utah M & S 5 *412 512 512 512' *5 512 *5 512 *5 512 50 Superior 25 2 2 2 2 2 2I 17 17 *178 2 430 Superior &Boston Copper.. 10 213 212 214 214 212 212 212 238 *212 238 373 Trinity 25 .81 .82 *.81 .85, *SO .85 *.79 .85 *.79 .85 1 800 Tuolumne Copper 50% 5018 *4934 5014! 4934 5038 5038 5038 50 50 480 U El Smelt Relic & Min 50 4634 47% *4612 47 1 4658 4712 4714 4714 *4634 4714 367 Do pref 50 21% 218 *2 218 2% 218 2141 *218 233 218 385 Utah-Apex Mining 5 *77 8 8 77 734 7341 77g 8 8 8 372 Utah Consolidated 5 134 1% 134 134' 158 134 138 1% *138 112 5,220 Utah Metal & Tunnel._ I 214 *2 214 214 *2 214 *2 214 214 *2 100 Victoria 25 .80 .80 *.90 .95 .85 .85 '5.80 .95 *.80 .95 145 Winona 25 1512 1512 1512 1512 1512 16 1518 1514 *15 1512 302 Wolverine 25 1 . *.60 1 *60 1 *AO Last Sale .60 Apr'19 Wyandotte 25 age[VOL. 131 6434 85 28 159 Range for Previous Year 1918 Highest Jan 8 145 Mar24 8014 Feb 8 95 Jan30 33 Apr15 168 Apr Apr Jan Mar Jan 3 5 3 7 6 7 Feb 3 134 Apr17 84 Feb14 112 Jan15 5112 Apr24 9938 Mar15 70 Mar15 80 Jan23 1 Mar21 4 Mar27 2578 Feb13 9178 Mar31 95 Apr12 18 Apr14 95 Jan 6 40 Mar21 49% Mar13 11 Jan14 135 Jan 4 8812 Apr 8 115 Apr 9 58 Jan 2 103 Apr 5 74 Feb27 83 Jan 6 313 Jan14 1714 Jan14 3412 Mar10 94 Mar 1 105 Jan 3 21 Apr21 100 Jan18 50 Apr 3 56 Apr 5 100 Jan29 9712 Jan 3 6434 Mar10 550 Jan 2 212 Apr 8 Jan 2 111 113 Jan 2 99 Jan29 46 Jan20 Jan21 94 79 Feb15 7812 Jan 9 1712 Jan21 97 Feb 3 63 Feb15 1814 Feb 7 )3N Jan10 10 Mar26 412 Jan 4 156 Apr25 5212 Jan21 14678 Feb 7 28 Aprll 4Ia Mar26 18 Jan 4 19 Mar20 tl Jan 2 90 Jan17 79 Apr24 68 A prl 1 130 Feb10 91 Apr 8 90 Jan22 48 Mar 5 11312 Feb13 48 Feb 1 14 Jan 3 3218 Jan23 115 Jan30 5211 Jan13 15712 Feb10 44 Jan13 26% Jan 2 8814 Feb10 113 Jan 2 734 Jan21 112 Apr23 10212 Mar15 70% Apr25 114 Feb 3 6 Jan 8 132% Apr 8 119 Apr 5 10814 Mar10 6912 Apr23 10112 Mar12 91 Apr16 84 Mar22 22 Feb20 137 Apr16 72 Apr22 2312 Apr23. 1512 Mar17 14 Jan 2 638 Jan14 172 Jan 21 6114 Jan 2 16338 Apr15' 3218 Jan10 714 Apr16 24 AprI7 40 Mar26 938 Feb20 99 Mar26 86 Jan 9 71 Jan13 140 Apr16 92 Jan 7 96 Mar10 54 Apr24 12212 .1,05 57 Apr25 1514 Apr10 4612 Apr24 147 Apr15 6112 Apr24 17612 Apr16 5212 Apr21 31 Jau25 103 Apr23 117 Apr14 11 Apr23 .50 Apr22 .75 Feb 6 6212 Mar22 75 Mar 4 3 Apr 5 414 Marll 20e Jan15 30c Feb 7 35 Apr22 44 Jan21 1412 Apr10 1034 Febll 39 Feb15 47 Mar18 1034 Feb28 1234 Jan 6 20e Jan30 30c Jan17 1711 Jan23 2414 Feb28 57 Feb10 63 Jan 4 350 Mar14 445 Jan 3 15 Apr 2 12 Mar21 39 Mar 5 4412 Apr 4 2 Marll 314 M ar 11 6 Apr 2 434 Feb18 8 Feb28 912 Jan 3 212 Mar21 378 Jan 6 65 Apr21 7312 Feb13 4214 Mar27 4534 Jan 2 4% Feb 6 614 Apr 4 50c Mar 8 750 Feb18 42 Apr16 48 Jan 4 78 Apr12 8234 Jan21 24 Jan 2 27 Feb27 4 Jan17 5% Jan24 99c Mar 4 114 Apr 8 3 Jau25 412 Jan 2 2 Apr16 2% Jan 3 3 Jan 9 213 Apr23 4 Feb 7 5 Apr 3 2 Jan13 e414 Apr14 212 Feb24 Jan23 49% Feb 7 5812 Apr 7 1514 Mar26 16% Apr 9 2 April 1 Mar 8 1434 Mar 5 1734 Apr25 7 Mar31 912 Jan18 1012 Jalf28 8% Febll 5712 Mar 1 6312 Jan20 814 Jan15 1034 Jan13 9 Feb20 11% Apr 9 25c Apr22 60c Feb26 1, 750 Mar15 8 J81113 3012 Mar 5 37 Apr 3 45 Mar17 52 Jan14 1218 Feb 8 15 Apr15 52 Mar22 61 Jan 3 1912 Feb 8 2118 Apr10 40 Mar 4 4518 Apr10 13 Jan22 1412 Jan 4 112 Mar15 312 Jan 9 400 Jan13 Feb14 Sc Janll 140 Feb10 6 Jan 4 4 Mar 8 3 Jan 4 1 Mar28 2 Feb 3 3 Jan13 74c Apr • 1 90c Febll 43 Jan21 51% Mar12 4414 Jan24 4912 Mar 14 318 Jan 3 2 Apr12 712 Jan18 838 Jan 2 114 Jan28 214 Mar12 2% Jan 2 114 Mar13 500 Jan 9 114 Jan 4 15 Mar 5 19 Jan14 40o Mar13 800 Apr 1 A Ex-rights. s Ex-dividend. is Half-paid. 108. Lowest Highest 12212 Apr 37 Jan 80 July 19 Jan 150 Apr .50 Dec 1014 Mar 138 July 82% Apr 104 Feb 53 Jan 106 Sept 70 Oct 7712 June 134 Sept 312 Jan 27 Feb 84 Oct 28812 June 20 Jan 80 Aug 37 Feb Jan 47 146 Nov 80 Nov 104 Nov 40 Sept 170 Aug 3 June 15 June 147 Apr 8512 Dec 125 Nov 65 Jan 1184 Jan 81 Feb 88 Nov 712 May 33 May 46 May 95 Nov 112% Dee 25 Jan 91) Oct 50 July 62 Apr 78:2 Jan 106 88s Jan 100 Oct Dec .40 July 4 Sept 99 Jan 107 June 9034 Aug 4512 Jan 90 Jan 6012 Jan Jan 76 11 Feb 98 Jan 5812 Jan Jan 21 1014 May 1112 Nov 4 Jan 134 June 2712 June Jan 128 27 Aug 412 Oct 12 Apr - 11-2 Idal' 15% Mar 11512 May 115 Dee 10918 Oct 6038 May 0712 Dee 92 Nov 82 June 719 Dec 12014 Feb 6714 NOV 2312 Sept 1478 Dec 1712 May 5s4 May 186 Nov 6414 Nov 15734 Nov 35 Aug 712 Oct 23 Nov 312 Aug 88 Sept 37714 Jan 62 June 107 June 88 Jan 8213 July 53 Dec 102 Jan 29 Jan Jan 11 27 Oct 102 Aug 45 Jan 11513 Jan 8812 July 2434 Aug 87 Mar 108 Mar 5 Jan -j3-2 Dee 93 Nov 9114 Nov 71 NOV 147 Nov 05 Oct 10012 Oct 69 Jan 130 Nov 81 Dec 137g Mar 4112 Nov 14614 Aug 58 Dec 165 Dec 481g May 2612 May 11612 Aug 11382 Dec 9 Nov 12 June 124 Jan 6t) Deo 86 Nov 53,, Nov 138 Apr .15 July .45 May 4012 Dec 54 Feb 10 Dec 2114 July 4012 Dec 54 July 1614 Aug 11 Jan .48 Nov .20 Oct 1634 Dee 33 May 61 Dec 7312 May 425 Dec 470 Dee 1034 June 1412 Feb 40 Dec 51% Nov 3 Sept 112 Apr 572 Mar 434 Dec 812 MAX 13 Nov 6 Feb 3 June 7312 June 8434 Oct 39 Jan 5734 NOV 434 Dec 1018 Jan 1 Jan .40 July 4478 Dec 70 May 7912 Oct 84 Feb 1912 Jan 29 July 612 Oct 5 Jan .80 Sept 134 May 334 Dec 834 May 314 Mar 2 Jan 5 Feb 234 Dec 7 Jan 334 Sept 412 Nov .65 Mar 414 Oct .40 June 012 Dec 6612 May 1612 Dec 2012 May 212 July 114 Aug 984 Dec 12 Aug 6312 Dec 8% Jan 10(3 Dec .25 Feb 12 June 32 Dec 46% June 1234 Dec 59 Dec 19% Dec 38 Dec 7 Jan 234 Dec 12 Sept .10 Dec 4 Feb 114 Aug 212 Sept .73 Dec 36 Apr 42 July 114 May 7 Dec 1 Dec 1% Dec Is Nov 18 Dec .40 May 1714 Mar 20 Jan 89 Jan 978 Apr 1738 May .95 Mar 138 Dee 4512 Jan 65 Jan 2014 Feb 78 May 2534 May 57 Jan 1534 Dec 534 Jan 2 Jan .20 Jae 878 Nov 434 Sept 412 Feb 1% Aug 5012 Oct 4712 Nov 418 Nov 12 Jan 3(, Apr 3 Jan 2 Jan 36 Jan. 1, A4 Mar THE CHRONICLE APR. 26 1919.] 1709 Baltimore Stock Exchange.-Complete record of the transactions at the Baltimore Stock Exchange from April 19 to April 25, both inclusive, compiled from the official sales Boston Bond Record.-Transactions in bonds at Bos- lists, is given below. Prices for stocks are all dollars per Exchange April 21 to April 25, both inclusive: ton Stock share, not per cent. For bonds the quotations are per cent of par value. Friday Sales Outside Stock Exchanges Last Week's Range for Sale. of Prices. Week. Price. Low. High. Shares. Bonds. Range since Jan. 1. Low. I High. Stocks- Friday Sales Last 1Veek's Range for of Prices. Sale. Week. Par. Price. Low. High. Shares. Range since Jan. 1. Low. High. 98.34 98.74 $68,550 98.04 Feb 09.64 Mar 95.24 95.50 6,750 91.64 Jan 95.54 Apr Alabama Co 70 70 Feb 70 Feb 100 130 69 93.04 93.24 7,350 92.04 Jan 94.02 Jan Arundel Sand & Gravel 100 37 37 Feb 100 3414 Jan 38 95.24 95.60 8,150 93.24 Mar 96.50 Jan Preferred 94 94 Mar 94 Apr 20 92 100 93.04 93.42 14,450 93.04 Mar 05.90 Jan • Atlantic Petroleum 2% 3% 11,105 Jan 3 2 3% Apr 10 94.84 95.20 84,100 94.40 Mar 96.50 Jan Baltimore Tube 72 72 Jan 72% Mar 195 70 100 72 93.04 93.40 262,300 93.04 Apr 96.50 Jan Preferred 86 86 Apr 10 71% Feb 86 100 86 Jan 109% Apr Celestine Oil v t 108% 109% 4,000 100 1.00 Mar 1.10 1.10 4,030 1.50 Feb 8414 15,000 83% Jan 84% Feb Commercial Credit pref_25 84 26 26 Feb 26 Feb 15 26 90% 90% 1,000 90% AM' 91% Feb Preferred B 25 25 Jan 12 24% Apr 25 25 Feb 83% Jar/ Consol Gas E L & Pow100 105 80 5,000 79 81 104% 10514 381 103% Apr 110% Mar Apr 94% Jan Consolidation Coal.... _ _100 80 90% 5,000 90 90 Jan 79% 80% 1,236 79% Feb 83 Mar Cosden Sr Co Mar 74 10,000 72 72 72 914 10 5,579 Apr 934 634 Feb 10 5 Mar 89% 90 4,000 89% Apr 94 Preferred 4% 4% 530 Jan 4 4% Apr 5 Apr 87% Mar Davison Chemical_ ..no par 34% 33;4 35% 83 3,000 83 83 664 32 Jan 40% Feb 79% Jan Jan 77% 1,000 78 78 Elkhorn Coal Corp 27 27% 20 27 50 Mar 30 Jan Apr Houston 011 trust ctfs_ ..100 Jan 96 93 9214 06 117,000 87 92 10214 85 72% Jan 102% Apr 96% 96% 14,000 95% Mar 9634 Jan Preferred trust ctfs_ ..100 90 87 885 72% Jan 90 Feb Jan 100 Feb 3,000 99 99% 100 Mer&Miners Trans v t 100 57 57 20 54% Mar 61 Apr Mar Mt V-Woodb Mills v t r100 Jan 91 89% 8934 13,000 89 86 16 17% 18% 18% Apr Jan Preferred v t r 7334 78% 400 71 Feb 78% Apr 100 Pennsyl Water & Pow_100 85 362 77% Jan 85% Apr 85% Chicago Stock Exchange.-Record of transactions at United Ry & Electric.. 15% 15% 1,670 15 Mar 2034 Jan 50 Wash Bait & Annap_ _ _ _50 85 2414 Mar 27% Apr 26% 2734 sales official lists: from compiled Chicago Apr. 19 to Apr. 25, Preferred 2 3514 Feb 38 38 38 Apr 50 Wayland Oil & Gas 145 4 3% Feb 4 4% Feb 4 5 Sales Friday BondsRange since Jan. 1. Last Week's Range for Bait & Ohio coil Os w 9734 97% $8,000 9734 Apr 97% Apr Week. Sale. of Prices. Bait Sparrows P&C 4148'53 89 1,000 88 Jan 90 89 Feb High. Low. StocksPar. Price. Low. High. Shares. 99 Consolidated Gas 58_ _1939 4,000 99 99 Apr 100% Mar Apr 8514 Jan 8434 8434 1,000 84 Apr 290 140 275 Jan Consol GE L&P 4348_1935 American Radiator.._ _ _100 275 280 6% 97% 9734 1,000 95% Jan 98% Mar notes Feb 120 955 100 Mar Amer Shipbuilding_ _ _ _100 119 115 119 7% notes 100% 100% 100% 24,000 100% Mar 100% Apr 106 8514 Apr 8614 Feb 100 Preferred 85% 86 9034 99% 32,000 99% Jan 100% Apr Apr Consol Coal cony 68..1923 Armour & Co. preferred.. _ _1 10314 102% 104% 8,460 100% Mar 105 Apr 99 25 99 Apr Cosden& Co ser A 65_1932 9434 933-4 9434 59,000 84% Jan 94% Apr 99 99 Avery Co common Series B 6s 64,000 8534 Jan 96 1932 96 Apr 9534 98 Booth Fisheries, common: Feb 99% Jan 5,980 18 Feb 24 9954 18,000 98 Apr Elkhorn Coal Corp 68_1025 99% 99 (no par), 2234 20% 24 new 9134 92 3,000 9014 Apr 95% Jan 150 78 Apr 83 Mar Fair & Clarks Trac 58_1938 92 79% 80 1001 80 Preferred 109 110% 59,000 98% Jan 112 Feb 320 Mar 11 sg 8 Feb Houston 011 city ctfs_'23-25 8 Chic City&C Ry pt sh pref Apr 94 94 5,000 94 94 Apr 125 60% Feb 70 67 67 Apr Indiahoma Ref 68 Chic Pneumatic Tool_ _100 Kirby Lumb Contract68'23 99 6,000 98% Apr 99% Feb 99 5 195 Apr 7 8 9 Feb Chic Rys part ctf "2" 8 458 111 Feb 115 111 113 8934 8934 2,000 89% Mar 03% Jan Jan M St & St P C jt 50..1928 Commonwealth-Edison 100 No Bait Trac 54 100 100 2,000 100 Apr 10014 Jan 1942 834 Apr 8% 8% 9,115 Apr Continental Motors 834 111% 112 810 100% Feb 113 8734 8714 3,000 87% Apr 87% Apr Apr United E L & P 4148_1929 Cudahy Pack Co,cora_1001I 112 Apr 76% Jan 70 71% 21,000 70 360 78 Apr 99 97 78 100 Apr United Ry & E 48. _1949 Deere & Co, pref Income 43 48 Apr 55% Mar 1949 5034 102,000 48 75 109 113% 114% Jan 115 1001 Apr Diamond Match 6% notes 92% 92% 1,000 9234 Apr 96 320 5434 Feb 7114 Apr 7134 Jan 1001 7134 71 Hartman Corp 1941 78% 78% 36 68 Feb 79 8134 8134 3,000 81% Apr 83% Jan Apr Wash B & A 58 Hart,Shaff&Marx,com100 64 340 56 6634 Feb 68 1001 Illinois Brick Mar 49,911 19% Jan 34 29% 34 30 Philadelphia Stock Exchange.-Record of transactions Libby(W I) Apr 10 20% 17% 21% 13,517 16 Apr 21% Apr at Lindsay Light Philadelphia Apr. 19 to Apr. 25, compiled from official 9% Feb 9% 9% 50 10 Preferred Apr 35 37 1,300 24 Feb 37 Middle West Util, corn..100, Apr sales lists: 64 60 289 49 100" Mar 64 Preferred Apr Sales Friday 34 33 500 33 Apr 34 Mitchell M Apr Range since Jan. 1. Last Week's Range for 120 120 84 118 Apr 122% Mar National Carbon pref.. 100 Prices. of Week. Sale. 49% 48 110 46 Jan 52 Peoples Gas Lt & Coke.100 Feb StocksLow. High. Par. Price. Low. High. Shares. 95 95 20 88% Feb 05% Apr Pub Serv of No Ill, corn 100 295 300 428 295 100 Apr 300 Quaker Oats Co Jan Alliance Insurance 21% 2134 Jan 21% Apr 3 19 10 102 102% 109 101 100 Feb 103 Preferred Feb American Gas 3 60 Jan 69 6514 6534 Jan. 100 181 185 827 168% Feb 185 Sears-Roebuck, corn......100l Apr American Railways pref100 64 Mar 69% Jan 5 64 64 64 122 122 100 50 119 Preferred Jan 122 Apr 4 20% Apr 28 Feb 20% 20% 110% 110% 100 20 99% Apr 110% Apr American Stores.. _ ..no par Shaw (W W) pref 200 65% Jan 9434 Apr 91% 91 Locomotive_ ..100 91 46% 3,175 45 Apr 461% Apr Baldwin 4594 45 Stewart Mfg 20 40 40% 40% Jan 41% Feb Iron 50 94% 4,690 84 Jan 94% Apr Cambria Stewart-Warner Sp,com100 9334 92 Elec Storage Battery...100 75% 70% 704 26,653 51% Jan 7634 Apr 141% 14634 8,964 115% Jan 148 100 142 Swift & Co Apr General Asphalt 39 6,441 Jan 72% Feb 62 68 6834 100 58% 6214 23,130 41% Jan 65 58% Swift International Apr Jan 108 5,300 76 Preferred Feb 100 101% 95 102 Union Carbide & CarCo of N A _10 30% 29% 30% 513 25% Jan 30% Apr 7034 17,693 56 (no par) 69% 69 Jan 71% Apr Insurance bon Co J G Feb Brill 19% 47 Co Apr 43% 46 46 100 500 19% 21 425 17% Jan 21% Jan United Paper Bd,corn..100 Keystone Telephone_ _ _ _50 10 Mar 10 365 8 Apr 834 10 11034 110% 40 110 Jan 112 Ward, Montg Sr Co, pref. Jan Mar 50 Preferred Jan 20 47 x50 50 50 12% 4,712 5 9 4 Western Stone Jan 12% Apr Lake Superior Corp......100 1934 1934 20% 7,035 17 Jan 21% Feb 82% 85% 540 66% Jan 85% Apr Wilson & Co, common_100 83 Lehigh Apr 73 267 67 Jan 67% 50 67% 67 305 95 100 100% 100 101% Preferred Feb 101% Apr Lehigh Navigation Valley 334 53% Apr 56% Jan 50 54% 5334 54% BondsNorristown Jan 123 Apr 8 117 123 123 50 72% 72% $4,000 72% Apr 81 1927 Chicago Rys 58 Jan Northern Central Jan 20 71% Feb 75 7214 72% 50 93% 93% .3,000 Commonw-Edison 53_1943 Feb 94% Jan Pennsylv Salt Mfg 131 81% Apr 84% Feb 82 82% 50 82 77 77 4348_1924 4,000 Eley 9 7 , Side South Apr 70% Feb Pennsylvania 44 3,307 Mar 44% 46% 44 Jan 44% 50 9634 98% 3,000 95% Mar 98% Jan Swift & Co 1st g 58...1944 115 30 Jan 40% Apr Philadelphia Co (Pins).10 40% 38 99% 99% 6,000 96 Mar 99% Apr Wilson & Co 1st (3s_ _1941 28% 29 Mar 30 28% Apr 29 Preferred (5%) 50 35% 36% 1,442 3134 Jan 36% Apr Pref (cumulative 6%).50 36 Pittsburgh Stock Exchange.-Record of transactions at Phila Electric of Pa__ _ _25 25% 2514 25% 3,418 24% Jan 2534\ Jan Phila K T vot trust rects.50 2334 23% 24% 2,077 23% Apr 28 Jan 182 66 Apr 71 Pittsburgh Apr. 19 to Apr. 25, compiled from official sales Philadelphia Traction_ _50 66 Jan 67 66 45 76% Jan 86% Apr Reading 83% 84% 50 lists. 600 37 Mar 38% Mar First preferred 50 37% 37% 214 Jan 3% Feb Tono-Belmont Devel_ _ _ _1 354 3 1-16 3% 2,230 Friday Sales Jan Tonopah Mining 215-16 3% 2,4155 3% Apr 1 3 Last 1Week's Range for Range since Jan. 1. 435 Jan 3814 37 39X Union Jan Traction 38 so of Prices. Sale. Week. 14 185 Feb 190 United Cos of N J_ ......100 Jan 189 190 Par. Price. Low. High. Shares. StocksLow. High. United Gas Improv't_ _ _50 68% 68% 69% 1,744 67% Apr 74% Jan 8,855 88% Feb 103 Apr U S Steel Corporation_100 100% 98% 103 28% 12,334 16 100 23;4' 21 AmerSewer Pipe Jan 28% Apr Warwick Iron & Steel_ ....10 Jan Apr 31 814 • 9 1,110 79 Amer Wind Glass Mach 100 86 I 8334 87 Jan 88 Jan Welsbach Co 40 Apr 46 26 Apr 46 40 100 80% 82 100 Preferred 70 77% Jan 82 Mar W Jersey dr Sea Shore....50 42 145 42 Mar 46 Jan 42 42 Columbia Gas & Elec__100 46%1 46% 463.4 30 39% Feb 46% Mar Westmoreland 112 72% Apr 75 7234 7314 Jan Coal 50 og Consolidated Ice corn_ _50 35 3 Jan Mar Wm Cramp & Sons_ _100 117 75 9,323 Feb 125% 114 Apr 12514 25 • 26 50 26 Preferred 270 15 Feb 26 Apr York Railways, pref._ _50 Mar 32 30 31 31 31 Jan 04 94% Crucible Steel pref........100 53 91 Jan 94% Apr Bonds. 60 60 Exchange Nat Bank.._ _.50 1 60 Apr 60 Apr US Lib Loan 3348_1932-47 98.20 98.70 $12,550 98.20 Apr 99.70 Jan 100 100 Harb-Walk Refract pf_100 65 99 Jan 100 Jan 95.00 95.00 1st Lib Loan 48_1932-47 50 92.30 Feb 95.20 Apr 314 3% Indep Brewing corn..--50 3% 349 1% Jan 414 Mar 92.80 93.28 1,400 91.80 Jan 93.68 Jan 2d Lib Loan 4s_ _1927-42 914 10% 50 1014 Preferred 265 Jan 10% Mar 93.00 93.26 2,300 93.00 Apr 95.30 Jan 2d Lib Loan 4%01927-42 La Belle Iron Wks corn-100 9835 98% 98% 70 9414 Feb 10534 Mar 94.80 95.30 46,200 94.50 Feb 96.38 Jan 3d Lib Loan 434s......1928 100 268 260 278 Lone Star Gas 535 170 Jan 280 Apr 93.00 93.52 48,650 93.00 Apr 95.64 Jan 4th Lib Loan 4X s_ _1938 54 Mfrs' Light Sr Heat._ ....50 53% 52 3,518 48% Jan 54 Apr Amer Gas & Elec 5s_ .2007 8334 83% 84 Jan 5,000 83% Apr 88 834 8% 9% 6,905 Nat Fireproofing com..50 5 Jan 1034 Jan 84 900 83% Apr 88% Jan 84 small do 2007 16 18 50 1734 Preferred 2,000 10 Jan 18% Jan Beth Steel p in 88_ ......1998 110 110 Feb 110 2,000 110 Feb 1 2334 2234 26% 3,610 16 Ohio Fuel 011 Jan 26% Apr Cons Trac N J lat5s_ _1932 85 Apr 89 Jan 85 2,000 85 25 4714 46% 4714 5,340 4234 Feb 47% Apr Ohio Fuel Supply Mar 71 Jan & Poop tr ctfa 48.1945 69% 69% 69% 4,000 65 34 Oklahoma Natural Gar3.25 36 37% 2,381 28% Jan 3734 Apr Elecdo Mar 75 Jan 1945 small 69 200 65 69 Oklahoma Prod & Ref...25 10% 10% 11 125 8% Mar 11% Apr Equit Ilium Gas Lt 58.1928 102 102 1,000 101% Feb 104 Apr 514 6 Pitts)) Brewing corn_ _50 450 2 Jan 6% Mar Keystone Telep 1st 50 1935 88% 8834 88% 3,000 88 Apr 90 Jan 50 15% 14% 16 1,176 Preferred Jan 16 7 Apr Lake Superior Corp 55 1924 Jan 64% Apr 6414 9,000 58 63 50 50 Pittsburgh Coal corn_ _100 100 45 Feb 50% Apr 500 58 Jan 63 Apr do 63 1924 small 63 86% 86% loo' 10 85% Feb 86% Mar Lehigh Valley Preferred 3,000 10114 Jan 102% Jan 1928 102 102 6s 16c 170 11,500 Pittsb-Jerome Copper.._ _1 170 8c Jan 200 Feb General consiol 48..2003 793-4 79% 6,000 7914 Apr 80% Jan 38e 40c Pittsb& Mt Shasta Cop.. _1 5,000 210 Jan 46c Apr Lehigh Val Coal 1st 58 1933 6,000 100 Jan 100% Mar 100% 100% 12 1214 13% 100 Gas & Pittsb 011 4,630 8 Jan 13% Apr Natl Properties 4-68...1946 5,000 30 Apr 3214 Mar 30 30 118 118 Pittsb Plate Glass com_100 50 116 Jan 120 Jan Penn RR general 50..1968 3,000 9334 Mar 98 95 Jan 95 % 1 Riverside East Oil com_ _5 710 Feb 1 Jan 34 P W & B etfa 4s_ _ _1921 Feb 96% Apr 96% 9634 10,000 95 128 132 Union Natural Gas_ _100 132 275 122 Jan 132 Apr Poop Pass tr ctfs 4s_..J943 9,000 72 77 Apr 76 Mar 77 31% 31% 100 S Glass 100 30 Feb 33 Jan Philadelphia Co 1st 58.1949 99% 100% 5,000 99% Apr 100% Apr 99% 102% US Steel Corp corn...... 100 185 88% Feb 102% Apr 100 100 1,000 100 do straind a f& red.1949 Jan 10014 Mar West'house Air Brake...50, 102% 9944 10234 1,940 93 Jan 102% Mar Oons&coll tr stmpd _1951 86% 86% 15,000 85% Apr 89% Feb 49% West'house Eleo & Mfg.501 4914 49 200 40% Jan 4935 Apr Phila Electric 1st 5s...1966 93% 93% 93% 25,000 93% Jan 96 Jan 1234 13 West Pa Tr & W P.. _ _100 150 12% Mar 13 Mar 1966 2,000 93% Feb 9734 Jan 93% 94 do small 1997 83 Reading gen 4s 8314 18,000 825-4 Apr 86% Jan 83 BondsSchuylkill Riv E S 48_1925 92% 92% 1,000 92% Apr 92% Apr 96 96 Amer Sewer Pipe 68....1920 $3,000 96 Mar 96 Mar United Rys g tr ctf 48_1949 Jan 57 Jan 3,000 57 57 57 52 52 Indep Brewing 68_ __ _1055 52 4,000 36 Jan 52 Apr United Rys Invest 58_1926 73 42,000 62% Jan 73 71 Apr 69 69 Pittsb Brewing Os__ _1949' 2,000 52 Jan 69 Apr Welsbach Co 54 Jan 98 Apr 98 2,000 95 1930 98 U S Lib Loan 3%8_1932-47 1st Lib Loan 40_1932-47 2d Lib Loan 4s.. _1927-42 1st Lib L'n 4%0_1932-47 2d Lib L'n 4%0_1927-42 3d Lib Loan 4%s_ __1928 4th Lib Loan 4 Xs._1938 Am Agric Chem 50_ _ _1924 Amer Tel & Tel coil 48.1029 1946 Coll trust 58 Atl G & W I SS L 53..1959 Chic Jot & U S Y 58....1940 1934 KCM&B Inc 50 1929 Mass Gas 4348 1931 4%8 Miss RiverPower 58..1951 PuntaAlegre Sugar 68.1931 1944 Swift Sr Co 1st 5s S Smelt, R & M cony 68 Western Tel & Tel 513_1932 I 1 Volume of Business at Stock Exchanges Stocks (Concluded)TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY. WEEKLY AND YEARLY. Week enlino April 25 1919. Saturday Monday Tuesday Wednesday Thursday Friday Total Stocks. Railroad. Shares. I Par Value. Bonds. 682,2731 1,630,385; 1,540,360 1,645,330: 1,280,845; 1,060,5351 $65,687,300 158,204,500 148,129,500 152,462,000 120,287,500 100,656,000 State. Mutt. zit Foreign Bonds. $641,000 663,000 750,000 570,000 546,000 461,500, $1,203,000 2,534,000 2,300,000 2,239,000 1,979,000 1,796,500 U.S. Bonds. $5,931,000 9,423,000 5,814,000 9,791,000 9,083,000 7,069,500 7,839,7283745,428,800 $12,051,500 $3,631,500 $47,111,500 Jan. 1 to April 25. Week ending April 25. Sales at New York Stock Szchange. 1919. 1918. 1919. 1918. 39,969,002 64,925,883 2,077,015 7,839,7281 Stocks-No.shares___ $745,426,800 $191,552,500 $6,474,867,655 $3,737,392,850 Par value $12,400 $46,200 $1,000 Bank shares, par Bonds. $744,314,700 $257,185,500 Government bonds__ _ $47,111,500 $21,995,000 69,767,500 138,377,500 3,010,500 3,631,500 State,mun.,&c.,bonds 91,563,000 145,362,000 3,930,000 12,051,500 RR.and misc. bonds $418,516,000 $62,794,500 $28,935,500 $1,028,054,200 Total bonds DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND BALTIMORE EXCHANGES. Boston. Week ending April 25 1919 Baltimore. Philadelphia. Shares. IBond Sales. Shares. Bond Sales. Shares. Bond Sales HOLT DAY 19,456 $215,600, 24,1731 135,550, 31,555 90,050 106,750 20,8061 103,000 9,1841 Saturday Monday Tuesday Wednesday Thursday Friday Total [vol.. 108. THE CHRONICLE 171,0 105,1741 $650,950 8,000; 2,389 11,141 3,258 4,691 3,491 3,255 $104,000 90,900 01,900 120,200 80,200 19,000 $290,8001 28,225 $506,200 6,253 9,241 15,725 18,781 14,016 21,497 $21,200 63,950 58,750 49,100 89,800 85,513 New York "Curb" Market.-Below we give a record of the transactions in the outside security market from April 19 to April 25, both inclusive. It covers the week ending Friday afternoon. It should be understood.that no such reliability attaches to transactions on the "Curb" as to those on the regularly organized stock exchanges. On the New York Stock Exchange, for instance, only members of the Exchange can engage in business, and they are permitted to deal only in securities regularly listed-that Is, securities where the companies responsible for them have complied with certain stringent requirements before being admitted to dealings. Every precaution, too, is taken to insure that quotations coming over the "tape," or reported in the official list at the end of the day,,are authentic. On the "Curb," on the other hand, 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, particulaely as regards mining shares. In the circumstances, It is out of the question for any one to vouch for the absolute trustworthiness of this record of "Curb" transactions, and we give it for what it may be worth. Friday Sales Last Week's Range for Sale. of Prices. Week. Par. Price. Low. High. Shares. Week ending Apr. 25. Stocks- AetnaExolosives-r(nopar) 1034 931 1034 Preferred r 100 70 70 54 54 Air Reduc Co_r_(no par) 54 Amer Bosch Magneto r (t) 71 655', 71 2 3 Amer & Brit Mfg com_100 3 Preferred 100 30 25 30 Amer Malt & Grain_r___ 40 39 41 57 63 Am Road Machinery_r 100 Amer Sewer Pipe 100 26 2134 27 Amer Steel Foundries w I__ 3234 3134 3334 Amer Writing Pan corn 100 734 831 Brit-Amer Tob ord bear_Ll 2334 2334 2434 Bucyrus Co_ r 20 28 100 25 Butt'w'th-Jud Corp_ r--(t) 28 28 Chalmers Mot Corp-r-(t) 934 934 1034 Cities Serv Bankers sharesr 3634 36 3635 Clalborne&Annap Ferry r 5 8 7 13 Cramp (Wm.)& Sons S. & Eng Bldg 115 126 100 118 EmersonPhonograph_ ___ 5 434 3% 5 56 Endicott J'n.son Corp_r 150 64 65 Preferred w hi' 100 1003.1 10034 10035 Fairbanks & Co_r 25 5834 57 5934 Famous Players-Lasky 80 86 Corp (no par) 84 34 36 Fisk Rubber new w 1_ r__25 Freeport Tex Co.r (no par) 4334 43 4334 60 General Asphalt com-r 100 68 8834 97 102 Preferred .r 100 102 Hocking Val Products r 100 1034 1034 834 Hupp Motor Car Corp_10 834 834 Imperial Tob of GB&Ire Ll 1634 1634 Intercontinental Rubb_100 21 2034 2234 Lackawanna Co Coal r_10 2834 24 30 Range since Jan. 1. Low. 36,800 63 Jan 35 59 Mar 100 54 Feb 1,200 *6135 Feb 1,300 2 Apr 900 23 Mar 3,500 34 Apr 3,300 8 Feb 4,000 2134 Apr 10,600 3134 Apr 2,500 234 Jan 5,600 23 Mar 2,200 1235 Mar 1,100 25 Apr 431 Mar 38,000 9,100 35 Feb 17,250 7 Apr 6,700 4,800 3,800 1,600 6,700 82 2 44 9934 5434 6,300 11,700 800 25,450 2,915 1,000 7,900 200 10,500 7,200 40 29 33 3934 8334 9 434 1435 1034 1034 High. 1034 70 5434 71 434 30 41 67 27 3334 834 255 30 28 12 3834 16 Apr Apr Jan Apr Mar Apr Apr Apr Apr Apr Apr Feb Apr Apr Mar Mar Apr Jan 128 Apr Feb 5 Apr Apr 65 Apr Apr 10034 Apr Mar 6034 Feb Apr 88 Apr 39 Feb 45 Jan 7234 Jan 109 Apr 1634 914 Jan Feb 1734 Jan 2334 Feb 36 Apr Apr Mar Feb Feb Apt Mal Feb Apt Mar Sales Friday Last Week's Range for Week. Sale. of Prices. Price. Low. High. Shares Libby, McNeil & Libbyr10 Marconi Wire'Tel of Am_5 Morris (Philip)& Co_ _ __10 MotorProducts_r _(no par) Nat Aniline&Ch,00m.r.100 Nat Fireproofing corn r 50 100 Nat Ice & Coal_r N Y Shipbuilding (no par) No Am Pulp&Pap-(no par) Pacific Gas & Elec comr100 1 Pearson Coal_r Peerless Tr & Mot Corp_50 Perfection Tire & Rubb r 1 Poulsen Wireless_ r___-100 Rem'ton Typewr'r r__100 25 Savold Tire_ r Stand'd Gas &Elec corn r 50 Stewart Mfg_r Submar Boat Corp v t e 5 15 Swift Internat'l_r Themelis Bros Co,Inc r 10 Triangle Film Corp vt 0..5 Union Cart) & Carbon_r(t) United Profit Sharing__25o U Steamship 10 Wayne Coal 5 World Film Corp v t o..-5 30% 4% 12% 32% 46 56 2% 28 134 6 63 41 46% 16 59 34 70 .1% 231 3% 30 4% 12% 40 27% 9% 62 3734 4% 55% 2% 24% 15-16 4% 55 33% 35 44 1434 57% 11 34 69)4 131 294 3% 34 Range since Jan. 1. Low. Jan 3434 46,700 19 4 Jan 4% 4,200 Feb 7 13% 38,500 Apr 135 40 42% Mar 33% 32,500 24 6% Feb 100 934 Jan 3,600 47 65 Jan 6,300 25 47 2% Jan 7% 211,000 Apr 700 62 6634 1X Jan 3 5,800 Jan 11,200 18 28 )4 Feb 1% 200,000 4% Apr 4,700 6 63 16,950 .41% Apr Apr 42 125,800 24 11,200 29% Apr 40 Apr 46% 7,400 38 Feb 35,300 10 18 17,800 40)4 Jan 62 Mar 200 10 12% % Feb 1% 54,800 1,100 8034 Feb 70% 7-16 Jan 1% 20,500 2 Mar 234 27,000 3% Fe 4% 16,000 !fe Ma 34 6,500 High. 3434 Apr 5 .Mar Apr 14 42% Apr 33% Apr Jan 12 67% Mar Apr 47 7% Apr Apr 58 ng Feb Apr 28 134 Apr 735 Apr Apr 63 42 Apr 40 Apr 46% Apr 18 Apr 65% Mar 12% Apr 1% Apr 73 Apr 2% Feb 5% Jan 4% Apr Apr Former Standard Oil , Subsidiaries Anglo-Amer Oil_r £1 Atlantic Refining_r__ _100 Buckeye Pipe Liner__ _50 Galena-Slg 011 com_r__100 Illinois Pipe Liner_ __ _100 Indiana Pipe Liner__ _50 Ohio 011_r 25 Prairie Oil dt Gas_r____100 Prairie Pipe Line_r---100 South Penn Oil _ r 100 Standard Oil (Callf)_r _100 Standard Oil (In(1)_r_ _100 Standard Oil of N J_r-100 Standard Oil of N Y_r100 Swan & Finch_r 100 Vacuum 011_r 100 185 107 310 285 115 438 21 .21% 375 1400 101 102 118 130 185 190 106 107 385 404 700 705 277 278 309 322 277 286 815 820 708 725 364 395 105 115 425 443 9,770 16% 33 125() 30 91 350 88 80 164 40 99 506 315 37 830 40 263 188 202 110 258 50 770 46' 668 546 310 140 98 200 395 Jan .21% Mar 1400 Mar 102 Feb 130 Jan 190 Mar 107 Jan 404 Jan 708 Mar 278 Apr 322 Jan 286 Apr 820 Apr 731 Jan 395 Feb 118 Jan 443 Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Jan Apr Feb Apr Other Oil Stocks 4% % Jan 3% 1 3% 4)4 60,500 Allen 011_ r 534 434 Apr 5 4% 5% 5,100 Alliance Oil & Ref _r 5 2% 2% Amalgamated Royalty_r_l 1% 2% 119,600 I% Apr m 5,900 3-16 Jan 5-16 Barnett 011 & Gas_r 1 3-16 3-18 3 Mar 634 Boone 011.r 5 6% 6% 6% 43,800 18o Jan 470 36c 41e 110,000 Boston-Wyoming 011_r 1 39c Caddo 011 & Ref__(no par) 4134 3734 4234 102,500 37)4 Apr 4234 Mar 51% 7,900 37 Com'nw'th Petr hr w I (t) 43)4 43 47 4% 1,100 3% Ap 3% 4% Continental Petroleum r.5 10 6% Ja 35,000 935 Cosden & Co. eorn_r_5 934 10 2 1% Fel 100 1% 1% Crystal Oil& Refining_ r_l 6 J% Elk Basin Petroleum_ r _.5 934 7'% 9% 16,800 10c 4o Ja 7e 7c 8c 79,500 Esmeralda Oil Corp_r 1 4 2 Ja 68,000 334 33.1 4 Federal 011_r 5 8% 3% Ma 6% 6% 8% 118,000 Glenrock 011.r 10 10% Ma 1,500 10 10 Hercules Petrol Class A r 10 10 1031 52c 41e 42c 7,000 40o Ma Homa Oil Co_r 1 19 Feb 7,300 10 Home Oil AL Refg_r w L_10 18% 15% 19 104 Ja 17,000 75 Houston 011, com_r__100 9734 95 104 5% 17,500 550 Fe 3% .2% 4 Hudson 011 _r 1 35% 17,100 16% Ja Internat Petroleum_r....£1 3035 2834 33 93.4 6% Ja 831 7% 835 147,500 Island Oil dz Transp.r--10 16e 6o 530 6c 29,500 5350 Ap Kenova 011 1 535 534 Ap 1,500 Kentucky Petroleum 5% 5% 535 42 36 6,300 23% Ja Louisiana 011 de Ref_r _ _50 38 735 634 AD 7% 1,000 Marland Refining-r 7 5 33% Ja 33% 62,000 21 Merritt 011 Corp.r 10 32% 30 234 Ja 3 2 15-18 33.1 21,500 Metropolitan Petroleum.25 1% 1.13 Ja 1% 1 9-18 1 11-16 8,500 Midwest Oil, com_r 1 177 Ja 8,510 124 Midwest Refining-r____50 176 1673.4 177 1 Ma Morton Pet of Mew Lr_1 4% 4% 5% 132,000 4% Ap 7 National 011_r 41,500 6 6 7 10 69c 630 550 690 128,000 46o Fe Northwestern 011_r 3 Ap 6)4 6% 4% 6% 8,300 Oklahoma & Tex Oil_ r 5 64o Ja 47c 52c 50,000 220 Omar 011 de Gas,eom 1 48c 194 Ap 234 Orient Oil & Gas-r 2% 1 231 2% 16,700 17% Pennok OIL r 1535 1734 24,500 1131 Feb 10 1634 60c 3-16 Ap 30o 400 57,000 Pennsylvania Gasoline_l 390 30o Fe 14e 18c 69,700 13o Queen 011_r 1 15e 3% 2% 1% 3% 315,000 350 Ma Rangeburnett 011_r 1 450 36c 440 98,925 230 Mn Ranger-Homer 011_r____1 40c 21) 6 Ma Rickard Texas Co..r 10 23,000 20 5 log 1% 134 78c 1% 126,150 42o Ma Rock 011 10c 43 Ma Salt Crk Produc Assoc r 25 4035 4034 4135 5,500 38 89-4 7 Ja Sapulpa Refining_r 8 8 8)4 9,950 5 5434 Jo 52 50 54% 38,800 22 Sinclair Gulf Corp_r_ Ja 225 220 Sinclair 011 warrants_ 200 225 172 38 42e 500 14,700 36e Feb 500 Southwest 011_ r 1 480 4% 4 Ma Southw Prod &Ref _ r_ 4% 4% 4% 1,100 1% 'X Ma Stanton 011_r 1 % % 34 13,300 8 435 Ap 8 Sterling 011 & Ref_r 734 8 27,730 5 Ja 11 4 40c 83o 60,400 lie Texans 011 & Ref_r 1 65c 2 Ap 3% 2% 3% 75,900 3% Texas-Ranger Prod& R r 1 1% Ma Tyopa 011.r 394 2% 2% 2% 12,800 5 8 Apr 935 8% 8 934 11,450 Valverde 011 Prop_ r_ _(t) % Ap Vera Cons Pet 7,300 94 1 % X 2% Ja 4% 3% 6 97,750 Victoria Oil_r 10 70 Ivia Western States 011 & L r 1 60 50 2,840 no 70 1 83c 1 214.000 83c Apr "Y"011 & Gas 1 960 Apr Mar Apr Jan Apr Feb Apr Mar Apr Apr Mar Apr Apr Apr Apr Mar Mar Mar Apr Apr Apr Mar Jan Apr Mar Mar Apr Mar Mar Apr Apr Apr Apr Apr Mar Apr Apr Apr Jan Apr Apr Apr Apr Mar Jan Apr Apr Apr Apr Jan Apr Apr Apr Feb Apr. Apr Apr Apr Apr Mining Stocks. 1 Adelphia M & Mr Alaska-Brit Col Metals.. l 1 Allied Gold_r America Mines_ r 1 Amer Tin & Tungsten r_ _1 Arizona Butte_r 1 Atlanta Mines 1 Big Ledge Copper Co-- _6 Booth_ r 1 Boston & Montana Dev....5 Caledonia Mining 1 Calumet &Jerome Cop_r.I Canada Copper Co Ltd_ _5 Candalarta Sliver_r 1 Cash Boy 1 1 Cerbat Silver (new)_r Como'Arizona Smelt-5 Consol Copper NlInes_ _ _5 Cresson Con Gold M & M 1 1 Divide Syndlcate_r Divide Syndicate of Nev_r El Salvador Silver M _ _I Eureka Croesus Min Co.r1 5 Flagg Tunnel Mr 1 Florence Silver_r Fortuna Consolidated_r_l Golden Gate Explor_r -5 1 Golden Rule_ r 10 Goldfield Conanl_ 320 39c 69e 15-16 68 Sc 94 32c 78c 330 7-16 1% 680 llo 33.1 4% 5% 8o 16 335 2% 634 770 550 9-1 190 310 330 360 400 680 69e 35 1 % % 47 70 5c 60 9-16 15-16 310 360 61c 780 310 34c % 7-16 19-16 131 83c 680 110 14e 3% 3% 154 1 3-16 4% 4% 5 5% fic 12c 15 17 331. 434 2% 235 5% 635 710 780 50c 600 334 3% 9-16 11-16 160 20o 36 50 o Mar 340 Apr 27,000 2 Jan 500 23,300 Apr 31,500- 66c Ma ' 690 1,4 Feb % Mar 9,100 % Mar % Ma 7,500 Apr Apr 70 11,100 36 10,500 335o Feb f”ie Mar Mar 15-16 Jan 12,800 Apr 36o 18,600 1234"o Apr 68,000 42e Feb 78c Apr Jan 39c 35,300 270 Feb 8,700 A Jan Feb 8,800 23-4 Apr 68c 12 6 ( 016 -5/ Jan 52,850 5 j Ja Sc Feb 15)4cMar 25,400 4% Mar 3% Apr 6,100 1 9-16 Jan 2,500 6% Jan 4 1 8% 0 F F Aepbr 475 4% Apr 7,200 534 Jan 15o Apr 41,200 Apr Apr 17 15 12,00 434 Apr 1% Mar 66,000 14 Feb 75,850 294 Apr 634 Apr 5; ‘ , Apr 20,200 Jan 850 Feb 9,400 60o Apr 86,600 24o Feb 600 4)4 Mar 23-4 Feb 26,300 % Feb 4,400 9.4 Jan Jan 10,700 17o Feb 24e Mining (Concluded)- 1711 THE CHRONICLE APR. 26 1919.] Sales Friday Last Week's Range for of Prices. Week. Sale. Price. Low. High. Shares. Range since Jan. 1. Low. 80 Mar 5e So Feb 1 6c 4,000 Goldfield Merger _r 1% 1%, 72,500 79c Apr 1% Apr Gold Zone Divide_r Jan 60 Jan 1 5% 5% 30 1,000 Great Bend_ r Apr 30c 44e 104,500 300 Apr 44c 10c 40c Hamill Divide_ r Apr 310 30c 470 131,500 200 Apr 47c Hasbrouck Divide_r 5 5% Apr 5% 3,175 5 44. Jan 250 Ueda Mining 1 32e 320 37o Apr 440 Feb 6,800 300 Jim Butler_r 140 160 Mar 1 13e 140 8,800 10c Apr Jumbo Extension Apr 210 40e 137,000 18c Apr 400 Liberty Bell Divide_r..„1 240 300 Mar 1 12e lie 18e 80,000 50 Feb Lone Star Cone'd_r 1X,, Apr % Apr 1 Louisiana Cons % 8,000 Apr 74c 72c 81e 336,000 340 Mar 82e MacNamara Mining __r_l Apr te 61,400 220 Feb % 1 Magma Chief _r Apr Apr 23% 1 1% 2 56,225 700 Mangan M of Am r 80 Apr Feb 1 Sc 5%c 6o 3,000 Marsh MinIng_r 3% Jan 2% 2% Apr 100 2 5 Mason Valley Apr 40c 44c 20,000 280 Feb 47e 1 42c Mother Loder 2% Apr % Mar 50c Nat Tin Corp_r 2% 1 13-16 2% 94,800 Apr 23e Apr 250 10c 19c 24e 45,000 170 Nevada Divide _ r Apr 250 Apr 17c 25e 74,000 150 Nevada Ophir Mining _ rlOc 220 Jan Apr 480 17c 1 17e 27c 19,00 19c Nixon Nevada Jan 3% 1,400 Jan Corp_r_l 3% 3 3 Mines Opondago 3% Jan 1% Jan 2 2% 2,800 2% 5 Ray Hercules Min r 13c Apr 14%e Apr 130 14%e 31,500 Rex Consolidated MM_ _ _1 Feb 32e 18e 24e 6,500 170 Mar 1 Rochester Mines Apr 410 Mar 2,500 33e 1 35e 35e Seven Metals Min.r 1% Apr 1% Apr 3,600 1% 1% Silver Dollar Mr % Apr 11-32 Apr % 15,000 11-32 Silver King Cons of Utah rl Apr 37c Mar 26e 33c 120,750 21c 28e Silver Icing Divide_r____ 1 Apr 14c Apr 4c 1,000 14c 1 10c Consol_r Pick Sliver Jan % Jan 1,300 5-16 5-16 5-16 Standard Silver-Lead__...I % Apr 1 Apr 20,000 1 1 % 1 Star of the West_r 30c Apr 23e 28c 48,700 140 Mar 27c 1 Stewart 4c Jan 7e Jan 4%c 4)Se 2,000 1 Success Mining Apr 47c Apr 26c 40c 220,000 290 27o Sutherland Divide_ r 000 2 0-16 Jan 3 13-10 Mar 3% 3 3-16 Tonopah Belmont Dev_r 1 beee Mar *120 Apr 10%c 103%c 812c 29,000 Tonopah Divide_ r 1% Jan 3 Feb 1 2 3-16 2% .2 9-16 8,425 Tonopah Extension 2% Jan 1,225 3% Apr 3% 1 3 Tonopah Mining 5,000 20e Apr 1.55 Feb 20c 30c 30c Tuolumne River Placer_r 1 ix, Apr 1,600 % Apr 1 United Copper_r 3% 9-16 4,700 3 3-16 Jan 5% Mar 4% 5 United Eastern Mining_l SS Apr % 12,000 3-16 Jan % United Mines of Artzona_l 60 Jan 113Hc Apr 12e 16%c 57,000 16c U S Continental Mines_r 1 41% Mar 6% 9,300 7% Mar 6 Unity Gold Mines 5 6% 13,500 20a Apr 40e 20c 35e Feb Ward Min Ar Milling _r_l 23c Apr 940 Mar 77e 80c 23,000 71e Washington Gold Quartz.1 14,600 1 2 Mar 2 1% Apr West End Consolidated„5 25c 34c 33,500 100 Jan 35c Apr White Caps Mining-10c 27c Bonds$40,000 Am T At T 6% notes_ _1924 99% 093% 100% /5 s Anaconda Cop Min 65 -'29 99% 98% 90 125,000 Beth Steel serial 78_ _ _1922 101% 101% 101% 15,000 99% 99% 35,000 Canada (Dons of) Is. _1919 128 132 50,000 Cities Service 78 Ser B 1006 5,000 100 101 1966 Deb 7s 5cr C 100% 10,000 1003% 100% notes1920 Elcc 6% General 97 97 6,000 1934 97 Ills Cent 5%s 86 8934 73,000 86 1921 Interboro K T 7s 873% 87% 10,000 Nat Conduit & C 6s_r1927 N Y Telephone 68_ _ _ _1949 100% 100% *101% 225,000 59% 125,000 Rt18818/1 Govt 6h5_r_1919 57% 55 46 52 67,000 1921 53%H r 99 99 3,000 St Paul Union Dep 53%s '23 100% 100% 25,000 1921 notes_ r 6% &Co Swift Wilson dr Co Inc 6s_ _ -1928 97S• 96% 98 455,000 983% 973% 101 993% 119 100 100% 06 85 87% 99% 48 47 983% 993% 923% Jan Feb Jan Jan Jan Apr Jan Mar Jan Apr Feb Jan Jan Jan Feb Jan New York City Realty and Surety Companies All prices now dollars per share. High. 100% 993% 101% 99% 132 102 101% 973% 923% 87% 101% 72 65 993% 100% 08 Apr Jan Apr Feb Apr Jan Mar Apr Feb Apr Jan Feb Feb Jan Apr Apr Bid. Alliance R'Ity 60 Amer Surety_ 62 Bond & M 0.. 260 City Investing 27 Preferred_ 70 Ask. 70 Lawyers Mtge 67 Mtge Bond__ 267 ,Nat Surety__ 35 N Y Title dc Mortgage__ 80 Bid. 122 80 Ask. 242 97 247 105 112 Bid. Realty Assoc (Brooklyn)_ 85 US Casualty_ 185 1J 8Title Guar 60 West & Bronx Title & M G 150 Ask. 90 195 170 Quotations for Sundry Securities All bond prices are "and interest" except where marked "1." RR. Equipments-PerCt. Basis. 5.95 5.50 Baltimore & Ohio 43%s ,Buff Roch Sc Pittsburgh 4%e 6.00, 5.65 6.00 5.65 Equipment 4s 6.00 5.65 Equipment es 6.00 5.60 Canadian Pacific 43%s 6.35 5.80 Caro Clinchtield & Ohio be 6.25 5.75 Central of Georgia 43%e 6.75 6.00 Chicago Sr Alton 43%s 6.75 6 00 Equipment 58 Chicago Sc Eastern Ill 53%a.. 7.00 6.00 6.25 5.75 ,Cato Ind & Louiev 43%e 5.90 5.35 Chit, St Louis & N 0 5s 5.65 5.25 Chicago Sc N W 43%e Chicago RI Sc Pac 43%s.._.. 6.37 5.90 6.37 5.90 Equipment 5s 6.50 5.85 Colorado & Southern 5s 6.40 5.80 Erie 58 6.40 5.80 Equipment 4%s 5.95 5.40 'Hocking Valley 4,28 5.95 5.40 Equipment 5s 5.70 5.25 Illinois Central be 5.70 5.25 Equipment 43%s Kanawha Sc Michigan 4%s.. 6.25 5.75 Louisville Sc Nashville Is... 6.00 5.50 6.15 5.70 Michigan Central 58 6.15 5.70 Equipment Os Minn St P & 88 M _ 5.95 5.35 Missouri Kansas Sc Texas os_ 7.00 6.00 7.00 0.00 Missouri Pacific 5s 6.35 5.70 Mobile & Ohio be Equipment 43%s 6.35 5.70 5.95 5.60 New York Central Lines 5.95 5.60 Equipment 4%s 6.20 5.75 N Y Central RR 4128 N Y Ontario & West 4%s_ _ _ 6.35 5.70 Norfolk Sc Western 4%s___ _ 5.65 5.30 5.65 5.20 Pennsylvania RR 43%s 5.65 5.20 Equipment 4s 0.75 6.00 St Louis Iron Mt Sc Sou St Louis Sc San Francisco be_ 7.00 6.00 6.50 6.00 Seaboard Air Line 5s 6.50 6.00 Equipment 43%s 75 , Southern Pacific Co 4%e 5.75 5.35 6.15 5.70 312 Southern Railway 4%8 35 Equipment 58 6.15 5.70 148 Toledo Sc Ohio Central 4s 6.50 5.75 92 120 Tobacco Stocks-Per a are. 310 Par Biel. Ask, 75 American Cigar common_100 130 135 195 Preferred 100 85 90 87 Amer Machine Sc Fdry_100 80 95 105 Bridals-Amer Tobac ord__£1 •22 24 70 Ordinary. bearer £1 .23 24 100 205 225 Conley Foil 48 Johnson Tin Foil Sc Met_100 80 100 MacAndrews & Forbes_100 200 210 270 100 90 100 Preferred 9412 Reynolds (R J) Tobacco_100 400 425 78 B common stock 100 350 380 35 100 110 113 Preferred 75 A dividend scrip 98 100 230 B dividend scrip 98 100 109 Young (J S) Co 100 125 150 118 100 100 110 Preferred 99 270 Short Term Notes-Per Cent. 370 Amer Cot 011 be 1919__M&S 99,2 99.34 29 7% notes Sept 1919 10014 10054 Amer Tel & Tel Os 1924_ F&A 99%100;4 100 Balto Sc Ohio be 1919___J&J 9934 997s 45 Canadian Pac Os 1924.11I&8 1001210034 95 Del & Hudson bs 1020__F&A 9834 99 Fed Sugar Rfg 56 1920__J&J 9814 9914_ General Elee Os 1920_ ___J&J 10038 10038 6% notes (2-yr) 1919.J&D 10018 10038 147 Great North 5s 1920.. 9834 99 43 K C Term Ry 43.4e 1921_J&J 96 9612 42 56 Nov 15 1023__M&N 15 100 10014 99 Liggett&MyersTot6s'21J&D 100 100,s 60 N Y Cent Si 1919__M&S 16 9912 9934 9714 80 Penn Co 440 1921_J&D 15 97 20 Pub Bar Corp N.I 7s '22.M&S 9014 97 35 Southern Ry Os 1922 wIM&B 9914. 35 Swift&Co Os 1921 w I F&A 15 10018 1003g 93 61 Utah Sec Corp 68'22.M&S lb 91 80 Industrial 26 and Miscellaneous 100 100 212 215 24 American Brass 100 94 97 50 American Chicle corn_ Preferred 96 100 78 80 12 American Hardware_ _ _100 135 138 50 Amer Typefounders com_100 42 45 100 88 92 Preferred 87 12 Borden's Cond Milk com_100 107 109 Preferred 101 44 80 ,Celluloid Company 10 00 0 13 90 9 138 21 'Columbia Graphoph Mfg (t).247 252 94 65 I Preferred ( 10 40 ) 74 Freeport Texas Co . 9 42 43 92 Havana Tobacco Co_ _ _ _100 134 214 55 100 314 4 Preferred 75 1st g 53 June 1 lie22 J-D /50 57 Intercontinen Rubb com_100 2034 "if" _ 89 Internet Banking Co___ _100 160 100 54 20 'International Salt 1st gold 5s 1951 ..A-0 70 7134 70 23 International Silver pref _100 90 92 64 Lehigh Valley Coal Sales_ 50 .80 85 100 80 85 92 Otis Elevator common_ _ _1 102 Preferred 95 36 Remington TypewriterCommon 100 60 62 45 1st preferred 100 92 95 6 2(1 preferred 100 92 .95 22 5 Royal Baking Pow corn_ _100 135 145 Preferred 1001 97 100 27 8 Singer Manufacturing__ _100 180 190 41 Texas Pee Coal Sr Oil _ _ _ _100 2150 2200 W'houseChurchKerr&Co 1001 00 05 73 Preferred 18 100, 80 86 66 11 Standard Oil Stocks Pei,. Share Bid. Anglo-American Oil new. Li 28 112 l id A Atlantic Refining 1001340 1360 Borne-Scrymser Co Buckeye Pipe Line Co....501 10 23 5 199 01 5 5 196. Chesebrough Mfg new .A00 310 325 Continental 011 Crescent Pipe Line Co...199 35 8 64 35 6 66 50 . Cumberland Pipe Line_ _100 190 200 Eureka Pipe Line Co_ _ _100 165 170 Galena-Signal 011 corn. 100 132 136 Preferred ed old 100 120 140 Preferred new 105 110 184 188 Pipe Line 08 1 Indiana Pipe Line Co 00 5 13 .13 International Petroleum_17591 National Transit Co_ _12.50 *22 23 New York Transit Co_100 185 195 Northern Pipe Line Co__100 112 115 Ohio 011 Co 25.380 385 Penn-Mex Fuel Co 25 .53 54 Prairie 011 & Gas 100 685 695 Prairie Pipe Line 100 275 280 Solar Refining 17 80 5 Southern Pipe Line Co..1 165 65 3 99 3 100 0 8 315 South Penn Oil 102 Southwest Pa Pipe Linee_6 99 391 Standard 011 (California).100 283 ;287 Standard 011 (Indiana) _.100 810 :820 Standard Oil (Kanses). _100 670 695 Standard 011 (Kentucky)100 405 415 Standard 011 (Nebraska).100 560 580 Standard Oil of New Jer_100 713 717 Standard 011 of New Y'k.100 383 387 Standard 011 (Ohio) 10( 530 550 Swan & Finch 100 110 120 Union Tank Line Co__ 100 116 118 100 437 442 Vacuum 011 Washington Oil 10 .36 40 Ordnance Stocks-Per Share. Aetna Explosives pref___100 68 American & British Mfg_100 3 Preferred 100 30 Atlas Powder common _ _ _100 144 Preferred 100 88 Babcock & Wilcox Bliss (E W)Co common. ..1W.2 16 10 8 Preferred 50 *65 Canada Fdya & Forgings_100 185 Carbon Steel common..100 82 lot preferred 100 95 2d preferred • odd lots. t No par value. 4 Listed as a prospect. ; Listed on the Stock Colt's Patent Fire Arms199 65 additional transactions will be where week, found. o this New Exchange stock. Mfg _ a Unlisted. to When issued. z Ex-dividend. y Ex-rtghts. s Ex-stock dividend. duPont (E I) de Nemours 25 "5 60 3 & Co common 100 28 5 Dollars per 1,000 lire. flat. D Debenture stock Eastern Steel Empire Steel & Iron cora_1 25 100 90 73 100 70 Preferred CURRENT NOTICES Hercules Powder corn__ _100 220 115 06 Preferred99 -Bement-Pond c-om.1 100 -A private car with eight salesmen from the New York office of William Niles Preferred 100 96 salesmen from thirty-seven the and Co. Chicago, St. Louis Phelps-Dodge Corp R. Compton 40 9 26 Cincinnati and Now Orleans offices of the firm made a special trip of in- Scovill Manufacturing...l00 3 50 .23 Thomas Iron d100 spection last week in charge of R. C. Noel as Secretary. A thorough in-, Win Repeat Arms corn w d90 Preferred w 1 spection was made of the drainage, levee and road districts and other Woodward Iron 100 35 Preferred 85 Municipal improvements of Fort Smith, Ark., Little Rock, Ark., Memphis, Tenn., and Southeast, Mo. Public Utilities Amer Gas Sc Eleo com___ 50•145 Preferred 50 .41 Amer Lt & Trao corn_ _.100 238 Preferred 100 97 All prices now dollars per share. Amer Power Sc Lt corn__ _100 56 Preferred 100 76 Bid. ME Trust Co's. Bid Banks. Banks-N.Y. Bid. Ask. 1 . A sk. Amer Public Utilities coml I New York. ____121rving (trust Arnertca.•..._ 510 Preferred 100 _ Bankers Trust 422 427 certificates) 350 -- -. Amer Exch..245 Carolina PowarLight corn 100 32 670 6-9-0 Central Union 440 445 185 LtbertY Atlantic_ _ _.._ 175 Cities Service Co com 100 357 260 200 Columbla.... _ _ 340 345 Battery Park _ 200 207 Lincoln Preferred 100 79 _ __ ,Manhattan •_210 220 CommerciaL_ 100 Bowery •_ ,-.425 110 Colorado Power corn......100 23 145 :Mech At Met_ 355 395 Empire BroislwayCen 135 280 295 Preferred 100 98 155 Equitable Tr_ 440 175 IMerchants... 140 Bronx Bows_ 125 450 Com'w'th Pow Ry Sc Lt..100 22 190 Farm L43, Tr_ 455 470 160 Metropolitan* 180 Bronx Nat__ _ 150 Preferred 100 49 150 ,Mutual •____ -- Fidelity Bryant Park. 145 "15 225 Elec Bond Sc Share pref_ _100 d93 200 211 Fulton 35 :Now Neth•__ 375240 200 Butch & Drov 25 9 Ferteral Light & Traction.100 York Co 145 . 1 5 . 0 Guaranty Tr_ 415 430 : 170 New Cent Mere.... 160 Preferred 100 46 440 450 New York__ 440 135 145 Chase Great West Pow Is 1946..J&J 84 __ Pacific •__ .• _ 150 Irving 'fruit_ J See Irving MIsaissippi Itiv Pow com_100 10 Chat & Phan_ 300 605 fl-b115 Park_ Chelsea Exch. 110 1Nat Bank Preferred 100 39 Ng i Law Tit & Tr 120 Chemical_ _ __ 600 520 Prod Exch* 130 First Mtge 58 19.51....JdrJ 76 70 Lincoln Trust 175 230 240 Public Citizens 185 Northern Ohio Elec Corp_(t) d18 Seaboard__ 1 8 5 g 45(1 460 Mercantile Tr 20_ Preferred City 100 55 210 220 Second i.6.0 & Deposlt. Coal &Iron _North'n States Pow com_100 71 125 _ Sherman 135 Metropolitan.. 3(30 3-65 Colonial s_ _ _.. 400 Preferred 100 89 128 138 Mutual(WestColumbia._ 175 fig State • North Texas Elee Co corn 100 45 130 Commerce__ . t2372.... 23d Ward'.. 115 chester) ___ 105 125 Preferred. 100 65 Union ExExch...170 177 410 N 390 Y Life Ins Comml Ex._ Pacific Gem Sc lilac corn.. _100 56 UnttedStates*/ 165 175 & Trust__ 790 810 Common100 87 1st preferred _-_ Wash Irte._ 275 N Y Trust__ 610 030 wealth •__ 200 Puget SI Tr L dr P corn_ _100 15 Westch Ave... 160 115 1-ifF Scandinavian 295 310 Continental._ 107 Preferred 100 65 Corn Exch•__ 375 385 Yorkville'... 200 325 Title Go Sc 'Pr 390 400 Republic Ry & IAght___ _100 21 110 It S Mtg & Tr 440 450 Cosmop'tan*. 100 Preferred 100 60 185 , Brooklyn. United States 910 930 Cuba (isk of). 180 South Calif Edison cons 100 88 _ _ Coney Island* 140 155 Westchester.. 130 East River__. 150 140 Preferred 100 98 190 200 130 First 120 Standard Gas Sc El (Del)_ 50 .34 Europe 150 165 Brooklyn. Preferred Fifth Avenue* 2000 2400 Greenpoint 50 *43 120 Brooklyn Tr_ 100 510 230 Hillside •__ 110 215 5 Fifth Tennessee Ry L Sc P com_100 Homestead •_ 70 80 Franklin 970 1000 225 235 Preferred First 100 20 195 Mechanics' •_ 70 75 Hamilton__ 260 270 185 3 United Gas Sr Elee Corp_100 Garfield 95 fames County 650 700 195 Montauk'... 85 let preferred Gotha m _ _ . 185 100 25 200 210 Manufacturers 160 _ Nassau 165 340 24 preferred 100 5 Green wicls• 137 People's 295 305 United Lt Sc Rya corn_...100 39 Hanover__ __. 770 7i6 National City 130 North Side*__ 80 Queens Co.__ 70 100 71 let preferred Harriman_ _ _. 325 13 95 0 214905 Western Power common_100 16 Imp &Trod.- 555 570 Peoples Preferred 100 64 ------ •-- - • •Books marked with a 1.) are State banke. t Sale at auction or at Stec one-half share Irving Trust Co. I New stock. Exchange this week. 5 Include", *Per share. S Brads. d Purchaser also pays accrued dividend. • New stock. Ex-rights. (t) Without par value. (Fist price. n Nominal. Ex-di v,‘e- d. v Ex-rIghte. New York City Banks and Trust Companies THE CHRONICLE 1712 [VOL. 108. iniustnunt anti gailreati gntelligenct. RAILROAD GROSS EARNINGS The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways are brought together separately on a subsequent page. Latest Gross Earnings. ROADS. Week or Month. Jan. 1 to Latest Date. Current Previous Year. I Year. Current Year. Previous Year. $ I $ Alabama & Vicksb_ February 345,607 206.895168.429 448.180 Ann Arbor 2d wk Apr 60,457 1,201,435 814,450 82,256 Atch Topeka & S Fe February 12568683 10540239 25.597.223 21,375.027 Gulf Colo & S Fe February 1.418,517 1.442,759 2,858,530 3,041.274 Panhandle & S Fe February 897,145 769,511 366,074 442,971 Atlanta Birm & Atl February 739.954 676,585 358,429 336,312 Atlanta & West Pt.. February 439,653 331,779' 217,638 166.043 Atlantic City February 511,459 315,566 215,919 130,974 Atlantic Coast Line February 4,959.225 4,357.022 10.847,066 8,570,977 Baltimore & Ohio February 11228986 8,976,321 24,561,103 16,507,956 B &0 Oh Term_ February 230,761 163.461 90,816 103.075 Bangor & Aroostook February 614.893 889,559 419,074 292,851 Bellefonte Central.. February 11,475 16,487 7,174 5,495 Belt Ry of Ohicago_ March 769,152 704,697 229,014 350,435 Bessemer & L Erie_ February 625.530 560,147 1,288,381 1,019.110 Bingham & Garfield January 264,349 146,137 146,137 261.319 Birmingham South_ February 223,459 114,876 57,972 106,148 Boston St Maine.. February 4,462,9/9 3,921,623 9.908.464 8,013,797 Bklyn East D Term February 115,358 62,152 135.215 68.352 Buff Roch & Pittsb 3d wk Apr 187,997 333,917 4,105,776 4,917,603 Buffalo & Susq February 393.071 357,097 164,286 199,407 Canadian Nat Rys_ 3d wk Apr 1,561,366 1,636,046 21,167,119 19,756,316 Can Pac Lines in Me February 456,487 6:36.329 326,163 223.269 Canadian Pacific 2d wk Apr 2,868,000 2,935,000 41,559,000 38,073,000 Caro Clinch & Ohio February 649,696 908.066 420.169 348,718 Central of Georgia_ February 1,546,001 1,644,264 3,204.807 3,187.191 Central RR of NJ.. February 3.002.683 2,637.714 6,614.686 5,072.246 Cent New England.. February 978.870 746,516 459.431 374,258 Central Vermont February 798.802 583,594 366,505 267,811 Charleston Sz W Car February 495,015 419,668 237.035 209,921 Ches St Ohio Lines_ February 1.796,019 1.214,230 10,828,119 7,776,571 Chicago & Alton_ February 1.823,758 1.436,375 3,856,411 2,670,001 Chic Burl & Quincy February 10179316 3.910.265 22.126,427 18.018,970 Chicago & East Ill_ February 1,726.538 1.618,833 3,819,754 2,926,210 Chicago Great West February 1.611.063 1.308,821 3.264,680 2,449,640 Chic Ind & Louisv_ February 857,079 648.696 1.721,413 1,138,757 Chicago Junction February 367.647 566,436 251.631 207.445 Chic Milw & St P.._ February 9.816.028 7.322,765 20.870.745 14,815,284 Chic & North W'est_ February 9.063.485 7.069,550 18.859.327,13,879,153 Chic Peoria & St L_ February 239,0121 282.216 113.707 157.276 Chic R I & Pacific.._ February 7.503.341 6,462.895 15.506.298 12.771,195 Chic Eli Sr Gulf February 692,664 354,323 334,061 725,657 Chic St P M Sz Om_ February 1.853,158 1.618,777 4.168.001 3.277,893 ()hie Terre FT & S E February 639.331 291.911 297.935 515,272 Cinc Ind & Western March 661,093 749,031 220,452 282,738 Cin NO St Tex Vac_ February 1.291.901 825,223 2.806,018 1,675.977 Colo & Southern 2d wk Apr 247,002 215,655 3,525,350 3,241,013 Ft W & Den City February 811,761) 570,675 1,618,515 1,205.917 Trin & Brazos Val February 170.528 93,142 79.314 214.353 Colo & Wyoming February 157,069 79.792 196.686 100.403 tOrip CH(& Col Spgs January 79,635 22,403 79.635 22,403 Cuba Railroad__ January 1,166,271 1,231.835 1.166,271 1.231,8:35 Delaware & Hudson February 2,273,580 1,953,698 4,937,531 4.081,061 Del Lack St West February 5,355,451 1.196.251 11,051,505 8,590,197 Deny & Rio Grande February 2,103.300 3,035.285 4,671,765 4.377.761 Denver & Salt Lake February 135.330 71.659 301.928 165.214 Detroit St Mackinac February 172.889 99.061 201.450 103.665 Detroit Tot & [rout February 233.853 646.770 283.782 121,095 Det St Tot Shore L_ February 255,377 160.707 144.408 365.831 Dul & Iron Range.._ February 205,094 225.967 123.439 102.058 Dul Missabe & Nor February 285.918 385.500 193.451 142.930 Dul Sou Shore & All 2d wk Apr 931,012 69,613 1,093,871 75,397 Duluth Winn ,St Pac February 336.076 255.993 169.329 123.466 East St Louis Conn February 192,119 137.075 93,522 .71.273 Elgin Joliet & East_ February 1,817.007 1,012.868 3,799.212 1,903,413 El Paso St So West_ February 1,011.243 1,228,610 2.092.076 2.448.256 Erie Railroad_ February 6.333.757 4.7:31.132 13.290.383 9,265.760 Chicago & Brie February 801.897 60:3,169 1.628.169 1.105 983 Florida East Coast.. February 967.507 828.647 1.975,659 1,584.141 Fonda Johns St Glov February 151,813 80.379 71.569 173.883 Ft Smith & Western February 212.149 225,459 111.121 101.063 Galveston Wharf February 147.173 70.563 137.924 51,911 Georgia Railroad.... February 881.563 463.219 419.366 1.008.741 Georgia & Florida._ February 155.168 174.318 76.622 88.975 Gr Trk Lie New E.. February 652.763 290.375 315.993 136.891 Grand Trunk Pac_ 1st wls Mar 866.931 1.002.937 98.902 89.202 Grand Trunk Syst_ 3d wk Apr 1,249,310 1,012,491 17,791,196 12,537,381 Grand Trunk Ry 4th wk Mar 1,898,100 1,485,990 14,027,840 10,297,973 Grand Trk West.. February 1,3 9.471 830,586 2,952.935 1,713.736 Great North System February 6,20) 835 5.007,411 15.034,235 10,793,064 Gulf Mobile & Nor_ Februvy 181.495 187,309 375,161 358.941 Gulf & Ship Island.. February 313.965 379.727 168.300 192,052 Hocking Valley.._._ February 441.056 7:32,135 950.820 1.355.259 Illinois Central__ _ February 7,925.216 7,210.418 16.429.173 13.513.526 Internal & Grt Nor February 1,029.126 988,964 2.135.143 2.041.487 Kan City Mex & Or February 133,470 191,442 72,679 88,363 KO Mex & 0 of Tex February 67.786 97.805 142.790 206,339 Kansas City South.. February 1,131.301 1.17,6.221 2.397.956 2,264.434 Texark & Ft Stn.. February 178.990 83.854 209.084 110.975 Kansas City Term February 176,694 85.887 201,716 97.076 Lehigh St Fluti Riv_ February 393.768 275.538 187.362 126.836 Lehigh St New Eng.. February 383.627' 162.822 191.409 469.950 Valley Lehigh February 4.101,561 3,257,889 9.161,126 6.453.778 Los Aug & SaltLake February 1,305,160 969.752 2.615,901 1.98:3.742 Louisiana & Arkan February 280.359 189.630147.068 315.823 Louisiana ity& Nay February 284.779 211.476 558,024 419.314 Louisville & Mashy_ February 7.954.798 6.721.821 16,211,010 12.993,651 Loutsv Rend & St L February 458.456 376.475 219,768 209,722 Maine Central_ February 1.271.707 895.612 2,683,123 1.847.393 Midland Terminal_ February 110.739 60.011 Midland Valley... February 613.962 309.510 219.361 486.861 Mineral Range... _ _ 28 wk Apr 318,931 18,550 20,172 283,537 Minneap & St Louis February 895.716 818,353 1.791.568 1,693.374 MingStP&SSM February 2.793.614 2.038,901 5,966,000 4.021.872 Mississippi Central. February 93.719 142,607 67,911 178.669 Missouri iCan & Tex February 2,374.860 2.035.787 4.998.218 4,078,628 Mo K & T Ry ofTex February 1.741,938 1.371,318 3,482.093 2.864.537 Mo &North Arkan_ February 04.761 119.767 231.649 213.254 Latest Gross Earnings. • ROADS. Week or Month. Current Year. Previous Year. Jan. 1 to Latest Date. Current Year. Previous Year. $ $ $ $ 291,277 192.615 Mo Okla & Gulf__ February 91.526 148,444 Missouri Pacific ___ February 7,054,732 6,261.878 13.865.364 12,132,721 341,023 546.164 Monongahela February 240,803 182,851 256,692 388.454 174,940 125,609 Monongahela Conn. February 210,980 210,285 70,858 Montour March 64,696 Nash, "Chatt St St L February 1,369,382 1,403,776 2,883.360 2,597.444 59,752 58,487 Nevada-Cal-Oregon 2d wk Apr 3,304 3,530 400,413 310 622 Nevada Northern February 127,786 173,280 257.389 105,054 57.682 Newburgh & Sou Sh February 127,714 306.145 343.549 New Or! Great Nor February 167,335 158,015 901,103 957,053 New Orb & Nor East February 451.359 443.887 338.966 242.916 N 0 Texas & Mex._ February 146.277 165,484 235.345 245,049 113,483 121,889 Beaum S L & W. February 638.003 769.335 St L Browns & M February 368,627 312,431 New York Central_ February 20513580 16882 343 45,335.185 33,129,149 551,688 Ind Harbor Belt_ February 445,743 339,694 1,051,589 Lake Erie St West February 693,143 564.497 1.457.610 1,086,974 Michigan Central February 5.229,848 4,047,422 11.130,385 7.552,835 Clev 0 CI & St L. February 4,970,524 4.098.856 10.318.405 7,631,878 309,231 428,326 Cincinnati North February 194,769 169.188 Pitts & Lake Erie February 2,375.042 1,881.431 5.167.882 3,691,724 992,854 Tol & Ohio Cent_ February 526.076 529,391 1,127,057 489,794 541,529 221.829 291.347 Kanawha & Mich February N Y Chic & St Louis February 2,009,538 1,119,983 4,078,902 2,107,793 N Y N 11 & Haat February 6,954.768 5,918.148 14,291.542 11.907,513 N Y Out & Western February 615,507 682.429 1,409.0301,366,632 509,474 604,443 N Y Susq & West February 271,377 258.461 Norfolk & Western_ February 5,832.320 5,076.193 11.932,334 9,864.096 769,442 940,710 Norfolk Southern... February 459,287 432.797 226,805 163.511 84,424 115.149 Northern Alabama. February February 6,844.715 6,031.437 14,779.065 12,196.267 Northern Pacific 162.211 164,400 82,428 85,375 1VIinn & Internat. February 746.477 662,937 Northwest'n Pacific February 363,072 315,553 223,814 218,809 Oahu By & Land Co February 99,506 107,217 862,056 1,075,822 Pacific Coast February 372,707 528,909 Pennsylvania RR.._ February 26048657 19118070 56,526,140 38,775,520 41,758 177.040 32,210 Balt Ches & Atl_ _ February 88,963 592,186 855.456 374,408 290.143 Cumberland Vail February Long Island February 1.402.621 1,095.135 2,902.203 2,219,600 157.028 30.793 21.461 Mary'd Del & Va February 73,559 701,507 N Y Phila & Norf February 576,666 357.678 1,192.476 273,849 . 213,167 To! Poor & West. February 112,116 119,578 940,113 W Jersey & Sea.sh February 677,793 480.805 1.413.680 Pennsylvania Co...... February 8,775,759 4.626.354 14,248,645 8,783,254 800.642 531,477 432.077 1,046,255 Grand Rap & Ind February Pitts 0 C & St L. February 6.642.521 4,905.695 14,019.795 9.384,726 175.660 95,386 196,490 91.768 Peoria & Pekin Un_ February Pere Marquette February 2,236.940 1,542.526 4,710.374 2,804.552 107,493 52,231 154,920 February 75,416 Perklomen 241,578 183.050 Phila Beth Sr N E February) 67.766 114,050 191.828 178.990 78,139 Plttsb & Shawmut_ February',4 71,281 229,612 07,867 168,890 Pitts Shaw SE Nor February 68,388 220,567 231,070 97.922 Pittsb & West Va.... Februaryi 98,312 187,231 470..028 92,665 February Port Reading . Februaryi . 245,591 153,430 163.350 Quincy Om Se It-ozi.. February 80,107 78,867 Reading Company: Phan & Reading. February 4,695.025 4.475,363 10.646,006 8,973,934 762,866 628,502 350.517 1,388,873 Rich Fred & Potom February 427,098 778.950 332.145 196,683 Wash Southern February 572,655 625.850 298.286 262.686 Rutland February 416,910 447,424 St Jos & Grand IsI'd February 216,862 215,755 St Louis-San Fran.. February 5.797,2504.167.646 11,600,991 8,577,163 196,413 197,228 Ft W & Rio Gran February 105,324 116,837 267,390 193,591 94,127 122,934 St L-S F of Texas February 971.498 996,043 1,970.775 1.899,119 St Louis Southwest February 971.697 1,156,891 St L S W of Texas February 471,175 582,637 148.392 194.331 78.203 St Louis Transfer.._ February 94,708 705,497 702,580 355.925 324.075 San Ant & Ar Pass_ February Seaboard Air Line February 3.368,612 2.701.291 6,708.909 5,233,427 304,212 155,941 73.112 February 136.468 South Buffalo Southern Pacific... February 11068001 9,742.550 23,991.803 20.675,967 709,686 707,768 Arizona East.._.._ February . 336,886 341,290 Galv Harris & A February 1,570,017 1,567,482 3,385,669 3.311,710 608,835 668.632 1,294,470 1,395,280 Hous & Tex Cent February 366.038 327,190 Hous E & W Tex.. February 173.060 158,592 608.706 640,991 270,614 329.896 Louisiana West'n February 530,966 589.582 1,227,325 1,186.939 Morg La & Texas February 529,715 562,879 1.110,645 1.125,237 Texas & New Or! February Southern Railway February 9,507.704 7,775,887 19.631,133 15.052,445 735,517 562,377 1,548.756 1,106,389 Ala Great South.. February Mobile St Ohio_ ._ February 1,138,118 936.998 2,353,261 1,917,588 517.741 775,424 Georgia Sou & Fla February 366,517 250,966 229,827 296,520 South Ry in Miss February 151,164 108,329 138,412 131.009 65,581 Spokane Internat'l_ February 60,705 Spok Porti & Seattle February 520,384 556,429 1,073.168 1,294,261 328,807 144,987 71,018 Staten Island R T February 144,300 31,543 38,147 2,035 Tenn Ala & Georgia 2d wk Apr 2,828 416,307 275,501 Tennessee Central_ February 173,269 148,382 584.582 526,329 Term Ft R Assn ofStL February 283,871 274,015 462,252 442,083 206,377 239.651 St L Mer Bdge T February 2d wk Apr 613,909 439,741 8,886,652 6,680,264 Texas & Pacific 881,816 511,955 482,383 1.087,578 Toledo St L & West February 102.203 51,177 127.379 69,389 Ulster St Delaware.. February February 7,615.256 5,523.304 16.209.730 11,347,254 Union Pacific_ Oregon Short Line February 2,485,770 2.042.704 5,431,303 4,456,296 Ore-Wash Eitt&N February 1.879.162 1,489.869 3,912,765 3,134,394 630,540 532.634 326,081 1,115,590 Union RR (Penn)._ February 210,319 99,131 200,805 February 95,111 Utah 398,749 533,757 264.171 197.994 Vicks Shreve & Pac February February • 593,609 765,070 1,551.019 1,430.198 Virginian RR February 3,321,093 2,582,547 7,062,811 4.927,915 Wabash RR 1,038,606 1,242,920 3,253,151 3,064,855 Western Maryland.. March 727.577 717,919 1.598,434 1.576,211 Western Pa,cific_ _ _ February 349.580 425.247 199,348 167.140 Western Ely of Ala.. February 608,264 703,479 1.387,680 1,384,712 Wheel & Lake Erie.. February 282,602 79.837 167,535 150,947 WW1 Falls & N W.. February Yazoo & Miss Vali_ February 1,789,615 1,511,963 3.649,782 3,024.464 AGGREGATE OF GROSS EARNINGS—Weekly and Monthly. *Weekly Summaries. Current Year. Previous Year. Increase or Decrease. Decrease or Previous Current Decrease. Year. Year. — $ Prev.Yr. $ $ 232.255 369.409,895 319,2/4.981 +50.134,914 1 15.70 223.892 374.237,097 312,146,096 +32,091.001 9.38 219.294 363,165,528 323.163.161 +40,002,412 12.38 230,570 463.681,172 316,022.857 +117661 315 34.00 230,015 498.269.356 362.509.561 +135759.795 37.4! 232.373 437.140,781 357,772,850 +129:367.931 36.16 230.576 484,824.750 377,867,933 +106956.817 28.30 232,259 438.602.28:3 3513,438,875 +82.163,408 23.06 3:35,607.571 +102757756 30.62 232,399 4' ,3 .. '234.131,201 +111420.1M 233.199 _ _ 395.552,020 - 39.22 *Monthly Summaries. Mileage. Curr.Yr. $ 4th week Jan (14 roads)......- 10.032.381 7.811,533 +2,2137,793 23.87 Aorli ___ _233.734 1st weak Feb (11 roads)..._,. 6.091,560 4,638,624 +1.452,932 31 32 May230.355 21 week Feb /14 roads)........ 6,611.679 5.132,672 +1.179.007 23.80 June__ _ _220.303 3d week Feb 14 roads).- — 6,422.429 5.316,155 +1,100.294 20.81 July _ _2'31.700 4th week Feb 11 roads)....._ 6.812.617 5.616,328 +1,206.319 21.52 August 230,743 let week Mar 11 roads)._ 6.121,280 5,632.239 +412,011 7.78 September__232.186 2d week Mar 11 roads)-- 6,390.893 5.619.076 +741,817 13.13 October ___230.184 3d week VI tr (11 roads)__ 6.723.615 6,220,793 +517,852 8.16 November __232.274 4th week Mar (14 roads)_...... 10,785,495 9.545.903 +1.239.592 12.99 December _232.774 1stweek Apr (12 roads)-- 6,747,704 6,692,753 +111,951 2.20 January _232.655 28 W93't kor (it rolls)...,.. 6.951.228 6.819.335 +131.813 1.39 * Road ceased to operate all steam lines Dec. 31 1918. * We no longer include Mexican roads in any of our totals. APR. 26 1919.] THE CHRONICLE Latest Gross Earnings by Weeks.-In the table which follows we sum up separately the earnings for the second week of April. The table covers 14 roads and shows 1.89% Increase in the aggregate over the same week last year. Second Week of April. 1919. Increase. Decrease. 1918. $ $ Ann Arbor 82,256 60,457 Buffalo Rochester & Pittsburgh ,192,041 342,889 Canadian National Railways -_ 1,583,458 1,671,776 Canadian Pacific 2,868,000 2,935,000 Colorado & Southern 247,002 215,655 Duluth South Shore & Atlantic_ 75,397 69,613 Grand Trunk of Canada Grand Trunk Western 1,263,483 1,058,517 Detroit Grand Hay & Milw_ Canada Atlantic Mineral Range 20,172 18,550 Nevada-California-Oregon 3,530 3,304 Tennessee Alabama & Georgia_ 2,828 2,035 Texas & Pacific 439,741 613,909 Total (14 roads) Net increase (1.89%) 6,950,228 6,819,385 $ 21,799 $ 150,848 88,318 67,000 31,347 5,784 204,966 Name of Road or Company. 1713 Latest Gross Earnings. Month. Third Avenue System February DDEB&BR.R_ December 42dStM&StNA Ry December UnionRyCo(NYC) December Yonkers Railroad_ December N Y City Inter Ry December Belt Line Ry December Third Avenue..__ _ December Twin City Rap Tran_ February Virginia By &-Power_ March Wash Bait & Annap_ February Westchester Electric_ December York Railways February Youngstown & Ohio.. February Jan. 1 to Latest Date. Current Previous Year. Year. 764,758 43,524 133,892 221.886 70,263 57,491 44,919 326,619 829,500 737,307 183,021 46,106 109,479 34,126 Current Year. 693,966 37,254 127,651 209,282 65,555 54,718 50,113 336.419 780,373 647,821 164,302 43,616 91,542 29,760 $ Previous Year. I 1,565.310 484,552 1,625,015 2,662,944 823,621 680,588 568,533 3,797,105 1,704,084 2,151,046 387,366 589,783 227,451 71,426 $ 1,442.317 455,616 1.766.080 2,910,070 824,866 733.081 677,840 4,117,833 1,622.097 1,872.137 336.740 554,914 189.070 60,583 1,622 226 793 174,168 438,857 130.843 a Includes Milwaukee Light. Heat& Traction Co. b Includes all sources. f Earnings given in milreis. g Includes constituent or subsidiary companies. h Subsidiary companies only. 5 Lewiston Augusta & Waterville Street Ry. earnings, expenses, &c., not included in 1919. k Includes Tennessee Ry., 308,014 Light & Power Co., the Nashville Ry. & Light Co., the Tennessee Power Co. and the Chattanooga Ry. & Light Co. I Includes both elevated and subway lines. Net Earnings Monthly to Latest Dates.-The table Electric Railway and Other Public Utility Net Earnfollowing shows the gross and net earnings with charges and surplus of STEAM railroad and industrial companies re- ings.-The following table gives the returns of ELECTRIC railway and other public utility gross and net earnings with ported this week: - charges and surplus reported this week: Net Earnings -Gross Earnings Roads. Current Year. Belt Ry of Chicago_ b__ _Mar 229,014 Jan 1 to Mar 31 704,697 Oincin Ind & West_ b_ __Mar 220.452 Jan 1 to Mar 31 660.093 Montour_ b Mar 64,696 210,285 Jan 1 to Mar 31 Western Maryland_ a_ __Mar 1,038,606 3,064,855 Jan 1 to Mar 31 Previous Year. $ 350,435 769,152 282,738 749.031 70,858 210,980 1,242,920 3,253,151 Current Year. Previous Year. def1,774 def56,131 def4,822 def104,086 def14,215 def92.246 def138,100 def468,617 73,868 def26,191 59,388 131,520 def22.456 def57.111 162,204 def55,800 a Net earnings here given are after deducting taxes. b Net earnings here given are before deducting taxes. ELECTRIC RAILWAY AND PUBLIC UTILITY COB. Latest Gross Earnings. Name of Road or Company. Month. AdirondackElPowCo March Alabama Power Co__ February hAmer Pow & Lt Co.. February March Atlantic Shore Aurora Elgin & Chic.. February Bangor Ry & Electric February Baton Rouge Eiec Co February Blackstone V G & El February bBrazilian Trac L & P February Brock & Plym St Ry_ February gBklyn Rap Tran Syst December Cape Breton Elec Co February Cent Miss V El Prop_ February Chattanooga Ry & Lt February Cities Service Co _ _ _ _ March Cleve Painesv & East January gColumbia Gas & EL March Columbus ((Ia) El Co February Colum (0) Ry,P & L February Com'w'th P, Ry & Lt February Connecticut Pow Co_ February Consum Pow (Mich)_ January 1Cumb Co(Me)P&L. February Dayton Pow & Light February March gDetroit Edison_ °Detroit United Lines February Duluth-Superior Trac March East St Louis & Sub.. February Eastern Texas Elec__ February g El Paso Electric Co February Fall River Gas Works February Federal Lt & Trac___ January Ft Worth Pow & Lt.._ March Galv-Hous Elec Co_ February g Georgia L,P & Rys February Grand Rapids Ry Co December g Great West Pow Sys February Harrisburg Railways December Havana El Ry,L & P February Honolulu It T & Land February Houghton Co El L Co February Houghton Co Tr Co_ February b Hudson & Manhat_ February b Illinois Traction__ February lInterboro Rap Tran_ February Jacksonville Trac Co February Keokuk Electric Co.. February Key West Electric Co February Lake Shore Elec Ry_ January Lewist Aug & Watery January Long Island Electric.. December Louisville Railway__ March • Lowell Electric Corp_ February Manhat Bdge 3c Line December a Milw El Ry & Lt Co March ' Nashville Ry & Light February New England Power_ March Newp Mai Ry,G&E March N Y & Long Island_ December N Y & North Shore__ December N Y & Queens Co__ December New York Railways_ December Northampton Trac__ February Northern Ohio Elec__ February North Texas Electric February Ocean Electric (L D_ December Pacific Power & Light March Pensacola Electric Co February Phila & Western____ February Portland Gas & Coke March Port(Ore)Ry,L&PCo. February Porto Rico Railways_ February Richmond Lt & RR_ December St L Rocky Mt & Pac February Santiago El Lt & Tr. December Savannah Electric Co February Second Avenue (Rec) December Southern Boulevard_ December Southern Cal Edison_ March Staten Isld Midland.. December Tampa Electric Co__ February Tennessee Power_ _ _ _ February k Tenn Ry,Lt & P Co February Texas Power & Lt Co March Jan. 1 to Latest Date. Current Previous Current Year. Year. Year. Previous Year. 3 $ 3 3 136,877 139,652 420,453 457,028 230.193 206,780 499,334 412,102 1322,826 1109,709 2,721,621 2,273,557 12,199 13,036 34,655 32,129 179,365 140,915 366,018 268,588 81,841 67,485 164,436 145,261 28,441 19,847 59,713 41,377 198,565 170,418 433,748 357,113 f7972000 f7315000 f16494,000 f15152,000 9,721 7.192 18,495 14,751 2667,703 2422,455 31,368,395 30,563.718 42,964 36,295 95,154 77.723 33,063 25,983 68,311 54,030 142,147 137,791 188,470 270,793 1947,819 1975,212 5,568.693 5,856,285 47.536 40.772 47.536 40,772 1092,048 1035,308 3,381,441 3,468,293 86.677 96.461 208,462 205,439 184.661 169,202 376,587 346,111 2036.430 1619,202 4.185,984 3,319,672 103,288 74,884 213,970 156,797 682.732 520,963 682,732 520.963 198,998 211,037 414,720 442,643 247,207 193.186 518.832 388,663 1375,361 1140,245 4,155,920 3,560,508 1671,025 1354,922 3,418.908 2,761,194 161,617 146,721 452,214 418,922 338,383 311.063 704,801 610,751 103.195 80,409 214,160 164,868 120,067 103,875 248,030 218,235 55,338 52,629 106,470 118,373 333,629 310,344 333,629 310,344 101,859 108,458 327,230 338,931 222.154 181.822 464,641 376,005 111,952 96,688 198,480 233,316 117.656 117.238 1.278.348 1.303,860 406,016 348,452 713,725 831,765 135.264 112.829 1.325,181 1.186.731 703,156 617,071 1,429,514 1,262,081 54,931 55,196 113,552 114,989 39,679 35,101 84,392 76,183 25,504 26,645 49,959 56,068 590,372 527,636 1,249,337 1,090,552 1353,235 1165,482 2,814,271 2,397,553 3499,170 3256,311 7.312,818 6,825,332 78,365 66,003 131,560 164,233 25,141 20,054 41,920 51,850 18,854 13,149 26,924 38,443 191,455 141,555 191,455 141,555 78,070 47.120 47,120 78,070 15,917 15,871 251,122 226,994 333,735 305,260 846,618 963,751 86,259 63,493 131.763 182,213 13,399 11,002 125,713 145,503 1219,825 949,756 3,611,093 2,848,690 252,993 198,028 403,449 525,310 299,413 260,963 770,878 936,168 209,234 146.998 408,877 017,261 45,144 32,785 507,628 470,198 12,079 11,265 167,906 151,859 81,609 67,830 967,319 1,132,362 979.862 918,775 11,212,760 12,406,651 20,023 16,149 33,188 42,418 673,935 533,095 1,370,129 1,081,487 229,801 237,353 487,665 474,291 6,562 158,304 156,929 6,828 151,738 134,230 432,372 481,713 49,842 35,228 72,371 100,338 48,915 40,564 99,838 82,023 174,196 129,137 402,322 544,867 686,911 577,581 1,390,458 1,167,368 92.562 83,186 165,307 182,600 37,595 30,416 444,253 444,538 286,520 399,266 686,393 850,345 53,502 56,159 665,250 583,594 96.400 85,198 210,515 178,572 62,417 60,617 820,747 855,600 18,758 15,694 218,643 206,351 732,385 598,872 2,247,134 1,905,671 22,129 19,321 281,838 346,642 102,948 87,102 207.596 173.551 209,545 162,124 431,333 320,693 532,780 442,621 1,094,769 882,949 268,713 243,887 871,875 795,475 -Net Earnings -Gross Earnings Previous Current Current Previous Year. Year. Year. Year. $ American Power & Light Co (sub co's only)_ a Feb 1,322,826 1,109,709 523,463 462.635 Mar 1 to Feb 28 14,122,375 11,656,266 5,357,753 4,846.470 Colorado Power Co_a_ _ _Feb 100.198 47,821 97.106 56.187 Mar 1 to Feb 28 1,262,278 1,212,092 693,531 692,545 Massachusetts Gas Co_ _Mar - 300,300 420,454 Jan 1 to Mar 31 918,819 1,063,795 New Jer Pow & Lt Co_a-Mar 28,758 10,642 21,130 6,619 Rutland System_a Mar 44,681 40,371 21.129 15,751 So Canada Pow Co Ltd_Mar 21,766 48,390 38,198 16,238 Oct 1 to Mar 31 104,223 296,039 232.950 138,700 Southwestern Pow & Lt Co (sub co's only)_a Feb 516,463 464,420 188,639 193,734 Mar 1 to Feb 28 5,809,095 4,807,233 2,098,524 2,062.706 Companies. a Net earnings here given are after deducting taxes. Gross Net after Fixed Earnings. Taxes. Charges. Adirondack Elect Mar '19 136,877 Power Corp '18 139.652 12 mos '19 1,797,502 '18 1,687,875 Central Miss Valley Feb '19 33,063 Elect Properties 25,983 '18 12 mos '19 353,358 315,026 '18 Columbia Gas & Mar '19 1.092,048 Elect Co '18 1,035,308 3 mos '19 3,381,441 '18 3,468,293 Duluth-Superior Mar '19 161,617 Traction Co 146,721 '18 3 mos '19 452,214 418,922 '18 Eastern Texas Feb '19 103,195 Electric Co 80,409 '18 12 mos '19 1,181,044 950,583 '18 Fort Worth Pow & Mar '19 101,859 Light Co 108,458 '18 12 mos '19 1,293,459 • '18 1,117,971 Georgia Light, Feb '19 111,952 Power & Rys '18 96,688 2 mos '19 233,316 198,480 '18 Havana Elec Ry, Feb '19 703,156 Lt & Power Co 617,071 '18 2 mos '19 1,429,514 '18 1,262,081 Interborough Rapid Feb '19 3,499,170 Transit Co '18 3.256,311 8 mos '19 27,265,978 '18 26,494,348 Kansas Gas & 224,568 Mar '19 Elect Co 170,627 18 12 mos '19 2,295,909 '18 1,779,026 New England Co Mar '19 299,413 Power System 260.963 '18 936,168 3 mos '19 770,878 '18 Newport News & Mar '19 209,234 Hemp Ry, Gas & 146,998 '18 Elec Co 617,261 3 mos '19 408,877 '18 151,738 Pacific Power & Mar '19 134,230 Light Co '18 12 mos '19 1,910,208 '18 1,707.981 Mar '19 174,196 ortland Gas & '18 129,137 Coke Co 12 mos '19 1,940,006 '18 1,439,413 St Louis Rocky.Mt Feb '19 286.520 & Pacific Co '18 399,266 2 mos '19 686,393 '18 850,345 Southern Calif Mar '19 732,385 Edison Co '18 598,872 12 mos '19 9.076,921 '18 8,078.417 268,713 Texas Power & Mar '19 243,887 Light Co '18 12 mos '19 3,324,580 '18 2,765,425 458,258 Utah Pow & Light Mar '19 443,690 Co (Salt Lake City, '18 Utah)* 12 mos '19 5,625,239 '18 5,352.902 183,021 Washington Bait & Feb '19 164,302 Annapolis Elec '18 387,366 2 mos '19 RR Co 336,740 '18 41,845 51,494 437,234 368,097 9,314 6,107 86,541 87,276 563,011 527,061 1,768,082 1,745,573 21,663 31,414 48,669 73,274 39,782 35,888 479,840 420,661 51,113 46,202 581,191 559,707 48,248 46,566 105,636 87,171 351,010 337,738 699,049 700,447 1,137,337 1,443,777 8,235,764 11,622,782 56,606 50,747 749,556 511,225 142,800 134,200 393,464 277,677 55,513 37,030 158,012 115,814 65,939 59,494 868,246 903,372 73,784 59,111 850,172 646,885 75,637 105,407 188,930 217,327 453,222 361,891 5,678,266 5,210,319 80,309 77,258 1,078,311 1,028,700 229,918 231,395 2,972.125 2,757,877 73,772 67,665 149,687 155,069 Balance, Surflus. 20,688 21,157 30,400 21,094 174.618 262.616 112,442 255,655 6,967 2,347 3.703 2,404 29,284 57,257 23,952 63,324 59,609 x371,429 356,610 x332,502 178,501 x1,199,730 1,052,724 x1,179,702 14,986 x8,468 15,135 x18,002 43,819 x10,163 x34,396 44,014 x27,108 12,798 x27,370 11,665 151,088 x330,527 127,914 x318,816 x38,715 12,845 34,055 12,147 149,854 x437,427 432,176 127,531 10.022 38,226 8,414 38,152 76,409 29,227 76,201 10,970 148,451 2208,057 129,189 x218,655 292,855 z416,704 257,207 x462,193 1,548,037zdef364,638 • 1,171,141 x324,159 11,828,122xdf3197,328 8,823,332 x3,153,799 40,020 x16,860 26,343 24,404 422,653 z344,911 211,777 299,448 64,765 78,035 51,833 82,367 194,203 199,261 151,523 126,154 23,762 x31,744 20,275 x17,797 69,239 x88,825 60,918 x56,649 46,145 z 20,107 39,838 19.656 522,869 x351,914 460,807 442,565 30,054 43,730 29,295 29,816 497,164 353,008 341,894 304,991 20,446 55,191 20,671 84,736 40,892 148,038 41,342 175,985 271,814 181.408 244,063 117,828 3,022,088 2,656,178 2,577,143 2,633,176 54,511 z25,981 51,137 26,121 674,173 x406,353 450,064 578,636 141,227 x96,676 139,019 z102,985 1,727,422 z1,374,286 1,583.943 z1,272,190 29,855 x44,852 21,352 x47,591 55,854 x95,587 45,311 2112,273 x After allowing for otherincome received. * Includes Western Colorado Power Co. 6 1714 THE CHRONICLE Gross Net Earnings. Earnings. Fixed Chgs. eo Taxes. Balance, Surplus. Columbus (Ohio) Feb '19 184,661 15,531 49,658 def34,127 Ry Pow & Lt Co '18 169,202 41,077 51,602 def10,525 2 mos '19 376,587 33,812 99,359 def65,547 '18 346,111 102,758 def35,635 67,123 Louisville Railway Mar '19 333,735 96,353 83,563 12,790 '18 305,260 138,670 78,813 59,857 3 mos '19 963,752 279,386 247,688 31,698 '18 846,618 375,880 233,438 142,442 New York Dock Mar '19 368,769 148,290 90,323 57,967 Co '18 414,249 186,821 86,488 100,333 3 mos '19 1,220,144 476,376 272,183 204,193 '18, 1,235,343 573,776 274,271 299,505 Virginia Railway Mar '19 737,307 276,109 185,491 z102,736 & Power Co '18 647,821 288,529 163,289 z137,571 9 mos '19 6,187,812 2,073,577 1,595,031 x593,234 '18 5,456,466 2,495,709 1.435,225 x1,147,311 z After allowing for other income received. The United Gas & Electric Corporation. Gross Earnings. Citizens Gas & Fuel Jan '19 Co (Terre Haute, '18 Ind) 12 mos '19 '18 Colorado Springs Jan '19 Lt, Ht & Pow Co '18 12 mos '19 '18 Columbia (Pa) Jan '19 Gas Co '18 12 mos '19 '18 Conestoga Traction Jan '19 Co (Lancaster, Pa) '18 12 mos '19 '18 Consumers El Lt & Jan '19 Pow Co (New Orl, '18 La) 12 mos '19 '18 Edison Electric Co Jan '19 (Lancaster, Pa) '18 12 mos '19 '18 Elmira(N Y)Water Jan '19 Lt & RR Co '18 12 mos '19 '18 Harrisburg Light & Jan '19 Power Co '18 12 mos '19 '18 Houston (Tex) Gas Jan '19 & Fuel Co '18 12 mos '19 '18 Houston Hts (Tex) Jan '19 Wat & Lt Assn '18 12 mos '19 '18 Internat'l System Jan '19 (Buffalo, Ig Y) '18 12 mos '19 '18 Lancaster (Pa) Gas Jan '19 Lt & Pow Co '18 12 mos '19 '18 Leavenworth (Kan) Jan '19 Lt, lit & Pow Co '18 12 mos '19 '18 Lockport (N Y) Lt, Jan '19 Ht & Pow Co '18 12 mos '19 '18 Louisiana Gas & F Jan '19 Co, Inc (Shreveport, '18 La) 12 mos '19 '18 Louisiana Gas Co Jan '19 (Shreveport, La) '18 12 mos '19 '18 Richmond (Ind) Lt, Jan'19 Heat & Pow Co '18 12 mos '19 '18 Union Gas & Elec Jan '19 ,Co (Bloomington, Ill) '18 12 mos '19 '18 Jan '19 Wilkes-Barre Co '18 12 mos '19 '18 Net after Taxes. Fixed Charges. Balance, Surplus. 28,522 10,539 3,654 6,885 28,321 12,982 3,792 9,190 316,570 127,973 44,218 83,755 292,981 131,336 46,526 84,810 56,053 21.093 12,459 8,634 53,506 18,816 12,459 6,357 606,062 225,209 149,527 75,682 574,080 208,585 149,516 59,069 3,177 340 346 def6 3,114 380 333 47 37,367 6,556 4,125 2,431 32,226 6,905 3,893 3,012 103,651 32,473 26,691 5,782 89,135 29,312 27,275 2,037 1,257,715 420,034 323,775 96,259 1,205,820 516,628 324,158 192,470 51,285 16,464 6,962 9,502 34,739 16,748 6,827 9,921 427,811 126,822 82,385 44,437 370,464 172,252 80,790 91,462 81,057 38,608 10,326 28,282 70,170 35,609 9,343 26,266 814,309 362,110 118,621 243,489 735,900 335,788 109,001 226,787 137,173 46,353 20,712 25,641 122,277 44,669 20,033 24,636 1,414,455 459,635 247,738 211,897 1,271,554 488,551 235,400 253,151 120,298 48,129 16,102 32,027 103,897 35,568 15,179 20.389 1,010,304 384,678 192,121 192,557 914,392 442,651 169,741 272,910 85,158 15,192 7,046 8,146 75,973 27,439 6,791 20,648 680,867 154,808 83,087 71,721 599,390 229,763 82,185 147,578 2,349 929 130 799 2,514 1,054 130 924 30,511 13,944 1,560 12,384 30,976 15,830 1,549 14,281 744,235 7 188,064 def110,293 .691 68,658 148,037 def79,379 7,622,319 1,068,017 2,253,389 def185,372 8,202,478 2,752,644 1,915,021 837,623 26,635 4,669 2,262 2,407 24,322 6,364 2,220 4,144 297,911 79,611 27,054 52,557 246,155 83,051 25,392 57,659 30,872 9,990 3,437 6,553 22,726 607 2,884 def2,277 28,549 35,162 268,401 def6,613 243,814 40,390 5,781 34,609 48,646 10,730 7,802 2,928 42,344 7,658 7,938 def 280 451,883 107,754 83,439 24,315 385,205 94,475 83,800 20,675 6,676 5,000 9,770 1,676 14,420 10,776 5,000 5,776 116,699 53.995 55,529 def1,534 121,549 114,022 132,587 7,527 37,665 25,050 564 24,486 42,071 26,640 26,640 285,812 144,625 7.857 136,768 218,526 93,138 19,939 73,199 16,694 988 478 4,510 17,740 6,922 4,593 2,329 171,731 49,330 54,830 def5,500 193,477 64,442 56,831 7,611 21,435 7,258 3.658 3,600 19,301 927 4,578 3,651 66,729 42,455 24,274 216,020 180,940 47,326 42,658 4,668 27,043 116,562 48,529 21,486 21,200 94,380 32,577 11,377 130,239 1,000,935 389,146 258,907 829,346 356,923 244,585 112,338 Electric Railways.-Concluded. Page. Philadelphia Rapid Transit Co 1266 Public Service Corp 1266 Republic Railway & Light Co 1609 Scranton Electric Co 1611 Southern N.Y.Power & Ry.Corp_ _1512 Tennessee Ry., Light & Power Co_ _1611 Underground Elect. Ry. of London_1605 United Rys.& Elec. Co. of Balt_ _ _ _1513 Washington Bait. & Annapolis Electric RR 1276 Washington Ry.& Electric Co 1267 Miscellaneous CompaniesAdvance Rumely Co 1391, 1508 Alaska Gold Mines Co 1612 Allis-Chalmers Mfg. Co 1807 American Hardware Corp 1388 American La France Fire Engine Co_1276 American Stores Co 1508 American Sumatra Tobacco Co 1612 Arizona Commercial Mining Co_ _ _ _1513 Associated Dry Goods Corp..1513, 1609 Associated Oil Co 1513 Atlas Powder Co 1389 Barrett Co 1607 Bethlehem Steel Corp 1277 Booth Fisheries Co 1507 Budd Mfg. Co 1277 Buffalo General Electric Co 1277 Burt & Co 1277 Butterick Co 1271 Calumet & Hecia Mining Co_ _1391, 1608 Car Lighting & Power Co 1508 Case Threshing Machine Co 1268 Central Foundry Co 1392 Central & South Amer. Teleg. Co 1513 Central Sugar Corp 1513 Chicago Ry. Equipment Co 1513 Cincinnati Abattoir Co 1612 Cities Service Co 1384 Citizens Gas Co.of Indianapolis_ _ _ _1514 Citizens Telephone Co 1513 Colt's Patent Fire Arms Co 1392 Columbia Gas & Electric Co 1384 Copper Range Co 1612 Corn Products Refining Co 1268 East Butte Copper Mining Co 1514 Elk Horn Coal Corp 1384 Endicott-Johnson Corp 1392 Freeport Texas Co 1506 General Gas & Electric Co 1613 General Motors Corp 1606 Gillette Safety Ranor Co 1267 Gulf 011 Corp 1386 Gulf States Steel Co 1270 Haskell & Barker Car Co 1393 Hess Steel Co 1278 Inspiration Consol. Copper Co 1607 Intercontinental Rubber Co 1514 International Cotton Mills Co 1383 International Paper Co 1507, 1608 Island Creek Coal Co . 1514 Jones Bros. Tea Co 1607 Judge Mining & Smelting 1613 Kelsey Wheel Co 1509 Lackawanna Steel Co_ _1267, 1383, 1515 Lebanon Valley Iron & Steel Co__ _ _1613 Lehigh Coal & Navigation Co 1389 Library Bureau 1510 [Vol,. 108. Miscellaneous Co.'s.-(Concl.) Page. Lone Star Gas Co 1613 1268, 1393 McCrory Stores Corp 1278 Magnolia Petroleum Co 1509 Massachusetts Gas Co 1387 May Department Stores Co 1515 Mexican Telegraph Co 1613 Middle West Utilities Co 1383 Midvale Steel & Ordnance Co 1387 Montana Power Co National Acme Co 1278, 1387 1394 National Fuel Co 1507 National Lead Co New England Co.Power System 1273 New River Co 1515 New York Shipbuilding Corp 1515 1394 New York Transportation Co Nevada Consolidated Copper Co_ _ _1614 Northern Ontario Light & Power Co.1279 1609 Nova Scotia Steel & Coal Co 1394 Oklahoma Gas & Electric Co 1515 Old Dominion Co 1508 Otis Elevator Co Pacific Has & Electric Co____1606, 1614 Peerless Truck & Motor Corp_1279, 1385, 1516 1506 Phelps Dodge Corp 1507 Pierce Arrow Car Co 1269 Pittsburgh Coal Co Pond Creek Coal Co 1515 Porto-Rican American Tobacco Co_1394 1614 Ray Consolidated Copper Co 1614 Republic Iron & Steel Co Rogers Brown Iron Co 1616 Shawinigan Water & Power Co 1267 Spring Valley Water Co 1279 1394 Standard Gas & Electric Co 1394 Standard Oil Co. (Kansas) Standard Oil Co. (Ohio) 1394 Steel Co. of Canada 1615 Submarine Boat Co 1271 Submarine Signal Co 1421 Texas Co 1279 Tennessee Power Co 1615 Ticonderoga Pulp & Paper Co 1279 Titusville Iron Works Co 1279 Trumbull Public Service Co 1516 Union Bag & Paper Co 1270, 1420 Union Natural Gas Co 1270 Union 011 of Cal 1516, 1615 Union Tank Line Co 1516 United Alloy Steel Corp 1516 United Fruit Co 1299, 1385 United Service Co 1615 U. S. Bobbin & Shuttle Co 1299 1389 U. S. Industrial Alcohol Co 1384, 1606 U. S. Rubber Co U. S. Smelting, Refining & Mining Co 1420, 1510 1383 U. S. Steel Corp 1516 Utah Consolidated Mining Co 1299 Virginia Iron Coal & Coke Co 1615 Virginia Power Co 1388 Washington Water Power Co Wayland Oil & Gas Co 1388 Western Union Telegraph Co 1267 Westinghouse Air Brake Co_ _1299, 1387 White Motor Co 1507 Willys Overland Co 2386 Woolworth Co 1299 Illinois Central Railroad Co. (69th Annual Report-Year ending Dec. 31 1918.) The remarks of President Charles A. Peabody together with a comparative income account and balance sheet will be found on a subsequent page of this issue. The corporate income account for two years in comparative form was published in V. 108, p. 1603. Buffalo Rochester & Pittsburgh Ry. (34th Annual Report-Year ending Dec. 31 1918.) The remarks of President William T. Noonan, in addition to a comparative income account and balance sheet for the last two calendar years, will be found on a subsequent page of this issue. A condensed income account in comparative form was published in V. 108, p. 610. Chicago Great Western Railroad Co. (9th Annual Report-Year ended Dec. 311918.) President Samuel M. Felton says in substance: Federal Control.-In taking possession of this company's property, the Director-General took over all its cash, amounting to $2,356,572; its balances from agents and conductors, amounting to $450,836, and its materials and supplies to the value of $1,753,119, a total of $4,560,527. The company was permitted to reserve to itself the benefit of all leases and of all rents and revenues accruing therefrom, of parts of its right of way, station grounds and other property, the revenues from which under the accounting rules of the Inter-State Commerce Commission in force durinff the three-year test period, were credited to "Miscellaneous rent income, or to "Miscellaneous income." The annual compensation computed in accordance with Section 1 et the Federal Control Act, is $2,953,450, which, together with the revenues derived from rents, amounting to $55,546, and other small items, amounting to FINANCIAL REPORTS. $17,792, is all the company received with which to pay dividends, interest on its indebtedness, war taxes and the expenses of the corporation. Results.-Attention is invited to the statement showing the income accruing to the Railroad Administration during the year, compared with Annual, &c., Reports.-The following is an index to all similar results of 1917, when the property was operated by the company. It will be noted that although the total railway operating revenue increased annual and other reports of steam railroads, street railways $2,748,602, or 16.79%, the total operating income decreased $2,543,520. 79.46%, due principally to the increase of $5,290,686, or 42.35%, in or published since Mar. 29. and miscellaneous companies operating expenses. Of the increase in operating expenses, it is estimated that $3,424,700 is This index, which is given monthly, does not include chargeable to the increased cost of labor. This is 124.6% of the increase reports in to-day's "Chronicle." In total railway operating revenue. Of the increase in the total railway operating revenue, $1,880,607, or Full-face figures indicate reports published at length. 17.08%, is from freight revenue. It will be noted that the tons of revenue freight carried increased less than of 1%, and the ton-miles of revenue Steam Roads. -Concluded. Pace. Page. Steam RoadsPere Marquette RR_ _ _ _1382, 1512, 1603 freight increased only 3.79%. It is quite apparent, therefore, that the in15 Boston dr Maine RR crease in freight revenue is approximately all due to the increase in freight 1611 rates Buffalo Rochester & Pittsburgh Ry_1610 Rutland RR which became effective June 25 1918. The passenger revenue in1610 Western Pacific RR 1612 Canadian Pacific Ry. Co creased $821,690, or 20.88%. Inasmuch as the revenue passengrs carrieed Chicago Milwaukee & St. Paul Ry_ _1610 Electric Railwaysdecreased 15.437, and the revenue passenger-miles increased 2.64%, it is Chicago Rock Island & Pacific Co 1603 American Cities Co 1273, 1390 evident that this increase was due almost entirely to the increased passenger Cleveland Cincinnati Chicago & St. Boston Elevated Ry 1604 rates which became effective June 10 1918. 1511, 1266 Chattanooga Ry.& Light Co Louis 1610 By order of the Director-General, the collection of per diem from carriers 1274 Hudson Valley Ry. Co Chicago Railways 1382, 1506 under Federal control was discontinued effective July 11918. This action 1603 Federal Light & Traction Co Illinois Central RR 1390 no doubt caused the decrease in net credits to hire of eqpipment as the colLouisville & Nashville RE___ _1382, 1603 Jacksonville Traction Co 1275 lections by the cempany had for the two years previous exceeded the pay1275 Milwaukee Elec. Ry. dc Light Co__ _1269 ments, and it is believed that the same conditions should prevail this year. Maine Central RR N.Y. New Haven & Hartford RR_ _1504 Nashville Ry.& Light Co 1611 During the year the Director-General collected for account of the com1603 Newport News & Hampton Ry., New York Ontario & Western Ry pany $9,906, and he also paid out $497,846 growing out of operations of the 1382, Gas & Electric Co Norfolk & Western Ry. Co 1512 company prior to Jan. 1 1918, against which ho took over at the beginning 1505,Philadelphia Electric Co Northern Pacific Ry 1605 of the year cash and credits amounting to $4,560,527. APR. 26 1919.] THE CHRONICLE Improvements.-The Director-General expended during the year $603,059 for improvements to the roadway and $92,448 for improvements to existing equipment. Property to the value of $3,445 was retired, leaving a net charge to additions and betterments of $692,062, which the company will be required to pay. Protest Against Assignment to Company of New Rolling Stock-Possible Equipment Trust.-The Director-General also delivered ten Mikado locomotives at an estimated cost of $536,000, and has arranged to deliver five switching locomotives at an estimated cost of $180,145, a total of $716,145. It was felt that this equipment was not required, and a vigorous protest was entered against its allocation, but so far without success. Arrangements are now being made with the Director of Finance in the office of the Director-General of Railroads to finance the equipment purchase through a car trust. This will be the first time that the company has negotiated a car trust. The company has never had a floating debt. Compensation Contract.-The agreement between the Director-General of Railroads and the company has been printed and accepted. It was signed on behalf of the company by the President as authorized by the stockholders on July 1 1918. The agreement between the Director-General of Railroads and the Leavenworth Terminal Railway & Bridge Co., the entire capital stock of which is ownedibyithis company, has also been printed, accepted and signed on behalf of the Leavenworth Terminal Railway & Bridge Co. by the President. [Apparently neither contract has been signed by the Director-General, as the names of the companies do not appear in an official list of the signed •contracts dated April 17.-Ed.1 COMPANY'S ESTIMATED INCOME ACCOUNT FOR 1918, BASED ON STANDARD RETURN. (Compared with similar results of company's operations for 1917.1 1918. • 1917. Inc. or Dec. Operating income def.3127,381 def.354,900 -$72,481 Results comparable with standard return $2,871,113) +382,337 Income from lease of road (standard return) $2,953,450 Miscellaneous rent income +10,597 55,547 44,950 Miscell. non-oper. physical property_ +3,129 3,129 Divided income -8 4,557 4,549 Income from funded securities +5,855 2,416 8,271 Income from unfunded sec. & acc'ts -47,743 49,429 1,686 Miscellaneous income -2,368 2,525 157 Total non-operating income $3,026,789 $2,974,990 +351,799 Gross income $2,899,408 $2,920,090 DeductionsInterest on funded debt $1,032,820 $1,032,820 Interest on unfunded debt 3,150 8,001 Rent for leased roads 480,000 x480,000 Miscellaneous rents 35143 , 38,709 Miscellaneous tax accruals 1,219 1,100 Amortization of discount on fund. d't 13,510 13,510 Miscellaneous income charges 8,406 17,513 -$20,681 Total deductions Net income Dividends (2%) Balance after dividends +4,850 +3,566 +9,107 +317,405 $1,591,653 31,574,249 $1,307,755 $1,345,841 -438,086 439,266 +439,266 878,532 $906,575 -$477,342 $429,233 x Interest on funded debt Mason City & Fort Dodge RR. Co. This interest is not an obligation of the Chicago Great Western RR. Co. unless It is earned under the terms of, and as provided in, the lease. Note.-The following transactions were reported by the Director-General: Payments account operations prior to Jan. 1 1918, $497,847; collections, $9,906; excess payments over collections (to be deducted from cash and credits taken over at beginning of year), $487,940. STATEMENT OF OPERATIONS BY THE DIRECTOR-GENERAL IN 1918 AND BY THE COMPANY IN 1917. 1918. 1917. Inc. or Dec. Miles of road operated 1,496 1,496 Operating RevenuesFreignt $12,888,035 311,007,428$+1,880,607 Passenger 4,756,821 3,935,131 +821,690 Mail and express 665,627 648,286 +17,341 Miscellaneous 474,041 481,709 -7,667 Incidental revenue (dining, buffet, demurrage, &c.) 332,402 295,769 +36,633 Total operating revenue $19,116,925 $16,368,323-$2,748,602 Operating expensesMaintenance of way and structures $3,129,185 $2,131,193 +3997,992 Maintenance of equipment 5,130,651 2,833,950 +2,296,700 -Traffic 386,761 556,462 -109,701 Transportation-rail line 8,480,989 6,350,827 +2,130,161 Miscellaneous operations 170,057 144,587 +25,470 'General 497,329 490,574 +6,756 Transportation for investment-Cr Cr.11,874 Cr.15,181 -3,308 Total operating expenses $17,783,098 $12,492,412 +35,290,686 Net revenue from operations 31,333,827 33,875,911-32,542,084 Railway tax accruals 3671,092 a$664,565 +36,526 "Uncollectible railway revenues 5,164 10,254 -5,090 income Total operating $857,571 33,201,092--32 543,520 Hire of equipment $1,201,667 $1,788,646 -d586,978 'Other income 66,917 28,488 +38,428 Total non-operating income $1,268,584 $1,817,134 --$548,549 income 'Gross $1,926,155 $5,018,226-$3,092,070 DeductionsInterest on unfunded debt $2,509 b +32,509 Hire of equipment 1,078,681 1,481,364 -402,683 Joint facility rents 783,955 665,749 +118,207 Total deductions $1,865,146 $2,147,113 --$281,967 Net, comparable with "Standard Return' ($2,953,450) $61,009 $2,871,113-32,810,104 a Figures for 1917 reduced 354,900, being the amount of war taxes which for purposes of comparison are included in the statement of deductions. EIncluded in returns of corporation for purposes of comparison. CONSOLIDATED BALANCE SHEET DEC. 31. 1918. 1917. 1918. 1917. Assets$ $ LiabilitiesRoad & equip-130,814,020 130231,478 Common stock_....45,210,513 45,210,513 'mum on leased Preferred stock _ _ _43,926,602 3,346 3,346 Ch,Gt. W.1st 4s.25,383,000 43,926,602 railway prop... 25,383,000 Mimi, Term. 354s 500,000 Inv. in Mill. cos.: 500,000 867,593 M.C.&P.D.1st 48_12,000,000 12,000,000 950,926 Stocks 25,538 W.M.& P. lst 4s_ 19,538 Bonds 11,000 11,000 10,489 Misc. obltg'ns, &c. 16,803 Advances 47,924 47,925 101,571 Traffic, &c., bals_ Other investments 306,971 8,839 807,060 127,169 Accounts & wages Misc. phys. prop_ 125,833 24,717 982,734 679,628 2,424,179 Miscell. accounts_ 324,246 • Cash 529,004 298,747 Matured int. unpd. 147,708 4,389 Traffic, &c., bats_ 23,628 1,879 Unmat'd int., &c_ 378,813 827 Loans & bills roe 431,709 450,836 Taxes accrued_..... Agents & conduc's 74,240 560,466 858,675 Oper. reserves_ _ 'Misc. accounts_._ 185,309 21,600 31,500 1,753,119 Unpaid dividends_ 439,266 Material & suppl's U. S. Govt. def'd U. S. Govt. rents 1,772,790 received liabIlltiee 5,304,469 U. S. Govt. def'd Other unadJ., &o., 5,898,506 assets accounts 410,889 518,645 Unexting. dise't Accr'd deprecia'n.. 1,071,262 1,083,244 562,935 Add'ris to prop'ty. on bonds 549,425 8,704 8,704 •0th. unadj. aco'ts 959,408 1,409,069 Profit and loss.._ 6,994,030 7,070,892 142,287,721 139126,625 Total 142,287,721 139126,625 -V. 108, P. 783. Total 1715 Lehigh Valley Railroad Company. (65th Report-Year ended Dec. 31 1918.) President E. E. Loomis, Philadelphia, Pa., Apr. 2 1919, wrote in substance: Compensation.-As provided by the Federal Control Act, negotiations were entered into with the U. S. Railroad Administration which resulted on Dec. 12 1918 in the execution of a contract with the Director-General of Railroads_ providing for an annual compensation of $11,321,233, subject to minor adjustments, and which contract was approved at the stockholders' meeting held Nov. 14 1918. None of the compensation for the Year 1918 was paid during the year. The Administration, however, loaned to the company $2,000,000, for which the company was obliged to deposit as collateral $3,500,000 of its General Consolidated Bonds. Reasons for Extra Compensation.-During the negotiation of the contract the Government's attention was called to the fact that,the compensation allowed did not equitably reflect within $900,000 per annum the true compensation the company should be paid, for the following reasons: (1) First, because of the abnormal expense incurred during the chosen test period as a result of what is known as the Black Tom explosion in 1916, when the company was the innocent victim of an event wholly related to the war;(2) for amounts set up in reserve accounts for maintenance of way and structures for the first six months of 1917, of which only 43% was actually expended; or, in other words, operating expenses were charged 57% more than was expended and which amount should have been properly credited thereto; (3) for additions and betterments to the road and new equipment, from which no benefits were reflected in the operating results of the test period, the Government having the benefit of these expenditures, and for which no compensation is allowed to the company. These claims were considered by the Administration, but were with the statement that: "The standard return is found to be rejected entirely adequate." As a result the company is saddled with a similar loss every year their property remains under Federal control. Financial.-Sale of Collateral Bonds Made Necessary by Failure to Receive Government Rental.-There were issued during the year (a) $12,000,000 General Consol. Mortgage 5% bonds. These were placed in the company's treasury during the year, in accordance with the terms of the mortgage to reimburse it for expenditures made prior to June 30 1913. (b) $15,000,000 10-year Collateral Trust 6% Gold bonds. These were issued and sold Sept. 11918. They are secured by 324,000,000 of bonds that were in the company's treasury (V. 107, P. 905.) Under normal conditions it would not have been necessary to issue these collateral bonds, but not receiving any rental from the Railroad Administration and being unable to market long-term securities held in the company's treasury on equitable terms, this was the only recourse. The following obligations matured, were redeemed and canceled: Collateral 4% Trust Bonds, $1,000,000; Equipment Trusts, Series "L", $400,000; Series"M,"$200,000; Series"0,"$500,000; Series "R,"$400,000; total, $2.500.000. The Wyoming Valley Water Supply Co. a subsidiary, issued $118,900 common stock, which was purchased by arid is held in your treasury, the proceeds being used by the former to purchase all of the capital stock of the Diamond Water Co. There were also sold $479,000 Lehigh-Buffalo Terminal Railway Corporation bonds held in the treasury. Capital stock of Lehigh & Hudson River Ry. Co. of $46,200 was received as a stock dividend declared in 1917 by that company. The total of $2,000.000 U. S. Fourth Liberty Loan bonds subscribed for by your company are held by banks against loans for the same amount. A mortgage of $300,000 on an abattoir property located at 43d St. and East River, New York, owned by the United Dressed Beef Co., held by your company was paid off during the year. Treasury Holdings.-On Dec. 31 your company had in its treasury the following securities of its own issue which are not included with the unpledged securities of affiliated co's:(a) Collateral Trust 4% Bonds,3925.000; (b) General Consol. Mortgage Bonds, 35,100,000; (c) Equipment Trusts "L,"400,000; (d) "M," $1,000,000; (e) "0," $2,000,000: (f) $1.600,000. General Consolidated Mortgage of 1903.-Under this mortgage providing for the issue of bonds to the amount of $150,000,000, bonds to the extent of $34,000,000 were set aside to be issued against expenditures made for additions and betterments to the company's property. Since that date the company has expended for additions and betterments $56.496,559 and has received $26,000,000 of bonds, and is entitled to $8,000,000 more to provide for the amount set aside for this purpose in the mortgage. This leaves $22,496,559 expended out of current earnings on the property for additions and betterments for which no provision has been made to capitalize through the issuance of stocks or bonds. Taxes Accrued in 1918.-These aggregated $492,500, of which was war taxes. Taxes on property used for operating purposes are$390,000 assumed by the Railroad Administration. Additions and Betterments.-There was expended for additions and betterments of road and equipment, including improvements on subsidiary properties owned, a total of $1,731,368. Federal Operation.-While the operation of the properties now in the hands of the Federal Government and their earnings and expenses do not affect the corporate results, it is interesting to note that the revenue from coal freight showed an increase of 18.2% over 1917, which was due to increased tonnage and to the rate increases authorized by the I.-S. C. Commission and the Director-General of Railroads. Merchandise freight Cevenue increased 28.49 as a result of the increase in rates and the movement of a greater quantity of long-haul freight; also a slight increase in the number of tons carried. Passenger revenue increased 27.4%. This was due to the rate increase and to a large increase in troop movements, which more than offset a reduction in regular travel. The revenue from troop movements was 8105tr transportation revenue increased 47% as a result of increased 51he333 earnings from switching, from the transportation of milk and from water transportation at the Atlantic seaboard. It is estimated that the increased revenue resulting from rate advances that went into effect during the year 1918 was 38.159,229. Expenses.-The expenditures for the maintenance ofequipment amounted to $17,004,250, an increase of $7,004,641, compared with 1917. Train Load.-Attention is particularly called to the increased trainload, amounting to 892.22 tons, or nearly 19%, which would seem to justify the expenditure made in the past for strengthening bridges, the purchase of larger engines and enlarged roundhouse facilities, but from which your company will derive no benefit until property is returned to the corporation. Terminals.-On Sept. 15 the use of the Jersey Central Terminal at Jersey City was discontinued by the Lehigh Valley and its through passenger trains were operated over the Pennsylvania RR. from Newark Junction into New York City and local trains into the Jersey City Terminal of the Pennsylvania RR. In order that Baltimore & Ohio passenger trains might reach the New York City Terminal of the Pennsylvania RR..beginning April 28, passenger trains of that company were routed over the tracks of the Lehigh Valley RR. between Port Reading Junction and Newark Junction, 24.4 miles. On Sept. 1 Erie Railroad passenger trains began the use of the Lehigh Valley Terminal at Buffalo. Passenger and freight station facilities of the Lehigh Valley and the D.L.& W.at Ithaca, N.Y.,and Elmira, N.Y., were consolidated Aug.1 1918. Equipment Purchase Protested.-During the year the U. S. Railroad Administration notified this company that there had been allocated to it 3,300 new cars, consisting of 1,000 box cars, 1.300 coal cars, 500 low-side gondolas and 500 drop-bottom gondolas, costing approximately $9,647,600, for which this company was expected to pay. Your board promptly protested against any such action, and,after argument,the Administration canceled its allocation of 1.000 box cars, but insisted that the company take the 2,300 coal and gondola cars. A further protest was thereupon made and the Administration notified that the company would not accept the equipment. This company's freight equipment consists of 42,988 cars, 98% of which are steel or steel underframe, and in excellent condition. It has a larger equipment for its gross business and per mile of road, with one exception (as to per mile of road) than any railroad in the Eastern territory. During the year 1917, when it did the largest business in its history, both as to revenue and tonnage, its freight car hire showed a substantial credit balance; in other words, there was no shortage of cars at the mines located on its line and all local requirements were filled with fewer cars than it actually owned. No additional equipment was asked for in the 1918 budget made up by the Administration officials, as none was required. Paragraph( of Sec. 8 of its contract provides that the Director-General shall not acquire any equipment at the expense or on the credit of the company in excess of what,in his judgment, is necessary to provide for the 1716 THE CHRONICLE traffic requirements of the road. Your board claims that this judgment must be based on facts and not on theories, and the facts clearly show that the company is fully equipped and has a large excess over the amount necessary to handle its traffic. Traffic Diversion.-The many consolidations, combinations and pooling of facilities and equipment inaugurated by the Railroad Administration have resulted in the diversion to other routes of revenue-bearing traffic which your company had enjoyed. Similarly the discontinuance of the solicitation of traffic has left your railroad without representation in important business producing centres where it previously had built up good will of great value. It is impossible to foresee the effect of these changes on the traffic and earnings of your company after the roads are returned to their private owners. Wages.-Wage increases, including back pay, granted by the Federal Administration to Lehigh Valley employees in the transportation, maintenance of way and equipment departments, amounted to $12,511,823, or 60% for the year. Coal Property.-Your company's ownership of the Lehigh Valley Coal Co. and other anthracite properties produced an'income of $2,390,472, being $789,182 less than in 1917. The prospects of 1919 are not encouraging, due to the mild winter and decreased demand for coal on account of the cessation of many war activities. Stockholders.-On Dec. 31 the capital stock was held by 13,587 stockholders. of which 5,231 were women, or 383i %. This is an increase of 1,360 stockholders over a year ago. INCOME ACCOUNT DECEMBER 31 1918. Increase (-I-) or 1918. Decrease (-) *Compensation due from U.S. RR. Adminis_ ___311,321,233 Other Corporate IncomeMiscellaneous rent income 12,942 -$2,447 Miscellaneous non-operating physical property 225,318 +40,219 Separately operated properties-profit 116,820 +2,971 • Dividend income 2,546,778 -797,768 Income fromFunded securities 54,764 -270,716 Unfunded securities and accounts 66,398 -232,589 Sinking and other reserve funds 400 Miscellaneous income 3,003 -2,075 Total other corporate income $3,026,425 -$1,262,404 Gross income $14,347,658 +$305,944 DeductionsRent for leased roads $2,183,337 +$39,159 Miscellaneous rent deductions 352,272 -49,697 .Miscellaneous tax accruals 492,500 +394,178 Interest on funded debt +248,682 4,038,758 Interest on unfunded debt 273,484 +110,684 Maintenance of invegtment organization 116,768 +116,768 Miscellaneous income charges 297,704 +5,194 Total deductions +$864,969 $7,754,824 Net income $6,592,834 -$659,025 Dividends $6,060,800 Balance, surplus $632,034 * None of this amount had been received from the U. S. Government at the close of the year. x Includes chiefly dividends as follows: Lehigh Valley Coal Co., $2,029,650 [against $2,397,777 in 19171; Coxe Brothers & Co., Inc., $292,970 [against 3714,0251; Wyoming Valley Water Supply Co., $118,083 [against $20,000 in 1917.1 FEDERAL ADMINISTRATION INCOME STATEMENT FOR 1918. [In comparison with the company's operations in 1917 and 1916.1 1918. 1917. 1916. Average miles operated 1,441 1,443 1,444 Operating RrevenuesCoal freignt $24,118,333 $20,402,226 $18,330,880 Merchandise freight 29,155,590 22,705,556 21,478,421 Passenger 6,234,935 4,894.990 4,598,212 Mail, express, &c 3,837,383 2,777,077 2,420,175 Transportation-water lines 743,350 1,170,023 1,055.974 Incidental 1,497,178 1,408,574 976,247 Total operating revenue $65,586,769 $53,358,446 $48,859,909 Operating ExpensesMaintenance of way and structures 87,818.030 $5,353,466 $4,967,202 equipment Maintenance of 17,004,251 9,999,610 9,118,815 Traffic expenses 654,982 1,013,395 1,009,061 Transportation 30,523,764 24,141,699 18,446,145 General, &c 1.344,999 1,317,997 1,223,753 143Total operating expenses $57,346,025 $41,826,166 $34,764,977 Net operating revenue $8.240,743 $11,532,280 $14,094,932 FEDERAL INCOME STATEMENT FOR 1918 (CONCLUDED(.) 1918. 1917. Operating revenue $8,240,744 $11,532,280 Railway tax accruals 1,874,237 1,953,954 revenues Uncollectible railway 2,125 2,330 Operating income Other IncomeHire of equipment'Rolling 'Floating Joint facility rent income Income from unfunded securities, &c $6,364,382 $9,575,996 [vol.. 108. Long Island Railroad Company. (37th Annual Report-Year Ending Dec. 31 1918.) Pres. Samuel Rea Mar. 8 Nyroto in substance: Government Contract Still Pending.-Additional Compensation Sought.An agreement with the Director-General of Railroads has not yet been negotiated. The compensation payable, if determined by the three-year average known as the "standard return," will, together with "other corporate income," be sufficient to cover our fixed charges, taxes, rentals and other corporate expenses, and to leave a small balance. Such compensation would be clearly inequitable, because it would not insure a proper return upon the increased investment for the enlargement and improvement of the railroad between Fresh Pond Junction and Bay Ridge and the terminal extensions at the latter point to accommodate the traffic of the New York Connecting RR., which investment has materially increased the earning capacity and value of the property, and because the earning capacity, due to other causes, was materially greater at the time it was taken under Federal control than it had been in the three-year period. A claim will, therefore, be made for additional compensation. Reduction in Income Charges.-The decrease in fixed charges and income deductions is due chiefly to the following decreases: (a) Over $246,000 in rents for leased roads, because the rental paid for New York & Rockaway Beach Ry. Co.for 1917 was greater than the rental in 1918, which is based on the Federal Control Contract; (b) almost $33,000 in miscellaneous rents resulting largely from the cancellation of leases; (c) more than $279,000 in interest on funded debt, which is due principally to the refinancing by which debenture bonds were exchanged for capital stock (V. 106, p. 2222); (d) the retirement of equipment trust obligations and 2d mtge. 7% bonds. The increase in interest on unfunded debt is chiefly on account of interest on amounts due the U. S. RR. Administration for settlement of operating and other open accounts. Profit and Loss.-The balance of net income, $773,545, was credited to profit and loss, and that account was charged with amounts representing business prior to Jan. 1 1918, amounting to $314.048, settled by the U. S. RR. Administration, and $624,015, due principally to property abandoned on account of Bay Ridge Improvement and Brooklyn grade-crossing improvement, the yearly charge of $150,000 on account of writing off Atlantic Ave. leasehold estate, and other adjustments. Balance Sheet.-Under current assets the increase in miscellaneous accounts receivable arises chiefly from the inclusion,in this item,of the unpaid standard compensation due from the U. S. RR. Administration for the use of your property during 1918, including interest thereon. The decreases in current assets are due chiefly to the fact that the property taken over by said Administration as of Jan. 1 1918 included cash, materials and supplies, and net balances receivable from agents and conductors. The items so taken over constitute the principal portion of the deferred assets, and explains the increase in that item. Deferred assets also include the amounts due by the RR; Administration for depreciation on road and equipment, &c. Similarly, in current liabilities, the Administration assumed the payment of the open operating accounts, which are now included under deferred liabilities. The latter account also includes additions and betterments chargeable to capital ac-, count, and other items due the U. S. Railroad Administration. Refunding Mtge. 4% bonds, due March 11949, to the amount of $282,000, were issued during 1918 for the purpose of retiring $268,537 of 2d Mtge. 7% bonds, maturing Aug. 11918. and in exchange for 314,000 of Unified Mtge. 4%, bonds, due March 11949. Equipment trust obligations to the extent of $500,000 matured and were paid off during the year. The increase in loans and bills payable is due to amounts it was necessary for your company to borrow to enable it to meet its financial requirements and for the purchase of Liberty bonds. Improvements, c8c.-The expenditures for road during 1918 were principally on account of construction of second track from Hicksville to Pinelawn, 7.6 miles; second track from Floral Park to Garden City, 3.1 miles; Bay Ridge improvement; rebuilding enginehouse at Long Island City; elimination of grade crossings, &c. The equipment expenditures were chiefly for 4 switching locomotives, conversion of 27 parlor cars into coaches, 4 club cars, privately owned, for conversion into coaches, equipping 45 summer coaches with steam-heating apparatus for use in Camp Upton service, construction of 2 wooden hulls for 2 tugs, one 15-ton steam locomotive crane. The net expenditures were $1,040,531 for road and $651,901 for equipment, all charged to capital account. INCOME STATEMENT FOR CALENDAR YEARS. [Note.-Federal contract not yet s gned; additional compensation to be. claimed.] Deductions1918. 1917. 1918. 1917. Rents for l's'd rds_ $366,678 $612,897 U. S. compensat'n accrued Miscell. rents_ _ _ $3,221,949 166,381 199,295. Add-Misc. rents_ 164,875 166,537 Miscell. taxes....__ 4,800 3.992 Div. income_ _ _ 30,230 30,230 Seper. oper. prop_ 38,050 43,017 Inc. from funded Int. on fund. debt. 2,149,343 2,428,598 105,523 92,737 do unfund.debt 200,407 securities- 136,197 Miscell. Income. 261,671 254,065 Maint. of corpor33,612 ate organiz'n. Misc. Inc. chges__ 26,876 20,841 War taxes 24.255 41,040 Total $393,139 $562,299 $543,570 Total deductions$3,010,273 $3,493,492 86,153' Gross income _ _ _ _33,784,248 $4,363,183 Balance, surplus _ $773,545 $869,301 Federal operating statistics, it is stated, will be obtained and compiled, 300,621 later. BALANCE SHEET DECEMBER 31. Total income $7,128,853 $10,355,909 1917. 1918. 1918. 1917. DeductionsAssets Liabilities8 • $ $ $ Hire of equipmentfRolling $45,897 $86,643 Road & 71,466,944 69,774,511 Capital stock__ 34,110,250 34,110,250, 'Floating 35,738 357,353 Impts. on leased Funded debt(see Joint facility rents 226.088 223,442 rail property_ 6,341,243 6,360,276 "By. & Ind." Net income $6,821,131 $9,688,471 Inv. .in affil.cos.: Section) 47,608,100 47,608,637 Stocks 1,568,101 1,568,101 Eq. trust oblig. 2,372,000 2,872,000 GENERAL STATISTICS FOR CALENDAR YEARS. Bonds 1,192,296 1,192,296 Real est. mtges100,000 102,000, trl 1918. 1917. 1916. Notes 4,113,761 4,125,937 Loans&bills pay. 2,418,240 1,493,589 Tons revenue freight 37,250,739 35,296,643 33,695,398 Traffic,&c.,bals. Advances_ 2,427,558 2,413,602 _ 1,109,600 Tonsfreight, 1 mile 7,136,881,128 6662851.306 6330640,346 Other investm'ts 911,687 388,178 Acc'ts & wages116,978 1,087,110 $53,273 923 $43.107 782 $39,809,301 Misc.phys.prop. Freight revenue 71,961 67,268 Matured interest 3,490,388 3,443,905. Average revenue per ton $ .. $1.213031.18145 Depos. in lieu of maFund. debt Average revenue per ton per mile $0.77 $0.67 $0.65 131,073 131,073 Lured, unpaid 1,585,200 1,580,680. mtg. Prop. sold Passengers carried 7,629.888 7,136,491 7,114,332 Cash 8,222 633,160 Accrued Interest 270,388,327 243,924,392 243',030.258 Spec'l Passengers carried 1 mile rents..._ and depos.,&c 780,303 069,709 698,076 626,495 Passenger revenue 36,234,935 34,894,990 $4,598,212 Traffic,&c., bal. 82,394 Miscellaneous- 267,865 520,495 Average revenue per passenger $0.81717 $0.68591 $0.64633 Agents & conduc 11,506 914,638 Taxes 151,780 224,988 Average revenue per pass. per mile_.. 30.02306 $0.02007 $0.01892 Int.,divs.,&c.,rec 67,923 Accrued delve°. 3,259,889 2,570,179129,903 35.718 37.992 Net oper. revenue per mile of road_ 39.761 Mater. & supp1,524,203 Other unadjust728,208 ed accounts__ 269,927 Miscellaneous- - 2,773,765 BALANCE SHEET DEC. 31. Deferred liabillProp.aban.chg. 542,3901917. 1918. 1918. 1917. 31,666 ties 6,187,443 to oper. exp. $ Liabilities-Assets$ $ $ 475,5501 832,697 Road & equip't _ _88,366,102 87,327,656 Common stock _ _60,501,700 60,501,700 Oth.unadj.accts. Preferred stock__ 106,300 Impts. on leased 106,300 Deferred assets_ 3,982,020! 6,250,252 6,086,484 Total(each side)102,636,145 97,892,324 railway prop'ty 1,715,555 1,746,561 Funded debt___a96,911,000 82,911,000 Deficit -V. 107, P. 402. 2,027,290 Loans & bills prop. 2,026,066 pay. 4,000,000 4,000,000 Misc. phys. Traffic,&c.,bals. 6,899 881,551 Invin affil.cos.55,170,324 55,051,792 Accts. & wages__ 136,351 6,139,008 Stocks Keystone Tire & Rubber Co. 23,966,926 24,445,926 Misc. accts. pay'le 10,647 1,423,105 .Bonds 226,250 Int. mat'd, unp'd 450,668 504,564 437,409 (Statement to New York Stock Exchange.) Pz, Notes 8,349,846 7,671,682 Divs.,Sm.,mat'd, Advances unpaid 10,255 19,625 Other investm'ts. 2,471,666 1,820,043 The statement of this company to the New York'Stock 200,000 Unmatured divs. Time drafts&dep. 42,222 42,222 declared 1,515,200 1,515,200 Exchange in connection with the listing of its common stock Special deposits2,351,296 4,573,057 Unmat'd int.accr. 864,946 581,613 will be found in detail under "Reports and Documents" on Cash 34,079 1,070,036 Unmatured rents Traffic,&c., bats. 2,739,593 accrued 354,509 356,136 a subsequent page.-V. 108, p. 1515, 1064. Agents & cond'rs. 710,174 Misc.accts.recle.11,671,878 1,389,416 0th. cur. Ilabilit's 85,891 6,228,778 Def'd liabilities_..18,762,435 2,244,145 Material & supp_ Ray Consolidated Copper Company. 549,671 Tax liability..... 681,189 35,980 977,275 Int.& divs.rec.,&c. Deferred assets_ _23,886,914 1,899,592 Accr'd deprec'n_12,485,443 11,136,990 (10th Annual Report-Year Ended Dec. 31 1918.) 249,879 Unadjust. debits. 533,055 1,293,722 Unadjust. credits 289,458 Profit and loss......23,953,584 21,112,179 President Sherwood Aldrich, N.Y., Apr. 10, wrote in sub.: MI 221,126,474 200,303,288 Total 221,126,474 200,303,288 r Total With'the signing of the armistice the demand for copper metal abruptly and to avoid the creation of an excessively large surplus of unsold ceased, funded $31,925,000 debt held deducting in giifter , treasury.--V. 108: copper, production and operations were, beginning Jan. 1 1919, reduced, p. 1511. $139.563 153,515 333,576 137,818 APR. 26 1919.] THE CHRONICLE approximately 50%. The price of the metal also dropped sharply and severely, and it has only been during the last two months that there has been a substantial lowering of cost factors and they have not yet been reduced to a point where profitable operations can be conducted. Further progress, however, is expected towards such cost reduction, and in the meantime there has been a moderate improvement in the domestic demand for copper for peace uses. Foreign Holdings of Copper.-There are very large stocks of copper in the hands of the Governments of Great Britain, France and Italy which must be disposed of in the regular course of industry before the consumers in those countries will again be in the market for American copper. The so-called Central Empires, however, and their adjoining neutral countries are absolutely bare of cbpper, and with the conclusion of peace and the lifting of trade embargoes, there will probably be a heavy demand for the metal from those countries. Export Association.-Under the provisions of the so-called Webb Law, permitting combinations for purposes of export trade, practically all the large copper producers, including your company, joined in the formation of the Copper Export Association, Inc., and foreign selling will be done through this central agency. It is believed that this centralized selling will go far to eliminate speculative manipulation of the metal abroad and thus tend to largely stabilize its price. There are submitted herewith the report of the Managing Director and the General Manager, setting forth both in general and in detail the year's operations and the operating conditions. Output.-The gross copper output for the year was 86,919,270 lbs. which, after smelter deductions, left a net production of 83,599,160 lbs. This makes the total gross copper production from the inception of operations (April 1911) to Dec. 31 1918-484,309,560 lbs. Cost.-The cost of production for the year was 17.695 cents per pound, as compared with a cost of 12.975 cents per pound for the year 1917, 9.948 cents per pound for the year 1914 and 11.401 cents per pound for all years of operation prior to 1918. Prices.-While the price at which the year's production of copper as carried upon the company's books was 22.941 cents per pound, the average price of our settlements for copper deliveries during the year was 24.713 cents per pound. This difference is due to the fact that on Dec. 31 a very largo amount of unsold copper was carried upon the books at the customary inventory price of 13% cents per pound. The average price realized upon our copper deliveries from the inception of operations down to the end of 1917 was 19.406 cents per pound. Operations.-The net income and proceeds of depletion for the year amounted to $4,803,455, or $3 05 per share. This figure is net after charging into operating costs the usual rate for depreciation of the plant. Total dividends amounting to $5,125,832, or $3 25 per share, were paid, and in addition, contributions to the Red Cross and United War Work Funds of $150,000 were made, resulting in a reduction of surplus, as against Dec. 311917, of $472,376. The total disbursements to stockholders from inception of operations to and including those for 1918 amount to .$20,681,083. Statement by Managing Director D. C. Jackling, New York, April 4. Tonnage and production both suffered some shrinkage but this was not as great as might have been expected in view of the loss of so many of the most capable and efficient employees, and the difficulty of maintaining suitable operating supplies. All contemplated additions and improvements in the way of equipment and facilities at both the mills and the mines have been so far completed as to practically terminate construction requirements either in the way of work or expenditures. It is believed that the plants and equipment as they now stand are as perfect and efficient in all essential respects as those of a similar kind anywhere. Progress is being made in opening up deeper levels at the No. 2 mine and will give early opportunity for the further proving of deep lying ore bodies which it has not been practicable before to explore but which it has for some time been known will add substantially to the property's ore reserves. It is hoped that conditions will not render further curtailment necessary but this will depend entirely upon the development at an early date of a market for at least current production of copper at prices which will in turn at least equal the cost of production. Data from General Manager L. S. Cates, Ray, Ariz., Feb. 27. Mine development consisted of exteinsions to the main haulage-ways on the third level, at both shafts, the total development for the year being 61,711 feet, as compared with 84,915 ft. for 1917. The total development since the beginning of operations to Dec. 31 1918 was 711,014 feet, or approximately 134 miles; mining operations have destroyed 368,202 feet, leaving intact 342,812 ft., or approximately 65 miles. In the past it has been possible to use inclined shafts so the men could walk to work, but as the development approached the lower levels this system could not be economically continued and No.4 Man Shaft, concrete lined, was sunk 547 feet in the western portion of the mine. The total ore reserves to date are 86,383,642 tons averaging 2.061% copper. These reserves were not recalculated at the end of the year, but were obtained by deducting the tonnage mined during the current year from the ore reserves as reported Dec. 31 1917. INCOME ACCOUNT YEARS ENDING DECEMBER 31. 1918. 1917. 1916. 1915. Copper production (lbs.) 83,599,160 88,582,649 74,983,540 60,338,936 Avge. price rec'd per lb_ 22.941 cts. 23.986 cts. 26.724 cts. 17.352 cts. Total oper. revenue __..$19,209,311 $21,278,071 $20,060,783 $10,498,961 Operating ExpensesMining and milling___ $9,520,645 $7,053,243 $4,629,140 33,283,8d7 4,663,541 Freight, treat't & refin'g 3,586,419 2,378,306 2,953,694 143,050 Selling commission 214,312 107,356 201,107 467,964 Mine devel't exting't 445,441 356,122 416,692. Total oper. expenses_314,795,200 $11,299,415 $8,200,633 $6,125,590 $4,414,112 $9,978,656 $11,860,150 $4,373,371 Net operating profit_ 337,681 Income on investments_ 372,481 387,313 404,115 Miscellaneous income 51,663 65,166 deb.180,100 deb.10,622 $4,803,455 $10,416,303 $12,084,166 $4,750,063 Total income Deduct-Interest $160,920 Replacements, &c521,082 Dividends 5,125,832 *6,624,152 1,872,319 4,337,955 (321,) Rate per cent (12ti%) (27%%) 150,000 Other deductions_ _ _ _ 194,051 Balance, surplus____def.$472,377 $3,077,018 $7,746,211 $2,716,823 * Includes in 1917 $5,835,562 dividends and $788,590 capital distribution. BALANCE SHEET DEC. 31 (INCL. RAY CONS. COPPER CO. AND RAY AND GILA VALLEY RR. CO.) 1918. 1917. 1917. 1918. -$ LiabilitiesAssets $ $ MM.& Mill. prop. 8,857,820 8,719,313 Cap. stock, Ray Constr.,equip. &c. 8,141,719 7,927,277 Con. Cop. Co_15,771,790 15,771,790 8,218,529 8,044,968 prop_ Accounts payable_ 378.430 Develop,of 319,053 310,329 Ttreatm't ref., &c., Outside invest_ _ 548,925 PI charges Prepaid ins.& 0th. 513,954 732,888 43,778 84,824 Res. for taxes, ins. expenses and other exp.. 1,573,483 1,045,540 Mat,and supplies_ 2,001.500 1,697,791 Accts. receivable_ 2,162,108 2,183,918 Sale of securities__ 1,500,648 1,506,848 Metals in transit 4,067,781 8,101,608 Surplus 18,464,853 18,890,889 Liberty bonds and 834,000 cert. of indebt__ 2,500.000 2,204,672 2,043,067 Cash Total 38,428,070 36,047,852 Total 38,428,070 38,047,652 -V.108, p. 1614. Virginian Power Company. (Report for Fiscal Year ended Dec. 31 1918.) President P.G.Gossler on Mar.20 1919 wrote in substance: The gross earnings of your company for 1918 were $804,716, an increase of 39% over 1917. The net earnings were $313,601, an increase slightly in excess of 50%• New Construction.-During the year the company constructed 56 4ni1es of 44,000-volt and 15.6 miles of 2,300-volt line. There were installed during the year 11 substations for the purpose of delivery of power to new customers, with a total installed transformer capacity of 16,725 KVA,making a total for the system of 73 substations with 50,050 KVA installed transformer capacity. Part of this construction was 1717 done at the request of the United States Government under a contract made by them with this company. The contract provides for the financing of certain portions of the work under extremely favorable circumstances. The installation of the new 20,000 KW generator has been completed. The capacity of the plant has thereby been approximately doubled. New Business.-Since Jan. 1 1919 the company has executed new contracts with coal companies for a total increased demand of 2,425 KW with excellent prospects for additional new business during the year 1919. STATISTICS FOR CALENDAR YEARS. 1917. 1918. 1916. 1915. Contracted capac., k.w. 18,335 15,055 11.825 8,430 Output, annual, k. w. h. 64,133,100 52,535,800 40,678,250 21,717,550 Daily average 175,707 143,930 111,447 56,760 SUMMARY OF OPERATIONS FOR CALENDAR YEARS. 1918. 1917. 1916. Gross earnings $804,716 $577,761 $424,951 Operating expenses and taxes 491.115 366,650 231,313 Net earnings Other income Interest on bonds Interest on debentures Interest on notes $313,602 215,808 24,0001 22,532f $211,111 3,716 196,724 34,214 $193,638 21,210 194,833 32,414 Surplus for year 1918 $51,261 def.$16,111 def.$12,398 BALANCE SHEET DEC. 31. 1918. 1917. 1918. 1917. Assets$ $ Liabilities$ .S Prop'ty, franchises Common stock__ _ 5,000.000 and investments10,185,268 10,040,391 Preferred stock__ _ 5,000,000 1,200,000 1,200,000 Cash 961 2,999 1st & coll. tr. 5s__ 4,453,000 4,085,000 Acc'ts receivable- 187,469 105,530 6% convert. notes 400,000 400,000 Material & suppl's 164,612 116,647 Accounts payable_ 250,070 331,392 Notes receivable_ 27,262 Notes payable_ _ _ _ 329,897 347,514 Accrued interest_ 1,845 Accrued taxes_ _ _ _ 29,237 27,648 Prepaid accounts_ 2,891 4,894 Accrued interest... 29,409 28,938 Unamort.d't disc't 1,113,875 1,040,275 Other accruals_ - _ 2,579 2,324 Suspense 19,144 16,564 Deficit 63,830 22,551 Total 11,694,191 11,422,816 Total 11,694,191 11,422,816 The "Railway and Industrial" Section, issued to-day, gives a description of the enterprise and a map showing the location of properties owned and the field of operations.-V. 108, p. 1615. Associated Oil Company, San Francisco. (Report for Fiscal Year ending Dec. 31 1918.) Pres. Paul Shoup, March 31, wrote in substance: [In 1908-09 the Southern Pacific Co.acquired control and on Dec.311917 owned $20,069,000 stock and $9,064,000 of the $9,680,000 1st Ref. 5s.) Comparison with 1917.-Business earnings increased from $7.544,296 to $10.906,769. Interest on bonds decreased from $586,406 to $537,515. Income taxes, due to war taxation,.increased from $208,961 to the large sum of $2.845,940, of which the first quarter was paid March 15 1919. Provision has been made to meet remaining payments. Depreciation reserve is $2,672,398; In 1917, $2,619,217. The profit balance after deducting all charges and reserve funds, is $4,541,307; in 1917. $3.841,788. The gross business increased from $28,188,565 in 1917 to $31.243,481 in 1918. Financial Status.-Cash on hand Dec. 311918, $1,261,270; decrease in funded debt during year, $877,000; current assets in excess of current liabilities increased from $4,445,543 to $8,180,497. Additions.-The property of the Pacific Crude Oil Co. located in the Midway Field, consisting of 50 acres in fee, has been acquired. This property has a monthly production of approximately 6,000 bbls. of 24 deg. gravity. oil. Other properties of considerable area have been acquired, on which development work will be undertaken in 1919. For drilling and other field development, $1,401,599 was expended, of which $441,207 drilling expense was charged to operations and $960.392 to investments. On our recently acquired property in the Santa Maria field, 16 wells were completed; also in other fields as follows: Midway 1. Lost Hills 1, and Coalinga 1. Drilling is under way on 17 wells. Electrically driven pumps were installed in the Kern Division and effected a saving of approximately 70.000 bbls. of fuel oil. In the Midway Division an absorption plant for the extraction of gasoline from natural gas was constructed. This plant produced 1,148,950 gross gallons of gasoline during the year. There was expended $122.456 in completing the extension of the Santa Maria pipe line and partial installation of facilities at Gaviota refinery for the pumping of distillate to Casmalia. The handling of distillate by pipe line will effect an annual saving of approximately $145,000. New service stations, distributing equipment and additions to Avon and Gaviota refineries, involved expenditures of $345,539. Crude Oil.-Gross crude oil production was 7,078,273 bbls. a decrease of 504,243 bbls. under 1917. Crude oil stock Dec.31 1918 was 2%573,290 bbls. Sales.-Refined and crude oil sales for the year amounted to $27,247.120, an increase of $2,655,446 over previous year. Marine Department.-The Government has now released all of our commandeered vessels,allowing us to resume transportation on pre-war basis. Subsidiary Companies.-The results of operations of the following companies in which your company is interested through stock ownership are as shown herein: Amalgamated Oil Co. and proprietary companies; Sterling Oil & Development Co.; Pioneer-Midway Oil Co. Consol.; West Coast OH Co.; California Coast Oil Co.; Pantheon Oil Co.;' The Coalinga Unity Oil Co.; Associated Pipe Line Co. Amalgamated Oil Co.-The business results were far better than for 1917, due principally to higher prices obtained for oil. The earnings after deducting $405.381 income and other taxes, and $207,548 depreciation reserve, were in net amount $514,394. No dividends were paid. Stock outstanding has par value of $5,000.000. The indebtedness to affiliated companies was liquidated to the extent $332,055, leaving a balance of only $4,259 Dec. 31. Mineral rights on 305 acres in the Yorba District were acquired, and 330 acres west of Los Angeles. Drilling and other development amounted to $313,544. Wells drilled during year, 3; drilling Dec. 31, 3. Crude oil production, 1,286,590 bbls., a decrease of 338,756 bbls. as compared with 1917. West Coast Oil Co.-The earnings, after deducting $52,618 taxes,$131.169 depreciation reserve and $14,482 loss on retired physical property, were in net amount $157,974. No dividends were paid. Stock (pref.) outstanding, $1,040,800. The indebtedness to affiliated companies was reduced by $85 186 leaving $194,589. Drilling, &c., amounted to $171,367. Gas engines'nsta led in 1917 effected a saving of approximately 40,000 bbls. offuel oil dur:ng year 1918. Wells drilled during year,3:drilling Dec.31,$. Crude oil production during year was 687,810 bbls., a decrease of 44,276 bbls. as compared with previous year. Sterling Oil c% Development Co.-Net earnings after taxes and depreciation reserve, $68,102. Capital stock, $250,000. Dividends paid. $50.000. Pantheon Oil Co.-Net earnings after taxes and depreciation reserve. $22,459. Depreciation reserve in 1917 was $18,547: in 1918. $52,987. INCOME ACCOUNT OF ASSOC. OIL CO. AND PROPRIETARY COS. Calendar Years1916. 1918. 1917. 1915. Operating income $30,977.590 $27,952,192 $21,094,849 $15,194.792 Divs.. int., &c., rec'd 236,373 569.057 265,890 623.879 Total receipts $31.243,481 $28,188,565 $21,663.906 $15.818.671 DeductionsOperating expenses.. $20,166,488 $20,467,202 $15,038,020 $10,778,474 Miscellaneous interest 177,067 170,223 77,970 70,109 Taxes 3,087,982 373,045 247,468 167,578 Interest on funded debt.. 586,406 537,515 620,790 748.407 Disc't on bonds sold,&c. 67,567 123,839 122,162 151,293 Depreciation reserve... 2,672,399 2,619,217 2.359.107 1,984,805 Dividends (5%)1,987,832(5)1,987,834(4)1,590.287(43i)1789095 Total deductions_ _ _328,690.006 $26,334,611 $20,055,804 $15,689,762 Surplus for year $2,553,475 $1,853,954 $1,608,102 $128,909 1718 THE CHRONICLE [VOL. 108. New Cornelia Copper Company. ASSOCIATED OIL CO. AND PROPRIETARY COS.BAL.SHEET DEC.31 (Calumet & Arizona Dec. 31 owned $6,148,705 of the $9,000,000 out1917. 1918. 1917. 1918. standing capital stock, par $5 a share.) Liabilities-AssetsReal est. & leases-31,618,183 31,944,635 Capital stock _ -39,960,704 40,220,094 Pres. Charles Briggs, March 28, wrote in brief: 10,455,000 12,599,097 Bonds Personal property, 842,946 The production for the year aggregated 46,950,139 lbs., viz.: improv'ts, &c_27,733,946 26,751,555 Accounts & wages 1,000,365 31,264,642 lbs. Stocks and bonds.. 8,034,868 8,502,785 Accounts payable.. 1,367,358 3,659,429 Electrolytic copper 10.990,666 lbs. 112,500 Copper in cement copper shipped 902,831 895,568 Loans & notes pay. 425,000 Sinking fund 4,694,831 lbs. Copper in ore shipped Due affiliated cos_ 136,131 Lib. bds.& W.S.S. 1,541,575 as a producer Cornelia Now the full first year the of marks 267,726 241,337 1918 The year accrued.._ 500,000 Interest U.S. ctfs. of indeb of copper on a large scale. During the year all bonds outstanding were 1,505,346 1,043,684 Payments on real Material & supp 10,285 converted into stock, except $1,500 against which stock is held in trust. estate purchased 1,261,270 1,672,986 Cash We have paid off the greater part of our indebtedness and paid a first diviLoans & sects rec. 2,829,205 3,000,804 Other defer'd debit 24,990 dend of 25 cents a share on its issued stock Nov. 25. 6,373 items Mdse. on hand.. 5,193,737 3,610,361 132,265 2,823,952 Your company has not been operating long enough to build up a treas74,971 102,300 Tax liability Defer'd assets, &c. 147,382 ury to meet the unexpected conditions which have been produced by the 121,103 Bond discount,&c. 1,008,932 1,144,372 Miscellaneous_ Deprec'n reserve _17,438,131 15,278,444 sudden cessation of hostilities. Advances will be procured on copper until Due from affird & 9,604,617 7,392,860 sales again become normal. proprietary cos.. 1,375,159 2,018,917 Surplus The cost of producing copper will continue abnormally high so long as 83,580,073 80,688,018 living costs, wages, freights and taxes continue abnormal, and the margin Total 83,580,073 80,688,018 Total of profit cannot be large unless an increase above the present prevailing -V. 108, p. 1513. price of 15 cents a pound can be secured on a full production, instead of a one. limited Calumet & Ariz. Mining Co. and New Cornelia Cop. Co. Data Furnished by L. D. Ricketts for General Manager. (Report for Fiscal Year ending Dec. 31 1918.) A small amount of diamond drilling just to the southwest of the develhas already opened up about a million tons of additional body wrote: ore 28 oped Pres. Charles Briggs, Calumet, Mich., Mar. sulphide ore. Diamond-drill holds in the main ore body were bottomed in Our production of refined copper, silver and gold was as follows: undoubtedly a notable amount of ore under the developed is there and ore, Ozs. Gold. Lbs. Copper. Ozs. Silver. yet cannot be measured. The estimated tonnage of completely 850.140.68 29,200.137 ore which as 49,060,805 From domestic ores treated in the ground, together with tonnages extracted, remaining ore developed 2,107.524 56,069.37 1,848,568 Contained In domestic ores sold are shown in the following table: Aver. Grade. Tons. 906,210.05 31,307.661 Tonnage on 50,909,373 11,960,145 1.5689' Cu. f Oxidized ores 2,561.110 227,591.20 447,781 From foreign ores 40,302,457 1.5879 Cu. Jan. 1 1918....Sulphide ores 51,357,154 1,133,801.25 33.868.771 Total 52,262,602 1.579% Cu. Or a total of Precious metals per ton of refined copper (our own ore) amounted to $59. Tonnage mined jOxidized ore to the leacher____-1,775,000 1.465% Cu. The following dividends were paid during the year: -84,161 3.39% Cu. 1First class ore to Douglas in 1918 $1,285,034 00 Sulphide ores developed during year $1,284,962 00 No. 59-Sept.23 No. 57-Mar. 18 +916,980 1.573% Cu. 1,285,036 00 No. 58-June 24 1,285,030 00 No. 60-Dec. 23 $5,140,062 00 Total Tonnage of ore estimated as fully developed 51,320,421 Dec. 31 1918__ General.-Tho fixed price of copper continued at 2334 cents a pound freight increased of account 1, on July when, f.o.b. New York City until rates and labor costs, the Price-Fixing Board increased the allowance to NEW CORNELIA COPPER CO.-RESULTS FOR CALENDAR YEARS 26 cents a pound. Practically every pound of copper went directly to 1917. 1918. 1917. 1918. war purposes as soon as ready for the market until the signing of the armis- Total earnings on State & Fed'l taxes $932,228 $128,644 tice, Nov. 11, when the demand suddenly ceased, resulting in the accumu336,309 $11,003,248 $3,756,709 Deprec'n charges_ 743,664 metals lation of an unsold surplus on Dec. 31 and a prospect of an enforced and Other income__ 336,309 .53,414 Ore deplet'n cghs_ 1,056,378 65,432 prolonged curtailment before the market will absorb the accumulation, 10,262 Exploratory work_ even at much lower prices, and perhaps little above cost of production. 228,349 463,331 Total income_$11,073,680 $3,810,123 Interest Said cost has been greatly augmented by increased cost of labor, supplies, Deduct-Oper.exp.$4,458,596 $1,837,014 and freights, which have increased from 25 to 50%,and taxes. Total $8,545,873 $3,047,713 18,707 Sal's, oft. &gen.exp. 32,598 Your mines must be kept operating to furnish employment to faithful Fght.,ref. & mark. 859,078 $2,527,806 $762,410 152,119 Net income employees and returning soldiers and sailors, and fortunately we have been able to set aside a reserve, which should enable us to meet tax payments NEW CORNELIA BALANCE SHEET DECEMBER 31. and tide us over this period of depression, maintain our mines and plants 1917. 1918. 1917. 1918. inifirst-class operating condition and be prepared to resume full production Liabilities$ $ Assetswhen the demand for copper becomes normal. 26,000,000 Outstanding stock 9,000,000 7,024,500 prop.acct_25,577,837 Mining Dividends Paid Since Organization (Incl. in 1917 Div. No. 1 in Distribution Construction scot 5,205,956 5,895,408 1st M. convert. 68 None 3,951,000 of Capital.,) 111,000 Notes payable_ _ _ 649,564 3,330,559 436,574 Investments 185,604 52,970 Accounts payable_ 643,148 917,721 Year '03. '04. '05. '06. '07. '08-11. '12. '13. '14. '15. '16. '17. '18. Total Cash 78,055 736,753 415,095 Taxes.. $5 $3 3331 $9 $11 $8 $106 Supplies 813,501 Asnt$2$63$83. $13 8163 $4 Y1Y.$4 24,500 . 460,847 Share premiums These dividends aggregate $106 per share, or $41,132,824, of which $8 Acc'ts receivable.._ 175,640 336,309 per share, calling for $5,140,062, was paid in 1918. Copper on hand.... 1,602,845 1,101,522 Res've ore deplet'n 336,309 155,570 Reserve deprec'n. 75,749 Statement by LD. Ricketts for the General Manager, March 3 1919. Items in suspense.. 23,130 30,053 Reserve, miscell__ Product.-During the year there was produced at our smelter 83,442,625 Deferred charges_ 204,177 709,166 Surplus earned___ 2,840,217 lbs. of fine copper, of which 49,432,984 lbs. was the product of the comSurplus 18,193,280 paid 1E1_21,110,260 custom other and pany and the balance was produced from New Cornelia ores. 35,010,000 34,192,412 Total 35,010,000 34,192,412 Total Total. C. & A. Ore. Custom Ore, &c. 32,682.35 -V. 108, p. 1513. 6,986.86 ozs_ 25,695.49 Gold 1.109,411.5() 292,435.50 Silver ozs-816,976 00 We also sold to various smelters during the year 60,733 dry tons of sulAmerican Chicle Company, New York. phide ore which contained 1,848,568 lbs. of fine copper, 2,107 ozs. of gold and 56,069 ozs. of silver net to us. (Report for Fiscal Year ending Dec. 31 1918.) Wages.-When the price of copper was first fixed at 233 cents it was The report presented at the annual meeting Feb. 18 1919 understood that the 26-cent scale was to remain in force, but when the price of 26 cents was established, certain wage increases became necessary (be- says in substance: cause of the increased cost of living), with the result that labor was increased Results.-The year was a most trying one. Until July 1 the company in Arizona by 75 cents per shift. From July 1918, therefore, the wages paid were those of the sliding scale, with copper at 32 cents, whereas the was limited in its purchases of sugar to 80% and thereafter until Dec. 1 to marked a also was There stated. as 50% of its previous year's purchase. Import restrictions were placed on price received was actually 26 cents, decrease in efficiency, which is estimated to have been fully 30% less than raw materials and the supply of necessary articles was at times entirely cut off. War requirements stopped the use of tin foil, as wrapping and when the labor supply has been abundant. Development.-During the first six months of 1917 there was one foot of necessaitated changes in our boxes and labels and the manufacture and development work for each 6.5 tons of ore mined, whereas during the last composition of chewing gum. Labor was scarce, wages high and sharp half 12.0 tons of ore were mined for each ono foot of development. Dur- advances were noted in the cost of material. The restrictions on the use of sugar materially reduced our output, but ing 1918 there were mined 8.5 tons of ore per foot of development by driftwhen those were removed we immediately resumed manufacturing at full ing, raising, &c., and 16,281 lineal feet also were drilled by diamond drill. in that of outside capacity. undertaken work 'Me most important development Sales.-Notwithstanding these difficulties the sales of some of our leading connection with the known ore bodies was in the long drifts on the 1,400 concentrating on the and 1,600 levels, to develop the territory adjacent to tho recent develop- brands increased over the 1917 total duo to our all customers were put from feet 2,000 brands better known. During the restricted period ments in the Denn mine. These developments are at least of their 1917 purchases. any of the known ore bodies in entirely new territory, and I regard this on a rationing system and were given only a fraction nil. The sales of almost were retailers of hands the in stocks bodies. ore important 1 of Dec. On development the for promising most as ground The reports of the engineers showed that we have somewhat increased Adams Black Jack, Adams California Fruit, Adams Pepsin and Beemans 'Pepsin increased materially. the tonnage of ore in sight during the year. Tula Pruitt Son Sen Co., Ltd.-Tho name of the London Company. CALUMET & ARIZONA INCOME ACCOUNT FOR CALENDAR YEARS. as above, was changed during the year to Adams & lieemans, Ltd. By reasons of the restrictions placed on the use of sugar, our London Company 1916. 1917. 1918. than one-quarter of its previous year's Output refined copper (domestic),lbs. 49,060,805 59,131,512 70,702,028 was not able to manufacture more 4,196,760 production. We wore, however, able to supply the requirements in Groat 3,265,505 447,781 From foreign ores, lbs hero and in Canada and continued factories our from Ireland and $19,513,033 Britain $20,495,430 and silver.. on _$14,471,l31 Earnings copper, gold 92,511 shipping supplies to our London Company until the British Government 212,328 509,821 Interest placed an emabrgo on the importation of chewing gum, about the middle 310,504 547,578 Miscellaneous of the year. Our London company, while showing a satisfactory profit practically no increase in surplus Total income $15,528,530 $20,035,865 $20,587,941 on its operations, ended the year with because of the enormous taxes levied on its profits. Deductdifficulties experienced in the Ltd.-Tho Co., Gum Chewing Canadian $7,674,251 $8,094,224 mines _a$7,229,140 smelters_ at & Opel.. expenses 80,724 United States were similar to the difficulties experienced by our Canadian 44,191 48,839 Salaries, office and general expenses 1,337,074 Company. This company paid no dividends on its stock during the year 1,219,798 Freight, refining & marketing expense 1,231,805 but its balance sheet shows a slight increase in surplus. Depreciation charges115,000 1,773,945 War Service Sales.-A very large percentage of the goods manufactured 1,439,283 Oro depletion charges 339,057 by this company during the year were requisitioned by the Quartermaster's 2,157.947 1,398,391 State and Federal tax, &c for cantonments and troops overseas. Large orders were Department 1,830 2,260 37,833 Miscellaneous charges 5,777,296 filled each month for the Red Cross, Y. M. C. A., Knights of Columbus 6,424,762 5,140,062 Dividends paid (90%) and Salvation Army. (100%) (80%) Rate Chicle.-The cost of chicle increased materially during the year and the of chicle $16,585,353 $19,832,127 $15,210,232 supply,was hardly more plentiful than during 1917. Our reserve Total deductions Canada and in this country was approximately the same as at the close In 35,377.709 der $203,738 year $1,056,823 for surplus, Balance; of business in 1917. a Includes depreciation in 1918. Government Tax.-The company paid a tax of 2% on its sales during the CALUMET & ARIZONA BALANCE SHEET DECEMBER 31 1917. year. Under the new Revenue measure this tax has been increased from 1917. 2% to 3%. 1918. 1917. 1918. Our price cannot be further advanced if our goods are to sell to the conLiabilities3 Assetsper package. Therefore, this increase in the Mining property...24,238,853 28,882,994 Capital stock ___*(3,425,190 6,424,300 suming public at five cents 124,766 Accounts payable.. 781,183 2,189,984 tax will have to be taken out of earnings. Real est.at Warren increased the price of gum from Sc to 6c retailers many war, the During items Reserve 3,993,933 1,966,252 Smelting plant__ 3,144,857 per package. The price of our goods was raised only two cents per box For ore deplet'n. Sulphuric acid pl't 764,239 100,450 during the year. We contemplate no further increase in the price at this Depr.,achiplant Other construction 371,713 957,104 time. do of smelter Invest'ts (at cost)_ 7,679,153 6,673,538 Balance Sheet.-Duo largely to the decrease in the amount spent for selling 1,101,437 Taxes Notes & accts. rec. 1,307,053 3,243,203 of $1,083,590. and advertising the balance sheet shows an increase in surplus 1,273,327 1,031,034 Purchase price, S. Supplies 18,469 As a result of the improved financial condition of the company, due to 3,681,393 2,186,007 & P. property Cash of notes amount payable,the the in reduction consequent 252,011 the economies and Otherreserves____ 204,261 Copper, silver and a dividend on the common gold in process... 2,484,381 2,954,657 Surplus earned_14,632,917 15,686,741 Directors at its meeting in1,December voted January since 1916. first Feb. 1919-the payable 19', 20,637,188 stock of 271,472 Surplus on prop_20,639,270 17,894 Suspense itemsThe total assets show an increase of $1,313,001 over Dec. 31 1917. 43,784,258 49,411,604 Notes payable show a reduction of $316,875, the bonded debt a reduction Total 43,784,258 49,411,604 Total of $66,000, representing the retirement of bon(Ls through purchase. *After deducting $2,730 reserved for exchange and $72,080 In treasury. The bonded debt now stands at $2,161,000. and The usual reserves have been sot up, to meet depreciation charges Total authorized issue, $6,500,000, in $10 shares. in V. 108 Copper in process estimated at 1234c. per lb., silver at 50c. per oz., and taxes. The balance sheets for Dec. 31 1918 and 1917 were given 785. oz., and both 1918. 1917 in per P• $20 at gold THE CHRONICLE APR. 26 1919.] United Gas Improvement Co. (37th Annual Report-Year ended Dec. 31 1918.) Pres. Samuel T. Bodine says in substance: • Operation.-The sales of gas and electricity by the properties in which you are interested show in comparison with 1917: city of Philadelphia, 11.93% increase; properties outside of Philadelphia-manufactured gas, 7.30% increase; electric current, 15.62% increase; natural gas, 19.77% decrease. The net profits for the year, as shown in detail in the statement below, were $5,096,509. Of this amount $2,089,500 is the balance of profit from securities sold and partly paid for in 1917. These figures confirm the forecast made in 1917 report, that a material falling off in earnings from regular sources was to be expected in 1918, owing to increased costs of labor and material chargeable to operating account, and to the fact of a reduction on Jan. 1 1918 of 5 cents per thousand cubic feet in this company's share ofthe income from gas sold by the Philadelphia Gas Works. In comparison with 1917 the income account may be summarized as follows: earnings from regular sources were $5,777,537, showing a decrease of of $1,877,269; from profit on sale of securities, $2,089,500, an increase expenses, $1,580,862; total earnings, $7,867,037, a decrease of $296,408; of $522,588: taxes, interest and sinking fund, $2,770,528, an increase net profits, $5,096,509, a decrease of $818,996; dividends, $4,882,384, an Increase of $299,629; balance to undivided profit account, $214,125, a decrease of $1,118,625. 6% unsecured. Note Issue.-The sale of $7,500,000 par value of one year As financial connotes, dated Feb. 1 1918, was noted in 1917 report. to which companies the of securities the of sale the ditions do not permit 1 1919 were loaned the proceeds of these notes, they were refunded on Feb.p. and amount. (V.108, 282.) for a second year by a new issue oflike tenor under organized has been company new -A Co. Contracting The U. G. I. Co., all the capital stock of which the name of the U. G. I. Contracting Co. will be owned by the United Gas Improvement business formerly The new company will take over all the construction Co.; will construct and sell water handled by the United Gas Improvement heat boilers, and auxiliaries of various gas apparatus, vertical retorts, wastefurnish advice in connection with the kinds; make engineering plans, and construction, alteration, betterment and operation of gas and electric power plants; purchase and sell residuals of all kinds; construct and maintain roads and highways under contracts. old employees of the United Gas The officers of the new company, all Improvement Co., will include: Paul Thompson, Prest.; J. A. P. Crisfield, Sec.; Weston J.Hibbs,Treas. V.-'Pres.; D.J. Collins. V.-Pres.; D. N.Ogden, Conditions.-The readjustment of the business world to _peace Peace' conditions will probbaly be gradual. In justice to our loyal employees and to our shareholders we recommend to the incoming President and in salaries and board of directors that no immediate and general reduction wages be considered while the present high cost of living continues, and that if, for this reason and because of the continued excess over normal of the cost of coal and oil, the earnings for 1919 should not equal 8% on the capital stock that the regular dividend be paid and the difference made up from the undivided profits of previous years. INCOME ACCOUNT FOR CALENDAR YEARS. 1917. 1918. 1916. 1915. Earnings fromLeased works & invest'ts $5,070,246 87,153,461 $8,377,859 $8,734,905 2,089,500 508,638 622,577 securities Sales of 605.785 431,025 335,486 276,865 Interest received 10,817 6,847 10,427 5,718 Miscellaneous 35,823 14,155 11,668 7,507 Sales ofstore-room mat'l 4,474 35,083 Construction contracts. 1,600 1,610 1,600 1,600 Rentals of offices Rentals of bldg., Broad & Arch Sts., to cos. in 48,781 , 47,718 44,795 45,858 which co. is st'kholder $7,867,037 $8,163,445 $9,440,558 $9,071,390 Total earnings Deduct Expenses $536,179 $389,903 $613,825 State and Federal taxes_ $549,130 562,050 555,943 463.757 497,206 Salaries & traveling exp_ Cost oper. bldg. Broad 89,124 65,967 61,248 83,386 and Arch Streets 31,872 32,775 19,941 25,989 Cost of litigation 597,813 Disct.& int. on notes 150,540 253,551 138,539 126,786 General & miscellaneous Replacem't of elevators, bidg.Broad & Arch Sts. 48,940 To American Red Cross 25,000 65,000 war, .Stc., fund Phila. Sink. M. to retire 765,000 797,500 685,000 829,700 Gas Worksinvestment Total expenses Net earnings Dividends paid(8%) $2,770,528 $2,247,940 82,171,226 $1,871,969 $5,096,509 $5,915,505 $7,269,331 $7,199,421 4,882,384 4,582,755 4,440,236 4,440,236 Balance,surplus $214,125 $1,332,750 82,829,095 $2,759,185 BALANCE SHBET DEC.31. 1918. 1917. 1917. 1918. Liabilities-$ $ AssetsCapital stock_-__61,029,800 61,029,800 Gas, elect., &c., property (cost).77,379,610 78,922,480 6% gold notes__ 7,500,000 125,421 279,069 Bills payable 650,000 Consten contract_ Real est.,Phila.,&c. 1,049,435 1,048,584 Taxes accrued,but 6,168,433 4,330,466 535,000 not due 480,325 Cash 606,693 Accts.& bills rec_ _12,533,885 5,457,584 Sundry accounts.._ 650,417 Undiv. profits......35,852,061 35,637,936 Coupons & guar. 566,841 div. accrued_ __ 555,482 262,405 Storeroom material 296,336 Sink, fund securs_ 8,054,000 6,942,000 106,162,603 97,809,429 Total -V. 108. P. 886. Total 106,162,603 97,809,429 National Fire Proofing Co. (Report for the Fiscal Year ending Dec. 31.) Vice-President H. M. Keasbey at Pittsburgh, Pa., on Feb.24 1919 wrote in substance: of the use of hollow tile through advertising, branch ofl The developmentto the point where it is used almost universally in al flees and salesmenhas imposed a heavy financial burden upon this company buildings of types the usual penalty of leadership. Nevertheless, since in a largo overhead, material progress in the way of retrenchment and of 1915 we have made concentration of sales and promotion efforts. have been eliminated.; departments in the larger ofFive branch offices and simplified methods of distribution have fices have been consolidated, fully 50% in sales and administrative forces. Comof reduction effected a with the year next preceding the reduction in selling and pared in each case administrative expenses was in 1916 3%, in 1917 14%, in 1918 22%. war conditions entailed a shortage of labor, During the entire year 1918wages and an almost complete curtailment of a shortage of fuel, advancing result that the plants were operated to only commercial business, with the Of this output 40% was furnished for war purposes 44% of capacity. indirect Government contracts, at prices fixed by the through direct and Upon the signing of the armistice all Government War Industries Board. there has been no revival of commercial business. work ceased, and to date operations for the year shows a profit of 85,840, our The final result of view of the demoralization of the building in creditable which we believe is factors outlined above. industry and the contributing and the amount so expended The plants have been fullyinmaintained the manufacturing costs. ($266,917) has been absorbed The oil property at Haydenville, Ohio, has been leased on a royalty basis, and is now being operated and developed by the lessees. CONSOLIDATED RESULTS FOR CALENDAR YEARS. 1915. 1917. 1918. 1916. $5,840 a$301,866 8100,412 loss$98,907 Net earnings, all sources Preferred dive. (4%)--100,000 100,000 100,000 142,459 Depreciation 50,000 20,000 Res. for doubtful acc'ts_ 20,029 Agricul. exp. for 1917 Balance, sur. or def....def.$94,160sur.$139,407 def.$69,617 def.$198,907 a Includes in 1917 $42,459 profit on sale of property. 1719 CONSOLIDATED BALANCE SHEET DEC. 31. 1918. 1917. 1918. LiabilitiesAssetsCost of prop., &c_x9,020,164 9,027,636 Preferred stock___ 7,900,500 Common stock_ 4,461,300 Good-w11. repre1st M.5% bonds_ 1,649,000 sented by corn. stk. outst'd'g__ 4,461,300 4,461,300 Bond int. accrued_ . 27,483 183,157 Notes payable__ _ 350,000 Stks.exbds.(at cost) 204,316 209,804 Notes & acc'ts rec.y1,081,825 1,538,221 Accounts payable_ Inv. 654,266 Reserve for depre.&adv. oth.cos. x404,553 1,261,065 288,790 ciation Cash 287,609 897,887 Inventories 1,285,819 1,200,705 Surplus Deferred charges_ 6,188 11,453 1917. $4 7,900,500 4,461,300 1,774,000 29,842 690,000 343,102 1,169,474 992,046 Total assets_ -__16,757,039 17,360,264 Total liabilities_16,757,039 17,360,264 x Represents property and equipment at cost in pref. stock plus expentures for additions. y After deduct ng reserve for bad and doubtful accounts and crediting notes and accounts receivable from associated cos. represented by net current assets, $226,145. z Represented by capital assets.-V.108, p. 1064. Carbon Steel Company, Pittsburgh. (Report for Fiscal Six Months ending Mar. 31 1919.) President Charles McKnight, Pittsburgh, Pa., April 15, writes in. substance: In Sept. 1918 your company was operating almost entirely upon Government contracts. After the armistice on Nov. 11 your company was notified by the Government that further material would not be required. A supplemental contract was finally consummated in January, providing for the immediate suspension of all work under the original contracts. This relieved the Government of the necessity of accepting a large amount of material which could not be utilized, and at the same time protected your company as to the cost of equipment and raw materials purchased especially for Government requirements. While there have been delays in adjusting the details it is hoped that final settlement will be made by the Government in the near future. In January last, your company paid off the $100,000 real estate mortgage on the 31st St. property, and purchased and returned to the treasury the remaining $306,000 5% S. F. Gold Bonds then outstanding. Your company is now entirely free from all bond and mortgage indebtedness, and ample provision has also been made for the payment of Federal income and excess profits taxes to Mar.31 1919. Dividends have been declared, and set aside in special funds, of 8% on First Pref. Stock (4% paid Mar. 31 and 4% payable Sept. 30 1919); and of 6% on the Second Pref. Stock, payable July 30 1919. Quarterly dividend distributions on the common stock have been made as follows: 5% Oct. 15;5% Jan. 15; and 5% April 15. The balance to the credit of surplus on Mar. 31 1919, after making the necessary deductions for the payment of Federal income and excess profits taxes, was $4.203,289. Pending final settlement with the Government operations of the plant have been temporarily suspended, and we are completing the several extensions and improvements which were already under way. With the return of normal business conditions we shall be able to take care of the requirements of our customers in a most satisfactory manner. EARNINGS FOR SIX MONTHS ENDING MARCH 31. 1917-18. 1918-19. Net profits, after deducting reserves for Federal income and war excess profits taxes(($453,856 in half-year 1917-18, amount not stated in 1,595,894 $679.990 1918-19) Cash Dividends (for 1918-19 as stated in text above)8% on $500,000 first pref. stock and 6% on 130,000 130,000 $1„500,000 second pref. stock (10%)300.000(8%)240,000 On $3,000,000 common stock none shown 198.794 Depreciation of plant and equipment 10,000 Subscription to United War Work Fund 7,650 Redemption premium 20-year 5% S.F. gold bonds_ 144.741 Miscellaneous deductions 132.813 Cost and inventory adjustments $1,015,431 def.$33.543 Balance, surplus for half year $4.203,289 $2,946,019 Total profit and loss surplus Mar.31 No statement was issued for the December quarter.-V.108. p. 1513. Nevada-California Electric Corporation. (Financial Statement for Fiscal Year ending Dec. 31 1918.) A map showing the location of this company's transmission lines and power plants, and the district and municipalities served will .be found in the '!Railway & Industrial" Section, which is issued to-day. COMBINED COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES (INCLUDING SUBSIDIARY COS.) 1917. 1916. 1918. $2,158,706 $1,997,969 $1,550,775 Earnings from all sources 612.738 1.036,452 919,878 Expenses $1,122,254 $1,078,091 Operating profit $938,037 635,611 549,775 463,585 Interest charge 118,553 121,318 Depreciation 95,370 $406,998 $379,082 $368,091 Net earnings dr.9.407 dr.50,199 dr.17,334 Discount on securities sold dr.12,158 cr.29,906 dr.4,951 Adjustments to profit & loss $305,734 $364,724 $419,571 Surplus 318,271 352,006 265,849 Dividends dec.$12,537 inc.367,565 inc.S98.875 Net change in surplus The official statement says: "The corporation has an interest in the profits of other operating companies not included in above earnings. In 1917 and 1918 the operations resulted in a loss and a consequentreduction in the combined surplus of these companies. This corporation's proportion of these losses amounted to $2,415 in 1917 and $27,527 in 1918." CONSOLIDATED BALANCE SHEET, DEC. 31 (Incl. Subsidiary Cos.). 1917. 1918. Assets324,272,998 824,144,242 Permanent property, equipment,&c 260,136 259,394 Investments in stocks & bonds of other companies_ 8,784 U.S. Liberty bonds and War Savings stamps 4,174 6,507 Land scrip 1,838 1.742 Sinking funds for retirement of bonds Cash, accounts receivable, notes receivable, in1,321,730 1,096,574 ventories, &c 82,445 73,361 Deferred charges Premiums on securities purchased and unamortized 4,545,954 3,514.424 discount and expenses(net) Total 330,498,059 $29,096.244 LiabilitiesPreferred stock of Nev.Cal. Elec. Corp 86,046,800 $6,046,300 $8.518,100 $8,529,900 Common stock of Nev.Cal. Elec. Corp Capital stock of sub. cos. not held by Nev. Cal. 4,656 Elec. Corp 10.881 Bonds held by.public-. 6,179.000 5,155,400 Nev.-Cal. Elec. Corp 1,889,000 2,023,000 Nev.-Cal. Power Co 1,919,000 2,012,500 Southern Sierras Power Co 986,400 990,800 Debentures of the Nev.-Cal. Elec. Corp 1,097,000 Secured notes of the Nev.-Cal. Elec. orp 290,200 Convertible notes of the Nev.-Cal. Elec. Corp._ Current liabilities, including dividend scrip of 646,504 1,395.668 Nev.-Cal. Power Co 166 1,560 Suspended credit items 523,050 598,800 Reserves for depreciation, fire losses, &c 2,314,321 Surplus 2,405,771 Net discount in redeeming bonds of corporation 2,805 6,716 and subsidiary companies $30,498,058 $29096,244 Total Note.-Corporation has contingent liability of $95,000 to certain of its bondholders, account bonds borrowed for use as collateral.-V. 107. p. 1668. 1290. 1720 (VOL. 108. THE CHRONICLE BALANCE SHEET, DECEMBER 31. 1017. Assets1017. 1918. Liabilities1918. Real est.,mach.,&c.$1,042,300 $912,432 Pref. stk. paid in $544,200 5500,000 Trade marks, good Corn. stk. paid In,. 2,204,000 2,204,000 380,000 will, &c 380,000 Bills payable 2,815,400 1,476,300 173,556 Cash 281,030. 181,403 Acc'ts pay., &c82,191 Liberty bonds,div. Reserve for Fed'l INCOME ACCOUNT DEC. 31. payingstks.,&e.. 490,321 401,097 ,taxes, &43 413,976 392,111 Receipts1918. 66,016 -1916. Notes& acc'ts rec. 1,493,879 1,374,227 Deprec'n reserve_ 120,841 1917. 1915. Sales billed $216,815,278$196,926,318$134,242,290 $85,522,070 Merchandise 3,720,196 2,649,977 Undivided profits_ 1,231,209 1,086,253 Cost of sales 188,439,522 107,921,778 118,948,199 76,898,183 -$7,416,816 $5,899,136 Total Taal 57,416,816 $5,899,136 Profit from sales..__ ,..$28,375,766 $29,004,540 $15,294,091 $8,623,887 -V. 106. P. 814. Interest and discount & National Grocer Co., Detroit. sundry profits 2,280,533 1,851,140 2,022,237 2,129,265 Income from securities_ 2,325,782 2,661,150 1,554,843 1,844,645 (Report for Fiscal Year ending Dec. 31 1918.) General Electric Company. (27th Annual Report-Year ending Dec. 31 1918.) The report for the year ending Dec. 31 1918 will be cited fully another week. Total $32,982,071 $33,518,830 $19,160,973 $12,307,995 DeductInterest on debentures $571,645 $571,645 $571,445 $570,086 Int.&disc't on notes pay. 1,805,444 541,357 Excess profits tax (est.) _ 13,500,000 5,500,000 Dividends, cash (8%)- _ 9,165,622 8,120,648 8,121,646 8,129,918 (1)1,015,078 do Red Cross do in stock (4)4,587,398 (2)2,030,156 Balance, surplus $3,351,962 $15,737,946 $10,467,882 33,607,992 The balance sheet of Dec. 31 1918 shows cash, $24,001,024; 4A% U. S. Treasdry certificates, $7,500,000; notes and accounts receivable, $41,548,688; merchandise at factory arid elsewhere, $88,305,681, &c. On the other hand, the liability side shows current liabilitiett, $27,416,082; U. S. Govt. load, $1,500,000; advance payment on contracts, $22,336,552.-V. 108, p. 381, 272. RESULTS FOR CALENDAR YEARS. Calendar Years1915. 1916. 1918. 1917. Sales $10,677,317 $12,140,963 $15,200,288 $18,014,879 1917. 1918. 1916. Profits for years ending Dec 31 $522,058 $1,000,910 $334,103 Less reserve for Federal tax 316,175 160,000 Net profit Regular 3% semi-annual on preferred Regular 2% quarterly on common, $180,000; extra 3% on common, $60,000 $362,058 $90,000 $684,735 $90,000 220,000 220,000 Bal., surp.,for year end. Dec. 31____ $52,058 $374,735 BALANCE SHEET, DECEMBER 31. Assets1917. 1918. Liabilities1918. Real est.,mach.,&c. $488,287 $470,213 Preferred stock _ _ _ $1,500,000 Trade marks,good Common stock _ _ _ 2,000,000 2,000,000 2,000,800 Bills payable will, &c 2,271,000 Cash 423,885 243,686 Acc'ts pay., &c... 169,329 Liberty bonds.... 149,889 52,367 Federal corp. taxes 100,000 Notes tt.c ace'ts rec_ 1,124,675 1,282,711 Res. for w'houses_ 18,000 Merchandise 3,516,263 2,672,390 Res. auto ins 2,019 Undivided profits_ 1,582,652 $334,103 $90,000 160,000 $84,103 1917. Adirondack Electric Power Corp., Glens Falls, N. V. $1,500,000 Monthly Report December 1918 and the Twelve Months ended Dec. 31. 2,000,000 1,287,500 1918-Dec.-1917. 1918-12 Mos.-1917. Gross earnings 177,086 $173,734 $165,608 $1,834,077 $1,650,765 206,271 Oper. expenses & taxes 112,171 151,217 1,442,152 1,232,180 9,000 Net earnings $61,563 $14,391 $391,925 $418,584 Interest charges & rentals 25,810 22,052 260,936 256,031 1,541,510 Balance $35,753 $7,661 $130,988 $162,554 Total $7,703,000 $0,721,367 Total $7,703,000 $6,721,36L Balance Sheet December 31. -V.108, p. 485. 1917. 1918. 1918. 1917. AssetsLiabilitiess $ $ Plant 17,875,392 17380,880 Common stock _ _ _ 9,500,000 0,500,000 Materials & supp_ 349,394 150,300 Preferred stock _ _ _ 2,500,000 2,500,C00 GENERAL INVESTMENT NEWS. Advance payments 10,092 Bonds 13,638 5,000,000 5,000,000 Accounts recelv'le. 240,924 203,803 Accounts payable_ 256,355 159,921 Suspense 39,456 23,682 Accounts not due_ 27,391 21,124 UnamortIzed debt , Notes payable_ 525,000 RAILROADS, INCLUDING ELECTRIC ROADS. 27,004 27,632 Suspense disc't & expense. 21,200 23,116 6,774 Ftinds in escrow_ _ 8,661 Reserves and surGovernment Control of Railroads.-Companies Protest Investments 10,301 plus 791,254 843,962 against Allocation of New Rolling Stock.58,319 142,473 Cash See annual reports of Chicago Great Western and Lehigh Valley RR. 18,621,201 18,1148,123 Total Total 18,621,201 18,048,123 on a preceding page; Illinois Central RR. underRR. "Reports and Documents" -V. 107, p. 2189. on a following page, and Chicago Rock Island & Pacific By. in V. 108, p. 1617.-V. 108, p. 1510, 1059. A. Macdonald Co., Ltd.(Wholesale Grecers), Winnipeg. Alabama Tennessee & Northern RR. Corporation.(Fifth Annual Report-Year ended Dec. 31 1917.), Financial Statement.-Prosident John T. Cochrane, Mobile, Pres. W.P. Riley, Winnipeg, May 7, wrote in substance as of April 21 has favored the "Chronicle" with a carefully 'bile profits for the year after deducting all operating charges, interest on bank loans, making provision for bad and doubtful debts, and writing off prepared statement regarding the financial position of his $14,028 for depreciation on motor trucks, warehouse plant and office fix- company. . This statement , received too late for use in tures, &c., were $283,076 (exceeding by $64,061 the profits of 1916), from the "Railway and Industrial Section," issued to-day, is rewhich amount was deducted $92,168 for depreciation on real estate of this company and other property at Port Arthur, the latter representing part produced below substantially as furnished: of your company's investment in the Riley-Ramsey Co., Ltd., leaving 3190,908 net, as shown in balance sheet. This last amount has been disposed of as follows: (a)$53,004 has been added to "special reserve account," thereby increasing that reserve to $252,181; (b) $13,462 has been used to pay off the balance of "deferred charges account" and organization expenses; (c) $124,443 balance has been transferred to the credit of profit and loss account. Sales for the past year show considerable increase over 1916 with corresponding net results. The branch at Battleford was closed and the property sold; the trade of Battleford has since been served by our North Battleford and Saskatoon branches. The branch at Regina opened in Nov. 1916 is already on a paying basis and its business is developing rapidly. A new warehouse has been built for the Saskatoon branch, thus doing away with rental charges for outside storage at this point. A controlling interest (90% of the capital stock) in the well-established wholesale grocery business of the Leeson, Dickie, Gross & Co., Ltd., of Vancouver, was acquired in March 1917 by the investment therein of $176,466. The results of this business have been satisfactory, both in regard to development of trade and net returns. No dividends have been declared or _paid for the past four years, and as at Dec. 31 1917 dividends on the pref. stock amounting to $494,704 had accumulated, being $28 per share. Your directors have, after mature consideration, decided that the present is not an opportune time to resume dividend disbursements as the company's borrowings show a considerable increase over those of a year ago, due to the high prevailing prices of all lines of merchandise, and the investments previously referred to herein. BALANCE SHEET DECEMBER 31. 1917. 1916. 1917. 1916. AssetsAssets (con.)$ Warehouse properties 620,378 675,503 Deferred charges.._ 13,463 35,000 Plant and equipment 64,139 65,137 Good-will & tr.-mks_3,111,722 3,111,722 Investments: Outside nest.&blgs. 6,000 10,000 Total 7,260,821 6,954,487 Canada War Loan 5,000 Adv. to and stock Liabilities$ $ 414,802 224,364 Preferred stock in sub. cos 1,766,800 1,766,800 1,632,860 1,517,030 Common stock Merchandise 3,000,0003,000,000 Accts. receivable_ 1,228,349 952,450 Bank loans secured.1,825,537 1,503,500 Sundry debtors, incl. Notes & accts. pay 278,309 283,171 72,247 Special reserve adv. on Mdse._ _ _ 67,484 199,178 140,174 . 72,999 103,487 Reserve Cash 127,995 Dominion Bond Co. Profit and loss 190,908 126,847 IA 11 i I 172,305 15,241 Prep'd ins., int., &c_ 23,537 Total 7,260,821 6,954,487 Dividends on pref. shares have been paid to Dec. 31 1913. Contingent liabilities-Bank guarantees for adv. to sub. cos.. $410,000. Total authorized stock: Common,$4,000,000; pref., $3,000,000.(V. 107, p. 2380.) Head office, Winnipeg, Manitoba. Branches: Moose Jaw, Saskatoon, Regina, Yorkton and North Battleford in Saskatchewan; Lethbridge and Edmonton in Alberta. Subsidiary Companies: The Riley-Ramsey Co., Ltd., Port Arthur, Ont.; Leeson, Dickie, Gross & Co., Ltd.. Vancouver, B. 0.-V. 107, p. 408. Western Grocer Co., Chicago. (Report for Fiscal Year ending Dec. 31 1918.) Sales for Calendar Years. 1915 ._ .$9,376,58711916 _310,833,35211917 _315,172,55211918 -$18,306,615 1918. 1917. Profit for the year $1,049,191 $592,292 Less reserve Federal corporation tax 192,292 392,111 Net profit over all for year Usual 4% s.-a. common divs., $176,320; usual s.-a. pref., $31,937; extra 2% on common stock, $44,080; total 16% stock dividend on common stock $657,080 $400,000 232,160 304,000 252,337 Balance, surplus, for calendar year $120,920 8147,663 Loss by bad accounts, $29,917, or 18%. This after charging off all doubtful accounts. Organization.-Incorporated under the laws of the State of Alabama Oct. 12 1918;took over all the property of the Alabama Tennessee & Northern Railway, which was foreclosed in July 1918 and reorganized under plan formulated by bondholders' committee headed by Mr. Geo. C. Van Tuyl Jr., President of the Metropolitan Trust Co. of New York. Property.-Consists of 186 miles main track, extending from Calvert, Ala., its junction with Southern Ry. System, north to Reform, Ala., its junction with Mobile & Ohio RR. Also terminal tracks and valuable harbor frontage in Mobile, Ala., formerly owned by Mobile Terminal & Railway Co. Rolling stock: 16 locomotives, 12 passenger cars and 258 freight cars. New Securities.-The plan referred to provided for issuance of new securities shown in the following table: Capitalization authorizedDate. Outst'd'y. Interest. Maturity. Common stock,$2,500,000 v t c $2,500,000 Preferred stock,6%,cumulative after Jan. 1 1924 1,700,000 Prior Lien Mortgage, $3,500,000 gold, callahle at 102M 850,000 6% July 1 1948 General (2d) Mtge., $2,116,000, gold, callable 105; incomes for 5 years 1918 2,116,000 Up to 6 Oct. 1 1948 Equip,trusts,due $10,000 yearly_ _1912 70,000 5' May '19-'22 There are outstanding as hero shown only $850,000 of 6% Prior Lien gold bonds, which were issued to provide for the cash requirements of the plan. Subscriptions for Prior Lien bonds were obtained at 90c. per dollar, with a bonus of 15% in General Lien bonds. The interest on these $850000 of Prior Lion bonds is the only fixed charge on the outstanding securities issued under the plan, and the company is earning more than twice this fixed charge. Of the remainder of the $3,500,000 Prior Lien issue, $100,000 is to be available for future corporate needs, $1,400,000 will be reserved for use under restrictions for,extending the line northerly 50 miles to the St. LouisSan Francisco RR. and southerly to Mobile, 30 miles, with necessary improvements, and the final $1,150,000 will be restricted to future additions, improvements and extensions and the refunding of equipment obligations, new or old. The new common stock is held in a voting trust with George C. Van Tuyl Jr. Louis V. Bright, George E. Warren, James C. Colgate, John T. Cochratio and H. A. Smith as voting trustees. The $70,000 equipment trusts, due $10,000 semi-annually (M. & N.). are part of an original issue of $200,000, against $250,000 equipment. The Metropolitan Trust Co. of New York was depositary under the plan of reorganization and practically all securities have been exchanged for now securities under plan. Earnings.-For calendar year 1917, gross,$584,763; net operating income after taxes and per diem,$98,598. For calendar year 1918,gross,$684,158; net oper. income after taxes and per diem, $103,412. Officers -John T. Cochrane, President, Mobile; Louis V. Bright, VicePres., and I. H. Lehman, General Counsel, N. Y. City; E. A. Carstens, Secretary, and K. R. Guthrie, Treasurer, Mobile, Ala. Directors.-Chellis A. Austin, Pres. Mercantile Trust & Deposit Co., New York; Louis V. Bright, Pres. Lawyers' Title & Trust Co., Now York; John T. Cochrane, President; I. H. Lehman, Leventritt, Cook, Nathan & Lehman, attorneys, New York; H. A. Smith, President National Fire Insurance Co. of Hartford: David Taylor, Vice-Pres. Coal & Iron Nat. Bank, New York; George C. Van Tuyl Jr., Pres. Metropolitan Trust Co., New York.-V. 107, P. 1578, 1286. Algoma Central & Hudson Bay Ry.-Report.- See Lake Superior Corp. under "Industrials" below.-V. 108, p. 372. Algoma Eastern Ry.-Report.See Lake Superior Corp. under "Industrials" below.-V. 108, p. 372. Ann Arbor RR.-Extension Offer for Holders of Three-Year 6% Gold Notes Maturing May 1 1919.-Notice is given, by adv. on another page, by Pres. Newman Erb, that arrangements having.been completed with the War Finance Corp., the company is prepared to offer to the holders of the notes, through F. J. Lisman & Co., N. Y., either:- APR. 26 1919.] THE CHRONICLE (a) dash payment of 20% of the face amount of their notes with an extension of the balance for a further period of twe years at 6% plus a payment of 25 % in cash on such extended portion. (b) Extend the full face amount for a further period of two years at 6% interest, with a payment of 2%% in cash on said notes. In addition to the present collateral the notes are to be further secured by the deposit of $500,000 face value of improvement and exten.5% bonds. Referring to the above announcement, F. J. Lisman & Co. will be prepared on or about May 1, on behalf of the company, to make the above cash payment of 20% and in addition thereto a further payment of 2 on all extended notes to such holders as promptly deposit their notes with the Empire Trust Co., N. Y.—V. 108, p. 169. Arkansas & Memphis Ry., Bridge & Term. Co.—Bonds. Of this company's $7,500,000 First Mtge. bonds we learn that $3,750,000 are owned by the three proprietary companies, St. Louis & Southwestern By., Chicago Rock Island & Pacific RR. and the Missouri Pacific RR. A further amount is in the company's treasury subject to the indenture Of Dec. 211917. The President of the company is M. L. Bell Chicago, and the Secretary and Treasurer Carl Nyquist. [The above information was received too late for insertion in the "Railway & Industrial" Section.]—V. 107, p. 801. 1721 Cincinnati Indianapolis & Western RR.—Sub, Co.— See Sidell & Olney RR. below.—V. 107, p. 1287. Columbus Ry., Power & Light Co.—Fare Increase.— The Columbus(Ohio) City Council on April 21, by a vote offour to three, passed the Griffin Ordinance permitting this company to sell six tickets for a quarter, with free transfer,for a period of two years.—V. 108, p. 1511,878. Eastern Massachusetts Ry.—New Co.— See Bay State Street By. above.—V. 108, p. 973, 480. Fort Wayne & Northern Indiana Traction Co.—Fare. Following an order of the Indiana P. S. Commission this company has increased fares from 2) cents to 2% cents a mile on its interurban lines. —V. 108, p. 784. Georgia Ry. & Power Co.—Fare Decision.— The City Council of Decatur, Ga., has voted to deny this company's petition that the five-cent cash fare contract between the city and the company be suspended and the company be permitted to charge a six-cent fare. —V. 108, p. 784, 683. Green Bay & Western RR.—Federal Contract.— Atlantic City RR.—Extension of First Mtge. Bonds at The Federal operating contract between this company and the Director532% Interest, with Reading Co. Guaranty, Callable at 105 General of Railroads was signed on or about April 20, the annual compenand Interest on and After May 1 1924.—The company is sation being fixed at 8331,000.—V. 107, p. 1192. offering to extend the $2,200,000 1st M.5% bonds of 1889, Illinois Central RR.—Bonds—Annual Report.— We are informed that the amount of Illinois Central-Chicago St. Louis & due May 1 1919, for a period of ten years to May 1 1929, New Orleans RR. Joint First Ref. Mtge. 5% bonds outstanding in the interest the and annum, rare at of per 532% Drexel & hands of the public is $29,979,885. The total amount issued of these with Co., Phila., are offering to pay $25 per $1,000 bond to such bonds is $41,534,085 (340,883,700 Series A and $650,385 Series B), but of total, the Illinois Central RR. owns 311.554,200. holders as present their bonds for extension on or before this The annual report is cited at length on a subsequent page.—V. 108, p. May 1 1919. The coupon due May 1 1919 on bonds pre- 1603. 1060. sented for extension will be paid at the time of presentation. International Traction Co. (Buffalo).—.Default, On May 1 1919, or at any time prior thereto,at their office Sale of Collateral.— the bankers will buy at par and interest the bonds of holders The Guaranty Trust Co.of N. Y. as trustee of this company's mortgage, dated Nov. 1 1912, securing Collateral Trust 4% gold bonds, gives notice who do not desire to avail themselves of the extension. default Total authorized issue, $2,200,000, all outstanding. Denom. $1,000. Interest payable semi-annually (M. & N.). Trustee, Guarantee Trust & Safe Deposit Co., Phila. Extended bonds are guaranteed as to principal and interest by endorsement by the Reading Co. Redeemable at 105% and accrued interest on May 1 1924, or any subsequent interest period, upon 30 days' prior notice, published once a week, for two successive weeks, in two newspapers published in the City of Phila. Further Data from Letter by Pres. Agnew T. Die,Phila., April 16,19. The bonds have not heretofore been guaranteed by Reading Co., but the extended bonds will be endorsed with its unconditional guaranty of the payment of both principal and interest. The extension contract will provide that nothing therein shall impair the obligation of the bonds (except as to the postponement of the due date thereof) or the lien, or priority of the lien of the mortgage indenture Securing the same. Both interest and principal are payable in U. S. gold coin of present standard, and provision has been made so that at the option of the holder the extended bonds may be:fully registered at any time. The Atlantic.CitY RR. Co. will pay the normal Federal income tax not in excess of 2%. The proposed extension plan has the consent of the U. S. Railroad Administration. The bonds were issued in 1889 upon the organization of the Atlantic City RR. Co. and were used in part to pay for its completion and equipment. They are secured by a first and closed mortgage, dated May 1 1889 upon 84.68 miles of road (of which 56.64 is double-tracked),39.33 miles of ddinga, appurtenances, equipment, &c., extending between Camden and Atlantic 011ty, N. J., Camden and Mt. Ephraim, N. J., and Atco and Mullica Hill, N. J. The issue is outstanding at the rate of less than $26,000 per mile of road, secured on an important part of the Reading System, connecting as it does the City of Camden with Atlantic City, the largest and mostimportant seashore resort along the New Jersey coast,and the two branches mentioned. Although Atlantic City RR. Co. is controlled, through ownership of substantially all its stock, by Reading Co., its property has been separately operated. The U. S. RR. Administration, which is now operating the property, has fixed the sum of $222,000 per annum as the standard return under the Federal Control Act to be paid to Atlantic City RR. Co., being the average net earnings of the company as certified by the Inter-State Commerce Commission during the three years ending Juno 30 1917. Actual Net Earnings for Last Three Years Are as Follows. 8287,68511917 1916 8379,22311918 • $1,018.479 will be seen, therefore, that the standard return is twice the It present Interest on those bonds, and that the actual net earnings are very much greater. (Subject to the option of old holders to extend and so retain their bonds, it is understood that Drexel & Co. are privately offering the extended beads to their customers.—Ed.1—V. 82, p. 750. that having been made on the interest due Jan. 1 will sell at public auction at the Exchange Sales Rooms, Vesey St., N. Y.. on May 28 all the securities pledged under indenture, described as follows: 1. 167,075 shares of capital stock of International Railway Co. 2. $60,000 First Mtge. gold bonds of Tonawanda Street RR., due July 1 1922, bearing interest at 6%, secured by mortgage or deed of trust to State Trust Co. of N. Y. City, as trustee (Guaranty Trust Co., successor trustee), dated Oct. 11892. 3. 8518,000 First Mtge. gold bonds of the Niagara Falls & Suspension Bridge Ry. Co., due July 11923, interest at 6%,secured by mortgage or deed of trust to the Fidelity Trust & Guaranty Co. of Buffalo, as trustee, dated May 10 1893. 4. $22,500 First Mtge. gold bonds of Niagara Palls Whirlpool & Northern Ry., due July 1 1923, bearing interest at 6%. secured by mortgage or deed of trust to the Fidelity Trust & Guaranty Co. of Buffalo, as trustee, dated July 24 1894. 5. 340,000 of mortgage bonds of the Tenawanda Electric RR., due April 1 1927. interest at 6%, secured by mortgage or deed of trust to John Cunneen, as trustee, dated April 1 1895. 6. $4,344,000 Refunding & Impt.5% gold bonds of International By. Co.. due Nov. 1 1962, secured by mortgage or deed of trust to Banker Trust Co., as trustee, dated Nov. 1 1912.—V. 108, p. 578. Kettle Valley Ry.—Bonds Issue Proposed.— The stockholders will vote on May 7 upon the expediency of authorizing the directors to issue bonds and other securities for the purpose of raising money for the completion of the company's undertaking.—V. 106, p. 2123. Lincoln Traction Co.—Fare Application.— This company has filed an amended petition with the Nebraska Ry. Commission for an increase in street car fares and the establishment of a zone system. The company would charge 9 cents a trip from Lincoln to Havelock and 7 cents between the city and the other suburban towns.—V. 108, p. 268. Massachusetts Northeastern Street Ry.—Fares.— This company has filed notice with the Massachusetts P. S. Commission of an increase in single passenger fares from six cents to ten cents effective May 1.—V. 108, p. 1511. Memphis Street Ry.—Fare Increase Sought.— This company, through its receivers, on April 18 filed a petition with Federal Judge John E. McCall, seeking permission to apply to the State Railroad and Public Utilities Commission for a seven-cent cash fare and a one-cent charge for each transfer.—V. 108, p. 1511, 378. Michigan Railway.—Fare Reduction.— Baltimore Chesapeake & Atlantic RR.—Contract.— The Battle Creek City Commission having recently rescinded the six-cent fare resolution granted this company nearly a year ago,five-cent fares havc The Federal operating contract between this company and .the Director- again been put into effect.—V. 108, p. 1061. General of Railroads was signed April 19, the annual compensation being fixed at $86,646.—V. 105, p.60. Missouri Kansas & Ry.—Directors, &c.— Texas Bay State Street Ry.—Sale at Auction.— Tbe Reorganization Managers on April 21 bid in the property at judicial sale for 33,e00.000, preparatory to reorganization as the Eastern Massachusetts By., which company will be managed by five public trustees. The purchase was made subject to the taking over of various obligations including those of the Bay State receivership and mortgages of the Boston & Northern St. Ry. and the Old Colony Street By. Compare plan, &c., in V. 108, p. 1390, 1273, 1164, 1059, 972, 876, 783. Bessemer & Lake Erie RR.—Federal Manager.— E. H. Utley, General Manager, has been appointed Federal Manager.— V. 107, p. 1003. Buffalo & Susquehanna RR.—Listed—Fed.Manager.— The New York Stock Exchange has listed voting trust certificates, extended to 1924, for $2,255,700 pref. stock and for $2,493,200 com. stock of Buffalo & Susquehanna RR. , with authority to add $1,740,400 voting trust certificates for pref. stockand Corp' $506,800 of voting trust certificates for common stock on official'notice of issuance in exchange for outstanding stock or notation of extension on voting trust certificates, making of amounts said extended voting trust certificates authorized to the total be listed,for: pref.stock,$3,996,100;corn.stock,$3,000.000. General Manager A. M. Darlow has been appointed Federal Manager. —V. 108. p• 1059. Canadian Northetn Railway System.—Revised Data.— James Speyer has been elected a director to succeed Horace E. Andrews, deceased. Samuel E. Kilner of this city was elected to fill a vacancy and will represent the English interests in the company. Mr. Speyer and his firm have been connected prominently with the Missouri Kansas & Texas for many years and it is learned from authoritative sources that he will give special attention to its affairs. The company is now in the hands of a receiver and it is improbable that an attempt will be made in the near future to bring about a reorganization. 1 In view of the uncertainty with which all the railroads are confronted it is regarded as unwise to attempt a reorganization at this time. So far the Missouri Kansas & Texas has not signed a contract with the Government. Charles E. Schaff, receiver for the Missouri Kansas & Texas, who was in town this week, says that agriculturally the outlook in the Southwest is very promising. The condition of winter wheat is particularly gratifying. While a substantial increase in the cotton acreage is not expected, it is believed there will not be much decrease in comparison with last year. —V.108, p. 1390, 1275. Missouri Oklahoma & Gulf Ry.—Plan of Reorganization. The committee appointed on behalf of the holders of this company's First Mtge.5% gold bonds have received particulars of a plan of reorganization of the company prepared by Judge Willian C. Hook of the U. S. District Court at Kansas City, Mo. The committee is sending to depositing bondholders circulars giving the outlines of the plan. (The bonds were offered in Antwerp and Paris.—V. 94, p. 698.1—V. 101, p. 449. The system's revised statements, received after the "Railway and Industrial Section" went to press, show changes embodied in the following: N.Y. Railways Co.—Status of Leased Properties—Transfers. Mileage of Canadian Coy. Railways under Canadian North Ry. Directors. Judge Mayer in the U. S. District Court at New York on April 21 denied Miles. Miles. the applications of the Eighth and Ninth Avenue RR. companies for an Can, Northern By. System_ _ _ _9,487 National Transcontinental Ry. 2,004 order directing the receiver to turn back the properties to the lessor companIntercolonial By. & branches--2,000 Total miles operated 13,491 ies. It is thought by some that this action of the Court indicates that the Equipment • trust certificates,. outstanding: Series "D-1," $990,000 free transfer system as now operated by the New York Rys. Co. will not Series F-1,'$1,690,000; Series 0-1, $440,000; Seriett "H-1," $390,000. be interfered with while the corporation is in the hands of the receiver. —V. 108, P. 377. 267. In addition Judge Mayer refused to order Receiver Job E. Hedges to pay the rental due to the complaining transit concerns, but did however, Chattanooga Ry. & Light Co.—Receivers Appointed.— order that their names be added to the list of those to be notified of all Judge Sanford in the U. S. District Court at Chattanooga has appoihted hearings concerning the properties while it is in the hands of the receiver. John Graham of Philadelphia and Percy Warner of Nashville, receivers for —(V. 108, p. 1512, 1391. 1275.) this company, the action being taken upon the petition of the Coinn2Orcial Trust Co. of Phila., holders of certain of the co's bonds.—V. 108OP• 77. Paducah Traction Decrease.— An agreement was reached on April 2 between the City Commissioners Chicago Elevated RR.—Pctre Requirements.— company, whereby will go fares and the to 6 cents. For the past six Press dispatches from Chicago state that an increase in fares from 6 to 7 months a 7-cent fare has been effective. The company is now in,thelhands or 8 cents is to be asked in order to make up open exp.—V. 108, p. 1274. of a receiver.—V. 108, p. 1275, 1165. do.—Fare Cincinnati & Columbus Traction Co.—Abandonment— Philadelphia Rapid Transit Co.—Quarterly Earnings.- The Union Savings Bank & Trust Co. as trustee for the note issue of mos.end. Operating this company on April 17 filed an application with the Ohio P. U. Com- 3Mar. 31. Reserve. mission for authority to permanently abandon and dismantle the com- 1919 $8,217,080 pany's entire interurban lino from Cincinnati to Hillsboro, 54 miles.— 1918 7,225,940 V.11108. p. 1274. 479. —V.108. p. 1266. Other Net After Gross Fixed Balance. Taxes, &c. Income. Income. Charges. Surplus. $2,334,705 $142,123 $2,476,828 $2,418,064 $58,764 2,502,370 162.060 2,664,431 2,401,517 262,914 1722 THE CHRONICLE [VOL. 108. Pittsburgh Fort Wayne & Chicago Ry.-Listing of $12,780,600 New Common Stock Issued to Lessee on Account of Improvements and Additions.- equipment. Inasmuch as our company has in the past depended upon railroad equipment five of our plants are now shut down and by the acquisition of other properties whose business is not dependent upon railroad equipment we believe the earnings will be greatly stabilized." The company has, according to a Boston press dispatch, purchased The New York Stock Exchange on April 23 authorized the listing of $12,780,600 additional common stock (formerly guaranteed special stock), control of the Griffin Wheel Co. of Chicago, manufacturer a car wheels on official notice of issuance and payment in full, making the total amount and a diversified line of machinery. It is understood that an announcement of the details of the deal will be made public at a later date. to be listed $65,216,900 in all to date. It is also understood that the company has under consideration a plan The additional common stock is issued to the Pennsylvania RR. Co. as lessee of this company's railway until 2808, in compensation for the cost of for the purchase of another property the name of which has not yet been Improvements upon and additions during the years 1913 to 1917, inc1. divulged.-V. 108, p. 1612, 1276. (pursuant to the provisions of the 16th Article of the lease), and under American Water Works & Electric Co.-Quar.Statement resolutions of the board adopted on Jan. 17 1918 as to stock amounting to $8,308,300, and on Oct. 24 1918 a further $4,472,300. The additions and 3 months ending Dec. 311918. Changes. 1917. Improvements in question include chiefly $3,191,574 for new rolling stock, Gross earnings water-works prop's__ $1,326,513 $1,220,588/nc.$105,925 $4,000,519 for stations, $1,492,544 for third and fourth tracks, $1,439,913 Railway properties 2,583,602 2,099,410/nc. 484,192 for real estate and right of way and $971,978 for track elevation. Total gross Present Capital Stock (Total Authorized $100,000,000)• $3,910,115 $3,319,998/nc.$590,117 Net Authorized. 313,446 Issued. Unissued. 320,036 Dec.6,590 Preferred stock $19,714,300 $19,714,300 Balance, surplus Common stock 80,285,700 65,216,900 315,068,800 $117,014Dec. $11,350 $105,664 -V.108, p. 271. -V. 108, p. 1275, 1166. St. Louis Transit Co.-Committee-Deposits.-The committee named below, representing holders of a large amount of the Improvement 20-year 5% gold bonds, due 1924, as an independent committee is requesting holders of the above bonds (see adv. on another page) to deposit their bonds with the Empire Trust Co., N. Y., or sub-depositaries. Committee.-William P. Gest, Pres. Fidelity Trust Co., Phila., Chairman; Le Roy W. Baldwin, Pres. Empire Trust Co., N. Y.•, Oscar Fenley, Chairman of Board National Bank of Kentucky, Louisville; Harrison Nesbit, Pres. Bank of Pittsburgh National Association, Pittsburgh; J. C. Van Riper, Pres. American Trust Co., St. Louis, with T. Homer Atherton, corner Broad & Chestnut Sts., Phila., as Secretary, and Morgan, Lewis & Bockius, Philadelphia, Counsel. Depositaries.-Emplre Trust Co., N. Y.;sub-depositaries, Fidelity Trust Co., Phila.; American Trust Co., St. Louis, and Fidelity & Columbia Trust Co., Louisville, Ky.-V. 108, p. 1611. Aroostook Construction Co.-Refunding.- We learn officially that the two-year collateral trust 5% notes of this company which will mature May 1 1919 are to be refunded by the issue of an equal amount of one-year collateral trust 7% notes, having same security and maturing May 1 1920. All the new notes have either been exchanged or sold.-V. 106, p. 1228. Atlantic Gulf & West Indies SS. Lines.-Director.- Richard F. Hoyt has been elected a director to succeed Henry R. Mallory, deceased.-V. 108, p. 1391, 881. Autocar Company.-Growth of Business.The annual net factory sales are officially reported as follows: 1910 31,255,94711913 $1,725,33511916 $4,210,145 1911 1,567,268 1914 1,841,835 1917 6,418,159 1,511,119 1915 2,776,673 1918 7,999,395 190ompare offering of First Mtge. 6s, V. IN,P. 1062. Bethlehem Steel Corp.-Extra Divs. on Common Stocks. Sidell & Olney Mt.-Receiver's Sale.The dirc:ctoys on April 24 declared extra dividends of Vi of 1% on the This company's property was sold on April at a receiver's sale to R. 0. "A" and 'B' common stocks of this corporation. This compares with % extra paid three months ago. The usual quarterly dividends of Brewell of Whitefield, Ill., for $200,000. It is said that the purchasers % also have been declared on the two issues.-V.108, p. 1391, 1276. will operate the road north from Casey, Ill., to Sidell.-V. 108, p. 794. Bigheart Producing & Refining Co.-Financing.- Southern Pacific Co.-Oil Company Report.- See Associated Oil Co. (a subsidiary) under "Reports" above.-V. 108, p. 974, 880. Southern Traction Co., Bowling Green, Ky.-No Bid. The property was offered for sale on April 7 at an upset price of $21,000, but was not sold. It is now thought probable that the property will be sold as junk.-V.106, p. 297. Terre Haute-Indianapolis & Eastern Traction Co.The I.-S.0.Commission on April 14 authorized this company to increase fares for the purpose of increasing revenues to meet advanced material and operating costs. [The company's application called for an increase from 23,i to 23 cents per mile.-Ed.].-V.108, p. 80. This company has sold to Lee, Higginson & Co. $600,000 7% 5-year Convertible Notes issued for the financing of the immediate construction of a parafin lubricating and filtering plant. [The "Chronicle" is informed that there was no public offering of this issue.1-V. 106, p. 299. Brooklyn Union Gas Co.-Flatbush Rate Fixed.- The New York P. S. Commission has issued an order fixing the maximum rate to be charged by the Flatbush Gas Co. for electricity at 10 cts, per k.w. hour after May 1 next. This takes the place of an order adopted Feb. 1 191_ „8 under which the rate would have been reduced from 12 to 10 Os. on March 1, following, and then to 9 cts. on Sept. 1 and to 8 cts. on Mar. 1 1919. The company took the matter to the courts, however, and there lower rates were never put into effect.-V. 108, p. 1391. Butler Brothers.-Dividend.-- Texas & Pacific Ry.-Status.During recent weeks' trading on the Stock Exchange in the shares of this company and similarly located railroad systems serving the oil regions of Texas and Oklahoma, such as the Missouri Pacific and the Southern Pacific railroads, has been unusually active, gains of several points per share being recorded. The Texas & Pacific Ry., serving as it does the Ranger Field, has, according to press reports, a proposal under consideration to build another track from Fort Worth to Ranger, thereby building a double track system to serve the Eastland and Stephens counties oil districts.-V. 108, P. 1391, 1166. Toronto Hamilton & Buffalo Ry.-Earnings.- The directors on April 22 declared the regular quarterly dividend of$2 50 per share on the stock, payable on or before May 1 1919, to holders of record April 23. This dividend is the same as that declared last year at this time.-V.108, p. 383,483. By-Products Coke Corp oration.-Earnings.Calendar YearGross earnings Net, after taxes, &c Reserve for contingencies Dividends paid 1918. $4,230,204 $31 ,9 4115 7, 260 $21 ,9 47 13 6,345 $1,185,185 $2,390,479 $1,767,126 225,000 x900,000 601,286 523,277 130,883 Calendar Gross Net (after Charges, Dividends Other Balance, Balance, surplus $358,899 $967,203 $1,636,243 Year- Revenue. Taxes.) Income. &c.Paid. Surplus. Total surplus y$3.011,818 $2,371,698 $1,836,951 1918 _$3,045,482 $1,109,324 $113,050 $319,867 $225,625 $676,882 • x In 1917 this amount was reserved for taxes. 1917 __ 2,358,024 749,482 81,532 296,475 5 225,625 308,914 y Consists of $2,652,919 readjusted surplus, including an unused balance 1,870,237 1916 705,029 87,847 279,028 2 101,531 412,319 Total profit and loss surplus Dec.31 1918,$2,458.737.-V. 106, p.2346. of 1917 reserve for Federal taxes.-V.108, p. 975. -- Caddo Oil & Refining Co.-Stock Sold.- Union Pacific RR.-Treasurer's Office.The company announces that on and after April 28 the Treasurer's office of the company will be located at 120 Broadway, Room 3234, and that the transfer office will be in Room 3232.-V. 108, p. 785, 270. United Rys. of San Francisco.-Decision.The U. S. Supreme Court on April 21 handed down a decision against the company in Its suit against the city of San Francisco for an injunction mid damages. The Court held that the city of San Francisco could build a parallel and competing street railway line with that of the company. The Injunction was denied.-V. 108, p. 1391. Uruguayan Railroads.-Status."The Railway Review" in its Issue for April 19 publishes an illustrated article regarding the railways of Uruguay, S. A., describing the prospect of continual development and the tendency to create a system of State railways.-V. 95, p. 481. Western Pacific RR. Co.-Dividend.- E. W. Clark & Co. announce that all the stock of this company has been sold to New York interests at a price which will yield the stockholders $35 per share, payable in 6% ten-year gold sinking fund bonds. The new company proposes to build a 5,000 barrel capacity refinery and these bonds will 130 secured by a first mortgage upon this refinery and 10,000 acres of leases and a second mortgage upon all the property of the company, subject to a closed mortgage of $2,122,000.-V. 106, p. 1463. California Petroleum Corporation.-Chairman.- Thomas A. O'Donnell has been elected Chairman of the Board.V. 108, p. 1167. Canadian Consolidated Rubber Co.-New President.- Charles Bs Seger has been elected Presidont.-V. 107, p. 2100. Central District Telephone Co. (Pitts.).-Bonds, &c. On Sept. 30 1918 the Bell Telephone Co. of Penn. acquired the property This company, whose stock is all owned by the Western Pacific RR. and business of this company and assumed its funded debt outstanding Corp., has been authorized by the Director-General of Railroads to declare $9,778,000. Earnings for Seven Months to July 31 1918.-Gross, $4,683,980; net, and pay a dividend of 1% on the preferred stock. This is the quarterly $921,044; interest, $300,100; dividends, $525,000; balance, surplus. dividend ordinarily paid on April 1.-V. 108, p. 1612. $95,944.-V. 106, p. 1903. Worcester Consolidated Street Ry.-Fare Increased.- The Massachusetts P. S. Commission on April 14 increased the cash fare from six cents to seven cents.-V. 108, p. 1612. INDUSTRIAL AND MISCELLANEOUS. Algoma Steel Corporation.-Report.- Central Leather Co.-Earnimgsfor March Quarter.Results 3 Mo.to Mar.31. 1919. 1918. 1917. 1916. Total net earns, all prop. $3,696,790 $2,619,603 $7,851,924 $3,898,909 Exp. & loss of all cos., except bond interest__ 1,136,327 1,070,242 1,068,661 899,677 See Lake Superior Corporation below.-V. 108, p. 271. American Brass Co.-Extra Dividend.- An extra dividend of 1% has been declared on the $15,000,000 outstanding capital stock in addition to the regular quarterly of 13•5 %, both isnailfteltrue 15 tovhollarspofdrord April 30. .A like amount was paid Mayary American Radiator Co.-Annual Earnings.Jan. 31 Years1918-19. 1917-18. 1916-17. 1915-16. Trading profits x$2,656,213 x$3,261,871 $2,604,068 $2,364,953 7% div. on pref. stock 210,000 210,000 210,000 210,000 Cash common div_ _ _(13)1,964,544(13)1,964,644(16)1,309,696(16)1,309,696 Balance, surplus $481,669 $1,087,327 $1,084,372 x After providing for Federal taxes.-V.108, p. 1062. Central Foundry Co.-Dividend Omitted.- No action was taken by the directors on the declaration of the quarterly dividend on the ordinary pref, stock usually paid at this time. A dividend of 1k% was paid quarterly from July 1917 to Jan. 1919.-V. 108, p. 1392. $845,257 , American Steel Foundries Co.-Plan Approved.- Balance $2,560,463 $1,549,361 $6,783,263 $2,909,232 Add income from invest. 12,007 51,639 14,472 10,913 Total $2,572,470 $1,601,000 $6,794,176 $3,013,704 Deduct-Interest on bds. $459,552 $459,552 $459,552 $459,552 Prof. div. pay. Apr. 1 582,733 582,733 582,733 582,733 Com.dIv.pay.May 1 (1 M)496,261(13()496,261(1k)496,261(1%)397.009 Surplus for quarter__ $1 033,924 $62,454 $5,255,630 $1,574,410 Total profit and loss iurplus Mar. 311919, $31,284,877. Total net earnings are stated after deducting expenses, including those for repairs and maintenance, approximately $657,552 for the quarter ending Mar. 31 1919 (against $530,519 in 1918), and also after making provision for taxes.-V.108, p.874. The stockholders on April 22 ratified the recapitalization plan recently Chalmers Motor Co.-Merger Contemplated.proposed, the details of which may be found in V. 108, p. 16112, 1176. Referring to the report of a merger of the Maxwell Motor interests with Referring to dividends on the new common stock, President Lamont said: this company, Elton I'arks, a director, says: "The rumor is current, and "The chances [of declaring common dividends) should be better than ever. has been given publicity in the press, that the Maxwell-Chalmers companies Nothing is proposed that would reduce the possibility of a dividend on are to combine their Interests into a new company to be formed for that purthe common stock. It should be remembered, however, that it is proposed pose. It is true that the respective of directors of the Maxwellto issue new preferred stock only in exchange for properties that should Chalmers companies view favorably aboards combination of their interests, and earn not only the dividend on the preferred stock and a balance on the those in control of affairs of both companies have been working toward common stock. tho matter has not yet progressed sufficiently to make an"Our business at the present time depends almost'entirely on the railroad that end, but of the details of any plan, which in the last analysis must be equipment situation and under the new plan we propose to acquire plants nouncement referred to the respective stockholders and accepted by them before it whose earnings in the past have been fairly even and don't depend on new can become operative.'-V. 107, p. 2291. APR. 26 1919.] 1723 THE CHRONICLE -f The balance sheet as of Mar. 1 1919, after including these $750,000 o• and applying the proceeds thereof to reduce current liabilities Judge Hollister in the United States District Court at Cincinnati on notes, would net assets of $2,641,692 behind these 3750.000 notes, viz.: April 18 handed down a decision in the injunction suit of the Union Gas & Quick indicate assets -Cash, $67,886; accounts and notes receivable, this company, against the city of Cincinnati to restrain Electric Co., and bonds and War Savings stamps, $46,096; $780,328; Liberty the city from enforcing the 30-cent gas rate ordinance of 1917 following the raw material and finished products, $1,243,375; total, referendum vote of the people repudiating the 35-cont ordinance. The taxes, not yet due, and all -Government Less $2,137685. Court sustained the city's motion to dismiss the gas company's bill.$1,562,069 liabilities, except this note issue, $575,616; balance V. 108, p. 1167, 583. Fixed assets, &c.-Plant,real estate, machinery, &c., $962,581; $1,079,623 total $117,042; investment in companies, subsidiary Consolidated Gas Co., N. Y.-Litigation.The company's volume of business has shown a steady increase, the District Attorney Swann on April 23 filed in the U. S. District Court at totals for being as follows: 1916-17, $1,160,668; 1 April years ending dismiss to to sought the motion a York suit of this company which New 1917-18, $1,466,094; 1918-19, 31,900,000.-V. 107, p. 1103. have the 80-cent gas law declared unconstituional and confiscatory, and which asked for injunctions restraining the city and State from enforcing E. I. du Pont de Nemours & Co.-New President.the law.-V.108, p. 881, 786. Irenee du Pont has been elected President to succeed Pierre S. du Pont resigned.-V. 108, p. 1392. Continental Refining Co.-Quarterly Dividend.The first quarterly dividend of 3% has been declared on the common Eastern Shore Shipbuilding Co.-Receivers' Sale.stock payable May 15 to holders of record April 30. A dividend of 1% This plant on the Nanticoke River at Sharptown, Md., will was paid monthly from Dec. 1917 to Jan. 1919. From July 1918 to Jan. be sold company's at auction on May 15. The plant is now in full operation by the 1919 the dividend was paid in scrip.-V. 108, p. 483. receivers, seven vessels being under construction.-V. 108, P. 1168. Cincinnati Gas & Electric Co.-Decision.- Corn Products Refining Co.-Earnings.Results for quarter ended March 31 1919. 1916. 1919. 1917. 1918. *32,957,201 $3,912,843 $3,673,215 $1,474,029 Net earnings • 63,188 Other income Total income $3,020,389 $3,912,843 $3,673,215 $1,474,029 418,395 701,206 Interest and depreciation 578,089 570,814 Preferred dividends_ __(1 Vi)521,972(1 Y,)521 ,971(1 YI)521 ,971(13)372,836 $682,798 Surplus $1,920,327 32820,058 $2,450,038 * Net earnings from operations, after deducting charges for maintenance and repairs, and estimated amount of excess profits taxes, &c. Official Statement as to Final Decree in Anti-Trust Suit.President E. T. Bedford in a circular addressed to the stockholders says in substance: Reasonsfor Withdrawing Appeal.-Year directors in deciding to withdraw the appeal to the Supreme Court and accept the terms proposed by the Department of Justice, which are similar to those imposed on the International Harvester Co., reached this conclusion after the most careful consideration, because it would relieve the company of all uncertainty, bring It into harmony with the Government and permit the management to make improvements that would insure the future of the company's business without embarrassment or disturbance. Sale of Properties.-The settlement requires the company on or before January, 1921, to dispose of the National Starch Co.. including its wellknown Kingsford brand, with its plant at Oswego, N. Y.; the Novelty Candy Co., with its plants at Jersey City, N.J. and Chicago, Ill.; the Corn syrup and can plant at Granite City, Ill., and the reserve plant at Davenport, Iowa. While these terms are drastic, it is the opinion of your directors that their acceptance was in the best interest of the company and its stockholders, for if the entire organization had been disrupted as directed by the fbrmer decree, it would have been most injurious to the company as well as to our stockholders, and quite as much so to the corn refining industry as a whole, for the Corn Products Refining Co. has been an important factor in the de' velopment of this industry. Company's Position.-We wish our stockholders to know, in view of the criticisms and misunderstandings which naturally arise from any sort of litigation that your company has never received rebates nor, has it ever immunized itself from competition by either purchase or agreement. Our competitors have testified to the correctness of the position of your company has maintained, to the constructive thought and high standing it has brought into the industry, and to the influence it has exercised in raising the standard of quality and lowering the cost of production in the interest of the consumer. These competitors, in a spirit of utmost fairness, unanimously joined with us in the request to the Department of Justice that a settlement be reached which would not destroy the company's organization or disintegrate its plants so as to prevent the continuance of its export business in competition with the greatly increased number of foreign corn refiners, aided as they are by the cheap foreign-grown corn. Effect of Decree.-The settlement affects only our domestic business and leaves the company free to continue the development of its foreign business, which, previous to the war, was equivalent to 25% of its total business, and in the furtherance of which your company has spent large sums of money establishing subsidiaries and agencies in the principal cities of the world. By this settlement we are enabled to maintain our entire organization with capital unimpaired, and are given reasaonable time to dispose of these plants and properties so that a fair value can be obtained, which can be utilized in further reducing the company's indebtedness. The settlement is of a character to meet all the requirements of the Government under any permissable construction of the law, while its terms are such as to avoid unnecessary and unjustified hardships to the stockholders.-V.108, p. 1392. Cramp Ship & Engine Building Co.-No Readjustment. Referring to street talk of a possible readjustment of capital, or a stock dividend, Charles Hayden, a director, is quoted as saying: "Such a matter or informally by the board of has at no time been discussed either formally directors or the executive committee, and I have no knowledge that any such plan is even thought of. J. K. Mitchell has been elected a director to succeed H. W. Hand, resigned.-V. 107, p. 2479. Cumberland Telephone & Telegraph Co.-Injunction. The Mississippi Supreme Court on April 21 reversed a finding of Chancellor Lamar Easterling and issued a decree granting a permanent injunction to restrain the company from enforcing new rates on intra-State telephone carriedtot It is stated that messages promulgated by Postmaster-GeneralBurleson. he Federal Court.-V. 108, an ladoral from the decree willbe p. Denver Rock Drill Mfg. Co.-Offering of Notes.-Sweet, Causey, Foster & Co., Denver, Colo., are offering at prices ranging from 100 and interest to 983. and interest, yielding approximately from 7% to 7%%, according to maturity, $750,000 7% serial gold notes, dated April 1 1919, due serially April 1 1920-1925, inclusive. A circular shows: General Chemical Co., N. Y.-Quarterly Earns, &c.Total profits Jan. 1 to March 31 Dividends on preferred stock Dividends on common stock Insurance fund 1918. Decrease. 1919. $1,777,114 $2,829,172 $1,052,058 228,125 228,125 330,384 330,384 10,000 75,000 65,000 Reserved for taxes, plant, &c $1,153,606 $2,195,664 $1.042,058 150,000 750,000 600,000 Balance, surplus $553,606 $1,445,664 $892,058 Lancaster Morgan, Treasurer, New York, April 25 1919, says: "In the company's financial statements of Dec. 31 1918. assets and profits were figured as conservatively as the Revenue Law and the rulings thereon permitted; but the company, feeling that in view of the post-war situation these figures would be deceptive for the future, established liberal reserves with a view to future adjustment. "Since that time the new Revenue Law of Feb.24 1919 and new Treasury rulings have justified this course, permitting a fair adjustment of profits and write-offs for the purpose of 1918 taxation. The reserve of 32,550,000 shown in profit and loss statement has thus been largely absorbed, with the exception of the amount reserved for taxes; and the earnings of.91e current quarter are based on this adjustment of inventory values. -V. 108. p. 1168, 573. Great Western Sugar Co.-Extra Dividend.The directors have declared an extra dividend of 10%, along with the regular quarterly dividend of 1%% on the common stock. The regular quarterly dividend of 124% on the pref. stock has also been declared. All dividends are payable July 2 to holders of record June 14. Dividends of the same amount, extra and regular, were paid last April.-V. 107, p. 2011, 1290. Greene-Cananea Copper Co.-No Dividend.- The directors took no action on the declaration of the quarterly dividend usually paid at this time. In Feb. last a dividend of $1 50 was paid, previous to which $2 was paid.-V. 108, p. 1514. Kansas City Home Telephone Co.-Merger.See Kansas City Telephone Co. below. Kansas City Telephone Co.-Merger Co.- The Missouri P. S. Commission on April 16 made an order permitting the merger of the Home Telephone Co. and the Southwestern Bell Telephone Co. under the above title, the order being effective April 25. Kelly-Springfield Tire Co.-Authorized Listing of $625,000 Common Stock to Be Issued in Payment of Four Quarterly Dividends of3%, If and As Declared-New Plant.The New York Stock Exchange on April 23 authorized the listing on and after May 1 1919 of $625,000 additional common stock (of a total auth. issue of $10,000,000), on official notice of issuance, in payment of four quarterly stock dividends, of 3% each on the common stock beginning May 1 if and as declared, making the total to be listed $5,532,200 par $25 per share. Pursuant to the policy adopted by the board on March 6 1919(V. 108.p. 977, 1393), the directors on April 3 1919 declared a dividend on the common stock, payable May 1 1919, to stockholders of record April 15 1919, as follows: $1 in cash and 3% stock dividend, payable in common stock at par. The stock 'few authorized to be listed is part of the stock to be so issued. and the balance "is the stock to be issued as quarterly dividends of 3% for the following three quarterly periods, namely, the quarters ending Aug. 1 1919, Nov. 1 1919, and Feb. 11920, provided that the board carries out its present policy and said quarterly stock dividends are duly declared and paid to the conunon stockholders. The company has since Feb. 21 1916 acquired the ownership, free and clear, of the following additional properties: (a) Buffalo, N. Y.-In fee simple, about one acre located at Northland Ave. and Chelsea Place factory and office building, steel frame and brick and tile fireproof construction, 1063i ft. by 340 ft., with railroad siding garage building, &c. Completely equipped to manufacture automobile tires, tubes and sundry accessories. (b) Cumberland,Md.,Factory.-8l acresfor factory and 14 acres for homes for its workmen. Up to the present time has constructed a 3-story basement mechanical building of steel frame and brick construction 128 ft. by 128 ft. and one-story boiler building of brick construction 32 ft. by 40 ft. The mechanical building is substantially completed and equipped to manufacture molds, cores, flanges, rims and patterns, and other apparatus and special equipment necessary in connection with the manufacture of automobile tires, tubes and sundry accessories. The above-described land was acquired in Cumberland for the purpose of erecting a large factory for the mSnufacture of tires and tubes, but, owing to the war, construction thereof was necessarily curtailed, but the company now plans to continue to complete said factory as expeditiously as possible. The annual report was cited in V. 108, P. 977.-V. 108. p. 1393. Kingston Gas & Electric Co.-Merger.- See United Hudson Electric Corp. below.-V. 106, p. 611. Lackawanna Steel Co.-Directors.Total authorized and outstanding $750,000. Int. A. & 0. at the United States National Bank, Denver, Colo., or the Seaboard National Bank in w. V. S. Thorne has been elected a director to succeed E. A. S. Clarke, N. Y. Denom. of $1,000, $500 and $100c*. Redeemable on any int. resigned. The term of Mr. Thorne expires April 20 1920. The following date, on 60 days' notice, as a whole or in series, in which latter event notes have been elected directors for the term of three years ending April 1922: must be called in order of series next maturing, at 1023i for notes with B. S. Guinness, Adrian Iselin and Cornelius Vanderbilt of New York; 5 years or more to run, 102, with 4 years; 10134, with 3 years; 101, with 2 H. G. Dalton of Cleveland and John J. Mitchell of Chicago.-V.108,p.1515. years; 100%, with 1 year or more to run; and 100 for notes with less than one year to run. Lake Superior Corporation.-Nine Months' Report.Interest payable without deduction for Federal income taxes now or hereafter deductible at the source, not to exceed 2%. United States Alex. Taylor, Secretary. as of April 10 1919 writes: National Bank, Denver, trustee. The previous report covered the six months ending Dec. 31 1918. The Company.-Business was established in Denver in 1906. A large manu- report now presented covers the nine months'period ending Mar.31 1919. facturer and exporter of compressed air drills and accessories. Algoma Steel Corporation, Limited. Security.-These notes are a direct obligation and as all of the outstanding Comparative Output in Tons for Nine Months ending March 31. bonds have been retired through earnings, these notes constitute the solo 1919. 1918. 1919. 1918. funded debt. No mortgage or deed of trust may be placed while these 280,664 220,352 156,732 116,806'Pig iron notes are outstanding, unless prior to or contemporaneously therewith, Magpie ore 369,848 362,905 330,063 288,993 Steel ingots of all the notes then outstanding shall be paid and canceled. So long as Coke any of these notes are outstanding current assets must aggregate at least There were produced for the period 290,334 tons of finished material, as 1 5 times all current liabilities, including these notes. compared with 211,452 tons ter 1917-18. During the past three months Purpose of Issue.-The entire proceeds will reduce current liabilities. new orders for rails and other materials have been very light. All outstandProfits.-Net profits applicable to interest charges for 12 months ended ing contracts for munitions steel have been satisfactorily adjusted. Mar. 1 1919 were about $425,000, which is more than 8 times interest The second battery of 25 new coke ovens was completed and produced on this issue. Average not profits available for interest charges for the coke in February. Tin net earnings of the steel corporation for the nine last three fiscal years were $381,275. months ending March 31 1919 show a substantial increase over the corresponding nine months of the last fiscal year. Capitalization (upon completion of the present financing.) The coal and limestone companies show the following output for the nine Authorized. Outstanding. $750,000 $750,000 months as compared with the same period of 1918: 7% Serial Gold notes (this issue) 1918. 1919. 1918. 1919. stock Output(Tons)750,000 245,400 7% Cumulative preferred 216,358 207,585 381,416 552,350 Limestone 800,000 Cannelton coal 1,000,000 Common stock 15,528 13,574 Lake Superior coal_163,232 187,673 Dolomite Present surplus and undivided profits aggregate abt. $870,000. * 1724 THE CHRONICLE [VOL. 108. Algoma Central & Hudson Bay Ry.-Algoma Eastern RY• standing notes. The company has acquired and now holds 20,789 shares of The President of the railway companies reports that general business the pref. and 20,855 shares of the cornition stock (being entire stock except conditions in Northern Ontario remain unsettled, and are hardly likely to 218 of pref.) of the Peerless Motor Car Co. of Cleveland. improve until late in the year. The operations of one of the largest in- •' G. N. White has succeeded P. r.). Wagoner as a director of the company. dustries are at present suspended, and other large enterprises have curtailed -V. 108, p. 1515, 1385. their production. Notwithstanding these disadvantages the railwaYs have Philadelphia & Camden Ferry Co.-Contract Signed.made a fairly good showing. Reductions in staff and expenses have been A contract was signed on April 19 between this company and the Directormade to meet, as far as possible, the slackening of business, which it is General of Railroads fixing the annual compensation at 3401,556.-v: hoped will be of short duration.-V. 108, p. 584. 108, p. 177. Libby, McNeil & Libby Co.-No Stock Dividend.- President Burrows is quoted as saying: "There is no stock dividend in contemplation or anything else in the Libby plans to justify the present bulge in stock."-V. 107, p. 2102. Maxwell Motors Corporation.-Reported Merger.- See Chalmers Motor Car Co. above.-V. 108. p. 1613. Miami copper Co.-Earnings.- Price Bros. & Co., Ltd.-Earivfngs.- Year end: Feb. 28: Profits for year Bond interest Note interest Fire loss Dividends 1918-19. 1917-18. 1916-17. $1,493,961 $1,374,782 $1,240,485 419,976 419,976 419,688 20,000 27,000 15,578 216,353 (8%)400,000(8%)400,000(6%)366.-000 Surplus $653,984 $505,218 5311.452 1918. 1917. 1916. 2,220,239 1,908,787 1,403,569 $8,779,906 $10,673,409 $13,072,440 Previous surplus 7,984,134 5,719,170 5,142,470 Total surplus $2,874,224 $2,220,239 $1,938,787 117,223 15,468 99,634 573.974 2,037,843 663,406 -V.108, p. 1170. 3,362,013 6,537,247 4,295,906 Pusey & Jones (Shipbuilding) Co.-Receivership Asked. Bleakly Bros., Phila., on April 18 made application to Judge Davis in Balance,surplus or deficit sur.$1,900,406df$3,332,986 sr$3,040,291 the United States District Court in Trenton for the appointment of a re-V. 108, P. 1515. ceiver for this company which owns the New Jersey and Pennsylvania NationalEnameling & Stamping Co.--Officers, &c.- shipyards in Gloucester City and the Pusey et Jones yard in Wilmington, The President is now Geo. W. Niedringhans; Sec., E. H. Schwartzburg. Del. Inability of the company and the Emergency Fleet Corp. to reach The outstanding First & Ref. Mtge.5s, due June 1 1929, have been reduced an agreement on the payment of claims was the cause for the filing of the application. The Court issued a rule returnable in Trenton on April 28, to 32,150,000.-V. 108, p. 1515, 970. When the company will be required to show cause why the application New England Co.Power System.-Quarterly Earnings.- should not be granted.-V. 107, p. 1197. 3 Mos. ending Gross Expenses Bond, &c. Balance, Net St. Joseph Lead Co.-Stock Listed.Mar.31Earnings. & Taxes. Earnings. Interest. Surplus. The N. Y. Stock Exchange has listed $14,094,660 capital stock on official 1919 $936,168 $542,704 $393,464 $194,204 $199,260 nbtice of Issuance of permanent engraved certificates in exchange for present 1918 ' 770,878 493,201 151,524 277,677 126,154 outstanding certificates, with authority to add (a) $553,320 when and as -V. 108, P. 1273. sold, or distributed to the stockholders, and (b) a further $5,352,020 on official notice that it has been issued and paid for in full, making the total New England Telep. & Teleg. Co.--Strike Settlement.- amount authorized to be listed $20,000,000. No intimation is given Following a conference on April 21 the strike which had tied up telephone than here shown as to the company's plans with reference to the service in New England since April 15 was settled. The operators returned further' to work and service was restored pending the detailed consideration of wage issuance of stock in addition to the $14,094,660 now outstanding. Annual Diridend Record Since 1890. schedules. It is unofficially reported that the women operators will receive an increase in the maximum pay from $16 to $19 per week and that 1890. 1891-92. 1893. 1894. 1895-1912. 1913. 1914. 1915. 1916. 1017. 1918. the men workers are to receive an increase of 50 cents a day in the metro- 16% 12% yrly 8% 53.% 6% yriy. 5% 2%% 6% 10% 25% 20% politan district, and 62% cents a day for other regions. Compare V. 108, The outstanding capital stock has been increased from time to time in p. 1614. part as follows: 1884 to $1,000,000- 1891 to 32,500,000 1902 to $3,750,000; 1903 to $3770,000; 1905 to $4,712,500; 1906 to $10,000,000: 1914 to New York Dock Co.-A nnual Earnings-Treasurer.- $14,094,660, being the present amount outstanding.-V. 108, p. 789. Cal. year: 1918. 1917. 1916.' Semet-Solvay Co., Syracuse, N. Y.-Earnings.Total revenue 34,989,461 $4,423,035 $3,065,136 Expenses 2.761,590 2,406,538 1,469,147 PeriodYear 1918. Year 1917. 11 Mos.'16. Taxes 589,208 505.186 393,272 Gross earnings $8,276,857 $8,340,258 $10,983,918 Bond, &c., interest 311,661 99,974 • 28,986 Operating income $1,638,663 $1,511,310 $1,202,707 Depreciation,&c 5,565,461 1,178,782 418,321 Other income 107,772 43,151 17,875 Reserve for contingencies 300,000 x3,300.000 Dividends 1,345,966 1,599,992 1,300,000 Gross income $1.746,435 $1,554,461 $1,220,582 Interest, &c 578,570 535,322 511,173 Balance, surplus $753,769 $2,161,510 $9,236,611 Deficit New York Dock Ry 82,877 2,452 73,109 Previous surplus $10,904,017 *$8,132,423 $229,506 Preferred dividends (5%) 500,000 500,000 Common dividends (23 %) 175,000 Total $11,657,786 $10,293,934 $9,466,117 Fire insurance reserve 15,000 15,000 15,000 Balance. surplus $409,988 $782,517 Dividend payable in February $516,687 339,438 a651,028 500,000 William C. Mortimer, formerly Assistant Treasurer, has been made Bonus, &c., to employees 463,272 Treasurer.-V. 108, D• 585Total surplus Dec.31 $11,303,348 39,627,906 $8.487,845 Cal. year: Gross income Net earnings Other income Depreciation,&c Dividends . New York Telephone Co.-Financial Data.- x In 1917 this reserve was set aside for income and excess profits taxes. The company as of Dec. 31 1918 owned $52,484,000 of the $60,000,000 and the balance sheet of Dec. 31 1918 shows: "unused balance of 1917 stock of the Bell Telephone Co. of Pennsylvania. The First & Ref. Mtge. 4%% bonds due Nov. 1 1939 outstanding as of reserve, $1,090,013.* After deducting special dividend paid April 16 1917, 32,000,000, and Dec. 31 1918 amounted to 368,214,635; $6,507,250 of these bonds having been retired to date. The following underlying bonds were outstanding adding $1,644,578 correction in amount of amortization written off prior on Dec. 31 1918: New York & New Jersey Tel. Co. Gen. Mtge. 55 due to Dec. 31 1916 on special buildings and apparatus. a Includes In 1917 May 1 1920, $960,000; New York & P. Tel. & Tel. Co. Gen. Mtge. 4s regular dividend payable in cash Feb. 15 1918, $325,514, and aextra dividue Nov. I 1929, 3463.000; Utica Home Tel. Co. 1st Mtge. 5s due Apr. 1 dend payable In stock Feb. 15 1918, $325.514.-V. 108. p. 1170. 1923, 345,400. Bills payable outstanding Dec. 31 1918, 328,130,800. John M. Smyth Co. (Chicago).-Annual Report.-V. 108, p. 1169. 788. Net Sales and Net Profits (after taxes) for Calendar Years. Ocean Steamship Co.-Federal Contract.YearNet Sales. Net Profits. Net Sales. Net Profits. The Federal operating contract between this company and the Director- 1918 31,681,837 5235,373 1915 $1,633,247 $205,101 General of Railroads has been signed, the annual compensation being fixed 1017 1,829,163 237,680 1914 1,695,767 101,691 at 31,048,782.-V. 108, p. 1279. 1916 1,924,386 229,745 1913 254,071 • 1,978,337 BALANCE SHEET DECEMBER 31. Oklahoma Natural Gas Co.-Stock Increase.AssetsThe stockholders will vote shortly on increasing the authorized capital 1918. Liabilities-1917. 1918. 1917. stock from $10,000,000 to $15,000,000, of which amount new stock will Real est., bldgs., Common stock..._$1,000,000 $1,000,000 and leasehold__ $905,946 3616,703 Pref. stock, 7%.._ 745,000 be issued as a 10% stock dividend. The stockholders will also have the 800,000 right to subscribe to new stock at the rate of 30% of present holdings, Delivery equipm't 56,417 71,700 pividends accrued 13,055 14,006 Bills & accts. rec.... 1,620,635 1,724,696 Bills & accts. pay_ 437,228 thus leaving $1,000,000 in the treasury.-V. 108, p. 1057. 351,628 Inventories 501,146 499,266 Res. for deprec'n_ 52,677 33,708 Other reserves_ _ 83,456 Oklahoma Producing & Refining Co.-Productions.-- Cash and U. S. 50,170 Govt. bonds__ _ 112,785 47,829 Surplus 878,032 715,531 Statement filed with the N. Y. Stock Exchange in Nnnec- Prepaid expenses.. 12,519 4,939 tion with the listing a $12,000,000 common stock. shows: Net Production of Properties Now Owned by Pools-Acreage Leased, &c. -Produc. in BB1s. of 42 Gallons Each- -Acreage, Leases, &c.Year 1916. Year 1917. Year 1918. Developed. Undeveloped. Glenn 473,906.41 557,716.44 522,453.23 a2,177.77 c5,220.32 Shallow_ 252,911.96 230,468.94 206,111.59 b4,884.64 d392.00 Fulton 175.756.48 141,739.28 116,906.99 1,226.00 Okmulgee _ _ 276,305.32 317,645.17 204,291.37 2,907.00 -2,020.00 Kansas 64,548.34 337,664.37 334,936.29 3,203.00 13,007.94 Cushing_ _ _ _ 765,943.74 342,433.94 232,074.90 966.57 7.597.50 Walters 17,511.31 640.00 e3,241.34 Osage 33,298.02 1,165,684.05 601,282.58 6,648.93 f594.54 Texas 202.38 320.00 8,688.05 Kentucky 4,183.22 74.50 8,855.00 Total $3,209,448 $2,965,193 Total $'3,209,448 82,065,193 Incorporated in Illinois Jan. 1 1894. Business was founded by John M. Smyth in 1867. Retails home furnishings, largely on the installment plan. No bonded dept. and none can be created without consent of 75% of preferred. Preferred is callable at 105 and dividends after Jan. 1 1918 Sinking fund, to retire preferred, at not to exceed 105 and dividends beginning Oct. 15 1917, $50,000 increasing by $5,000 each year thereafter to Oct. 15 1921. President Thos. M. Smyth, Chicago, Ill. Southwestern Bell Telephone Co.-Merger.See Kansas City Telephone Co. above.-V. 108, p. 1170, 282. Sperry Flour Co., San Francisco.-Stock Increase.- The shareholders have voted to increase the authorized capital stock from $4,200,000 to $6000,000. The now stock, it is stated, is needed for purpose of acquiring mills throughout California and the building of the Totals _ _ _2,042,670.27 3.093,352.19 2.239,953.86 23,048.41 x56,666.14 plants, &c. Compare V. 108. p. 885, 586. Notes.-a to f. Included hero are the 1,258 acres owned in fee, viz.: (1) Developed: of a 340 acres: b 329 acres. (2) Undeveloped: of c 60 Standard Gas & Electric Co., Chic.-Oil Negotiations.acres; d 92 acres; e 215 acres: f 222 acres. President H. M. Byllesby, referring to the reported purchase of oil x Includes 7,048.55 undeveloped unknown acres. Compare V. 108, p. properties, is quoted as saying: "Negotiations have been pending for some 274. 1515. time looking to the consolidation with Standard Gas & Electric Co. of a large and long established and prosperous oil property, comprising large Paige-Detroit Motor Car Co.-Status.-acreage production, complete refining plant, pine lines, distribution and Pres. H. M.Jewett in an interview with "The Wall Street Journal" says: tank cars. These negotiations are still pending."-V. 108, p. 1394. "Ordinarily, the demand for automobiles comes from certain sections In the United States, and all sectiors are not equally good. To-day every Standard Oil Co. of Indiana.-Extra Dividend.little hamlet is crying for automobiles, with no way possible to supply The directors have declared an extra dividend of 3%, along with the the demand. quarterly payment of 3%, on the $30,000,000 outstanding capital stock "I do not think the new steel prices are going to make any differerce in .(par $100), payable Juno 14 to holders of r6cord May 7. An extra of 3% the cost of automobiles, as now listed. We purchased all materials for our has been paid quarterly in addition to the regular dividend,since Feb. 1917. present production during 1917, on account of the hold-up of production, -V. 108. p. 1065. by an agreement with the Government in 1918, aed the whole automobile Standard Textile Products Co.-Stock Increase.industry is in the same position. The price which was paid for steel in The stockholders will vote May 13 on approving an increase in the author1917 is as low, if not lower, than the new prices being quoted. Therefore I do not see how there is to be any reduction in the prices of automobiles ized capital stock of not to exceed $3,000,000, the new stock to consist equally of common and pref. shares.-V. 108, p. 1279. for the current year. "All the companies are struggling to increase production. We are in- • Sunday Creek Coal Co. of Ohio.-Merger. creasing ours gradually, and, as I understand it. all the companies are; This company according to a press dispatch from Columbus was inbut it will be the middle of summer or fall before the automobile companies corporated on April 18 in Ohio with an authorized capital stock of $7,can got up to anywhere near normal production. I anticipate you will 500,000. It was also announced that a plan was being formed for the see most active purchasing of cars for the entire year."-V. 107, p. 186. merger of the Sunday Creek Coal Co. of Columbus, a New Jersey corporation; the Ohio Land & By. Co. of Ohio and the Buckeye Coal & By. Co. Peerless Truck & Motor Corp.--Revised Data.-Ohio. The details have not been completed, The incorporators are We learn that of the $3,453,800 covertible 6% notes outstanding Dec. 31 of S. Jones, Chester C. Cook, George K. Smith, Harry II, Arnold and 1918, the amount recently purchased was $693,350 (previously reported as J. William Burry.-V. 107, p. 2194. about 37501:100), reducing the outstanding amount to $2,760,450. At is said thatthe ;company hasi cash, in the treasury about equal to the outFor other Investment News. see pages 1732 and 1733. APR. 26 1919.] THE CHRONICLE 1725 Stparts mut Pacumaxis ILLINOIS CENTRAL RAILROAD COMPANY SIXTY-NINTH ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 1918. To the Stockholders of the Illinois Central Railroad Company: for additions and betterments chargeable to capital. and The Board of Directors submit this report of the affairs unpaid standard return for the use of your property. of your Company for the year ended December 31 1918. CAPITAL STOCK AND FUNDED DE)3T Your Railroad was operated during the entire year by the There were no changes in the capital stock. United States Government, under the administration of $5,500,000 Illinois Central Equipment Trust Certificates, the Director-General of Railroads. Series "E," were issued and sold during the year. $114,000 Illinois Central Railroad Company and Chicago The number of miles of road as of December 31 1917 was 4,765.97 Increase, April 2 1918: St. Louis & New Orleans Company Joint First Refunding Trackage rights, Metropolis, Ill., to Paducah, Ky 16.41 Mortgage Bonds, Series "A" (dollar), were issued in eic4,782.38 change for $110,580 of the Series "B" (sterling), upon payDecreases effective Doc.2 1918, duo to changes in switch connections: ment of the difference in the values between the two issues. Freight connection to C. M. & N., East 11th Place, Chicago, Ill .21 There were delivered to the trustee and canceled under South Chicago Branch connection, 67th St., Chicago, Ill .02 .23 the. terms of the mortgage $2,000,000 Illinois Central RailThe number of miles of road as of December 31 1918 was 4,782.15 r9ad Company First Lion Equipment Bonds. An addiThe average number of miles of road operated during the year was_4,778.27 tional $146,000 of these bonds was surrendered to the trustee for cancellation in connnection with the retirement of INCOME A summary of the Corporate Income Account for the year equipment covered by the mortgage. Under the terms of the several trust agreements, there ended December 31 1918, as compared with the previous were retired and canceled $800,000 Illinois Central Equipyear, is stated below. ment Trust Certificates Series "A," $350,000 Series "B," Increase (±), or Decrease (-). $198,000 Series "C," $190,000 Series "D," $550,000 Series 1917. 1918. Railway Income: "E," and $570,000 Chicago St. Louis & New Orleans Accrued standard return*S16,282,373 55 Equipment Trust Certificates, Series "A." Revenues prior to January 1 1918 t764,952 93 SECURITIES OWNED Total $17,047,326 48 The Company subscribed for $1,000,000 United States Expenses: Corporate operating exFourth Liberty Loan 434% Bonds. penses current year__ _ 67,624 08 $15,500 Iowa Falls & Sioux City Railroad Company 7% Expenses prior to Janut1,523,839 76 ary 1 1918 Bonds, which matured in 1917, were purchased. $50,000 Kentucky Public Elevator Company 5% Pre$1,591,463 84 Total Net railway 1ncome515,455,862 64 $22,911,624 11 -$7,455,761 47 ferred Stock was purchased at par. Federal income tax accruals 1.400.864 37 928,723 00 -472,141 37 $70,000 Chicago St. Louis & New Orleans Equipment Not railway income,after Trust Certificates, Series "A," owned by the Company, $14,527,139 64 321,510,759 74 -$6,983,620 10 deducting taxes 7,508,053 43 4,317,207 17 +3.190,846 26 were paid. Non-operating income $151,000 Cuban American Sugar Company 6% Bonds, $22,035,193 07 $25,827,966 91 -$3,792,773 84 matured Gross income April 1, and were paid. Deductions from gross in11,078,491 07 10,636,640 62 $12,500 par value Peoria & Pekin Union Railway Comcome +441,85045 $10,956,702 00 $15,191,326 29 -$4,234,624 29 pany 5% Debenture Bonds, matured August 1 1918, and Net income were paid. Disposition of net income: Income applied to sinking 8101,550 United States First Liberty Loan Converted 118,200 00 and other reserve funds 118,20000 Bonds were sold at par. 4.4% Income appropriated for . investment in physical property 55,679 24 56,933 21 -1,25397 Total appropriations of income 173,879 24 175,133 21 -1,25397 Income balance transferred and profit to credit of $10,782,822 76 $15,016,193 08-$4,233,370 32 loss * Of this amount $3,225,000 was received to December 311018. t These items are included in income of current year under instructions of the Inter-State Commerce Commission. The foregoing statement shows the income of the Company for the year under Government operation. The socalled standard return or annual compensation guaranteed to your Company under Section 1 of the Federal Control Act as certified to by the Inter-State Commerce Commission is $16,282,373 55. The income for the current year is 'exclusive of interest due to or from the Government growing out of liquidation of assets and liabilities taken over at the beginning of the year, transactions during the year, deferred installments on the standard return, and expenditures for additions and betterments to road and equipment, for the reason that the accounts have not yet been so stated as to enable cornpution of such interest. The inclusion of the omitted interest should increase the income. The increase in Non-operating Income is largely from interest on Louisville New Orleans & Texas Railway Company Second Mortgage Income Bonds, which interest was declared payable by The Yazoo & Mississippi Valley Railroad CompanY. No interest was received on these bonds in the previous year. The net income for the year is sufficient to provide for the customary dividends on the outstanding Capital Stock and leave a balance for other purposes. FINANCIAL The General Balance Sheet, Table 4, shows the financial condition of the Company on Docember 31 1918, as compared with the previous year. The principal changes during the year, other than those referred to in succeeding paragraphs, are in current and deferred assets and liabilities. These changes are largely due to accounting be:,- ween the Company and the Government, involving the taking over of the cash, not balances receivable from agents and conductors, and materials and supplies on hand at the beginning of the year, liquidation of current assets and liabilities, aljustment of various operating and other accounts, advances ADDITIONS AND BETTERMENTS-EXPENDITURES. There was expended during the year for Additions and Betterments (including improvements on subsidiary properties), as reported by the Federal Administration, $27,197,480 35. The following is a classified statement of these expenditures: Advances for Additions and Additions and Betterments Betterments to Lines of on Owned Subsidiary RoadLines. Companies. Engineering $133,325 79 $100,781 17 Land for transportation purposes 260,16d 48 28,168 80 Grading 1,120,925 02 1,279;493 40 Tunnels and subways Cr.1,421 83 12,870 72 Bridges, trestles and culverts_ 1.089,242 01 345,451 43 Ties 178,617 32 63,644 34 Rails 264,314 53 154,905 83 Other track material 510,141 01 364,591 42 Ballast 74,266 54 54,589 79 Track laying and surfacing_ _ _ 373,304 37 189,341 81 Right of way fences 2,76522 18,946 72 Snow and sand fences and snowsheds 463 51 1.872 55 Crossings and signs 84,189 80 103,291 44 Station and office buildings_ _ _ 696,588 50 166,775 38 Roadway buildings 79,374 36 82,336 31 Water stations 259,208 18 134,916 48 Fuel stations 85,377 61 46,720 49 Shops and enginehouses 1.116,195 67 524,606 15 Grain elevators _3, 97 07 40 2 cr57 3,193 71 Wharves and docks 2,275 73 Teltsgraph and telephone lines_ 34,556 96 77.403 33 Signals and interlockers 412,264 81 86,606 78 Power plant buildings 64.970 40 9,423 81 Power transmission systems 4,321 78 1,709 36 Power distribution systems_ _ _ 5,589 45 1,435 19 Power line poles and fixtures Cr.100 95 2.42393 Miscellaneous structures 4,060 62 Paving 4,92233 14,713 636 7 986 Roadway machines 38,094 58 28,513 06 Roadway small tools 548 96 159 63 Assessment for public improvements 155,643 2134,387 78 Other expenditures-Road 33,284 29 40,679 74 Shop machinery 364,380 42 89,408 18 Power plant machinery 29,371 28 104,512 36 ExT po eittade l d. $234,106 96 288,332 28 2,40 10 1:4 44 189 88 42 1,434,693 44 242,261 66 419,220 36 874,732 43 128,856 33 562,706 18 21.711 94 2,336 06 187,481 24 863,363 88 161,710 67 394,124 66 132,098 10 1,640,801 82 6,784 13 2,198 03 111,960 29 498,871 59 74,394 21 6.031 14 7,024 64 2,32298 4,697 37 19,636 31 66,0 7 608 75 69 4 190,030 99 73,964 03 453,788 60 133,883 64 Total 17,676,764 67 $4,076,544 83 $11,653,309 50 EquipmentSteam locomotives $6,197.847 35 $120,042 00 36,317,889 35 Freight train cars 6,493,892 88 449,958 00 6,943,850 88 Passenger train cars 2,051,510 79 2,051,51079 Floating equipment Cr.2,135 73 Cr.2,135 78 Work equipment 203,055 93 203,055 93 Miscellaneous equipment__ - _ 1,962 76 1.96276 Total $14,946,133 98 GeneralLaw $7,668 68 Other expenditues--General_ 2 70 Total Grand Total $7,671 38 $570,000 00 $15,516,133 98 $20,365 49 $28,034 17 2 70 $20,365 49 $28,036 87 $22,530,570 03 $4,666,910 32427,197,480 35 1726 THE CHRONICLE • [Vol.. 108. and a suburban passenger station at 63d Street, Chicago, Ill. New freight stations were erected at Grand Crossing, Chicago, Ill., Champaign, Ill., and East St. Louis, Ill. Work was commenced on new freight stations at Herrin, Ill., La and $17,452 16 Salle, Ill., and Benton, Ill. Combination passenger Benton Southern RR. Co Cr.624 00 James, Ia., and Dugger, at Blue Island RR Co erected were stations freight 70 45,256 Canton Aberdeen & Nashville RR. Co 3,933,722 99 Ind. An addition to the freight facilities at Rockford, Ill., Chicago St. Louis & New Orleans RR Co 475,839 82 Dubuque & Sioux City RR. Co 123,645 80 was completed. Golconda Northern Ry 28 00 Herrin Northern RR. Co A new coach heating system was installed.at South Yards, 71,797 41 Kensington & Eastern RR. Co Cr.208 56 Memphis, Term. South Chicago RR. Co $4,666,910 32 Section houses were constructed at Savoy, Ill., Buckley, Total of Aetna, Ill., Divernon, Ill., Mendota, Ill., McConnell, adjustment Ill., to subject and Company, the * Subject to acceptance by interest during construction. Ill., Monroe,Wis.,Clarno, Wis., BlanchardsMatteson, Ill., vile, Wis., Dyersville, Ia., Little Cypress, Ky., NortonROAD AND EQUIPMENT ville, Ky., Millwood, Ky., Riney, Ky., Polk, Tenn., PonThe following is a summary of the more important im- chatoula, La., and Harahan, La. chargewas which provements during the year, the cost of New 100,000 gallon capacity creosoted frame water tanks able wholly or in part to Road and Equipment. were erected at Gilman, Ill., Mattoon, Ill., Mounds, Ill., ADDITIONS AND BETTERMENTS—ROAD. East St. Louis, Ill., Effingham, Ill., Mt. Olive, Ill., Grantsburg, Ill., Waterloo, Ia., and Brookhaven, Miss., a 50,000 96 new industrial sidings were built or extended. 315 new Company sidings were built or extended, a net gallon tank at Correctionville, Ia., and a 33,000 gallon tank addition of 49.06 miles. Included therein were additions at Harvey, Ill. Installation of water treating plants was to yard facilities of 5.41 miles of track at Wildwood, Ill.; undertaken at Freeport, Ill., Dubuque, Ia., Independence, 1.13 miles at Hawthorne, Ill.; 1.52 miles at Kankakee, Ill.; Ia., Mona, Ia., Osage, Ia., Charles City, Ia., Nashua, Ia., 2.60 miles at Centralia, Ill.; 8.14 miles at Mounds, Ill.; Merrill, Ia., Marcus, Ia., and Cherokee, Ia. The dam and and 3.41 miles at East St. Louis, Ill.; 9.60 miles at Louisville, new water supply at Princeton, Ky., were completed Ill. Quoin, Du at reservoir nt enlarging Governme at on d miles 2.78 commence Miss.; work McComb, Ky.;6.61 miles at New coaling stations commenced in the previous year Yard, New'Orleans, La.;and 1.15 miles at Stuyvesant Docks, completed at Kankakee, Ill., Gilman, Ill., Dugger, were La. Orleans, New a on of constructi the for acquired Ind., Osage, Ia., and Durant, Miss. Work on a coaling 605 acres of land were new yard and division terminal, to be known as "Markham station at Carbondale, Ill., was completed, and construcYard," located between Harvey, Ill., and Homewood, Ill. tion commenced on one at Fulton, Ky. Work on the new mechanical facilities at Mattoon, Ill., The grading was commenced and sufficient completed for comthe north-bound classification yard and about one-half of Kankakee, Ill., Clinton, Ill., and Jackson, Tenn., meNew . completed was year, first The previous yards. the in departure and menced receiving the north-bound Ill., unit of this yard, when completed, will contain approxi- chanical facilities were constructed at Carbondale, and mately 34 miles of track. It will constitute the North Mounds, Ill., Amboy, Ill., Hawthorne, Chicago, Ill., comwere facilities l outto mechanica and Additions In-bound Ky. Division. Fulton, Illinois Terminal for the bound classification for Chicago will be performed in this pleted at Burnside, Ill., Champaign, Ill., and Paducah, yard, resulting in a great economy in operation, when the Ky., and work begun on additional facilities at Benton, Ill., Du Quoin, Ill., and Jackson, Tenn. yard is completed. During the year 197.8 miles of block signals were installed The construction of a cut-off, 173/ miles in length, from of 2,278 track miles Providence, Ky., to Dawson Springs, Ky., was discon- and placed in operation, making a total The locations of the year. the of end the at signals block of fact the of account on year, the of tinued in the early part were: completed thus signals new output that the Government operation diverted the coal 30.9 miles between Guthrie, Ill., and DeWitt, Ill. from this district over another railroad, rendering the line 2.9 miles between Birkbeck, Ill., and Clinton, Ill. unnecessary during the period of Government control. An 45.0 miles between Clinton, Ill., and Springfield, Ill. 23.6 miles between Broadview, Ill., and Coleman, Ill. extension of the Golconda Northern Railway to Stewart during d 67.2 miles between Plato Center, Ill., and West Junction, commence was miles, 6.5 of distance a Ill., Mine, ill. Ill., Belleville, between the year. Second main track work 4.2 miles between Waterloo, Ia., and Mona Siding, Ia. and Wilderman, Ill., 2.8 miles in length, was started and 24.0 miles between Princeton, Ky., and Eddyvillo, Ky. well under way at the close of the year. The block signal work on the Mississippi and Louisiana was The extension of tracks 5 and 6 from Kensington, Ill., to Divisions, referred to in the previous year's report,close practically completed. Work was in progress at the Riverdale, Ill., 2 miles, was completed. on block signal installation between Springfield, The grade reduction work between Dawson Springs, Ky., of the year Ill., 71.4 miles, and between Gilman, Ill., Marine, and Ill., and Scottsburg, Ky., was continued. Further progress was and Guthrie, Ill., 24.5 miles. made on the grade separation project at East Junction, 4,588 lineal feet of permanent bridges and trestles were Memphis, Tenn. Grade elimination work between 79th constructed, replacing pile and timber bridges and trestles; trestles and 10,105 Street and 116th Street, Chicago, Ill., was continued. At 407 lineal feet of permanent bridges and and trestles were rebridges timber and pile of feet lineal AveFoss and Street 11th over trestles Ind., Bloomington, or replaced by embankments. nue were replaced by permanent bridges; a bridge with con- built miles of track were ballasted or reballasted and 97.35 crete abutments was built at the crossing of the Chciago brought up to the present standard. Indianapolis & Louisville Railroad, thus permitting the ADDITIONS AND BETTERMENTS—EQUIPMENT. filling of a long timber trestle. six-wheel type switch locomotives, four CenThirty-one The renewal of bridges over street crossings between 51st tral type switch locomotives, sixty-eight Mikado type freight Street and 67th Street, Chicago, Ill., was continued. The locomotives, and twenty Pacific type passenger locomotives, subways from 63d Street south have been practically com- were added, making an increase of one hundred and twentyfreight locomopleted with the exception of street work. During the year three for the year. One Consolidation type type freight locomotive, a Mikado into converted was tive concrete reinforced -track 4 the on continued work was and fourteen locomotives of various types were converted bridge over the Kankakee River, Kankakee, Ill.; the west into superheated locomotives. The increase in tractive half of the bridge was completed and two tracks put in power of locomotives for the year was 5,690,684 pounds. operation. The substructure of the St. Charles Air Line One hundred and sixteen new passenger train cars were with passenger Bridge over the south branch of the Chicago River, 16th added and one refrigerator cpx was equipped d from frieght to passenger equipment Street, Chicago, Ill., was completed and arrangements made trucks and tr,a,nsferrecars were retired and one transferred ion; seven for commencing work on the superstructure. The con- classificat in a net increase of one hundred resulting service, work to struction of the subway at 12th Street State Aid Road, and nine oars for the year. Broadview, Ill., was completed. Three thousand three hundred and ninety-nine now freight hundred and The electric interlocking plant at Pullman Junction, train cars were added and one thousand fivetransferre d to destroyed, or Chicago, Ill., was completed. An interlocking plant was seventy-two cars were sold, a net increase for the year of one making service, other on d commence work and Ill., , erected at East Carondelet thousand eight hundred and twenty-seven. an interlocking plant at Ramsey, Ill. Three thousand seven hundred and forty cars were reThe construction of new suburban passenger stations at built. The average capacity of cars owned at the close of 64th Street, 66th Street, and 67th Street, Chicago, Ill., the year was 42.21 tons, as compared with 42.15 tons last tons this was completed during the year. Work was commenced on year. The total capacity of cars was 2,737,780 last year. a new depot and office building at 53d Street, Chicago, Ill., year and 2,659,500 tons The following shows the amount advanced during the year to each of the subsidiary companies, these amounts being included in total advances shown in Table No. 6 of this [pamphlet] report: THE CHRONICLE APR. 26 1919.] GOVERNMENT OPERATIONS In January, the Director-General of Railroads issued an order grouping the railroads of the country taken over for Government operation into three regions. The lines of your Company south of Cairo, together with the main line from Cairo to Chicago, were included in the Southern Region and the remainder in the Western Region. In June a Central Western Region was created and your railroads north of Cairo and Paducah were included therein, the lines south of Cairo and Paducah being continued as part of the Southern Region. Early in the year the Director-General issued instructions that officials and employees in the service of the Federal Government should sever all railroad corporate connections. It was further ordered that the cost of maintaining the necessary corporate organization should be borne by each Company without any increase in the standard return to cover such added expense. The steps thus taken by the Director-General necessitated the appointment of a separate corps of officers to safeguard the interests of your Company in the conduct of the negotiations of the contract with the Government for the taking over of the properties, the supervision of and accounting for expenditures for additions and betterments made to the railroads and the proper upkeep of the several lines during the period of Government control, and other matters involved in the contract. Negotiations are proceeding with the Director-General with a view to the early execution of the Government Contract. The contract, when executed, will include in addition to the lines of your Company the properties of the Chicago Memphis & Gulf Railroad Company and Dunleith & Dubuque Bridge Company; also the elevators at New Orleans heretofore operated by the Central Elevator & Warehouse Company. The several porpora.,tions enumerated are subsidiary companies, the entire capital stocks of which are owned or controlled by your Company; hence the inclusion thereof in the proposed agreement. The standard returns of the several companies have been certified by the Inter-State Commerce Commission, with the exception of that of the Central Elevator & Warehouse Company, the accounts of which are now being examined 1727 and certificate therefor should shortly be forthcoming. The amounts so certified, or to be certified, are: Illinois Central Railroad Company Dunleith & Dubuque Bridge Company Chicago Memphis & Gulf Railroad Company Central Elevator & Warehouse Company $16,282,373 55 138,178 32 45,699 03 74,466 42 Total 316,540,717 32 There was received from the Director-General during the year on account of such standard return, $3,225,000 00. The Government contracted for a large amount of equipment and towards the close of the year proceeded to allocate such equipment to the various lines. Under such allocation there were assigned to your company one thousand 50-ton Hopper coal cars and one thousand 50-ton drop bottom Gondola coal cars, to cost approximately $5,514,000 00. GENERAL REMARKS Your Company endeavored to co-operate with the Federal Administration to the fullest extent in facilitating the economical operation of the Railroad. The facilities at the disposition of the Government were materially improved by the heavy expenditures made during the year on capital account. The outlays for new equipment during the year, as stated elsewhere in the report, were largely for equipment contracted for in the previous year. No portion of the cost of the two thousand coal cars purchased by the Director-General and allocated to your Company is included. Equipment Trust Certificates amounting to $5,500,000 00 were issued under a lease and agreement, known as Illinois Central Equipment Trust Series "E," in order to provide in part funds with which to pay for twenty locomotives, one hundred and sixteen passenger cars, and two thousand freight cars. The equipment included in this trust was received and placed in service prior to the end of the year. The number of stockholders at the close of the year, as shown by the books of the Company, was 11,170, as compared with 10,578 last year. By order of the Board of Directors. CHARLES A. PEABODY, President. TABLE 2-CORPORATE INCOME STATEMENT FOR THE YEARS ENDED DECEMBER 31 1918 AND 1917. 1918. Railway IncomeAccrued standard return Revenues prior to Jan. 1 1918 Increase. 1917. Decrease. $16,282,373 55 *764,952 93 $17,047,326 48 Total ExpensesCorporate Operating Expenses, General: Salaries and expenses of general officers Salaries and expenses of clerks and attendants General office supplies and expenses Law expenses Stationery and printing Valuation expenses------------------- Other expenses $23,082 77 9,771 66 5,899 88 15,126 29 2,977 68 3,847 62 6,918 18 $67,624 08 *1,523,839 76 Expenses prior to January 1 1918 $1,591,463 84 Total Net railway income-- _ -- _ Federal income tax accruals Net railway income, after deducting taxes Non-operating IncomeIncome from lease of road Miscellaneous rent income-Miscellaneous non-operating physical property Dividend income Income from funded securities- _ -- _ ------ Income from unfunded securities and accounts Income from sinking and other reserve funds------------------, Miscellaneous income 315,455,862 64 928,723 00 $22,911,624 11 1,400,864 37 $7,455,761 47 472,141 37 $14,527,139 64 $21,510,759 74 $6,983,620 10 $53,134 59 350,694 55 56,289 32 2,164,955 50 4,348,685 27 381,821 36 130,700 00 21,772 84 $52,288 06 282,475 27 45,007 79 1,739,924 00 1,601,298 25 444,129 89 130,700 00 21,383 91 $846 53 68,219 28 11,281 53 425,031 50 2,747,387 02 $3,190,846 26 $62,308 53 388 93 37,508,053 43 $4,317,207 17 322,035,193 07 $25,827,966 91 31,814,480 71 9,500 15 9,043 89 • 728 11 8,607,806 20 60'7,946 24 458 00 28,527 77 $2,009,933 45 8,687 09 7,331 08 73,530 46 8,477,618 78 35,635 45 576 80 23,327 51 Total deductions from income 311,078,491 07 $10,636,640 62 Net income $10,956,702 00 $15,191,326 29 $4.234,624 29 $118,200 00 55,679 24 $118,200 00 56.933 21 $1.253 97 Total non-operating income Gross income-- __ --- __ Deductions from Gross IncomeRent for leased roads Miscellaneous rent deductions Miscellaneous tax accruals Separately operated properties-Loss Interest on funded debt Interest on unfunded debt---- _ -- _ --Maintenance of investment organization Miscellaneous income charges Disposition of Net IncomeIncome applied to sinking and other reserve funds Income appropriated for investment in physical property 33,792,773 84 $195,452 74 $813 06 1,712 81 72,802 35 130.187 42 572,310 79 118 80 5,200 26 $441,850 45 31,253197 $175,133 21 $173,879 24 Total appropriations of income 310.7R9 R9.2 7f1 SIR.O1R_10:1 OR Tnonnin h•on., ,,, ti..nsterred to credit of Profit and Loss * These items are included in income of current year under instructions of the Inter-State Commerce Commission. 34.233.370 32 TABLE 3-PROFIT AND LOSS. Dividend appropriations of surplus: Payable June 1 1918 11% " Sept. 3 1918 14 " Dec. 2 1918 1U _Q " Mar. 1 1919 1U70 $1,912,680 00 1,912,680 00 1,912,680 00 1,912,680 00 $7,650,720 00 Surplus appropriated for investment in physical property__ 6,762,990 12 347,415 46 Debt discount extinguished through surplus Unaccrued depreciation prior to July 1 1907 on equipment 26,530 80 retired 512,084 58 Miscellaneous detats 17,885,693 96 Balance December 31 1918 $33,185,434 92 Balance December '31 1917 Balance transferred from income Profit on road and equipment sold Donations Miscellaneous credits: Unclaimed vouchers, wages and miscellaneous drafts Other miscellaneous items $22,356,221 14 10,782,822 76 6,989 56 12,677171 34 75 26,719 00 26,723 75 $33,185,434 92 1728 THE CHRONICLE [VOL. 108 TABLE 4-CONDENSED GENERAL BALANCE SHEET DECEMBER 31 1918 AND COMPARISON WITH DECEMBER 31 1917. ASSETS. InvestmentsRoad and equipment to June 30 1907 Investment in road-Securities: Stocks Funded debt Road and equipment since June 30 1907 Total road and equipment Dec. 311918. Dec. 311917. 395,198,329 47 395,198,329 47 86,570 54 13,718,070 67 87,074,059 06 86,570 54 13,718,070 67 64,543,489 03 $22,530,570 03 3196,077,029 74 3173,546,459 71 322,530,570 03 31.474,632 52 81,554,532 28 $37,545,831 58 23,374,674 76 $38,142,031 58 23,371,674 76 Miscellaneous physical property Investments in affiliated companies: Stocks Bonds Notes Advances AAR48M2 R7gl 7 :72:8 Current AssetsCash Special deposits 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 Deferred AssetsWorking fund advances Insurance and other funds Other deferred assets Total deferred assets $596,200 00 $3,000 00 3,794,523 42 $3,201,323 42 $54,651 00 23,092,502 48 1,902,949 05 $4,651 00 22,322,602 48 3,613,859 11 $50,000 00 769,900 00 $25,050,102 53 $25,941,112 59 $395,295,391 96 $370,534,408 33 31,541,461 36 154,026 61 41,034 19 228,002 81 4,500,229 21 $3,619,277 94 176,228 54 544,682 82 645,358 50 3,932,424 25 6,261,468 89 12,729,376 16 538,490 56 $22.650,841 66 $28,447,307 66 '$18,751 13 2,614,103 91 40,770,105 81 821,352 52 2,614,103 91 47,474 61 $40,72.631 20 343,402,960 85 32,682,931 04 $40,720,029 81 Unadjusted DebitsOther unadjusted debits $128,582 77 nAal Grand total 879,899 76 $169,492,303 75 16,186.087 48 Total current assets Decrease. 3172,693,627 17 Other investments: Stocks Bonds Notes, advances, &c Total investments Increase. AM 07, .../ (kA $1,710,910 06 $891,010 06 $24,760,983 63 32,077,818 58 22,201 23 503,648 63 417,355 69 3,932,424 25 $9,924,618 59 3,961,738 65 35,796.466 00 $2,601 39 $1,169,739 85 AAnn 00A 0012 00 12,729,376 16 31.041.15708 .E0 AAn flArk no LIABILITIES. • Dec. 31 191 8. Dec. 311917. StockOommon stock Less-Common stock held in treasury $109,298,000 00 11,608 33 $109,296,000 00 4,608 33 Total stock outstanding $109,284,391 67 $109,291,391 67 Governmental GrantsGrants in aid of construction Increase. $7,000 00 $7,000 00 $19,333 75 319,333 75 Long-2'erm DebtFunded debt Less-Funded debt held in treasury $258,601,785 00 33,676,200 00 3257,902,365 00 35,892,200 00 $699,420 00 Total funded debt outstanding Non-negotiable debt to affiliated companies $224,925,585 00 $222,010,165 00 600,000 00 $2,915,420 00 Total long-term debt $224,925,585 00 $222,610,165 00 $2,315,420 00 Current LiabilitiesLoans 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 321,150,000 00 52,162 99 2,930.832 16 955,769 48 1,838,263 02 51,511 80 104,016 16 1,912,680 00 1,544,090 87 39,000 62 323,458 02 $1,500,000 00 148,683 30 12,108,284 21 5,308,417 63 1,591,875 40 64,613 05 99,066 16 1,912,680 00 1,150,277 09 39,000 62 291,965 58 319,650,000 00 $30,901,785 12 $24,304,863 04 $6,596,922 OS $250,000 00 45.735,981 68 $250,000 00 91.034 41 . 345,644,947 27 $45,985,081 68 $341,034 41 $45,644,947 27 3908,989 12 2,490,360 62 1,404,702 16 18,436,890 81 1,703,585 44 32,607,186 95 2,398,832 32 1,403,753 22 14,667.330 45 2,122,466 38 $91,528 30 948 94 3,769,560 36 $21,944,528 15 $23,199.569 32 31,744,958 83 $7,530,477 91 17,885,693 96 $711,808 55 22,356,221 14 $6,818,669 36 $25,416,171 87 $23,068,029 69 $2,348,142 18 1461.477.777 24 8402.834.386 RR 858.142.300 36 ' Total current liabilities Deferred LiabilitiesLiability for provident funds Other deferred liabilities VW Total deferred liabilities Unad4usted CreditsTax liability Insurance reserve Operating reserves Accrued depreciation-Equipment Other unadjusted credits MI 1•:, Total unadjusted credits • ' • Corporate SurplusAdditions to property through income and surplus Profit and loss Total corporate surplus fIrnytel +.-srfti Vg.•• CURRENT NOTICES -A comparison of the Victory Loan and the Liberty Loans in parallel columns has been prepared for distribution upon request by Bonbright & Co. of this city. The comparison, containing the facts regarding, all of the United States Government war loans, shows ten slifferent forms of investment under the various conversion privileges. The distinctive features of each loan, such as tax-exemption, &c., are concisely given so that their attraction to the investor from different points of view is made plain at a glance. The strong appeal of the Victory Loan is made apparent by the comparison. -W. Harry Glenny, Waiter J. Monro, Frank R. Moll and Wilbur C. Dixon have formed a partnership under tho firm namo of Glenny, Monro, Moll & Dixon, to deal in in`vestment securities at 216-222 Fidelity Building, Buffalo. The firm has private wire connection to Potter, Choate & Prentice, members New York Stock Exchange, 5 Nassau Street, New York. Ford & Enos announce that their Buffalo office has been acquired by Glenny, Monro. Moll & Dixon. Decrease. $2,216,000 00 3600,000 00 246,387 62 $96,520 31 0,267,452 05 4,352,648 15 13,101 25 4,950 00 393,813 78 31,492 44 31,698,197 83 418,880 94 34.470,527 18 _ -James A. Garland, member of the New York Stock Exchange, and Francis A. Howard, member of the Boston Stock Exchange, have been admitted to partnership in, the firm of Charles Head & Co., 74 State St., Boston. Daniel Sullivan retired from the firm on the 18th inst., but will continue to be associated with their office. -Allan Seymour Richardson, for several years Assistant Editor of the General Investment News Department of the "Chronicle," has severed his connection with this paper and on and after May 1 will become associated with the banking firm of Messrs. White, Weld & Co., of 14 Wall St., New York City. -A new firm, Cowen & Company, composed of H. 0. Cowen, Arthur Cowen, Jeffrey S. Granger and Joseph Wolfe, announce the opening of offices at 67 Exchange Place for the purpose of dealing in railroad, public utility and Government bonds and unlisted securities. -T. Ralph Barr, formerly associated with Montgomery & Co. in its Philadelphia office, is now the firm's only direct representative in Pittsburgh and vicinity with an office in that city at 507 Arrott Building. • APR. 26 1919.] 1729 THE CHRONICLE KEYSTONE TIRE AND RUBBER COMPANY (ORGANIZED UNDER THE LAWS OF NEW YORK.) OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING OF ITS COMMON STOCK. New York, March 5 1919. Keystone Tire and Rubber Company hereby makes aplication for the listing on the New York Stock Exchange of $1,723,730 of its common stock (of an authorized issue of $1,998,900) consisting of 172,373 shares of the par value of $10.00 each, which is issued and outstanding in the hands of the public, on official notice of issuance of permanent engraved certificates in exchange for present outstanding certificates, with authority to add $275,170 of said common stock on official notice of issuance and payment in full and that it is outstanding in the hands of the public, making the total amount applied for $1,998,900. All of said stock is full paid and non-assessable, and no personal liability attaches to stockholders. The company was organized under the Laws of the State of New York, September 26 1911. Duration of charter is perpetual. The following is a statement of its capitalization and increases: Capital Stock. Alabama: Birmingham California: Fresno Los Angeles (2) Oakland San Francisco Colorado: Denver Connecticut: Bridgeport Hartford New Haven South Norwalk Stamford Waterbury Delaware: Wilmington District of Columbia: Washington Georgia: Atlanta Indiana: Des Moines Ft. Dodge Ft. Wayne Gary Indianapolis Illinois: Chicago Kansas: Wichita Kentucky: $5,000 Louisville 500,000 Louisiana: New Orleans 1,500,000 Minnesota: Minneapolis (2) Missouri: Kansas City (2) St. Louis (2) At date of organization June 9 1916 increased to August 18 1916 increased to Of this amount $500,000 par value $10 each was preferred stock convertible into common, all of' which has since been converted, except $1,100 par value which was called for redemption through operation of the Sinking Fund, on Oct. 1 1918 funds for which have been deposited with the Metropolitan Trust Co. of New York. 2,000,000 September 3 1918 increased to SELLING AGENCIES. Massachusetts: Boston (2) Brockton Fall River Holyoke New Bedford Springfield Taunton Worcester Michigan: Detroit Grand Rapids New Jersey: Hackensack Newark Passaic Paterson Trenton Union Hill New York: Albany Buffalo Brooklyn Elmira Gloversville Jamaica, L. I. Little Falls Long Island City Mossina Springs Malone Newburgh New Rochelle New York City Ogdensburg Oneida Oneonta Rochester Schenectady Syracuse Utica Watertown White Plains Yonkers Nebraska: Omaha North Carolina: Raleigh Ohio: Cincinnati Cleveland (2) Columbus Dayton Toledo (2) Oklahoma: Oklanoma City Tulsa Pennsylvania: Erie Allentown Philadelphia Pittsburgh Reading Rhode Island: Newport Providence Westerly Woonsocket Tennessee: Memphis Nashville Texas: Dallas Galveston San 'Antonio Virginia: Norfolk Richmond West Virginia: Charlestown Washington: Seattle Wisconsin: Milwaukee Rep. of Panama: Panama These various selling corporations purchase tires and tubes from this company and distribute the same in their respective localities. The interest of this company in the various The following is a statement of the purposes of issue of selling corporations is carried on its books at the amount said stock: cash invested in the capital stock of the various actual of At organization__ $5,000 Common Stock sold for cash. corporations. selling a issued as Stock stock Common dividend 495,000 June 9 1916 The company has paid the following dividends: 500,000 Preferred Stock sold for cash. 1916 Sept.5 Sept. 5 1916 Dec. 2 1918 500,000 Common Stock issued for acquisition of property. 224,835 Common Stock issued as a stock dividend. All cash received from sale of stock was turned into the treasury of the company as working capital. The preferred stock was convertible at any time into common stock, par for par. It was also redeemable on and after October 1 1917, at $11.50 per share through operation of the sinking fund, or redeemable at the option of the company, in whole or in part, after August 11919, at the same price. Up to October 1 1918, $498,900 of said preferred stock had been converted into common stock, leaving outstanding 110 shares of preferred stock. On October 1 1918, these shares were called for redemption through operation of the sinking fund, but have as yet not been presented. Sufficient funds to redeem said stock at the redemption price of $11.50 per share have been deposited with the Metropolitan Trust Company, and, upon presentation, said stock will be so redeemed. The 110 shares of preferred stock outstanding are no longer entitled to dividends. This company, in accordance with the terms of its articles of incorporation, is engaged in the business of buying and selling automobile tires and tubes. It has contracts with the Gryphon Rubber and Tire Corporation, New York City; National Rubber Company, Pottstown, Pa.; and the Perfection Rubber and Tire Company, Fort Madison, Wisconsin. The contracts with these companies terminate in 1923, with renewal privileges. Under such contracts it purchases, for cash, the entire output of said factories at a cost plus basis. It also purchases, for cash, from tire manufacturers, the surplus stock of such concerns. These products it turns over to its selling companies hereinafter referred to, and to more than 600 independent dealers throughout the United States. The company and its selling companies employ about 500 people. The company owns no real estate, and has outstanding no funded indebtedness of any kind. It owns stock interests and has representation on the boards of directors, in most cases a majority, in selling corporations in the following cities, (the holding of such stock, however, is merely incidental to the business of the company, and this company is not a holdi g orporation in the sane sOnse that such term is ordinari y em loyed): Oct. 1 1916 Jan. 2 1918 April 2 1917 July 2 1917 Oct. 1 1917 Jan. 2 1918 April 1 1918 July 1 1918 Oct. 1 1918 Dec. 2 1918 Jan. 2 1919 Preferred Common Preferred Common Preferred Common Preferred Common Preferred Common Preferred Common Preferred Common Preferred Common Preferred Common Common Common 2X % 2h 2 1-3% 37o 2 1-3% 3% 2 1-3% 3% 2 14% 3% 2 1-3% 3% 2 14% 3% 2 1-3% 3% 2 14% 3% 15% in stock 3% , Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock The dividends paid from October 1 1916, to December 2 1918, inclusive, were on $1,500,000 stock (preferred and common) outstanding. It is impossible to give the exact amounts of preferred and common stock outstanding for the reason that the preferred stock being convertible at any time into common stock, the amounts of each class of stock constantly varied. The dividend of 3% of January 2 1919, was paid on $1,723,735 common stock outstanding. The net earnings of the company have been as follows: 328.664 90 191,809 03 853,161 52 For the year ending December 31 1915 For the year ending December 31 1916 For the year ending December 31 1917 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31 1918. (Without deductions for taxes.) $6,172,291 25 Sales to customers and subsidiaries Deduct—Cost of Sales— $307,849 77 Inventory at Dec. 31 1917 at cost or less 5,345,524 94 Purchases for year $5,653,374 71 Deduct— Inventory at Dec. 31 1918 at cost or less Gross profit Deduct— Administrative and operating charges: Administrative expenses Selling and other expenses Financial: $14,314 60 Legal and auditing 4.980 93 Insurance 4,289 99 Exchange and collections Dividend and capital stock expense 1,301 37 141 72 Revenue stamps Debts written off Depreciation on furniture and fixtures Add—Other Income— Dividends from subsidiaries Interest and miscellaneous income Net profit for year 630,570 73 5,022.803 98 31,149.487 27 $54,363 28 176,132 17 25,028 61 25.890 96 1,763 27 283,178 29 $866,308 98 $23,793 84 9,180 96 32,974 80 3899.283 78 1730 [VOL. 108. THE CHRONICLE SURPLUS ACCOUNT. Surplus at Dec. 31 1917, as adjusted $53,331 02 AddNet profits for year 1918 as per profit and loss Account 899,283 78 178,385 29 • Sundry adjustments LIABILITIES. CurrentNotes payable Current loans Accounts payable $1,716,449 56 Capital Stock$2,000,000 00 Authorized Less: Preferred Stock called for redemption but not presented 1,100 00 $1,998,900 00 Authorized common stock 275,165 00 Less unissued $1,131 000 09 DeductionsDividends: Cash Stock $186,612 41 224,835 00 $411,447 41 Depreciation on contracts 203,244 84 Loss on investment (Tire Outlet Co.) 1,000 00 Outstanding in hands of the public Reserve for taxes Surplus, December 31 1918 Undividend Profits, March 1 1919 615,692 25 $515,307 84 Surplus at December 31 1918 BALANCE SHEET AS OF DECEMBER 31 1918. ASSETS. CurrentCash in banks and on hand: On deposit in National Banks and on hand__ $150,333 43 On deposit for redemption of preferred stock_ 1,265 00 *On deposit for payment of dividend, payable 51,692 10 Jan. 2 1919 $203,290 53 U. S. Liberty Bonds 60,192 67 Notes and accounts receivable: Notes: Subsidiaries (for goods sold) $733,043 80 150,991 55 Customers Advance to store managers 1,921 80 $885,957 15 Open accounts: Customers $200,804 23 Subsidiaries (for goods sold).... 813,411 59 1,014,215 82 Subscriptions for stock of sub-companies by employees Miscellaneous 17,070 00 60 00 $1,917,302 97 Less: Customers' notes discounted and drafts cashed, per contra 117,490 88 • $1,799,812 09 Inventory of Merchandise at cost or less: Tires and tubes $630,570 73 Crude rubber (pledged as collateral for bank 53,965 02 loans) 684,535 75 Advances to manufacturers 42,072 79 Accrued interest on notes receivable 8,318 63 Interest paid in advance '7,001 38 Total current assets Investments in subsidiary companies Furniture and fixtures Contracts for factory output(amortized annually) $2,805,223 84 65,18000 14,199 24 203,244 77 $3,087,847 85 LIABILITIES. Current-Notes payable Carrent loans Accounts payable-trade Accounts payable-subsidiaries *Dividend payable January 2 1919 $603,965 02 127,480 00 41,237 53 3,975 00 51,692 10 Total current liabilities $828,349 65 Reserve for Federal taxes-balance of 191719,355 36 tax reserve Capital Stock$2,000.000 00 Authorized Less: Preferred stock called for redemption but not presented 1,100 00 Authorized common stock 1,998,900 00 Less unissued common stock 275,165 00 Outstanding in hands of public 1,723,735 00 Surplus 515,307 84 Contingent LiabilityCustomers' notes discounted and $117,490 88 drafts cashed (per contra) $3,087,847 85 * Since paid: PROFIT AND LOSS STATEMENT AS OF MARCH 1 1919. (Subject to adjustment at end of fiscal year.) $1,124,964 63 954,558 21 Sales Cost of sales Gross profit Miscellaneous income $170,406 42 1,27797 Expenses (administrative, selling and other) $171,684 39 50,517 29 Net profit $121,167 10 BALANCE SHEET AS OF MARCH 1 1919. (Subject to adjustment at end of fiscal year.) ASSETS. Current$298,154 37 Cash in bank and on hand 1,265 00 On deposit for redemption of preferred stock_ _ _ U. S. Liberty bonds Notes receivable $1,366,153 15 Less-Customers' notes discounted and drafts cashed, per contra 85,895 87 Accounts receivable Inventory at cost or less Cash advanced manufacturers Cash advanced againstcrude rubber in warehouse Accrued interest Investments in subsidiary companies Prepaid expenses Furniture and fixtures Contracts for factory output(amortized annually) $1,351,904 67 327,480 00 37,064 89 $299,419 37 75.442 1,280,257 28 1,213,321 59 675,287 71 150,617 56 26,904 67 8,318 63 $3,729,569 48 132,680 00 22,672 01 16,548 43 203,244 77 84,104,714 69 1,723,735 00 26,955 19 $515,307 84 121,167 10 636,474 94 Contingent LiabilityCustomers' notes discounted and drafts cashed (per contra) $85,895 87 $4,104,714 69 The Keystone Tire and Rubber Company agrees with the New York Stock Exchange as follows: Not to dispose of its stock interest in any constituent, subsidiary, owned or controlled company, or allow any of said constituent, subsidiary, owned or controlled companies to dispose of stock interests in other companies unless for retirement and cancellation, except under existing authority or on direct authorization of stockholders of the company holding the said companies. To publish semi-annually an income account and balance sheet and to publish and submit to the stockholders, at least fifteen days in advance of the annual meeting of the company, a statement of its physical and financial condition, an income account covering the previous fiscal year, and a balance sheet showing assets and liabilities at the end of the year. To maintain, in accordance with the rules of the Stock Exchange, a transfer office or agency in the Borough of Manhattan, City of New York, where all listed securities shall be directly transferable, and the principal of all listed securities with interest or dividends thereon shall be payable; also a registry office in the Borough • of Manhattan, City of New York, other than its transfer office or agency in said city, where all listed securities shall be registered. Not to make any change in listed securities, of a transfer agency or of a registrar of its stock, or of a trustee of its bonds or other securities, without the approval of the Committee on Stock List, and not to select as a trustee an officer or director of the company. To notify the Stock Exchange in the event of the issuance of any rights or subscriptions to or allotments of its securities and afford the holders of listed securities a proper period within which to record their interests after authorization, and that all rights, subscriptions or allotments shall be transferable, payable and deliverable in the Borough of Manhattan, City of New York. To ziotify the Stock Exchange of the issuance of additional amounts of listed securities and make immediate application for the listing thereof. To publish promptly to holders of bonds and stocks any action in respect to interest on bonds, dividends on shares, or allotment of rights for subscription to securities, notices thereof to be sent to the Stock Exchange,and to give to the Stock Exchange at least ten days' notice in advance of the closing of the transfer books, or extensions, or the taking of a record of holders for any purpose. The fiscal year of the company ends December 31. The annual meeting of the company is held at its principal office, No. 1877 Broadway, Borough of Manhattan, City, County and State of New York, on the first day of August in each year. The directors, elected annually, are: L. Walter Lissberger, Joel Jacobs, Sydney Bernheim, Nathan J. Miller and Julius Lichtenstein, all of New York City. The officers are: L. Walter Lissberger, President; Sydney Bernheim, Vice-President; Walter Loewenthal, Secretary; Joel Jacobs, Treasurer. The transfer agent is: Metropolitan Trust Company, of the City of New York, 60 Wall Street, New York City. The registrar is: Columbia Trust Company, No. 60 Broadway, New York City. KEYSTONE TIRE AND RUBBER COMPANY, By SYDNEY BERNHEIM, Vice-President. This Committee recommends that the above-described $1,723,730 common stock be admitted to the list on official notice of issuance of permanent engraved certificates in exchange for present outstanding certificates, with authority to add $275,170 of said common stock on official notice of issuance and payment in full and that it is outstanding in the hands of the public, all in accordance with the terms of this application; making the total amount authorizedlto be listed $1,998,900. WM. W. HEATON, Chairman. Adopted by the Governing Committee, April 9 1919. GEORGE W. ELY, Secretary. APR. 26 1919.1 1731 THE CHRONICLE BUFFALO ROCHESTER & PITTSBURGH RAILWAY COMPANY 34TH ANNUAL REPORT FOR YEAR ENDING DECEMBER 31 1918. Increase (+). o The Directors of the Buffalo Rochester & Pittsburgh Non-Operating IncomeDecrease (-). 1918. 1917. Railway Company submit to the Stockholders the followin
@FedFRASER